The head of Simply Milk, Marat Muratov, spoke about the completion of the bankruptcy of the Vamin agricultural holding.
The majority of the assets in the form of the Vamina dairy complex will be purchased by the Prosto Moloko management company from Tatagroleasing and registered as its own, and it will do the same with agricultural firms in Laishevo and Kukmor. For other assets, Marat Muratov will look for investors willing to buy them
Head of “Simply Milk” Marat Muratov | Photo: realnoevremya.ru
RAEX agency assigned a new rating to Intechbank. Now he has a low level of creditworthiness with a negative outlook
The bank has weak profitability and elevated liquidity risks remain, the agency believes. The rating of Intechbank will be restored, and the main resources from Tatfondbank will return there
Photo: business-gazeta.ru
Dmitry Akhmerov - Kazan
Russian rating agency RAEX (“ Expert RA") downgraded Intechbank’s credit rating from “satisfactory” (B++) with a stable outlook to “low” (B+) with a negative outlook. This news was recently announced by the bank itself on its disclosure website. A negative outlook indicates a high probability of a rating downgrade in the medium term.
Causes
The rating revision is due to an increase in the concentration of assets on counterparties that have certain signs of legal or economic affiliation with the bank, RAEX said in a statement. According to the agency, the share of loans issued to related parties in Intechbank's assets increased to 5.8% as of September 1, 2016 against 2.4% a year earlier.
Increased liquidity risks remain - the stock of liquid assets allows to cover the early outflow per month of no more than 6.1% of raised funds (with a maturity of over 30 days) in combination with the dependence of the resource base on the funds of individuals.
Robert Musin (center) |Photo: tapb.ru
A bank's liquid assets are those funds that can be quickly converted into money to be returned to their depositor clients. In terms of services provided, Intechbank mainly attracts client money, which is quite diversified between legal entities and individuals, and invests more in loans to legal entities.
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“The negative outlook on the rating is due to a weak reserve according to the standard N 1.1 (adequacy of basic capital),” the agency said in a statement. As of September 1, it amounted to 5.6%, with ≥ 5% allowed by the Central Bank. The average value of this standard for the market on the same date is 22%.
“A further reduction in the standard to the regulatory minimum (without increasing capital or reducing assets at risk) could result in a complete impairment of more than 1.7% of the loan balance as of September 1,” says Managing Director for Banking Ratings at RAEX Stanislav Volkov. According to him, the rating is negatively affected by weak profitability (Intechbank’s loss for last year amounted to 564.1 million rubles, the total financial result for the first half of 2016 amounted to 81.6 million rubles), as well as a high share of extended loans to legal entities and a significant volume claims on other assets.
Cash and cash equivalents at Intechbank have almost halved since the beginning of the year, to 1.4 billion rubles as of July 1, according to the credit institution’s accounting report. Investments in securities for sale decreased by 2.1 times, to 1.4 billion rubles, other assets less reserves decreased by 2.3 times, including financial assets by 3.4 times, to 723.2 million rubles.
Cash and cash equivalents at Intechbank have almost halved since the beginning of the year|Photo: 3art.su
All Russian banks are faced with this problem; due to the deterioration in the quality of assets, they have to add additional reserves, says the head of the analytical department of Veles Capital Management Company. Ivan Manaenko. This is a general trend, almost all Russian banks are unprofitable due to reserves last year, agrees a local banker.
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Intechbank specializes in lending to legal entities and mortgage lending. It has 23 separate divisions in the Volga, Central and Northwestern districts. As of September 1, the value of the bank’s assets according to RAS amounted to 29 billion rubles (132nd place in the ranking by assets according to RAEX), the value of its own funds amounted to 4 billion rubles. According to Banki.ru, Intechbank’s loan portfolio is 19.54 billion rubles, and its liabilities to the population are 15.58 billion.
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⇒ Suvar Holding may gain control overIntechbank . Its share should be approximately half of the authorized capital
Intechbank will receive additional liquidity through an additional issue; in addition, strengthening control over the credit institution of one of the major shareholders can improve the situation with assets, the local banker believes.
The head of the Ministry of Agriculture of the Republic of Tatarstan said that the Chinese were offered the land “Set Ile”, but he does not believe in their coming with $400 million
“They haven’t heard us yet,” Marat Akhmetov described the relationship with Ak Bars Holding today at a briefing in the Cabinet of Ministers, criticizing the structure of its management. Meanwhile, the area of Ivan Egorov’s empire has grown 1.7 times since 2013, surpassing the Vamin record.
