Quantum Mechanics and Islam Essay - 1602 Words

Introduction Quantum mechanics or also known as quantum physics is a field of science which studies the behaviour of particles at sub-atomic level. This theory tells us that short-lived pairs of particles and their antiparticles are constantly being created and destroyed in an apparently empty space. In quantum mechanics the weird behaviour of electrons are not accurately explained and until now not a single theory is acceptable by the whole scientific community to postulate the phenomena. The electrons become linked, or entangled, such that changing one invariably affects the other, no matter how far apart they are; something Einstein called spooky action at a distance. Quantum stuff can also exist in several places at once, or spin†¦show more content†¦The inadequacy and weaknesses of modern science is thus manifested as a result of its ignorance on other sources of scientific knowledge such as metaphysical and spiritual knowledge which is proven successful by previous Muslim scientists during the period of medieval Islam. In Islamic science, cosmology plays an important role as a link between pure metaphysics and the particular sciences and acts as a source of conceptual framework for the unity of science and spiritual knowledge. There are a number of cosmological principles in Islamic science which are formulated based on the relevant Qur’anic verses, prophetic traditions and intuitive knowledge of famous traditional Muslim scholars. In this study, the principles and ideas of quantum mechanics are presented in a simplified manner for easy understanding of the subject matter, followed by the application of the principles in Islamic science wherein the relevant issues are discussed accordingly. A Brief History of Quantum Mechanics Quantum theory began to take shape in the early 20th century, when classical ideas failed to explain some observations. Previous theories allowed atoms to vibrate at any frequency, leading to incorrect predictions that they could radiate infinite amounts of energy; a problem known as the ultraviolet catastrophe. Max Planck in 1900 solved this problem by assuming the vibrations of atoms at specific orShow MoreRelatedA New Era Of Cryptography2361 Words   |  10 PagesA new era of Cryptography: Quantum Cryptography Sandeepak Bhandari Abstract:- Security is the first priority in today digital world for secure communication between sender and receiver. Various Cryptography techniques are developed time to time for secure communication. Quantum Cryptography is one of the latest and advanced cryptography technique, it is different from all other cryptography technique and more secure. It based on the Quantum of physics since its name which make it more secureRead MoreMultiverse4235 Words   |  17 Pagesare also called alternative universes, quantum universes, interpenetrating dimensions, parallel dimensions, parallel worlds, alternative realities, and alternative timelines, among others. Contents [hide] 1 Multiverse hypotheses in physics 1.1 Tegmarks classification 1.1.1 Level I: Beyond our cosmological horizon 1.1.2 Level II: Universes with different physical constants 1.1.3 Level III: Many-worlds interpretation of quantum mechanics 1.1.4 Level IV: Ultimate Ensemble 1.2 CyclicRead MoreIslam and Science2754 Words   |  12 PagesArs Disputandi Volume 6 (2006) ï  ©Ã¯  ³Ã¯  ³Ã¯  ®: 1566–5399 Roxanne D. Marcotte ï  µÃ¯  ®Ã¯  ©Ã¯  ¶Ã¯  ¥Ã¯  ²Ã¯  ³Ã¯  ©Ã¯  ´Ã¯  ¹ ï  ¯Ã¯  ¦ ï  ±Ã¯  µÃ¯  ¥Ã¯  ¥Ã¯  ®Ã¯  ³Ã¯  ¬Ã¯  ¡Ã¯  ®Ã¯  ¤, ï  ¡Ã¯  µÃ¯  ³Ã¯  ´Ã¯  ²Ã¯  ¡Ã¯  ¬Ã¯  ©Ã¯  ¡ Islam and Science By Muzaï ¬â‚¬ar Iqbal (Ashgate Science and Religion Series), Aldershot, UK: Ashgate, 2002; xxii + 372 pp.; hb.  £ 52.50, pb.  £ 22.50; ï  ©Ã¯  ³Ã¯  ¢Ã¯  ®: 0–7546–0799–2/0–7546–0800–x. Islam and Science presents an articulate and concise historical introduction to intellectual developments that have shaped Islamic civilization, both religious and scientiï ¬ c. The work attempts to ‘construct a coherentRead MoreNaturalistic Humanism Essay example2494 Words   |  10 Pagesbased on revelation, usually scared texts such as the Torah, Bible, and Koran. Such a person partakes in activities that revolves around aset of beliefs, symbols, and rituals that is peculiar to a particular religion. Judaism, Christianity, and Islam are the principal theistic religion. Atheism, on the other hand, is not a religious doctrine butthe rejection of the doctrine of theism. This rejection is based mainly on the fact that science has discredited the concept of the supernatural. Read MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pagessuch as Penang, Chinese is clearly the mainstream culture. But the Chinese also are subject to discrimination in favor of Malays for certain political WORLD MIGRATION IN THE LONG TWENTIETH CENTURY †¢ 45 and educational opportunities, and Islam is often described as key to Malay identity (few Chinese have converted). In other words, very little assimilation toward a single national culture has taken place. Yet Malaysia is clearly a stable nation that is very self-consciously made of differentRead MoreExploring Corporate Strategy - Case164366 Words   |  658 Pageswhen Mayer was ‘encouraged’ by Philip Morris to take a less active role in the management of McLaren. In the previous year McLaren moved from its modest site in Colnbrook to a modern facility at Woking in Surrey, south of London. Dennis had been a mechanic for the highly successful Cooper team in 1966, but left to set up his own Formula Two (a smaller, less expensive formula) team in 1971. By the end of the 1970s he had built up a reputation for professionalism and immaculate presentation. His Project

Thesis Statement Proverbs Of Hell By William Blake

THESIS STATEMENT: In â€Å"Proverbs of Hell,† William Blake writes strongly philosophical proverbs without the orientation of religious or traditional beliefs. He challenges the popular views of society’s beliefs. Often when we are bound by rules, we feel trapped and helpless. The author shows a unique angle by going against the book of Proverbs in the Bible. Blakes’s proverbs are liberating and provide many separate ideas, which can be read together as a theme. Blake’s style allows us the opportunity to go off conscious control and allows our thoughts to float freely thereby expressing what is on our minds. Blake believes that if we do things excessively, we will become wise and have a wealth of knowledge. In line one, â€Å"The road of excess leads to the palace of wisdom.† It implies that a goal driven persistence pays off a greater price. It compare and intersect â€Å"excess† and â€Å"wisdom† in this proverb as of excess leads to several places and would open one up to the pursuit of wisdom. In the palace of wisdom, an overflowing wealth of knowledge and understanding is found. When we think from a traditional point of view, there are few places where the road of excess leads, but wisdom is not one of them. Dreams without goals remain dreams and may lead to disappointments. In line two, â€Å"He who desires but acts not, breeds pestilence.† Blake is not sugarcoating here. Goals on the road to achievement cannot be fulfilled without discipline. If we want something, we should not repress ourShow MoreRelatedDeveloping Management Skills404131 Words   |  1617 PagesPositivity 544 Creating Readiness for Change 550 Articulating a Vision of Abundance 553 Generating Commitment to the Vision 557 Institutionalizing the Positive Change 562 SKILL ANALYSIS 568 Cases Involving Leading Positive Change 568 Corporate Vision Statements 568 Lee Iacocca’s Transformation of Chrysler—1979–1984 SKILL PRACTICE 581 Exercises in Leading Positive Change 581 Reflected Best-Self Portrait 581 Positive Organizational Diagnosis Exercise 582 A Positive Change Agenda 583 SKILL APPLICATION 584

