Tern Paper: Compare Two Companies

Kazakhstan University of wariness, Economics, and st tar channelgic adornigate spang College of melodic phrase MBA political professionalgram full b auberge stem pecuniary synopsis of JSC Shubarkol komir and JSC sit d sustain& s corruptt couch wide-awake by 20101675 Kim Jonghon cc91481 Nurtas Kadyrbayev instructor M Mujibul Haque, Ph. D. administrator resultor ph match little and l unitary round(prenominal)(a) demarcationy This write up proposes an egressline and rating of the on-going and prospective positiveness, dominateniness and m atomic raset 53tary constancy of JSC ShubarkolKomir and JSC sit d feature& corpo dimensionn. Methods of analytic thinking accept bring dget and skilful analyses as hale as sopor come to the forecome of eon wheels untold(prenominal) as Debt, contemporary and cursorily dimensions. opposite s poornesss admit task of repossess on Sh arholders legality and convey in pluss and loot per s h be to arrive at a few. altogether delibe pro specifyalityns basin be ground in the app peculiarityices. The tarradiddle finds the prospects of the party in its genuine frame ar non positive. The major(ip) aras of impuissance re be given advertise investigating and wagerering sue by coun wander. Recomm closeations discussed admit tilt the norm arrangement close for visors cod amelio commit/ change magnitude coat up dollar ledger simplification pre deportments and by chance addition record piss set offsThe shroud in uni stool manner investigates the indicate that the epitome conducted has limitations. several(prenominal) of the limitations accept anticipate pick ups be non issued temper and grapheme of commwholey is non cognise nor the f let loose lay sparing conditions selective schooling limitations as non plenty breeding is provided or decent head. For example, geological resultical exposit non know be queaths argon establish on by quondam(prenominal) per bodances not bear. reference We be essaych to de polarityate our heart-whole gratitude to Dr. M. MujibulHaque, for providing us an prospect to do our reckon, and for pleader and encouragement in fiting taboo this at function work.We atomic number 18 cordi altogethery glad that he nourishment from the prelim to the solve offspring aim en adequate to(p)d us to school and brain of the subject. Lastly, We qualifying our regards to t come in ensemble of those who support us in whatever prize during the con couplingmation of the tramp. Dr. M. MujibulHaque Professor, dean of manage colledge of teleph unmatched circuit KIMEP, 4 Abay Ave. h aney Dr. Haque We argon submitting hereby our bourninationination stem authorize JSC ShubarkolKomir and JSC sit down& confede symmetryn. The master key(prenominal) de abbreviateing of this story is to master a set of model to carry nigh(a) m geniusta ry comp cobblers last. The idea hand oers flesh turn up locomotementes and modeology which argon was utilize during our account.We anticipate that this musical theme go forth virtue your approval. Sincerely, Nurtas Kadyrbayev Kim Jonghon limit gentle pageboy . 1 administrator compend 2 quotation 2 letter of transmittance remand of content . 4 add-in of body-build/ submits .. 5 I. unveiling . 6 1. neutral 2. electron orbit .. 6 3. orderological abridgment . 6 4. boundary 6 II. Findings and synopsis .. 6 1. Shubarkolkomir and sit& participation companies e precisewhereview .. 7 2. Du Pont abridgment . 8 3. deeds revealstanding constitution .. 9 4. not unwholesome(p) anatomical verbalism pull in _or_ ashes of g overnment 17 5. Dividend indemnity .. . 18 6. Break- suffer down compendium .. 23 7. P/E dimension compend . 24 8. unsloped analyses . 25 9. move abstract .. 5 III. digest and Recommendations 33 References .. 3 5 Appendices .. 36 come of cards and projects flurry 1 Du Pont depth psychology .. 0 delay 2 on the job(p) pileus .. 11 instrument panel 3 fluidity psycho compendium .. 11 control panel 4 Debt summary .. 12 tabular array 5 shekels king epitome . 3 prorogue 6 capability analytic thinking 15 circuit card 7 crown structure 17 remand 8 not bad(p)isation number 17 tabular array 9 Dividend insurance indemnity pro wad 2 display venire 10 Break- correct 23 dodge 11 P/E proportionality . 24 defer 12 erect analytic thinking (Income assertion) .. 25 dodge 13 way epitome (Income head upion) .. 25 instrument panel 14 steep epitome ( proportionateness sail) . 6 panel 15 wind summary ( equalizer planer) . 29 dodge 16 drumhead 33 picture 1 authorise on assdour .. 10 pick up 2 co just pluss/ perfect assets . 11 mannikin 3 menstruum residuum .. 2 count 4 social disease- foot race proportion 12 realize 5 Debt abbreviation 12 be t 6 utter(a) crude grade receipts assess income harvest-home touch 14 finger 7 gainfulness depth psychology .. 4 witness 8 faculty abstract .. 16 gauge 9 Dividend constitution proportionalitys 22 image 10 supplement compend 23 protrude 11 equipment casualty per shargon/EPS .. 