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A Report On Financial Analysis Of SQUARE PHARMACEUTICALS

In Partial Fulfillment of FINANCIAL MANAGEMENT

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ACKNOWLEDGEMENT

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INDEX
1. 2. 3. 4. Industry Analysis Background of Square Pharmaceuticals Objective Research Methodology 4.1 4.2 4.3 4.4 4.5 Research Design Data Collection SWOT Analysis of BRIC Nations Graphical Interpretation Facts and Performance of BRICs

5. Conclusion 6. Limitations 7. Bibliography

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1. INDUSTRY ANALYSIS:
With a USD 600mn industry and an average annual growth rate of 12%, the Bangladeshi Pharmaceutical industry is the biggest (in volume) amongst all the LDCs. Primarily a generics industry producing about 8,000 different brands which meet 97% of the domestic demand. Local companies enjoy 86% market share. Of the 245 registered pharmaceuticals, the top ten players account for 65% market share. According to the WTO TRIPS agreement, LDC2s are exempted from 4Patent Protection5 until 2016 allowing legal reverse engineering and sale of patented products. This provides a unique opportunity for Bangladesh over India and China, who are under the patent regime. Bangladesh has made significant progress in the export market. Between 2003 and 2006pharmaceutical exports increased to about 61 countries from 51 and quadrupled in value from USD 7.9mn to USD 36.5mn. Since many companies have acquired international certifications like USFDA, UKMHRA and TGA, Bangladesh can penetrate into regulated and unregulated markets.

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2. BACKGROUND OF SQUARE PHARMACEUTICALS:

In the Bangladeshi pharmaceutical industry we have focused on Square Pharmaceuticals in our report. Square pharmaceuticals ltd. maintains a vast array of partnerships with virtually every major company chain and most independent properties both domestically and internationally. The company was founded in 1958 by Samson H. Chowdhury along with three of his friends as a private firm. It went public in 1991 and is currently listed on the Dhaka Stock Exchange. Square Pharmaceuticals Ltd., the flagship company, is holding the strong leadership position in the

pharmaceutical industry of Bangladesh since 1985 and it has been continuously in the 1st position among all national and multinational companies since 1985. Square Pharmaceuticals Ltd. is now on its way to becoming a high performance global player.

Pharmaceuticals

Limited is an organization with equal emphasis on

Leadership, Technology, Quality and Passion. Square Pharmaceuticals Ltd. is the leading branded generic pharmaceutical manufacturer in Bangladesh producing quality essential
and other ethical drugs and

medicines. It was established in 1958 and has been continuously in the 1st
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position among all national and multinational companies since 1985. And now

SQUARE Pharmaceuticals is set on becoming a high performance global player in the field. SQUARE Pharmaceuticals Limited is the largest pharmaceutical company

in Bangladesh and it has been continuously in the 1st position among all national and multinational companies since 1985. It was established in 1958 and converted into a public limited company in 1991. The sales turnover of SPL was more than Taka 7.5 Billion (US$ 107.91 million) with
about 16.92% market share (April 20068 March 2007) having a growth rate of about 23.17%.

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MILESTONES/Chronology since Inception:


1958: Debut of Square Pharma as a Partnership Firm. 1964: Converted into a Private Limited Company. 1974: Technical Collaboration with Janssen Pharmaceutica, Belgium, a subsidiary of Johnson and Johnson International, USA. 1982: Licensing Agreement signed with F. Hof mann-La Roche Ltd., Switzerland. 1985: Achieved first position in the Pharmaceutical Market of Bangladesh among all national and multinational companies. 1987: Pioneer in pharmaceutical export from Bangladesh. 1991: Converted in to a Public Limited Company. 1994: Initial Public Of ering of Square Pharmaceutical Shares. 1995: Chemical Division of Square Pharmaceuticals Ltd. starts production of pharmaceutical bulk products (API). 1997: Won the National Export trophy for exporting pharmaceuticals. its operation. 1998: Agro-chemicals & Veterinary Products Division of Square Pharma starts 2001: US FDA/UK MCA standard new Pharmaceutical factory goes into operation built under the supervision of Bovis Lend Lease, UK. 2004: Secured the top position for the best published accounts and report for 2003 in the manufacturing category for transparency and excel ence in corporatereporting. 2005: New State-of- the-Art Square Cephlosporins Ltd. goes into operation; built under the
supervision of TELSTAR S.A. of Spain as per US FDA/ UK MHRA requirements.

2007: Square Pharmaceuticals Ltd., Dhaka Unit gets the UK MHRA approval. 2008: New SVPO (Small Volume Parenteral and Ophthalmic) plant starts operation in Dhaka Unit.

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3. OBJECTIVE:1. To study the BRIC nation macroeconomic data. 2. To study the challenges and opportunities for BRICs. 3. Prediction of future of BRIC nations and their place in world economy.

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4. RESEARCH METHODOLOGY
4.1 RESEARCH DESIGN
1. Research Design is based on secondary data collection and analysis. 2. Data is collected from literature and internet. 3. Analysis is comparative, depending upon all macroeconomic indicators of BRIC nations.

4.2 DATA COLLECTION


Data has been collected from the secondary data including various websites and literature.

