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.

press censorship essays

press censorship essays There are many kinds of censorship within our school system. Such as press Censorship, we aren't aloud to express freely among our schools newspaper nor yearbook. I believe that we should be able to write anything that the student wants to see on the newspaper. Equivalent to the yearbook, students should be able to have the right tosay whatever they want for a SENIOR quote. Freedom of the press ensures Americans great freedom of choice in what they can read and see. This should also apply to our community public schools, we should be given the right inside school just as much as outside. Its like a fellow classmate said today in class, "Its like we are not in America anymore when we step onto school grounds." I believe in this point that he made because it is just like that. Our freedoms are limited in a way to where we can barely express ourselves within the school newspapers and yearbook. One type of publication that has never been given First Amendment protection is obscenity. This is one thing that I can agree with; certain things are absolutely immoral and inappropriate, such as pornography and foul language to an extent. However, the rules and regulations of our schools newspaper and yearbook need to be a little more just, to fit our rights of press. I would like our school to be among the first to allow the students almost every right to print whatever they would like to write about. But, not every freedom is absolute.... If they were, our school system would be in total chaos. ...

Simultaneous and Simultaneously

Simultaneous and Simultaneously Simultaneous and Simultaneously Simultaneous and Simultaneously By Maeve Maddox The following sentence on a professional writing site caught my attention: Simultaneous people (e.g. the editor and writer) can work on the same document at the same time, ensuring changes aren’t lost in old, misplaced drafts. I have seen nonprofessional writers use the phrase â€Å"simultaneous people† in the context of computer use, as in this exchange between a customer and a service provider: Question: How many simultaneous people can be logged in on my account? Answer: Only one person can be logged in on a computer per account.   If you log in on a computer and are already logged in elsewhere, you will be logged out of your older session. For other devices such as Roku, iPad and iPhone, 3 people can be logged in simultaneously.   Note the use of the adverb simultaneously in the answer to describe a situation that includes multiple users. The principal definition of the adjective simultaneous is â€Å"existing, happening, occurring, operating, etc., at the same time.† I suppose that in one sense we are all â€Å"simultaneous people† because we are all living our lives on the planet at the same time. In most contexts, however, simultaneous usually applies to things or events, whereas people do things simultaneously. Here are some conventional uses of the adjective: In 1964, roughly nine of ten Japanese watched the final match and felt a collective joy in the moment of victory. This simultaneous emotion created a strong feeling of community among them. In 10 years there was a fall in the marriage-rate and a  simultaneous  fall in the value of exported British produce. Id say the scratch  was simultaneous  with the punch.   Before the Rebels threw a monkey wrench into the Empires plans, how many simultaneous Death Stars were envisioned by the Empire? An event at which a chess master plays games with multiple players at the same time is called a â€Å"simultaneous exhibition† or â€Å"simultaneous display.† A â€Å"simultaneous equation† is â€Å"an equation involving two or more unknowns that are to have the same values in each equation.† In the context of oral translation, simultaneous is used to describe human beings who translate from one language into another as a speaker utters it. One of the key skills of the  simultaneous interpreter  is decisiveness. Simultaneous interpreters must have not only complete mastery of the languages, but also of their cultures. A Google search suggests that even in this profession, it’s more common to refer to the act of translation rather than to the translator as being simultaneous: simultaneous interpretation: 434,000 results simultaneous interpreting: 361,000 results simultaneous interpreters: 161,000 Note: The phrase â€Å"simultaneous people tracking† racks up about 19,000,000 results when searched without quotation marks. A phrase associated with robotics, it doesn’t refer to â€Å"spontaneous people,† but to â€Å"spontaneous people-tracking.† The phrase has to do with the fact that a robot must be programmed to avoid human obstacles as it moves about. Here is a suggested revision of the sentence that prompted this post: Editors and writers can work on the same document simultaneously, ensuring that changes aren’t lost in old, misplaced drafts. 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 Misused Words category, check our popular posts, or choose a related post below:7 Examples of Passive Voice (And How To Fix Them)"Have" vs "Having" in Certain Expressions10 Tips About How to Write a Caption

Solving The Moral Dilemma Of Janet Moore Essay Example | Topics and Well Written Essays - 500 words - 7

Solving The Moral Dilemma Of Janet Moore - Essay Example If there are any misgivings about the firm or if I don’t like the product and goals, then I should not join the firm. This reasoning applies to manufacturers of alcohol products and arms. As per the case, the firm aggressively targets younger children with low-nicotine mint and cherry-flavored products so that they would graduate to the two much stronger and best selling brands. The issue that arises now but which has not been mentioned in the case is how does the snuff product compare with cigarettes. The case does not mention the comparison between the two products for addiction and harms done to the body and it is further assumed that the two products have the same levels. Cigarette marketing and branding are widely accepted and if the addiction and harm levels are same, then the marketing job that Janet is exploring should be acceptable. However, Janet has to take cognizance of the Kantian Philosophy of treating men as means to achieve an end. This attitude is callous as Kant argues that while men can be used as a means, they must be also treated as an end in themselves (Seidler, 1986). Therefore Janet has to realize that what her senior Karen says is also true, that they can use the job as a means to improve the firms' image and to save peoples lives. There are a number of lawsuits being files about the dangers of the tobacco product. Soon the firm would be in serious trouble. Janet and Karen can use their training and education to modify the marketing campaign to bring in the principle of utility. A balance can be struck between obtaining the required sales revenues yet prevent younger age children from being targeted by the Ad campaigns. Janet should take up the job more as a challenge and because she believes in the good that she can bring to kids. She could explore the concept of corporate social responsibility and ensure that the product carries enough health warnings and that people are aware of the dangers.