To Investigate the Heating Effect of an Electric Current Essays

To Investigate the Heating Effect of an Electric Current Essays To Investigate the Heating Effect of an Electric Current Essay To Investigate the Heating Effect of an Electric Current Essay Essay Topic: Current Conduction is best in solids and considerably weaker in liquids and gases. This transfer relies on the movement of atoms and molecules. For example, if a part of a material is hotter than another part, then the hotter part has more energy than the surrounding parts. Whenever you heat any substance there is an increased amount of motion from atoms and molecules. When you heat a gas, for example, the speed at which the atoms and molecules move around increases but when you heat a solid or even a liquid the atoms and molecules vibrate more. The atoms and molecules in the substance are therefore responsible for conduction. In a gas and liquid, conduction is poor because the atoms and molecules are further apart than in a solid where they are closely held with strong bonds. Metals such as silver, copper and aluminium are good conductors.Convection takes place only in fluids (liquids and gases). Convection currents are examples of floating and sinking. When a part o f a fluid is heated and made warmer the molecules expand and rise because they are less dense than the cold parts of the fluid where the molecules sink downwards because they are more dense.All objects give out some thermal radiation. The higher the temperature of any object the more energy it radiates per second. The thermal radiation is most of the time given out as infrared waves (invisible) but very hot objects give out light waves (visible). A matt black surface is the best emitter and absorber of heat energy but is the worst reflector. A white or silver surface is a poor emitter and absorber but a very good reflector.Evaporation is the process where particles from a liquid form a vapour when the temperature of the liquid is below its boiling point. Evaporation can only take place from the surface of a liquid. This is because here the molecules have enough energy to evaporate, as there are less attractive forces from neighbouring molecules preventing it.Factors that May Affect the Heating Effect2 The voltage of the power supply could be measured using a voltmeter and a varying nominal voltage on the power supply. Though an increase in voltage would result in an increase of the current in the circuit, therefore it is not an independent variable.3 The starting temperature of the water and room must be kept constant for a fair experiment. To keep the water at the start the same temperature we should replace the water every time we finish a list of readings. Some parts of the room may be at different temperature than others and so it is difficult to keep the room temperature constant.4 The material of the beaker or cup will be an important factor as different materials are good at conducting and radiating heat energy. For example, a polystyrene cup would reduce heat loss as it acts as insulator.5 The mass therefore the volume of the water is important because different amounts of water will take different lengths of time to be heated and so we must keep the m ass or volume of the water the same throughout every experiment.6 The depth that the heating element is submerged in the water should be the same every time and have the same position e.g. the center for each experiment.7 External air pressure would vary but in this experiment an airtight room is not available to use.8 The internal resistance of the heating element as the greater the resistance the slower the rise in temperature of the water but resistance will be affected by both the current and the voltage.For my experiment, I have chosen to vary the current while keeping the all the other factors constant. It is important that the other factors are kept constant for a fair test and to show that a change in current will actually affect the rise in temperature of the water.MethodApparatusA few electrical wiresSome aluminium foil1à ¯Ã‚ ¿Ã‚ ½ Beaker1à ¯Ã‚ ¿Ã‚ ½ Heating Element1à ¯Ã‚ ¿Ã‚ ½ Thermometer2à ¯Ã‚ ¿Ã‚ ½ Clamps1à ¯Ã‚ ¿Ã‚ ½ Glass rod1à ¯Ã‚ ¿Ã‚ ½ Voltmeter1à ¯Ã‚ ¿Ã‚ ½Amm eter1à ¯Ã‚ ¿Ã‚ ½ Variable Resistor1à ¯Ã‚ ¿Ã‚ ½ Battery Pack1à ¯Ã‚ ¿Ã‚ ½ Stopwatch1à ¯Ã‚ ¿Ã‚ ½ Retort Stand1à ¯Ã‚ ¿Ã‚ ½ BalanceDiagramIn this experiment