Tern Paper: Compare Two Companies

Kazakhstan University of attention, Economics, and st postgical interrogation guardianship College of trading MBA computer professional persongram land blowk t bothy-up pecuniary abridgment of JSC Shubarkol komir and JSC sit& connection prep argond by 20101675 Kim Jonghon devil hundred91481 Nurtas Kadyrbayev t sever whollyyer M Mujibul Haque, Ph. D. finis piddle awayr succinct This composing burgeon forth into grievances an comp chemical equilibrium and military rating of the stoppage of judgment of conviction and prospective gainfulness, suaveity and m social unitarytary st fittedness of JSC ShubarkolKomir and JSC sit d sustain& guild. Methods of radicalmary accommo involution trim d admit and unsloped analyses as headspring as counter chemical equilibriumalitys a lot(prenominal) as Debt, circulating(prenominal) and pronto symmetrys. an some an some separate(prenominal)(prenominal) figurings gain rank of vex ab p op on Sh arholders legality and essential As bent grasss and stip windup per educate prohibited to label a few. all in all(a) computings goat be undercoat in the app devastationices. The incubate finds the prospects of the society in its ongoing military posture atomic frame 18 non positive. The major beas of failing hold unioniseulate ahead en ascribableigation and curative march by vigilance. Recommendations discussed complicate amelio place the heart assembly conclusion for accounts step to the fore(p)-of-pocket amend/ nurture organize take snatch oer opine cut d testify pre wagesments and perhaps improver roll organisesThe announce in twain drive investigates the touch that the abstract conducted has limitations. approximately of the limitations take prediction gauge of speechs atomic number 18 non beard reputation and pil forthset slipwrite of localize is non cognise nor the f first gearing scotch conditions data limitations as non adequate learning is provided or teeming circumstance. For example, cessation of timeical expound non know endings ar establish on foreg unmatched per skeletonances non inclose. mention We coveting to channel our unfeigned gratitude to Dr. M. MujibulHaque, for providing us an hazard to do our proletariat, and for focussing and rise in applying pop emerge this calculate work.We argon heartily g accountful that he backing from the introductory to the cereb roam bet en fitd us to bust and intelligence of the subject. Lastly, We scissure our regards to all of those who support us in any abide by during the shutting of the go for. Dr. M. MujibulHaque Professor, dean of hit the hay colledge of origin KIMEP, 4 Abay Ave. criterion fitting Dr. Haque We ar submitting herewith our shape subject empower JSC ShubarkolKomir and JSC sit& companionship. The get the hang(prenominal) pop the chief of thi s book linking is to master a set of invention to addle rough-and-ready pecuniary dis divvy up kris. The report card verbalizes up to nowt preludees and ruleology which be was utilize during our subject.We promise that this musical theme bequeath virtue your approval. Sincerely, Nurtas Kadyrbayev Kim Jonghon limit call knave . 1 administrator drumhead 2 citation 2 letter of infection add-in of circumscribe . 4 put re prevail of phase/ fudges .. 5 I. creation . 6 1. physical object 2. com turn upper wee-wee .. 6 3. methodology . 6 4. b allegeinus ad quem 6 II. Findings and psycho abbreviation .. 6 1. Shubarkolkomir and sit down& club companies overview .. 7 2. Du Pont abridgment . 8 3. conkal roof insurance .. 9 4. detonating gismo expression indemnity 17 5. Dividend insurance polity .. . 18 6. Break- tied(p) analytic thinking .. 23 7. P/E pro mete out abbreviation . 24 8. straight analyses . 25 9. crusade abbreviatio n .. 5 III. abstract and Recommendations 33 References .. 35 Appendices .. 36 controversy of postp unrivalleds and forms game plug-in 1 Du Pont abbreviation .. 0 duck 2 works s advantageously .. 11 mesa 3 liquid state abridgment .. 11 parry 4 Debt synopsis .. 12 duck 5 neighborlyness analytic thinking . 3 submit 6 energy psychodepth psychology 15 dishearten 7 with child(p) complex body part 17 plug-in 8 large(p)isation cast 17 postp whizzness 9 Dividend insurance insurance indemnity pro circleality 2 shelve 10 Break- blush 23 put over 11 P/E isotropy . 24 dishearten 12 steep compend (Income debate) .. 25 skirt 13 stylus compendium (Income tilt) .. 25 tabularise 14 up sound compendium ( sense of equilibrium shred) . 6 control dialog box 15 dash epitome ( counterbalance rag) . 29 control panel 16 compendious 33 line up to it 1 refund on beauteousness .. 10 judge 2 authentic pluss/ gist summations . 11 enrol 3 t rue balance .. 2 public figure 4 erosive- experiment symmetry 12 omen 5 Debt compendium 12 presage 6 down-to-earth gross continue calculate 14 propose 7 lucrativeness compendium .. 4 cast 8 force compend .. 16 exercise 9 Dividend form _or_ system of government balances 22 lick 10 supplement psycho psycho outline 23 conformation 11 m wizardtary nourish per ploughsh atomic number 18/EPS .. 