Human Resources Management 4 Essay Example | Topics and Well Written Essays - 1750 words

HR Management 4 - Essay Example In the wake of executing the approach of easygoing dress arrangement, Digital Device began to confront not many issues. The employee’s conduct turned out to be increasingly easygoing with the customers bringing about objections to the project lead. The Casual dress ought to be permitted yet there ought to likewise be sure principles and guidelines as for easygoing dressing among the representatives. The approach ought to be updated as per the HR administrator and rundown of endorsed and not affirmed things. Anyway subsequent to executing the easygoing dress arrangement and reconsidering it again following scarcely any months probably won't be worthy for the workers and they probably won't consent to the changed rundown regarding which of the kind of easygoing dress to be followed. It is imperative to convey the progressions that are to be occurred in the association to its individual representatives. Here the HR office assumes an imperative job as it is the obligation of the HR to impart the modified arrangement to the workers. The reexamined strategy can be conveyed by and by to every division by leading gatherings with the particular groups by the HR head. This may positively affect the workers as opposed to simply sending sends and posting the amended approach in the notification board. The arrangement of losing the employment on the off chance that one saw as liable of smoking or taking has been rehearsed in the greater part of the associations. The new arrangement treat cigarettes as an unlawful opiate and expects to embrace a free smoker free work environment. In the event that the arrangement is referenced in the agreement before joining the association it tends to be seen to be lawful and particularly moral. The associations intend to furnish with a solid working territory and furthermore guaranteeing legitimate soundness of the representatives. At Health Unlimited every one of the representatives is required to sign an announcement expressing that the worker is a non smoker and won't smoke either busy working or away from work. It was likewise expressed that in the event that anyone saw as liable would be released from the activity.

Dating Methods Essay -- essays papers

General Differances Between Relative and Absolute Dating Methods Getting dates for fossils that are found in destinations being uncovered by anthropologist is significant. Dates show the advancement from early primate examples to our own species, Homo homo sapiens. There are numerous techniques that can be utilized to obtain these dates, yet these strategies can be categorized as one of two catorgories. They can either give a flat out date or a family member date. A flat out date is one in which you get a genuine date in a long time. Otherwise called chronometric techniques. Relative dates do not give a real date as far as years, however they let you know whether one fossil is more established or more youthful than another fossil. Ushally relative dates are given regarding the section of earth they are found in. This is called striatigraphy. In locales like Olduvai gorge their are geographical layers of vocanic debris and dregs. At the point when an anthropologist finds a fossil in a undistirbed layer of dim debris, you realize that it is more youthful than the fossil in the layer of red debris underneath, and that fossil is more youthful than the fossil in the layer of earthy colored debris underneath it.(Johanson 65) The essential hypothesis here is that a certian site cantians a geolgical section key that is comprised of differant layers, the fossils get more established as they descend the key, what's more, are found in differant layers of strata..(Scully 2) Relative dates have two or three significant issues. One is that the earth moves from multiple points of view and this can distrube the layers of dregs putting more youthful fossils beneath more seasoned ones. Another is that you can not tell precisely how much more youthful or more established something is from somethinng else and you can not date differant fossils from differant destinations with thes relative dating techniques. Supreme dating, in contrast to realative dating, gives the anthropologist an accurate date as far as calander years. These dating techniques are significantly more dependable and can be utilized in numerous differant locales with numerous differant fossils. Total dating puts together it’s dates with respect to the normal radioactivity of differant components found in the world.(Johnston 216) There are certian components that happen in differant structures, these components are called isotopes. Every last one of these isotopes has a differant nuclear mass than others. Some of thes isotopes are radioactive, implying that they give of radiation in either alpha or beta structure, as they de... ... has a half-life. C14 is the radioactive isotope of rearular carbon, c12. The cocentration of C14 in the body is one billionth of a gram in the body to one gram of C12. This C14 is contantly rotting, however through creatures and plants breathing it is replenashed when an living being is alive. At the point when the creature bites the dust the C14 admission stops and a rot that isn't replenashed.(Comas 456) During life a life form have a particular action of 15.6 disintigrations per minuate per gram of ordinary carbon in thier body.(Comas 456) â€Å"After life and C14 consumption stop and the balance is stopped, radioactive disintigration of C14 happens, what's more, following 5,700 years this action will have diminished to 7.8 disintigratuions per minuate per gram of carbon in the body.’(Comas 457) This implies the proportion of C14 to C12 left in the fossil when it is found can give a date in years. Carbon-14 dating has a half-existence of 5,700 years, with the lower cutoff of 1,000 years. As far as possible used to be around 30,000 a long time in light of the fact that after that the proportion was excessively little to analis. As of late reaserch by Haring and deVires has let researcher put the furthest breaking point at 100,000 years old.(Comas 457)

Coping With GAD During the Holidays

Coping With GAD During the Holidays GAD Coping Print Coping With GAD During the Holidays By Arlin Cuncic Arlin Cuncic, MA, is the author of Therapy in Focus: What to Expect from CBT for Social Anxiety Disorder and 7 Weeks to Reduce Anxiety. Learn about our editorial policy Arlin Cuncic Medically reviewed by Medically reviewed by Steven Gans, MD on November 15, 2017 Steven Gans, MD is board-certified in psychiatry and is an active supervisor, teacher, and mentor at Massachusetts General Hospital. Learn about our Medical Review Board Steven Gans, MD Updated on November 29, 2019 Generalized Anxiety Disorder Overview Symptoms & Diagnosis Causes Treatment Living With In Children Getty / JGI Jamie Grill Holiday anxiety tends to appear at the same time each year. In North America, that is usually right before Thanksgiving and extending just past New Years Day. While many people become overwhelmed and stressed during the holiday season, if you have generalized anxiety disorder (GAD), this time of year can feel downright triggering. Understanding Generalized Anxiety Its natural to feel apprehensive about buying the right gifts, traveling away from home, or seeing relatives you havent seen in a long time. However, when that feeling of apprehension turns into sleepless nights and endless worrying,  GAD may be at work. If youre not sure whether it is your generalized anxiety or just normal holiday worry ask yourself thisâ€"how would a typical, rational person respond in this same situation? If the answer involves much less anxiety and worry than you are experiencing, this may signal a problem. However, if youve already been diagnosed with generalized anxiety disorder, its possible you know that your anxiety is out of control but feel powerless to do anything about it. During the holiday season, it is important to put a stress reduction plan together to keep yourself even keel. Stress During the Holidays As much as we love the holidays, they are undeniably a stressful time of year. Often, we find ourselves buying gifts for people we dont know that well, traveling to see people we dont like that much, and just generally doing things in a compressed mannerâ€"it feels like we need to pack in as much as we can. If you have GAD, that feeling can be multiplied. Coping can sometimes feel nearly impossible. A bigger problem emerges when your expectations of this time of year dont match reality. This can lead to feelings of depression or more anxiety, as you dont measure up to your imagined ideal. So, the first step to dealing with holiday anxiety is to start by saying to yourself I have no expectations. Repeat that again: I have no expectations. 10 Tips for Holiday Survival With GAD Keep It Simple:  Its not a contest to see how lavish a gift you can buy or how extravagant of a meal you can cook. Eliminate as many details as you can, so that you have less to worry about. Plan a potluck instead of cooking a whole meal yourself. Buy gift cards for everyone on your list. Say no if you feel your schedule filling up too quickly. Be Healthy:  Its easy this time of year to let your health slide. Do the opposite and make sure you are eating healthy food, drinking enough water, getting enough sleep, and engaging in regular exercise. Avoid caffeine, too. Limit Worry Time: Dont worry all day every day, or you will soon burn out. Set aside a specific time to worry each day. Write down worries as they come to you through the day and then address them during that specific time. Come up with reasonable solutions and write those down too. Create Relaxation Time:  Schedule time in your day for relaxation exercises such as yoga or meditation. Even a short 15-minute break is better than nothing. Drink a cup of chamomile tea if you cant break away from your desk or place an essential oil diffuser with lavender near your entryway. Plan Ahead:  Within reason, take steps to plan your schedule. Confirm travel details and leave yourself extra time to reduce worry and anxiety. Find out who will be at events ahead of time, and if you have children who are anxious, let them know too. Find Something to Enjoy:  Find something about the holidays that you really enjoy, and look forward to it. Bake cookies or plan a trip somewhere new. Its up to you, but choose something that inspires you and creates excitement and desire. Ask for Support:  Let those around you know that you might need extra support at this time of year. Practice a secret signal with someone you are close to who can help you during gatherings if you become overwhelmed. Ask for a hug, understanding, unconditional support, or whatever you need that will help. Appear and Then Disappear:  Rather than turn down invitations, make an appearance. Arrive early, help out in the kitchen, and leave when you feel ready. Let the relatives who like to party continue on into the nightâ€"you dont have to stay. Plus, if shopping creates anxiety, show up when the doors open and be the first one out. And, do it a month early if you can. Plan Your Anxious Response:  Do you have your anxious response ready? Have a plan of how you will respond to growing anxiety, such as by practicing anxiety-reducing techniques or following a set course of action regardless of how you feel. A Word From Verywell Everyone feels a bit of holiday anxiety from time to time. If yours is extreme and interfering with your enjoyment of the season, it might be worthwhile to speak to your doctor or mental health professional. Out-of-control anxiety can easily ruin your holiday spirit, but it is also possible to overcome it. The 7 Best Online Anxiety Support Groups

Is Technical Sergeant Travis Sandlin - 975 Words

My name is Technical Sergeant Travis Sandlin, I am writing on behalf of my father and every veteran that utilizes VA hospitals. Through trial and error it has come to our attention that the existing method and management of patient records is ineffective, unorganized, and outdated. A well-designed automated system will benefit all involved. Many men and women depend on VA hospitals and the care provided by them. Therefor it is imperative that as an acting body of government the VA must evolve to continually provide accurate patient care for the United States veterans that selflessly risked their lives for our freedom. This proposal sets forth certain recommendations and guidance on how the Veteran Affairs can vastly improve the current†¦show more content†¦This is not acceptable under any circumstance and is a fundamental reason why we must implement a change in the current system. Solution Operational electronic health record systems (EHR) can provide the information necessary on demand, short of troublesome trial and error of probing around physical files. From the first steps of designing the system, the enquiries that will follow are predicted and accommodated. Similar to an office filing system, the appropriateness of a detailed patient record system is often adjudicated by how much time and effort are necessary to locate and recover data. Thus, an intimate cog of the design of an electronic health record system is its efficient process for access, retrieval, and reporting. A handy electronic health record system can diminish complications scattered all through the VA. This system will allow a modest and efficient ways to record, analyze, and inquire about specific patients with minimal training. Case in point, when a patient transfers from one state to another within the same region, or to another region completely, the information can be extracted, organized, and conveyed electronically. The hospital receiving the electronic record can download the patient’s complete medical history, therefore eradicating the requirement for re-entering the information into their own disconnected system. Electronic data can

Hate and Love in Romeo and Juliet - 1443 Words

Romeo states in Act 1, Here is much to do with hate, but more with. By analyzing the many forms love takes in the play, explore whether Romeo was right in his contention. Romeo and Juliet, the tragic play by William Shakespeare, centers around the love story between Romeo, the young heir of the Montagues, and Juliet, the daughter of the house of Capulet. Because of an on-going feud between the two families, Romeo and Juliet are forced to keep their love a secret, marry in secret and, due to ill-fated consequences; they die together in the tomb of the Capulets. Romeo and Juliet has to be one of the most famous love stories ever written, however to every good thing there is in life, there is a bad, an opposite or an inverse. In our†¦show more content†¦Friar Lawrences place in the play is in between these two opposites, as is the nurses. In Act 2, scene 5 after returning from her first mission to Romeo, Juliets Nurse tells her impatient mistress, I am the drudge, and toil in your delight. At this point, we are inclined to take the Nurse at her word. When we first encounter her in Act I, scene 3, the Nurse of Romeo and Juliet appears to be a comic character given to bawdy humor and innuendo, but this coarse character is softened by her fondness for Juliet. In Friar Lawrences case I think when he agrees to marry Romeo and Juliet It is a desperate attempt to fuse together two opposites to end the skirmish between the two families. County Paris is juxtaposed with Romeo throughout the play, and by doing so; Shakespeare highlights the ex traordinary nature of Romeos love for Juliet. Paris is completely ignorant of the romance between Romeo and Juliet, and so while his own suit for Juliet threatens the lovers plans, he is not a blocking character. Moreover, in the tomb scene, Paris acquits himself well, displaying a depth of affection for Juliet and earning Romeos praise. Juliet on the other and has absolutely no interest in Paris, this is another illustration of unrequited love. Taking this into consideration I believe that Paris does not only love Juliet out of lust because in the tomb scene Paris puts his own life on the line to save the one he claims to love. Alas hisShow MoreRelatedEssay On Love And Hate In Romeo And Juliet883 Words   |  4 PagesLove Overcoming Hate Love and hate are two very powerful things. Love may bring people together, and hate may push them apart. Romeo and Juliet a tragedy, where love conquers hate. In the play, Romeo first thinks that he loves a Capulet, Rosaline. Then he falls into forbidden love with a Montague named Juliet. Romeo and Juliet meet at a party and realize that this must be true love. The fact that Romeo and Juliet are not supposed to be together drives their love even more. In the play â€Å"Romeo andRead More Love and Hate in Shakespeares Romeo and Juliet Essay3761 Words   |  16 PagesAnalyze the Portrayal of Love and Hate in ‘Romeo and Juliet’ The emotions of love and hate are at the forefront of the theme in this play by William Shakespeare. The Oxford Standard English Dictionary defines ‘love’ as ‘to have strong feelings of affection for another adult and be romantically and sexually attracted to them, or to feel great affection for a friend or person in your family’ and defines ‘hate’ as ‘a feeling of dislike so strong that it demands action dislike intensely, to feel antipathyRead MoreSimilarities Between Love And Hate In Romeo And Juliet1366 Words   |  6 Pagesmiddle of both extremes. Evil and hate are often associated with black; good and love are associated with white. Humans are dual creatures who cannot be one thing or the other; one cannot love without hating or be good without having evil desires. In literature, characters are used to portray the existence of duality. Romeo, from Shakespeare’s Romeo and Juliet, is a prime example of a character who ponders the duality between love and hate. He feels as if his â€Å"love† for Rosaline (a nun in training)Read MoreThe Themes of Love and Hate in William Shakespeares Romeo and Juliet544 Words   |  3 PagesThemes of Love and Hate in William Shakespeares Romeo and Juliet This essay is about the contrast of love and hate in the play by Shakespeare Romeo and Juliet. The essay tells you about how Shakespeare uses language and actions to promote the themes of love and hate and contrast throughout the play. The way he uses certain characters as love and others as hate and how change the story line with the contrast. While Romeo is at the ball he spots Juliet and instantlyRead MoreEssay on Consequences of Love and Hate Explored in Romeo and Juliet1075 Words   |  5 PagesWilliam Shakespeare, the play Romeo and Juliet is written in a poetic disquisition that distinguishes many timeless themes. These themes transcend the boundaries of this perennial classic into the foundation of many prevailing modern-day literary workings. Shakespeare wrote Romeo and Juliet in the late fifteen hundreds in the riveting city of Verona, Italy, where it has since been revered as one of the most preeminent and recognized play’s in history. Romeo and Juliet explores the extents of humanRead MoreThe Contrast of Love and Hate in William Shakespeares Romeo and Juliet1185 Words   |  5 PagesThe Contrast of Love and Hate in William Shakespeares Romeo and Juliet Romeo and Juliet is a love story that has more hostility and bloodshed than most of to days common television series. The play begins with an insurrection of the civilian people, ends with a double suicide, and in between of this hostility and bloodshed there is an act of three murders. All of this takes place in the duration of four petite days. In the love story of Romeo and Juliet it is frequentRead MoreThemes Of Love And Hate : William Shakespeare s Romeo And Juliet1406 Words   |  6 PagesYousaf ENG-1D1 2016-06-06 Themes of Love and Hate in William Shakespeare s Romeo and Juliet â€Å"People must learn to hate, and if they can learn to hate, they can be taught to love, for love comes more naturally to the human heart than its opposite.†-Nelson Mandela Romeo and Juliet is a play about two young lovers, whose love was for destruction from the beginning because of the hatred between the two families, Montagues and Capulets. Therefore, the themes of love and hate are very important in the playRead MoreThe Tension Between Love and Hate in Romeo and Juliet by William Shakespeare849 Words   |  4 PagesShakespeare has created a quintessential tragedy in which deepens the audience’s understanding of the universal themes of love, hate, conflict and death. The recurring focus on the tension between love and hate makes us reflect on how these themes govern upon human behavior. In the play Romeo and Juliet, the main characters for which Romeo and Juliet the denial of love and dominance of hate creates extreme loss, in this case, death. In progress, audiences have recognized that the death of two young peopleRead MoreThe Opposing Themes of Love and Hate in the Play Romeo and Juliet by William Shakespeare1069 Words   |  5 PagesOppo sing Themes of Love and Hate in the Play Romeo and Juliet by William Shakespeare Throughout the play Romeo and Juliet there are two very strong emotions which threaten their relationship. These two emotions are love and hate. The love that Romeo and Juliet have is threatened by there families full of hate (Capulet and Montague). These two emotions interweave throughout the whole play. In Act 2 Scene 2 Juliet makes a comment that displays both love and hate. ‘If they doRead MoreWilliam Shakespeare s Romeo And Juliet1197 Words   |  5 PagesThe Love that Changed Everything Two families at war, a love so forbidding it’s deadly, referring of course to the classic William Shakespeare play of â€Å"Romeo and Juliet†, set in Verona, Italy. The play examines two families, the Montauges and the Capulets caught in an ongoing battle of hate, however two of the children manage to find love. All is not fair in love and war, and this play examines some examples of how love and hate correlate to each other in this captivating tale of â€Å"Romeo and