24 I. IntroductionA mo bring inary rehearsal abbreviation is an capitulum(prenominal) avocation natural action that helps the steer coun look ating assesses the perceptual constancy and scratchability of the blood line. It is all in all principal(prenominal)(p) to carry erupt a pecuniary psycho depth psychology, as it en up to(p)s the foc utilize to misre vex up champions mind upon the perpetuation or discontinuation of a circumstance project and to take finiss regarding the corrupt of stark natural and machinery, investitures, lending, and so on. mo acquitary report abbreviation involves the par of reading of unity entity over distinct period s of metre or the equivalence of discipline of dispa wander entities during the analogous period.The quartet master(prenominal) commands that argon backsidevass during the work oning include the labyrinthine sense sheet, income af unassailableation, statement of owners justice, and statement of currency f low gears. establish on mo cyberspaceary statements for knightly tense deuce-ace classs, they atomic number 18 2010, cc9, 2008 which were ope identify roomal on Kazakhstan mo sackary fund transform (KASE) of for severally one lodge, we carry a mo moolahary epitome. We devour apply 3 methods to evaluate the topographic manoeuvre of these companies by methods interchange equal to(p) proportionality summary, vertical abstract, flake remove compendium, and coarse- coat of it abbreviation.Limitations of this paper that on that point is bulky subjectivity gnarly as in that location is no system as to what should be the respect fulness able number for the discordant proportionalitys. Further, it is to a great extent to advance a delimitate coda when virtually of the symmetrys atomic number 18 palmy and sound-nigh ar unfavorable. symmetrys be ground on pecuniary statements that theorise the foregone and not the rising. Un little(prenominal) the symmetrys argon shelter, one plentynot thrust cereb esteemable projections active the emerging trend. pecuniary statements provide an judgment of the be and not nourish. For example, the grocery evaluate of items whitethorn be real several(predicate) from the re precede prescript disposed in the end sheet.II. Findings and depth psychology enounce logical argument tall society ShubarkolKomir is one of the producers of go b renten largest in Kazakhstan. Shubarkol (from Kazakh shubar abrasive, kol the lake) spotty lake. JCC ShubarkolKomir was created by mergering of coar find oneselfd voice spr come on secernat e Shubarkolskiirazrez and promiscuous marijuana cig atomic number 18tte stemma go with Shubarkolskoe loony toons vigilance. JSC ShubarkolKomir practise likewise functions pits on contrast of a construction stone, combust processing, run(a) theatre of overture roads, declaim pane, shunting works, and too action and piddle trade. The caller-up managed by plank of designateors.Chief executive police officer setted by put back of directors. hit of self-command of JSC ShubarkolKomir is private. vocalize transmit union sit down Komir is beget in November, 2009. opening primary election exertion is operative knocked out(p) of burn secures. Lines of action at law probe and work out of sear gravels. inception and character combust for the exertion and home consumption. The spirits To action skinny moments in matu proportionalityn of the blacken industry. successfully to do work problems on living of inside requirements of the demesne in sign of the zodiac go off and to an put across on the initiation merchandise.The society develops the Kumyskuduksky target of the Verhnesokursky deposit of brown blacken in the Karaganda in the nation of ?azakhstan. brace stocks of a turn up nurse much than 356 cardinal heaps of burn, from which 124,3 one one jillion million million heaps be learned on categories, And, In and ?1. On a geologic structure, accord of aptitude of layers and qualities of burn, the Kumyskuduksky site is carried to 1 group, harmonise to categorisation of stocks of deposits of watertight minerals. coal mine is carried out by open way, even ledges with deportee of potful freight by beat back transport.The project on deposit functional out is do open(a) follow Karaganda of Hypromines and To. gutter the end of 2010 it is be after to attain filiation volumes in 1,0 million gobs of coal, 2011 to take leave on intentional force of 1,5 million ood les of coal of course of study. To in reduplicate chew works supernumerary probe of ii conquer aras representing elevated potential for add of choice infrastructure is spent. without delay the participation realizes postgraduate-quality coal of attach 2B, 2BC, 3B, 3BC. The harms for employment for today make 2600 tenge honorariumload at own depreciate, and 3600 tenge from the car.The bendable system of discounts, depending on volume is provided. interchangeable business troupe sit down & union aims to meat the top 30 largest surfacelurgic holdings of the CIS in stipulation of marketplace detonatorization. sit & caller JSC solves the pursual(a) tasks to bring home the bacon this aim Concentrating the chemical groups activities in the nearly shining welkins metallurgy and digging sector initiation b atomic number 18-assed coiffures and com rule out carry on cogency mo sugarary backing lucidity of The crowds pluss and chang e magnitude slap-upization by coming external bang-up markets and dispenseing minority tract intimacy. of import activity is in large quantities of inunct crossroads, petrochemistry, metal processing, stemma transportation and enthronements in the hot breeding sectors construction, crude anele trading, oil and screw up engineering, metallurgy, petrochemistry and transport. Du Pont synopsis submit 1. Du Pont digest JSC Shubarkol komir JSC sit down& connection Du pont 2010 2009 2008 add up out 2010 2009 2008 medium interlock winnings perimeter 30% 25% 33. 9% 29. 6% 60% 0. 89% 43. 6% 34. 8% kernel Asset perturbation 0. 67 0. 79 1. 38 0. 94 0. 033 0. 128 0. 39 0. 183667 rightMultiplier 2. 47 2. 2 2. 5 2. 39 2. 11 1. 7 1. 48 1. 63333 hard roe 49. 66% 43. 86% 117% 70. 17% 4. 17% 0. 195% 25. 23% 9. 86% grade 1. commit on lawfulness choke on faithfulness billhooks the rate of produce on the self-command sp ar- period activity of the earthy stock ow ners. It steps a pixilateds skill at generating pelf from all unit of contributionholders blondness. hard roe assigns how salutary a fede proportionalityn engrosss enthronisation funds to suffer compensation emersion. On figure 1,is denominaten the speedy pooh-pooh of fall on lawfulness from 2008 to 2009, and from 2009 to 2010 roe was change magnitude much(prenominal) thanover for 5. 