Source Of Finance Essay - 1452 Words

Source of finance Internal or External Description of the source Relevant to the company or not (justify your answer) owner’s savings External The owner’s current personal savings less personal expenditure. This can be injected into the business if needed I believe that this is an excellent way to acquire money to expand this company as interest will be lax compared to a loan, if any. capital from profits Internal Money that can be injected into the company to create income – profits from sales This is not relevant as this company is not creating enough revenue to even pay its current outgoings. Therefore, it is not making a surplus to be able to fund or part fund an expansion. overdraft External A loan arrangement with the bank†¦show more content†¦If the company does this, the product will become an asset of the company and it will be sellable to generate money quickly. leasing External A contract meaning that the second party (in this case the firm) access to the asset for a timeframe. As some assets such as computers suffer obsolesce, leasing an asset like this ensures that the money can be there when it needs replacing. Lease agreement under  £200,000 subjective to conditions are offset against corporation tax. This may help the firm reduce tax paid. factoring External The selling of invoices to reduce bad debt. The buyer assumes all legalities if the invoice is not settled. Quick cash can be made when factoring receivables. This would be a very good way to get all bad debt toward the company resolve to pay for the expansion. Issuing shares External An act of selling more shares in a company. In effect selling shares off would mean more dividend from shares. This would result less money in the company after the initial payment. I would use this as a last resort. This will provide evidence for P4 Identifying Problems †¢ Food Costs up +21.6% from budget †¢ Discounts allowed up +650% from budget †¢ Till Discrepancies +9200% from budget †¢ Pub Staff Cost +38.5% from budget †¢ Overall Promotional Overheads +5.4% from budget †¢ Overall Repairs Maintenance +7.1% †¢ Although Upkeep and consumables is outgoing less than budget, Gas and Other FuelShow MoreRelatedEssay on Sources of Finance4493 Words   |  18 Pagessummary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦5 III. Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦.†¦Ã¢â‚¬ ¦...5 IV. Main body†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦..6 4.1. Sources of finance and its advantages disadvantages†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦6-8 4.2. The implications of the different sources of finance†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦8-9 3. Appropriate sources of finance for a business project†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.9-13 4.4. The costs of sources of finance for Vale Filters Limited†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦.13-16 4.5. Importance of financial planning†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.17-18 V. Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦18 Read MoreInvestigating the Sources of Finance Essay1271 Words   |  6 PagesInvestigating the Sources of Finance Im now going to investigate the sources of finance available to you when setting up your new business. I will separate the sources of finance needed into three categories; start-up costs, running costs and expansion costs. When starting up your new business premises will need to be secured from which you will trade. Im going to look at ways that you could secure premises. 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Plantar Fasciitis As Foot Complaint Health And Social Care Essay Free Essays

Plantar fasciitis is one of the most common pes ailments. It has been estimated that it affects about one in 10 people at some clip in their life ( Crawford, Atkins, Edwards 2003 ) . Planter Fasciitis is the most occurring diseases in this modern universe. We will write a custom essay sample on Plantar Fasciitis As Foot Complaint Health And Social Care Essay or any similar topic only for you Order Now Plantar fasciitis is really common among people. Around 1 in 10 people will acquire plantar fasciitis at some clip in their life. It is most common in people between the ages of 40 to 60 old ages. However, it can happen at any age. It is twice every bit common in adult females as work forces. It is besides common in jocks. ( beginning at hypertext transfer protocol: //www.patient.co.uk/health/Plantar-Fasciitis.htm ) . Plantar fasciitis is the most common cause of infracalcaneal hurting and histories for 11 % to 15 % of all pes ailments that require professional intervention ( Buchbinder 2004 ) . It occurs in about 10 % of people who run on a regular basis. Incidence of this status peaks between the ages of 40 and 60 old ages ( Buchbinder 2004 ) , ( Wearing, Smeathers, Urry et al.2006 ) . It is a bilateral ailment in about one tierce of patients ( Buchbinder 2004 ) . Plantar fasciitis is non gender specific and affects about 2 million of the American population per twelvemonth ( Irvi ng, Cook, Menz 2006 ) . The upset is thought to be multifactorial in beginning with factors such as fleshiness, inordinate periods of weightbearing activity and decreased ankle scope of gesture normally suggested to be involved ( Riddle, Pulisic, Pidcoe, Johnson 2003 ) . A broad assortment of direction schemes have been developed to handle the upset. A systematic reappraisal ( Crawford, Thomson 2003 ) identified 26 different conservative interventions that have been recommended for the intervention of plantar heel hurting. Merely heel tablets, orthoses, steroid injections, dark splints and extracorporeal daze wave therapy have been evaluated in randomized tests. Foot orthoses are a common intervention for plantar heel hurting, nevertheless due to the fabrication procedure, they frequently require a period of a few hebdomads between the initial audience and publishing the devices. As such, short-run interventions such as supportive taping are used to relieve symptoms during this inte rim period ( Martin JE, Hosch, Goforth, Murff, Lynch, Odom 2001 ) – the low-Dye ( Dye 1939 ) taping technique being one of the most often used. Foot taping, such as low-dye tape, alters the mechanical map of the pes, diminishing emphasis on the plantar facia and later bring forthing symptom alleviation ( Saxelby, Betts, Bygrave 1997 ) . Most research to day of the month has examined the mechanical effects of the tape on the lower limb. Merely one survey done by Saxelby, Betts, Bygrave in 1997 has evaluated the symptom alleviation offered by low-dye tape, but it had little Numberss of participants and did non include a control group. Those tapes which extended up the leg were known as ‘High-Dye ‘ , while those in the pes were named ‘Low-Dye ‘ . It has been used in the direction of an array of pes pathologies, particularly plantar fasciitis, and its effectivity has been discussed by several workers ( Newell1977, Miller 1977, Subotnick 1975, Van Pelt 1989 ) , although to day of the month grounds has tended to be anecdotal. Taping as an intercession or as portion of an intercession for the intervention of plantar fasciitis has been used for at least 70 old ages ( Dye 1939 ) . A systematic reappraisal measuring the efficaciousness of such intervention schemes has non been found. Therefore, it was considered relevant to reexamine the literature. The purpose of this reappraisal will be to see the effectivity of low dye taping in plantar fasciitis. Background: Harmonizing to Haung 1993, the plantar facia is the major construction that supports and maintains the arched alliance of the pes. This aponeurosis maps as a â€Å" bowstring † to keep up the longitudinal arch. Plantar fasciitis develops when insistent weight-bearing emphasis irritates and inflames the tough conjunction tissues along the underside of the pes. The plantation owner facia is a midst, hempen set of connective tissue. Its beginning is the median plantar tubercle of the calcaneum. It runs along the length of the sole of the pes like a fan, being attached at its other terminal to the base of each of the toes. It is a tough, resilient construction that has a figure of critical maps during running and walking: It stabilizes the metatarsal articulations during impact with the land. It acts as a daze absorber for the full leg. It forms the longitudinal arch of the pes and helps to raise the arch to fix it for the ‘take-off ‘ stage of the pace rhythm. The plan tar facia helps keep the complex arch system of the pes and dramas function in one ‘s balance and the assorted stages of pace. The plantar facia consists of a multilayered hempen aponeurosis ( Kwong, Kay, Voner, A ; White, 1988 ) that originates from the median tubercle of the heelbone.The plantar facia is composed of three major sets, the sidelong, cardinal, and median. The cardinal set is the strongest and thickest. The median and sidelong sets cover the bottom of the kidnapper hallucis and kidnapper digiti minimi musculuss, severally. The fibres of the cardinal set separate into 5 faux pass near the degree of the metatarsal caputs and so attach to the proximal phalanx via the plantar home base of each metatarsophalangeal articulation ( Schepsis, Leach, A ; Gorzyca, 1991 ) . Injury of this tissue, called as a plantar fasciitis, is one of the most hard to decide. Plantar fasciitis is a localised infl ammatory status of the plantar aponeurosis of the pes and is reported to be the most common cause of inferior heel hurting ( Schepsis, Leach, A ; Gorzyca, 1991 ) . Plantar fasciitis represents the 4th most common hurt to the lower limb and represent 8 – 10 % of all showing hurts to athleticss clinics. Rehabilitation can be long and frustrating procedure. The usage of forestalling exercising and early acknowledgment of danger signals are critical in the turning away of this hurt. Plantar fasciitis refers to an redness of the plantar facia. The redness in the tissue consequences in some type of hurt to the plantar facia. Typically plantar fasciitis ults from repeated injury to the tissue where it attaches to the heelbone. Harmonizing to souza Plantar fasciitis by and large presents as â€Å" a crisp heel hurting that radiates along the underside of the interior of the pes. The hurting is frequently worse when acquiring out of bed in the forenoon. Plantar fasciitis is a painful status of the subcalcaneal facet of the pes ensuing from redness or contracture of the deep facia of the sole with or without calcaneal goad. Plantar fasciitis has been used synonymously with the undermentioned footings: Painful heel syndrome Subcalcaneal bursitis Subcalcaneal hurting Runner ‘s heel Medial arch sprain Harmonizing to Baxter, Plantar fasciitis can happen in smugglers or other jocks who repetitively land on the pes. Plantar fasciitis is an overuse hurt whose incidence histories for 10 % of all running hurts ( Am J Sports Med 1991 ) . Another susceptible group is middle-aged people who spend much clip on their pess. More seldom, the facia becomes inflamed after a individual traumatic event, such as landing incorrect after a leap or running a long hill. The huge bulk ( 95 per centum ) will react to conservative attention and non necessitate surgery. Proper intervention is necessary, nevertheless, to let for continued engagement in athleticss and day-to-day activities, and to avoid chronic harm. Hazard factors: Participants in athleticss that involve some grade of running and jumping, e.g. hoops, tennis, step-aerobics, dancing. Non-athletic people who spend much of each twenty-four hours on their pess. It may look in person who all of a sudden becomes more active after a period of comparative inaction. Runing on difficult land increases the hazard, as does an addition in hill preparation. Worn out trainers increase hazard as they lose their daze soaking up belongingss. Fleshiness increases hazard. There is increased emphasis placed through the facia. Other mechanical hazard factors include level pess ( foots planus ) and holding a high arch ( foots cavus ) . Pregnancy is associated with a impermanent and physiological addition in weight. Hormones besides cause relaxation of ligaments, predisposing to level pess. There may be an association with human leukocyte antigen ( HLA ) B27 associated spondyloarthropathiesres. History: Harmonizing to Bergmann, Heel hurting with the first few stairss in the forenoon and after