Grandmas Treats

Advertising has taken a toll towards being much interactive & adenine hence more productive. Various strategies are being practiced to improve the business of each organization. Business to Business or com/marketing-200-chapter-7-quiz/B2B strategy is basically electronic work transactions between two or more businesses. It is comprised of applications intended to annex relationships within two or more organizations for ex axerophtholle using earnings to administer the logistics of demand & axerophthol supply, explore for product catalogues, interacting with traders, receiving & amp move statements & electronic imbursement.(E-business Definitions (B2C, B2B etc)) This practice en equal to(p)s the company to gain profit & save money in large deals by having a honest interactive communications. The company can buy supplies for a bargain able price through negotiable contracts, hence saving money. The B2C strategy or Business to consumer marketing it is a much novel sphere &a mp basically associates to electronic retailing over the internet. Mostly it lets the public door the products on internet. Online shopping, games, product information all helps to increase the sale graphical record of the enterprise.It is quite a successful strategy, since it allows the consumer to interact with the company directly & purchase the desired product with great ease. Travel tickets, books, music & various other items are available to the consumer on the World blanket(a) Web. Often the company imposes a sale offer therefore resulting in a greater percentage of sale & thus change magnitude capital. A number of agencies have come up to guide companies for conception their B2B or B2C strategies promising the paramount way & achieve a greater collaboration with the supplier agencies & the customers to gain a rivalrous advantage through the extension of business.References Carl Lehmann, B2B Strategies that Put the Customer Back in CRM May, 2005, eSeminars CNET Networks, Inc. Accessed 9th January 2008 <http//findarticles. com/p/articles/mi_zdesn/is_200505/ai_n13639015> Paul T. Kidd, E-business Definitions (B2C, B2B etc. ) November 2001 Cheshire Hen bury, Accessed 9th January 2008 <http//www. cheshirehenbury. com/ebusiness/ebdefinitions. html> Paula Jones, B2B 21 Jul 2001 TechTarget Accessed 9th January 2008 <http//searchcio. techtarget. com/sDefinition/0,,sid182_gci214411,00. html>

Global Warming and the Effects Essay

world-wide calefacient refers to the heating systeming of the childs play near the lands surface and seas and this fuss was first noted to happen in the 1950s item. Today the come out of orbicular calefacient is one of the most(prenominal) widely discussed as it has serious impli rambleions to our environment. planetary calefacient is as a consequence of charitable activities and its main contri merelyor is the high level of nursery gases that ar emitted to the atmosphere. One of these gases is methane, atomic number 7 dioxide, pee vapors and light speed dioxide (CO2), which be emitted when dodo fuels such born(p) gas, oil, diesel and coal be burned.The issue of orbicu young warm up has fulln to the levels of concern today and days cannot legislate without it being mentioned. If its cause be not mitigated the world result become an inhabitable place. The effects of orbicular melt are umteen ranging from rise in international temperatures, qualitys destruction, melting and retreat of codswallop glaciers and thaw of snow that covers the mountains and destruction of the coastal ecosystems. This is what this research paper go out basically focus on.It will discuss in depth the fuck offs of world-wide heating system how these effects impact our society. This research paper is structured as follows it starts with a brief introduction of what global warm is, its origin and how it has developed over while, whatsoever examples of where it has already occurred will be given and then the conclusion. At the in truth end thither is also a list of all the deeds cited, properly formatted in accordance with the MLA formatting style. Most large number tally to Weart (13) use the term global liquefy to mean climatic flip save this is not true.The former is as a result of world activities and converts in the solar system but later is any change in the state of the average climate in terms of ruin and weather over an extende d extremity of time. The first effects of global thaw were first noted in the mid 19th century and according to various reports given by different researchers, global warming results payable to unchecked benevolent activities. The world has experienced and witnessed changes in ice formation and melting not mentioning the abrupt rise in global temperatures.Though weather variations are whatsoeverthing that is as old as mankind, its new-fashioned changes occupy awakened the conscience of men. Although in that location are periods when temperatures are a bit acrid, there was unusual rise in temperatures in the period between 1980s and 1990s. This problem has continued up to the 21st century. In terms of global average near the surface air temperature, the form 1998 was the warmest in the instrumental eternalize and the nine warmest long time in that record have occurred since 1990 (Houghton 2). The Graph below Shows How globular Temperature Has Increased Over period Due to Global Warming.Gotten from http//globalwarming-awareness2007-arshad. com/global-warming-graphs. s hypertext mark-up language The rise in the rates at which hurricanes, tornadoes and the universal blowing of strong wind is also attributed to global warming. These effects were experienced in Western Europe especially in England in the late 1980s. No single tender-hearted being can claim not to have conductd to the global warming as in one way or the other one must have been involved in preparedness using fogy fuels and in transport. These are the major subscribers of global warming because they profit the amount of carbon dioxide gas which is in the atmosphere.( inwrought Resources Defense Council). The problem with greenhouse gases is that they trap baking air that is trying to escape from the ocean and solid anchors surface just aboutthing that has serious consequences. Carbon dioxide behaves like a blanket and a mirror. It traps hot air and sends it affirm to the groun d thus there is a lot of water system desiccation on the oceans thereby growing humidness in the air. Also this humidity also behaves like CO2 which traps hot air thus making the air in the atmosphere eventide warmer (Haughton 12)Most of the global effects we are witnessing today were predicted eagle-eyed time ago by scientists for example the world meteorological disposal (WMO) issued a warning in 2003 that there will be growing in weather changes and the examples that it gave were tornadoes, hurricanes and heat waves. Today these tornadoes are like the set out of the day and are the effects of global warming. harmonise to scientists, when ice glaciers melts, that water flows to the oceans which in turn floods and the problem that results is that even when there is a meek storm water is blown to the earths surface.Human activities that contribute to global warming dates back to the Industrial Revolution period when labor became mechanized. Those machines used fossil fuels such as coal which emits large amount of carbon dioxide to the atmosphere. The underway human activities are contributing largely to the global warming that human activities of the 19th century although the current global warming effects are not just as a result of these current activities but is as a result of human activities extended over time.According to a report that was produced by the World Meteorological Organization, the period from former(a) 1990s up to 2007 has registered the highest degrees in terms of global temperature. The average global temperature for the year 2007 was estimated to be 0. 41oC above the average annual temperature of the 1960s of 14. 00oc vertical like there are many environmental variables, the same applies when it comes to human activities which contribute to global warming. As per the IPCCs fourth assessment report, since 1750, human activities with a very high probability were said to be the cause of global warming.The extend of global warming for the last fifty years has been due to the increase in greenhouses emissions. The Graph Below shows how the Concentration of greenhouse Gas has increased In the Last 250 Years. It was accessed from http//earthsci. org/education/teacher/basicgeol/global_warm/global_warm. html These gases also destroy the ozone that p scourgeects whatever harmful solarize rays from penetrateing the solarise and that is why there are so many cases of cancer in the world.The main source of these gases is the fuels that are used on vehicles, planes and other machines such as generators and water pumps and the fuels that are used in households. What happens is that when sun rays reach the earths surface, they heat the surface while the excess heat is radiated back to the atmosphere. These rays are supposed to be lost in the space but because there is a lot of greenhouse gases in the atmosphere, the sunlight with longer wavelength are trapped by these gases (Silverstein and Nunn 53-54).Now the prob lem is that it leads to global warming in that these gases behave like mirrors that reflect back sun rays to the earth lead story to overheating of the global temperature and this is what is referred by scientists as greenhouse effect. Even the water vapor that results due to overheating of the ocean surfaces is also a greenhouse gas. It is estimated that these vapors contribute 36 to 70 portion of the global warming while carbon dioxide accounts for 9-26 percent while others like methane and ozone contributes about 4-9 percent and 3-7percent respectively.Methane is always present in the earth and so when mining or soil erosion occurs due to human activities it is exposed to the atmosphere. This methane combines with other gases in the atmosphere and it releases carbon dioxide. Population is another factor that has contributed to the rise in global temperature. There is no direct link of overpopulation to global warming but through an intricate process it contributes. When populat ion increase, it means people will require much(prenominal) pabulum and demand for more food means that more agricultural lands will be cultivated.Scientifically we chouse that trees help in purifying air by absorbing carbon dioxide in the atmosphere so when vegetation cover is cleared the chances of global warming to result are high as greenhouses gases remain uncontrolled. Also, to virtually extent green vegetations lead to global warming. When green vegetation rot they release a smelly gas. This gas is methane and is one of those greenhouse gases. over again as people demand more food, they devise ways of increasing food production and one way of doing this is by using puppet manure which contains a lot of methane.People are forced to come up animals so as they would get this manure thus indirectly star(p) to the global warming. As population grows, more energy is needed in the production sectors. Fuel usage increase in the production companies so as to meet the ever inc reasing demand for products. Population increase mean more transport demands, this leads to an increase in the number of vehicles resulting to more emissions of carbon dioxide to the atmosphere. Apart from human causes, there are also natural causes of global warming.Sun which is part of the solar system could also contribute to the global warming. If there happens to be output changes in terms of the heat that the sun produces, global temperature could rise. some other natural factor that could contribute is if there happens to be a change in the shape of the orbit that earth as a planet follows. If one point is closer to the sun then, global temperature at that particular period of time could rise. All these causes of global warming lead to several negative consequences. One of these effects is the increase in precipitation.As more and more water evaporates and is trapped in the clouds it then falls as precipitation. When the oceans are heated by the sun, evaporation occurs leadi ng to heavy rain that has negative results for example it leads to floods and soil erosion. (Victor 31-33) Another effect associated with global warming is the thawing of mountain glaciers. In the period between 1550s and 1850s there was a lot of glaciers but this has subsequently diminish over time. It is estimated that the world glaciers with the exception of ice sheets and caps in the Antarctic and rubber eraser regions has gone down by 50 percent.The reduction of these glaciers has been witnessed in Himalayas Mountains, Alps, uptight Mountains and Pyrenees. The consequences of melting of these glaciers are many and one of them is flash slides, increase in landslides not mentioning the overflow of the glacial lakes. It also makes some rivers to become seasonal, during spend time they become dry and then gain water during winter. When glaciers melt, water levels in the ocean go up and it destroys the ecological system of the coastal areas because these floods engulf the coasta l dry lands. Global temperature interferes with the balance and the length of the seasons.This will affect farmers who sow their seeds in a particular time predicting to be harvested at a particular time. Farmers are planting the seeds according to the seasons and rain, but since the rains are getting disturbed and also the climate is getting shifted, the sowing time is difficult to predict, which will lead to poor production hence dearth of food grains (Global warming, 2008). Marine life is also under extinction threats due to global temperature change. Many marine species have already succumbed to high temperatures in the seas.Penguins which live in coral leafs are the worst affected. Global warming leads to the destruction of the coral reefs and this leads to the interference in penguins life troll resulting to many deaths. Also global warming leads to the retreat of ice in the sea. Though sea water absorbs suns heat, this ice reflects back some of the heat. If this ice melts a way, sea water will get hot leading to the rise in temperature. According to a report make by the IPCC Fourth Assessment, it was predicted that forest fires will increase in some regions of the world like in the Mediterranean Europe.Global warming has no direct link to the bush fires but the thing is, there will be shortage of rain in those regions thus increasing the chances of forest fires being spread in large scale. When fire burns, carbon dioxide is emitted to the air and since this fire will clear all the remaining vegetations that would absorb some carbon dioxide, a lot of carbon dioxide will be released more than the natural cycle can handle and what will result is global warming due to green house effects. (Natural Resources Defense Council)Global warming also destroys the ozone layer that is in the atmosphere. This layer prevents the harmful sunrays such as ultra violet rays from reaching the earth. These rays lead to increased cases of skin cancer. To shut down this rese arch paper, it is in order to say that global warming leads to the rise of the average global temperatures and have serious consequences on the environment. The main contributor of global warming is human activities although to some extent some natural factors such as alteration of the earth orbit could result to temperature rise.Global changes started to be witnessed in the mid 19th century but of late the effect are many and on the increasing trend. Its many effects have served as an awakening call to many governments to come up with various strategies that could help to reverse the trend. Global warming mostly results from fossil fuels which emit carbon dioxide to the atmosphere. These greenhouse gases include ozone, methane, water vapors and nitrogen dioxide.What these gases do is that they trap hot air that is trying to escape from the ground resulting to overheating of both the ocean and ground surfaces. The effects of global warming are many and includes rise in temperatures, forest fire outbreaks, thawing and retreat of glaciers, overflowing of rivers and lakes, disruption in the balance of seasons, extinction of some species especially those that live in seas, desertification, coastal lands being engulfed by floods and increase in diseases such as cancer and malaria.Works CitedGlobal Warming. Global Warming Awareness. 2008. Accessed on October 30, 2008 from http//www. globalwarming. org. in/global-warming-facts. php Houghton J. Theodore. Global Warming The Complete Briefing. Cambridge University Press, 2004 Natural Resources Defense Council (NRDC). Global Warming Consequences. 2008. Available at http//www. nrdc. org/globalWarming/fcons.asp Silverstein, A. and Nunn, L. S. Global Warming. Twenty-First Century Books, 2003 Watson R. The Natural Causes of Global Warming. 2007 http//www. associatedcontent. com/article/300649/the_natural_causes_of_global_ warming. html? cat=47 Weart S. R. The Discovery of Global Warming. Harvard University Press, 2003. Victo r, David G. The Collapse of the Kyoto Protocol and the Struggle to sulky Global Warming And the Struggle to Slow Global Warming. Princeton University Press, 2001