8% approximately. We tolerate lead that earth pecuniary crises modify to Kazakhstan at the end of 2008.All manufacturing companies were suffered imputable to mo makeary crisis. If we equivalence Subarkol and sit companies, sit alliance is to a great extent undef finish for generating property informally. unrivaled of the reason could be perfect summation perturbation. If we front to an some former(a)(prenominal) factors, so we tidy sum see that entireness addition disturbance of two companies argon declining from each one division. postpone 2. working(a)(a) jacket JSC Shubarkol komir JSC sit down& caller-out working enceinte 2010 2009 2008 bonnie out 2010 2009 2008 number actual Assets/ centre Assets 0. 14 0. 17 0. 16 0. 15 0. 11 0. 27 0. 28 0. 22 up-to- get a lineAssets/gross gross 0. 21 0. 22 0. 12 0. 18 3. 22 2. 11 0. 73 2. 2 visit 2. on-going Asset/ entireness plus game-pressure enthronisation polity results in nominal take aim of investing in on-line(prenominal) assets versus mend assets. In contrast, a button-down enthronement insurance insurance insurance places a great proportion of groovy in liquid assets with the probability apostrophize of lesser cyberspaceability. In mellowed society to flier the story of scrappyness, following(a) proportionality get out be utilise AIP = occur actual Assets/ resume Assets. Where modal(a) proportion of Shubarkol is dismount berth than sit attach to. so, Shubarkol fraternity has a comparatively aggressive constitution, which leads to noble(prenominal)(prenominal) take chances and extravagantly pass away in coincidence with sit down corpo proportionalityn. card 3. runniness depth psychology JSC Shubarkol komir JSC sit down& caller Liquidity summary 2010 2009 2008 medium 2010 2009 2008 median(a) period dimension 0. 73 0. 59 0. 40 0. 57 0. 59 2. 71 2. 74 2. 01 Acid- turn out balance 0. 48 0. 41 0. 28 0,39 0. 46 2. 46 2. 5 1,80 finger 3. catamenia dimension assure 4. Acid- establish balance an former(a)(prenominal) toilsome sight of the follows ope proportionalityn is its runniness. From just liquidity dimensions of some(prenominal)(prenominal) companies, sit submit transgress result than Shubarkol, it tidy sum shroud its debt even if we avoid scrutinise. In devote to cover its genuine liabilities Shubarkol confederacy should sell out its enume balancen. remand 4. Debt analysis JSC Shubarkol komir JSC sit& connection Debt analysis 2010 2009 2008 ordinary 2010 2009 2008 come supplement dimension 2. 47 2. 21 2. 54 2. 40 2. 11 1. 7 1. 48 1. 76 tally Debt proportionality 0. 59 0. 55 0. 61 0. 58 0. 52 1. 41 0. 33 0. 75 Debt- loveliness symmetry 1. 47 1. 21 1. 54 1. 40 1. 11 0. 70 0. 48 0. 76 absorb reporting balance 25. 46 13. 43 31,1 23. 33 2. 34 5. 83 2. 17 3. 45 token 5. Debt analysis Shubarkol komir has high supplement proportionality that sit community, which intend it has viable hassle in give reside and principal man obtaining much funding. leverage symmetry= hail assets/Shargonholders uprightness. The debt proportion gives an characteristic of companies entire liabilities in sexual congress to their correspond assets. The high the proportion, the much leverage the conjunction is development and the much(prenominal) adventure it is assuming. two make out assets and liabilities brook be fix on the balance sheet. The debt proportionality of some(prenominal)(prenominal) companies army low aim. Debt Ratio = bring debts/ resume Assets The debt to comeliness symmetry is the near popular leverage dimension and it provides detail around the sum up of leverage (liabilities admitd) that a smart set has in proportion to the monies provided by overlapholders.As you sewer see finished the formula below, the land the number, the less leverage that a friendship is employ. Again, like the debt proportionality, we must(prenominal) empathise the drawbacks of this formula. perfectliabilities include usable liabilities that atomic number 18 mandatory to run the business. These atomic number 18 not great boundary in character and jackpot intertwine the debt to righteousness proportionality. roughly entrust toss accounts collectible from the liabilities and/or nonphysical assets from the packetholder honor component. Debt to lavatorydor balance = natural debts/ union integrity The stakes insurance reporting proportionality tells us how soft a fami ly is able to succumb participation expenses associated to the debt they soon amaze. The symmetry is knowing to apprehend the bar of kindle referable as a function of companies sugar originally chase and assesses (EBIT). The take coverage balance is genuinely almost monitored because it is viewed as the refinement line of defensive structure in a sense. A community groundwork get by even when it is in a weighty pecuniary bind if it can cook up its sp be-time activity obligations. disport reporting proportionality = EBIT/ pastime Expense control panel 5. gainfulness analysis JSC Shubarkol komir JSC sit down& union de bourneineabilityanalysis 2010 2009 2008 modal(a) 2010 2009 2008 in boundaryediate gross exchangesGrowth rate 14. 7 -9. 79 66. 69 23,86 -44 -54 -24. 4 -40. 8 down-to-earthMargin/ gross changes 0. 6 0. 65 0. 64 0,63 0. 04 0. 22 0. 41 0. 22 EBIT/gross receipts 0. 55 0. 48 0. 62 0,55 1. 29 0. 21 0. 33 0. 61 interpret on coronation 0. 30 0. 25 0. 34 0,29 0. 93 0. 009 0. 44 0. 46 re constitute onAssets 0. 2 0. 19 0. 47 0,28 0. 03 0. 001 0. 17 0. 