American Romantic Psychology - Free Essay Example

Sample details Pages: 1 Words: 386 Downloads: 1 Date added: 2018/12/26 Category Psychology Essay Type Assignment Level High school Did you like this example? Introduction During the course of our studies in college, we have to learn and use many materials in the psychology class. These materials provide us with knowledge and psychology skills that greatly help us to build our future foundations in the course. As an example of materials we use in the psychology class, this paper aims to give a summary of,American Romantic Psychology, a 1988 course material which is divided into five major sections: Voyages of the Minds Return; Ones Self I Sing; The Double Consciousness Revisited; Words Out of the Sea and; kora in Heaven.. Don’t waste time! Our writers will create an original "American Romantic Psychology" essay for you Create order To start with the first section of the work, writers here bring out the idea of integration of different paradigms; id, ego, and superego. The writer notes that as we progress through life, then each is separated with the emergence of new duties in our lives. As people, we require dual functioning of these three, with the whole idea being that we develop a deferential consciousness. Consequently, the second section of the work Ones Self I sing, is all concerned with individuation and introjection, the writer here presents a congruent and complementary dimension of this full development of consciousness (Bickman, 1988). Consequently, coming to the third section, about The Double Consciousness Revisited, it is a pure reflection of the reviews of the artistic activities that are an approach to achieving reconciliation as well as the process to joining the conscious to unconscious. However, it is noteworthy that double consciousness can easily be broken into conditions that are referred to as inflation, where the ego confounds its own powers and its aims with those of the entire psyche. The next section of the work,Words Out of the Sea, clearly analyses the view each one of us concerning the double consciousness, with the writer having noted he could not understand the whole mystery, although, he is conscious of himself as simply soul and as himself. The work then proceeds to the fifth section,Kora in heaven, which clearly discuss the relationship we have between our life and the entire work we have to attend to. It supports both Jungian and Romantic theory about the psyche being the middle term betwee n personal and cultural work in the peoples lives (Bickman, 1988). Reference Bickman, M. (1988). American Romantic Psychology: Emerson, Poe, Whitman, Dickinson, Melville. Spring Pubns.

Pearl Harbor A Conspiracy Theory - 1611 Words

Melissa Lupo FRANKLIN ROOSEVELT KNEW ABOUT AND LET PEARL HARBOR HAPPEN IN ORDER TO GET AMERICA INVOLVED IN WW2 INTRODUCTION The event of Pearl Harbor resulted in a surprised attack which took place on 7th December 1941 and raised a lot of questions in those days. Some of those questions still remain unanswered. To analysts, this seemed strange how the Japanese did get to America at this point. The rumors of the conspiracy theories started rushing all around the globe after this deadly happening. The analysis came with the conclusion that the reason for which the Japanese got hundreds of American ships ready for battle was that President Franklin Roosevelt knew the Pearl Harbor attack was coming and he let it happen in order to get America involved in the war. The major news under this title broke when many authors started writing on it being a conspiracy theory. This tragic event resulted in a lot of casualties. It is best described as â€Å"At 7:49 a.m. on Sunday, December 7, 1941, 183 Japanese dive- and torpedo-bombers, accompanied by Zero escorts, launched the first of two attacks against the American base at Pearl Harbor. A second wave of 168 Japanese aircraft arrived at 9 a.m. where eighteen operational warships, including four battleships, were sunk or heavily damaged; 188 aircraft were destroyed. 2,403 Americans were killed, among them 68 civilians, and 1178 were wounded† (Lutton Winter 1991-1992) FACTS REGARDING THE FOREKNOWLEDGE OF PEARL HARBOR ATTACK The following isShow MoreRelatedPearl Harbor Conspiracy, By Japanese Torpedo And Bomber Planes Essay1506 Words   |  7 PagesCarlos Tovar Professor Couey English 103 Oct. 15, 2015 Pearl Harbor Conspiracy On December 7, 1941 Pearl Harbor Naval Base, Hawaii, was attacked by Japanese torpedo and bomber planes. This attack took the lives of 2,402 Americans and left around 1,282 people injured. The surprise attack caused outrage in the American people, news media, government and the world. The following day President Franklin D. Roosevelt addressed the nation and United States Congress, in response to the attack. In that addressRead More9/11 Conspiracy Theory - Essay 11258 Words   |  6 Pages9-11 Conspiracy Theory. Introduction. September 11th, 2001; two planes crash into each tower of the World Trade Center, one in to the Pentagon, and one â€Å"crashes† in Pennsylvania. The government tells us that the attacks were committed by Al Qaeda, a Muslim extremist terrorist group. That it was a â€Å"cowardly surprise attack.† They do not offer any proof, except, a likely fake, video tape, of Bin Laden; translated by government translators. A pattern? We took the government’s word for it. How ironicRead More The Pearl Harbor Conspiracy Essay2620 Words   |  11 PagesThe Pearl Harbor Conspiracy In the early morning of December 7, 1941 the bombing of Pearl Harbor took place. 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MAGIC was a top secret projectRead More A Government Conspiracy Essays1185 Words   |  5 PagesA Government Conspiracy To most a fairy tale, to some an interesting topic of discussion, however, to a small population, 5 % to be exact, Government conspiracy does exist. How, you might ask, do I intend to prove that indeed government conspiracy is real? I do not intend to prove it. In fact I only intend to inform you of its ever growing ploy of world domination, capitalism and control and open your mind to the idea that government conspiracy is out there. Throughout history as it is knownRead MoreThe Attack On Pearl Harbor1685 Words   |  7 Pages27, 2015 Could the attack on Pearl Harbor have been prevented, or was it a completely unexpected and unavoidable event? On December 7,1941 the Imperial Japanese Navy sent hundreds of aircraft carriers to attack the Naval Station at Pearl Harbor. 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However, it has been theorized that all of this was fabricated by governments and other people who believe what they have been told. This has led to the development of conspiracy theories which thousands of people worldwi de believe. Some of these interesting yet crazy ideas include the lies behind the attack on Pearl Harbor, the truth about what happened to Hitler, and even that the Holocaust was a hoax. On December 7, 1941, the United States was dumbfounded by a Japanese attack on a HawaiianRead MoreThe Buddha in the Attic by Julie Otsuka693 Words   |  3 Pagesbook then goes through their lives in America, speaking of the different outcomes of each wife. The book talks about their jobs as farmers, maids, and other work they were duped into. The book culminates around World War II where the attacks on Pearl Harbor cause tumult among the Japanese-American population. It starts in the chapter titled â€Å"Traitors† and it details the scare that many Japanese-Americans were spies or informants or somehow against the United States government. There were rumors ofRead MoreThe Yellow Rose Of Texas1198 Words   |  5 Pagesjourney† name from. This portrays a perfect example of how myths emerge from natural disasters like the 1900 hurricane. Texan Doris Miller Shot Down Numerous Japanese Planes During the Pearl Harbor Raid. The excerpt talks about Doris Miller, a mess attendant aboard the battleship West Virginia docked at Pearl Harbor shooting down numerous enemy planes. The myth is that Miller shot as many as six Japanese planes out of the sky despite having any formal weapons training. The number of planes is all

Study of Accounting Theories for Legitimacy- myassignmenthelp

Question: Discuss about theStudy of Accounting Theories for Legitimacy. Answer: Accounting theories lead to a clear conceptual idea as to how an accounting thought is developed into an accounting practice and then it is in turn further developed into an accounting principle. Accounting theories assess the global and ethical standards of accounting, their relevance linked to the political conditions of the location and the current government policies. The two of the more prevalent theories used for evaluating social and environmental accounting are legitimacy and stakeholder theory (as mentioned in the question). The word Legitimacy generally in accounting sense means a common or general perspective concerned with the work done by a particular entity as to whether the work done is according to the laid down norms and definitions and is done with proper tools of accounting (Lanis and Richardson 2012). Legitimacy theory essentially refers to the mechanism that helps organizations in establishing and developing environmental and social initiatives on the part of the firm so that their social contract is fulfilled and in turn the goals and objectives of the organization are ultimately met. The organization in order to support its existence needs legitimacy accounting so that the social and environmental actions done by the entity do not hamper the environment or society. In legitimacy theory the idea of social contract is treated with utmost importance. Here in this theory society is treated as a real entity having real force and real desires or interests commonly termed as the public interest. L egitimacy theory is that accounting theory which inspires corporations to be socially and environmentally responsible (Fernando and Lawrence 2014). Its basic idea is that each and every organization has some duty towards the environment and the society in which it operates and draws its revenue from. Thus it gives stress on corporate social responsibility. The problem or one of the drawbacks for legitimacy theory in contributing to the general understanding of legitimacy accounting disclosure is that with time corporations have used this concept more often without understanding its purpose, therefore loosening the grip of the process (Rogowski 2015). Now to discuss the stakeholder theory, a stakeholder could be any person who is involved in the business that is he or she is a component of the process or flow of business. A stakeholder is a person by whom business is affected and in turn who affects business. The ethical of the stakeholder theory presents the perspective that organizations or firms should take into account the interest of all the stakeholders involved in business when deciding about important factors. One of the advantages of the stakeholder theory is that organizations are only able to maximize the wellbeing of the stakeholders. Stakeholders or shareholders with less power or no power do not get any kind of claims on the firm and the stakeholders who operate from a distance have no power to have any effect on the sales or supplies of the firm (Bitektine and Haack 2015). They are not able to affect any decision making process of the firm. Stakeholder theory is one of the very few theories in which the claims are b oth ethical and positive together. This accounting theory actually needs a leap of faith rather than a well thought analysis or a rational analysis. The stakeholders strategic view mixes both a resource-oriented view along with a market-oriented view. A general version of the stakeholder accounting theory intends to define the particular group of stakeholders of a company and after that take exact measures to assess and check the situation as to how the stakeholders especially the small scale stakeholders are treated in the firm. Legitimacy theory is based on the notion that each and every corporation or firm has a sincere responsibility towards the society or environment where it thrives and prospers. It does not involve any legal claim on the organization but justifies the existence of the firm by maintaining its public image. Stakeholder theory on the other hand is completely an accounting theory that is depends upon the stakeholders or shareholders to be particular. It is mainly concerned with the treatment of the small scale stakeholders who do not have a say in the decision making area of the firm. It essentially safeguards the interests of the stakeholders. Under this accounting theory stakeholders do have a legal claim on the firm (Bebbington, Unerman and O'Dwyer 2014). There are in total two methods of accounting for leases. In case of an operating lease, the owner of the property only transfers the right of the property to the person acquiring the property. When the time period for leasing the property is over, the person who had taken the property on lease gives back the property to the owner. As the lessee do not have to accept the ownership risk, the expense related to lease property is shown as operating expense in the income statement and will have no effect on the balance sheet. In a financial lease, the lessee takes on a part of the ownership risks and receives certain perks and is also shown in the balance sheet of the firm as the property is recognizable as an asset or liability. Therefore companies prefer operating lease more than finance lease ( Altamuro et al. 2014). The change in the accounting standard for leasing might cause organizations to breach covenants included within debt contracts because after the change the firms will compulsorily have to show the expenses as their liability that is the total net profit of the firm as such will decrease by a wholesome amount. This will be the primary effect of the change in accounting standards (Barone, Birt and Moya 2014). The organizations more likely to lobby against the accounting standard would be financial institutions as these institutions are involved in leasing out properties and would be affected the most due to the changed accounting standards (Graham and King 2013). References Altamuro, J., Johnston, R., Pandit, S.S. and Zhang, H.H., 2014. Operating leases and credit assessments. Contemporary Accounting Research, 31(2), pp.551-580. Barone, E., Birt, J. and Moya, S., 2014. Lease accounting: a review of recent literature. Accounting in Europe, 11(1), pp.35-54. Bebbington, J., Unerman, J. and O'Dwyer, B. eds., 2014. Sustainability accounting and accountability. Routledge. Bitektine, A. and Haack, P., 2015. The macro and the micro of legitimacy: Toward a multilevel theory of the legitimacy process. Academy of Management Review, 40(1), pp.49-75. Fernando, S. and Lawrence, S., 2014. A THEORETICAL FRAMEWORK FOR CSR PRACTICES: INTEGRATING LEGITIMACY THEORY, STAKEHOLDER THEORY AND INSTITUTIONAL THEORY. Journal of Theoretical Accounting Research, 10(1). Graham, R.C. and King, R.D., 2013. Decision usefulness of whole-asset operating lease capitalizations. Advances in Accounting, 29(1), pp.60-73. Lanis, R. and Richardson, G., 2012. Corporate social responsibility and tax aggressiveness: a test of legitimacy theory. Accounting, Auditing Accountability Journal, 26(1), pp.75-100. Rogowski, R., 2015. Rational legitimacy: A theory of political support. Princeton University Press.