Public Relatons Volvo Case Study Essay Example For Students

Public Relatons Volvo Case Study Essay Best Drive in the GameIn 1996, Volvo Trucks North America confirmed its worst appearance in the companys 17-year history. Volvo market share had dropped from 11.1 percent in 1995 to 9.1 percent in 1996, and by the end of the year Volvo trucks were ranked sixth among eight. In order to prove the Volvo truck was the best choice for professional truckers, Volvo made the perfect decision to reach its targeted audience. Research of the day-to-day lives of truckers proved a common interest-Super Bowl XXXII. Volvo became the first truck manufacture to advertise during the Super Bowl. Volvo hired Carmicheal Lynch Public Relations and Carmicheal Lynch Advertising to handle the account. ResearchResearch revealed the Super Bowl is the most-watched sports event among trucking professionals. More than 60 percent of trucking professionals stop to watch the game. Smart Business was identified as the most sought-after factor to re-build the Volvo name. The CLS research team reviewed articles about the trucking industry, the trucking profession, test drove trucks and collected information about Super Bowl advertising and promotions. Research concluded the targeted audience consisted of three million Class 8 over-the-road truck drivers in North America, 229 Volvo Trucks dealerships, 3,000 Volvo Truck employees and the general public. The research appears to be complete in the sense the product and the client were thoroughly researched and the audience was defined. Objectives1.Increase awareness of Volvo Trucks and its VN Series, including the Volvo 770 and the companys Volvo Trucks Super Bowl spot. 2.Entrench the desired brand perception of Volvo Trucks as the smart choice for todays trucking professionals. 3.Generate trial of Volvo trucks. 4.Create multiple opportunities for Volvo truck dealers to interact with Volvo customers. The objectives are consistently impact objectives because they represent preferred results of modifying the attitudes and behaviors of targeted audiences. The objectives are not measurable because follow-up surveys and post phone calls were not used in the evaluation portion of the campaign and because the objectives do not give a numerical impression of how much they want to do something. However, the objectives could be measurable because the information gathered in the research portion of the campaign could serve as a benchmark if follow-up methods were used. ProgrammingThe strategy of the Volvo campaign included 5 aspects:1.Create a sweepstakes program that generates sales leads and ensures that truck drivers will watch Volvo Trucks Super Bowl TV spot2.Generate awareness of Volvo Trucks involvement in the Super Bowl through media relations and paid advertising3.Drive product trial through a national test drive tour and sweepstakes program4.Generate interest in Volvo Trucks Super Bowl spot through media relations5.Create opportunities for Volvo truck dealers to interact with truck drivers through game-day activitiesThe simple theme The Best Drive in the Game was chosen to reinforce the proposed strategies. The slogan Drive Smart was created to reinforce the theme. TacticsA sweepstakes was created that would ensure increased sales and guarantee truck drivers to watch Volvo Trucks Super Bowl spot.To win the grand prize, Volvo 770 contestants matched a phrase on their game card to the winning Drive Smart phrase announced during the commercial. To generate awareness of Volvo Trucks involvement with the Super Bowl through media relations, CLS developed and placed amusing print ads promoting the Best Drive sweepstakes in key trucking magazines. 60-second radio spots with all-night trucker programs were also placed. Media kits containing information about the Volvo Trucks Super Bowl TV spot were dispersed to reporters nationwide. The CLS also created a national test-drive tour and sweepstakes program. Professional truckers were given the opportunity to test-drive the Volvo 770 during a 30-truckstop tour.Truck drivers were also invited to have their oil changed at their nearest Volvo dealership. Opportunities were created for Volvo truck dealers to interact with truck drivers through game-day activities. Volvo hosted 40 parties at selected truck stops on Super Bowl Sunday. Controlled media included: web banners and sweepstake cards. Several communication principles such as source creditability, effective verbal and nonverbal cues, opinion leaders and audience participation were used in the campaign. Opportunities were created to target opinion leaders; the theme was communicated both verbally through advertisements and nonverbally through web banners and web sites. Audience participation was achieved through a sweepstakes and test-drives. .ub50d14cbec4dfb08e25c57d228a8d9f5 , .ub50d14cbec4dfb08e25c57d228a8d9f5 .postImageUrl , .ub50d14cbec4dfb08e25c57d228a8d9f5 .centered-text-area { min-height: 80px; position: relative; } .ub50d14cbec4dfb08e25c57d228a8d9f5 , .ub50d14cbec4dfb08e25c57d228a8d9f5:hover , .ub50d14cbec4dfb08e25c57d228a8d9f5:visited , .ub50d14cbec4dfb08e25c57d228a8d9f5:active { border:0!important; } .ub50d14cbec4dfb08e25c57d228a8d9f5 .clearfix:after { content: ""; display: table; clear: both; } .ub50d14cbec4dfb08e25c57d228a8d9f5 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ub50d14cbec4dfb08e25c57d228a8d9f5:active , .ub50d14cbec4dfb08e25c57d228a8d9f5:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ub50d14cbec4dfb08e25c57d228a8d9f5 .centered-text-area { width: 100%; position: relative ; } .ub50d14cbec4dfb08e25c57d228a8d9f5 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ub50d14cbec4dfb08e25c57d228a8d9f5 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ub50d14cbec4dfb08e25c57d228a8d9f5 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ub50d14cbec4dfb08e25c57d228a8d9f5:hover .ctaButton { background-color: #34495E!important; } .ub50d14cbec4dfb08e25c57d228a8d9f5 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ub50d14cbec4dfb08e25c57d228a8d9f5 .ub50d14cbec4dfb08e25c57d228a8d9f5-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ub50d14cbec4dfb08e25c57d228a8d9f5:after { content: ""; display: block; clear: both; } READ: Salem witch trials EssayEvaluationThe campaign objectives were clearly