a period of remainder is the authoritative symptom of plantar fasciitis. The hurting improves with activity but recurs after drawn-out weight bearing, frequently at the terminal of the twenty-four hours. Normally, the hurting is felt in the forepart and underside of the heel, but as the definition of â€Å" plantar fasciitis † indicates, it can be felt in any part of the underside of the pes where the facia is located. Often, patients report that the hurting is preponderantly in the heel but radiates to the arch. If heel hurting is non present, the diagnosing of plantar fasciitis must be questioned. It is of import to find whether the patient ‘s symptoms are acute or chronic. The acute oncoming of symptoms may propose a calcaneal emphasis break, although this hurt besides may be insidious in oncoming. A history of injury could propose an acute plantar facia tear or rupture. Careful history pickings may propose a ground for the oncoming of hurting, which may include recent weight addition or unusual activity, such as get downing a walking or exercising plan or drawn-out standing. Amis and associates found that 70 % of patients who have plantar fasciitis are corpulent. Ailments of combustion and prickling in the pess or heel or both suggest tarsal tunnel syndrome, compaction of the Baxter nervus, peripheral neuropathy, or sciatica. Assorted intercessions used for plantar fasciitis: In general, plantar fasciitis is a self-limiting status. Unfortunately, the clip until declaration is frequently six to 18 months, which can take to frustration for patients and doctors. Rest was cited by 25 per centum of patients with plantar fasciitis in one survey as the intervention that worked best ( Wolgin, Cook, Mauldin, Graham 1994 ) . It is every bit of import to rectify the jobs that place persons at hazard for plantar fasciitis, such as increased sum of weight-bearing activity, increased strength of activity, difficult walking/running surfaces and worn places. Early acknowledgment and intervention normally lead to a shorter class of intervention every bit good as increased chance of success with conservative intervention steps ( Martin, Irrgang, Conti 1998, Reid 1992 ) . Assorted intervention schemes, including orthoses ( Kwong et al. 1988, Gross et Al. 1984, Goulet et Al. 2002, Lynch et Al. 1988 ) , stretching ( Probe et al. 1999, Powell et Al. 1998, DiGiovanni et Al. 2003, Chandler et Al. 1993, Barry et Al. 2002 ) , taping ( Lynch et al. 1988, Scranton et al. 1982 ) , extracorporeal daze moving ridge therapy ( Boddeker et al. 2001, Buchbinder et Al. 2002 ) , laser therapy ( Basford et al. 1998 ) and drug therapy in the signifier of systemic medicine ( Probe et al. 1999 ) , transdermal injection ( Cunnane et al. 1996, Kamel et Al. 2000, Kane et Al. 1998 ) and topical application ( Gudeman et al. 1997, Japour et Al. 1999 ) have been investigated and have shown variable clinical benefit. Taping can be done in many methods but i am more interested in low-dye tape as it is widely used and so i will be discoursing about that technique in item. LOW-DYE Tape: Low-Dye tape is designed to off-load the plantar facia. It is a short term intervention and its off-loading effects vary from patient to patient. However, as a general regulation leave the tape on for a upper limit of 3 yearss, but some might happen it needs to be replaced more often in order remain effectual. If at anytime the tape is uncomfortable, irritates, causes rubing or pins and acerate leafs it should be removed instantly. The tape required is a 1 inch Zn oxide ( stiff strapping ) , most chemist should stock it. Another topographic point to entree it is from www.simplyfeet.co.uk, look under strapping and for Leukoplast ( 2.5cm ) , its costs about ?2.70p per axial rotation ( which should last for 3-4 applications ) How to use the tape 1. The first tape is applied down the outer and interior boundary line of the pes, repetition 3-4 times. Apply adequate tenseness to avoid the tape wrinkling, it needs to be no tighter. 2. The 2nd tape is applied across the bottom of the foot-starting degree with the mortise joint, use the tape across the pes from the exterior to the interior. Over lap the each strap somewhat and maintain traveling until merely before making the ball of the pes. 3. The concluding tape is a procuring tape-apply a piece of tape across the midfoot, at about where the 2nd taping terminals, apply across the top of the pes, but do non encircle the whole pes, as this will be excessively tight. 4. Initially the tape will experience somewhat tight, but this should ease, if it feels uncomfortable at all-remove instantly. Effectss of Low-Dye tape: Offers support for the median longitudinal arch and reduces pronation ( inward peal of the pes ) . Can be used for any status affected by inordinate pronation – Plantar fasciitis, Tibialis Posterior Tendonopathy/Dysfunction, Sinus tarsi syndrome. Literature reappraisal: PF is considered a self-limiting status. However, the typical declaration clip is anyplace from 6-18 months, sometimes longer ( Young, Rutherford, Niedfeldt 2001 ) which can take to defeat on both the portion of the doctor and patient. Most experts agree that early acknowledgment and intervention of PF leads to a shorter class of intervention and greater chance of success with conservative therapies ( Singh, Angel, Bcntk, Trevino 1997 ) . Of the many intervention options available for PF. one of the most effectual is besides the most cardinal – remainder and turning away of worsening activity provides important alleviation. One survey cited remainder as the intervention that worked best for 25percent of PF patients ( Wolgin M. Cook C. Graham C, Mauldin D 1994 ) . Martin et Al. 2001 compared usage orthoses, nonprescription arch supports, and tenseness dark splints in the intervention of plantar fasciitis. Lynch et Al. compared anti-inflammatory therapy, accommodating therapy an d mechanical therapy in the intervention of plantar fasciitis. There are many conservative interventions that are employed to pull off this syndrome. Scientists at the University of Bridgeport Chiropractic College in Calgary, Alberta, conducted an thorough reappraisal of the literature from 1980 to March 2005 on the direction of plantar fasciitis. They concluded that due to legion methodological defects, none of the 15 randomised controlled tests showed once and for all which conservative intervention mode was best for plantar fasciitis ( JCCA ) . Contrast baths ‘ , in which the application of cold and heat to an injured country is alternated, are popularly believed to cut down hydrops ( tissue swelling ) and alleviate uncomfortableness following an hurt ( Sullivan and Anderson 2000 ) . Care of the Young Athlete American Academy of Orthopaedic Surgeons. A spiller of the scientific literature on this subject utilizing Medline exposed merely two articles in this country, and one of the articles was anecdotal in nature, with no strict, controlled testing of the efficaciousness of contrast baths. The other journal article described research carried out at the University of North Carolina in which 30 topics with post-acute sprained mortise joints were assigned to either a cold ( n = 10 ) , heat ( n = 10 ) , or contrast-bath ( n = 10 ) intervention group ( ‘Comparison of Three Treatment Procedures for Minimizing Ankle Sprain Swelling ‘ , Physical Therapy, Vol 68 ( 7 ) , pp1072-1076, 1988 ) . Volumetric measurings of the topics ‘ mortise joints were made in a specially constructed armored combat vehicle, before and after intervention. An addition in the sum of hydrops was really observed with all three interventions, but cold application was associated with the least measure of swelling ; contrast baths were no better than the direct application of heat when it came to commanding swelling. This survey is slightly flawed, since there were no co ntrol persons with whom the individuals using the assorted interventions could be compared. However, the research suggests that there is nil peculiarly advantageous about contrast baths ( particularly when compared with the application of nil but cold ) in the intervention of sprained mortise joints or hydrops in general. Interestingly plenty, there besides does non look to be a individual survey in the scientific literature associating contrast baths with quicker recovery from hurt or with a important lessening in hurting associated with an hurt. Compression is thought to be utile in this stage through tape of the pes. However, while common pattern, there were no surveies found to back up or rebut this claim. But still many researches are being done on utilizing taping presents. Scherer and the Biomechanics Graduate Research Group for 1998 performed a prospective survey in which they treated 73 patients with 118 painful heels with tape, nonsteriodal anti-inflammatory drugs, injections, and stiff orthoses ( 98 % received these orthoses ) . The survey showed that, within 6 hebdomads, about 84 % of the patients had at least 80 % alleviation of symptoms. This survey besides identified a subgroup of 43 heels ( 27patients ) that received merely mechanical therapy with taping or orthoses. Of this group, 90 % had more than 80 % alleviation of symptoms. The writer concluded that mechanical control of midtarsal articulation was the most successful intervention mode for plantar fasciitis. In the recovery stage of rehabilitation, the end is to cut down emphasis on the plantar facia ( J M. ) . Orthotic shoe inserts are thought to supply emphasis alleviation and back up the plantar facia, but a reappraisal of several surveies found them to be inconclusive and contradictory due to methodology, little survey size, or deficiency of long-run followup. There are many conservative interventions which can give better alleviation such as: Frost: Ice massage for over 15 proceedingss for three times a twenty-four hours can give better consequences and diminish the redness. Stretching Heel lifts Supportive places Weight loss Taping Orthotics: Devicess such as gum elastic heel cups, elastic heel inserts can supply alleviation for plantar fasciitis. Night splints: Splints can supply alleviate from plantar fasciitis, but it normally takes more than 12 hebdomads. In an effort to measure the effects of ‘Low-Dye ‘ taping on the pes, eight patients ( nine pess ) with plantar fasciitis were studied utilizing the pedobarograph to look into alterations in pace forms. In add-on, patients completed a questionnaire to measure symptom betterment. Significant alterations between the unfilmed and taped pes were found in regard of force per unit area degrees, countries under the force per unit area clip curves and temporal parametric quantities. The questionnaire revealed subjective betterments in symptoms in eight out of the nine pess studied ( Saxelby, Betts and Bygrave 2004 ) . This article reveals that taping technique can better pace to some extent. The best manner to forestall plantar fasciitis is to understate your hazard factors. Follow the guidelines outlined above for choosing suited and well-constructed places. Progress preparation agendas suitably and work in new environments easy. Keep your calf musculuss strong. Although plantar fasciitis is a prevalent job, small scientific grounds exists refering the most appropriate intercession ( Crawford, Atkins, Edwards 2002 ) . In the book by Rose Macdonald ( 2009 ) , named â€Å" Pocketbook of Taping Techniques By Rose Macdonald † , Functional tape is now recognised as a accomplishment which is indispensable for those involved in the intervention and rehabilitation of athleticss hurts and many other conditions such as musculus instabilities, unstable articulations and nervous control. It incorporates all the basic techniques vital to the pattern of good taping but besides includes chapters on new evidence-based processs written by experts from around the universe. To assistance in the development of these techniques, this pocketbook demonstrates many new methods which may be used as indicated or modified to accommodate the clinical state of affairs. The Key Features in the book are Structured by organic structure part with highly-illustrated descriptions of relevant taping techniques Covers all facets of functional taping New techniques to change musculus activity and proprioception based on scientific grounds. Handy, portable size for easy mention in the field The footing for a systematic reappraisal: Harmonizing to Altmann ( 1999 ) , Systematic