As can be seen from the above interviews, Russian automobile enterprises have a negative impact primarily on steel prices, which range from 70 to 80% by weight of the car.

At the same time in the past there has been a sharp rise in steel prices – with 2000-2012g prices rose more than 3 times.

Given the significant share of steel in the weight of the car, steel price growth leads to an adequate increase in the cost of automotive products. At the same time increasing competition among vehicle manufacturers and the growth of production volumes in the first place in China makes it impossible for the proper growth of the cost of compensation for the growth of prices for the products [2, p.35].

It should be noted that the financial results of enterprises automotive affect not only the increase in steel prices, and fluctuations in the value of foreign exchange resources. The effect increases with the proportion of imported components in the cost of the car. So the novelty of the domestic automobile industry – Lada Granta – by 15-20% consists of imported components, but in terms of value accounts for 30-35% of the cost of the car. It is obvious that as the Russian automakers integration into the global industry is the effect of changes in exchange rates towards the weakening of the national currency will increase [3, p.118].

It should be noted that the weakening of the national currency and an increase in foreign exchange rates occurs in times of crisis for the Russian economy periods, which are usually accompanied by a drop in car sales, decrease in the volume of consumer credit and other negative consequences. Compensation automaker’s losses at this time due to the price increase is not possible, as the market at this time “lying on its side” and any even slight increase in the prices of products will cause an even greater drop in sales.

At the same time, manufacturers are faced with the reverse effects of currency fluctuations related to the strengthening of the national currency. This occurs when the car export. For example, according to the results of  2010 sold 43 of “AVTOVAZ” 839 pcs. vehicles of its own production for export, which represents 8% of the total sales volume of “AVTOVAZ”. The geography of deliveries of vehicles “AVTOVAZ” the export covers almost all regions of the world – from Europe to the CIS countries and Latin America. The increase in the value of the national currency leads to lower yields concluded export contracts and losses of  PJSC “AVTOVAZ” [4, p.125].

The dynamics of the dollar against the ruble is characterized by considerable volatility, and in the direction of growth, as well as the downside. From June 2008 to August 2009 the US dollar. Has grown for 199 days at 56.8%, and then decreased by 16% over 119 days.

In addition to the rise in prices for steel and changes in exchange rates, the negative impact of the financial and economic activities of enterprises automobile exerts a positive change in interest rates.

As is the case with the increase in foreign exchange rate rising interest rates starts in the most “wrong” moment – while progressing the economic crisis.

Usually by this time accumulated remains of unsold goods at the warehouses of dealers, suppliers of raw materials and components are beginning to experience a shortage of working capital, reduce the supply of products under the terms of payment by installments, requiring prepayment [5, p.194].

At these moments, the debt burden on the automotive companies, which are a kind of center of the credit application of the load of the entire business process, critically increases and growth in interest for the loan servicing existing debt makes software for enterprise critical activity. This can lead to the destabilization of the financial condition of the company, its liquidity and the fall of the bankruptcy of the enterprise. A striking example – the crisis of 2008-2009, the consequences of which were financial problems of the Russian AvtoVAZ is important to note that the automotive industry has faced in 2008-2009 with the biggest crisis in the history of the industry, which is one of the reasons. High debt burden of companies and the impossibility of its services due to a sharp increase in the cost of financing. The debt crisis has been overcome automakers due to government support. . For example, for the salvation of AvtoVAZ to 70 billion rubles has been spent by the Government of Russia, with most of these funds -. 54 billion rubles has been spent on repayment of current debt in the form of a loan, issued bonds and notes.

In general, the automotive companies in their business activities there are many risks – from the risk of compliance with contractual relationships in the supply of components and raw materials to the risks associated with changes in the legal system and force majeure. The effects of most of these risks are minimized by means of a system of selection of contractors, contracts with insurance companies, the use of legal support and so forth [6, p.150].

Because of the risk is necessary to allocate the risks associated with the rising cost of raw materials, changes in exchange rates and interest rates, for the following reasons.

Firstly, these risks there is an effective system of reducing losses by hedging these risks in the financial and commodity markets at the expense of transactions with derivative financial instruments.

Secondly, the risks are periodic, cyclical nature, which explains the periodic multidirectional changes in asset prices in financial and commodity markets.

Third, hedge these risks without the use of OTC and listed derivative financial instruments is almost impossible.

Thus, under the hedging understand insurance, reducing the risk of losses caused by unfavorable to sellers or buyers changes in market prices of goods in comparison with those that were taken into account when concluding the contract.

With regard to the financial markets for hedging realize reduction in the risk of losses due to sellers (lender) or customers (borrowers) changes in market prices for commodities, currencies or interest rates through the sale (purchase) of financial derivatives.

Currently, the level of development of financial derivatives trading markets in the face of considerable volatility of commodity, currency and credit markets makes it all the more attractive hedging various industries, including enterprises for the production of vehicles [7, p.8].

What tools exist to hedge the risks cost of the increased cost of raw materials and components, changes in value of the currency and rising interest rates on loans of car manufacturers?

The solution hedging risks arising from fluctuations in the price of corn in the US, began to forward contracts for the supply of maize, the first of which was concluded in March 1851 on the Chicago Mercantile Exchange. At the same time under a forward contract to understand the transaction between the seller and the buyer, which is a condition for the delivery of an asset, the agreed quality at a future date.

Currently, using forward contracts are traded metals, energy, interest rates and currency, which makes it possible to use this tool to hedge all risks, hedging where possible on the financial and commodity markets. However, forward contracts are characterized by certain disadvantages and problems that limit their use, which are shown in Table 1.