Project Appraisal to Working Capital Essay Example

Project Appraisal to Working Capital Essay DECLARATION This is to certify that the project titled â€Å"Project Appraisal for working capital and term loan financing† is a bonafide work done by Mr. Nishit Chhabra, enrollment no : 09BSHYD0531, in partial fulfillment of the requirements of MBA program and submitted to IBS, Hyderabad. I also declare that the project is a result of my own efforts and that has not been copied from anyone. This work was not submitted earlier to any other university or institute for the award of the degree. Nishit Chhabra Place of SIP: New Delhi ACKNOWLEDGEMENT It’s a great honor for me to undergo training at PUNJAB NATIONAL BANK, NEW DELHI as it gave me an opportunity to get practical exposure in the field of banking and understand the functioning of credit department. I am deeply indebted to my company guide, MR. SATISH PURI, SENIOR MANAGER, CAD, PNB for his valuable and enlightened guidance and encouragement during the training and who assisted me to a great extent in compilation of this report on PROJECT APPRAISAL FOR WORKING CAPITAL AND TERM LOAN FINANCING. I am extremely grateful to him for giving me an opportunity to work with him and providing me with maximum resources and his valuable time. I am also thankful to my faculty guide, MR. V. NARENDER, LECTURER, IBS, HYDERABAD who has regularly guided me with his thoughts and given me regular feedbacks about my report and without his help, I would not have been able to shape my report. Last but not the least, I am also grateful to the MR. MONISH MISHRA who has been of immense help in clearing my queries and preparation of the report. NISHIT CHHABRA (09BSHYD0531) MBA- 2009-2011 BATCH We will write a custom essay sample on Project Appraisal to Working Capital specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Project Appraisal to Working Capital specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Project Appraisal to Working Capital specifically for you FOR ONLY $16.38 $13.9/page Hire Writer ICFAI BUSINESS SCHOOL, HYDERABAD EXECUTIVE SUMMARY Today, banks play a very important role in the economic life of the nation. The health of economy is closely related to the soundness of the banking system. The activities of the banks lead to stronger economic growth of country. Seeking opportunity for a wide exposure in banking sector, I, NISHIT CHHABRA (09BSHYD0531) undertook training at the CREDIT DIVISION of one of the most reputed bank in the country, PUNJAB NATIONAL BANK, NEW DELHI. Working here, I seek an opportunity to get the practical exposure of the banking industry and its functioning. The objective of the study was to analyze in depth, the loan policies and its sanctioning for corporate bodies. Different corporate bodies require capital for two main purposes: †¢To finance their new projects †¢To meet their working capital requirements Based on the above needs, I have prepared a report titled CREDIT APPRAISAL FOR WORKING CAPITAL AND TERM LOAN FINANCING focusing on various credit facilities provided by the bank. This project explains in detail both these kind of financing through different case studies on different companies. The study is undertaken to understand the process of project appraisal, credit risk rating and working capital assessment at PNB. Appraisal of project involves study of technical, economic and financial feasibility of the project. It is based on this analysis that a term loan for the project is sanctioned by the bank. However, in case of working capital financing, the basic task for the bank and the company is to calculate the Net working capital, which is done through working capital assessment. There are different ways based on which working capital can be calculated such as CMA Data, Nayak committee or Tandon Committee. Lastly, this project explains how PNB carries out its risk rating to rate a company, in order to determine the credit risk involved with the company. This credit risk rating can be helpful in fixing the correct pricing for financing. All the above mentioned topic put together, form the core functions of credit department at PNB. In order to understand this core functions, I went through various books provided by the bank’s library to understand the basic theory behind working capital and appraisal system. Apart from books, I also studied live cases of ifferent companies which helped me a lot in understanding the basic procedure involved and preparing this report. Bank has to be very cautious while providing credit to companies and must ensure the end use of such funds is according to the proposed use by the company. Thus in order to minimize the risk and at the same time to earn suitable income in the form of interest, a thorough understanding of the project and the company is required. This project explains the basic procedure necessary to achieve the above mentioned objectives. INTRODUCTION Banking Industry at a glance: Today, banks play a very important role in the economic growth of the country. The health of the economy is closely related to the soundness of the banking system. The activities of the banks lead to a stronger economic growth. Bank is the main confluence that maintains and controls the â€Å"flow of money† to make commerce of lending possible. Government uses it to control the flow of money by managing Cash Reserve Ratio (CRR) and thereby influencing the inflation level. The functions of the banks include accepting deposits from the public and private institutions and then to direct them as loans and advances to various companies for growth and development of industries. The banks take the deposits at a lower rate of interest and give loans at higher rate, thus constituting the only source of income for banks. Banking in India has undergone startling changes in terms of growth and structure. Organized banking was active in India since the establishment of The General Bank of India in 1786. The Reserve Bank of India (RBI) was established as the central bank in 1955. The Imperial Bank of India, the largest bank at that time, was taken over by the government to form state owned State Bank of India (SBI). RBI undertook an exercise to reduce the fragmentation in the Indian banking industry by merging weaker banks with stronger ones. The total number of banks reduced from 566 in 1951 to 85 in 1969. With the objective of reaching out to masses and servicing credit needs of all the industries, the government nationalized 14 large banks in 1969 followed by another 6 banks in 1980. This period saw an enormous growth in the banking sector. However, the economic reforms nleashed by the government in 1990s played a significant role in the growth of Indian economy. Entry of new private banks was permitted under RBI guidelines. A number of liberalization and deregulation measures like efficiency, asset quality and profitability were introduced to bring Indian banks in line with best international practices. With a view of giving the operational flexibility an d functional autonomy, partial privatization was authorized, thus reducing the stake of government to 51%. Today, Indian banking system is among the best in the world and is growing at a very high pace. According to FICCI survey: Newly granted autonomy would certainly make public sector banks more competitive and profitable ? Up gradation of technology being used would certainly make Indian banks more competitive. About Punjab National Bank, 1895 Punjab National Bank was setup in 1895 in Lahore by patriots like Lala Lajpat Rai, Dayal Singh and Mahatma Hans Raj. PNB has the distinction of being the first Indian Bank to have been started solely with Indian Capital. The bank was nationalized in 1969 along with 13 other banks. Today, PNB is a professionally managed bank with a successful track record of over 115 years. The bank has the largest branch network in India with over 4500 branches. PNB was ranked as 248th biggest bank in the world by Bankers Almanac, London. PNB is not only the first bank to specialize in credit rating models in India but also the first one to launch image based cheque transaction system in India for collection of cheques. PNB has proved itself offshore with more than 50 renowned international banks maintaining their rupee account with it. From its modest beginning, the bank has grown in size and stature to become a front line banking institution in India. Based on its sound and prudent banking experience and consistent profit performance, PNB looks confidently to the future†¦Ã¢â‚¬ ¦. the name you can bank upon†¦Ã¢â‚¬ ¦ Profile and Achievements With over 38 million satisfied customers and 4500 offices, PNB has continued to retain its leadership position among the nationalized banks. The bank enjoys strong fundamentals and a good brand value. Besides being ranked as one of India’s top service brands, PNB has remained fully committed to its guiding principles of prudent banking. Apart from offering banking products, the bank has also entered the credit and debit card, life and non-life insurances business. Over the years, PNB has achieved significant growth in business which amounted to Rs 3,64,463 crore at the end of March 2009. Today, PNB is among the top banks in the country achieving a net profit of Rs 3091 crores during FY 2008-09. PNB has always looked at technology as a key facilitator to provide better customer services and it has ensured that its IT strategy follows the business strategy so as to arrive at best fit. Along with 100% branch computerization, PNB covers all its branches under core business solutions (CBS) and thus providing anytime anywhere banking facility to all its customers. The bank has also been offering internet banking services and thus has used technology as a key for growth. Financial Performance PNB continues to maintain its frontline position in the Indian banking Industry. The impressive operational and financial performance has been brought about by the bank’s focus on customer based businesses with thrust on SME, agriculture, asset liability management and efficiency in core operations. The financial performance of the bank can be seen in the table below (Rs Cr): ParametersMarch 2007March 2008March 2009 Operating profit361740065744 Net Profit154020493091 Deposits139860166457209760 Advances96597119502154703 Organizational Structure The bank has its corporate office at New Delhi and supervises 65 circle offices under which branches function. The delegation of powers is decentralized up to the branch level to facilitate quick decision making. Head About Credit Administration Division (CAD) Credit administration division looks after all the proposals of all types of loans which fall within the powers of GMs-HO/ED/CMD/board. A credit proposal goes through different levels of verifications to enforce internal controls and other practices to ensure that exceptions to policies and procedures are reported in timely manner to an appropriate level of management for action. The bank has introduced â€Å"committee† system in credit sanction process where in every loan proposal falling within vested powers is discussed in credit committee. Such committees have been formed both at head office and zonal levels. The CAD is assisted by Risk Management Department (RMD) and the industry desk for risk analysis and technical feasibility of credit proposals. CREDIT RISK MANAGEMENT STRUCTURE at PNB involves ?Risk Management division ?Zonal risk management department ?Regional risk Management department ?Risk management committee ?Credit risk management committee ?Credit audit review division PROJECT AT A GLANCE Project proposed The project focuses on various credit facilities provided by one of the most reputed bank in the country, Punjab National Bank. This study covers various aspects of working capital assessment and project appraisal from banker’s perspective. Various companies undertake new project or require capital for daily operations. In order to finance these needs, a company approaches a bank for credit facility. CAD at PNB takes care of these facilities and based on the project proposed by the company and its credit worthiness, the bank sanctions it at a particular rate of interest. This project is explains the detailed analysis on working capital requirements, project appraisal and the credit risk rating done at PNB. In order to understand the above mentioned topics, one must be clear with basic concepts such as working capital management, balance sheet analysis, forecasting and cash budget. Objective The objective of this project is to understand the basic concepts involved in providing credit facilities to various companies. The project uses the concepts studied in financial management and involves its practical implementation. The in depth analysis on these topics has been done in this project through different case studies which provide a better understanding and show its practical implementation. Methodology In order to learn and observe the practical implementation of the concepts, the following sources of information have been used Primary sources Meeting with the project guide ?Meeting with other staff members of various departments Secondary sources ?Book on instructions and policies on loan ?Study of proposals and manuals ?Various books by different authors ?Annual reports of companies WORKING CAPITAL ASSESSMENT Pre sanction Appraisal Working Capital is defined as the total amount of funds required for daily operations of the company. It is often classified as Gross Working Capital or net working capital (NWC). Gross working capital refers to the fund required for financing total current assets of a business unit. NWC, on other hand is the difference between current assets and current liabilities (including bank borrowing) which is same as surplus of long term sources of funds over its uses. This NWC can be positive or negative, however, it is always desirable to have a positive NWC. Every business unit has an operating cycle which indicates that a unit procures raw materials from its funds, converts it into stock in process, which is again transformed into finished goods. Finally, these finished goods are transformed back into cash. Alternatively, these finished goods are converted into receivables if sales are made on credit, which are later realized. FUND RAW MATERIAL SIP FG RECEIVABLES FUND This cycle continues and in order to keep the operating cycle going on, certain level of current assets has to be maintained. Thus the total working capital can be obtained by assessing the levels of various current assets in terms of time and their value as shown StageTimeValue IRaw MaterialHolding periodvalue of RM consumed during the period IISIPTime taken in converting the RM into FGRM + mfg. xp. during the period (Cost of production) IIIFGHolding period of FG before being soldR. M + mfg. exp. +adm. overheads for the period (Cost of sales) IVReceivablesCredit allowed to buyerRM+ Mfg. Exp. + Adm. Exp. + Profit for the period (sales) A series of committees were established to assess the working capital requirements of a business unit to suggest appropriate modalities of financing working capital. These are: Tandon Commit tee A committee headed by Shri. P. L. Tandon, the ex chairman of PNB, was constituted with view to suggest improvement in the existing cash credit system. It suggested three methods of lending Ist method of lending According to this method, banks would finance up to a maximum of 75% of Working capital gap (WCG), which is the difference between the current assets and current liabilities excluding bank borrowings and the balance 25% was considered as a margin which would be bought through long term funds. IInd method of lending As per this method, banks would finance maximum of 75% of total current assets (TCA) and borrowers have to provide a minimum of 25% of TCA as margin out of long term uses. This will give a minimum current ratio of 1. 