Wave Of International Mergers And Acquisitions Essays - Finance

Wave Of International Mergers And Acquisitions The wave of international mergers and acquisitions experienced in both the United States and the UK in the 1980s and 1990s is known as the fourth merger and acquisition wave. The fourth wave began just as the U.S. emerged from the recession of 1981-82, which as a result of global competition had laid bare the weaknesses of traditional American center industries. In many cases, changes in markets and technology had resulted in obsolete assets and redundant personnel. The progressive deregulation of airlines, trucking, telecommunications, and banking would also reveal excess capacity in those industries. The conglomerate boom had saddled corporations with unwieldy inefficient/under-managed operations. Massive shifts in investment away from manufacturing to services, along with energy shortages, high inflation, rising interest rates, and falling unemployment had all further contributed to the most serious crisis of confidence in the American business system since the Great Depression. P ostwar corporate profits were reaching a low point, and many of the nations biggest companies were suffering from low productivity and a widely perceived loss of managerial competence. Many of these problems were addressed by the merger and acquisition wave of the 1980s. Brief History of the Merger Waves The American economy has experienced four distinct waves of mergers during the twentieth century. The first wave may be dated approximately as having taken place between 1885 and 1905. This wave consisted predominantly of horizontal mergers. Thus in this period we have an increase in concentration in industrial markets. Mergers were particularly strong in the steel, rubber and tobacco industries. The second wave may be dated approximately as having occurred during the period 1916-30, with the peak during the late 1920s. Horizontal mergers continued to be predominant, but vertical ones and conglomerate in particular started being important. Significant merger activity took place in petroleum, primary metals and food products. The third period started in the 1940s, after the Second World War. Over that period a striking change in the form of merger took place. Horizontal and vertical mergers have declined in importance while conglomerate mergers have become predominant. Fourth Wave and the Leveraged Buyout As the conglomerate wave began to ebb, a new vehicle surfaced for giving dissatisfied shareholders an opportunity to sell their stock in underperforming assets. The tender offer enabled buyers to bypass CEOs and boards of directors to appeal directly to shareholders. Typically, a tender offer gave shareholders the opportunity to sell their shares at prices substantially above the going market value, when a buyer, seeing the potential for increasing the value of the assets, was willing to pay a premium for them. In many cases, this would spell bad news for underperforming managers, who were likely to be replaced by the new owners. In other cases, buyers might retain managers, but under new restructured agreements or understandings about how the assets would be managed. Most often, the tender offer was associated with a corporate raid, or a hostile takeover attempt, that is, one resisted by the target companys board of directors. The fourth wave was different from the previous ones in that both hostile takeovers and leveraged buyouts played a significant role, stimulated by aggressive investment bankers, corporate raiders, and heightened shareholder activism. The fourth wave was also characterized by increasing foreign participation, especially following the relative decline in the value of the dollar and the reduction of federal taxes on capital gains in 1986. During the merger and acquisition boom of the 1980s, leveraged buyouts spurred a dual revolution in the American economy- one in corporate finance, another in corporate governance- that profoundly altered the patterns of managerial power and behaviour. They not only substantially improved the worth of specific firms, they also helped to change the ways in which business in general though about debt, governance, and value creation. In order to succeed, they usually required drastic reforms in operations, reallocations of capital, and dislocations of personnel. They aroused the anger of numerous interests- from corporate executives to labor unions, from local communities to bondholders- whose power, status, jobs, and other economic interests were affected by the restructurings. It should be no surprise, then, that the leveraged buyout was denounced in many quarters as just another unproductive, dangerous financial scheme. A leveraged buyout in its

Counseling And Psycotherapy Essays - Clinical Psychology, Health

Counseling And Psycotherapy Essays - Clinical Psychology, Health Counseling And Psycotherapy Differences Between Counseling and Psychotherapy Counseling Theories August 3, 1995 Running head: Coun. v. Psychotherapy Counseling v. psychotherapy is there a difference between the two? This paper will attempt to prove that there are several differences between counseling and psychotherapy. While counseling and psychotherapy have several different elements in each, the following information will also attempt to show the reader that there are some areas where the two overlap. At times this was a confusing topic to research. A fine line distinguishes the two topics and one must look hard to see this line. Definition of Counseling One survey taken by Gustad suggests a definition of counseling where he included three key elements. Counseling is a learning-oriented process, carried on in a simple, one to one social environment, in which a counselor, professionally competent in relevant psychological skills and knowledge, seeks to assist the client by methods appropriate to the latter's needs and within the context of the total personn el program, to learn more about himself, to learn how to put such understanding into effect in relation to more clearly perceived, realistically defined goals to the ' end that the client may become a happier and more productive member of his society (1957, p. 36). In lay terms counseling can be described as a face to face relationship, having goals to help a client to learn or acquire new skills which will enable them to cope and adjust to life situations. The focus is to help a person reach maximum fulfillment or potential, and to become fully functioning as a person. Definition of Psychotherapy Psychotherapy is the process inwhich a therapists assists the client in re-organizing his or her personality. The therapist also helps the client integrate insights into everyday behavior. Psychotherapy can be defined as more inclusive re-education of the individual (Brammer