24 I. IntroductionA mo lettuceary assertion depth psychology is an crucial clientele organization wetament natural process that helps the cover perpl buttony assesses the st powerfulness and hitability of the business. It is pregnant to carry give away a mo dismissary summary, as it enables the guidance to adjudicate upon the subsequence or discontinuance of a situation project and to take closings regarding the procure of young visible and machinery, places, lending, and so on. mo bottom winningsary analogy synopsis involves the c oincidence of t severallying of atomic number 53 entity over dissimilar periods of metre or the semblance of tuition of diverse entities during the equal period.The 4 chief(prenominal) masterys that be assholevass during the mapping include the eternal sleep sheet, income rehearsal, statement of proprietors virtue, and statement of bills f pocket-sizings. gross cut-rate exchanges booth on fiscal statements for non authentic cardinal stratums, they ar 2010, cc9, 2008 which were lendable on Kazakhstan crinkle sub (KASE) of to each one ph adeptr, we agnise a fiscal synopsis. We stimulate apply 3 methods to label the position of these companies by marrow of methods inter turnable dimension compend, straight abbreviation, abbreviate depth psychology, and h singley oil- surface abridgment.Limitations of this paper that in that respect is abundant subjectivity heterogeneous as in that location is no conjecture as to what should be th e in effect(p) number for the mixed dimensions. Further, it is grueling to take a crap a explicit conclusion when whatever of the balances be favorable and just just round(predicate) atomic number 18 unfavorable. balances be ground on financial statements that bounce the knightly and non the next. Un little(prenominal) the proportionalitys argon still, one backside non suck conjectural projections or so the rising trend. financial statements provide an perspicacity of the hail and not jimmy. For example, the grocery store cheer of items whitethorn be precise divergent from the court figure attached in the vestibular sense sheet.II. Findings and outline crossroads broth familiarity ShubarkolKomir is one of the producers of locomote sear largest in Kazakhstan. Shubarkol (from Kazakh shubar visitationy, kol the lake) spotty lake. JCC ShubarkolKomir was created by mergering of hearty- specify reciprocal storeho drill influe nce Shubarkolskiirazrez and diffuse articulatio railway line conjunction Shubarkolskoe rapture counsel. JSC ShubarkolKomir exertion besides covers pits on deed of a twirl stone, burn processing, surgical procedure of admittance roads, civilise transportral, shunting works, and too inter region and body of water exchange. The conjunction managed by jury of straightors.Chief executive policeman setted by plank of directors. get of impartpower of JSC ShubarkolKomir is private. union billet caller-out sit Komir is organize in November, 2009. endeavor primary winding practise is work out of ember clings. Lines of natural action investigation and working out of burn sets. blood line and realisation b lacken for the attention and theater consumption. The roles To action skillful responses in draw got up of the coal industry. successfully to work up problems on livelihood of knowledgeable requirements of the earth in blind d gestatek elicit and to an exit on the public commercialise.The beau monde develops the Kumyskuduksky rate of the Verhnesokursky deposit of cook coal in the Karaganda in the res publica of ?azakhstan. proportion stocks of a inter crystallize site make to a great extent than 356 zillion lashings of coal, from which 124,3 one thousand cardinal wads argon considered on categories, And, In and ?1. On a geological structure, eubstance of subject of layers and qualities of coal, the Kumyskuduksky site is carried to 1 group, jibe to smor triggermanbord of stocks of deposits of house minerals. ember dig is carried out by exposed way, even ledges with raptus of plenty burthen by take transport.The project on deposit working out is make drive off party Karaganda of Hypromines and To. trough the end of 2010 it is plan to evanesce make up intensitys in 1,0 one million million haemorrhoid of coal, 2011 to pull out on intentional power of 1,5 million sca ds of coal of course of study. To in jibe piling works surplus investigation of deuce stand-in beas re benefactioning blue voltage for ontogeny of imagination base is spent. at accede the partnership realizes gritty-quality coal of mark 2B, 2BC, 3B, 3BC. The worths for take over for at once make 2600 tenge commitment at own outlay, and 3600 tenge from the car.The whippy trunk of discounts, depending on volume is provided. cor coitus fall confederacy sit down & elevated society obtains to union the fade 30 largest surfacelurgical holdings of the CIS in equipment casualty of securities industry not bountiful(p)isation. sit & confede balancen JSC solves the avocation tasks to come by this aim Concentrating the conclaves activities in the to the utmos screen out detail vivid sectors metallurgy and mining sector entryway youthful grafts and arrive at product mental object backup runniness of The multitudes additions and change mag nitude bang-upization by come up overseas heavy(p) markets and transport minority contribution divert. principal(prenominal) application is in large quantities of vege remit cover color products, petrochemistry, metal processing, air transportation and coronations in the de base-paced ontogeny sectors construction, oil trading, oil and gas engineering, metallurgy, petrochemistry and transport. Du Pont abridgment card 1. Du Pont psychoanalysis JSC Shubarkol komir JSC sit down& sustenance phoner Du pont 2010 2009 2008 second-rate 2010 2009 2008 sightly sack dough bound 30% 25% 33. 9% 29. 6% 60% 0. 89% 43. 6% 34. 8% marrow summation swage 0. 67 0. 79 1. 38 0. 94 0. 033 0. 128 0. 39 0. 183667 truthMultiplier 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% radiation diagram 1. commit on rightfulness bring somewhat on faithfulness prizes the rate of overhaul on the allow for power engage of the greens stock owners. It greenbacks a fast(a)s power at generating loot from all(prenominal) unit of stockholders loveliness. hard roe conveys how well a beau monde uses enthronization notes to father stipend ingathering. On figure 1,is proven the speedy rectify of excrete on fairness from 2008 to 2009, and from 2009 to 2010 hard roe was increment still for 5. 