Rio Grande Medical Center Case Study

The Night And A Long Way Gone By Ishmael Beah Essay Example For Students

The Night And A Long Way Gone By Ishmael Beah Essay Probably the most mythical accounts of our opportunity arrive from people conquering incomprehensible chances and enduring terrible circumstances. This is common all through the Holocaust. Individuals are intrigued with this occasion in history in light of the fact that the survivors needed to beat massive chances. One, of many, of the more celebrated anecdote about the Holocaust is Night by Elie Wiesel. Thereby, Wiesel despite everything figures out how to catch the revulsions of the camps, notwithstanding the peruser definitely knowing the story. Notwithstanding him defeating troublesome chances so as to make due for himself, he likewise needed to think about his debilitating dad. A comparative circumstance happens in A Long Way Gone by Ishmael Beah, notwithstanding, Ishmael acknowledges the circumstance and can protect himself. While they vary in their capacity to protect themselves, the two of them relate in that they have to battle, both intellectually and truly so as to endure. In both Night and A Long Way Gone, Ishmael Beah and Elie Wiesel are deprived of their personality and are compelled to change and adjust so as to endure another and threatening condition which transforms them for the remainder of their life.During the Holocaust, the detainees were stripped on who they truly are, because of done having the option to communicate what their identity is. This is because of self-articulation not being acknowledged in the camps. We will compose a custom article on The Night And A Long Way Gone By Ishmael Beah explicitly for you for just $16.38 $13.9/page Request now The entirety of the Holocaust detainees had to wear the equivalent accurate garments, with no special case. â€Å"We were given winter dress: striped shirts that were a piece heavier† (Wiesel 77). The vast majority speak to themselves by wearing dress that communicate, yet this limits articulation. In the event that any detainee was seen giving any indication of singularity, they were rebuffed with brutal beatings. â€Å".a Kapo came in to check if, by some coincidence, a few. .a. He, similar to Wiesel, does talks for the individuals who need to tune in to his insightful words and stunning stories. Elie Wiesel and Ishamel Beah, just as numerous others, needed to change their character and who they are as an individual essentially to endure one more day. They were deprived of a fundamental human right, their character and needed to adjust to this. They likewise needed to change their ethics and needs so as to endure. Significantly after all the hardships they face, how damaging the occasions were can be hard to live with. During the occasions also, they feel lament on how they could have kept away from the whole circumstance. In any case, on the off chance that they endure, they regularly become more grounded and effective from the accounts they tell and the exercises they learn. While numerous individuals appreciate censuring how individuals could have improved to endure, it is a lot more difficult than one might expect, simply ask these individuals.

Everything You Need to Know About Vaping

Everything You Need to Know About Vaping Addiction Nicotine Use Print Everything You Need to Know About Vaping By Sherri Gordon facebook twitter Sherri Gordon is a published author and a bullying prevention expert. Learn about our editorial policy Sherri Gordon Medically reviewed by Medically reviewed by Steven Gans, MD on September 03, 2019 Steven Gans, MD is board-certified in psychiatry and is an active supervisor, teacher, and mentor at Massachusetts General Hospital. Learn about our Medical Review Board Steven Gans, MD Updated on January 29, 2020 iStockphoto More in Addiction Nicotine Use After You Quit How to Quit Smoking Nicotine Withdrawal Smoking-Related Diseases The Inside of Cigarettes Alcohol Use Addictive Behaviors Drug Use Coping and Recovery Despite the tremendous growth of the vaping industry in recent years and the growing popularity of e-cigarettes, JUULs, and other vaping devices, many people still arent exactly sure what vaping is. Is it smoking or something else entirely? Generally speaking, vaping involves inhaling a vaporized liquid from an electronic device; and much like traditional cigarettes, it contains nicotine. The difference is that while the liquid or vapor is heated, it does not burn like a traditional cigarette. Although vaping was originally introduced as an alternative to smoking for adults, the Centers for Disease Control (CDC) reports that teens in the United States are more likely than adults to vape or use e-cigarettes. In fact, in 2018 more than 3.6 million middle and high school kids in the U.S. had vaped in the last thirty days. Meanwhile, only about 2.7% of adults in 2017 were current e-cigarette users. This reality has created an intense debate about the safety of e-cigarettes and whether or not they are truly a safe alternative to traditional smoking. It has also lead the Food and Drug Administration to crack down on companies that appear to market to a younger clientele, in particular with the sale of flavored vaping products. As of Dec. 20, 2019, the new legal age limit is 21 years old for purchasing cigarettes, cigars, or any other tobacco products in the U.S. What Are E-Cigarettes? Overall, e-cigarettes are battery-powered devices designed to look like a pen, a thumb drive, or even a real cigarette. Some have refillable tanks while others have disposable pods. But regardless of what they look like, they basically all work the same way. E-cigarettes have containers filled with liquid that usually contains nicotine, flavorings, and other chemicals. A battery-powered heating device turns the liquid into vapor, which users inhale when they take a puff off of the device. Using an e-cigarette is called vaping, although teens refer to using JUULs, a pod-type of e-cigarette, as juuling. Meanwhile, there are hundreds of different types of e-cigarettes on the market, and almost all of them contain nicotine. Sometimes, they even contain THC, the chemical found in marijuana that makes users feel high. What You Need to Know About Vaping Vaping has been around for about a decade now and is growing in popularity, especially among teens and young adults. Originally marketed as a smoking cessation device for traditional smokers to quit smoking, e-cigarettes are thought to be a safer alternative to smoking. But, the FDA has not found any e-cigarette to be safe or effective in helping smokers quit, according to the American Lung Association. In fact, there is some evidence that most smokers today are dual users, using both cigarettes and e-cigarettes. They simply vape in places or in situations where they cannot smoke like a restaurant or at a friends house. Whats more, many people assume that e-cigarettes and vaping are safe alternatives to smoking. But that is not the case. Even though some scientists believe they are less dangerous than traditional cigarettes, they are still not a healthy, or safe alternative. Whats more, vaping is attracting teens and young adults who would not otherwise smoke. So, an entirely new generation of people are becoming addicted to nicotine. Additionally, several studies indicate that vaping may actually serve as a gateway to smoking, especially among teens and young adults. For instance, a study in the journal, Pediatrics, found that teens who never smoked but started vaping were more likely to try cigarettes than kids who never vape. Likewise, a study in the Journal of the American Medical Association found a similar connection. They discovered that kids who vape are more likely to smoke cigarettes or other tobacco products over the next year than kids who are non-users. Interestingly, the CDC states that teen cigarette smoking has dropped to a historic low with just under 11% of teens smoking. However, the use of e-cigarettes went up to 24% in 2015, which represents a dramatic increase in vaping. This increase in vaping has advocates concerned that all the work done to reduce smoking among teens may be undone with vaping. While kids may not be smoking cigarettes, they are vaping in record numbers. And regardless of the method, they are still inhaling nicotine and developing addictions. 