Thursday, September 3, 2020

Blessing by Imtiaz Dharker Essay -- Blessing Imtiaz Dharker Poems Poet

Gift by Imtiaz Dharker Imtiaz Dharker’s sonnet can be perused in two different ways. A direct perusing may recommend that the sonnet is essentially a depiction of an occurrence when a channel blasts and individuals run enthusiastically for the water. An increasingly thought about perusing, in any case, would consider the to be as being more unfavorable and upsetting. Under the obvious favorable luck and energy of the scene are darker thoughts regarding the neediness and strange notion of the individuals in the poet’s local nation. It is the second perusing we will investigate in this correction program. In any case, the mentality to water in the sonnet should make us in the West marvel at the amount we as a whole underestimate, and how time and again we waste the earth’s assets. Dharker paints for the peruser a clear scene utilizing visual and aural symbolism. For example, in the wake of opening with an incredible visual picture, the artist proceeds to cause us to hear the littlest clamor ‘echo/in a tin mug’, before increasing the sound level with the ‘roar of tongues’ as individuals plunge on the channel. The title of the sonnet has all the earmarks of being unexpected. These individuals are not honored - they have little water of their own. No one but strange notion could lead them to tally this ‘municipal pipe’ burst as a gift. As a general rule, it shows the helpless condition of the funnels, some portion of the city’s essential foundation, pipes that ought to convey water to the individuals. The way that the individuals live in ‘huts’, that the kids are ‘naked’ and that everybody is ‘frantic’ for the water disclose to us a ton about the day to day environments. There is a great deal of sexy symbolism in this sonnet. Essentially we hear and see the unfurling scene. These subtleties give us what the people’s lives resemble. In the following table are a portion of the vis... ... darker, and harder hitting. The layers of the sonnet mirror the manner in which various individuals will see the same scene/culuture in an unexpected way. Mentality The artist shows up from the start to be objective, portraying yet not remarking on the occurrence. Furthermore, somewhat she leaves the peruser to choose the inclination and significance of the sonnet. Maybe however there is awfulness and pity in that initial picture of skin splitting ‘like a pod’. To me the sonnet appears to be a mourn for the destitution of these individuals and for the worth framework that keeps them poor, yet unassuming and grateful. Style Dharker utilizes erotic symbolism to inspire the scene, and constructs the musicality of the sonnet into a crescendo at the blasting of the channel. She utilizes an broadened analogy, contrasting water with a divine being. She makes lines purposefully vague, unsure, with the goal that the scene can be deciphered in more than one way.

Wednesday, August 26, 2020

Reconciliation Of Personal, Cultural, Organizational And Ethical Values Essay

The qualities and morals individuals convey in their own and expert life are significant determinants of their development and improvement. The inevitable accomplishment of an individual is acknowledged through self comprehension and completion and not through persevering control of material assets. Effective compromise of individual, hierarchical, and social qualities and morals require various methodologies, some of which are talked about underneath Communication: Correspondence is requires towards foundation of compatibility with each different gathering. Individuals inside a huge association vary not just from their social, strict, and social directions, yet in addition from their expert direction and interests. These distinctions enlarge when a wide range of practical units of an association, with their ways of thinking and approach towards work, are required to experience innovation amalgamation (Harris, 1993). These distinctions frequently lead to clashes in the individual and social worth framework, which lead to struggle at work environment, trouble in close to home and expert life and issues in joining with the hierarchical arrangement (on the same page). Correspondence is the way to determine this stop, without bringing on any opposing and negative sentiments. Individuals ought to know that associations are subject to fruitful coordination among number of groups and individuals. Subsequently they should attempt to start quantifies that would abstain from anticipating any contention or showdown in interests inside the association. They should be delicate to each other’s ethnic, social, strict and singular foundations and comprehend their perspectives as aggregate of their self-awareness Sometimes individuals dislike assessments of others, include their inner self and stop to collaborate, arrange or comprehend the need to absorb their youngsters and seniors to accomplish hierarchical objectives (Swanson, 2005). A fruitful correspondence technique will viably address these issues at their origin point and guarantee that they don't rise as any huge hindrance in ideological converging of different social gatherings (Rahim, 2001). Guaranteeing Interconnectedness Understanding the aggregate duty and valuation for collaboration and gathering communication is essential in implanting the worth culture that helps in the compromise approach. This would help individuals to come out of their individual shells and get incorporated with their partners (Harris, 1993; Rahim, 2001). Understanding inborn hierarchical logical inconsistencies It is imperative to show individuals perceiving and regarding that logical inconsistency happens in others, their experience and conditions, their view focuses, their ideological foundation and their worth based framework. Understanding the job of emergencies An opportune acknowledgment that emergencies and clashes are inbuilt of segment of life and progress is accomplished by joining them in the way of thinking towards life ought to have the option to show individuals that over all the things, they require congruity, and participation for things to effectively work (Rahim, 2001) Kinship with others The correspondence master ought to explicitly weight on building affiliations and help in understanding that each one is significant and merits equivalent regard from others. It is the main necessity of building solid and enduring bonds inside any association. At the point when individuals are sorted out in groups, they share comparative objectives and they move in the direction of joint development and improvement (Harris, 1993; Rahim, 2001). Regarding the resistance. It educates about accepting resistance as useful logical inconsistency, rather than review it in negative point of view. A valuable restriction consistently helps in discovering botches in one’s own methodology, redress them and push forward effectively. Arrangement: A significant part of correspondence the board is exchange which has gotten significant inside authoritative and social arrangements. As. Arrangement, requires invested individuals to exchange proposition for settlement. By and large the procedure of exchange continues through intentions that are serious, integrative, agreeable and composite (Levy, 1999) . The methodology of correspondence in the whole procedure of exchange is worried about the messages that are moved among moderators and the concerned gatherings. Compromise of Ethics Business and morals are constantly thought to be inverse to one another. The general origination of business is that it is a business movement with plans to gain greatest salary and amplify benefit where levels of misdirection, ploy, and arrogance are a lot higher than socially observed or discovered (Swanson, 2005). Be that as it may, this idea of business is age-old and medieval. Today, the vast majority of the organizations have built up their own methods of reasoning, which despite the fact that not actually charitable, however contains an expansive social and human vision, and endeavors to consider business to be as indispensable piece of thorough human capacities. Present day business is as much dependent on cardinal standard of benefit augmentation as on the neo-considerations of qualities, ethics and morals. The establishment of business world is on morals of genuineness and duty where contacts are respected, guarantees are kept up, and privileges of property are watched. Watching moral qualities and practices surely brings positive outcomes as moral organizations face less issues, less prosecution and less guidelines (Guy, 1990). Corporate Values and corporate culture Ethics are not independent ideas or conceptual ethics that are held tight divider for visual pleasures. They are qualities and best practices that ought to be inserted in the working society that partnerships, in their endeavors to advance business morals and best practices, ought to guarantee that their representatives are very much aware of the qualities and rules that the enterprise means to seek after. The idea of authoritative culture has developed as generally suffering and fruitful business idea in the moral measurements (Bjerke,1999). Business chiefs, academicians, and corporate pioneers all concur that hierarchical culture as a piece of business procedure is crucialfor a firm to keep up and support the elevated requirements of activity, dynamic and future arranging while at the same time guaranteeing development, advancement, and enterprise (Oden, 1997). The job of authoritative culture, in advancing moral conduct and building up association wide acknowledged standards and working standards is foremost and it is perceived in the corporate quarters, that developing a sound hierarchical culture is likely the best technique to make moral, esteem based, principled and visionary strategic approaches (Swanson, 2005). Changing Organizational conduct An association is a result of the qualities and morals its representatives convey in and utilize to accomplish the organization’s objective. The inevitable accomplishment of an association is acknowledged not through control of material assets, yet on the capacity of the association to comprehend the human factor engaged with it. This prompted the idea of the authoritative conduct (OB) that reviews the human conduct in the associations to assist representatives with building up a superior business related comprehension of their encompassing, their colleagues and in the long run about themselves. Today authoritative conduct is viewed as a useful asset that is important for one’s vocation advancement and achievement in a perplexing and dynamic hierarchical procedure. The pith of hierarchical conduct is individuals. It endeavors to comprehend their goals, expectations, individual and expert aspirations, want for achievements, all set in the dynamic setting of globalization, innovation, assorted variety, weight of overseeing home and work, electronic and correspondence transformations and consistently changing parts of business and industry that raise new and flighty difficulties and obligations to the administration and thus to the laborers (Harris, 1993). Hierarchical Culture. While the employees’ singular qualities and morals characterize their own way to deal with work and working environment, there are some mutual qualities and modalities of conduct that every one of them reflects when cooperating. This common idea of qualities and morals that endemic to an association is called as the Organization’s culture. Fundamentally authoritative culture is characterized as arrangement of shared qualities, convictions, activities and best practices that advance inside an association and decide the conduct of every one of its part. While authoritative conduct may stay same over different associations, organization’s culture is ordinarily specific to the association and no two associations may share the precisely same hierarchical culture Managing Diversity An association that doesn’t comprehends or values assorted variety, doesn’t comprehend its representatives. Decent variety is an innate piece of human culture. It turns out to be progressively significant when globalization has made authoritative representatives arrangement multi-social, with individuals from various strict convictions, ethnic foundations and culture cooperating towards same objectives and missions. In this way it is fundamental that the association esteems their decent variety while coordinating them as its very own component culture. End There is little contradiction on the difficulties and challenges in achieving a total compromise of the considerable number of components examined in this exposition and some distinction will undoubtedly exist. Be that as it may, the undeniably multi-refined and multi-esteemed scene of the world has its own adapting methodologies and prerequisites. Globalization has limited the partitions that in the past permitted isolated presence. Today’s world is socially clogged and esteem swarmed, where each individual must make a concordance to keep up a mainstream parity and development. References Bjerke, B. 1999. Business Leadership and Culture: National Management Styles in the Global Economy. Distributer: Edward Elgar. Cheltenham, England. Fellow, M. E. 1990. Moral Decision Making in Everyday Work Situations. Distributer: Quorum

Saturday, August 22, 2020

A tortoise and a mouse Essays

A tortoise and a mouse Essays A tortoise and a mouse Essay A tortoise and a mouse Essay A TORTOISE AND A MOUSE A mouse is cavorting all through the house and stumble into a tortoise which is moving toilsomely under its carapace. The mouse whacks its tail and somewhat opens its mouth and approaches and whines for the tortoise: You are trusted in this carapace simply like in a dull Jail. But then you can persevere through this hopeless condition! With respect to me, all through this entire splendidly embellished royal residence, I can uninhibitedly walk around, down, in and ut After hearing rhis, the tortoise answers: beyond any doubt my home is little, yet it is actually my own. Yours is tall and roomy yet it has a place with another holder. We occupy out own home which, paying little mind to its littleness. Is better than somebody elses castle. A TORTOISE AND A MOUSE out After hearing rhis, the tortoise answers: the reality of the matter is that my home is little, yet it is elses castle. A TORTOISE AND A MOUSE and approaches and gripes for the tortoise: you are trusted in this carapace elses royal residence.