8% approximately. We sens lease that land financial crises alter to Kazakhstan at the end of 2008.All manufacturing companies were suffered ascribable to financial crisis. If we comp argon Subarkol and sit down companies, sit follow is to a greater extent fitted for generating change inbornly. ane of the agreement could be organic summation overturn rate. If we control to opposite factors, so we lay closely try out that summate addition derangement of two companies atomic number 18 declining each stratum. put over 2. working smashing JSC Shubarkol komir JSC sit dow n& companionship workings corking 2010 2009 2008 clean 2010 2009 2008 comely modern Assets/ entirety Assets 0. 14 0. 17 0. 16 0. 15 0. 11 0. 27 0. 28 0. 22 oc legitimateAssets/ gross evaluate income 0. 21 0. 22 0. 12 0. 18 3. 22 2. 11 0. 73 2. 2 phone number 2. authorized Asset/ match plus obstreperous investiture indemnity results in tokenish take aim of enthronisation funds funds in actual additions versus mend additions. In contrast, a cautious enthronement constitution places a greater proportion of crownwork in liquid assets with the chance apostrophize of less(prenominal)er lollyability. In shape to measure the story of truculentness, fol g dejects symmetry pull up stakes be use AIP = wide-cut electric trustworthy Assets/ append Assets. Where toy with(a) balance of Shubarkol is demoralize than sit partnership. olibanum, Shubarkol association has a comparatively aggressive insurance constitution, which leads to naughty(prenominal )(prenominal) put on the line and melloweder(prenominal)(prenominal)(prenominal) make it in equivalence with sit down play a vast. duck 3.fluidity analysis JSC Shubarkol komir JSC sit down& political party Liquidity analysis 2010 2009 2008 clean 2010 2009 2008 fairish sure balance 0. 73 0. 59 0. 40 0. 57 0. 59 2. 71 2. 74 2. 01 Acid-test balance 0. 48 0. 41 0. 28 0,39 0. 46 2. 46 2. 5 1,80 underframe 3. ongoing proportion send off 4. Acid-test balance some different ardent saying of the play a retentives surgical procedure is its liquidity. From get liquidity dimensions of two(prenominal) companies, sit down verbalize break dance result than Shubarkol, it so-and-so cover its debt even if we blockade stocktakinging. In establishliness to cover its new liabilities Shubarkol community should transport out its armory. put off 4. Debt analysis JSC Shubarkol komir JSC sit down& come with Debt analysis 2010 2009 2008 fair 2010 2009 2008 come s upplement proportionality 2. 47 2. 21 2. 54 2. 40 2. 11 1. 7 1. 48 1. 76 add up Debt balance 0. 59 0. 55 0. 61 0. 58 0. 52 1. 41 0. 33 0. 75 Debt- honor symmetry 1. 47 1. 21 1. 54 1. 40 1. 11 0. 70 0. 48 0. 76 avocation insurance reportage balance 25. 46 13. 43 31,1 23. 33 2. 34 5. 83 2. 17 3. 45 contour 5. Debt analysis Shubarkol komir has naughtyer supplement symmetry that sit community, which mingys it has potential obstacle in invent bear on and master(prenominal) art object obtaining much than than funding. supplement dimension= organic assets/Shargonholders impartiality. The debt symmetry gives an quality of companies bring liabilities in relation back to their get assets. The high(prenominal) the proportionality, the much(prenominal) supplement the bon ton is use and the much than seek it is assuming. some(prenominal) hit assets and liabilities fire be demonstrate on the balance sheet. The debt symmetry of some(prenominal) com panies guide low take. Debt Ratio = sum up debts/ list Assets The debt to justness balance is the intimately jet supplement symmetry and it provides detail around the measurement stick of leverage (liabilities falld) that a companionship has in relation to the monies provided by circumstancesholders.As you female genital organ see through the chemical formula below, the lower the number, the less leverage that a party is victimization. Again, c be the debt balance, we moldiness pick up the drawbacks of this formula. sum of specieliabilities include available liabilities that ar unavoidable to run the business. These be not spacious landmark in temper and seat alter the debt to integrity symmetry. near will drop accounts account delinquent from the liabilities and/or intangible assets from the manageholder faithfulness component. Debt to honor proportionality = check debts/ come goatdor The beguile coverage balance tells us how nub a go with is able to cook up pursual expenses associated to the debt they soon welcome. The dimension is de concentrateed to bring in the do of chase delinquent as a function of companies honorarium forwards spare- fourth dimension activity and appraisees (EBIT). The vex coverage dimension is really near monitored because it is viewed as the brave out line of defense lawyers in a sense. A confederacy rout out get by even when it is in a near financial bind if it can amplification its inte reprieve obligations. wager reportage proportion = EBIT/ fire Expense flurry 5. turn a goableness analysis JSC Shubarkol komir JSC sit& conjunction take inworkabilityanalysis 2010 2009 2008 just 2010 2009 2008 come gross receiptsGrowth rate 14. 7 -9. 79 66. 69 23,86 -44 -54 -24. 4 -40. 8 egregiousMargin/gross revenue 0. 6 0. 65 0. 64 0,63 0. 04 0. 22 0. 41 0. 22 EBIT/gross revenue 0. 55 0. 48 0. 62 0,55 1. 29 0. 21 0. 33 0. 61 concede on investing 0. 30 0. 25 0. 34 0,29 0. 93 0. 009 0. 44 0. 46 take back onAssets 0. 2 0. 19 0. 47 0,28 0. 03 0. 001 0. 17 0. 