4 Facts About E-Cigarettes That You Need to Know The Risks Associated With Vaping There is a fierce debate about the risks and possible benefits of vaping. Some believe that vaping could help millions of adults quit tobacco cigarettes, while advocates argue that vaping normalizes the habit and lures children into smoking. But those two arguments aside, there is mounting evidence that vaping negatively impacts your health. For instance, the National Academies of Science, Engineering, and Medicine indicated in a consensus study report that reviewed more than 800 different studies, that using e-cigarettes, or vaping causes health risks. They also concluded that e-cigarettes contain a number of potentially toxic substances that irritate the lungs and cause a number of health issues. Meanwhile, a study from the University of North Carolina found similar results indicating that the two primary ingredients found in e-cigarettes are toxic to cells. They also reported that the more ingredients in an e-liquid, the greater the toxicity. But the concerns with vaping do not end there. There are several other surprising risk factors associated with vaping. Here is an overview of the potential issues that result from vaping. Vaping Devices Can Blow Up Perhaps one of the most shocking risks associated with e-cigarettes and vaping is the risk of explosions and fire from the devices. In a 2017 report from the U.S. Fire Administration, officials reported that the shape and construction of e-cigarettes make them more likely to explode than other products with lithium-ion batteries. In fact, when the batteries fail, they behave like flaming rockets. Meanwhile, another study found that more than 2,000 visits to the emergency rooms between 2015 and 2017 were related to e-cigarette burns and explosion-related injuries. That is nearly two hospital visits a day over a three-year period. Whats more, some of the cases were very severe. People lost teeth, suffered damage to their eyes, lost parts of their face or mouth, and experienced third-degree burns. There are even reports of people dying in the explosions. For instance, a young man in Texas was killed when his e-cigarette exploded sending a piece of metal into his neck and severing an artery. To help prevent e-cigarette explosions, the FDA recommends that users only purchase vape devices with vent holes. They also suggest replacing e-cigarette batteries that get damaged or wet, and to store loose batteries in a case away from keys and coins. They also recommend charging vaping devices only with the charger provided and not to charge a vape pen overnight or leave it unattended. Liquid Nicotine Can Poison People Liquid nicotine is especially dangerous to young children, and reports of poisonings are on the rise. Parents and older siblings should be advised to keep e-cigarettes out of reach of small children. Whats more, liquid nicotine also has been linked to seizures, especially when using products like JUULs which contain a high concentration of nicotine. Vaping Is Addictive Nicotine is a primary ingredient in e-cigarettes, and it is highly addictive. In fact, it is so addicting that without it you will suffer withdrawal symptoms if you try to ignore your cravings. Yet, many people assume that when they are vaping they are ingesting less nicotine than they would be if they were smoking a cigarette. The problem is that some e-cigarettes contain as much or more nicotine than a pack of cigarettes. So, vaping is just as addictive at traditional smoking. Whats more, nicotine also is toxic. It raises your blood pressure, increases adrenaline in your system, and causes your heart to beat faster, all of which elevate your risk of a heart attack. Mind Games Go Both Ways When You Quit Smoking There Are Many Unknowns E-cigarettes have not been on the market long enough for scientists to determine what long-term use will do to the body. Plus, e-cigarettes often contain a number of chemicals that are being inhaled into your lungs. At this point, it is impossible to know what those chemicals will do to your body because e-cigarettes have not been out long enough to undergo any extensive studies. Still, many researchers are concerned that the chemicals people are inhaling when they vape may produce conditions like popcorn lung, which is a type of lung disease caused by the chemical diacetyl. Diacetyl, is a flavor-enhancing chemical that was originally used to improve the flavor of microwave popcorn until it was shown to cause popcorn lung in the factory workers. A Word From Verywell If you are a smoker and are considering vaping as a way to kick the habit, talk to your doctor first about the best way to quit smoking for good. There are a number of medications, aids, and counseling options to support you in your decision. Or, you can call 1-800-QUIT-NOW for ideas on proven methods to quit smoking. Nicotine: Everything Youve Been Afraid to Ask

Heterosexual And Homosexuality Marriage. Marriage Is...

Heterosexual and homosexuality marriage Marriage is considering to be several distinct aspects of life: friendship and companion ship, sexual relations, love, conversation, procreation and child-rearing, and mutual responsibility. Making compromises and putting someone else first rather than yourself. My view on the purpose of marriage is being able to wake up to your best friend every day, being able to buy your first home together, plan for children, plan your future together as one and to be happy. there are other views on what the purpose is for marriage. From a religious view, the purpose of marriage is to reflect the relationship of the Godhead and to serve him, it is traditionally displayed as a marriage only between a male and†¦show more content†¦Before 1933 there were a total of 7 states that defined marriage between a male and a female. After the Hawaii court raised the possibility that states could recognize same sex marriage, 37 states adopted a language that defined marriage to only be between a man and a woman (Blue 2015). With the display of homosexuality, this has brought many concerns to the traditional concept of defining marriage. In communities, the traditional gender roles and family structures, are less likely to have contact with those that express gay or lesbian identity (Veigh and Elena 893) Growing up in their homes of being taught a marriage or affection is only to be between a male and female, this comes off as threatening and view this behavior as wrong. Traditionally, coming from the opposed side, in the bible same sex relations is not accepted so why should they accept it? Same sex relationships of marriage are a risky strategy. This debate is very much about making romantic love visible outside of heterosexual relationships (Grossi 91), one act that prevented same sex marriages and the LGBT from expressing their love for one another was the defense of marriage act. The Defense of marriage act: was a United States federal law that, prior to being ruled unconstitutional, defined marriage the union of one women and one man, and allowed states to refuse to recognize same-sexShow MoreRelatedThe Debate Over Gay