Krisis free essay sample

TV personalities, athletes, models, and other famous people to establish or enhance a brand is not a foreign concept anymore. Celebrities have been endorsing since late nineteenth century (Ordering, 1999). This kind of marketing strategy does not only draw attention but attracts action. Companies spend a big part of their budget in the attempt to align the brand with the endorser. Needless to say, the chosen celebrity for the product or service of the company should be perfect and hit the target market right on the mark. Celebrities may be known for having that power to influence the people into making a decision on what to buy, where to eat, what to wear and a lot more choices. But using this kind of marketing strategy can make or break an entire advertisement. Brands use celebrity endorsers as an effective marketing strategy to establish the credibility of a brand, especially with new products. We will write a custom essay sample on Krisis or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page A celebrity preference of the brand denotes that he/ he is gaining with the brand, hence, the target audience will also benefit. It will also build a sense of trust from the target audience. Moreover, celebrity endorsements guarantee attention by emerging from the clutter. On that note, it gives the brand a high-degree of recall. Also, a celebrity mass appeal produces interest of the brand among the target audience (Catwalk, 2005). In creating efficient messages, the advertisers consider the celebrity attractiveness (Select, 2003). Celebrity attractiveness does not only connote the physical appearance but also the character, likeability, and similarity to the target market. At times, controversial celebrities are also preferred (Knight, 2010). Consumers will only mind if the actual product has or had a controversial issue. This research aims to briefly discuss Kuris Aquinas TV endorsements and how she can have an impact on the brand shes advertising, the company as a whole and the target market. Moreover, this research aims to find out how, despite the personal controversies shes had, she still bested other TV endorsers in terms of numbers of endorsements. BACKGROUND OF THE STUDY Celebrity endorsers play a big role in the advertising industry; big names such as John Lloyd Cruz, Sharon Cement, Anne Curtis and Polloi Paschal are among those who are always on the top of the list when it comes to TV Brand Endorsements (Mannequin, 2011). Along with the huge names in the industry is the one hailed as the Philippines Top Brand Endorser for 2009 to 2012, the Queen of Talk, Kuris Aquinas. Three prerequisites to selecting celebrities: Before signing on celebrities to endorse their brands, companies need to ensure that they meet three basic prerequisites, namely the endorser should be attractive, have a positive image in the society, and e perceived as having the necessary knowledge, although it might be difficult for a celebrity to meet all three prerequisites (Lumberyards, 2011). Kuris Aquinas seemed to possess most if not all of these prerequisites despite the negative image that all the issues and controversies she found herself in, had imposed on her. Kristin Barnett Conjuring Aquinas, popularly known as Kuris Aquinas, is one of the most controversial personalities in Philippine TV. Coming from a highly recognizable clan of politicians, she inevitably draws more light from the show business industry as impaired to other celebrities. She was crowned as the Queen of Talk because of her hosting prowess. She hosted different shows such as The Kuris Aquinas Show, The Buzz, Morning Girls with Kuris and Koruna and many more. Tactless as it may seem to some people, but to many she is a fearless host asking her interviewees questions that nobody would dare ask. Aside from being the Queen of Talk, Kuris holds the title Queen of Game Shows as well. Being linked to a number of men whether from the politics, or showbiz industry, being outspoken, and fearless, Kuris has almost always been the center of attention. From a commercial bakeshop to a beauty product, Kuris Aquinas dominated the Top Endorser list of 2009 to 2012 for having the most Brands being endorsed by a TV Personality (Mannequin, 2011). Kuris Aquinas managed to stay on top of the list and became a desired endorser to most of the companies despite all the issues that sparked in the middle of her success as a TV personality. Following her mothers death, Kuris made a public service announcement supporting an anti-cancer campaign with some other women endorsers, namely mother and daughter, Pip and Maxine Monsoonal who also lost a loved one who offered from cancer, Master Rapper, Francis Monsoonal. Kuris has become a pop cultural icon. The over-all perception is that she is a personality thats part of our culture, sociological. Kuris has never been afraid to share near interior elite; seen NAS always been transparent, Internal. Kuris Aquinas made a huge impact to the audience because of her strong personality and straight forward comments towards the people around her. What you see is what you get from her. That kind of trait from her might be a reason why the major brand companies favored her in endorsing their brands rather than some other TV rationalities. Kaki, Im not a liar yon Lang yon, what you see is what you get, A good conduct clause is when you know how to behave, (Alamo, 2011) l think Im very talented, Kuris laughed. L mean I feel that massing aka and managing as attract kook. More than anything else, lam Eng Tao an I dont lie. And did baa thats the most important thing for an endorser, young Toto aka and you have credibility. (Sadist, 2004) One of the Queen of Talks main priorities is her image as an e ndorser, and to maintain a good image, she refrains from doing things that might ruin her reputation. Lying is a big no-no for her, since she wanted the people to trust her, her main goal is to tell people the truth, tell them what she really feels. One time in September 23, 2003, Kuris Aquinas appeared to the public emotionally and physically weak after a fight with her actor- ex-boyfriend, Joey Marquee. This issue was the first time that the public saw Kuris cried on TV because viewers know her with her strong personality and highly-energize actions on TV. Grave threats, grave coercion, less physical injuries and illegal possession of firearms are the cases Kuris filed against Marquee. Along with her conflict with Joey Marquee, another issue came out; Kuris Aquinas admitted that she had STUD which she acquired from Joey Marquee. Two weeks after the incident, Joey Marquee made an apology that made Kuris Aquinas Junk the cases and chose not to talk about the incident again. Two years after her rough breakup with Joey Marquee, Kuris Aquinas married James Yap, star player of Purebloods (now Seaming Coffee Mixers) in the Philippine Basketball Association and a National Team standout. Their story bloomed when Kuris announced that she is pregnant with James Yap, Jar. (a. K. A Bimbo). But Just like her previous love affairs, this one didnt last that long either. In 2010, Kuris ended her five-year relationship with her husband after an issue sparked that James is having an affair with a rumored girl in the name of TV personality, Isabel 011. Based on this study, the researchers would like to determine why Kuris Aquinas is still the most favored TV endorser of different companies despite the issues being attached to her name. THEORETICAL FRAMEWORK This research is grounded on three theories which primarily concern the target market of a specific advertisement. As it is a common goal for advertisers to create, execute and convey a message, the receiver of the message is of high significance. At the end of a days Job, the important question would be Will the consumers buy it? Based on the previous studies regarding the consumers behaviors, there are three unintentional doctors that attest the consumer decision when buying. They are enumerated as external influences, internal influences, and the marketing influences in which the advertising, product promotion and pricing are found (Chem. and Lee 2005). The product promotion is where celebrity endorsers come in and advertisers want money who will attract attention and cause action from the target market so a big amount of money, effort and time would not be put to waste. The Source Attractiveness Theory will guide the researchers in finding out the physical attributes Kuris Aquinas possesses in terms similarity, familiarity and likeability, the Situational Crisis Communication Theory will determine the type of crisis Kuris is involved with, the intensifying factors of the controversies and will determine how Kuris Aquinas manages the threats and crisis while the Meaning Transfer Theory will lead the researchers in answering why companies choose Kuris Aquinas to endorse their products, advocates, or campaigns in terms of demographic and lifestyle types. Source Attractiveness Theory is a psychological research resulted from (McGuire, 1985) study. Source attractiveness model is more related to the physical attributes, such as similarity, familiarity and likeability. These are important initial Judgment of another person at first instance (Ionian, 1991). Advertisers have chosen celebrity endorsers on the basis of their physical attractiveness to gain fro m the dual effects of celebrity status and physical appeal (Singer, 1983). Kuris Aquinas, as an effective endorser, went through these things as well. Some advertisers used her beauty to sell the product, it doesnt matter whether he/she knows something about the product, as long as her beauty is present in the endorsement, the brand shes trying to market will sell. One product for example is her shampoo commercial. The advertisers noticed her beautiful hair and chose her as an endorser knowing that Kirks beautiful hair is not a result of her use of that shampoo brand. There is no doubt that attractive celebrity endorsers enhance attitudes towards advertising and brands, but whether they are able to create repeat purchase intentions is less obvious (Byrne et al, 2003). Device et al (1986) suggested in their study, higher source attractiveness led to higher verbal and behavioral compliance, in order to examine the relationship between purchase intention and attractiveness. Kale Homer (1985) mentioned in their study that, purchase intention participants are easily influenced by an attractive celebrity endorser than unattractive celebrity endorser. Another example is her Fabric Conditioner commercial; we all know that given the nature of Kuris Aquinas work, she spends most f her time taping and hosting and so she has very little time to wash her clothes herself. Since she is attractive and she can sell almost everything, the advertisers chose her as the endorser of the brand. Figure 1 Situational Crisis Communication Theory Model Situational Crisis Communication Theory suggests that crisis managers should match strategic crisis responses to the level of crisis responsibility and reputation threat posed by a crisis. Evaluating the crisis type, crisis history and prior relationship reputation will help crisis managers predict the level of reputation threat of an organization and how that organizations publics will perceive the crisis and attribute crisis responsibility. This theory will be helpful in determining how Kuris Aquinas manages the threats and crisis, as well as controversies thrown to her during the time where she is also doing some endorsements. Meaning Transfer Theory is also used in this study is based on the effectiveness of the endorser depends on the meaning the celebrity is bringing into the endorsements process and the brand. Celebrities are full of different meaning reflecting such as demographic (age, gender) and lifestyle types, thus asking it evident that celebrities convey not one but a variety of meaning. The cultural meanings that are connected with the celebrity will be transferred to the endorsed product or brand (Briefly,1995). According to Reardon (1999) the strengths of this model are that it considers celebrity status, class, gender, age, lifestyle and personality. Kuris Aquinas did several advertisements that are connected to her real-life experiences, one of which were series of commercials with her son, Bimbo in a milk product. She also made a public service advertisement (AS) against cancer. Her mom, the late President Carton Aquinas died due to Cancer, in relation to that, she made a AS pushing women to be injected with an anti-Human Papilla Virus (HP) vaccine to lessen the danger in the lives of the Filipino Women. According to Martin (1996, p. 29), celebrity spokes persons are useful in marketing because they provide a set of characteristics that supports consumers in evaluating the presented brand. The Meaning Transfer Theory model (McCracken, 1989) introduced is an appropriate tool to describe the endorsement process that comprises of three stages including culture, endorsement and consumption. This model involves the creation of celebrity image, transfer of meaning from the celebrity to the brand and the third stage is how the brand transfers image onto the consumer (Schlep, 2003). According to McCracken (1989), in the first stage the celebrity draws meaning from their public persona (I. E. ) the meaning associated with the famous person moves from the endorser to the product or brand. In the endorsement stage, this meaning is transferred from the endorser to the product and the process of creating a product personality takes place, based on the symbolic properties conveyed by the endorser. Figure 2 Meaning Transfer Theory Model At last, in the consumption process, the brands meaning is acquired by the consumer. In this stage the consumers role in the endorsement process. Then the company decides which celebrity to choose and who possesses the most appropriate similar characteristics in relation to the brand. Lastly there has to be equivalence or a brand fit between the celebrity and the brand or product. CONCEPTUAL FRAMEWORK Figure 3 Hybrid Theory of Source Attractiveness, Situational Crisis Communication, and Meaning Transfer Theories Figure 3 Hybrid Theory of Source Attractiveness, Situational Crisis Communication, and Meaning Transfer Theories The three theories of the researchers are combined to form a theory that will support the study. Meaning Transfer Theory incorporated the boxes Acquisition, Endorsement and Consumption. The Source Attractiveness Theory is embedded in the Acquisition stage in which the factors Physical Attributes, Likeability and Familiarity are being related to the endorser, Kuris Aquinas. In the Endorsement box, the intervening factors are presented namely Crisis History and Reputation. These factors are taken from the Situational Crisis Communication Theory. Also from the Situational Crisis Communication, the Behavioral Intentions is also integrated into the graph which will lead to the formulation of Response Strategy. The Response Strategy is planned for the benefit of the brand itself and Product Consumption. STATEMENT OF THE PROBLEM The researchers would like to determine the reasons why Kuris Aquinas emerged as a top TV endorser in the year 2009 to 2012 despite the controversies and issues that she had faced according to Strapless surveys released last 2012 The researchers would also like to determine the following: 1. What are the Seibel reasons behind Kuris Quoins success not Just as a TV Personality but as a leader in terms of the number of TV endorsements made in a year? 2. What are the reasons why the companies choose Kuris Aquinas over others for TV endorsements? 3. What are the controversies that made a huge impact on Kuris Aquinas? (reputation, image) 4. How did these controversies made an impact on the brands Kuris Aquinas endorses? 5. What are the response strategies that were taken/made regarding the controversies by Kuris Aquinas as perceived by industry experts? 6. What kind of impact does Kuris Aquinas make on the brands she endorses? . What doctors do the consumers consider in Kuris Aquinas?

