Geely Auto Financial Report Analysis

Geely Auto Financial Report Analysis 1. 0 Executive Summary This report discusses the details of the Geely Automobile Company and an analysis of its financial statements in the past 5 years. The purpose of the report is an application of the knowledge learnt from the Financial Statement Analysis course, and tries to give recommendations. Rather than giving simple suggestions like buy, sell or hold the stocks, it is hoped that by analyzing the financial statements, the data can provide support for the recommendations such as the future profit and loss of Geely.As one of the four largest independent private automobile manufacturers in China, Geely Auto has been expanding rapidly. The sale of Geely has increased from 200 units in 1998 to 329. 100 units in 2009. In addition, in 2010, the purchase of Volvo greatly increases the reputation of Geely. Although the acquisition just happened few months ago, it is believed that it will beneficial to increase the market share. Further SWOT analy sis shows that, the well-established sales network and the emphasis on R&D capabilities will have a positive effect on the future growth of Geely.Moreover, the external environment such as the continuous growth in Chinese market and government policy support shows a promising future for Geely. However, there are also threats exist outside the market and weaknesses inside Geely. It is really hard to give any suggestions by simply analyzing the industry and outside environment. Therefore, the report mainly focuses on the analysis of the financial statements. Analysis includes the capital structure and solvency, liquidity, operating performance and profitability, and cash flow statements.By using common-size analysis, ratio analysis and trend analysis, taking the rapid expansion in recent 5 years into consideration. Though some results turn out to be either not satisfactory or below industry average, the overall performance of Geely is quite good. Geely was using its money effectively and investing the money in the right place in the past 5 years. It is recommended to buy Geely Stocks, with the potential growth in their production and profitability. It is quite pessimistic that the earnings of Geely is going to increase and therefore the stock price in future. . 0 Introduction Geely Automobile Holdings is a Chinese automaker and is with BYD, Chery, and Great Wall, one of the four largest independent private automobile manufacturers in China. Geely is now headquartered in Hangzhou, Zhejiang, and operates six car assembly and power-train manufacturing plants in China that are located in Lanzhou (Gansu province), Linhai (Zhejiang province), Luqiao (Zhejiang province), Ningbo (Zhejiang province), Shanghai and Xiangtan (Hunan province). These facilities enable a production capacity of approximately 300,000 cars per year. 2. Brief History Geely (Jili, meaning â€Å"auspicious, lucky†) was founded in 1986 as a manufacturer of refrigerators, and then moved to manu facturing decoration materials in 1989, and by 1992, motorcycle parts. In 1994, Geely began manufacturing motorcycles. By 1996, Geely had produced over 200,000 motorcycles and scooters. Automobile production started in 1998. Geely began exporting its first cars in 2003. Geely had its IPO on the Hong Kong Stock Exchange in 2004. Purchase of Volvo Geely was reported to have approached Ford in mid-2008 about a possible takeover of Volvo Cars.On October 28, 2009, Geely was named as the preferred buyer of Volvo Cars by Ford. On December 23, 2009, Ford confirmed that all substantive commercial terms for the sale to Geely had been settled. A definitive agreement was signed on March 28, 2010 worth $1. 8 billion, and the deal was completed on August 2, 2010. Management * Executive directors: Mr. Li Shu Fu, Mr. Gui Sheng Yue, Mr. Yang Jian, Mr. Ang, Siu Lun, Mr. Yin Da Qing, Mr. Liu Jin Liang, Mr. Zhao Jie, Dr. Zhao Fuquan * Non-Executive Directors:Mr. Xu Gang * Independent Non-executive Dire ctors: Mr.Song Lin, Mr. Lee Cheuk Yin, Mr. Yeung Sau Hung * Senior Management: Mr. Zhang Peng, Mr. Cheung Chung Yan Products * Xiali TJ7300-based * 1998  Ã¢â‚¬â€ HQ/Haoqing/Haoqing SRV * 2000  Ã¢â‚¬â€ MR/Merrie * 2002  Ã¢â‚¬â€ MR/Uliou/MS * 2004  Ã¢â‚¬â€ PU/Rural Nanny/Urban Nanny * 2002  Ã¢â‚¬â€ BL/Beauty Leopard/BO * Daewoo-designed * 2005  Ã¢â‚¬â€ CK/Freedom Cruiser * 2006  Ã¢â‚¬â€ MK/LG/KingKong * 2006  Ã¢â‚¬â€ FC/Vision * 2008  Ã¢â‚¬â€ Geely China Dragon Major activities and achievements * Geely’s JI-6360 model was certified by the government making Geely the first private company qualified to be producing automobiles in China. First Chinese automaker present at the Frankfurt Motor Show in September 2005. * First Chinese car maker to display at the US Detroit auto show. Winning the Special Contribution Grand Prize for Invention and Creation for its Blow-out Monitoring and Brake System (â€Å"BMBS†), a unique safety system independently d eveloped by Geely. * In Peru, Uruguay and Venezuela, Geely has already started to sell its products. Geely has also entered the Bangladeshi, Cuba, New Zealand, Pakistani, Romanian, Turkish and South African car markets. Figure 1; Development in sales, source: Geely annual report 1998-2009 3. Financial Analysis In the following sections Geely’s capital structure, solvency and liquidity, profitability and cash flow will be discussed. 