Marriage858 Words   |  4 PagesAlthough gay marriage has been legalized in all of the United States, the idea is still heavily debated. Richard Fitzgibbons, one of the various authors of the book Homosexuality: Opposing Viewpoints (Homosexuality is Caused by Psychological Trauma, p.36) believe that in order to get rid of pain, a person can be overcome by strong, erotic desires and actions, however, this does not entirely make sense. If a man were to be sexaully assaulted by another man, they would, more than likely remain straightRead MoreGays Should Be Legal Contract1290 Words   |  6 PagesGays Should Be Allowed To Marry Calling something marriage does not make it marriage. Marriage is a legal contract between a man and a woman. It is the institution that establishes kinship and relations in the family. Marriage is mostly recognized by a state, organization, religious authority, local community, or peers. Marriage is for procreation, education, the unity, and well-being of the couple. Some say marriage is for two people who love each other and ready for commitment. Nevertheless, inRead MoreMental Health And The Lgbt Community1665 Words   |  7 Pageshave shown that the discrimination of LGBT individuals can affect mental health. Not only are there various laws that deny same sex marriage but according to there are government benefits that favor the traditional family over a non-traditional. Due to discrimination lesbians and bisexuals are more likely to be at risk for mental disorders compared to heterosexuals (Cochran and Mays 2003). Mental health issues are not only seen in the adult LGBT commu nity but in the youth LGBT. Studies suggest thatRead MoreMainstream Acceptance of Homosexuality in our Society Essay1452 Words   |  6 PagesMainstream Acceptance of Homosexuality in our Society In todays society, there exists a myriad of issues which, when discussed, tend to raise the temperature of the citizens proverbial blood. There are a handful of topics that always seem to escalate this temperature to the boiling point among individuals who earnestly participate in discussion, debate and argument. Some examples of such delicate subjects are the death penalty, abortion, and euthanasia. An issue that has in recent years,Read MoreEssay about Gay Marriage and the Government1712 Words   |  7 PagesIn recent years, the debate over same-sex marriage has grown into a nationwide controversy, reverberating into the halls of congress, at the white house, in dozens of state and legislature and courtrooms, and in the rhetoric of election campaigns at both the national and state levels. As the debate rages on, the American religious community remains deeply divided over the issue, and over the morality of homosexuality. The debate has grown from an issue that occasionally ar ose in a few states to aRead More Gay Marriage Essay1308 Words   |  6 Pagesto US citizens. However, when the topic of marriage arises, all the talk of equality ceases. Over fifty percent of all people in the United States oppose homosexual marriage, despite the fact that most are otherwise supportive of homosexual rights. This means that many of the same people who are even passionately in favor of homosexual rights oppose homosexuals on this one issue. This is because there is a lot of misunderstanding about what homosexuality really is, as well as the erroneous assumptionRead MoreLegalization of Same-Sex Marriage1033 Words   |  4 PagesGay Marriage Gay marriage has become more and more important to more and more people in the recent past. Many people want gay people to be allowed to get married. They say that marriage is a right, not a privilege. People who oppose gay marriage say that marriage is defined as a union of one man and one woman. Many people, who otherwise are very supportive of a homosexual’s rights, say that they shouldn’t be allowed to marry simply because two people of the same sex can’t get married. AccordingRead MoreArgumentative Essay on Gay Rights1726 Words   |  7 Pagessame rights as heterosexual couples. If same-sex couples are paying taxes to build roads and help public schools like the heterosexual couples, they should be afforded the same rights. One common problem that plagues gay and lesbian couples that are denied the right to marry is their inability to claim their partner’s social security after he or she has died. Currently, there are no programs that give homosexuals survivor benefits like the ones that are provided for heterosexuals who are marriedRead MoreReligion And The Civil Rights Movement954 Words   |  4 Pagesthe civil rights movement. Contrary to the recent successes of the gay rights movement, there have been a lot of obstacles along the way and most of them have been due to religious beliefs and practices. Religion opposes gay rights, especially gay marriage on the basis that it immoral and unnatural, it is against the word of God and it is incompatible with religious beliefs, sacred texts, and traditions of many religious groups(Eskridge,15). On the other hand, religion more directly influences theRead MoreLegalizing Gay Marriage Essay examples1290 Words   |  6 PagesMost societies view homosex uality as something that is horribly wrong. People view sexual relations between like genders as disgusting. For thousands of years homosexuality has existed on this Earth, but the question is, what makes it so wrong? During my research I have yet to find a legitimate reason as to why homosexuality is so wrong. With homosexual relationships, comes the question about homosexual marriage. Should gay marriage become legal in all fifty United States, or should it stay illegal

By Outlining the Current Global Political Economy, Discuss...

TABLE OF CONTENT EXPLANATION AND DEFINITION OF TERMS 03 INTRODUCTION 04 HISTORICAL CONTEXT OF GLOBALIZATION 05 †¢ THE CURRENT GLOBAL POLITICAL ECONOMY 06 IMPACT OF GLOBALIZATION ON THE NATIONAL DEVELOPEMENT IN THE SOUTH 07 †¢ IMPERIALISM AND GLOBALIZATION 08 †¢ SOCIAL AND CULTURAL IMPACT 07 †¢ POLITICAL AND ECONOMICAL IMPACT 07 CONCLUSION 09 BIBLIOGRAPHY 10 EXPLANATION AND DEFINITION OF TERMS Political Economy Political economy originally was the term for studying production, buying, and selling, and their relations with law, custom, and government, as well as with the distribution of national income and†¦show more content†¦I am tasked in this paper to give the main features of the Global Political Economy, its implications and effects on the national development in the South. The South, in this case, is being defined as the third world . Many scholars, opinion leaders and political analysts etc. have expressed divergent and dissenting views regarding the effects of globalization on individuals, nations and the world at large. While globalization is a highly contested concept, it is widely viewed to involve a process of rapid intensification of economic, political, and cultural interconnectedness among the different actors and geographic areas in the global system. The current global political economic situation is a good lens for thinking about the Souths place in the world. Linden’s views in the new map of the world states:†The growing power of the multinational corporations (MNCs) was and is acknowledged as the most obvious force building a new globalising economy. Defined simply as corporations controlling assets –factories, mines, marketing offices – in more than two countries, MNCs are major bearers of the ‘soft power’ that is shaping the structures of a new world† (Linden:2003). 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Financial analysis report Free Essays