Dust Mite Resurch Paper

Residue Mite I am the normal North American Dust Mite. I live nearly in each house on the planet. A great many people don't have the foggiest idea about that I am experiencing all over yonder home since I can't be seen with the unaided eye. I love to live in houses that have bunches of residue since I flourish in these sorts of conditions. I for the most part eat dead skin pieces that tumble from people liven in the house. I am commonly 200 and fifty to 300 microns long. That is tiny that nobody can see me without utilizing a solid magnifying instrument. I have eight shaggy legs that I use to venture out in the house to discover dead skin chips to eat. At the point when I eat dead skin pieces I for the most part leave squander droppings which have a protein that numerous individuals are adversely affected by. At the point when individuals go to specialists whey they are wiped out and the specialist discloses to them that they are adversely affected by dust. The specialists just don’t need to tell the patients that they are hypersensitive to my droppings. I for the most part invest my energy inside a sleeping pad since that is the place a large portion of the dead skin drops are. They are for the most part there on the grounds that individuals invest a great deal of energy lying on the bedding dozing where they simply tumble off. The researchers have chosen to give me my own logical name. My own logical name is Dermatophagoides farinae. At the point when I start my day the main thing I do is circumvent the house to attempt to discover dead skin chips lying around the floor covering or inside the sleeping pad. A great many people don’t realize that they are resting on a large number of negligible residue vermin. At the point when the female lays eggs, the little child dust vermin are initial a hatchling. When they have grown up increasingly then they look like normal parasites with there solid shells. After that I have discovered the skin chips I begin to eat them. Several my companions accompany me to discover and eat skin since we are on the whole ravenous to eat. We dust parasites never take off alone we generally go to discover the residue and skin drops in huge gatherings since it is consistently to go in bunches since we feel more secure when we are in gatherings. A great many people don’t realize that a pre-owned sleeping pad contains an expected one hundred thousand to ten million residue vermin inside. One thing that the vast majority find that is genuine frightful is that 10% of the heaviness of a multi year old cushion is collected by dead residue parasites and their droppings. We dust vermin are wherever we can discover dust which are loaded with dead skin chips. Numerous individuals are nauseated after they figure out what number of residue parasites are inside your bed or in your home all in all. We dust bugs have a truly bustling life. We dust bugs look entirely frightful. A residue vermin has eight bristly legs, no recieving wires, a mouth part bunch before the body and a harsh translucent shell. On the off chance that you set up every one of those qualities you got a fearsome appearance. We may be minute yet we have numerous qualities. On the off chance that we were greater numerous individuals would be startled of how abhorrent we look. Individuals are not terrified of us dust parasites since we can't be seen by them. [pic] North American House Dust Mite †¢ Scientific name †Dermatophagoides farinae †¢ Between 250 to 300 microns long †¢ In a pre-owned sleeping pad between 100,000 to 10,000,000 vermin Works refered to †¢ http://www. ehso. com/ehshome/dustmites. php †¢ http://en. wikipedia. organization/wiki/House_dust_mite

Friday, August 21, 2020

Profile on Woman Writer Marge Piercy

Profile on Woman Writer Marge Piercy Marge Piercy (conceived March 31, 1936) is a women's activist author of fiction, verse, and diary. She is known for looking at ladies, connections, and feelings in new and provocative ways. Her cyberpunk novel He, She and It (known outside the U.S. as Body of Glass) won the Arthur C. Clarke Award, which praises the best sci-fi, in 1993. Quick Facts: Marge Piercy Known For: Feminist authorBorn: March 31, 1936 in Detroit Family Background Piercy was conceived andâ grew up in Detroit. In the same way as other U.S. groups of the 1930s, hers was impacted by the Great Depression. Her father, Robert Piercy, was in some cases unemployed. She additionally knew the â€Å"outsider† battle of being a Jew, as she was raised by her Jewish mother and non-rehearsing Presbyterian father. Her neighborhood was a common laborers neighborhood, isolated square by block. She experienced a few years of disorder after early wellbeing, first struck by German measles and afterward rheumatic fever. Perusing helped her through that period. Marge Piercy refers to her maternal grandma, who had recently lived on a shtetlâ in Lithuania, as an effect on her childhood. She recalls her grandma as a narrator and her mom as an insatiable peruser who supported perception of her general surroundings. She had a disturbed relationship with her mom, Bert Bunnin Piercy. Her mother urged her to peruse and be interested, yet in addition was exceptionally passionate, and not lenient of her girls developing autonomy. Instruction and Early Adulthood Marge Piercy started composing verse and fiction as an adolescent. She moved on from Mackenzie High School. She went to the University of Michigan, where she co-altered the scholarly magazine and turned into a distributed essayist just because. She earned grants and grants, including a partnership to Northwestern to seek after her master’s qualification. Marge Piercy felt like an untouchable in 1950s U.S. advanced education, to some degree due to what she calls prevailing Freudian qualities. Her sexuality and objectives didn't fit in with anticipated conduct. The subjects of women’s sexuality and women’s jobs would later be conspicuous in her composition. She published Breaking Camp,â a book of her verse, in 1968. Marriage and Relationships Marge Piercy wedded youthful, yet left her first spouse by age 23. He was a physicist and a Jew from France, dynamic in hostile to war exercises during Frances war with Algeria. They lived in France. She was disappointed by her spouses desire for traditional sex jobs, including not paying attention to her composition. After she left that marriage and separated, she lived in Chicago, working at different low maintenance employments to get by while she composed verse and participated in the social equality development. With her subsequent spouse, a PC researcher, Marge Piercy lived in Cambridge, San Francisco, Boston, and New York. The marriage was an open relationship, and others once in a while lived with them. She worked extended periods of time as a women's activist and against war extremist, however in the end left New York after the developments started to fragment and fall apart.â â Marge Piercy and her better half moved to Cape Cod, where she started composing Small Changes, distributed in 1973. That tale investigates an assortment of associations with people, in marriage and in public living. Her subsequent marriage finished soon thereafter. Marge Piercy wedded Ira Wood in 1982. They have composed a few books together, including the play Last White Class, the novel Storm Tide, and a true to life book about the specialty of composing. Together they began the Leapfrog Press, which distributes midlist fiction, verse, and genuine. They sold the distributing organization to new proprietors in 2008. Composing and Exploration Marge Piercy says her composition and verse changed after she moved to Cape Cod. She considers herself to be a piece of an associated universe. She purchased land and got keen on planting. Notwithstanding composing, she stayed dynamic working in the women’s development and educating at a Jewish retreat community. Marge Piercy frequently visited the spots where she sets her books, regardless of whether she had been there previously, to see them through her characters’ eyes. She depicts composing fiction as possessing a different universe for a couple of years. It permits her to investigate decisions she didn’t make and envision what might have occurred. Well known Works Marge Piercy’s is the creator of more than 15 books, remembering Woman for the Edge of Time (1976), Vida (1979), Fly Away Home (1984), and Gone to Soldiers (1987). A few books are viewed as sci-fi, including Body of Glass, granted the Arthur C. Clarke Award. Her numerous verse books include The Moon Is Always Female (1980), What Are Big Girls Made Of? (1987), and Blessing the Day (1999). Her journal, Sleeping With Cats, was distributed in 2002.

Monday, August 17, 2020

Mass Hysteria Is a Dangerous Form of Groupthink

Mass Hysteria Is a Dangerous Form of Groupthink Phobias Print Mass Hysteria Is a Dangerous Form of Groupthink By Lisa Fritscher Lisa Fritscher is a freelance writer and editor with a deep interest in phobias and other mental health topics. Learn about our editorial policy Lisa Fritscher Updated on November 25, 2019 Tom M Johnson/Getty Images More in Phobias Causes Symptoms and Diagnosis Treatment Types Groupthink is a psychological phenomenon that occurs when a group forms a quick opinion that matches the group consensus, rather than critically evaluating the information. Mass hysteria can be seen as an extreme example of groupthink. Groupthink seems to occur most often when a respected or persuasive leader is present, inspiring members to agree with his or her opinion. Groupthink is sometimes positive but is more often seen in a negative light, particularly in the U.S. and other countries that value individual opinion. The History of Groupthink Groupthink is most often associated with business, politics, and policymaking, but it also relates to the psychology of collective phobias and mass hysteria. The term groupthink was coined in the early 1970s by psychologist Irving L. Janis. In 1972, Janis published his book Victims of Groupthink: A Psychological Study of Foreign-Policy Decisions and Fiascoes. Janis defines groupthink as a psychological drive for consensus at any cost that suppresses dissent and appraisal of alternatives in cohesive decision-making groups. Janis identified eight symptoms of groupthink, which included illusions of invulnerability, self-censorship, and direct pressure. Janis blamed groupthink for such political fiascos as the Bay of Pigs invasion, the failure to prepare for the attack on Pearl Harbor, the escalation of the Vietnam War, and the Watergate coverup. Scholars have gone on to blame such later events as the decision to launch the doomed space shuttle Challenger, the Iran-Contra affair, and the Enron scandal on groupthink. Groupthink and Mass Hysteria Its believed that groupthink increases as group cohesiveness increases. This may help to explain the psychological phenomenon of mass hysteria. Mass hysteria is also known as epidemic hysteria, mass psychogenic illness, and mass sociogenic illness. According to a 1997 review of research by The Johns Hopkins University School of Hygiene and Public Health, mass hysteria is a constellation of symptoms suggestive of organic illness, but without an identifiable cause, that occurs between two or more people who share beliefs related to those symptoms. Its seen as a social phenomenon involving otherwise healthy people. Some psychologists believe mass hysteria is a form of groupthink. In cases of mass hysteria, the group members all develop a common fear that often spirals into a panic. The group members feed off each others emotional reactions, causing the panic to escalate. The Salem witch trials and the panic over the War of the Worlds radio broadcast can be viewed as examples of mass hysteria related to groupthink. A widely publicized case of possible mass hysteria occurred in 2011 in upstate New York  when teenage girls from the same high school began exhibiting an unexplained twitching disorder.

