HRM contributions to an organisation

HRM contributions to an organisation Human Resource Management (HRM) is the function within an organization that focuses on recruitment of, management of, and providing direction for the people who work in the organization. Human Resource Management is the organizational function that deals with issues related to people such as compensation, hiring, performance management, organization development, safety, wellness, benefits, employee motivation, communication, administration, and training (http://humanresources.about.com) In a short way to say about HRM is putting the right people to the right task and vice-versa to get the maximum output for an organization in a process. The people/workforce is represents one of its most potent and valuable resources in any organizations. In this assignment I am going to discuss Human Resource Management (HRM) how (HRM) contribute the Three HR policies across two diverse organisations. How an organisation ¿Ã‚ ½s structureand culture contribute to HR performance Evaluate HR policy in a given organisation. Organisations. Asda ASDA is a British supermarket. Asda provide a service to their consumers. There service consists of providing their customers with food, clothing, toys, electrical appliances and general merchandise. They also have a mobile network, called Asda Mobile. Their main rivals in this sector are Tescos, Marks and Spencers, Morrisons and Sainsbury. Asad have more than 143,126 employees. (www.asda.com.uk). Sainsburys Sainsburys PLC is a major retailing supermarket based in England. Sainsburys provide a service to there consumers. There service consists of providing there customers with domestic grocery and in many store electrical appliances such as television, DVD players and many other electrical appliances. There main rivals in this sector are Tescos, Marks and Spencers, Asda and Morrison ¿Ã‚ ½s. Sainsburys have more then 758 stores including local Sainsburys. Task 1 Three HR policies of Asda and Sainsburys 1. Recruitment and selection 2. Training and development 3. Employee ¿Ã‚ ½s relation 1. Recruitment and selection: Recruitment is defined as  ¿Ã‚ ½practices and activities carried out by the organisation with the primary purpose of identifying and attracting potential employees ¿Ã‚ ½ (Barber, 1998). At Asda, the objective of recruitment and selection is to attract and recruit the right person, with the attitude while maximally utilising the available resource at its disposal. Asda has a policy set to bring in the best candidates to fit a particular post. The process described is applied in my organization and this process begins with the identification of a vacancy to the process where the actual person fit for the job is found. Sainsbury has a policy set to bring in the best candidates to fit a particular post. The process described by of Atkinson J (1984) is applied in my organization and this process begins with the identification of a vacancy to the process where the actual person fit for the job is found,i.e defining requirement, attracting potential employees, interviewing and selecting the appropriate person for the job Objectives of recruitment and selection Asda The process of achieving this objective at Asda human resource planning this has to do with describing the job available, person specification and contractual matter. To obtain the quantity and quality of employees required to achieve the objectives of the organization which is being the leading retailer in the UK and Putting customers first in all and behaving with integrity in meeting customers day to day food and service needs.Ensuring that the best candidate is chosen for the job as this will lead to company ¿Ã‚ ½s objectives being met as profits will increase. In my organization, they have been able to employ the right kind of people needed to achieve the set objectives as they have an effective and planned style of recruitment which starts from recognizing the need to fill a vacancy with an identified job analyses, job description and person specification and this leads them to communicating and contacting the internal and external labour who may be interested. Internal because sometimes they promote existing staff to fill the vacancy depending on the availability of the skills and attribute required. Sainsbury ¿Ã‚ ½s To obtain the quantity and quality of employees required to achieve the objectives of the organization which is being the leading small format food retailer in the UK and Putting customers first in all and behaving with integrity in meeting customers day to day food and service needs. Ensuring that the best candidate is chosen for the job as this will lead to company ¿Ã‚ ½s objectives being met as profits will increase. Getting the recruitment process right. Very important as the HRM is responsible for this. Money will be lost if the process is done wrong or badly. In my organization, they have been able to employ the right kind of people needed to achieve the set objectives as they have an effective and planned style of recruitment which starts from recognizing the need to fill a vacancy with an identified job analyses, job description and person specification and this leads them to communicating and contacting the internal and external labour who may be interested. Internal because sometimes they promote existing staff to fill the vacancy depending on the availability of the skills and attribute required. From those that have applied a selection is made base on the ones most likely to fulfil the requirement of Sainsbury especially with regards to customer relations and this includes reviewing the applications, interviewing among others. for Sainsbury interview tools has helped them to place candidate at ease, because it is face to face , it is interactive and allows them to assess the appearance, inter personal and communication skills. This has enabled them to select employees that have the technical competence and ability to perform certain task, have the potential for training, development and promotion. Because they are customer focused, these process has helped them to identify candidates that are sociable, who can work harmoniously and fit into the cultural and social structure of Sainsbury bearing in mind the importance of compliance with all the legal requirements relating to employment and equal opportunity. They have also been able to archive there set objective through effe ctive recruitment and selection process . 2. Training and development Once a worker joins an organisation, then it would be useful to train and develop the person in order to maximise his/her human recourse potential. They note that due to the ever increasing competition among present day organisation, companies need to have more sophisticated employees. (Gray and Smiltzer, 1989). Objective of training and development Asda In Asda organization, training and development is a manpower strategy linked to the overall strategy, this is done by determining the training needs of the employees thru appraisal, analyses of job e moral requirement and corporate analysis. In Asda the purpose each training is identified and clears, it is usually in-house or thru external arrangements. This trainings are effective because at the end of the training, usually they would distribute end of course questionnaires which measures the reaction of the trainees, interviews are conducted, observations of improvement on job performance made and career development. This you can also see in the enthusiastic spirit among the staff. By training the staff, they are equipped for the task ahead which is giving improved quality service and these means the achievement of target, goals and objectives measured in terms of output, productivity, quality . Sainsbury To update the knowledge of the employee on current legislation To improve skills and qualifications To increase confidence and competence To motivate employees this encourages higher productivity To improve health and safety. 3. Employee ¿Ã‚ ½s relation Employee relation is a modern terms alternative user former industrial relation in present time. The culture of organisation is important aspect of employment relation which contributes to the success of an organisation. It is also a mix of beliefs, values, mission, approaches to thinking and understanding. (Daniels, 2006) Objective of Employee ¿Ã‚ ½s relation Employees and industrial relation focus on the moral and motivation of employee ¿Ã‚ ½s communicating and consulting with staff building up a strong relationship with employee ¿Ã‚ ½s representative to make sure that employees are aware that of all decision. Asda In Asda we have strong relation between employee and management. It is the responsibility of HRM department of Asda to make sure the contribution of employees in decision making. Asda is also providing a supervisor to correct the performance of employees. Information that provided to employees is to promote a better understanding of management goals and policies. Sainsbury ¿Ã‚ ½s Give feedback on the employees work Make salary and promotion decisions as fair as possible Give employees an opportunity to participate in decisions affecting them Allow for career development and training To improve the efficiency of the organization by ensuring that individual employees are performing to the best of their ability and developing their potential for improvement. Task 2 Organisation ¿Ã‚ ½s structure and culture contribute to HR performance and evaluate referring to two theoretical models. 1. Organisation ¿Ã‚ ½s structure and culture impact on the management of HR. 2. Models of HRM. TWO HUMAN RESOURCES (HRM) MODELS Two HMR models partial used In Sainsbury 1. The Harvard Framework Model 2. The matching Model of HRM The Harvard Framework Model The other founding fathers of HRM were the Harvard School of Beer et al (1984) who developed what Boxall (1992) calls the Harvard Framework .This framework is based on the belief that the problems of historical personnel management can only be solved when general develop a view point of how they wish to see employees involved and developed by the enterprise and of what HRM policies and practices may achieve those goals .Without either a central philosophy or a strategic vision which can be provided only by general managers.HRM is likely to remain set of independent activities , each guided by its own practice tradition. As also explained earlier we can see that Sainsbury survival and growth have mainly been dependent on the fact that the Harvard Framework is partially followed where in Managers across Sainsbury are being given responsibilities for selecting, motivating, developing and evaluating employees. All managers are therefore taking on human resource responsibilities. Employees are the most important resources in Sainsbury, particularly in creating a competitive edge Managers across Sainsbury are being given responsibilities for selecting, motivating, developing and evaluating employees. All managers are therefore taking on human resource responsibilities. Has Employees are the most important resources in Sainsbury, particularly in creating a competitive edge. The matching Model of HRM One of the first explicit statements of the HRM concept was made by Michigan School (Fombrun et al, 1984).They held that HR systems and the organization structure should be managed in a way that is congruent with the organizational strategy (hence the name matching model). They further explained that there is a further human resource cycle, which consists of four generic processes or functions that are performed in all organizations. The first and the most important among them is Selection  ¿Ã‚ ½matching available human resources to jobs is one among them that has been a key to the success of Sainsbury the reason being that as explained earlier that the Recruitment process are of two kinds external and Internal recruitment and according to the Matching Model Which is largely applied in Sainsbury the Recruitment is done internally by using Internal Job posting and no doubt has been a very successful thing ,has the individuals who are selected already have a hands on experience with the post that they have applied for as they do get trained skills required to fulfill that role by doing multitasking by carrying on doing their work and also learning the skills required for the new job that they are applying for out of their own interest voluntarily. Task 3 Evaluate HR policy in a given organisation. 