33. IIIrd method of lending It is same as IInd method, with a difference that TCA excludes core current assets which is financed through long term funds. Examples: Current LiabilitiesCurrent assets Creditors for purchase100Raw material200 Other current liability50Stock in process20 Bank borrowings200Finished goods90 Receivables50 Other current assets10 350370 1st method2nd method3rd method Total C/A370Total C/A370Total C/A370 Less CL-Bank150Less 25% of CA92Less core95 BorrowingCA from LT 278275 W C Gap220Less CL-Bank150Less 25% from LTS69 25% of WCG from long term sources55BorrowingLess CL150 MPBF165MPBF128MPBF56 Current ratio1. 17: 1Current ratio1. 33: 1Current ratio1. 79: 1 Nayak Committee This method is also known as simplified turnover method and it focuses on small scale industries and other tiny industries having an aggregate fund based working capital limits up to Rs 5 crores. For such companies, the working capital requirement is calculated solely on the basis of their sales turnover. The sanctioning authority may satisfy themselves about the reasonableness of the projected turnover of the company based on their annual statements and assumptions. These units would require bringing in 5% of turnover as the margin. In other words, according to nayak committee recommendations 25% of the projected turnover would be the working capital requirements of the company, of which 4/5th would be financed by the bank and the remaining 1/5th has to be brought by the owner as margin. For example, ABC is a company with a projected sales turnover of 100 crores. Then, working capital requirement is 25% of 100 i. e. 25 crores Of the above amount, bank would give 4/5th or 20 crores and the rest 5 crores is to be arranged by the owner as margin. Chore Committee The RBI constituted, in 1979, a working group under the chairmanship of Mr. K. B Chore, to review the cash credit system with particular reference to the gap between sanctioned limit and the extent of their utilization. It was also asked to suggest alternative types of credit facilities which would ensure greater flexibility. Recommendations given were I) Continuance of the existing system:- It was not considered feasible to replace the cash credit system altogether by any other system. It was, however, considered that the existing system be streamlined and a periodical review of limits fixed under the system be made compulsory. With this end in view, banks were advised to enforce review of all borrowal accounts with working capital limits of Rs. 10 lacs and over from the banking system at least once a year. ii) No bifurcation of cash credit accounts: RBI’s earlier instruction to bifurcate the cash credit (as recommended by the Tandon Committee) into demand loan component and cash credit portion and to maintain a differential in interest rate between these two components be withdrawn. In cases, where the cash credit account have already been bifurcated, the banks be asked to take steps to abolish the differential interest rates with immediate effect. ii) Separate limit for peak level and non peak level periods:- While assessing the credit requirement of borrowers, bank should fix separate limits, where feasible, for the normal non peak level as also for the peak level credit requirements indicating the period during which the separate limits would be utilized by borrowers. However, in cases where the re is no pro ¬nounced seasonal trend, peak level and normal requirements would be treated as identical and limit fixed on that basis. CMA Data (Credit Monitoring arrangement) Companies approaching bank for working capital financing need to assess their working capital requirements. This assessment forms the most basic part of working capital and companies must present a clear picture of this assessment to the banks for sanction of loan. CMA data is one of the methods used to assess working capital for a company and is involves preparation of a number of forms. These forms have a prescribed format in which they are presented and these forms clearly define financial position of the company. CMA data distinguishes current assets and current liabilities and determines the net working capital for the company for a particular period. This net working capital is then used to determine one of the most important variables according to banker. This is called maximum permissible bank finance. The bank adopts a suitable method for the determination of MPBF using any of one method, Tandon or Chore committee. Preparation of CMA data forms an integral part of CAD and it is based on this data that the further steps are taken. Some of the forms included in CMA are ? Analysis of balance sheet ?Current assets and current liabilities ?Operating statement ?Maximum permissible bank finance The CMA is prepared by both the company as well as the bank. The bank uses the CMA prepared by the company to analyze the correctness of the working capital requirements and understand its validity. However, it must be noted that the entire CMA data is prepared using the balance sheet of the company and certain other documents submitted by the company to the banks. The next section explains the preparation of CMA data using a balance sheet of a company NC Iron Pvt. Ltd. The CMA is prepared using its balance sheet for the year 2006-2007. The terms used in the CMA have been explained after the forms. Case 1: NC Iron Pvt. Ltd. Balance Sheet (2006-2007) I Sources of fundsas on Mar’2007as on Mar’2006 Shareholder’s funds: 1. Share capital27872987 2. Reserves and surplus96048355 Loan funds: 1. Secured loans1079614216 2. Unsecured loans158109 Deferred tax liability 87- 2343225667 II Application of funds Fixed Assets: 1. Gross block2082519729 2. Less: depreciation110588880 3. Net block976710849 4. Capital work in progress10411163 Investments118177 Deferred tax assets-56 Current assets, loans and advances 1. Inventories 92949899 2. Debtors74827177 3. Cash and bank balances311797 4. Loans and advances33892371 2328119544 Less: Current liabilities and provisions 1. Current liabilities107426102 2. Provisions3320 07756122 Net Current Assets1250613422 Total2343225667 Profit and Loss Account Incomeas on Mar’2007as on Mar’2006 Sales and operational income6645957953 Less: Excise duty51865345 Other income10692052 Variation in stocks10072232 6335155045 Expenditure Raw materials consumed5040246182 Mfg and operating costs34484719 Employment costs424409 Administrative, selling And general expenses32722129 Interest and finance charges1372996 Depreciation21952442 6111356877 Profit before tax2238(1833) Provision for taxation: Current year (including wealth tax Rs 68000) (236)(0. 71) Fringe Benefit tax(10)(8) Earlier years (net)-0. 9 Deferred tax(143)345 Profit after tax1849(1496) Balance from previous year(1421)75 Balance carried to balance sheet428 (1421) Basic earning per share (Rs)116. 82(112. 45) The above balance sheet is used to prepare CMA data as illustrated Form II: Operating statement S No. Particulars20062007 1. Gross sales i. Domestic ii. Exports57953 39983 1797066300 35838 30462 2. Less excise duty53455186 3. Net sales (1-2)5260861114 4. % change over previous-16% 5. Cost of sales: iRaw materials i. Imported ii. indigenous 22097 24085 14579 35823 iiOther spares14141133 iiiPower fuel and electricity26921886 vDirect labor332343 vOther mfg expenses613428 viDepreciation24422195 viiSub total (i to vi)5367556387 viiiAdd: opening Stock in process206841 95 ixLess: closing Stock in process41954288 xCost of production5154856294 xiAdd: opening FG362467 xiiLess: closing FG4671381 xiiiTotal cost of sales5144355380 6. Selling, general and administrative expenses22063353 7. Sub total5364958733 8. Operating profit before interest(3-7)(1041)2381 9. Interest and finance charges9961372 10. Operating profit after interest (8-9)(2037)1009 11. Add: other income2051229 12. Less: other expenses 13. Provision for taxation336389 14. Net profit (10+11-12-13)(1496)1849 15. Retained profit(1496)1849 The above form is similar to the profit and loss account and tells about the expenses and income generated during the year. With the help of this table, the amount of profit generated during the year is calculated which is distributed in the form of dividend or transferred to reserves and surplus. The cost of production and cost of sales are determined which is used to calculate net profit. Items such as raw materials, depreciation, and spares consumption are directly involved with manufacturing activity and thus used to calculate the cost of production. Income from other sources is considered under item other income which is not directly related to the main activity of the company. Form III: Analysis of balance sheet S No. Particulars20062007 Current liabilities 1. Short term borrowings from banks (including bills discounted)106918021 2. Short term borrowings from others 3. Sundry creditors583410263 4. Advance payment from customers/dealers225436 5. Provision for taxation315 6. Dividend payable 7. Other statutory liabilities 8. Deposits/installments of term loans/debentures(due within one year)10001000 9. Other current liabilities1718 10. Total current liabilities (1 to 9)1777019753 Term liabilities 11. Debentures 12. Preference shares 13. Term loans( excl. installment with in one year)25251775 14. Deferred payment credits 15. Term deposits4343 16. Other term liabilities109158 17. Total term liabilities (11 to 16)26771976 18. Total outside liabilities (10 + 17)2044721729 Net worth 19. Share capital29872787 20. General reserves11662587 21. Share premium71546554 22. Other reserves3535 23. Deferred tax-87 24. Surplus/deficit in P/L account-428 25. Net worth1134212478 26. Total liabilities (18 +25)3178934207 Current assets 27. Cash and bank balance1031 28. Investments (other than long terms) i. government and other trustee securities) ii. others 3000 29. Receivables other than deferred71777482 30. Inventory: a. raw materials b. stock in process c. finished goods d. other spares e. goods in transit 4563 4195 467 466 210 2860 4288 1381 613 151 31. Advance to suppliers of raw materials and spares22533285 32. Advance payment of taxes15- 33. Other current assets i. prepaid expenses 30 28 34. Total current assets (27 to 33)2238620120 Fixed assets 35. Gross block2089321866 36. Less: depreciation888011058 37. Net block1201310808 Other non current assets 38. Investments/book debts i. subsidiary companies ii. others iii. deferred tax iv. margin money 105 72 55 86 70 48 86 39. Other consumable spares 40. Other non current assets (deposits and interest accrued)7375 41. Total other non current assets390279 42. Intangible assets (patents, goodwill, prelim expenses) 43. Total assets (total of 34,37,41,42)3478931207 44. Tangible net worth (25-42)1134212478 45. Net working capital (34-10)4616367 46. Current ratio (34/10)1. 261. 02 47. TOL/TNW (18/44)1. 801. 50 This form gives a detailed analysis of the balance sheet of the company. The balance sheet contains two important parts assets and liabilities. However, while talking about working capital assessment, we are basically interested in Current assets and current liabilities. Current Assets are those assets for the company that are reasonably expected to be converted into cash within one year during the normal course of business. Current assets include cash, account receivables, inventories, short term investments, prepaid expenses and many others as explained in the form. These assets are used for the main activity of the business and must be kept at certain reasonable level for the efficient working of the business. For example, cash can be used to purchase raw materials from which finished goods can be manufactured. These current assets are very necessary for day to day operations of the company. Current Liabilities are the company’s debts or obligations that are due within one year. They appear on the balance sheet and include many important items such as short term debt, sundry creditors, provisions for taxation, dividend payable, advances from customers and installments of term loans. These liabilities are obligations that must be fulfilled within one year and form an important part of working capital since these are the short term sources of funds. The form gives a detailed analysis of current assets and current liabilities which can be used to calculate the working capital requirements as shown in form V of CMA data. The above table shows the calculation of net working capital for NC Iron Pvt. Ltd. the working capital requirements for 2006 is Rs 4616 lacs and for the next year, it is Rs 367 lacs. Of the above calculated NWC, some part would be financed by the bank and the rest has to be brought by the owner. Form IV: Comparative statement S No. Particulars20062007 ACurrent assets 1. Raw materials month’s consumption)4563 (1. 17)2860 (0. 68) 2. Other consumable spares (month’s consumption)466 (3. 95)613 (6. 49) 3. Stock in process (month’s cost of production)4195 (0. 98)4288 (0. 91) 4. Finished goods (month’s cost of sales)467 (0. 11)1381 (0. 30) 5. Receivables (month’s sale)7177 (1. 49)7482 (1. 35) Total current Assets2238620120 Total current liabilities1777019753 This form explains the opera ting cycle of the company. Operating cycle of the firm forms an integral part of the company and tells about the ability of the company to generate cash in business. It helps in understanding the health of the business and is calculated using various parameters such as (Raw materials holding period + Work in process holding period + finished goods holding period + receivables collection period) – Accounts payable period The figures in brackets in above table indicate these parameters which are of prime importance for the bank. The bank analyzes these parameters comparing it with previous year’s values to understand the trend, to check whether values are reasonable and to finally know the health of the company. These values can be in days or months. Form V: Calculation of MPBF S No. Particulars20062007 1. Total current assets2238620120 2. Other current liabilities (excl. bank borrowings)707911732 3. Working capital gap (1-2)153078388 4. Min. stipulated working capital (25% of WCG)38272097 5. Actual/projected NWC4616367 6Item 3-4114806291 7Item 3-5106918021 8. MPBF (6 or 7 whichever is lower)106916291 9. Excess borrowing (4-5)(789)1730 The above table shows that the bank is eligible to give maximum finance of Rs 6291 lacs as working capital for year 2007. Actual NWC is the money that must be arranged by the owner to meet his requirements. However, in 2007 he could only arrange 367 lacs as against 2097 lacs requires, so he ends up having an excess borrowing of 1730 lacs. This borrowing excludes the working capital financing. In the above table, we have used the Ist method of lending suggested by tendon committee, however we can also use the IInd method of lending in which we decide MPBF based on Total current assets. CASH CREDIT AND LETTERS OF CREDIT The working capital financing facilities provided by the bank to the companies is provided in two main forms. These are ? Fund based working capital ?Non fund based working capital Fund based working capital is the one for which immediate funding is required such as the cash credit given by the bank on some rate of interest. While non fund based is the one in which immediate funding is not required such as letters of credit which allow companies to buy raw materials and other products by opening LCs in a particular bank. The NWC calculated defines the limit of the working capital financing. However, the limits for fund based and non fund based is also calculated as per the policy of the bank. The next section explains how these limits are calculated taking a hypothetical example of a company. Cash Credit (CC) Cash credit is a facility granted against the hypothecation and pledge of goods or produce, book debts, bills and trust receipts. In cash credit accounts, borrower is allowed to draw on account within a prescribed limit or drawing power. Also when the advance is secured by pledge or hypothecation of goods, the security may be deposited or withdrawn by the borrower from time to time to suit his requirements. This drawing power is generally based on monthly stock statements depending upon the regularity and reliability and to