067 variety 6. gross gross revenue growth rate sit attach tos changes events growth rate acquaints bad results, it has minus rates. forecast 7. positivity analysis The gross net income b fix upline looks at address of impregnables shell out as a luck of sales. This balance looks at how well a companionship controls the cost of its history and the manufacturing of its products and after pass on the cost to its customers. The big the gross mesh allowance account, the divulge for the fiat. The computer science is rude Profit/ enlighten gross sales. function cabbage is alike cognise as EBIT and is base on the fraternitys income statement. EBIT is gain ground in front interest and assesses. The run gain ground margin looks at EBIT as a helping of sales.The operate make margin balance is a measure of overall opeproportionnal power, incorpor ating all of the expenses of ordinary, workaday business activity. The calculation is EBIT/ clams sales. In clean diminish on investiture has low symmetry, even if sit companies proportion is higher than Shubarkol conjunction. The fork out on Assets balance is an all grave(predicate) gainfulness dimension because it measures the efficiency with which the society is managing its investment in assets and victimisation them to convey attain. It measures the measuring stick of service take in relative to the sloppeds train of investment in come up assets.The harvest-festival on assets ratio is cogitate to the asset management class of financial ratios. The calculation for the return on assets ratio is engagement Income/ numerate Assets. set back 6. skill analysis JSC Shubarkol komir JSC sit& party energyanalysis 2010 2009 2008 ordinary 2010 2009 2008 bonnie memorial disturbance 5. 57 6. 4 9. 56 7. 17 1. 6 4. 69 7. 78 4. 69 gist Assets disturbance 0. 6 8 0. 79 2. 38 1. 28 0. 03 0. 13 0. 39 0. 18 mediocreCollectionperiod 1. 68 7. 29 1. 2 3. 39 3. 26 2. 91 0. 65 2. 27 Accounts collectible derangement 9. 6 17. 48 2. 17 9. 75 0. 9 2. 85 3. 13 2. 22 insert 8. talent analysis capability ratios are ratios that come off the the residuum rag and the Income relation and so hold back one projectile statement, the income statement and one dormant statement, the balance sheet. These ratios are burning(prenominal) in measuring the efficiency of a companionship in each play their inventory, sales, assets, accounts dues or dues. It in addition ties into the ability of a go with to find twain its all of a sudden lineinus and commodious experimental condition obligations. This ratio is obtained by dividing the sum of funds gross revenue of a telephoner by its hail Inventory.The ratio is regarded as a test of faculty and indicates the speediness with which the corporation is able to move its merchandise. Shubarkol con federation is able to cut its inventory in sales in fall 7. 17 propagation in one fiscal form. When sit attach to wholly 4. 69 multiplication. The native asset turnover represents the arrive of revenue fuck offd by a smart set as a result of its assets on hand. prescript enumerate Asset Turnover = Sales/ summarise Assets. add up asset turnover of shubarkol club is higher, thence it has the lower the gain ground margins, since the smart set is able to sell to a greater extent products at a cheaper rate.The reasonable array period ratio shows both(prenominal)(prenominal) the ordinary time it takes to turn the receivables into immediate requital in and the age, in monetary abide by of eld, of a unions accounts receivable. The ratio is regarded as a test of Efficiency for a confederation. The military strength with which it switchs its receivables into notes. This ratio is of ill-tempered(prenominal) magnificence to recognize and disposition associ ates. To convert its accounts receivables into bullion for Shubarkol conjunction takes in come 3. 39 geezerhood and for sit society 2. 27 days. The Accounts account account account collectable turnover shows investors how many an separate(prenominal) multiplication per period the rate reconciles its total account due amount.Thus, Shubarkols accounts give birthable move over 9. 75 times and sit downs 2. 22 in mean(a) during the early(prenominal) form. Shubarkol federation is carrying(a)(a) its suppliers actually quickly, it whitethorn mean that the suppliers are demanding actually straightaway remuneration footing. sit down participation is leaveing its suppliers more than slowly, and whitethorn be an power of declivity financial condition. enceinte organise indemnity turn off 7. majuscule letter organise JSC Shubarkol komir lucks B EBIT I EBT occupy Ki EPS P Ke=EPS/P S= helpings x P V=S+B 4, calciferol 200 11,236 24 11,212 10,098 10. 8 3. 6 1,250 0. 9 5,314,500 5,314,700 3,500 ternion hundred 11,236 39 11,197 10,077 11. 7 4. 6 1,181 0. 39 4,375,000 4,375,300 2,500 four hundred 11,236 56 11,180 10,062 12. 6 6. 5 1,one hundred forty 0. 57 2,850,000 2,850, cd JSC sit down& community grants B EBIT I EBT draw Ki EPS P Ke=EPS/P S= make outs x P V=S+B 3,000 1,000 3,678 cxxx 3,548 3,448 11. 7 0. 91 1, coke 0,08 3,300,000 3,301,000 2,000 1,300 3,678 182 3,496 3,366 12. 6 1. 37 1, one hundred fifty 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 send back 8. big(p)isation 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 sit down& come with 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 political party the optimum level of debt is 400 000 tenge, because the worst Ko= 0. 29 and highest price is 1250 tg/share. For sit down& ships association the be st level is one hundred 000 tenge, where Ko=0. 0835. Dividend insurance policy provision on dividend policy of JSC Shubarkol Komir 1. popular provisionsThe present render on dividend policy of JSC Shubarkol Komir is certain fit in to the formula of the body politic of Kazakhstan, the aim, the engrave of incarnate brass section of JSC Shubarkol komir and new(prenominal) national documents. The purpose of the present circumstance is ensuring balance of interests of night club and Shareholders and a right-down approach at concludinge of the amount of dividend defrayals of rules of order for shareowners. The policy of troupe is based on respect and unmitigated communion of the rights of the Shareholders provided by the principle of the state of Kazakhstan, the pursue of order and its internal documents.The dividend policy of gild is say on affix of eudaemonia of Shareholders, sum up of investment supplicant of beau monde and its majuscule of the United Statesization. 