1. Critically analyse at least three HR policies in an organisation . 2. Recommendations for improvement 1. Critical Evaluation Sainsbury require the assistance of staff to carry out the daily activities related to the nature of the organization. The people are all-important members of staff to Sainsbury and fulfil a key role in its operation. Sainsbury would not be successful without all the sophisticated technology but for human beings are responsible for setting up correctly, pressing the right buttons and repairing it if it malfunctions. Once inside Sainsbury staff performs various duties in connection with their roles and Sainsbury expects their work to be of a satisfactory standard, completed within a timescale and to be cost effective. Training is provided to help employees improve their levels of efficiency and this is rewarded with promotion or a bonus in recognition of their efforts. None of this would occur if the managers had not selected potential workers in a careful way. The skills required can be identified and matched against the abilities of people looking for work. If Sainsbury takes on sta ffs who are unsuitable, it can cause a number of problems, e.g.  ¿Ã‚ ½ Poor productivity levels,  ¿Ã‚ ½ Bad feeling among staff  ¿Ã‚ ½ Dissatisfaction about the job  ¿Ã‚ ½ High level of absenteeism  ¿Ã‚ ½ Customer complaints  ¿Ã‚ ½ Dismissal or resignation  ¿Ã‚ ½ The search for a replacement. In order to avoid issues as above Sainsbury use several methods of evaluating Human Resource Performance. Critical Incident File The use of the critical Incident file is very essential in Sainsbury has staffing time plays a key role in the proper functioning of the store/restaurant , however critical Incident files of different colours are used by managers to make certain entries for different reasons , for example if an employee gets an appreciation from the customer an entry is made under his or her name in a green file and if an employee is late the entry is made in a yellow file and if there is a NCNS (No call no show ) an entry is made in a red file and all the data is gather for the performance appraisal period and used to rate the employee. Balance Score Card In Sainsbury information contained in a balance score card is displayed on the notice board on a daily basis, it shows the sales that have been made not only the previous day but up to details of sales made in the previous shift as well whether it be morning, afternoon or night shift, this actually motivates the employees again to perform to their best in their respected and delivery the best. Year on year achievements and opportunities and related information is also shared on a Intranet which is called has Sainsbury Our lounge and also through emails. Gap Buster In our Sainsbury have something called has a Gab Buster which is like a mystery shopper activity when compared to other organisation where in a mystery shopper can do anything question the employees satisfaction by acting has a friend , can monitor weather the Managers are treating the till members and crew members in the correct manner and not pressuring them and also basic things like cleanliness and quality as well and feed back is provided on basis of points to the store/restaurant. Reward Management Even though the overall objective of the reward management is to support the attainment of Sainsbury strategic goals it ¿Ã‚ ½s indeed helpful in motivating the employees themselves ,at Sainsbury an array of rewards are given for example employees of the month , employee of the quarter , employee of the year act which gives rise to a healthy competition and also team work. Employee Retention Sainsbury largely spoken has one of the most changeling places to work in when compared to other companies is very less on attrition due the only reason of the existence of a good Human Resource Management system, Employees at Sainsbury surprising get a month ¿Ã‚ ½s paid off ,employees have outings like visits to amusement parks ect that they can participate in which is sponsored by the company with consent of the Human Resources Management team Large area and scope of development in various sectors like finance , procurement , logistics , management and also human resource is available for employees in the form of IJPs. 2. Suggestions to Improve: Career goals of the employees could be achieved by Motivating staff by showing them what they are working for and letting them know their competence ¿Ã‚ ½s and opportunity areas. Performance appraisal if done on a quarterly basis would make room for the improvement of the employee and speed up the improvement process. More Interaction between the Human Resource Management team and the Line Mangers would result in solving issues relating to staffing More One on Ones with the employees by the Human Resource Manager could make the organization more transparent and conducive. Surprise Visits of the Human Resource Managers in the disguise of customers would help them get the actual picture about the functioning of the store. More IJP to be rolled out and employees within if promoted could reduce attrition rate. Equal opportunities to be provided to employees regardless of different ethnic back grounds would increase in sprouting up of cross cultural and Innovative ideas which could help in problem solving. Training if provided keeping in mind the latest technological aspects would result in employee ¿Ã‚ ½s skill improvement. Rewards Management system if would offer various attractive benefits would possible attract the best employees of other organizations to Join Sainsbury. Human Resource Management should have a person in the organisation who will be in the disguise of a crew member recording the positive and not so positive activities of each individual employee of the organisation which would have immediate and positive effectives if escalated back to the Human Resource Management team in the Head Office. Conclusion Human resources Management is concerned with getting the right people, using them well and developing them in order to meet Sainsbury goals. In order meet Sainsbury aims successfully; it is necessary to identify the means of using people in the most effective way and to identify any problems that are likely to occur for example recruiting the best people and then coming with solutions. After completing this unit and also reading books related to Human Resource Management I have learnt that Human Resource Management play a very crucial and vital role in the actual existences of any organization be it large of small, it ¿Ã‚ ½s a psychological boundary with policies and procedure nicely linked with human development, reasonable requirements ,motivational and emotional support to employees , however with the learning ¿Ã‚ ½s that I have gained and achieved to conclude with an Innovate thought I feel that Human Resource Management should be called has Valuable Resource Management.

The Training Programs And Job Performance Of The Rank â€And-File Employees

IntroductionIn a large enterprise training plays a vital role in a variety of administrative practices. It is considered as one statement of the total management activities of enterprise (Schein).Training for the Rank and File employees primarily is intended to prove skills in order to be productive and efficient. Training likewise aims to provide the employees the knowledge required in performing the job such information regarding the organization its goal and program its relationship to other units in the company and the relationship between employees work to that of other employees provide the feeling of the confidence, camaradene ,ease, and motivation to work in the harmony towards the attainment of the organizational goals.Training is also very important in enhancing the organizations competitiveness. The enhancement of employee skills to perform better job contribute much to the development of a better organizational image in the competitive market (Nadler p-12) it is important to the continued viability of the organization that workers, must update their skills as technologies change.Training is a vehicle for organizational change in that it educates employees about new corporate strategies and better ways to operate.A review of corporate education and training would show how training contributes to a firm’s competitive future. Given continuously changing economy and fierce competition and rapid technology change training is a way advance skills and increase knowledge of competitors especially foreign cultures and markets. A slowly growing work force requires making the best use of the current work force. A changing work force due to high turnover or rapid growths requires new training needs for providing workers lacking in  basic skills.Rapid advancement in technology has led to substantial organizational charges in many industries that have affected how work as done as well as the output of wok. A new technology has spread across the globe com petitors have increased with renew focus in the use of technology to enhance product quality and to increase a firms competitive advantage the organization approaches have required employees to increase their skills so team employees can interchange jobs thereby allowing flexible work schedules and maximum group efficiency same companies have compensated the employee not only for their performance but also for learning new skills that enhance their value to the firm.Training should be viewed as socialization agents that help people understand and make a commitment to the organizational strategies such business decision and not employee need to do be successful in the organization.Training has found a very important role in an organization that is why the research choose to conduct their study in Zilog company where a electronics components thus should able to determine which training program initiated in the company most effect to the job performance of the employees. This company w as accessible in their goal to be one competitive firm in the Philippines in able to succeed the goal of an organization. It was important to train the employee in order to acquire the new knowledge to perform their job well.The researchers choose the topic the training programs and job performance of the rank and file employees at Zilog Company Sucat, Muntinlupa City because they felt that through these study employees would develop their performance in work and the organization would be more productive and profitable by training program. The researchers want to know the significance of training programs in relation to job performance. Training is the systematic development of the attitude, knowledge, skill and behavior pattern require for the adequate performance for a given job. The  researchers choose Zilog Inc.Company because this is one of the competitive firms in the business industries and one in the Philippines that export products in other country like Japan.As such empl oyees have to be trained, developed and note if an organization is aid to attain its objective with the fullest cooperation of employees in leading organizational goals.The Statement of the