A Story Called Unconditional English Literature Essay

Very few minutes in life can convey a adult male to rupture on the happiest twenty-four hours of his life. The events that lead up to this twenty-four hours of extreme joy are filled with concern and uncertainty. We find ourselves worrying about the things that could travel absolutely incorrect and doubting our abilities to get by with the changing of our lives. One of these minutes is the twenty-four hours you are introduced to a new life. The twenty-four hours your kid is brought into this universe in all their flawlessness and inexperienced persons. On this twenty-four hours we learn the true definition of unconditioned love. I sat in a little infirmary room listening to the sounds of adult females shouting in child birth emanating through the door. Nervous and perspiration, I did my best to conceal my uncomfortableness as I tried to soothe the adult female that would convey my boy into this universe. She had been in labour for three yearss now. I knew she was in tormenting hurting and I would non allow her see the concern in my face. This proven hard as I struggled with my ain concerns and uncertainty. My focal point, nevertheless, was to stay unagitated and insure that she felt every bit comfy as possible while she went through the hurting of kid birth. My married woman, Arica, was in and out of slumber, non holding slept much in the past three yearss. The hurting would come with the contractions but as it subsided she would fall back asleep. It was in these minutes of remainder that I let my resoluteness, to conceal my concerns, faux pas and the grounds covered my face. Siting down to counterbalance for the overpowering weight that was on my shoulders I looked over at my female parent, who was besides at that place to see her grandson enter the universe, and she began to soothe me. Equally long as you do your best everything will turn out mulct. my female parent assured me. But before I could reply, I heard the small computing machine Begin to do the Tell narrative honking sounds that meant a contraction had started and immediately snapped back into comfort manner. As Arica began to groan in torment and submerge out the other shrieks that could be heard throughout the ward, I jumped back to my pess and rapidly grabbed her manus a s if I had neer allow it travel. The physician was in and out every 30 proceedingss to look into on her dilation and give a brief conjecture on how much longer it would be. I knew he had to be busy as it sounded like there were at least 3 other adult females giving birth. As the hours passed I began to happen it more hard to keep in my concerns inquiring the nurse Does it usually take this long? She replied with a smiling this kid is obstinate and cosy. She so assured me these things take clip. Feeling somewhat better I readied myself as I heard the bleeps coming from that small raging computing machine once more. At long last the physician re-entered the room and said, It s clip with a large smiling. Taking his small axial rotation about stool, he looked at me and said, You want to catch him? Confused and astounded that this would even come up, I remained quiet and every bit still as a marble statue. Then before I knew it I was being shunted into topographic point following to the physician. As Arica began to force I became more and more nervous. What was the physician believing? I had no experience in child birth. What if I drop him? I asked. Oh do nt worry about it said the physician I m right here if anything goes incorrect. As my kid began to coronate I knew it was merely a affair of clip before my unequal parturition accomplishments were put to the trial. Yet before I even had the clip to come to this decision my boy was dropping into my outstretched, towel covered custodies. Thankfully the physician was right following to me. I had non taken into history how slippery a new born kid was and as he slipped off from me the physician stepped in and took control. As I looked at this beautiful creative activity clip came to a hault. He was perfect in every manner. Certain he had a cone shaped caput and he was covered in blood, but I knew theses things would go through. I took in every characteristic of his bantam organic structure, from his bantam, wrinkled fingers to his outstandingly beautiful sky bluish eyes. What was likely seconds felt like an infinity and my boy was rapidly swooped out of my custodies. I wanted to protest at this indignation, but I rapidly realized that it was for the good of my boy. I took this minute to look at my married woman, whom I had stopped soothing after I was asked to show my kid catching abilities. I could see in her face the contemplation of my emotions. The absolute felicity and joy of this twenty-four hours would populate on timelessly in our Black Marias. I took her manus once more and tried to talk but establish my pharynx blocked. I told myself I would nt yield to cryings, but found myself fighting to keep them. I think she knew what I wanted to state because she smiled at me and nodded her caput. And at that really minute the cryings that I had been fighting to keep back came out like a waterfall. The following thing that happened took me wholly by surprise. Finally drawing myself back together, I noticed the physician transporting a five gallon pail. Showing my ignorance once more I asked What s that for? Smiling, he looked at me and said you will see . He moved his small axial rotation around stool and replaced it with this five gallon pail. Cocking my caput to the side in arrant confusion I looked once more toward my female parent for account, but she was paying attending to the newborn kid being cared for by the nursing staff. Before I could acquire her attending and inquire I heard the physician say all right one last good push . I turned back merely in clip to see a ball of what looked similar blood but thicker and about flesh like. Nasty! I exclaimed, holding been caught wholly off guard and unable to keep from shouting. My female parent hearing me turned about and scowled Charlie that was nt really nice . The physician began to laugh stating I thought you mi ght state something like that . After being taken to the nurses station, cleaned and checked by the physician my beautiful boy was laid into the weaponries of my married woman. I could see in her face the absolute love that was make fulling my bosom and psyche. Once once more tearful and unable to talk, I looked at the both of them lying in that infirmary bed and knew this would be one of the happiest yearss of my life. I eventually understood why my parents had put up with me through my rebellious and experimental old ages. There was perfectly nil this kid could make that would alter the manner I felt about him in this ageless minute of pure joy. On this twenty-four hours I was introduced to the proper usage of the commonly used term unconditioned love. Prior to this I had thought that the love that I felt for my married woman was unconditioned. However, I found the love we felt for one another was conditional common feelings. It relied on love and committedness which can melt over clip. This love, nevertheless, was unchanging, deathless, and neer stoping love. Nothing could alter the effortless love I felt toward this new life.