"IT IS NOT RIGHT. BUT THEY ARE NOT HEARING US YET"
Today, the Minister of Agriculture and Food of the Republic of Tatarstan harshly criticized the land ambitions of Ak Bars Holding Marat Akhmetov. Answering questions from journalists about the company’s growing wage debts to employees during a briefing in the Cabinet of Ministers, the minister said that the company Ivan Egorova can expect the fate of the collapsed "Vamina". The debt figure announced by journalists for the Agryz district alone is 1.6 billion rubles, including salaries and other expenses. Akhmetov did not comment on this colossal amount, but called on the head of Egorov not to repeat the mistakes Vagiza Mingazova. The minister directly stated that ABH could face the same fate as Vamin if it does not carry out serious reforms in the structure and management system of the enterprise.
“I myself have stated more than once that Ak Bars Holding can no longer expand ( increase land area - approx. ed.), otherwise he may repeat the mistake of "Vamina". It is very difficult to manage such a scale,” Akhmetov said. He explained that, in his opinion, the optimal holding area is 100 - 120 thousand hectares, and the economic entities of an agricultural firm should be no more than 10 - 12 thousand hectares in area (as one legal entity).
“I consider the position of Ak Bars Holding, which has 50 thousand hectares in the Kamsko-Ustinsky district - one legal entity, 55 thousand hectares - the Sviyaga agro-industrial complex of the Apastovsky district - one legal entity, to be incorrect. This is wrong, but so far they have not heard us,” Akhmetov complained. At the same time, the minister partly justified such land expansion of Egorov’s holding by the fact that at one time he acted as a savior for a number of enterprises drowning in the abyss of debt.
“Ak Bars’s own investment debts were not so large. We had to annex Zolotoy Kolos to Ak Bars Holding ( formerly ownedRenat Gubaidullina - approx. ed.) with 300 thousand hectares of land and a huge number of short-term and investment loans. In addition, we transferred the company “Chistoe Pole” in the Chistopol region to “Ak Bars Holding” with all its debts - the previous owners made a request and said that they could no longer live on their own,” the Minister of Agriculture recalled.
Commenting on wage debts at the ABH enterprise specifically in the Agryz region, Akhmetov explained that the dairy complex built there turned out to be a “very expensive project”, the second stage of which has not yet been completed. “In terms of wages... This very seriously affects the mood of people who work in the fields. When you don’t receive a salary for months, I understand the state of mind of these people. More than once I personally intervened in this problem in certain areas,” Akhmetov urged.
Next, he gave a number of valuable advice to Egorov and other leaders of the agro-industrial complex on modernizing the management system of his agricultural holding. Ak Bars Holding should reconsider the management system of the agro-industrial complex; it is necessary to find effective management methods. The management structure may need to be changed. In addition, it is important that in a climate-friendly year, sugar factories and flour mills in which investments have been made are fully loaded with their own raw materials. In a favorable year, your own raw materials are 1.5 times cheaper than what you buy externally. Not only Ak Bars Holding, but also other companies need to work in these areas,” the minister advised.
Ak Bars Holding of Ivan Egorov (left) entered the top five largest landowners in Russia with an area of 505 thousand hectares. The Agrosila holding, close to Ilshat Fardiev (right), has 272 thousand hectares of land
ABH FARM - 505 THOUSAND. HECTARES OF LAND, OR 10% OF THE arable land of the republic
Let us note that now Ak Bars’ land holdings are at least 5 times larger than the optimal size, from Akhmetov’s point of view. According to the report of the auditing and consulting company BEFL for April 2016, the Tatarstan holding entered the top five largest landowners in Russia with an area of 505 thousand hectares. And judging by the same BEFL data, over the past three years Ak Bars Holding has increased its area by 1.7 times from 306 to 505 thousand hectares. The holding did not respond to a request from BUSINESS Online about how land holdings were increased. Considering that, according toDepartment of Rosselkhoznadzor for the Republic of Tatarstan, in the republic there are 4 million 635 thousand 500 hectares of agricultural land, it turns out that Egorov’s company extends to more than 10% of all agricultural land in the republic.
