Qualitative and quantitative analysis of creditworthiness of the companies

Credit analysis is a comprehensive analysis of the overall performance of the client and the specific project to be financed with the loan, in order to assess the credit risk, i.e. to assess the creditworthiness of the loan applicant. The credit analysis is part of the credit process, in which the bank should conduct a comprehensive analysis of the operation of the enterprise and the justification of the project to be financed by the loan. In addition, the processing of the loan application involves numerous qualitative and quantitative aspects. The first relate to the previous work of the borrower, his legal status, management, loan security, competition, etc. The quantitative analysis includes analysis of the financial statements of the company, as well as analysis of certain financial indicators. The ultimate objective of the credit analysis for the bank is to assess the credit risk, i.e. the creditworthiness of the loan applicant. In order to carry out the qualitative analysis, banks have at their disposal several methods, such as CAMPARI, PEST, SWOT, etc

УЛOГАТА НА ИНТЕРНАТА РЕВИЗИЈА ЗА УСПЕШНО МЕНАЏИРАЊЕ СО КОМПАНИИТЕ

Менаџментот на компаниите континуирано е фокусиран конекономично, ефикасно и ефективно работење на компаниите вофункција на остварување на најдобри можни финансиски резултатикои ги очекуваат стеикхолдерите. За остварување на поставените цели,еден од организациските сегменти што треба да бидат воспоставени е исекторoт за интерна ревизија кој треба да функционира независно и дарасполага со ресурси (човечки, технички и софтверски) кои ќе овозможатконтинуирано следење на работењето на компанијата и ќе резултираатсо насоки и препораки за надминување на пропусти, грешки и измамидоколку се појават.Интерните и екстерните ревизори имаат бројни сличности иразлики, но во суштина и на едните и на другите целта им е да се откријатнедостатоците и грешките во функција на поуспешно работење ивистинско и објективно финансиско известување

Значење на следењето на безбедноста на примената на лековите по нивното пуштање во продажба

Терапијата со лекови и препишувањето лекови, се најчести активности и во улога на пациент и во улога на оние кои се грижат за пациентите. Неопходно се наметнува потребата да примената на лековите биде мониторирана со еднакво високи стандарди како оние кои постојат во тек на развојот и евалуацијата на истите

Analysis of financial statements for credit apprisal

Most businesses nowadays cannot survive without lending money. In a quest for survival and expansion, companies need to resort to debt as equity alone cannot suffice the requirements. Whether it is financing a new project, meeting working capital or expanding to a new market, a company requires funding at each stage. Credit analysis is defined as the evaluation of the ability of a company to repay its financial obligations. In our country the credit or debt markets are not as mature as compared to global standards, hence there is excessive dependence on the traditional banking system. However, companies issuing bonds to raise finance is also not uncommon. Credit default or in simple words, inability to pay the debt, is one of the most dreaded risks in the financial world. A bank should ask for updated firm’s financial statements or additional financial information such as working capital, reserves, debtors, creditors, other bank loans etc, and comparative list with the previous year levels

Mapping the Internet Terrain

The rise of the internet has had a marked effect on how we view political power. Around the turn of the millennium, the nation-state as a political factor seemed to be in retreat, and was described as being “under siege”. Giving individuals instant and affordable access to vast amounts of information, the Internet “has collapsed the world, transcending and blurring political boundaries.” As everyday lives have been perceived as being significantly transformed by the Internet, so, too, were traditional concepts of territoriality and state sovereignty. It was even claimed that “[t]he new technologies encourage noninstitutional, shifting networks over the fixed bureaucratic hierarchies that are the hallmark of the single-voiced sovereign state.” However, while there is no doubt “that significant deterritorialisation has taken place in human affairs, territory remains a crucial factor for many key aspects of humankind’s social, economic and especially political structures.” In our near future, the pre-eminence of the state will thus very likely continue to outrange that of non-state actors, but states today will find it much more difficult to maintain their accustomed degree of control. The information revolution has, in fact, triggered a considerable diffusion of power among a broad variety of different state and non-state actors. In such an environment, “[p]olitical leaders will enjoy fewer degrees of freedom before they must respond to events, and then they will have to share the stage with more actors.” The present paper looks at one of the most relevant fields reflecting the ongoing power shifts between state and non-state actors. This field – really a collection of different processes or regimes – is most commonly referred to as “internet governance.” Essentially, internet governance deals with the management of the global resources that effectively make up the Internet. Perhaps one of the most significant features of this field is the multistakeholder concept, which has been instrumental in bestowing legitimacy on a number of different actors and institutional arrangements that are key to the functioning of the global internet