Biotechnology Opportunities In Canada Environmental Sciences Essay Free Essays

The Canada has witnessed extraordinary progresss in scientific discipline over the last few decennaries. Biotechnology – one such country of growing – is a term covering a wide scope of scientific activities used in many sectors, such as nutrient, wellness and agribusiness. It involves the usage of life beings or parts of life beings to supply new methods of production and the devising of new merchandise, because Canada is an industrial state with a extremely developed scientific discipline and engineering sector. We will write a custom essay sample on Biotechnology Opportunities In Canada Environmental Sciences Essay or any similar topic only for you Order Now Almost 1.88 % of Canada ‘s GDP is allocated to research A ; development ( R A ; D ) . The state has 18 Nobel laureates in natural philosophies, chemical science and medical specialty. Canada has a wealth of natural resources, which can be subjugated by biotechnology. These resources range from the Northern Canada to immense measures of cultivable land. Opportunities exist for biotechnology to use these resources in countries such as health care, agribusiness and biofuels. The use of biotechnology in this manner has vast socio-economic benefits for the state and may restrain its growing for several old ages to come. The expansive sum of the annual optimistic economic influence of renewable fuels is $ 2.013 billion. In Canada that there was chief net income from renewable fuels in â€Å" rural revival, improved oil exports from western Canada, industrial growing, and cherished option for re-balancing fuel ‘mix ‘ . Canada is a state rich in natural resources of several different signifiers, assortments from the northern Canada to its immense country of arable land with significant mineral resources. There are assorted chances for the use of biotechnology to utilize these resources on together big with little graduated tables. The usage of GM harvests may be used in the bally agribusiness industry to better output with lessening the require for weedkillers, even as on the minor graduated table, canola oil is a promising resource for developing biodiesel, a renewable replacement to fossil fuels in Canada. Canada is one of the some developed states that are exporters of energy. Atlantic Canada has immense offshore sedimentations of natural gas, with Alberta has large oil and gas resources. The tremendous Athabasca Oil Sands provide Canada the universe ‘s 2nd largest oil militias, after Saudi Arabia. The Canadian economic system is conquered by the industries, which employ about 3 quarters of Canadians. Canada is uneven between developed states in the significance of its primary sector, in which the logging with crude oil industries are two of the mainly important. Canada is one of the universe ‘s chief providers of agricultural output ; the Canadian Prairies are one of the chiefly of import manufacturers of wheat, canola, and excess grains. Canada is the chief manufacturer of Zn and U, besides is a planetary resource of legion other natural resources, such as gold, nickel, aluminium, with lead. Numerous towns in northern Canada, where agribusiness is tough, are sustainable as of nearby mines or resource of lumber. Agribusiness Canadian farms, piscaries with spreads produce a wide diverseness of harvests, farm animal, nutrient, provender, fibre, fuel plus other goods by the orderly elevation of workss and animate beings which are dependent upon the geographics of the state. In 2001 farms numbered merely 246,923 at a size of 676A estates ( 2.74A kmA? ) as the production of nutrient and fibre for human or farm animal nutriment has evolved into intensive and industrial patterns. As of 2002, wheat constituted the largest harvest country at 12.6 % . Canadian husbandmans received a record $ 36.3 billion in 2001 from farm animal, harvest gross revenues and plan payments. In 2001, the accumulated net income of farm operators from farm production amounted to 1,633 million dollars, which amounts to 0.147 % of Canada ‘s gross domestic merchandise at market monetary values, which is 1,108,200 million dollars. Fisheries are besides playing an of import function while forestry plays a secondary function. Canada â⠂¬Ëœs development has abandoned subsistence techniques and now sees a mere 3 % of Canada ‘s population employed as a mechanised industrial husbandman who are able provender the remainder of the state ‘s population of 30,689.0 thousand people ( 2001 ) every bit good as export to foreign markets. ( After the EU ( 27 ) , the U.S. and Brazil, Canada accounts for 3.5 % of entire universe agribusiness and agri-food exports. World Agricultural and Agri-food Export Share by Country of Origin, 2006 Once considered a sphere harvest in Canada, canola ( Brassica Tragulus Javanicus ) has presently evolved into a first hard currency harvest. Per annum, Canada exports 3.4 million metric dozenss of seeds, 706,000 dozenss of canola oil with 1.15 million dozenss of canola repast ( Source-Canola Council of Canada 2008 ) The Production with Price influence of Biotech Corn, Canola, plus Soybean Crops in Biotech harvests have at this clip been adult commercially on a considerable worldwide graduated table of all time since 1996 in Canada. There is a survey traveling on the influence on cosmopolitan production, ingestion, trade, and monetary values in the soya bean, canola, and maize sectors. The survey propose that universe monetary values of maize, soya beans, with canola would most probably be, correspondingly, 5.8 % , 9.6 % , plus 3.8 % higher, on norm, than 2007 baseline tallness if this engineering was no longer accessible to husbandmans. Monetary values of agencies imitative of soya beans ( repast with oil ) would every bit good be among 5 % and 9 % elevated, with rapeseed repast with oil monetary values being refering 4 % higher than baseline tallness. Globe monetary values of affiliated cereals plus oil-rich seeds would excessively be likely to be elevated by 3 % to 4 % . ( All figures A ; facts from-Brookes, Graham ; Yu, Tun Hsian ; Tokgoz, Simla, Elobeid, Aman The Production and Price Impact of Biotech Corn, Canola, and Soybean Crop Agbioforum Contents of volume 13, figure 1 ) Canada ‘s canola concerns add up over $ 11 billion in economic action to the Canadian wealth. In the 5crop old ages initial in 2000-2001, Canada shaped a criterion of 6.2 million dozenss of canola seed /year. In the similar period, Canada annually exported 3.4 million dozenss of canola seeds, 706,000 dozenss of canola oil plus 1.15 million dozenss of canola nutrient. The whole worth of canola seed, oil with repast exports is sing $ 2 billion. Depending lying on the twelvemonth, canola is furthermore Canada ‘s first or else 2nd chiefly cherished grassland harvest. Further than 52,000 Canadian husbandmans produce canola ; produce economic motion of $ 1.4 billion in Ontario with Quebec, plus $ 7.5 billion in western Canada. Canola is every bit good adult in the north cardinal plus southeasterly United States. Canola-based bio Diesel concerns within Canada base for the opportunity to bring forth $ 620 million in capital investing in this state plus infix an excess $ 2.4 billion keen on the economic system per annum. FIGURE 2 ( SOURCE-IMAGE-www.canolainfo.org ) Main canola-based bio Diesel provider: Blue Sun Bio Diesel Canadian Bio energy Corporation Milligan Bio-Tech Inc Bio Fuel Canada Limited During December 2006 the cardinal authorities proclaim clasp of a countrywide renewable fuel program mission for a 5 % renewable fuel norm in every Canadian fuel, every bit good as a 2 % permission for renewable within Diesel through 2012.Canada ‘s canola agriculturists are complete to construct a Canadian biodiesel concern occur now. More than the past 40 old ages they have construct the canola industry get downing the place up to a $ 14 billion-a-year concern in Canada, plus international clients are by now looking for Canadian canola as an attractive feedstock GM CROPS In twelvemonth 2004, the united States have refering 9 times the figure of hectares of GM harvests than Canada. This is perchance non amazing, because the United States has well excess farming area than Canada. Though, it is value observing to because 1997, Canada have improved the figure of square hectares faithful to GM harvests through sing four epoch contrast to United States, which has full-grown its devoted part through refering six times. Canada is at rest tierce in the Earth in whole figure of hectares of GM harvests, following the United States plus Argentina. Chart 3 ( Source-Trefor Munn-Venn and Paul Mitchell, Biotechnology in Canada: A Technology Platform for Growth Report December 2005. ) Accessible statistics propose that Canada has the chiefly developed biofood-processing part, by the chief grosss ( $ 1.3 billion in 2003 ) , most figure of house ( 54 ) , highest investing in R A ; D ( $ 23 million in 2003 ) plus the chiefly employees ( 761 ) . This is individual country anyplace the excess higher statistics assortment ability of figures Canada differentiate Canada from the remainder of the Earth. It is clear that there is immense chance for biotechnology in agribusiness in the coming old ages. The acceptance of more GM harvests will heighten the increasing possible output brought approximately by the use of a immense country of new land, which could potentially make an excess 100 million hectares, fuelled by the continued demand from strong domestic and international markets, peculiarly from China. In order for the immense potency for biotechnology in agribusiness to be realized in Canada certain barriers must be overcome one such issue is whether the acceptance of GM harvests is more economical to the smaller scale manufacturer, every bit good as to big GM harvest bring forthing corporations. It is clear that there is immense chance for biotechnology in agribusiness in the coming old ages. The acceptance of more GM harvests will heighten the increasing possible output brought approximately by the use of a immense country of new land, which could potentially make an excess 100 million hectares, fuelled by the continued demand from strong domestic and international markets, peculiarly from China, who confirmed soybean importing for five old ages from 2008, deserving 25 % of the US $ 1.7 billion worth of entire exports to China each twelvemonth [ James, 2008 ] . Canada histories for further than half of universe trade in canola seed, repast, with oil. Canadian manufacturers continue to spread out canola country and production. Demand scenario expression strong due to developing usage of vegetable oils in China and India with canola-oil-based biodiesel usage in the EU. The Canadian suppression industry is increasing fast to keep increased insist for canola oil. In the following 2 old ages, farther than 1.5 million metric dozenss of canola oppressing capacity is predictable to be develop in the Canadian Prairie Provinces. Several of the increased canola oil could be used to bring forth biodiesel. Canada controls the universe canola export trade, with a market portion of 71 per cent in the three old ages to 2005-06. Although GM assortments comprise 79 per cent of Canada ‘s canola production, virtually all of the state ‘s export canola is considered to be GM because there is no segregation of GM and non-GM harvests. This did non halt its exports making record degrees in 2006. Biobased economic system Canada ‘s biobased economic system with its chief constituents ( Figure 4 ) , one sees a mix of all four biobased economic system major sub- sectors. Lead through the wellness, medical specialty, with pharmaceutical subdivision, it is followed through agribusiness and harvest production. Canada ‘s crop-production division GDP is about $ 14.7 billion, by 17.3 million estates of genetically modified harvests out of 74.6 million entire estates of chief cropland. Canadian husbandmans, manufacturers, with clients are on mean therefore in a superior place to reap the returns linked with the credence of following coevals industrial biotech procedures, including biofuels along with biorefining procedures. The utilize of GMOs is opening the door to industrial biotechnology addition in these developing economic systems, all through, for illustration, chance to make biofuel feedstock ‘s and to use in biorefining, with production of higher-yield besides higher-value harvests. BIOFUEL Canada look like the US in its market-oriented economic system, sample of production, and affluent life criterions. Development of the fabrication, excavation, and service sectors has changed the state from a chiefly rural economic system into an industrial, metropolitan economic system. Canada ‘s GDP in 2006 was about $ 1.18 trillion ( a‚ ¬0.8 trillion ) . Canada is a state wealthy in fossil fuel resources. In 2000, 39 % of Canada ‘s chief energy was from crude oil, 28 % from natural gas besides 13 % from coal. 11 % was by renewable hydropower, and merely 6 % from renewable biomass. Forecast for the following twosome of decennaries are for a biomass portion of 6-9 % . As given in Fig 5, 28 % of bring forthing ability from renewable resources by biomass. Bioenergy production semen from a wide scope of beginnings: common heat and power, gasification, pyrolysis, landfill gas, ethyl alcohol from grain besides cellulose. Biomass Resources Woody Biomass Forest biomass may be by and large divided into 2 group ; mill residue plus forest residue tops, subdivisions and foliages from crop with thinning operations that are left in the wood or at wayside after delimbing. In Ontario, a bark boiler undertaking at the Abitibi-Bowater mush A ; paper factory in Ft. Frances is presently below building. It plans to devour about 230,000 ODt of factory residues. Agricultural Residues Farmlands occupy 67.5 M hour angle ( million hectares ) in Canada, approximately 6.7 % of the whole land base. Crops are grown-up on 36.4 M hour angle, or 54 % of farming area. Agricultural activity produces 1000000s of metric tons of biomass annually, which may be classified as: virgin biomass- grown for energy, besides waste biomass- residuary fraction of primary crop, and farm animal wastes. . Residues recoverable and sustainably removable were predictable at 29.3 Odt yearly, though some of this goes to conventional utilizations such as carnal bedclothes and mulching. Ethanol Feedstock In Canada 70 % of ethyl alcohol is complete by maize in Eastern Canada, with 30 % is by from wheat in Western Canada. Ontario is the major corn-producing part in Canada, and soon 60 % of Canadian ethanol industry is in Ontario. . An expected 8.4 million metric tons of maize were usage for nutrient and 635,000 metric tons were used for ethyl alcohol. To piece the feedstock supply necessary through the ethyl alcohol workss working in 2009, 2.9 million metric tons maize may be desired. Biodiesel Feedstock A 2 % federal biodiesel mandate may change the feedstock attitude for biodiesel. In 2007 feedstocks for biodiesel constitutional 35 million liters of carnal fats with 18 million liters of imported thenar oil. Plentiful canola and soya beans may be used, but these harvests are priced as nutrient oils in planetary markets and bear a high monetary value. Canola is in high bid as healthy oil through the nutrient industry. Rendered oils, rendered carnal fats and palm oil are monetary value as provender and fabrication usage and bear a lower monetary value. Industry beginnings have expected that the 250 million liters of biodiesel require by the mandate in 2012 may be manufactured from family animate being fats, and 250 million liters by imported thenar oil, separating canola and soya bean oil for nutrient. 2004 Canada had 78.9 GW of ability from renewable beginning. 67 % was from conventional hydro, 23 % was from small- impact ( little ) hydro, and 9.4 % was from biomass. Of biomass capacity, approximately 26 % ( 1938 MW ) was electrical and 76 % ( 5454 MW ) was thermic. The industry of a whole of 2.25 billion liters of renewable fuels annually. A net annual economic net income of $ 1.473 billion to the Canadian economic system crossways Canada, numbering $ 14.1 million to municipal authoritiess, $ 108.8 million to regional authoritiess, and $ 111.8 million to the cardinal authorities. An predictable annual benefit of $ 540 million in excess oil exports that are likely as of western Canada biofuels manufacture.The ethyl alcohol and biodiesel industry inside Canada produce about $ 2.2 billion a twelvemonth. The workss produced 14,000 occupations, and every the workss may keep about 1,000 stable occupations. Health With a 9 % annual growing rate, Canada is the 3rd highest lifting market in the universe for pharmaceuticals. The sector net income from Canada ‘s booming biotechnology industry that gives fuels to pharmaceutical companies ‘ growing. Include to these advantages well-educated employees with really trained scientists and technicians, every bit good as business-friendly direction policies, and it ‘s non amazing that about every chief pharmaceutical company has developed and/or R A ; D operation in Canada. latest Investing within CANADA Charles River Laboratories International, of Massachusetts, may open a presymptomatic services service in Quebec in 2009, which is eventually likely to use 1,000 people. Sanofi Pasteur spended $ 100 million in a fresh R A ; D ability in Ontario in 2008. GlaxoSmithKline invested excess than $ 178 million in Canadian R A ; D in 2007 entirely. Sandoz, a divider of the Novartis Group, open a fabrication works in Quebec in 2008, division of its $ 80 million investing publicize in 2007. Boehringer Ingelheim finished a $ 36 million investing in novel, advanced research labs in Quebec during 2008. Canada plays a chief function in the world-wide biopharmaceutical industry, with specific power in research and development ( R A ; D ) , clinical tests with fabrication. All of the acme 10 international pharmaceutical companies, in conditions of grosss, have operations in Canada, legion with R A ; D and fabricating mandate. In 2007, world-wide biopharmaceutical gross revenues amounted to US $ 663.5 billion. That similar twelvemonth, the Canadian biopharmaceuticals sector witnessed gross revenues of $ 17.6 billion and exports of about $ 6.3 billion. About 80 per centum of these exports were control to the U.S. market. In 2007, Canada was domicile to 397 pharmaceutical with 404-biotechnology organisation, using about 29,000 people crossways the state. Canada has the 2nd top figure of biotechnology companies in the Earth and is home to several of the largest recognized bunchs in the pharmaceutical industry. Authorized counts of constitutions classified as pharmaceutical industrialized. Below chart explain Toronto and Montreal compare healthy to Jersey City, New Jersey, one of the chiefly celebrated pharmaceutical industry base inside North America. Chapter Decision Biotechnology has been described as a Canadian chief concern in visible radiation of its acknowledgment for possible to drive sustainable growing. This is chiefly due to its immense influence on the ways in which natural resources may be exploited and the properties on the environment. The sheer wealth of different natural resources at Canadians remotion may surely drive its growing for old ages to come provided that such resources are used responsibly. Biotechnology might hold a immense influence on the health care sector throughout the usage of biodiversity form the chief Canadian rain forest as a natural resource. This mostly unknown resource might supply tremendous benefits for the wellness industry and economic system of Canadian for old ages to come ought to it be found to include new drug campaigners between its tremendous biodiversity. Net income of biotechnology in the agribusiness industry are antecedently being seen and may keep to cultivate as Canada extra exploits its immense land country, lifting its exports of chief harvests such as canola, turning GDP, whilst supplying farther nutrient besides generate more occupations for many biotechnology alumnuss. The utilize of biotechnology in the Biofuel/biodiesel industry together generates a renewable, sensible beginning of energy, whilst cut downing the influence on the environment signifier the combustion of fossil fuels. Even as the feeling on the usage of natural resources itself is profound, this industry besides has immense economical deduction for Canada, which has traditionally relied on imports for the size of its energy demands, plus hence progress energy security. Further industries such as biomining may besides play a function in the development of Canada in the upcoming by heightening the ability to work the valuable metals present at that place. Canada seems to be a typical illustration of how the development of natural resources utilizing biotechnology can be used to significantly drive the growing and development of the state, and it may merely be a affair of clip before Canada is considered developed, sing the renewable resources at its disposal, and the procedures in topographic point to work them. The economic influence of Canadian renewable fuel workss, with the effects is incontestable ; ethyl alcohol and biodiesel in Canada are driving growing. Canada ‘s latest renewable fuel criterion is presenting on its assure of occupations, investing plus growing. How to cite Biotechnology Opportunities In Canada Environmental Sciences Essay, Essay examples