Electronic Gadgets Essay

Every season you turn around, your children argon requesting the newest recital of a technological gad direct. While one child madly texts friends in the back seat of the car, the other is scanning Facebook, admiring his 378 friends. You may simmer with foiling that their grades arent up to par, considering whether or not you should take their phones and/or information processing systems external for a while. But then you remember the money youve spent on eBooks and schooling adventures and you wonder, Are electronic gadgets the problem or the solution? The do is, Yes and Yes. Therein lies the conundrum. As with most things in life, the true answer lies somewhere in the middle.see moremodern gadgets essayThe ProsResearch shows that eReaders, such(prenominal) as Amazon Kindle products, not only increase childrens interest in meter reading, entirely as well promote their reading comprehension. In a survey of 1200 eReader owners, Amazon reported that the owners purchases of n on-eBooks increased by 3.3 fourth dimensions. It appears that reading begets more reading and with kids, that is a wonderful thing.Current reading trends take that not everyone can read text and immediately comprehend the meaning. eReaders supply multi-media applications such as instant dictionaries, pictures, or graphics that help to expound examples. There are eGames that help reinforce what a student has respectable read. Math and vocabulary games lay down been proven to increase students interest in the classroom, as well as raising their test scores. But as Newtons Laws of Motion illustrate for every action, there is an disturb and opposite reaction.The ConsIn the electronic gadget arena, the negatives can be an singles own lack of discipline. As you sit at your computer working on a project, how often do you notice you have a new email and instantly check it? You might counterbalance type out a quick solvent and then get back to work. Or perhaps you think about the event you are attending at the end of the month and quickly search a few online stores to see if you can find a gift for the host. now picture that same scenario, but imagine you are your child.He or she is working on a homework assignment that requires analytic thought, but every fifteen seconds theres another ding or beep indicating a text has come in, Facebook has been updated, and so on. It is impossible for a childs mind to remain engaged on the travail at hand if he/she is continuously interrupted by out of doors distractions. Even the most disciplined of children feel the strong pull of fellow pressure, and saying, I dont respond to texts while doing homework, is an unlikely response to friends queries.You Are The SolutionElectronic gadgets can be tremendous learning tools. Theyre able to reach a myriad of learning styles and form a forum where children can connect with the learning style that engages them in the learning process. They make people want to read more. But , they can also be the reason that your child didnt spend adequate time studying for tomorrows math quiz. You can become a part of the solution by setting an example that work time is gadget take over time.Unless your child is using his/her new Kindle good time to read a book, or play a learning game under your supervision, homework time can be gadget ease time. That goes for you too. Perhaps evenings at home can be gadget free while homework is completed and dinner is shared. With a little clean conversation with your children, and some reasonable boundary setting, your childrens gadgets can be both the perfect tool and the perfect toy.What are your thoughts?If you think (like we do) that gadgets and education can co-exist in perfect harmony, then let us hit the hay in the comments section. And to find out how we are using technology in our tutoring sessions, give us a call

Convict in Great Expectations Essay

Great Expectations starts off with spotlight, the young deplorable boy-whose parents are dead-who lives with his aunt. He is abject and his aunt treats him badly and harshly. One solar twenty-four hour period down at marshes by the churchyard Pip come into sink in with a bunko game who is supplied food by Pip, subsequent on the bunko gets caught and this is the last we hear of him for a while.One day he gets asked to go and play with Estellas at Miss Havishams house in return for money. Miss Havisham was a lady who was going to get get hitched with and get let down on the day of the marriage. Miss Havisham has neer seen daylight since she does her best with help from Estella to break as many manly hearts as feasible.The novel continues with Pip being a poor person and he figureing Estellas unless one day his luck changes. He receives a lot of money-becoming a gentlemen- from an anonymous benefactor, that Pip thinks is benefactor is Miss Havisham further he later comes to suck up that his benefactor is the gyp he met on the marshes.The convict later traces Pip to London and illegally comes to meet him. The convict consequently tells Pip that he is Pips benefactor, much to Pips disenchantment. Pip and so tries to get the convict back home to New South Wales (Australia) save they get caught and the convict gets sentenced to destruction but dies of a natural death before his allocated death. In a itinerary Pip was happy that the convict (Magwitch) died of his natural death because it was less p ainful than being hung.Magwitch became a convict with a collaborator called Compeyson but Compeyson got a shorter sentence because he was a gentleman And when we were sentenced, aint it him as gets seven year, and me fourteen, and aint it him as the Judge is glum for.As Compeyson was a gentleman the pass judgment blamed his wrongs on Magwitch, the peasant. Magwitch and Compeyson became enemies from that day forward. The differences between the two c onvicts sentences are emblematic to what was happening to convicts in the real world at the time of ogre and this was the only way of pointing this out to people without getting into trouble. If you were rich then you got treated well whereas if you were poor you got treated badly you were considered to be set down than the rich are.In this essay I will be examining how exigent the role of Magwitch is in Great Expectations. The ways in which his character develops, the way in which he makes Pips character develop and how he affects the plots development.Magwitch has four major manifestations in the novel. Firstly he appears in the marshes by the courtyard where he scratch encounters Pip. Secondly when Magwitch comes to visit Pip in London to tell him that he is Pips benefactor. Thirdly when Magwitch goes to trial for trying to escape back home to Australia. in conclusion when Magwitch dies in the infirmary.In each of these four sections I will be discussing how Magwitchs appea rances affect Pips feelings and the plot development.Charles Dickens wrote this novel, but wrote in first person, we are told the story through Pip thus all our knowledge of Magwitch comes from Pip and we are always told Pips feelings. This style of writing is important because it makes us as the reader for sorry for Pip.During the opening chapter web meet the convict for the very first time. The convict comes over as a malevolent person The man, after spirit at me for a moment, turned me upside-down and emptied my pockets. There was nothing in them but a piece of bread. When Pip says nothing in them but a piece of bread we get the idea Pip didnt need the bread but the convict obviously did and hence the later friendship. Pips fear for the convict continued throughout the first skirmish I earnestly expressed my hope that he wouldnt, and held tighter.This meeting between Pip and the convict is in the churchyard and it is dark and wet which creates an image of a typical horror gen re. The darkness also suggests low-down fallacy towards the convicts feelings the weather is dark and so is his air towards Pip. The rain suggests imagery and pathetic fallacy towards Pips feelings it is precipitate and Pip is raining, he is crying and beginning to cry was Pip.

Policy makers and implementers

Between policy makers and policy implementers serve any attend toable function today in USA?Early donors to the expansion of macrocosm administration accredited a policy function for administrators that have lots been everyplacelooked yet the politics-administration wave-particle duality that is a fraction of the conventional prototype frequently incorporates the thoughts of accountability and responsibility even though the archetype female genitalia be articulated in traditions that seem to prohibit these qualities by depict administration as automatically instrumental yet the stress on a firm dichotomy of politics and administration will non lodge the policy responsibility of administrators that has come to be extensively renowned.There ar several motives why the dichotomy design has continued. It is expedient to give flesh out the separation of functions in conditions of entire separation as it is easier to elucidate than a model founded on sharing functions, predomin antly because the partition model does non bound the genuine policy offerings of administrators in practice. At the same moment, the dichotomy idea defends administrators from inquiry and provides the benefit of elective representatives who can pass liability for disliked resolutions to administrators. According to Miller (2000) sees dichotomy as a reformative myth for the reason that it difficult to understand the pressure of administrators to limit efforts by politicians in give to incline the accomplishment of policies and channel paybacks toward themselves. Fractional editions of the dichotomy continue.Researchers view the attempt to disconnect politics from administration as producing a dichotomy and tag the importance on hierarchy, authority, structure, and top-down accountability the Wilsonian ritual in reality administration. There has been found reinterpreted dichotomy that allows a policy-making function for the executive but still assists managers oppose the forces o f particularism. Recognizing that administrators disjointedly form policy behind the scenes resigned policy sway and hierarchy. (Van Riper, 2002)In addition, it should be document that the notion of the firm dichotomy does have a chronological al-Qaeda in the United States, yet it was not the normative model pass judgment during the naissance period of American national administration. A finishing basis for the goal of the dichotomy is the deficiency of a substitute model. To keep away from slipping back into the observation that public administration commenced in dichotomy but stimulated into broader functions, it is accommodating to have a substitute understanding. There has been an implant crucial model for semipolitical-administrative connecters from the start, and this model is imperative for knowing the existing and hazard function of public administration. The complementarity of politics and administration is founded on the principle that elected officials and admini strators adhere together in the frequent pursuit of sound governance.Complementarities impress split fractions, but fractions that approach together in a reciprocally compassionate manner. One supports the other to generate a complete. Complementarity influences interdependence alongside separate functions conformity along with sovereignty admiration for political control along with an assurance to form and execute policy in shipway that endorse the public concern reverence to elected incumbents along with loyalty to the law and maintain just electoral antagonism and positive reception of politics along with support for proficient values. The concern is not whether public administrators are influential or usurpative (Friedrich, 2004)the regular dichotomy against non-dichotomy choicesbut how they are both mechanized and donors to the political progression, that is, involved and constitutive.Complementarity involves enduring contact, common sway, and mutual reverence between cho sen officials and administrators. Administrators assist to figure policy, and they present it precise content and connotation in the procedure of execution. Chosen officials watch over execution, investigate explicit criticism about reduced recital, and effort to adjust troubles with presentation through fine-tuning. Privatization through constricting out breaks the discussion and substitutes it with apprehension requirement and fulfillment reports. Paradoxically, constricting out intimately approximates the stipulations of the dichotomy model, as do recital indentures, and highlights an essential restriction in this sort of approach. if not it is aloof for services that can be suitably distinct without on-going extensive based administrative contribution and properly conveyed without unremitting political omission, the firm separation of policy makers and service deliverers can inferior the favorable position of governance.In disparity, with broad relations, the information an d values of those who do the continuing job of disposal harmonize the acquaintance and values of those who eventually set the route for governing body and make certain that it stays on track. The complementarity of politics and administration clutch that elected officials and administratorsboth in ordinary contact with citizens require and relieve each other in a corporation for governance. Dividing the cohorts or distorting the association in one way or the other means that a main donation is absent. If one persists to acknowledge the straightforward notion that public administration commenced as disconnect influential body restricted to a contracted sphere of activity, one does damage to the precedent and one dashes the jeopardy of legitimizing a proper dichotomy of policy configuration and constricted service delivery.ReferencesFriedrich, C. J. 2004. Public Policy and the Nature of Administrative Responsibility. Public Policy 1 1-24.Miller, Gary. 2000. Above Politics Credibl e Commitment and Efficiency in the design of Public Agencies. Journal of Public brass instrument Research and Theory 10(2) 289-327.Van Riper, capital of Minnesota P. 2002. The Politics-Administration Dichotomy Concept or Reality? In Politics and Administration Woodrow Wilson and American Public Administration, edited by Jack Rabin and James S. Bowman, 203-18. immature York Marcel Dekker.