ProblemThe researchers conducted this study to appraise the present training program of Zilog Company Sucat, Muntinlupa City for the rank and file employees. Specifically study will attempt to answer the following questions:1. What are the demographic profiles of the respondents in relation to:1.1 Age 1.2 Gender 1.3 Civil status 1.4 Educational attainment 1.5 Length of service in the company2. Which training program designed for rank and file employees affects them most in relation to job performance in terms of :2.1 Apprenticeship training 2.2 Vestibule training 2.3 Off the job training3. To what extent does the training program affect the job performance of the rank and file employees.3.1 Effectiveness in their job performance; 3.2 Efficiency in performing their duties and responsibilities4. Is there a significant relationship between the training programs into the job performance of the rank and file employee?Hypothesis of the studyThe hypothesis used by the researchers was a null hypothesis. It is denial of an existence of an attribute, a relationship or a difference of an effect.Ho. There is no significant relationship between the training programs and job performance of the rank and file employees.Significance of the studyThe result of our study â€Å"The training Program† in relation to the job performance of the rank and file employees of Zilog Inc Company Sucat Muntinulpa City, will create benefit to the following persons and entities.Management of Zilog CompanyHandle people to do certain tasks. It regards the well-planned and organized training programs for managers to prevent employees’ obsolescence and turn them into productive workers.Rank and File EmployeeWould be able to enhance their skills and realize their weaknesses. They would be better pre pare to unchanged their dislikes and responsibilities in the organization and improve the interpersonal relationship with their fellow employees as well as with their clientele through effective training programs.ResearchersCould gain knowledge and insight into training programs which be useful to his/her employment in the future. Commerce students of Pamantasan ng Lungsodng Muntinlupa by providing enough information about the effectiveness of training program in employees of Zilog company.Scope and limitationThis study determined to the training programs and job performance of the rank and file employees of Zilog Technology Inc Sucat, Paranque City.the rank and file employees of the said electronics company were the respondents of the study. The total respondents of Zilog Company are 30. The scope of the study includes the demographic profile of respondents’ extent of training program that affect the efficiency of the rank and file employees and types of training being given to the employees in the organization.DEFINITION OF TERMSFor understanding purposes the following are the definition of terms, used in the study.Apprenticeship is a system of training a new generation of practitioners of a skill. Effectiveness means the capability of producing an effect, and is most frequently used in connection with the degree to which something is capable of producing a specific, desired effect. Efficiency in general describes the extent to which time or effort is well used for the intended task or purpose.Job Performance includes activities that ensure that goals are consistently being met in an effective and efficient manner Productivity is a measure of output from a production process, per unit of input. For example, labor productivity is typically measured as a ratio of output per labor-hour, an input. rank and file are the individual members of an organization, exclusive of its leadership. The Training Programs And Job Performance Of The Rank –And-File Employees IntroductionIn a large enterprise training plays a vital role in a variety of administrative practices. It is considered as one statement of the total management activities of enterprise (Schein).Training for the Rank and File employees primarily is intended to prove skills in order to be productive and efficient. Training likewise aims to provide the employees the knowledge required in performing the job such information regarding the organization its goal and program its relationship to other units in the company and the relationship between employees work to that of other employees provide the feeling of the confidence, camaradene ,ease, and motivation to work in the harmony towards the attainment of the organizational goals.Training is also very important in enhancing the organizations competitiveness. The enhancement of employee skills to perform better job contribute much to the development of a better organizational image in the competitive market (Nadler p-12) it is important to the continued viability of the organization that workers, must update their skills as technologies change.Training is a vehicle for organizational change in that it educates employees about new corporate strategies and better ways to operate.A review of corporate education and training would show how training contributes to a firm’s competitive future. Given continuously changing economy and fierce competition and rapid technology change training is a way advance skills and increase knowledge of competitors especially foreign cultures and markets. A slowly growing work force requires making the best use of the current work force. A changing work force due to high turnover or rapid growths requires new training needs for providing workers lacking in  basic skills.Rapid advancement in technology has led to substantial organizational charges in many industries that have affected how work as done as well as the output of wok. A new technology has spread across the globe com petitors have increased with renew focus in the use of technology to enhance product quality and to increase a firms competitive advantage the organization approaches have required employees to increase their skills so team employees can interchange jobs thereby allowing flexible work schedules and maximum group efficiency same companies have compensated the employee not only for their performance but also for learning new skills that enhance their value to the firm.Training should be viewed as socialization agents that help people understand and make a commitment to the organizational strategies such business decision and not employee need to do be successful in the organization.Training has found a very important role in an organization that is why the research choose to conduct their study in Zilog company where a electronics components thus should able to determine which training program initiated in the company most effect to the job performance of the employees. This company w as accessible in their goal to be one competitive firm in the Philippines in able to succeed the goal of an organization. It was important to train the employee in order to acquire the new knowledge to perform their job well.The researchers choose the topic the training programs and job performance of the rank and file employees at Zilog Company Sucat, Muntinlupa City because they felt that through these study employees would develop their performance in work and the organization would be more productive and profitable by training program. The researchers want to know the significance of training programs in relation to job performance.Training is the systematic development of the attitude, knowledge, skill and behavior pattern require for the adequate performance for a given job. The  researchers choose Zilog Inc.Company because this is one of the competitive firms in the business industries and one in the Philippines that export products in other country like Japan.As such emplo yees have to be trained, developed and note if an organization is aid to attain its objective with the fullest cooperation of employees in leading organizational goals.The Statement of the ProblemThe researchers conducted this study to appraise the present training program of Zilog Company Sucat, Muntinlupa City for the rank and file employees. Specifically study will attempt to answer the following questions:1. What are the demographic profiles of the respondents in relation to:1.1 Age 1.2 Gender 1.3 Civil status 1.4 Educational attainment 1.5 Length of service in the company2. Which training program designed for rank and file employees affects them most in relation to job performance in terms of :2.1 Apprenticeship training 2.2 Vestibule training 2.3 Off the job training3. To what extent does the training program affect the job performance of the rank and file employees.3.1 Effectiveness in their job performance; 3.2 Efficiency in performing their duties and responsibilities4. Is there a significant relationship between the training programs into the job performance of the rank and file employee?Hypothesis of the studyThe hypothesis used by the researchers was a null hypothesis. It is denial of an existence of an attribute, a relationship or a difference of an effect.Ho. There is no significant relationship between the training programs and job performance of the rank and file employees.Significance of the studyThe result of our study â€Å"The training Program† in relation to the job performance of the rank and file employees of Zilog Inc Company Sucat Muntinulpa City, will create benefit to the following persons and entities.Management of Zilog CompanyHandle people to do certain tasks. It regards the well-planned and organized training programs for managers to prevent employees’ obsolescence and turn them into productive workers.Rank and File EmployeeWould be able to enhance their skills and realize their weaknesses. They would be better prep are to unchanged their dislikes and responsibilities in the organization and improve the interpersonal relationship with their fellow employees as well as with their clientele through effective training programs.ResearchersCould gain knowledge and insight into training programs which be useful to his/her employment in the future. Commerce students of Pamantasan ng Lungsod ng Muntinlupa by providing enough information about the effectiveness of training program in employees of Zilog company.Scope and limitationThis study determined to the training programs and job performance of the rank and file employees of Zilog Technology Inc Sucat, Paranque City.the rank and file employees of the said electronics company were the respondents of the study. The total respondents of Zilog Company are 30. The scope of the study includes the demographic profile of respondents’ extent of training program that affect the efficiency of the rank and file employees and types of training being given to the employees in the organization.DEFINITION OF TERMSFor understanding purposes the following are the definition of terms, used in the study.Apprenticeship is a system of training a new generation of practitioners of a skill. Effectiveness means the capability of producing an effect, and is most frequently used in connection with the degree to which something is capable of producing a specific, desired effect. Efficiency in general describes the extent to which time or effort is well used for the intended task or purpose.Job Performance includes activities that ensure that goals are consistently being met in an effective and efficient manner Productivity is a measure of output from a production process, per unit of input. For example, labor productivity is typically measured as a ratio of output per labor-hour, an input. rank and file are the individual members of an organization, exclusive of its leadership.Training refers to the acquisition of knowledge, skills, and competenci es as a result of the teaching of vocational or practical skills and knowledge that relate to specific useful competencies.Zilog Technology is a trusted supplier of application specific, embedded system-on-chip (SoC) solutions for the industrial and consumer markets.THE TRAINING PROGRAMS AND JOB PERFORMANCEOF THE RANK –AND-FILE EMPLOYEESOF ZILOG TECHNOLOGY INC.SUCAT PARANAQUEIN PARTAIL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF BACHELOR OF SCIENCE IN BUSINESS ADMINISTRATION MAJOR IN OPERATIONS MANAGEMENT

