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U.S. Agency for International Development Regional Mutual Funds Analyses of Support Securities Market In Rostov, Tatarstan and Northwest January 1997- March 1998 Regions for the u.s. Agency for International Development Contract # EPE-0005-1-00-5040-00, Task Order # 1 Task Manager: November 1998 Ms Olga Stankova The Pragma Corporation 116 East Broad Street Falls Church VA 22046 tel (703) 237-9303 fax (703) 237 9326 pragmal@lx netcom com ANALYSIS OF THE SECURITIES MARKET OF THE ROSTOV REGION Prepared by Grechma Elena ApnlS, 1998 General mformatlOn The exammed regIon mcludes 11 terntones Kabardmo-Balkana RepublIc Karachalevo-Cherkesskaya RepublIc Adygela RepublIc Dagestan RepublIc IngushetIa RepublIc Kalmykia RepublIc Severnaya Osetla RepublIc Chechma RepublIc Krasnodar terntory Stavropol terntory Rostov regIon The level of development of the secuntIes market of a specIfic terntory IS to a great extent detenmned by the overall state of economy The unhomogeneous development of terntones m the regIOn IS explamed by a number of factors EconomIc and geograplucal SItuatIOn favors the development of terntones of central European part (Rostov regIOn, Stavropol terntory) and coastal terntones WIth strong portal mfrastructure (Krasnodar terntory), but complIcates the SItuatIOn m penpheral terntones (KalmykIa, Severnaya Osetla, Dagestan, IngushetIa) The clImate and natural condItIOns of the South-Western part of RUSSIa are favorable for hfe and economIC actIVIty Terntones WIth large populatIOn base and bIg mternal market capaCIty are m advantageous POSItIon for further self-development (Krasnodar temtory, Rostov regIOn) NatIOnal conflIcts have tremendous negatIve Impact and undermme the economy (Chechma, Severnaya Osetla) Issuers '\ I The followmg terntones have most developed economy and the bIggest number of corporatIons Rostov regIOn There are 37 companIes WIth charter capItal above 1 b1n rubles and 13 compames above 10 b1n rubles 1/ Most developed mdustrles Compames TelecommumcatIOns JSC "RostovelektrosvIaz" JSC "Rostov Cellular CommumcatIOns" Food "Tuapsmsky" brewery, "Kamensky" meet factory AViatIOn "Rosvertol" (hehcopters) -- "T!lO!lT'll"/V' A k1 Dla.J.Jf!- Heavy machmery-bUlldmg - ....s ..... .u. v 5'<>'5rnn"l lUQ.vUU ...", n'" v r 1 Steel foundry "Yuzhstalconstruktsla" Energy "Rostovenergo" Krasnodar terntory There are 30 compames wIth charter capItal above 1 bIn rubles, 16 companIes - above 10 bIn rubles Most developed mdustrIes Compames TransportatIOn "Port-Kavkaz", ''NovorossYIsk Sea CommercIal Port", NovorossYIsk Sea Steamslnp Lme, "SOChi Sea CommercIal Port" Food "Moloko", "Chemomorskaya Kefal", "Krymsky Wme Factory", "Kubankhleboprodukt", "Krasnodar Tobacco Factory" TelecommumcatIOns "Kubanelektrosvlaz" 011 and gas "Rosmeft-Krasnodameftegaz" Energy "Kubanenergo" Stavropol terntory 8 compames WIth charter capItal above 10 bin rubles, 3 ofwhtch are lIsted on RTS-2 Most developed mdustrIes Compames TelecommurucatIons "Stavtelesot", "StavropolelektrosVlaz" 011 and gas "Rosrueft-StavropoIneftegaz", "s tavropolnefteprodukt" Energy "Stavropolenergo", "Stavropolskaya hydropower plant" II The followmg terntones are less developed Kabardmo-Balkarskaya