As a result, work on solving the problems and disadvantages inherent in forward contracts in 1885 at the Chicago Mercantile Exchange in circulation were introduced futures contracts, which are currently traded in almost all regions of the world and which are based on the prices of commodity resources, currency and interest rates . At the same time a futures contract to understand the right and obligation to buy or sell a particular asset within the specified period in the future, at a price determined at the time of conclusion of the contract [8, p.73].

The impetus to the mass use of futures contracts, which are based on currency, interest rates and indices steel crisis in the global economy of the early 70-ies of XX century. During this period, large companies and national governments are faced with rapidly changing interest rates and exchange rates. It should be noted that the current situation in the world economy as a whole resembles the crisis of the 70′s, underscoring the relevance of the use of futures contracts in the economic activity of vehicle manufacturers.

Despite the large number of advantages, futures contracts, as well as a forward, it has a significant drawback – a potentially unlimited loss on the transaction, if the hedger effect negligence or inexperience took disadvantageous position. Of course, the use of the asset in its business activity reduces risk, but for the hedger, as well, and to other market participants, it is desirable to limit the maximum size of the loss.

The solution to this problem was the use in stock trading, along with futures contracts – options that allow you to limit the size of the maximum loss is the premium paid by the seller. Option as a whole is similar to a futures contract, except that the option buyer has no obligation, and has the right to make a deal on favorable terms for him. At the same time the seller of an option contract shall bear the risk of unlimited loss on the transaction in the case of an awkward position. The most widely used as a hedging instrument, options received in 1973 after the creation of the Chicago Board Options Exchange’s goal, which was launched trading in options on financial instruments.

Another common tool for hedging are swaps, which represent the parties’ agreement on the exchange of, any assets or liabilities for similar assets or liabilities in order to obtain a prize, which was not available to them before the conclusion of the transaction. Swaps unlike futures and options, which can be traded in the framework of the exchange and in the OTC trades are closed only through negotiations outside the stock exchange. Currently swaps traded in the financial, commodity and currency markets and serve as an effective hedging instruments.

How to avoid a negative situation, coupled with the involvement of foreign currency loans, under conditions of high volatility in exchange rates?

To minimize additional costs on the loan payment in foreign currency automaker may use derivatives exchange market. In this case, the automaker could buy a derivative, or a combination of several financial instruments with US dollars Delivery condition at the time of payment of the interest payments on the loan and the date of payment of the main debt. Thus, the automaker risks associated with a possible increase in the US dollar exchange rate would be kept to a minimum. The choice of a particular instrument hedging currency risk will depend on the specific hedging system manufacturer. In the presence of an effective hedging system may use futures contracts, in the absence of such a system is the most effective and safe in terms of the risks associated with the acquisition of derivative securities will purchase option or the conclusion of the OTC swap transaction.

Consider the example of currency risk hedging for attraction of foreign currency loans through the purchase of an option on the US Dollar on the MICEX. Suppose that the right to buy the US dollar at the time of payment of principal on the loan for 12.01.09 will cost 1.18 rubles. per US dollar (using the maximum value of the costs, as the company will be forced to buy several option contracts for a period of execution in three months for the duration of the credit agreement). Thus, the company will spend on hedging of currency risk 1 180 000 rubles. which is significantly less losses from exchange rate fluctuations in the amount of 6   104   600 rub., While the effective interest rate equivalent to the same ruble loans amount to 12.32%.

For the automotive industry, exporting products to other countries, is characterized by loss associated with the reverse situation – the growth rate of the ruble against the US dollar. For example, the automaker has put cars and spear parts in Egypt worth a total of 5 000 000. Payments under the contract will be made in US dollars. By reducing the US dollar, for example by 10%, there will be a decrease in revenue of the enterprise by the same amount, ie, the company actually incurred a loss on the transaction in the amount of 500 000 of this contract.

Thus, automakers are usually faced with two varieties of currency risk – the risk of depreciation and appreciation of the national currency. Thus one currency position may prevail over the other, and in some cases foreign exchange position of the company can compensate for each other. For example, received a loan of 1   000   US $. And concluded an export contract for the supply of vehicles for the same amount and with the same expiration date of creating neutral currency position, ie, the company will be insensitive to changes in the value of the US dollar and the national currency. Therefore, it is advisable for automakers to determine the total foreign exchange position – Net position on all contracts concluded on the specific dates and receive depending on the net position of the relevant decision to hedge risks.

Is it possible to hedge the risks increase in the cost of raw materials and the cost of financing for Russian producers?

Hedging increase in the cost of raw materials and components may also be carried out with the help of derivatives. However, in contrast to hedge currency risk, hedging cost of raw materials on the Russian stock exchanges for car manufacturers rather difficult due to the lack of trade with the necessary financial instruments, such as contracts for aluminum and steel, as well as the low liquidity of the markets.

More promising is hedging on foreign stock exchanges, has high liquidity, as well as the possibility of buying a futures contract or an option, “tied” to the value of the value of commodity resources in one of the stock exchanges.

By using derivative financial instruments that are traded on international exchanges, the automaker can hedge the risks increase in the cost of raw materials through the purchase of derivative financial instruments is similar to the example above with the hedging of currency risks.

Given a certain complexity in the organization of the rising cost of raw materials hedging process through the purchase and sale of derivative financial instruments in international financial markets, initially to Russian automakers can recommend the execution of OTC contracts with Russian banks, which offer effective schemes of commodity risk hedging.