How has the social psychology of prejudice enhanced our understanding Essay - 1

How has the social psychology of prejudice enhanced our understanding of learning difficulties - Essay Example n of the fact that prejudice towards people with learning disabilities exits can help to eliminate the prejudice and discrimination towards people with learning disabilities to lifelong isolation and unemployment. Prejudice is gradually becoming unacceptable towards many other social groups, but it is not challenged enough in the case of people with a learning difficulties. These people are not visible members of their community; they exist in the community rather than living as part of it From this point of viÐ µw disÐ °blÐ µd pÐ µoplÐ µ Ð °rÐ µ forcÐ µd to livÐ µ in Ð ° sociÐ °l prison. WhilÐ µ no onÐ µ cÐ °n objÐ µct to cÐ °mpÐ °igning for ‘rights’ so thÐ °t thÐ µ prison in which wÐ µ livÐ µ is mÐ °dÐ µ morÐ µ humÐ °nÐ µ it is only Ð ° politicÐ °l buffoon who bÐ µliÐ µvÐ µs thÐ °t Ð µxploring prisonÐ µr Ð µxpÐ µriÐ µncÐ µs cÐ °n lÐ µÃ °d to Ð µmÐ °ncipÐ °tion! Nothing lÐ µss thÐ °n dismÐ °ntling thÐ µ prison Ð °nd rÐ µplÐ °cing it with Ð ° non-compÐ µtitivÐ µ form of sociÐ µty cÐ °n brÐ µÃ °kdown thÐ µ doors which bÐ °r our Ð µmÐ °ncipÐ °tion. I bÐ µliÐ µvÐ µ thÐ °t wÐ µ cÐ °nnot undÐ µrstÐ °nd or dÐ µÃ °l with disÐ °bility without dÐ µÃ °ling with thÐ µ Ð µssÐ µntiÐ °l nÐ °turÐ µ of sociÐ µty itsÐ µlf. To do this disÐ °blÐ µd pÐ µoplÐ µ must find wÐ °ys of Ð µngÐ °ging in thÐ µ clÐ °ss strugglÐ µ whÐ µrÐ µ thÐ µ historicÐ °l dirÐ µction of sociÐ µty is fought, won or lost. It is in this Ð °rÐ µnÐ ° thÐ °t thÐ µ boundÐ °riÐ µs of knowlÐ µdgÐ µ thÐ °t hÐ °vÐ µ put disÐ °blÐ µd pÐ µoplÐ µ Ð °sidÐ µ from thÐ µ ‘normÐ °l’ cÐ °n Ð °nd hÐ °vÐ µ to bÐ µ opÐ µnly quÐ µstionÐ µd. For mÐ µ rÐ µpossÐ µssing thÐ µ sociÐ °l modÐ µl of disÐ °bility mÐ µÃ °ns sÐ µÃ °rching for opÐ µnings in thÐ µ structurÐ µs of sociÐ µty whÐ µrÐ µ wÐ µ might Ð µffÐ µctivÐ µly contributÐ µ with othÐ µrs in thÐ µ rÐ µstructuring of sociÐ µty so thÐ °t it is nÐ µithÐ µr compÐ µtitivÐ µ nor disÐ °bling for Ð °ll pÐ µoplÐ µ. ThÐ µ SociÐ °l Modà  µl of DisÐ °bility wÐ °s dÐ µvisÐ µd by disÐ °blÐ µd pÐ µoplÐ µ, whosÐ µ Ð µxpÐ µriÐ µncÐ µ of thÐ µ hÐ µÃ °lth Ð °nd wÐ µlfÐ °rÐ µ systÐ µm, Ð °s wÐ µll Ð °s sociÐ µtys gÐ µnÐ µrÐ °l rÐ µÃ °ction to thÐ µm, mÐ °dÐ µ thÐ µm fÐ µÃ µl sociÐ °lly