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4.3 SWOT ANALYSIS OF BRIC NATIONS


Analysis of BRICs by SWOT analysis in chronological order 1. BRAZIL 2. RUSSIA 3. INDIA 4. CHINA BRAZIL:-

Flag

Coat of arm

Brazil (Portuguese: Brasil), officially the Federative Republic of Brazil is the largest and most populous country in South America It is the fifth largest country by geographical area, the fifth most populous country, and the fourth most populous democracy in the world. Its population comprises the majority of the world's Portuguese speakers. Bounded by the Atlantic Ocean on the east, Brazil has a coastline of over 7,491 kilometers (4,655 mi). It is bordered on the north by Venezuela, Suriname, Guyana and the overseas department of French Guiana on the northwest by Colombia on the west by Bolivia and Peru on the southwest by Argentina and Paraguay and on the south by Uruguay Numerous archipelagos in the Atlantic Ocean are part of the Brazilian territory, such as Fernando de Noronha, Rocas Atoll Saint Peter and Paul Rocks and Trindade and Martim Vaz Brazil was a colony of Portugal from the landing of Pedro lvares Cabral in 1500 until its independence in 1822. Initially independent as the Empire of Brazil, the country has been a republic since 1889. The bicameral legislature (now called Congress) dates back to 1824, when the first constitution was ratified. The Constitution defines Brazil as a Federal Republic formed

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by the union of 26 States the Federal District and the Municipalities (nowadays more than 5,564). Brazil is the world's tenth largest economy at market exchange rates and the ninth largest in purchasing power Economic reforms have given the country new international projection. It is a founding member of the United Nations, the Union of South American Nations, and the Community of Portuguese Language Countries The Brazilian population is predominantly Roman Catholic, almost all Portuguese-speaking and multiethnic Brazil is also home to a diversity of wildlife, natural environments and extensive natural resources in a variety of protected habitats. ECONOMY OF BRAZIL:Brazil has a moderate free market and export-oriented economy. Measured nominally, its gross domestic product surpasses a trillion dollars, the tenth in the world and the third in the Americas; measured by purchasing power parity, $1.9 trillion, making it the eighth largest economy in the world and the second largest in the Americas, after the United States. In Reais (brazilian currency), its GDP is estimated at R$2.6 trillion reais in 2007.

STOCK MARKET OF BRAZIL:The BM&F Bovespa is a So Paulo-based stock exchange. It is the second largest stock exchange in The Americas and the third largest in the world. On May 8, 2008, the So Paulo Stock Exchange (Bovespa) and the Brazilian Mercantile and Futures Exchange (BM&F) merged, creating the new BM&F Bovespa. The BM&F Bovespa is linked to all Brazilian stock exchanges, including Rio de Janeiro's Boverj (BVRJ), where only government bonds are traded.
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The benchmark indicator of Bovespa is the 50-stock ndice Bovespa. There were 450 companies traded at Bovespa as of April 30, 2008On May 20, 2008 the Bovespa index reached its 10th consecutive record mark closing at 73,516 points, with a traded volume of USD 4.2 billion or BRL 7.4 billion. BOVESPA S.A. - Securities, Commodities and Futures Exchange was created in 2008 with the integration between the Brazilian Mercantile & Futures Exchange (BM&F) and the So Paulo Stock Exchange (Bovespa).Together, the companies have formed the third largest exchange worldwide in terms of market value, the second largest in the Americas, and the leading exchange in Latin America.In todays global scenario, in which responding quickly to transformation has become a competitive asset, BM&FBOVESPA is an attractive investment option with cost efficient trading fees.Among its broad range of trading products, the new Exchange offers equities, securities, financial assets, indices, interest rates, agricultural commodities, and foreign exchange futures and spot contracts. So Paulo Stock Exchange

ANALYSIS: STRENGTH:y Brazil has the second most advanced industrial sector in the Americas.

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Proven mineral resources are extensive. Large iron and manganese reserves are important sources of industrial raw materials and export earnings. . Brazil is one of the world's leading producers of hydroelectric power, with a current capacity of about 78,000 megawatts. Brazil has three commercial nuclear reactor, Angra I, located near Rio de Janeiro,. Angra II was completed in 2002. An Angra III is almost completed, planned inauguration is 2008. The three reactors would have combined capacity of 5,000 megawatts when completed. Brazil has also achieved positive results within the packaging sector, in which it is the fifth largest world producer. It provides for 25% of global exports of raw cane and refined sugar; it is the world leader in soybean exports and is responsible for 80% of the planets orange juice. The Policy for Industry, Technology and Foreign Trade, at the forefront of this sector, for its part, invests R$ 18.5 billion in specific sectors, following the example of the software and semiconductor, pharmaceutical and medicine product, and capital goods sectors. Government gives impotence to the ruler producer which help in agricultural development. It has 7.2% growth rate in agriculture. Brazil has large and growing agricultural, mining, manufacturing and service sectors. Brazil economy ranks highest among all the South American countries and it has also acquired a strong position in global economy.. The present GDP is $1.6 trillion and the real growth rate of GDP is 3.7%. rate of unemployment is 9.6% and inflation is 3%.Major industries are textiles, shoes, chemicals, aircraft, steel, motor vehicles, etc. Agricultural products include coffee, soybeans, wheat, rice, corn, sugarcane, cocoa, citrus; beef. There has also been a great development in the field of science and technology in Brazil due to the foreign investment in the country. The technological area of Brazil consists of the making of airplanes and submarines. Brazil also plays a major role in the field of space research. Brazil is famous for the ethanol that is produced in large amounts in the country. Brazil is the largest country that has car assembling companies within itself.
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y y

y y

It has also excelled in the field of water oil research and scientific developments in various other fields. The labor force in Brazil comprises the majority of the Brazil economy. Industries: textiles, shoes, chemicals, cement, lumber, iron ore, tin, steel, aircraft, motor vehicles and parts, other machinery and equipment. the worlds top exporter of beef, coffee, orange juice, poultry, soya beans and sugar, it is also a giant in the global iron ore trade and holds the status as the worlds largest exporter of ethanol.

y y

WEAKNESS:y Economy of Brazil also has weaknesses. These are mostly related to debts. Domestic debts went up from 1994 to 2003. But Brazil controlled this rise in 2006. The president has introduced economic programs to control taxes and increase public investment. y y High-quality cooking-grade coal required in the steel industry is in short supply The bottom 50% of the population earned only 19.07% of the total income while the richest 10% of the population earned 39.31% of the total national income. Inequality is a historic problem for Brazil, but has improved in recent years. y The economy of Brazil grew only 2.2% per year (average). The country was hit by a number of global and internal economic crises. But Brazil economy did not collapse. y Brazil is also weak in the innovation systema telling indicator is that their spending on research and development as a percentage of GDP is less than a third of what it is in developed countries. y In terms of the information infrastructure (telephones, computers, Internet, and so on), It lag considerably behind advanced countries such as the United States, y Brazil's industrial production continued to face some problems caused by the weakness of domestic demand and the loss of competitiveness among manufacturers, as generated by the local currency's strong revaluation. Thus, the index of industrial production reported a marginal increase of 0.1% in October, with respect to September.