Invloed van de culturele achtergrond op de voorkeur voor GEUREN

Invloed van de culturele achtergrond op de voorkeur voor GEUREN Onze kennis van geuren is gedurende deze eeuw drastisch verminderd. De neuzen zijn niet meer zo "getraind" als die van onze voorouders. Misschien is dit te wijten aan het feit dat onze zeep, waspoeder, shampoo en schoonmaakmiddelen, enz... een fris luchtje meekrijgen en je zelden nog in aanraking komt met de oorspronkelijke geuren van mensen, bloemen en planten. In tegenstelling tot het verleden...Geuren worden al eeuwen lang gebruikt voor verschillende doeleinden. In het begin der tijden werden geuren verkregen door rook. In het Latijns vertaald is dat "per fumum", hiervan is het woord "parfum" afgeleid.De Egyptenaren bijvoorbeeld gebruikten wierook, saffraan en mirre om de Goden al dan niet positief te beÂÆ'Â ¯nvloeden. De Romeinen waren echte geurliefhebbers. Zij parfumeerden hun (bad)water, voedsel, wijn en zichzelf. Die traditie had als gevolg dat producten zoals zeep, shampoo, schoonmaakmiddelen, waspoeders, enz... geparfumeerd werden.Voor de Tweede Wereldoorlog konden slecht s de adellijke vrouwen zich parfumeren.COLLECTIE TROPENMUSEUM Wajangfiguur van buffelhuid...Dit was een van de manieren om zich boven het volk te verheffen. Later volgde de rijke burgerij hun voorbeeld en uiteindelijk ook het gewone volk. Ook mannen gingen zich besprenkelen met geurige vloeistoffen.Tegenwoordig is een parfum iets heel normaal en is het ingeburgerd bij alle lagen van de bevolking. Rijk of arm, jong of oud, man of vrouw, voor elk type is er wel een of andere geurige vloeistof. Ze worden in heel de wereld gebruikt, vooral in het Westen. De reden daarvoor is het feit dat Westerlingen, zoals de Europeanen bijvoorbeeld, bang zijn om een "slechte" lichaamsgeur te verspreiden. Daarom gaan ze zich overvloedig besprenkelen met parfums of deodorants.De bestaande merken zijn over de hele wereld gekend en geliefd. Toch is een van de grootste uitdagingen voor geurproducerende bedrijven, een universeel parfum op de markt brengen, wat bijna onmogelijk is. Dit is te wijten...

A 10-Point Comma Quiz

A 10-Point Comma Quiz A 10-Point Comma Quiz A 10-Point Comma Quiz By Mark Nichol Here’s a quiz: Do the following sentences require an additional comma (or perhaps two), the omission of an existing one (or two), or both? Answers and explanations follow. 1. The word breakfast literally means to break the fasting period of your night’s sleep, so you can refuel for the day. 2. The first scene takes place in a dimly lit, tactical command center on an aircraft carrier. 3. The finishing stage is a series of asphalt â€Å"ski jumps,† only the â€Å"skiers† are skiing the wrong way. 4. One of their biggest challenges was coming up with a story that would resonate on a deep, emotional level. 5. Another English writer named Richard Browne used scientific reasoning to confirm the theory. 6. Among slaves, other popular instruments included drums made from hollowed logs covered with animal hides or kitchen pots and pans. 7. They continued to run the establishment, and took great pride in the accomplishments of their sons who kept in regular contact. 8. The storm inspired the title of Zora Neale Hurston’s novel, Their Eyes Were Watching God. 9. As slaves were moved around, they encountered other tribes and dance forms such as the Calenda gained widespread intertribal appeal. 10. â€Å"Newspapers and polling organizations predicted that Republican candidate, Thomas E. Dewey, would be America’s next president.† Answers and Explanations 1. Delete. Inclusion of the comma in this sentence incorrectly implies that thanks to the meaning of the word breakfast, you can refuel for the day. 2. Delete. The reference is not to a command center that is dimly lit and tactical; it’s to a tactical command center that is dimly lit. (Don’t let technical jargon deter you from making sense of a compound noun.) 3. Both. Only here is not a qualifier that suggests â€Å"the ‘skiers’ and nobody else†; it’s a synonym for however, so punctuate as you would were that word used instead. Also, the first comma should be not just deleted but also replaced by an em dash that sets off the unusual circumstance described in the final phrase. (References to skiing are enclosed in scare quotes because the participants are not actually skiers but are engaging in an analogous activity.) 4. Delete. As with sentence #2, the appositive structure is confused. The reference is to an emotional level that is deep, not a level that is deep and emotional, so deep and emotional are noncoordinate adjectives and therefore require no intervening comma. 5. Add. Unless a previous sentence referenced a different English writer by that name, the phrase â€Å"named Richard Browne† should be set off by two commas to demonstrate that it’s an appositive to â€Å"another English writer† and is therefore parenthetical. (In other words, it’s nonessential; the sentence would make sense without it.) 6. Add. The drums were not made from logs covered with hides or with kitchenware; they could be hide-covered logs, or they could be pots and pans. That fact needs to be clarified with a comma following hides, plus a second from, inserted before kitchen to complete the parallel structure. 7. Both. The comma is neither necessary nor incorrect, but if it’s retained, a second they, after and, would smooth the sentence somewhat. But the definite error is this: Unless there are two groups of progeny sons who kept in regular contact, and sons who didn’t, an appositive comma must be added after sons. 8. Delete. A quick online search will inform you that Hurston wrote more than one novel, so the nonrestrictive comma, which incorrectly implies that she published just one novel, should be jettisoned. 9. Add. The lack of a comma after tribes suggests that the slaves encountered other tribes and other dance forms, but then another verb crops up after that and creates a cognitive logjam. What the sentence means is that slaves’ encounters with slaves from other tribes led to increased exposure to new dance forms. The inserted comma will clarify that a new clause begins with and. 10. Delete. This error of apposition is one of the most annoying, relentlessly viral mistakes in English today. (Think of it this way: A comma implies a pause. Does the reader pause at all, much less twice, during this sentence?) Evidently, the misunderstanding stems from a confusion with the appositive structure of the phrase form exemplified in â€Å"Thomas E. Dewey, the Republican candidate.† The sentence would be correct if the were inserted before the epithet â€Å"Republican candidate,† but it is alternatively rendered proper by the omission of the two commas. The appropriate correction depends on the context (that is, whether a previous reference to a Republican candidate has been made). Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Punctuation category, check our popular posts, or choose a related post below:16 Substitutes for â€Å"Because† or â€Å"Because Of†Work of Art TitlesThe Difference Between "Phonics" and "Phonetics"