Letter of internal control from external auditors 5. Minutes of board meetings 3. Energy sector analysis Energy is considered to be the lifeline of economic development. We will write a custom essay sample on Financial analysis report or any similar topic only for you Order Now For a developing economy with a high population growth rate, it is important to keep a balance between energy supply and emerging needs. If corrective measures are not effectively anticipated significant constraints start emerging for development activities. The rise in global energy demand has raised questions regarding energy security and increased the focus on diversification, generation and efficient allocation. The answer lies in the attainment of optimal energy mix through fuel substitution by promoting energy efficiency and renewable energy and interregional co-operation. However, oil and natural gas will continue to be the world’s top two energy sources through 2040. Pakistanis economy has been growing at an average growth rate of almost 3 percent for the last four years and demand of energy both at production and consumer end is increasing rapidly. Pakistanis total energy consumption stood at 38. Million tones of oil equivalent in 2010-11. The relative importance of the various sources Of energy consumption of Liquid Petroleum Gas (LAP), electricity and coal has been broadly similar since 2005-06. The share of gas consumption stood at the highest equal to 43. Percent of the total energy mix of the country, followed by oil (29. 0 percent). 3. 1 crude Oil The total supply of crude oil for the fiscal year 2010-11 was 75. 3 million barrels. The 68. 1 percent was imported and 31. 9 pe rcent was locally extracted. 3. Natural Gas The consumption of increasing natural gas is rapidly. As on December 31st 201 1, the balance recoverable natural gas reserves have been estimated at 24. 001 Trillion Cubic Feet. The average production of natural gas during July- March 2011-12 was 4236. 06 million cubic feet per day (Emcee) as against 4050. 64 (Emcee) during the corresponding period of last year, showing an increase Of 4. 57 percent. Natural gas is used in general industry to prepare consumer items, to produce cement and to generate electricity. In the form of CNN, it is used in transport sector and most importantly to manufacture fertilizer to boost the agricultural sector. Currently 27 private and public sector companies are engaged in oil and gas exploration production activities. 3. 3 Liquefied Petroleum Gas-LAP LAP currently contributes only 0. 5 percent to the total primary energy supply in the country. However, 87 percent of its demand is met through local production. The rest is imported. This lower share is mainly due to local apply constraints and the higher price of LAP in relation to competing fuels like fuel wood, dung etc. Currently, in Pakistan, out of 27 million households, approximately 6 million are connected to the natural gas network while the rest are relying on LAP and conventional fuels such as coal, firewood, kerosene, biomass etc. LAP has thus become a popular domestic fuel for those who live in areas where the natural gas infrastructure does not exist. The annual total supply of LAP remained 467,476 tones; 1 , 281 tones were produced daily during 201 2, out of this 46 percent is produced in the private sector while 54 percent is produced in the public sector. How to cite Financial analysis report, Papers Financial Analysis Report Free Essays string(48) " licenses to use the above mentioned oilfields\." [pic] Bang College of Business (BCB) MBA Program Fall 2012 FN5201: Managerial Finance Draft Paper: Financial Ratio Analyses of JSC KMK Munai and ZhaiykMunai LLC Students: Kaisar Zharokov ID: 20110299 Zhanar Stambak ID: 20092628 Instructor: Mujibul Haque, Ph. D. Date of submission: November 14, 2012 Almaty 2012 Acknowledgement This report analyzes the balance sheets and income statements of ZhaiykMunai LLC and KMK Munai JSC, comparing 2009, 2010 and 2011. We will write a custom essay sample on Financial Analysis Report or any similar topic only for you Order Now The data in this report represent two companies’ financial performance. Common size income statements and balance sheets are used to compare two companies’ sizes and types. Trends for major balance sheet and income statement items and ratio analysis are used to compare and contrast companies by size and type. This report studied the financial statements of both companies, comparing 2009, 2010, and 2011, the last three years. Trends of major balance sheet and income statement items as well as financial ratios are presented for two companies’. We would like to thank the companies for the published financial statements for the last three years on the web-site of Kazakhstan Stock Exchange and made this report possible. Table of Contents I. Introduction II. Brief description of companies III. DuPont Analyses IV. Evaluation Working Capital Policies V. Assessment of Capital Structure Policies VI. Assessment of Dividend Policies VII. Break-even and leverage analyses VIII. P/E ratios analyses IX. Summary and Recommendations X. Appendix A – Financial statements from 2009 to 2011 XI. Appendix B – DuPont Analysis Working Capital Ratios tables 1 Introduction Objective The objective is to reveal the financial analysis techniques used to evaluate the financial performance of Zhaikmunai LLC and JSC KMK Munai, and evaluate the companies worthiness as an investment. Scope Using financial statements from 2009, 2010, and 2011, along with standard financial ratio analysis, we have been able to develop what we believe is a clear picture of companies’ financial performance. Note that the financial analysis was done using the financial report data from publicly available financial statements for the years 2009, 2010 and 2011 from KASE. We have included these statements for your review in Appendix A. Appendix B contains other measures of Zhaikmunai and KMK Munai Companies’ financial performance, as expressed in standard financial ratio analysis techniques using figures from the financial reports in Appendix A. Methodology Our research methodology requires gathering relevant data from the specified documents in order to analyze the material and arrive at a more complete understanding and historical changes of the selected companies. We hope to shed light on the following questions through our research: 1) A brief description and comparison of two chosen companies from the same industry, listed on KASE. 2) To perform the extended Du Pont analysis of both companies, analyze the results and make the comparison. 3) Working capital policies evaluation, classification and conclusion. ) Capital structure policy evaluation and comparison between two companies. 5) Assessing dividend policy of both companies and comparison. 