ensure there is no double financing. The security provided for CC must be maintained at a suitable margin to provide for any possible shortage in storage, shrinkage fall in prices or borrowers stake in the project. Moreover, these CC advance provided by the bank are charged at a particular rate of interest as applicable according the policies of the bank. Take for an example, a company XYZ Ltd. which does not has any non fund based working capital requirements. This company takes cash credit advances form the bank. This cash credit limit is calculated using the value of current assets and current liabilities of the company. Items Value (Rs Crores) . Chargeable current assets 2. Other current assets 3. Total current assets 4. Other current liabilities 5. Net current assets 6. Actual working capital 7. Permissible bank finance 8. Cash credit limit 3000 600 3600 (1+2) 600 3000 (3-4) 1000 (arranged by the owner) 2000 (5-6) 2000 The above table shows that the cash credit limit for the company is 2000 since it does not use th e facility of Letters of credit. So the entire working capital requirement is financed through the cash credit advances of Rs 2000 Crores. However the company is not allowed to avail the above limit at once. The drawing power is calculated using its monthly stock statement which includes only the chargeable current assets such as stocks and receivables. The table below shows the value of current assets of the company for a particular month which is used to calculate the drawing power. The bank maintains a margin of 25% on stocks and 30% on receivables which has to be arranged by the owner. As a result the total cash credit advance of 2000 crores has drawing power of 1050 + 700 i. e. 1750 crores. StocksReceivables Value of stocks 2000 Less: creditors 600 Chargeable stocks 1400 Less: 25% margin 350 CC for stocks 1050Receivables 1000 Less: 30% margin 300 CC for receivables 700 Drawing power 1750 Letters of credit (LC) Bank also provides companies with the facility of letters of credit, a type of non fund based facility which enables the companies to purchase raw materials or other components at credit and paying them later. Letter of credit is issued by the bank at the request of the customer in favor of a third party informing him that the bank undertakes to accept the bills drawn on its customer up to the amount stated in the LC subject to the fulfillment of conditions stipulated therein. In simple language, LC is a letter issued by the bank on behalf of the customer to the third party guaranteeing him that the bank would be paying on behalf of the customers. The bank charges a particular fee from the customers for opening of an LC and a suitable rate of interest. These LCs involve role of many bans such as buyer’s bank, seller’s bank, negotiating bank, and reimbursing bank. Letters of credit are of various types and are broadly classified as Revocable or irrevocable LCs An irrevocable LC cannot be revoked, cancelled or altered without the consent of the parties concerned. But in case of revocable LC, the bank reserves the right to cancel or alter the credit unilaterally by giving notice to all the parties concerned. Inland or foreign LCs An inland LC is issued basically for domestic purchases where both the parties are in the same country while a foreign LC is issued when one of the parties is in different country. Drawn against payment (DP) or drawn against acceptance (DA) LCs When a buyer pays the bank for opening an LC as soon as it receives the goods is called DP while if a buyer pays the bank after a certain period upon receiving of goods, it is DA. This period can be 90 or 180 days and is called usance period. These terms and conditions are already defined in an LC. A variety of documents are required while using LC. These include bills, Railway receipts, motor transport receipts and others. These are called documents of title to goods which is sent to the buyer by the seller to claim for goods. Calculation for LC limits Bank has its own procedure to calculate the limit for issuing LCs. This limit is calculated using the purchases made during the year by the company. Suppose the company XYZ Ltd. needs 1200 crores of Raw material for the current year. Then its LC require is calculated as shown below Total purchases under LC1200 LC required per month (divide by 12)100 Usance period90 days or 3 months Lead time15 days or 0. 5 month Time for one cycle (opening and closing of LC)105 days or 3. 5 months LC required for one cycle 100 * 3. 5 = 350 Lead time is the time required to receive the goods which includes time taken during transit of goods from seller to buyer. Thus for the company the LC requirement is Rs 350 crores at any point in time for a particular year. Thus for XYZ Ltd. the working capital requirements can be divided into fund based and non fund based limits as shown below Fund Based: Cash credit: 2000 crores (if no LC) Non fund based: Letter of credit: 350 crores PROJECT APPRAISAL SYSTEM What does it mean? Effectiveness of credit management in the bank is highlighted by the quality of its loan portfolio. Every bank is striving hard to ensure that its credit portfolio is healthy and its non performing assets are kept at the lowest level as both these factors have direct impact in its profitability. In the present scenario, efficient project appraisal has assumed a great importance as it can check and prevent induction of weak accounts. All possible steps need to be taken to strengthen the pre sanction appraisal. Project appraisal has become very important in today’s world, as rapid changes are taking place in the technology and financial sector exposing banks to greater risks. These risks can be broadly classified as under Industry risks It includes risks like Government regulations and policies, availability of infrastructure facilities, industry ratings, industry scenario, technology up gradation, availability of inputs and product obsolescence Business risks It includes risks like operating efficiency, competition faced from the units, demand and supply position, cost of labor, cost of raw materials and other inputs and pricing of products. Management risks It includes integrity, background, reputation of promoters, organizational setup, expertise of management officials, track record in execution of projects, track record in debt repayment and industrial relations. Financial risks It includes financial strength of the promoters, reliability and reasonableness of projections, past financial performance, financial ratios, adequacy of provisioning for bad debts and lastly qualifying marks of auditors. Considering the above risks, the project appraisal methodology should keep pace with ever changing economic environment. The appraisal system aims to determine the credit needs of the borrower taking into account the financial resources of the client. The end objective of the appraisal system is to ensure that there is no under or over financing. The following aspects need to be taken care of while appraising a project MARKET (DEMAND AND POTENTIAL) The market demand and potential is to be examined for each product item and its variants by taking into account the selling price of the products to be marketed vis-a-vis prices of the competing products, discount structure, rrangement made for after sale service, competitor’s status and their level of operation with regard to production. Critical analysis is required regarding size of the market for the products, based on the present and expected future demand in relation to supply position and availability of substitutes. Competition from imported goods, government import policy and import duty structure also need to be evaluated. TECHNOLOGY ASPECTS In a dynamic market, the product, its variants and the product mix proposed to be manufactured in terms of quality, quantity, value, application and current taste requires thorough investigations. )Location and site Based on the assessment of factors of production, markets, government policies and other factors, location and site selected for unit with advantages and disadvantages should be such that the overall cost is minimized. It is to be seen that site selected has adequate availability of infrastructure facilities like power, water, transport, communication, state of information technology and is in agreement with govt. policies. The adequacy of size of land and building for carrying out its present or proposed activity with enough scope for accommodating future expansions need to be judged. ii)Raw materials The cost of essential raw materials and consumables required, their past and future prices, quality, availability on regular basis, transportation charges and govt. policies need to be examined. iii)Plant and machinery, capacity and manufacturing process The selection of plant and machinery proposed to be acquired whether indigenous or imported has to be in agreement with required plant capacity, inputs, investment outlay and production cost while for the new unit, it is to be examined whether these are of proven technology as to its performance. The technology used should be latest and cost effective enabling the unit to compete in market. Also plant and machinery and other equipments needed for various utility services, their supply position, specifications, price and performance as also suppliers credentials. Plant capacity and the concept of economic size has a major bearing on the present and the future plans of entrepreneurs and should be related to the availability of raw materials, product demand, product price and technology. The selected process of manufacturing indicating adequacy, availability and suitability of technology to be used along with plant capacity, needs to be studied in detail with capacities at various stages of production. It is also to be ensured that arrangements are made for inspection at intermediate and final stages of production for ensuring quality of goods on successful commencement of production and completion wherever required. FINANCIAL ASPECTS The aspects which need to be analyzed under this head should include cost of project, means of financing, cost of production, breakeven analysis, financial statements as also profitability, financial ratios, sensitivity analysis which are discussed as under i)Cost of project and means of financing The major cost components of any project are land and building including transfer, registration and development charges as also plant and machinery. It also involves consultancy and know how expenses which are payable to foreign consultants who are imparting the technical know how. Further preliminary expenses such as cost of incorporation of the company, its registration, and creation of feasibility report, salaries and travelling expenses also form a part of cost of project. It is to be ensured while appraising the project that the cost and various estimates given are realistic. Besides bank’s loan, the project cost is normally financed by bringing capital in the form of equity, debentures, unsecured long term loans and deposits raised from friends and relatives which are not repayable till repayment of bank’s loan. Resources are raised for financing project by raising term loans from institutions and banks which are repayable over a period of time. The financing structure accepted must be in consonance with generally accepted levels along with adequate promoter’s stake. In case of project finance, the promoter may bring in upfront margin first before disbursement of loan starts. i)Profitability statement The profitability statement also known as income and expenditure statement is prepared after considering the net sales figure and details of direct costs relating to raw material, wages, power, fuel, and other manufacturing expenses to arrive at the figure of gross profit. The projections of profit or loss are prepared for a period cove ring repayment of loans. The economic appraisal includes scrutinizing all costs and examining the assumptions to ensure that these are realistic and achievable. Generally speaking, a unit may be considered as financially viable, progressive and efficient if it is able to earn enough profits not only to service its debts timely but also for future growth. iii)Break even analysis Analysis of break even point of a business enterprise would help in knowing the level of output and sales at which the business enterprise just breaks even i. e. there is no profit no loss. A business earns profit if it operates at a level higher than the breakeven level and vice-a versa. The breakeven point can be calculated as Breakeven point (units) = total fixed cost / (sales price per unit- variable cost per unit) Breakeven point (sales) = (total fixed cost* sales)/ (sales – variable costs) The fixed costs include all those costs which tend to remain the same up to a certain level of production while variable costs are those which tend to change in proportion with the volume of production. The breakeven analysis can help in making vital decisions relating to fixation of selling price, make or buy decision, maximizing production of the item. iv)Fund flow statement A fund flow statement is often described as a statement of movement of funds. It is derived by comparing the successive balance sheets and finding put the net changes in various items. A critical analysis of the statement shows various changes in sources and uses of funds to ultimately give the position of net funds available for repayment of loans. v)Financial ratios While analyzing the financial aspects of project, it would be advisable to analyze the important financial ratios over a period of time as it may tell about the unit’s liquidity position, management’s stake in business and ability to service debts. Important financial ratios are Debt equity ratio = debt (term liabilities) / equity (share capital, reserves and surplus) This ratio tells about the capital structure of the company and according to the policies of the banks, the infusion of equity or funds by promoters should be such that the stipulated level of DER is maintained at all times. However, the level of DER varies from case to case depending on the nature of project, promoter’s strength, availability of collateral securities apart from the type of industry. Debt service coverage ratio = (net profit + annual interest + depreciation) Annual interest + amount of installments of principal The ratio of 1. 