Genetically Modified Foods Speech Essay

SPECIFIC SPEECH GOAL: I would like to increase the audience’s knowledge of genetically modified foods, their history, and the controversy that it involves. THESIS STATEMENT: I want to inform my audience by explaining exactly what genetically modified foods are, as well as, there intended purpose, history, advantages, disadvantages and controversy surrounding them. Introduction I. Before you eat a meal or snack do you ever actually think about where it comes from, what is in it, and how it will affect your body? Most people these days consider eating to be a mindless act, especially when they are so busy with school, work, and other things. They eat foods that are conveniently available with little regard for what is in them. II. I was one of the people up until a few years ago when I started doing some research and came across information I was unaware of. III. Did you know that 80% of the food in our grocery stores is genetically modified in some way, shape, or form? This may be a big deal for some of you or some of you it may not be because you are not fully aware of what this means. IV. In my speech today, I would like to make you aware. I will explain exactly what genetically modified foods are, their purpose, their advantages, their disadvantages, the controversy, and what this means for you. Body I. What are Genetically Modified Foods? A. Genetically modified foods, also go by names such as, genetically engineered foods, or genetically modified organisms, better known as, GMOs. B. The official definition of GMOs is organisms that have been genetically modified by having their genes altered to enhance desirable traits that do not occur naturally to achieve a better organism. Transition Statement: Farmers have been naturally modifying plants and animals for thousands of years through selective breeding and hybridization so what is the purpose of GMOs? II. What is the purpose of genetically modified foods and their history? A. The genetic engineering of foods allows scientist to speed up the processes of moving desired genes from one plant or animal to another. It also is used in an effort to enhance the nutrition and flavor or foods. This process was discovered in 1980. B. Skip ahead to 2004, 8. 25 million farmers in 17 countries produce genetically modified crops. The United States and Canada are the top 2 producers and some of the only countries that do not require the labeling of GMO foods. Transition Statement: So as you can see genetic modification has been around for a while so what is the big deal now? Some people will tell you there are many good reasons for GMOs, while many will give you a very different view. III. The Advantages versus the Disadvantages of GMOs. A. Supporters will tell you that GMOs help produce more nutritious tastier foods, disease and drought resistant plants, increased supply of food to help feed the world, reduced pesticide use, economic and environmental benefits, and reduced energy use. B. Those who oppose GMO’s will tell you the opposite. They say that GMOs are created in a lab with methods totally different from natural breeding methods. The say GMO’s can be toxic, allergenic, or less nutritious, they are not adequately regulated, and they actually increase pesticide use, as well as, create serious problems for farmers. C. Those opposed believe the only ones benefiting from GMO’s are big businesses like Monsanto. Monsanto’s company is the largest producer of herbicides, pesticides and genetically modified seeds. One of the problems that GMOs create actually benefits this company. Nature adapts so plants will becomes resistant to herbicides and pesticides. As a result, toxic herbicide use has increased 15 times since GMO’s were introduced. This means our interaction with these toxins has increased by the same amount. D. While America and Canada stay in the dark about GMO’s, 60 countries around the world have significant restrictions or outright bans of the production and sales of GMOs. E. Whatever side you choose to be on, the main thing that concerns me, and should concern you, is that these plants have never been tested for the safety of human consumption. This means we are all a part of one of the largest scientific experiments around without our consent and without any knowledge of what the outcome may be. Transition Statement: I don’t know about you but that seems a little scary to me. This is why many Americans are taking matters into their own hands and choosing to opt out of the GMO experiment. IV. Protection, labeling, and what to look for. A. Many polls have been taken and about 60% of people would not eat genetically modified foods if they were labeled. B. The labeling of GMOs is not required in the US. So finding out which foods have them requires a bit of work. C. There are 8 crops currently being genetically modified: Corn, Cotton, Canola, Alfalfa, Hawaiian Papaya, Soy, Zucchini and Summer Squash. While this doesn’t seem like a lot, these crops show up in almost all of our foods in the form of oils or ingredients, like high fructose corn syrup, aspartame, and maltodextrins, just to name a few. There are too many to list and they are in pretty much all of the junk foods, processed foods, and frozen foods we eat. They are also in foods such as, bread, yogurt, milk, meats, and baby foods. D. The best ways to avoid GMOs are to buy organic, grow your own garden, read labels, avoid main genetically modified ingredients, buy organic grass-fed meat, stay informed, and do your research. Transitional Statement: I have informed myself with a lot of information about GMOs, a lot more that I have shared in this speech. As you can probably figure out by now, I am one of those Americans that are trying to opt out of the GMO experiment. Conclusion I. Now I feel I have given you the information to be a little more knowledgeable. You should now know about what a GMO is, their purpose, pros, cons, and how to protect yourself should you choose to. II. Do I personally avoid all GMO’s? No. Not from lack of trying, but trying to read every ingredient was and is a very daunting task. What I do try to do is avoid as many as I can. I have altered my diet to avoid most processed foods and I try to check ingredients as best I can. I made all of my daughter’s baby food from scratch with only organic fruits and vegetables, and I make sure most of the snacks I give her are GMO free. III. We vote with our dollar and the only way we can make this an easier task is by refusing to buy the foods with genetically modified ingredients and lobbying for our government to require labeling so we can make the choice easily if we want to buy genetically modified foods or not. References GMO Facts. (2013). Retrieved October 14, 2013, from the Non-GMO Project website: http://www. nongmoproject. org/learn-more/ Caplan, A. L. (2013). Genetically Modified Food: GOOD, BAD, UGLY. Chronicle of Higher Education, 60(2), B4-B5. Examining Genetically Modified Food. (2013). Retrieved October 14, 2013 from the For Dummies website: http://www. dummies. com/how-to/content/examining-genetically-modified-food. html Genetically Engineered Foods. (2012, July 05). Retrieved October 6, 2013 from the University of Maryland Medical Center website: http://umm. edu/health/medical/ency/articles/genetically-engineered-foods PsycheTruth. (2012, October 5). GMO Food, How To Tell, Truth About Genetically Modified Foods & Label GMO Psychetruth Nutrition. Retrieved from http://www. youtube. com/watch? v=3HYNBY5IKAQ&feature=share&list=PLvP8YsX0ebXaunR4wgSHJdKHPzpQCtgsx.

What a Brother Knows Essay

The Things a Brother Knows Essay There are many relationships throughout the book The Things a Brother Knows by Dana Reinhardt. Levi’s relationships vary throughout the book. Levi’s main relationships are with Boaz, Perl and Zim, along with Christina. Levi’s relationship with his brother Boaz seems rocky. There are quite a few ups and downs. When Boaz first arrives home, Boaz would not come out of his room. Levi could somewhat relate to how Boaz was feeling. Levi ended up letting Boaz use his laptop.Everything was going fine until Boaz found out that Levi was looking through his history. Later when Boaz finally leaves for his trip Levi gets worried about him and is curious on where he is going. A few days later Levi goes looking for him. Levi has a strong relationship with his two best friends Pearl and Zim. Pearl and Zim are both jealous of each other, because they both want to be Levi’s best friend. Yet Levi tries to treat them equal. Zim seems to always be there when Levi needs to talk about Boaz.When Levi told Zim that Boaz was lying about going hiking, Zim always tried to make positive comments. Pearl is also a supportive friend. On the trip to find Boaz Levi did not want to spend his money on a hotel because, he wanted his money to last him the whole trip, so Pearl ended up paying for the hotel. Levi has a somewhat close relationship with his brothers ex girlfriend Christina. Ever since Levi was younger he thought that Christina was good looking with a nice personality.When Boaz arrived home Christina had come to visit him. While she was waiting to talk to Boaz Christina and Levi had a close conversation. Later Levi ended up dreaming about Christina. Levi has many relationships in the book What a Brother Knows. Some of the relationships are good, but some of the relationships are rocky at times. Throughout the rest of the book I am sure most of Levi’s relationships with his brother Boaz, his friends Pearl and Zim, along with Boaz's ex girlfriend Christina will become stronger.

Activity Intended for Enhancing a Skill Essay

This paper examines the effectiveness of the activity that is carried out in order to enhance a particular skill. The activity of turning letters into words is selected and carried out as a game between the members of an identified group with the main objective being attainment of improved group performance and development. The paper examines the degree of response achieved in the skill with the help of the intended activity. The game of Turning Letters into Words is an activity that is chosen to improve the development and performance of a group and is a great tool to develop knowledge abilities and skills through participation. Dividing the whole group into smaller teams helps in building a structured approach towards shared group objective. This activity creates a stimulating learning environment for each member and hones their behavioral skills to maximize the team’s performance and development. All the members participate fully in terms giving individual contribution as well as working together with others. Being an integral part of the team and having the responsibility of making the maximum words possible with the provided letters, gives a boost to the team spirit. Each member is then supposed to question oneself about whether the letters contributed by him/her helped or restricted the team members in making the most of the needed long words. This brings out the feeling of cohesiveness and suppresses the individualistic approach, which helps in rapid increase in performance levels. The collective act of choosing the letters and making maximum words not just brings the members together, but also promotes the feeling of trust, cooperation and the winning streak. The feeling of competing at the group level helps he members to cope with the distinct behaviors and perspectives, without getting into the blame game. Each member strives to achieve the maximum number of words by unknowingly working towards the strengths and weaknesses of their own teams and articulating the team’s vision. The activity of forming words as a team helps in establishing clear team guidelines, objectives and a well thought out team orientation process. The process of mapping the individual performance with the team’s overall performance while working at a high capacity in the present role augments the group development to accomplish the maximum performance. However, a close scrutiny of the team members’ reaction reveals that the age group is a significant factor in defining the individual’s response to such skill enhancing activities. The different set of values and attitude characterize the way the older generation is not so rapid with coming up with new words. The newer generation however responds more quickly to such skill grinding activities. Therefore, it can be concluded that strategically designed activities can surely be used to facilitate requisite skills such as yielding performance metrics, provided the management is well knowledgeable about the degree of responsiveness. References http://www. teambuildingportal. com/games/turning-letters-words. php