Writing a Blog for my second Lecture ( About consumer behaviour) Essay

Writing a Blog for my second Lecture ( About consumer behaviour) - Essay Example That’s why cognition familiarises the customer to the product, making him to be at ease on it. When this happens, the consumer eithers accept or rejects the information being processed in his mind. This is like passing by a Burger King store and feeling suddenly hungry. And then burger pictures flash on your mind. Before you know it, you’re in front of a crew taking your order. I have learned that consumer behaviour also goes beyond consumption of tangible products. It also depends on their use of services, experiences, ideas and many others (Hoyer and MacInnis, 2010, p.6). Like the products, services like going to the doctor or taking aerobics have been perceived and recognised inside the consumer’s mind, and therefore taking on with the decision of going there. The use of advanced communication technological devices is very popular in the advertisements today. It has been perceived as a must in our generation. Environmental influences are indeed many. However, recognising our own resources, needs and values when purchasing a product still rules out (Kardes et al, 2008, p.57; Blythe, 2008, p.19). This will help us gain satisfaction in meeting our

Successful at College Essay Example for Free

Successful at College Essay Successful is achieving or having achieved success; having attained wealth, position, honors, or anything. College, it’s a big thing in a person’s life. It’s take a step into the real world. None is going to tell you what to do or how to do something in class. College students try to balances academic, work and social all at ones and it can be stressful. College is where one begins to find themselves and explore the world. It’s the start of where your life begins. The first step in being successful at college is being motivated. One needs to have a good mind if they want to success in college. No one can motivate you more about college then yourself. Remember you can’t just skip school or someone will tell you to go to class. You pay for your classes in college, so if you don’t go to class it’s none fault but your own. Also, college puts more responsibility on a student. Most students don’t tend to pick the right choice when it comes to college. They think their social life is more important than their academic. They think going to party and being popular is important than studying, getting a B.A. degree, and having the career of their dreams. The next step to be successful at college is having good habits and planning. Good habits in college would be having good study skills, attitude, test-taking skills, and listening skills. The biggest challenge that is different from high school and college would be that teachers in high school would teach, and in college the professors’ lecture. You have to prepare yourself because a professor can change a lesson plan if they want too. You should always look over at the syllabus to stay on track of what you’re doing in class. You should go over your notes, highlighting key material, and make sure you understand them. You should plan when you need to study and when you hang out and party with your friends. Putting your school work before everything else shows you being a successful student. In conclusion, being successful in college takes a lot of work. You have to put your mind to it and figure what is more important to you being successful and having a good grades and knowing you have a future or someone trying to fight their way, struggling and all stress out when they can get a B.A. degree and telling their parents that they wasted their money for college because they thought partying was more important than going to class and studying.