3. 1 Analysis of Capital Structure Geely automobile Holdings Limited Analysis of Capital Structure| HK$'000| 2005| 2006| 2007| 2008| 2009| L-Tdebt| –| –| –| 87000| 1318000| Deferred taxation| –| –| –| 8018| 37727| other L-T liabilities| –| 682838| 309274| 0| 1442153| Total L-T liabilities| –| 682838| 309274| 95018| 2797880| Current liabilities| 54548| 227198| 5273470| 76378| 8907789| Total liabilities| 54548| 910036| 5582744| 171396| 11705669| %| 6%| 46%| 68%| 3%| 62%| | | | | | common shareho lder's equity| 798080| 1030157| 2441440| 4197862| 6375613| minority interests| 9013| 19769| 211760| 584619| 720907| Total equity capital| 798080| 1049926| 2653200| 4782481| 7096520| %| 94%| 54%| 32%| 97%| 38%| | | | | | | Total liabilities and equity| 852628| 1959962| 8235944| 4953877| 18802189| | 100%| 100%| 100%| 100%| 100%| These consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards (â€Å"HKFRSs†) ————————————————-From common-size analysis, we know leverage rate of Geely is stable for year 2006 and 2007, declines sharply for year 2008, and then rebounds strongly to 62% in year 2009. Then look at the absolute value, it's not difficult to find out a great rise in both liability and equity capital. In 2009, the total liability is more than a trilion. Referring to its investment and operation in recent years, we think Geely is trading on the equity, which indicates it is using equity capital as a borrowing base in a desire to reap excess returns.This can be confirmed by its step-by-step acquisition of many assembly line and investment on new factories financed by bond and bank borrowing, which is conversely based on increasing equity (stock price stimulated by expansion). Those investments are revalued and taken into asset as a new backup. 3. 2 Solvency Analysis Geely Automobile Holdings Limited Solvency Ratios| HK$'000| 2005| 2006| 2007| 2008| 2009| D/E ratio| 0. 07 | 0. 88 | 2. 29 | 0. 04 | 1. 84 | Interest coverage ratio| –| 7. 66 | 10. 11 | 16. 06 | 15. 46 | S-T D/E| –| 0. 22 | 2. 16 | 0. 02 | 1. 0 | | The computation for Year 2009 is shown here:| D/E ratio= Total liabilities / Shareholder's equity = 2,797,880 / 6,375,613| Interest coverage ratio= EBIT / Interest Expense = 1,657686 / 107,226| S-T D/E= Long-term liabilities / Shareholder's Equity = 8,907,789 / 6,375,613 | | The computation for EBIT is shown below:| HK$'000| 2005| 2006| 2007| 2008| 2009| Net Profit| 115377| 214149| 318100| 866053| 1319028| Interest expense| –| 32390 | 35103 | 60952 | 107226 | Taxation| –| 1585 | 1673 | 51869 | 231432| EBIT| 115377| 248124| 354876| 978874| 1657686|Since the ratio of debt to equity capital is relatively high, we need to take a further look of its financial condition. Before assessing long-term solvency we want to be satisfied about the near-term fiancial survival of Geely. Unfortunately, Geely's short term debt to equity ratio is 1. 40, quite high in the most recent year. Although it can raise capital from HK listed market, equity is apparently not enough to make up its shortage of capital in short term. According to NOTE, Geely has discounted notes receivable to banks in exchange for cash with recourse in the ordinary course of business.Therefore, the risk resulting from its speeding expansion not only depends on its own performance, bu t its customers' financial distress. Interest coverage ratio is satisfactory, which means payment of the interest liability Geely has incurred on its long-term borrowing is in a less pressure. 3. 2 Analysis of Liquidity Geely Automobile Holdings Limited Analysis of Liquidity| | HK$'000| 2005| 2006| 2007| 2008| 2009| Industry norm| Accounts Receivable Turnover| 1. 91 | 0. 95 | 1. 99 | 1. 51 | 2. 29 | 19. 47| Acid-test ratio| 1. 13 | 0. 68 | 10. 44 | 0. 71 | 1. 19 | | Inventory turnover| 15. 9 | 11. 10 | 8. 36 | 136. 70 | 393. 17 | 31. 