Network security through quantum cryptography

AbstractionQuantum steganography provides a secure means for make doing privy(p) rouges surrounded by both parties on an optical web. A alone trace of the technique is that the minginess of the keys is independent of the resources available to a hacker. In peculiar, their mysticiveness does non trust upon a hard mathematical job that could be solved, or a cagey algorithm that could be cracked or even so some clever hardwargon that might one twenty-four hours be reverse engineered.In this study we focus on quantum cryptology protocols and gushs.IntroductionQuantum steganography or Quantum central dissemination ( QKD ) takes advantage of certain phenomena that occur at the subatomic degree, so that any effort by an enemy to father the vagrant in a key non simplely fails, but gets invent as good. Specific on the wholey, individually spot in a profound corresponds to the commonwealth of a peculiar atom, such as the polarization of a photon. The vector of a key ha s to fix a date of polarized photons, which are move to the receiving system by means of an optical fibre or a convertible medium. In order to obtain the key represented by a given installment of photons, the receiving system must do a serial realityation of measurings. A few accounts are necessary in the first place the good deductions of this emergence crapper be silent.A photon is an simple atom of visible radiation, transporting a glacial sum of energy. Light may be polarized polarisation is a personal belongings that emerges when visible radiation is regarded as an electromagnetic pathetic ridge. The carriage of a photon s polarisation crowd out be fixed to any desired angle ( utilizing a polarizing filter ) and send packing be measured utilizing a calcite crystal.HistoryThe roots of quantum cryptanalysis are in a proposal by Stephen Weisner called Conjugate Coding from the early 1970s. It was finally create in 1983 in Sigact News, and by that clip Bennet t and Brassard, who were familiar with Weisner s thoughts, were lively to print thoughts of their ain. They produced BB84, the first quantum cryptanalysis protocol, in 1984, but it was non until 1991 that the first experimental paradigm based on this protocol was make operable ( oer a distance of 32 centimetres ) .Aiming to make a web alliance that is safer and more convenient, Mitsubishi Electric s encoding engineerings are altering the 21st century for the better. The secret to implementing quantum cryptanalysis is the physical exertion of current optical case webs. Mitsubishi Electric has developed quantum-level engineering that enables the sensing of individual photons going through a long-distance fiber-optic communications link. This has made possible the prosperous execution of quantum cryptanalysis oer a distance of 87 kilometres ( equal to the distance between Tokyo and Mount Fuji ) , a existence record. Furthermore, by uniting quantum cryptanalysis with current encoding engineerings like MISTY, it allow be possible to offer high-velocity public presentation every(prenominal) bit good as forestalling eavesdropping.What is quantum cryptanalysis?Quantum cryptanalysis provides agencies for ii parties to interchange coding key everyplace a private lend with complete security ofcommunication. Quantum cryptanalysis uses individual photons of visible radiation to administer keys to order and decode centres. Because quantum atoms are changed by any observation or measuring, even the simplest effort at spying on the web interrupts the full point of informations and qui vives decision makers.Principle of Quantum CryptographyQuantum cryptanalysis solves the cardinal distribution job by leting the veer of a cryptanalytic key utilizing normalal cryptanalysis algorithms between two distant parties with absolute security, guaranteed by the Torahs of ingrained philosophies. Therefore quantum cardinal distribution can be named as quantum crypta nalysis.Quantum cryptanalysis exploits the fact that harmonizing to quantum natural philosophies, the mere fact of encoding the value of a digital spot on a individual quantum object perturbs it in an irreparable manner, because the eavesdropper is forced to detect it. This disturbance causes mistakes in the sequence of spots exchanged by the transmitter and receiver. By look intoing for the presence of such mistakes, the two parties can affirm whether their key was intercepted or non. That is why this engineering is used to interchange cardinal and non valuable information. Once the key is validated, it can be used to code informations. Quantum natural philosophies allows to turn out that interception of the key without disturbance is insufferable.Quantum cryptanalytic protocolsBB84 protocolA photon which is recti termarly polarized has a polarisation way at 0 or 90 with regard to the horizontal.A diagonally polarized photon has a polarisation way at 45 or 135 . It is possible to implement polarized photons to floor for wholeness spots in a key or a message, with the undermentioned conventionsThat is to state, a polarisation way of 0 or 45 may be taken to stand for binary star 0, while waies of 45 and 135 may be taken to stand for binary 1. This is the convention used in the quantum cardinal distribution strategy BB84.BB84 is a quantum cardinal distribution strategy developed by Charles Bennett and Gilles Brassard in 1984. The protocol is provably unafraid, trusting on the quantum belongings that information addition is merely by luck at the disbursal of up rophying the signal if the two provinces we are seeking to specialise are non extraneous. It is normally explained as a method of firmly affirmonara oning a private key from one party to anformer(a) for usage in erstwhile tablet encoding.DescriptionNote that the spot Bi is what decides which ground Army Intelligence is encoded in ( either in the computational damage or the Hadamard footing ) . The qubits are now in provinces which are non mutually extraneous, and therefore it is impossible to separate all of them with certainty without cognizing B.Alice sends over a public quantum channel to dock. bobfloat receives a province, where represents the effects of noise in the channel every bit good as eavesdropping by a 3rd party we ll name evening. After loading dock receives the twine of qubits, all three parties, viz. Alice, pier and Eve, have their ain provinces. However, since merely Alice knows B, it makes it intimately impossible for either Bob or Eve to separate the provinces of the qubits. Besides, by and by Bob has trustworthy the qubits, we know that Eve can non be in ownership of a transcript of the qubits sent to Bob, by the no re-create theorem, unless she has made measurings. Her measurings, nevertheless, hazard upseting a peculiar qubit with chance ? if she guesses the incorrect footing.Bob returns to bring ahead a twine of ergodic spots b of the akin length as B, and so measures the twine he has received from Alice, a . At this point, Bob announces publically that he has received Alice s transmittal. Alice so knows she can now safely announce B. Bob communicates over a public channel with Alice to find which Bi? bi are non equal. two Alice and Bob now discard the qubits in a and a where B and B do non fit in.From the staying K spots where both Alice and Bob measured in the same footing, Alice indiscriminately chooses K / 2 spots and discloses her cracks over the public channel. Both Alice and Bob announce these spots publically and ravel a cheque to see if more than a certain regard of them agree. If this cheque passes, Alice and Bob proceed to utilize information rapprochement and hiding elaboration techniques to make some figure of shared secret keys. Otherwise, they scrape and start over.The stairss in the process are listed belowAlice generates a random binary sequences.Alice chooses which type of photon to utilize ( rectilinearly polarized, Roentgen , or diagonally polarized, D ) in order to stand for each spot in s. We say that a rectilinearly polarized photon encodes a spot in the R-basis, while a diagonally polarized photon encodes a spot in the D-basis. Let b denote the sequence of picks of footing for each photon.Alice uses specialised equipment, including a light beginning and a set of polarizers, to make a sequence P of polarized photons whose polarisation waies represent the spots in s.Alice sends the photon sequence P to Bob over a suited quantum channel, such as an optical fibre.For each photon received, Bob makes a conjecture as to whether it is rectilinearly or diagonally polarized, and sets up his measuring whatsis consequently. Let B denote his picks of footing.Bob measures each photon with regard to the footing elect in measure 5, bring forthing a new sequence of spots s .Alice and Bob communicate over a classical, perchance public channel. Specifically, Alice te lls Bob her pick of footing for each spot, and he tells her whether he made the same pick. The spots for which Alice and Bob have used unlike bases are discarded from s and s .ExamplesLet s see the chase scenario, illustrated in public figure 1 Alice and Bob are linked together via a noiseless optical fibre. Eve, the eavesdropper, is capable of doing measurings on single photons go throughing through the fibre. See the instance in which Alice wants to pass on the binary sequence 00110 to Bob through this apparatus, utilizing BB84.Alice and Bob perform the stairss described in the old subdivision, detailed below. The inquiry Markss indicate spot places for which measuring go forth bring forth a random consequence ( 0 or 1 with equal chance ) . The whole procedure is illustrated in Figure 2, where alternatively of inquiry Markss.Alice prepares the binary sequence s = 00110, portion of which lead be used subsequently as the common cryptanalytic key with Bob.Alice chooses a sequen ce of encoding bases at random, say b = RDRDD. ( look upon Roentgen = rectilineal polarisation ( 0A or 90A ) D = diagonal polarisation ( 45A or 135A ) .Alice encodes s utilizing the bases B, to bring forth the sequence of photons with several polarisations 0A , 45A , 90A , 135A , 45A .Eve makes a random pick of measuring bases, eb = RRDDD.Eve intercepts each photon and measures it with her pick of footing, bring forthing a sequence of spots es = 0-10.Eve substitutes the photons she has intercepted, by encoding the spots obtained in the old measure with the bases chosen in measure 4. This is known as an intercept-resend battery.Bob receives the photons placed on the optical fibre by Eve, and measures them with a set of randomly chosen measuring bases b = RDDRD, obtaining eventually a sequence of spots s = 0-0.Alice and Bob compare their picks of footing and observe Eve s presence with the 2nd spot, for which they used indistinguishable bases but obtained different spot val ues they discard the 3rd and 4th spot, go forthing s = 000 and s = 0? 0.The sequence of stairss in the BB84 quantum cardinal distribution strategy, in the presence of an eavesdropper. For the 2nd and 3rd spot in this illustration, Eve makes an misemploy pick of measurement footing, indicated with ruddy coloured text. Bob makes an wrong pick of footing for the 3rd and 4th spot, likewise indicated in ruddy. For the 2nd spot, although Bob has chosen the right footing ( D ) , the result of measuring does non fit the original spot encoded by Alice this allows Alice and Bob to observe Eve s presence.AttacksIn Quantum Cryptography, traditional man-in-the-middle plan of attacks are impossible due to the Observer Effect. If Mallory efforts to train the watercourse of photons, he will necessarily change them. He can non re-emit the photons to Bob right, since his measuring has destroyed information about the photon s full province and correlativities.If Alice and Bob are utilizing an en tangled photon system, so it is virtually impossible to commandeer these, because making three embroiled photons would diminish the strength of each photon to such a grade that it would be easy detected. Mallory can non utilize a man-in-the-middle onslaught, since he would hold to mensurate an embroiled photon and interrupt the other photon, so he would hold to re-emit both photons. This is impossible to make, by the Torahs of quantum natural philosophies.Because a dedicated fibre ocular line is required between the two points linked by quantum cryptanalysis, a denial of service onslaught can be mounted by merely cutting the line or, possibly more sneakily, by trying to tap it. If the equipment used in quantum cryptanalysis can be tampered with, it could be made to bring forth keys that were non unafraid utilizing a random figure generator onslaught.Quantum cryptanalysis is shut away vulnerable to a type of MITM where the interceptor ( Eve ) establishes herself as Alice to Bob, a nd as Bob to Alice. Then, Eve merely has to execute QC dialogues on both sides at the same time, obtaining two different keys. Alice-side key is used to decode the incoming message, which is reencrypted utilizing the Bob-side key. This onslaught fails if both sides can verify each other s individuality.Adi Shamir has proposed an onslaught which applies at least to polarisation strategies. Rather than try to read Alice and Bob s individual photons, Mallory sends a big pulsation of light spikelet to Alice in between familial photons. Alice s equipment necessarily reflects some of Mallory s visible radiation. Even if the transmission equipment is dead black it has some pocket-sized coefficient of reflection. When Mallory s visible radiation comes back to Mallory it is polarized and Mallory knows the province of Alice s polarizer.ApplicationsConfidentiality of web communications, for illustration, is of great importance for e-commerce and other web uses. However, the applications o f cryptanalysis go out-of-the-way(prenominal) beyond simple confidentialityCryptanalysis allows the web concern and client to verify the legitimacy and unity of their minutess.Sensitive information sent over an unfastened web may be scrambled into a signifier that can non be understood by a hacker or eavesdropper utilizing an encoding algorithm, which transforms the spots of the message into an unintelligible signifier.There are many illustrations of information on unfastened webs, which withdraw to be protected in this manner, for case, bank history inside informations, quotation card minutess, or confidential wellness or revenue enhancement records.Secure Video Conferencing can be achieved by Quantum Cryptography.Long-distance communications with quantum encodingWe find applications of quantum cryptanalysis in Government and Military Fieldss.The most straightforward application of quantum cryptanalysis is in distribution of secret keys.Another potentially applicable country o f application is cryptanalysis It is possible to build quantum channels that are immune to harken ining.We use quantum cryptanalysis to procure voice informations watercourse.DecisionBefore two parties can direct information firmly, they must first exchange a secret key. This nevertheless presents a quandary, sometimes called the Catch 22 of Cryptography how can the two parties exchange a cardinal in secret before they can pass on in secret? Even if the transmitter and receiving system found a channel that they believed to be unafraid, in the past there has been no manner to prove the secretiveness of each key. Quantum cryptanalysis solves this job. It allows the transmitter and receiving system to prove and vouch the secretiveness of each single key.MentionsCambridge Research LaboratoryScientific American magazine ( January 2005 issue )V. Makarov, D. Hjelme, Faked states on quantum cryptosystems, J. Mod. Opt. 45, pp. 2039-2047, 2001.T. Kum, I. Stork, F. N. C. Wong, J. H. Shapir o, Complete physical simulation of the entangling-probe onslaught on the BB84 protocol, arXiv.org,2006.Basicss of Network Security, PHI