It is unknown why the breakthrough occurred. One can only assume that the “donor” is the bankrupt “Vamin”. In 2013, it occupied third place in the Russian BEFL rating (which, by the way, explicitly states in the explanation of the rating that the study’s conclusions may be inaccurate due to lack of information) with a land bank of 444 thousand hectares. After the company went bankrupt, part of the land was leased to “Prosto Moloko”, which now represents Vamin’s land management in the ranking through “Set Ile” LLC on the 39th line, with a total of 105 thousand hectares of land.
In addition, three more companies from Tatarstan were included in the rating, consisting of 43 Russian landowners. 9th place is occupied by Krasny Vostok Agro, controlled by the brothers Airat And Ilshatom Khairullins with 350 thousand hectares of land. On the 15th line is the Agrosila Group holding, close to Ilshat Fardiev. Agrosila has 272 thousand hectares of land. Both landowners have been increasing their areas over the past three years: KV Agro - from 300 to 350 thousand hectares, Agrosila - from 259 to 272 thousand hectares. The latter informed the public about this literally in April - then the press service of Agrosila announced that the structure of the holding included 15.5 thousand hectares of farmland in the Muslyumovsky district of Tatarstan. They will be included in the holding’s crop rotation from the second half of 2016 and will be sown with winter crops.
AKHMETOV ABOUT THE CHINESE ON THE LANDS OF “SET ILE”: “I DO NOT BELIEVE THEY WILL BE GOING TO WORK IN THE COMING YEARS”
The main topic of the briefing was the progress of the sowing campaign. The minister was pleased that a few days ago the villagers crossed the equator of spring sowing - at the moment, more than 63% of the planned areas have already been sown. Moreover, in contrast to traditional exhortations and reproaches addressed to individual regions or companies, this time the minister did not tire of praising either the weather or the farmers themselves: the reserve of moisture in the soil is almost two meters, and the sowing of spring crops is being carried out very smoothly.
And the winter crops were preserved in the best possible way - at the level of 1997, Akhmetov praised the green shoots. It should be noted that in 1997, the republic harvested a record harvest of 6.5 million tons of grain. So let's cross our fingers... However, Akhmetov himself pointedly did not answer BUSINESS Online's question about how he sees the 2016 harvest, explaining that it is too early to predict. “I’ll tell you, as in the joke about weather forecasters: I’ll tell you what the harvest will be like tomorrow, the day after tomorrow,” the minister joked.
Next, the minister named the leaders of spring sowing - these are Zainsk and Apastovo. 90% of the area is sown in these areas. Then follow Sarmanovo, Saby, Alekseevsky district, Atnya - about 75% of the work has been done there. Cheremshan, Muslyumovo, Mendeleevsky, Novosheshminsky districts were named among the lagging behind, but the minister made a reservation that this was due to weather conditions, so that journalists would not immediately begin to castigate outsiders. “We don’t criticize them, there are different years. Early sowings are not always lucky. The main thing is high-quality sowing,” Akhmetov noted. In general, the main sowing in the republic is planned to be completed by May 15.
Akhmetov touched upon the financial side of the issue. The sowing price amounted to 17 billion rubles, which consist of both the own funds of agricultural enterprises (6.8 billion rubles) and borrowed funds: banks gave 11 billion rubles.
Akhmetov also answered questions about investments from China. Let us remind you that recently, during a business forum between the provinces of Sichuan and Tatarstan, an agreement of intent was signed, and the amount of investment was announced at $400 million. “There are fears that the Chinese are burning the entire earth with chemicals,” the journalists were perplexed. But the minister reassured everyone - so far everything is in the project. “If you answer in one sentence, in conversations they promise huge investments. But so far we have not yet come to any real result. For now, this all remains only in words. We offered them the agricultural firm “Set Ile” - formerly “Vamin”, they asked us for additional information. We sent them a whole truckload of documents. Then they asked again - they didn’t have enough information. We don’t understand yet, did they come to work or to study how we worked? There were options for Bugulma and other options. I don’t believe they will get to work anytime soon.”
Agriculture requires investment, Akhmetov emphasized. But it is much more convenient and correct to find your investors - more responsible, interested people, he concluded.