For this purpose between the Bank and the automaker must be enclosed model contract the ISDA , which determines the rights and obligations of the parties in the process of risk hedging client positions. A significant advantage of this option is the absence of actual hedging transactions on the part of the customer market, ie Bank carries out the purchase or sale of stock exchange tools on its own behalf on behalf of a client.

Three options hedging changes in raw material costs are usually offered by banks:

- Price fixing (swap);

- Ensuring maximum price (optional);

- Limiting the potential price fluctuations (Collar).

Consider the example of the growth of the cost of raw materials hedging Russian automakers as an example of aluminum – a metal that is gaining share in vehicles produced worldwide are gradually displacing traditional steel.

Russian automakers pay for the supplied aluminum suppliers in accordance with average monthly aluminum quotation on the stock exchange the LME .

Aluminum price is characterized by high volatility, the standard deviation for the period amounted to US $ 421.7., The maximum price for the period was 3 to $ 291. Per ton.

At the time of formation of the schedule 28.05.2012 aluminum price LME is below the weighted average price of 2 US $ 019.5. Per ton. Suppose that in the budget of the enterprise founded, the average price for the period, ie,  2   220.4 US dollars. Per ton. The current situation is positive for the company, since the budget for this article forms a savings of $ 200.9 USD. Per ton of aluminum consumed automaker. However, if the price will increase, for example, the value and the standard deviation is 2 to $ 441.2., The budget for this paper would be deficient in the particular case of US $ 220.8. Consumed with each ton of aluminum. This will cause a corresponding increase in production costs and is likely to lead to a reduction in profits or losses of the enterprise as compensation for losses by increasing the prices of cars sold will be hardly possible in the face of fierce competition in the production of cars.

To avoid this, the company can hedge the risks by the acquisition of the OTC contract the ISDA . Consider the economic impact of various hedging options.

The first option hedging is to fix prices, ie, conclude swap transactions ( the SWAP ). The purpose of this deal to fix the price of the purchased product at a certain level for a specified period. If the market price of aluminum for a specified period is lower than the fixed price, the buyer of the swap pays the seller the difference between the fixed rate swap and the market price.

Another hedging option – the purchase of a call option ( call ), ie fixing the maximum price level. By purchasing an option, the customer gets the right but not the obligation to make a purchase the asset at a specified date at a predetermined price (strike price). If formed price on the expiry date of the option the market price is more favorable level of the strike, the client refuses to strike a deal and implement the market price. Purchase client option involves the payment of the option premium. In contrast to the swap agreement, the option buyer not only protects against adverse price changes, but also allows you to “participate” in a positive development of the market for the customer.

The third proposed Russian banks hedging option is to purchase a call option ( call ) and sale of a put option (put). This achieves fixing the market price of the purchased product in a particular hallway guaranteed for a specified period. At the time of the transaction the customer pays the bank a one-time insurance premium. Maybe pick up border corridor so that the insurance premium will be zero. The combination of put and call with a minimum premium achieves almost ideal for enterprise hedging options. So, if the market price is higher than the fixed price (or rather the boundaries of the corridor), the bank will pay the difference between the fixed and the market price. If the market price for a specified period will be within the boundaries of the corridor, then the option will be reset without any obligation to pay additional bonuses and commissions. If the price fall below the boundary of the corridor, the company will incur unlimited losses.

How to hedge the risk of rising interest rates on loans attracted by Russian producers?

Нedging risks of rising interest rates on loans attracted by Russian producers can be hedged using exchange-traded and OTC derivatives, have a similar risk of changes in value of currency and raw material resources.

It should be noted the importance of hedging interest rate for automotive companies, as most of them borrow money on a short term basis for working capital and long-term financing for the upgrading and modernization programs. Therefore, interest rates rise more than planned in the budget may significantly worsen the financial position of the car companies and the cause, including curtailing of investment programs.

Does the use of hedging risks for the automotive car industry?

Operations related to trading derivatives, has always belonged to the high-risk operations. There are many unfortunate examples of operations with derivative financial instruments, which led to significant losses and even bankruptcy of economic entities engaged in transactions with derivatives. The most famous example is the well-known British bank bankruptcy of Barings , as the result of illegal operations with derivative financial instruments of one of the bank’s traders, as well as major losses Summito Corporation, as a result of improper futures trading strategies “copper” contracts on the LME . Therefore, automotive companies forming hedging changes in the value of assets system, should at the same time provide for a system to prevent and limit losses as the result of forward transactions. The construction of this system should be implemented in conjunction with general hedging system changes in the value of assets used in the course of economic activities of Russian automakers.

How to build a hedging system for a particular company?

Formation of the hedging system at a particular auto companies should take into account the scale of its operations and the existing enterprise management structure. For a number of companies would be appropriate to create a specialized service for hedging risks, passing almost all the features of the choice of hedging instruments and the purchase of derivative securities to the analysis of the enterprise business cycles and industry cycles and changes in the value of assets and make the appropriate correspondent enterprise budget. For others, such as PJSC “AVTOVAZ” will be appropriate to use an existing and functional structure with the creation of additional units groups.

What conclusions can be drawn from the material presented?

At present, the domestic automobile industry is at a critical area of development, Russia’s accession to the WTO, greater competition makes paramount the prompt work on optimization of all cost elements not only by trivial reductions in all respects but also by seeking a painless method for the production and consumers reduce them. One option is to hedge the risks cost of raw materials and the growth of finance, as well as changes in exchange rates. Creating a hedging system at domestic enterprises automotive industry – is one of the most effective ways to optimize costs without compromising consumer properties of products.