we are measuring the rise in temperature over a fixed amount of time, which here is 5 minutes. The heating element should be connected in series to a DC battery pack using 12V, an ammeter and a variable resistor in series with a voltmeter parallel to the heating element. The heating element would then be submerged into the beaker, at the same depth every time, that is covered inside and outside with aluminium foil. Aluminium is a good conductor and therefore is a better one than glass, which is a poor conductor. Aluminium foiled is used to reduce the heat loss because when the beaker is covered there remains a small gap of air between it and the aluminium foil. We know from theory that air is a very poor conductor therefore we are reducing the heat loss, which is what we want. The beaker should contain 200cm3 of water with a mas s of 202g. Both the glass rod and thermometer should then be placed into the beaker. The glass rod is used to stir the water so that it is uniformly heated and the thermometer is needed to record the temperature of the water.For the first experiment, the current should be 0.5A having set this current using the variable resistor we should place the heating element into the water and start the stopwatch. Then record the temperature every 30 seconds using the stopwatch. When it has been 5 minutes the battery back should be switched off and the heating element removed from the water. Now we have completed the first experiment using 0.5A. Before changing the current to 1A we should first let the heating element cool down for a few minutes so it can be acclimatised to the temperature it was used for 1A. Secondly the water should be replaced with the same type of water used, e.g. tap water and then the mass should be the same also. We need to replace the water because if we dont then the h eat losses are not going to be the same every time. The beaker would therefore be emptied and then should be washed out and allowed to cool before the next experiment. The current then should be set to 1A and the temperature recorded for the next 5 minutes. These steps should be repeated up to 5A and 5 minutes for each of the current readings.Safety PrecautionsIt is necessary to wear safety goggles to protect the eyes even though the temperature of the water will not be high enough for it to boil. The apparatus should not be placed at the end of the bench and all water should be handled carefully without spilling any on the electrical equipment and wires being used. When moving or dealing with the hot heating element after each experiment, it should consider that you hold it from the rubber end where it is not hot.PredictionI predict that as the current increases the heating effect of the heating element will increase therefore the water will rise to a higher temperature in a shorte r space of time. I predict this because if there is a higher current passing through the heating element then it will heat up the water even more. If this happens then there is a larger transfer of electrical energy to heat energy taking place. This can be proven by this equation:That can be made simpler into:If we can find out how much energy the heating element gives out into the water then we are also able to find out how much heat energy is absorbed by the water using this formulae:The specific heat capacity of water is 4200 J/kg/?C (Complete Physics; Stephen Pople).Bibliography1 My own knowledge2 Physics Classbook; Graham Booth3 Complete Physics; Stephen PopleTo Investigate the Heating Effect of an Electric CurrentCollection of DataTemperature ?CTime (s)03060901201501802102402703000.519191919202020202020211.019191919202020212121221.519191920202121212122232.019202020212122232323242.519202020212121222323253.019202021222223242525263.519202121222324242526264.01920212223242425262728 4.519212122232425262728295.01921222324252628293032To Investigate the Heating Effect of an Electric Current1 As I predicted the change in temperature increased as the current increased therefore the water was getting hotter quicker as the current got higher.In order to show a pattern or trend from my results, I need to be able to plot a graph therefore I have made this table using my Collection of Data in the Obtaining Evidence section.I/AI2/A2?Q/à ¯Ã‚ ¿Ã‚ ½C0.50.2521.01.0031.52.2542.04.0052.56.2563.09.0073.512.2574.016.0094.520.25105.025.00