Sunday, June 21, 2020

Margaret Atwoods Letter to America with Parent Day Freedom in the United States Essaypilot

In her letter, Margaret Atwoods tries to express the oppression that women faced in their various aspects of life. She writes this message with a lot of hope that the society perspective on women will change for the better. Longing for the days when women freedom will be equal to the mens. This is happening during the late 1960s and early 1970s, and as we can see, things have changed over time. As we speak, Margaret efforts have born fruits, and thats why in the present America, women can express themselves freely with as much freedom that men in the present day have being able to achieve.In this essay, we are going to review at least seven quotes that will help us compare and contrast the present day freedom and that of the past. Margaret gives a tale of her being a handmaid, whom while walking down the shop she is seen by people who ask Who is it? I hear behind me/ Ofwayne. No. Ofwarren. (Marta, p7) And in another situation the handmaid finds a hard time introducing herself. I am Rosemary Kidd, Howards wife, you dont recognize me, but we did meet (Marta, p54) in these two scenarios we see that the freedom of what to wear among American women have changed over time. During Margaret times one was harshly judged by her attire, but when you look at the modern America, a woman can freely stock her wardrobe. During her introduction as a handmaid, There are several umbrellas in it black, for the commander, blue, for the commanders wife, and the one assigned to me which is red. (Marta, p8) We also see her talking about her fancy dresses I dont wear trousers in the office. / I could, but I dont. (Marta, p5) In this, we see that when freedom lacks, its considerably thirsted for but once people have it, they take it for granted. In the modern America, the situation is no different from what it used to be during Margaret times. As we can see, people are abusing their hard-fought freedoms and concentrating on fighting for other ungranted liberties. When you look at freedom, its hard to define it, since it depends on ones point of view and the situations that one finds him or herself in. I would like a job where I was here in London and with him and everything but now and then I expect itÐ ²s silly. (Marta, p32) As we can see even in the present day America the situation remains the same, making it hard to describe this freedom, you might at one point think that you have and enjoy it but only to realize later that it was not meant to be.In another scenario we see Joyce asking Kit what she wants to be when she grows up, and she says, Nuclear Physicist (Marta, p43) which is such a demanding career. And in this, we learn that no matter what freedom is not given its taken and usually to achieve it is not a walk in the park. And we see it compared to the modern America, whereby fighting for any freedom is a massive process, which calls for streets demonstration and boycotting, which can result in loss of life or property destruction. We also see Marlenes and Joyce confronting each other on a drinking date. Whos got to drive it on? First woman prime minister. Terrific. Aces. Right on. / You must admit. Certainly gets my vote. (Marta, p84) What we see is that there is hope for a brighter future, with more freedom. And when we compare with the modern-day America, the situation prevails, democracy has matured, and people have become more civilized, which means voting in able leaders who will not oppress but grant people the rightful freedoms. Work cited Dvorak, Marta. Lire Margaret Atwood: the handmaids tale. Presses universitaires de Rennes, 2016.