A Pattern in The Least Successful Startup

A year ago I noticed a pattern in the least successful startups we'd funded: they all seemed hard to talk to. It felt as if there was some kind of wall between us. I could never quite tell if they understood what I was saying. This caught my attention because earlier we'd noticed a pattern among the most successful startups, and it seemed to hinge on a different quality. We found the startups that did best were the ones with the sort of founders about whom we'd say â€Å"they can take care of themselves.†The startups that do best are fire-and-forget in the sense that all you have to do is give them a lead, and they'll close it, whatever type of lead it is. When they're raising money, for example, you can do the initial intros knowing that if you wanted to you could stop thinking about it at that point. You won't have to babysit the round to make sure it happens. That type of founder is going to come back with the money; the only question is how much on what terms. It seemed od d that the outliers at the two ends of the spectrum could be detected by what appeared to be unrelated tests.You'd expect that if the founders at one end were distinguished by the presence of quality x, at the other end they'd be distinguished by lack of x. Was there some kind of inverse relation between resourcefulness and being hard to talk to? It turns out there is, and the key to the mystery is the old adage â€Å"a word to the wise is sufficient. † Because this phrase is not only overused, but overused in an indirect way (by prepending the subject to some advice), most people who've heard it don't know what it means.What it means is that if someone is wise, all you have to do is say one word to them, and they'll understand immediately. You don't have to explain in detail; they'll chase down all the implications. In much the same way that all you have to do is give the right sort of founder a one line intro to a VC, and he'll chase down the money. That's the connection. U nderstanding all the implications—even the inconvenient implications—of what someone tells you is a subset of resourcefulness. It's conversational resourcefulness.Like real world resourcefulness, conversational resourcefulness often means doing things you don't want to. Chasing down all the implications of what's said to you can sometimes lead to uncomfortable conclusions. The best word to describe the failure to do so is probably â€Å"denial,† though that seems a bit too narrow. A better way to describe the situation would be to say that the unsuccessful founders had the sort of conservatism that comes from weakness. They traversed idea space as gingerly as a very old person traverses the physical world. The unsuccessful founders weren't stupid.Intellectually they were as capable as the successful founders of following all the implications of what one said to them. They just weren't eager to. So being hard to talk to was not what was killing the unsuccessful s tartups. It was a sign of an underlying lack of resourcefulness. That's what was killing them. As well as failing to chase down the implications of what was said to them, the unsuccessful founders would also fail to chase down funding, and users, and sources of new ideas. But the most immediate evidence I had that something was amiss was that I couldn't talk to them.

Cement Sector in Pakistan

1. INTRODUCTION 2. 1 Objective and Scope The report will present a holistic overview of the industry; current situation, industry structure, critical revenue and cost drivers, exposure of BOP in the sector and its future outlook. 2. 2 Cement Sector of Pakistan The Cement sector of Pakistan has 23 players, operating 29 units, with a total production capacity of 44. 8 million tons, divided into North and South, as follows: North Zone| South Zone| * Punjab and Khyber Pakhtoon Khwa| * Sindh and Baluchistan| * 19 manufacturing units| * 10 manufacturing units| * 80% of rated capacity, i. . 35. 9 million tons| * 20% of total rated capacity, i. e. 8. 9 million tons| The overall capacity utilization of the sector, as per FY-10 dispatches is at 76%. The basic raw materials for cement include limestone (upto 80%), clay (upto 15%) and gypsum (5%), all of which are abundant in Pakistan making basic raw material very cheaply available to cement manufacturers. None of the cement producers in Pakist an enjoys any material product differentiation because of the highly standardized nature of product therefore consumers usually regard ‘price’ as a key determinant. Major constituents of the cost are energy & power – over 60% of cost of production of cement – and transportation costs. In addition to these elements efficiency of production process is critical in keeping the overall cost structure competitive. In this regard, size of the plant, its age, and origin – European or Chinese – are of importance. Until recent years, almost all the plants operating in the country were based on furnace oil, but the increasing furnace oil prices forced the cement industry to switch over to Coal-powered/dual-fuel plants. However, the price of coal has shown significant volatility over the recent periods therefore, some producers, having dual-fuel plants, use a mixture of coal and gas, alternating between the two as per changes in prices and availability. 2. 3 Cement Sales during FY-10 Compared To FY-09 Source: All Pakistan Cement Manufacturers’ Association As per All Pakistan Cement Manufacturer’s Association (APCMA), the cement sales in FY-10 totaled 34. 20 million tons, registering a decent Year-on-Year (YoY) growth of 9. 30% compared to 31. 29 million tons in FY-09. The local dispatches remained at 23. 54 million tons, up YoY 14. 63% compared to 20. 53 million tons in FY-09 whereas export sales in FY-10 remained almost flat with a minor decline at 10. 66 million tons, down YoY 0. 89% compared to 10. 75 million tons in the previous year. As shown in the table, the local sales were the primary driver behind the growth. It is pertinent to note that the growth on the local front was mainly private-sector driven rather than Government’s infrastructure spending, showing signs of recovery in the construction sector. 2. INDUSTRY STRUCTURE 3. 4 Industry Characteristics Cement industry is highly cyclical in nature and its performance depends largely upon the economic growth of the country. There is a high degree of correlation between the GDP growth and the growth in local cement consumption. Source: State Bank of Pakistan & All Pakistan Cement Manufacturers’ Association Cement exports depend largely upon the demand/supply situation, price levels and economic situation in the export regions. Cement, being a voluminous product, is a regional commodity. 3. 5 Critical Factors The cyclical nature of the sector along with excess supply situation, whenever it persists, makes cement price a very critical factor. Some level of industry ‘co-opetition’, i. e. cooperative competition, is evident in cement industries globally such as consensual pricing. In the absence of such an arrangement, along with a supply glut, cement industries have witnessed intense price wars. * Power & Energy costs c onstitute over 60% – 65% of the total cost of cement production. Therefore, smart inventory management of coal, along with hedging techniques etc. lead to significant savings in energy costs. * Plants closer to the port have cheaper access to exports and can maintain higher profit margins. Therefore, distance to port is an important consideration. * Leverage, both financial and operating, is a major concern owing to the price-sensitivity of the sector. Pakistan’s cement sector is highly leveraged. Cautious capital structure management and utilization of relaxations / incentives provided by the government, whenever possible, such as Export Refinance facility offered by the State Bank of Pakistan, create a significant difference. . 6 Industry Concentration Concentration refers to the number of major competitors in a given industry. This has important implications for the inherent profitability of a sector. We have applied the Eight-Firm concentration ratio to determine c oncentration in the cement sector. Concentration ratios can generally be categorized into low, medium, and high concentration being 0% – 50%, 50% – 80% and 80% and above, respectively. An eight-firm concentration ratio over 90% is a good indication of oligopoly, i. e. an industry dominated by a small number of sellers. Based on FY10 market shares, the Eight-Firm concentration ratio in cement sector is 80% which show clear signs of high industry concentration. Therefore, cement sector has an oligopolistic structure. However, given the excess capacity situation cement industry has been behaving like a ‘low concentration industry’ from time to time such as the intense price war in the recent past, spanning nearly a year, with participants vying for higher volumes. 3. 7 Market Share The following pie-charts show the local, export and total market shares of top 8 players in the sector for FY-10. The charts show that D. G. Khan Cement is the leading player in the local market (17% market share) closely followed by Bestway (16. 7%) and Lucky Cement (13. 3%). In the export market, Lucky cement leads with its roaring 32. 8% share, followed by D. G. Khan and Bestway cement’s 9. 3% share each. Overall, Lucky Cement appears to hold the highest market share (19. 4%), followed by D. G. Khan (14. 6%) and Bestway (14. 4%). Maple Leaf Cement ranks fourth in all three categories with 9%, 11. 1% and 9. 7% market share in the local, export and overall market. Source: Fortune Securities . SECTOR OVERVIEW – FY10 Cement Sector in FY-10 witnessed low prices, rising energy costs, slowdown in construction activities locally and regionally and a large amount of new supply availability in regional markets resulting in drying out of certain lucrative export avenues especially the Middle East. However, exports to African countries, Iraq, Sri Lanka etc. mitigated the effect and exports remained flat at 10. 66 million tones (YoY down 0. 89%). As expected by market participants and analysts local sales picked up to close the year at 24. 53 million tons (YoY up 14. 63%). Overall, the sector closed the year at 34. 20 million tones, registering a decent YoY increase of 9. 30%. Cement prices and energy costs remained the key issues in FY-10. Since the dismantling of the alleged cement cartel, after Competition Commission of Pakistan imposed a fine in the colossal sum of Rs. 6. 35 billion on 20 cement manufacturers (equivalent to 7. 5pc of each company’s FY08 net revenue), in August 2009, cement prices plunged and went down to Rs. 249/bag in North and Rs. 280/bag in the South zone, compared to Rs. 335/bag and Rs. 370/bag in FY09 in North and South, respectively. CCP’s decision has been challenged by the cement manufacturers on a number of grounds in the Lahore High Court, the Sindh High Court and the Supreme Court of Pakistan. In all these cases stay orders have been granted by the Courts and the matter awaits court’s verdict. Given the increased overall supply in the regional markets, the cement export price hovered around $47-$52 per tone, compared to average export price of $60-$62 in FY09. On the other hand, energy costs remained on the rising trend and coal prices averaged around $88 (FoB) per ton compared to 2nd half FY-09 average of $70. Australian (Newcastle) coal price made its 18-month high of $108 (FOB) per ton on April 27, 2010, after making a low of around $61 (FoB) per ton in Mar-09 last year. Thus, as a result of subdued prices and increasing energy costs a sub-breakeven scenario prevailed in the industry for the most part of FY-10. In 9 months FY10, cement companies posted cumulative losses of Rs. 3. 3 billion compared to profits of Rs. 3. 7 billion in the corresponding period last year, YoY down 189%. Cement prices hiked by Rs. 40 per bag in North in June 2010. With no price moves in South – a region that was already enjoying higher prices due to lower intensity of price war largely for its geographical advantages – prices in the two regions finally came at par. FY-10 also saw the announcement of 35% inland freight subsidy, during March 2010, on cement exports. It is likely to make Pakistan’s cement exports more competitive in the regional market, as cement manufacturers will be able to reduce their export prices by almost 10% going forward, if needed, without hurting their margins. However, the government needs to make timely payments to the manufacturers for the subsidy to be of much use. Source: Invisor Securities Source: Federal Bureau of Statistics & Invisor Securities 4. SECTOR OUTLOOK 5. 8 Local market * Short Term Cement prices have risen by Rs. 24 per bag since the beginning of ongoing financial year to Rs. 312 and Rs. 325 per bag in North and South, respectively. This bodes substantially well for the sector after bleeding profusely in a price war and indicates a price consensus among the manufacturers. Also, we believe there is limited appetite for price wars going forward especially as seasonal 1Q demand slowdown kicks in (Monsoons, floods, Ramadan etc. ). The recent floods have severely affected the roads and the distribution network which will inevitably hurt the local cement sales as well as export sales to some extent. We expect cement demand from local market to remain subdued during first half of FY11, due to monsoons, flood related issues, slowdown in construction during winters etc. , and start picking up from 3Q FY-11, in the wake of reconstruction activities. Overall, we expect local dispatches to remain flat during FY-11 and believe that the real impact of the increased demand from reconstruction activities will materialize during FY-12. We believe the cement prices have hit the ceiling for now and do not expect further increase in them and expect the recent price hikes to sustain for a relatively longer time than the one-step ahead, two steps back situation that prevailed throughout FY-10. Going forward, Fauji Cement’s capacity expansion, due in FY-11, of 2. 27 million tons, would create downward pressure on utilization levels. However, we expect capacity utilization levels to remain between 70% to 75% range. * Medium to Long Term We have a positive outlook for the local market on a medium to long-term basis. The rehabilitation work along with construction of dams will boost demand and possibly push prices upwards as cement manufacturers operate on higher and higher capacity utilization levels. Construction of dams seems inevitable given the power crisis and the recent flood. The Council of Common Interests (CCI) unanimously approved the construction of Diamer Bhasha dam on July 18, 2010, leading the way for the release of funds from the Asian Development Bank (ADB). The projected timeline for completion is stated till the end of 2019. Manufacturers estimate a total requirement of 9. 0 to 11. million tons cement for the project with annual demand in between 1. 0 to 1. 5 mn tons. While all northern manufacturers would directly or indirectly benefit from the project, we believe the big players such as Askari and Bestway would be the key beneficiaries with proximity to the project. 5. 9 Export Market We are pessimistic about the export dispatches during FY-11 owing to i) increased availabili ty of cement in the regional markets, especially after lifting of export ban in Saudi Arabia, ii) slowdown in construction in the Middle East and iii) local transportation problems ensuing from the flood. Therefore, we expect a decline of 10-15% in exports during FY-11. Our export price outlook remains flat around $45, keeping in view the competitive environment in the export market. During FY-10 exports to Qatar, Oman, UAE and Kuwait declined whereas exports to Afghanistan, Djibouti, Sudan, Sri Lanka and other African Countries increased, as shown in the chart. We expect the trend to continue going forward as cement producers penetrate further into the African markets. Source: TDAP 5. FINANCIAL ANALYSIS – CEMENT MAJORS 6. 10 Financial Analysis 6. 11. 1 Liquidity On 9M-FY10 basis, the top-7 cement players face a tight liquidity situation with Current ratio at 0. 71x, Quick ratio at 0. 63x, Cash Ratio at 0. 05x and an Operating Cash Flow ratio at 0. 16x. Among the Top-7, Attock Cement is most liquid with Current ratio at 2. 67x, Quick ratio at 2. 33x, Cash ratio at 0. 66x and Operating Cash Flow ratio at 1. 02x. Overall, the Top-7 Average liquidity ratios show a low ability to settle short-term financial obligations as well as finance additional sales without incurring further debt. 6. 11. 2 Financial Leverage Financial leverage (average) among the top-7 cement players is at 0. 1x, which seems moderate. Bestway, Maple Leaf and Pioneer Cement have financial leverage at 2. 32x, 3. 56x and 1. 64x, respectively, which is high. Lucky and Attock Cement have financial leverage in control, at 0. 35x and 0. 25x, whereas D. G. Khan Cement’s financial leverage stands at 0. 67x. The average Interest Coverage ratio is at 1. 04x, which means, on aver age, the cement players barely have enough earnings to meet their financial charges. Given the high financial leverage and low Interest Cover, we believe cement companies’ ability to take on further financing is highly subdued, with the exception of Lucky and Attock Cement. 6. 1. 3 Asset Utilization We have adjusted the Asset Utilization ratios to reflect the full year (extrapolated) sales by a 4/3 adjustment factor. The resulting ratios, fixed asset turnover at 0. 65x and total assets turnover ratio at 0. 45x, suggesting overall low asset utilization, point towards the capital intensive nature of the industry marred with low capacity utilization levels. Among the top-7 players, Lucky Cement seems to have the most efficient asset utilization with fixed assets turnover at 0. 90x and total assets turnover at 0. 75x levels. Lafarge Pakistan cement’s asset utilization ratios rank lowest among the Top-7, being 0. 3x and 0. 11x on a fixed and total assets turnover basis, res pectively. Lafarge’s extremely low asset utilization levels call for further investigation into the causes. 6. 11. 4 Profitability We have adjusted the Return on Assets (ROA) and Return on Equity (ROE) ratios to reflect the full year (extrapolated) sales by a 4/3 adjustment factor. The resulting ratios suggest moderate gross profitability and basic earnings power, at 21. 26% and 9. 68%, respectively. However the final profitability is extremely low at 0. 03% reflecting the sky-rocketing financial charges. Bestway, Maple Leaf, Lafarge and Pioneer have negative net margins at -6. 7%, -18. 33%, -24. 86% and -14. 38%. Attock Cement appears most profitable during the period under review, with Net margins at 13. 32% followed by Lucky Cement at 12. 02%. Both these players have managed to post decent net profitability partially due to higher retention prices in South, compared to North, and higher export contribution margins. During 9M-FY10, Maple Leaf, Lafarge and Pioneer Cement pos ted negative Basic earnings power at -3. 14%, -13. 94% and -10. 95%, respectively, which points towards the intense price war, especially in North, throughout the period under review. D. G. Khan cement has managed to post a decent EBIT margin, at 16. 91%, however, the financial charges, which amount to Rs. 1. 5 billion for 9M-FY10, have left only 3. 79% in net margin. 6. 11. 5 DuPont Analysis DuPont analysis is an expression which breaks Return on Equity (ROE) into three parts, profit margin, asset turnover and equity multiplier representing, the operating efficiency, asset utilization efficiency and financial leverage, respectively. Our DuPont analysis of the top-7 players suggests that the main reason behind the low industry ROE during the period under review has been low profitability. The price wars during the period under review, along with high financial charges have severely affected the ROE. Asset utilization is not too healthy either, but is moderate. 6. 11. 6 Conclusion Based on our financial analysis, we have a liking for Lucky and Attock Cement and feel that these are safe companies to lend to. D. G. Khan Cement seems to be under stress at the moment due to its current maturity of long-term debts, worth Rs. 4 billion (approx. ), and an O/S Forex loan of US$ 40 million (FY-09 carrying value Rs. 3. 5 bn), payments commencing June, 2011, therefore it is expected to go for re-financing arrangements with banks. However, strong sponsors’ support, good reputation, largest local and 2nd largest total market share, large portfolio of liquid investments worth Rs. 17 billion (approx. ), and Income from investments serve as strong mitigating factors. Bestway, Maple Leaf and Pioneer Cement have financial leverage ratios at 2. 32x, 3. 56x and 1. 64x levels which are certainly not sustainable. The DuPont suggests both profitability and leverage are a cause of concern for these companies. Lafarge Pakistan’s low profitability and poor asset utilization have greatly affected its financial results. Overall, we recommend caution for the above three players.