Orwells Portrayal of the Characters in the Last Chapter...

This essay will examine how Orwell portrays the characters and develops the plot in the last chapter of Animal Farm to demonstrate the satirical techniques utilised in the text, such as allusion, sarcasm, exaggeration, metaphor and irony, to undermine Russian revolution indirectly. Most characters are allusion to certain figures in the revolution. To present them in a subtle yet suggestive way, their names are carefully selected with implications of their personalities and roles. Take the pigs for example. In order to parody Stalin, the pig Napoleon is named after Napoleon Bonaparte, who also transformed the revolution into dictatorship one century ago. Squealer, the living Pravda, playing the role of ‘the tongue and throat’ of Napoleon,†¦show more content†¦On the contrary, their magnified traits are more straightforward and effective in revealing targets’ foibles and absurdity, which, in turn, will contribute to a more powerful attack. When it comes to the narration structure, metaphor goes hand in hand with situational irony in the representation of key symbolic objects like the windmill. For most animals, this windmill is a metaphor of the promising life where electricity can be generated to provide light and warmth and spare the animals from the hard work in fields. At the same time, however, it is also a proof of Napoleon’s tyranny as the animals are suffering from laborious work to build and re-build the windmill like slaves and left no time to question or even speculate his dominant power. This juxtaposition of these two metaphors leads the irony to the peak when the first windmill is completed and no electrical power is generated. Although â€Å"it brought in a handsome money profit†, the animals, expect the pigs, get nothing in return but the command to build another one. In addition to the allusion to the failure of Stalin’s ‘Five-Year Plan’, this ironic contrast between i ntentions and results goes further to criticise the whole Stalinist system of oppressing the proletarians with a hypothetical and unattainable utopia (Communism). Verbal irony, another form of irony, established by the contradiction between what is said and what is reality, canShow MoreRelatedAnimal Farm by George Orwell1100 Words   |  4 PagesIntroduction: Widely acknowledged as a powerful allegory, the 1945 novella Animal Farm, conceived from the satirical mind of acclaimed author George Orwell, is a harrowing fable of a fictional dystopia that critiques the socialist philosophy of Stalin in terms of his leadership of the Soviet Union. Tired of their servitude to man, a group of farm animals revolt and establish their own society, only to be betrayed into worse servitude by their leaders, the pigs, whose initial virtuous intentionsRead MoreAnimal Farm Theme2655 Words   |  11 PagesTheme Analysis The theme of Animal Farm is not difficult to understand. Orwell intended to criticize the communist regime he saw sweeping through Russia and spreading to Europe and even the United States. Though he agreed with many Marxist principles, Orwell was unable to accept the communist interpretation of socialism because he saw many similarities between the communist governments and the previous czarist regimes in old Russia. Communism, he thought, was inherently hypocritical.In his self-proclaimed

Haunted Houses By Charlotte Perkins Gilman - 1705 Words

The tales of haunted houses is a long held genre in American Gothic literature. The haunted houses are usually described as South plantations homes. When the houses were in their prime, they were the best of the best. They represented the upper echelons of society, where only the super rich could own. The dark secret behind such plantation houses is that they were usually build and maintained by slavery. As time pasted and the Emancipation Proclamation was passed at the end of the American Civil War, slavery ended and the plantation homes fell into ruin. In Charlotte Perkins Gilman’s 1892, short story, â€Å"The Yellow Wallpaper,† while the story does not take place in a typical haunted plantation house, it does take place in a vacation home†¦show more content†¦At the time, to own or stay at a haunted house is considered to be the height of fashion. There is something romantic about a haunted house as that means something forbidden went on in the house before a great tragedy. However, the colonial house they have been able to lease, while not haunted, is â€Å"queer;† or why else would they have been able to lease the house so cheaply. When they first arrive at the colonial house the narrator is happy about the house. It it the most beautiful house as it â€Å"stand[s] well back from the road, quite three miles from the village† and it makes her â€Å"think of English places that you read about, for there are hedges and walls and gates that lock, and lots of separate little housed for the hardeners and people† (88). She arrives at the house and deems it to be just like the haunted houses society reads about at the time. The house is in some legal troubles over who rightly owns the house, which is why they were able to get the house so cheap. While the narrator wanted to take a room downstairs with a view of the gardens, her husband places her in a room upstairs. She describes the room upstairs as â€Å"a big, airy room, the whole floor nearly, with windows that look all ways, and

Socioeconomic Essays - 1106 Words

Socioeconomic Essay To help facilitate the growth of small businesses Federal Government procurement requires their Contracting Officers to comply with applicable socioeconomic laws and regulations that do not apply to commercial contracting. The socioeconomic goals set forth by these laws, which pertain only to federal contracting and are integrated into the FAR, ensure there is constant economic growth for the U.S economy as well. These goals consist of making awards to what is considered, set-aside programs, and includes small businesses participating in the 8(a) Business Development Program, Historically Underutilized Business Zones (HUBZone) Program, Service-Disabled Veteran-Owned Small Business (SDVOSB) Program, or the Women-Owned†¦show more content†¦One particular program of interest is that being the HubZone Program. HubZones consists of businesses that are located in areas defined by the federal government as being an area that is economically depressed due to high unemployment rat es. HUBZones are categorized by the SBA as being in one or more of the following: †¢ A qualified census tract. †¢ A qualified non-metropolitan county with a median household income of less than 80 percent of the State median household income or with an unemployment rate of not less than 140 percent of the statewide average based on US Department of Labor recent data. †¢ Or on lands within the boundaries of federally recognized Indian reservations. In order for a Small Business to qualify as a HUBZone business, it must meet all of the following criteria to qualify for the HUBZone program: †¢ For starters it must be located in a historically underutilized business zone or HUBZone. †¢ It must be owned and controlled by one or more US Citizens, and †¢ Lastly, at least 35% of its employees must reside in a HUBZone area. The US Small Business Administration regulates and implements the program and determines which businesses are eligible to receive HUBZone contracts, they maintain current listings of qualified HUBZone small businesses that Federal agencies can use to locate vendors, settleShow MoreRelatedThe Socioeconomic Status And Parenting Essay1796 Words   |  8 Pagesthesis statement. I did use â€Å"the socioeconomic status difference is the key causation† as my thesis, but I guess it is not clear to my audiences. I want to prove that socioeconomic status difference is the main causation of achievement gap in this paper. He also point out that he could see why parenting is important for the kids, but it is hard to tell the connection between socioeconomic status and parenting. 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A variety of mechanismsRead MoreDifferences Between Socioeconomic Classes And The Achievement Gap Between Students1234 Words   |  5 PagesBenjamin Leung Research and Composition - R3 Magistra Glaser January 17, 2017 Research Question: In what ways and to what extent do the differences in income between socioeconomic classes influence the achievement gap between students in America? Describe the achievement gap between students in America Background information of the achievement gap. The Glossary of Education Reform defines the achievement gap as â€Å"any significant and persistent disparity in academic performance or educational attainmentRead MoreSocioeconomic Status and Health Issues1380 Words   |  5 Pages Socioeconomic status (a measurement of income, education, and occupation) measures an individuals social standing in society. Low socioeconomic status is often linked to a depravity of essential material resources and heightened psychological stress variables. 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When it comes to socioeconomics, children are the utmost affected. Socioeconomics has long term effects, prevalently distresses children in school and in development. Through my friend’s experience that he has shared with me, it has allowed me to notice the harrowing effects that socioeconomics has on children. First, one may ask exactly what is socioeconomic status and other termsRead MoreThe Effects Of Socioeconomic Status On Multicultural Social Work Practice Essay1264 Words   |  6 Pagesconditions, the racial crisis, and financial difficulties. Unfortunately, there are so many that are not recognizing these mental obstacles and are carrying on, baring the weight as if these feelings are normal. This qualifies as Socioeconomic Status (SES). Socioeconomic Status encompasses all of those factors that exceed one s physical health,......... social conditions, ...... one s sense of well-being...... They are often hindered in their attempts at conquering the disparities that permeate

Tern Paper Compare Two Companies Free Essays