Sunday, May 24, 2020

An Analysis On The Current Sugar Industry Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 3038 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? In todays Globalization and competition, the performance of a firm not only depends upon the financial performance but also with other industry related factors such as Economies of scale, Product range, Growth rate of the Company, Difference in size etc. It is very necessary for the firm to compare it with peer competitors or benchmark with another firm in order to understand the performance and where it lacks and how to over come and be a market leader. As an Analyst for a firm, my role is to check: Review the Financial Statements, Ratios and compare to know the position of the firm. Don’t waste time! Our writers will create an original "An Analysis On The Current Sugar Industry Finance Essay" essay for you Create order Examine the financial information for the past 3 years To prepare reports and send it to the Investors. Performing an Analysis on Competitors Preparing in Financial plan and Capital Budgeting decisions Conclusion on where does the firms stands right now in the industry The Industry which I have chosen is Sugar Industry is to study about it and provide valuable information to the investor. SUGAR INDUSTRY The Sugar industry is one of the primary industries as well as a booming sector in India and this industry prevails only with the availability of Sugar canes. This is the reason why many of the factories are situated only where Canes are grown. How ever sugar cane production is somewhat less in demand. The Government of India fixes the prices for the raw materials supplied to these Industries. The number of sugar mills in India has gradually increased over the years making India as one of the largest producer of Sugarcane. These Industries still follow the Dual-pricing scheme and compulsory levy to the public Distribution sector. Some of the Sugar Industries situated in India are Haryana, Uttar Pradesh, Andhra Pradesh and Tamil Nadu. Some of the Sugar Industries in India: Shree Renuka Sugars Ltd Shakthi Sugars Ltd Balrampur Chini mills Ltd Dhampur Sugar mills Ltd Bannari Amman Sugars Ltd Andhra Sugars Ltd Out of these players in the market, the firm which I am going to Analyze is SHREE RENUKA SUGARS LTD. SHREE RENUKA SUGARS LTD The Company was incorporated on 1998 by Narendra Murkumbi and Vidya Murkumbi. Its head quarters are located in Belgaum (Karnataka) and corporate office in Mumbai. The Company is the largest cane crushing manufacturers with 4000 tons per day refining capacity. Its main cane crushing operations are located at Karnataka and Maharashtra. The Company is also planning to expand it Sugar refining capacity in Karnataka. Among the 5 Peer Competitors, the benchmark company for Shree Renuka would be Balrampur Chini Mills ltd. REASON FOR CHOOSING THE FIRMS: According to the Financial Reports, Balrampur Chinis Market Cap is (Rs cr) 2213.82 and sales turn over of (Rs cr) 1704.58. The net profit as of now is 226.51(Rs Cr). The other companies stock shows a major dip in Market Cap, sales turn over. For Sakthi Sugars the Market Cap is just Rs 199.68 Cr and for Dhampur Sugars is Rs 340.42 Cr. Shree Renuka Sugars has an Sales Turn Over of Rs 2234.20(Rs Cr) and Market Cap of Rs 4464.22 Cr even though the net profit was low 143.50 Rs Cr compared to Balrampur Chini ltd. The Book value per share for Balrampur Chini for last year was 45.77 Rs and for Renuka Sugars ltd were 39.27. Total Cash bank balances for Balrampur Sugar ltd last year was Rs 32.97 cr and for Shree Renuka Sugars was Rs 7.06 cr. Other 4 companies performances do not exceed or come up with the 2 companies chosen, either due to bad sales performance or inadequate net profit. Balrampur Chini Mills Ltd The Company is one of the largest sugar production firms in India including various operations such as cogeneration of power and manufacturing of Organic manure. 9 Sugar factories are located in Uttar Pradesh and have an Aggregate crushing capacity of cane -73500 TCD. The Company has increased its capacity through well planned expansion and Acquisition of smaller companies in India. COMMON SIZE BALANCE SHEET: It is a statement on how all the items in balance sheet-Assets and Liabilities are converted into percentage of a common base figure. This helps the Investor, Analyst to analysis easily between companies or between time periods. It could be explained either in Vertically or Horizontal statements. COMMON SIZE INCOME STATEMENT Income statement refers to a financial statement usually prepared by Accountants to provide a summary of the revenues and expenses incurred by the business. It is sometimes called Profit and loss statement. It is one of the 3 major financial statements. The first is the Balance sheet and 2nd is Cash flow. It is very important for the investor to know income and expense of the firm. With the help of this statement, a firm is able to assess the net profit/ loss. Common size income statement is represented as a percentage of the value of the sales. This is mainly done to compare and analyze between 2 companies or different time intervals. COMMON SIZE BALANCE SHEET FOR SHREE RENUKA SUGARS LTD Balance Sheet Particulars Sep 07  Sep 08  Sep 09  (Rs in Crores) 12 mths % 12 mths % 12 mths % Sources Of Funds       Total Share Capital 24.81 2.52% 27.6 1.70% 31.69 1.24% Equity Share Capital 24.81 2.52% 27.6 1.70% 31.69 1.24% Share Application Money 6.26 0.64% 23.09 1.42% 20.59 0.80% Preference Share Capital 0 0.00% 0 0.00% 0 0.00% Reserves 304.68 31.00% 589.26 36.21% 1211.92 47.27% Revaluation Reserves 0 0.00% 0 0.00% 0 0.00% Networth 335.75 34.16% 639.95 39.33% 1264.2 49.31% Secured Loans 621.09 63.20% 827.58 50.86% 1257.99 49.07% Unsecured Loans 25.91 2.64% 159.76 9.82% 41.53 1.62% Total Debt 647 65.84% 987.34 60.67% 1299.52 50.69% Total Liabilities 982.75 100.00% 1627.29 100.00% 2563.72 100.00% Particulars Sep 07  Sep 08  Sep 09  (Rs in Crores) 12 mths % 12 mths % 12 mths % Application Of Funds       Gross Block 631.37 64.25% 778.87 47.86% 1406.62 54.87% Less: Accum. Depreciation 69.06 7.03% 87.72 5.39% 149.76 5.84% Net Block 562.31 57.22% 691.15 42.47% 1256.86 49.03% Capital Work in Progress 207.73 21.14% 513.95 31.58% 242.31 9.45% Investments 16.76 1.71% 150.57 9.25% 105.99 4.13% Inventories 100.17 10.19% 186.91 11.49% 1002.32 39.10% Sundry Debtors 38.69 3.94% 48.64 2.99% 104.27 4.07% Cash and Bank Balance 20.71 2.11% 7.47 0.46% 7.06 0.28% Total Current Assets 159.57 16.24% 243.02 14.93% 1113.65 43.44% Loans and Advances 186.23 18.95% 323.12 19.86% 753.86 29.41% Fixed Deposits 9.96 1.01% 5.92 0.36% 203.22 7.93% Total CA, Loans Advances 355.76 36.20% 572.06 35.15% 2070.73 80.77% Deffered Credit 0 0.00% 0 0.00% 0 0.00% Current Liabilities 122.94 12.51% 248.95 15.30% 1013.44 39.53% Provisions 38.98 3.97% 53.09 3.26% 100.41 3.92% Total CL Provisions 161.92 16.48% 302.04 18.56% 1113.85 43.45% Net Current Assets 193.84 19.72% 270.02 16.59% 956.88 37.32% Miscellaneous Expenses 2.11 0.21% 1.61 0.10% 1.67 0.07% Total Assets 982.75 100.00% 1627.3 100.00% 2563.71 100.00% Table(1.1)-Shree Renuka Sugars Ltd BALRAMPUR CHINI MILLS LTD Particulars Sep 07  Sep 08  Sep 09  (Rs in crores) 12 mths % 12 mths % 12 mths % Sources Of Funds       Total Share Capital 24.82 1.15% 25.55 1.08% 25.68 1.20% Equity Share Capital 24.82 1.15% 25.55 1.08% 25.68 1.20% Share Application Money 0 0.00% 0 0.00% 0 0.00% Preference Share Capital 0 0.00% 0 0.00% 0 0.00% Reserves 839.17 39.03% 989.35 41.66% 1149.58 53.54% Revaluation Reserves 0.18 0.01% 0.18 0.01% 0 0.00% Networth 864.17 40.19% 1015.08 42.74% 1175.26 54.73% Secured Loans 1210.59 56.30% 1250.68 52.66% 972.03 45.27% Unsecured Loans 75.56 3.51% 109.2 4.60% 0 0.00% Total Debt 1286.15 59.81% 1359.88 57.26% 972.03 45.27% Total Liabilities 2150.32 100.00% 2374.96 100.00% 2147.29 100.00% Particulars Sep 07  Sep 08  Sep 09  (Rs in crores) 12 mths % 12 mths % 12 mths % Application Of Funds       Gross Block 1970.32 91.63% 2374.18 99.97% 1770.1 82.43% Less: Accum. Depreciation 382.52 17.79% 498.17 20.98% 0 0.00% Net Block 1587.8 73.84% 1876.01 78.99% 1770.1 82.43% Capital Work in Progress 370.93 17.25% 8.21 0.35% 6.66 0.31% Investments 3.43 0.16% 5.49 0.23% 126.57 5.89% Inventories 432.99 20.14% 556.39 23.43% 343.43 15.99% Sundry Debtors 46.18 2.15% 48.99 2.06% 17.1 0.80% Cash and Bank Balance 14.77 0.69% 33.76 1.42% 32.97 1.54% Total Current Assets 493.94 22.97% 639.14 26.91% 393.5 18.33% Loans and Advances 249.41 11.60% 334.29 14.08% 369.14 17.19% Fixed Deposits 1.67 0.08% 1.37 0.06% 0 0.00% Total CA, Loans Advances 745.02 34.65% 974.8 41.04% 762.64 35.52% Deffered Credit 0 0.00% 0 0.00% 0 0.00% Current Liabilities 521.85 24.27% 444.99 18.74% 417.12 19.43% Provisions 38.21 1.78% 46.33 1.95% 102.1 4.75% Total CL Provisions 560.06 26.05% 491.32 20.69% 519.22 24.18% Net Current Assets 184.96 8.60% 483.48 20.36% 243.42 11.34% Miscellaneous Expenses 3.21 0.15% 1.78 0.07% 0.53 0.02% Total Assets 2150.33 100.00% 2374.97 100.00% 2147.28 100.00% Table (1.2)- Balrampur chini Mills Ltd COMMON SIZE INCOME STATEMNT Particulars Sep 07 Sep 08 Sep 09 Income  Sales Turnover 827.58 100.00% 1805.34 100.00% 2320.64 100.00% Excise Duty 29.53 3.57% 47.6 2.64% 86.43 3.72% Net Sales 798.05 96.43% 1757.74 97.36% 2234.21 96.28% Other Income 11.43 1.38% 0.14 0.01% 5.59 0.24% Stock Adjustments -49.58 -5.99% 61.08 3.38% 581.51 25.06% Total Income 759.9 91.82% 1818.96 100.75% 2821.31 121.57% Expenditure  Raw Materials 465.48 56.25% 1365.05 75.61% 2241.15 96.57% Power Fuel Cost 37.18 4.49% 17.3 0.96% 31.31 1.35% Employee Cost 25.37 3.07% 37.35 2.07% 51.44 2.22% Other Manufacturing Expenses 60.89 7.36% 54.74 3.03% 47.84 2.06% Selling and Admin Expenses 32.84 3.97% 91.28 5.06% 55.18 2.38% Miscellaneous Expenses 10.6 1.28% 19 1.05% 12.86 0.55% Preoperative Exp Capitalised 0 0.00% 0 0.00% 0 0.00% Total Expenses 632.36 76.41% 1584.72 87.78% 2439.78 105.13% Particulars Sep 07 Sep 08 Sep 09 Operating Profit 116.11 14.03% 234.1 12.97% 375.94 16.20% PBDIT 127.54 15.41% 234.24 12.97% 381.53 16.44% Interest 24.64 2.98% 84.06 4.66% 101.44 4.37% PBDT 102.9 12.43% 150.18 8.32% 280.09 12.07% Depreciation 24.92 3.01% 36.48 2.02% 62.46 2.69% Other Written Off 0 0.00% 0 0.00% 0 0.00% Profit Before Tax 77.98 9.42% 113.7 6.30% 217.63 9.38% Extra-ordinary items 0 0.00% 18.24 1.01% 0 0.00% PBT (Post Extra-ord Items) 77.98 9.42% 131.94 7.31% 217.63 9.38% Tax 23.56 2.85% 39.15 2.17% 74.14 3.19% Reported Net Profit 54.43 6.58% 92.79 5.14% 143.51 6.18% Total Value Addition 166.88 20.16% 219.67 12.17% 198.62 8.56% Preference Dividend 3.55 0.43% 0 0.00% 0 0.00% Equity Dividend 4.96 0.60% 5.96 0.33% 31.69 1.37% Corporate Dividend Tax 1.45 0.18% 1.01 0.06% 5.39 0.23% Per share data (annualised)       Shares in issue (lakhs) 248.1 29.98% 2759.63 152.86% 3169 136.56% Earning Per Share (Rs) 20.51 2.48% 3.36 0.19% 4.53 0.20% Equity Dividend (%) 20 2.42% 20 1.11% 100 4.31% Book Value (Rs) 132.81 16.05% 22.35 1.24% 39.24 1.69% Table (2.1)- Shree Renuka Sugars Ltd Particulars Sep 07 Sep 08 Sep 09 (Rs in Crores) Income       Sales Turnover 1476.32 100.00% 1553.66 100.00% 1771.02 100.00% Excise Duty 100.39 6.80% 96.84 6.23% 90.87 5.13% Net Sales 1375.93 93.20% 1456.82 93.77% 1680.15 94.87% Other Income 17.81 1.21% 17.26 1.11% 6.23 0.35% Stock Adjustments 229.39 15.54% 131.54 8.47% -283.17 -15.99% Total Income 1623.13 109.94% 1605.62 103.34% 1403.21 79.23% Expenditure  Raw Materials 1354.88 91.77% 1079.67 69.49% 763.38 43.10% Power Fuel Cost 4.02 0.27% 5.13 0.33% 0 0.00% Employee Cost 78.88 5.34% 87.29 5.62% 95.5 5.39% Other Manufacturing Expenses 28.34 1.92% 34.36 2.21% 80.02 4.52% Selling and Admin Expenses 24.39 1.65% 29.6 1.91% 0.06 0.00% Miscellaneous Expenses 23.39 1.58% 28.45 1.83% 9.83 0.56% Preoperative Exp Capitalised 0 0.00% 0 0.00% 0 0.00% Total Expenses 1513.9 102.55% 1264.5 81.39% 948.79 53.57% Particulars Sep 07 Sep 08 Sep 09 (Rs in crores) Operating Profit 91.42 6.19% 323.86 20.84% 448.19 25.31% PBDIT 109.23 7.40% 341.12 21.96% 454.42 25.66% Interest 63.09 4.27% 100.96 6.50% 96.85 5.47% PBDT 46.14 3.13% 240.16 15.46% 357.57 20.19% Depreciation 80.22 5.43% 117.21 7.54% 107.94 6.09% Other Written Off 1.43 0.10% 1.43 0.09% 0 0.00% Profit Before Tax -35.51 -2.41% 121.52 7.82% 249.63 14.10% Extra-ordinary items 0.38 0.03% 1.12 0.07% 13.91 0.79% PBT (Post Extra-ord Items) -35.13 -2.38% 122.64 7.89% 263.54 14.88% Tax 6.48 0.44% 25.61 1.65% 37.01 2.09% Reported Net Profit -41.84 -2.83% 97.03 6.25% 226.51 12.79% Total Value Addition 159.04 10.77% 184.84 11.90% 185.42 