Caffeine affects blood pressure Term Paper Example | Topics and Well Written Essays - 750 words

Caffeine affects blood pressure - Term Paper Example It is categorized as a psychoactive drug, but its consumption is legal. The substance has several pharmacological actions peripherally and also centrally. It is an antagonist of adenosine, a neuromodulator, blocking the actions of adenosine which are inhibitory (Hartley et al, 2001). Thus, caffeine has a stimulatory effect on the central nervous system. Typical doses of caffeine in day to day consumption are less than 500mg, while the toxic doses are more than 10 grams (James, 2004). Consumption of caffeine can have both negative and positive side effects and is predominantly individual and dose based. Positive effects include protection against Parkinson's disease. Negative side effects include disruption of sleep, elevated blood pressure and elevated heart rate. Caffeine effects on blood pressure are a much controversial topic and several studies have been conducted to ascertain its role in elevating blood pressure and contribution to cardiovascular disease. This effect merits impo rtance, because caffeine is consumed by many people worldwide and this includes populations who have hypertension. In this essay, the effects of caffeine on blood pressure will be discussed. Discussion Caffeine is an adenosine antagonist. Adenosine is a neuromodulator and inhibition of adenosine causes increased activity of various other hormones like adrenaline, dopamine, cortisol and endorphins. At higher doses, caffeine can also cause inhibition of GABA neurotransmission leading to insomnia, anxiety and increased respiratory rate and heart rate. It crosses the blood-brain barrier and placental barrier readily because it is water soluble. In the brain, it acts as a non-selective adenosine antagonist because of its structural similarity to adenosine (Dunwiddie and Masino, 2001). Some studies have shown that administration of caffeine in doses comparable to those consumed everyday can lead to acute elevation in blood pressure by 5-15 mmHg of systolic pressures and 5-10mmHg of diasto lic pressures (James, 2004).. The effects pertaining to elevated blood pressures can last several hours in both sexes and in individuals of all age groups. Another important finding in these studies is the fact that the effect is additive to that caused by other factors like smoking and stress. Effect of caffeine on blood pressure varies from individual to individual and elevations in blood pressure may be an individual susceptibility. Individuals who already have hypertension or borderline hypertension may be even more susceptible. Caffeine can also have synergistic action on blood pressure in times of psychological stress exaggerating the increase in blood pressure. Thus, indirectly caffeine can contribute to cardiovascular disease (James, 2004). One interesting aspect is that the effects on blood pressure are inversely proportional to the number of portions consumed on a particular day. For instance, the initial portion of caffeine produces the greatest hemodynamic effect when co mpared to later portions (James, 2004). According to a study by James (2004), there is extensive evidence over the fact that consumption of caffeine in dietary doses increases blood pressure. However, it is unclear whether this has an impact on cardiovascular disease because habitual use of caffeine leads to tolerance and epidemiologic findings regarding the impact of caffeine on cardiovascular disease is confusing. . Several experimental and epidemiologic studies have proven the impact of dietary caffeine on blood

Medical errors Research Paper Example | Topics and Well Written Essays - 10000 words

Medical errors - Research Paper Example Due to development in science and related ethical considerations in the western part of the world, patients and those related to them have more opportunities to be aware of mistakes and errors committed by their medical practitioners which further allows them to follow an appropriate course of action depending on the nature of MEs. Another significant factor that leads to formation of processes involved in disclosure of medical errors is Judeo-Christian traditions prevailing in western part of the world. Although these traditions are not universally applicable however secular western societies recognize them well. Some of the major Judeo-Christian expectations include confession, repentance and forgiveness. According to Berlinger and Wu (2003), When one misses the mark in terms of another person, Jewish and Christian traditions prescribe a series of concrete, reciprocal practices: confession, which includes disclosure and apology; repentance, which includes the actions that the person who has harmed another undertakes to compensate for the error; and forgiveness, through which the person who has been harmed signals that he or she has been adequately compensated. These practices may serve as a lifelong reference point for ethical conduct (106)i.† In order to devise a concrete mechanism of disclosure and apology by medical institutions to those directly affected by these medical errors, it is important to identify and understand expectations on part of patients and those related to them. Where apologies are the ultimate expectation of these parties, admitting fault and confessing them are the first step to resolutions of such situations. It is important to note that admitting fault may be sufficient enough to raise liability of medical practitioners and institutions in case patients and their relatives decide to enter into law suits. Another important element of accepting and disclosing medical errors is repentance on part of medical authorities involved