Kazakhstan University of Management, Economics, and Strategic Research Bang College of Business MBA program Term Paper: Financial analysis of â€Å"JSC Shubarkol komir† and â€Å"JSC SatCompany† Prepared by: 20101675 Kim Jonghon 20091481 Nurtas Kadyrbayev Instructor: M Mujibul Haque, Ph. D. Executive Summary This paper provides an analysis and evaluation of the current and prospective profitability, liquidity and financial stability of JSC â€Å"ShubarkolKomir† and JSC â€Å"SatCompany†. We will write a custom essay sample on Tern Paper: Compare Two Companies or any similar topic only for you Order Now Methods of analysis include trend and vertical analyses as well as ratios such as Debt, Current and Quick ratios. Other calculations include rates of return on Shareholders’ Equity and Total Assets and earnings per share to name a few. All calculations can be found in the appendices. The report finds the prospects of the company in its current position are not positive. The major areas of weakness require further investigation and remedial action by management. Recommendations discussed include: – improving the average collection period for accounts receivable · – improving/increasing inventory turnover · – reducing prepayments and perhaps increasing inventory levels The report also investigates the fact that the analysis conducted has limitations. Some of the limitations include: forecasting figures are not provided nature and type of company is not known nor the current economic conditions data limitations as not enough information is provided or enough detail. For example, monthly details not known results are based on past performances not present. Acknowledgement We wish to express our sincere gratitude to Dr. M. MujibulHaque, for providing us an opportunity to do our project, and for guidance and encouragement in carrying out this project work. We are heartily thankful that he support from the preliminary to the concluding level enabled us to develop and understanding of the subject. Lastly, We offer our regards to all of those who supported us in any respect during the completion of the project. Dr. M. MujibulHaque Professor, Dean of Bang colledge of Business KIMEP, 4 Abay Ave. Dear Dr. Haque: We are submitting herewith our term paper entitled JSC â€Å"ShubarkolKomir† and JSC â€Å"SatCompany†. The main purpose of this paper is to master a set of concept to make effective financial analysis. The paper shows detail approaches and methodology which are was applied during our paper. We hope that this paper will merit your approval. Sincerely, Nurtas Kadyrbayev Kim Jonghon Contents Title page †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 1 Executive Summary †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 2 Acknowledgement †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 2 Letter of Transmittal â € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Table of Contents †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 4 Table of Figure/Tables †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 5 I. Introduction †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 1. Objective †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 2. Scope †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 6 3. Methodology †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 4. Limitation †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 6 II. Findings and Analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 6 1. Shubarkolkomir† and â€Å"SatCompany† companies overview †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 7 2. Du Pont analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 8 3. Working capital policy †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 9 4. Capital Structure Policy †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 17 5. Dividend Policy †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 18 6. Break-even analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 23 7. P/E ratio analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 24 8. Vertical analyses †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 25 9. Trend analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 5 III. Summary and Recommendations †¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 33 References †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 35 Appendices †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 36 List of Tables and Figures Table 1 Du Pont analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 0 Table 2 Working capital †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 11 Table 3 Liquidity analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 11 Table 4 Debt analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 12 Table 5 Profitability analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 3 Table 6 Efficiency analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 15 Table 7 Capital structure †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 17 Table 8 Capitalization rate †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 17 Table 9 Dividend policy ratio †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 2 Table 10 Break-even †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 23 Table 11 P/E ratio †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 24 Table 12 Vertical analysis (Income Statement) †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 25 Table 13 Trend analysis (Income state ment) †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 25 Table 14 Vertical analysis (Balance Sheet) †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 Table 15 Trend analysis (Balance Sheet) †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 29 Table 16 Summary †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 33 Figure 1 Return on equity †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 10 Figure 2 Current Assets/Total Assets †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 11 Figure 3 Current ratio †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 2 Figure 4 Acid-test ratio †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 12 Figure 5 Debt analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 12 Figure 6 Sales growth rate †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 14 Figure 7 Profitability analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 4 Figure 8 Efficiency analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 16 Figure 9 Divide nd policy ratios †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 22 Figure 10 Leverage analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 23 Figure 11 Price per share/EPS †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 24 I. Introduction A financial statement analysis is an important business activity that helps the top management assesses the stability and profitability of the business. It is important to carry out a financial analysis, as it enables the management to decide upon the continuation or discontinuation of a particular project and to take decisions regarding the purchase of raw material and machinery, investments, lending, and so on. Financial statement analysis involves the comparison of information of one entity over different periods of time or the comparison of information of different entities during the same period. The four main statements that are analyzed during the procedure include the balance sheet, income statement, statement of owner’s equity, and statement of cash flows. Based on financial statements for past three years, they are 2010, 2009, 2008 which were available on Kazakhstan Stock Exchange (KASE) of each company, we make a financial analysis. We have applied 3 methods to evaluate the position of these companies through methods like ratio analysis, vertical analysis, trend analysis, and common-size analysis. Limitations of this paper that there is considerable subjectivity involved as there is no theory as to what should be the right number for the various ratios. Further, it is hard to reach a definite conclusion when some of the ratios are favorable and some are unfavorable. Ratios are based on financial statements that reflect the past and not the future. Unless the ratios are stable, one cannot make reasonable projections about the future trend. Financial statements provide an assessment of the costs and not value. For example, the market value of items may be very different from the cost figure given in the balance sheet. II. Findings and Analysis Joint Stock Company â€Å"ShubarkolKomir† is one of the producers of steam coal largest in Kazakhstan. Shubarkol (from Kazakh shubar – spotty, kol – the lake) – spotty lake. JCC ShubarkolKomir was created by mergering of Open joint stock company â€Å"Shubarkolskiirazrez† and open joint stock company â€Å"Shubarkolskoe transportation management†. JSC ShubarkolKomir activity also covers pits on production of a construction stone, coal processing, operation of access roads, rail transportation, shunting works, and also production and water sale. The company managed by Board of directors. Chief executive officer setted by board of directors. Form of ownership of JSC â€Å"ShubarkolKomir† is private. Joint Stock Company  « SAT Komir  »is formed in November, 2009. Enterprise primary activity is working out of coal deposits. – Lines of activity: †¢ Investigation and working out of coal deposits. †¢ Extraction and realization coal for the industry and household consumption. – The purposes: †¢ To achieve good results in development of the coal industry. †¢ Successfully to solve problems on maintenance of internal requirements of the country in firm fuel and to an exit on the world market. The company develops the Kumyskuduksky site of the Verhnesokursky deposit of brown coal in the Karaganda in the Republic of ?azakhstan. Balance stocks of a site make more than 356 million tons of coal, from which 124,3 million tons are considered on categories, And, In and ?1. On a geological structure, consistency of capacity of layers and qualities of coal, the Kumyskuduksky site is carried to 1 group, according to classification of stocks of deposits of firm minerals. Coal mining is carried out by open way, horizontal ledges with transportation of mountain weight by motor transport. The project on deposit working out is made Open Company  «Karaganda of Hypromines and To ». Till the end of 2010 it is planned to reach extraction volumes in 1,0 million tons of coal, 2011 to leave on designed capacity of 1,5 million tons of coal of year. To in parallel mountain works additional investigation of two reserve areas representing high potential for increase of resource base is spent. Now the company realizes high-quality coal of marks 2B, 2BC, 3B, 3BC. The prices for production for today make 2600 tenge shipment at own expense, and 3600 tenge from the car. The flexible system of discounts, depending on volume is provided. Joint Stock Company â€Å"SAT Company† aims to join the top 30 largest metallurgical holdings of the CIS in terms of market capitalization. SAT Company JSC solves the following tasks to achieve this aim: †¢ Concentrating the Group’s activities in the most promising sectors: metallurgy and mining sector; †¢ Launching new plants and reaching production capacity; †¢ Supporting liquidity of The Group’s assets and increasing capitalization by approaching foreign capital markets and selling minority share interest. Main activity is wholesale of oil products, petrochemistry, metal processing, air transportation and investments in the fastest developing sectors: construction, oil trading, oil and gas engineering, metallurgy, petrochemistry and transport. Du Pont analysis Table 1. Du Pont analysis | JSC Shubarkol komir| JSC SatCompany| Du pont| 2010| 2009| 2008| Average| 2010| 2009| 2008| Average| Net profitmargin| 30%| 25%| 33. 9%| 29. 6%| 60%| 0. 89%| 43. 6%| 34. 8%| Total Assetturnover| 0. 67| 0. 79| 1. 38| 0. 94| 0. 033| 0. 128| 0. 39| 0. 183667| EquityMultiplier| 2. 47| 2. 2| 2. 5| 2. 39| 2. 11| 1. 7| 1. 48| 1. 63333| ROE| 49. 66%| 43. 86%| 117%| 70. 17%| 4. 17%| 0. 195%| 25. 23%| 9. 86%| Figure 1. Return on equity Return on equity measures the rate of return on the ownership interest of the common stock owners. It measures a firm’s efficiency at generating profits from every unit of shareholders’ equity. ROE shows how well a company uses investment funds to generate earnings gr owth. On figure 1,is shown the rapid decline of return on equity from 2008 to 2009, and from 2009 to 2010 ROE was increased only for 5. 8% approximately. We can assume that world financial crises affected to Kazakhstan at the end of 2008. All manufacturing companies were suffered due to financial crisis. If we compare Subarkol and Sat companies, Sat company is more capable for generating cash internally. One of the reason could be total asset turnover. If we look to other factors, so we can see that total asset turnover of both companies are declining each year. Table 2. Working Capital | JSC Shubarkol komir| JSC SatCompany| Working Capital| 2010| 2009| 2008| Average| 2010| 2009| 2008| Average| Current Assets/Total Assets| 0. 14| 0. 17| 0. 16| 0. 