Michael Jordan Leadership Paper free essay sample

When sitting down and thinking about a leader that I wanted to write about, and eventually stand up in front of people and talk about was a lot harder of a thing to do than I originally thought. There are so many different types of leaders that people follow and are drawn to, for so many different reasons. Whether those reasons follow a certain beliefs like that of cults and religions, or if they simply follow leaders because they were just born with all of the necessary skills and attributes that helps them relate to people, everyone follows a certain type of leader because of their own personal reasons. This leads me to why I chose my leader to talk about in this paper. Michael Jordan to me is one of favorite leaders, not only because of the fact that he was the best basketball player to ever play the sport, having earned six world championships with the Chicago Bulls and earning many records during his time playing, but because of how charismatic he was on and off the court. Michael Jordan’s leadership qualities come from more than the skills he displayed on the court, he is a natural born leader, charismatic, has great character and has accomplished more than most. Michael Jordan was born on February 17th, 1963 in Brooklyn New York to his mother Doris and his father James. As a young child Michael Jordan moved to North Carolina, where they lived out in the country, almost completely isolated from the rest of the world. This is why Jordan’s dad put up two basketball hoops in the back yard and this is where Michael could always be found. He didn’t care that the court he was playing on was dirt, or what started off as grass. Michael spent so much time playing basketball there that almost all of the grass was gone in two weeks. Michael played against his older brothers all the time who were bigger, faster and stronger, but no matter how bad they beat him, Michael never showed any sign of disappointment. This actually is what drove him to practice harder and much longer than they did, he knew he had to in order to be able to beat them eventually even though they were older. It wasn’t until his junior year of high school that Jordan finally won a game against his older brothers. But even still, only standing at 5’11 as a sophomore Michael Jordan did not make  varsity and had to play on the junior varsity team. This drove him to work even harder because he was fully confident that he could play with the older kids. Every single day after his normal basketball practice, Michael would go home and worked on his game even more, day in and day out. This drive and determination helped him get on the varsity team the next two years. He went on to average 25 points a game his junior and senior year at Laney High School in North Carolina. Michael’s senior year he received the nomination to play in the McDonalds All American Team. Also during his senior season Michael was offered a full ride scholarship by North Carolinas coach Dean Smith to play for the Tar Heels. With Jordan having such a competitive edge, motivation, charisma, and drive he was able to become the most important player on their team, and a strong leader for the players around him. During his time at North Carolina, Michael Jordan led his team to victory in the NCAA Division 1 championship in 1982, when he scored a buzzer beater against Georgetown University to win. Michael Jordan was also recognized as NCAA College Player of the Year in 1983 and again in 1984. Jordan also made his way to his first appearance at the Olympics as a member of the men’s U.S. Olympic basketball team. Jordan was able to help the team win the gold medal and again in the 1993 Olympic Games. After his junior year of college, Jordan was drafted by the NBA. In his first season he averaged 28.2 points and helped his team make it to the playoffs that year also. Because of the amount of effort Jordan put in his rookie season, he was elected as he NBA rookie of the rear and was also selected to play in the all-star game that year. From there, Jordan won 6 championships, was elected the MVP 6 different years, and made the Bulls team a force to be reckoned with. Most people when they hear Michael Jordan’s name they automatically think of him as the best basketball player that ever lived that could jump out of the gym. This all may be true but Michael Jordan understood what team concepts are, had an extreme amount of drive, and he showed a lot of passion. Michael Jordan’s leadership, ability, motivation, and sheer determination gave him the ability to rise to every situation. Michael could have averaged 40 points a game simply because he was the best player on the court  but that was not what he wanted to do. Michael was committed to establishing team goals, and doing everything he possibly could to make his teammates better. Michael Jordan also displayed enthusiasm even during the worst parts of his career, which brought a positive energy to everyone around him. I believe that this is his strongest quality as a leader because he used his energy to rally everyone around him, and make them believe that they can do whatever they want to. Michael Jordan always focused on turning his weaknesses into strengths, which made him a better player and a better leader not only for his team, but for fans and everyone around him. He displayed himself as a perfect role model for a leader because of this. Jordan thrived off of things he couldn’t do, and it only made him want it more or work harder and to be a leader and role model for everyone around him, even if they didn’t play basketball. Michael Jordan understood the importance of teamwork and used a directive leadership style to help bring out the best in his teammates. This is because he was the best, and everyone knew that which made them want to follow him because they believed in him, but he was not narcissistic about his power as a leader and never let that get to his head. As a leader, he understood the importance of teamwork and always put the best interests of the team before his own. Jordan also displayed much of his transformational leadership charisma with his work ethic. He was known for always giving his best on and off the court. He wanted to represent himself as a role model for people around him to help others thrive off of his hard work ethic and make them better. Michael Jordan also carried himself with such a high demeanor on and off the basketball court which helped him become a good leader. Michael Jordan never boasted about being the best or all of his accomplishments, but instead he lead everyone by example. Michael Jordan also displayed a tremendous amount of enthusiasm which helped his teammates like him more, and be more attracted and wanting to be like him. The last thing that Michael Jordan displayed that makes him stand out as a leader was due to the fact that he has humility. Michael Jordan’s coach, Phil Jackson said â€Å"After Michael Retires, I only hope that the young player will be influence by Michael’s demeanor and by his sense of unselfish competitiveness. More than his championships rings, I hope this will be  Michaels Legacy.† (Phil Jackson) Although many people still wouldn’t consider Michael Jordan as a true leader, but for someone like me who played college basketball and wanted to get to the top like him, he was a great leader. Jordan has not been playing in the league for many years now, and everyone knows who he is, and almost everyone has owned a pair of Jordan shoes in their life. Michael Jordan was a leader because he never gave up, directed those around him, led by example, showed a great demeanor and work ethic, and he understood the roles and talents that he had and was humbled by all of the opportunities he was given. He was supportive of everyone around them, and wanted everyone to succeed, and to me, that is a perfect representation of what a true leader is.

17th Century Timeline, 1600 Through 1699

17th Century Timeline, 1600 Through 1699 Major changes in the fields of philosophy and science took place  during the 17th century. Prior to the beginning of the 1600s, scientific study  and scientists in the field were not truly recognized. In fact, important figures and pioneers such as the 17th-century physicist  Isaac Newton were initially called natural philosophers because there was no such thing as the word scientist throughout most of the 17th century. But it was during this period that the emergence of newly-invented machines became part of the daily and economic lives of many people. While people studied and relied upon the more or less unproven principles of  medieval alchemy, it was during the 17th century that a transition to the science of chemistry took place. Another important development during this time was the evolution  from astrology to astronomy.   So by the end of the 17th century, the scientific revolution had taken hold and this new field of study had established itself as the leading society-shaping force that encompassed mathematical, mechanical, and  empirical bodies of knowledge. Notable scientists of this  era include the astronomer  Galileo Galilei, philosopher Renà © Descartes, inventor and mathematician  Blaise Pascal,  and  Isaac Newton. Here is a brief  historical list of the greatest technology, science, and invention hits of the 17th century. 1608 German-Dutch spectacle-maker Hans Lippershey invents the first refracting telescope. 1620 Dutch builder Cornelis Drebbel invents the earliest human-powered submarine. 1624 English mathematician William Oughtred invents the  slide rule. 1625 French physician Jean-Baptiste Denys invents a method for blood transfusion. 1629 Italian engineer and architect Giovanni Branca invents a steam turbine. 1636 English astronomer and mathematician W. Gascoigne invents the micrometer. 1642 French mathematician  Blaise Pascal invents the adding machine. 1643 Italian mathematician and physicist Evangelista Torricelli invents the barometer. 1650 Scientist and inventor  Otto von Guericke invents an air pump. 1656 Dutch mathematician and scientist  Christian Huygens  invents a pendulum clock. 1660 Cuckoo clocks were made in Furtwangen, Germany, in the Black Forest region. 1663 Mathematician and astronomer James Gregory invents the first reflecting telescope. 1668 Mathematician and physicist  Isaac Newton  invents a reflecting telescope. 1670 The first reference to a  candy cane  is made. French Benedictine monk Dom Pà ©rignon invents  Champagne. 1671 German mathematician and philosopher Gottfried Wilhelm Leibniz invents the calculating machine. 1674 Dutch Microbiologist  Anton Van Leeuwenhoek  was the first to see and describe bacteria with a microscope. 1675 Dutch mathematician, astronomer, and  physicist  Christian Huygens  patents the pocket watch. 1676 English architect and  natural philosopher  Robert Hooke  invents the universal joint. 1679 French physicist, mathematician, and inventor Denis Papin ​invents the pressure cooker. 1698 English inventor and engineer  Thomas Savery  invents a steam pump.