Blue Nile Inc Essay Example | Topics and Well Written Essays - 500 words

Blue Nile Inc - Essay Example However, I would like to point out that it has produced very outstanding financial records as was proved by its balance sheet and cash flow. Besides, it has resorted to offering high quality diamond and jewelry products to its clients. This has been coupled with the provision of more competitive services. This is a good strategy which might enable the company to win the confidence of its clients as they seek to consider it as the company of choice amongst its competitors. The other indication for the company’s competitiveness is based on the fact that it has resorted to offering its shoppers with adequate information and guidance when conducting their purchases. This has made it possible for them to get the right information on what to acquire (Gomez-Mejia et al, 128). It is for this reason that the company has had a powerful competitive strength assessment. According to the assessment, the company has realized a high level of manufacturing, customer service, distribution, product innovation and quality production capabilities. Thus, it generated an overall weighted strength rating of 5.59. This is outstanding. ii. The company should consider counteracting the stiff competition from established firms who have conquered online diamond and jewelry business. This will increase its chances of enjoying a larger share of the online market. i. It should establish physical stores in which the shoppers can get access of its variety of commodities which are supplied to them. This will be a good idea for the company as it will make it possible for the company to be efficient and reliable in its supply. ii. The company should heavily invest on sales promotions. Meaning, it should advertize its services to all its target clients. Thus, they will get information about the existence, uses, benefits and quality of the products it deals in (Gomez-Mejia et al,

W 10 Employment Impact-Discussion- environmental Essay

W 10 Employment Impact-Discussion- environmental - Essay Example n that arises is whether environmental conservation will result in net loss or gain or no change in the total number of jobs creation in a given country, Environmental improvement deals with both technological as well as green environment. Therefore, when technological environment improvement, it proportionally lowers the chances of job creation as in; it does replace human manual work to machine era. As a result, this eliminates the possibility of providing a wide spectrum for human job environment. On the contrary, when green environment is improved, it in returns gives rise to jobs in any country. For instance, if high carbon economy is lowered to the low-carbon economy, this will alternatively increase the chances of having more jobs. Evidently, the research done by â€Å"national environmental program† has it that, if green environment is improved it will rise the number of jobs. Statistically,15 to 60n million of jobs will be created if green environment is emphasized, in the near future as says Juan Somavia. In conclusion, basing to the environment improvement (whether technological or green environment) leads to either net gain in a job or net loss. Technological improvement does replace human manual work to machine work hence discouraging net total job gain. On the other hand, green environment improvement encourages net total gain in job creation in any country. To curb it all, I do concur that gain, loss or stagnation of total jobs in a country and the job, is based on the specific environmental

Better Pay and Working Conditions in Multinational Essay Example for Free

Better Pay and Working Conditions in Multinational Essay Reaction Paper Part I: Identification Alexander Hijzen and Paul Swaim, â€Å"Do multinationals promote better pay and working conditions? † OECD (Organization for Economic Development) Observer, October 2008; Issue 269, pp 15 – 17. Part II: Abstract Summary The article examines the behavior of international business enterprises, also known as multinational enterprises (MNEs), wages and working conditions, from the perception of the Organization for Economic Development (OECD). It gives a basic definition of a MNE as a corporation with headquarters in one country and affiliates, subsidiaries or merged operations in one or several other countries. Example MNE’s mentioned in the article include: Coca-Cola, Nike, Microsoft, EDF (French energy company), Rio Tinto (British-Australian mining firm), and Toyota. The article notes that there are thousands of MNEs and that they all are not a symbol of Western economic dominance. Some of the top firms listed now in FT one of the UK’s top international business magazines includes China, Russia, India, and Brazil. First, the article addresses the pro and con opinions that supporters and opponents of globalization bring to the working table of MNE’s. It stresses the fact that no matter what one’s opinion may be, the role of the MNEs in the world economy will continue to grow. Next, the article discusses the nature of MNEs as well as notes their advantages on employment (wages and working conditions). Concerning the wages, the article mentions that MNEs’ technical expertise and modern management styles would provide a basis for higher pay wages. However, the pessimists doubt the higher pay since the MNEs are typically in a strong bargaining position with local workers. The article explains that the best way to answer the question do multinational promote better pay and working conditions was to present a comparison of local and foreign companies in terms of their labor practices. So a study was completed to report on this question. The study showed that MNEs do tend to pay more than local firms that compete in the same markets. In general the pay is 40% higher. The study also noted that the pay may be higher to minimize worker turnover and reduce monitoring cost. These results were based upon the report focusing on three OECD countries (Germany, Portugal, and the UK) and two emerging economies (Brazil and Indonesia). Then the author presented the results from the study of those newly hired workers pay vs. those workers who moved from a domestic to a foreign-owned firm, as well as their adjustments to labor practices/working conditions. The study showed higher wages for newly hired workers and small losses or no effect for those moving to foreign firms. Several previous studies were mentioned which noted that multinational tend to adapt to local practices rather than impose their own. Finally, the author expresses the effect that experienced managers have on MNE’s. It has been proven that local firms that recruit managers with experience in multinationals enjoy higher productivity. They can more easily recognize and enforce internationally accepted labor standards. In the end, it is noted that not only experienced managers but also government support is what will help the MNEs be productive and help development.

Gender Gap in Cyberspace Essay -- Music Technology Papers

Gender Gap in Cyberspace Cyberspace as a frontier is open to all comers, but currently the majority of explorers and accomplished users appear to be mostly white males. Deborah Tannen, in her article "Gender Gap in Cyberspace," discusses some of her experiences and conclusions regarding this difference in usage of computers by males and females.(The full name of the author and of the article need to appear in the first couple of sentences. . .) She sums up her main point (main claim)when she asserts, "Men want to force computers to submit. Women just want computers to work" (141). (Claim is locked to a concrete piece of text to help show how the analyst is working. . .)This claim of fact is blunt and simplistic but works very well to attract the attention of her audience.(Names the claim and transistions in to the next paragraph about audience.) Some of the readers drawn to Tannen's work may be the very technophiles who serve as subjects, sociologists interested in any observations of gender influenced behaviors, teachers exploring how female students grasp technology differently than male students, or general computer users who are considering networking to cyberspace.(Sounds good and is complete regarding audience, but may be a bit long.) This specific article was published in a reader entirely made up of computer related material and written for use by first year college composition students. (Helps deepen the discussion of audience, but isn't terribly pertinent, might be cut later depending on length.)This purpose influences the argumentative style of heavy reliance on personal examples most readers can relate to and also the general language choices: easy to understand vocabulary, uncomplicated syntax, and conversationa... ...t is a full time job to be a good dad," and all listeners can hear his enthusiasm for taking on this role. At the end of the song, when he urges the child to "hold my hand, hold my hand," Stevie Wonder echoes in the background, "Whenever you need me, I’ll be there," and Smith ends the song with a final word, "for the rest of your life." Clearly Smith argues that fatherhood is a rewarding challenge that cannot be entered into lightly. Yet at no point does he shame listeners into being the kind of father he respects. Instead, he leads by providing easily understood words of guidance that offend no one and teach many. His evident joy in fatherhood is pleasantly inspiring. Overall, Smith’s smooth, conversational rap of "Just the Two of Us" is a successful rhetorical presentation encouraging fathers to be consistently loving and fully present in the lives of their sons. Gender Gap in Cyberspace Essay -- Music Technology Papers Gender Gap in Cyberspace Cyberspace as a frontier is open to all comers, but currently the majority of explorers and accomplished users appear to be mostly white males. Deborah Tannen, in her article "Gender Gap in Cyberspace," discusses some of her experiences and conclusions regarding this difference in usage of computers by males and females.(The full name of the author and of the article need to appear in the first couple of sentences. . .) She sums up her main point (main claim)when she asserts, "Men want to force computers to submit. Women just want computers to work" (141). (Claim is locked to a concrete piece of text to help show how the analyst is working. . .)This claim of fact is blunt and simplistic but works very well to attract the attention of her audience.(Names the claim and transistions in to the next paragraph about audience.) Some of the readers drawn to Tannen's work may be the very technophiles who serve as subjects, sociologists interested in any observations of gender influenced behaviors, teachers exploring how female students grasp technology differently than male students, or general computer users who are considering networking to cyberspace.(Sounds good and is complete regarding audience, but may be a bit long.) This specific article was published in a reader entirely made up of computer related material and written for use by first year college composition students. (Helps deepen the discussion of audience, but isn't terribly pertinent, might be cut later depending on length.)This purpose influences the argumentative style of heavy reliance on personal examples most readers can relate to and also the general language choices: easy to understand vocabulary, uncomplicated syntax, and conversationa... ...t is a full time job to be a good dad," and all listeners can hear his enthusiasm for taking on this role. At the end of the song, when he urges the child to "hold my hand, hold my hand," Stevie Wonder echoes in the background, "Whenever you need me, I’ll be there," and Smith ends the song with a final word, "for the rest of your life." Clearly Smith argues that fatherhood is a rewarding challenge that cannot be entered into lightly. Yet at no point does he shame listeners into being the kind of father he respects. Instead, he leads by providing easily understood words of guidance that offend no one and teach many. His evident joy in fatherhood is pleasantly inspiring. Overall, Smith’s smooth, conversational rap of "Just the Two of Us" is a successful rhetorical presentation encouraging fathers to be consistently loving and fully present in the lives of their sons.