15| 0. 11| 0. 27| 0. 28| 0. 22| CurrentAssets/Sales| 0. 21| 0. 22| 0. 12| 0. 18| 3. 22| 2. 11| 0. 73| 2. 2| Figure 2. Current Asset/total asset Aggressive Investment Policy results in minimal level of investment in current assets versus fixed assets. In contrast, a conservative investment policy places a greater proportion of capital in liquid assets with the opportunity cost of lesser profitability. In order to measure the degree of aggressiveness, following ratio will be us ed: AIP = Total Current Assets/ Total Assets. Where average ratio of Shubarkol is lower than Sat Company. Thus, Shubarkol Company has a relatively aggressive policy, which leads to higher risk and higher return in comparison with Sat Company. Table 3. Liquidity analysis | JSC Shubarkol komir| JSC SatCompany| Liquidity analysis| 2010| 2009| 2008| Average| 2010| 2009| 2008| Average| Current Ratio| 0. 73| 0. 59| 0. 40| 0. 57| 0. 59| 2. 71| 2. 74| 2. 01| Acid-test Ratio| 0. 48| 0. 41| 0. 28| 0,39| 0. 46| 2. 46| 2. 5| 1,80| Figure 3. Current ratio Figure 4. Acid-test ratio Another strong aspect of the company’s operation is its liquidity. From average liquidity ratios of both companies, Sat show better result than Shubarkol, it can cover its debt even if we exclude inventory. In order to cover its current liabilities Shubarkol Company should sell out its inventory. Table 4. Debt analysis | JSC Shubarkol komir| JSC SatCompany| Debt analysis| 2010| 2009| 2008| Average| 2010| 2009| 2008| Average| Leverage ratio| 2. 47| 2. 21| 2. 54| 2. 40| 2. 11| 1. 7| 1. 48| 1. 76| Total Debt ratio| 0. 59| 0. 55| 0. 61| 0. 58| 0. 52| 1. 41| 0. 33| 0. 75| Debt-equity ratio| 1. 47| 1. 21| 1. 54| 1. 40| 1. 11| 0. 70| 0. 48| 0. 76| Interest coverage ratio| 25. 46| 13. 43| 31,1| 23. 33| 2. 34| 5. 83| 2. 17| 3. 45| Figure 5. Debt analysis Shubarkol komir has higher leverage ratio that Sat Company, which means it has possible difficulty in paying interest and principal while obtaining more funding. Leverage ratio=Total assets/Shareholders’ equity. The debt ratio gives an indication of companies total liabilities in relation to their total assets. The higher the ratio, the more leverage the company is using and the more risk it is assuming. Both total assets and liabilities can be found on the balance sheet. The debt ratio of both companies show low level. [Debt R atio = Total debts/Total Assets] The debt to equity ratio is the most popular leverage ratio and it provides detail around the amount of leverage (liabilities assumed) that a company has in relation to the monies provided by shareholders. As you can see through the formula below, the lower the number, the less leverage that a company is using. Again, like the debt ratio, we must understand the drawbacks of this formula. Totalliabilities include operational liabilities that are required to run the business. These are not long term in nature and can distort the debt to equity ratio. Some will exclude accounts payable from the liabilities and/or intangible assets from the shareholder equity component. Debt to equity ratio = Total debts/total equity] The interest coverage ratio tells us how easily a company is able to pay interest expenses associated to the debt they currently have. The ratio is designed to understand the amount of interest due as a function of companies earnings before interest and taxes (EBIT). The interest coverage ratio is very closely monitored because it is viewed as the last line of defense in a sense. A company can get by even when it is in a serious financial bind if it can pay its interest oblig ations. [Interest Coverage ratio = EBIT/Interest Expense] Table 5. Profitability analysis | JSC Shubarkol komir| JSC SatCompany| Profitabilityanalysis| 2010| 2009| 2008| Average| 2010| 2009| 2008| Average| SalesGrowth rate| 14. 7| -9. 79| 66. 69| 23,86| -44| -54| -24. 4| -40. 8| GrossMargin/Sales| 0. 6| 0. 65| 0. 64| 0,63| 0. 04| 0. 22| 0. 41| 0. 22| EBIT/Sales| 0. 55| 0. 48| 0. 62| 0,55| 1. 29| 0. 21| 0. 33| 0. 61| Return onInvestment| 0. 30| 0. 25| 0. 34| 0,29| 0. 93| 0. 009| 0. 44| 0. 46| Return onAssets| 0. 2| 0. 19| 0. 47| 0,28| 0. 03| 0. 001| 0. 17| 0. 067| Figure 6. Sales growth rate Sat Company’s sales growth rate shows bad results, it has negative rates. Figure 7. Profitability analysis The gross profit margin looks at cost of goods sold as a percentage of sales. This ratio looks at how well a company controls the cost of its inventory and the manufacturing of its products and subsequently pass on the costs to its customers. The larger the gross profit margin, the better for the company. The calculation is: Gross Profit/Net Sales. Operating profit is also known as EBIT and is found on the company’s income statement. EBIT is earnings before interest and taxes. The operating profit margin looks at EBIT as a percentage of sales. The operating profit margin ratio is a measure of overall operating efficiency, incorporating all of the expenses of ordinary, daily business activity. The calculation is: EBIT/Net Sales. In average Return on investment has low ratio, even if Sat companies’ ratio is higher than Shubarkol company. The Return on Assets ratio is an important profitability ratio because it measures the efficiency with which the company is managing its investment in assets and using them to generate profit. It measures the amount of profit earned relative to the firm’s level of investment in total assets. The return on assets ratio is related to the asset management category of financial ratios. The calculation for the return on assets ratio is: Net Income/Total Assets. Table 6. Efficiency analysis | JSC Shubarkol komir| JSC SatCompany| Efficiencyanalysis| 2010| 2009| 2008| Average| 2010| 2009| 2008| Average| InventoryTurnover| 5. 57| 6. 4| 9. 56| 7. 17| 1. 6| 4. 69| 7. 78| 4. 69| Total AssetsTurnover| 0. 68| 0. 79| 2. 38| 1. 28| 0. 03| 0. 13| 0. 39| 0. 18| AverageCollectionperiod| 1. 68| 7. 29| 1. 2| 3. 39| 3. 26| 2. 91| 0. 65| 2. 27| AccountsPayableturnover| 9. 6| 17. 48| 2. 17| 9. 75| 0. 9| 2. 85| 3. 13| 2. 22| Figure 8. Efficiency analysis Efficiency ratios are ratios that come off the the Balance Sheet and the Income Statement and therefore incorporate one dynamic statement, the income statement and one static statement, the balance sheet. These ratios are important in measuring the efficiency of a company in either turning their inventory, sales, assets, accounts receivables or payables. It also ties into the ability of a company to meet both its short term and long term obligations. This ratio is obtained by dividing the ‘Total Sales’ of a company by its ‘Total Inventory’. The ratio is regarded as a test of Efficiency and indicates the rapidity with which the company is able to move its merchandise. Shubarkol Company is able to rotate its inventory in sales in average 7. 17 times in one fiscal year. When Sat company only 4. 69 times. The total asset turnover represents the amount of revenue generated by a company as a result of its assets on hand. Formula: [Total Asset Turnover = Sales/Total Assets]. Total asset turnover of shubarkol company is higher, thus it has the lower the profit margins, since the company is able to sell more products at a cheaper rate. The Average collection period ratio shows both the average time it takes to turn the receivables into cash and the age, in terms of days, of a company’s accounts receivable. The ratio is regarded as a test of Efficiency for a company. The effectiveness with which it converts its receivables into cash. This ratio is of particular importance to credit and collection associates. To convert its accounts receivables into cash for Shubarkol Company takes in average 3. 39 days and for Sat company 2. 27 days. The Accounts Payable turnover shows investors how many times per period the company pays its average payable amount. Thus, Shubarkol’s accounts payable turned over 9. 75 times and Sat’s 2. 22 in average during the past year. Shubarkol Company is paying its suppliers very quickly, it may mean that the suppliers are demanding very fast payment terms. Sat Company is paying its suppliers more slowly, and may be an indicator of worsening financial condition. Capital Structure Policy Table 7. Capital Structure JSC Shubarkol komir| #shares| B| EBIT| I| EBT| EAT| Ki| EPS| P| Ke=EPS/P| S=#shares x P| V=S+B| 4,500| 200| 11,236| 24| 11,212| 10,098| 10. 8| 3. 6| 1,250| 0. 9| 5,314,500| 5,314,700| 3,500| 300| 11,236| 39| 11,197| 10,077| 11. 7| 4. 6| 1,181| 0. 39| 4,375,000| 4,375,300| 2,500| 400| 11,236| 56| 11,180| 10,062| 12. 6| 6. 5| 1,140| 0. 57| 2,850,000| 2,850,400| JSC SatCompany| #shares| B| EBIT| I| EBT| EAT| Ki| EPS| P| Ke=EPS/P| S=#shares x P| V=S+B| 3,000| 1,000| 3,678| 130| 3,548| 3,448| 11. 7| 0. 91| 1,100| 0,08| 3,300,000| 3,301,000| 2,000| 1,300| 3,678| 182| 3,496| 3,366| 12. 6| 1. 37| 1,150| 0. 12| 2,300,000| 2,301,300| 1,000| 1,600| 3,678| 240| 3,438| 3,278| 13. 5| 2. 73| 1,200| 0. 2| 1,200,000| 1,201,600| Table 8. Capitalization rate JSC Subarkol komir| Ki(B/V ) + Ke(S/V) =Ko| 0. 0004| 0. 29| 0. 29| 0. 0008| 0. 39| 0. 39| 0. 0018| 0. 57| 0. 57| JSC SatCompany| Ki(B/V ) + Ke(S/V) =Ko| 0. 0035| 0,08| 0. 0835| 0. 0071| 0. 12| 0. 1271| 0. 0180| 0. 22| 0. 2380| For Shubarkol Company the optimal level of debt is 400 000 tenge, because the lowest Ko= 0. 29 and highest price is 1250 tg/share. For SatCompany the optimal level is 100 000 tenge, where Ko=0. 0835. Dividend Policy Provision on dividend policy of JSC Shubarkol Komir 1. General provisions The present Provision on dividend policy of JSC Shubarkol Komir is developed according to the legislation of the Republic of Kazakhstan, the Charter, the Code of corporate governance of JSC Shubarkol komir and other internal documents. The purpose of the present Situation is ensuring balance of interests of Society and Shareholders and a transparent approach at determination of the amount of dividend payments of Society for shareholders. The policy of Society is based on respect and strict observance of the rights of the Shareholders provided by the legislation of the Republic of Kazakhstan, the Charter of Society and its internal documents. The dividend policy of Society is directed on increase of welfare of Shareholders, increase of investment appeal of Society and its capitalization. 2. Main conditions of payment of dividends to Shareholders 2. 1. Society, proceeding from the size of the received net profit (total profit) in a year and requirements of development of production and investment activity, aspires to increase the size of dividends paid to Shareholders along with growth of capitalization. 2. 2. Conditions of payment of dividends to Shareholders of Society are: 1. xistence at Society of a net profit (total profit) in a year defined according to point 3. 1. Provisions 2. absence of restrictions on payment of the dividends provided by point 5 of article 22 of the Law of the Republic of Kazakhstan  «About joint-stock companies »; 3. decision of General meeting of shareholders of Society. 3. Order of determination of the amount of charge of dividends 3. 1. The size of the dividends charged by Society, is def ined with the standard. The net profit (total profit) Societies is defined on the basis of its consolidated financial statements made according to IFRS. . 2. According to the current legislation and the Society Charter the Board of directors of Society prepares offers on an order of distribution of a net profit of Society for expired fiscal year and the size of the dividend in a year counting on one common share of Society 3. 3. The Society board of directors by preparation of the offer on an order of distribution of a net profit of Society for expired fiscal year and the size of dividends in a year, recognizes that the sum directed on payment of dividends, should make not less than 17,5 % of a net profit. 3. 