79| | | | | | | | The computations are as follows:| | Accounts Receivable Turnover = Net sales / Average accounts receivable| | Acid-test ratio = Cash and equivalents + Marketable securities + Accounts receivable / Current liabilities| | Inventory turnover = Cost of goods sold / Average Inventory| | The selected accouts used in computation are here:| | HK$'000| 2005| 2006| 2007| 2008| 2009| | Sales revenue| 101411| 127006| 137209| 4289037| 14069225| | C OGS| 90649| 110036| 121251| 3637752| 11528489| | Inventory | 5703| 9910| 14498| 26611| 29322| | urrent asset| 67212| 280681| 884331| 5110552| 12219411| | current liability| 54548| 227198| 79559| 5273470| 8907789| | Trade and other receivables| 44840| 59065| 65443| 2840255| 6144929| | Dividend receivable| 8220| 74840| 3560| –| –| | Accounts receivable| 53060| 133905| 69003| 2840255| 6144929| | cash ; cash equivalents| 8449| 20972| 761684| 889408| 4498155| | Marketable security| | | | | | | The accounts receivable turnover is much worse than industry average. However, an increase of accounts receivable may due to rise in sales or difficulty in collecting quite timely.Referring to NOTE, we know that receivables are guaranteed by established banks in the PRC and have maturities of six months or less. So the likelihood of timely collection is in less question. The inventory turnover is exaggeratedly higher than industry level, especially after its installment of P-SCM suppl y chain management system, which integrates ordering, producing, selling, and distributing. So we can conclude that Geely is doing excellence in inventory management and is enjoying a growth in market demand of its products 3. Analysis of Operating Activities To be able to make a comprehensive analysis of Geely’s activities, both the income statement and the balance sheet have been restated in appendix A and B, such that it is possible to identify operating and non-operating income, assets and liabilities. Assumptions regarding classifications are also available in the appendixes. Figure 2: illustration of revenue and operating income, Source Geely annual report 2007 -2009 Figure 2 illustrates how dramatic the development in especially revenue has been the last three years.Net sales are up by almost 200 percent from 2008 to 2009, while only a 60 percent increase in volume is reported in the annual report. Mainly the large growth is a result of full consolidation of the Groups manufacturing Operations. Moreover, the acquisition of â€Å"Drivetrain Systems† at June 30th 2009 generated extra revenue the last half year of 2009. Further the notes reveal that 95 percent of sales are within China in 2010, in 2009 it was only 81 percent. A decline in export can in a future growth perspective be a concern.Geely have improved profit margin over the last three years (18 percent In 2009), while the operating margin have been rather volatile (Appendix 1). This is caused by large income/expences from â€Å"share of results of associated companies†. It is expected that this account will be less important in the future as some associates now are fully consolidated. A large increase in distribution and selling expenses in 2009 (increase more than 200 percent) is worth to note. It raises questions as can Geely manage all the new acquisitions without getting less effective and the level of earnings quality.No extraordinary or unusual are identified in the fi nancial statement. It is a good sign since these accounts often are subject to earnings management. Comprehensive income is nicely increasing and no unusual increase in unrealized gains/losses of currency is identified. 3. 4 Analysis of Return on Common Equity This analysis show that the drivers behind the increasing return to common equity is mainly due to heavy increase in asset turnover and an equal percentage increase in leverage. The adjusted profit margin has unfortunately been declining heavily over the period.Geely is therefore relying on Non-operating activities to reach the growth in ROCE. From a shareholder perspective is an increase in ROCE due to leverage not sustainable. However it must be noticed that it was only last year the increase in leverage was heavy, while the increase in asset turnover has been for longer. From a financial point of view it can be argued that taking up debt while it is cheap, since the interest rate is currently low, is in the long run better for the shareholders, if the alternative was to finance expansion with more expensive equity.What is critical is if Geely is strong enough to turnaround their adjusted profit margin to keep growing healthy. 3. 5 Cash Flow Analysis It is useful to construct a summary of cash inflows and outflows by major categories because we can evaluate a firm's sources and uses of cash from operating, investing and financing activities directly. Geely Automobile Holdings LimitedSummary of cash inflows and outflowsYear ended 31 Dec 200X| HK$'000| 2005| 2006| 2007| 2008| 2009| Total|Operating activities| (7636)| (31858)| (17747)| 550977 | 948805 | 1442541| Investing activities| 5064| (660806)| 247079 | (274542)| (1305946)| (1989151)| Financing activities| 9452| 704988 | 542943 | (148711)| 3966382 | 5075054| Increase( decrease) in cash| 6880| 12324 | 772275 | 127724 | 3609241 | 4528444| Year 2009 cash reinvestment ratio = (operating cashflow-Dividends) / (Gross plant assets+investment+other assets+wo rking capital) = (948,805- 59,500)/[103+(293,697+97,788)+4,185,892+3,311,622) = 11. 