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OPPORTUNITY y For the creation of new knowledge, and for the dismantling of obsolete activities and the start-up of more efficient new ones. y y To bring currency down to a reasonable value. Business land opportunity for Brazil it has productive and beautiful regions with a very fertile soil. y y y An income opportunity in Brazil, that yields 18.8% annually. As Brazil is rich in resources it has much business opportunity. There is lot of space in communication, transportation, export, and technology sector for Brazil. y Brazil has great ethanol production capacity, which is good option for petrol in next year.

THREAT:y y y Corruption, Ignorance & Complacency is common threat in brazil. Climate threat for Brazil Soya export. Brazilian business faces a wave of strikes. Emboldened by an economic recovery that is expected to push growth above 4% this year, workers in several industries are threatening walkouts for higher wages. Bank employees in 30 cities have been on strike for a week, while a walkout at airline Vasp grounded flights on Sept 21. Metal and chemical workers in Brazil's industrial belt are also threatening strikes. Workers are demanding pay hikes on the order of 4% to 17% above inflation, which is already running higher than the Central Bank's year target of 5.5%. Brazil's left-leaning President, Incio Lula da Silva, a onetime union leader, has so far resisted calls to intervene in negotiations involving civil workers in the state of Sao Paulo. y y High inflation rate causes darer of many products The threat of weapons of mass destruction in Brazil.

RUSSIA:Russia the Russian Federation is a transcontinental country extending over much of northern Eurasia It is a semi-presidential republic comprising 83 federal subjects. Russia shares land
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borders with the following countries (anticlockwise from northwest to southeast): Norway, Finland, Estonia, Latvia, Lithuania, Poland (via Kaliningrad Oblast), Belarus, Ukraine, Georgia Abkhazia South Ossetia, Azerbaijan, Kazakhstan, China, Mongolia and North Korea. It also borders the Arctic Ocean, the Pacific Ocean, the Caspian Sea, the Baltic Sea, and the Black Sea. Russia is close to the United States (Alaska) and Japan. At 17,075,400 square kilometers, Russia is the largest country in the world, covering more than an eighth of the Earths land area; with 142 million people, it is the ninth largest by population. It extends across the whole of northern Asia and 40% of Europe, spanning 11 time zones and incorporating a great range of environments and landforms. Russia has the world's greatest reserves of mineral and energy resources and is considered an energy superpower. It has the world's largest forest reserves and its lakes contain approximately one-quarter of the world's unfrozen fresh water. Russia established worldwide power and influence from the times of the Russian Empire to being the largest and leading constituent of the Soviet Union, the world's first and largest constitutionally socialist state and a recognized superpower. The nation can boast a long tradition of excellence in every aspect of the arts and sciences. The Russian Federation was founded following the dissolution of the Soviet Union in 1991, but is recognized as the continuing legal personality of the Soviet Union. It has one of the world's fastest growing major economies and has the world's eleventh largest GDP by nominal GDP or seventh largest by purchasing power parity with the eighth largest military budget. Russia is a permanent member of the United Nations Security Council, a member of the G8, APEC and the SCO and is a leading member of the Commonwealth of Independent States. It is one of the five recognized nuclear weapons states and possesses the world's largest stockpile of weapons of mass destruction. ECONOMY OF RUSSIA:Russia is a unique emerging market, in the sense that being the nucleus of a former superpower shows more anomalies. On one hand, its exports are primarily resource based, and on the other, it has a pool of technical talent in aerospace, nuclear engineering, and basic sciences. How this peculiar emerging market integrates itself into the world economy over the coming decade is a
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story as

significant

in

today's

world

as

the

reemergence

of China

and

India

Russia ended 2007 with its ninth straight year of growth, averaging 7% annually Although high oil prices and a relatively cheap ruble initially drove this growth, s Over the last six years, fixed capital investments have averaged real gains greater than 10% per year and personal incomes have achieved real gains more than 12% per year. Russia has also improved its international financial position The federal budget has run surpluses since 2001 and ended 2007 with a surplus of about 3% of GDP. Over the past several years, Russia has used its stabilization fund based on oil taxes to prepay all Soviet-era sovereign debt to Paris Club creditors and the IMF. Foreign debt is approximately one-third of GDP. The state component of foreign debt has declined, but commercial debt to foreigners has risen strongly. During President PUTIN's first administration, a number of important reforms were implemented in the areas of tax, banking, labor, and land codes. These achievements have raised business and investor confidence in Russia's economic prospects, with Rising inflation returned in the second half of 2007, driven largely by unspecialized capital inflows and by rising food costs, and approached 12% by yearend. In 2006, Russia signed a bilateral market access agreement with the US as a prelude to possible WTO entry, and its companies are involved in global merger and acquisition activity in the oil and gas, metals, and telecom sectors. Despite Russia's recent success, serious problems persist. Oil, natural gas, metals, and timber account for more than 80% of exports and 30% of government revenues, leaving the country vulnerable to swings in world commodity prices. Russia's manufacturing base is dilapidated and must be replaced or modernized if the country is to achieve broad-based economic growth. The banking system, while increasing consumer lending and growing at a high rate, is still small relative to the banking sectors of Russia's emerging market peers. Political uncertainties associated with this year's power transition, corruption, and lack of trust in institutions continue to dampen domestic and foreign investor sentiment. PUTIN has granted more influence to forces within his government that desire to reassert state control over the economy. Russia has made little progress in building the rule of law, the bedrock of a modern market economy. The government has promised additional legislative amendments to make its intellectual property protection WTO-consistent, but enforcement remains problematic.

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STOCK MARKET OF RUSSIA:-.