Copyright and Fair Use :: Legal Issues, Ethics

Copyright and fair use are prominent topics in today’s society where mass pirating of copyrighted material occurs. A product is considered copyrighted â€Å"when something is put into ‘tangible form’ the creator of the work owns a copyright,† (Simpson, 2005). Such tangible forms include movies, books, music, and etc. (Simpson, 2005). Therefore, â€Å"copyright is the law of the United States that protects the works of authors, artists, composers, and other from being used without permission,† (Cyberbee, n. d.). This means that if one wishes to use more than a limited amount of a copyrighted material, they will need to ask permission from the owner of the copyright (Richter, 2003). Although, one needs to be careful, because the copyright sign does not necessarily need to be present for a work to be considered copyrighted (Cyberbee, n. d.). So how does fair use play a part in the copyright law? Fair use allows â€Å"an author may make limited use of another author's work without asking permission,† (Nolo: Law for all, 2011). If one uses copyrighted material beyond fair use, it is considered an infringement. Infringement is basically a violation of the copyright law; although, it’s been stated that â€Å"the distinction between fair use and infringement may be unclear and not easily defined,† (United State Copyright Office, 2009). To avoid the possibly of an infringement, there are guidelines that need to be followed under the fair use doctrine. First off, there are four questions one must consider when using copyrighted material under the fair use doctrine: â€Å"purpose of use, nature of work, proportion/extent of the material used, and the effect on marketability,† (Newsome, 2000). Purpose of use refers to what a copyrighter material is going to be used for (i.e. education). The nature of the work deals with the type of material being used. For example, one needs to ask if the â€Å"copyrighted work published or unpublished, is the copyrighted work out of print, and is the work factual or artistic,† (University of Maryland University College [UMUC], 2011). The next point to consider is the amount of copyrighted material being used. However, allowed amounts depend on the type and length of material. For instance, ten percent or thirty seconds of a song may be used (depending on which one is less) (Information Technology Evaluation Services: Public Schools of North Carolina, 1997). Copyright and Fair Use :: Legal Issues, Ethics Copyright and fair use are prominent topics in today’s society where mass pirating of copyrighted material occurs. A product is considered copyrighted â€Å"when something is put into ‘tangible form’ the creator of the work owns a copyright,† (Simpson, 2005). Such tangible forms include movies, books, music, and etc. (Simpson, 2005). Therefore, â€Å"copyright is the law of the United States that protects the works of authors, artists, composers, and other from being used without permission,† (Cyberbee, n. d.). This means that if one wishes to use more than a limited amount of a copyrighted material, they will need to ask permission from the owner of the copyright (Richter, 2003). Although, one needs to be careful, because the copyright sign does not necessarily need to be present for a work to be considered copyrighted (Cyberbee, n. d.). So how does fair use play a part in the copyright law? Fair use allows â€Å"an author may make limited use of another author's work without asking permission,† (Nolo: Law for all, 2011). If one uses copyrighted material beyond fair use, it is considered an infringement. Infringement is basically a violation of the copyright law; although, it’s been stated that â€Å"the distinction between fair use and infringement may be unclear and not easily defined,† (United State Copyright Office, 2009). To avoid the possibly of an infringement, there are guidelines that need to be followed under the fair use doctrine. First off, there are four questions one must consider when using copyrighted material under the fair use doctrine: â€Å"purpose of use, nature of work, proportion/extent of the material used, and the effect on marketability,† (Newsome, 2000). Purpose of use refers to what a copyrighter material is going to be used for (i.e. education). The nature of the work deals with the type of material being used. For example, one needs to ask if the â€Å"copyrighted work published or unpublished, is the copyrighted work out of print, and is the work factual or artistic,† (University of Maryland University College [UMUC], 2011). The next point to consider is the amount of copyrighted material being used. However, allowed amounts depend on the type and length of material. For instance, ten percent or thirty seconds of a song may be used (depending on which one is less) (Information Technology Evaluation Services: Public Schools of North Carolina, 1997).