6) Undertake break-even and leverage analyses, evaluation and comparison of it. 7) P/E ratios analysis and comparison. Limitations Although this research was carefully prepared, we are still aware of its limitations and shortcomings. First of all, the research was conducted based on financial statements from KASE for the last three years. Some information from financial statements might not be sufficient for a full company analysis. Secondly, in Zhaikmunai LLC company there were no dividend payments for the last three years and fifth paragraph from methodology – Assessing dividend policy couldn’t be calculated for that company. Finally, while acquiring data for the chosen companies we were limited only with financial statements of JSC KMK Munai for the 2010 and 2011 provided in Russian language but all the presented in data was easily translated and figures were recognizable. (II) Brief description of Zhaikmunai LLP and JSC KMK Munai companies Zhaikmunai Company Zhaikmunai LP is an Isle of Man registered limited partnership whose global depository receipts are listed on the London Stock Exchange. The Partnership indirectly holds 100% of Kazakhstan registered Zhaikmunai LLP (â€Å"Zhaikmunai†). Zhaikmunai is an independent oil and gas company developing the 274 square km Chinarevskoye field. The Chinarevskoye field is located in north-western Kazakhstan, 80 km northeast of Uralsk and about 60 km from the Russian border. Zhaikmunai’s name is derived from â€Å"Zhaik†, being the Kazakh name for the Ural River and â€Å"Munai† which means oil or hydrocarbons in Kazakh. Zhaikmunai was formed in March 1997 to explore, produce and sell crude oil and gas condensate in north-western Kazakhstan. In May 1997, Zhaikmunai was granted an exploration and production licence for the Chinarevskoye field, in the northern part of the oil-rich Pre-Caspian Basin. In October 1997, the Company entered into a Production Sharing Agreement (â€Å"PSA†) with the Republic of Kazakhstan. Zhaikmunai started with crude oil production in October 2000, and increased average monthly crude oil and condensate production from 2,210 boepd in 2004 to 33,552 boepd (including GTF products) in Q1 2012. Zhaikmunai’s operational facilities are located in Chinarevskoye field in the province of Batys in north-western Kazakhstan. They include an oil processing facility capable of processing 400,000 tpa (tones per annum) of crude oil, multiple oil gathering and transportation lines, a gas powered electricity generation system, major warehouse facilities and a tank farm for the storage of crude oil, materials, machinery and chemicals used in crude oil production, and an employee field camp. As of 31 December 2011, 11 wells were producing from the Tournaisian and 8 wells from the Ardatovsky and Biski Afoninski reservoirs. JSC KMK Munai JSC KMK Munai was established in 2004 through the merge of Kokzhide Munai LLP, Kumsai Munai LLP and Mortuk Munai LLP. Previously, the company was named as Lancaster Petroleum and then as KKM Operating Company. By the decision of new shareholders the company was renamed to JSC KMK Munai since March 2010. KMK Munai is an independent joint stock company that has subsoil contracts for Kokzhide, Mortuk and Kumsai oilfields based in Aktobe, West Kazakhstan region. The company has licenses to use the above mentioned oilfields. You read "Financial Analysis Report" in category "Essay examples" It has own pipeline which is connected with TransNeft. Comparison of Zhaikmunai LLP and JSC KMK Munai: Despite Zhaikmunai LP was formed in 1997 and JSC KMK Munai was established in 2004, Zhaikmunai LLP is a much smaller company cause it’s part of Zhaikmunai LP, which is currently engaging in the exploration, production, and sale of crude oil and gas condensate in northwestern part of the Republic of Kazakhstan. If we compare Total Assets and Revenues of these two companies for 2011 year, it will be easier to see the difference in size of these companies: |Zhaikmunai LLP |JSC KMK Munai | |Total Assets |1,231,883 |23,104,453 | |Sales |300,835 |7,806,540 | As we can see the difference is significant. JSC KMK Munai has much greater amount of assets and it’s greater in size than Zhaikmunai LLP. Generally speaking JSC KMK Munai company is much more developed company in that sphere of business. Profitability of Zhaikmunai and KMK Munai Companies 2) DuPont analysis The DuPont Analysis is important determines what is driving a company’s ROE; Profit margin shows the operating efficiency, asset turnover shows the asset use efficiency, and leverage factor shows how much leverage is being used. The method goes beyond profit margin to understand how efficiently a company’s assets generate sales or cash and how well a company uses debt to produce incremental returns. Using these three factors, a DuPont analysis allows us to dissect a company, efficiently determine where the company is weak and strong and quickly know what areas of the business to look at (i. e. , inventory management, debt structure, margins) for more answers. The measure is still broad, however, and is not a substitute for detailed analysis. The DuPont analysis looks uses both the income statement as well as the balance sheet to perform the examination. As a result, major asset purchases, acquisitions, or other significant changes can distort the ROE calculation. Many analysts use average assets and shareholders’ equity to mitigate this distortion, although that approach assumes the balance sheet changes occurred steadily over the course of the year, which may not be accurate either. First, let’s look at the Return on Investment (ROI) for 2009, 2010 and 2011, using the DuPont Model, which is margin times turnover. Margin is net income divided by the sales, and turnover is sales / average total assets  (Marshall, 2002). Zhaikmunai Company ROI for 2009:    |ROI |= |MARGIN |x |TURNOVER | |   |   |   |   |   |   | |   |Net profit after taxes |= |Net profit after taxes |x |Sales | |   |   |   |   |   |   | |Input: |-15,480 |= |-15,480 |x |116,033 | |Result: |-1. 5% |= |-13. 34% |x |0. 1160 | |   | | | | | | |   |   |   |   |   |   | Zhaikmunai Company ROI for 2010:    |ROI |= |MARGIN |x |TURNOVER | |   |   |   |   |   |   | |   |Net profit after taxes |= |Net profit after ta xes |x |Sales | |   | |   |   |   |   | |Input: |15,105 |= |15,105 |x |178,159 | |Result: |1. 9% |= |8. 47% |x |0. 1641 | |   | | | | | | |   |   |   |   |   |   | Zhaikmunai Company ROI for 2011: |ROI |= |MARGIN |x |TURNOVER | |   |   |   |   |   |   | |   |Net profit after taxes |= |Net profit after taxes |x |Sales | |   |   |   |   |   |   | |Input: |65,775 |= |65,775 |x |300,835 | |Result: |5. 4% |= |21. 86% |x |0. 2442 | |   | | | | | | |   |   |   |   |   |   | | |2011 |2010 |2009 | |Net Profit Margin (Net Income ? Sales) |22% |8,5% |-13% | |Return on Equity (ROE) = NI/E |29% |9,15% |-6,1% | |Return on Investment (ROI) |5,34% |1,39% |-1,5% | |Return on Assets (ROA) = NI/TA |5,34% |1,4% |-1,5% | Analysis and conclusion: First of all let’s just look what happened from 2009 to 2011 briefly, and then analyze and conclude company’s actions. As we know Net profit margin, ROE and ROA are calculated from NI, and due to world financial crisis, in 2009 Zhaikmunai LLP Company had losses of -15,480, it caused coefficients as Profit Margin, Return on Asset and Return on Equity to became negative for the 2009 year. Simply talking, there were no returns, moreover there were only losses. Next, in 2010 we can see that Profit Margin grew, as Return on Asset and Return on Equity, from negative to positive in comparison to 2009, but rise of coefficients was not great due to the results of financial crisis. Profit margin increased to 8. 5%, which reflected company’s successful actions during crisis. ROA became 1. 