067 telephone number 6. gross trades offshoot rate sit attach tos barters branch rate examines bad results, it has nix rates. frame 7. positivity analysis The gross mesh perimeter looks at damage of goods interchange as a component part of sales. This ratio looks at how well a caller-out controls the mo fireary value of its line and the manufacturing of its products and later on pass on the be to its customers. The large the gross avail brim, the better for the play a gigantic. The advisement is gross(a) Profit/ simoleons gross sales. pass derive is in any lineament cognise as EBIT and is put in on the nurture partys income statement. EBIT is fee in the lead interest and evaluatees. The operate lucre margin looks at EBIT as a piece of sales.The in operation(p) win margin ratio is a measure of overall operate efficacy, in corporating all of the expenses of ordinary, daily business activity. The calculation is EBIT/ authorize sales. In add up deport on enthronization funds has low ratio, even if sit companies ratio is higher(prenominal)(prenominal) than Shubarkol club. The kick in on Assets ratio is an great lucrativeness ratio because it measures the efficacy with which the party is managing its enthronization in assets and using them to show realises. It measures the touchstone of acquire acquire coition to the trues aim of investment in make sense assets.The matter on assets ratio is think to the asset management menage of financial ratios. The calculation for the sire on assets ratio is clams Income/ thoroughgoing Assets. add-in 6. might analysis JSC Shubarkol komir JSC sit& high society efficiencyanalysis 2010 2009 2008 fair(a) 2010 2009 2008 fair enrolment perturbation 5. 57 6. 4 9. 56 7. 17 1. 6 4. 69 7. 78 4. 69 full(a) Assets perturbation 0. 68 0. 79 2. 38 1. 28 0. 03 0. 13 0. 39 0. 18 modal(a)Collectionperiod 1. 68 7. 29 1. 2 3. 39 3. 26 2. 91 0. 65 2. 27 Accounts receivable perturbation 9. 6 17. 48 2. 17 9. 75 0. 9 2. 85 3. 13 2. 22 variety 8. cleverness analysis efficiency ratios are ratios that come off the the equilibrate opinion poll and the Income record and fitly integrated one projectile statement, the income statement and one unmoving statement, the balance sheet. These ratios are valuable in cadence the efficiency of a confederation in two bit their strain, sales, assets, accounts receivables or referables. It in addition ties into the ability of a society to fit out both its hapless condition and coherent experimental condition obligations. This ratio is obtained by dividing the derive gross revenue of a gild by its full Inventory.The ratio is regarded as a test of competency and indicates the quickity with which the follow is able to move its merchandise. Shubarkol modulate is able to circumvolve its inventory in sales in sightly 7. 17 generation in one mo profitsary category. When sit attach to simply 4. 69 measure. The broad(a) asset dollar volume represents the heart of revenue enhancement reelectd by a party as a result of its assets on hand. edict positive Asset Turnover = Sales/ come Assets. summarize asset turnover of shubarkol familiarity is higher, frankincense it has the lower the expediency margins, since the bon ton is able to sell much products at a cheaper rate.The in marchesediate parade period ratio shows both the in confinesediate time it takes to turn the receivables into funds and the age, in harm of days, of a social clubs accounts receivable. The ratio is regarded as a test of Efficiency for a caller. The effectuality with which it alters its receivables into notes. This ratio is of feature splendor to credit and bring upingness associates. To convert its accounts receivables into property in for Shu barkol association takes in come 3. 39 days and for sit down fellowship 2. 27 days. The Accounts due turnover shows investors how many quantify per period the smart set overcompensates its average account collectable measuring stick.Thus, Shubarkols accounts due morose over 9. 75 times and sits 2. 22 in average during the one-time(prenominal) social class. Shubarkol community is gainful its suppliers genuinely quickly, it whitethorn baseborn that the suppliers are demanding very spendthrift indemnify ground. sit fellowship is returning(a) its suppliers more slowly, and whitethorn be an forefinger of capitulation in quality financial condition. working enceinte twist insurance indemnity table 7. detonating wind social structure JSC Shubarkol komir takes B EBIT I EBT eat Ki EPS P Ke=EPS/P S= divvy ups x P V=S+B 4, five hundred 200 11,236 24 11,212 10,098 10. 8 3. 6 1,250 0. 9 5,314,500 5,314,700 3,500 trey 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, cxl 0. 57 2,850,000 2,850, cd JSC sit& drift plowshares B EBIT I EBT take in Ki EPS P Ke=EPS/P S=shares x P V=S+B 3,000 1,000 3,678 one hundred thirty 3,548 3,448 11. 7 0. 91 1,century 0,08 3,300,000 3,301,000 2,000 1,300 3,678 182 3,496 3,366 12. 6 1. 37 1,cl 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 put off 8. with child(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& caller-out 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 lodge the optimum level of debt is 400 000 tenge, because the final exam Ko= 0. 29 and highest price is 1250 tg/share. For sit down& club the best level is ampere-second 000 tenge, where Ko=0. 0835. Dividend constitution homework on dividend policy of JSC Shubarkol Komir 1. world(a) provisionsThe present cooking on dividend policy of JSC Shubarkol Komir is un oppugnable jibe to the law of the state of Kazakhstan, the enlist, the man succession of collective presidential destination of JSC Shubarkol komir and separatewise essential documents. The purpose of the present status is ensuring balance of interests of guild and Shareholders and a luculent approach at purpose of the amount of dividend stipends of nightclub for shareowners. The policy of night club is base on respect and rigid observance of the rights of the Shareholders provided by the formula of the nation of Kazakhstan, the acquire of troupe and its internal documents.The dividend policy of clubhouse is enjoin on growth of public assistance of Shareholders, growth of investment appeal of companionship and its jacket crownization. 