The Russian Trading System is a stock market established in 1995 in Moscow, consolidating various regional trading floors into one exchange. Originally RTS was modeled on NASDAQ's trading and settlement software; in 1998 the exchange went on line with its own in-house system. Initially created as a non-profit organization, at the moment RTS is in the process of reorganization: it is being transformed into a joint-stock company. RTS data is distributed worldwide through major financial information vendors such as Reuters. Russia's stock market surged 686 percent from 2001 through 2005 - and another 66 percent 2006The RTS Stock Exchange markets are open from 10:30 a.m. till 6:00 p.m. Moscow time (GMT+3). RTS Indexes The RTS Stock Exchange calculates and publishes 9 indexes: RTS Index, RTS-2 Index, and 7 sect oral indexes. The RTS Index and the RTS-2 Index are calculated using two different lists of stocks The RTS Index, RTSI, the official Exchange indicator, first calculated on September 1, 1995, is similar in function to the Dow Jones Average in New York City RTSI is computed on thirty-minute intervals using real-time prices of the 50 most liquid Russian stocks listed on the Exchange and is relayed to the RTS Web site, RTS workstations and news agencies. The constituent list of stocks is reviewed every 3 months. The RTS-2 Index is calculated based on the list of 69 second-tier stocks.

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ANALYSIS: STRENGTHS:y y y y Good universities; excellent engineering skills Dynamic local vendor landscape (particularly in Russia) Lowest labor cost across Europe; lower attrition rates than India Geographic and cultural proximity to Western Europe (with some exceptions Reform oriented govt.) y y Strong trade balance Strong natural resource based groups, including major deposits of oil, natural gas, coal, and many strategic minerals, timber. y y y y y y y High S&T manpower Strong basic research High S&T capability High average educational levels Software development capabilities Poverty has declined steadily and the middle class has continued to expand. Oil export earnings have allowed Russia to increase its foreign reserves from $12 billion in 1999 to some $470 billion at yearend 2007, the third largest reserves in the world. y Foreign direct investment rising from $14.6 billion in 2005 to approximately $45 billion in 2007. y In 2007, Russia's GDP grew 8.1%, led by non-tradable services and goods for the domestic market, as opposed to oil or mineral extraction and exports. y Russia has made little progress in building the rule of law, the bedrock of a modern market economy. WEAKNESS:y y Relative geopolitical instability Travel restrictions to and from Russia
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y y y y y y y y y y y y y y y y

Weak business education Potential corruption; potential security and IP protection issues Weak infrastructure outside metropolitan areas Poor investment climate Poor rule of law Weak financial system Dutch disease Poor linkages with productive sector Insufficient use of global knowledge Weak diffusion systems Poor link to labor market Weak Life Long Learning Lack of flexibility of educational system Low penetration ratios High prices Poor application and use

OPPORTUNITIES:y y y y y y y Become more sought after as inter-national track record with clients grows Become more attractive as rates in new EU member states move up More agile local vendors as a result of enhanced government support Build more external awareness following merger of Fort Ross and RusSoft Reverse capital flight and tap FDI by improving investment climate Develop financial system Tap global knowledge to increase value added in natural resources and diversify economy y y y Harness potential of strong S&T base Launch major re-skilling program Institute LL learning
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y y y y

Reform higher education to market needs Expand penetration ratios Focus on applications Modernization of business system

THREATS:y y y y India, China, new EU member states Qualified staff moving abroad Lack of quality middle management Rising costs of living in metropolitan areas (St. Petersburg, Moscow) to push up labor costs y y y y y y y y y y Continued capital flight Big industrial groups may capture government Falling behind global advances in knowledge Continued loss of scientific talent Continued brain drain Resistance from established institutions Rigid university curriculums Risk of digital divide Russias growth is acknowledged as unsustainable Russia is too dependent on natural resource sector (only sector growing, accounts for 80% of exports) y y Industrial sector is technologically outmoded and not competitive Russian economy suffers from overvalued exchange rate because of strong natural resource exports y y y y Only dynamic actors are natural resource based industrial groups High human capital and strong science base are depreciating Russia risks becoming just a natural resource exporting economy Russia needs to diversify and upgrade its economy to improve international competitiveness
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y y

Russia risks becoming just a natural resource exporting economy Russia needs to diversify and upgrade its economy to improve international competitiveness

INDIA :It is the seventh largest country by geographical area, the second most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the south, the Arabian Sea on the west, and the Bay of Bengal on the east, India has a coastline of 7,517 kilometers (4,671 mi). It borders Pakistan to the west; China, Nepal, and Bhutan to the north-east; and Bangladesh and Burma to the east. India is in the vicinity of Sri Lanka, the Maldives, and Indonesia in the Indian Ocean. India is a parliamentary republic consisting of 28 states and 7 union territories. It has the world's twelfth largest economy at market exchange rates and the fourth largest in purchasing power. Economic reforms have transformed it into the second fastest growing large economy; however, it still suffers from high levels of poverty, illiteracy, and malnutrition. A pluralistic, multilingual, and multiethnic society India is also home to a diversity of wildlife in a variety of protected habitats. ECONOMY:The economy of India, measured in USD exchange-rate terms, is the twelfth largest in the world, with a GDP of around $1 trillion (2008). It recorded a GDP growth rate of 9.1% for the fiscal year 20072008 which makes it the second fastest big emerging economy, after China, in the world. At this rate of sustained growth many economists forecast that India would, over the coming decades, have a more pronounced economic effect on the world stage. Despite this phenomenal rate of growth, India's large population has a per capita income of $2,659, measured by PPP, and $978, measured in nominal terms (revised 2007 estimate). The World Bank classifies India as a low-income economy.