reappraisals, in health care, have been described as supplying nonsubjective overviews of all the grounds presently available on a peculiar subject of involvement. Such overviews cover clinical tests in order to set up where effects of health care are consistent and where they may change. This is achieved through the usage of explicit, systematic methods aimed at restricting systematic mistake ( prejudice ) and cut downing the opportunity of consequence ( Higgins and Green 2006 ) . Methodology: Systematic literature reappraisals are a method of doing sense of big organic structures of information, and a agency of lending to the replies to inquiries about what works and what does not- and many other types of inquiry excessively ( Petticrew and Roberts 2006 ) . They are a method of mapping out countries of uncertainness, and placing where small or no relevant research has been done, but where new surveies are needed. Systematic reappraisals are literature reappraisals that adhere closely to a set of scientific methods that explicitly aim to restrict systematic mistake ( prejudice ) , chiefly by trying to place, appraise and synthesise all relevant surveies in order to reply a peculiar inquiry. Definition of systematic reappraisal: A reappraisal that strives to comprehensive identify, appraise, and synthesise all the relevant surveies on a given subject. Systematic reappraisals are frequently used to prove merely a individual hypothesis, or a series of related hypotheses ( Petticrew and Roberts 2006 ) . Systematic reappraisals provide information about the effectivity of intercessions by placing, measuring, and summarizing the consequences of otherwise unwieldy measures of research ( Light and Pillemer 1984, Mulrow 1994 ) . A reappraisal of the grounds on a clearly formulated inquiry that uses systematic and expressed methods to place, choose and critically measure relevant primary research, and to pull out and analyze informations from the surveies that are included in the reappraisal. Statistical methods ( meta-analysis ) may or may non be used. Systematic reappraisals are defined, harmonizing to the Cochrane coaction, as scientific literature reviews aimed at replying clearly formulated inquiries by usage of systematic and expressed methods for identifying, selecting, and critically measuring relevant research, and for roll uping and analyzing informations from the literature included in the reappraisal ( The Cochrane coaction. During a systematic reappraisal, meta-analysis may be used as a statistical tool for analyzing and summarizing the consequences of the included surveies ( Green and Higgins 2005 ) . In order to carry through this map, a systematic reappraisal should: ( I ) present a synthesis of the acquired cognition sing one peculiar clinical inquiry derived from all relevant surveies that are identifiable at one point in clip, ( two ) identify the degree of internal cogency and the subsequent possible systematic mistake hazard associated with the acquired cognition and ( three ) provide recommendations for bettering any identified defect related to internal cogency, for farther research. Owing to go on farther research, systematic reappraisals should besides supply continued updates of their synthesis Quality appraisal: The procedure of measuring the methods and consequences of each survey is frequently referred to as critical assessment, and sometimes as â€Å" measuring survey quality † . In a systematic reappraisal, this exercising aims to find whether the survey is equal for replying the inquiry. Measuring survey quality ( Petticrew and Roberts 2006 ) is frequently used as a stenography to intend â€Å" internal cogency † – that is, the extent to which a survey is free from the chief methodological prejudices ( such as choice prejudice, response prejudice, abrasion prejudice, and observer prejudice ) . Critical assessment of the methodological quality of primary surveies is an indispensable characteristic of systematic reappraisals ( Juni, Altman and Matthias 2001 ) . As a consequence this chapter will see the quality of each of the included surveies through the procedure known as quality appraisal. Any identified reappraisals should be critically appraised for quality utilizing a checklist ( Greenhalgh 1997, Oxman and Guyatt 1988 ) . In general, a good reappraisal should concentrate on chiseled inquiries and the reappraisal methodological analysis should be geared towards obtaining a valid reply. The referees should do a significant attempt to seek for all the literature relevant to the inquiry. The standard for choosing or rejecting surveies should be appropriate so that the included surveies are utile in straight turn toing the inquiry. In add-on, the methodological criterion of these surveies should be high plenty to do the proviso of a valid reply more likely. The procedure of measuring survey relevancy and quality should be unbiased, consistent and transparent. If these procedures are non good documented, assurance in the consequences and illations of a reappraisal is weakened. The reappraisal should clearly expose the consequences of all included surveies foregrounding an y similarities or differences between surveies and research the grounds for any fluctuations. In visible radiation of these consequences, and sing the populations, intercessions and results covered by the reappraisal, it should be possible to do a opinion about the pertinence and value of the reappraisal ‘s findings. Systematic Review Procedure: Scoping reappraisal: A scoping reappraisal involves a hunt of the literature to find what kinds of surveies turn toing the systematic reappraisal inquiry have been carried out, where they are published, in which databases they have been indexed, what sorts of results they have assessed, and in which populations ( Petticrew and Roberts 2006 ) . It may include restricted hunts across a limited figure of cardinal databases, limited to a certain clip period, and possibly restricted by linguistic communication. This can assist be a reappraisal for the intent of pulling up a support proposal, and can assist with gauging how long it is likely to take, and what mix of accomplishments might be needed to transport it out. From the below systematic reappraisal on effectivity of low dye taping in the direction of plantar fasciitis we can see that one relevant survey has been found which involves effectivity of taping in the direction of plantar fasciitis but that differs from the current systematic reappraisal as it did non affect low dye taping which is the cardinal factor of the undergoing reappraisal and this reappraisal is based on lone effectivity of low dye taping and non taping in broader context. Study Selection Criteria: The purpose of survey choice is to place those articles that help to reply the inquiries being addressed by the reappraisal. It is of import that this choice of articles is free from prejudices, which occur when the determination to include or except certain surveies may be affected by pre-formed sentiments ( IOxman and Stachenko 1992, Slavin 1995, Goodman 1993, Clarke and Oxman 2000, Cooper and Ribble 1989, Oxman and Guyatt 1993 ) . It is indispensable that determinations about the inclusion or exclusion of surveies are made harmonizing to predetermined written standards stated in the protocol. Both inclusion and exclusion standards should follow logically from the reappraisal inquiry. If the reappraisal aims to reply a inquiry about effectivity, the inquiry can be framed utilizing a theoretical account called PICO-Population, intercession, comparing, result ( Booth and Fry-Smith 2005 ) . The reappraisal inquiry in this systematic reappraisal will be is low dye taping effectual in the direction of plantar fasciitis? Inclusion Standards: This involves the key points which will be involved while carry oning the systematic reappraisal. Population: Patients holding plantar fasciitis. Adults age 18 and supra. Study designs: Randomised controlled tests quasi-randomised controlled tests Controlled tests Intervention: Low -dye tape. Comparisons: No intervention Orthoses Injections Medicines Ultrasound Results: Primary results: Pain alleviation. Gait betterment Secondary results: Relieve force per unit area points. Reduce swelling if present. Exclusion Standards: This include the points which will be excluded while carry oning the systematic reappraisal. Population: Patients holding other heel strivings or any abnormalcy like limb length disagreement and disablement. And patients who do non come in big age group for illustration kids. Intervention: Other types of taping similar high dye taping and many more. Results: Merely surveies that meet all of the inclusion standards and none of the exclusion standards should be included in a reappraisal. The standards should be piloted to look into that they can be faithfully interpreted and that they classify the surveies suitably. As the inclusion standards finally determine which surveies will be included in the reappraisal, it is inevitable that argument and treatment will take topographic point as to how wide or narrow these standards should be. The pertinence of the consequences of the reappraisal may be reduced when standards are narrowly defined. Identifying the Relevant Literature: The purpose of the hunt is to bring forth as comprehensive a list as possible of primary surveies, both published and unpublished, which may be suited for replying the inquiries posed in the reappraisal ( Goodman 1993, Clarke and Oxman 2000, Counsell 1999 ) . Designation of relevant surveies by a thorough, indifferent hunt scheme is important. This is because the cogency of the reappraisal findings is straight related to the fullness of the hunt used to capture the relevant surveies. The thoroughness of the literature hunt is one factor that distinguishes systematic reappraisals from traditional reappraisals. It is besides of import to guarantee that the procedure of placing surveies is as thorough and indifferent as possible ( Easterbrook 1991 ) . There are many beginnings of information to see, but a hunt of electronic databases is frequently the chief starting point. Accoridng to Dickersin ( 1990 ) , Dickersin, Min and Meinert ( 1992 ) , a scope of cultural, academic, personal and editorial factors play a function in the publication or non-publication of research. As most of the esteemed diaries use English, there may be a inclination for the publication of studies in English by research workers whose first linguistic communication is non English to be linked to the significance of survey consequences ( Egger, Zellweger-Zahner, Schneider, Junker, Lengeler, and Antes 1997 ) . It is of import to be cognizant of the scope of possible prejudices ( Egger and Smith 1998 ) , and to utilize a assortment of hunt methods ( both computerised and manual ) to guarantee as comprehensive and unbiased a hunt as possible. Generating a hunt scheme: It should be clear from the reappraisal inquiry and from the inclusion/exclusion standards what types of surveies need to be identified. Effective searching is a accomplishment and it is extremely desirable to affect an information expert who can plan and put to death sensitive ( and perchance complex ) hunt schemes. Some cardinal beginnings of published and on-going reappraisals The Cochrane Library It has three databases of published and on-going systematic reappraisals: aˆ? The Cochrane Database of Systematic Reviews ( CDSR ) Contains the full text of on a regular basis updated systematic reappraisals of the effects of wellness attention carried out by the Cochrane Collaboration, plus protocols for reappraisals presently in readying. aˆ? Database of Abstracts of Reviews of Effectiveness ( DARE ) Critical assessments of systematic reappraisals non published in the CDSR. These reappraisals are identified by regular searching of bibliographic databases, manus searching of cardinal major medical diaries, and by scanning gray literature. ( DARE is besides available free at hypertext transfer protocol: //www.york.ac.uk/inst/crd ) aˆ? Health Technology Assessment ( HTA ) Database Abstractions of completed engineering appraisals and ongoing undertakings being conducted by members of the International Network of Agencies for Health Technology Assessment ( INAHTA ) and other health care engineering bureaus. ( The database is besides available free at hypertext transfer protocol: //www.york.ac.uk/inst/crd ) Selected Internet sites and