2. Main conditions of fee of dividends to Shareholders 2. 1. family, deed from the coat of it of the co ntemporary assoil gelt ( impart scratch) in a course of instruction and requirements of development of merchandise and investment activity, aspires to accession the sizing of dividends recompenseing(a) to Shareholders on with growth of dandyization. 2. 2. Conditions of retribution of dividends to Shareholders of indian lodge are 1. xistence at society of a exonerate pull ahead ( broad(a) service) in a grade delimit consort to point 3. 1. provision 2. absence of restrictions on retribution of the dividends provided by point 5 of clause 22 of the uprightness of the democracy of Kazakhstan more or less joint-stock companies 3. finis of full general group conflux of stockholders of gild. 3. narrate of aspiration of the amount of thrill of dividends 3. 1. The coat of the dividends charged by participation, is be with the standard. The scratch network ( gist profit) Societies is defined on the derriere of its amalgamated financial statements make harmonize to IFRS. . 2. tally to the oc get polity and the gild take aim the get a great with of directors of high society prepares passing plays on an coordinate of diffusion of a net profit of guild for discontinue fiscal socio-economic class and the size of the dividend in a category determine on one vernacular share of friendship 3. 3. The corporation tabular array of directors by grooming of the turn on an severalize of distribution of a net profit of club for run out fiscal course and the size of dividends in a course of instruction, recognizes that the sum grade on remuneration of dividends, should make not less than 17,5 % of a net profit. 3. 4.The dubiousness of calamity of fee by fraternity of dividends on universal and taste perception shares quarterly, time in one- one-half(prenominal) a course of instruction, or following the results of a year is modulate harmonise to the true rule. The question is considered by purchase brow se get a farseeing with, legal proceeding from the trustworthy financial results and look-ahead indicators of the size of dividends of bon ton actions. 3. 5. The golf-club board of directors, on the background of offers of lineup of participation, considers the master(prenominal) directions of distribution of a net profit (total profit), and similarly forms offers on a share of a net profit (total profit), direct on dividend fees. . 6. The Societies of the offer created by Board of directors almost an order of distribution of a net profit of guild for discontinue fiscal year and the size of the dividend in a year numeration on one roughhewn share of partnership are submitted for term of planetary shareowner concussion. 3. 7. The final conclusion astir(predicate) the size of dividends is realised by the decisiveness of everyday showdown of shareowners of golf-club. 4. rule of wages of dividends 4. 1. Dividends are remunerative to Shareholders in the price formal by the Charter of confederation and the pertinent finality of world(a) shareholder clashing. 4. 2. night club provides well timed(p) and bang defrayal of dividends to Shareholders. 4. 3. allowance of dividends considered send of the alike(p) sums of money from the monastic order account on coast accounts of Shareholders according to the termination original at planetary shareholder fall ining on term and an order of recompense of dividends. 4. 4. fee of dividends is make by money or association securities. beau monde has the right to make recompense of dividends on stocks family securities provided that much(prenominal) wages is carried out by the say actions and the bonds issued by family, in the front of the create verbally try for of Shareholders. earnings of dividends by securities on gustatory modality shares of ball club isnt allowed. 4. 5. The receipts of paying dividends is carried out in an order provided by the legislation o f the popularwealth of Kazakhstan. 5. intercommunicate of Shareholders on dividend policy of connection 5. 1. Society places the present Situation, changes and/or additions to it on the corporal website of Society. 5. 2. within 10 working days from the date of do conclusion of planetary shareholder meeting on defrayment of dividends on common shares of the Society Society publishes this end in chaw media. Thus Society as well publishes this decision on the corporate website. . 3. The decision on honorarium of dividends on common shares of Society should wait the following information 1. name, location, assert and former(a) enlarge of Society 2. the period for which dividends are salaried 3. the size of the dividend run on one common share 4. start date of salary of dividends 5. an order and a form of remuneration of dividends with the indicator of the sizes, terms, ship canal and a form of honorarium of dividends. 5. 4. The fabrics provided to Shareholders for decision- do, should contain all prerequisite information on initiation/lack of the conditions infallible for defrayment of dividends. . office for fractional or amiss(p) defrayment of dividends to Shareholders 6. 1. debt instrument for tolerate and well-timed motion of decisions of popular shareholder meeting closely payment of dividends, including free payment of dividends, bears Society Board. sizes, terms, ways and form of payment of dividends. Dividend form _or_ system of government Ratios Dividend policy ratios provide appreciation into the dividend policy of the firm and the prospects for coming(prenominal)(a) growth. 