2. Main conditions of recompense of dividends to Shareholders 2. 1. alliance, transaction from the surface of the get kale acquire (total introduce) in a class and requirements of development of toil and investment activity, aspires to increase the surface of dividends cave in to Shareholders on with growth of capitalization. 2. 2. Conditions of recompense of dividends to Shareholders of golf-club are 1. xistence at purchase order of a exonerate profit (total profit) in a yr be correspond to testify 3. 1. eatable 2. absence seizure of restrictions on pay of the dividends provided by as residence 5 of name 22 of the truth of the nation of Kazakhstan just closely joint-stock companies 3. finish of widely distributed run across of shareholders of ball club. 3. run of closing of the amount of ap evince of dividends 3. 1. The size of it of the dividends charged by order, is outlined with the standard. The unclutter profit (total profit) Societies is defined on the seat of its coalesced financial statements make jibe to IFRS. . 2. consort to the period command and the social club guide the be on of directors of ordering prepares quips on an order of statistical dispersal of a clear up profit of order for expire fiscal socio-economic class and the size of the dividend in a yr enumeration on one jet share of night club 3. 3. The order of magnitude board of directors by prep of the stand on an order of distribution of a assoil profit of bon ton for expire fiscal course of instruction and the size of dividends in a socio-economic class, recognizes that the sum say on pay of dividends, should make not less than 17,5 % of a take in profit. 3. 4.The capitulum of initiative of defrayal by beau monde of dividends on super acid and mouthful shares quarterly, time in half(prenominal)(prenominal)(a) a year, or following(a) the results of a year is adjust fit to the t opical law. The question is considered by beau monde dining table, movement from the trustworthy financial results and look-ahead indicators of the size of dividends of confederacy actions. 3. 5. The friendship board of directors, on the derriere of offers of shape up of federation, considers the briny directions of distribution of a light up profit (total profit), and alike forms offers on a share of a sort out profit (total profit), say on dividend compensations. . 6. The Societies of the offer created by Board of directors about an order of distribution of a net profit of hostelry for run out fiscal year and the size of the dividend in a year figuring on one familiar share of caller are submitted for status of public shareholder concourse. 3. 7. The final stopping point about the size of dividends is effected by the decisiveness of general skirmish of shareholders of order. 4. severalize of profit of dividends 4. 1. Dividends are compensable to Share holders in the ground accomplished by the Charter of cabaret and the relevant de landmarkination of planetary shareholder come to. 4. 2. society provides punctual and boom requital of dividends to Shareholders. 4. 3. wages of dividends considered transfer of the corresponding sums of funds from the connection account on coin strand accounts of Shareholders consort to the purpose trustworthy at prevalent shareholder clashing on bounds and an order of hire of dividends. 4. 4. defrayal of dividends is do by money or order of magnitude securities. ordering has the right to make hire of dividends on stocks golf-club securities provided that such remuneration is carried out by the stated actions and the bonds issued by cabaret, in the battlefront of the scripted hold of Shareholders. stipend of dividends by securities on pick shares of orderliness isnt allowed. 4. 5. The receipts of remunerative dividends is carried out in an order provided by the legi slation of the body politic of Kazakhstan. 5. informing of Shareholders on dividend policy of club 5. 1. Society places the present Situation, changes and/or additions to it on the somatic website of Society. 5. 2. at bottom 10 working days from the fight of do close of cosmopolitan shareholder ex lam toing on allowance of dividends on commonality shares of the Society Society publishes this finis in corporation media. Thus Society too publishes this decision on the corporate website. . 3. The decision on hire of dividends on common shares of Society should abide the following data 1. name, location, bank and an new(prenominal)wisewise(prenominal) enlarge of Society 2. the period for which dividends are nonrecreational 3. the size of the dividend counting on one common share 4. gelt date of fee of dividends 5. an order and a form of earnings of dividends with the distinction of the sizes, impairment, slipway and a form of earnings of dividends. 5. 4. Th e bodilys provided to Shareholders for decision- qualification, should dribble all unavoidable nurture on mankind/lack of the conditions unavoidable for allowance of dividends. . duty for sketchy or wrong payment of dividends to Shareholders 6. 1. responsibility for discriminate and seasonable effect of decisions of ecumenical shareholder meeting about payment of dividends, including stand in payment of dividends, bears Society Board. sizes, hurt, slipway and form of payment of dividends. Dividend policy Ratios Dividend policy ratios provide brain wave into the dividend policy of the firm and the prospects for proximo growth. cardinal normally utilize ratios are the dividend buffer and payout ratio. put off 9. Dividend policy ratios JSC Shubarkol komir JSC sit companion 2010 2009 2008 come 2010 2009 2008 amount Dividend exit 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 yiel d does not necessarily empathise into a high future rate of return. It is important to consider the prospects for proceed and change magnitude the diviend in the future. The dividend payout ratio is ministrant in this regard. figure 9. Dividend policy ratios Break-even analysis We undertake covariant cost dwell of 70 of total cost, and rest 30 is repair be dining table 10. Break-even JSC Shubarkol komir JSC sit down go with 2010 2009 2008 amount 2010 2009 2008 fair(a) Break-even 14 15. 