Critically discuss the work and skills involved in front-line jobs and Essay

Critically discuss the work and skills involved in front-line jobs and the extent to which these skills are controlled - Essay Example They are associated with the daily operations of a company and have direct contact with the money making process of the company. Some examples of front line workers include the assembly worker, bank tellers, and workers servicing in the service industry. Skills of frontline workers are crucial to the success of an organization. Skills in people can be improved upon by imparting training to them. The key concept of skill has been explained in the human capital theory by Schultz. According to the human capital theory, the productivity of workers can increase manifold if they are imparted useful knowledge and skills. This will inevitably lead to increase in their future earnings and future income. This theory rests on the importance of firm-specific training. The paper will focus on skills needed at work in lieu of front line workers. The paper will discuss the work and skills involved in front-line jobs and the extent to which these skills are controlled. Various theories and counter t heories and evidence will be presented from literature to support the argument. The crux of the argument would revolve around the importance of training and using measures like performance appraisals to build on skills needed for front line workers. Skills Skills have been increasingly debated world over. According to many critics this term is very popular amongst most managers, policy makers and academic circles in precarious and amorphous ways to the point that today it comes close to meaning everything yet nothing. Spenners study on skills shows that there used to be a unanimous consensus that skills comprise of two main elements. These are job complexity and job discretion. Job complexity implies the simplicity and difficulty associated with doing a particular job. Task discretion refers to the extent to which decision making power is given to the job holder. Does the worker have enough latitude to choose from a wide range of techniques in solving a problem or does he have to pa ss on the problem to an expert worker or does he have to ask a supervisor?. It is said the greater the latitude the job holder has, the higher skilled is the job. (Tett , 1991) An important aspect of skilled jobs that has been debated over and over again is the proxies which are used to measure skills and the kind of competencies that they measures. The most popular modes of skill assessment have been requirement qualifications and the level of training needed to inculcate those skills. These are partial measures of skill assessment. Skills and their control has often been a crucial aspect of debates in policy circles and academia. These debates have varied from skills related to people working in the manufacturing sector to people associated with the service sector. These could be home care assistants, the nurses, the retail store workers, the call center workers and the job centre work. However work on service sector related skills and has often raised eyebrows by analysts. Some a nalysts feel that the neglect should not be treated as astonishing and shocking as the same principles apply equally from manufacturing related workers to services related workers and from knowledge work to services. (Salgado, 1999) Recently conducted surveys by the Institute of Employment studies and MoRI denote that the major areas of deficiencies in the skills of front line workers are in communication skills. According to the survey, this skill deficiency leaps across the board

Information System In Organizations Essay Example | Topics and Well Written Essays - 1250 words

Information System In Organizations - Essay Example About ten years ago, many organizations are not open to its use and various restrictions are being applied, based on the level of the user. Today, internet access is part of the basic layout of every computers assigned to users and an indispensable tool in performing various tasks in the workplace. In many ways, internet usage in the context of the organization is a means to interact with its environment and face more opportunities (Willcocks, 1996). However, with these remarkable opportunities include accompanying risks, as it also exposes the information and technologies of the organization to a multitude of threats that must be recognized, mitigated and dealt with in such a manner that it will not obstruct the organization in meeting its goals. From this overview, it is imperative for an organization to invest in securing its core assets and processes in order to maintain a productive and competitive structure (Willcocks and Lester, 1996). The increasing competition, especially on a multinational level, significantly also increase the number of companies that tap and invest in informational systems (IS) in order to gain their niche and put an edge over their competitors (Rotemberg and Saloner, 1991). More and more companies are also employin... The use of IS approaches is also a method to realize and enhance workforce's effective response mechanisms towards the importance of e-commerce and concurrently, manage internal organizational processes that have a direct link to output and competence (Willcocks and Lester, 1996). Just like in any process, IS practices should also have its own means of evaluation mechanisms in order to be effective. It was found out that IS methods are successful in organizations that utilizes the procedure as a strategic, rather than a one-dimentional approach to develop the organization's overall performance (Rotemberg and Saloner, 1991). Information systems play a vital role in synchronizing the different tasks assigned to the different groups within the organization. This coordinating ability of information systems is especially vital in large organizations that have different interests or subsidiaries. Information systems streamline the business processes to make it more uniform among the different groups within the organization, guaranteeing efficiency and better transition in terms of information transfer. The streamlining of processes also makes the organization resilient and flexible to varying changes within and outside its environment. It also makes the organization more focused on updating its processes by removing any outdated practices that may impede in the development and growth of the organization (Willcocks and Lester, 1996). CASE STUDY The Washington Post is one of the most recognized news and information organizations in the world. The organization traces its origin to as early as 1877 when Stitson Hutchins launched the "Democratic Daily Journal". Initially, the emphasis/focus of the organization is in the areas of publication and distribution of newspapers.

Personal Profile Analysis with ESTJ Essay Example | Topics and Well Written Essays - 500 words

Personal Profile Analysis with ESTJ - Essay Example The study and tests conducted show that the candidate has an eye for logic, truth and facts that help him to shape the ‘real’ world around him. As a person of principles, and their respect for rules, power and prestige; the ESTJs are great for the positions of coaching and instructors. They are also able to seek out like-minded people in groups and organizations which turn into their trait of supervision. They are able to focus and follow guidelines handed down by authority figures and this links to their connection with tradition and family. Traditions that come down through heritage and ancestors (authority figures) are perceived willingly. From the Custom Keirsey Temperament, Mohamed Hashemi’s personality falls under that of the Artisan Promoter (ESTP). The personality types involve skills of excelling in the fields of fine arts, sports, politics, even mechanical and industrial arts. They feel most comfortable with tools and instruments that they can manipulate and alter. The most influential of artisans are those that are Promoters. They are able to put forward any venture, proposal or scheme to perfect strangers. Combined with their charming personality, the person thus has a lasting influence on family and friend around them. The person can be summarized as outgoing, lively and adventurous. The personality that is not only vibrant and skilled but a person who has an eye for facts, logic, detail and also seeks out daring, not so easy tasks that intimidate others. The person has an ongoing search and hunger for challenges, satisfaction, pleasure and stimulation. As opposed to the ESTJs who are governed by a set of principles and rules, the Artisans prefer to be free and unbound by any ties. They are also impatient and live today, for tomorrow may not come. This also tells how they live on the spur of the moment, living, enjoying and feeling life to the fullest. On the whole, the personality is charismatic, social and open-minded. Their outlook on others in life and that of the world around them shows the fun, observant, giving and a sophisticated streak of life in them.

Torture of bomb suspect Research Paper Example | Topics and Well Written Essays - 750 words

Torture of bomb suspect - Research Paper Example The main purpose of the research is to present that many cases of torture have been reported especially for terrorist suspects who are alleged to be involved in various bombings across the country and abroad. Abd al Rahim Hussein Mohammed al Nashiri is one of the victims of torture. Nashiri is the suspected terrorist bomber of the USS Cole bombing of 2000 in Yemen. The suspect who was detained in Guantanamo Bay was tortured by the military to an extent of admitting to the accusations. According to a report that the Pentagon released about the Nashiri torture, the suspect was tortured to a point that he could not take it anymore and thus admitted to have been responsible for the bombings so that he would be freed from the torture. This illustrates violation of professional ethics in the questioning of bomb suspects. Most of the suspects who are interrogated are normally tortured to a point where they would rather admit to have been involved in the bombings so that the pain they are su bjected into is put into an end. The legal-ethical rights of suspects are thus violated by such tortures because the interrogation processes are usually less objective. This is because the interrogators aim at eliciting responses from the suspects which makes them responsible for the crime. This is usually as a result of the fact that some suspects would refuse to say the truth regardless of the pain that the interrogation process puts them through.... After he admitted to the bombing, Nashiri’s captors became happy and stopped further interrogations. This shows that the captors of bomb suspects engage in unsupervised interrogation which leads to the violation of the constitutional rights of suspects who are legally considered innocent until proven otherwise by a court of law. Unnecessary torture is therefore a form of ethical malpractice because it causes a lot of dehumanizing pain to the suspects and thus violates their human rights (Lolita, 2007). Additionally, excessive torture of bomb suspects would lead to injustice because if victims are forced to admit to the crimes that they are not guilty of, then justice would not have been served. The fact that Nashiri was forced by the torture to admit into the responsibility of the Cole bombing shows that justice was not served because the actual bomber would be somewhere free and likely planning to commit other crimes. The bombing that led to the death of seventeen US sailors and injury to thirty nine others was blamed on Nashiri by the US military whom they considered to be an al Qaeda official who was responsible for arranging the Cole bombings. The evidence that the US military presented to the FBI revealed that Nashiri bought the explosives and the boat that was used during the bombings. The evidence that the military presented to the FBI is said to have been an adjunct of the admission of the suspect to the crimes when he was under torture (BBC World, 2007). This presents an ethical dilemma because the use of evidence that emanates from the response of the suspect at a time when he is subject to torture in prosecution leads to the questioning of the credibility

MHE507 - Bio-Terrorism Module 2 SLP Essay Example | Topics and Well Written Essays - 750 words

MHE507 - Bio-Terrorism Module 2 SLP - Essay Example All the means of bioterrorism identified had been considered ‘harmful’ before the attacks issued. During and after the attacks had been identified, the public had blurred the distinction between the harmful and the safe. Nowadays, people fear that everything around them can be used against them. This philosophy has led to negative feedbacks that controlled experiments about weapons of mass destruction earned. The mass fears that (1) the researches would eventually lead to more dangerous weapons, (2) the research is done to further taunt them, and that (3) the scientists are working towards a malicious goal. Any attack, be is large or small, should be considered as a potential attack, bearing in mind that even the simplest attack can lead to more hazardous ones. As a preliminary precaution, the statistics and facts involving the nature of the attack should be studied, and correspondence should be kept at all costs. â€Å"A look at the facts surrounding the outbreak to determine if anything seems unusual or indicative of bioterrorism should suffice (Pavlin, 1999).† The probability of an attack leading to an outbreak should not be overlooked, and at the first sign of an attack all systems should already be ready for surveillance. There are endless cases of possible attacks, ranging from endemic disease outbreak, reemergence of an old disease, the creation of new diseases, laboratory misfortunes to international attack. The researchers involved in the identification of which of the above-mentioned is the case at a certain attack should be able to observe the symptoms of the attack as well as the events that led to it to determine possible cause of administration. According to Pavlin (1999): The cause of a disease or even the occurrence of something unusual may be very difficult to determine, especially if the initial cases are few. Surveillance needs to be more than routine. Not only