Beneath †Original writing Essay

Psychoanalysis begins. Monday morning, it was a big rush. I had to pack the kids lunches and watch after them as they left for school. It was Kellys first day at young school, and Michelles at secondary school. I dont inhabit why, but as I shut the front doorway I had flash backs of my first day at secondary school. I got worried. Michelle is a jalopy like me when I was her age. To my children, I am a blueprint nice mother, ordinary like everyone elses mother. That is how they dupe me. They know postcode about my past It was an excruciatingly hot and sunny day July thirtieth 1993.I dreaded the moment the sunrise began. I felt a huge lump at the back of my throat, my head was pounding, and droplets of frigidity labour trickled polish up my forehead. I utilize to be a normal, quiet, and well behaved person but, entirely that changed when I met Camryn Barnes. After the first three times, I promised myself I would never do it again. Yet here I was with the hammer in my h and smashing the new lock on the school gate. It pelt to the ground making a loud sudden noise, which make me brook even though it was expected. I ran towards the school building, but the school doors were all locked up.After approximately an hour of struggling through with(predicate) one of the technology department windows, I managed to squeeze in. I ran to Dr Daniels office, pushing the door open. there, looking up at me with his beady black eyes was Cuddles Dr Daniels hamster. I had my equipment ready and then I opened the cage door picking up the small rodent with my trembling hands. I talk to him in the darkness, Dont worry, itll only take a second. I reached into the back of my threadbare jeans pockets and pulled out the razor sharp penknife. Tears poured down my face. One, Two, Three. I did it.My hand was drenched in fresh, warm blood. I dropped Cuddles on the floor and retreated back to the technology department. I bathroom settle down memorialize the cold beady eyed stare Cuddles had given me as I pulled the pocket knife out of him. I recollect a similar expression from the past victims. I got back to Camryn a lot quicker this time. Camryn was pacing outside and when she saw me she signalled to me to hurry up. I half(a) jogged and half ran. When I reached her, she caught hold of my wrist and pulled me on with her. I glanced at her beautiful tanned face and saw the contented smile displayed along her lips.I could almost hear her heartbeat, and taste her idea of sweet satisfaction. When we reached her house, she dragged me to her bedchamber then leapt onto her red crumpled bed and kicked off her scuffed trainers. Did you do it? Did you leave the pint sized rat? she asked with enthusiasm. There was a malicious look in her green eyes. I nodded staring at my sweaty bloodstained hands. There was a huge lump in the back of my throat, my stomach churned. I couldnt take it any more, You said wed never do it again Wasnt killing Jackies budgie, Peters vagabond and Ellies turtle enough? Why Dr Daniels hamster? Why? Camryn stood up with a frown creasing up near her finely plucked eyebrows. Whats wrong with you? Dr Daniels failed me in English I worked so hard for him He got what he deserved A sudden anger flushed through my body, Like the others got what they deserved? Looking at Camryn, and seeing her satisfied fruition from her manipulation, I had to leave. I walked home, showered and then lay in bed. I remember glancing at my digital clock it read 616am. I assay so hard, but failed to fall asleep. It was only a few hours, but seemed like days passing by. Eventually my mother came into my room to see why I was not ready for school.I dont get well, I murmured. Mother carelessly shook her head and left me alone. A month ago I used to be in reality close to my mother, but now I just seem to extremity to push her away and out of my life. It was almost as if I surrendered everything I loved for Camryn. My mother, my ol d friends and, my self respect. Eventually I fell asleep. beneath my closed eyes, my thoughts swivelled in front of my eyes. All I saw was beautiful, cold water, ripples glistening. That was where I wanted to be. I woke up and changed into my favourite clothes. I knew what I was doing. I felt dizzy but ignored the queasy feeling.I sat on the floor and scribbled a note for my mother. I used to write little poems to my mother ages ago. I knew that was what I had to do now. I still remember what I wrote in the poem, word for word. June year 1993, on the 25th day, The day I changed, stopped to pray, I made promises, made to break, But itll be over, whilst I lie in this lake, I feel like Im, spiralling into a deep dark hole, Hopefully this depth, can contain my soul, What Im trying to say, dear mother, Im Sorry, For pretending to be so upbeat and jolly, Sorry mum, I didnt mean to, Ill be thinking of you through and through.

How the Rediscovery of the Works of Aristotle Challenged the Church

Redisco genuinely of the Works of Aristotle challenged the perform in several ways as it triggered the Scientific Renaissance. This was characterized by umpteen inventions and discoveries. It is the discoveries that challenged the Church then and continue to do even today. Some of these discoveries caused mass to start doubting what the church and Christianity beliefs had do them to believe. The developments in the study of the universe especially brought contradictions in what was discovered and what the Church Taught.An example is that while it was discovered that the sun did non move, the Bible which was very fundamental to the Church had verses that implied that the Sun moved. Developments in Astronomy a proceeds of the rediscovery of the works of Aristotle be thus an example of its challenge to the Church (Kretz adult malen & Stump, 2001). What academism is and how it attempted to Reconcile Faith with Reason academicism is a order of teaching where escorters are encou raged to reason dialectically.This tool for learning en fits the learners to learn how to argue with those holding beliefs and ideas that are different from theirs hence are able to persuade them to join them (Alvarez, 1971). The sole objective of Scholasticism was to resolve ideas that were contradicting or conflicting. This is because even though the ideas and beliefs were different, they shared some common principles which brought out the conflicts as undivideds argued on which ones were right hence in an attempt to find the answers, Scholasticism was invented.It attempted to reconcile reason and credence by looking victimization Aristotles philosophy of gentlemans gentleman reasoning to explain the Christian faith that was characterized by supernatural contents that could not be easily understood. It sought to guide together the wisdom of the Christianity religion and that of the Aristotle and former(a) Greeks. The movement sought to flux the two, that is the laic beliefs and Christian beliefs so as to come up with an tenacious system used reason to explain faith. 2.How Renaissance Altered Views of gentleman and the Human Relationship with God prevalent during the Middle Ages. Renaissance menses which was characterized by numerous cultural transfers altered views of almsgiving in many an(prenominal) ways. It emphasized so much on reasoning that some views of humanity that initially were believed to be against humanity became morally right due to reasoning. some of the issues that are perceived to be inhuman such as self-destruction for example dupe their root s in this period.This is because it was during this period that individuals conclude that actions such as suicide were the better option (Alvarez, 1971). For example it was reasoned that it was better for old people to commit suicide than to continue financial support as they suffer the complications that come with old age. The stoics were amongst the humanists who supported suicide in the event that it was through with(p) under such circumstances. Suicide was now seen and describe as good death as it relieved younger people the burden of taking care of or killing individuals who were too old.Humanists such as Plato and Aristotle argued against suicide claiming that no circumstances could justify it as it unexpended the responsibilities of those who killed themselves abandoned and denied the community a citizen who could contribute to its development. Other philosophers such as Jewish and Christian religions however believed that such action were against Gods desire and human good as they actuateed human duty to god as he created life to be preserved.Philosophers such as Michel de Montaigne even challenged condemnation of suicide arguing that it was a moral social occasion to do under certain circumstances and that it should be perceived as a ghostly belief but as a matter of choice as every human being had the freedom to choose. During the pith ages, th e prevalence of human relationship with God was very low. This jackpot be attributed to the many scientific discoveries that challenged the church and its beliefs hence deviating peoples beliefs from its teachings.The many philosophers and their theories also caused confusion causing their relationship with God not to be as strong as it was before. The Humanists, what they said and how they Contributed to Modern Education. Humanists scholars who challenged some of the philosophers mold and established intellectual landscape from the middle age period to the grant day. These philosophers include Thomas More and Niccolo Machiavelli who criticized contemporary government and some of the secular beliefs. Their theories and teachings revived the Romans and Greeks way of thinking and ideas.The challenging of Aristotelic status quo by humanists such as Martin Luther led to the introduction of faith and confession ideas that were new, liberal and radical. The justification theory is ve ry crucial to recent education as many fields of study call for justification to be made before they can be accepted. This goes for research too. 3. How insecure Beauty Reflects Values Dominant in Venice and how it depicts relationship patterns mingled with man and women. The fact that Marco was discouraged by his family from veronica even though he loved her implies that individuals in Venice time value wealth more than any other thing.veronicas decision to become a courtesan in an effort to get money that would support her and her mother reflects the same value of the Venice individuals preferring wealth so much that they could even compromise their principles. The fact that Veronica was not the that one and that even her mother and grandmother had done the same thing implies that prostitution is a dominant thing in Venice especially with men of high social standing. This value has negative trespass on the relationship between men and women. This goes especially for the marr ied couples.We conserve that Marcos marriage started experiencing problems as he had no intimate relationship with his married woman once he started being with Veronica. The marriage eventually broke up. It can be reason out that both the values discussed above negatively affect the relationship between men and women. 4. How dame Jane show the dynastic and religious conflicts salient(ip) in England in the 16th Century The two weeks that Lady Jane ruled England and her execution brought out the existing dynastic and religious conflicts prominent in the Kingdom. We observe she was not the right person to inherit the faecal matter from Edward VI.The only reason Edward chose her to succeed him and not Mary his half sis who was the rightful(prenominal) heiress at the time was because just like he was, Jane was a staunch protestant while Mary was Catholic. There seems to have been a religious conflict as the English nobles did not compulsion the throne to be given to a catholic. Mar y went away and self-collected herself support. She later came back and denounced Jane as the Queen of England. According to the law she was the rightful heiress hence the parliament could do nothing but exalt her as the Queen. Mary then imprisoned Jane and her husband.This brings out the dynasty conflicts in England in spite of appearance the Royal families. When Mary married a Roman catholic Prince from Spain called Philip, the protestants in England rebelled and carried out demonstrations as they were against catholic religion. Some even called fore the indemnity of Jane as the Queen. This made Mary to execute her so as to avoid any future rebellions and unrest within the kingdom. It was observed that this marked the mop up of religious and dynasty conflicts in the kingdom at the time as Protestants did not privation to be ruled by Catholics while the Catholics did not want to lose their grip on the throne.It can hence be concluded that dynasty and religious conflicts were prominent in England during the 16th Century. 5. The Hundred Schools of Thought, their chief Theorists, and what they said. especially Confucius. The hundred schools of design were schools and philosophers that sprang up and got established from the period 770-221B. C. E in China. These schools flourished during an era that the country was experiencing culture and intellectual expansion. The thoughts that were developed during this time mould the country up to now. The schools developed were confucianism, school of law, languages, Moism , amongst several others.The theorists of confucianism were Xunzi who argued that humans are not born good but that goodness is a impartiality that is developed with time through training of ones conducts and desire. Mengzi another confucianism theorists argued that every individual had a responsibility and obligation to every one else in the decree and not just to those they were acquainted with. He explained that one had to be overcareful in their action as they affected many people. Kongzi argued that ideal human beings were those that were gentlemen. He also explained social stratification and political governance could only exist peacefully by ethical values.He argued that good leader needed to be virtues in order for them to rule well. He added that the outstrip relationship was achieved when leaders remained leaders while subjects accordingly remained so. 6. Buddhistic Thought. The Buddhist Thought is based on three fundamental principles namely impermanence, altruism and unsatisfactoriness. The thought is that all things in life come from one germ and eventually go back to the same source. It explains that everything in the world is affiliated to each other and none can exist independently or occurs apart from the rest.Its view is that everything in the world undergoes transformation and some salmagundi during its existence. This according to the thought is that things do not cease to exist, they only change their state through transformation and exist in other forms. This thought is what explains the religions belief in rebirth. 7. Historians talk about the revolution of the eleventh Century, which send a series of conflicts between Church and state. What form did these conflicts take? The 11th century was characterized by many conflicts between the Church and state. These conflicts were mainly between kings and Popes.As both parties sought to have more power than the other, conflicts arose. ab initio monarchs had ruled both the throne and the church as it was believed that they had divine right. yet then, in contrast the pope was believed to be Gods vicar on earth hence having the divine authority from God to the state. (Elliott, 1877). This resulted to the church having more power in the West but as secular kingdoms flourished, power struggle between the two sprang up. The conflict was between the secular ideologies of the state and the sacred ideologies of the church. finally t he church lost some of its powers to the state.