RepublIc 1 company WIth charter capItal above 10 bin rubles Most developed mdustrIes Compames Heavy machtnery-bU1ldmg - rISC "Kabbalkselkhoztechmka" Metal processmg "Non-ferrous Metals Processmg Plant" TelecommumcatIOns "Stavtelesot", "StavropoielektrosVlaz" Karachaevo-Cherkesskaya RepublIc 1 company wIth charter capItal above 10 bIn rubles Most developed mdustrles Como.. ames TelecommumcatIons "Karachaevo-CherkesskelektrosvIaz" III Weakly developed temtones Kalmylaa RepublIc Severnaya OsetIa RepublIc Dagestan RepublIc Adygeia RepublIc IngushetIa RepublIc Chechma RepublIc These temtones do not have enterpnses wIth charter capItal above 1 bIn rubles Blue chips and second-tter shares (see Attachment 1) There are 4 companIes In the regIOn, quoted on RTS Company name RTS IIstmg date Types of SeCUrItIes Rostov RegIOn Elektrosviaz August 11, 1997 (sInce common stock, 01 29 97 - on RTS-2) preferred shares Kubanenergo March 3, 1997 (sInce common stock 12 1597 - on RTS-2) Kubanelektrosviaz August 11, 1997 (sInce common stock, 01 1697 - on RTS-2) preferred shares RostovskOle AO EnergetIkI August 11, 1997 (sInce common stock, 12 18 96 - on RTS-2) preferred shares There also are 5 companIes, quoted on RTS-2 Company name RTS-2lIstmg date Types of SeCUrItIes Stavropolenergo May 30, 1997 common stock, preferred shares Rosrueft-StavropoIneftegaz October 13, 1997 common stock, preferred shares Karachaevo-CherkesskelektrosVlaz October 13, 1997 common stock, preferred shares Rostselmash Decemberl5, 1996 common stock Stavropol Hydropower Plant December 8, 1997 common stock The most attractIve enterpnses are located m the Rostov regIon, Krasnodar temtory, Stavropol temtory, Karachaevo-Cherkesskaya RepublIc and represent the followmg mdustnes energy, 011 and gas and telecommurucatIOns There are several enterpnses worth to be mentIOned although theIr shares are not quoted on RTS 1 JSC "Krasnodarneftegaz" 2 JSC ''Novorosslysk Sea CommercIal Port" 3 JSC ''Novorosslysk Sea SteamshIp Lme" Market capltaizzatlon o/the regIOn Accordmg to Skate data, there are 7 companIes m the regIOn, mcluded m the LIst of 220 largest comparues by market capItalIzatIOn Company name Market Number In the List capItalIzatIOn as of 1231 97 (min $) Kubanenergo 23230 52 Rostovenergo 19452 58 Rostovelektrosviaz 191 16 60 Novorosslysk Sea SteamshIp Lme 14094 74 Stavropoielektrosviaz 101 81 98 Novorosslysk Sea CommercIal Port 7298 118 Karachaevo-Cherkesskelektrosviaz 1452 212 Total CapitalIzatIOn 95453 Market capItalIzatIOn ofcompames quoted on RTS and RTS-2 (based on RTS data) Company name Market capitalIzatIOn as of 04 0698 (rbls) Stavropolskaya Hydropower plant 336,236,670,000 Kubanenergo 216,309,571,200 Kubanelektrosviaz 134,260,717,846 ElektrosVlaz ofRostov RegIOn 14,911,040,000 Karachaevo-Cherkesskelektrosviaz 7,746,072,500 Rostovskoe AO EnergetIkl 2,325,320,184 Stavropolenergo 1,015,852,699 Rosrueft-S tavropolneftegaz 189,389,600 Rostselmash 86,497,020 Total CapItalIzatIOn 713,081,131,049 ProfessIOnal Participants Of The Market Accordmg to the FCSM Act # 25 from August 18, 1997 "About Approval of RegulatIOn on Procedure of Licensmg for DIfferent Types of ProfeSSIOnal ActIVIty on the SecuntIes market of RUSSIa" Mmfin lIcenses should be