Авторы благодарны Российскому гуманитарному научному фонду за частичную финансовую поддержку данной работы (Региональный конкурс «Волжские земли в истории и культуре России», грант № 16-12- 63003).

With the development of society, science and technology and universal access to knowledge, we have become able to take into account many previously unknown to us on a number of causal factors, whether it is a complex specification or lack of experts capable of advising creditors of the intention (the funding of) the borrower. The type and characteristics of the investee is currently being verified by the bank according to its public statements and taking into account the credit history as well as an analysis of a number of major financial indicators. In the case where funding is required to start a business, the lender gets into a situation of insufficient information, since, with the exception of a business plan, there is not any proof that characterizes repayment. From this it follows that the probability of approval depends on whether the lender is willing to take this risk, and whether the borrower is able to ensure repayment of borrowed funds in the amount of the creditor risk premium. In practice, the bulk of such appeals is rejected due to a too high risk to the lender, as a more detailed study of the borrower plans requires additional cost, and as a result can adversely affect the interest rate to the lender. Such behavior lender is extremely risky for both the organization and for the credit and financial system as a whole. Accordingly, it is not conducive to the development of the economy and the saturation of the market offers from different parties, that is the key to the formation of a real (fair) market prices of goods and services (changing the rules in the banking sector directly affects the rest of the industry).

In general, restrictions on the number of participants in the market of certain goods and / or services leads to stagnation. Therefore, such high risks for the lender to artificially create barriers at the entrance to certain industries. In order for the national economy did not arise a situation like this, between the lender and the borrower should organize a partnership, in which the bank does not have to stop their interaction with the borrower at the stage of issuing funds and monthly check proper payment [2, p.83].

The idea of a financial partnership for the interest-free basis in the banking industry has already been implemented. However, this segment represented only financial and religious organizations, which basically have the charity principle, that in a market economy would not allow credit institutions to operate. The geography of their functioning is limited and barriers to entry for external users is difficult to overcome. Practice shows that the functioning of such institutions, in contrast to conventional lending institutions, which serves as the basis for profit lending rate, a much more stable in times of economic instability. The basic idea of credit and religious institutions (represented at the moment by Islamic banks) is a ban on the establishment of the yield of the money. The foundation for such a relationship is the religious scriptures prohibit lending rate and pertinent to this type of immoral relations. The incentive for repayment are not financial regulators of human behavior based on its commitment to the society [3, p.170].

The basis of the ban on lending rate is a number of reasons:

In the economic environment in which financial relations are based on the percentage of the loan, the borrower must choose only one type of business that is able to generate sufficient yield to meet the needs and financial commitments, plus interest requirements. In this situation, the entrepreneur has to deal with only highly profitable, and sometimes immoral and useless to the society as a whole, the business views. Because of this practice are many socially useful types of businesses are not able to expand its activities by borrowing, or is unable to pass the entry barrier to the creation;

According to ancient tradition of doing business, ethical it is the situation in which the entrepreneur makes a profit, based on the cost of the physical and mental labor. In this respect, obtaining profitability from the provision of funds implies a risk, without effort cost to the lender. In this case, the lender seeks any means to regain their own funds with interest, regardless of how good the investment of funds raised by the borrower, which ultimately reduces the risk (from the point of view of traditional business such activities are considered to be immoral in business);

Loan interest lays in the behavior of creditors’ desire for hoarding. Due to a statistically significant excess of the requirements to the commitments in the economy created funds located outside the flow and the employee only for the payment requirements on financial liabilities. The higher the credit institution and the more successful from the point of view of the market economy of its activities, the higher the amount of funds. This amount is not due to the creation of real products or services, but only a fee for brokering associated with the corresponding risk [4, p.19].

It is believed that the profitability of the banking sector is overpriced compared to many other industries, also require no less the level of education, skills and mental and / or physical labor. Such a system is destabilizing the principles of cultural and socio-economic unity of society.

In today’s economy, this prohibition is due to the fact that the profitability of the operation of creating profitability create cyclical risks in the economy, based on the reconstruction of one type of debt is more risky. The consistent increase in the concentration of risks in the total population results in a deliberately “toxic” instruments, which reached a certain size, destroying the monetary relations appropriate level [5].

It is well known that the basis of the income of the lender interest rate serves as a reward for the risk of unknown variables that affect the repayment of funds, the average market rate of return and the key rate. Therefore, the transition to the interest-free relations requires training not only on the part of credit institutions, but also the relevant legal and administrative changes in the national economy, namely, the Central Bank of the reform of (our country) or the relevant institution, performing the first level of the bank function [6, p.110].

Considering the possibility of creating such a system, it is necessary to identify a number of mandatory elements and rules, as well as the necessary conditions of the transition.

To switch to an interest-free system of the following conditions is required:

The low level of general inflation at during and 3-5 years;

No sudden jumps change the key rate 3-5 years;

lack of likelihood administrative intervention at period introduction system;

Stability of the banking system (without the players that do not meet standards standards and banks, seen at violation legislation);

Exceptions significant effect of changes in the national currency on the domestic economy in general and district and the banking sector in particular,

Full openness economic entities for regulatory bodies, ie providing tracking capabilities of revenue s, s expense persons involved at relations from non-interest bearing credit organizations. This measure accepted at purposes she’ll lock lending borrowers second order from application loan percent;

Targeting free loans exclusively in the real economy.