4. The question of possibility of payment by Society of dividends on common and preference shares quarterly, time in half a year, or following the results of a year is regulated according to the current legislation. The question is considered by Society Board, proceeding from the received financial results and look-ahead indicators of the size of dividends of Society actions. 3. 5. The Society board of directors, on the basis of offers of Board of Society, considers the main directions of distribution of a net profit (total profit), and also forms offers on a share of a net profit (total profit), directed on dividend payments. . 6. The Societies of the offer created by Board of directors about an order of distribution of a net profit of Society for expired fiscal year and the size of the dividend in a year counting on one common share of Society are submitted for consideration of General shareholder meeting. 3. 7. The final decision about the size of dividends is established by the deci sion of General meeting of shareholders of Society. 4. Order of payment of dividends 4. 1. Dividends are paid to Shareholders in the terms established by the Charter of Society and the relevant decision of General shareholder meeting. 4. 2. Society provides timely and complete payment of dividends to Shareholders. 4. 3. Payment of dividends considered transfer of the corresponding sums of money from the Society account on bank accounts of Shareholders according to the decision accepted at General shareholder meeting on terms and an order of payment of dividends. 4. 4. Payment of dividends is made by money or Society securities. Society has the right to make payment of dividends on stocks Society securities provided that such payment is carried out by the declared actions and the bonds issued by Society, in the presence of the written consent of Shareholders. Payment of dividends by securities on preference shares of Society isn’t allowed. 4. 5. The taxation of paid dividends is carried out in an order provided by the legislation of the Republic of Kazakhstan. 5. Informing of Shareholders on dividend policy of Society 5. 1. Society places the present Situation, changes and/or additions to it on the corporate website of Society. 5. 2. Within 10 working days from the date of making decision of General shareholder meeting on payment of dividends on common shares of the Society Society publishes this decision in mass media. Thus Society also publishes this decision on the corporate website. . 3. The decision on payment of dividends on common shares of Society should contain the following data: 1. name, location, bank and other details of Society; 2. the period for which dividends are paid; 3. the size of the dividend counting on one common share; 4. start date of payment of dividends; 5. an order and a form of payment of dividends with the indication of the sizes, terms, ways and a form of payment of dividends. 5. 4. The materials provided to Shareholders for decision-making, should contain all necessary information on existence/lack of the conditions necessary for payment of dividends. . Responsibility for incomplete or untimely payment of dividends to Shareholders 6. 1. Responsibility for appropriate and timely execution of decisions of General shareholder meeting about payment of dividends, including complete payment of dividends, bears Society Board. sizes, terms, ways and form of payment of dividends. Dividend Policy Ratios Dividend policy ratios provide insight into the dividend policy of the firm and the prospects for future growth. Two commonly used ratios are the dividend yield and payout ratio. Table 9. Dividend policy ratios | JSC Shubarkol komir| JSC Sat;Company| 2010| 2009| 2008| Average| 2010| 2009| 2008| Average| Dividend yield| 10. 47| 6. 5| 8. 4| 8. 45| 11. 2| 10. 11| 9. 7| 10. 33| Payout ratio| 25. 4| 19. 7| 23. 25| 22. 78| 31. 56| 30. 7| 20. 9| 27. 72| A high dividend yield does not necessarily translate into a high future rate of return. It is important to consider the prospects for continuing and increasing the diviend in the future. The dividend payout ratio is helpful in this regard. Figure 9. Dividend policy ratios Break-even analysis We assume variable costs consist of 70 of total cost, and rest 30 is fixed costs Table 10. Break-even | JSC Shubarkol komir| JSC Sat;Company| | 2010| 2009| 2008| Average| 2010| 2009| 2008| Average| Break-even| 14| 15. 3| 16. 7| 15. 3| 229| 52| 81| 120. 7| DOL| 1| 1| 1| 1| -1. 69| 1. 21| 1. 12| 0. 21| DFL| 1| 1| 1| 1| 1. 99| 1. 70| 1. 24| 1. 64| TL| 1| 1| 1| 1| -3. 36| 2. 05| 1. 38| 0. 07| Figure 10. Leverage analysis Operating leverage is a measure of how sensitive net operating income is to percentage changes in sales. Shubarkol’ net operating income grows 1 times as fast as its sales, whereas Sat’s net operating income declines for 1. 69 as its sales. Degree of Financial Leverage is very helpful in comparing various firms and the riskiness of their capital structures in a particular industry. The Sat company has high degree of financial leverage than Shubarkol, thus Sat company more riskier, consequently it has higher return. The Shubarkol company will meet break-even point at the level of 16,7 tons in average. The Sat;Company at 229 tons. P/E ratio analysis Table 11. P/E ratio | JSC Shubarkol komir| JSC Sat;Company| P/E| 2010| 2009| 2008| Average| 2010| 2009| 2008| Average| Price per share/EPS| 1,377| 1,936| 840| 1,384| 512. 9| 7,241| 286. | 2,680| Figure 11. Price per share/EPS PE ratio show the â€Å"embedded value† in stocks and are used by the investors as a screening device before making their investment. For example, a high P/E ratio may be regarded by some as being a sign of â€Å"over pricing†. When the markets are bullish or if the investor sentiment is optimistic about a particular stock, the P/E ratio wil l tend to be high indicating that investors are willing to pay a high price for company’s earnings. Sat company has higher P/E ratio than Shubarkol company. It mean the more the market is willing to pay for this company’s earnings. Vertical and Trend analysis Table 12. Vertical analysis (Income statement) | JSC Shubarkol komir| JSC Sat;Company| | 2010| 2009| 2008| Average| 2010| 2009| 2008| Average| Revenue| 100| 100| 100| 100| 100| 100| 100| 100| Cost ofGoods Sold| 39| 35| 36| 36| 95| 77| 58| 76| Gross profit| 61| 65| 64| 63| 5| 23| 42| 23| Financingincome| 0. 31| 0. 21| 0. 17| 0. 23| 0. 84| 18| 3. 2| 7. 3| Otherincome| 4. 5| 1. 5| 0. 7| 2. 06| 759| 162| 65| 328| Sellingexpenses| (0. 08)| (0. 07)| (0. 07)| (0. 07)| 11. 8| 17| 8. 2| 12. 3| General andadministrative expenses| (4. 5)| (5)| (3. 37)| (4. 9)| (446)| (24)| (200)| 223| EarningsbeforeInterestand Taxes| 61. 23| 61| 61. 4| 61| 330| 160| 81| 190| Interestexpense| (3. 22)| (4. 8)| (0. 7)| 2. 9| (68)| 22| 13| 34| Otherexpenses| (1)| (3. 5)| (0. 2)| 1. 56| 237| 150| 67| 151| Earningsbeforetaxes| 57| 52. 7| 60. 5| 56| 0. 36| 0. 15| 2. 7| 1. 07| Incometaxes| (11)| (11)| (16)| (12. 6)| 12. 66| 2. 88| 0| 5. 18| Tax onsuperprofit| (12. 5)| (17)| (16)| (15)| 224. 5| 150| 65| 146| Net Income| 33. 51| 24. 7| 28. 5| 20. 23| 224. 5| 150| 65| 146| Table 13. Trend analysis (Income statement) | JSC Shubarkol komir| JSC Sat;Company| 2010| 2009| 2008| Average| 2010| 2009| 2008| Average| Revenue| 17. 2| -9. 3| 200| 69| -44| -60| -3| -36| Cost ofGoods Sold| 30| -10| 49| 23| -33| -40| -22| -31| Gross profit| 10| -9| 507| 169| -89| -75| 53| -72| Financingincome| 74| 13| -16| 23| -97| 166| 0| 23| Other income| 263| 89| -15| 112| 165| 16| 50| 77| Sellingexpenses| 15| -8| 33| 13| -62| -2| -21| -28| General andadministrative expenses| 4| -36| -12| 14| 923| -50| 11| 295| EarningsbeforeInterestand Taxes| 10| -10| 803| 267| 6. 3| -12| 59| 18| Interestexpense| -22| -547| -35| 201| 69| -23| -13| 11| Otherexpenses| -66| -1868| 21| -638| -4| -5. | 46| 12| Earningsbeforetaxes| 19| -21| 10000| 3333| -56| -97| 48. 4| -34| Incometaxes| 17| -39| 861| 280| -145| 0| 0| -48| Tax onsuperprofit| -16| 53| – 12. 3| (15)| -7. 26| -| -| -| Net Income| 45| -34| 858| 20. 23 | 289| -4| 168| 52| Table 14. Vertical analysis (Balance sheet) | JSC Shubarkol komir| JSC Sat;Company| ASSETS| 2010 %| 2009 %| 2008 %| Average %| 2010 %| 2009 %| 2008 %| Average %| Current Assets:| | | | | | | | | Cash and Cash Equivalents| 2. 4| 1. 8| 2. 5| 2. 2| 3. 47| 3. 63| 13. 81| 6. 97| FinancialReceivables| 0. 01| 0| 0| 0. 003| 2,94| 11. 23| 7. 03| 7| Inventories| 5| 5| 5. 8| 5. 06| 2. 41| 2. 86| 2. 47| 2. 58| Current portionof Long termassets held tosale| | | | | 1,21| 1. 82| 0| 1. 01| Advances paid and other receivables| 0. 36| 1. 6| 0. 46| 0. 80| -| -| -| -| Value added tax and other tax receivables| 4| 1| 0. 63| 1. 87| -| -| -| -| Other currentassets| 6| 7| 8. 08| 7. 03| 0,61| 0. 49| 0. 99| 0. 69| Total currentassets| 14| 17| 16. 86| 15. 95| 10. 65| 20. 05| 28. 67| 16. 79| Long-termassets:| | | | | | | | | Investmentsaccounted for using equity method| 25. 9| 0. 01| 0. 0076| 8. 34| 1. 40| 10. 74| 0. 0008| 4. 05| Property, plant and equipment| 45. 47| 61| 56. 9| 54. 49| 56 . 9| 12. 11| 14. 45| 27. 82| Intangible assets| 11. 5| 18| 22. 45| 17. 32| 5,38| 0. 33| 0. 05| 1. 92| Investment inassociatedcompanies| | | | | 4. 91| 0. 99| 0| 1. 96| Deffered taxes| | | | | 0. 58| 0. 23| 0. 34| 0. 38| Other long-termassets| 3. 14| 2. 77| 3. 67| 3. 19| 7. 79| 14. 79| 47. 85| 23. 48| Total long-term assets| 86| 83| 83. 14| 84| 89. 34| 79. 94| 71. 32| 80. 2| TOTALASSETS| 100| 100| 100| 100| 100| 100| 100| 100| | | | | | | | | | SHAREHOLDERS’ EQUITYANDLIABILITIES| | | | | | | | | Currentliabilities:| | | | | | | | | FinancialPayables| 5. 24| 8. 9| 24| 12. 71| 5. 3| 12. 55| 1. 14| 6. 50| Taxes payable| 9| 14| 9. 4| 10. 8| 0. 07| 0. 04| 0. 17| 0. 09| Advancesreceived andother payables| 0. 38| 0. 56| 0. 2| 0. 38| -| -| -| -| Accountspayable| 1. 46| 1. 71| 2. 6| 1. 92| -| -| -| -| Evaluationliabilities| 1. 53| 1. 71| 1. 9| 1. 71| -| -| -| -| Short term loans| -| -| -| -| 12,16| 2,37| 2,51| 5. 68| Other currentliabilities| 1. 43| 1. 36| 2. 73| 1. 84| -| -| -| -| Tot al currentliabilities| 19| 28. 8| 42| 29. 93| 18. 07| 14. 96| 10. 45| 14. 49| Long-termliabilities:| | | | | | | | | Long-termfinancialpayables| 25. 8| 3| 0. 4| 9. 73| 19. 689| 26. 35| 21. 0| 22. 44| Reserves torestore locations| -| -| -| -| 1. 61| 0. 51| 0| 1. 04| Long-termevaluationliabilities| 8. 71| 16. 73| 11| 12. 15| 1,61| -| -| -| Deferred taxliabilities| 6| 6. 3| 7. 5| 6. 06| 12. 86| 7. 80| 0. 85| 7. 17| Other Long termliabilities| | | | | 0. 25| 0. 01| 0| 0. 08| Total long term liabilities| 40. 5| 26. 11| 18. 7| 28. 44| 34. 42| 34. 68| 22. 15| 30. 41| Shareholders’equity:| | | | | | | | | Issued capital| 33. 4| 46. 2| 27| 35. 53| 22. 29| 21. 48| 7. 32| 17. 03| Additional paidincapital| 0. 9| 0. 9| 1. 4| 1. 06| -| -| -| -| Treasury Stocks| -| -| -| -| -0,03| ? ,01| 0| -0. 013| Retainedearnings| 6. 4| -2| 11| 5. 13| 18,65| 28,08| 47,17| 31. 3| Totalshareholders’ equity| 40. 5| 45| 39. 3| 41. 6| 47,50| 50,35| 54,50| 50. 78| TOTALSHAREHOLDERS’ EQUITY ANDLIA BILITIES| 100| 100| 100| 100| 100| 100| 100| 100| Table 15. Trend analysis (balance sheet) | JSC Shubarkol komir| JSC Sat;Company| ASSETS| 2010 %| 2009 %| 2008 %| Average %| 2010 %| 2009 %| 2008 %| Average %| Current Assets:| | | | | | | | | Cash and Cash Equivalents| 85| 13. 11| -9. 14| 29. 65| 79,91| ? 57,43| 1077,4| 366. 49| FinancialReceivables| 0| 0| 0| 0| ? 50,60| 158,61| ? 5,86| 1072| Current portionof Long termassets held tosale| -| -| -| -| 25,02| 0| ? 100| -37. 4| Advances paid and other receivables| -68| 447| -71| 102. 6| -| -| -| -| Inventories| 21| 64. 56| 95| 60. 19| 58. 35| 87. 52| ? 28. 45| 39. 14| Value added tax and other tax receivables| 46| 159| 62| 89| -| -| -| -| Other currentassets| 15| 40. 72| 53| 36. 24| 131. 77| ? 19. 71| ? 58. 61| 17. 82| Total currentassets| 13| 59. 35| 33| 35| ? 0. 01| 13. 20| ? 25. 61| -4. 