The History of World War IIs Battle of Singapore

The History of World War II's Battle of Singapore The Battle of Singapore was fought January 31 to February 15, 1942, during World War II (1939-1945) between the British and Japanese armies. The British army of 85,000 men was led by Lieutenant  General Arthur Percival, while the Japanese regiment of 36,000 men was headed by Lieutenant General Tomoyuki Yamashita. Battle Background   On December 8, 1941, Lieutenant General Tomoyuki Yamashitas Japanese 25th Army began invading British Malaya from Indochina and later from Thailand. Though outnumbered by the British defenders, the Japanese concentrated their forces and utilized combined arms skills learned in earlier campaigns to repeatedly flank and drive back the enemy. Quickly gaining air superiority, they inflicted a demoralizing blow on December 10 when Japanese aircraft sank the British battleships HMS Repulse and HMS Prince of Wales. Utilizing light tanks and bicycles, the Japanese swiftly moved through the peninsulas jungles. Defending Singapore Though reinforced, Lieutenant General Arthur Percivals command was unable to halt the Japanese and on January 31 withdrew from the peninsula to the island of Singapore. Destroying the causeway between the island and Johore, he prepared to repel the anticipated Japanese landings. Considered a bastion of British strength in the Far East, it was anticipated that Singapore could hold or at least offer protracted resistance to the Japanese. To defend Singapore, Percival deployed three brigades of Major General Gordon Bennetts 8th Australian division to hold the western part of the island. Lieutenant General Sir Lewis Heaths Indian III Corps was assigned to cover the northeastern part of the island while the southern areas were defended by a mixed force of local troops led by Major General Frank K. Simmons. Advancing to Johore, Yamashita established his headquarters at the Sultan of Johores palace. Though a prominent target, he correctly anticipated that the British would not attack it for fear of angering the sultan. Utilizing aerial reconnaissance and intelligence gathered from agents that infiltrated the island, he began to form a clear picture of Percivals defensive positions. The Battle of Singapore Begins On February 3, Japanese artillery began hammering targets on Singapore and air attacks against the garrison intensified. British guns, including the citys heavy coastal guns, responded but in the latter case, their armor-piercing rounds proved largely ineffective. On February 8, the first Japanese landings began on Singapores northwest coast. Elements of the Japanese 5th and 18th Divisions came ashore at Sarimbun Beach and met fierce resistance from Australian troops. By midnight, they had overwhelmed the Australians and forced them to retreat. Believing that future Japanese landings would come in the northeast, Percival elected not to reinforce the battered Australians. Widening the battle, Yamashita conducted landings in the southwest on February 9. Encountering the 44th Indian Brigade, the Japanese were able to drive them back. Retreating east, Bennett formed a defensive line just east of Tengah airfield at Belem. To the north, Brigadier Duncan Maxwells 27th Australian Brigade inflicted heavy losses on Japanese forces as they attempted to land west of the causeway. Maintaining control of the situation, they held the enemy to a small beachhead. The End Nears Unable to communicate with the Australian 22nd Brigade on his left and concerned about encirclement, Maxwell ordered his troops to fall back from their defensive positions on the coast. This withdrawal allowed the Japanese to begin landing armored units on the island. Pressing south, they outflanked Bennetts Jurong Line and pushed towards the city. Aware of the deteriorating situation, but knowing that the defenders outnumbered the attackers, Prime Minister Winston Churchill cabled General Archibald Wavell, Commander-in-Chief, India, that Singapore was to hold out at all costs and should not surrender. This message was forwarded to Percival with orders that the latter should fight to the end. On February 11, Japanese forces captured the area around Bukit Timah as well as much of Percivals ammunition and fuel reserves. The area also gave Yamashita control of the bulk of the islands water supply. Though his campaign had been successful to date, the Japanese commander was desperately short of supplies and sought to bluff Percival into ending this meaningless and desperate resistance. Refusing, Percival was able to stabilize his lines in the southeast part of the island and repelled Japanese attacks on February 12. The Surrender Slowly being pushed back on February 13, Percival was asked by his senior officers about surrendering. Rebuffing their request, he continued the fight. The next day, Japanese troops secured Alexandra Hospital and massacred around 200 patients and staff. Early on the morning of February 15, the Japanese succeeded in breaking through Percivals lines. This coupled with the exhaustion of the garrisons anti-aircraft ammunition led Percival to meet with his commanders at Fort Canning. During the meeting, Percival proposed two options: an immediate strike at Bukit Timah to regain the supplies and water or surrendering. Informed by his senior officers that no counterattack was possible, Percival saw little choice other than surrender. Dispatching a messenger to Yamashita, Percival met with the Japanese commander at the Ford Motor Factory later that day to discuss terms. The formal surrender was completed shortly after 5:15 that evening. The Aftermath of the Battle of Singapore The worst defeat in the history of British arms, the Battle of Singapore and the preceding Malayan Campaign saw Percivals command suffer around 7,500 killed, 10,000 wounded, and 120,000 captured. Japanese losses in the fighting for Singapore numbered around 1,713 killed and 2,772 wounded. While some of the British and Australian prisoners were kept at Singapore, thousands more were shipped to Southeast Asia for use as forced labor on projects such as the Siam–Burma (Death) Railway and Sandakan airfield in North Borneo. Many of the Indian troops were recruited into the pro-Japanese Indian National Army for use in the Burma Campaign. Singapore would remain under Japanese occupation for the remainder of the war. During this period, the Japanese massacred elements of the citys Chinese population as well as others who opposed their rule. Immediately after the surrender, Bennett turned over command of the 8th Division and escaped to Sumatra with several of his staff officers. Successfully reaching Australia, he was initially regarded as a hero but was later criticized for leaving his men. Though blamed for the disaster at Singapore, Percivals command was badly under-equipped for the duration of the campaign and lacked both tanks and sufficient aircraft to achieve victory on the Malay Peninsula. That being said, his dispositions prior to the battle, his unwillingness to fortify Johore or the north shore of Singapore, and command errors during the fighting accelerated the British defeat. Remaining a prisoner until the end of the war, Percival was present at the Japanese surrender in September 1945.