4% which is representing not bad, medium growth on return on assets. And ROE grew to 9,15%, according to that we can conclude that company started to gain momentum in it’s operations, gain profit, and unwind. One of the reasons of growth by the way of profit ratios, is the debt increase by 14% in 2010 (Capitalization Ratio increased from 60% to 74%). Despite for 2011 year Sales were increased almost twice as it were in 2010, Profit Margin in 2011 increased in about four times as it was in the previous year due to the company development and expand, it reflected good results in company activities. Return on Asset and Equity also increased which showed good progress in company work. ROE grew to 29% from 9% which shows 20% increase in return on it’s equity for 2011 year. Now, lets evaluate company’s performance for the last years: At over 384%, the increase in ROI and ROA between 2010 and 2011 is remarkable and shows that Zhaikmunai Company increased its sales while increasing the utilization of its assets used to generate these sales. And to achieve these results, the sales, operating income and average total assets had to all increase proportionately. In the short term, this would be a good trend, but if it continues, it could be a sign that Zhaikmunai Company is not keeping a big investment in assets, because not that as the denominator in this ROI calculation, a low asset figure can be used to help drive up the overall result. Meaning that if this trend continues, it may be an indication of increased operations rather than improvement in asset efficiency. DuPont Analysis of JSC KMK Munai: |2011 |2010 |2009 | |Net Profit Margin (Net Income ? Sales) |8,5% |4,1% |8,6% | |Total Asset Turnover (Sales ? Total Assets) |0,36 |0,41 |0,51 | |Equity Multiplier (Average Assets ? Average Equity) |3,11 |2,26 |1,94 | |Return on Equity (ROE) = Net Profit Margin*Total Asset Turnover*Equity Multiplier |9,6% |3,8% |8,5% | |Return on Investment (ROI) |3,1% |1,7% |4,4% | |Return on Assets (ROA) = NI/TA |2,9% |1,2% |5,7% | Analysis: From this table we can conclude that 2010 year was unsuccessful in comparison to 2009 and 2011 years for JSC KMK Munai company. Net Profit Margin had dropped mainly because of Net Income. For 2011 For 2010 For 2009 |665 836,0 |244 332,0 |505 400,0 | Net Income had dropped and that reflected on all returns coefficients such as ROE, ROI, ROA too. However if we will analyze ROA, not only NI influenced on it. For 2011 For 2010 For 2009 |Assets |23 104 453,0 |20 007 643,0 |8 798 664,0 | Assets were increased almost in 2. 28 times from 2009 to 2010 year. It’s a huge number and a great step for that company to success. So, we can conclude that JSC KMK Munai is developing very fast, it’s really easy to see how the company is expanding on the market. After growth in 2010, sales in 2011 increased by 31% which brought more NI and increased returns: ROI, ROA and ROE. Comparison of DU Pont analysis between Zhaikmunai LLP and JSC KMK Munai: As we know JSC KMK Munai is much greater company than Zhaikmunai, and despite it’s ROE for 2011 is lesser than Zhaikmunai 9,6% and 29%, KMK Munai has much greater profits. The smaller the company, it’s much easier to increase such profit ratios than for a bigger company with great amount of assets, cause more assets company have, lesser return will be reflected in such ratios like ROE, ROA, ROI. Also JSC KMK Munai is much more stable company in that business. For 2009 year KMK Munai has positive healthy ratio’s coefficients, however Zhaikmunai LLP has only losses and all it’s profit ratios and return ratios are negative. 3) Working Capital Policies Evaluation Zhaikmunai Company’s Working Capital Ratios: |Ratios |2011 |2010 |2009 | |CA/TA |0. 082 |0. 103 |0. 177 | |CA/Sales |0. 36 |0. 628 |1. 522 | |CL/TA |0. 087 |0. 072 |0. 069 | |Current Ratio |0. 941 |1. 426 |2. 551 | |Acid Quick Ratio |0. 806 |1. 355 |2. 501 | |Inventory days |74. 84 |38. 214 |28. 82 | |Trade Receivable days |15. 336 |3. 35 |43. 655 | |Inventory turnover |4. 77 |9. 551 |12. 665 | Analysis of Working Capital ratios: At 2011 year according to Current Ratio and CA/TA, also Quick ratio, Zhaikmunai chosen Aggressive working capital policy and working capital finance policy, because Current ratio 1;0. 941 and CA/TA=0. 082 which seems too small. Also we can see how the company is going from Conservative-Moderate to more Aggressive working capital policy with each year (CR for 2009=2. 551, for 2010=1. 426, then for 2011 its 0. 941). Usually with aggressive policy company is trying to get high returns with a high risk, the Aggressive working capital policy sees the company keep a really low amount of current assets. â€Å"The idea of it is to collect payment on time, leaving no debtors and invest that amount in the business. And pay the creditors as late as possible. It is a high risk arrangement though, because, should your creditor come asking for money, and for some reason, you don’t have enough money to pay them off, you might end up having to sell a costly asset to pay off your debt to them. A current ratio of 2 and an acid test of 1. 0 are considered adequate liquidity (Marshall, 2002). Zhaikmunai Company’s Acid Test numbers for 2010 and 2011 were 1. 355 and 0. 806, and its Current Ratio numbers for 2010 and 2011 were 1. 426 and 0. 941. Each sets of these ratio figures indicate that Sample Company could possibility have some difficulties in meeting its financial obligations, so these numbers will be important to watch closely in the future. Working Capital Ratios of JSC KMK Munai |Ratios |2011 |2010 |2009 | |CA/TA |0,12 |0,20 |0,34 | |CA/Sales |0,37 |0,68 |0,51 | |CL/TA |0,42 |0,45 |0,22 |Inventory-number of days |37,20 |21,89 |20,62 | |Acid test (Quick) ratio |0,22 |0,41 |1,40 | |Current ratio |0,30 |0,45 |1,58 | |Inventory Turnover |9,81 |16,67 |17,70 | |Asset Turnover |0,36 |0,41 |0,67 | |Receivable Turnover |50691,82 |1,61 |12,22 | |Receivable Turnover in Days (RTD) |0,01 |226,14 |29,86 | Analysis: At 2011 year according to Current Ratio and CA/TA, also Quick ratio, JSC KMK Munai chosen Aggressive working capital policy and working capital finance policy, because Current ratio 1;0. 3 and CA/TA=0. 12. Also we can see how the company is going from Conservative-Moderate to more Aggressive working capital policy with each year (CR for 2009=1. 58, for 2010=0. 45, then for 2011 its 0. 3). Usually with aggressive policy company is trying to get high returns with a high risk, the Aggressive working capital policy sees the company keep a really low amount of current assets. â€Å"The idea of it is to collect payment on time, leaving no debtors and invest that amount in the business. And pay the creditors as late as possible. It is a high risk arrangement though, because, should your creditor come asking for money, and for some reason, you don’t have enough money to pay them off, you might end up having to sell a costly asset to pay off your debt to them. † A current ratio of 2 and an acid test of 1. 0 are considered adequate liquidity (Marshall, 2002). JSC KMK Munai Company’s Acid Test numbers for 2010 and 2011 were 0. 41 and 0. 22, and its Current Ratio numbers for 2010 and 2011 were 0. 45 and 0. 3. Each sets of these ratio figures indicate that Sample Company could possibility have some difficulties in meeting its financial obligations, so these numbers will be important to watch closely in the future. Comparison: Both companies are using aggressive working capital policy in 2011 and aggressive working capital finance policy. Also both of them were using moderate/conservative working capital policy in 2009 year. However Zhaikmunai has much lesser risk to have some difficulties with meeting its financial obligations, cause it’s Current ratio for 2011 is 0,941 which is very near to 1, where JSC KMK Munai has 0,30 Current Ratio and risk in the short term is much higher. 4) Assessment of Capital Structure: Zhaiykmunai LLP: Capital Structure (in thousands of us dollars): |2011 |2010 |2009 | |Cash Cash Equivalents |47,537 |84,697 |132,344 | |Total Long term Debt |746,590 |739,103 |591,407 | |Preferred Stock |0 |0 |0 | |Minority interest |0 |0 |0 | |Total Stockholder’ s equity |225,849 |165,094 |252,846 | |Total Capitalization |1,019,976 |988,894 |976,597 | Capitalization Ratio for 2009: Long term Debt/TC=60,5%; Capitalization Ratio for 2010: Long term Debt/TC=74,7%; Capitalization Ratio for 2011: Long term Debt/TC=746,590/1,019,976=0. 732=73. 