5 to 2 is considered reasonable. A very high ratio may indicate the need for lower repayment period. This ratio measures the ability of a company to service it debts besides indicating the margin of safety. Tangible net worth = tangible net worth (net worth – intangible assets) Total outside liabilities total outside liabilities (total liabilities- net worth) This ratio gives a view of borrower’s capital structure. If the ratio shows a rising trend, it indicates that the borrower is relying more on his own funds and less on outside funds. Profit sales ratio = operating profit / sales This ratio gives the margin available after meeting cost of manufacturing. It provides a yardstick to measure the efficiency of production and margin on sales price. Current ratio = current assets / current liabilities Higher the ratio, greater the short term liquidity. This ratio is indicative of short term financial position of the business enterprise. It provides margin as well as it is a measure of business enterprise to pay off the current liabilities as they mature. Internal rate of return It is the rate at which the Net present value of the project is 0 and the cost benefit ratio is equal to one. It is the rate of return of the project for the company and is a very important rate as according to the company. vi)Sensitivity analysis The sensitivity analysis is carried out by the banks in order to evaluate the capacity of the project to absorb shocks due to adverse movement in prices or some other adverse developments and sustain financial viability. The analysis is carried out to capture the decline in revenue of the project assuming adverse changes in certain parameters. While preparing and appraising projects, certain assumptions are made in respect of certain critical and sensitive variables like selling price or cost price, product mix, plant capacity utilization and sales. The sensitivity analysis helps in arriving at profitability of the project wherein critical or sensitive elements are identified which assigned different values and the values are assigned are optimistic and pessimistic such as increasing and decreasing sales price. The critical variables can then be thoroughly examined so as to make possible improvements in the project and make it operational on viable lines. The viability of a project is dependent on various factors which include selling price, cost of raw materials, cost of finance, availability of critical inputs and dependence on market like buyer/seller market. While preparing the projected statements, the value of these parameters are arrived at on the basis of certain reasonable assumptions. While analyzing the projects, the values of the key parameters are critically examined for financial viability of the project and are also subjected to sensitivity analysis which captures the effect of change in these values on the profitability of the project. MANAGEMENT AND ORGANIZATION Appraisal of project would not be complete till it throws enough light on the persons behind the project i. e. management and organization of the unit. It is seen that some project may fail not because these are not viable but because of the ineffectiveness of the management and the organization in controlling various functions like production, marketing, finance and personnel. The appraisal report should highlight the strengths and weaknesses of the management by commenting on the background, qualifications, experience, capability of promoters, relations with labor, working condition and wage structure. Further, management should be conducive to the type and size of business. APPRAISAL OF PROJECT- A check list An indicative list of issues which need to be looked into while appraising a project is given below Marketing ?Reasonable demand projections keeping in view the size of market, consumption level and the supply position ? Competitor’s status and their level of operation ?Technology advancement ?Marketing policies and distribution channels used ?Influence of govt. policies ?Marketing professionals employed, their competence, knowledge and experience Technical ?product and its life cycle, product mix and their application ? Location, its advantages and disadvantages, availability of infrastructural facilities and govt. concessions ? Plant and machinery with supplier’s credentials and capacity attainable under normal working condition ? Manufacturing process indicating technology used. ?Plant and machinery- its availability, specifications, price and performance ? Govt. clearance like pollution control certificate ?Labor or manpower, type of skills required and its presence in the specified area Financial ?Total project cost and means of financing ?Profitability projections based on realistic capacity utilization and sales forecast with proper justification ? Breakeven analysis and funds flow projections ?Financial ratios Managerial ?Resourcefulness of the management ?Qualifications and experience of the promoters and key management personnel ? Track record of management for execution of project and timely service of debts ? Internal control systems, delegation of adequate powers and entrusting responsibility at various levels Economic ?project contribution towards creation and rate of increase of employment opportunity, achieving self sufficiency ? project contribution towards the development of the region, its impact on environment and pollution control. Case 2: Project Appraisal for NC Textiles This section explains briefly how the appraisal of a project is carried out. The project taken up by the company NC textile is setting up of a cotton spinning unit in Gujarat with a capacity of 52224 spindles. Project proposed NC textiles has proposed a project to set up an cotton spinning unit in Gujarat with an installed capacity of 52224 spindles and total outlay of Rs 211 crores. This unit is being set up as a part of backward integration strategy. The lower cost of production as a result of this integration will reflect in better profit margins and provide competitive edge to the company. Industry and market assessment Cotton is the most important segment of the Indian textiles industry. With around 9. 37 million hectares under cotton cultivation during the year, India has the largest area employed for this purpose in the world. Currently, India is the second largest producer of raw cotton in the world after China and a significant portion of cotton is being exported in the form of yarn, fabrics and apparels. Demand and supply After a period of strong consumption, India’s cotton consumption growth slowed down significantly because of weak export demand for cotton yarns and textiles. India’s cotton consumption is expected to stagnate in current year 2009 primarily because of worsening demand prospects in the domestic and international markets. This trend is likely to continue in 2009-2010 with an expected stagnation in cotton consumption. Cotton Price movement World cotton prices have increased sharply during 2003-2008. During 2007, prices remained stable but later on increased. This increase was due to tightening supplies and increased domestic supplies. Domestic raw cotton prices had increased significantly during last few years. Despite heavy market arrivals, domestic prices had been relatively firm on strong export demand. However, during 2009, in spite of GOI raising minimum support price of cotton seeds by 40%, cotton prices have declined because of weaker international prices and less favorable demand prospects. Prices are expected to slide further on strong late season arrivals and government price measures to liquidate stocks. Despite the sharp rupee depreciation in 2009, Indian cotton is uncompetitive in international market due to higher domestic price and weaker international price. Growth potential Since 1990s, India’s demand for domestic fibres has increased at a very high rate driven by strong economic growth and increase in per capita income. According to the data from Textile committee, GOI, India’s domestic textile purchases increased 8. 8% in 2007 as against 8. 6% in previous year. Extent of competition These are large number of textile players in Indian textile industry. Further there are some companies that have been established by equity contribution from technology licensors. Thus it can be concluded that there is a stiff competition in this segment of the industry. Barriers to entry for new players It is a highly capital intensive industry with the net sales as percent of average assets being around 98%. However, players can enter into the industry in low value added stages with highly volatile returns. Marketing channels of the company Today, NC textiles is one of the largest institutional supplier in India amongst the organized sector players. It further plans to expand its presence in multi branded outlets, establish high impact presence in large format chain stores and set up exclusive stores for all its brands. It must be noted that NC textiles has got well established marketing setup and strong distribution channels. Government policies The structure of the industry has been shaped by govt. policies, favoring small scale decentralized sectors. In 2000 , GOI came out with a new textile policy that outlines the direction of policy reforms to be followed in near term. The steps outlined in the policy are geared mainly towards removing the bias in policy towards the small scale sectors and promoting modernization. Technical Feasibility Location and site The site chosen for the cotton spinning unit is in Gujarat which has many advantages such as ? Project located in well developed industrial area where land availability and conversion of land and getting necessary approval is easy. ?Low labor cost ?Easy availability of skilled and semi skilled labor ?Favorable industrial environment ?One of the new textile hub in India ?Peaceful labor environment ?All infrastructural facilities such as roads, natural gas for power plant and effluent discharge facility with water. Technology and Manufacturing process The company has initiated the process of setting up world class integrated textile plant in order to make it one of the leading textile companies in the country. The adoption of new and latest technology will transform their manufacturing process into an efficient mode. NC textiles proposes to set up a spinning unit with a capacity of 52224 spindles, fully automated with almost non touch manufacturing process, automation would also reduce the number of workmen resulting in non dependence on workmen. The report explains the entire manufacturing process in detail and how the production would be carried out. Availability of raw materials Cotton: The main raw material for the plant is cotton which is easily available in Indian markets at reasonable prices. Fuel: Company has made provisions to establish captive power plants of matching requirements. The supply line of gas is already available. Power: The power demand for the spinning unit has been estimated to be about 4 MW. The power requirements will be met by installing a 4 MW gas based captive power plant by the company itself. Firefighting: Appropriate equipment and gadgets such as carbon dioxide and dry powder extinguishers are considered. Plant lighting: The entire plant area, work shed will be provisioned with adequate luminous lighting as per laid down industry standards. Further, all internal transport routes and general working areas are provided with adequate lighting. Pollution control measures The provision of water treatment plant and effluent treatment plant of matching capacities has been made to recover and recycle the water and minimize the water requirement. Financials Project cost and Means of Finance The total cost of the project is estimated to be 211 crores which will be financed through DER of 2. 2. The company proposes to bring in additional capital from its existing operations amounting to 60 crores which becomes the part of promoter’s contribution. The table below gives the project cost and means of finance: ParticularsCotton spinning unit at Gujarat (Rs lacs) Location XYZ Capacity 52224 spindles Cost of project Land 500 Building 2050 Plant and machinery13978 Misc. fixed assets2207 Total 18 735 Preliminary expenses375 Interest during construction1281 Contingency expenses335 Margin money for working capital380 Total 2410 Grand total21100 Means of finance Internal sources6000 Term loan15100 Grand total21100 From the above table, it can be concluded that the cost of the project has been estimated to be around 21100 lacs which the company is planning to finance through debt of Rs 15100 lacs and equity of Rs 6000 lacs. The DER for the project comes to around 2. 52. Overall comments on plant and machinery The cost of entire plant and machinery is estimated at 13978 lacs inclusive of freight, insurance, and taxes including custom duty. The suppliers for most of the equipments have already been finalized after suitable negotiations. The comparative analysis related to the cost of plant and equipment has found to be comparable with other projects of similar capacity. Finally, the proposed plant, machinery and equipments are suitable for the envisaged production capacity and incorporate the well established and proven technology. Breakeven analysis As per the estimates, the company is to achieve breakeven point at the sales of Rs 7137 lacs at the capacity utilization of 90% in the year 2014. This is illustrated in the following table (Rs in lacs) Capacity 90 % (2014)Variable (%)Fixed (%)Variable costsFixed costs Sales (A)10499 Expenses Raw materials3929100%3929 Power and fuel713100%713 Wages 35080%20%28070 Factory overheads24280%20%19349 Adm. Expenses20880%20%16642 Interest 1794100%1794 Depreciation 1592100%1592 Total 88275281 (B)3547 Contribution (A- B)5218 Breakeven (sales)7137 Break even (capacity)67. 98% DSCR calculation DSCR helps to understand the debt servicing capability of the company. Generally, higher the ratio, greater is the ability of the company to pay its debt. The project of cotton spinning unit will start its commercial operations in 2013 and start generating revenue. The profit that will be generated will first be used to pay off its debts in the form of installments and interest. This ratio forms a crucial part from banker’s point of view as it helps the bank to know the financial status of the company in near future. The profits generated in future are calculated based on certain assumptions which are the used to calculate DSCR (Rs in Lacs). Year ending 31 march20132014 EBITDA46955058 PAT549947 Depreciation18291829 Deferred tax liability189182 Interest19071657 Total44744616 Interest19071657 Installment18881888 Total37943544 DSCR1. 181. 30 ISCR2. 52. 79 The above table shows two ratios DSCR (debt service coverage ratio) which seems to be reasonable and it can be said that the company will be able to service its debt without any difficulty. ISCR (interest service coverage ratio) tells the ability of the company to pay the interest on debt on time. The above values of this ratio seem to be satisfactory without causing any problem to the com pany. Normally, the above ratios are calculated for the entire period of debt (period for which the debt service is availed) and the average of these ratios is considered for bank’s purpose. Management The project is being promoted by one of the largest companies in the country, NC textiles. The promoters have long experience of setting up of new textile projects, running and operating plants with complete range of textile fabrics, backed by well qualified team of professional and management personnel. The management has a good track record of execution of projects of similar costs and has serviced its debts timely. The vast experience of the management personnel is the major strength of the company which makes it eligible for sanctioning of loan. The company has planned expansion with the best technology and machinery from suppliers of good reputation to become competitive in international market. The company is also known for maintaining good industrial relations and has a very good reputation in the domestic market. Economic The project has also been considered useful for the society as a whole. The project would be creating a large number of employment opportunities for the locals thus providing self sufficiency and financial support to the workers. This distribution of income would ultimately lead to increase in saving and the standard of living for the people. Finally, the project aims to develop textiles of world class quality that will be able to give stiff competition to international brands and thus leading to the growth of Indian economy. The above section explains the appraisal system followed at PNB. This appraisal is carried out by the technical cell of the bank and it is based on this report that the viability of the project is determined. The techno-economic viability of the project is of major concern for the bank and forms an important step in decision making. The appraisal system at PNB is very crucial for sanctioning of financing facility and with the help of it, the bank gets to know in depth detail of the company and the project being undertaken. CREDIT RISK RATING What is Credit Risk? The risk that the borrower might fail to meet the obligations towards the bank in accordance with the agreed terms and conditions is called credit risk. It measures the inability or unwillingness of the borrower to pay its debt. Identification of credit risk forms the crucial part of risk management and is very important for the bank. It helps the bank in determining the potential defaulters and abstain the bank from providing financing facility to such borrowers or in case they provide, than provide them at a higher r