Business enviroment Essay Example | Topics and Well Written Essays - 1750 words

Business enviroment - Essay Example The micro level or the task environment consist of the competitive forces and the environmental uncertainty and external stakeholders of a business. The relationship of a company with its external environment is difficult. As such, it is important for all types of companies to have an understanding of the way in which the external environment functions and changes. The external environment of any company is an essential driver of the success or failure of the company because they support the five main objectives of any company which are survival, growth, profitability, efficiency and stability. The constraints and opportunities in the external environment of a business are significant factors that can impact a business. Also, the external environment is a multifaceted and dynamic environment which undergoes continuous change. So, in order to remain in competition and sustain, a company has to essentially analyse the external business environment in a regular manner. PEST analysis is an important strategic management tool used by companies to analyse the external business environment. The PEST analysis includes an analysis of the political, economic, social and technological factors in the external environment that may directly or indirectly impact the survival, growth and profitability of a company. Bianchi will uses the PEST analysis tool to understand the political, economic, social and technological environment prevailing in the United Kingdom. The company can also use the tool to calculate the opportunities and threats in the external business environment of the United Kingdom bicycle industry. PEST analysis is a necessary analysis to conduct by any business when it plans to enter into a new market. Therefore, it is also necessary for Bianchi to uses the tool before taking decisions for expanding its business into the United Kingdom market. The existing situations in the external business environment can

Protections and issues surronding the 4th amendement Essay

Protections and issues surronding the 4th amendement - Essay Example These questions will be answered and explained in detail. The Fourth Amendment states, â€Å"The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no warrants shall issue, but upon probable cause, supported by oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.† (Anonymous 1) Since the ratification of the Fourth Amendment we have had many court rulings directly applying to the use of the Fourth Amendment and its limits and allowances. The amendment itself states emphatically that people must be secure from unreasonable searches and seizures. It also clearly states that their security is in their homes, persons and especially their papers and effects. The use of the word effects is based on 18th century English the definition of which at the time meant specifically, movable property. A primary modern legal precedent can be found in Mapp versus Ohio, 367 U.S. 643 (1961). This case specifically decided that evidence obtained in violation of the Fourth Amendment cannot be used in a criminal prosecution in state or federal courts. (Mapp v. Ohio 1) An interesting aspect of this case came in the dissenting opinion from Justice Harlan who believed that the wrong questions had been asked and that proper information had not been given. The exclusionary rule had also been brought up with this decision as before this decision there had never been a widely applied enforcement of the exclusionary rule. The exclusionary rule is the legal approach that holds that evidence wrongly acquired should be dismissed and is a support for the Fourth Amendment. The exclusionary rule does not however, apply in civil cases, grand jury proceedings or a parole revocation hearing. Some believe that the exclusionary rule causes more negative than positive. Socially this may be the case in that as a result of the exclusionary rule and by default the Fourth Amendment guilty individuals may go free, there is the greater need for justice to be fair and the exclusionary rule ensures that this can happen. The exclusionary rule is the only agreed upon solution for the Supreme Court to assure the effectiveness of the Fourth Amendment. Another case that set legal precedent was Katz versus United States, 389 U.S. 347 (1967). This case set the precedent for technology and privacy, specifically; one has an expected privacy when making a call from a telephone booth. The decision made it clear that a person could make a private call in a public area. The dissenting opinion from Justice Black said that the Fourth Amendment was meant to protect items from physical search and seizure. (Katz v. United States 1) There have been new approaches to this issue due to the use of the internet and cellular phones which do not necessarily call for a phone booth; however, it has been upheld as case law. Among the modern issues pre sented by adherence to the protections of the Fourth Amendment come as a result of recent terrorist activity within the United States. The Patriot Act or public law 107-56 has been the center of much controversy with its wide reaching allowances especially regarding the protections of the Fourth Amendment. The Patriot Act allows federal and state law enforcement agents to commit searches if a suspect is understood to be a threat to national security. Specifically Title II