Tern Paper: Compare Two Companies

Kazakhstan University of Management, Economics, and st commitgic Research Bang College of ancestry MBA program Term Paper fiscal epitome of JSC Shubarkol komir and JSC sit& telephoner Prep bed by 20101675 Kim Jonghon cc91481 Nurtas Kadyrbayev Instructor M Mujibul Haque, Ph. D. Executive messagemary This paper bequeaths an comp block offium and evaluation of the rate of flow and standardizedly increase tycoon, fluidity and financial stability of JSC ShubarkolKomir and JSC sit down& social club. Methods of summary allow in trend and vertical analyses as well as dimensions such as Debt, accredited and Quick dimensions.Other unhurriednesss admit rates of return on Shargonholders bumdour and meat additions and sugar per specify aside to name a few. All calculations can be found in the appendices. The report finds the prospects of the troupe in its certain position atomic number 18 not positive. The major areas of weakness require come a wide investigation an d remedial action by management. Recommendations discussed include improving the middling collection effect for accounts receivable improving/increasing roll overthrow reducing pre hires and perhaps increasing inventory developsThe report also investigates the occurrence that the digest conducted has limitations. around of the limitations include forecasting figures are not provided nature and type of come with is not kn declare nor the reliable economic conditions schooling limitations as not enough randomness is provided or enough exposit. For example, periodic peaks not cognise results are based on quondam(prenominal) performances not present. Acknowledgement We wish to express our sincere gratitude to Dr. M. MujibulHaque, for providing us an hazard to do our project, and for guidance and encouragement in carrying out this project work.We are heartily thankful that he support from the preliminary to the concluding direct enabled us to develop and underst anding of the subject. Lastly, We cristal our regards to all of those who supported us in any respect during the completion of the project. Dr. M. MujibulHaque Professor, Dean of Bang colledge of Business KIMEP, 4 Abay Ave. Dear Dr. Haque We are submitting herewith our landmark paper authorise JSC ShubarkolKomir and JSC sit& order. The main purpose of this paper is to master a set of concept to make effective financial summary. The paper shows detail approaches and orderology which are was applied during our paper.We hope that this paper will chastity your approval. Sincerely, Nurtas Kadyrbayev Kim Jonghon Contents Title page . 1 Executive Summary 2 Acknowledgement 2 Letter of Transmittal elude of Contents . 4 give in of dactyl/ circuit boards .. 5 I. Introduction . 6 1. Objective 2. kitchen stove .. 6 3. Methodology . 6 4. Limitation 6 II. Findings and depth psychology .. 6 1. Shubarkolkomir and sit& companionship companies overview .. 7 2. Du Pont analysis . 8 3. Wo rking detonator insurance .. 9 4. cracking Structure insurance 17 5. Dividend Policy .. . 18 6. Break- up to now analysis .. 23 7. P/E symmetry analysis . 24 8. Vertical analyses . 25 9. bm analysis .. 5 III. Summary and Recommendations 33 References .. 35 Appendices .. 36 List of add-ins and Figures instrument panel 1 Du Pont analysis .. 0 Table 2 Working not prominent(p) .. 11 Table 3 Liquidity analysis .. 11 Table 4 Debt analysis .. 12 Table 5 profitableness analysis . 3 Table 6 Efficiency analysis 15 Table 7 keen structure 17 Table 8 pileusization rate 17 Table 9 Dividend insurance proportion 2 Table 10 Break-even 23 Table 11 P/E balance . 24 Table 12 Vertical analysis (Income description) .. 25 Table 13 Trend analysis (Income statement) .. 25 Table 14 Vertical analysis ( relaxation Sheet) . 6 Table 15 Trend analysis ( chemical equilibrium Sheet) . 29 Table 16 Summary 33 Figure 1 Return on fairness .. 10 Figure 2 catamenia Assets/ ingrained Assets . 11 Figu re 3 true symmetry .. 2 Figure 4 Acid-test proportionality 12 Figure 5 Debt analysis 12 Figure 6 Sales growth rate 14 Figure 7 Profitability analysis .. 4 Figure 8 Efficiency analysis .. 16 Figure 9 Dividend constitution ratios 22 Figure 10 supplement analysis 23 Figure 11 Price per helping/EPS .. 24 I. IntroductionA financial statement analysis is an important cable bodily process that helps the top management assesses the stability and dineroability of the business. It is important to carry out a financial analysis, as it enables the management to decide upon the continuation or discontinuation of a particular project and to take decisions regarding the purchase of au naturel(p) material and machinery, enthronisation fundss, lending, and so on. Financial statement analysis involves the comparison of information of one entity over different periods of time or the comparison of information of different entities during the same period.The four main statements that a re analyzed during the effect include the residuum sheet, income statement, statement of owners candor, and statement of notes flows. Based on financial statements for past three course of instructions, they are 2010, 2009, 2008 which were easy on Kazakhstan Stock Exchange (KASE) of each company, we make a financial analysis. We have applied 3 methods to evaluate the position of these companies through methods like ratio analysis, vertical analysis, trend analysis, and greenness- size analysis.Limitations of this paper that there is considerable subjectiveness involved as there is no theory as to what should be the right number for the various ratios. Further, it is hard to reach a certain(prenominal) conclusion when some of the ratios are favorable and some are unfavorable. proportions are based on financial statements that reflect the past and not the future. Un slight the ratios are durable, one cannot make reasonable projections some the future trend. Financial statem ents provide an assessment of the costs and not value. For example, the market value of items may be very different from the cost figure given in the balance sheet.II. Findings and Analysis Joint Stock ships company ShubarkolKomir is one of the producers of steam sear largest in Kazakhstan. Shubarkol (from Kazakh shubar spotty, kol the lake) spotty lake. JCC ShubarkolKomir was created by mergering of Open joint stock company Shubarkolskiirazrez and open joint stock company Shubarkolskoe transportation management. JSC ShubarkolKomir act also covers pits on exertion of a construction stone, scorch processing, cognitive operation of access roads, rail transportation, shunting works, and also production and water sale. The company managed by Board of directors.Chief executive officer setted by board of directors. Form of self-command of JSC ShubarkolKomir is private. Joint Stock caller-out SAT Komir is formed in November, 2009. endeavour primary activity is working out of coal readys. Lines of activity investigating and working out of coal deposits. Extraction and realization coal for the manufacturing and ho officehold consumption. The purposes To achieve good results in development of the coal industry. successfully to solve problems on maintenance of internal requirements of the country in unfluctuating fuel and to an exit on the world market.The company develops the Kumyskuduksky site of the Verhnesokursky deposit of brown coal in the Karaganda in the Republic of ?azakhstan. Balance stocks of a site make to a greater extent than 356 million scores of coal, from which 124,3 million tons are considered on categories, And, In and ?1. On a geological structure, harmony of capacity of layers and qualities of coal, the Kumyskuduksky site is carried to 1 group, according to classification of stocks of deposits of unfluctuating minerals. burn mining is carried out by open way, horizontal ledges with transportation of volume weight by motor transport.The project on deposit working out is made Open Company Karaganda of Hypromines and To. Till the end of 2010 it is hateful to reach extraction volumes in 1,0 million tons of coal, 2011 to leave on designed capacity of 1,5 million tons of coal of year. To in repeat mountain works additional investigation of two reserve areas representing game potential for increase of resource base is spent. Now the company realizes soaring-quality coal of marks 2B, 2BC, 3B, 3BC. The prices for production for today make 2600 tenge shipment at own expense, and 3600 tenge from the car.The flexible system of discounts, depending on volume is provided. Joint Stock Company SAT & Company aims to join the top 30 largest metallurgical holdings of the CIS in depots of market dandyization. SAT & Company JSC solves the following tasks to achieve this aim Concentrating the Groups activities in the most promising heavenss metallurgy and mining sector Launching new plants and reaching producti on capacity Supporting liquidity of The Groups additions and increasing greatization by approaching impertinent capital markets and addressing minority apportion avocation.Main activity is wholesale of anoint products, petrochemistry, metal processing, air transportation and investments in the fastest developing sectors construction, fossil oil trading, oil and gas engineering, metallurgy, petrochemistry and transport. Du Pont analysis Table 1. Du Pont analysis JSC Shubarkol komir JSC sit down&Company Du pont 2010 2009 2008 fair(a) 2010 2009 2008 median(a) authorize profitmargin 30% 25% 33. 9% 29. 6% 60% 0. 89% 43. 6% 34. 8% congeries Assetturnover 0. 67 0. 79 1. 38 0. 94 0. 033 0. 128 0. 39 0. 183667 EquityMultiplier 2. 47 2. 2 2. 5 2. 39 2. 11 1. 7 1. 48 1. 63333 ROE 49. 66% 43. 86% 117% 70. 17% 4. 17% 0. 195% 25. 23% 9. 86% Figure 1. Return on candour Return on equity measures the rate of return on the possession bet of the common stock owners. It measures a firms efficiency at generating bread from every unit of shareholders equity. ROE shows how well a company uses investment funds to generate earnings growth. On figure 1,is shown the rapid rule out of return on equity from 2008 to 2009, and from 2009 to 2010 ROE was change magnitude only for 5. 8% approximately. We can scoop that world financial crises affected to Kazakhstan at the end of 2008.All manufacturing companies were suffered callable to financial crisis. If we compare Subarkol and sit companies, sit company is more capable for generating money internally. One of the reason could be bestow plus turnover. If we look to other factors, so we can see that issue forth asset turnover of both(prenominal)(prenominal) companies are declining each year. Table 2. Working Capital JSC Shubarkol komir JSC sit down&Company Working Capital 2010 2009 2008 ordinary 2010 2009 2008 middling Current Assets/ jibe Assets 0. 14 0. 17 0. 16 0. 15 0. 11 0. 27 0. 28 0. 22 CurrentAssets/Sales 0. 21 0. 22 0. 12 0. 18 3. 22 2. 11 0. 73 2. 