TCS FInancial Statement analysis

Major Sources of Revenue: a) Revenue from operations: accounts for 98% of the total revenue of the firm and consists of the revenues from the below categories Information technology and consultancy services: contributes 97% of the total revenue from operations Sale of equipment and software lilicenses contributes 3% of the total revenue from operations b) Other Income: accounts for approximately 2% of the total revenue of the firm and consists of the revenues from the below major categories Interest Income: Contributes to 81. 0% of the total revenue from other income 73% of the Interest income comes from Interest on Bank & Interest on long term Bonds & Debentures. 25% of the Interest income comes from Inter-Corporate deposits. Profit from Sale of mutual funds and other current Investments Contributes to 0. 57% of the total revenue from other income Major Expenses a) Employee benefit expenses: consumes 35. 78% of the total operations revenue and consists of the below categories Salari es and incentives: accounts for 87. 57% of the total employee benefits expense Contributions to Provident fund & pension [Superannuation/Gratuity etc.Staff welfare expenses. b)BOperations and other Expenses: consumes 32. 11% of the total operations revenue and consists of the below major categories Overseas business expenses: – accounts for 43. 4 % of the total Operations and other Expenses Services rendered y business associates and others: – accounts for 18. 42% of the total Operations and other Expenses hardware and material costs: Software, – accounts for 1 1 the total Operations and other Expenses (c) Tax expenses: consume 7. 27% of the total operations revenue (d) Dividend on equity shares and tax thereon for Fiscal 2014 accounts increased by 40% Year on Year (7058. 2 crscoresiscal 2014) Major Uses of funds: a) Cash And Bank Balances: accounts for 21. 51% of the total Non-Current Investments and Current assets. Company has increased the Cash and Bank balan ces significantly in fiscal 2014. Horizontal analysis on the Balance Sheet for Cash and Bank Balances shows a Year on Year growth of 113. 34% for fiscal 2014. b)BPurchase of Fixed Assets: The Company has been investing in infrastructure development across various locations in India to meet its growing business needs. Additions to the gross block in fiscal 2014 amounted to 2,284. 7 crscoresHorizontal analysis on the Balance Sheet for fixed assets shows a Year on Year growth of 28. 27% for fiscal 2014. c)CNon-Current Investments: Company has increased the Non-Current Investments significantly in fiscal 2014. Horizontal analysis on the Balance Sheet for Non-Current Investments shows Year on Year growth of 134. 97% for fiscal 2014. d)DLong Term Loans & Advances: accounts for 10. 85% of the total Non-Current Investments and Current assets. e)EShort-term loans and advances: accounts for 6. 2% of the total Non-Current Question 2: Perform a horizontal and vertical analysis on the Balance Sh eet and Profit and Loss Account and comment on any significant changes that you observe over the last 2 years. AnNASPlease refer the attached excel sheet for arriving at the below conclusions a) Profit & Loss statement: Significant observations on Horizontal analysis. Net Profit After tax for Fiscal 2014 shows a Year on Year growth of 37. 70%. Net Profit After tax nearly doubled when compared with Fiscal 2012. EPPEPSEarnings per Share) also show consistent growth in the last few Fiscal years.EPPEPShows a Year on Year increase by 37. 58% in Fiscal 2014 Finance Cost for Fiscal 2014 has decreased significantly by 20%. Tax for Fiscal 2014 has increased significantly by 51% Year on Year. Profit & Loss statement: Significant observations on Vertical analysis. Despite a significant increase in the Employee base we find that Employee Expenses s a % of revenue remained constant around 35% in the last few Fiscal years Total Expenses as a % of revenue remained constant around 70% in the last f ew Fiscal years Total Tax as percentage of revenue, increased from 6. 37% in fiscal 2013 to 7. 2% b) Balance Sheet: Significant observations on Horizontal analysis. Non- Current liabilities shows a Year on Year growth of ofof4. 64% in Fiscal 2014. Fixed assets shows a Year on Year growth of 28. 27% in Fiscal 2014 Current liabilities shows a Year on Year growth of 34. 33% in Fiscal 2014. Reserves and Surplus shows a Year on Year growth of 27. 76% in Fiscal 2014. Share Capital shows a Year on Year negative growth of 33. 76% in Fiscal 2014. Current assets shows a Year on Year growth of 36. 62% in Fiscal 2014. Long Term borrowings shows a Year on Year negative growth of 2. 4% in Fiscal 2014. Balance Sheet: Significant observations on Vertical analysis. Cash and bank balances as a % of the total Assets excluding fixed assets increased from 12. 97% Fiscal 2013 to 21. 51% Fiscal 2014. Non-Current Investments as a % of the total Assets excluding fixed assets has been increasing steadily in the last few Fiscals. Short-term loans and advances as a % of the total Assets excluding fixed assets eccreasedrom 10. 81% in Fiscal 2013 to 6. 42% in Fiscal 2014. Goodwill as a % of the total Assets excluding fixed assets decreased from 6. 86% in Fiscal 2013 to 3. 7% Fiscal 2014. Question 3: Scrutinize the Notes to Accounts and Statement on Significant Accounting Policies and check for any deviations in accounting policy over the last year with respect to major items. AnNASThere were no deviations with respect to significant accounting policies. However TCTTSdopted a new hedge accounting principle under the below category. a)AForeign currency forward, option and futures contracts: TCTTSnters into foreign currency forward, option and futures contracts to manage its exposure to exchange rate fluctuations, in accordance with its risk management policies.With effect from January 1, 2014, the Company has adopted hedge accounting principles in line with International Financial Reporting Standard 9 (referred to as IFFIRS), which align more closely with the Company's risk management policy. The change has resulted in a reduction of ‘ 4. 76 crscoresn profit before tax in fiscal 2014. Question 4: Examine the Statement of Cash Flows for the last 2 years and point out the following: ) Major sources and Uses of cash: Sources: -Operations: Cash generated from operations, post adjustments to profit before tax, has gone up from 16,436. 77 crscoresn fiscal 2013 to ‘ 21,795. 4 crscoresn fiscal 2014, registering a growth of 32. 60% over the previous fiscal. -Income from Interest InInterestn funds invested went up by 71. 22%, from 798. 80 crscoresn fiscal 2013 to 1367. 72 Uses: crscoresn fiscal 2014. During fiscal 2014, the significant uses of cash were Acquisition of French Company AlAlit. A. foFor52. 41 crscoresPayment of Dividend & dividend tax for 5,489. 54 CrScoresurchase of fixed assets Increase in inter-corporate deposits Investment in fixed deposit. Pay Taxes amounting to 7,043. 63 CrScoresover Working Capital expenditures (b) Were the cash flows from operations greater than or less than net income?Explain in detail the major reason for the differences in these 2 figures. For Fiscal 2014, by referring to the Consolidated financial statements we get the below fgfiguresNet Cash provided by from Operating activities = 14751. 41 CrScoreset Profit for the year = 19163. 87 crscoresnNASNet Cash provided by from operating activities is less the net income. Explanation: Working Capital fgfiguresnder the categories below are the major reasons for reducing the Net Cash value provided by from operating activities below the net income. ) Unbilled Revenue – (811. 60) CrScores) Trade Receivables – (4015. 80) CrScoresc) Was the firm able to generate enough cash from its operations to be able to pay for all its capital expenditures? For Fiscal 2014, by referring to the Consolidated financial statements we can arrive at the below table. Net Cash provided by/Used in Fiscal 2014 Fiscal 2013 Operating activities 14,751. 41 11,614. 96 Investing activities (9,667. 08) (6,085. 66) Financing activities 5,673. 24) (5,729. 48) Exchange difference on translation of foreign currency 21 5. 41 48. 5 Net (decrease)/increase in cash and cash equivalents after translation (373. 50) (152. 13) Purchase of fixed assets accounted for (3126. 15) CrScoresf the Net Cash of (9,667. 08) crscoressed in investing activities. From the above table we can clearly infer that the company generated enough cash from Operating activities to fund the capital expenditures on its own. (d) Did the cash flow from operations cover both the capital expenditures and payment of dividend, if any? AnNASDividend paid accounted for (5480. 7) CrScoresf the Net Cash of (5673. 24) crscoressed in financing activities.From the above table we can clearly infer that the company generated enough cash from Operating activities to fund both capital expenditures & payment of dividends on its own. (e) How did your firm invest its excess cash (if any)? Cash flow statement from Investing Activities indicate that the excess cash that remains after investing and financing is mamajoraintained in Short-term bank deposits. From the Cash Flow Statements we can see that Short Term deposits increased from 4911. 46 crscoresn Fiscal 2013 to 12948. 9 CrScoresn Fiscal 2014. This accounts for a significant growth of 163%. g)GAre there any other unusual / extraordinary items of cash inflow / outflow? AnNASCash outflow due to Taxes: Cash Flow Statements indicate a significant increase in Taxes for Tax for Fiscal 2014. Taxes have increased significantly by 46% Year on Year. By referring to Management Discussion & Analysis & Notes forming consolidated statements we can infer that company has paid (1) Additional tax of 2,129. 82 crscoresaid by TCTTStd on its higher income for the year and (2) 92. 00 crscoresf higher tax on dividend received y TCTTStd from its overseas subsi diaries.