27%|The summary of cash flow chart shows that during fiscal year 2005~2007 Geely experienced negative operating cash flow. Besides that it has used cash to finance increase in inventory and receivables, the ‘Share of results of associates' turnaround profits before tax from a positive position to a reverse one as it contributes more than 100% negatively before 2008 to Geely's profit after tax. This may be due to its stage of growth since total capital expenditures by its operating associates amounts to approximately RMB1 billion, which are mainly funded by the operational cash flow generated by associates.The insufficient operating cashflow part is made up by financing activities through issuing debt and securities and borrowing from banks. From fiscal year 2008 Geely was able to begin generate positive operating cashflow . However, positive operating cashflow may due to the decrease in its wor king capital. The cash flow statement shows that payables decreased significantly after 2008, which raises doubt on a possibility that Geely delayed payments to suppliers until its operating cash flow before adjustment of working capital become healthier.The major cash outlay is investing activities, corresponding to its funding for the research and development of new vehicle models, new engines and gearboxes, the construction and expansion of plants. Concerning financing activities, one point should be mentioned here is that Geely borrows with its receivables as collateral, the inflow of cash is reported as a financing activity in the cash flow statement. The second doubt come up when comparing with income statement.Earnings are significantly exceeding operating cashflow, this may be an indication of aggressive accounting choices, such as recognizing revenues too soon or delaying the recognition of expenses. Take a look at the free cash flow statement. From free cash flow to equity (FCFE) we know the cash flow availabel for distribution to common shareholders is sufficient. Along with its satisfactory reinvestment ratio, Geely proves that it is taking care of investors. Geely automobile Holdings LimitedFree cash flow statementYear ended 31 Dec 200X| | HK$'000| 2006| 2007| 2008| 2009|Net income| 214149| 305767| 866053| 1319028| Depreciation| 1403| 2282| 141053| 364598| intereset expense| 32390| 35103| 60952| 107226| net capital expenditure| 99304. 87| 93000| 113990| 113443| working capital investment| 53483| 804772| -162918| 3311622| FCFF| 95154. 13| -554620| 1116986| -1634213| Net borrowing| 716000| 330000| 1061000| 4300000| FCFE| 584837 | 219253 | 1497987 | 5135362 | net capital expenditure = approximate expenditure in RMB* rate of exchange prevailing at the balance sheet date| 4. 0 SWOT analysis of Geely Automobile Strengths 1.Continuously Increasing Revenue Geely’s gross profit margin has continued to grow over the past few years due to successful c ompany expansion and increasing market shares. The total sales for various kinds of Geely vehicles has accumulated to over 800,000 since 2001, and the Geely trademark has been recognized as a well-known mark in China. It has established over 200 sales service bases overseas, and performed SKD/CKD assembly production and sales in Ukraine, Russia and Indonesia and other countries. 2. Emphasis on Research ; Development CapabilitiesBy the end of 2009, Geely owns a total of 1,600 technology patents. Geely has a professional research and development team, the staff number of which exceeds 1,400, representing 12% of the total staff of the Group With its extensive investment in research and development, the group’s R;D team is capable of launching four to five new models every year, reflecting its leading position in R;D and technology innovation capabilities in China’s automobile sector. 3. Acquisition of Volvo and Enhanced Green TechnologyNew energy-powered vehicle is the la test trend and it will be the future of the world’s auto industry. Ford and Volvo have already invested millions of dollars over the past decade in terms of new energy technology. Acquiring Volvo may enhance Geely’s technology in new energy-powered vehicle area, help Geely take a step forward in competing with other homegrown brands, and pave the way for Geely to enter the global auto market. Weaknesses 1. Accounts Receivables Worse than Industry average Geely’s average turnover ratio of accounts receivables from 2005 to 2009 is 1. 