Comparing two scenes Essay Example | Topics and Well Written Essays - 1250 words - 1

Comparing two scenes - Essay Example The film relies much on visual than verbal in explaining the entire portrait of Cameroon where France’s family lived. Denis concentrates on the relationship between the characters that are inflicted with various roles as child, wife, servants and colonialism. This is highlighted by demonstrating the house in terms of racial spaces demarcated as private or public places. The black Africans are featured as the servants whose places, where they shower or eat, are the public spaces while the whites’ homes are all private places. Two scenes seem to display this whereby; the public places are constantly on display. The scenes also display the relationship between France’s mother Aimee and their Cameroon servant, Protee who are almost of the same age. The relationship between the two is all what is meant to shape the life of France. The flashback does not much reflect on the experiences of France as a girl but on the relationship of Aimee and Protee, the two characters. In the first scene, Protee is taking a shower. On the other hand, in a plain view of the house, the male servants’ shower is outside. This scene is set during the day when there are rich colors and the sun is high. In the film, Protee is seen in a long shot soaping and rinsing his body. In the foreground of the frame are the servants’ quarters and Protee while the big house is set in the background. Denis makes the viewer aware that France and Aimee are returning from a walk during the time when Protee is showering. They pass behind the shower area while Protee does not notice them. On nearing the house, France talks to the mother, Protee thereby hears the voice. He is very frustrated and freezes in the fear that, if they turn to his side, they would see him naked. In this scene, Protee showers by himself in the servant quarters which are set as open public spaces with no privacy. During this particular period, the film firmly establishes in the

Investigation of Equality and Diversity Strategy in an Organisation Essay - 2

Investigation of Equality and Diversity Strategy in an Organisation - Essay Example This essay explores four aspects which represent the meaningful description of HRM: a particular collection of assumptions and beliefs, a strategic force informing decisions regarding people management, the central participation of line supervisors, and dependence upon a collection of forces to shape employment relationship. HRM’s core objective is to make sure the accessibility of competent and committed employees in an organization. The other main objectives are as follows: Societal objectives: To be socially and ethically responsible towards the challenges and needs of the society. The company should utilize their resources in favor of the benefit of society. Organizational objectives: To identify the function of human resource management in bringing the organizational efficiency. Functional objectives: There must be a proper agreement between the needs of the organization and the HRM division’s service. The demands of the organization should be served well by the HRM. Personal objective: To help employees in attaining their personal objectives. Employee’s personal objective can be met when employees are maintained, preserved and motivated. Functions of HRM: To accomplish the above objectives, two types of functions are performed by HRM. The first one is managerial function and the other is the operative function. Managerial function comprises of planning, organizing, staffing, directing, and controlling. Whereas, the operative function comprises of procurement of workers, development of employees, compensation function, integration, maintenance function, separation function, career development, and performance appraisal. Operative functions are also known as staff functions or service functions. Other functions are performance appraisal and performance management system. The â€Å"soft approach† of HRM is best characterized by the humanist model of Harvard School, laid its emphasis upon value-added feature of HRM. It is nearly connected with a resource-based vision of the organization which considers the unique nature of implied competencies and skills of workers as the main source of economic advantage. It is f ramed by the objectives of a business, but the stress is given on those portions that make workers a distinctive resource, one which is competent in offering the competitive advantage and encourage intrinsic motivation. It treats employees as esteemed contributors towards the organization, thereby, paying attention towards their motivation, building up trust, and providing development prospects.

Lenin Essay Example | Topics and Well Written Essays - 1000 words

Lenin - Essay Example Revolution came about as a result of various political actors as well as funding from foreign powers such as Germany which were interested in making sure that it withdrew from the First World War. Vladimir Lenin was one of the most important leaders of the Russian Revolution and this was mainly because he was a charismatic leader who sought to ensure that the monarchy in Russia was brought to an end. An individual dedicated to the rights of the working class that formed the bulk of the Russian state, Lenin was an individual who not only completely opposed to the monarchy, but also took an active part in ensuring its end (Rice 135). His political activities forced him into exile in Switzerland where he was in constant touch with likeminded people who believed that a communist revolution in Russia was necessary. While this was the case, Lenin and his associates did not have the necessary funding to ensure a successful uprising but this was remedied by the German government which is believed to have funded Lenin as well as organizing the means for him to return to Russia to agitate for a revolution. Germany played a pivotal role in helping the Bolsheviks come to power because it was in its interests to make sure Russia withdrew from the First World War and the only way to do this was to overthrow the monarchy (Pipes 141). It should be noted that during this period, Germany was fighting a two front war with the Allies and Russia’s withdrawal meant that it could concentrate its efforts in the western front. The German government therefore provided Lenin with the means of achieving his revolutionary objective in Russia and it was through German funding and support that he was able to mobilize the support he needed to overthrow the Tsarist government. Alexander Lvovics Parvus was a significant factor in the Russian Revolution and he did this through his association with influential individuals in the German establishment such as Baron von Wangenheim (Karaà ¶merlÄ ±oÄŸlu

Week three assignment Essay Example | Topics and Well Written Essays - 500 words

Week three assignment - Essay Example The major cause of the Buddhist riots was the ban to raise the Buddhist religious flag in the city of Hue by Catholic Ngo, Dinh Diem. The protesters were fighting for their religious freedom and fair treatment by the Diem’s government. In response to the protest, Diem reacted by commanding his soldiers to get rid of the unarmed civilians protesting against the ban and went on to arrest the Buddhist leaders. The use of force to stop the riots caused loss of life to many Buddhist which inflicted a lot pressure to the quest to continue their fight for freedom and fair treatment. According to Tucker (2013), the riots took a new phase after a Vietnamese bonze openly burnt himself at a busy street in Saigon to mark the climax of the protest. The photographs of the scene and other serious demonstration attracted attention worldwide. Some communities and countries that never supported the Buddhist community in the past stepped in. for instance, John Kennedy, the American president by then, backed the Buddhist in their struggle by offering booth material and moral support. The American intervention on the issue pushed Diem to assert a martial law which he applied in raiding the masterminds of the protest. The continued support of the liberals by the American government overpowered the Diem’s government and on November 1963, he was overthrown and assassinated (DeBenedetti & Chatfield1990). Soon after Diem’s death, Kennedy was assassinated and Lylond took power as the US president. The assassination of Diem left a power vacuum which resulted in political disorders. In addition the country was left very poor and had to restructure its economy. In fact, the country became fully dependent on America for its survival. In addition, the liberal leaders took advantage of the unstable political situation to dominate the rural population of South Vietnam. Diem’s overthrow and death can be solely attributed

Destination Management Assignment Example | Topics and Well Written Essays - 3000 words - 1

Destination Management - Assignment Example This is done with the aim of improving the wealth of the experience for both tourists and locals as well as ensures sustainability of the environment and activities that promote tourism. When the content of this discussion are considered in line with the definition of sustainable tourism, it is evident that development is core in achieving the latter. According to the WTO (1981), sustainable tourism development has to do with meeting the desires and expectants of visitors and the host regions but also protecting the areas and the culture for posterity (p.89).Tourism should ideally be carried through careful resource management in such a way that aesthetic needs are met while cultural integrity and biological diversity are preserved. Stage of development According to Butler (1980), there are seven stages of tourism development â€Å"lifecycle †(1980, p. 6)and they will be discussed herein in relation to the city of Venice in an effort to understand its growth and changes in reg ard to the tourism industry. The first stages are exploitation then involve of locals in providing facilities which results in the place becoming a popular destination (Garay & Ca`noves, 2010). Venice being one of the oldest cities in the world underwent these centuries ago and kept rising and falling depending on prevailing regional political stability. In the last few decades, Italy recognized the potential of Venice as a tourist destination and made efforts to advertise it, the world has recognized it as such too and millions of visitors flood there every year. However, due to the high number of tourists, they have destabilized the lives of the locals by making the city crowded and making it so expensive that many venetians are driven to live elsewhere. This is the fourth stage currently most dominantly manifested by the city today. Tourism facilities may also likely start to fade, as indeed they are due to the impact of too heavy a flow and if no action is taken to restore the o ld Venice tourism in the region will likely stagnate. The tourism managers in Venice have clearly noticed this and much effort has been put in restoration especially after the flood of 1968, this is the sixth stage of restoration, it has to a large extent been successful thanks to the combined efforts of the stakeholders. Should restoration fail, Venice would decline and ultimate previously tourist supported systems would fail. Approach to destination management A workshop on report produced by UNESCO on tourism in Venice asserted on the need for a diversified and sustainable cultural tourism and improved tourism management so as to effectively prioritize the needs of the host community. The need for better destination management stems from, among others, the fact that despite hosting over 22 million guests, only about 4 million spend the night, ergo, this makes tourism in the city more of a free ride than a cultural experience (UNESCO, 2011). The former is however neither sustainab le nor healthy for the industry since â€Å"free riders† will rarely appreciate the sights and experiences enough to contribute to their growth by coming back An major managerial challenge facing the municipality of Venice ensuring a regular flow of visitors all year round to increase productivity as well as reduce the high costs of short

Finance valuation Research Paper Example | Topics and Well Written Essays - 1500 words

Finance valuation - Research Paper Example In 2006, the company had a high amount of equity shareholders of 2618000. However this figure has reduced until the year 2013 when it is at a negative figure which is (1414500). This shows that over time, the company is reducing the rate at which it relies on external sources of funding. This shows that the company might have found other sources of cash or it is slowly building up its assets and therefore does not need external monies to fund its growth. The company has a high capital surplus and an increase in the amount of retained earnings. The amount of retained earnings in 2006 was 2904000 and in 2013, this figure had increased to 3793000. This shows that in the next 10 years, the company will have very limited requirements for external funding. This is a good sign for any investor as it shows that in future the business will be able to meet its financial obligations. The retained capital can further be used to to expand the business and grow its operations and this shows that in the long run it is the shareholders who will benefit from such a move. The key assumptions that are made in this regard is that the business environment of the business will remain the same as it is. It is assumed all the stakeholders involved in the business will not have any major policy changes that will impact the rate of growth in the business operations. It is further assumed that the management will always have in place policies that ensure that the company is on a growth phase for the next 10 years, it is only in this way that the profits that the business is earning can be maintained over the long term. The recruitment policy should also ensure that only the best and most qualified people are hired in the company so as to ensure continuity in a certain level of success. A major factor that affects all businesses is government policy it is assumed that the regulations in regards to the business will remain the same. This is