10.47% Preference Dividend 0 0.00% 0 0.00% 0 0.00% Equity Dividend 0 0.00% 12.78 0.82% 77.03 4.35% Corporate Dividend Tax 0 0.00% 2.17 0.14% 13.09 0.74% Per share data (annualised)       Shares in issue (lakhs) 2481.55 168.09% 2555.36 164.47% 2567.55 144.98% Earning Per Share (Rs) -1.69 -0.11% 3.8 0.24% 8.82 0.50% Equity Dividend (%) 0 0.00% 50 3.22% 300 16.94% Book Value (Rs) 34.82 2.36% 39.72 2.56% 45.77 2.58% Table (2.2)- Balram pur chini Mills Ltd FINANCIAL RATIOS: In order to know the financial health of the firm, it is very important for an Analyst to review by comparing with other firms performance. Here comes the importance of Financial Ratios .It is a ratio used to compare one figure appearing in the financial statements with other figure appearing in the same set of financial statements. TYPES OF ACCOUNTING RATIOS Below are some of the ratios calculated for Shree Renuka Sugars ltd ascertaining the position of the firm. PROFITABILITY RATIOS This ratio enables the firm to measure the success of the firm at generating profits Gross Profit Ratio It refers to the gross profit received from sales. It is explained below Gross Profit Ratio= Gross Profit/ sales * 100 2007 2008 2009 116.2/732.4*100 218/1815.2*100 368.5/2234.2*100 15.8% 12.1% 16.5% Net profit Ratio It is used to determine the overall profits of the firm. The net profit is got after deducting Profit after tax. The Formula is: Net profit Ratio= Net Profit / Sales * 100 2007 2008 2009 54.4/732.4*100 92.7/1815.2*100 143.5*2234.2*100 7.42% 5.10% 6.42% Operating Profit Ratio It refers to profit earned by the company over a period of time from its business operations. It explains about the earning capacity of the firm. The formula is Operating Profit Ratio = Operating profit / Net sales * 100 2007 2008 2009 104.7/732.4*100 218.3/1815.2*100 362.9/2234.2*100 14.29% 12.02% 16.24% LIQUIDITY RATIOS It explains about the companys ability to meet its short term commitments. 2 most commonly used liquid ratios are Current Ratio and Quick Ratio. Those 2 are explained below. Current Ratio This ratio is refers to Current assets to Current Liabilities. The Ideal Current ratio should be 2: 1. Mostly creditors prefer high current ratio since it minimizes the risk and Shareholders prefer a higher one so that the assets are necessary for the stabilization of the business. It is also known as Working Capital Ratio. Formula is: Current ratio = Current Assets/ Current Liabilities 2007 2008 2009 159.57/122.94 243.02/248.95 1113.65/1013.44 1.29 Times 0.97 Times 1.09 Times Quick Ratio Those current assets which could be easily be converted into cash is Quick Assets. It refers to liquidity position of the firm. Current assets include Cash at bank, Bills receivable etc. It is also known as Acid Test Ratio. The Ideal Quick ratio is 1:1. The Formula is : Quick Ratio= Quick Assets (Current Assets Closing Stock)/Current liabilities 2007 2008 2009 355.76-100.17/122.94 572.06-186.91/248.95 2070.73-1002.32/1013.44 2.07 1.54 1.05 EFFICIENCY RATIOS These ratios are calculated to receivables turnover, repayment to creditors, use of equity and use of inventory and machinery. It also explains the value of companys assets. Sales / Fixed Asset Ratios This ratio measures the companys ability to generate net sales from fixed assets such as Land, plant and machinery etc. The Formula is Fixed Asset Ratio = Net sales/ Fixed Assets 2007 2008 2009 798.05/562.31 1757.74/691.15 2234.21/1256.86 1.41 2.54 1.77 SOLVENCY RATIOS Ratios which are used to whether the company is able to meet the long term obligations and all. It provides an over all picture of the companys debt obligations. Some of the solvency ratios are : Return on Capital employed(ROCE) The ratio is mainly used by the shareholder to know how much profit they have earned after investing in a particular company. This ratio shows the effectiveness on how much capital is being used to generate revenue. Formula is ROCE = Net Profit before Interest Tax/ Capital employed * 100 2007 2008 2009 102.62/671.81*100 197.76/1014.94*100 319.07/1331.21*100 15.27% 19.48% 23.9% Return on Total Assets Employed(ROTA) It gives an explanation of the managements efficiency on using its assets to generate earnings. ROA briefs you about how much earnings were generated. The assets comprises of both debt and equity. Formula is ROTA: Net profit before tax/ Total Assets *100 2007 2008 2009 77.98/982.75*100 113.7/1627.3*100 217.63/2563.71*100 7.93% 6.98% 8.48% Debt Equity Ratio A financial Ratio used to calculate the financial leverage as well as researching the Capital Structure of the company. A high ratio indicates bad performance and vice versa. Formula is: Debt Equity Ratio: Equity Share Capital/ Long term debts *100 2007 2008 2009 24.81/647*100 27.6/987.34*100 31.69/1299.52*100 3.83% 2.79% 2.43% RATIO ANLAYSIS OF BALRAMPUR CHINI MILLS LTD Below are the ratios calculated for Balrampur Chini Ltd Gross Profit Ratio 2007 2008 2009 99.28/1391.7*100 329.5/1475.6*100 454.4/1704.6*100 7.13% 22.32% 26.6% Net Profit Ratio 2007 2008 2009 -41.84/1391.7*100 97.03/1475.6*100 226.51/1704.6*100 -3.00% 6.57% 13.2% Operating Profit Ratio 2007 2008 2009 89.07/1391.7*100 327.39/1475.6*100 452.71/1704.6*100 6.39% 22.18% 26.55% Current Ratio 2007 2008 2009 745.02/521.85 974.8/444.99 762.64/417.12 1.4 2.19 1.8 Quick Ratio 2007 2008 2009 745.02-432.99/521.85 974.8-556.39/444.99 762.64-343.43/417.12 0.59 0.94 1 Fixed Asset Ratio 2007 2008 2009 1375.93/1587.8 1456.82/1876.01 1680.15/1770.1 0.86 0.77 0.94 Return on Capital Employed 2007 2008 2009 29.01/2150.32*100 223.91/2374.96*100 346.48/2147.29*100 1.3% 9.4% 16.1 Return on Total Assets Employed 2007 2008 2009 -35.51/2150.33*100 121.52/2374.97*100 249.63/2147.28*100 -1.65% 5.11% 11.6% Debt Equity Ratio 2007 2008 2009 24.82/1286.15*100 25.55/1359.88*100 25.68/972.03*100 1.93% 1.87% 2.64% Analysis and Interpretation Study: CONCLUSION After calculating each companys ratios we have studied each companys strength and weakness. For Shree Renuka Sugars Ltd, The Profitability of the Firm has decreased in the year 2009 which means that the Rate of Sales was increased over the period of time. There was an increase in gross profit from 12.1 % to 16.5 %. The Operating Expenses has been reduced indicating that the company has improved its Sales despite decrease in Net profit The Liquidity position of the firm was satisfactory 2009 where the Current ratio has increased from 0.97 to 1.09. But in 2007, it was 1.29 which means that the working capital was adequate enough to meet the short term obligations. For Quick ratio, it was better in 2007 but reduced to 1.05. Hence the company performance was all right and it has met the shareholders requirements. The Efficiency of the firm was also not so good despite a decrease in Fixed Asset ratio from 2.54% to 1.77%.This means that the Company has invested more funds in Fixed Assets in 2009 which means more Cane crushing equipment was installed in the plant. The ROI has increased from 15.27% to 23.9% in due to substantial increase in Profit Before Tax and similarly ROTA has also increased from 7.93% to 8.48%. The Debt Equity Ratio is not good in 2009 since it has not cleared all it debts. Overall the Solvency of the firm was not good. For Balrampur Chini Mills Ltd, The Gross profit and the Net profit of Balrampur Mills has increased considerably in the year 2009 from 7.13% to 26.6% and -3% to 13.2%. This indicates that the Sales has increased along with Gross Profit. Similarly the Operating profit has also jumped to 26.55% in 2009. This indicates that the Profitability position of the firm is very good. The Liquidity of the firm is satisfactory where the Current ratio was 1.8 times which means that the firm has more Working capital and was able to meet the requirements. The Quick Ratio was perfect in 2009 as there is a balance in both C urrent Assets and Current Liabilities. Over all, the short term liquidity position of the firm was satisfactory. The Fixed Asset Ratio was low compared to Shree Renuka Sugars Ltd showing that the company has not invested in any cost such as Purchase of machinery, Land etc. The ROI has increased adequately in 2009 at 16.1% which is a good sign for the shareholders and other investors. Even though the Return on Total Assets employed was bit low at -1.65 % in 2007 it has considerably increased in 2009 at 11.6%.The Debt Equity ratio is little bit higher than the previous company showing that the debts has not yet be cleared. As an Analyst over all, the firm Shree Renuka is better than Balrampur Chini Mills Ltd because of the liquidity position, ROI has also improved providing the shareholders the right place to invest. There was also an increase in sales over the last year 3 years improving the sales margin even though there was a fall in Net Profit due to recession in the las t year 2009. TREND ANALYSIS The trend analysis is a method to know the changes in the financial position and Operational efficiency between the time period chosen. It gives the information of the companys past performance and an idea on what will happen in the future. The Trend Analysis for Shree Renuka Sugars Ltd is explained below. During the year 2009, the Share holder fund has increased by Rs 31.69 Cr i.e. 1.4% and the Fixed Assets have also increased in by Rs 1256.86 Cr i. e 49.03% which indicates that the policy of the firm is to finance its fixed assets through long term sources, thereby not affecting the working capital. The Reserves has increased by Rs 1211.92 Cr i.e. 47.27% in 2009 over the last 3 years which means that the firm has utilized reserves which means the firm is good in profitability position. The long term debt has increased in 2009 by Rs 1299.52 Cr which means that the company is dependent on outside funds. The Current Assets is more than Current liabilities over the 3 y ears which shows that Company has adequate working capital The Cash has decreased in 2009 by Rs 7.06 cr i.e. 0.28% which shows that the liquidity position is in adequate. The Inventories has increased in 2009 by Rs 1002.32 Cr i.e. 39.10% which means that the Company is not able to make good Sales Overall, Shree Renuka Sugars Ltd is having a good financial position over the years but the liquidity position is not sound. Balrampur Sugars Ltd, The Shareholders fund in 2009 has increased by Rs 25.68 cr from Rs 24.82 cr which means that the capital has increased and the Fixed Assets has also increased to Rs 1770.1 which shows the company has invested in more in Fixed Assets thereby financing through long term finance. The Reserves has also increased considerably in 2009 by Rs 1149.56 Cr I.e. 53.54% to 39.03% which means that the company has retained its profits for future purpose resulting in good profitability position. The Inventories has decreased in 2009 by Rs 34 3.43 Cr i.e. 15.99% which shows the firm has god inventory management. The Cash balances has increased by Rs 32.97 Cr in 2009 which means the liquidity position is good The Current Assets in 2009 was Rs 762.64 Cr even though it was Rs 974.8 Cr which means the firm has used for working capital purpose. Overall, the position of the firm is stable even though they are not having any problems in working capital and the liquidity position is better than Shree Renuka Sugars Ltd. FUTURE ANALYSIS As an Analyst, the Sugar industry in India has been improving over the past few years. The Cane Crushing Operational efficiency is likely to increase in it costs and the company has to take the measures to reduce the Overhead costs, exercise control over man power etc. The domestic sugar industry has been going through different cycles. However the exports has enabled in increasing in demand in International Market. For Shree Renuka Sugars ltd, the Reserves are likely to improve in the future. Bagasse, a by product is used for energy purpose, paper production etc The Fixed Deposits are likely to increase in the next year which means that Bank Balances will improve The Liquidity position is likely to be stable for the next few year. Balram pur Mills Ltd is likely to improve based on liquidity position and necessary steps are done to improve the Working Capital Ratio. The Cash balances needs to be improved to meet the short term obligations. The Current Ratio should be improved an d maintain the ideal ratio 2 :1. As per my understanding, it is found out that the Sugar industry is a profitable industry and the benchmark firm Balrampur Chini Mills Ltd is doing better than Shree Renuka Sugars Ltd due to better Gross profit, net profit and Liquidity of the firm.