Mkt 402 Exam

Question 1 6 out of 6 points Proactive pricing suggests that _____. Answer Selected Answer: a company develops strategies to maintain profitability in anticipation of a changing market Correct Answer: a company develops strategies to maintain profitability in anticipation of a changing market Question 2 6 out of 6 points Which of the following is the simplest price structure? Answer Selected Answer: price per unit Correct Answer: price per unit Question 3 6 out of 6 points ____ allows a company to vary its prices outside the scope of value and cost according to explicit or cultural rules or protocols. Answer Selected Answer: Pricing policy Correct Answer: Pricing policy Question 4 6 out of 6 points Pricing that reflects market conditions is _____. Answer Selected Answer: customer-driven pricing Correct Answer: customer-driven pricing Question 5 6 out of 6 points Price-cutting is one strategy of share-driven pricing to achieve sales objectives but _____. Answer Selected Answer: it doesn't sustain a long term market advantage unless competitors cannot match the price cut Correct Answer: it doesn't sustain a long term market advantage unless competitors cannot match the price cut Question 6 6 out of 6 points Cost-plus pricing is effectively opposite of a prudent pricing strategy because _____. Answer Selected Answer: it leads to overpricing in weak markets and underpricing in strong markets Correct Answer: it leads to overpricing in weak markets and underpricing in strong markets Question 7 6 out of 6 points _____ pricing suggests that prices should reflect the value a customer receives from a product or service. Answer Selected Answer: Value-based Correct Answer: Value-based Question 8 0 out of 6 points Marketing research is the key to creating good value because _____. Answer Selected Answer: it compares willingness-to-pay against the cost of producing the product Correct Answer: it analyzes how much value different combinations of benefits could represent to cutomers Question 9 6 out of 6 points A company that is willing to be a smaller company in order to be profitable is employing the _____ principle of strategic pricing. Answer Selected Answer: profit-driven Correct Answer: profit-driven Question 10 6 out of 6 points A _____ company focuses pricing to increase revenue relative to other investments rather than as a comparison to competitors earnings. Answer Selected Answer: profit-driven Correct Answer: profit-driven