Principles of accounts Essay Example for Free

Principles of accounts Essay I would like to express my sincere gratitude to all the persons who have been helpful towards the successful completion of this assignment. First and foremost I would like to thank Shadae Russell, Shakeyra Millington, Jonathon Butler and Ovasha Bartley for their support and assistance towards carrying out the research to complete this assignment. Secondly I want to thank my guardians for providing me with the suitable materials to finalize this assignment. I would also like to thank Mrs. K. Elliot for her assistance and guidance in completing this project. Last but certainly not least I would like to thank God for his extended mercies unto me. Introduction This assignment is about a business that started approximately three (3) years ago which is situated in a busy area that allows it to generate large amounts of money each day to carry out its operations. This assignment contains all the information about this Blanna’s Fashion Boutique business. The information which this assignment contains includes the financial records for the period ending September 30 2011. This assignment serves to keep track of all the money that goes inside the business bank account, all the cash which the business uses within visiting the business bank account, all the money that goes outside of the business bank account, all the money that came into the business by cash and not with the use of cheques and the purposes for each transaction. Therefore this assignment provides a clear understand of all the operations the business under goes on a day to day basis. Table of Contents Headings Page # Cover Page I Title PageII AcknowledgementIII Introduction IV Aim of the Project1 Description of Business Entity 2 Mission Statement 3 Logo and Slogan 4 Accounting Cycle 5 Accounting Information Journals 6-7 Cash Book 8 Ledgers 9-13 Trial Balance 14 Stock Valuation 15-19 Trading, Profit and Loss and Appropriation A/c 20-21 Balance Sheet 22 Bank Reconciliation Statement 23 Accounting Ratios 24-25 Performance of the Business 26 Comparisons 27 Recommendations and Suggestions 28 Conclusion 29 Appendix Price list (showing mark up %) 30 Diagrams Charts and Graphs Pictures Invoices, Cheques, Receipts etc References Aim of the Project The aim of this project is: To arrive at a comprehensive understanding of the financial sector of businesses. To highlight the strength and the weaknesses of the Blanna’s Fashion Boutique business. To present the financial records for the year ended September 30, 2011 for Blanna’s Fashion Boutique business. Description of Business Entity Blanna’s Fashion Boutique is a partnership. This business is owned and operated by Anna Kay Blake, Shadae Russell and Ovasha Bartley a Group of ambitious young ladies. Our main aim is to make a profit while catering for the needs of the community which it is situated in. Blanna’s Fashion Boutique is situated in Montego Bay at the Blue diamond plaza 10 Pearl Street. This business has been in existence since June 20, 2008. We employ approximately fifteen (15) workers. We cater for the petite to the full figured women. We produce a wide variety of slippers, pants, skirts, handbags and accessories. Prices are always lower than that of our competitors. In cases of fashion emergencies you can call us at (1876) 3553980/4275646 or email us at Blanna’[emailprotected] com. The mission of Blanna’s Fashion Boutique is to: Provide the latest fashion for all females Provide goods and services at a reasonable cost Ensure that the quality of our goods meets the standards of our business. Ensure that whatever the business do doesn’t affect the environment negatively. Provide employment for members of the community Provide sponsors to underprivileged children Logo and Slogan Logo Slogan With passion we send out the latest fashion Accounting Cycle General Journal Date Details Folio Debit Credit September 1 Bank CB01 364000 Cash CB01 27160 Debtor (J. Simpson) SL01 31600 Motor Van GL02 62840 Building GL03 100000 Stock 24960 Creditor (Super Supreme) PL01 10560 Capital GL01 600000 Opening entries 610560 610560 Purchase journalPage 01 Date Details Folio Amount 1-Sep Super Supreme International PL01 237,040 27-Sep Super Supreme International PL01 57,960 Sep 30 Total credit purchases to be transferred to the purchases account in the general ledger GL02 295,000 SALES JOURNAL Date Details Folio Amount 5-Sep J. Simpson SL01 57000 13-Sep B. Banton SL03 78,550 20-Sep N. Kidman SL02 104,400 Sep 30 Total credit sales to be transferred to the sales account in the general ledger GL13 239,950 RETURN OUTWARDS JOURNAL Date Details Folio Amount 9-Sep Super Supreme International PL01 13,600 Sep 30 Total return outwards to be transferred to the return outwards account in the general ledger GL16 13,600 Return Inwards Day Book Date Details Folio Amount 24-Sep B. Banton SL03 16,800 30-Sep N. Kidman SL02 9,600 Sep 30 Total goods returned to us to be transferred to the return inwards account in the general ledger GL15 26,400 Cash Book Date Details Folio Discount Allowed Cash Bank Date Details Folio Discount Received Cash Bank September 1 Balance b/d GJ01 27,160 364,000 September 1 Machinery GL3 48,000 September 2 Bank C 50,000 2 Cash C 50,000 3 Sales GL13 59,350 3 Rent GL4 30,000 7 Sales GL13 37,750 6 Fixtures GL5 65,000 18 J. Simpson SJ01 12,000 45,000 8 Wages GL12 10,000 29 B. Banton SJ03 6,175 55,575 11 Insurance GL6 6,100 30 Sales GL13 120,540 11 Electricity GL7 3,300 11 Rates GL8 2,600 15 Super Supreme International PL01 7,500 142,500 15 Wages GL12 10,000 16 Drawings GL10 6,200 19 Furniture GL11 3,600 22 Wages GL12 10,000 29 Wages GL12 10,000 30 Balance c/d 123,075 239,000 18,175 350,375 409,000 7,500 350,375 409,000 General Ledger Date Details Folio Amount Date Details Folio Amount Capital A/C Page 01 September 31 Balance c/d 600,000 September 1 Balance b/d GJ01 600,000 October 1 Balance b/d 600,000 Motor Van A/C Page 02 September 1 Balance b/d GJ12 62,840 September 30 Balance c/d 62,840 October 1 Balance b/d 62,840 Buildings A/C Page 03 September 1 Balance b/d GJ01 100,000 September 30 Balance c/d 100,000 October 1 Balance b/d 100,000 Machinery A/C September 1 Bank CB01 48,000 September 31 Balance c/d 48,000 October 1 Balance b/d 48,000 Rent A/C September 3 Bank CB01 30,000 September 30 Profit Loss 30,000 Fixtures A/C September 6 Cash CB01 65,000 September 31 Balance c/d 65,000 October 1 Bal b/d 65,000 Insurance A/C September 11 Bank CB01 6,100 September 30 Profit Loss 6,100 Electricity A/C September 11 Bank CB01 3,300 September 30 Profit Loss 5,500 30 Accruals c/d 1,200 5,500 5,500 October 1 Accruals b/d 1200 Rates September 11 Bank CB01 2,600 September 30 Profit Loss 2,600 Drawings September 16 Cash CB01 6,200 September 30 Balance c/d 6,200 September 30 Balance b/d 6,200 Furniture September 19 Cash CB01 3,600 September 30 Balance c/d 3,600 October 1 Balance b/d 3,600 Wages September 8 Bank C01 10,000 September 31 Profit Loss 40,000 15 Cash C01 10,000 22 Bank C01 10,000 29 Bank C01 10,000 40,000 40,000 Sales September 30 Trading Account 457,590 September 3 Cash CB01 59,350 September 7 Cash CB01 37,750 September 30 Cash CB01 120,540 September 30 Total Credit Sales SJ01 239,950 457,590 457,590 Purchases September 31 Total Credit Purchases PJ01 295,000 September 31 Trading Account 295,000 Return Inwards September 31 Total for month RI01 26,400 September 31 Trading Account 26,400 Return Outwards September 31 Trading Account RO01 13,600 September 31 Total for month 13,600 Discount Allowed September 30 Total Discount Given to customers 18,175 September 30 P L 18,175 Discount Received September 30 P L 7,500 September 11 Super Supreme International 7,500 Purchases Ledger Super Supreme International September 9 Return Outwards RO01 13,600 September 1 Balance b/d GJ01 10,560 15 Bank CB01 142,500 1 Purchases PJ01 237,040 15 Discount Received CB01 7,500 27 Purchases PJ01 57,960 30 Balance c/d 141,960 305,560 305,560 October 1 Balance b/d 141,960 Sales Ledger J. Simpson September 1 Balance b/d 31,600 September 18 Discount Allowed CB01 12,000 September 5 Sales SJ01 57,000 September 18 Bank CB01 45000 September 30 Balance c/d 31,600 88,600 88,600 October 1 Balance b/d 31,600 N. Kidman September 20 Sales SJ01 104,400 September 30 Return Inwards RI01 9,600 September 30 Balance c/d 94,800 104,400 104,400 October 1 Balance b/d 94,800 B. Banton September 13 Sales SJ01 78,550 September 24 Return Inwards RI01 16,800 September 29 Discount Allowed CB01 6,175 29 Cash CB01 55,575 78,550 78,550 Trial Balance Blanna’s Fashion Boutique Trial Balance as at September 30, 2011 Details Debit $ Credit $ Capital 600,000 Motor Van Buildings 100,000 Machinery 48,000 Stock 24,960 Rent 30,000 Fixtures 65,000 Sales 457,590 Purchases 295,000 Cash 123,075 Bank 239,000 Wages 40,000 Return Outwards 13,600 Super Supreme International 141,960 Electricity 3,300 Insurance 6,100 Rates 2,600 Furniture 3,600 Drawings 6,200 Return Inwards 26,400 N. Kidman 94,800 J. Simpson 31,600 Discount Received 7,500 Discount Allowed 18,175 1,220,650 1,220,650 Stock Valuation (A) Pants Date Received Issued Balance Quantity Unit Price Amount Quantity Unit Price Amount Quantity Unit Price Amount 1-Sep 12 900 10,800 1-Sep 96 1,000 96,000 12 96 900 1,000 10,800 96,000 3-Sep 12 12 900 1,000 10,800 12,000 84 1,000 84,000 5-Sep 12 1,000 12,000 72 1,000 72,000 13-Sep 24 1,000 24,000 48 1,000 48,000 20-Sep 24 1,000 24,000 24 1,000 24,000 27-Sep 36 1,100 39,600 24 36 1,000 1,100 24,000 39,600 30-Sep 24 12 1,000 1,100 24,000 13,200 24 1,100 26,400 (B) Blouse Date Received Issued Balance Quantity Unit Price Amount Quantity Unit Price Amount Quantity Unit Price Amount 1-Sep 12 400 4,800 1-Sep 96 440 42,240 12 96 400 440 4,800 42,240 5-Sep 12 12 400 440 4,800 5,280 84 440 36,960 13-Sep 24 440 10,560 60 440 26,400 20-Sep 36 440 15,840 24 440 10,560 30-Sep 12 440 5,280 12 440 5,280 (C ) Handbag Date Received Issued Balance Quantity Unit Price Amount Quantity Unit Price Amount Quantity Unit Price Amount 1-Sep 4 1,600 6400 4 1,600 6,400 3-Sep 1 1,600 1,600 3 1,600 4,800 7-Sep 1 1,600 1,600 2 1,600 3,200 13-Sep 1 1,600 1,600 1 1,600 1,600 27-Sep 4 1,650 6,600 1 4 1,600 1,650 1,600 6,600 30-Sep 1 3 1,600 1,650 1,600 4,950 1 1,650 1,650 (D ) Skirts Date Received Issued Balance Quantity Unit Cost Amount Quantity Unit Cost Amount Quantity Unit Cost Amount 1-Sep 12 780 9,360 1-Sep 60 820 49,200 12 60 780 820 9,360 49,200 3-Sep 12 780 9,360 60 820 49,200 7-Sep 12 820 9,840 48 820 39,360 13-Sep 12 820 9,840 36 820 29,520 30-Sep 24 820 19,680 12 820 9,840 (E) Slipper Date Received Issued Balance Quantity Unit Price Amount Quantity Unit Price Amount Quantity Unit Price Amount 1-Sep 48 900 43,200 48 900 43,200 5-Sep 12 900 10,800 36 900 32,400 7-Sep 12 900 10,800 24 900 21,600 20-Sep 24 900 21,600 27-Sep 12 980 11,760 12 980 11,760 Trading, Profit and Loss and Appropriation Account Blanna’s Fashion Boutique Trading Profit Loss Account for the year ended September 30, 2011 $ $ $ Sales 457,590 Less Return Inwards (26,400) Net Sales 431,190 Less Cost of Goods Sold: Opening Stock 24,960 Purchases 95,000 Less Return Outwards (13,600) Net Purchases 281,400 Cost of Goods Available 306,360 Less Closing Stock (54,930) 251,430 Gross Profit 179,760 Add Revenues Discount Received 7,500 187,260 Less Expenses Wages 40,000 Rent 30,000 Electricity 4,500 Insurance 5,100 Rates 2,600 Depreciation 400 Discount Allowed 18,175 100,775 86,485 Net Profit Add interest on Drawings: Shadae 620 Less: 85,865 Interest on capital Anna kay 12,500 Shadae 7500 Ovasha 10,000 30,000 Salary: Anna kay 12,000 42,000 43,865 Share of Profit: Anna kay 18,277. 