47| Long-termassets:| | | | | | | | | Investmentsaccounted forusing equitymethod| 3698| 50| 0| 1249| ? 75. 42| 1961| ? 7. 36| 616| Property, plant an d equipment| 1. 56| 70. 97| 11. 13| 27. 88| 784. 05| 35. 64| ? 19. 59| 266. 68| Investment inassociatedcompanies| -| -| -| -| 826. 77| 1820. 8| ? 99. 93| 848. 94| Intangible assets| – 12| 27. 24| 906| 307. 08| 2968| 894,10| ? 18,76| 1281| Other long-term assets| 57| 18. 67| 43| 39. 55| 0,85602| 49,9572| 0| 16. 93| Total long-term assets| 44| 56. 84| 29. 2| 43. 34| 110. 3| 4 81. 37| 136. 27| 442| TOTAL ASSETS| 38| 57| 30| 41. 66| 88. 21| 61. 82| 45. 42| 65. 15| SHAREHOLDERS’ EQUITY AND LIABILITIES| | | | | | | | | Currentliabilities:| | | | | | | | | FinancialPayables| -19| -40. 5| 116| 19| ? 12. 43| 1683| ? 92. 22| 526| Taxes payable| -14| 140| -| 42| 243,07| ? 61,85| 9,48| 63. 66| Short term loans| -| -| -| -| 864. 69| 52. 75| ? 69. 78| 282. 55| Advancesreceived andother payables| -6| 350| -| 114| -| -| -| -| Accountspayable| 18| -33| 45| 10| -| -| -| -| Evaluationliabilities| 23| 43| 313| 126. 3| -| -| -| -| Other currentliabilities| 45| -22| 55| 26. 33| -| -| -| -| Total currentliabilities| -8| 7. 8| 164| 54. 6| 127| 131| ? 59| 66| Long-termliabilities:| | | | | | | | | Long-termfinancialpayables| 1063| 1096| 8| 722. 3| 40. 59277| 100. 2517| 435. 4730| 192. 106| Long-termevaluationliabilities| -28| 143| 60| 58. 33| -| -| -| -| Reserves torestore locations| -| -| -| -| 488. 52| 0| 0| 162. 84| Deferred taxliabilities| 30| 32| 89| 50. 33| 210. 11| 1369| 800| 793| Total long term liabilities| 114| 119| 68| 433. 66| 86,78| 153,28| 444,02| 227. 66| Shareholders’equity:| | | | | | | | | Issued capital| 0. 1| 170| 1| 57| 94. 6 9| 374. 61| 0| 156| Additional paidin capital| 0| 0| 84| 28| -| -| -| -| Treasury stocks| ? | ? | ? | ? | 6110| 0| 0| 2036. 9| Retainedearnings| 550| -128| -49| 124| 25| ? | 57| 26| Exchange ratedifference| ? | ? | ? | ? | ? 245| 0| 0| -81. 7| Totalshareholders’ equity| 24| 80| -22| 27| 77. 570| 49. 49| 46| 57. 68| TOTALSHAREHOLDERS’ EQUITYANDLIABILITIES| 38| 57| 20| 38| 88. 21| 85. 74| 30,. 20| 68. 05| The company generates its revenue from sale of coal. Revenue was increased from 2009 to 2010 for 17. As we told before the crisis affected to rapid decline in revenue from 2008 to 2009, due to cyclical type of industry. Cost of goods sold and net income show stable results during past three years. Level of cash is low in terms current liability. The company is less liquid. Property, plant and equipment take more than half of the total assets. We can assume it is because of type of the company, due to it is manufacturing company in needs more equipment. In comparison with 2008 past two years 2009 and 2010 the company financed with debt. Shareholders’ Equity section relatively good results it is increasing each year. Average of Cash and Cash equivalents in JSC Shubarkol komir is 2. 2 % and Sat ; Company`s average cash is 6. 97%. Basically company`s cash and cash equivalents should be at minimum instead of saving they should invest it to generate future cash flows. In our case cash both companies have minimum cash. Accounts Receivable in Company Shubarkol is 0. 003% and Sat Company is 7%. It says that both companies sells their product on cash, not on credit. But in order to sell more they should change their policy, selling not only on cash basis also on credit. Average inventory in Company Shubarkol is 5. 06% and in company Sat it is 2. 58%, it is a good sign both companies runs efficient business, inventory level at the minimum. In order not to have remaining inventories companies should use JIT. Property, plant and equipment take more than half of the total assets in both companies We can assume it is because of type of the company, due to it is manufacturing company in needs more equipment. Accounts Payable in Company Shubarkol decreased from 2. 6% to 1. 46 during 2008-2010. Company Sat doesn’t have any accounts payables. Company Shubarkol and Sat generates its revenue from sale of coal. Cost of goods sold in Company Shubarkol is 36% of revenue and in company Sat is 76 % of revenue. Average EBIT in Company Shubarkol is 61%, in Sat Company it is 190%, it is much higher because of Other income, it is 19mln when revenue is 2mln. In Company Shubarkol net income show stable results during past three years. But In Sat Company it is increased from 65% to 224% , average is 146%. III. Summary and recommendations Table 16. Comparison table | Shubarkol Komir| Sat;Company| ROE| High| Low| CA/TA| Low| High| CA/Sales| Low| High| Current ratio| Low| High| Acid test ratio| Low| High| Total debt| Low| High| Debt to equity| High| Low| Gross mar/Sales| High| Low| EBIT/Sales| Low| High| ROI| Low| High| Inventory turnover| High| Low| Total Asset Turnover| High| Low| Average collection period| High| Low| Accounts payable turnover| High| Low| ROA| High| Low| P/E ratio| Low| High| Recommendations 1. Overhead: Assess overhead costs and if there are opportunities to decrease them. lowering overhead has a direct impact on profitability. Overhead expenses, including rent, advertising, indirect labor and professional fees, are indirect expenses that you incur to operate the business outside of direct material and direct labor. 2. Accounts receivable: Monitor accounts receivables effectively to ensure that the company billing their clients properly and that you’re receiving pro mpt payments. . Accounts payable: Negotiate longer payment terms with vendors whenever possible to keep money longer. 4. Profitability: Review the profitability on your various products and services. Assess where prices can be increased on a regular basis to maintain or increase profitability. As costs increase and markets change, prices may need to be adjusted as well. 5. Current ratio: Increase current assets by increasing profit, selling additional capital stock, borrowing additional long term debt, or disposing of unproductive fixed assets and retaining proceeds. Reduce current liabilities by retaining a greater portion of allocated savings. Avoid financing non-current assets with current liabilities. References 1. James C. Van Horne â€Å"Fundamentals of Financial Management 13th edition†, 2008 2. http://www. sat. kz/ru/about/cel Retrieved from: 20. 04. 12 3. http://www. kase. kz/ru/emitters/show/SHUK Retrieved from: 15. 04. 12 4. Penman, Stephen H. â€Å"Financial Statement Analysis and Securities Valuation, 4th ed†. , McGraw Hill; International Edition, 2010. Appendix A JSC â€Å"ShubarkolKomir† Balance Sheet As at December 31, 2010 ASSETS| 2010| 2009| Current Assets:| | | Cash and Cash Equivalents| 685 621| 371 204| Financial Receivables| 4 115| 0| Advances paid and other receivables| 102 791| 328 837| Inventories| 1 356 411| 1 119 355| Value added tax and other tax receivables| 114 344| 215 766| Other current assets| 1 724 049| 1 492 957| Total current assets| 3 996 331| 3 528 119| Long-term assets:| | | Investments accounted for using equity method| 7 399 383| 2 000| Property, plant and equipment| 12 993 624| 12 794 808| Intangible assets| 3 285 530| 3 751 702| Other long-term assets| 897 362| 572 860| Total long-term assets| 24 575 899| 17 121 371| TOTAL ASSETS| 28 572 230| 20 649 490| SHAREHOLDERS’ EQUITY AND LIABILITIES| | | Current liabilities:| | | Financial Payables| 1 496 280| 1 851 452| Taxes payable| 2 571 754| 2 983 414| Advances received and other payables| 110 972| 117 516| Accounts payable| 418 977| 354 986| Evaluation liabilities| 438 035| 355 173| Other current liabilities| 408 340| 281 281| Total current liabilities| 5 444 358| 5 943 822| Long-term liabilities:| | | Long-term financial payables| 7 376 747| 634 493| Long-term evaluation liabilities| 2 488 523| 3 456 287| Deferred tax liabilities| 1 698 759| 1 302 972| Total long term liabilities| 11 564 029| 5 393 752| Shareholders’ equity:| | | Issued capital| 9 540 291| 9 531 291| Additional paid-in capital| 188 566| 188 566| Retained earnings| 1 834 986| -407 941| Total shareholders’ equity| 11 563 843| 9 311 916| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES| 28 572 230| 20 649 490| | | | Balance value (common stock), tenge| 2 316| 1 543| Balance value (preferred stock), tenge| 2 238| 2 289| Appendix B Income Statement For the year ended December 31, 2010 ASSETS| 2010| 2009| Revenue| 19 382 881| 16 533 291| Cost of Goods Sold| (7 612 683)| (5 834 093)| Gross profit| 11 770 198| 10 699 198| Financing income| 61 448| 35 051| Other income| 291 879| 242 452| Selling expenses| (15 556)| (13 577)| General and administrativeexpenses| (871 190)| (836 592)| Earnings before Interest andTaxes| 11 175 331| 10 126 532| Interest expense| (624 944)| (797 304)| Other expenses| (193 703)| (571 122)| Earnings before taxes| 10 418 133| 8 758 106| Income taxes| (2 160 673)| (1 847 672)| Tax on superprofit| (2 420 352)| (2 881 292)| Net Income| 5 837 109| 4 029 142| Appendix C Statement of Cash Flows For the year ended December 31, 2010 Cash Flow from OperatingActivities:| 2010| 2009| Cash inflows:| 29 253 053| 22 716 771| From sales of goods| 28 535 245| 21 495 162| From advance payments| 408 340| 1 121 843| Other proceeds| 309 468| 99 766| Cash Outflows:| 21 348 705| 16 363 748| To pay suppliers for goods and services| 7 857 546| 6 846 546| To pay out advances| 3 598 673| 1 369 020| To pay employees salary| 463 958| 354 121| Interest paid| 304 179| 489 121| Income tax paid| 1 772 233| 1 853 11| To pay tax on superprofit| 2 725 639| 2 091 833| Other payments to budget| 1 904 193| 1 257 436| Other payments| 2 722 284| 2 102 419| Net cash provided by operating activities| 7 904 349| 6 353 023| Cash Flow from Investing Activities:| | | Cash inflows:| 431 000| 1 643| From sale of fixed assets| | 1 643| Payment for long-term investments| 431 000| | Cash outflow:| 10 747 057| 9 133 255| To acquire fixed assets| 2 931 557| 2 796 255| Purchase of other long-term assets| 7 384 500| 6 000 000| Purchase debt of other entities| 431 000| 337 000| Net cash provided by investing activities| -10 316 057| -9 131 612| Cash Flow from Financing Activities:| | | Cash inflow:| 9 338 999| 7 320 373| From the sale of firm’s own equity securities| 8 999| 6 008 982| From borrowing| 9 080 000| 1 311 391| Other proceeds| 250 000| 0| Cash outflow:| 6 624 635| 4 499 402| To repay amounts borrowed| 3 042 253| 1 449 556| To repurchase the firm’s own equity securities| 0| 9 000| To pay shareholders dividends| 3 582 382| 40 846| Others| | 3 000 000| Net cash provided by financing activities| 2 714 364| 2 820 971| Net increase/(decrease) in cash| 302 656| 42 382| Cash and cash equivalents, beginning of the year| 382 965| 328 822| Cash and cash equivalents, end of the year| 685 621| 371 204| Appendix D JSC â€Å"Sat Company† Balance Sheet As at December 31, 2010 ASSETS| 2010| 2009| Current Assets:| | | Cash and Cash Equivalents| 2,720,160| 1,511,944| Financial Receivables| 2,310,048| 4,676,501| Inventories| 1,888,077| 1,192,271| Current portion of Long term assets held to sale| 949,524| 759,512| Other current assets| 477,206| 205,892| Total current assets| 8,345,022| 8,346,120| Long-term assets:| | | Investments accounted for using equity method| 1,098,757| 4,471,632| Property, plant and equipment| 44,567,701| 5,041,284| Intangible assets| 4,216,968| 137,425| Investment in associated companies| 3,849,628| 415,379| Deffered taxes| 455,677| 96,137| Other long-term assets| 6,105,903| 6,158,622| Total long-term assets| 69,979,554| 33,268,595| TOTAL ASSETS| 78,324,576| 41,614,715| SHAREHOLDERS’ EQUITY AND LIABILITIES| | | Current liabilities:| | | Financial Payables| 4,573,685| 5,223,219| Taxes payable| 56,727| 16,535| Short term loans| 9,526,727| 987,540| Total current liabilities| 14,157,139| 6,227,294| Long-term liabilities:| | | Long term loans| 15,421,083| 10,968,617| Reserves to restore locations| 1, 263,082| 214,620| How to cite Tern Paper: Compare Two Companies, Essay examples