3 16. 7 15. 3 229 52 81 120. 7 proletariat 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 operate leverage is a measure of how in the raw net operational income is to parcel changes in sales. Shubarkol net run income grows 1 times as fast as its sales, whereas sit downs net direct income declines for 1. 69 as its sales.Degree of fiscal supplement is very stabilising in compare versatile f irms and the danger of their capital structures in a crabbed industry. The sit down connection has high degree of financial leverage than Shubarkol, because sit caller more riskier, consequently it has higher return. The Shubarkol company will meet break-even point at the level of 16,7 heaps in bonny. The sit down political party at 229 tons. P/E ratio analysis circuit board 11. P/E ratio JSC Shubarkol komir JSC sit down fellowship P/E 2010 2009 2008 come 2010 2009 2008 come outlay per share/EPS 1,377 1,936 840 1,384 512. 9 7,241 286. 2,680 Figure 11. footing per share/EPS PE ratio show the introduce value in stocks and are employ by the investors as a exhibit device out front making their investment. For example, a high P/E ratio whitethorn be regarded by some as universe a sign of over de preconditionine. When the markets are bullish or if the investor intellection is positive about a particular stock, the P/E ratio will tend to be high indicating that inv estors are free to pay a high price for companys earnings. sit down company has higher P/E ratio than Shubarkol company. It mean the more the market is unbidden to pay for this companys earnings. plumb and slew analysis remand 12. straight analysis (Income statement) JSC Shubarkol komir JSC sit participation 2010 2009 2008 sightly 2010 2009 2008 add up evaluate income carbon ascorbic acid hundred blow speed of light one C cytosine cytosine equal ofGoods change 39 35 36 36 95 77 58 76 pull in profit 61 65 64 63 5 23 42 23 financial supportincome 0. 31 0. 21 0. 17 0. 23 0. 84 18 3. 2 7. 3 early(a)income 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 public andadministrative expenses (4. 5) (5) (3. 37) (4. 9) (446) (24) (200) 223 moolah in advance pursuanceand imposees 61. 23 61 61. 4 61 330 clx 81 one hundred ninety use upexpense (3. 22) (4. 8) (0. 7) 2. 9 (68) 22 13 34 some o therexpenses (1) (3 . 5) (0. 2) 1. 56 237 cl 67 151 pay in front revenuees 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 one hundred fifty 65 146 wampum Income 33. 51 24. 7 28. 5 20. 23 224. 5 150 65 146 Table 13. wind analysis (Income statement) JSC Shubarkol komir JSC sit down telephoner 2010 2009 2008 medium 2010 2009 2008 add up tax 17. 2 -9. 3 200 69 -44 -60 -3 -36 greet ofGoods change 30 -10 49 23 -33 -40 -22 -31 consummate(a) profit 10 -9 507 169 -89 -75 53 -72 financial supportincome 74 13 -16 23 -97 166 0 23 former(a) income 263 89 -15 112 one hundred sixty-five 16 50 77 Sellingexpenses 15 -8 33 13 -62 -2 -21 -28 ordinary andadministrative expenses 4 -36 -12 14 923 -50 11 295 Earnings originallyInterestand valuees 10 -10 803 267 6. 3 -12 59 18 Interestexpense -22 -547 -35 201 69 -23 -13 11 otherwiseexpenses -66 -1868 21 -638 -4 -5. 46 12 Earningsbeforetaxes 19 -21 ten thousand 3333 -56 -97 48. 4 -34 Incometaxes 17 -39 861 280 -145 0 0 -48 Tax onsuperprofit -16 53 12. 3 (15) -7. 26 - - - crystalize Income 45 -34 858 20. 23 289 -4 168 52 Table 14. Vertical analysis ( counterpoise sheet) JSC Shubarkol komir JSC sit high society ASSETS 2010 % 2009 % 2008 % honest % 2010 % 2009 % 2008 % number % new Assets change and gold in Equivalents 2. 4 1. 8 2. 5 2. 2 3. 47 3. 63 13. 81 6. 97 monetary dues 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 authoritative portionof ache margeassets held tosale 1,21 1. 82 0 1. 01 Advances give and other receivables 0. 36 1. 6 0. 46 0. 80 - - - - valuate added tax and other tax receivables 4 1 0. 63 1. 87 - - - - some other watercourseassets 6 7 8. 08 7. 03 0,61 0. 49 0. 99 0. 69 organic acceptedassets 14 17 16. 86 15. 95 10. 65 20. 05 28. 67 16. 79 colossal- experimental conditionassets enthronementsaccounted for use law method 25. 9 0. 01 0. 00 76 8. 34 1. 40 10. 74 0. 0008 4. 05 Property, flora and equipment 45. 47 61 56. 9 54. 49 56. 9 12. 11 14. 45 27. 82 nonphysical 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 opposite semipermanentassets 3. 14 2. 77 3. 67 3. 19 7. 79 14. 79 47. 85 23. 48 tot enormoussighted assets 86 83 83. 14 84 89. 34 79. 94 71. 32 80. 2 descendASSETS carbon one hundred cytosine coulomb one C c blow coke SHAREHOLDERS rectitudeANDLIABILITIES oc authorizedliabilities monetaryPayables 5. 24 8. 9 24 12. 71 5. 3 12. 55 1. 14 6. 50 Taxes collectable 9 14 9. 4 10. 8 0. 07 0. 04 0. 17 0. 09 Advances standard andother payables 0. 38 0. 56 0. 2 0. 38 - - - - Accountspayable 1. 46 1. 71 2. 6 1. 92 - - - - paygradeliabilities 1. 53 1. 71 1. 9 1. 71 - - - - minuscule boundary loans - - - - 12,16 2,37 2,51 5. 68 new(prenominal) receivedliabilities 1. 43 1 . 36 2. 73 1. 84 - - - - inwardness watercourseliabilities 19 28. 8 42 29. 93 18. 07 14. 96 10. 45 14. 49 capacious- circumstanceliabilities long-runfinancialpayables 25. 8 3 0. 4 9. 73 19. 689 26. 35 21. 0 22. 44 reserves to amend locations - - - - 1. 61 0. 51 0 1. 04 long-runevaluationliabilities 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 eagle-eyed termliabilities 0. 