These starting conditions allow try to create a system of interest-free relations in the banking sector, for the stable operation of which is necessary to establish an administrative system of coefficients of citizens and organizations, characterizing their solvency and financial responsibility. Such a system would serve as an analog, replacing the ethical component of financial and religious institutions to legal. The basis of the system is to determine the points / borrower ratio, on the basis of its current financial condition, the analysis of its data on the significant income and expenses over the past 5 years, changing its legal status in respect of the property (expensive property), payable to the tax authorities, taking into account credit history . On the basis of the obtained coefficient is formed by the ratio of the urgency and scope of the funds requested by the borrower. Of course, to create such a system will require stricter oversight measures for the financial activities of individuals and organizations. However, the relationship between the lender and the borrower should be completely open and based on the partnership principle. Obviously, it is impossible to organize the financial relationship lender-borrower seeking to exclude risks unknown to the mere “word of honor” [7, p.193].

Tools-free credit organizations may borrow from the practice of Islamic banking, which, in practice, demonstrates the consistency of his system, and adjust them if necessary. Today, for the attraction and placement of resources like credit organizations use the following tools:

Current account, analogue of checking and savings accounts, combines them, and does not include any interest yield. Means owner is free to dispose of them at any time. Credit organization does not use the funds from current accounts to maintain the level of liquidity and does not charge a fee for maintenance. This account is used by the owner for a daily payment transactions [8, p.149].

Investment Account is not a passive interest (ie does not bring profitability as% of total investments), but larger and more long-term than the current account. It is divided into two main types of “Special Partnership” and “Regular partnership.” The main difference lies in the fact that “The regular partnership” as opposed to “special partnership” implies a lot of investors in the same project, while the “special partnership” means to exercise sole investment, in which the bank will act only as an intermediary. As the bank can act as a full partner-investor. Both versions share the same partnership model the distribution of financial results. The company’s profit (investment object) is allocated in accordance with the agreed proportions, based on the proportion of investors and entrepreneurs in the business. The loss is allocated between investors, on the basis of their shares, while the entrepreneur is not responsible. A significant difference in approach is not observed.

Credit in an Islamic bank account, in a general sense, is an analogue of the charity, return account. That is a contributor to charity allows the bank on the basis of interest-free to place these funds. Account fully refinanced by the bank (in accordance with changes in the value of money over time) and at the end of the investor does not receive in excess of the original amount. Thus, the yield is allocated to that part of the charity. It should be noted that for the implementation of socio-economic functions is advisable to limit the possibility of accommodation in the small and medium businesses or for borrowing socially vulnerable layers of the population [9, p.6].

In the event of having to buy a certain type of product, the customer is able to conclude with the bank a contract of sale at an agreed price, which includes the profit from the sale of the bank. That is a credit institution buys goods on behalf of clients for the purpose of resale at a higher price. This type of operation does not differ from the standard target credit, existing interest in the banks, except for the absolute value of margins. However, it is also determined by the maturity and the amount of borrowing (the type of action is called “Murabaha”).

In Islamic banking, there is also the product of analogue leased, called “Ijara”. It is also envisaged the possibility of redemption of the leased property.

The tool, which has similarities with the forward contract is called “Istisna’a”. It is an agreement between the bank and the client on the production, acquisition or construction of a facility for the client in the future at a price fixed at the contract date. Mainly used to finance long-term projects. The client pays the agreed price, or periodically, throughout the period of the agreement or on completion of the works. The peculiarity of this financing tool is a thorough coordination of work schedule, the amounts of costs and quality of the goods. The client has the right to appoint a subcontractor performing construction or production of goods.

These are the main types of instruments used interest-free redistribution of financial flows of Islamic banks. It is important to note that in Islamic banking credit organizations Level 2 additionally funded by the State Treasury, which uses the tax revenues of the budget, as a source of funds (mainly due to data revenue performed uncollectible and protection of socially vulnerable layers of the population).

In order to encourage the inflow of funds, you need to bind factor / points to the history of the client’s financial operations, which will allow everyone to subject economic activity to manage their own credit potential. For example, the availability of open credit accounts (charity) for the last 3-5 years, a period more than a year, depending on their volume increase ratio (a measure of increase is different for nat. Face, family, organization), which will benefit the further opportunities to raise funds for the client. You also need a conversion factor, if an individual enters into a marriage, which would make it one for the family and more beneficial for the implementation of socio-economic functions of the Institute. Upon the termination of this relationship factor is not changed, as the possibility of borrowing both parties shall be suspended until the expiration of the obligations (and their maturity), which are distributed by the decision of the judiciary. The authority to establish a system will be borne by the credit institution of the first level, and the components of the coefficient / points calculation must be open and transparent.

It should also be clearly defined proportions of the distribution of budget funding between the partners, charitable operations of the bank’s Tier 1 and a reserve for the maintenance of the system. The proportions are determined depending on the current economic situation, as well as from the analysis of the functioning of the previous years.

financial control system will make it impossible to reap the benefits of the fraudulent transactions that would make it more secure relations of economic agents in general, as well as to reduce costs to the target backup mechanisms. It is worth noting that unexplained income (in any form) is subject to confiscation and the direction in the resource base of the bank’s Tier 1, for direct charitable redistribution.

An important pillar of maintaining system availability is to analyze the borrowers (2nd tier banks), which will weed out the obviously high-risk, potentially uncollectible and other questionable investments. In addition, in order to improve the financial literacy of the subjects of financial relations, as well as the regulation of the activities of the bank should generate reports “On the reasons for refusal”, which is sent to the client and to the archive of the bank-1 level. In view of the existence of such documents, using the analysis of non-public reporting, it is important to ensure confidentiality between the bank and customers.