Role of Social Worker in Non-Profit Long Term Care

Several studies have highlighted the efficiency of profit-oriented organizations compared to non-profit organizations. In the nursing homes or long term care facility too, this is no exception, where the profit driven homes are seen to be technically and economically efficient than the non- profit facilities. The operation of the non-profit homes is directed to ensuring that revenues and costs are relatively equal. The non-profit nursing homes, run by government, religious bodies and even by private philanthropic affiliations are not seriously classified for their performance and quality, and are largely categorized together (Knox, Blankmeyer and Stutzman).Research done into staffing levels of profit and non-profit nursing homes however, show that nursing homes in the non-profit sector have higher staffing levels, compared to profit oriented nursing organizations. Literature on nursing homes in the US show that non-profit care facilities have higher number of direct care staff and lo wer staff turnover rates. It should be noted here that the majority of nursing homes in the US are profit oriented while in Canada, the majority are non-profit care homes (Margaret J et al., 2005).Social workers in health care have addressed the problems and situations associated with illnesses, seeing things in the bigger perspective, while also addressing the immediate concerns. The largest area of focus in social work is perhaps in the health field. Social workers have performed their expected or required roles, and have also raised awareness among other health care professionals to look beyond disease or ailment of the patient; into the psychological and social aspects of the ailment and its treatment (Dhooper, 1997).The responsibilities associated with social work in long-term nursing homes  include tasks with patients and their families, both within and outside the hospital. Most social workers in hospitals are responsible for functions like high risk screening, social and p sychological assessments, coordinated patient care, discharge planning and follow up.In long term care facilities, the social worker is required to be aware of the traditional and non traditional social work involvement and their roles, and appropriately examine the most suitable application. The social workers review the evidence base systematically and accordingly develop protocols and recommendations for practice. They encourage academic and practice partnerships and try to identify similar areas of concern, with their medical colleagues.The social workers perform several roles, even beyond that expected of a social service worker. However there is no formal profile of the tasks associated with social worker in nursing home care. The law and regulatory governing are restricted to finding out the presence and absence of the social worker. There is no certification or recognition process to evaluate the contributions of the social worker particularly in the non-profit nursing homes .An important aspect of social work in health setting is assessment, including psychosocial assessment. Client problems need to be assessed to begin treatment intervention, irrespective of the ailment or the people. Assessment helps in gathering, analyzing and evaluating relevant information based on which appropriate treatment strategies are implemented. Sometimes the social worker may be required to service at  homes of clients. Interviewing clients at home, particularly the elderly ones, offers an informal atmosphere and reinforces to the client that he or she is supported and is not left alone (Mellor and Solomon, 1996).Use of client’s first name, hugging, accepting a cup of tea are all part of a professional conduct of a social worker. The social worker is also sought to address psychosocial needs in nursing homes, to treat mental health problems. The social work provider’s perspective in diagnosing and treating anxiety, dementia and depression is considered nec essary. Through appropriate in-home interventions, social work providers even ascertain ineffective diagnosis and delivery of inappropriate care.   They address several issues with social relevance like relationship loss, adjustment to environment, terminal care etc.In the non-emergency nursing home admissions, social work personnel carry out the psychosocial assessment of the client during the initial contact. Based on this assessment, the level of required social work involvement, preparation of social work activity and discharge plans are finalized. This assessment also marks the beginning of the patient-social worker relationship. The social worker may at times be required to alert other physicians on existing psychosocial problems, which they should consider before medical interventions.Here the social worker must ensure that patient details or medical history are not breached or misused by anyone having access to it. Preadmission screenings by social workers can reduce unwan ted readmissions while also reducing the stay in nursing homes. Discharge planning may be involved with many ethical issues or even legal issues for the social worker. The social worker has a crucial role in sorting conflict between  patient expectations and nursing home obligations. When patients with very little hope of recovery or irreversible conditions are discharged, they and their families consider the nursing home to have abandoned them and experience a loss of hope. Here the social worker, attempts to change this perception by planning for the future through problem solving.The role of social worker in non-profit long term care is highly diverse from being a psychotherapist, social work consultant and a consultant on psychosocial issues. They assist client immensely in their transition to and from long-term care. They associate elders and families to community facilities and services through appropriate brokering, cause and needs advocacy.They help in planning long-term c are with the client and their family and resolve issues in finance, legal and social requirements. In care planning, the social service provider needs to develop plans taking into consideration the arrangements and psychosocial support for older persons. The plans, particularly long term care plans must be accommodative of any physical or cognitive changes, as and when it arises.Social workers need to be wise to accept and respect the fact that clients, particularly older clients in long-term care have the right to choose or decide on matters pertaining to their treatment (Vourlekis, et. al, 2005). Social workers also need to be conscious of the ethical issues arising in their work with older clients.Long term care is not just restricted to the caring of elderly people. Long term care can be associated with any age, like even with children having long term health implications.The services provided by social workers are very diverse and is associated with both, a health perspective a nd a social perspective. The quality of delivery for the health factor is judged based on technical aspects of care like treatment outcomes and evaluation of care process. The quality of social services provided is judged based on the opinion and perception of the users. In contrast to acute care which is associated to restoration of normal health, long term care is more associated in suppressing or preventing further decline in health condition or progress of disability (Gooloo, Wunderlich, Kohler, 2001). Sometime people would adapt to heir disabilities and adverse health conditions and may even begin to depend less on social or medical assistance for a considerably long period of time.The role of social worker in the non-profit long term care is immense and cannot be overlooked. They are involved in all aspects of patient care from assessment to discharge, apart from ensuring their social well being. Given the trend in modern medicine, where newer and sophisticated treatments incr ease life span, the population of elderly people has been increasing significantly, and more elderly people are likely to seek nursing care for various reasons. Also with newer diseases, associated with developing life styles, food habits, and environment; people are likely to seek more medical intervention for unconventional diseases. Therefore people across all ages and backgrounds seeking medical intervention would have more social implications and social relevance, relying more on the social worker to deliver.REFERENCESKnox K.J., Blankmeyer E.C and Stutzman J.R., (2006) Comparative Performance and Quality among Nonprofit Nursing Facilities in Texas, Nonprofit and Voluntary Sector Quarterly. Sage Publications [Electronic Version] downloaded on 10th May 2008 from http://nvs.sagepub.com/cgi/reprint/35/4/631Margaret J et al., (2005) Staffing levels in not-for-profit and for-profit long-term care facilities: Does type of ownership matter? Canadian Medical Association Journal, March 1 , 2005 [Electronic Version] downloaded on 10th May 2008 from http://www.cmaj.ca/cgi/content/full/172/5/645 Vourlekis B, Zlotnik J.L, Simons K., (2005) Institute for the advancement of Social Work Research, Evaluating Social Work Services in Nursing Homes: Toward Quality Psychosocial Care [Electronic Version] downloaded on 11th May 2008 from http://www.charityadvantage.com/iaswr/IASWRNursingHome.pdf Dhooper S.S., (1997) Social Work in Health Care in the 21st Century. Sage Publications, London Mellor J and Solomon R., (1996) Geriatric Social Work Education Haworth Press. Gooloo S, Wunderlich, Kohler P.O., (Eds) (2001) Improving the Quality of Long-term Care, National Academies Press Role of Social Worker in Non-Profit Long Term Care Several studies have highlighted the efficiency of profit-oriented organizations compared to non-profit organizations. In the nursing homes or long term care facility too, this is no exception, where the profit driven homes are seen to be technically and economically efficient than the non- profit facilities. The operation of the non-profit homes is directed to ensuring that revenues and costs are relatively equal. The non-profit nursing homes, run by government, religious bodies and even by private philanthropic affiliations are not seriously classified for their performance and quality, and are largely categorized together (Knox, Blankmeyer and Stutzman).Research done into staffing levels of profit and non-profit nursing homes however, show that nursing homes in the non-profit sector have higher staffing levels, compared to profit oriented nursing organizations. Literature on nursing homes in the US show that non-profit care facilities have higher number of direct care staff and lo wer staff turnover rates. It should be noted here that the majority of nursing homes in the US are profit oriented while in Canada, the majority are non-profit care homes (Margaret J et al., 2005).Social workers in health care have addressed the problems and situations associated with illnesses, seeing things in the bigger perspective, while also addressing the immediate concerns. The largest area of focus in social work is perhaps in the health field. Social workers have performed their expected or required roles, and have also raised awareness among other health care professionals to look beyond disease or ailment of the patient; into the psychological and social aspects of the ailment and its treatment (Dhooper, 1997). The responsibilities associated with social work in long-term nursing homes  include tasks with patients and their families, both within and outside the hospital. Most social workers in hospitals are responsible for functions like high risk screening, social and psychological assessments, coordinated patient care, discharge planning and follow up.In long term care facilities, the social worker is required to be aware of the traditional and non traditional social work involvement and their roles, and appropriately examine the most suitable application. The social workers review the evidence base systematically and accordingly develop protocols and recommendations for practice. They encourage academic and practice partnerships and try to identify similar areas of concern, with their medical colleagues. The social workers perform several roles, even beyond that expected of a social service worker. However there is no formal profile of the tasks associated with social worker in nursing home care. The law and regulatory governing are restricted to finding out the presence and absence of the social worker. There is no certification or recognition process to evaluate the contributions of the social worker particularly in the non-profit nursing hom es.An important aspect of social work in health setting is assessment, including psychosocial assessment. Client problems need to be assessed to begin treatment intervention, irrespective of the ailment or the people. Assessment helps in gathering, analyzing and evaluating relevant information based on which appropriate treatment strategies are implemented. Sometimes the social worker may be required to service at  homes of clients. Interviewing clients at home, particularly the elderly ones, offers an informal atmosphere and reinforces to the client that he or she is supported and is not left alone (Mellor and Solomon, 1996).Use of client’s first name, hugging, accepting a cup of tea are all part of a professional conduct of a social worker. The social worker is also sought to address psychosocial needs in nursing homes, to treat mental health problems. The social work provider’s perspective in diagnosing and treating anxiety, dementia and depression is considered n ecessary. Through appropriate in-home interventions, social work providers even ascertain ineffective diagnosis and delivery of inappropriate care.   They address several issues with social relevance like relationship loss, adjustment to environment, terminal care etc.In the non-emergency nursing home admissions, social work personnel carry out the psychosocial assessment of the client during the initial contact. Based on this assessment, the level of required social work involvement, preparation of social work activity and discharge plans are finalized. This assessment also marks the beginning of the patient-social worker relationship.The social worker may at times be required to alert other physicians on existing psychosocial problems, which they should consider before medical interventions. Here the social worker must ensure that patient details or medical history are not breached or misused by anyone having access to it. Preadmission screenings by social workers can reduce unw anted readmissions while also reducing the stay in nursing homes. Discharge planning may be involved with many ethical issues or even legal issues for the social worker. The social worker has a crucial role in sorting conflict between  patient expectations and nursing home obligations. When patients with very little hope of recovery or irreversible conditions are discharged, they and their families consider the nursing home to have abandoned them and experience a loss of hope. Here the social worker, attempts to change this perception by planning for the future through problem solving.The role of social worker in non-profit long term care is highly diverse from being a psychotherapist, social work consultant and a consultant on psychosocial issues. They assist client immensely in their transition to and from long-term care. They associate elders and families to community facilities and services through appropriate brokering, cause and needs advocacy. They help in planning long-ter m care with the client and their family and resolve issues in finance, legal and social requirements.In care planning, the social service provider needs to develop plans taking into consideration the arrangements and psychosocial support for older persons. The plans, particularly long term care plans must be accommodative of any physical or cognitive changes, as and when it arises. Social workers need to be wise to accept and respect the fact that clients, particularly older clients in long-term care have the right to choose or decide on matters pertaining to their treatment (Vourlekis, et. al, 2005). Social workers also need to be conscious of the ethical issues arising in their work with older clients.Long term care is not just restricted to the caring of elderly people. Long term care can be associated with any age, like even with children having long term health implications.The services provided by social workers are very diverse and is associated with both, a health perspectiv e and a social perspective. The quality of delivery for the health factor is judged based on technical aspects of care like treatment outcomes and evaluation of care process. The quality of social services provided is judged based on the opinion and perception of the users. In contrast to acute care which is associated to restoration of normal health, long term care is more associated in suppressing or preventing further decline in health condition or progress of disability (Gooloo, Wunderlich, Kohler, 2001). Sometime people would adapt to heir disabilities and adverse health conditions and may even begin to depend less on social or medical assistance for a considerably long period of time.The role of social worker in the non-profit long term care is immense and cannot be overlooked. They are involved in all aspects of patient care from assessment to discharge, apart from ensuring their social well being. Given the trend in modern medicine, where newer and sophisticated treatments i ncrease life span, the population of elderly people has been increasing significantly, and more elderly people are likely to seek nursing care for various reasons. Also with newer diseases, associated with developing life styles, food habits, and environment; people are likely to seek more medical intervention for unconventional diseases. Therefore people across all ages and backgrounds seeking medical intervention would have more social implications and social relevance, relying more on the social worker to deliver.REFERENCESKnox K.J., Blankmeyer E.C and Stutzman J.R., (2006) Comparative Performance and Quality among Nonprofit Nursing Facilities in Texas, Nonprofit and Voluntary Sector Quarterly. Sage Publications [Electronic Version] downloaded on 10th May 2008 from http://nvs.sagepub.com/cgi/reprint/35/4/631Margaret J et al., (2005) Staffing levels in not-for-profit and for-profit long-term care facilities: Does type of ownership matter? Canadian Medical Association Journal, Marc h 1, 2005 [Electronic Version] downloaded on 10th May 2008 from http://www.cmaj.ca/cgi/content/full/172/5/645 Vourlekis B, Zlotnik J.L, Simons K., (2005) Institute for the advancement of Social Work Research, Evaluating Social Work Services in Nursing Homes: Toward Quality Psychosocial Care [Electronic Version] downloaded on 11th May 2008 from http://www.charityadvantage.com/iaswr/IASWRNursingHome.pdf Dhooper S.S., (1997) Social Work in Health Care in the 21st Century. Sage Publications, London Mellor J and Solomon R., (1996) Geriatric Social Work Education Haworth Press. Gooloo S, Wunderlich, Kohler P.O., (Eds) (2001) Improving the Quality of Long-term Care, National Academies Press