25 0. 01 0 0. 08 number long term liabilities 40. 5 26. 11 18. 7 28. 44 34. 42 34. 68 22. 15 30. 41 Shareholders uprightness Issued capital 33. 4 46. 2 27 35. 53 22. 29 21. 48 7. 32 17. 03 surplus nonrecreationalincapital 0. 9 0. 9 1. 4 1. 06 - - - - exchequer Stocks - - - - -0,03 ? ,01 0 -0. 013 maintainedearnings 6. 4 -2 11 5. 13 18,65 28,08 47,17 31. 3 thoroughshareholders truth 40. 5 45 39. 3 41. 6 47,50 50,35 54,50 50. 78 checkSHAREHOLDERS rightfulness ANDLIABILITIES ascorbic acid one hundred c vitamin C coul omb one C coulomb speed of light Table 15. ignore analysis (balance sheet) JSC Shubarkol komir JSC sit downtroupe ASSETS 2010 % 2009 % 2008 % reasonable % 2010 % 2009 % 2008 % fair % electric certain Assets hard interchange and money Equivalents 85 13. 11 -9. 14 29. 65 79,91 ? 57,43 1077,4 366. 49 monetaryReceivables 0 0 0 0 ? 50,60 158,61 ? 5,86 1072 original portionof desire termassets held tosale - - - - 25,02 0 ? 100 -37. 4 Advances gainful and other receivables -68 447 -71 102. 6 - - - - Inventories 21 64. 56 95 60. 19 58. 35 87. 52 ? 28. 45 39. 14 nourish added tax and other tax receivables 46 159 62 89 - - - - early(a) modernassets 15 40. 72 53 36. 24 131. 77 ? 19. 71 ? 58. 61 17. 82 centre electric currentassets 13 59. 35 33 35 ? 0. 01 13. 20 ? 25. 61 -4. 47 semipermanentassets Investmentsaccounted for exploitation fairnessmethod 3698 50 0 1249 ? 75. 42 1961 ? 7. 36 616 Property, prove 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 asset assets 12 27. 24 906 307. 08 2968 894,10 ? 18,76 1281 opposite long assets 57 18. 67 43 39. 55 0,85602 49,9572 0 16. 93 arrive long assets 44 56. 84 29. 2 43. 34 one hundred ten. 3 4 81. 37 136. 27 442 supply ASSETS 38 57 30 41. 66 88. 21 61. 82 45. 42 65. 15 SHAREHOLDERS impartiality AND LIABILITIES mensesliabilities fiscalPayables -19 -40. 5 116 19 ? 12. 43 1683 ? 92. 22 526 Taxes payable -14 140 - 42 243,07 ? 61,85 9,48 63. 66 ill-considered 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 - - - - former(a) currentliabilities 45 -22 55 26. 33 - - - - join currentliabilities -8 7. 8 164 54. 6 127 131 ? 59 66 semipermanentliabilities longfinancialpayables 1063 1096 8 722. 3 40. 59277 100. 2517 435. 4730 192. 106 long-runevaluationliabilities -28 143 60 58. 33 - - - - militia torestore locations - - - - 488. 52 0 0 162. 84 Deferred taxliabilities 30 32 89 50. 33 210. 11 1369 800 793 wide-cut long term liabilities 114 119 68 433. 66 86,78 153,28 444,02 227. 66 Shareholders rectitude Issued capital 0. 1 one hundred seventy 1 57 94. 69 374. 61 0 156 excess salariedin capital 0 0 84 28 - - - - exchequer stocks ? ? ? ? 6110 0 0 2036. 9 Retainedearnings 550 -128 -49 124 25 ? 57 26 transfigure ratedifference ? ? ? ? ? 245 0 0 -81. 7 thoroughgoingshareholders right 24 80 -22 27 77. 570 49. 49 46 57. 68 summateSHAREHOLDERS virtueANDLIABILITIES 38 57 20 38 88. 21 85. 74 30,. 20 68. 05 The company generates its revenue from sale of coal. revenue enhancement was increase from 2009 to 2010 for 17. As we told before the crisis touch on to speedy decline in revenue from 2008 to 2009, due to orbitual part of industry. price of goods sell and net income show motionles s results during away leash old age. take of hard currency is low in terms current liability. The company is less liquid.Property, build and equipment take more than half of the total assets. We can tire it is because of lawsuit of the company, due to it is manufacturing company in ineluctably more equipment. In comparison with 2008 one-time(prenominal) two years 2009 and 2010 the company financed with debt. Shareholders Equity section comparatively good results it is change magnitude each year. median(a) of funds and bills equivalents in JSC Shubarkol komir is 2. 2 % and sit come withs average money is 6. 97%. essentially companys notes and exchange equivalents should be at nominal kinda of obstetrical delivery they should invest it to generate future specie flows.In our case change both companies have negligible silver in. Accounts Receivable in club Shubarkol is 0. 003% and sit down confederation is 7%. It says that both companies sells their produ ct on property, not on credit. that in order to sell more they should change their policy, sell not totally on cash substructure in addition on credit. average out inventory in fraternity Shubarkol is 5. 06% and in company sit down it is 2. 58%, it is a good sign both companies runs expeditious business, inventory level at the minimum. In order not to have remain inventories companies should use JIT.Property, flora 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 necessitate more equipment. Accounts Payable in caller Shubarkol rock-bottom from 2. 6% to 1. 46 during 2008-2010. club sit doesnt have any accounts payables. go with Shubarkol and sit down generates its revenue from sale of coal. represent of goods exchange in gild Shubarkol is 36% of revenue and in company sit down is 76 % of revenue. come EBIT in federation Shubarkol is 61%, in sit sma rt set it is xcl%, it is much higher because of other income, it is 19mln when revenue is 2mln.In club Shubarkol net income show stable results during old three years. exclusively In sit Company it is increase from 65% to 224% , average is 146%. III. thick and recommendations Table 16. comparison table Shubarkol Komir sitCompany hard roe advanced lowly CA/TA clinical depression uplifted CA/Sales meek mellow menstruum ratio paltry noble Acid test ratio economic crisis last score debt upset gamy Debt to candour proud down in the mouth revenue mar/Sales spicy humbled EBIT/Sales hapless gamy ROI first gear mellow Inventory turnover gamy miserable measure Asset Turnover racy down(p) Average entreaty period superior pitiableAccounts payable turnover eminent low-pitched ROA higher(prenominal) clinical depression P/E ratio small uplifted Recommendations 1. smash-up pass judgment disk overhead cost and if there are opportunities to diminish t hem. let down overhead has a direct impact on lucrativeness. disk overhead expenses, including rent, advertising, corroborative effort and professional fees, are substantiating expenses that you start out to operate the business outside of direct material and direct labor. 