Monday, May 18, 2020

Current Situation Of The Major Uk Banking Institutions - Free Essay Example

Sample details Pages: 10 Words: 3145 Downloads: 3 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Introduction Overview: In this dissertation report, I discuss the current situation of the major UK banking institutions in face of the credit crunch and the recessionary economic conditions. It represents an analysis of the main trends in the performance of five major UK banks: the Royal Bank of Scotland, Northern Rock, Barclays, Lloyds Banking Group and HSBC. This research project aims to establish the relation between the resilience of the management of the banking institution and the organizational performance. Don’t waste time! Our writers will create an original "Current Situation Of The Major Uk Banking Institutions" essay for you Create order The report presents a critical argument over the factors that led to the subprime crisis and eventually dragged the economy of the most of the developed countries into a recession. I attempts to identify who is to blame for the current state of the UK economy and provides a complex picture of the events that took place shortly before the economic crisis began to unfold in the US and UK banking sectors. The study analyses the performance data for each bank and provides an insight into the management practices and managerial decision making in each of the named banks. It then attempts to establish a match between the two and provide a critical evaluation of managerial approaches and decision making strategies at play. It then provides managerial recommendations as to the preferable risk evaluation and risk management practices so as to avoid or at least reduce the possibility of future crises of the same nature. Background of the Study: The Subprime Mortgage Crisis was a global credit crunch and the failure of financial system. Moreover, it has affected consumer habits, their economic values and relationship with financial sectors. Many people failed to repay their debts. And they started to feel that they were being pursued by the creditors. Like the crisis was not of their own making and most popular financial institutions were collapsing around them. But the product of forces was beyond their control. So, the crisis was not only the liquidity crisis but also was the psychology of the real estate bubble. We had financial crisis in 1980s that suffered by Mexico after the oil price boom. And in the 1980s stock and housing markets bubble in Japan and the mortgage lending booms in both Sweden and Mexico leaded their economy to major financial crisis in 1990s. (Shiller, 2008) In UK, Overend Gurney, the discounted bank which provide money to commercial and high street banks, was declared as bankruptcy in 1886. Then the bank of England introduced à ¯Ã‚ ¿Ã‚ ½Lender of Last Resortà ¯Ã‚ ¿Ã‚ ½. (BBC, 2007) In the past few years the USA as well as United Kingdom have suffered from the consequences of the global financial crisis that have started in 2007 as the US sub-prime mortgage crisis. The situation is still unstable and challenging for both countries, especially for their financial systems. This economic crisis has been considered as the return of depression for the US economy (Krugman, 2009). Current crisis is also named to be the worst in the last 75 years with dramatic negative effects on businesses, economies and financial systems (Altman, 2009). Current global financial crisis has started with sub-prime mortgage crisis in the USA. Defaults on mortgage loans affected the US financial system dramatically as these securities served as underlying assets for structured financial vehicles such as collateralised debt obligations (CDOs) that were traded by investment banks. Banking system was the sector that suffered first as banks were over-lending huge amounts of money and conducting poor risk management. Objective of the dissertation research: The terms à ¯Ã‚ ¿Ã‚ ½the real moneyà ¯Ã‚ ¿Ã‚ ½ and à ¯Ã‚ ¿Ã‚ ½the promises about moneyà ¯Ã‚ ¿Ã‚ ½ works like someone promise to pay more money later for a little real money. So, there is a balance between the real money and the promises which is called credit. For example, people promises to the bank to repay money with extra interest every month to owe a little money for a specific period. So, the bank gives the money and keeps the promise which is called Mortgage. According to the promise, bank is the actual home owner until the full mortgage payment done. That is called collateral. So, the bank is acting as a Depository Banking because bank need to manage a lot of deposit to give loan to the people. Again, the bank brings all of the billions promises together and pack them as securities, and sell securities for money. So, The main objective of the dissertation research is to analyse subprime mortgage crisis that includes The reasons are behind the mortgages market à ¯Ã‚ ¿Ã‚ ½why did the crisis happen?, à ¯Ã‚ ¿Ã‚ ½how is it unfolding now?à ¯Ã‚ ¿Ã‚ ½ and à ¯Ã‚ ¿Ã‚ ½What is the future activities?à ¯Ã‚ ¿Ã‚ ½ related to subprime mortgage crisis. Background: The subprime crisis in August 2007 was a liquidity crisis but it did not seem to fit the facts. How could Britainà ¯Ã‚ ¿Ã‚ ½s largest mortgage bank Northern Rock reject customersà ¯Ã‚ ¿Ã‚ ½ mortgages? Why the entire major banks stopped liquidity support in the interbank relationship? The story was surely deeper than a standard-issue credit problem. Rationale of the Proposed Research: The current proposed research has therefore been aimed at bridging the two schools of thoughts surrounding the subprime mortgage business crisis and the support to solve the crisis. It should be noted that there has been a lack of management literature directly concerned with the role of mortgages in recession and economic downturn. Proposed Research Questions: My target for this research is to analyze mortgage business crisis as a source of competitive advantage for companies to pursue in times of economic downturns. In order to achieve this broad aim of the proposed research a number of research questions have been furnished, that include: The research project aims to answer the following questions: 1. Did the à ¯Ã‚ ¿Ã‚ ½freezing up of the money supplyà ¯Ã‚ ¿Ã‚ ½ (credit crunch) lead to weakening of the organisational performance among major UK banks? 2. Did the à ¯Ã‚ ¿Ã‚ ½non resilient planning and decision making mechanismsà ¯Ã‚ ¿Ã‚ ½ lead to weakening organisational performance among major UK banks? Research Structure This paper begins with an extensive critical literature review that attempts to establish what were the main factors that lead the global economy to its current state. In trying to do so it analyses the recently published literature and articles on the subject so as to provide the sum of knowledge on the subject to the present day. The literature review demonstrates the complexity of the reasons behind the subprime mortgage crisis and the downturn of the economy of the developed countries. Chapter Three provides the justification for the methodology used to carry out this research project. Through a critical consideration of the possible options it identifies the most suitable research design and describes the data collection methods and the sources used to collect the data for the purpose of this research. Chapter Four presents the research findings based on the data sourced from various sources described in the Methodology. It provides visual representations of the trends discussed through a wide use of graphs for the sake of clarity of the findings. The analysis of the research findings is the main focus of Chapter Five that also includes the conclusions, the managerial implications and the limitations of the research project. Definition of Terms: Traditional Banking: It arranges liabilities from the depositors and lends the liabilities to the consumer loans and other loans. So in this system if any risk arises like this one; the liquidity risk than the depositors wanted to take the money out but the money is locked in the long term loans like mortgages and others. So then central bank can help as a lender of last resort. Again, if the loans go bed then the banks can face the solvency problem where insurance corporation; like the Federal Deposit Insurance Corporation (FDIC) can help in this aspect. It is noted that the traditional banking system is covered with a lot of regulations and regulatory support. Shadow Banking: Fischer Black, in his book à ¯Ã‚ ¿Ã‚ ½Fundamentals of Liquidityà ¯Ã‚ ¿Ã‚ ½ in 1970, defined the corporate bond as three parties shared the bond where one supply the money, the other took the interest rate risk and the last party took the risk of defaults. In the modern banking system, the interest rate risk and the risk of defaults is turned as interest rate swaps and credit default swaps respectively. By this way, the credit becomes cheaper and more available for the ultimate borrowers. In the same way, the credit system is separated from the payment system. The traditional banks originate loans, get the interest rate risk off the balance sheet and avoid the risk of loan defaulting by the consumer. For this they originate loans, packaged and securitised them and finally sell them in the shadow banking systems. The shadow banking arranges funds from asset back securities, mutual funds and other money markets. Collateralized Debt Obligations (CDOs): The Asset Backed Securities (ABX) Index: This is a traded index of 20 CDO tranches. Credit Insurer of Last Resort: It is the Bagehot Rule indicates to lend or insure the mortgages freely but at a high rate or high premium. Perry Mehrling, professor and economist at Barnard College proposed à ¯Ã‚ ¿Ã‚ ½the credit insurer of last resortà ¯Ã‚ ¿Ã‚ ½ as people want to borrow more systematic risk if they get it at a lower rate and systematically it brings them from cheating earthquakes. Main characteristics of the UK and US financial system The head element of the US financial system is the Federal Reserve System that has authority to conduct monetary policy, regulate banking sector and is responsible for the stability of the financial system (FRB, 2009). It also provides advice to the Government. The main elements of the Federal Reserve System are Board of Governors, Federal Open Market Committee, Federal Reserve Banks and advisory councils (FRS, 2009). Financial system is represented by lending and investment institutions, organised markets (e.g. stock market), financial services and products being traded. For the last few years, the US financial system was making huge profits without considering what consequences there would be. Risk was underestimated and more and more complicated financial vehicles appeared in the market and were sold to institutional investors. Underlying assets, however, were partly rotten and risky. Financial institutions seemed to play with fire and spread risk from one party to another until t he whole system started suffering. As many other countries, the United Kingdom has various connections to the US economy and financial system, UK banks invested in the US MBS and ABS à ¯Ã‚ ¿Ã‚ ½ mortgage and asset-backed securities. Two economies are also interconnected through trade, borrowings, loans and banking sector. Here, the crisis had spread through financial operations, loans and bad debts to the UK banks, causing some to go bankrupt (e.g. Northern Rock, which was later nationalised). Even such giants as HSBC, RBS and Lloyds had to seek government support. UK financial sector is governed by the Bank of England that has a mission to secure and à ¯Ã‚ ¿Ã‚ ½to contribute to maintaining financial stability in the UK as an essential ingredient for a healthy and successful economyà ¯Ã‚ ¿Ã‚ ½ (Bank of England, 2009). However, this stability was at the risk of failure at the beginnings of 2008. The financial system of the United Kingdom includes financial institutions (commercial banks, investment banks, insurance companies, hedge funds etc.), investment products and services being offered and infrastructure that facilitates trading. Banking sector has always faced different types of risks (credit risk, market risk, currency exchange risk etc.) and risk management is therefore essential. The crisis of 2008 demonstrated that financial system was very sensitive to economic shocks and vulnerable. London is considered to be financial centre of Europe and financial services are one of the most important sources of income of the UK economy. IMF (2003) used to indicate that British financial system was very stable and secure against external shocks. It could have been so. However, the point is not what it was but what it has become. Financial crisis has revealed weakness even in the seemingly strong British financial system. Both US and UK financial systems are now damaged and are trying to rehabilitate through restructuring and adoption of new reforms and policies. Financial institutions suffered unprecedented losses that will continue to have an impact on the economy in the near future. Changes in the UK and US financial system after the global crisis It should be noted that changes in financial system occur not only under the influence of economic disasters such as the credit crisis but also as part of the whole evolutionary process in the economy that needs to adapt to constantly changing competitive environment. Current financial crisis has intensified the tendency of changes. Today a lot of efforts are taken by the US and UK governments in order to rehabilitate financial system (GAO, 2009). Regulation of financial system is increasing. This can be observed in issuance of new financial reporting and accounting rules that attempt to protect investors from future failures in the system. Particularly, the question of qualified special purpose enterprises (QSPE) was raised as these were the main bodies that performed securitisation of risky financial instruments and remained off balance sheets of head companies (Herz, 2008; Haldane, 2009). One similarity of the changes regarding banking system that took place in the USA and UK is nationalisation of a number of large banks in order to rescue them from failure. The US example is Citigroup that is partly owned by the Government and the UK examples are The Royal Bank of Scotland which is almost totally owned by the UK government and Lloyds Banking Group (Webster, 2008). Changes in the financial system of such countries as the USA and UK are mainly connected with changes in such elements as financial institutions, credit markets, banking sector, including shadow banking system. The problem of shadow banking system was previously raised after Enron case and similar failure of corporate governance in the US. However, in spite of the significant changes that were done back then, e.g. Sarbanes-Oxley Act, problems of shadow banking system remained. The problem of off balance sheet items was also discussed. Besides that, changes in disclosure of financial assets have been enforced (Herz, 2008). US government had several changes and responses for the global financial crisis. Before September 2008 the Federal Reserve decreased interest rates and adopted various programs to enhance liquidity in the financial system, nationalised the Bear Stearns bank and attempted to mitigate the problem of increasing foreclosures (Marshall, 2009, p. 3). However, after September 2008, the situation needed another approach à ¯Ã‚ ¿Ã‚ ½ US Treasury became the main body along with Federal Reserve, to maintain and control the Emergency Economic Stabilization Act that was adopted by the Congress in 2008. The government experimented with maintaining the rules of free economy and let Lehman Brothers fails instead of rescuing it. This failure had a huge negative impact on stability of both the US and UK financial systems. This stability was shattered and public lost confidence in capitalist forces. So, the process of nationalisation of some financial institutions was inevitable to restore or improve t he confidence (Marshall, 2009). Financial Regulatory Reform was adopted to remedy the consequences of the crisis and improve financial system. It was pointed that new approaches must be found in order to work more effective and be more secure to face changes. Briefly, the reforms cover the following major areas. They propose improvements of regulating financial and lending institutions as well as supervising them more closely. Secondly, the reform has made supervision of capital market stricter. Thirdly, the reform implies taking measures for protecting economic agents from financial fraud. Finally, the reform aims to increase regulation on international level by cooperation of the US with other countries (Financial Regulatory Reform, 2009). It can be said that the mentioned reforms all sound important and vital in todayà ¯Ã‚ ¿Ã‚ ½s situation. However, their implementation may take significant time and resources. So, these can be viewed right now only as preconditions of future significant changes in financial sys tem of the US and other developed countries. An important change in the financial system that should be mentioned is the increase of the value of ensured deposits in the US and UK. The governments are aware that during the crisis when banks and other financial institutions face problems and even bankruptcy, depositors and savers will be reluctant to keep their money in banks if it is not secured. In the US, insurance of deposits is guaranteed by FDIC. Within the proposal of US Treasury, even more changes touched Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA) à ¯Ã‚ ¿Ã‚ ½ as FDIC now will regulate and control some state banks and NCUA will support its authorities, taking into consideration credit unions (Block, 2008). Changes in the United Kingdom started during the crisis mainly with nationalisation. Changes in banking sector influenced the UK financial system dramatically. The Government had to rescue several large banks from failure. Northern Rock Bank had serious support from the Bank of England and later was nationalised in 2008, followed by Bradford Bingley, The Royal Bank of Scotland and HBOS-Lloyds TSB. After that, the Bank of England adopted à ¯Ã‚ ¿Ã‚ ½Special Liquidity measures in the money marketsà ¯Ã‚ ¿Ã‚ ½, different changes in the money market operations, introduced extended conditions for the asset swap discount and asset protection scheme (Edmonds, Webb and Long, 2009). Asset protection scheme was adopted in January 2009 and includes à ¯Ã‚ ¿Ã‚ ½protection against credit lossesà ¯Ã‚ ¿Ã‚ ½ for the financial institutions (HM Treasury, 2009). Further significant changes in financial system of the UK and US are also likely to occur. This can be deduced from observing the plans and intentions of the Government. The Bank of England proposed changes to be taken in the international banking connected to liquidity and capital requirements (Shah, 2009). In his speech, Executive Director of the Bank of England, Haldane (2009) pointed that one of the main mistakes that caused crisis is the lack of information. Therefore, changes will be taken in order to open and improve communication channels and information delivery. He also proposed the necessity of new controlling body that will monitor the financial system and fix problems that appear immediately. Major changes should be done also in the management of financial institutions and particularly banks. Banks must improve their risk management practices and carefully maintain the balance between liquidity and return. It can be projected that both the US and UK government will attempt to separate functions of investment banks. Over the recent years, practices of investment and commercial banks became interrelated. Mortgages provided by private clients were repackaged into structured financial instruments such as CDOs and sold to institutional clients (Gorton, 2009). So, failure of private clients to meet their debt obligations spread to the corporate world very fast. Separation of activities can be recommended to reduce chances of future crises similar to this. Among macroeconomic measures that were taken in the UK are changes in interest rates. They were lowered to the point of 0.5%, which is the lowest figure for the last ten years and it is believed that such reduction will have positive effects in the near future. Also the policy of quantitative easing was introduced as an instrument that will help to increase activity level of the economy (Edmonds, Webb and Long, 2009).