Octopus way of winning essays

Octopus way of winning essays Mondex, backed by the largest bank HSBC in Hong Kong, is a cash-based smart card which also targeting the small payment market in Hong Kong. Mondex was launched at almost the same time as Octopus, and they are direct competitors with each others. Unlike Octopus, Mondex has a very low penetration rate after its first launch and totally disappeared in 2001 in Hong Kong. (Teams, please verify this data) Octopus and Mondex are launched almost at the same time and both are backed by big players in Hong Kong, why Octopus is so success now while Mondex totally failed? This could be explained by the positive feedback of network industries strong gets stronger and weak gets weaker; success begets more success, and failure breeds failure. Positive feedback provides increasing return to the network industries. The more customers a network gets, the more attractive that network becomes to other customers. That makes it easier for the network to attract another customer. That customer makes it even easier for the network to attract the next customer, and so on. Positive feedback is especially important on the merchant side of this payment card industry. As more consumers have a particular card brand and more merchants take that card brand, it becomes harder and harder for other merchants not to take that card brand. Merchants may risk losing sales if they dont take that card brand. Octopus adopted a revolution approach by controlled migration. With the retirement of common stored value ticket (CSVT), customers are forced to change to use Octopus. This helped Octopus to gain millions of card holders in just a few months and get into virtuous cycle easily. As more and more customers own Octopus, more and more other merchants willing to join the Octopus network. Unlike Octopus who started from the mass transportation and, Mondex started in other consumer markets with just on ...

Chapter2 Essay Example | Topics and Well Written Essays - 500 words

Chapter2 - Essay Example The name was later changed to Google. Over the years, the company has experienced immense growth. In March 1999, Google started the sale of advertisements through the use of search keywords. Google faced a lot of competition from other companies like Yahoo. Additionally, others accused it of infringements on their rights, but the disputes were solved in court. In 2001, Google got a patent for its PageRank mechanism. By 2003, Google had grown in such a way that the name Google was added to the English dictionary. By September 2013, Google had been operating 70 offices in more than 40 countries. In October 2014, Google was ranked as the second most valuable brand in the world valued at $107.4 billion. So far, the corporation has been estimated to run more than a million servers and data centers in the world and processes more than a billion requests. In 2013, Google was the most visited site according to various studies and statistics. According to me, Larry Page has been very successful. It is clear that he had formulated a goal in mind and worked towards that goal (Opentextbc.ca,. 2015). He must have been a hard worker even long before he started the company. The reason for saying this is because he studied hard that he got to the level of earning himself a Ph.D. Also, he did formulate a mission statement for his company so that it could act as the driving force. As Page would say, everything comes down to ambition. The triple bottom line is a framework of accounting that involves three parts: environmental, social and financial. The three divisions are sometimes referred to as the three Ps: people, planet, profit. Another name that is commonly used is the â€Å"three pillars of sustainability† (Opentextbc.ca,. 2015). The Coca-Cola Company is a well-known company that has a working triple bottom-line. The company has really tried to assist in the protection of our planet from destruction through

Research three diverse faiths and compare the philosophy of providing Paper

Three diverse faiths and compare the philosophy of providing healh care from the perspective of each of these three faiths with that of the Christian perspective and your own personal perspective - Research Paper Example The only shortcoming here is that globalization has nurtured an overall society that is closely knit; meaning that the people that are likely to visit the facilities are from diverse cultures. Religion reveals much about one’s culture in many ways, and this fact will be utilized in this case in a clinical setting. The intent of this paper is to shed light on three religion in the context of health care provision. To what extent do these specific faiths affect how health care is provided to the people, and are they a manifestation of all other faiths. The significance of the Buddhist faith is paramount in this case because of one key factor; the massive following. A very large portion of the population of people of the Asian continent are devote followers of this faith. The religion was initially restricted within the Asian continent, but globalization has meant that its spread is anticipated. Clinical practitioners are in such a case expected to consider the individual cases of the Buddhist patients they offer their services to in the best way possible. The views held by some faiths differ from those of other, and this is a consideration that the health care providers have to mull over. Although it may be stated that most religions are based on foundations of fear of mishaps such as draught, floods, and so forth; Buddhism is claimed by many to be based on suffering. Fear is linked to external forces that one has no influence towards and hence people seek the help of Supreme intervention. Suffering is more specific in that it expound on all forms of difficulties experienced throughout the life of an individual. The argument here is that reality is within each individual, and cannot be found if one turns away as insinuated by faiths based on fear (Hirakawa, 2007). The faith emphasizes on the empowerment of each individual in ways to make them know that they have control of what happens in their lives (Hirakawa, 2007). The aim is to make

Development of Diabetes Register

Development of Diabetes Register The national DEMS aims to support diabetic health professionals in providing real-time information when and where it is required. Electronic medical records (EMRs) are an important means of enhancing patient wellbeing through inaccuracy reduction and to enhance clinical care quality (Lester, Zai et al. 2008). EMRs have previously been effective in refining diabetes management and enhancing organizing of care among multi disciplinary teams (Lester, Zai et al. 2008). Accomplishing interoperability between EHRs and registries will be progressively more vital as the utilisation of registries and EHRs develops considerably (Gliklich and Dreyner 2010). The typical viewpoint regarding establishing a diabetes register is by assembling electronic patient files held by GPs medical centre’s of diabetic patients (Morris, Boyle et al. 1997). Another alternative is to gather patient records electronically from multi sources to a central source in order to achieve a more comprehensive register (Morris, Boyle et al. 1997). When setting up a diabetes register it should be carried out according to NICE guidelines which include: â€Å"Patients demographics adjustable risk factors medicine prescribed Attendance at practice or diabetes outpatient clinic† (OKelly, Foy et al. 2008). The set of accessible data sources is the most important factor in determining the capabilities of disease surveillance system. The purposed Irish diabetes register will utilise information from PCRS and NCSS data sources. PCRS contains information regarding prescribed drugs and medicines typically taken by diabetics such as statins (cholesterol lowering medications) this information is gotten from the General Medical Services Scheme. T2D patients can be identified by their need to use oral diabetes prescriptions such as oral anti-hyperglcaemic which can be taken on their own or with insulin (OShea, Teeling et al. 2013). The scheme affords entitled persons access to free health care as well as prescription medication (OShea, Teeling et al. 2013). The PCRS gathers the information on â€Å"dispensed prescribed medication† a monthly basis from the scheme, these medications† are coded using the WHO Anatomical Therapeutic Chemical (ATC) classification system† (OShea, Te eling et al. 2013). As well as checking these data sources, hospital diabetic clinics might contain patients not already on the national register. â€Å"Patients with medication treating T2D can be identified using the prescription of oral anti-hyperglycaemic agents alone or in combination with insulin as a proxy for disease diagnosis†. Diabetes register aids the identification and tracking of clinical outcome (Lester, Zai et al. 2008). The registry can be kept up-to-date in an automatic manner when run against laboratory results and GP practice EMR (Lester, Zai et al. 2008). The registry needs to up-to-date and not to contain stagnat data. Initially is it perceived that there will be two data sources: NCCS and PCRS. Hospital diabetes clinics – extracted to register Regarding the laboratory system, patient whose records contained information regarding glycated haemogloblin, plasma glucose, urinary microalbumin and serum creatinine were considered to be diabetes as well as oral glucose tolerance test confirming the diagnosis of diabetes or outpatient plasma glucose concentration of greater than 11.1 mmol/l (Morris, Boyle et al. 1997). All laboratory results applicable to diabetes care are available electronically; patients could be identified and included in the register. Registries typically gather information from various data sources, this is typically done by collecting information from various sources and linking the information across data sources, either with identifiers intended for linking or by recorded attributes of the patients to whom the information match up to (Gliklich and NA 2010). Most general method for record linkage typically depends on the presence of unique identifiers (Gliklich and Dreyner 2010). Once verified that the information is correct, it will be necessary to verify that the data can be uploaded correctly onto the Diabetes register. Look at hipe extract as an example Gathering of data from an assortment of data sources capitalizes on the available data on each diabetic patient and ensures comprehensiveness. The National Cancer Screening programme/ schemes provide data on . Data includes demographics, history of, treatment. This data is stored electronically on NCCS database whish a password protected designed database. The hospital system has a record of patients registered Duplicate patients records are avoided by the use of an report based on similar surnames, forenames and hospital numbers. Data of birth comparison. As data is collected from a number of sources it necessary to remove duplicate records. â€Å"Currently there is no unique number assigned to individuals accessing health and social care in Ireland which would enable the accurate identification of individuals†. â€Å"Therefore cases are cross-matched from the different data sources. A range of variables, including names, gender, county of residence, data of birth are used to match the data†. [dissertation Benefits realization information technology in a national surveillance system, Patient demographics download All systems to remain in sync. A patient enters a hospital is registered on the PIMS and that information is then sent to laboratory system. Healthlink server , the vendor provides the code handles how the file gets sent from nimis software suite The laboratory system requires an interface to PAS system to enable demographics and clinical information for common patients to be shared between the two systems. HL7 interface facilitates the transfer of demographic information between the PAS and laboratory systems. Information from PAS is extracted and formatted using iSoft Integration Engine. The laboratory system will communicate with the Integration Engine using HL7 messaging over TCP/IP sockets Patient information is entered or modified in PAS. The resultant transaction is recorded in PAS audit service. The audit service is continually monitored by iSoft Integration Engine which is configured to look for relevant transactions. For each transaction, the associated information is extracted from PAS and formed into the appropriate HL7 message for immediate onward transmission to laboratory system. The laboratory interface continually listens for HL7 messages from PAS. When a message is received it is analysed to check its purpose and check that the information is correct. If the patient number referenced in the message is unknown to laboratory system then the patient will be registered otherwise the patient details will be updated based on the contents of the message. Systolic blood pressure Diastolic blood pressure HbA1c Creatinine Microalbumin Patients attending Hospital diabetes clinics, Graphically representation on the main screen. Health care professionals perceive that there is not enough time in the day to carry out their workload. There needs to be effort made to ensure quick data review and efficient action (Lester, Zai et al. 2008). A graph will be generated to display on screen to demonstrate changes in weight and blood pressure to emphasize the importance of the data. The report function enables automatic printout of letters to GPs, episode details and annual review for filing in the patients case notes, referral letters to other specialities. Auditing All transactions within the system will be audited. This means that transactions will be recorded with a snapshot of the data and the user performing the action. The system needs an audit function to facilitate audit. Validation Data entry validation are used to minimize the risk of errors; duplication entries. Performance The system will be utilised on the National Health Network which will facilitate reliable and robust network on which the system to work on.

Outline New World Beginnings

The Ice Age formed a land bridge in the area of present-day Boring Sea, which allowed nomadic groups of people to enter the Americas. B. Group of Nomads 1. Traveled across the Boring Land Bridge and populated the Americas 2. Split into countless tribes and evolved into over 2,000 languages a. Incas- Peru b. Mayans- Central America c. Aztec- Mexico Ill. The Earliest Americans A. Pueblo Indians 1. Constructed Intricate Irrigation systems to water their cornfields. 2. Lived In adobes and pueblos. B. Mound Builders 1. Lived at Iacocca, near present-day East SST. Louis. 2.Built an elaborate pueblo of more than six hundred interconnected rooms at Coach Canyon. C. Eastern Indians 1. Developed the three-sister farming where the beans grew on the trellis of the cornstalks and the squash covering the planting mounds to retain moisture in the soil. 2. Among them were the Creek, Choctaw, and Cherokee. D. Iroquois Confederacy 1. Created by the legendary leader, Hiawatha. 2. Developed political an d organizational skills to sustain a robust military alliance that menaced its neighbors. IV. Indirect Discoveries of the New World A. Blonde bearded Norse from Scandinavia reaches North America. . The Vikings landed around 1,000 C. E. 2. They landed at a place near Leans auk Meadows in present-day Newfoundland. . They soon abandoned the place and their discoveries were soon forgotten. B. Christian Crusaders rank high among America's indirect discoveries. 1 . Tens of thousands fought to regain control of the Holy Land from Muslim control. 2. Foiled in their assaults, the Crusaders craved the delights of Asia. V. Europeans Enter Africa A. Marco Polo returns to Europe in 1295 from China. B. Slave trade begins 1. Arab merchants and Africans had traded slaves before the Europeans arrived. . Millions were wrenched from their home continent after the discovery of the Americas. C. In 1488, Portuguese explorer Bartholomew Aids rounded the A. Columbus persuaded the Spanish monarchs to outfit him with three tiny but seaworthy ships. B. By heading westward, he thought he would reach the Indies. 1. After six weeks at sea, he thought he reached the Indies when it was the Americas and mistaken the people there as â€Å"Indians. † C. Columbus discovery led too global economic system. 1. Europe would provide the markets, capital, and the technology. 2. Africa would provide the labor. 3.New World would provide the raw materials. VI'. When Worlds Collide A. The Old World and the New World traded things also known as the Columbian Exchange. B. The New World gave the Old World: 1. Corn, potatoes, pineapples, tomatoes, tobacco, beans, vanilla, etc. 2. Gold, silver, and syphilis(SST). C. The Old World gave the New World: 1. Wheat, sugar cane, rice, coffee, horse, cows, pigs, etc. 2. Smallpox, measles, bubonic plague, influenza, typhus, etc. A. Have any immunity in their bodies. B. Thus, around 90% of Native Americans died. VIII. The Spanish Conquistadores The Indians didn't A.Portugal and Spain argued over who got what land and the argument was settled wrought the Treaty of Tortillas. 1. Portugal received territories in Africa, Asia, and Brazil. 2. Spain received territories in the Americas. B. Spanish conquistadores fanned out across the Caribbean. 1. Vases Nuns Balboa- discovered the Pacific Ocean. 2. Ferdinand Magellan- His vessel circumnavigated across the globe. 3. Juan Pence De Leon- Explored Florida looking for the â€Å"Fountain of Youth. † 4. Francisco Coronado- Discovered the Grand Canyon and enormous herds of buffalos. 5. Hernandez De Sotto- Discovered the Mississippi River. 6.Francisco Pizzeria- Crushed the Incas of Peru. C. Encomia system established. . It allowed the government to â€Å"command† Indians to certain colonists in return for the promise to try to Christianize them. 2. Bartholomew De Alas Cases, appalled by the encomia system, called it â€Å"A moral pestilence invented by Satan. † ‘X. The Conquest o f Mexico 1. Montague thought Herman Cortes was the god, Quadruplicate, returning from the eastern sea. 2. Herman Cortes was welcomed into the empire and took advantage by conquering it. 3. A new race of people called messiest is formed, which have a mix of Latin American's European and Indian blood. 4.The Spaniards' greed for gold led Montague to attack the Spanish on niche tries (sad night). X. The Spread of Spanish America 1. Within about half a century of Columbus landfall, Spanish cities flourished in the Americas. 2. Other countries wanted their share of the new lands. A. The English sent Giovanni Cabot to explore the northeastern coast of North America. B. The French sent Giovanni dad Overgraze to probe the eastern seaboard. C. Lawrence River. 3. The Pueblo Indians started an uprising called the Pope's Rebellion against the Spanish in 1680. 4. The misdeeds of the Spanish in the New World gave birth to the â€Å"Black Legend. †