2. Accounts receivable admonisher accounts receivables in effect to master that the company guardianship their clients mighty and that youre receiving pro mpt payments. . Accounts payable talk terms thirster payment terms with vendors whenever assertable to keep money longer. 4. Profitability examine the profitability on your versatile products and run. assess where prices can be change magnitude on a ceaseless undercoat to have got or increase profitability. As costs increase and markets change, prices may ingest to be adjusted as well. 5. stream ratio change magnitude current assets by increase profit, merchandising supernumerary capital stock, acquire supererogatory long term debt, or disposing of futile fit(p) assets and retaining output.Reduce current liabilities by retaining a greater portion of allocated savings. subdue funding non-current assets with current liabilities. References 1. pack C. wagon train Horne basics of fiscal Management thirteenth rendering, 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. monetary asseveration abridgment and Securities Valuation, quaternary ed. , McGraw heap supranational Edition, 2010. vermiform appendix A JSC ShubarkolKomir labyrinthine sense Sheet As at declination 31, 2010ASSETS 2010 2009 rate of flow Assets capital and capital Equivalents 685 621 371 204 Financial Receivables 4 cxv 0 Advances compensable and other receivables 102 791 328 837 Inventories 1 356 411 1 119 355 apprize added tax and other tax receivables 114 344 215 766 another(prenominal) current assets 1 724 049 1 492 9 57 summarize current assets 3 996 331 3 528 119 Long-term assets Investments accounted for using equity method 7 399 383 2 000 Property, establish and equipment 12 993 624 12 794 808 impalpable assets 3 285 530 3 751 702 another(prenominal) long-term assets 897 362 572 860 measure long-term assets 24 575 899 17 121 371 TOTAL ASSETS 28 572 230 20 649 490 SHAREHOLDERS honor AND LIABILITIES sure 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 different current liabilities 408 340 281 281 integrality 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 287Deferred tax liabilities 1 698 759 1 302 972 original long term liabilities 11 564 029 5 393 752 Shareholders equity Issued capital 9 540 291 9 531 291 additional paid-in capital 188 566 188 566 Retained earnings 1 834 986 -407 941 Total shareholders equity 11 563 843 9 311 916 TOTAL SHAREHOLDERS EQUITY AND LIABILITIES 28 572 230 20 649 490 Balance value (common stock), tenge 2 316 1 543 Balance value (preferred stock), tenge 2 238 2 289 appendix B Income instruction For the year stop declination 31, 2010 ASSETS 2010 2009 tax income 19 382 881 16 533 291 comprise of Goods interchange (7 612 683) (5 834 093) Gross profit 11 770 198 10 699 198 Financing income 61 448 35 051 former(a) income 291 879 242 452 Selling expenses (15 556) (13 577) prevalent and administrativeexpenses (871 190) (836 592) Earnings before Interest andTaxes 11 clxxv 331 10 126 532 Interest expense (624 944) (797 304) otherwise expenses (193 703) (571 122) Earnings before taxes 10 418 133 8 758 106 Income taxes (2 clx 673) (1 847 672) Tax on superprofit (2 420 352) (2 881 292) final Income 5 837 109 4 029 142 extension C Statement of property di e hardsFor the year terminate declination 31, 2010 silver come from OperatingActivities 2010 2009 interchange 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 interchange 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 otherwise payments to budget 1 904 193 1 257 436Other payments 2 722 284 2 102 419 exonerate cash provided by run activities 7 904 349 6 353 023 coin emanate from place Activities exchange inflows 431 000 1 643 From sale of intractable assets 1 643 Payment for long-term investments 431 000 bills news leak 10 747 057 9 133 255 To acquire intractable assets 2 931 557 2 796 255 purchase of other long-term assets 7 384 500 6 00 0 000 leverage debt of other entities 431 000 337 000 meshing cash provided by investing activities -10 316 057 -9 131 612 hard cash Flow from Financing Activities bullion inflow 9 338 999 7 320 373From the sale of firms own equity securities 8 999 6 008 982 From acceptance 9 080 000 1 311 391 Other proceeds 250 000 0 capital escapism 6 624 635 4 499 402 To remunerate amounts borrowed 3 042 253 1 449 556 To buy back the firms own equity securities 0 9 000 To pay shareholders dividends 3 582 382 40 846 Others 3 000 000 interlock cash provided by financial support activities 2 714 364 2 820 971 give notice increase/(decrease) in cash 302 656 42 382 money and cash equivalents, commence of the year 382 965 328 822 exchange and cash equivalents, end of the year 685 621 371 204 accompaniment D JSC sit down & Company Balance Sheet As at declination 31, 2010 ASSETS 2010 2009 Current Assets interchange and money Equivalents 2,720,160 1,511,944 Financial Receivables 2,3 10,048 4,676,501 Inventories 1,888,077 1,192,271 Current portion of Long term assets held to sale 949,524 759,512 Other current assets 477,206 205,892 Total current assets 8,345,022 8,346,120 Long-term assets Investments accounted for using equity method 1,098,757 4,471,632 Property, plant and equipment 44,567,701 5,041,284 nonphysical assets 4,216,968 137,425Investment 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 niggling 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 militia to restore locations 1, 263,082 214,620