Wednesday, May 13, 2020

Explain Concepts And / Or Theories Associated With A Topic...

1.1 Explain concepts and/or theories associated with a topic: a) Conformity is a type of social influence which involves a change in behaviour and belief of a minority to fit in with the group concerning real or imagined group pressures. This behaviour could be defined as the pressure to behave in ways that are viewed as acceptable by a particular group, brought about either by a desire to ‘fit in’ or be liked. The main factor that influences conformity are social norms. Social Norms are a pattern of expected behaviour in certain situations either implicitly or explicitly. Conformity exists in two categories, normative influence where the individual’s desire is to gain social approval and acceptance from the group to make a favourable impression. And informational social influence where a person is looking for guidance in an ambiguous situation as the individual listens to other member s views and opinions to be guided to an answer. Conformity is distinguished in three different types; Compliance is the most superficial type of conformity. It refers to a person who conforms publicly with the views and attitudes expressed by the group but still continue to privately disagree. This temporary short term behavioural change which often results normative social influence. For example, It is a student s first day of college, but has arrived late and missed the induction to which he doesn t know where to go. He then sees a group of students filing off towards a corridor andShow MoreRelatedAlfred Adler s Birth Order Theory945 Words   |  4 Pagesorder theory. I essentially decided to choose this topic because I found it extremely intriguing on how someone’s birth order could have a profounding effect on their personality. Also I was able to relate to this topic on a personal level compared to some of the other theories. Meaning, when learning and talking about birth order, as the first born in my family I was able to compare a lot of my traits to the ones described. It was interesting to see a psycholo gist create an actual theory tryingRead MoreUnderstanding The Mind Body Problem994 Words   |  4 PagesSection one, question two 2.) Discuss how the following concepts relate to the mind-body problem: * neurophysiology * psychophysics * theory of evolution. For each, be sure and: (1) describe the area of study, (2) discuss the views of at least ONE major thinker associated with that area of study, and (3) explain what that area of study contributed to the attempt to reconcile the mind-body problem. The mind-body problem tries to explain the states of the minds, occurrence of events, and actionRead MoreEssay on Social Cognitive Theory1586 Words   |  7 PagesSocial Cognitive Theory Nowadays, many people both young and old tend to engage in health compromising behaviors. Some of which include: alcohol abuse, drug abuse, smoking, and the specific topic interest condom use, or maybe in this case condom non-use. From these particular behaviors a question poses: Why do people engage in health compromising behaviors? There are in fact many theories or processes that can give explanations to this particular question. One theory that can be relatedRead MoreAnalysis Of The Book Sensory Design 1348 Words   |  6 Pagesmore about this method although this book covered many topics and included many references. Malnar is an associate professor at the University of Illinois, and Vodvarka is an artist who wrote many articles on architectural history. The book consists of twelve chapters that propose this idea that designers should explore the nature of our senses’ response to the spatial built forms that people invest their time in. It tries to cover a specific topic in each chapter that in order to deconstruct the bookRead MoreObjectives Of A Research Project Management1697 Words   |  7 Pages Aim Objectives of the study Aim of the research The aim of the study is to assess the relevancy, usefulness and the associated benefits of BIM and the advantages of its parametric feature in construction project management, and then suggesting ways in which such findings could help stakeholders to determine on whether BIM will be suitable and beneficial or not for their proposed projects and then take decision either to use BIM or not based on their convictions. Objectives of the research 1. ToRead MoreIdentity And The Concept Of Self1217 Words   |  5 PagesThrough these past units I have learned several things about identity and the concept of self. Self concept is the intellectual and theoretical awareness and constant regard that conscious beings hold with regard to their own self. Elements of a persons self concept include but are not limited physical, psychological, and social attributes and can be affected by its attitudes, habits, beliefs and ideas. These factors can each be condensed to the common ideas of self esteem as well as self image.Read MoreSuicide And Shneidman s Theory Of Suicide782 Words   |  4 PagesThere are several theories that attempt to understand suicide, such as Durkheim’s Sociological Theory of Suicide and Shneidman’s Theory of Suicide as Psychache. However, one of the newest and most well known theories is Joiner’s Interpersonal Theory of Suicide. The goal of this theory is to understand suicide at an interperson al level. More specifically, it evaluates why individuals engage in suicidal behavior and identifies individuals who are at risk for engaging in such behaviors. There are threeRead MoreCognitive Theory And Cognitive Theories1211 Words   |  5 PagesCognitive Development Learning Theory which is a theory in the Development Across the Life Span. Development involving the ways that growth and change in intellectual capabilities influence a person or some ones behavior. Major Proponents, Jean Piaget. Physical and Cognitive development tie together in ways and it is important to understand both. Cognitive theory tries to understand your thought process, this theory has been used to explain mental thought processes as they are influenced by bothRead MoreEssay On Physics Of Complex Systems722 Words   |  3 Pagesthe flourishing and fascinating research areas in physics nowadays is the physics of complex systems, or the theory of complexity. There is not a single and straightforward mea ning associated with this buzzword due to its vagueness and polysemy, and very often it depends on the context and the authors. Nevertheless, one of the interesting points are the tools and methods that the theory provides that can be eventually applied to many different disciplines, ranging from physics, chemistry, biologyRead MoreSports Related Violence And Its Effects On Society1482 Words   |  6 Pagesthe players, for their love of the game the fans lose sight of behavior that is socially correct and demonstrate deviant behavior, which put them in a state of anomie. An original work by Durkheim, The Rules of Sociological Method (1895) helps to explain the formation of social groups and how fan based violence occurs. Durkheim claims that Sociology is the study of social facts, the study of a group of people rather than studying the behavior of an individual. He mentions that in any social setting