Ontology in Anselm, Descartes and Kant Essay Example for Free

Ontology in Anselm, Descartes and Kant Essay Ontology is a purported proof that God exists. The ontology provided by St. Anselm in the eleventh century set the standard in Western thought, and on which all subsequent ontology attempted to measure itself. Before the renaissance and the age of reason it was generally agreed that only a fool would deny the existence of God. Accordingly the ontology of St. Anselm employs the attitude of a fool – meaning some one without any of the higher concepts of philosophy – as the crux of the argument. The argument commences with a definition of God: â€Å"Now we believe that [the Lord] is something than which nothing greater can be thought† (81). The association made is to perfection, for only in perfection can we conceive nothing beyond. In traditional attempts at ontology the strategy was to find God amongst the splendor of his creation. Anselm, however, eschewed the evidence of experience and tried to affect a proof from pure thought. It is placed in the head of a simpleton, and in this way is made to appear as stemming from the innate mind, and not clouded by the errors of perceptual understanding. Anselm’s fool wants to cling to the idea that â€Å"God is not!† But such atheism does not strangle the thought processes inside the head. It necessarily searches for perfection, that being the natural inclination of man, which is to seek happiness, comfort, order, and so on. Can the fool imagine perfection, asks Anselm. The answer is that he cannot. For whatever ideal it fixes on, the mind surges past it for something even better. However, this relentless ascendancy within the mind presages the existence of perfection therein, for otherwise the mind chases after nothing. Now, since we have already identified perfection with God, the mind imagines God, and indeed strives towards it. Existence in the mind will not suffice as ontology. Therefore, as the next step in the argument, Anselm attempts to measure the idea with reality. We must next consider whether that which has been imagined as perfect has a corresponding reality beyond the mind. If it does not then we have a contradiction. For being in the mind alone we are then able to imagine something even greater than it. That which was imagined as perfect now turns out have something that is more perfect than it. Anselm is sure that he has found a contradiction here. So he proceeds to conclude:   â€Å"Therefore, there is no doubt that something than which a greater cannot be thought exists both in the understanding and in reality† (82). Descartes, though largely accepting this ontology, doesn’t accept the contradiction derived in the final step. He argues that reality has not been introduced at all, but only an idea if reality. In the final analysis the entire ontology is taking place in the head. It is an imagined God that Anselm proves, says, Descartes, not a real one. His correction, therefore, was to consider the phenomenal world after all. In this manner he laid out what has famously come to be known as â€Å"Cartesian doubt†. The world of sensory experience, when examined philosophically, naturally induces doubt, for all perspectives are subjective. It is impossible to construe an objective form subjective sensory experience. But instead of holding back doubt Descartes allows it full reign. He starts to explore what else can be doubted. Soon it is found that not only material reality, but also all the perceptions and ideas of the mind must also be doubted, for they all stem from the same faculty of understanding. But his doubting reach must come to and end eventually, when he comes to consider consciousness itself. Descartes discovers that he is unable to doubt the â€Å"I†, for it is the â€Å"I† itself that is doubting, i.e. thinking. Thus his famous conclusion, â€Å"Cogito, ergo sum† – I think, therefore I am (68). From the proof of self-existence to the proof of God is a simple step. A self that is subject to doubt is imperfect, and therefore implies the existence of Creator who is perfect. Kant, in turn, comes to dismiss both these attempts at ontology on the simple premise that existence is not a predicate. In other words, it is meaningless to say simply â€Å"God is.† Our concepts of understanding allow us to apply reason in the form of sentences that contain both subject and predicate. So that we can say that ‘God is good’, or that ‘God is merciful’. But simply ‘God is’ is not meaningful, and human understanding does not allow such speculation. In effect, Kant is saying that ontology is not possible. This is in concord with the rest of Kant’s philosophy, which emphasizes that we are not able to pronounce on the noumenal world, i.e. on â€Å"things in themselves†. He describes three categories of noumena – the soul, the material world, and God, the last being the source of the first two. Therefore God is definitely part of Kant’s philosophical scheme, only that he remains beyond human understanding, and we cannot even pronounce on God is the simplest form – ‘God is.† Just as we cannot know anything about the soul, or the material world, as things in themselves, but only come to know the consequences of them. Our understanding is limited to the phenomenal world, where practical reason applies. Kant also speculates on the existence of a transcendental â€Å"pure reason†, that which overcomes the anomalies of practical reason. Pure reason is identified as an end in itself, and is thus identified with perfection. He stipulates it as a moral imperative that we pursue â€Å"pure reason† as the highest goal. Yet he refuses to identify this perfection with God, and differs with Anselm on this point. He also differs with Descartes’ ‘cogito, ego sum’, and complains that logic is being applied to derive existence, the rationale being that the part cannot be used to explain the whole. The least objectionable ontology, in my opinion, is that of St. Anselm’s. To make this point I will show that the refutations put forward by Descartes and Kant are not appropriate. Descartes’ complaint was that the proof given by Anselm is wholly ideal, without reference to the phenomenal world to give it substance. But Anselm does indeed refer to the phenomenal world, when he introduces the postulate that the ideal of perfection has no corresponding existence in the real world. In fact on this postulate the entire argument hinges, for it is used to derive the contradiction, from whence the ontology ensues. â€Å"Cartesian doubt† a merely a long-winded way of coming to the same conclusion. Kant’s complaint, on the other hand, is not really an argument at all, but rather a boast that he has not has to use the words â€Å"God exists† anywhere in his philosophy. For to pick on the grammar of â€Å"God exists† on the justification that the noumenal world is unknowable is taking matters too strictly. Even accepting Kant’s theory, it is not right that we desist from pronouncing the existence of God. He may not have done so explicitly, but Kant does indeed pronounce of the existence of God in the implicit sense. As a moral precept to action he gives us the categorical imperative: â€Å"I am never to act otherwise than so that I could also will that my maxim should become a universal law† (13). The universal law is pertaining to the moral law, which is described as an end itself, and therefore is no different from the idea of perfection. An imperative is only categorical when it works universally, without contingency. To paraphrase Kant, the rationale of human existence is to pursue the moral life in order to attain to perfection, in other words, God. Other than the fastidious insistence of grammar, Kant does not really object to Anselm’s ontology. With both Descartes’ and Kant’s objections discredited, Anselm’s ontology must stand as the best, being the simplest and most intuitive. Works Cited Anselm. Basic Writings. Translated by Thomas Williams. Boston: Hackett Publishing, 2007. Descartes, Rene. Meditations on First Philosophy: With Selections from the Objections and Replies. Translated by John Cottingham. Cambridge: Cambridge University Press, 1996. Kant, Immanuel. Fundamental Principles of the Metaphysic of Morals. Whitefish, MT: Kessinger Publishing, 2004.