The concept of co

The concept of co Introduction The field of strategic management has been exposed to many new challenges that are often unexpected in the recent past. And, these unexpected challenges stem from organizational strategic action as well as strategic thinking, which are coupled with the changing dynamics of business environment.Advertising We will write a custom case study sample on The concept of co-opetition as a strategic method specifically for you for only $16.05 $11/page Learn More Therefore, it is important to not only adapt new interpretive strategies such as co-opetition, but also to integrate them into the existing theoretical perspective. The concept of co-opetition has been coined from two words that include competition as well as cooperation, which are essential in studying inter-firm dynamics (Brandenburger Nalebuff, 1996, p.19). Co-opetition as a strategic method This concept is used in strategic management of different players that include the organization and ot her stakeholders such as suppliers, customers, complementors, and competitors. Essentially, coopetition defines both horizontal and vertical interdependence of a firm (Contractor Lorange, 1988, p.26). Focusing on horizontal interdependence, a firm can make supernormal profits when it gains advantage over its competitors in an entire industry by mobilizing resources, using them competently to produce more superior products than those of their business rivals. Therefore, co-opetition is strategically used by firms for value-creation that results into supernormal profits (Drucker, 1954, p.47). Moreover, in vertical interdependence, a firm can strategically employ co-opetition to achieve value appropriation, which is linked to economic exchange. Under this concept, economic values created by firms are carefully shared among the stakeholders, following the allocative efficiency principle. The concept of co-opetition strategy employed in vertical interdependence can be used to enhance va lue-appropriation of economic returns (Kenworthy, 1995, p. 34). Co-opetition enhances strategic interdependence, especially in value creation and cooperation among firms. Importantly, firms employ co-opetition as a strategic tool for evaluating economic benefits and competitive gains derived from cooperative approach (Axelrod, 1984, p.53). Discussion and Conclusion Co-opetition combines both the elements of cooperation and competition, which make it possible for businesses to achieve value creation. Therefore, co-opetitive value creation contributes immensely to strategic management of organizations because co-opetitive strategy plays a crucial role in strategic interdependence among business networks.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The concept of co-opetition as a strategic management approach does not only facilitate value creation, but also enhances value sharing that is often witnessed in the variable-positive-sum game strategy. In addition, co-opetition encourages value appropriation, promotes value creation and facilitates entrepreneurial spirit among organizations. In fact, co-opetition is more of a voice-based strategy, which is contrary to the one that is exit-based (Hirschman, 1970, p.57). For instance, exit based models can be witnessed in arms length procurement processes that are often characterized by limited communication among businesses and their suppliers, thus barring easy transfer of information. On the other hand, the voice-based procurement model is witnessed in the Japanese procurement strategy that emphasizes on the most effective transfer of information about procedures to be followed by all the persons who are involved in the chain of supply (Kenney Florida, 1993, p.29). And, the voice-based procurement strategy emphasizes that transfer of information must be made in a timely manner. This strategy is important in the sense that there are both long term and stable relationships, which motivate suppliers to improve on their productivity. For example, Japanese auto-manufacturers have taken a strong lead against their competitors over the years owing to their good supplier relationships that have significantly contributed to their superiority (Porter, 1985, p.63). In summary, the concept of co-opetition is not only important in creating economic value, but also in facilitating knowledge creation that is of sound importance in strategic business management. Besides, co-opetition as a strategic method adds more value to firms than they can gain through the traditional competitive models. References Axelrod, R. (1984). The evolution of cooperation. New York, NY: Basic Books. Brandenburger, A.M. Nalebuff, B.J. (1996). Co-opetition. New York, NY: Doubleday. Contractor, F.J. Lorange, P. (1988). Cooperative strategies in international business. Boston: Lexington Books.Advertising We will write a custom case study sample on The concept of co-opetition as a strategic method specifically for you for only $16.05 $11/page Learn More Drucker, P.F. (1954). The Practice of Management. New York, NY: Harper Row. Hirschman, A. (1970). Exit, voice and loyalty: Responses to decline in firms, organizations and states. Cambridge, MA: Harvard University Press. Kenney, M. Florida, R. (1993). Beyond mass production: The Japanese System and its transfer to the U.S. New York, NY: Oxford University Press. Kenworthy, L. (1995). In search of national economic success: Balancing competition and cooperation. Sage: Thousand Oaks (CA). Porter, M.E. (1985). Competitive Advantage. New York, NY: Free Press.

Five ways tools can help you tackle Twitter - Emphasis

Five ways tools can help you tackle Twitter Five ways tools can help you tackle Twitter The basic Twitter.com platform is surprisingly inflexible. For example, it doesnt allow you to schedule tweets for later, monitor how many people have clicked on your links, combine multiple accounts or view more than one stream of information at a time. So most people who embrace Twitter use a variety of tools and apps to improve their experience. 1. Dashboard Two of the most popular dashboards are Tweetdeck (which started out as a separate entity but was bought by Twitter in May 2011) and Hootsuite. Both are free and let you view several streams simultaneously (for example your own tweets, replies to your tweets, direct messages or your timeline) in adjacent columns. Theyre also good for managing multiple Twitter accounts at the same time, and scheduling tweets. The main difference is that Tweetdeck is a desktop app so its not ideal if you hotdesk or work from several locations, while Hootsuite is browser based and therefore more portable. 2. Scheduled tweets Buffer offers even easier tweet scheduling, where instead of programming in a time and date for each tweet, you simply set a pattern. For example, you could program it to send two tweets a day, at 12.30pm and 3.30pm, Monday to Friday. Then you just fill up the dashboard with your tweets and drag and drop them into the order you want. It also tracks the performance of tweets sent through Buffer, letting you know how many clicks, retweets, replies and favourites they received, as well as their potential reach. 3. Collaborative tweeting If youre setting up a Twitter account that several people will contribute to, GroupTweet is well worth a look. It allows multiple users to post tweets to one account, either through the GroupTweet dashboard, or via their personal account using the relevant @ address or hashtag. The basic version is free, but if you want to be able to moderate and schedule tweets, youll need to upgrade at a cost of $4.99 a month. 4. Collating tweets On Twitter.com, your tweets dont stay around for long. If you need to retrieve something that you tweeted, or was tweeted to you, more than a couple of weeks back, youll be lucky if you can still find it. Searching in Google can help, but it depends how far back you want to go. Rather than digging around to try and find important tweets after the fact, favourite them at the time. Or if youre having a discussion and you want to save all of it, use Storify. Its great for saving brainstorming sessions for later heres one of mine discussing the differences between lunch, tea and dinner (a brainstorm of such epic dimensions that I still havent written the article I intended to). 5. Performance analysis It can be tempting to try to measure your Twitter performance, but proceed with caution. Basically, youre already doing it right if people are talking to you, RTing you or opening your links, and if your number of followers is growing. However, if you do want a little feedback, there are services available. Just remember to take what they say with a pinch of salt, and not get too caught up in the idea of performance after all, its about communication and relationships, not numbers. One interesting service is Crowdbooster, which shows you which of your tweets have been most popular and how many people they have potentially reached (it calls these impressions). It also reminds you about tweets you havent yet replied to, offers you the opportunity to schedule tweets for later and even advises you about what it thinks is the best time of day to tweet to your followers. If you just want to use it with one Twitter account, its free. To add more, youll have to pay ($39 a month for ten accounts, $99 a month for 30 accounts). A more controversial service is Klout, which scores your social influence between 1 and 100 based on data such as follower and following numbers, retweets and interactions. Its accuracy, however, is debatable. For example, it thinks I am influential not just about Brighton (fair enough, I live there) but Afghanistan and the Chicago Bears (neither of which I recall ever tweeting about). Over to you What tools do you use and recommend, and why? Well be writing more about Twitter in the new year, so wed love to hear your tips. You can either comment below or tweet us on @EmphasisWriting. Want more guidance on how to write for Twitter? See our Four tips for effective tweeting.