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India's economy is diverse and consists of various activities including manufacturing, agriculture and services. Although (exact fraction needed here) of the Indian workforce still earn their livelihood directly or indirectly through high tech, services are a growing sector and play an increasingly important role in India's economy. The advent of the digital age, and the large number of young and educated populace fluent in English, is gradually transforming India as an important 'back office' destination for global outsourcing of customer services and technical support. India is a major exporter of highly-skilled workers in software and financial services, and software engineering. Other sectors like manufacturing, pharmaceuticals, biotechnology nanotechnology, telecommunication shipbuilding, aviation, tourism and retailing are showing strong potentials with higher growth rates. India followed a socialist-inspired approach for most of its independent history, with strict government control over private sector participation, foreign trade, and foreign direct investment. However, since the early 1990s, India has gradually opened up its markets through economic reforms by reducing government controls on foreign trade and investment. The privatisation of publicly owned industries and the opening up of certain sectors to private and foreign interests has proceeded slowly amid political debate. India faces a fast-growing population and the challenge of reducing economic and social inequality. Poverty remains a serious problem, although it has declined significantly since independence STOCK MARKET OF INDIA:Indian stock market run by two popular exchange, Bombay stock exchange (BSE) and national stock exchange (NSE) out of them some regional exchange are also running. Bombay Stock Exchange:The Bombay Stock Exchange, in Mumbai, is Asia's oldest and India's largest stock

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BSE:- Bombay Stock Exchange, or BSE) is the oldest stock exchange in Asia. It is also the biggest stock exchange in the world in terms of listed companies with 4700 listed companies as of August 2007. It is located at Dalal Street Mumbai, India. On 31 December 2007, the equity market capitalization of the companies listed on the BSE was US$ 1.79 trillion, making it the largest stock exchange in South Asia and the tenth largest in the world The Bombay Stock Exchange was established in 1875. Around 6,000 Indian companies list on the stock exchange, and it has a significant trading volume. The BSE SENSEX , also called the "BSE 30", is a widely used market index in India and Asia Though many other exchanges exist National Stock Exchange:-

NSE: - The National Stock Exchange of India Limited or S&P CNX NIFTY (NSE), is a Mumbai-based stock exchange. It is the largest stock exchange in India in terms of daily turnover and number of trades, for both equities and derivative trading.. Though a number of other exchanges exist, NSE and the Bombay Stock Exchange are the two most significant stock exchanges in India and between them are responsible for the vast majority of share transactions. The NSE's key index is the S&P CNX Nifty, known as the Nifty, an index of fifty major stocks weighted by market capitalization.NSE is mutually-owned by a set of leading financial institutions, banks, insurance companies and other financial intermediaries in India but its ownership and management operate as separate entities. As of 2006, the NSE VSAT terminals, 2799 in total, cover more than 1500 cities across India. In October 2007, the equity market capitalization of the companies listed on the NSE was US$ 1.46 trillion, making it the second largest stock exchange in South Asia. NSE is the third largest Stock Exchange in the world in terms of the number of trades in equities. It is the second fastest growing stock exchange in the world with a recorded growth of 16.6%.

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ANALYSIS: STRENGTHS y y y Highly educated , skilled ,young, capable & dynamic human resources English speaking & analytical students World class business-social-spiritual political leader, Professor, scientist, Doctor-Engineer-Civil servants etcs y y y y y y y y y Very rich in Natural & Living resources Biodiversity & Traditional knowledge base Diversity vs. Ideas-Innovation-Integration Powerful spiritual strength (yoga-Ayurvada-Healing-therapy services) Geographical location (whole markets are shifting toward Asian nations) India Strategic position at various platforms Big democracy, Big market & free media Range of emerging professional champions IT & Software superpower Manager-

WEAKNESSES: y y y y y y y y y y y Lack of trained & skill work force Small supply of specialize professional Lack of spirits of entrepreneurship, patriotisms and leadership skill Lack of effective & execution framework Lack of Indian management models Lack of transparency-Trust-Responsibility Lack of learning habits & Team work spirit Fear of sharing knowledge & taking risk Thinking win-lose lose-win look-outside Slow absorption of Innovation & change Lack of Indian management models
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y y y y

Absence of greater technology impetus Unawareness: Quality-Standardization Lack of Emotional-Spiritual development Rush of getting high marks not Development

OPPORTUNITIES y Big potential market in education Sector & emerging new market Segment in services (create it) y y y y y General Agreement of trade on Services Research & Development capability Generate intellectual property Resource Building capacity Competition- cost Quality service

THREATS y y y y y y y y A feeling of unstable government Self centered political leadership Slow & Dysfunctional judiciary and corrupt law enforcers Regulation, protection and restriction Mechanistic -stable-Layered-complex system Corruption, Ignorance & Complacency High competitive & marketing forces To patent Indian intellectual property by outsider (unawareness about own research) y y y y Fast change Internet-information technology& new Inventions-Technology-Innovations Diversity vs. Imbalance- clashes Regional-Religion-caste-culture conflicts Migration of all branch to software job
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y y y

Job seeking mind sets, not job creator Unnecessary social pressure on students Excessive rich & powerful mindsets

CHINA:China has one of the world's oldest people and continuous civilizations, consisting of states and cultures dating back more than six millennia. It has the world's longest continuously used written language system, and is the source of many major inventions, such as what the British scholar and biochemist Joseph Needham called the "four great inventions of Ancient China": paper the compass, gunpowder, and printing. Historically, China's cultural sphere has extended across East Asia as a whole, with Chinese religion, customs, and writing systems being adopted to varying degrees by neighbors such as Japan, Korea and Vietnam. The last Chinese Civil War has resulted in two political entities using the name China. The People's Republic of China (PRC), commonly known as China, has control over mainland China, and the largely self-governing territories of Hong Kong (since 1997) and Macau (since 1999). The Republic of China (ROC), commonly known as Taiwan, has control over the islands of Taiwan, Pescadores, Kinmen and Matsu.