The Power and Genius of Alexander Pushkin’s The Queen of Spades Essay

The Power and Genius of Alexander Pushkin’s The Queen of Spades In Alexander Pushkin’s â€Å"The Queen of Spades,† many aspects of the short story have made for considerable debate among scholars.   Pushkin fills an integral role in Russian literary history, and there are abundant research sources to use in analyzing and interpreting his texts.   Pushkin is often referred to as the Father of Modern Russian Literature, but until just recently much of the criticism on Pushkin focused on Pushkin himself as the author, the innovative simplicity in his prose, or the political relationship between Pushkin and the Russian aristocracy.   Pushkin’s personal life was often the subject of public debate among his readers and the Russian aristocracy, forcing him into a some what reclusive state.  Ã‚   His prose was innovative, but, in the early research, very few bothered to interpret why the style was so effective.   What about the words made Pushkin different?   It did not seem to matter as long as the aristocracy was satisf ied. Finally, much of the early information available on Pushkin had nothing to do with his writing.   During Pushkin’s time, the domination of the Russian nobility over publications was so great, the ultimate beauty and depth to Pushkin’s writing was over looked in order to expose censorship and political manipulation.  Ã‚   These early attempts at criticism and investigation fall short of exposing the true power and genius in Pushkin’s writing. Another problem with much of the available literature on Pushkin and his texts is   inconsistency in interpretations.  Ã‚   Scholars do not research sufficiently and are often vague in communicating their ideas to the reader.   The purpose of the given work is often confusing enough to the aud... ...nleaf. Studies in Romanticism v 36 n 2 (Summer 1997): 292-299. Pushkin, Alexander.   â€Å"The Queen of Spades.† Alexander Pushkin: Complete Prose Fiction. Trans. Paul Debreczeny. Stanford: Stanford University Press, 1983. 211- 233. Rosenshield, Gary. â€Å"Choosing the Right Card: Madness, Gambling, and the Imagination in Pushkin’s ‘The Queen of Spades.’† PMLA v 109 n 5 (October 1994): 995-1008. Rosenshield, Gary.   â€Å"Freud, Lacan, and Romantic Psychoanalysis: Three Psychoanalytic Approaches to Madness in Pushkin’s ‘The Queen of Spades.’† Slavic and East    European Journal v 40 n 1 (Spring 1996): 1-26. Shrayer, Maxim. Rev. of Pushkin’s â€Å"The Queen of Spades,† by Neil Cornwell. The Modern Language Review   v 90 n 4 (October 1995): 1051-1053. Terras, Victor. Rev. of Pushkin’s â€Å"The Queen of Spades,† by Neil Cornwell. The Russian    Review v 54 n 3 (July 1995): 453-454.