indexes ( concentrating on clinical effectivity ) aˆ? TRIP – hypertext transfer protocol: //www.tripdatabase.com aˆ? Health services/technology appraisal text ( HSTAT ) – hypertext transfer protocol: //text.nlm.nih.gov/ aˆ? National Coordinating Centre for Health Technology Assessment – hypertext transfer protocol: //www.hta.nhsweb.nhs.uk/ aˆ? ARIF assessments – hypertext transfer protocol: //www.bham.ac.uk/arif/enqscomp.htm aˆ? NICE assessments – hypertext transfer protocol: //nice.org.uk/nice-web/cat.asp? c=153 aˆ? SIGN guidelines – hypertext transfer protocol: //www.show.scot.nhs.uk/sign/home.htm General databases aˆ? MEDLINE, EMBASE, CINAHL, PsycLIT and others Research workers aˆ? Personal contact with experts in the field Research in advancement aˆ? National Research Register ( NRR ) – hypertext transfer protocol: //www.update-software.com/national/nrrframe. Html. The development of a hunt scheme is an iterative procedure: one effort will seldom bring forth the concluding scheme. Schemes are built up from: a series of test hunts ; treatments of the consequences of those hunts within the reappraisal squad ; and audience with experts in the field to guarantee that all possible relevant hunt footings are covered. Harmonizing to Petticrew and Roberts 2006, the properties of a hunt scheme can be described in footings of sensitiveness or callback ( ability to place relevant articles ) , and specificity or preciseness ( ability to except irrelevant articles ) . Searches with high sensitiveness tend to hold low specificity, in that a big proportion of articles they retrieve are non relevant to the inquiry posed. Sensitivity ( callback ) Sensitivity is the proportion of relevant articles identified by a hunt scheme expressed as a per centum of all relevant articles on a given subject. It is a step of the fullness of a hunt method, i.e. its ability to place all relevant articles on a given subject. Highly sensitive schemes tend to hold low degrees of preciseness and frailty versa. Specificity ( preciseness ) Preciseness is the proportion of relevant articles identified by a hunt scheme expressed as a per centum of all articles ( relevant and irrelevant ) identified by that method. It is a step of the ability of a hunt to except irrelevant articles. Searchs for relevant surveies can be undertaken ab initio utilizing electronic databases ( see below ) , but this alone is deficient. A thorough hunt will normally include hunts in a figure of beginnings of relevant literature. Beginnings of research grounds aˆ? Electronic bibliographic databases aˆ? Reference lists from relevant primary and reappraisal articles aˆ? Diaries, gray literature and conference proceedings aˆ? Research registries aˆ? Research workers and makers aˆ? The Internet. Constructing an effectual combination of hunt footings for seeking electronic databases requires a structured attack. One such attack involves interrupting down the reappraisal inquiry into ‘facets ‘ , such as population, intercessions, results and survey designs ( Counsell 1998 ) . The hunt term used for this systematic reappraisal were as follows: Low-dye taping Plantar fasciitis Management of plantar fasciitis Taping in Plantar fasciitis Effectiveness of taping in plantar fasciitis The group of hunt footings covering each aspect of the reappraisal inquiry should include a scope of textwords ( free text ) in the rubric and abstract of surveies every bit good as any available capable indexing footings that are assigned by the database manufacturer. The concluding hunt schemes will be developed by an iterative procedure in which groups of footings are used, possibly in several substitutions, to place the combination of footings that seems most sensitive in placing relevant surveies. This requires skilled version of hunt schemes based on a cognition of the capable country, the capable headers and the combination of ‘facets ‘ which best gaining control the subject ( Lowe and Barnett 1994 ) . One of import ‘facet ‘ of the hunt scheme can be the survey design ( s ) on which the reappraisal is concentrating, for illustration randomised controlled tests ( RCTs ) . To place published and unpublished RCTs and controlled tests, there are specialist aggregations such as the Cochrane Controlled Trials Register ( CCTR ) and research registries of ongoing tests such as Current Controlled Trials ( Current Controlled Trials Ltd. 2000 ) . Electronic databases: Electronic databases typically contain bibliographic inside informations and ( often ) abstracts of published stuff every bit good as thesaurus-derived indexing footings, which can be used to seek for relevant articles. There are many potentially utile databases and ushers to databases which can be consulted ( Lyon 1991, Armstrong 1993 ) . Some of import databases of research grounds: Medline Bibliographic records and abstracts of biomedical literature from 1966 onwards. EMBASE Records of biomedical literature from 1974 onwards. CINAHL ( Cumulative Index to Nursing and Allied Health Literature ) Records of literature on all facets of nursing and allied wellness subjects. PsycInfo Records of research in psychological science and related behavioural and societal scientific disciplines from 1967. Selected databases with a specific focal point CCTR ( The Cochrane Controlled Trials Register ) Records of randomised controlled tests and controlled clinical tests in health care identified through the work of the Cochrane Collaboration including big Numberss of records from MEDLINE and EMBASE every bit good as much stuff non covered by these databases. NHS EED ( NHS Economic Evaluation Database ) Structured abstracts of economic ratings of wellness attention intercessions identified by regular searching of bibliographic databases, and manus searching of cardinal diaries. Conference Papers Index Records of conference presentations. Pedro: The physical therapy grounds database. General medical databases such as MEDLINE and EMBASE can be a helpful get downing point in developing a hunt scheme. These databases cover many of the same diaries and the extent of the convergence has been estimated to be about 34 % ( Smith, Darzins, Quinn and Heller 1992 ) . How to cite Plantar Fasciitis As Foot Complaint Health And Social Care Essay, Essay examples

Fmcg Sector free essay sample

An analysts evaluates the stocks based on different parameter like fundamentals of the company i. e. earnings of the company, P/E dividend yield and many more things. The report also include the distinguish feature of FMCG as compared to other sector and a well-defined conclusion OBJECTIVE OF STUDY * To know about the FCMG industry and how it is contributing towards Indian economy * To find out how the judgment is taken by the analyst on the basis of fundamental analysis of the company. * To guide investors for selecting industry by which they can able to make returns from the amount invested in that company. To analyze the ratios of selected company to find out financial condition of selected companies RESEARCH METHODOLOGY Research methodology is a way to systematically solve the research problem. The research methodology is used to find out the solution of the research problem of analytical research methodology and some extend descriptive research methodology. * Primary Data * Primary data collect by discussing with my guide and other staff of the company. * Observation * Secondary Data The sources of secondary data to solve the problems are:- * Company Annual Report Company Internal Data * Internet-Websites Introduction of FMCG sector in India What is Fast Moving Consumer Goods (FMCG)? Products which have a quick turnover, and relatively low cost are known as Fast Moving Consumer Goods (FMCG). FMCG products are those that get replaced within a year. Examples of FMCG generally include a wide range of frequently purchased consumer products such as toiletries, soap, cosmetics, tooth cleaning products, shaving products and detergents, as well as other non-durables such as glassware, bulbs, batteries, paper products, and plastic goods. FMCG may also include pharmaceuticals, consumer electronics, packaged food products, soft drinks, tissue paper, and chocolate bars. Subsets of FMCGs are Fast Moving Consumer Electronics which include innovative electronic products such as mobile phones, MP3 players, digital cameras, GPS Systems and Laptops. These are replaced more frequently than other electronic products. White goods in FMCG refer to household electronic items such as Refrigerators, T. Vs, Music Systems, etc. In 2005, the Rs. 48,000-crore FMCG segment was one of the fast growing industries in India. According to the AC Nielsen India study, the industry grew 5. 3% in value between 2004 and 2005. INDIAN FMCG SECTOR The Indian FMCG sector is the fourth largest in the economy and has a market size of US$13. 1 billion. Well-established distribution networks, as well as intense competition between the organized and unorganized segments are the characteristics of this sector. FMCG in India has a strong and competitive MNC presence across the entire value chain. It has been predicted that the FMCG market will reach to US$ 33. 4 billion in 2015 from US $ billion 11. 6 in 2003. The middle class and the rural segments of the Indian population are the most promising market for FMCG, and give brand makers the opportunity to convert them to branded products. Most of the product categories like jams, toothpaste, skin care, shampoos, etc. , in India, have low per capita consumption as well as low penetration level, but the potential for growth is huge. The Indian Economy is surging ahead by leaps and bounds, keeping pace with rapid urbanization, increased literacy levels, and rising per capita income. The big firms are growing bigger and small-time companies are catching up as well. According to the study conducted by AC Nielsen, 62 of the top 100 brands are owned by MNCs, and the balance by Indian companies. Fifteen companies own these 62 brands, and 27 of these are owned by Hindustan Lever. Pepsi is at number three followed by Thums Up. Britannia takes the fifth place, followed by Colgate (6), Nirma (7), Coca-Cola (8) and Parle (9). These are figures the soft drink and cigarette companies have always shied away from revealing. Personal care, cigarettes, and soft drinks are the three biggest categories in FMCG. Between them, they account for 35 of the top 100 brands. Exhibit I THE TOP 10 COMPANIES IN FMCG SECTOR IN INDIA SR. NO. | COMPANIES| 1| HINDUSTAN UNILEVER LTD. | 2| ITC ( INDIAN TOBACCO COMPANY)| 3| NESTLE INDIA| 4| AMUL| 5| DABUR INDIA| 6| ASIAN PAINTS ( INDIA )| 7| CADBURY INDIA| 8| BRITANNIA INDUSTRIES| 9| PROCTERAND GAMBLE HYGIENE AND HEALTH CARE| 10| MARICO INDUSTRIES| | | The companies mentioned in Exhibit I, are the leaders in their respective sectors. The personal care category has the largest number of brands, i. e. , 21, inclusive of Lux, Lifebuoy, Fair and Lovely, Vicks, and Ponds. There are 11 HLL brands in the 21, aggregating Rs. ,799 crore or 54% of the personal care category. Cigarettes account for 17% of the top 100 FMCG sales, and just below the personal care category. ITC alone accounts for 60% volume market share and 70% by value of all filter cigarettes in India. The foods category in FMCG is gaining popularity with a swing of launches by HLL, ITC, Godrej, and others. This category has 18 major brands, aggregating Rs. 4 ,637 crore. Nestle and Amul slug it out in the powders segment. The food category has also seen innovations like softies in ice creams, chapattis by HLL, ready to eat rice by HLL and pizzas by both GCMMF and Godrej Pillsbury. This category seems to have faster development than the stagnating personal care category. Amul, Indias largest foods company has a good presence in the food category with its ice-creams, curd, milk, butter, cheese, and so on. Britannia also ranks in the top 100 FMCG brands, dominates the biscuits category and has launched a series of products at various prices. In the household care category (like mosquito repellents), Godrej and Reckitt are two players. Goodknight from Godrej is worth above Rs 217 crore, followed by Reckitts Mortein at Rs 149 crore. In the shampoo category, HLLs Clinic and Sunsilk make it to the top 100, although Pamp;Gs Head and Shoulders and Pantene are also trying hard to be positioned on top. Clinic is nearly double the size of Sunsilk. Dabur is among the top five FMCG companies in India and is an herbal specialist. With a turnover of Rs. 19 billion (approx. US$ 420 million) in 2005-2006, Dabur has brands like Dabur Amla, Dabur Chyawanprash, Vatika, Hajmola and Real. Asian Paints is enjoying a formidable presence in the Indian sub-continent, Southeast Asia, Far East, Middle East, South Pacific, Caribbean, Africa and Europe. Asian Paints is Indias largest paint company, with a turnover of Rs. 22. 