Charles W. Chesnutt essays

Charles W. Chesnutt essays Charles W. Chesnutt, America's first great Black novelist, lived in the distinct political, social and cultural environment that found expression in his literary works. Instead of trying to hide behind the lightness of his skin color, as many fair skin African-Americans did, Chesnutt chose to show his true identity. He took the racial and social discrimination inflicted upon him and others then used it for motivation in his writings. Chesnutt novels reveal the harsh world of prejudice and social indifference in the late nineteenth and early twentieth century. Charles W. Chesnutt was born June 20, 1858, in Cleveland Ohio, the eldest child of Andrew Jackson Chesnutt and Anne Maria Sampson, free blacks from North Carolina. During his childhood the Chesnutt family was forced to move to Ohio due to increasing civil turmoil regarding slavery. The Chesnutts moved to Fayetteville, NC after the civil war. At this time Charles Chesnutt received some of his education at Howard School, a Freedmans Bureau school, but for the most part Chesnutt was a self-educated. Chesnutt Literary carrier took birth when he got his first successful short story was The Goophered Grapevine in August 1887 in the Atlantic Monthly. Even though his first publication of his short stories was "Uncle Peter's House," appeared in the Cleveland News and Herald in 1885. Chesnutt was the first African American author to be published in the Atlantic Monthly, one of the major contemporary literary journals. From there it was onto The Conjure Woman in 1899, a short fiction book written in North Carolina dialect that put him on the map with widespread attention among white and black readers. Chesnutt composed several more works over the next twenty years. They included fiction, nonfiction, and mostly letters to publishers and family. He also found time to mingle among many social groups. Chesnutt died on 15 November 1932, leaving behind him a ...

National health care policy Essay Example | Topics and Well Written Essays - 4250 words

National health care policy - Essay Example As such, the White Paper, Our health, our care, our say: A new direction for community service (Department of Health, 2006a) aims to put in place the structure required to achieve these goals. Importantly, this particular health policy identifies and explains a comprehensive and integrated framework to adapt community health and social care services to the UK community of the 21st century (Thomas, 2005). Ultimately, the document seeks to support a patient-centred approach and in doing so increase the standards of quality service across the national health system. The integration of health delivery services will enable the diverse range of care organisations to provide convenient, comfortable and high-value care that will meet the communities immediate, and long-term needs. This paper aims to critically review the social health care policy of Our health, our care, our say in regards to the contribution of nursing. Firstly, the White Paper shall be more fully described. Secondly, the political, financial and social drives behind this policy shall be identified. Thirdly, the concept of clinical governance shall be explained. Next, the tensions between health care providers and the users of these services briefly outlined. The roles and skills required of nurses within the integrated NHS will then be established. And the roles of other multi-disciplines and agencies shall be provided. Finally, a conclusion shall reiterate the main arguments and show the vital need for nurses to support the implementation of this White Paper.Our health, our care, our say: A new direction for community service The White Paper, Our health, our care, our say, is part of the NHS plan to create a world-class health and social-care system (Department of Health, 2006a). This document is just one element of the present Government's long-term and nation-wide reform programme to provide services that place the patient at the centre of the healing process, rather than the traditional model that has required the patient to fit with the services available. The framework provisions the patient and other end-users of health care services, with more control. Also, the policy makes services more responsive to the needs of the community, especially people who require more complex care plans, as well as to enable services to be accessed at amore local level, by way of integrating the diverse service providers available. An example of some of the services within the community that will be integrated include: home-care and other health visitors, GPs and family planning centres, day and short-break centres, m ental health agencies, family planning and pharmacies, meals on wheels and social workers, general and community hospitals, PCTs and local council authorities. Overall, the changes enable better value for public money, as a procedure that occurs in primary care can be up to one-third of the cost of secondary care.The legislation sets new standards for an integrated delivery of health and social care services to the community (Department of Health, 2006b). The NHS has determined that integration is a critical way to reduce the waste of resources whilst providing a standardized approach to service delivery across the nation. In July, 2002, it was determined that funding for health and social care resources would be pooled to encourage the diverse range of service providers to establish partnerships

The Movies and Research Essay Example | Topics and Well Written Essays - 500 words

The Movies and Research - Essay Example Truman continued to question further his existence since he noticed that everything that is going on in Seahaven revolve around his life. When Truman decided to seek out the truth to the world beyond Seahaven, the producers of the show tried as much as they can to prevent him from doing so by making plot twists in his daily activities that would avert any attempts made. Eventually, Truman secretly sailed off from his house, and was almost killed by a storm the producer of the show made. Realizing the morality in killing a cast member for the sake of a show would be an outrage, the producer allowed Truman to exit the arcological movie set and to see the real world beyond Seahaven. In this film, one of the main themes being shown is the concept of simulated reality. Simulated reality is an approach of observation, usually scientific, that makes events in reality replicated to a point that it is difficult to distinguish it from actual reality. This form of observation is the major plot basis for the movie The Truman Show and is the driving force for the main character’s actions and existential inquiries about his life. It should be remembered that in the setting of the movie, simulated reality is used as a form of mass media entertainment while setting aside any real or applied scientific usage. However, research in the movie setting is implied to have been done in a way to make the main character Truman spend most of his life believing that his world of Seahaven is the only reality. One could consider this form of research as a controlled form of observation, as every aspect of Truman’s daily life is being manipulated by external human actions. T his is done so skillfully that it has been an accepted fact by Truman even right on the day of his birth until adulthood. It should also be noted that the reason for the simulated reality scheme is for audiences of the show in the movie’s setting would watch an