Database Test Plan of NFRCentralDatabase Coursework

Database Test Plan of NFRCentralDatabase - Coursework Example This here is the test plan to be used to test the NFRCentralDatabase. The NFRCentralDatabase is used by the New Forest Retreat Hotel Management System to manage the daily operation of the hotel and its various departments, as well as to generate reports which are used by the administrators of the hotel to perform various functions. The system uses other databases for instance, the database that keep the employee information and data. However, the test will not be on those databases but the NFRCentralDatabase which holds most of the business function data. The other databases would be tested but they are out of this scope of test. It is not always to have all the information required for a testing plan. This is because most of the users or clients are not techno savvy. Therefore, there needs to be time to take them through the process and to train them on what is required. While designing the test plan, I assume that as the designer I know all about the hotel management system the resort is using and all the activities the resort is involved in. this is not possible because the resort has a lot of departments and keeping tabs on all of them is not possible. The system itself has to be maintained from time to time in order to incorporate additional functionality. Justification of the Testing Plan This strategy of testing the database is very important because it reveals all the problems that the system may have and be corrected before the system is actually rolled out for use. It involves a business and therefore mistakes cannot be allowed since that would literally lead to losses because money is involved. Additionally, this test plan implementation is cost effective as it involves a small team of people.

Office Automation Systems

Office Automation Systems Office automation systems are computer based information systems that collect, process, store and transmit electronic messages, documents and other forms of communications among individuals, work groups and organizations. Such systems can increase the productivity of managerial end users and other professional and staff personnel by significantly reducing the time and effort needed to produce, access and receive business communications. An overview of office automation systems are given below: Office publishing systems are word processing and desktop publishing systems. Image processing systems are image processing, optical scanning and storage, document management and interactive video systems. Electronic communication systems are electronic meeting, tele-conferencing and telecommunicating systems. Office support systems are electronic calendar, ticket file, notebook, directory system, work scheduling and task management systems. The above are described in brief: Office Publishing Systems Word processing It is the use of computer systems to automate the transformation of ideas into a readable form of communication. It involves manipulating text data to produce information products in the form of documents (letters, memos, forms and reports). Desktop publishing Organisations can use and develop publishing systems to produce their own printed materials. They can design and print their own newsletters, manuals, brochures and books with several types of styles and graphics and colours on each page. Voice store and forward systems It is also known as voice mail or structured verbal-response exchanges. It has the capability of storing verbal data and/or communicating it to another location. It is one of the latest systems and found useful to corporate houses and the society at large. Electronic Meeting systems If electronic meeting systems are used, people may not appreciate spending money on travel to attend meetings away from their normal work location. It involves the use of video and audio communications to allow conferences and meetings to be held with participants who may be scattered across a room, a building or a country. Teleconferencing Participants at remote sites key in their presentation and responses whenever convenient for their online terminals or workstations which are connected to a central conference computer. Since all participants dont have to do this at the same time, this form of EMS is called computers conferencing. Sessions are held in real time with major participants at remote site who take part with voice input of questions and responses. Telecommuting It is the use of telecommunications by workers to replace commuting enabling them to work from their homes. It is also used to describe the use of telecommunication to carry on work activities from temporary locations other than offices and homes. Some people consider telecommuting as the creation of virtual offices. Multimedia Another evolving set of technologies for systematically managing graphics, drawings and photographs in addition to text and data are multimedia datamanagement systems . Some of these are called hypermedia systems. Image Processing Systems Image processing systems, also known as electronic image management system, allow users to electronically capture, store, process and retrieve images of documents. Image databasemanagement systems are becoming more versatile. The LAN-based image processing systems are also being common, which include several servers each dedicated to a specific function. Document Management Systems These systems are sophisticated image processing systems. These often interface with other office systems such as word processing, desktop publishing, electronic mail, voice mail etc. These systems allow digitized ‘voice notes to be attached to specific document images and may have other special features as well as the ability to store multi-colour documents and colour photographs. The Automated Office Office automation is defined as a separate sub-system or included within information processing. It includes a wide range of support facilities for knowledge work and activities.

The Brownfield Problem Essay -- essays research papers fc

The Brownfield Problem Brownfields are abandoned, idled, or under-used industrial and commercial sites where expansion or redevelopment is complicated by real, or perceived environmental contamination that can add cost, time, and uncertainty to the redevelopment process. Throughout the country there are an estimated 450,000 brownfields. These vacant properties exist mostly in cities, serving no practical purpose, and act as both eyesores and environmental as well as economic pitfalls. The inner cities, where most brownfields exist, were once the only choice developers had in deciding where to build industry. However, since the birth of environmental laws and regulation, the redevelopment of these properties has become a complicated and often very costly procedure. This procedure causes many businesses and corporations to look outside of the inner cities and urban areas for locations to grow and develop. This trend not only leaves the inner cities vacant and economically useless, but also leads to urba n sprawl, a phenomenon that leads to the development of greenfields, or the pristine, undeveloped land outside the confines of massive urban areas. Many sites across the country that were once used for industrial, and/or, commercial use have been abandoned by the companies who used them. Some of these sites are contaminated; however, some of them are merely perceived as being contaminated. In those cases, the sites have been linked to big industry, or nearby sites. In the past, any such site has been avoided or ignored as a possibility for redevelopment. This situation is caused largely by federal and state environmental laws and court decisions that impose or imply potentially serious liability. The circumstances surrounding this uncertain liability has encouraged businesses to build in previously undeveloped and non-urban areas, that are referred to as greenfields, where they are confident that no previous industry has been active. A report from the General Accounting Office finds that: "As states and localities attempt to redevelop their abandoned industrial sites, they have faced a number of obstacles, including th e possibility of contamination and the associated liability for cleanup." This situation has lead to a number of far-reaching problems including social, economic, and enviro... ...ization to determine the extent of environmental contamination and the cost of removal or remediation. Then, funds should be set aside either from the Superfund Trust Fund or general revenues to provide resources to local governments to develop brownfield site inventories, site assessments, and brownfield redevelopment strategies, the main goal of which would be to attract private investment. EPA should expand their Brownfields Initiative to include funds for preparation and implementation of brownfield redevelopment strategies. Federal funds should be made available for the creation and capitalization of local revolving loan funds for local governments or the private sector to perform activities such as removal, remediation, and small business development at brownfield sites. HUD should provide resources to accelerate actual development, through leveraging private sector investment and other means, to move beyond cleanup and remediation. All agencies need to find ways to assist by providing resources that will aid in the redevelopment of brownfield sites. Bibliography: EPA Homepage Brownfields Inc. Homepage Chicago Tribune; 3,1:2, May 30, 1996. Urban Land; Vol. 55, #6, pg 43.