In summary, it can be noted that the creation of an interest-free credit system is impossible without changes in the federal legislation and the structure of the state apparatus, as well as improving the financial literacy of the population. Such a transition is a multistage and time-consuming, both for users and for the state, so it can not and should not be adopted without the planned reform of the whole economy.

Currently possible to implement the interim implementation option of interest-free lending. It implies lower interest rates when issuing loans to the target level of inflation -> max 5-6%. The borrower in this system will be able to only the participants of the system, ie, legal and physical persons who have opened in her accounts and deposits. The initial “start” the investor must be CBR, further funding will be involved with the growth of the number of participants and objects in the system of financing.

Авторы благодарны Российскому гуманитарному научному фонду за частичную финансовую поддержку данной работы (Региональный конкурс «Волжские земли в истории и культуре России», грант № 16-12- 63003).

Table 1 – Comparative analytical balance PJSC ANK “Bashneft”

We will estimate the dynamics of changes in the immobilized assets of PJSC «Bashneft».
Most sostavlyayayuschih immobilizoovannyh assets increased compared with the year 2012 in comparison with 2013 year observed multidirectional dynamics.

However, such changes dinamikai compiling immobilizoovannyh assets as research and development is negative. Otkloenie on the results achieved in 2012 sostavlet (-482,560) thousand. Rub.
At the same time the negative dynamics of this index is associated with a reduction in the size of the results of research and development in otraennyh sostve immobilizoannyh assets of PJSC «Bashneft» [3, c.149].
In this case the absolute value of intangible assets increased by 22 668 thousand. Rub. and amounted to 29 463 thousand. rub. The highest growth is observed intangible assets for the period from 31.12.2012 on 31.12.2013. At the end of this period, the value of intangible assets increased and amounted to 5,705,072 thousand. rub.

Fixed assets of PJSC «Bashneft” during the analyzed period increased by 21,280 450tys. rub. and amounted to 115 927 025 thous. rubles.
A significant increase in the value of fixed assets occurred during the period from 31.12.2012 until 31.12.2013, when the value of the property increased by 17,485,817 thousand. Rub. and amounted to 115 927 025 thous. rubles. The greatest absolute value of 115 927 025 thousand. Rub. fixed assets value reached in 2014.
Changes in fixed assets in absolute terms is shown in Figure 3.

The indicator reflects the income-bearing investments in tangible assets increased by 1,820,922 thousand. Rub. and amounted to 7,443,073 thousand. rub.
Long-term investments in the period from 31.12.2012 on 31.12.2014 increased in absolute terms by 46,303,364 thousand. Rub., In relative to 38.49%.
The absolute value of other non-current assets for the period from 31.12.2012 till 31.12.2014 has decreased by 1,751,230 thousand. Rub. and amounted to 10,284,783 thousand. rub.
The indicator value of stocks on 31.12.2014 to 31.12.2012 has increased in absolute terms by 11,610,070 thousand. Rub. and amounted to 37,856,349 thousand. rub.
The most significant growth of this indicator has occurred with the 31.12.2013 on 31.12.2014. During this period, the value of stocks increased by 6,091,221 thousand. rub.

The significant weight in the overall balance sheet structure is subjected to be carried summma VAT which is recoverable from the federal budget [4, c.7].
It should be noted that at the beginning and end of the study period, this figure has a large weight in the total balance sheet structure. Also, its absolute value increased by 1,616,555 thousand. Rub.
Index of accounts receivable for the period from 31.12.2012 31.12.2014 decreased in the year. The largest decrease occurred in the period from 31.12.2012 on 31.12.2014. During this period, this figure has changed to (4657277 thous. Rub.).
The share of this indicator in the total amount of working capital sotstavilo 46.62% as at 31.12.2012 and 33.12% as at 31.12.2014 year.
It should be noted that for the period from 31.12.2012 till 31.12.2014, the share of receivables exceeds the standard value, which constitutes 25-27% of the total current assets.
The level of investments PJSC ANK “Bashneft” has decreased by 22,303,151 thousand. Rub. This is explained by the reduction of investments in the company’s funds kratkorsrochnye securities of the corporate sector as well as in government securities.
Most likivdnaya component of the balance sheet asset of the enterprise – the funds for the period from 31.12.2012 till 31.12.2014 year increased by 34,757,817 thousand rubles and reached at 31.12.2014 46,935,495 thousand. rub.
The structure of the liabilities of PJSC «Bashneft” is shown in Figure 5.