ECONOMY OF CHINA:Chinas economy today is ten times larger than it was in 1978, and continues to grow at 10 percent per year. By contrast, since 1980, roughly the beginning of economic reform in China, up until 2005 yearend, the economy of Latin America as a whole grew 10 percent not per year, but cumulatively. And in comparison with 28 years of 9-10 percent annual growth in China, the growth of Indias economy has accelerated to only 6 percent, and only since 1991. The result is that the Chinese economy is now three times that of India, and the gap is growing. Two important dimensions of this growth are the emergence of a large middle class and a rising income gap. As an indicator of how a few people in China have become fabulously wealthy, in
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2003, worldwide sales of Bentley automobiles were 200; 70 of them were sold in China at price of 2 million rmb, or 250 times average urban income. The U.S. equivalent would be if 200 people bought those cars at $7.5 million each. The urban-rural gap was large even in the Maoist era (Mao gave a lot of lip service to promoting the peasants interests, but most of that eras policies actually favored urban dwellers). The gaps that have increased in the reform period of the last few decades are between the coastal areas and the inland. The coastal areas have done extremely well because of the growing importance of foreign trade; most foreign trade involves production and workers along a narrow strip along the coast, particularly Pearl River Delta and the Yangtze Delta, the area from Shanghai up the Yangtze River and a little bit in the northeast. These areas have been the major participants in international trade, with a big demand for labor, and incomes in those areas have gone up particularly rapidly. STOCK MARKET OF CHINA:The Shanghai Stock Exchange (SSE) is a Chinese stock exchange based in the city of Shanghai, with a market capitalization of nearly US$3.02 trillion (2007) making it the largest in mainland China and fifth largest in the world. The current exchange was re-established on November 26, 1990 and was in operation on December 19 of the same year. It is a non-profit organization directly administered by the China Securities Regulatory Commission (CSRC). Mainland China has a second, smaller, stock exchange: the Shenzhen Stock Exchange, located in the city of Shenzhen. The distinction is made for Mainland China because the Hong Kong Stock Exchange, located in the special administrative region of Hong Kong, is the largest stock exchange in China, and has a separate history. Shanghai Stock Exchange

ANALYSIS: STREANTH:32 FINANCIAL MANAGEMENT the company name] | [Type

y y y y y y y y y y y

Accelerated economic development. Increased comprehensive national strength. GNP increasing an average of 9% annually Export growth of 25% and imports up 15%. Will continue to dominate light and medium-tech industries. Key Money Recipient and Direct Foreign investment Leads world in direct foreign investment - $135 billion. All China's exports (or about $46.9 billion). This netted about $8.4 billion in taxes Moving to a market economy. Will be one of the world's six largest economies by 2020 with Japan, Indonesia, India, and Korea and the US, according to the World Bank. Rich reserves of natural resources. Chinese prefer to work with U.S. companies for oil exploration and coal mine development. Chinese allow compensation, trade, or cooperative ventures. Large Population Base and Potential Customers per capita consumption is low, but with a large population, opportunity is incredible, especially for low-end products. Also represent large future potential as buying power is increasing rapidly. World's most lucrative market (Schafer, 1996) of which China represent one-sixth of the worlds population. Favorable Government Policies. Committed to economic growth at the national policy level. Overseas-funded enterprises are granted equal status as domestic enterprises for taxes, sales & transportation, purchase, distribution and operations.

y y

y y

WEAKNESSES y Hard to control distribution of products.


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y y y y y

Some disorder in the financial sector. Energy, transportation, and important raw material have remained issue slowing growth. Agriculture lacks staying power. Production in cities has displaced rural worker Average inflation is 15%, and surplus labor has regulated in rising unemployment and inequalities in income distribution. Wage growth has not kept pace with inflation Infrastructure Railway, roads, communications and power supply are below standard. Employees need customer service tranning. training. 180 million illiterates or semi-illiterates over the age of 15. Little concept of maintenance or quality control. Employees could lack the productivity and innovation to guarantee continuous growth. Shortage of construction funds for expansion of infrastructure and industrial production capacity. expansion of infrastructure and industrial product capacity. Short supply of energy in some industrial market. Lack of electricity, fuel, and raw material. Lack of modern pollution control. Sewage, industrial waste, and pollution are growing problems, and china is home to four of the world,s ten dirties cities.

y y y y y y y y

y y y y y

OPPORTUNITIES:y y y y y y Direct Investments or Joint Ventures. To provide advanced technology that can be mastered by the chinese Easy-to-target bottleneck industries of energy, communication, and transportaion. Equity and contractual ventures provide quicker access to the market. Partners in China can help with the bureaucracy, coustmer base and distribution. Financing Infrastructure Projects
34 FINANCIAL MANAGEMENT the company name] | [Type

Opportunity to increase the available electricity to more than 120 million rural citizens without electricity Need for overseas investment in coastal ports since more than 90% of exports are Carried by sea.. Chrysler has a China Concept Vehicle made of recycled plastic planned to sell for about $5,000. Improving Trade Relations, APEC, the Asian Pacific Economic Cooperation Forum, leaders have a vision to create the world's biggest free trade region for developing countries in Asia by 2020 3-year moratorium on adding new members in APEC expires on December 31, 1996. The 18 member nations including Hong Kong, China, and the U.S. will have other future trade partners. Tariffs cut on computers, semiconductors, and telecommunications equipment and other information equipment to boost competitiveness.

y y y

y y

THREATS y y y Long-Run Success Effectiveness of investments in China will only be evident in the long-run and policies make it hard for non-China companies to make money. y y y Reporting and Accounting Standards Fall behind Western requirements. Only a small group of certified practicing accountants in China. Lack of modern financial reporting makes the economy less attractive to foregine investors. y y y Lack of a legal structure . Cultural Differences and Tradition Cause of many business conflicts Advocate collectivism and not individualism. Citizens have a long-term view and the rigid educational systems stifle individualism y y Chinese take time in negotiations and dispute resolution. Non-Western work habits and slow bureaucracy are frustrating.
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y y

Prefer harmony in all family, business, and social settings Must hire Chinese managers to better understand the role of courtesy, sensitivity, and perception in the culture Uncertain Advertising Market, Strict advertising rules that ban, superlative claims and comparative advertising Differences in dealing with government controlled media. Political Risk Rapid internal changes in Chinese society. Rising jobless rate, social unrest, and nonperforming state enterprises (A Hard Soft' Landing ...," 1996). Bringing China's mixed market and centrally planned economy into World Trade Organization GATT. Risk from further market-oriented reform. Revelations between the central Chinese government and fast growing provinces Changes to a single currency, length of workweek, and tax system as well as unclear responsibilities. Corruption is widespread at township, county, and even provincial levels Lack of protection of intelligent property. Slow government approvals for operations. Differences over human rights, trade, and nuclear weapon non-proliferatio State-Run Enterprises vs. Entrepreneurs Failure to reform and privatize state both heavy industries and high tech. The state enterprises take 70% of bank lending and yield overproduction, inefficiency and wasted funds on misguided property and financial investment. Entrepreneurs are forced to raise funds from local governments, friends, or foreigners due to lack of access to capital.