08 Shadae 10966. 25 Ovasha14,621. 67 43,865 Balance Sheet Blanna’s Fashion Boutique Balance Sheet as at September 30, 2011 Fixed Assets Cost Accumulated Depreciation NBV Buildings 100000 100,000 Fixtures 65000 65,000 Machinery 48000 400 47,600 Furniture 3600 3,600 Motor Car 62840 62,840 400 279,040 Current Assets Stock 54,930 Debtors 126,400 Prepayment 1,000 Bank 239,000 Cash 123,075 544,405 Less Current Liabilities Creditors 141960 Accruals 1,200 143160 Working Capital 401,245 680,285 Financed by: Capital 600,000 Net Profit 86,485 686,485 Less Drawings 6,200 680,285 Bank Reconciliation Statement Updated Cash Book Balance b/d 239,000 Bank Charges 65 Credit Transfer 4200 Standing Order 15000 Balance c/d 228,135 243200 243200 Bank Reconciliation Statement as at September 30, 2011 Balance as per Bank Statement 222,535 Add Late Lodgments 45,000 267,535 Less Unpresented Cheque 39,400 Balance as per Cash Book 228,135 Accounting Ratios Inventory Turnover Ratio- Cost of Goods sold Average Inventory/2 =244,470 24960+61890/2 =5. 62 Current Ratio- Current assets Current Liabilities =551365 143160 =3. 85 Gross profit as a percentage of sales- Gross profit x 100 Sales =179,760 x 100 457590 = 39. 28% For every sale of $100 the business earns $39. 28 as gross profit. Net profit Ratio- Net profit / Net sales x l00 =86,485 / 431,190 x 100 =20. 06% For every sale of $100 the business earns $20. 06 as net profit. Acid Test Ratio- Current Assets- Stock Current liabilities = 544,405 54,930 143160 =3. 42 Performance of the Business In preparing the financial statements of Blanna’s Fashion Boutique the Trading, profit and loss and appropriation account shows a profit of eighty six thousand four hundred and eighty five thousand dollar (86,485) at the end of the financial period of September 30,2011. The business started out with six hundred thousand dollar. In the closing of the financial period of Blanna’s Fashion Boutique there was an increase in the amount of capital that the business has. The business made a gross profit of one hundred and seventy nine seven hundred and sixty dollars (179,760) instead of making a gross loss. Comparisons The comparison is being done between the opening capital and the closing capital for Blanna’s Fashion Boutique, at the end of the financial period. At the beginning of the financial year the opening capital was six hundred thousand dollar (600,000). At the end of the financial period the closing capital is six hundred and eighty thousand two hundred and eighty five dollar (680,285) which means there is an increase of eighty thousand two hundred and eighty five dollar (80,285). Another comparison is being done between the fixed assets of the business and the current assets. The fixed asset of the business is two hundred and seventy nine thousand and forty dollar (279,040) while the current asset is five hundred and forty four thousand four hundred and five dollars (544,405). This means that the amount of money that the business spend of items that stays in the business with no intention of selling it is lesser than the amount of money that the business spend on assets that will allow the business to generate a profit. Recommendations and Suggestions It is recommended that Blanna’s Fashion Boutique: Ploughed back a portion of the profit that the business makes into it. Introduces new products to the business. Purchase new equipment for the business Uses some of the profit that the business makes to attach another department on to the business. It is suggested that Blanna’s Fashion Boutique should: Purchase cheaper equipments to use in the business. This will increase the amount of money available in the business. Offer more sale discounts this will force more customers to purchase from Blanna’s Fashion Boutique. Conclusion It is clear that Blanna’s Fashion Boutique keeps all the records of the transactions that take place in the business over the financial period of time. Blanna’s Fashion Boutique could increase the gross profit and net profit of the business by adhering to the suggestions or recommendations outlined. Never the less Blanna’s Fashion Boutique made a good net profit of eighty six thousand four hundred and eighty five dollars (86,485) during the month of September in 2011. Blanna’s Fashion Boutique was able to make a profit due to the large amount of sales the business made. Price list Goods Price Pants $ Blouse $ Handbags $ Skirts $ Slippers $ INVOICE Debit note Principles of Accounts School Based Assessment (2012-2013) You are required to name the firm and state the nature of the business. This must be in accordance with the items sold*. After the initial accounting entries (Tasks 1 -3) have been completed you will then record the additional adjusting entries as set out at Tasks 4 and 5. You may choose goods from the following list for the transactions. * Computer Store Clothes and Accessories Store A Keyboard Pants (guess) B Mouse Blouse (guess) C Printer Hand bags (guess) D Surge Protector Skirts (guess) E Speakers Slippers (guess) ABC Enterprise (Remember that you are to rename the firm) The following transactions were taken from the books of ABC Enterprise. You are required to asses them carefully then write up the relevant books as outlined in the requirements below: 2011 Sept 1Opening Balances Capital$600, 000 Bank$364, 000 Cash$ 27, 160 Debtor (J Simpson)$ 31, 600 Creditor (Super Supreme International)$ 10, 560 Motor Van$ 62, 840 Building$100, 000 Stock 1doz A$ 10,800 1doz B $ 4,800 1doz D$ 9,360 Sept 1Bought goods on credit from Super Supreme International. 8 doz A @ $1,000 each 8 doz B @ $440 each 4 boxes C @ $1,600 each 5 doz D @ $820 each 4 doz E @ $900 each Sept 1Bought Machinery by cheque $48, 000. Sept 2Withdrew $50, 000 cash from the bank account to be used in the business. Sept 3Cash Sales 2 doz A @ $1, 650 each 1 box C @ $2, 950 each 1 doz D @ $1, 400 each Sept 3 Paid rent by cheque $30, 000. Sept 5 sold goods on credit to J. Simpson. 1 doz A @ $1, 650 each 2 doz B @ $800 each 1 doz E @ $1, 500 each Sept 6 Bought fixtures with cash $65, 000. Sept 7 Cash Sales 1 box C @ $2, 950 each 1 doz D @ $1, 400 each 1 doz E @ $1, 500 each Sept 8Paid wages $10, 000 by cheque. Sept 9Returned goods to Super Supreme International as items were damaged. 1 doz A 1 box C Sept 11Paid the following expenses by cheque: Insurance $6,100, Electricity $3,300 and Rates $2,600. Sept 13Sold goods on credit to B. Banton: 2 doz A @ $1, 650 each 2 doz B @ $ 800 each 1 box C @ $2, 950 each 1 doz D @ $1, 400 each Sept 15Made payment to Super Supreme International by cash $150, 000, received a 5% cash discount. Sept 15Paid wages with cash $10, 000 Sept 16Owner withdrew $6,200 cash to fix his personal motor car. Sept 18Collected Cheque from J. Simpson for goods sold on Sept 5th 2011, $45, 000. Sept 19Bought furniture $3,600 with cash from Courts Ja. Ltd. Sept 20Sold goods on credit to N. Kidman 2 doz A @ $1, 650 each 3 doz B @ $ 800 each 2 doz E @ $1, 500 each Sept 22Paid wages with cheque $10, 000. Sept 241 doz D returned to us by B. Banton as they were the wrong size. Sept 27Bought goods on credit from Super Supreme International. 3 doz A @ $ 1,100 each 4 boxes C @ $1, 650 each 1 doz E @ $ 980 each Sept 29B. Banton settled his account less 10% cash discount. He paid with cash. Sept 29 Paid wages $10,000 by cheque. Sept 30 Received goods from N. Kidman: 1 doz B Sept 30Cash Sales 3 doz A @ $1, 815 each 1 doz B @ $ 800 each 4 boxes C @ $3, 000 each 2 doz D @ $1, 400 each Task 1 Write up ALL Subsidiary Books and then post the transactions to the ledgers. Please ensure that you distinguish between, General Ledger, Sales Ledger and Purchases Ledger. Show the opening entries in the General Journal at September 1, 2011. Task 2 Prepare ABC Enterprise Trial Balance as at September 30, 2011 Task 3 Using the FIFO method of stock valuation, determine the closing stock. Task 4 Design a logo and slogan for your business and provide the relevant information on the business entity Prepare ABC Enterprise Trading, Profit and Loss Account for the month ending September 30, 2011 and a Balance Sheet as at that date, after taking into account the following: a) Insurance expense was paid in advance, $1000. b) Electricity was outstanding by $1, 200 c) Machinery is to be depreciated at 10 % annually using the straight line method (show the depreciation for the month). Show adjustment to the above information in the ledgers. Task 5 Prepare the Bank Reconciliation Statement using the Bank Statement below Bank Statement DR CR Balance $ $ $ Sept 1 Balance 364 000 Sept 1 Burke’s (Machinery) 48 000 316 000 Sept 2 SNPN Ltd (Cash) 50 000 266 000 Sept 8 Wages 10 000 256 000 Sept 11 NWC (Rates) 2 600 253 400 Sept 20 Wages 10 000 243 400 Sept 24 Credit transfer (Q Smith) 4 200 247 600 Sept 29 Wages