6 billion (around USD 513 million). Forbes Global magazine, USA, ranked Asian Paints among the 200 Best Small Companies in the World Cadbury India is the market leader in the chocolate confectionery market with a 70% market share and is ranked number two in the total food drinks market. Its popular brands include Cadburys Dairy Milk, 5 Star, Eclairs, and Gems. The Rs. 15. 6 billion (USD 380 Million) Marico is a leading Indian group in consumer products and services in the Global Beauty and Wellness space. Outlook There is a huge growth potential for all the FMCG companies as the per capita consumption of almost all products in the country is amongst the lowest in the world. Again the demand or prospect could be increased further if these companies can change the consumers mindset and offer new generation products. Earlier, Indian consumers were using non-branded apparel, but today, clothes of different brands are available and the same consumers are willing to pay more for branded quality clothes. Its the quality, promotion and innovation of products, which can drive many sectors. PERFORMANCE OF FMCG SECTOR IN INDIA Sector Funds or Thematic Funds – A lot of advisors are negative on sectoral funds, but I don’t know the reason why they are negative particularly in case of FMCG mutual funds. The Indian Fast Moving Consumer Goods (FMCG) sector is booming from last several years and given steady returns to its investors despite slowdown in the economy. The India Brand Equity Foundation (IBEF) estimates a total market size in excess of US$13. billion for FMCG industry in 2012. FMCG sector has several multinational players with strong presence in India such as Nestle, Procter and Gamble, Gillette, etc. There is stiff competition among domestic companies, unorganized segment and MNC companies to increase their sales year-on-year, due to which they operate on low operational cost and margins SENSEX vs. BSE FMCG Index FMCG sector is performing well due to strong characteri stics and dependence on consumption in domestic market. The returns table (above) portraits that it registered lower drop in 2008 i. . during slowdown in the economy. The performance of FMCG sector was laggard in 2009 when economy was recovering and major sectors started performing well contributing to growth in SENSEX. However, performance of BSE FMCG index in 2010 was outstanding on back of fiscal stimulus but got hit again in 2011 due to European debt crisis and domestic reasons. In 2011, SENSEX was volatile and gave negative returns of -25% at end of year whereas; FMCG is the only sector which gave strong returns of 9% in 2011 Fundamental Analysis Fundamental analysis is a method used to determine the value of a stock by analyzing the financial data that is fundamental to the company. That means that fundamental analysis takes into consideration only those variables that are directly related to the company itself, such as its earnings, its dividends, and its sales. Fundamental analysis does not look at the overall state of the market nor does it include behavioral variables in its methodology. It focuses exclusively on the companys business in order to determine whether or not the stock should be bought or sold. Critics of fundamental analysis often charge that the practice is either irrelevant or that it is inherently flawed. The first group, made up largely of proponents of the efficient market hypothesis, say that fundamental analysis is a useless practice since a stocks price will always already take into account the companys financial data . In other words, they argue that it is impossible to learn anything new about a company by analyzing its fundamentals that the market as a whole does not already know, since everyone has access to the same financial information. The other major argument against fundamental analysis is more practical than theoretical. These critics charge that fundamental analysis is too unscientific a process, and that its difficult to get a clear picture of a companys value when there are so many qualitative factors such as a companys management and its competitive landscape. However, such critics are in the minority. Most individual investors and investment professionals believe that fundamental analysis is useful, either alone or in combination with other techniques. If you decide that fundamental analysis is the method for you, youll find that a companys financial statements (its income statement, its balance sheet and its cash flow statement) will be indispensable resources for your analysis . And even if youre not totally sold on the idea of fundamental analysis, its probably a good idea for you to familiarize yourself with some of the valuation measures it uses since they are often talked about in other types of stock valuation techniques as well. Fundamental analysis serves to answer questions ,such as: Is the company’s revenue growing? * Is it actually making a profit? * Is it in a strong – enough position on beat out its competitors in the future? * Is it able to repay its debts? * Is management trying to cook the books ? These are very involved questions, and there are literally hundreds of others we might have about a company. It all really boils down to one question: is the company’s stock a good investment? Think o f fundamental analysis as a toolbox to help answer this question. The term fundamental analysis is used most often in the context of stocks, ut we can perform fundamental analysis on any security, from a bond to a derivative. As long as we look at the economic fundamentals, we are doing fundamentals analysis. For the purpose of this project fundamental analysis is referred to in the context of stocks. Fundamentals: Quantitative and Qualitative We could define fundamental analysis as â€Å"researching the fundamentals†, but that doesn’t tell us a whole lot unless we know what fundamentals are. As mentioned in the introduction, the big problem with defining fundamentals is that it can include anything related to the economic well-being of a company. Obvious items include things like revenue and profits, but fundamentals also include everything from company’s market share to the quality of its management. Quantitative meets Qualitative: Neither Qualitative nor Quantitave analysis is inherently better than the other. Instead, many analysts consider qualitative factors in conjunction with the hard, quantitative factors. Take the coca-cola company, for example. When examining its stock , an analyst might look at the stock’s annual dividend payout, earnings per share, P/E ratio and many other quantitative factors. However, no analysis of coca-cola would be complete without taking into account its brand recognition. Anybody can start a company that sells sugar and water, but few companies on earth recognized by billions of people. It’s tough to put our finger on exactly what the coke brand is worth, but we can be sure that it’s an essential ingredient contributing to the company’s ongoing success. RATIO VALUATION Financial ratios are mathematical calculations using figures mainly from the financial statements, and they are used to gain an idea of a company’s valuation and financial performance. Some of the most well-known valuation are price to earning and price to book. Each valuation ratio uses different measures in its calculations. For example, price to book compares the price per share to the company’s book value. The calculations produced by the valuation ratios are used to gain some understanding of the companyls value. The ratios are compared on an absolute basis. In which there are threshold values. For example, in price-to-book, companies trading below ‘1’ are considered undervalued. Valuation ratios are also compared to the historical values of the ratios for the company, along with comparisons to competitors and the overall market itself. INDIAN TOBACCO COMPANY ITC Ltd. is the largest tobacco company in India. It enjoys the leadership position in the Indian cigarette market with a market share of 80% in terms of value. It is the owner of several renowned brands like Bristol, India Kings, Classic, Gold Flake, Navy Cut, Berkeley and Insignia. The company has over the last few years taken steps to establish itself in other FMCG categories. It has expanded its presence to foods, personal care and lifestyle retailing spaces. It also owns the second largest hotel group in India, accounting for 3000 rooms in the luxury segment. Further, it is also present in Paper and paperboard, and agri-business segments which provide backward integration benefits for its other businesses. The table given below gives the 5 broad business segments of the companies As seen from the graphs given below, Cigarettes contribute close to 65% of ITC’s total gross revenues however owing to the high incidence of taxes, this segment amounts to ~50% of the revenue on a net basis. FMCG others segment has gradually increased its contribution over the years and is expected to be a major growth driver in the coming years. PROFIT AND LOSS STATEMENT OF COMPANY Performance of business segments ITC dominates the cigarette market with close to 80% market share in terms of value and around 70% market share by volume. The nearest competitor is Godfrey Phillips with a 10% value market share and VST Industries with a 5% market share. It owns some of the most popular and valuable brands like Wills Filter, Gold Flake Filter, Classic, India Kings, Scissors, Capstan and Bristol present across the different cigarette segments. Leadership position and strong brands have enabled the company to pass on the excise duty hikes carried out by the government to its customers. Over the past eight years, ITC has raised its gross realization per stick by 10. 8% CAGR, ahead of excise duty increase of 7. 1% CAGR. KEY FINANCIAL RATIOS Particulars| Mar’ 12| Mar’ 11| Mar’10| INVESTMENT VALUATION RATIOS| | | | Face Value| 1| 1| 1| Dividend Per share| 4. 50| 4. 45| 10| | | | | Profitability Ratios| | | | Operating profit margin ( % )| 35. 55| 34. 08| 33. 02| Net profit Margin| 23. 97| 22. 91 | 21. 30| Return on Net worth| 32. 88| 31. 36| 28. 98| | | | | Liquidity Ratios| | | | Debt Equity Ratio| | 0. 01| 0. 01| | | | | Management Efficiency Ratios| | | | Inventory Turnover Ratio| 6. 53| 6. 05| 6. 04| Debtors turnover Ratio| 26. 50| 23. 91| 24. 31| Working Capital Turnover Ratio| | 25. 78| -26. 29| | | | | | | | | Cash Flow Indicator Ratio| | | | Dividend Payout Ratio| 0. 57| 0. 69| 0. 94| Sales Growth %| 15. 06| 16. 04| 13. 56| Earnings Per share| 7. 88| 6. 45| 10. 64| | | | | | | | | | | | | HINDUSTAN UNILEVER LIMITED Hindustan Unilever (HUL) is the largest fast moving consumer goods (FMCG) company, a leader in home amp; personal care products and foods amp; beverages. HULs brands are spread across 20 distinct consumer categories, touching lives of every 2 out of 3 Indian. It has employee strength over 15000 amp; 1200 managers. It has created widespread network through its 2000 suppliers amp; associates. There 75 manufacturing locations in India itself. It caters its wide range of products to 6. 3million outlets. It has market capitalization of 11. 5billion. Brands Home amp; personal care:- Under this it has brands that caters to every income segment of population. In this segment it has brands like Lakme, Axe, Pepsodent, Surf Excel, Wheel, Lux, Dove, Fair amp; Lovely amp; many more. Foods amp; Beverages:-Under this segment it has brand like Kissan, Knnor Soups, Annapurna, Kwality Walls, Brooke Bond amp; Lipton. It has also launch water purifier with the name Pureit. The FMCG market is set to treble from $11. 6 billion in 2003 to $33. 4 billion in 2015. Penetration level as well as per capita consumption in most product categories like jams, toothpaste, skin care, hair wash, etc in India is low indicating the untapped market potential. Companies present in FMCG segment like HUL, Dabur, ITC, Godrej amp; many more have potential to acquire market share. KEY FINANCIAL RATIOS PARTICULARS| Mar’12| Mar’11| Mar’10| INVESTMENT VALUATION RATIOS| | | | Face Value| 1| 1| 1| Dividend Per Share| 7. 5| 6. 5| 6. 