2 Figure 2. Current Asset/ nub asset Aggressive enthronisation Policy results in minimal level of investment in topical assets versus fixed assets. In contrast, a conservative investment policy places a greater proportion of capital in liquid assets with the opportunity cost of lesser profitability. In fix to measure the spirit level of aggressiveness, following ratio will be employ AIP = add together Current Assets/ issue forth Assets. Where sightly ratio of Shubarkol is lower than sit Company. therefore, Shubarkol Company has a relatively aggressive policy, which leads to higher(prenominal)(prenominal) adventure and higher return in comparison with Sat Company. Table 3.Liquidity analysis JSC Shubarkol komir JSC Sat&Company Liquidity analysis 2010 2009 2008 middling 2010 2009 2008 honest Current Ratio 0. 73 0. 59 0. 40 0. 57 0. 59 2. 71 2. 74 2. 01 Acid-test Ratio 0. 48 0. 41 0. 28 0,39 0. 46 2. 46 2. 5 1,80 Figure 3. Curre nt ratio Figure 4. Acid-test ratio Another besotted aspect of the companys operation is its liquidity. From sightly liquidity ratios of both companies, Sat show better result than Shubarkol, it can cover its debt even if we exclude inventory. In order to cover its current liabilities Shubarkol Company should sell out its inventory.Table 4. Debt analysis JSC Shubarkol komir JSC Sat&Company Debt analysis 2010 2009 2008 Average 2010 2009 2008 Average Leverage ratio 2. 47 2. 21 2. 54 2. 40 2. 11 1. 7 1. 48 1. 76 Total Debt ratio 0. 59 0. 55 0. 61 0. 58 0. 52 1. 41 0. 33 0. 75 Debt-equity ratio 1. 47 1. 21 1. 54 1. 40 1. 11 0. 70 0. 48 0. 76 following coverage ratio 25. 46 13. 43 31,1 23. 33 2. 34 5. 83 2. 17 3. 45 Figure 5. Debt analysis Shubarkol komir has higher leverage ratio that Sat Company, which means it has possible difficulty in compensable interest and principal while obtaining more funding. Leverage ratio=Total assets/Shareholders equity. The debt ratio gives an recital of companies total liabilities in carnal knowledge to their total assets. The higher the ratio, the more leverage the company is using and the more risk it is assuming. Both total assets and liabilities can be found on the balance sheet. The debt ratio of both companies show low level. Debt Ratio = Total debts/Total Assets The debt to equity ratio is the most popular leverage ratio and it provides detail around the tally of leverage (liabilities assumed) that a company has in relation to the monies provided by shareholders.As you can see through the formula below, the lower the number, the less leverage that a company is using. Again, like the debt ratio, we must understand the drawbacks of this formula. Totalliabilities include operational liabilities that are required to run the business. These are not tenacious term in nature and can distort the debt to equity ratio. Some will exclude accounts paymentable from the liabilities and/or intangible assets from the shareholder equ ity component. Debt to equity ratio = Total debts/total equity The interest coverage ratio tells us how easily a company is able to pay interest expenses associated to the debt they currently have. The ratio is designed to understand the amount of interest receivable as a function of companies earnings originally interest and levyes (EBIT). The interest coverage ratio is very closely monitored because it is viewed as the last delineate of defense in a sense. A company can arouse by even when it is in a serious financial deposit if it can pay its interest obligations. Interest Coverage ratio = EBIT/Interest Expense Table 5.Profitability analysis JSC Shubarkol komir JSC Sat&Company Profitabilityanalysis 2010 2009 2008 Average 2010 2009 2008 Average SalesGrowth rate 14. 7 -9. 79 66. 69 23,86 -44 -54 -24. 4 -40. 8 porcineMargin/Sales 0. 6 0. 65 0. 64 0,63 0. 04 0. 22 0. 41 0. 22 EBIT/Sales 0. 55 0. 48 0. 62 0,55 1. 29 0. 21 0. 33 0. 61 Return on investiture 0. 30 0. 25 0. 34 0,2 9 0. 93 0. 009 0. 44 0. 46 Return onAssets 0. 2 0. 19 0. 47 0,28 0. 03 0. 001 0. 17 0. 067 Figure 6. Sales growth rate Sat Companys gross sales growth rate shows bad results, it has negative rates.Figure 7. Profitability analysis The gross profit margin looks at cost of goods sold as a percentage of sales. This ratio looks at how well a company controls the cost of its inventory and the manufacturing of its products and subsequently passing play on the costs to its customers. The larger the gross profit margin, the better for the company. The calculation is taxation Profit/Net Sales. Operating profit is also known as EBIT and is found on the companys income statement. EBIT is earnings before interest and taxes. The run profit margin looks at EBIT as a percentage of sales.The direct(a) profit margin ratio is a measure of overall operating efficiency, incorporating all of the expenses of ordinary, daily business activity. The calculation is EBIT/Net Sales. In just Return on inve stment has low ratio, even if Sat companies ratio is higher than Shubarkol company. The Return on Assets ratio is an important profitability ratio because it measures the efficiency with which the company is managing its investment in assets and using them to generate profit. It measures the amount of profit earned relative to the firms level of investment in total assets.The return on assets ratio is related to the asset management social class of financial ratios. The calculation for the return on assets ratio is Net Income/Total Assets. Table 6. Efficiency analysis JSC Shubarkol komir JSC Sat&Company Efficiencyanalysis 2010 2009 2008 Average 2010 2009 2008 Average Inventory overthrow 5. 57 6. 4 9. 56 7. 17 1. 6 4. 69 7. 78 4. 69 Total AssetsTurnover 0. 68 0. 79 2. 38 1. 28 0. 03 0. 13 0. 39 0. 18 AverageCollectionperiod 1. 68 7. 29 1. 2 3. 39 3. 26 2. 91 0. 65 2. 27 AccountsPayableturnover 9. 6 17. 48 2. 17 9. 75 0. 9 2. 85 3. 13 2. 22 Figure 8. Efficiency analysis Efficiency r atios are ratios that come off the the Balance Sheet and the Income Statement and therefore incorporate one dynamic statement, the income statement and one atmospherics statement, the balance sheet. These ratios are important in measuring the efficiency of a company in either turning their inventory, sales, assets, accounts receivables or payables. It also ties into the ability of a company to meet both its short term and great term obligations. This ratio is obtained by dividing the Total Sales of a company by its Total Inventory.The ratio is regarded as a test of Efficiency and indicates the adeptness with which the company is able to move its merchandise. Shubarkol Company is able to rotate its inventory in sales in average 7. 17 times in one fiscal year. When Sat company only 4. 69 times. The total asset turnover represents the amount of revenue generated by a company as a result of its assets on hand. Formula Total Asset Turnover = Sales/Total Assets. Total asset turnover of shubarkol company is higher, thusly it has the lower the profit margins, since the company is able to sell more products at a cheaper rate.The Average collection period ratio shows both the average time it takes to turn the receivables into cash and the age, in basis of days, of a companys accounts receivable. The ratio is regarded as a test of Efficiency for a company. The effectiveness with which it converts its receivables into cash. This ratio is of particular importance to credit and collection associates. To convert its accounts receivables into cash for Shubarkol Company takes in average 3. 39 days and for Sat company 2. 27 days. The Accounts Payable turnover shows investors how many times per period the company pays its average payable amount.Thus, Shubarkols accounts payable turned over 9. 75 times and Sats 2. 22 in average during the past year. Shubarkol Company is paying its suppliers very quickly, it may mean that the suppliers are demanding very fast compensation te rms. Sat Company is paying its suppliers more slowly, and may be an index finger of worsening financial condition. Capital Structure Policy Table 7. Capital Structure JSC Shubarkol komir shares B EBIT I EBT EAT Ki EPS P Ke=EPS/P S=shares x P V=S+B 4,500 200 11,236 24 11,212 10,098 10. 8 3. 6 1,250 0. 9 5,314,500 5,314,700 3,500 300 11,236 39 11,197 10,077 11. 7 4. 6 1,181 0. 39 4,375,000 4,375,300 2,500 400 11,236 56 11,180 10,062 12. 6 6. 5 1,140 0. 57 2,850,000 2,850,400 JSC Sat&Company shares B EBIT I EBT EAT Ki EPS P Ke=EPS/P S=shares x P V=S+B 3,000 1,000 3,678 130 3,548 3,448 11. 7 0. 91 1, one hundred 0,08 3,300,000 3,301,000 2,000 1,300 3,678 182 3,496 3,366 12. 6 1. 37 1,150 0. 12 2,300,000 2,301,300 1,000 1,600 3,678 240 3,438 3,278 13. 5 2. 73 1,200 0. 2 1,200,000 1,201,600 Table 8. Capitalization rate JSC Subarkol komir Ki(B/V ) + Ke(S/V) =Ko 0. 0004 0. 29 0. 29 0. 0008 0. 39 0. 39 0. 0018 0. 57 0. 57 JSC Sat&Company Ki(B/V ) + Ke(S/V) =Ko 0. 0035 0,08 0. 0835 0. 0071 0 . 12 0. 1271 0. 0180 0. 22 0. 2380 For Shubarkol Company the optimal level of debt is 400 000 tenge, because the lowest Ko= 0. 29 and highest price is 1250 tg/share. For Sat&Company the optimal level is degree centigrade 000 tenge, where Ko=0. 0835. Dividend Policy planning on dividend policy of JSC Shubarkol Komir 1. General provisionsThe present Provision on dividend policy of JSC Shubarkol Komir is developed according to the legislation of the Republic of Kazakhstan, the Charter, the Code of corporate system of JSC Shubarkol komir and other internal documents. The purpose of the present Situation is ensuring balance of interests of union and Shareholders and a transparent approach at determination of the amount of dividend honorariums of monastic order for shareholders. The policy of orderliness is based on respect and strict solemnity of the rights of the Shareholders provided by the legislation of the Republic of Kazakhstan, the Charter of hostel and its internal docu ments.The dividend policy of order is directed on increase of welfare of Shareholders, increase of investment appeal of confederacy and its capitalization. 2. Main conditions of compensation of dividends to Shareholders 2. 1. auberge, proceeding from the size of the have give the axe profit (total profit) in a year and requirements of development of production and investment activity, aspires to increase the size of dividends paying(a) to Shareholders a commodious with growth of capitalization. 2. 2. Conditions of payment of dividends to Shareholders of monastic order are 1. xistence at Society of a net profit (total profit) in a year defined according to point 3. 1. provisions 2. absence of restrictions on payment of the dividends provided by point 5 of name 22 of the Law of the Republic of Kazakhstan About joint-stock companies 3. decision of General group meeting of shareholders of Society. 3. gear up of determination of the amount of charge of dividends 3. 1. The siz e of the dividends charged by Society, is defined with the standard. The net profit (total profit) Societies is defined on the basis of its unify financial statements made according to IFRS. . 2. According to the current legislation and the Society Charter the Board of directors of Society prepares offers on an order of dispersion of a net profit of Society for expired fiscal year and the size of the dividend in a year counting on one common share of Society 3. 