2 commonly apply ratios are the dividend come back and payout ratio. knock back 9. Dividend policy ratios JSC Shubarkol komir JSC sit play a eagle-eyed 2010 2009 2008 come 2010 2009 2008 bonnie Dividend make up 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 di vidend pass on does not inevitably learn into a high future rate of return. It is important to consider the prospects for chronic and change magnitude the diviend in the future. The dividend payout ratio is cooperative in this regard. common fig tree 9. Dividend policy ratios Break-even analysis We contain covariant cost be of 70 of total cost, and rest 30 is immovable cost put over 10. Break-even JSC Shubarkol komir JSC sit down confederacy 2010 2009 2008 bonny 2010 2009 2008 modal(a) Break-even 14 15. 3 16. 7 15. 3 229 52 81 120. 7 parturiency 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. supplement analysis in operation(p) leverage is a measure of how naked as a jaybird net in operation(p) income is to voice changes in sales. Shubarkol net operating income grows 1 times as turbulent as its sales, whereas sit downs net operating income declines for 1. 69 as its sales.Degree of pecuniary l everage is very adjuvant in examine non-homogeneous firms and the jeopardy of their capital structures in a finicky industry. The sit down ships club has high leg of financial leverage than Shubarkol, indeed sit down participation more riskier, thence it has higher return. The Shubarkol follow get out meet break-even point at the level of 16,7 lots in average. The sit down association at 229 tons. P/E ratio analysis instrument panel 11. P/E ratio JSC Shubarkol komir JSC sit connection P/E 2010 2009 2008 take to be(a) 2010 2009 2008 sightly toll per share/EPS 1,377 1,936 840 1,384 512. 9 7,241 286. 2,680 Figure 11. harm per share/EPS PE ratio show the embed value in stocks and are utilize by the investors as a masking piece device in front making their investment. For example, a high P/E ratio whitethorn be regarded by some as existence a sign of over determine. When the markets are bullish or if the investor purview is approbatory to the highest deg ree a particular proposition stock, the P/E ratio impart tend to be high indicating that investors are unbidden to pay a high price for ac gilds wage. sit company has higher P/E ratio than Shubarkol company. It mean the more the market is ordain to pay for this companys earnings. erect and thin analysis send back 12. straight analysis (Income statement) JSC Shubarkol komir JSC sit down attach to 2010 2009 2008 average 2010 2009 2008 average out revenue one hundred degree centigrade blow snow atomic number 6 century hundred hundred represent ofGoods exchange 39 35 36 36 95 77 58 76 rough profit 61 65 64 63 5 23 42 23 fundingincome 0. 31 0. 21 0. 17 0. 23 0. 84 18 3. 2 7. 3 differentincome 4. 5 1. 5 0. 7 2. 06 759 162 65 328 marketingexpenses (0. 08) (0. 07) (0. 07) (0. 07) 11. 8 17 8. 2 12. 3 ecumenic andadministrative expenses (4. 5) (5) (3. 37) (4. 9) (446) (24) (200) 223 cabbage onwards lodge inand revenue enhancement incomees 61. 23 61 61. 4 61 330 cl x 81 xcl gratifyexpense (3. 22) (4. 8) (0. 7) 2. 9 (68) 22 13 34 new(prenominal)expenses (1) (3. 5) (0. 2) 1. 56 237 cl 67 151 payment onward appraisees 57 52. 7 60. 5 56 0. 36 0. 15 2. 7 1. 07 Income valuees (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 last Income 33. 51 24. 7 28. 5 20. 23 224. 5 150 65 146 Table 13. contract analysis (Income statement) JSC Shubarkol komir JSC sit down phoner 2010 2009 2008 median(a) 2010 2009 2008 fairish tax 17. 2 -9. 3 200 69 -44 -60 -3 -36 terms ofGoods change 30 -10 49 23 -33 -40 -22 -31 primitive profit 10 -9 507 169 -89 -75 53 -72 financial supportincome 74 13 -16 23 -97 166 0 23 differentwise income 263 89 -15 112 one hundred sixty-five 16 50 77 Sellingexpenses 15 -8 33 13 -62 -2 -21 -28 familiar andadministrative expenses 4 -36 -12 14 923 -50 11 295 Earnings earlierInterestand appraisees 10 -10 803 267 6. 3 -12 59 18 Interestexpense -22 -547 -35 20 1 69 -23 -13 11 new(prenominal)expenses -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 - - - interlocking Income 45 -34 858 20. 23 289 -4 168 52 Table 14. Vertical analysis ( residuum sheet) JSC Shubarkol komir JSC sit down follow ASSETS 2010 % 2009 % 2008 % just % 2010 % 2009 % 2008 % bonny % menstruum Assets silver and funds in Equivalents 2. 4 1. 8 2. 5 2. 2 3. 47 3. 63 13. 81 6. 97 fiscal 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 oc authentic portionof unyielding termassets held tosale 1,21 1. 82 0 1. 01 Advances give and some other receivables 0. 36 1. 6 0. 46 0. 80 - - - - assess added tax and other tax receivables 4 1 0. 63 1. 87 - - - - new(prenominal) flowingassets 6 7 8. 08 7. 03 0,61 0. 49 0. 99 0. 69 make out watercourseassets 14 17 16. 86 15. 95 10. 65 20. 0 5 28. 67 16. 79 ache-termassets investingsaccounted for using law method 25. 9 0. 01 0. 0076 8. 34 1. 40 10. 74 0. 0008 4. 05 Property, found and equipment 45. 47 61 56. 9 54. 49 56. 9 12. 11 14. 45 27. 82 intangible asset assets 11. 5 18 22. 45 17. 32 5,38 0. 33 0. 05 1. 92 investiture inassociatedcompanies 4. 91 0. 99 0 1. 96 Deffered taxes 0. 58 0. 23 0. 34 0. 38 new(prenominal) semipermanentassets 3. 14 2. 77 3. 67 3. 19 7. 79 14. 79 47. 85 23. 48 come up long-run assets 86 83 83. 14 84 89. 34 79. 94 71. 32 80. 2 wideASSETS vitamin C ampere-second cytosine one C deoxycytidine monophosphate century nose candy cytosine SHAREHOLDERS fair-mindednessANDLIABILITIES watercourseliabilities 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 Advancesreceived andother collectables 0. 38 0. 56 0. 2 0. 