5| | | | | PROFITABILITY RATIOS| | | | Operating Profit Margin ( %)| 14. 88| 13. 53| 15. 74| Net profit Margin (%)| 12. 01| 11. 56| 12. 29| Return on Net Worth (%)| 76. 61| 87. 57| 85. 25| | | | | LIQUIDITY RATIO| | | | Debt Equity Ratio| | | | | | | | MANAGEMENT EFFICIENCY RATIOS| | | | Inventory Turnover Ratio| 9. 21| 7. 91| 8. 99| Debtors Turnover Ratio| 27. 27| 24. 28| 29. 24| Working Capital Turnover Ratio| | -17. 98| -15. 91| | | | | CASH FLOW INDICATOR RATIOS| | | | Dividend Payout Ratio| 0. 60| 0. 61| 0. 64| Sales Growth %| 12. 4%| 11. 57 %| -15. 80 %| Earnings Per Share| 12. 45| 10. 68| 10. 09| NESTLE INDIA Nestle India is a subsidiary of Nestle S. A. , headquartered at Vevey, Switzerland. Globally, Nestle (website: www. nestle. com) is a leading nutrition, health and wellness company. The original parent company was founded in 1905 as a result of a merger of two companies namely †“ ‘Anglo-Swiss Milk Company’ for milk products and the ‘Farine Lactee Henri Nestle Company’. The former of the two was established in 1866 by the Page Brothers in Cham, Switzerland and the later was established in 1866 by Henri Nestle to provide an infant food product. Even during the early 1900s ‘The Nestle Anglo-Swiss Condensed Milk Company (Export) Limited’ used to import products to India but the formal journey of Nestle India started only in 1959. Today with popular brands like NESCAFE, MAGGI, MILKYBAR, MILO, KIT KAT, BAR-ONE, MILKMAID and NESTEA under its belt Nestle is a well-known name in India. Nestle India is a subsidiary of Nestle S. A. of Switzerland. Nestle India manufactures a variety of food products such as infant food, milk products, beverages, prepared dishes amp; cooking aids, and chocolates amp; confectionary. Some of the famous brands of Nestle are NESCAFE, MAGGI, MILKYBAR, MILO, KIT KAT, BAR-ONE, MILKMAID, NESTEA, NESTLE Milk, NESTLE SLIM Milk, NESTLE Fresh n Natural Dahi and NESTLE Jeera Raita. Nestle was founded in 1867 in Geneva, Switzerland by Henri Nestle. Nestles first product was Farine Lactee Nestle, an infant cereal. In 1905, Nestle acquired the Anglo-Swiss Condensed Milk Company. Nestles relationship with India started 1912, when it began trading as The Nestle Anglo-Swiss Condensed Milk Company (Export) Limited, importing and selling finished products in the Indian market. After independence, in response to the then economic policies, which emphasized local production, Nestle formed a company in India, namely Nestle India Ltd, and set up its first factory in 1961 at Moga, Punjab, where the Government wanted Nestle to develop the milk economy. In Moga, Nestle educated and advised farmers regarding basic farming and animal husbandry practices such as increasing the milk yield of the cows through improved dairy farming methods, irrigation, scientific crop management practices etc. Nestle set up milk collection centres that ensured prompt collection and paid fair prices. Thus, Nestle transformed Moga into a prosperous and vibrant milk district. In 1967, Nestle set up its next factory at Choladi (Tamil Nadu) as a pilot plant to process the tea grown in the area into soluble tea. Nestle opened its third factor in Nanjangud (Karnataka) in 1989. Thereafter, Nestle India opened factories in Samalkha (Haryana), in 1993 and two in Goa at Ponda, and Bicholim in 1995 and 1997 respectively. Nestle India is now putting up the 7th factory at Pant Nagar in Uttarakhand. Today, Nestle is the worlds largest and most diversified food company. It has around 2,50,000 employees worldwide, operated 500 factories in approximately 100 countries and offers over 8,000 products to millions of consumers universally. Nestle India Ltd, one the biggest players in FMCG segment, has a presence in milk amp; nutrition, beverages, prepared dishes amp; cooking aids amp; chocolate amp; confectionery segments. The company is engaged in the food business. The food business incorporates product groups, such as milk products and nutrition, beverages, prepared dishes and cooking aids, chocolates and confectionery. Nestle India manufactures products under brand names, such as Nescafe, Maggi, Milkybar, Milo, Kit Kat, Bar-One, Milkmaid and Nestea. The company has also introduced products of daily consumption and use, such as Nestle Milk, Nestle Slim Milk, Nestle Fresh n Natural Dahi and Nestle Jeera Raita. The companys brands include milk products and nutrition, prepared dishes and cooking aids, beverages, and chocolates and confectionery. Their milk products and nutrition includes Nestle Everyday Dairy Whitener, Nestle Everyday Ghee, Nestle Milk, Nestle Slim Milk and Nestle Dahi. Beverages Include Nescafe Classic, Nescafe Sunrise Premium, Nescafe Sunrise Special and Nescafe Cappuccino. Nestle India is a subsidiary of Nestle S. A. During the year, Maggi further leveraged their strengths to drive affordable nutrition and launched two new products, namely, Maggi Rasile Chow and Maggi Masala-ae-Magic. They launched Nestle Kitkat in a new unique single finger format and Nestle Much Guru pack at the higher price point. The company acquired the Healthcare Nutrition business of Speciality Foods India Pvt Ltd with effect from January 1, 2010. In the year 2010, the company expanded the installed capacity of Milk Products and Nutrition by 3,983 MT to 147,546 MT. Also, they increased the installed capacity of Prepared Dishes amp; Cooking aids by 14,028 MT to 205,017 MT. In the year 2011, the company increased the installed capacity of Milk Products amp; Nutrition by 14,561 MT to 162,107 MT, Prepared dishes amp; Cooking aids by 21,430 MT to 226,447 MT and Chocolate amp; Confectionery by 3,283 MT to 36,052 MT. KEY FINANCIAL RATIOS Particulars| Dec 11| Dec 10| Dec09| INVESTMENT VALUATION RATIOS| | | | Face value| 10| 10| 10| Dividend per share| 48. 5| 48. 5| 48. | | | | | PROFITABILITY RATIOS| | | | Operating Profit Margin ( % )| 20. 53 %| 19. 91 %| 19. 74 %| Net profit Margin| 12. 75 %| 13 %| 12. 67 %| Return on net worth| 75. 47 %| 95. 70%| 112. 68 %| | | | | LIQUIDITY RATIOS| | | | Debt Equity Ratio| 0. 76| | | | | | | MANAGEMENT EFFICIENCY RATIO| | | | Inventory Turnover Ratio| 11. 6 | 12. 33| 11. 61| Debtors Turnover Ratio | 83. 83| 98. 22| 93. 68| Working Capital Turnover | -8. 47| -9. 53| -8. 60| | | | | CASHFLOW INDICATORS RATIOS| | | | Dividend payout ratio | 0. 05| 0. 06| 0. 07| Sales growth| 19. 66| 21. 75| 18. 79| Earnings Per Share| 99. 3| 84. 91| 67. 94| Price to earnings Ratio ( P/E)| | | | Price To book value ( P/ B ratio )| | | | DATA ANALYSIS PLEASE NOTE THAT Nestle India closes its Financial Statements on 31st Dec every year. So the date which is collected of nestle is from period of January to December Profitability Ratio 1) Operating Profit Margin Operating margin is a measurement of what proportion of a company’s revenue is left over after paying for variable costs of production such as wages, raw material, etc. A healthy operating margin is required for a company to be able to pay for its fixed costs, such as interest on debt. If a company’s margin is increasing, it is earning more per Rupee of sales. The higher the margin, the better. Formula of operating profit margin = operating income / net sales X 100 Operating Profit Margin| Particulars| March’12| March’11| March’10| ITC| 35. 55 %| 34. 08 %| 33. 02 %| HUL| 14. 88| 13. 53| 15. 74| NESTLE INDIA| 20. 53%| 19. 91%| 19. 74%| ANALYSIS Operating profit margin shows how much a company makes (before interest and taxes) on each rupee of sales. We can see that HUL and ITC have almost same % change in operating profit, but Nestle India is behind in operating profit. Normally company thinks to maintain operating margin of 30 %, because after calculating operating profit company have to cut the expenses from operating profit. So if operating profit is less than 30 % so it will automatically reduce the net profit margin 2) Net profit Ratio Net profit ratio is the ratio of net profit (after Tax) to net sales. It is expressed as percentage. The two basic components of the net profit ratio are the net profit and sales. The net profit is obtained after deducting income-tax and, generally, non-operating expenses and incomes are excluded from the net profit for calculating this ratio. Thus, income such as interest on investment outside the business, profit on sales of fixed assets and losses on sales of fixed assets, etc. are excluded. NP ratio is used to measure the overall profitability and hence it is very useful proprietors. The ratio is very useful as if the net profit is not sufficient, the firm shall not be able to achieve a satisfactory return on its investment. Formula of Net profit Margin Net Profit Ratio = (net Profit / Net sales) X 100 NET PROFIT RATIO| PARTICULARS| Mar’12| Mar’11| Mar’10| ITC| 23. 97 %| 22. 91 %| 21. 30 %| HUL| 12. 01 % | 11. 56 %| 12. 09 %| NESTLE INDIA| 12. 75%| 13. 00%| 12. 67%| ANALYSIS:- Net profit shows that situation of overall profit of the company. In above calculation, net profit ratio of HUL is slightly increasing in the year 2012by 0. 45%, and in Nestle it’s decreasing by 0. 25 %. In case of ITC its NP ratio is constantly increasing which shows the company is good position compared to its competitors and reserve is the cease with HUL and Nestle its NP is not increasing much lesser than expected. Here ITC is leading in NP ratio compared to its counterparty which is good sign for that company is growing much faster. 3) Return on net worth Ratio:- It is the ratio of net profit to shareholder’s investment. It is the relationship between net profit (after interest and tax) and shareholder’s / proprietor’s fund. The two basic components of this ratio are net profits and shareholder’s fund shareholder’s fund includes equity share capital, (preference share capital) and all reserves and surplus belonging to shareholders. Net profit means net income after payments of interest and income tax those will be the only profits available for shareholders. Formula of Return on Net worth Ratio = [net profit (after tax and Pref. dividend) / shareholder’s fund] X 100 Where; shareholder’s fund = equity + reserves RETURN ON NET WORTH RATIO| Particulars| Mar’12| Mar’11| Mar’10| ITC| 32. 88 %| 31. 36 %| 28. 98| HUL| 76. 61 %| 87. 57 %| 85. 25 %| NESTLE INDIA| 75. 47%| 95. 70%| 112. 68%| ANALYSIS:- This ratio is of great importance to the present and prospective shareholders as well as the management of the company. Here we can see that RON 87. 57 % in the year 2010-11 which is declined to 76. 61 % in last financial year . which is not good for any company in retaining its shareholders. On the other hand ITC has is constantly increasing its RON from year 2009-10 to 2011-2012 which is a good sign for shareholders. Whereas Nestle’s RON drastically fell in year 2010 from 112. 68 to 95. 70 and further it has fallen to 75. 47 in year 2011 which is not good for shareholders. From the above table we still say that HUL is giving highest return to the shareholders on their Net worth in company compared to its competitors that is the reason HUL is the leader FMCG sector. Liquidity and solvency Ratio 1) Debt Equity Ratio Debt-to-equity ratio indicates the relationship between the external equities or outsiders fund and the internal or shareholders fund. It is also known as external internal equity ratio. It is determined to ascertain soundness of the long term financial policies of the company. Formula of debt equity ratio Debt Equity Ratio= Long term Debts / Shareholders’ Fund Where, long term debts = secured and unsecured loans DEBT EQUITY RATIO| Particulars| Mar’12| Mar’11| Mar’10| ITC| | 0. 01| 0. 01| HUL| | -| | NESTLE INDIA| 0. 76| | | ANALYSIS:- This ratio shows the relative amount of funds supplied to co. by outsiders and by owners. It also indicates the extent to which co. as to depend upon outsiders for its financial requirement in long terms. Generally acceptable debt–equity ratio is 1:1. Here the ratio for Nestle is 0. 