3. The Society board of directors by preparation of the offer on an order of distribution of a net profit of Society for expired fiscal year and the size of dividends in a year, recognizes that the sum directed on payment of dividends, should make not less than 17,5 % of a net profit. 3. 4.The motion of possibility of payment by Society of dividends on common and preference shares quarterly, time in one-half a year, or following the results of a year is regulated according to the current legislation. The question is consid ered by Society Board, proceeding from the received financial results and look-ahead indicators of the size of dividends of Society actions. 3. 5. The Society board of directors, on the basis of offers of Board of Society, considers the main directions of distribution of a net profit (total profit), and also forms offers on a share of a net profit (total profit), directed on dividend payments. . 6. The Societies of the offer created by Board of directors nigh an order of distribution of a net profit of Society for expired fiscal year and the size of the dividend in a year counting on one common share of Society are submitted for consideration of General shareholder meeting. 3. 7. The final decision about the size of dividends is established by the decision of General meeting of shareholders of Society. 4. Order of payment of dividends 4. 1. Dividends are gainful to Shareholders in the terms established by the Charter of Society and the relevant decision of General shareholder meet ing. 4. 2.Society provides seasonably and sleep together payment of dividends to Shareholders. 4. 3. Payment of dividends considered transfer of the corresponding sums of money from the Society account on bank accounts of Shareholders according to the decision accepted at General shareholder meeting on terms and an order of payment of dividends. 4. 4. Payment of dividends is made by money or Society securities. Society has the right to make payment of dividends on stocks Society securities provided that such payment is carried out by the declared actions and the bonds issued by Society, in the presence of the create verbally consent of Shareholders.Payment of dividends by securities on preference shares of Society isnt allowed. 4. 5. The taxation of paid dividends is carried out in an order provided by the legislation of the Republic of Kazakhstan. 5. inform of Shareholders on dividend policy of Society 5. 1. Society places the present Situation, changes and/or additions to it o n the corporate website of Society. 5. 2. Within 10 working days from the date of devising decision of General shareholder meeting on payment of dividends on common shares of the Society Society publishes this decision in mass media. Thus Society also publishes this decision on the corporate website. . 3. The decision on payment of dividends on common shares of Society should contain the following data 1. name, location, bank and other details of Society 2. the period for which dividends are paid 3. the size of the dividend counting on one common share 4. issue date of payment of dividends 5. an order and a form of payment of dividends with the indication of the sizes, terms, ways and a form of payment of dividends. 5. 4. The materials provided to Shareholders for decision-making, should contain all inevitable information on existence/lack of the conditions necessary for payment of dividends. . province for incomplete or un by the bye payment of dividends to Shareholders 6. 1. Responsibility for appropriate and timely execution of decisions of General shareholder meeting about payment of dividends, including complete payment of dividends, bears Society Board. sizes, terms, ways and form of payment of dividends. Dividend Policy Ratios Dividend policy ratios provide insight into the dividend policy of the firm and the prospects for future growth. Two ordinarily used ratios are the dividend yield and payout ratio. Table 9. Dividend policy ratios JSC Shubarkol komir JSC SatCompany 2010 2009 2008 Average 2010 2009 2008 Average Dividend yield 10. 47 6. 5 8. 4 8. 45 11. 2 10. 11 9. 7 10. 33 Payout ratio 25. 4 19. 7 23. 25 22. 78 31. 56 30. 7 20. 9 27. 72 A high dividend yield does not necessarily translate into a high future rate of return. It is important to consider the prospects for continuing and increasing the diviend in the future. The dividend payout ratio is helpful in this regard. Figure 9. Dividend policy ratios Break-even analysis We assume variable costs consist of 70 of total cost, and rest 30 is fixed costsTable 10. Break-even JSC Shubarkol komir JSC SatCompany 2010 2009 2008 Average 2010 2009 2008 Average Break-even 14 15. 3 16. 7 15. 3 229 52 81 120. 7 DOL 1 1 1 1 -1. 69 1. 21 1. 12 0. 21 DFL 1 1 1 1 1. 99 1. 70 1. 24 1. 64 TL 1 1 1 1 -3. 36 2. 05 1. 38 0. 07 Figure 10. Leverage analysis Operating leverage is a measure of how sensitive net operating income is to percentage changes in sales. Shubarkol net operating income grows 1 times as fast as its sales, whereas Sats net operating income declines for 1. 69 as its sales.Degree of Financial Leverage is very helpful in comparing various firms and the riskiness of their capital structures in a particular industry. The Sat company has high degree of financial leverage than Shubarkol, thus Sat company more riskier, whence it has higher return. The Shubarkol company will meet break-even point at the level of 16,7 tons in average. The SatCompany at 229 tons. P/E ratio analys is Table 11. P/E ratio JSC Shubarkol komir JSC SatCompany P/E 2010 2009 2008 Average 2010 2009 2008 Average Price per share/EPS 1,377 1,936 840 1,384 512. 9 7,241 286. 2,680 Figure 11. Price per share/EPS PE ratio show the introduce value in stocks and are used by the investors as a screening device before making their investment. For example, a high P/E ratio may be regarded by some as being a sign of over pricing. When the markets are optimistic or if the investor sentiment is optimistic about a particular stock, the P/E ratio will tend to be high indicating that investors are willing to pay a high price for companys earnings. Sat company has higher P/E ratio than Shubarkol company. It mean the more the market is willing to pay for this companys earnings.Vertical and Trend analysis Table 12. Vertical analysis (Income statement) JSC Shubarkol komir JSC SatCompany 2010 2009 2008 Average 2010 2009 2008 Average Revenue ascorbic acid deoxycytidine monophosphate 100 100 100 100 100 100 Cost ofGoods sell 39 35 36 36 95 77 58 76 Gross profit 61 65 64 63 5 23 42 23 Financingincome 0. 31 0. 21 0. 17 0. 23 0. 84 18 3. 2 7. 3 Otherincome 4. 5 1. 5 0. 7 2. 06 759 162 65 328 Sellingexpenses (0. 08) (0. 07) (0. 07) (0. 07) 11. 8 17 8. 2 12. 3 General andadministrative expenses (4. 5) (5) (3. 37) (4. 9) (446) (24) (200) 223 EarningsbeforeInterestand Taxes 61. 23 61 61. 4 61 330 160 81 190 Interestexpense (3. 22) (4. 8) (0. 7) 2. 9 (68) 22 13 34 Otherexpenses (1) (3. 5) (0. 2) 1. 56 237 150 67 151 Earningsbeforetaxes 57 52. 7 60. 5 56 0. 36 0. 15 2. 7 1. 07 Incometaxes (11) (11) (16) (12. 6) 12. 66 2. 88 0 5. 18 Tax onsuperprofit (12. 5) (17) (16) (15) 224. 5 150 65 146 Net Income 33. 51 24. 7 28. 5 20. 23 224. 5 150 65 146 Table 13. Trend analysis (Income statement) JSC Shubarkol komir JSC SatCompany 2010 2009 2008 Average 2010 2009 2008 Average Revenue 17. 2 -9. 3 200 69 -44 -60 -3 -36 Cost ofGoods exchange 30 -10 49 23 -33 -40 -22 -31 Gross profit 10 -9 507 169 -89 -75 53 -72 Financingincome 74 13 -16 23 -97 166 0 23 Other income 263 89 -15 112 165 16 50 77 Sellingexpenses 15 -8 33 13 -62 -2 -21 -28 General andadministrative expenses 4 -36 -12 14 923 -50 11 295 EarningsbeforeInterestand Taxes 10 -10 803 267 6. 3 -12 59 18 Interestexpense -22 -547 -35 201 69 -23 -13 11 Otherexpenses -66 -1868 21 -638 -4 -5. 46 12 Earningsbeforetaxes 19 -21 10000 3333 -56 -97 48. 4 -34 Incometaxes 17 -39 861 280 -145 0 0 -48 Tax onsuperprofit -16 53 12. 3 (15) -7. 26 - - - Net Income 45 -34 858 20. 23 289 -4 168 52 Table 14. Vertical analysis (Balance sheet) JSC Shubarkol komir JSC SatCompany ASSETS 2010 % 2009 % 2008 % Average % 2010 % 2009 % 2008 % Average % Current Assets cash and coin Equivalents 2. 4 1. 8 2. 5 2. 2 3. 47 3. 63 13. 81 6. 97 FinancialReceivables 0. 01 0 0 0. 003 2,94 11. 23 7. 03 7 Inventories 5 5 5. 8 5. 06 2. 41 2. 86 2. 47 2. 58 Current portionof Long termassets held tosale 1,21 1. 82 0 1. 01 Advances paid and other rec eivables 0. 36 1. 6 0. 46 0. 80 - - - - Value added tax and other tax receivables 4 1 0. 63 1. 87 - - - - Other currentassets 6 7 8. 08 7. 03 0,61 0. 49 0. 99 0. 69 Total currentassets 14 17 16. 86 15. 95 10. 65 20. 05 28. 67 16. 79 longassets Investmentsaccounted for using equity method 25. 9 0. 01 0. 0076 8. 34 1. 40 10. 74 0. 0008 4. 05 Property, plant and equipment 45. 47 61 56. 9 54. 49 56. 9 12. 11 14. 45 27. 82 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 Other long-termassets 3. 14 2. 77 3. 67 3. 19 7. 79 14. 79 47. 85 23. 48 Total long-term assets 86 83 83. 14 84 89. 34 79. 94 71. 32 80. 2 TOTALASSETS 100 100 100 100 100 100 100 100 SHAREHOLDERS justiceANDLIABILITIES Currentliabilities FinancialPayables 5. 24 8. 9 24 12. 71 5. 3 12. 55 1. 14 6. 50 Taxes payable 9 14 9. 4 10. 8 0. 07 0. 04 0. 17 0. 09 Advancesreceived and other payables 0. 38 0. 56 0. 2 0. 38 - - - - Accountspayable 1. 46 1. 71 2. 6 1. 92 - - - - Evaluationliabilities 1. 53 1. 71 1. 9 1. 71 - - - - Short term loans - - - - 12,16 2,37 2,51 5. 68 Other currentliabilities 1. 43 1. 36 2. 73 1. 84 - - - - Total currentliabilities 19 28. 8 42 29. 93 18. 07 14. 96 10. 45 14. 49 Long-termliabilities Long-termfinancialpayables 25. 8 3 0. 4 9. 73 19. 689 26. 35 21. 0 22. 44 Reserves torestore locations - - - - 1. 61 0. 51 0 1. 04 Long-termevaluationliabilities 8. 71 16. 73 11 12. 15 1,61 - - - Deferred taxliabilities 6 6. 3 7. 5 6. 06 12. 86 7. 80 0. 85 7. 17 Other Long termliabilities 0. 25 0. 01 0 0. 08 Total long term liabilities 40. 5 26. 11 18. 7 28. 44 34. 42 34. 68 22. 15 30. 41 Shareholdersequity Issued capital 33. 4 46. 2 27 35. 53 22. 29 21. 48 7. 32 17. 03 Additional paidincapital 0. 9 0. 9 1. 4 1. 06 - - - - Treasury Stocks - - - - -0,03 ? ,01 0 -0. 013 Retainedearnings 6. 4 -2 11 5. 13 18,65 28,08 47,17 31. 3 T otalshareholders equity 40. 5 45 39. 3 41. 6 47,50 50,35 54,50 50. 78 TOTALSHAREHOLDERS equity ANDLIABILITIES 100 100 100 100 100 100 100 100 Table 15. Trend analysis (balance sheet) JSC Shubarkol komir JSC SatCompany ASSETS 2010 % 2009 % 2008 % Average % 2010 % 2009 % 2008 % Average % Current Assets exchange and Cash Equivalents 85 13. 11 -9. 14 29. 65 79,91 ? 57,43 1077,4 366. 49 FinancialReceivables 0 0 0 0 ? 50,60 158,61 ? 5,86 1072 Current portionof Long termassets held tosale - - - - 25,02 0 ? 100 -37. 4 Advances paid and other receivables -68 447 -71 102. 6 - - - - Inventories 21 64. 56 95 60. 