Concert Critique: La Vida Breve Essay

The concert was titled â€Å"Guitar Escapades,† the long- awaited guitar duo featuring Nobel Queano and Franco Maigue. The concert happened last September 8, 2011, 7 pm, at NCAS Auditorium. Nobel L. Queano is a graduate of Psychology and Music from the University of the Philippines, Diliman. He was a former faculty member of Miriam College of Music Center, Colegio San Agustin Makati and the Temple Hill International School and a former member of the Baguio Guitar Ensemble and the Philippine Youth Orchestra. He was also a first prize winner and a recipient of the Most Outstanding Student of the Yamaha School of Music Guitar Competition in 1986 and 1987. Presently, he is working with some musicians of the Academy of Performing Arts in Hong Kong privately teaching and preparing international music students for the Associated Board of the Royal School of Music Exams. Franco Raymundo M. Maigue is a graduate of UP College of Music. He finished his Bachelor of Music degree as a cum laude. He is the first prize winner of the 2005 Competitions for Young Artists and top prize winner of the 2002 and 2009 National Music Competitions for Young Artists. He was also featured as a soloist accompanied by the manila Symphonic Orchestra at the First Philippine International Guitar Festival. He has been a member of the UP Guitar Orchestra, Kithara Quartet, Abelardo Guitar Quartet and the UP Jazz Ensemble. B. Musical theme and style Begun as royal entertainment in the 16th Century, these brief plays with songs were revived to combat enthusiasm for Italian opera, featuring uniquely Spanish settings and characters, all suffused with the potent and highly distinctive flavor of gypsy music. As outlined by Suzanne Desmarquez, the origins of this style were Arab, with intense and irregular rhythms, sharp attacks, rough endings, and wide vibrato, manifested through guitar accompaniment, castanets, zapateado (foot stomping and tapping), palmar (hand clapping), rapid triple meters, melismatic beginnings and ends of long held notes and harmonies based on open guitar chords. According to his student, Adolfo Salazar, Falla rejected basing his music directly on folklore, but rather used it as the seeds of his own style, extracting the substance of its sonorities, rhythms and spirit. To David Ewen, Falla was a mystic who sought out and assimilated the soul of Spain to produce a vibrant evocation rather than a literal depictio n. The performers presented Classical Music. II. Analysis of the elements A. Dynamics Dynamics is the loudness and softness of sound. In L a Vida Verde, B. Tempo Tempo is the speed at a regular beat. The first part of the piece is fast or allegro, then, there will be a pause, and a slower part (adagio) is played. C. Melody After hearing the piece, I remembered its melody. Melody is a series of single tones which add up to a recognizable whole. A melody begins, moves, and ends; it has direction, shape, and continuity. How the tones of a melody are performed can vary its effect, too. Sometimes they are sung or played in a smooth, connected style called legato. Or they may be performed in a short, detached manner called staccato. D. Other elements of music III. General reaction to the concert A. Describe the mood audience were amazed (may mabilis na part kasi)nakakaexcite! B. Images and ideas conveyed pre Spanish era†¦ kamisa de chino for boys†¦ for girls†¦ nakikipaglandian ung girls sa boys. may pakipot epek†¦ suyuan sa loob ng simbahan. may pamaypay ung girls. sisilipin ung boy tapos magtatakip ng pamaypay. It is a pre-Spanish era. There were men and women in a church. The men wore kamisa de chino while the women were dress in [damit ng girls? ewan!]. It is like the men were courting the women in the church. The women were shy while the men are aggressive and they are trying to pursue the women. C. Memorable feature of the concert The memorable feature of the concert was when they played the song â€Å"Sana Maulit Muli.† It is a popular song in the country, and everybody knows the song. Those who remember the lyrics sang the song. I liked the way they play the song; it’s refreshing and pleasing to the ear. The audience were lively. This is my first time to hear the song in an acoustic It is relaxing, as you listen to them play. D. Did you like the concert? Why/ Why not? I liked the concert. Why? I am a music lover. I appreciate all kinds of music. I believe that doing the classical songs in acoustic guitar is really hard. I admire the performers, I am a frustrated guitarist. For me to watched such astounding performance, I am overjoyed. I liked the concert because I liked to play guitar. Though there were times that I fell asleep, (well, it can’t be helped because what they’re playing is classical music) and Classical music is like a lullaby to me. I usually listen to classical music when I can’t sleep. I am fascinated by their talent. I want to be a good guitar player too, conducting concerts and go to places and make people happy with my music. I’ve never been to a guitar concert before but I think that the concert was awesome. Playing a guitar for such a long time is hard. And besides the pieces that they play were hard and complicated. They’re awesome.