y y y y y y

y y y

y y y y y y y

China's economic modernization presents great opportunities to U.S. businesses. If we are to strengthen our economic performance and enhance our long-term economic security, U.S.companies must move quickly to capitalize on the world's fastest growing market. Despite
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the risks, problems, and challenges, there can certainly be rewards for U.S. companies that are planning to operate in China. Unlike countries such as Russia, China has made significant progress in discarding much of its former central planning and socialist ideas. In March 1999, the Communist party adopted a plan to accelerate liberalization of the economy. Nevertheless, given the complexity of Chinese society, one cannot predict the way China will develop politically and economically. While few in the current leadership advocate a return to state planning, strong disagreements remain over the pace of economic and political reform. This means that China's emergence as an economic powerhouse will surely not follow the steady and incremental growth that Japan experienced. But despite the turmoil ahead, China has reached the point of no return. The current leadership is pursuing a strategy of economic reform that would not destabilize its political power. There is little chance, however, that the Chinese would accept any effort to roll back the clock to economic stagnation.The trend is that no matter who prevails in Beijing, a quarter of humankind is going to continue moving ahead with economic changes that are helping to create a 21st century

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4.4 GRAPHICAL INTERPRETATION


1. REAL GDP GROWTH RATE GRAPH OF BRICs AND US, UK AND JAPAN Definition of real GDP growth rate:The list of countries of the world sorted by their gross domestic product (real) growth rate shows the increase in value of all final goods and services produced within a nation in a given year -not taking into account Purchasing power parity and taking into account inflation. It is a measure of economic development. Real GDP growth rate of Brazil.

1.00% 4.50% -0.20% 5.10% 2003 2004 2005


60.87% 120.00 % 2650.00 % -54.90% 21.62% 1 2 3 4 5

2006 2007 3.70% 2.30% 2008

The above graph shows real GDP Growth Rate of Brazil for six consecutive years and graph B represent percentage change in each year. We can infer from this graph that the Brazil economy developing year by year, it reached 4.50% from 1% in six year with 2.73% average growth rate. Real GDP growth rate of Russia.
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Real GDP Growth Rate of Russia


2003 8.10% 4.20% 2004 7.30% 6.70% 6.40% 6.70% 2005 2006 2007 2008
4.69% -4.48% -8.22% 20.90%

% chnage in rate

2004 2005 2006 73.81% 2007 2008

The above graph shows real GDP Growth Rate of Russia for six consecutive years and graph B represent percentage change in each year. We can infer from this graph that the Russia economy developing year by year, it reached 8.10% from 4.20% in six year with 6.56% average growth rate. Real GDP growth rate of India
Re al GDP Gr o w th r ate s o f india 2003 8.50% 4.30% 8.30% 9.20% 6.20% 8.40% 2004 2005 2006 2007 2008
2 5 .3 0 % 9.5 2 % 3 5 .4 8 % 93 .0 2 % -7 .6 1 % 2003 2004 2005 2006 2007

P e r ce nt ch a nge in r a te

The above graph shows real GDP Growth Rate of Russia for six consecutive years and graph B represent percentage change in each year. We can infer from this graph that the India economy developing year by year, it reached 8.50% from 4.30% in six year with 7.48% average growth rate. Real GDP growth rate of China.

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Real GDP Growth rate of China


2003 11.40% 8.00% 9.10% 10.70% 9.10% 10.20% 2004 2005 2006 2007 2008

% change in r ate

6.54% 4.90%

2004 13.75 % 0.00% 2005 2006 2007 2008

12.09 %

The above graph shows real GDP Growth Rate of China for six consecutive years and graph B represent percentage change in each year. We can infer from this graph that the China economy developing year by year, it reached 11.40% from 8.00% in six year with 9.75% average growth rate.

R e a l G D P G ro w th ra te o f w o rld ma jo r co un trie s
1 .9 2 .6 1 .8 1 .9 2 .9 2 .2 11.4 3 4 .1 8 .1 5 .4 9 .2

US UK Japan France Germany Italy Russia China India Brazil

The graph above represents the real GDP Growth Rate of world major countries which represents world economy. It is clear from the graph that BRICs contributes substantial part in the world economy. Represent by yellow part in above graph. GDP (purchasing power parity) (Billion $):The GDP dollar estimates given on this page are derived from purchasing power parity (PPP) calculations. Using a PPP basis is arguably more useful when comparing generalized differences in living standards on the whole between nations because PPP takes into account the relative cost of living and the inflation rates of the countries, rather than using just exchange rates which may
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distort the real differences in income. However, economies do self-adjust to currency changes over time, and technology intensive and luxury goods, raw materials and energy prices are mostly unaffected by difference in currency (the latter more by subsidies), despite being critical to national development, therefore, the sales of foreign apparel or gasoline per liter in China is more accurately measured by the nominal figure, but everyday food and haircuts by PPP. Rank 1 2 3 4 5 6 7 8 9 10 Country United States China Japan India Germany United Kingdom Russia France Brazil Italy GDP (purchasing power parity) (Billion $) 13,860 7,043 4,417 2,965 2,833 2,147 2,076 2,067 1,838 1,800

The above figure shows the top ten countries by GDP (PPP), which shows the living standard of the nation and it is clear from the figure the BRICs posses good living standard in the world , which shows its economic compatibility 2. Rank of BRICs in World Population:Rank 1 2 3 4 5 6 7 8 9 10 Country China India United States Indonesia Brazil Pakistan Bangladesh Russia Nigeria Japan Population 1,330,044,605 1,147,995,898 303,824,646 237,512,355 191,908,598 167,762,040 153,546,901 140,702,094 138,283,240 127,288,419

The above graph shows the top ten countries by population number which depict the market volume and labor force availability of a country.
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3. STOCK MARKET COMPARISION OF BRICs WITH WORLDS OTHER BIG MARKET COMPARISION OF iBOVESPA (INDEX OF BRAZIL) with DOW JONES , NASDAQ AND S&P FOR 5 YEAR.