2%; Analysis: From the 2009 year Capitalization Ratio has increased from 60,5% to 73,2%, which indicates that Long term debt has increased in greater proportion than total capitalization including Stockholders equity, which represents risk to the company cause it has too much debts, however the company is not large in this sphere of business, and in order to develop more faster it needs to borrow. Also in 2009 year that company had some losses and in order to change the situation it made borrowings in 2010. Prudent use of leverage (debt) increases the financial resources available to a company for growth and expansion. It assumes that management can earn more on borrowed funds than it pays interest  expense and fees on these funds. However successful this formula may seem, it does require a company to maintain a solid record of complying with its various borrowing commitments. A long term debt to capitalization ratio for 2011 year which is 73,2% indicates that the business has 73,2% debts from total capitalization. We can conclude that Zhaikmunai LLP is a developing small company, and it had some major problems in 2009 when it had losses and it tries to solve the situation and expand in the market in a much faster way by borrowing funds. Also we can say that 73,2% of capitalization ratio is a great coefficient, and it can lead to some financial debt problems in the future. High long term debt to capitalization ratio would indicate the financial weakness of the firm and the debt would most likely increase the risk of the company. JSC KMK Munai: Capital Structure (in thousands of us dollars): |2011 |2010 |2009 | |Cash Equivalents |866,111 |1,694,115 |1,122,935 | |Total Debt |4,854,022 |4,538,304 |1,261,919 | |Preferred Stock |0 |0 |0 | |Minority interest |0 |0 |0 | |Total Stockholder’s equity |7,272,732 |6,998,413 |6,144,477 | |Total Capitalizatio n |12,992,865 |13,230,832 |8,529,331 | Capitalization Ratio for 2009: Long term Debt/TC=1,261,919/8,529,331=0. 148=14. 8%; Capitalization Ratio for 2010: Long term Debt/TC=4,538,304/13,230,832=0. 343=34. 3%; Capitalization Ratio for 2011: Long term Debt/TC=4,854,022/12,992,865=0. 374=37. 4%; Analysis: The high Capitalization ratio means that the finance of the company mainly comes from the debt which can be quite risky and is sometimes a reason for  bankruptcy. The higher ratio percentage shows how weak the company is financially. Similarly, a decrease in the long term debt to capitalization ratio would mean that there is an increase in the stock holder’s equity. Through the period from 2009 to 2011 we see how Capitalization Ratio was increasing from 14. 8% to 37. 4%. It means that the risk of financial debt problems is rising. However long term debt to capitalization ratio for 2011 year is much smaller than 1. 0 (0,374) which indicates that the business has less debts than capital which is a good thing for a business as it can’t lead to lots of financial problems. JSC KMK Munai has good and healthy Capitalization Ratio, which reflects that risk of debt payments is not substantial, and also we can conclude that this is a large company, because it usually appears that an indicator on either side of 35% is fairly typical for larger companies. Comparison: The examples of Zhaikmunai LLP and JSC KMK Munai will illustrate this important perspective for investors. As of FY 2011, Zhaikmunai had a capitalization ratio of 73,2%, and JSC KMK had 37,4%. It is difficult to generalize on what a proper capitalization ratio should be, but, on average, it appears that an indicator on either side of 35% is fairly typical for larger companies. Obviously, JSC KMK Munai low leverage is a significant balance sheet strength considering its ongoing struggle with product liability claims. Also Zhaikmunai LLP has very risky and not desirable Capitalization Ratio for investors of 73,2%, which shows that the risk of this company to bankruptcy is more significant than JSC KMK Munai for investors, because Zhaikmunai’s operations are created mostly on long term debts. 5) Assessment of Dividend Policies Zhaiykmunai LLC: There were no dividend payments through 2009-2011 years. Dividend payout ratio=0; KMK Munai Company: Dividends of 1,199, 971 thousand tenge were declared on April 30, 2008. Shareholders agreed to offset a portion of dividends payable net of withholding tax against related party receivables. No such offset occurred in 2009, 2010 and 2011. So, the dividend payout ratio of KMK Munai is also equal to 0. 6) Break-even point for 2011: We are taking COGS as total variable costs and General and Adminstrative expenses as total fixed costs in order to evaluate Break even point of these two companies: |Zhaiykmunai LLC |JSC KMK Munai | |(In US dollars) |(In tenge) | |Sales = 300,835 (S) |Sales = 7,806,540 (S) | |COGS=70,805 (VC) |COGS=1,915,342 (VC) | |General and Administrative expenses=18,874 (FC) |General and Administrative expenses=1,421,214 (FC) | |Break-Even Point = FC/(1-VC/S) | |VC/S=70,805/300,835=0. 35 |VC/S=1,915,342/7,806,540=0. 245 | |1-0. 235=0. 765 |1-0. 245=0. 755 | |BEP=18,874/0. 765=24,672 |BEP=1,421,214/0. 755=1,882,403 | |300,835/24,672=1219% of break even during the period; |7,806,540/1,882,403=414. 7% of break even during the period; | Break-even point for 2010: Zhaiykmunai LLC |JSC KMK Munai | |(In US dollars) |(In tenge) | |Sales = 178,159 (S) |Sales = 5,960,293 (S) | |COGS=53,861 (VC) |COGS=1,425,377 (VC) | |General and Administrative expenses=15,481 (FC) |General and Administrative expe nses=1,900,539 (FC) | |Break-Even Point = FC/(1-VC/S) | |VC/S=53,861/178,159=0. 02 |VC/S=1,425,377/5,960,293=0. 239 | |1-0. 302=0. 698 |1-0. 239=0. 761 | |BEP=15,481/0. 698=22,179 |BEP=1,900,539/0. 761=2,497,423 | |178,159/22,179=803% of break even during the period; |5,960,293/2,497,423=238. 7% of break even during the period; | Break-even point for 2009: Zhaiykmunai LLC |JSC KMK Munai | |(In US dollars) |(In tenge) | |Sales = 116,033 (S) |Sales = 5,865,138 (S) | |COGS=44,035 (VC) |COGS=2,207,135 (VC) | |General and Administrative expenses=16,182 (FC) |General and Administrative expenses=938,303 (FC) | |Break-Even Point = FC/(1-VC/S) | |VC/S=44,035/116,033=0. 379 |VC/S=0. 376 | |1-0. 379=0. 1 |1-0. 376=0. 624 | |BEP=16,182/0. 61=26,528 |BEP=938,303/0. 624=1,503,691 | |116,033/26,528=437% of break even during the period; |5,865,138/1,503,691=390% of break even during the period; | Break-even point of 24,672 in 2011 year of Zhaikmunai company is telling us that if sales will be lower than 24,672 the company may have some losses. In other cases it’s the same. Actually according to DOL – degree of leverage that will be described more precisely in the next part, we can tell that the higher the sales of these two companies the higher the profit will be, cause it has coefficient higher than 1 for 2009-2011 years for Zhaikmunai LLP as well as for JSC KMK Munai companies. Appendix A – Financial Statements from 2009 to 2011 [pic] [pic] [pic] [pic] |Translated Financial Statements of JSC KMK Munai for 2010 and 2011 | | | | | | |JSC KMK Munai | | | | |Statement of Financial Position | | | |As at December 31, 2010 and 2011 | | | | |In thousands of Tenge |2011 |2010 |2009 | |ASSETS | | | | |Non – current assets | | | | |Intagible assets |994584 |830444 |69282 | |Property, plant, and equipment |17664781 |13538143 |5380736 | |Cash, limited in its use |123089 | | | |Other non-current assets |1264169 |1491592 |322658 | |Deferred tax assets |161057 |104821 |33881 | |Total non-current assets |20207680 |15965000 |5806557 | |Curren t assets | | | | |Inventories |795640 |357440 |331374 | |Trade receivables |154 |643150 |479881 | |Due from related parties | | | | |Advances paid |187817 |136938 |135941 | |Prepayment for corporate income tax |375143 |6275 |49 | |Excess profit tax recoverable | |3900 |541071 | Other current assets |458468 |1125388 |380371 | |Bank deposits |200000 |61997 |485 | |Cash and cash equivalents |866111 |1694115 |1122935 | |Total current assets |2883333 |4029203 |2992107 | |Assets of disposal group classified as held for sale |13440 |13440 | | |TOTAL ASSETS |23104453 |20007643 |8798664 | |Equity | | | | |Charter capital |1500000 |1500000 |1500000 | |Treasury shares |-195437 |-195437 |-195437 | |Retained earnings |5968169 |5693850 |4839914 | |Total equity |7272732 |6998413 |6144477 | |Liabilities | | | | |Non-current lialibilities | | | | |Provisions |1504083 |1079826 | | |Abandonment and site restoration liabilities | | |756355 | |Interest-bearing loans |4708305 |2955108 | | |T otal non-current liabilities |6212388 |4034934 |756355 | |Current liabilities | | | |Short-term financial obigations |4854022 |4538304 |1261919 | |Trade payables |4137233 |3692778 |130377 | |Corporate Income tax payable | | |32811 | |Other taxes payables |514856 |562029 |371449 | |other provisions |54930 |103565 | | |Other current liabilities |58292 |77620 |101276 | |Total current liabilities |9619333 |8974296 |1897832 | |Total liabilities |15831721 |13009230 |2654187 | |TOTAL SHAREHOLDER’S EQUITY AND LIABILITIES |23104453 |20007643 |8798664 | |JSC KMK Munai | | | |Statements of Comprehensive Income | | | |For the year ended December 31, 2010 2011 | | | |In thousands of Tenge |2011 |2010 | |Revenue from sale of crude oil |7806540 |5960293 | |Cost of sales |-1915342 |-1425377 | |Gross profit |5891198 |4534916 | | | | | |Dry hole expense | | | Geological and geophysical expenses |-80784 |-60674 | |General and administrative expenses |-1421214 |-1513145 | |Selling exp enses |-2739129 |-1659149 | |Loss on disposal of property, plant and equipment |-16180 |-6262 | |Gain on disposal of North Karpovskiy | | | |Other operating (income)/loss |2588 |-5574 | |Profit from operating activities |1636479 |1290112 | | | | | |Finance income | | | |Finance cost |-486661 |-188540 | |Foreign exchange loss |-95303 |-34343 | |Profit before income tax |1054515 |1067229 | | | | | |Income tax expense |-388679 |-431380 | |Excess profit tax benefit/(expenses) | | | |Profit for the year from continuing operations |665836 |635849 | | | | | |Loss from discontinued operations, net of tax | | | |Net profit for the year |665836 |635849 | |Other comprehensive income | | |Total comprehensive income for the year |665836 |635849 | |Earnings per share | | | |Basic and diluted earnings per share (thousands of Tenge per share) |510 |487 | |Earnings per share for continuing operations | | | |Basic and diluted earnings per share (thousands of Tenge per share) | |487 | [pic ] [pic] [pic] [pic] [pic] [pic] [pic] [pic] Appendix B – DuPont Analysis Working Capital Ratios DuPont Analysis of JSC KMK Munai | | | |Financial Statement Data (in thousands of tenge) |2011 |2010 |2009 | |Sales |7 806 540,0 |5 960 293,0 |5 865 138,0 | |EBIT |1 054 515,0 |675 712,0 |383 532,0 | |Interest Expense (Non-0perating) 0,0 |0,0 |0,0 | |Tax Expense |388 679,0 |431 380,0 |198 660,0 | |Net Income (Income for Primary EPS) |665 836,0 |244 332,0 |505 400,0 | |Assets |23 104 453,0 |20 007 643,0 |8 798 664,0 | |Equity |7 272 732,0 |6 998 413,0 |6 144 477,0 | | | | | | |Three-Step DuPont Model: | | | | | | | | | |Net Profit Margin (Net Income ? Sales) |8,5% |4,1% |8,6% | |Total Asset Turnover (Sales ? Total Assets) |0,36 |0,41 |0,51 | |Equity Multiplier (Average Assets ? Average Equity) |3,02 |2,19 |1,94 | |Return on Equity (ROE) |9,3% |3,7% |8,5% | |Return on Investment (ROI) |3,1% |1,7% |4,4% | |Return on Assets (ROA) |2,9% |1,2% |5,7% | | | | | | |Five-Step DuPont Model: | | | | | | | | | |Pre-Interest Pretax Margin (EBIT ? Sales) |13,5% |11,3% |6,5% | |Asset Turnover (Sales ? Average Assets) |0,36 |0,41 |0,51 | |Interest Burden [(EBIT – Interest Expense) ? EBIT] |100,0% |100,0% |100,0% | |Tax Efficiency [1 – (Tax Expense ? EBIT – Interest Expense))] |63,1% |36,2% |48,2% | |Equity Multiplier (Average Assets ? Average Equity) |3,02 |2,19 |1,94 | |Return on Equity |9,3% |3,7% |3,1% | | | | | | |Source: Financial Statements of JSC KMK Munai for 2009, 2010 and 2011 from KASE | | Working Capital Ratios: JSC KMK Munai | | | | | | | | | |Financial Statement Data (in thousands of tenge) |2011 |2010 |2009 | |Sales |7 806 540,0 |5 960 293,0 |5 865 138,0 | |Total Assets |23 104 453,0 |20 007 643,0 |8 798 664,0 | |Total Liabilities |15 831 721,0 |13 009 230,0 |2 654 187,0 | |Current Assets |2 883 333,0 |4 029 203,0 |2 992 107,0 | |Current Liabilities |9 619 333,0 |8 974 296,0 |1 897 832,0 | |Inventory |795 640,0 |357 440,0 |331 374,0 | |Trade Receivables |154,0 |3 692 778,0 479 881,0 | | | | | | |Working Capital Policies Evaluation of JSC KMK Munai | | | | | | | | |CA/TA |0,12 |0,20 |0,34 | |CA/Sales |0,37 |0,68 |0,51 | |CL/TA |0,42 |0,45 |0,22 | |Inventory-number of days |37,20 |21,89 |20,62 | |Acid test (Quick) ratio |0,22 |0,41 |1,40 | |Current ratio |0,30 |0,45 |1,58 | |Inventory Turnover |9,81 |16,67 |17,70 | |Asset Turnover |0,36 |0,41 |0,67 | |Receivable Turnover |50691,82 |1,61 |12,22 | |Receivale Turnover in Days (RTD) |0,01 |226,14 |29,86 | | | | | | |Source: Financial Statements of JSC KMK Munai for 2009, 2010 and 2011 from KASE | References 1) Course Power Point slides 2) http://www. billslater. com/uop/Course_work/ACC_529_Ratio_Analysis_Assignment—William_Slater. htm 3) How to cite Financial Analysis Report, Essay examples

Information Technology Act Paper free essay sample

Information Technology Acts Paper Shawanda Donelson BIS/220 March 31, 2012 Jacquelyn Jones Information Technology Acts Paper In the 1990s the Internet became popular, which children then had unsupervised access. Children were exposed to porn and other harmful materials. Congress tried to stop it and put it into law, but each direction it went was determined as being unconstitutional. To an extent, technology finally prevailed. Congress should not pass a law penalizing distributors, but they should pass a law that would affect those who receive Federal funding. Pornography has been around since the 1970s, which was controlled from minors. On December 15, 2000, President Bill Clinton signed into law the Children’s Internet Protection Act. This act puts restrictions on receiving federals funds. They must use technology and policies that filters or blocks certain material from being Internet accessible. These young children are being targeted because they do not fully understand the dangers of using the internet inappropriately. We will write a custom essay sample on Information Technology Act Paper or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Therefore, if their parents are not educated about the dangers of Internet predators it makes it harder to educate their children. The Federal Trade Commission gave Congress a report in March 1998, showing that the children’s personal information did not have enough protection from hackers and predators. On April 21, 2000, the Children’s Online Privacy Protection Act (COPPA) was put into law. The act applied to online services and commercial websites aimed for the attention of children. COPPA law attacks online communication which is sexually explicit that lacks artistic, scientific, serious literary, or political value (Child Online Protection Act and Child Online Privacy Protection Act, 2002). Conclusion In conclusion, the main advancement of technology was the Internet of both acts, one prevented others from collecting information from children, and the other prevented others from sending information to the children. The type of information that was disseminated was controlled by the development of the software technology. Both laws resistance were major, not from collecting or sending information but from people who they are trying to protect. References Children’s Internet Protection Act (CIPA). 2003). In Websters New Worldâ„ ¢ Computer Dictionary. Retrieved from http://www. credoreference. com. ezproxy. apollolibrary. com/entry/webstercom/children_s_internet_protection_act_cipaChild Online Protection Act and Child Online Privacy Protection Act. (2002).