3, which is substantially lower than the industry average, 19. 47. Although the previous analysis has shown less possibilities of payment collection problem, a low accounts receivable turnover ratio still indicates that there is an opportunity cost of holding receivables for a longer period of time. 2. Image of Lower-end Brand Although Geely has a well-established sales network and growing competence in core technology, it is hard for Geely to alter its lower-end brand image, since its original target market is low cost vehicle.But branding is about value and perceived quality, so price alone can never facilitate a victory. Enhancing quality and ensuring that its cars are on par with the global leading brands are still a major challenge for Geely. 3. Less Advanced Technology Despite the vast amount of investment in research and development, capital and talents for automobile core technology are limited, and it is hard for Geely to compete with the advanced technology of foreign automobile manufacturers. 4. Unsatisfactory Sales in Export Markets Motor vehicles sales in most parts of the world market remains fragile.As a result, Geely exports business could continue to face major challenges given the fierce competition and the short history of operation in its major export markets. Opportunities 1. Continuous Growth of China Sedan Market China's passenger vehicle market ended last year with a 59 percent year-on-ye ar sales increase to surpass the United States as the world's largest auto market for the first year. According to estimate of Goldman Sachs Global ECS research report, growth in China car market will be remained for the next 10 years and the industry GDP growth will be 11. % in 2010 and 10% in 2011. Goldman Sachs Global ECS research teams forecasts that China will further boost its No. 1 position in the car market with sales reaching 30 million units per year by 2020. 2. Government Policy Support In the past few years, the focus of Chinese government policies for automobile industry is to boost sustainable growth in the economy with auto industry as one of its pillars and to support domestic participants and industry consolidation. Threats 1.Fierce Competition from both Domestic and Foreign Brand The huge profit potential of China car market brings about fierce competition among both local and foreign automobile manufacturers. In the luxury automobile market, foreign manufacturers are in leader position due to their sophisticated technology and high brand recognition. While in lower end automobile market, local brands are strong competitors. 2. Possibility of Overcapacity in China Auto Market Some industrial experts concern that China's market may one day face vercapacity problems. A report from the official news portal of China's eastern Zhejiang province showed that, based on the production plan of China's 12 major auto manufacturers for the next five years, China's auto production would reach 32. 5 million units in 2015, far exceeding the forecast of 22 million units in the blue book of China's automobile industry. If Overcapacity problems occur, serious overproduction capacity will lead to negative market competitiveness a loss in enterprise efficiency, factory stoppages and other problems. . 0 Analyses of management discussion and analyst’s opinion Appendix C summarizes some Analysts view of Geely. However, not all Analysts agree upon whether you should sell, hold or buy the stock. Several reasons are discussed in the respective reports; though all analysts agree that Geely is a healthy company with a stable revenue base, increasing volume and satisfactory margins. What analysts do not agree upon is whether Geely can maintain their growth potential and gain market share in both the domestic and export market.The penetration in the Chinese passenger car market is extremely low compared to USA and Europe (JP Morgan, 2010) and as the Chinese people are getting wealthier the market potential will increase the upcoming years. Loads of Automobile manufacturer will compete to gain market share and earn extraordinary profit. Credit Suisse and CIMB are representing the negative analysts who believe that domestic market competition will increase as the nearest competitors have invested heavily in the industry and developing of new brands (CIMB, 2010).Geely Management has not commented upon this in their report, but instead they emphas ize they have sufficient funds to cover investments and R&D expenses to facilitate their own growth. Additionally, Credit Suisse (2010) emphasize that every auto manufacturer in the Chinese market are currently investing in production facilities. Credit Suisse is therefore worried it will result in an oversupply and