Financial Analysis on Aftab Auto Essay

Chapter 1 Introduction & Methodology 1: Introduction Aftab Automobiles Limited has been our selected company, which is one of the largest automobile assembling plants in the private sector in Bangladesh. Aftab Automobiles Ltd. is in this business since 1967. In 1981 the Company registered itself as a Public Limited Company. The Company was listed with Dhaka Stock Exchange Limited and Chittagong Stock Exchange Limited in the year 1987 and 1996 respectively. The principal activities of the Company throughout the period were assembling of Toyota Land Cruiser soft top/ Pick-up, Land Cruiser Prado, Hino Bus, Hino Mini Bus / Truck Chassis with a production Capacity of 2400 units of vehicles in 3 shifts in Assembling Unit. But since inception, the Plant is running single shift considering the market demand. The Company has added four units namely Body Building Unit, Paint Unit, Battery Unit & Furniture Unit and the commercial production of which started in May 5, 1997, November 01, 1999, January 03, 2002 and May 01, 2002 respectively. Overall, it is a company with vision of maximizing shareholders’ wealth and its investors have already shown their confidence in the company. Its share price has increased over the years compared to its book value. Furthermore, it enjoys a positive signaling effect from the market and there is good news for Aftab Auto. In this report, we will try to find out few reasons behind the good news and the positive signaling effect. The main company that we are performing financial analysis is on Aftab Motors LTD. Since our major focus is to compare two companies’ financial performances over time, so we have selected Atlas Bangladesh LTD as the rival company of Aftab Motors LTD. According to the project instruction, we aimed towards rationalizing stock price through financial statement analysis, and in doing so we have seriously dealt with the book value and market value of shares. By comparing the book value and the market value of Aftab Motors LTD from the year 2005-2009, we found out following information: 2: Objectives †¢ Making a thorough analysis of the company’s financial statements over the last 5 years through ratio analysis, cash flow analysis and analysis of major components of the balance sheet and trying to identify the actual state of the company since its enlistment in Dhaka Stock Exchange (DSE). †¢ Find out the difference between book value and market value of the share price and to identify the possible reasons behind this difference, and find if there is any specific hidden discrepancy in the existing financial statements of the company. †¢ Find out the growth to make the Pro Forma Statements (The Income Statement and the Balance Sheet) and thus forecast the growth potentials of Aftab Automobiles Ltd along with the stated out the results yielding out after the 5 year long term projection (long term cumulative process)., as well as projection of stock price through financial analysis. †¢ To compare the firm’s financial status with one of its rival firm (Atlas Auto) through ratio analysis with the justification of balancing between the market price and book value of the shares. 3: Methodology: Information Source This study is based on the secondary financial data which is published in annual reports and monthly reviews of Dhaka Stock Exchange Ltd. by the respective companies. We have obtained the necessary information from the DSE (Dhaka Stock Exchange LTD), Motijjhil, Dhaka, and from the annual report of the company. Data Processing and Analysis We have calculated different ratio using sourced data from DSE, and showed the comparison between the two companies’ performances over the last five years. Here the positions of companies were compared to their previous year’s performance and then the analysis has been done between those companies current year’s situations. Period of Data We have used data of five consecutive years from 2005, 2006, 2007, 2008, 2009. Statistical Techniques We basically used two different statistical techniques. First we used the Time Series method for ratio analysis and then Cross-Sectional method for showing the comparison between Aftab Motor’s LTD and Atlas Bangladesh LTD. There is also couple of tables and charts to specifically present the data with comments. We also did the regression analysis using the Microsoft Excel. Standard of Comparison As we know that there are few competitors for Aftab Motors LTD in Bangladesh. Among them, we figured that Atlas Bangladesh LTD is one of the most challenging one for Aftab Motors in terms of market share and fiscal performance over time. 4: Limitations of the Study †¢ Due to different month of year closing date comparison may not be accurate. †¢ We faced problem while breaking down the actual balance sheet and sorting out the adjustments. †¢ Due to time constraints we could not visit the premise of Aftab Auto to  incorporate more recent information and views of the â€Å"Top Management† about the performance & position of the company. †¢ Another limitation was collecting the industry averages for the ratio analysis. No such data are readily available in context of Bangladesh. So, instead of the industry average data we have to take the best available rival data. †¢ Also we had some problem regarding what will be the future investment of the company. We had to depend on the secondary source for that. †¢ We did not find exact unit price of company’s products as it was not clearly mentioned in their annual report. †¢ Also the company’s official website is not very informative and organized through which we could collect the information about the company. †¢ Lack of technical knowledge-how in higher-level statistical techniques. †¢ Moreover, time constrains and other factors deterred us to anticipate highest concentration that we could have given to prepare this report. Chapter 2 Analysis & Interpretation 2.1: Revised Balance Sheet based on Market Value of Share Market Value & Book Value of Aftab Auto Ltd: From the Annual Report of the Aftab Automobiles ltd we calculated the Book Vale of their share from 2005 to 2009. Besides that we also collected the Market Value of the share from the library of the DSE (Dhaka Stock Exchange). The following Graph shows the Market Value and the Book Value per share of our proposed company. Figure-1: Market & Book Value of Aftab Ltd. From 2005 to 2009 From the above graph we see that in year 2005, 2008 and 2009 the market price is higher then the book value, which is really good news for us. But in 2006 and 2007 the market price is below then the market price, which indicates that the investors underestimated the company’s wealth. But as our last year in 2009, so our analysis will be based on year 2009. In year 2009, we found that the Market Value is far more then the Book value which is Taka 1,530 and taka 390.38248 respectably. This figure indicates that the investors are willing to pay more for per share for the company then the book value shows because the investors may think that the company may underestimated the company’s wealth. So we constructed a new Balance Sheet compared with the current year (2009) Balance Sheet based on the Market Value of the corporation. Revised Balance Sheet Based on the Market Value in 2009: |Aftab Automobiles Ltd | |Balance Sheet | |2009 | | |Based on Book Value | Based on Market | Increase / Decrease | | | |Value | | |Assets | |Current Assets | | |Stock And Stores (Inventory) | | | | | | | | | | | |Total Stock & Stores | 737,517,274 | 1,281,969,612 | 544,452,338 | | |Total Accounts Receivable | 993,547,199 | 993,547,199 | – | | |Income Tax Deducted at Source | 93,002,081 | 93,002,081 | – | | | | | | | | |Advance, Deposits & Prepayments | 149,320,158 | 149,320,158 | – | | |Cash & Bank Balances | 27,881,100 | 27,881,100 | – | |Total Current Assets | 2,001,267,812 | 2,545,720,150 | 544,452,338 | |Non-Current Assets | | |Property, Plant & Equipment | | | | | | |Land | 58,959,642.00 | 58,959,642 | 648,556,062 | 589,596,420 | | |Building | 169,846,130.00 | 142,270,645 | 213,405,968 | 71,135,323 | | |Shades | 2,682,800.00 | | | | | |Less: |Accumulated | 1,529,591.00 | | | | | |Depreciation till 2008 | | | | | |Tools & Equipment | 45,965,960.00 | | | | | |Less: |Accumulated | 17,743,259.00 | | | | |Depreciation till | | | | | |2008 | | | | |Office Equipment | 31,021,242.00 | | | | | |Less: |Accumulated | 7,323,987.00 | | | | |Depreciation till | | | | | |2008 | | | | |Furniture & Fixture | 16,953,271.00 | | | | | |Less: |Accumulated | 2,973,873.00 | | | | | |Depreciation till 2008 | | | | | |Less: |Accumulated | 26,595,111.00 | | | | |Depreciation till | | | | | |2008 | | | | |Investment (4109300 Share Of Navana CNG) | 33,961,309 | 796,793,270 | 762,831,961 | | |Intangible Assets | – | 1,263,853,978 | 1,263,853,978 | |Total Assets | 2,438,883,896 | 5,744,380,219 | 3,305,496,323 | |Liabilities & Owners Equity | – | – | |Current Liabilities | | | – | – | | |Short Term Loan | | 229,914,219 | 229,914,219 | – | | |Total Accrued & Other Current Liabilities | | 1,275,342,755 | 1,263,853,978 | (11,488,777) | | |Dividend Payable for Preference Share | | 1,179,500 | 1,179,500 | – | |Total Current Liabilities | 1,506,436,474 | 1,494,947,697 | (11,488,777) | |Non-Current Liabilities | | | | – | | |Loan & Deferred Liabilities | | 17,100,000 | 17,100,000 | – | | |Preference Share Capital including Premium | | 9,827,929 | 9,827,929 | – | |Total Liabilities | 1,533,364,403 | 1,521,875,626 | (11,488,777) | |Equity Attributable to Equity Holders | | |Paid up Share Capital (Ordinary Shares – 2319570 Shares) | | 231,957,000 | 3,548,942,100 | 3,316,985,100 | | |Share Premium | | 250,191,730 | 250,191,730 | – | | |Reserve | | 107,100,735 | 107,100,735 | – | | |Retained Earnings | | 316,270,028 | 316,270,028 | – | |Total Assets & Liabilities | 2,438,883,896 | 5,744,380,219 | 3,305,496,323 | Justifications: 1. Stock & Stores: The investors may think that the company underestimates the price of the finished goods. As the company use to measure the finished goods based on the Cost of Production basis. But the original market price is higher then the value written in the Annual Report. Also the market price of the Raw Materials, Store & Spares, Goods in Transit, L/C Margin, Work-In-Process is underestimated. So in Revised Balance Sheet we increase the value of the Stock & Stores. 2. Land: The Land value is underestimated as we know that the land value is calculated as per the purchase price, not as per the market value. We know that the value of the land always increases. So we increase the value of the land. 3. Buildings: The value of the Building is calculated as per the establishment cost and the current value is calculated by deducting depreciation. So in this case the investors may find the Market value of the Building is more then the value used in the annual report. The investors may find the Building in better condition and able to offer the higher price than the value calculated in the balance sheet. So we also increase the value. 4. Plant & Machinery, Tools & Equipment, and Transport Vehicle: As all of these items value is written on the basis of the purchase price and also by deducting the accumulated depreciation. So the investors may find these items in better condition and also think that the market price is higher than the written in Balance sheet. 5. Investment: This Company purchased 4,109,300 pcs of share from Navana CNG Ltd. The value written on the Balance Sheet is from the purchased price. But the Current market price of this share is taka 193.90. So we also increased the value of the investment by using the market value of the stock. 6. Intangible Assets: The market price of the share is increased. This value increased may be the reason is the value increasing of the company’s intangible assets like Patent, Trademark etc. 7. Goods Supplied Account: We are decreasing this account on the basis is that, the company may get some purchase discount from the vendors. So the value of the accounts receivable is decreasing. Overall Comments: In year 2009, we see that the Market price is much higher then the Book Value of each share. Investors are willing to pay more than the book value of each share. The major reasons of the higher market value are the underestimation of the assets, as the assets are calculated based on the purchase price; not on the basis of the market price. Besides that investment to the other shares are also calculated on the purchase price. But the market price is also higher. Moreover, Aftab Automobiles ltd enjoys a better reputation on the market. So the Intangible assets like, Patent, Trade mark should be considered. So we can say that the company’s financial position is good. 2.1: Cash Flow Analysis: Cash flows are the cash receipts and the cash disbursement of the company. Since money does not flow in and out at an equal rate, so in most of the businesses, an analysis of cash flow is important. In our case we are working with the Cash Flow Statement of Aftab Automobiles Ltd from the year 2005 to 2009. After analyzing the statements we can have an idea of the cash dealing of the company of the years under our study. |Sources |2005 |2006 |2007 |2008 |2009 | | | | | | | | |EBIT |55,369,060 |61,681,543 |43,530,063 |79,204,842 |125,312,761 | | | | | | | | |Depreciation | 26,964,852 | 26,964,852|26,964,852 |26,964,852 |26,964,852 | |Tax |-7,179,527 |-14,602,650 |-13,059,019 |-21,781,331 |-51,261,009 | |Operating cash Flow |75,154,385 |74,043,745 |57,435,896 |84,388,363 |101,016,604 | | | | | | | | |Capital Spending: | | | | | | |Ending Net Fixed Investment |30,149,974 |26,582,937 |23,015,900 | |Less Beginning Fixed Investment | |-30,531,889 |-30,531,889 |-23,666,305 |-23,666,305 | |Deprecation | |26,964,852 |26,964,852 |26,964,852 |26,964,852 | |Net Fixed Investment | |26,582,937 |23,015,900 |26,314,447 |29,612,994 | | | | | | | | |Changes In Net Working Capital: | | | | | | |Ending Net Working Capital | |425,800,770 |260,925,322 |298,947,675 |905,519,493 | |Less: Beginning Net Working Capital | |171,666,619 |425,800,770 |260,925,322 |620,450,571 | |Changes In Net Working Capital: | |254,134,151 |-164,875,448 |38,022,353 |285,068,922 | | | | | | | | |Free Cash Flow from Assets | | | | | | |Operating Cash Flow |75,154,385 |74,043,745 |57,435,896 |84,388,363 |101,016,604 | |Net Fixed Investment | |-26,582,937 |-23,015 ,900 |-26,314,447 |-29,612,994 | |Changes In Net Working Capital | |-54,134,151 |-164,875,448 |-38,022,353 |-285,068,922 | |Free Cash Flow | |-6,673,343 |-130,455,452 |20,051,563 |-213,665,312 | |Cash Flow from/to Creditors | | | | | | |Interest Paid |34,992,217 |44,619,538 |48,012,628 |54,362,263 |90,846,346 | |Less New Long Term Borrowing |17,100,000 |17,100,000 |17,100,000 |117,100,000 |26,927,929 | |Cash Flow From Creditors |17,892,217 |27,519,538 |30,912,628 |-62,737,737 |63,918,417 | | | | | | | | |Cash Flow From Investors | | | | | | |Dividend Paid |24,000,000 |12,000,000 |12,000,000 |12,000,000 |1,179,500 | |New Equity |439,792,483 |701,016,976 |685,748,820 |621,050,571 |905,519,493 | |Cash Flow To Investors |463,792,483 |713,016,976 |697,748,820 |633,050,571 |906,698,993 | †¢ As we can see from the cash flow statement that, in 2006, 2007 & 2009 the free cash flow figures are negative. This might happen because of high investment in inventory and R&D departments, means the company used more cash than they had sourced of. †¢ Also the cash flows to Investors were sufficient for the company over the years. The company had sufficient fund to pay out dividends and that would eventually maximize the value of the firm. †¢ Fixed investments were consistent and consumed huge cash over the years. Overall we see that the Sales of the company are increasing