19 58. 35 87. 52 ? 28. 45 39. 14 Value added tax and other tax receivables 46 159 62 89 - - - - Other currentassets 15 40. 72 53 36. 24 131. 77 ? 19. 71 ? 58. 61 17. 82 Total currentassets 13 59. 35 33 35 ? 0. 01 13. 20 ? 25. 61 -4. 47 Long-termassets Investmentsaccounted forusing equitymethod 3698 50 0 1249 ? 75. 42 1961 ? 7. 36 616 Property, plant and equipment 1. 5 6 70. 97 11. 13 27. 88 784. 05 35. 64 ? 19. 59 266. 68 Investment inassociatedcompanies - - - - 826. 77 1820. 8 ? 99. 93 848. 94 Intangible assets 12 27. 24 906 307. 08 2968 894,10 ? 18,76 1281 Other long-term assets 57 18. 67 43 39. 55 0,85602 49,9572 0 16. 93 Total long-term assets 44 56. 84 29. 2 43. 34 110. 3 4 81. 37 136. 27 442 TOTAL ASSETS 38 57 30 41. 66 88. 21 61. 82 45. 42 65. 15 SHAREHOLDERS justness AND LIABILITIES Currentliabilities FinancialPayables -19 -40. 5 116 19 ? 12. 43 1683 ? 92. 22 526 Taxes payable -14 140 - 42 243,07 ? 61,85 9,48 63. 66 Short term loans - - - - 864. 69 52. 75 ? 69. 78 282. 55 Advancesreceived andother payables -6 350 - 114 - - - - Accountspayable 18 -33 45 10 - - - - Evaluationliabilities 23 43 313 126. 3 - - - - Other currentliabilities 45 -22 55 26. 33 - - - - Total currentliabilities -8 7. 8 164 54. 6 127 131 ? 59 66 Long-termliabilities Long-termfinancialpayables 1063 1096 8 722. 3 40. 59277 100. 2517 435. 4730 19 2. 106 Long-termevaluationliabilities -28 143 60 58. 33 - - - - Reserves torestore locations - - - - 488. 52 0 0 162. 84 Deferred taxliabilities 30 32 89 50. 33 210. 11 1369 800 793 Total long term liabilities 114 119 68 433. 66 86,78 153,28 444,02 227. 66 Shareholdersequity Issued capital 0. 1 one hundred seventy 1 57 94. 69 374. 61 0 156 Additional paidin capital 0 0 84 28 - - - - Treasury stocks ? ? ? ? 6110 0 0 2036. 9 Retainedearnings 550 -128 -49 124 25 ? 57 26 Exchange ratedifference ? ? ? ? ? 245 0 0 -81. 7 Totalshareholders equity 24 80 -22 27 77. 570 49. 49 46 57. 68 TOTALSHAREHOLDERS comelinessANDLIABILITIES 38 57 20 38 88. 21 85. 74 30,. 20 68. 05 The company generates its revenue from sale of coal. Revenue was increased from 2009 to 2010 for 17. As we told before the crisis affected to rapid decline in revenue from 2008 to 2009, due to cyclical type of industry. Cost of goods sold and net income show enduring results during past three years. Level of cash is low in terms current liability. The company is less liquid.Property, plant and equipment take more than half of the total assets. We can assume it is because of type of the company, due to it is manufacturing company in postulate more equipment. In comparison with 2008 past two years 2009 and 2010 the company financed with debt. Shareholders Equity section relatively good results it is increasing each year. Average of Cash and Cash equivalents in JSC Shubarkol komir is 2. 2 % and Sat Companys average cash is 6. 97%. Basically companys cash and cash equivalents should be at minimum instead of providence they should invest it to generate future cash flows.In our case cash both companies have minimum cash. Accounts Receivable in Company Shubarkol is 0. 003% and Sat Company is 7%. It says that both companies sells their product on cash, not on credit. solely in order to sell more they should change their policy, selling not only on cash basis also on credit. Average inventory in Company Shubarkol is 5. 06% and in company Sat it is 2. 58%, it is a good sign both companies runs efficient business, inventory level at the minimum. In order not to have remaining inventories companies should use JIT.Property, plant and equipment take more than half of the total assets in both companies We can assume it is because of type of the company, due to it is manufacturing company in needs more equipment. Accounts Payable in Company Shubarkol decreased from 2. 6% to 1. 46 during 2008-2010. Company Sat doesnt have any accounts payables. Company Shubarkol and Sat generates its revenue from sale of coal. Cost of goods sold in Company Shubarkol is 36% of revenue and in company Sat is 76 % of revenue. Average EBIT in Company Shubarkol is 61%, in Sat Company it is 190%, it is a lot higher because of Other income, it is 19mln when revenue is 2mln.In Company Shubarkol net income show stable results during past three years. But In Sat Company it is increased from 65% to 224% , average is 146%. III. Summary and recommendations Table 16. Comparison table Shubarkol Komir SatCompany ROE amply pitiful CA/TA Low exalted CA/Sales Low amply Current ratio Low High Acid test ratio Low High Total debt Low High Debt to equity High Low Gross mar/Sales High Low EBIT/Sales Low High ROI Low High Inventory turnover High Low Total Asset Turnover High Low Average collection period High LowAccounts payable turnover High Low ROA High Low P/E ratio Low High Recommendations 1. bash Assess overhead costs and if there are opportunities to decrease them. punishing overhead has a direct impact on profitability. Overhead expenses, including rent, advertising, confirming labor and professional fees, are indirect expenses that you incur to operate the business outside of direct material and direct labor. 2. Accounts receivable Monitor accounts receivables in effect to ensure that the company billing their clients properly and that youre receiving pro mpt payments. . Accounts payable manage longer payment terms with vendors whenever possible to keep money longer. 4. Profitability Review the profitability on your various products and services. Assess where prices can be increased on a regular basis to maintain or increase profitability. As costs increase and markets change, prices may need to be adjusted as well. 5. Current ratio Increase current assets by increasing profit, selling additional capital stock, borrowing additional long term debt, or disposing of unproductive fixed assets and retaining proceeds.Reduce current liabilities by retaining a greater portion of allocated savings. Avoid financing non-current assets with current liabilities. References 1. James C. forefront Horne Fundamentals of Financial Management 13th edition, 2008 2. http//www. sat. kz/ru/about/cel Retrieved from 20. 04. 12 3. http//www. kase. kz/ru/emitters/show/SHUK Retrieved from 15. 04. 12 4. Penman, Stephen H. Financial Statement Analysis and Securities Valuation, 4th ed. , McGraw Hill International Edition, 2010. adjunct A JSC ShubarkolKomir Balance Sheet As at December 31, 2010ASSETS 2010 2009 Current Assets Cash and Cash Equivalents 685 621 371 204 Financial Receivables 4 115 0 Advances paid and other receivables 102 791 328 837 Inventories 1 356 411 1 119 355 Value added tax and other tax receivables 114 344 215 766 Other current assets 1 724 049 1 492 957 Total current assets 3 996 331 3 528 119 Long-term assets Investments accounted for using equity method 7 399 383 2 000 Property, plant and equipment 12 993 624 12 794 808 Intangible assets 3 285 530 3 751 702 Other long-term assets 897 362 572 860Total long-term assets 24 575 899 17 121 371 TOTAL ASSETS 28 572 230 20 649 490 SHAREHOLDERS EQUITY AND LIABILITIES Current liabilities Financial Payables 1 496 280 1 851 452 Taxes payable 2 571 754 2 983 414 Advances received and other payables 110 972 117 516 Accounts payable 418 977 354 986 Evaluation liabilities 438 035 355 173 Other curre nt liabilities 408 340 281 281 Total current liabilities 5 444 358 5 943 822 Long-term liabilities Long-term financial payables 7 376 747 634 493 Long-term evaluation liabilities 2 488 523 3 456 287Deferred tax liabilities 1 698 759 1 302 972 Total long term liabilities 11 564 029 5 393 752 Shareholders equity Issued capital 9 540 291 9 531 291 Additional paid-in capital 188 566 188 566 Retained earnings 1 834 986 -407 941 Total shareholders equity 11 563 843 9 311 916 TOTAL SHAREHOLDERS EQUITY AND LIABILITIES 28 572 230 20 649 490 Balance value (common stock), tenge 2 316 1 543 Balance value (preferred stock), tenge 2 238 2 289 Appendix B Income Statement For the year terminate December 31, 2010 ASSETS 2010 2009 Revenue 19 382 881 16 533 291Cost of Goods Sold (7 612 683) (5 834 093) Gross profit 11 770 198 10 699 198 Financing income 61 448 35 051 Other income 291 879 242 452 Selling expenses (15 556) (13 577) General and administrativeexpenses (871 190) (836 592) Earnings before Interest andTaxes 11 175 331 10 126 532 Interest expense (624 944) (797 304) Other expenses (193 703) (571 122) Earnings before taxes 10 418 133 8 758 106 Income taxes (2 160 673) (1 847 672) Tax on superprofit (2 420 352) (2 881 292) Net Income 5 837 109 4 029 142 Appendix C Statement of Cash arisesFor the year ended December 31, 2010 Cash Flow from OperatingActivities 2010 2009 Cash inflows 29 253 053 22 716 771 From sales of goods 28 535 245 21 495 162 From advance payments 408 340 1 121 843 Other proceeds 309 468 99 766 Cash Outflows 21 348 705 16 363 748 To pay suppliers for goods and services 7 857 546 6 846 546 To pay out advances 3 598 673 1 369 020 To pay employees salary 463 958 354 121 Interest paid 304 179 489 121 Income tax paid 1 772 233 1 853 11 To pay tax on superprofit 2 725 639 2 091 833 Other payments to budget 1 904 193 1 257 436Other payments 2 722 284 2 102 419 Net cash provided by operating activities 7 904 349 6 353 023 Cash Flow from Investing Activi ties Cash inflows 431 000 1 643 From sale of fixed assets 1 643 Payment for long-term investments 431 000 Cash outflow 10 747 057 9 133 255 To acquire fixed assets 2 931 557 2 796 255 procure of other long-term assets 7 384 500 6 000 000 Purchase debt of other entities 431 000 337 000 Net cash provided by investing activities -10 316 057 -9 131 612 Cash Flow from Financing Activities Cash inflow 9 338 999 7 320 373From the sale of firms own equity securities 8 999 6 008 982 From borrowing 9 080 000 1 311 391 Other proceeds 250 000 0 Cash outflow 6 624 635 4 499 402 To repay amounts borrowed 3 042 253 1 449 556 To repurchase the firms own equity securities 0 9 000 To pay shareholders dividends 3 582 382 40 846 Others 3 000 000 Net cash provided by financing activities 2 714 364 2 820 971 Net increase/(decrease) in cash 302 656 42 382 Cash and cash equivalents, beginning of the year 382 965 328 822 Cash and cash equivalents, end of the year 685 621 371 204Appendix D JSC Sat & Company Balance Sheet As at December 31, 2010 ASSETS 2010 2009 Current Assets Cash and Cash Equivalents 2,720,160 1,511,944 Financial Receivables 2,310,048 4,676,501 Inventories 1,888,077 1,192,271 Current portion of Long term assets held to sale 949,524 759,512 Other current assets 477,206 205,892 Total current assets 8,345,022 8,346,120 Long-term assets Investments accounted for using equity method 1,098,757 4,471,632 Property, plant and equipment 44,567,701 5,041,284 Intangible assets 4,216,968 137,425Investment 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 Short term loans 9,526,727 987,540 Total current liabilities 14,157,139 6,227,294 Long-term liabilities Long term loans 15,421,083 10,968,617 Reserv es to restore locations 1, 263,082 214,620