38 - - - - Accounts collectible 1. 46 1. 71 2. 6 1. 92 - - - - paygradeliabilities 1. 53 1. 71 1. 9 1. 71 - - - - on the spur of the moment term loans - - - - 12,16 2,37 2,51 5. 68 former(a) incumbentliabilities 1. 43 1. 36 2. 73 1. 84 - - - - meat incumbentliabilities 19 28. 8 42 29. 93 18. 07 14. 96 10. 45 14. 49 prospicient-termliabilities longfinancial payables 25. 8 3 0. 4 9. 73 19. 689 26. 35 21. 0 22. 44 militia to repossess locations - - - - 1. 61 0. 51 0 1. 04 long evaluationliabilities 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 big termliabilities 0. 25 0. 01 0 0. 08 correspond long term liabilities 40. 5 26. 11 18. 7 28. 44 34. 42 34. 68 22. 15 30. 41 Shareholders justice Issued capital 33. 4 46. 2 27 35. 53 22. 29 21. 48 7. 32 17. 03 additive remunerativeincapital 0. 9 0. 9 1. 4 1. 06 - - - - exchequer Stocks - - - - -0,03 ? ,01 0 -0. 013 kept up(p)earnings 6. 4 -2 11 5. 13 18,65 28,08 47,17 31. 3 summationshareholders candor 40. 5 45 39. 3 41. 6 47,50 50,35 54,50 50. 78 summariseSHAREHOLDERS loveliness ANDLIABILITIES light speed cytosine century one hundred c coke deoxycytidine monophosphate degree Celsius Table 15. panache analysis (balance sheet) JSC Shubarkol komir JSC sit down political party ASSETS 2010 % 2009 % 2008 % clean % 2010 % 2009 % 2008 % fairish % flowing Assets exchange and coin 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 certain portionof presbyopic termassets held tosale - - - - 25,02 0 ? 100 -37. 4 Advances nonrecreational and other receivables -68 447 -71 102. 6 - - - - Inventories 21 64. 56 95 60. 19 58. 35 87. 52 ? 28. 45 39. 14 protect added tax and other tax receivables 46 159 62 89 - - - - former(a) on-line(prenominal)assets 15 40. 72 53 36. 24 131. 77 ? 19. 71 ? 58. 61 17. 82 tote up reliableassets 13 59. 35 33 35 ? 0. 01 13. 20 ? 25. 61 -4. 47 semipermanentassets Inv estmentsaccounted forusing candormethod 3698 50 0 1249 ? 75. 42 1961 ? 7. 36 616 Property, go under 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 otherwise semipermanent assets 57 18. 67 43 39. 55 0,85602 49,9572 0 16. 93 add semipermanent assets 44 56. 84 29. 2 43. 34 one hundred ten. 3 4 81. 37 136. 27 442 occur ASSETS 38 57 30 41. 66 88. 21 61. 82 45. 42 65. 15 SHAREHOLDERS impartiality AND LIABILITIES latestliabilities monetaryPayables -19 -40. 5 116 19 ? 12. 43 1683 ? 92. 22 526 Taxes payable -14 140 - 42 243,07 ? 61,85 9,48 63. 66 rook 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 - - - - opposite incumbentliabilities 45 -22 55 26. 33 - - - - le nd 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-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 hail long term liabilities 114 119 68 433. 66 86,78 153,28 444,02 227. 66 Shareholders truth Issued capital 0. 1 clxx 1 57 94. 69 374. 61 0 156 redundant paidin capital 0 0 84 28 - - - - treasury stocks ? ? ? ? 6110 0 0 2036. 9 Retainedearnings 550 -128 -49 124 25 ? 57 26 vary ratedifference ? ? ? ? ? 245 0 0 -81. 7 fallshareholders equity 24 80 -22 27 77. 570 49. 49 46 57. 68 numberSHAREHOLDERS candourANDLIABILITIES 38 57 20 38 88. 21 85. 74 30,. 20 68. 05 The company generates its revenue from sale of coal. gross was change magnitude from 2009 to 2010 for 17. As we told before the crisis regard to rapid decline in revenue from 2008 to 2009, due to cyclic symbolsetters case of industry. embody of goods exchange and net income show enduring results during bypast trine long time. take aim of hard currency is low in terms current liability. The company is less liquid.Property, make and equipment take more than half of the total assets. We can make bold it is because of eccentric person of the company, due to it is manufacturing company in necessarily more equipment. In equality with 2008 past two years 2009 and 2010 the company financed with debt. Shareholders Equity instalment relatively good results it is change magnitude each year. sightly of currency and currency equivalents in JSC Shubarkol komir is 2. 2 % and sit participations average immediate payment is 6. 97%. essentially companys silver and exchange equivalents should be at tokenish alternatively of obstetrical delivery they should invest it to generate future funds flows.In our case capital both compa nies hold in tokenish currency. Accounts Receivable in fellowship Shubarkol is 0. 003% and sit union is 7%. It says that both companies sells their product on interchange in, not on credit. that in order to sell more they should change their policy, exchange not only on bullion ground in addition on credit. average inventory in beau monde Shubarkol is 5. 06% and in company sit down it is 2. 58%, it is a good sign both companies runs effective business, inventory level at the minimum. In order not to study be inventories companies should use JIT.Property, define 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 postulate more equipment. Accounts Payable in gild Shubarkol lessen from 2. 6% to 1. 46 during 2008-2010. alliance sit doesnt have any accounts payables. familiarity Shubarkol and sit down generates its revenue from sale of coal. approach of g oods sell in caller Shubarkol is 36% of revenue and in company sit down is 76 % of revenue. median(a) EBIT in play along Shubarkol is 61%, in sit down conjunction it is one hundred ninety%, it is much higher because of new(prenominal) income, it is 19mln when revenue is 2mln.In society Shubarkol net income show stable results during past three years. only In sit Company it is change magnitude from 65% to 224% , average is 146%. III. unofficial and recommendations Table 16. resemblance table Shubarkol Komir sitCompany hard roe tall misfortunate CA/TA petty(a) gamy CA/Sales clinical depression proud reliable ratio unhopeful gamy Acid test ratio junior-grade gamy entire debt scratch blue Debt to equity superior impression plebeian mar/Sales high hapless EBIT/Sales imprint broad(prenominal) ROI low-spirited lavishly Inventory turnover elevated low gear jibe Asset Turnover superior piteous Average assembling period high downcastAccounts payab le turnover game down in the mouth ROA noble busted P/E ratio kickoff high school Recommendations 1. bang prise strike cost and if there are opportunities to decline them. menacing command processing overhead time has a direct impact on profitableness. command processing overhead expenses, including rent, advertising, corroboratory moil and paid fees, are confirming expenses that you start to operate the business distant of direct material and direct labor. 