CRITERIA FOR ASSЕSSING VIOLATIONS OF THE RIGHT TO TRIAL WITHIN A REASONABLE TIME IN CIVIL PROCEEDINGS

The guarantee of a trial within a reasonable time is a special element in the content of the right to a fair trial (articulated in Article 6 of the Convention for the Protection of Human Rights and Fundamental Freedoms). This guarantee is transformed into a right to a trial within a reasonable time which belongs to the parties and other participants in the civil proceedings due to the obligation on member States to organize their judicial systems in such a way thattheir courts are able to guarantee everyone’s right to a final decision on disputes concerning civil rights and obligations within a reasonable time. The Republic of North Macedonia, ratifying the Convention for the Protection of Human Rights and Fundamental Freedoms, operationalized the duty to organize the judicial mechanism by enabling the courts to make decisions within a reasonable time, in a way that the Law on Courts gives jurisdiction to theSupreme Court of the Republic of North Macedonia to decide at the request of the parties and other participants in the proceedings for violation of the right to a trial within a reasonable time in civil proceedings starting from the case law of the European Court for protection of human rights and fundamental freedoms. Exactly because of this subject of analysis of this paper are the criteria for assessment of violation of the right to a trial within a reasonable time established through the case law of the European Court of Human Rights and Fundamental Freedoms and their implementation in the case law of the Supreme Court of North Macedonia.These are casually created criteria that refer to: 1) the complexity of the case 2) the conduct of the court or other body of public conduct and 3) the conduct of the parties, especially the applicant, during and the duration of the procedure

ФОРМИ НА ФИНАНСИРАЊЕ НА МАЛИТЕ И СРЕДНИ ПРЕТПРИЈАТИЈА

Во услови на глобална економска криза проблемите во врска сообезбедувањето соодветни извори за финансирање на бизнисите стануваатсѐ поизразени. Деловните субјекти е неопходно да извршат оптимализацијана изворите на финансирање, што ќе овозможи максимизирање на крајнитефинансиски ефекти, од една страна, и минимизирање на почетнитевложувања, од друга страна.Интересот на деловните субјекти за оптимализација на изворитена финансирање произлегува од нивното влијание врз ликвидноста ипрофитабилностана работењето. Самофинансирањето претставуванајевтин облик на финансирање на процесот на репродукција, бидејќиделовниот субјект не го оптоварува со камати, ниту со обврска завраќање на главницата, што не е случај со туѓите извори на финансирање.Ваквиот начин на финансирање овозможува висок степен на финансисканезависност при донесување на финансиските одлуки, како ифлексибилност во водењето на финансиската политика и распределбатана добивката.Меѓутоа, деловните субјекти не можат да го финансираат својот расти развој исклучиво од сопствени извори. Имено, тие често се потпираати на позајмените извори, односно на кредитите од банките и другитефинансиски институции, емисијата на хартии од вредност, специфичнитеоблици на финансирање, како што се: факторниг финансирањето,форфетинг финансирањето, лизингот и финансирањето со франшиза. При донесувањето одлука за избор на соодветен извор на финансирање,деловниот субјект треба да има во предвид определени фактори, одкои позначајни се следниве: актуелните услови на пазарот на капитал,степенот на задолженост на деловниот субјект, цената на акциите,даночната политика, степенот на развој на деловниот субјекти и сл.Во многу потешка ситуација во однос на големите, се малите и среднипретпријатија, кои имаат ограничен пристап до изворите на финансирањена нивното работење

CAPITAL LIBERALIZATION MATTERS AND DILLEMAS – SPECIAL REFERENCE TO THE REPUBLIC OF MACEDONIA

During the period of the recent decades, the capital liberalization hasbecome an issue of intensive academic proceedings, debates and researchfor numerous studies. Discussions have been focused on matters relatedto the advantages and disadvantages of capital liberalization, as well as onthe pre-conditions which need to be fulfilled, prior the accession to the fullliberalization of capital flows.The conclusions of the research on the effects of capital liberalizationare various and very often contrary. Until the occurrence of the Asian crisis,the literature was dominated by the point of view, which was also officialysupported by the IMF, that the capital liberalization benefit is higher than itsexpenses. Nowadays, based on the analysis of the experience of numerouscurrency and financial crises and especially after the great financial andeconomic crisis dated from 2007 to 2009, in the economic literature thereseems to have happened certain convergence of the view-points in terms oftreating these issues more carefully and indicating that capital liberalization,especially the one in the developing countries, should take place gradually, alsoit should be controlled and followed by good regulation. The major advantagethe impossible trinity in the monetary policy, according to which the countrycannot simultaneously permit free capital flow, fixed rate of exchange andindependent monetary policy. Therefore, controls of capital enable conductingautonomous monetary policy, that is to say, they create an opportunity to makea difference between domestic and foreign interest rates. This conclusionseems to be relevant for the Macedonian economy as well.The main goal of this paper is to discuss several dilemmas related tothe capital flow liberalization in the Republic of Macedonia – dynamics,necessary steps and reforms, advantages and disadvantages which go alongwith the process. Within this context, first of all the experience that certaindeveloping countries have had throughout the process of implementation ofthe capital liberalization will be indicated, and after it will thoroughly focus onthe Republic of Macedonia, that is to say, on the issues related to the level ofMacedonian economy globalization, the dynamics of the capital liberalizationand the implications on the exchange rate