Compare Contrast Greek and Roman Art

Compare Contrast Greek And Roman Art And Architecture Compare/Contrast Greek and Roman Art and Architecture Since the onset of Greek and Roman civilizations centuries ago we have seen the art and architectural worlds evolve into what we know them as today. In fact, many of the ancient Greek styles were duplicated by the Romans and modified to suit their needs. We can still see a lot of Greek and Roman influences in the present day, especially in the architectural world. Below I will cite some examples of Greek and Roman pieces of art and a structure from each culture and detail some similarities as well as some contrasting values.I’d like to begin by comparing some pieces of art. In The Fallen Warrior (Greece) and The Dying Gaul (Roman copy) both clearly represent a tragic event. Both subjects are leaning on the ground and seem to be dying but the reality of the event is more evident in the Gaul sculpture. The wound is clearly visible and the anguish of the subject is captured in his poise. Conversely the subject of the Warrior piece looks rather content and shows no visible injury. Both works are roughly the same size and represent a relatively perfect human structure with attention to muscular detail as well as an idealization of the human body.However, the Warrior sculpture shows less optical fact and more stylization as far as the eyes, mouth and beard are concerned when compared to the almost true to nature elements of the Gaul piece. This shows how some of the Greek foundation was carried along but modified by the Romans. In The Three Goddesses (Greece) and Marcus Aurelius on Horseback (Rome) there are many similarities. Each shows fine attention to the cloaks worn by the subjects as well as weight distribution and, if all limbs were present on the Three Goddesses, implied motion.But in the Aurelius sculpture there is a shift from strictly human subjects to the addition of a horse. The Romans did this as part of their love of realism along with the ir later concern for psychologically penetrating portraits. Moving along to architecture I’d like to compare the Parthenon (Greece) and the Pantheon (Rome). Upon looking at each structure you would immediately notice the use of columns. Albeit the Parthenon’s main weight-bearing elements are the columns whereas the columns used on the Pantheon are more aesthetic than functional. Each of these structures also makes use of a portico that originated in the Greek culture.Both structures are immense places of worship to the gods. The Parthenon was created for the goddess Athena but over the centuries it changed through a series of hands finally ending up as an ammunition dump for the Turks during a seventeenth century war with the Venetians. The Venetians bombed the building leaving most of it in ruins. The Pantheon was created as a house for sculptures of Roman gods. Enough care was taken throughout the centuries that this structure is still being used for religious functi ons today. The Parthenon was a more simplistic and ancient looking design where the Pantheon took on a whole new era.The dome came into play along with the many ornamental features seen on the inside as well as the outside of the Pantheon. The interior contains marble slabs and granite columns. These are accentuated when the sun shifts locations through the oculus in the center of the dome. These features reaffirm the fact that the Greek culture was to the point as far as balance of mind and body. They created their work meticulously but didn’t overdo it. Their buildings were functional but not overworked. The Roman culture took it to the next level with their architectural innovations as well as their emphasis on beauty.

Tern Paper: Compare Two Companies

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 Sat&Company† 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"Sat&Company†. 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. Rec ommendations discussed include: – improving the average collection period for accounts receivable · – improving/increasing inventory turnover · – reducing prepayments and perhaps increasing inventory levelsThe 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 t o 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"Sat&Company†. 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 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦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¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦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"Sat&Company† 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 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‚¬ ¦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‚¬ ¦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 â € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦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 Dividend 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. IntroductionA 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 o f 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 Sat&Company| 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 pro fits from every unit of shareholders' equity. ROE shows how well a company uses investment funds to generate earnings growth. 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 Sat&Company| 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. Cu rrent 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 used: 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 Sat&Company| 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 Sat&Company| 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 Ratio = 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 equit y] 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 obligations. [Interest Coverage ratio = EBIT/Interest Expense] Table 5.Profitability analysis | JSC Shubarkol komir| JSC Sat&Company| 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 comp anies’ 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 Sat&Company| 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]. To tal 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 Sat&Company| #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 Sat&Company| 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 Sat&Company the optimal level is 100 000 tenge, where Ko=0. 0835. Dividend Policy Provision on dividend policy of JSC Shubarkol Komir 1. General provisionsThe 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 defined 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 r egulated 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 decision 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 pres ent 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 untimel y 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 costsTable 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 high er 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 will 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 anal ysis 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 I ncome| 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| Ta ble 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| 2 7. 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| -| -| -| -| Total 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 ANDLIABILITIES| 100| 100| 10 0| 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 and 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 currentliabilitie s| -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. 69| 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 re venue 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 minimu m 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, advertisi ng, 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 cur rent 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, 2010ASSETS| 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 asse ts| 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 SHAREHO LDERS’ 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 FlowsFor 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| 759,5 12| 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|