COMPARISION OF RTS (INDEX OF RUSSIA) with DOW JONES , NASDAQ AND S&P FOR 5 YEAR.

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COMPARISION OF BSE AND NSE (INDEX OF INDIA) with DOW JONES , NASDAQ AND S&P FOR 5 YEAR.

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COMPARISION OF SHANGGAI (INDEX OF CHINA) with DOW JONES , NASDAQ AND S&P FOR 5 YEAR.

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UNEMPLOYMENT RATE OF BRIC COUNTRIES

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Unem ploym ent rate of India


9.5 10 8 6 r at e 4 9.2 8.9 7.8 7.2

Unemloyment rate of china


12 10 8 6 4 4.2 4 rate

10.1

9.8 9

2 0 2004 2005 2006 2007 2008

2 0 2004 2005 2006 2007 2008

Un e m plo ym e n t r ate o f Br azil 14 12 10 8 6 4 2 0 12.3

Unem ploym ent rate of Russia 10 8.5

11.5 9.8 9.6 9.8

8.3

7.6 6.6 5.9 rate

8
rate

6 4 2 0

04

05

06

07

08

20

20

20

20

The Graphs above shows unemployment rate of

20

2004 2005 2006 2007 2008

BRICs countries, which indicate the

unemployment is decreasing per year because opportunities increasing in BRICs it make clear that economy of BRICs countries developing year by year, Inflation rate of BRICs and other countries
inflation rate canada Brazil India China Russ a aly any F anc Japan UK US

2.4 4.1 5.9 4.7 11.9 1.7 2 1.5 0 inflation rate

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4.5 FACT AND PERFORMANCE OF BRICs:Population: The four BRIC markets are the largest economies and have some of the largest populations among emerging-market countries. Companies from BRIC countries have large-andcompetitive domestic markets, meaning theyre already globally competitive when they venture abroad. The BRICs boast a combined population of 2.85 billion, around 43 per cent of the present global total. They are believed to have a combined labor force of around 1.5 billion. Rapid Growth: China and India have two of the fastest growth rates in the world, and that looks likely to continue. Other rapidly growing countries are much smaller - and more risky. Natural Resources: While China and India are the major poles of global manufacturing and service growth, the two other BRICs - Brazil and Russia - are cornucopia of commodities and energy, which in the past have been inadequately exploited. The escalating energy and commodity prices of the last five years have brought rapid growth to both countries, enabling them to develop active consumer sectors with a multitude of invest able companies. Access to Capital: Brazil recently achieved an investment grade debt rating from Standard and Poors Inc., giving the Latin American country access to the major global pools of institutional capital, while also significantly lowering the cost of its debt. Russia has built up foreignexchange reserves of more than $400 billion, allowing it to break free of a reliance on foreign capital. China, with a record $1.68 trillion of foreign exchange reserves, has access to all the capital it can handle. India may finally have broken out of the cycle of foreign exchange constraints that had previously prevented rapid growth: With foreign capital of almost $300 billion invested With foreign reserves of $1.68 trillion, China basically has all the capital it needs for the development projects it has on the drawing board. Bullish on Brazils long as world oil prices keep increasing, or at least remain high, Russian energy companies will keep generating record profits On present estimates, some 74 per cent of the Russian population and 85 per cent of the Brazilian population are urban dwellers. This is not so in the case of India and China. Urban dwellers represent 30 per cent and 43 per cent respectively of the total population. However, this is
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changing rapidly. It has been estimated that in both China and India, approximately 20 million new people are being added to urban populations each year.

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5. CONCLUSION
If youre a global investor looking for global profits - including one potential way to double your money - you need to "Hit the BRICs."The acronym "BRIC" to stand for Brazil, Russia, India and China, the four emerging markets the investment banks strategists believed would become a dominant part of the world economy in the years ahead .Brazil, China and India - feature sound economies with powerful growth rates, and stock markets with reasonable valuations. In fact, China and India are two of the fastest-growing investable economies on the planet, and have been transformed into global leaders in both the manufacturing and service sectors. At the same time, Brazil and Russia each has become a cornucopia of commodities, and are emerging as global leaders in the white-hot global energy sector. Russia has the capacity to represent a 21st-century energy superpower, then Brazil must surely have the potential to realize the same prominence in agricultural commodities and other raw materials. Brazil is making its presence felt in key materials and agricultural product markets Brazil achieve that status in agricultural and bulk commodity markets We recognize that Brazil, Russia, India and China have changed their political systems to embrace global capitalism. China and India, respectively, to be the dominant global suppliers of manufactured goods and services while Brazil and Russia would become similarly dominant as suppliers of raw materials. Thus, the BRICs have the potential to form a powerful economic bloc to the exclusion of the modern-day states currently of "Group of Eight" status. Brazil is dominant in soy and iron ore while Russia has enormous supplies of oil and natural gas. India is making flow of skilled people and making it present in technology. BRIC all initiated economic or political reforms to allow their countries to enter the world economy. In order to compete, these countries have simultaneously stressed education, foreign investment, domestic consumption, and domestic entrepreneurship. According to the study, India has the potential to grow the fastest among the four BRIC countries over the next 30 to 50 years. A major reason for this is that the decline in working age population will happen later for India and Brazil than for Russia and China.
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6. LIMITATIONS
This research has following limitations 1. It is based on secondary data 2. Statically data has been taken from the CIA fact book which ix last update o second October this year 3. Some of the data taken 2007 estimation

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7. BIBLIOGRAPHY

www.economywatch.com www.indexmundi.com www.financeyahoo.com www.istockanalyst.com www.google.com www.allbussines.com

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