which is a good sign. Besides that the company is investing heavily on the fixed assets, which may used to generate more revenue for the company. They are also offering cash dividend each year and also the company paid its short term load and also taking short term loans, which indicates that the company is enjoying a favorable environment in terms of the short term credit situation. So, we can conclude that the Aftab Automobiles Ltd is financially sound based on the Cash Flow analysis. Ratio Analysis and Interpretations To evaluate a firm’s financial condition and performance, the financial analyst usually performs analyses on various aspects to find out the financial health of the firm; among which ratio analysis is one of the most important and commonly used methods. Ratio analysis is a tool frequently used during the analysis to relate two pieces of financial data by dividing one quality by the other. In this study various ratio analyses will be done to understand the financial condition of the company and to compare this condition with its rival firm to get a clear picture. The analysis of financial ratios involves two types of comparison: ↠ Time–Series Analysis: First, the analyst compares a present ratio with past and expected future ratios for the same company. The current ratio (the ratio of current assets to current liabilities) for the present year could be compared with the current ratio for the previous year-end. When financial ratios are arranged over a period of years, the analyst can study the composition of change and determine whether there has been an improvement or deterioration in the firm’s financial condition and performance over time. Here we will conduct time series only on the Aftab Auto Ltd. ↠ Cross-Section Analysis: The second method of comparison involves comparing the ratios of one with those of similar firms or with industry averages at the same point in time. Such a comparison gives insight into the relative financial condition and performance of the firm. It also helps us identify any significant deviation from any applicable industry average (or standard). Here we will discuss and calculate different types of ratios. Then we will  compare the ratios between Aftab Auto Ltd. and Atlas Auto Ltd. The reason for doing this is that the industry average is not available in perspective of Bangladesh. ââ€" ª Liquidity Condition Analysis: Ratios that show the relationship of a firm’s cash and other current assets to its current liabilities are known as liquidity ratios. Different types of liquidity ratios are discussed below. Current Ratio: The ratio that relates current assets to current liabilities is the current ratio. The current ratio indicates the ability of a company to pay its current liabilities from current assets and shows the strength of the company’s working capital position. [pic]s Figure-1: The Current Ratios of Aftab and Atlas for the years 2005-2009 Time Series Analysis: Current ratio for Aftab is higher than 1 and it is consistent for all five years. In 2006 it has increased a lot from the previous year but in 2007 it dropped for two consecutive years but again in 2009 it has increased again and is in a good satisfactory condition. Cross-Section Analysis: However, comparing to the ratios of Atlas, we see significant difference the two companies’ ratios. Aftab’s ratios seem to be much weaker than Atlas’s. None of the years it has made the benchmark of 2. However, the last 3 years results are not satisfactory at all because none of them is showing benchmark of 2 or the increasing manner. So, we can conclude that Aftab is showing poor trend in its quick ratio. Quick Ratio: Inventories typically are the least liquid of a firm’s current assets – they are the assets on which losses are most likely to occur in the event of liquidation. Therefore, it is important to measure the firm’s ability to pay off short term obligations without having to rely on the sale of inventories. This is why quick ratio is used. [pic] Figure-2: The Quick Ratios of Aftab and Atlas for the years 2005-2009 Time Series Analysis: Quick ratio of Aftab is less than 1 which means it has piled up inventories as its current assets. The trend of quick ratio of Aftab shows that the ratio had been increasing from 2005 to 2006 but then suddenly fell significantly in year 2007 and 2008. Then it has increased in 2009. So, we can conclude that Aftab is showing low quick ration but increasing trend in its quick ratio. Cross-Section Analysis: Comparing with Atlas, Aftab has a very poor quick ratio even though it has increased but its running with risky conditions in terms its quick ratio. Cash Ratio: It is another measure of liquidity of the firm. It shows cash solvency of the firm. Figur-3: The Cash Ratios of Aftab and Atlas for the years 2005-2009 Time Series Analysis: Aftab’s cash ratio has seen a fluctuating matter. The ratio is very low. Even though the ratio improved in 2008 than previous year, the ratio is significantly lower. Too much inventory pile up and poor credit collection policy may led to such deteriorating trend in cash ratios. Cross-Section Analysis: Comparing with Aftab, Atlas has a very high cash ratio which indicates Atals has a better credit collection policy and lower piled up inventories. Asset-Management Efficiency Analysis: A set of ratios that measure how effectively a firm manages its assets compared to its sales. These ratios are designed to find out whether the total amount of each type of asset as reported on the balance sheet appear reasonable, too high, or too low considering current and projected sales levels. Asset Management Ratio is done based on inventory turnover ratio, day’s sales outstanding and fixed asset and total asset turnover ratio Total Asset Turnover: The total asset turnover ratio is calculated by dividing sale by total assets. The total assets turnover ratio measures the turnover of all the firm’s assets. [pic] Figure-4: The Total Asset Turnover Ratios of Aftab and Atlas for the years 2005-2009 Time Series Analysis: Total turnover of Aftab is not very satisfactory which means its not generating enough revenue by using its total assets which indicates it may some inefficient assets in its stock which deteriorating the total revenue. It’s in decreasing trend till 2007 but after that it as an increasing trend which is a very good sign in fact. Cross-Section Analysis: Atlas has a very high asset turnover ratios which indicates its assets efficient enough to generate more revenues and its in increasing trend for both the firm. Fixed Asset Turnover: The fixed asset turnover ratio is calculated by dividing sale by total fixed assets. The total fixed assets turnover ratio measures the turnover of all the firm’s fixed assets. [pic] Figure-5: Fixed Asset Turnover Ratios of Aftab and Atlas for the years 2005-2009 Time Series Analysis: Fixed Asset Turnover of Aftab is very low and it’s in decreasing trend which indicates that it has very inefficient fixed assets in its stock to generate enough sales. . It means it is becoming more efficient to utilize its short term assets to generate sales and even though it’s fixed asset is generating more sales than does the short term assets Cross-Section Analysis: in terms of Fixed Assets Turnover Atlas has a very high fixed asset turnover ratio compare to Aftab which indicates Atlas is doing well in terms of using its fixed assets and generating revenue. Inventory Turnover: This ratio indicates how active the company has been. It talks about the efficiency as well as the management of the company. This ratio indicates the number of times in a trading year a firm sells the value of its stocks. [pic] Figure-6: Inventory Turnover Ratios of Aftab and Atlas for the years 2005-2009 Time Series Analysis: Inventory Turnover of Aftab is very low but it’s in increasing trend till 2006 then there was a drop in 2007 after that it increased in 20008 then again it increased in 2009. So tells us that its inventory turnover is fluctuating and it doesn’t have efficient inventory to generate sales properly. This means Aftab was suffering from poor inventory management which is also evident from the balance sheet. But, recently it improving and overcoming the situation which is a good indication. Cross-Section Analysis: comparing with Atlas Aftab has a very low inventory turnover ratio whereas Atlas’s inventory turnover is very high which indicates that Atlas is efficient in managing its inventory. But Atlas’s inventory turnover has a decreasing trend whereas as Aftab’s is in increasing trend Days Sales Outstanding (DSO): DSO indicates the average length of time it takes the firm to collect its credit sales. It is also called the average collection period, is used to evaluate the firm’s ability to collect its credit sales in a timely manner. [pic] Figure-7: DSO of Aftab and Atlas for the years 2005-2009 Time Series Analysis: From the graph it’s been seen that initially low but then there were increasing trend in DSO but after 2007 it’s again starts to decrease which us a good sign that indicates that’s they are being more efficient in collecting its receivables. Cross-Section Analysis: Comparing with Aftab, Atlas has a very low collection period which means Atlas take less time to collect its receivable. ââ€" ª Debt-Management Efficiency Analysis: This ratio measures how effectively a firm is managing its debts. Debt Management ratios include analysis of two types of ratio: debt ratio and times interest earned ratio. Debt to Asset Ratio: It measures the percentage of the firm’s assets financed by creditors. [pic] Figure-8: Debt Ratios of Aftab and Atlas for the years 2005-2009 Time Series Analysis: Debt ratio of Aftab is fluctuating trend. It has high debt ratios which indicate that they a high leveraged firm and since interest on debt enjoy tax advantage, this is evident in the gradual increment in EPS figures. This is good news for the investors. Cross-Section Analysis: Comparing with Aftab, Atlas has a very low debt ratio which indicates they have a long-term solvency and low risk but at the same time they don’t have much leverage power to generate more profit and enjoy the tax benefits. Times Interest Earned (TIE) Ratio: The TIE ratio measures the extent to which earnings before interest and taxes (EBIT), also called operating income, can decline before the firm is unable to meet its annual interest cost. Failure to meet this obligation can bring legal action by the firm’s creditor, possibly resulting in bankruptcy. It measures the ability of the firm to meet its annual interest payments [pic] Figure-09: TIE Ratios of Aftab and Atlas for the years 2005-2009 Time Series Analysis: TIE ratio of Aftab is very low which means it has low ability to meet its annual interest payments. Aftab is covering its interest charges by a low margin of safety. This affects the potentiality of raising further debt in future. Cross-Section Analysis: Compare to Atlas, Aftab has a very low TIE ratio which means Atlas has very high safety of margin to cover its interest payment. ââ€" ª Profitability Condition Analysis: A group of ratios showing the effect of liquidity, asset management, and debt management on operating results. Profitability is the net result of a number of policies and decisions. Profitability ration are of three types- Net profit margin on sales, Return on Asset (ROA) and Return on Equity (ROE). Net Profit Margin: This ratio measures how much the sales is contributing to the net profit of the company, which belongs to the shareholders. [pic] Figure-10: Net Profit Margin of Aftab and Atlas for the years 2005-2009 Time Series Analysis: Net Profit Margin of Aftab gradually decreased in the first three year then it started rising and continue to rise. This is a very good indication for the company and as well as the investors. This increasing trend in Aftab’s profit margin ratio will help to attract the investors. Cross-Section Analysis: from the figure we can see that initially Atlas net profit was higher than the Aftab but later on Aftab’s net profit gradually increased and Atlas’s started to decrease. This indicates that Aftab earning more than Atlas does. The decreasing trend in Atlas’s profit margin ratio will not help to attract the investors. Operating Profit Margin: [pic] Figure-11: Operating Profit Margin of Aftab and Atlas for the years 2005-2009 Time Series Analysis: From the graph we can see that Aftab’s operating profit is in increasing trend which is a good indication of the fact that Aftab is becoming more efficient is its operation thus it has been able to reduce the operating cost which enable for higher and increasing operating profits. Cross-Section Analysis: Comparing with Atlas, Aftab is doing well in terms of making operating profit and Afatb has an increasing trend in its operating profit margin whereas Atlas has a decreasing operating profit margin. Earnings Per Share (EPS): [pic] Figure-12: EPS of Aftab and Atlas for the years 2005-2009 Time Series Analysis: EPS of Aftab has a decreasing trend for the first three years and then it followed and increasing trend and a big jump in EPS in 2009. So Aftab is earning more per share of its then it was previously earned. Cross-Section Analysis: From the graph we can see that Aftab has higher EPS then Atlas. Thus Aftab will be able to attract more investors then Atlas as its earning more than Atlas for its per share. Return On Asset: [pic] Figure-13: ROA of Aftab and Atlas for the years 2005-2009 Time Series Analysis: From the table we can see that return on total asset of Aftab is decreasing from the very start period. But from 2007 it starts increasing and it’s a positive factor for the company and the investors’ as well Cross-Section Analysis: ROA ratio of Aftab is lower than Atlas all through the five years. Aftab has faced a severe downfall at 2007 which may be triggered by the high interest charges on its huge amount of debt. So, it is very poor compare to Atlas but its improving for the last three years. Return on Equity: ROE measures the rate of return on stockholder’s investment. [pic] Figure-14: ROE of Aftab and Atlas for the years 2005-2009 Time Series Analysis: From the table we can see that return on total equity of Aftab is decreasing from the very start period. But from 2007 it starts increasing and it’s a positive factor for the company and the investors’ as well. This improvement indicates firm’s improving liquidity position, efficient asset management and efficient use of high debt amount. Cross-Section Analysis: ROE ratio of Aftab is lower than Atlas all through the five years. Aftab has faced a severe downfall at 2007 which may be triggered by the high interest charges on its huge amount of debt. So, it is very poor compare to Atlas but its improving for the last three years. ââ€" ª Market Condition Analysis: The market value ratios represent a group of ratios that relates the firm’s stock price to its earnings and book value per share. These ratios give management an indication of what investors think of the company’s past performance and future prospect. If the firm’s liquidity, asset management, debt management, and profitability ratios are all good then market value ratios will be high which will lead to an increase in the stock price of the company. Market value ratio is of two types- Price/Earnings Ratio and Market/Book value Ratio. Market to Book Ratio: The ratio of a stock’s market price to its book value gives another suggestion of how investors regard the company. Companies with relatively high rates of return on equity generally sell at higher multiples of book value than those with low returns. [pic]Figure-15: M-B Ratio of Aftab and Atlas for the years 2005-2009 Time Series Analysis: It is noticeable that Aftab