76:1 which shows that company is not much financially strong to its competitors. MANAGEMENT EFFICIENCY RATIO 1) Inventory Turnover Ratio Inventory turnover is the ratio of cost of goods sold to average inventory. It is an activity / efficiency ratio and it measures how ma ny times per period, a business sells and replaces its inventory again. Inventory turnover ratio is used to measure the inventory management efficiency of a business. In general, a higher value indicates better performance and lower value means inefficiency in controlling inventory levels. A lower inventory turnover ratio may be an indication of overstocking which may pose risk of obsolescence and increased inventory holding costs. However, a very high turnover may result in loss of sales due to inventory shortage. Inventory turnover is different for different industries. Businesses which trade in perishable goods have very higher turnover with comparison to those dealing in durables. A comparison would be fair only if made between businesses of same industry. Formula Inventory Turnover = Cost of Goods Sold / Average Inventory Average Inventory is calculated as the sum of the inventory at the beginning and at the end of the period divided by 2. INVENTORY TURN OVER RATIO| Particulars| Mar’12| Mar’11| Mar’10| ITC| 6. 53| 6. 05| 6. 04| HUL| 9. 21| 7. 91| 8. 99| NESTLE INDIA| 11. 60| 12. 33| 11. 61| ANALYSIS:- High inventory ratio is more preferable for consumer goods. Here inventory ratio for HUL decreased in the year 2010-11 but in last financial year it has been increased in well manner , but still the ratio for Nestle is high compared to its competitors is has high turnover of 11. 0 in Dec’2011 . 2) DEBTORS TURNOVER RATIO Accounts receivable turnover is the ratio of net credit sales to average accounts receivable. It is an activity or efficiency ratio and it measures average number of times a business collects its receivables during a period usually a year. Formula Accounts receivable turnover is calculated using the fo llowing formula: Receivables = Net Credit Sales Turnover / Average Accounts Receivable In the above equation average accounts receivable figure is calculated by dividing the sum of beginning and ending accounts receivable by 2. The beginning and ending accounts receivable can be found on balance sheet of the first and the last day of the respective period. Net credit sales figure is on the income statement of the period. Accounts receivable turnover is usually calculated on annual basis, however for the purpose of creating trends, it is more meaningful to calculate it on monthly or quarterly basis. DEBTORS TURNOVER RATIO| Particulars| Mar’12| Mar’11| Mar’10| ITC | 26. 50| 23. 91| 24. 31| HUL| 27. 27| 24. 28| 29. 24| NESTLE INDIA| 83. 83| 98. 22| 93. 68| ANALYSIS:- Its shows the rate of which cash ie generated by the turnover of debtors. Here , Debtors turnover Ratio for Nestle is quite impressive it has high turnover ratio of 83. 83 in Dec2011 which shows the management is strict towards its debtors in collecting amount money from them Whereas ITC and HUL is way behind of Nestle in terms of Recovery from the Debtors. 26. 50 and 27. 27 is DTR of ITC and HUL respectively CASH FLOW INDICATORS 1) Earnings per Share (EPS) Earnings per share ratio (EPS) is a small variation of return on equity capital ratio and is calculated by dividing the net profit after taxes and preference dividend by the total number of equity shares. The earnings per share is a good measure of profitability and when compared with equity shares. The earnings per share is a good measure of profitability and when compared with EPS of similar companies, it gives a view of the comparative earnings power of the firm. EPC ratio calculated for a number of years indicates whether or not the earning power of the company has increased. Formula of EPS = net profit- Pref. dividend) / No. of Equity Shares EARNING PER SHARE| particulars| Mar’12| Mar’11| Mar’10| ITC| 7. 88| 6. 45| 10. 64| HUL| 12. 45| 10. 8| 10. 09| NESTLE INDIA| 99. 73| 84. 91| 67. 94| ANALYSIS:- From the above table you can clearly see that there is not much earning per share in ITC. Rs. 7. 88 in ITC is indicating that an investor who have invested Rs. 1 then he will get Rs. 7. 88 in the financial year 2011-12. But it’s pretty good performance by HUL show that investors get Rs. 12. 45 for there every single rupee, which is very good news for them. W hereas ITC has Fluctuating EPS one year decreasing and in the other year it is increasing which is not good for any company. On other hand EPS of Nestle is continuously increasing year on year which is very good for the company. Here, Nestle is much strong in EPS compared to other companies which are good for company. 2) DIVIDEND PAYOUT RATIO Dividend payout ratio is calculated to find the extent to which earnings per share have been used for paying dividend and to know what portion of earnings has been retained in the business. It is an important ratio because plugging back of profits enables a company to grow and pay more dividends in future. Dividend payout ratio is the ratio of dividend per share divided by earnings per share. It is a measure of how much earnings a company is paying out to its shareholders as compared to how much it is retaining for reinvestment. Formula Dividend Payout Ratio = Dividend per Share /Earnings per Share Dividend payout ratio can also be calculated as total dividends divided by net income. DIVIDEND PAYOUT RATIO| Particulars| Mar’12| Mar’11| Mar’10| ITC| 0. 57| 0. 69| 0. 94| HUL| 0. 60| 0. 61| 0. 64| NESTLE INDIA| 0. 05| 0. 06| 0. 07| ANALYSIS:- Dividend payout ratio is indicator of the amount of earnings that have been ploughed back in the business. In HUL there is higher payout ratio which indicates the company is paying more to its shareholders and lower amount of earnings are ploughed back in the business. Same is the case with ITC which is not good strong financial condition of both the companies. Whereas in Nestle Company the payout ratio is low that means the higher amount of earnings are ploughed back into the business, which is good for strong financial condition. Comparatively Nestle is good because it uses whole fund for his strong purpose. 3) Sales growth Formula of sales growth = [(sales current year – sales previous year)/ sales previous year] X 100 SALES GROWTH| Particulars| Mar’12| Mar’11| Mar’10| ITC| 15. 06 %| 16. 03%| 13. 56 %| HUL| 12. 54 %| 11. 57 %| -15. 80%| NESTLE INDIA| 19. 66 %| 21. 75 %| 18. 79 %| ANALYSIS:- Sales growth of ITC is low as compared to Mar’11 while HUL sales Growth has been increased to 12. 53 % in Mar’ 12 as compared to 11. 57 % in Last year i. e. Mar,11. ITC made huge growth in the year 2010-11 but failed to capitalize that growth in last financial year. Normal growth rate that very good company always wants to get at least is 15%. Whereas Nestle India’s growth rate is fluctuating year by year , in the year 2009 it was 18. 79 which was increased to 21. 75 in 2010 and again its decreased to 19. 66 in the year 2011. But still growth is quite high as compared to HUL and ITC 4) Price to Earnings Ratio In general, a high P/E suggests that investors are expecting higher earnings growth in the future compared to companies with a lower P/E. However, the P/E ratio doesnt tell us the whole story by itself.

Supplier Relationships and Negotiations Essay Example

Supplier Relationships and Negotiations Paper Good relationships with suppliers are essential for running successful businesses. Managing supplier relationships can be a challenging and resource intensive operation. It would also require time and energy to be invested. Hence, it is important that the management identifies priorities in this area and focus their attention there. Segmenting the vendor base is one practical way of accomplishing this task. That is, instead of treating all vendors in equal footing, giving preferential treatment to key vendors is the right way to go. This is especially valid when the business enterprise is fairly large. The management needs to assess supplier relationships in terms of their complexity and criticality and then prioritize. In order to ascertain how complex the relationship with a particular supplier is, the following factors should be considered: â€Å"1.Number of individual relationships (contracts) your organization has with the vendor. 2. Variety of information products licensed from the vendor. 3. Degree of fragmentation of the vendor group, i.e., to what extent does the group act as autonomous units?† (Brevig, 2008, p.28) Criticality, on the other hand, is the negative consequences that the company would suffer if a particular vendor was not available. Hence, it is fairly obvious that depending on complexity and criticality of any supplier relationship management efforts toward maintain a healthy relationship should be decided. For example, We will write a custom essay sample on Supplier Relationships and Negotiations specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Supplier Relationships and Negotiations specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Supplier Relationships and Negotiations specifically for you FOR ONLY $16.38 $13.9/page Hire Writer â€Å"If the vendor relationship is uncomplicated and noncritical, you should probably use an opportunistic approach focusing on managing costs. Dealing with such vendors at arm’s length is adequate and the least resource-intensive. For vendor relationships of medium complexity and criticality, a collaborative approach is more appropriate.† (Brevig, 2008, p.28) Strategic relationships are another option that can be pursued for those suppliers who are deemed extremely important for the short-term and long-term operations of the company. It takes a lot of time, effort and energy to build strategic relationships. It also requires the involvement of top management from both parties to ensure its success. One of the key objectives of strategic management is to leverage the total potential with one solid relationship instead of many. Another aim would be to fully avail of the expertise offered by the supplier. (Bendixen, et.al, 2007, p.3) Skilful negotiation is another feature of supplier relationships. Negotiation is usually considered an art then a systematic method. Negotiation is defined as the amicable reaching of agreement among all involved parties. Successful negotiation depends on three important factors. The first is the compelling drive to succeed. Second is the strong comprehension of fundamental concepts; and third is good fortune. In essence, success or failure in negotiation is more dependent on â€Å"actions, inaction, habits, idiosyncrasies, blinders, insights and clever strategic movements of the individual involved, more than the terms of the agreement or other formal elements of the proposed transaction.† (Hanselmann, 2001, p.60) There are three different types of negotiation. These are: â€Å"The first is internal, which primarily involves managers and employees focusing on work and employee issues, such as job roles, pay, goals, priorities, tasks, productivity and deadlines. The second type of negotiation is external. This type of negotiation occurs between an organization and an external party, such as a customer, a suppler or your insurance carrier. All of us in the credit profession are involved in external negotiation on a daily basis. Some examples of external negotiation are bid proposals, delivery schedules, quality, deadlines, financing and the approval to supply our customers on a credit basis. The third type of negotiation is legal, which involves an organization abiding by the legal requirements of the various governing agencies.† (Hanselmann, 2001, p.60) Works Cited Bendixen, Mike, Russell Abratt, and Preston Jones. â€Å"Ethics and Social Responsibility in Supplier-customer Relationships.† Journal of Applied Management and Entrepreneurship 12.1 (2007): 3+. Brevig, Armand. â€Å"Getting Value from Vendor Relationships.† Searcher Oct. 2008: 28+. Hanselmann, Jacob J. â€Å"Success in Negotiation.† Business Credit Sept. 2001: 60+. Good relationships with suppliers are essential for running successful businesses. Managing supplier relationships can be a challenging and resource intensive operation. It would also require time and energy to be invested. Hence, it is important that the management identifies priorities in this area and focus their attention there. Segmenting the vendor base is one practical way of accomplishing this task. That is, instead of treating all vendors in equal footing, giving preferential treatment to key vendors is the right way to go. This is especially valid when the business enterprise is fairly large. The management needs to assess supplier relationships in terms of their complexity and criticality and then prioritize. In order to ascertain how complex the relationship with a particular supplier is, the following factors should be considered: â€Å"1.Number of individual relationships (contracts) your organization has with the vendor. 2. Variety of information .