Working Capital Management of Heidelberg Cement Bangladesh

Working capital management of Heidelberg Cement Bangladesh Limited (HCBL) Executive Summary: In this report we have presented the overall working capital management of Heidelberg Cement Bangladesh Limited (HCBL). We have gather maximum information from the annual reports and by taking interview of Board of Director, M. Abul Hashem; Company Secretary. In this report we have tried to match the terms and conditions that we learned in FIN340 with HCBL’s working capital management. We have done financial analysis and gave recommendation.Company Overview: Heidelberg Cement Bangladesh is one the largest producers of quality cement in Bangladesh. Heidelberg Cement Group from Germany, one of the world’s leaders in construction and building material with operations in more than 50 countries, owns 61% shares of the company. In 1998 Heidelberg Cement Group established its presence in Bangladesh by setting up a floating terminal with on board bagging facilities in the port of Chitta gong and by distributing the cement to the key markets of Dhaka and Chittagong.In 1999 the group further strengthened its position in Bangladesh and built a greenfield manufacturing plant near Dhaka namely â€Å"Scancement International Limited† with an installed capacity of 0. 750 million tons per year. In 2000 Heidelberg Cement group also bought a minority position in Chittagong based company namely â€Å"Chittagong Cement Clinker Griding Co. Limited (CCCGCL)† quickly followed by the acquisition of a in controlling stake. The plant in Chittagong has an installed capacity of 0. 7 million ton per year. In 2003, the two companies were amalgamated and the company’s name was changed to Heidelberg Cement Bangladesh Limited.Corporate Mission: The Corporate Image : Building worldwide growth by building a better world. Business Culture : Building on local responsibility for international success Employee Policy : Building our business on the knowledge of our people Mar ket Strategy : Building our growth on a solid base of earnings Customer Philosophy : Building customer satisfaction Quality Standard : Building on quality products to build reputation Commitment to Innovation : Building on new technologies determines our future successBrief History Heidelberg Cement Bangladesh Limited meets 13% of the Bangladesh demand for cement from two plants located at Dhaka & Chittagong. Heidelberg Cement Bangladesh Limited employs 260 people across the country. The company with 1. 5 million tones annual cement production has become a major force in the Bangladesh Cement industry over the last eight years. In Bangladesh, Heidelberg group is one of the largest foreign investors having an investment of 100 million US$ with more than 260 employees working round the clock to materialize the mission of this great global company.By satisfying the needs and aspirations of its customers, employees, shareholders and the wider community, the company is able to maintain i ts position of strength as a sustainable cement provider without compromising commitment to long term stability and environmental responsibility. Heidelberg Cement Bangladesh Limited is a sister concern of Heidelberg Cement Group. Environmental Policy Heidelberg Cement Bangladesh Limited Protection of the environment is an integral part of Heidelberg Cement Group’s strategy. As natural resources are the basis of cement, measures for sustainable environmental care are adopted in all our operations.In Bangladesh, our policy is to produce high quality cement, optimize operations to save on natural resources and prevent pollution in order to create a cleaner and safer environment. Products & Innovation Portland Composite Cement (PCC) As part of its relentless pursuit for innovation and constant drive to improve quality, HeidelbergCement has introduced Portland Composite Cement (PCC) during 2003. Absorbing European Norms in cement producing made HeidelbergCement Bangladesh Ltd. th e pioneer in this sector. Now-a-days all the cement factories of Bangladesh are producing cement as per European Norm.The category Portland Composite Cement (CEM II) is the market leader in Europe. Cement produced according to the BDS EN ScanCement and RubyCement are designed to achieve the best characteristics for its customers; this result is achieved by design using clinker and high quality other constituents. PCC has the optimum of: Durability, Long-term strength and workability. ScanCement and RubyCement are produced according to the European norms BDS EN 197-1:2003. Characteristics of ScanCement / RubyCement: Higher Strength ScanCement and RubyCement have higher long-term strength than a standard Portland Cement (OPC).The slag part in the design contributes that the gap in long-term strength with OPC is widening as time progresses. Higher Durability The design of ScanCement and RubyCement increases the density of concrete (lower permeability). Smaller voids are the effect of t he reaction between the clinker and the slag. This density contributes to the durability and lifetime of the construction. Better Workability To improve the quality of plaster and masonry work Limestone is added to the design of ScanCement and RubyCement. This improves strongly the workability of the concrete. Plastering will look smoother, better and more beautiful.The concrete is easier to use. Other Improvements On top of the above-mentioned improvements ScanCement and RubyCement reduces thermal cracking. Due to the slag in the design less heat is generated which reduces the risk of thermal cracks. Furthermore our brands use less water to achieve the required workability. This contributes to the strength and quality of the construction. Daily Cash Inflow and Cash Outflow: Here we have presented the daily cash inflow and outflow of HCBL. 200820072006 Cash received from customers6,332,191,0005,573,231,0004,963,425,000 Cash received from other operating income84,205,00049,963,00014, 630,000Cash Inflow throughout the year6,416,396,000. 00 5,623,194,000. 00 4,978,055,000. 00 Daily Cash Inflow17,579,167. 12 15,406,010. 96 13,638,506. 85 200820072006 Payment for financial expense(68,293,000)(55,096,000)(96,760,000) Income tax paid(206,802,000)(96,947,000)(35,495,000) Cash paid to suppliers(5,480,284,000)(3,835,873,000)(3,334,740,000) Cash paid for operating expenses(628,326,000)(507,571,000)(501,761,000) Cash outflow through out the year(6,383,702,992. 00)(4,495,484,993. 00)(3,968,753,994. 00) Daily Cash outflow(17,489,597. 24)(12,316,397. 24)(10,873,298. 1) Net Daily Cash Inflow89,569. 883,089,613. 722,765,208. 24 Cash inflows and outflows are not perfectly synchronized. Here we have net cash inflows in 3 years; it shows that HCBL had sufficient money supply to finance its operation efficiently. Changes in Short Term Loan Account: The HCBL don’t have any marketable securities account in balance sheet. In 2006 the company has a short term loan of 467884000 a nd in 2007 & 2008 the company has short term loans of 654441000 & 829715000. From 2006 to 2007 there is an increase in Short term loan account of tk. 186557000.And from 2007 to 2008 the short term loan has increase by Tk. 175274000. Over the period the short term loan has increased over the period. The loans were mainly taken from their sister concern Meghna Energy Limited. Seasonality impact in Cash Inflow and Cash Outflow: Seasonality Variations in Cash flows from sales: Highest sales: We have come to know from our interview that there is seasonality is present in Heidelberg cement. Their peak in sales and variation in cash flow is approximately quarterly basis. It has peak of the sales during January to March. In this time they have to maintain large inventory.At these time their sales increase, as a result gross profit and revenue increase and cash inflow also increases in this 1st quarter. They have also good sales from October to April. Normal cash inflow comes during this tim e. From May to September their sales usually decrease because of rainy season. Cash Outflow: When sales increase marketing and transportation expenses increase. As a result, cash outflow increases at this time. As raw materials are mainly imported from there inter company trade that’s why they don’t have to pay immediately a huge money when they import RM. They get a flexible credit term.Geographical Spread and Customers: Heidelberg Cement has divided their business in 6 divisions in Bangladesh. They have two main branches in Dhaka and Chittagong. They have also sales agents in other four divisions. But most of the sales generate from Dhaka and Chittagong divisions. Then Sylhet and sales in other 3 divisions are approximately same. They do not have any physical export of goods. If they sell goods to EPZ area and if they get paid in dollars, this is termed as export. The over all market share of Heidelberg Cement is 13%. The industry saturated. Still they have chance to gather more market share in the industry.They are facing some restriction because they are multinational company. They have 3 types of customers: 1. Dealers 2. Corporate customers (e. g. developers, contractors) 3. Government projects (e. g. Mohakhali Flyover, Lalon Shah Bridge, Karnafuli Bridge, Banani Bridge) Except these they have also very few retailers who are very close to them. But usually they do not deal with retailers. Collection Procedure: Checks/pay order: Most of the time, they receive payments through checks. They also receive payments by pay order which is very limited. Generally, they do not allow any other ways of payments.They don’t have any cash transaction. Collection Points , Concentration Banks, Deposit banks, Lock Box: There are collection points. The customers pay through the local branches of Dhaka Bank, Dutch Bangla Bank and Marcentile Bank. These banks work as collection points. As these local banks have lots of branches in Bangladesh it helps a lo t in collection process. Through the online banking system the money from these local Banks are easily accessible from the principal branch. Then Heidelberg cement collects money from these banks and deposited in the Standard Charted Bank and Citi N.A bank. 95% of collected money is deposited in Standard Charted Bank and rest of the 5% is deposited in City N. A. bank are. Here Standard Charted Bank and Citi N. A. bank are used as concentration banks. They transfer the money from the collection bank at the end of the month whether the money is collected at 1st week of the month. Because they have ample money in hand they are lazy to transfer the money at concentration banks. But they are very efficient in collecting the money from customers in due date. Because of having no lockbox system in Bangladesh, they do not use lockbox system.As there group policy they have restriction on depositing money in local banks. The local banks are usually responsible for collecting payments. Cost: I n standard chartered and Citi N. A the service charge is little higher than the service charge taken by other banks. Banks are responsible for disbursing payments, handling LC, payment of salary etc. There is very low risk, because they follow some strict laws like: †¢They do not give dealership without bank guarantee. †¢They follow conservative credit policy. †¢They