Figure 5 illustrates the basic components of the balance sheet liability as of 31.12.2014. Equity PJSC «Bashneft” is 30,01% of the total Company liabilities, non-current liabilities amount to 39.83% of the company’s liabilities, while the share of short-term liabilities is equal to 30.16%.
Carry out an assessment of its own capital of the enterprise. It is composed on 31.12.2014 is possible to allocate additional capital, capital reserve and retained earnings.
The absolute value of the additional capital decreased by 36,955,188 thousand. Rub. and amounted to 4,937,220 thousand. rub.
It should be noted that the balance of the reserve capital structure is present, the absolute value of which increased by 34 108 thousand. Rub. and was 34 108 thousand. rub.
According to the balance sheet can be seen that at the end of each period in the company’s balance sheet reflected retained earnings of the company. According to the balance of retained earnings of the absolute figure rose to 9,420,851 thousand. Rub. and amounted to 126 893 877 thous. rubles.
The value of long-term debt peaked in the amount of 168 092 355 thous. Rubles. to 31.12.2014, value of this indicator increased in comparison with the value at 31.12.2012 to 59,071,761 thousand. rub. In relative terms, the increase was 64.86% of the original level [5, c.72].
The highest value in the structure of long-term liabilities at beginning of period are borrowed funds, which account at beginning of period 85.19% of the total long-term liabilities. At the end of the period the level of long-term liabilities amounts to 77.19% of the total long-term liabilities.
The absolute value of short-term debt obligations at 31.12.2014 year has increased compared to 31.12.2012 to 10,539,848 thousand. Rub. and amounted to 28,556,129 thousand. rub.
Indicator payable PJSC ANK “Bashneft” has increased in comparison with the similar indicator as of 31.12.2012 to 35,523,133 thousand. Rub. and amounted to 96,806,636 thousand. rub. The largest increase in this indicator was observed in the period from 31.12.2012 until 31.12.2014 year.
It should be noted that during the analyzed period there was a change in the ratio between receivables and payables.
At the beginning of the analyzed period 31.12.2012 receivables increased accounts by 15.1%, and as of 31.12.2013 the accounts payable were higher receivables by 78%.
The situation with the ratio of accounts receivable and accounts payable of the enterprise make it necessary to develop measures to improve the company’s balance sheet structure.
The second stage will conduct an analysis of profit and profitability. Profit is an indicator based on which to assess the effectiveness of the enterprise. This profit is the main source of funding for the company.
We analyze the main components of the profit of PJSC «Bashneft”
Table 2 – Analysis of the main components of the profit of PJSC «Bashneft”

As can be seen from Table 2 of PJSC «Bashneft ‘revenue rose 111 020 792 thous. Rubles. and amounted to 637 360 371 thous. rubles.
Table 2 shows that income from ordinary increased by 92,914,966 thousand. Rub. In relative terms, revenues from ordinary activities increased by 18.99%.
Expected interest income increased by 1,753,988 thousand. Rub. or 37.52%
Revenues PJSC «Bashneft” from participation in other companies decreased by 398 631 thous. Rubles. In relative terms, revenues from participation decreased by 24.23% in other organizations.
Other income of PJSC «Bashneft” grew in absolute terms by 16,750,469 thousand. Rub. or 54.37%.
The largest share in the composition of the organization income is income from ordinary activities. The share of these revenues is 91.33%.
Expenses PJSC ANK “Bashneft” has increased to 84071031 thousand. Rub. and amounted to 554 377 181 thous. rubles.
Let us consider the main components of the company’s expenses.
In absolute terms, expenditure on ordinary activities increased by 74,883,033 thousand. Rub. or 17.73% in relative terms.
If we analyze the data specified in Table 2.2, we can conclude that the interest payable increased by 797 645 thous. Rubles. in relative terms, the increase in interest payable amounted to 7.41%.
The increase in other expenses in absolute terms amounted to 8,390,353 thousand. Rub., And in relative terms by 22.63%.
The total volume of PJSC «Bashneft” costs prevail expenses from ordinary activities 89.71%.
In general, the analysis of the main components of the profit of PJSC «Bashneft” has shown that the dynamics of the company’s financial performance is positive, although some indicators, such as income from participation in other organizations tend to decrease.
Table 3 – The dynamics of factors of formation of financial results of PJSC «Bashneft”

During the period from 31.12.2012 till 31.12.2014, the Company PJSC ANK “Bashneft” has increased the size of the resulting gross profit. The main factors that contributed to the profit growth of steel – by 129.1 change in revenue, 29.11% on cost variation.
The growth of income from sales 18,031,933 thousand. Rub. due to the growth in gross profit.
The increase in financial income to 26,949,761 thousand. Rub. It was due to the growth in profits from sales to 66.91% and an increase in the balance of other income and expenses 33.09%.
On the formation of the net profit (loss) for the reporting period provided by: an increase in profit before tax – 42.87%, and an increase in the amount of taxes paid from profits to 29.55%.
We will estimate the yield of PJSC «Bashneft” on the basis of available data, the financial statements of the Company.
yield evaluation results are shown in Table 4.
Table 4 – Results of yield estimation PJSC ANK “Bashneft”

As can be seen from Table 4 Indicators of profitability ANK “Bashneft” PJSC are mixed trends. For example, the yield on assets declined compared to the year 2012, but has grown in comparison with 2013 year. profitability ratios of total expenditure, on the contrary has grown in comparison with 2012 and decreased in comparison with 2013 year.
Changes in these parameters is shown in Figure 6.

Next, analyze the indicators of financial profitability of the company, ie return on borrowed capital, the ratio of profit to loan capital, sources of venture funds and their components. Changes in these parameters are shown in Table 5.
Table 5 – Changes in financial profitability

As seen in Table 5, the dynamics of change in the financial profitability is a positive trend. Compared with 2012, in 2014 there was growth in all profitability indicators with the exception of return on borrowed capital.
On specific issues in the enterprise may indicate that a decrease in financial indicators of profitability compared with 2013 year.

Economic profitability of PJSC «Bashneft” shows a similar trend.
Table 6 – Changes in indicators of economic profitability

Table 7 – Changes in the profitability of production and sales

Changes in profitability of production and sales as a whole is positive, however, it should be noted that, as in the analysis of other species to observe the dynamics of profitability decrease compared with 2013 year.

The evaluation of the comparative analytical balance PJSC ANK “Bashneft”, as well as assessment of the profitability of the company has allowed to reveal that the whole society is functioning stably, but in his work observed a number of negative trends, such as an increase in accounts receivable and a decrease of profitability and return on PJSC «Bashneft “in the short term. This negative trend is related to the economic instability in Russia, the fall of the ruble, and the introduction of sanctions against Russia the European Union and the United States. Therefore, the future owner of PJSC mazhiritarnomu ANK “Bashneft” – PJSC “NC” Rosneft “needs an action plan allowing to restore profitability and profitability of the enterprise and provide an acceptable level of accounts payable.