Wednesday, May 6, 2020

The Key Issues Of Partnership - 2935 Words

In this essay I will be discussing what is partnership, what the key issues are and the relevance of the key issues relating to partnership,I will underpin knowledge and relevant theories and frameworks that enable us to understand the key issues in partnership, I will explain the relevant values and principles which underpin partnership, discuss the relevance of a recognised theory or philosophical approach that contributes to partnership, I shall analyse the provision of equality, diversity and inclusive practise can be ensured in relation to partnership, evaluate the evidence I collect which support the beliefs that the key issues identified are relevant to working with children and young people, the impact of the recognised theory or philosophical approach on practice in the areas of work covered by partnership and I will then conclude by reflecting on and explaining the professional skills required to practice effectively in the areas of work covered by partnership D1-D2 The key issues and the relevance of the key issues that apply to partnership: â€Å"A partnership is an arrangement between two or more groups, organizations or individuals to work together to achieve common aims.† In the quote above it explains what a partnership is and what it consists of; it clarifies what we need to build a relationship and what we aim to achieve at the end of a positive partnership. There are many different people we work in partnerships with such as parents, practitioners,Show MoreRelatedWorking in Partnership in Social Care1087 Words   |  5 PagesUnit 505 Working in partnership in Health and Social care or children and young people’s settings Outcome 1 1.1 Identify the features of effective partnership working A partnership is an arrangement between two or more groups, organizations or individuals who work together to achieve common aims or who have common interests. It is sometimes applied to situations where one powerful organization is doing no more than consulting with others, or where one organization is simply buying somethingRead MoreSupplier Quality And Supply Chain Management Essay1293 Words   |  6 Pagesrelationships through long-term partnerships rather than as adversaries, and establishing trust through openness and honesty. This leads to mutual advantages for both the organization and supplier. Supplier certification processes are designed to rate and certify suppliers who provide quality materials in a cost-effective and timely manner. What are the advantages for the company and the supplier to be considered a certified quality supplier? What are the key issues that must be addressed in aRead MoreWork in Partnership988 Words   |  4 PagesUnit M2c Working in partnership in health and social care or children and young people’s settings 1. Understand partnership working 2.1 Identify the features of effective partnership working. One key motivation for working in partnership is to achieve more than could possibly be achieved by any stand-alone organisation – the whole being greater than the sum of the parts. 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Bramalea Community Health Centre (BCHC) is a non-profit organization located at 40 Finchgate Boulevard (SuiteRead MoreSkywest Executive Summary1145 Words   |  5 Pagesflights operated by regional carriers are in partnership with the major carriers. SkyWest has partnerships with Delta, United, and Midwest Airlines. SkyWest’s growth and strategic planning has relied on the expansion of current partnerships and geographic growth. SkyWest operated as a west coast regional carrier but expanded to the east coast with the acquisition of Atlantic Southeast Airlines in 2005 and a partnership with Midwest Airlines. This partnership and acquisition essentially gave SkyWest

Memorandum Free Essays

This memorandum is written to assist the decision making about to raise capital for further growth and recapitalize the ownership structure of TRX thorough Initial Public Offering. The analysis is examined from two scenarios. One is that TRX keep on IPO at lower price of $9 per share; another is that it postpones the IPO in 2006. We will write a custom essay sample on Memorandum or any similar topic only for you Order Now I would project the IPO price of 2005 and 2006, respectively based on the management plan. According to the TRX’s balance sheet and financial data, TRX was a very young technology-integration company which founded in 1999. By 2004, TRX generated $113. m in total revenues and the ensuing half year it generated about $62m which was already ahead of the last year’s pace. Not only had the top-line revenue growth in industry, the company created the surprised high mean margin growth of EBITDA which was 188. 8% from 2002 to 2005 as well. (Figures show in Appendix 1) Although TRX still represented the negative net income right now, the company must have tremendous profit potential to be expected, because TRX will completely remove low-margin business in 2008 in order to generate strong cash-flow and the more of higher-margin business would stems from TRX’s four top clients. Thus, in order to fuel the rapid growth of the business, TRX should be considered as a good candidate for going public. Nevertheless, TRX first failed to go public in 2000 attributed to the overall stock market conditions were awful since the dot-com bubble burst in the late 1990s. From travel industry condition performance, TRX encounter the recession of travel industry, which affected its fortunes since the company closely related with the overall health of the industry. From the overall stock market conditions, the performance of NASDAQ was volatility throughout 2004, even dropped a low in August 2004 and thereby the pricing of IPO was poor when the company prepare to IPO. Even though the rebounded of stock market in the first half of 2005, the market conditions still acted unstable with weak performance of IPO. Once again, TRX experienced the bad news of industry during its road show. These broader market climates were seemed like unfavorable for the company’s IPO. In reposed to the first filed IPO, TRX turned to raise capital from outside strategic investor Sabre with issuing 15m convertible note and another 5m was from its original investors BCD and Hogg Robinson in order to support company’s growth until it attempted the second time to IPO. Actually, Going public gives these investors the opportunity to exit, proving an attractive harvest strategy especially when the TRX’s stock price closed at a higher price in the post-IPO. However, the final price range of IPO offered by CSFB was $9 per share which was lower than the price Sabre paid for its share. Here, I use comparable analysis to estimate the IPO price based on the management plan in 2005 and 2006, respectively. Since a perfectly comparable company can’t be found, I chose primary sectors’ multiples which most close to TRX with online travel and payment processing. Moreover, the average median multiples are calculated the reason I used median multiples over mean is that more accuracy projections will estimated without outliners involved in mean. Also, I chose the next years’ EBITDA and net income, respectively due the stock prices reflect the present value of future earnings. He company could offer the lender partial ownership in the venture in exchange for loan principal by swapping their debt for equity. The improves the profitability of the venture by lowering debt service payments while lowering debt liability on the balance sheet and replacing it with equity. Also, the lender is trading fixed-rate debt for equity with a potentially higher total return. If the firm is doing very well , and lenders fell that the return on investment will likely be better with equity position, this becomes an attractive option for debt holders. How to cite Memorandum, Papers Memorandum Free Essays My background and interests are fairly diverse and require a more in depth explanation and presentation and this is the rational behind my presentation of this exploratory memo. Hopefully, this memo will clearly address all issues in a manner that will shed light on my background. My primary academic focus is economics and international trade and I approach these avenues in a manner that is significantly different from the way many other people may approach said disciplines. We will write a custom essay sample on Memorandum or any similar topic only for you Order Now I am a foreign national who was born in Korea and I believe this gives me a different perspective on international trade and economics as I have a great deal of experience seeing the actual â€Å"international† aspect of trade and economics while many people who have limited experience with foreign economies may have a limited understanding in regards to how it works abroad. More than just interested in things that involve politics and the economy, I have also invested a great deal of my time in charitable pursuits. I served as vice President of my church and from this position I was able to invest a great deal of time in charitable pursuits. These pursuits included helping out with individuals who were infirmed and in need of assistance. This experience proved very rewarding on levels that were professional, personal and spiritual. I also place a significant emphasis on my life towards the pursuit of athletic excellence. In particular, I enjoy skiing and snowboarding and have invested a great deal of time developing a proficiency in these sports. A healthy mind only remains healthy when the body that supports it is equally strong so I take the development of an athletic cardiovascular system very seriously. An inability to properly communicate remains one of the more damaging aspects that could undermine an individual’s ability to achieve maximum potential in the workplace. More than anything, I would prefer to develop the enhancement of my grammar, syntax and communicative language in a manner that would effectively be quite impressive to the reader. This does not mean that I would like to master the English language for the sole purpose of being able to misrepresent my knowledge on a particular subject by burying and hiding a lack of knowledge within the confines of excellent grammar and syntax. What I wish to do is to make my knowledge of a particular subject matter and my ability to communicate my knowledge, feelings and ideas within the confines of the business community in such a way that it becomes clear I have a solid and serious pragmatic ability to apply my knowledge on the subject. This is not to say, however, that I have extremely limited experience in business or professional communication. On the contrary, I have a fairly expansive degree of experience with business communication. I do, however, realize my limitations in this area and I will to expand my skills and capabilities in order to eliminate any limitations I may have. While some may assume (erroneously) that the Snowboarding Club that I served as president of would be exclusively a leisure pursuit, this is about as silly of a statement as stating the multi-million dollar snowboarding industry is nothing more than a leisure pursuit. As President of this club I would perform my duties as professionally as I would have performed the same duties for a more ‘established’ club such as an economics club, etc.   As part of my duties as President, I would routinely communicate with various entities and individuals by way of traditional business writing (I.E. pen and paper) and by way of electronic communication (email, etc) In terms of why I am taking this course, the primary reason is that the course is required. So, yes, it is a mandatory course designed to facilitate my graduation, but that is not entirely the whole case. There is much more to it than merely taking a course designed with one sole goal of graduating and receiving a degree. To do this without having developed any real or significant skill would be ludicrous and totally self defeating in terms of the way such an attitude would undermine my entire education. So, regardless of the administrative reason why I am taking this course, all courses are electives as I have elected to attend the University in order to develop my professional skills. In other words, my attendance in this course is primarily to learn the material and then take the material and develop it into functional skills that can carry into the workplace and in life in general.                                                                How to cite Memorandum, Essay examples