encourage cash sales. On an average their credit term is of 18-20 days.In government projects their credit term is usually flexible. Cash Disbursement Procedure: Suppliers: There are mainly two groups who receive money from the Heidelberg cement. One is the Raw material suppliers and then another is the suppliers of different utilities. The raw material suppliers are mainly the subsidiary of Heidelberg Group. Generally they take raw materials from Indo Cement; Indonesia, Heidelberg Cement; India and Heidelberg Cement; Japan. Payment Methods, Disbursement Banks: They are mainly importing raw materials. So they pay through LC. They do not have any cash payments.They pay through Standard Charted Bank. The Standard Charted Bank works as disbursement bank and processes all the formalities. Sometimes Citi N. A also works as a disbursement bank. Authorization: They follow centralized Disbursement policy. All checks are signed in the Head quarter. Payments are made through mainly finance department. If the payment is less than $6 million, it needs the joint signature of head of finance department and in group B consist of three directors from them any one have to sign. But if payments exceed $6 million it needs joint signature of finance department and Manager Director.Float: Although directly they do not take the help of floating, sometimes they try to write check on Wednesday/Thursday. As a result, payments can not be transferred to suppliers Banks before Sunday. In directly they are taking the advantage of inefficient banking system in Bangladesh. Credit Policy: Normally they have a cons ervative credit policy. They are not willing to flexible their credit policies to increase their sales & revenue. They cannot provide smooth credit policy, because as a MNC they cannot collect payments by pressure. Also they have to maintain some Government rules and regulations.They usually emphasize on quality, as a result they maintain premium price. They have to go by the law. That’s why they are not investing that much in A/R. They are not willing to increase the risk. When collecting payments, they give two warnings after exceeding the credit limit. If they fail to collect payment despite these, then they realize the bank guarantee. They provide up to 60 => days of credit limit to Government Projects, 30 days to corporate customers. But they maintain more strict credit policy to the dealers, because of reliability. They give credit to the dealers only if they can give bank guarantee.Only to the renowned developer’s they sale on credit. They have credit term on av erage of 18-20 days. Working Capital Needs: They are very efficient in cash management. That is why they have enough cash to finance working capital. Also they have huge idle money. They cannot deposit all portions of money in banks. As a result, they finance the working capital requirements by internal sources. Sometimes they also take loan from the subsidiaries of Heidelberg group. They took loan from Meghna Energy Limited which is the subsidiary of Heidelberg group too. But at resent (2009-2010) they are not taking any short term loan. As they are multinational company they can not remit money in parent company without the help of dividends. So every year they are having huge retained earnings in their account. With that money they are financing their short term needs. Also with the help of high tech softwares they had become more efficient in managing the business. They are remitting money as technical know how fees which is 3% of prior years net sales. Heidelberg group helps a lot to their subsidiary in terms of technology, experience etc.As they are more capable of internal financing in 2008 they don’t have any long-term loans. Collection Method (#9): HCBL has some Paper information flow attached to invoice. This attachment contains the Order size, order no, time of delivery and the date of payment. The payment is made to the Collection Bank and the dealers get the receipt from the bank. Because the checks are account payee checks, so they can easily track which customer paid the payment. The company by the time get knows about the payment by ERP software which is connected with Banks.The bank process the payment system and it takes a little time for the company to get notified and deposited because all party are connected through ERP software. Bank processing fees are the cost involved in this Process. If the payment is not made by the dealers they realized the bank guarantee after giving two warnings. Basically Credit policy for Government proje cts are flexible than the usual customers. Electronic Method for Managing HCBL: ERP: Heidelberg Cement Bangladesh Ltd. (HCBL) use an Enterprise application software named Enterprise Resource Planning(ERP) which has a market price of almost Tk. 0,000,000-Tk. 30,000,000 (2-3 crore TK. ). They have got this software in one sense free initially. But they are paying off these fees as â€Å"technical r knowhow fees† in every year which is 3% of prior years net sal . This software Provide a single information system for organization-wide coordination and integration of key business processes. This is a competitive advantage for Heidelberg cement. ERP connects all key business process (e. g. – manufacturing and production, accounting and finance, human resources, sales and marketing) and connects the suppliers & Dealers together in a single place.By this all department can share information which helps business increase efficiency or evaluates their output. 1. ERP also enables to Ordering equipment, preparing inventory, sending them to sites, activating them followed by routine maintenance is a chain of daunting tasks. If there is a missing link in this extremely complex process, they will be out of business in the fiercely competitive market. Earlier it took nearly thirty minutes to generate a purchase order but now it takes a few seconds. The entire process is flawless and tamperproof as a robust computer controls it centrally.Heidelberg Cement has deployed two such servers in different locations to ensure that one takes over in case the other computer fails. They can track every employee’s output and assess them accordingly. It perfects the evaluation process of the company’s human capital. By using ERP, Efficiency of Heidelberg’s employees increased 99 percent. ERP maximize profit and minimize costs, while providing superior service to its customers. Advantages of ERP: †¢ERP is software which integrates all functionalities o f the organization in a single database.It streamlines all the business processes and gives desired result on a click of a button. †¢ERP software incorporates a large amount of industry specific business functionalities which will ensure less customization or sometime no customization (except reports) to make the package suitable to your business operations. †¢Most important advantage of ERP software is integration of all the business solution in a single platform, which reduces unnecessary paper work, documentation, repeated entry, cycle time etc. The software also comes with its framework of upgrades to changing technologies. In the ERP software business functionalities and operating processes are built into standard software codes, thus it require lesser time to understand process related issue of implementation and gives industry specific best practices. †¢ERP can be useful is order tracking. When a company receives orders for a product, being able to properly tra ck the orders can allow the company to get detailed information on their customers and marketing strategies. If different software packages are being used, this data may not be consistent. †¢ERP software automates the business processes and also forces its own logic (industry specific) on the business. Accounting applications is another advantage of ERP. It can integrate the costing, profit, and revenue information of sales that are made etc. Other Advantages : †¢Speeding up the whole manufacturing process †¢Better and systematic inventory handling with ABC analysis †¢WIP (work in progress) control †¢Easy project management †¢Accessing the status of the goods on a click of a button †¢Fast transmit commodities through online transactions †¢Fastens the creation of reports †¢Reduce paper works and repeated entry †¢Quick processing of information †¢Serving the customer efficiently in time †¢Solve the customer problem quickly In formation based decision †¢Better finance reports †¢Better supply chain management †¢Better vendor management †¢Reduce process cycle time Disadvantages of ERP: †¢Perhaps one of the biggest disadvantages to this technology is the cost. As the company is an MNC they get this software for free. They are paying off this cost as â€Å"Technical Knowhow Fees† throughout the years. †¢Expert needed to run the ERP system. The employees must be continually trained on how to use it, and it is also important for companies to make sure the integrity of the data is protected. The success of the system is fully dependent on how the workers utilize it. Even if a company has enough money to implement ERP, they may not be able to successfully use it if they do not have enough money to train their workers on the process of using it. †¢One of the biggest problems with ERP is that it is hard to customize. Very few companies can effectively use ERP right out of t he box. It must be modified to suit their needs, and this process can be both expensive and tedious. †¢Most ERP vendors will not allow the structure of the software to be altered. ERP vendors may charge additional license fees, putting a strain on companies that do not have enough resources to pay for them.The technical support of ERP departments has been questioned, and a number of problems could arise due to security, since corporate representatives must give sensitive information to the tech support department. ERP inventory management: ERP inventory management handles everything from ordering, physical inventory count, scheduling, shipping, receiving, purchasing, and supply chain planning. Changes in inventory are automatically updated. It no longer takes hours (sometimes up to 24) before the changes are recorded. This helps inventory management employees of HCBL to be able to see if an item is currently in stock.Faster service means better customer service. HCBL ERP manage ment uses bar codes to keep up with inventory items. This makes tracking stock much easier. As the bar-coded items leave inventory, they get scanned and their product information is entered into the ERP inventory management system. Placing bar code labels on stock helps HCBL save money because it keeps the list of stock updated. Employees can easily see when certain quantities are low and need to be re-stocked. Customer service also benefits from this because businesses and customers can see what products are immediately available.Advantages : ERP inventory management has many advantages. The main advantage for a company is that the ERP system is company-wide and involves only one software system. Some other advantages include: †¢Proper communication between different areas. †¢Tracking of orders from the time the order was received to its delivery. †¢Keeping up with the revenue cycle from when the invoice is issue through when the payment is received. †¢Provides a ‘top down’ overview of the workings of a company. †¢Reduces the risk of loss of information †¢Sets up a form of security to protect against theft from outside or within a company.Disadvantages : Despite the advantages HCBL receive from using ERP inventory management, there are also some problems with it. Most of these disadvantages stem from inadequately trained employees as well as compromised data. But there are other concerns that can arise from this type of system. †¢Reformatting a business to make it more compatible with an ERP system and thus conform it to industry standards may cause a loss of advantage over the competition. †¢By creating a company-wide system that connects all areas, it makes it hard to figure out accountability. Problems that may arise in one area could mistakenly be blamed on a different area. Not all departments in a company are willing to share information. This withholding of sensitive data can interrupt the workflow. †¢ERP inventory management systems may to too complex for the needs of a company. Cash Flow Timeline: Here we have showed the cash flow timeline of HCBL of 2006,2007,2008 Financial Analysis: Financial analysis of Heidelberg Cement Ltd. Liquidity Ratio200620072008 NWC to assets-0. 