Evaluate the effectiveness of the YCJA on youth crime rates and Essay

Evaluate the effectiveness of the YCJA on youth crime rates and incarceration rates - Essay Example gued that the law was effective, whereby they cited the reduced rates of youth deviancy and custody in comparison to other nations of the world (Doob & Cesaroni, 2003). Nonetheless, the country identified the importance of reviewing the law and ensuring that they implemented another law that was not divisive and controversial. In addition, the review sought to address the argument that YOA overused the country’s custodial and court systems. Moreover, the review aimed at improving efficiency in responding to minor offenders who committed serious crimes (Department of Justice Canada, 2002). Based on the foregoing, it is evident that YCJA was a compromise between politicians. Nonetheless, the act is a response to the increasingly growing number of small cases about incidents of youth offenders committing heinous crimes while also acting as a response to the growing number of cases resulting from incarceration of youths for minor offenses. Indeed, these minor offenses had resulted to a decline in the confidence that the public had on the country’s judicial system. Overall, the main objective of the legislation was to deal with crimes committed by the youth and their eventual outcome. In effect, this expose will carry out an evaluation of the role that YCJA has played on the twin aspects of youth crime rates and incarceration rates. The Canadian Coalition for the Rights of Children (CCRC) (2011) identified Canada’s youth custody rates as among the highest in the world, which is prior to the implementation and legislation of the YCJA. In effect, this implies that Canadas implementation of this law was essential in order to enable the country deal with these youthful offenders and reduce these rates. In effect, CCRC (2011) observed a 27% decline in the rate of youths charged in a court of law or recommended to facing  court charges between 2002 and 2006. It is important to point out that the Canadian legislative system made this law in 2002. In line with this,

Jia-Mo Chen, Cello Post Graduate Recital Essay Example | Topics and Well Written Essays - 500 words

Jia-Mo Chen, Cello Post Graduate Recital - Essay Example The music has a refreshing expression of glittering passion with a meditation on modern civilization. The cello has marked dynamic extremes and textural imagination in dramatic musical presentation. The music is moving toward and its music skillfully drawing the East and West and creates real music for the society. The sound was delight in every way that allows fascinating ideas and new sounds with complex textures. The version of Bach cello is the finest and it is musical from end to end and the sound is gorgeous. Surprisingly, it is the most beautiful cuts of cello music ever recorded and its sound and production quality were the best on studio monitors with a nice room sound and good mastering work. The playing is so refined, balanced, and non obtrusive and the interpretation provides much feelings as the listeners don’t like being over sentimental and mannered. The sound is wonderful and it contains beautiful tones produced by a cello. The composition and sound has elegant phrasing and balanced interpretations. Shostakovich’s music is a study in sharp and from the lyrical opening of Allegro non troppo that brings the final Allegretto. It harmonizes discordant raw materials of human emotions. The music of Shostakovich has kinetic quality that suggests manic perpetual motion machine. Its principal theme conjures images and the Largo derives searing intensity from the sequence of slow motion gestures on stasis. Shostakovich’s music has many styles and the Cello has conservative harmonic language and it is particular with broad lyricism.

Microbiology Study Guide Chapter Essay Example for Free

Microbiology Study Guide Chapter Essay Food Production 1. Lactobacillus, Streptococcus, 2. Saccharomyces cerevisiae B. Oxygen production C. Nitrogen Fixation D. Decomposition E. Bioremediation F. Antibiotics G. Biotechnology and research H. Normal flora I. Pathogens (malaria parasite, E. coli, Salmonella, Clostridium) IV. The Origin of Microorganisms A. Spontaneous Generation revisited 1. Francesco Redi 2. Lazzaro Spallazani 3. Louis Pasteur 4. John Tyndall B. If not Spontaneous Generation, then what? 1. Ferdinand Cohn 2. Robert Koch Chapter 3: Microscopy Staining I. What can we see with a microscope? A. Micrometer B. Nanometer II. History of Microscopy A. Robert Hooke B. Anton van Leeuwenhoek III. Principles of Microscopy A. Total Magnification B. Resolution/Resolving power 1. Wavelength 2. Numerical aperture C. Refraction/Refractive index D. Contrast IV. Light Microscope /Bright field Microscope A. Parts and functions 1. Oculars 2. Objectives/Revolving nosepiece 3. Stage 4. Condenser Iris diaphragm 5. Adjustment knobs- Course, fine, condenser and stage B. Principles of electron microscopy (transmission and scanning electron microscopes). V. Staining Techniques A. Smear Preparation B. Types of dyes – basic, acidic C. Types of Staining Procedures 1. Simple staining 2. Positive and Negative staining 3. Differential staining a. Gram stain b. Acid-fast stain 4. Structural stains a. Capsule stain b. Endospore stain c. Flagella stain Lecture Chapter 3: Prokaryotic Cell I. Shape: A. Coccus B. Bacillus (rod) C. Coccobacillus D. Vibrio E. Spirillum F. Spirochete II. Arrangements: A. For cocci: 1. Chains or Streptococci arrangement 2. Packets (tetrads (4 cells) or 8 cells (Sarcinae)) 3. Clusters or Staphylococci arrangement B. For bacilli- Single, irregular, stacked or chained rods III. External Extensions A. Flagella in Gram negative bacteria 1. Components – Basal body, Hook, Filament 2. Arrangement – (Mono, Lopho, Amphi or Peri) trichous 3. Movement – Chemotaxis, Phototaxis, Aerotaxis, Magnetotaxis B. Axial filaments (endoflagella) C. Attachment pili (Fimbriae) D. Sex pilus IV. Layers/Coverings A. Glycocalyx – Capsule, Slime layer B. Cell Wall – Peptidoglycan, NAG and NAM 1. Gram positive- Teichoic- (TA) and lipoteichoic acids (LTA) 2. Gram negative- outer membrane made of endotoxin -Lipopolysaccharide (LPS), periplasm 3. No cell wall- Mycoplasma C. Cytoplasmic (cell) membrane 1. Components – Phospholipid bilayer, Fluid Mosaic model 2. Passive transport a. Simple diffusion b. Osmosis 1)Â  Hypertonic 2)Â  Hypotonic 3)Â  Isotonic c. Facilitated diffusion 3. Active transport a. Major Facilitator family transporters –use proton motive force b. ABC transporters- use ATP as energy c. Group translocation 4. Energy production a. Electron Transport chain b. Proton Motive Force V. Internal Structures A. DNA as a Single chromosome in a Nucleoid region B. Plasmids and transfer of plasmids (conjugation) C. Ribosomes D. Storage Granules – Glycogen, Volutin, Poly-? -hydroxybutyrate, sulfur E. Gas vacuoles (vesicles) F. Endospores 1. Formation of Endospore-sporulation a. Core – Dipicolonic acid + Ca2+, DNA enzymes b. Core Wall Cortex – peptidoglycan + muramic lactam c. Spore coat – keratin-like protein 2. Germination – Return to Vegetative State 3. Location – terminal, lateral, central

Role of Women in Shakespeare’s Othello Essay -- GCSE English Literatur

Role of Women in Shakespeare’s Othello In Shakespeare’s Othello, the role of women is greatly emphasized. The important characters of the play, Othello, Iago, and Cassio, each have a women that stands behind him. These women each have an obligation to remain loyal and respect their husband's wishes, especially Desdemona and Emilia. We see Desdemona as a young beautiful white female, madly in love with a powerful black man. She is strong inside but doesn't tend to show that side of her as much as she would want to. She tends to play the peace-maker in her marriage and is always trying to understand Othello. Throughout the play she struggles to prove her loyalty and respect to her husband, no matter what it takes she tries to be a good wife. At the beginning of the play when Brabantio, confronts Othello and Desdemona about their relationship, she does not hesitate to defend her husband to her father, regardless of the consequences she faced. She is brought in by her father to the court to be questioned for her actions, she replies with utter respect to her father, but devotion to her husband". To you I am bound for life and education....I am hitherto your daughter. But here is my husband. And so much duty as my mother showed to you, preferring you before her father...(act1,sc3L210). In other words, she is grateful to her father for what he has given to her but will stand by the side of her husband, as any women should. Even while Othello is accusing her of having an affair with Cassio, and insulting her calling her a whore, her responsibility of standing by her man and trying to understand him still remains. As angered as she may be with what he just called her, she questions him politely, as to why he is saying ... ... The role these women had to take on in this play, was probably not to far from the way it really was for women during that time, and for some couples, the way it is today. I would hate to think that men can still have this philosophy, but I know it still exists. Some men still think that women need to stay home and take care of the kids, clean the house, cook, while he goes out and makes the money. So since they are making the money, they then feel like they can control their wives. They expect them to stand by them, not go against them, and agree with them all the time. That may have been the normal way to do things in the 1600's in Cypress, but that kind of thing can not go on in an American society, in 1999. The role of the modern women is now very visible, but there are a lot of stereotypes out there and hopefully one day women will finally be equal to men.