In 2014, the company PJSC “LUKOIL” revenues increased by 108,165 592tys. rub. and amounted to 460 730 789 thousand. rubles [2, c.85].
Changes in income from ordinary activities is shown in Figure 2.

Figure 2 shows that the income from ordinary rose by 202 973 461 thous. Rubles. In relative terms, revenues from ordinary activities increased by 508.62% [3, c.390].
Expected interest income increased by 2,069,945 thousand. Rub. or 5.01%
Revenues PJSC “LUKOIL” of participation in other companies decreased by 265 160 347 thous. Rubles. In relative terms, revenues from participation decreased by 100% in other organizations [4, c.3].
Other income of PJSC “LUKOIL” grew in absolute terms by 168 282 533 thous. Rubles. or 2728.88%.
The largest share in the composition of the organization income is income from ordinary activities. The share of these revenues is 52.72% [4, c.240].
Estimating income of PJSC “LUKOIL” will assess the costs that arise during the preparation of the company’s revenue.
Dynamics of PJSC “LUKOIL” expenditures is shown in Figure 3.

Expenses PJSC “LUKOIL” decreased by 71,637,347 thousand. Rub. and amounted to 62,228,137 thousand. rub.
Let us consider the main components of the company’s expenses [5, c.6].
In absolute terms, expenditure on ordinary activities increased by 4,574,748 thousand. Rub. or 12.92% in relative terms.
Based on the assessment of the financial statements it can be concluded that the interest expense decreased by 1,253,182 thousand. Rub. in relative terms, the increase in interest payable amounted to 6.31% [7, c.25].
The increase in other expenses in absolute terms amounted to 74,958,913 thousand. Rub., And in relative terms by 96.06%.
The total volume of PJSC “LUKOIL”, is dominated by the cost of expenses from ordinary activities 64.24%.
In general, the analysis of the main components of the profit of PJSC “LUKOIL” has shown that the dynamics of the company’s financial performance is positive, although some indicators, such as income from participation in other organizations tend to decrease [8, c.129].
Let’s consider the relative indicators characterizing the profitability of PJSC “LUKOIL”.

As shown in Figure 6 for the period from 31.12.2012 till 31.12.2014, the company PJSC “LUKOIL” has increased the size of the resulting gross profit. The main factors that contributed to the profit growth

of steel – 99.8% change in revenue by (-0.22%) change in cost [10, c.95].

Changes in administrative expenses is positive, compared with 2013 a year, a decrease in administrative expenses, which positively characterizes the economic activity of the enterprise,

but as a whole the rise of administrative expenses compared with 2012, indicating that the negative trend in the economic activity of the enterprise [11, c .540].

The growth of profit on sales on 198 398 713 thous. Rubles. due to the growth in gross profit.

The increase in the accounting profits of PJSC “LUKOIL” on 179 802 939 thous. Rubles. It was due to the growth in profits from sales to 66.91% and an

increase in the balance of other income and expenses to 110.34%.
On the formation of the net profit (loss) for the reporting period provided by: an increase in profit before tax – 12.07%, and an increase in the amount
of taxes paid from profits to 16.7% [12, c. 194].
Carry out an assessment of return on capital of PJSC “LUKOIL” on the basis of available data, the financial statements of the company [13, c.150].
return on capital evaluation results are shown in Figure 9.

As can be seen from Table 9 “LUKOIL” return on capital performance PAO have mixed trends. For example, the rate of return on equity decreased compared to the year 2012,
but has grown in comparison with 2013 year. of return on assets, on the contrary it increased compared with 2012 [14, c.8].
Other relative profitability of PJSC “LUKOIL”, figures are shown in Figure 10.

As seen in Figure 10 Dynamics of changes in relative profitability indicators of PJSC “LUKOIL” positive.
Next, analyze the rate of financial profitability of the company, ie return on borrowed capital, the ratio of profit to loan capital, sources of venture funds and their components [16, c.480].
Changes in these parameters is shown in Figure 11 and Figure 12.

The figures 11 and 12 shows that the dynamics of change in profitability is a positive trend. Compared with 2012, in 2014 there was growth in all profitability indicators [17, c. 5].
On specific issues in the enterprise can say that there is a decrease in profitability in 2013, which may indicate recurrent problems associated with the activities of the enterprise [18, c.180].

Economic profitability of PJSC “LUKOIL”, is shown in Figure 13 shows a similar trend.

Changes in profitability of production and sales (see Figure 14 and Figure 15) as a whole is positive, it may be noted positive dynamics of changes in the profitability of production in comparison with 2012, 2013 year [19, c. 143].

In conclusion we will assess the relation of own and borrowed funds of the company, as well as the conduct of liquidity coefficient values covering ratio of equity and debt, profitability and production activity of the enterprise on the basis of the available accounting data [20, c.25].
Dynamics of changes in these indicators over the period from 2012 to 2014 is shown in Table 2.
Table 2 – Dynamics of indicators of creditworthiness harrakterizuyuschih PJSC “LUKOIL”

The assessment of capital structure of PJSC “LUKOIL”, as well as the assessment of the return on capital allowed to reveal that the whole society is functioning stably, but in his work observed a number of negative trends [21, c.160].
This negative trend is related to the economic instability in Russia, the depreciation of the ruble and oil prices, and the introduction of sanctions against Russia the European Union and the United States.