050. 010. 11 current ratio0. 871. 031. 27 quick ratio0. 480. 710. 66 cash ratio0. 060. 400. 32 interval measure851. 401637. 281499. 92 CCC-1. 26-17. 9936. 53 Days Inventory held57. 5256. 03103. 14 DSO37. 8037. 5635. 02 Operating Cycle95. 293. 59138. 16 DPO96. 59111. 57101. 63 NWC-208822000. 0064703000. 00638679000. 00 NLB46997000. 00800973000. 00768453000. 00 CLI27. 5639. 40 Efficiency Ratio Total asset turnover1. 211. 091. 08 NWC turnover-23. 9686. 889. 97 Inventory turnover6. 356. 513. 54 Day’s sales in inventory57. 5256. 03103. 14 AVG collection period37. 837. 5635. 02 Profitability ratio net profit margin0. 10. 110. 09 ROA0. 130. 120. 1 ROE0. 220. 220. 18 payout ratio0. 170. 230. 31 Market V alue Ratio price earning ratio6. 6810. 9511. 58 Earning per share96. 92110104. 86 From 2006 to 2007 their operating cycle decreased and DPO increased significantly.When their DPO was increasing it does not create any problem in relation with the suppliers. Because the suppliers are mainly the subsidiary of the hiedelberg group. So they got advantage in those years. And that is why the company’s CCC decreased in 2007. In 2006 and 2007 the company’s CCC were negative and it was -1. 26 and -17. 99 days respectively, that means the company doesn’t need any external financing. They were very efficient in managing the cash. So that without investing in Inventories and A/R they were efficiently running the operation. Although they had sufficient cash in their hand.From2007-2008 the company’s Operating cycle increased significantly and DPO decreased slightly. As a result in 2008 the company’s CCC increased to 36. 53 days. This increase was a result of a hi gh Days inventory Held (103. 14 days). In 2008 they brought a very high amount of inventory from their sister concern company from Indonesia named Indocement. so the company need financing from somewhere. They have sufficient amount of cash and from that liquid cash the company was financing their operation. They don’t need any external financing for that time lag. They mostly depend on internal financing.As they are subsidiary of Heidelberg group they get lots of facilities in many areas. This is their competitive advantage. By net liquid balance we can cover the working capital requirements. As past years shows that the company’s NLB is growing, so it is a good sign for the company to run its day to day business. For many years they were not facing any kind of liquidity problem. In 2007-2008 the CLI was increasing. And it is positive number. CLI represents the Cash against to cover it’s the current liabilities. The CLI for past year shows that the company has high CLI; this means the company has ample cash to cover its current debts.The company has a positive and a high amount of net working capital. This means some of Company’s Current assets were financed by the long term sources of fund. Here the company has not that much long term loan in 2006-2007 period compared to its short term loan and there were no long term loan in 2008, they paid off all of their long term loans in 2008. The Excess liquidity of the company was financing their day to day business. From the time period of 2006 to 2008 the company’s current ratio has improved over the period And the company’s quick ratio improved from 2006 to 2007.Total asset turnover, NWC turnover and inventory turnover is on average much better and Day’s sales in inventory is acceptable. Average collection period is lower which is a good indicator for the company. Therefore, the efficiency level of the company is really good. Profit margin, ROA and ROE tells that, t his is a dream company at cement sector. All these three ratios are high over the period. Payout ratio tells that the company does give regular dividend. For this company, P/E ratio is very much high compare to its industry. It has also a high EPS.Overall, the company has a good market book ratios and it indicates that investors are very much interested to invest to this firm. It is the highest valued share than any other company in the cement industry. We take sales growth rate as the growth rate. Company’s growth rate, 13% is much lowers the industry growth rate, 47. 84%. It proves that other companies are capturing the growing market. Free cash flow of the company is getting higher and higher day by day, so they have enough free cash to invest and meeting current liability. HCBL’s cash flow from operation is also impressive.Problems and Recommendation: This problems and recommendations are based on the statements of year ended 2006, 2007 and 2008. At present 2009 th ey have done some improvements. Too much idle cash : They have too much idle cash because of their efficiency and working capital management, conservative collection procedure and mainly they are remitting less money in parent company through dividends. They were keeping lots of retained earnings in Bangladesh and not investing in new project. Also in 2008 they had decrease in net cash flow but because of opening balance in cash the closing balance showed a huge number.This proves that they had huge idle cash. The analysis will show the more clear picture. 200620072008Average Net cash (decrease) / increase during th eyear71,339,000759,976,000(82,749,000) Opening Balance19,888,00091,227,000851,203,000 Closing Balance91,227,000851,203,000768,454,000 Number of shares5,381,2955,650,3605,650,360 EPS97110105 TOTAL CASH AVAILABLE PER SHARE16. 95150. 65136. 00 Cash Dividend per share162533 Average Net Cash Remain After Dividend per share0. 95125. 65103. 0077 Cash Remain After Dividend512627 6709944000581992120432354132 Net cash remain per share after EPS81857279 Cash remain after EPS435884914. 480280600406825920440997145 This analysis clearly shows that on an average this company retained 77 taka per share per year in this 3 years. On an average they have sufficient cash per year 432354132 Taka. They should invest this huge idle fund in any value added project or if there is no any scope they can remit this money by giving more cash dividends. By giving cash dividend more they can add more value to their parent company. In 2010 they have declared that they are using their own fund of Tk. 1260 million to expand their production by double in chittagong factory. Aggressive Marketing and Market share :The market is saturated and still HCBL has chance to increase their market share. Because local cement companies are growing day by day because of low pricing. HCBL stands on high quality and price leadership. They can do more aggressive marketing to increase their sales and increase market share. Conservative Credit Policy : HCBL’s credit policy is not very flexible. They don’t encourage credit sales to increase their sales. They don’t want to increase the risk of credit. As they are MNC and face legal bindings in collecting if customers don’t pay. They have huge idle fund to finance their A/R but they are not doing this.In this saturated market they have the scope to increase sales but they are not attempting for it. They are not willing to take risk. But in business you have to take risk and HIGH RISK means HIGH CHANCE OF RETURN. They should make more flexible credit policy to increase their sales and to gain more market share. By increasing sales they can also remit more money by â€Å"Tech know how fee† Other Recommendations: †¢They can give more focus on Ruby cement. They are giving mainly focus on Scan cement. †¢They can do more CSR activities as they have ample money. This CSR activities will increase their goodwill. They can train more their maximum employees to operate the ERP software to smoothing the process more. †¢They can give all the employees the option of PROFIT SHARING this will motivate the employees to work hard. Secrecy of Price Sensitive Information: When we took the interview at April 12, 2010 from one of their employees we came to know that their EPS of 2009 is Tk. 151. 00 and cash dividend would be 38%. Although board meeting held at April 13, 2010 and the price sensitive information published in DSE website at April 15, 2010. If the employees declared this kind of information before Board meeting it’s illegal and unethical.The employees should not publish price sensitive information privately before it published publicly. Why Not Recommendation About High Inventory In 2008 : In normal view one will recommend at 2008 that why they stocked huge inventory and which in turn cost them less CFFO and net decrease in cash . They had huge idle balance thatà ¢â‚¬â„¢s why they stocked inventory. But the real reason is opened at 2010. Cement industry was in recession in 2008. Also Heidelberg Group faced Recession in 2008. But HCBL did not face any recession in 2008. where in this industry other firms showed a huge decrease in EPS.But they maintained EPS of 105, which is extraordinary. They import RM from their sister concern at a cheap rate. That’s why they maintained a high EPS . The Cement industry at 2008 perfectly anticipated that the price of RM will go up in 2009. that’s why many company stocked inventory in 2008 also HCBL did this. We can prove our argument by that in 2009 most cement producers EPS has increased by almost 400% and HCBL’s EPS also increased in 2009. In this saturated market wvery company can not make huge profit than previous year only by selling more cement. This EPS also the result of stocked inventory in 2008.That’s why we did not recommend to reduce inventory in 2008. Conclusion: HCBL is doing well in working capital management but they have huge idle money that’s why they are not giving that much of emphasis in managing their capital more efficiently. As they are the subsidiary of Heidelberg group they maintain maximum modern policy of collecting and disbursing cash. They get many competitive advantages as Heidelberg group helps them a lot with technology. They mainly trade with their sister concerns. HCBL is the leading company in the cement industry. But they have to think about managing the idle money to add value to HCBL.