What do I mean when I say, I know, and why should anyone believe me Essay Example

What do I mean when I say, I know, and why should anyone believe me Essay Example What do I mean when I say, I know, and why should anyone believe me Essay What do I mean when I say, I know, and why should anyone believe me Essay If I said I know something, it means I have knowledge of something or someone. But why should anyone believe me? Ultimately, there are only two ways in which my knowledge can be trustworthy: from personal experience that the person has also personally experienced or from proven facts. I could say I know something because I have personally experienced it. But how would anyone know that I am not lying? They havent experienced my personal experience. They could have a different interpretation, but as long as their experience is similar they will consider what I know as right, because they can relate to it, and therefore they can believe me. This applies when sharing personal knowledge.When I say I know, I am saying I am a knower. I am a knower because I have my own experiences. Everyone who has experiences is a knower. Rights and wrongs are only because of our interpretation from personal experience through our reason because of morals and ethics. It is impossible to prove what is right and wrong with reason, unless we can relate to it through personal experience. So morals and ethics are experiences in themselves. We all know for example that it is wrong to hurt someone, but a young child might think it is funny to hurt someone and not think that inflicting pain is right or wrong. The childs parents will make sure that the child understands that it is wrong to hurt, by punishing him/her, so that the child connects hurting someone with being punished. Therefore morals and ethics are human, therefore experiences.Morals and ethics help us see our experiences, but just like the child learning that it is wrong to hurt, morals and ethics are experiences in themselves. So experiences influence every other experience we have. We can assume therefore, that a baby isnt born with any reason and that reason, (because it only exists because of morals and ethics.) is in itself something learned, something experienced. The baby is born with human conscience, which is the base f or experiences and how they are inter-connected and affect each other, which is the base for all knowledge.There is a main type of knowledge which is reliable to a person when you tell them you know something or someone. That is directly experienced knowledge. By this I mean direct knowledge, or a direct experience, not something someone has told you or that you have read in a book, (because that is also a form of experience.) but something that has happened in front of, or to you. The person you are telling you know something needs to be able to directly relate to their own experience of something. For example if I was dissecting a heart, it would be directly experienced knowledge. But if my biology textbook tells me a heart looks like that, it is indirect experience, and therefore not as reliable as my direct personal experience. You might be thinking: why would the textbook be wrong if we are supposed to learn what a heart is like, surely the school wants us to learn what things really look like? but there is still -however slim- chance that the school is trying to teach you lies.There is also proven knowledge. Proven knowledge can be both direct and indirect experiences if you tell someone I know water boils at one hundred degrees Celsius, anyone who thinks science has some truth to it will agree with you because science has a believable proof. Why would the Celsius temperature scale be so popular if it wasnt for being based on the different temperatures water changes state? Logically it must be true if I say I know water boils at 100à ¯Ã‚ ¿Ã‚ ½C. More reliable would be the direct experience of seeing water boil with a thermometer stuck in it showing 100à ¯Ã‚ ¿Ã‚ ½C on its scale, than having someone telling you they know that water boils at 100à ¯Ã‚ ¿Ã‚ ½C.Theoretical knowledge is tricky to categorize. If we take the atom theory, no one can prove that it is real, but it seems to be the most reliable and therefore the most accepted idea. Theoretical know ledge is never directly experienced knowledge. Even if you come up with the theory, a theory stays an idea created by the mind due to our reason, which is a result of many experiences. Theoretical knowledge is more or less reliable depending on how many things obey the theory, or that have been proven to be reliable due to the theory.We need to decide for ourselves whether we trust someone saying that they know something or if we dont. We have to keep in mind that direct experiences are more reliable than indirect experiences. We do also need to remember that the direct experiences we have can be fooled with illusions to our senses. No experience is 100% reliable, but ideas and morals which make sense to us or which work for us are usually the ones we accept.

A Look at the Drive and Will Power of Frederick Douglass and Chris McCandless

A Look at the Drive and Will Power of Frederick Douglass and Chris McCandless It is sometimes said that nothing in life that is worth having comes easily. I have noticed that what often separates those who attain their hopes and dreams from those who do not is that they possess a certain drive and determination to stop at nothing to achieve those dreams. Although the two individuals Chris McCandless and Frederick Douglass lived in different time periods, and grew up in totally different environments, they possessed the will to overcome whatever obstacles life presented them and achieved the goals that they set for themselves. Chris McCandless was determined to live an unconventional, nomadic lifestyle like those of his idols Henry David Thoreau, Boris Pasternak, and the Jules Verne character Captain Nemo. Growing up, he waited until the time was right to begin his journey across the country and into the wilderness. John Krakauer wrote: Five weeks earlier hed loaded his belongings into his car and headed west without an itinerary. The trip was to be an odyssey in the fullest sense of the word, an epic journey that would change everything. He had spent the previous four years, as he saw it, preparing to fulfill an absurd and onerous duty: to graduate from college. At long last he was unencumbered, emancipated from the stifling world of his parents and peers, a world of abstraction and security and material excess, a world in which he felt grievously cut off from the raw throb of existence. (22) Later in the book we were again given a glimpse of Chriss gritty determination to achieve a goal that he had set for himself. During his travels Chris stopped in the small dusty town of Tapock, Arizona. It was there that he noticed an old secondhand canoe which he purchased in an attempt to float from Lake Havasu to the Gulf of California. During this adventure down the Colorado River Chris traveled through the Colorado River Indian Reservation, the Cibola National Wildlife Refuge, and the Imperial National Wildlife Refuge, and across the border into Mexico. He was unaware of the fact that once in Mexico the Colorado River turns into a maze of irrigation canals, marshland, and dead end channels. At one point he follows a map drawn by a group of Mexican canal officials he had met to no avail. He found himself at a dead end in the middle of the desert. He did not give up though. Instead he carried his canoe and gear for three days to a new canal to continue his quest for the sea. After traveling for several more days Chris once again found himself lost and stuck in swampy marshland. By chance he met a group of duckhunters who after hearing his tale of wrong turns and dead ends agreed to take him to the small fishing village of El Golfo de Santa Clara, located on the Gulf of California (34-35). At several points along the way Chris could have easily given up his quest and turned back, but he would not allow himself to fail. This is the same type of determination that can be seen in Frederick Douglass. Frederick Douglass was born a slave in Tuckahoe, Maryland during the early 1800s. He was eventually sent to Baltimore to live with his new master and mistress. It was there that Douglass found the key by which he could unlock the bonds of slavery and revel in the freedom that few of his peers would ever come to know. Douglass wrote, Mistress, in teaching me the alphabet, had given me the inch, and no precaution could prevent me from taking the ell (31). He remained true to his words over the next couple of years and used an ingenious plan to take every opportunity possible to learn to read and write. Douglass was often called upon by his mistress to run various errands throughout the day. He found that if he hurried up and got his errands done quickly he had a few minutes that he could use to get a lesson. He carried with him bread and a book. He would make friends with the white kids in the streets by bribing them with the food and in return in they would teach him what they could. Douglass described the scenario, This bread I used to bestow upon the hungry little urchins, who, in return, would give me that more valuable bread of knowledge (32). What a great plan to use the most basic of human needs, hunger, and the kids naivety to gain the most valuable of assets that a slave could hope for, but he wasnt done. Frederick not only wanted to read, but he was also driven to learn how to write. Once again he used a cunning plan to reach this goal. Douglass described the how he learned to write as follows: The idea as to how I might learn to write was suggested to me by being in Durgin and Baileys ship-yard, and frequently seeing the ship carpenters, after hewing, and getting a piece of timber ready for use, write on the timber the name of that part of the ship for which it was intended. When a piece of timber was intended for the larboard side, it would be marked thus-L. When a piece was for the starboard side, it would be marked thus-S. A piece for the larboard side forward, would be marked thus-L.F. When a piece was for starboard side forward, it would be marked thus-S.F. For larboard aft, it would be marked thus-L.A. For starboard aft it would be marked thus-S.A. I soon learned the names of these letters, and for what they were intended when placed upon a piece of timber in the ship-yard. I immediately commenced copying them, and in a short time was able to make the four letters named. After that, when I met with any boy who I knew could write, I would tell him I could write as well as he. The next word would be, I dont believe you. Let me see you try it. I would then make the letters which I had been so fortunate as to learn, and ask him to beat that. In this way I got a good many lessons in writing, which it is quite possible I should never have gotten in any other way Thus after a long, tedious effort for years, I finally succeeded in learning to write. (34-35) I think what amazes me the most about both of these individuals was the time period over which they continued to st rive for their goals. They both forged ahead over the course of months and years gaining whatever advantages and overcoming any obstacles they were presented with, staying focused on the final outcome. This type of determination and will power is inspiring to me, as in this day and age more people seem to have trouble setting goals, or staying focused on achieving them for any extended time period.