Subash Chandra Bose Essay Example for Free

Subash Chandra Bose Essay His death was a great loss to the country  . Though Mahatma Gandhi and Jawaharlal Nehru have garnered much of the credit for successful culmination of Indian freedom struggle, the contribution of Subash Chandra Bose is no less. He has been denied his rightful place in the annals of Indian history. He founded Indian National Army (Azad Hind Fauj) to overthrow British Empire from India and came to acquire legendary status among Indian masses. Netaji Subhas Chandra Bose was one of those who sacrificed their lives in the freedom movement of India. Subhas Bose was a born leader. People were always ready to risk their lives on his call. He was a fierce and popular leader in the political scene in pre-independence India, so it did not come as shock when he was elected the President of All India Congress in 1938 Subhas was in favor of armed revolution in order to drive out the British.. Bose advocated complete unconditional independence for India. He was acclaimed as a semigod, akin to the many mythological heroes like Rama or Krishna, and continues as a legend in Indian mind. Subhash Chandra Bose was a very able man. He had excellent moral character. He had a grand personality. Any one who met him always admired him. He was a great general. His solders- Hindu, Muslims, Christians and Anglo Indians were simply devoted to him and regarded him ultimate. He was a first class practical statesman of great tact. He had a strong determination. He was a phantom and his name was still a sound when the Indian Armies under his leadership and command invaded Imphal and the eastern boundary of Manipur His Cradle Years! Subhas Chandra Bose was born in Cuttack, Orissa, in 1897.. Subhas was highly disciplined from his childhood days and had a burning desire to see India ree. . He studied at  Stewart School, Cuttack, an Anglo school, until the seventh standard and then shifted to  Ravenshaw Collegiate School. After securing the second position in the matriculation examination of Calcutta province in 1911, he got admitted to the  Presidency College  where he studied briefly. [16]  His nationalistic temperament came to light when His intolerant of prejudices against India spurt forth When his English teacher at Presidency College (Calcutta), Mr. Otton, made negative remarks about Indians in his classroom, he protested. He successfully organized a strike, demanding a public apology from the teacher. Consequently, Subhas was expelled but was happy that he stood up for a right cause. R ight from his childhood he was a bright student and was a topper in the matriculation examination from the whole of Calcutta province. He graduated from the Scottish Church College in Calcutta with a First Class degree in Philosophy. Influenced by the teachings of Swami Vivekananda, he was known for his patriotic zeal as a student. After leaving the college, Subhas devoted time in social work. People advised him to go back to the college and complete his studies. With considerable effort he gained admission into the Scottish Church College of Calcutta. To fulfill his parents wishes he went to England in 1919 to compete for Indian Civil Services. In England he appeared for the Indian Civil Service competitive examination in 1920, and came out fourth in order of merit. However, Subhas Chandra Bose was deeply disturbed by the Jallianwalla Bagh massacre, and left his Civil Services apprenticeship midway to return to India in 1921 to dedicate his life for the fight of India’s freedom.

Dividend Payout in Consumer Product Industry, Malaysia

Dividend Payout in Consumer Product Industry, Malaysia 2.0 PROBLEM STATEMENT There is a large volume of work in the area of dividend payout policy across many developed countries (Gugler, 2003; Kallapur, 2004; Ferris et al., 2006; Denis and Osobov, 2008; Eije and Megginson, 2008; Engsted and Pedersen, 2010). However, less work has been done in developing countries and researchers have started to study the dividend policy, as well as the behaviour of the company within the countries (Pandey, 2003). In addition, studies that examine the dividend payout policy focus more on the general category (Kallapur, 2004; Denis and Osobov, 2008; Eije and Megginson, 2008). Limited work has been done in category based on industrial grouping (Ferris et al., 2006). As such, my study seeks to address the gap in literature review and thereby stresses on the dividend payout, in term of ratio and pattern of companies within the consumer products industry in Malaysia. 2.1 RESEARCH QUESTION What is the trend of dividend payout in companies within consumer products industry in Malaysia? 2.2 RESEARCH OBJECTIVES To identify the dividend payout ratio of the consumer products industry in Malaysia and its changes across years. To determine the percentage of companies paying dividend in the consumer products industry in Malaysia. To determine the dividend payout pattern of companies within the consumer products industry in Malaysia. To identify if there is a difference of dividend payout ratio within the consumer products industry in Malaysia. 3.0 LITERATURE REVIEW (GAPS FILLED) There is vast literature in the area of dividend payout policy across countries including US (Gugler, 2003; Denis and Osobov, 2008; Eije and Megginson, 2008) and non-US such as EU countries (Eije and Megginson, 2008; Denis and Osobov, 2008; Engsted and Pedersen, 2010), Japan (Ferris et al., 2006; Denis and Osobov, 2008) and Taiwan (Kallapur, 2004). The finding shows that payout policy undergoes changes and fluctuates across year, especially in the recent year of 1992 to 2004 (Renneboog and Trojanowski, 2010). According to Kallapur (2004), many studies agree that dividend payout ratio is a signal indicating the firms future growth. Firms pay attention to the consistency of dividend payout as studies show that investors put premium on the firms with stable payout policy and firms are reluctant to cut dividend (Gugler, 2003). Besides, a study by Ferris et al. (2006) shows that firm with negative earning (negative growth) in UK is less likely to pay dividend. This is consistent with the finding that dividend payout ratio is related to the firms growth. Study by Gugler (2003) reports that large firms with good investment opportunity in US are less likely to pay high dividend to the investors. However, their payout is relatively more stable and they are rarely cut down on the dividend (Allen and Michaely, 1995). Besides, study by Eije and Megginson (2008) shows that younger companies in EU are less likely to pay dividend and the payout is less than those older companies. According to Eije and Megginson (2008), dividend payout ratio has increased over years. They also report that the payout ratio in US has increased from year 1970 to year 2001, and the total dividend paid is increasing among firms in EU countries. From previous studies, Ferris et al. (2006) and Eije and Megginson (2008), find that the number of firms paying dividend in US is decreasing despite the increasing of dividend payout ratio across years. Eije and Megginson (2008) also report the same finding in EU firms and suggest that the dividend payout policies are quite similar between the two. According to Denis and Osobov (2008), the decreasing trend is driven by the failure of new listed firms to initiate payout when they are expected to do so. However, there is a contrast finding from the studies done in Taiwan and Japan. Study from Kallapur (2004) shows that dividend paying firms in Taiwan has actually increased since year 2000, while Ferris et al. (2006) reports that the percentage of firms paying dividend in Japan remains highly stable. Ferris et al. (2006) also suggests that the decreasing trend does not seem to affect Japanese firms. This is an interesting area that worth for study, especially in developing country such as Malaysia. Horngren et al. (2008) notes that dividend payout ratio different across industries and it is commonly used to compare companies in the same industry. However, there is limited work done specifically within an industry (Ferris et al., 2006). According to International Business Center (2010), consumer products industry plays a major role in the world economy as it acts as a driver for other industries. Besides, it reports that consumer products industry contributes to the two-thirds of the world trade volume and accounts for significant portion of the gross domestic product (GDP) in many countries. As such, my study would stress on the dividend payout, in term of the ratio and pattern, of consumer products industry in Malaysia. 4.0 METHODOLOGY The methodology that will be applied has been chosen in order to obtain data and compare the dividend payout, in terms of ratio and pattern, within consumer products industry in Malaysia. 4.1 DATA COLLECTION For the purpose of this study, data will be collected using the secondary source. Annual report of respective company will be obtained from the link given in the Bursa Malaysia website. 4.2 SAMPLING FRAME The sampling frame for this study would be the public listed companies in Malaysia. The list can be obtained from Bursa Malaysia or The Star website. 4.3 SAMPLING STRATEGY For the purpose of this study, non probability purposive sampling is selected. As the study only focus on one industry, and 5 years data is assumed to show a general trend of the dividend payout, thus the sample chosen need to meet the following criteria, Companies that fall under the consumer products industry. Companies with at least 5 years of annual report available on the company website. By searching through the companies website, only 89 out of 142 companies in consumer products industry fulfill the mentioned above criteria (as in Appendix 2). 4.4 DATA ANALYSIS In this study, hybrid method (both quantitative and qualitative) will be used to analyze the data. Generally, it can be divided into 3 parts as following, For dividend payout ratio, percentage of firms paying dividend and the percentage of company using certain payout pattern, SPSS (descriptive statistic) will be used. To determine if there is a difference of dividend payout ratio among companies within the industry, SPSS (One-Sample T-Test) can be carried out as the sample size is more than 30. Yearly dividend payout ratio obtained from a) will be used as the test value in SPSS. To determine the trend of dividend payout, in term of ratio and pattern across years, qualitative method will be used as it involves more on the interpretation of data. 4.5 ROLE OF THEORY In this study, the role of theory would be theory generation. It involves the new finding of dividend payout ratio, as well as the payout pattern among companies within the consumer products industry in Malaysia. 5.0 CONTRIBUTION EXPECTED It is intended that the finding of this study will give a clearer picture of the dividend payout in consumer products industry as it is the major contributor to the countrys economic. Besides, it can be used by potential investors that desire a certain cash flow (dividend) instead of incurring transaction cost from periodically selling shares of stock. Last but not least, it seeks to provide a better understanding for Chief Financial Officer (CFO) towards the dividend payout ratio and its pattern within the consumer products industry in Malaysia. 6.0 SUGGESTIONS FOR FUTURE STUDIES Due to time constraint and limited information that is available on the website, only 5 years of annual report is obtained for this study. Thus, it is suggested that a longer time series of data, for example 10 years should be taken in future to provide a better understanding of the dividend payout in Malaysia. Besides, future researchers can study on other industries and ultimately compare the dividend payout ratio and its pattern across all industries in Malaysia.