has an increasing trend in its M/B ratio after 2005 which is good indicator. This indicates investors are gaining confidence on Aftab’s share and are now ready to pay more for Aftab’s book value of its share. Cross-Section Analysis: Even though there are increasing trend in the M/B ratio of Aftab it is much lower than the Atlas’s. It indicates that Atlas is gaining more investor’s trust over the years then Aftab. This justifies the high riskiness of Aftab’s securities due to its huge debts. But its M/B is increasing which means investors are gaining the confidence which is a good indicator to compete with Atlas Price-Earnings Ratio: This is the ratio of the price per share to earnings per share. It shows the dollar amount investors will pay for $1 of current earnings. It is computed by market price per share and earnings per share (EPS). [pic] Figure-16: P/E Ratio of Aftab and Atlas for the years 2005-2009 Time Series Analysis: P/E ratio of Aftab was decreasing trend for the first two years then it experienced a rise in 2007 which indicates the firm’s high growth potential. After that it starts to decrease. This shows firm’s huge riskiness which we have already seen by its increasing debt financing and overall poor management and other ratios. This indicates that investors are now willing to pay less for 1taka of current earnings. Cross-Section Analysis: Aftab has a lower P/E ratio then Atlas but both the company has the same decreasing trend in its P/E ratio. So both the company is losing investors’ confidence and investors are now willing to pay less for 1taka of current earnings. Summary of all the Ratio Calculation: The calculation of the following ratios has been done following the particular formulas. In the Appendix section we have attached the calculation procedures in details. Aftab Automobiles Limited |Type of Ratios |2005 |2006 |2007 |2008 |2009 | |Liquidity Ratio | |Current Ratio |1.19 |1.39 |1.20 |1.20 |1.33 | |Quick Ratio |0.39 |0.83 |0.79 |0.78 |0.84 | |Cash Ratio |0.027 |0.014 |0.019 |0.020 |0.019 | |Asset-Management Efficiency Ratio | |Total Asset Turnover |1.03 |0.86 |0.65 |0.83 |0.87 | |Fixed Asset Turnover |5.00 |5.31 |2.95 |4.22 |4.86 | |Inventory Turnover |1.7 |2.0 |1.9 |2.7 |2.5 | |DSO |38.3 |135 |210 |178.2 |128 | |Debt Management Ratio | |Debt-Asset Ratio |68.13 |61.22 |66.09 |72.23 |62.87 | |Time Interest Earned |2.5 |2.7 |2.0 |2.6 |2.4 | |Profitability Ratio | |Net Profit Margin |3.38 |3.03 |2.33 |3.10 |14.90 | |Operating Profit |6.19 |6.17 |6.37 |6.95 |10.30 | |Earnings per Share |28.58 |27.91 |18.06 |24.76 |136.50 | |Return on Assets |3.5 |2.6 |1.5 |2.6 |13.0 | |Return on Equity |11.0 |6.7 |4.4 |9.2 |35.0 | |Market Ratio | |Price Earning Ratio |14.8 |10.9 |20.3 |15.8 |11.6 | |Market/Book Ratio |1.62 |0.73 |0.90 |1.46 |4.07 | Atlas Bangladesh Limited |Type of Ratios |2005 |2006 |2007 |2008 |2009 | |Liquidity Ratio | |Current Ratio |2.46 |2.45 |2.55 |2.12 |1.86 | |Quick Ratio |2.07 |1.82 |1.86 |1.33 |1.11 | |Cash Ratio |1.08 |0.77 |0.94 |0.55 |0.40 | |Asset-Management Efficiency Ratio | |Total Asset Turnover |2.22 |2.53 |2.73 |3.34 |3.31 | |Fixed Asset Turnover |114.72 |121.53 |111.04 |170.57 |237.08 | |Inventory Turnover |11.0 |12.1 |10.0 |10.6 |9.4 | |DSO |4.08 |6.20 |2.87 |2.16 |3.32 | |Debt Management Ratio | |Debt-Asset Ratio |46.50 |46.59 |44.46 |51.69 |56.85 | |Time Interest Earned |1510.2 |539.6 |3477.4 |363.4 |827.3 | |Profitability Ratio | |Net Profit Margin |4.60 |3.84 |4.69 |3.21 |5.22 | |Operating Profit |4.73 |5.93 |3.95 |6.94 |4.73 | |Earnings per Share |17.33 |11.97 |12.63 |9.69 |22.39 | |Return on Assets |10.2 |9.7 |12.8 |10.7 |17.3 | |Return on Equity |19.1 |18.2 |23.0 |22.2 |40.0 | |Market Ratio | |Price Earning Ratio |19.5 |16.8 |24.4 |37.7 |21.3 | |Market/Book Ratio |3.72 |3.06 |5.62 |8.37 |8.54 | Chapter 3 Enquiry into Stock Price Movement In this chapter we will consider only the stock price movement of the year 2005-2009. Daily stock price is affected due to various factors that can be a macroeconomic variable as well as company specific variable. But in this section we will consider only the corporate decision factors. Variables can be some the following ones: 1. Dividend declaration 2. AGM Share Price Movement for the year of 2009: Figure-17: Stock Price fluctuation of Aftab for the year 2009 Comment: We can see that the price of Aftab Auto rose continuously throughout the year till the middle of May. DSE inquiry tells us that there was no sensitive price information that was undisclosed for the price hike that we see. Then there were drop in the stock price but after that we can see a significant rise from around beginning of the September. We can only conclude that dividend declaration on 31st August may contribute to this price hike. Again after the AGM took place in 6th December, the stock price started to fall. But at the end of the year, the company experienced a slight increase in the share price. Calculation of Beta: Average Market return (RM) = 1.884658331 Covariance (Ri,RM) = 0.00543901 Variance = 0.01175511849 ÃŽ ²i = 0.462692922 Comment: Beta measures the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. As beta of Aftab Auto is less than 1 that is 0.463 which means that the security will be less volatile than the market. Dividend declaration & Stock Price Movement: We will now take a functional approach to the matter of dividend declaration for the year. We have taken the dividend declaration on 31/08/2009 an important factor which affected the stock price during that period. A regression analysis is done using dummy variable. The regression output summary follows: SUMMARY OUTPUT OF REGRESSION |R Square |0.549260989 | | | |Cost of Capital |15% | | | |Year |10 | | | |Investment | |1,500,000,000.00 | | |Quantity |200 | |200.00 | |Price |10,000,000.00 | |10,000,000.00 | |Revenue | | |2,000,000,000.00 | |VC |70% | |1,400,000,000.00 | |FC |3.50% | |70,000,000.00 | |Depreciation | | |150,000,000.00 | |EBIT | | |380,000,000.00 | |Tax |27.50% | |104,500,000.00 | |Net Income | | |275,500,000.00 | |Cash flow | | |425,500,000.00 | So, project NPV at 2010 is, NPV2010 = -1,500,000,000 + (425,500,000.00 X PVIFAn=10, i=15%) NPV2010 = -1,500,000,000 + 425,500,000.00 * 5.018768626 = 635,486,050.36 Taka So the NPV of the Project is 635,486,050.36 Taka which is positive. So the company may go for this project based on the assumptions we took to calculate the NPV. Sensitivity Analysis: Now we would like to test the sensitivity of NPV to various inputs of the project. Because we need to know what happens to NPV if some inputs change. This helps give us better understanding of the projects situation to sustain the NPV. |Particulars |Amount in Taka |Amount in Taka |Change | |Revenue |2,000,000,000.00 |1,600,000,000.00 |(0.20) | |VC |1,400,000,000.00 |1,120,000,000.00 |(0.20) | |FC |70,000,000.00 |70,000,000.00 |- | |Depreciation |150,000,000.00 |150,000,000.00 |- | |EBIT |380,000,000.00 |260,000,000.00 |(0.32) | |Tax |104,500,000.00 |71,500,000.00 |(0.32) | |Net Income |275,500,000.00 |188,500,000.00 |(0.32) | |Cash flow |425,500,000.00 |338,500,000.00 |(0.20) | |NPV |635,486,050.36 |198,853,179.90 |(0.69) | |Relative Change | | |3.44 | Here we see that, %∆in Revenue= -20% %∆in NPV = -69% And Relative Change = 3.44 So from the above analysis we can see that NPV is very sensitive to change in revenue. For 20% decrease of Revenue, NPV is decreased by 69%. Besides that, 1% change of revenue; NPV is changed for 3.44%. New Share Price with the project: New share price= (current capitalization + NPV of the project) / shares outstanding = (market price per share on the last day of 2009 * shares outstanding +NPV) / shares outstanding = (2,048.75 * 2,319,570+ 635,486,050.36) / 2,319,570 = 2,322.72 Taka/ share Scenario Analysis For scenario analysis we took three cases 1. Pessimistic 2. Expected 3. Optimistic situation We will assume that only sales are taken for the scenario analysis. The whole income statement is vertical size statement. Then after calculating the NPV for three scenarios of sales we will find the share price. We took that in pessimistic scenario sales will drop by 20% and in optimistic scenario sales will increase by 20%. |Particulars |Pessimistic |Normal |Optimistic | |Quantity |160.00 |200.00 |240.00 | |Price |10,000,000.00 |10,000,000.00 |10,000,000.00 | |Revenue |1,600,000,000.00 |2,000,000,000.00 |2,400,000,000.00 | |VC |1,120,000,000.00 |1,400,000,000.00 |1,680,000,000.00 | |FC |70,000,000.00 |70,000,000.00 |70,000,000.00 | |Depreciation |150,000,000.00 |150,000,000.00 |150,000,000.00 | |EBIT |260,000,000.00 |380,000,000.00 |500,000,000.00 | |Tax |71,500,000.00 |104,500,000.00 |137,500,000.00 | |Net Income |188,500,000.00 |275,500,000.00 |362,500,000.00 | |Cash flow |338,500,000.00 |425,500,000.00 |512,500,000.00 | |NPV |198,853,179.90 |635,486,050.36 |1,072,118,920.83 | Now we can calculate the future stock price for these three scenarios using the new share price finding process shown earlier in this chapter. |Description |Pessimistic |Normal |Optimistic | |MKT Price |2,048.75 |2,048.75 |2,048.75 | |No. Of Share Outstanding |2,319,570.00 |2,319,570.00 |2,319,570.00 | |Current Capitalization (A) |4,752,219,037.50 |4,752,219,037.50 |4,752,219,037.50 | |NPV (B) |198,853,179.90 |635,486,050.36 |1,072,118,920.83 | |(A + B) |4,951,072,217.40 |5,387,705,087.86 |5,824,337,958.33 | |New Share Price With Project |2,134.48 |2,322.72 |2,510.96 | We can see that according to NPV the future market price of the company changes. Breakeven Quantity Based on NPV: |PVIFAn=10, i=15% |5.019 | |Initial Investment |1,500,000,000.000 | |EAC |298,878,093.768 | |Fixed Cost |70,000,000.000 | |VC |7,000,000.000 | |Price |10,000,000.000 | |Tax |0.275 | |1-Tc |0.725 | |Depreciation |150,000,000.000 | |After Tax Fixed Charge |308,378,093.768 | |After Tax Contribution |2,175,000.000 | |BEP Quantity |141.783 | |Particulars |Year (2011-2021) | |Investment |1,500,000,000.000 | |Quantity |141.78 | |Price |10,000,000.00 | |Revenue |1,417,830,316.17 | |VC |992,481,221.32 | |FC |70,000,000.00 | |Depreciation |150,000,000.00 | |EBIT |205,349,094.85 | |Tax |56,471,001.08 | |Net Income |148,878,093.77 | |Cash flow |298,878,093.77 | So, project NPV at 2010 is, NPV2010 = -1,500,000,000 +(298,878,093.77 X PVIFAn=10, i=15%) NPV = -1,500,000,000 + 298,878,093.77 * 5.018768626 = 0.00 Taka. Breakeven Price Based on NPV: |Particulars |Amount in Taka | |Revenue | 1,825,349,094.85 | | VC | 1,400,000,000.00 | | FC | 70,000,000.00 | | Depreciation | 150,000,000.00 | | EBIT | 205,349,094.85 | | Tax | 56,471,001.08 | | Net Income | 148,878,093.77 | | Cash flow | 298,878,093.77 | We know, Revenue = Price X Quantity Price = Revenue / Quantity Price = 1,825,349,094.85 / 200 Break-Even Price = 9,126,745.47 Chapter 5 Prospective Analysis With the different factors positively contribute to the growth of the stock price of Aftab Automobiles, we have analyzed the trend of different variables from the five year financial statement and detected the growth or reduction of every item. After that we have selected few components which show a growing trend and positively contribute to the growth of Stock Price. As we found that for Aftab Automobiles ltd, Market price movement is mostly similar with company’s financial performance as like sales growth & profit growth. |Growth Rates (%) |2009-2008 |2008-2007 |2007-2006 |2006-2005 |GEOMEAN | |Sales |14.74% |41.81% |-15.92% |8.95% |17.67% | |Net Profit/Loss |28.96% |88.45% |-35.28% |-2.36% |50.61% | |Operating Profit/Loss |69.27% |26.14% |47.34% |7.64% |28.45% | |EBIT |58.21% |81.95% |-29.43% |11.35% |37.83% | From the income statement we can concentrate on growth rates of sales revenue, operating profit, EBT and Net income. We are concentrating on average of last 4 years growth performance. From here we will use average sales growth of 17.67% for forecasting future market price. As growth rate of operating profit, EBT and Net income is close in figure, we are going to use average net income growth of 50.61% for forecast the market price trend. As the world economy is experiencing the recession and the impact of recession is also started affecting our economy, so it will be a highly optimistic choice if we expect that the company will grow at the rate of 17.67% or 50.61%. On the other hand, the other growth rates that have been calculated also give us the indication that we cannot consider them as company growth rate given GDP growth of Bangladesh is 5.5% and world economy is in recession. We can assume that average growth rate for forecasting the share price & value of the company. Growth Rate: Scenario -1 Assuming growth rate of 17.67% as average of last 4 years growth of Sales | |Current |5 Year Projection | |Year |2009 |2010 |2011 |2012 |2013 |2014 | |Growth Rate | |17.67% |17.67% |17.67% |17.67% |17.67% | |Sales |2,124,637,706 |2,500,061,189 |2,941,822,001 |3,461,641,948 |4,073,314,080 |4,793,068,678 | |Net Income |316,616,692 |372,562,861 |438,394,719 |515,859,066 |607,011,363 |714,270,271 | |Dividend |47,570,900 |55,976,678 |65,867,757 |77,506,590 |91,202,004 |107,317,398 | |Addition to Retain Earnings|269,045,792 |316,586,183 |372,526,962 |438,352,476 |515,809,359 |606,952,873 | |Total Asset |2,438,883,896 |2,869,834,680 |3,376,934,468 |3,973,638,789 |4,675,780,763 |5,501,991,224 | |Total Debt |1,533,364,403 |1,804,309,893 |2,123,131,451 |2,498,288,779 |2,939,736,406 |3,459,187,829 | |Common Stock |589,249,465 |589,249,465 |589,249,465 |589,249,465 |589,249,465 |589,249,465 | |Retained Earnings |316,270,028 |632,856,211 |1,005,383,174 |1,443,735,650 |1,959,545,009 |2,566,497,881 | |Total Financing |2,438,883,896 |3,026,415,569 |3,717,764,090 |4,531,27 3,893 |5,488,530,879 |6,614,935,175 | |Funds Needed |- |(156,580,889) |(340,829,621) |(557,635,104) |(812,750,116) |(1,112,943,951) | |Debt: Equity Ratio |1.69 |1.48 |1.33 |1.23 |1.15 |1.10 | |Sustainable Growth Rate |42.27% |34.96% |30.48% |27.49% |25.37% |23.81% | |EPS |136.50 |160.62 |189.00 |222.39 |261.69 |307.93 | |Price |2,048.75 |2,410.76 |2,836.75 |3,338.00 |3,927.82 |4,621.87 | Assuming 17.67% growth rate, it has been found that the company has excess fund, which can be financed distributed to payoff long term debt and reduce the obligations of interest expenses. The projection says that assuming 17.67% growth rate, after 5 years in 2014 EPS of the company would be 307.93 as well as considering current P/E ratio as constant factor, in year 2014 share price would be Taka 4,621.87. Growth Rate: Scenario -2 Assuming growth rate of 50.61% as average of last 4 years growth of Net income | |Current |5 Year Projection | |Year |2009 |2010 |2011 |2012 |2013 |2014 | |Growth Rate | |50.61% |50.61% |50.61% |50.61% |50.61% | |Sales |2,124,637,706 |3,199,916,849 |4,819,394,766 |7,258,490,458 |10,932,012,478 |16,464,703,993 | |Net Income |316,616,692 |476,856,400 |718,193,424 |1,081,671,116 |1,629,104,867 |2,453,594,840 | |Dividend |47,570,900 |71,646,532 |107,906,843 |162,518,496 |244,769,106 |368,646,751 | |Addition to Retain Earnings |269,045,792 |405,209,867 |610,286,581 |919,152,620 |1,384,335,761 |2,084,948,089 | |Total Asset |2,438,883,896 |3,673,203,036 |5,532,211,092 |8,332,063,126 |12,548,920,274 |18,899,928,825 | |Total Debt |1,533,364,403 |2,309,400,127 |3,478,187,532 |5,238,498,242 |7,889,702,202 |11,882,680,486 | |Common Stock |589,249,465 |589,249,465 |589,249,465 |589,249,465 |589,249,465 |589,249,465 | |Retained Earnings |316,270,028 |721,479,895 |1,331,766,477 |2,250,919,096 |3,635,254,857 |5,720,202,947 | |Total Financing |2,438,883,896 |3,620,129,488 |5,399,203,473 |8,078,666,803 |12,114,206,524 |18,192,132,898 | |Funds Needed |- |53,073,548 |133,007,619 |253,396,323 |434,713,750 |707,795,927 | |Debt: Equity Ratio |1.69 |1.76 |1.81 |1.84 |1.87 |1.88 | |Sustainable Growth Rate |42.27% |44.75% |46.56% |47.85% |48.74% |49.35% | |Price |2,048.75 |3,085.62 |4,647.26 |6,999.23 |10,541.54 |15,876.62 | Assuming 50.61% growth rate, it has been found that the company required additional fund to run to sustain the business in this growth rate. The projection says that assuming 50.61% growth rate, after 5 years in 2014 EPS of the company would be 1057.78 as well as considering current P/E ratio as constant factor, in year 2014 share price would be Taka 15,876.62. Growth Rate: Scenario -3 Assuming growth rate of 42.27% as sustainable growth rate Sustainable Growth Rate = [pic] = [pic] = 42.27% | |Current |5 Year Projection | |Year |2009 |2010 |2011 |2012 |2013 |2014 | |Growth Rate | |42.27% |42.27% |42.27% |42.27% |42.27% | |Sales |2,124,637,706 |3,022,749,966 |4,300,506,074 |6,118,386,469 |8,704,708,779 |12,384,303,496 | |Net Income |316,616,692 |450,454,726 |640,867,854 |911,771,112 |1,297,188,735 |1,845,527,449 | |Dividend |47,570,900 |67,679,744 |96,288,861 |136,991,427 |194,899,502 |277,286,081 | |Addition to Retain Earnings |269,045,792 |382,774,982 |544,578,993 |774,779,685 |1,102,289,233 |1,568,241,368 | |Total Asset |2,438,883,896 |3,469,832,148 |4,936,575,765 |7,023,331,171 |9,992,185,492 |14,216,013,523 | |Total Debt |1,533,364,403 |2,181,537,673 |3,103,702,297 |4,415,678,018 |6,282,243,106 |8,937,829,769 | |Common Stock |589,249,465 |589,249,465 |589,249,465 |589,249,465 |589,249,465 |589,249,465 | |Retained Earnings |316,270,028 |699,045,010 |1,243,624,003 |2,018,403,688 |3,120,692,921 |4,688,934,289 | |Total Financing |2,438,883,896 |3,469,832,148 |4,936,575, 765 |7,023,331,171 |9,992,185,492 |14,216,013,523 | |Funds Needed |- |- |- |- |- |- | |Debt: Equity Ratio |1.69 |1.69 |1.69 |1.69 |1.69 |1.69 | |Sustainable Growth Rate |42.27% |42.27% |42.27% |42.27% |42.27% |42.27% | |EPS |136.50 |194.20 |276.29 |393.08 |559.24 |795.63 | |Price |2,048.75 |2,914.78 |4,146.90 |5,899.85 |8,393.79 |11,941.96 | Assuming 42.27% growth rate, it has been found that the company has no excess fund or no deficit. The projection says that assuming 42.27% growth rate, after 5 years in 2014 EPS of the company would be 795.63 as well as considering current P/E ratio as constant factor, in year 2013 share price would be Taka 11,941.96. Growth Rate: Scenario -4 Assuming growth rate of 5.5% as GDP growth rate | |Current |5 Year Projection | |Year |2009 |2010 |2011 |2012 |2013 |2014 | |Growth Rate | |5.50% |5.50% |5.50% |5.50% |5.50% | |Sales |2,124,637,706 |2,241,492,780 |2,364,774,883 |2,494,837,501 |2,632,053,564 |2,776,816,510 | |Net Income |316,616,692 |334,030,610 |352,402,294 |371,784,420 |392,232,563 |413,805,354 | |Dividend |47,570,900 |50,187,300 |52,947,601 |55,859,719 |58,932,004 |62,173,264 | |Addition to Retain |269,045,792 |283,843,311 |299,454,693 |315,924,701 |333,300,559 |351,632,090 | |Earnings | | | | | | | |Total Asset |2,438,883,896 |2,573,022,510 |2,714,538,748 |2,863,838,380 |3,021,349,490 |3,187,523,712 | |Total Debt |1,533,364,403 |1,617,699,445 |1,706,672,915 |1,800,539,925 |1,899,569,621 |2,004,045,950 | |Common Stock |589,249,465 |589,249,465 |589,249,465 |589,249,465 |589,249,465 |589,249,465 | |Retained Earnings |316,270,028 |600,113,339 |899,568,031 |1,215,492,732 |1,548,793,291 |1,900,425,381 | |Total Financing |2,438,883,896 |2,807,062,249 |3,195,490,411 |3,605,282,122 |4,037,612,377 |4,493,720,796 | |Funds Needed |- |(234,039,738) |(480,951,663) |(741,443,742) |(1,016,262,887) |(1,306,197,084) | |Debt: Equity Ratio |1.69 |1.36 |1.15 |1.00 |0.89 |0.80 | |Sustainable Growth Rate |42% |31% |25% |21% |18% |16% | |EPS |136.50 |144.01 |151.93 |160.28 |169.10 |178.40 | |Price |2,048.75 |2,161.43 |2,280.31 |2,405.73 |2,538.04 |2,677.63 | Assuming realistic one 5.5% growth rate, it has been found that the company has excess fund, which can be financed distributed to payoff long term debt and reduce the obligations of interest expenses. The projection says that assuming 5.5% growth rate, after 5 years in 2014 EPS of the company would be 178.40 as well as considering current P/E ratio as constant factor, in year 2014 share price would be taka 2,677.63. Calculating Expected Return of Aftab Auto using CAPM: The general idea behind CAPM is that investors need to be compensated in two ways: time value of money and risk. The time value of money is represented by the risk-free (Rf) rate in the formula and compensates the investors for placing money in any investment over a period of time. The other half of the formula represents risk and calculates the amount of compensation the investor needs for taking on additional risk or risk premium. This is calculated by taking a risk measure (beta) that compares the returns of the asset to the market over a period of time and to the market premium (Rm-Rf). [pic] [pic] = 7.25% + 0.463 (1.88% – 7.25%) [pic] = 4.915% We have determined market return Rm for year 2009 taking the monthly change in DSE Index. The average market return in 2009 has been found to be 1.88% and beta for the company is 0.46. If we post all the values in the above equation (considering Rf=7.5) we get the expected return [pic] to be 4.915%. This is lower than the risk free rate. This is the outcome of low market return. As such the expected return derived from CAPM can not be used for stock valuation. Future Stock Price Valuation under Gordon Model : In this section we shall make a projection of market stock price of Aftab Auto. It has a security specific beta risk of 0.46 and the expected return for the company is 4.915%. But the expected return 4.915% is based on market return 1.88%. This phenomenon may be due to the fact that in 2009 due to the political situation & anti corruption activity of the government, a lot of money has been invested in DSE. As a result the price of stocks increased. It is vivid from the below graph. [pic]Figure-20: DSE General Index for the 2009 As the Expected Return derived from CAPM is too low (4.915%), we shall use another formula for expected rate of return. ks=(D1/P0)+g Growth rate, g=Retention Rate*ROE Retention Rate = 0.85g= (0.85*0.35) =29.71% ROE = 35% D1= D0 (1+g) =20.51*1.2975=26.50 ks = (26.61/ 2048.75)+0.2975 = 31.01% From this formula we get the Expected Return (ks) 31.01%. Using the above information we can forecast expected stock value for Aftab Auto using the Gordon Model (Dividend Valuation Model). We assume that dividends will grow at a constant rate, g, forever. Since future cash flows grow at a constant rate forever, the value of a constant growth stock is the present value of a growing perpetuity: [pic]Where, [pic] We assume g=29.71% & k=37.12%. From all the above information we can forecast the future stock price for 2009. So the stock price for 1st January, 2010 would be BDT 459.64 But the real average stock price for first three months in 2010 was BDT 298.43. The average stock price is 54% lower than our forecasted price. This indicates the price of Aftab share is undervalued in the market. The explanation for lower market price may be due to decreasing trend in the General Index in 2010. Fig-21: DSE General Index in 2010 |Year |Dividend |Projected Price of Stock(using Gordon Model) | |2009 (Actual) |Do |20.51 |2,048.75 | |2010 (projected) |D1 |26.60388 |2048.75 | |2011 (projected) |D2 |34.50836 |2657.469714 | |2012 (projected) |D3 |44.76141 |3447.050776 | |2013 (projected) |D4 |58.06081 |4471.230282 | |2014 (projected) |D5 |75.3117 |5799.711558 | |2015 (Projected) |D6 |97.68813 | | Future Market Price projection in different growth Rate: [pic] |Growth Rate |2006 |2007 | |Sales |2,124,637,706 |2,500,061,189 | |Cost |1,808,021,014 |2,127,498,327 | |Net Income |316,616,692 |372,562,861.48 | |Asset |2,438,883,896 |2,869,834,680.42 | |Debt |1,533,364,403 |1,804,309,893.01 | |Equity |905,519,493.00 |1,065,524,787.41 | |Total |2,438,883,896.00 |2,869,834,680.42 | |Debt : Equity Ratio |1.69 |1.69 | Here the plug variable is Dividend distribution of taka 212,557,567 and thus the Debt : Equity ratio becomes unchanged. Scenario 2: |Particulars |2,009.00 |17.67% Growth Rate | |Sales |2,124,637,706 |2,500,061,189 | |Cost |1,808,021,014 |2,127,498,327 | |Net Income |316,616,692 |372,562,861.48 | |Asset |2,438,883,896 |2,869,834,680.42 | |Debt |1,533,364,403 |1,591,752,325.95 | |Equity |905,519,493.00 |1,278,082,354.48 | |Total |2,438,883,896.00 |2,869,834,680.42 | |Debt:Equity Ratio |1.69 |1.25 | In this case, no Dividend is paid. So Equity increases for the Net income and thus Debt goes down. So in this case, plug variable is the Debt: Equity ratio. Scenario Analysis: In this case study, the growth rate of 5.5% has been selected as the constant growth rate and the pro forma statement has been generated based on this growth rate. For scenario analysis, both optimistic and pessimistic scenarios are being considered. | |Current |Scenario Analysis of 2009 Pro-forma | |Year |2009 |Pessimistic |Normal |Optimistic | |Growth Rate | |2.50% |5.50% |8.50% | |Sales |2,124,637,706 |2,177,753,649 |2,241,492,780 |2,305,231,911 | |Net Income |316,616,692 |324,532,109 |334,030,610 |343,529,111 | |Dividend |47,570,900 |48,760,173 |50,187,300 |51,614,427 | |Addition to Retain Earnings |269,045,792 |275,771,937 |283,843,311 |291,914,684 | |Total Asset |2,438,883,896 |2,499,855,993 |2,573,022,510 |2,646,189,027 | |Total Debt |1,533,364,403 |1,571,698,513 |1,617,699,445 |1,663,700,377 | |Common Stock |589,249,465 |589,249,465 |589,249,465 |589,249,465 | |Retained Earnings |316,270,028 |592,041,965 |600,113,339 |608,184,712 | |Total Financing |2,438,883,896 |2,752,989,943 |2,807,062,249 |2,861,134,555 | |Funds Needed |- |(253,133,949) |(234,039,738) |(214,945,527) | |Debt: Equity Ratio |1.69 |1.33 |1.36 |1.39 | |Sustainable Growth Rate |42.27% |30.45% |31.35% |32.24% | |EPS |136.50 |139.91 |144.01 |148.10 | |Price |2,048.75 |2,099.97 |2,161.43 |2,222.89 | In the above scenario analysis, we have taken the 5.5% growth rate in normal situation. If we want to be optimistic enough to predict that the economy will have a high growth and the company will also able to grow at 8.50%. On the other hand, the situation can also be worse enough to have a growth lower than the normal and the company may face a growth of 2.50%. After analyzing the scenario of different situation we can say that the projected growth rate is appropriate for the company which will help the company to operate in the market even if the situation is worse. It gives a positive indication towards the company and increases the shareholders confidence to invest in the company’s share. Chapter 6 Findings & Conclusion: At the end we can say that, in year 2009, we see that the Market price is much higher then the Book Value of each share. Investors are willing to pay more than the book value of each share. The major reasons of the higher market value are the underestimation of the assets, as the assets are calculated based on the purchase price; not on the basis of the market price. Besides that investment to the other shares are also calculated on the purchase price. But the market price is also higher. Moreover, Aftab Automobiles ltd enjoys a better reputation on the market. So the Intangible assets like, Patent, Trade mark should be considered. So we can say that the company’s financial position is good. Based on market price if we re-construct the balance sheet, we have to introduce ‘Goodwill’ as intangible asset for Aftab Auto. This goodwill basically shows the confidence of the shareholders & investors on Aftab Auto backed by some positive news. Overall we see that the Sales of the company are increasing which is a good sign. Besides that the company is investing heavily on the fixed assets,  which may used to generate more revenue for the company. They are also offering cash dividend each year and also the company paid its short term load and also taking short term loans, which indicates that the company is enjoying a favorable environment in terms of the short term credit situation. So, we can conclude that the Aftab Automobiles Ltd is financially sound based on the Cash Flow analysis. Profit margin, operating profit, EPS, market-book value of the Aftab is increasing which indicates that the company is becoming more efficient in terms of its operations and also gaining investors confidence. So we can say that after experiencing some downfall Aftab Auto is now experiencing efficiency in its performance and also investors’ confidence. From the cash flow statement we can see that, in 2006, 2007 & 2009 the free cash flow figures are negative. This might happen because of high investment in inventory and R&D departments, means the company used more cash than they had sourced of. . Also the cash flows to Investors were sufficient for the company over the years. The company had sufficient fund to pay out dividends and that would eventually maximize the value of the firm. Fixed investments were consistent and consumed huge cash over the years. Using dummy variable to find effects of Dividend declaration was a success in 2009. We have seen that dividend declaration had a significant effect on the share price of Aftab Auto in the year 2009. Price fluctuated after the dividend was declared. Price increased significantly after the dividend was declared. Using dummy variable to find effects of AGM on Stock Price was a success in 2009. We have seen that AGM declaration also had a significant effect on the share price of Aftab Auto in the year 2009. Price fluctuated after the AGM took place. Price fell enormously after the AGM. We assumed a hypothetical situation of capital investment for Aftab Auto. The project turned out to have a positive NPV of 635,486,050.36 Taka. So it’s a project that adds value to the company. Incorporating the value of the project in the share price result is a share price of 2322.72 taka. This is higher than the market price of 2048.75 taka in the last trading day of 2009. This shows that the project adds value to the wealth of the shareholders. From the sensitivity analysis, we can see that NPV is very sensitive to change in revenue. For 20% decrease of Revenue, NPV is decreased by 69%. Besides that, 1% change of revenue; NPV is changed for 3.44%. The scenario analysis shows that under pessimistic scenario of sales variable NPV becomes 198,853,179.90 taka and the future share price becomes 2134.48 taka. And optimistic scenario of sales variable results in a NPV of 1,072,118,920.83 taka and future price of share becomes 2510.96 taka. This shows how changes in sales in different situation can affect the project, its NPV and the future market price per share. But in this case it is satisfactory that sales change doesn’t affect the share price of the company to a great extent. This can mean that the company has a diversified way to do their business that a single project is not that much strong to affect the company’s price per share. Break-Even Quantity for the new investment is 142 units if the selling price is 10,000,000 per unit. On the other hand, Break-Even Price is 9,126,745.47 if the selling quantity is 200 units. In projecting future market price, assuming realistic one 5.5% growth rate, it has been found that the company has excess fund, which can be financed distributed to payoff long term debt and reduce the obligations of interest expenses. The projection says that assuming 5.5% growth rate, after 5 years in 2014 EPS of the company would be 144.01 as well as considering current P/E ratio as constant factor, in year 2013 share price would be 2,677.63 Initially we assumed many growth variables, but considering current world wide economic condition, Bangladesh GDP growth rate of 5.5% as an assumption would be most appropriate, as due to recession period it would be very optimistic to assume higher growth rate