replaced by new FCSM lIcenses before October 1, 1997 accordmg to the above RegulatIOn I As of begmrung of Apnl 1998 there were 68 financIal mstItutIons hcensed by the FCSM for professIOnal activIty In the secuntIes market m Rostov regIOn (see Attachment 2) Types of actiVIties 51 compames - for secuntIes brokerage activIty WIth excludmg operatIOns WIth money ofmdividuals, State, sub-federal and mumcipal secunties 44 compames - for secuntIes dealmg actiVIty, excludmg operatIOns WIth State, sub­ federal and mumcipal secuntIes 6 compames - for secuntIes brokerage activIty WIth money of mdividuals excludmg operations WIth State, sub-federal and mumcipal secuntIes 21 compames - for brokerage actIvIty WIth State, sub-federal and murucipal secuntIes 20 compames - for dealmg activIty WIth State, sub-federal and mumcipal secuntIes 10 compames - for register-keepmg activIty for nommal secuntIes holders 5 compames - for deposItory-trustee actIVIty on the secuntIes market Some comparues have several lIcenses for professIOnal activIty on the secuntIes market There are no compames m the regIon, lIcensed for seCUrItIes management, deposItory-safekeepmg, market place and clearmg actIvItIes ThIs mdicates that these areas are msufficlently developed m the regIOn TerrItory Number If Number of Number of Mmfin Mmfin FCSM lIcensed lIcensed lIcensed mstItutIons, not InstItutIons mstItutIOns lIcensed by FCSM Rostov regton 121 21 100 Krasnodar temtory 111 15 96 Adygeya RepublIc 24 12 12 Kalmyla.a RepublIc 50 18 32 Kabardmo-Balkarskaya Rep 6 1 5 RSO-Alarua 7 1 6 Dagestan RepublIc 14 0 14 Karachaevo-Cherkessk Rep 2 0 2 Chechma Repubhc 0 21 21 IngushetIa Repubhc 0 Total 362 68 294 The data above shows that most of Investment InstltutIOns In the regIOn WIll have to go through the FCSM lIcensIng procedure to be able to contmue workIng on the secuntles market There are 9 compames - members of South-RussIan Office of NAUFOR among professIOnal partIcIpants In the regIOn # Company name CIty I Bolshoy Prospect Rostov-On-Don 2 Donskoy Nauchny Tsentr Rostov-On-Don 3 1ms Rostov-On-Don 4 Contrast Rostov-On-Don 5 Marf Rostov-On-Don 6 Pnazovsky Secuntles Center Taganrog 7 Rostov RegIonal Investment Company Rostov-On-Don 8 Rostov Trust Company Rostov-On-Don 9 TItan Invest Rostov-On-Don One company IS NAUFOR AssocIated Member I 1 I RosYugInvest I Rostov-On-Don All of them are located In Rostov or Rostov regIon There are 8 compames - constant trade members on RTS RTS Code Name CIty RTS Status DNCER Donskoy Nauchny Tsentr Rostov-on-Don Morutor IKVDR Bolshoy Prospect Rostov-on-Don Morutor INISR Fmancial Center INIS Rostov-on-Don Morutor KONTR Contrast Rostov-on-Don Morutor MARFR MarfLtd Rostov-on-Don Morutor MEDVR Medveditsa Stock House Rostov-on-Don Morutor ROTCR Rostov Trust Company Rostov-on-Don Morutor TIANR TItan Invest Rostov-on-Don Morutor PenSIOn Funds There currently are only 4 pnvate pensIOn funds In the regIOn, thIs market sector IS stIll III Its growth stage (see-Attachment 3) Insurance compames The Insurance Industry IS relatIvely developed In the regIOn As of the begmrung of Apnl there are 32 Insurance comparnes provIdIng full specter of Insurance servIces lIfe, property
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