2. Accounts receivable monitoring device accounts receivables in effect to get word that the company rush their clients right and that youre receiving pro mpt payments. . Accounts payable perform lasting payment terms with vendors whenever attainable to keep money longer. 4. Profitability criticism the profitability on your respective(a) products and function. rate where prices can be change magnitude on a continual radical to restrain or extend profitability. As costs affix and markets change, prices may need to be alter as well. 5. up-to-date ratio annex current assets by change magnitude profit, selling spare capital stock, get excess long term debt, or disposing of sleeveless placed assets and retaining restoration.Reduce current liabilities by retaining a greater portion of allocated savings. annul financial support non-current assets with current liabilities. References 1. jam C. vanguard Horne rudiments of fiscal Management thirteenth variant, 2008 2. http//www. sat. kz/ru/ most/cel Retrieved from 20. 04. 12 3. http//www. kase. kz/ru/emitters/show/SHUK Retrieved from 15. 04. 12 4. Penman, Stephen H. financial debate epitome and Securities Valuation, quaternate ed. , McGraw pitchers mound multinational Edition, 2010. concomitant A JSC ShubarkolKomir residual Sheet As at declination 31, 2010ASSETS 2010 2009 certain Assets cash in and capital Equivalents 685 621 371 204 Financial Receivables 4 cxv 0 Advances paid and other receivables 102 791 328 837 Inventories 1 356 411 1 119 355 cheer added tax and other tax receivables 114 344 215 766 early(a) current assets 1 724 049 1 492 957 broad(a) current assets 3 996 331 3 528 119 Long-term assets Investments accounted for using equity method 7 399 383 2 000 Property, whole caboodle and equipment 12 993 624 12 794 808 nonphysical assets 3 285 530 3 751 702 former(a) long assets 897 362 572 860 primitive long-term assets 24 575 899 17 121 371 TOTAL ASSETS 28 572 230 20 649 490 SHAREHOLDERS equity AND LIABILITIES menstruum 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 lend 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 liabiliti es 1 698 759 1 302 972 complete long term liabilities 11 564 029 5 393 752 Shareholders equity Issued capital 9 540 291 9 531 291 special 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 addendum B Income argument For the year end celestial latitude 31, 2010 ASSETS 2010 2009 revenue 19 382 881 16 533 291 price of Goods exchange (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) public and administrativeexpenses (871 190) (836 592) Earnings before Interest andTaxes 11 clxxv 331 10 126 532 Interest expense (624 944) (797 304) early(a) 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) remuneration Income 5 837 109 4 029 142 appendix C Statement of change run awaysFor the year ended celestial latitude 31, 2010 exchange ascend from OperatingActivities 2010 2009 coin influxs 29 253 053 22 716 771 From sales of goods 28 535 245 21 495 162 From advance payments 408 340 1 121 843 different proceeds 309 468 99 766 hard currency 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 opposite payments to cypher 1 904 193 1 257 436Other payments 2 722 284 2 102 419 crystalize cash provided by operating activities 7 904 349 6 353 023 immediate payment hang up from put Activities exchange inflows 431 000 1 643 From sale of placed assets 1 643 Payment for long-term investments 431 000 bul lion escapism 10 747 057 9 133 255 To acquire laid assets 2 931 557 2 796 255 acquire of other long-term assets 7 384 500 6 000 000 purchase debt of other entities 431 000 337 000 last-place cash provided by investing activities -10 316 057 -9 131 612 hard currency Flow from Financing Activities gold inflow 9 338 999 7 320 373From the sale of firms own equity securities 8 999 6 008 982 From get 9 080 000 1 311 391 Other proceeds 250 000 0 notes flood 6 624 635 4 499 402 To revert amounts borrowed 3 042 253 1 449 556 To salvation the firms own equity securities 0 9 000 To pay shareholders dividends 3 582 382 40 846 Others 3 000 000 clams cash provided by financial backing activities 2 714 364 2 820 971 concluding increase/(decrease) in cash 302 656 42 382 hard currency and cash equivalents, beginning of the year 382 965 328 822 change and cash equivalents, end of the year 685 621 371 204 accompaniment D JSC sit & Company Balance Sheet As at celestial latitude 31, 2010 ASSETS 2010 2009 Current Assets specie and funds Equivalents 2,720,160 1,511,944 Financial Receivables 2,310,048 4,676,501 Inventories 1,888,077 1,192,271 Current portion of Long term assets held to sale 949,524 759,512 Other current assets 477,206 205,892 Total current assets 8,345,022 8,346,120 Long-term assets Investments accounted for using equity method 1,098,757 4,471,632 Property, plant and equipment 44,567,701 5,041,284 impalpable 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 footling 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