"1C:Enterprise 8" helped the largest agricultural enterprise in Tatarstan, "Set Ile", to improve the implementation of its production plan by 30%
Specialists from the company "1C: First BIT" (Kazan) have completed the implementation of the "1C: Accounting for Agricultural Enterprise 8" system in the largest agricultural enterprise in Tatarstan "Set Ile". The new system, which covered 200 jobs in the accounting and economic planning departments, helped to unify the methodology for regulated and operational accounting in all branches of the enterprise. The accuracy of calculating the cost of finished products has increased. The time for generating weekly reports on the activities of departments has been reduced from 4-6 hours to 1-2 minutes. The preparation of regulated reporting has been simplified and accelerated. Management receives timely and reliable information necessary for planning and monitoring production activities. As a result, already in the first three months of using the new system, it was possible to improve the implementation of the production plan by 30%.
"1C:Enterprise 8" helped the largest agricultural enterprise in Tatarstan, "Set Ile", to improve the implementation of its production plan by 30%
Company specialists "1C: First BIT" (Kazan) completed the implementation of the 1C: Agricultural Enterprise Accounting 8 system in the largest agricultural enterprise in Tatarstan "Set ile". The new system, which covered 200 jobs in the accounting and economic planning departments, helped unify the methodology for regulated and operational accounting in all branches of the enterprise. The accuracy of calculating the cost of finished products has increased. The time for generating weekly reports on the activities of departments has been reduced from 4-6 hours to 1-2 minutes. The preparation of regulated reporting has been simplified and accelerated. Management receives timely and reliable information necessary for planning and monitoring production activities. As a result, already in the first three months of using the new system, it was possible to improve the implementation of the production plan by 30%.
Set Ile LLC is a network of agricultural firms. Equipped with high-tech equipment, the Set Ile company is engaged in livestock breeding, agriculture, grain storage and the production of combined feed. At the time of implementation, the branches of Set Ile LLC had 27,000 heads of dairy herd and produced 2,500-3,000 centners of milk per day.
For the company to operate effectively, it is necessary to promptly plan the work of remote divisions, monitor the implementation of production plans and the achievement of key performance indicators, such as milk yield, livestock growth, sowing of feed crops and the volume of harvest for the procurement of feed for livestock.
Previously, regulated and operational accounting in the company was not automated and was carried out separately, without the application of uniform standards and rules. Formation of regulated reporting was difficult. Preparing weekly reports on the work of branches took 4-6 hours of staff time. There were errors and discrepancies in the data. It was not possible to accurately calculate the cost of production. Management did not receive prompt and reliable information necessary for planning and forecasting production activities. During the first six months of the organization’s operation, the percentage of fulfillment of the monthly production plan was no more than 65%.
The company needed a unified information system for all branches, which would unify accounting rules, establish prompt receipt of data on the activities of divisions, speed up the generation of regulated reporting, and simplify planning and control of the work of production divisions.
To solve the assigned problems, a specialized industry solution “1C: Accounting for an agricultural enterprise 8” was chosen. The implementation partner was the company "1C: First BIT (Kazan)", which has a good reputation in the regional market.
Within 12 months, the system was deployed at 200 workplaces in the accounting and economic planning departments.
Key results of the project:
- The new system helped to simplify and standardize regulated and operational accounting across all branches. Errors associated with manually filling out reports are eliminated, including due to program settings that allow you to control the correctness of data entry. Reports on the activities of departments, which previously took several hours to create, are now generated in 1-2 minutes. The preparation of regulated reporting has significantly accelerated.
- The calculation of the cost of final products has become more accurate. Any changes in the price of raw materials and materials used in the production chain are promptly reflected in the system. This allows you to make timely adjustments to the company’s pricing policy to avoid losses.
- Timely receipt of accurate information about the work of branches has significantly simplified the planning of the company's work and forecasting financial profits. Management was able to see the real picture of the branches’ work: the volume of milk production, livestock growth, actual costs of crop production, etc. All this made it possible to more accurately build production planning, cost and procurement planning, and make the necessary management decisions to improve the efficiency of departments. As a result, already in the first 3 months of using the system, the implementation of the production plan improved from 65 to 95%, and the company’s profit increased.
Director of the company "Set Ile" Minsagir Gaisovich Nurtdinov notes: "We have just started working in “1C: Agricultural Enterprise Accounting 8” and have already experienced the economic advantages of using it: the accuracy of financial and production planning has increased, accounting has been put in order, we receive operational consolidated data for analyzing and planning the activities of our enterprise.”