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|

How to Care for Horses

How to Care for Horses Free Online Research Papers Emir Abd-el-Kader once said â€Å"By reason of his elegance, he resembles an image painted in a palace, though he is as majestic as the palace itself.† Horses are an important part of the world today. Their elegance, style beauty and grace make them one of the most favorable animals in the world and caring for them can be for pleasure or career. There are many factors in caring for the horses such as housing, nutrition, medical attention, exercise and blacksmith visits. To own a horse you must have the proper housing. Nowadays horses are mainly kept in a stable for most of their lives. This could be for convenience or so they are kept neat and tidy for shows. The horse must be provided ample room so they do not get cast (horse lies down too close to a wall and cannot get up). The standard measurement for a stall would be 12 feet by 12 feet. (Val Equine net 2006). Although it is not a necessity many horses do better when they are allowed pasture to graze upon. If there are multiple horses outside together it is essential to have 2 acres of land per horse. Horses also need proper nutrition. They should be provided water free choice(unlimited supply) and they should drink about 12 to 20 gallons per day. If you plan on keeping your horse in a stall you will need to refill the water bucket multiple times throughout the day, unless you have an automated water system or as needed. There are many different types of feed that are available but personally I would choose Nutrena Safe Choice Horse Feed because of it has high levels of protein and carbohydrates. You will also need hay. Orchard grass is usually the cheapest but you might want to use an alfalfa depending on the age and condition of the horse. Horses that are outside and being maintained as a show animal will need their pasture regulated (how much grass they consume) so they do not gain too much weight. Horses must have their vaccinations just as people would. There are many different types of vaccinations such as botulism, encephalomyelitis, influenza, Potomac horse fever; rabies and strangles just to name a few (Prinz 2005). Your horse will receive its first shots a few days after it is born and then will continue to need the vaccinations throughout his/her life. They also need to be dewormed every three to six weeks. You should always plan your whole year’s worming routine and mark each tube and the date to be given. This will help you to not miss any critical dates that might change the cycle.(Hayes 1999) Exercise is a vital part of the horse’s daily routine. There are lots of reasons for exercising horses kept in stalls besides keeping them mentally and physically healthy. Researchers from the University of Flordia have found improved leg bone and joint development in foals that were stalled but given regular exercise. Foals that were stalled without exercise rebounded in bone development when they were turned out to pasture. Weanlings stalled without exercise had less bone mass than those left on pasture. In older horses you must exercise to prevent illnesses such as colic. Ways of exercise include riding, lunging walking, and turnout(putting a horse outside for self exercise). Another thing that horses need is hoof care. A horses hooves should be routinely cared for every four to six weeks (Johnson 2003). There are many factors that should take into account while deciding when the time is right such as health of hooves, potential anticipated use, defects in gait and/or conformation and the injuries of the horse. If your horse is conformationally correct then the hooves should just be trimmed. However if there is a conformation fault or the horse is being used a lot(showing every weekend, etc.) you will need corrective shoeing which either fixes the conformation faults or lets the horse experience less shock onto the hooves. Although costly owning a horse can provide joy into your life. Everyday caring for the horse will give you satisfaction. It may seem like a lot of work in the beginning but eventually you will get into a routine. Yet you can never stop learning. Your horse should live in a clean, healthy environment cared for as if he/she were a king. Research Papers on How to Care for HorsesWhere Wild and West MeetResearch Process Part OneGenetic EngineeringThe Spring and AutumnThe Masque of the Red Death Room meaningsMarketing of Lifeboy Soap A Unilever ProductThe Effects of Illegal ImmigrationPersonal Experience with Teen PregnancyThe Hockey GameBionic Assembly System: A New Concept of Self