consequently make inventories to rice. To bring inventories down a price war on vehicles can arise. This will affect margins negatively.JP Morgan represents a positive analyst that strongly believe that the current acquisition of Volvo will result in synergy effects and a technology platform that no one else can imitate in the near future. Further JP Morgan is confident that the low penetration of vehicles in the domestic market will ensure future growth, and therefore recommends buying the stock. DBS, Deutche Bank and Yuanta are recommending holding the stock, since they believe there are too many uncertainties connected to Geely and the future. Especially they all emph asize the lack of a clear growth catalyst to outperform the market.Further, the acquisition of Volvo seems to have longer prospects before profiting than expected at first hand (CIMP, 2010). As expected Geely’s management discussion is very positive towards the future and leaves the shareholders with the impression of a highly growing company with a healthy economy and a clear defined strategy, although it is noticed that very little space is used to comment upon the current competition in the market. Instead Geely Management has chosen to focus at their new strategic platform and how they can develop brands and product lines into a competitive advantage (Geely, 2010).It can be interpreted as an indirectly method to cope with the market competition without discussing the situation in detail. Shareholders, however, must be aware of this matter when evaluating the business. Even though current revenue is increasing heavily one must consider how sustainable this growth rate is i n the future. It can be concluded that Geely Management are slightly taking a too positive approach towards the current market conditions, since these are not discussed in depth and analysts report emphasize different issues than Geely.This analysis facilitate that there are no universal answer to trading with stocks. We all wants to buy the stocks that are undervalued and sell the ones that are overvalued, and the answer you get depends on the method, forecast and strategic mindset of the analyst. Geely is without doubt a healthy company so the buy, held, sell decision lies within how you value the growth opportunities, how Geely can facilitate R&D and implement acquisitions and thereby benefit from synergies. 6. 0 RecommendationGeely have the recent years had an expansion strategy, and as a consequence a high level of investment. This has resulted in a higher leverage and that earnings significantly are exceeding cash flows. However this is also a natural picture of a company in a n expansion phase. It is found that Geely has satisfactory interest rate coverage even though leverage is increasing. Furthermore, accounts receivables is found worse than industry average, but good bank agreements make it easy for Geely to meet liquidity issues. Inventory turnover is also good, as the focus on SCM systems have proven its worth.This is moreover expressed in the increased asset turnover which partly is the driver behind the increasing ROCE. However it is important to note that the adjusted profit margin is declining. The overall performance shows increased revenue/earnings, but it is very difficult to determine the earnings quality since most of the rise is due to consolidation and acquisitions. The positive free cash flow and satisfactory reinvestment ratio shows that Geely are taking care of investors. SWOT analysis identifies possible business catalyst as R&D and the new acquisition of Volvo that could create synergy effect.It is our opinion that these business dr ivers are rather uncertain but is very likely to succeed and combined with Geelys current healthy financial situation; we are taking a positive approach towards Geely and recommends to buy the stock. 7. 0 Bibliography Geely Automile Holdings Annual report 2005-2009 Investment Reports: DBS (8. June2010) Hong Kong/ China Company Focus; Geely Automobiles Holding; DBS Vickers Securities; Analyst: Miu, Rachel Credit Suisse (12. July 2010) Asian Daily – Geely Auto; Credit Suisse Analysis; Analyst: HungBin Toh CIMB (28. Sep. 010) Geely Automiles Holding LTD; CIMB Reasearch; Analyst: Cheam, The Shen JP Morgan (26. Sep. 2010 ) Geely Automiles Holding LTD – Initiating Coverage, JP Morgan Asia Pacific Equity Research; Analyst: by Li, Frank Deutche Bank (26. Aug. 2010) Geely Automiles Holding LTD; Deutche Securities Asia LTD; Analyst: Ha, Vincent Yuanta (26. Aug. 2010) Geely Automiles Holding LTD; Yuata Research; Analyst: Wong, Johnny Websites: Reuters (http://www. reuters. com/fi nance/stocks/analyst? symbol=0175. HK) Appendix A: Restated income statement Appendix B: Restated Balance SheetAppendix C: Overview of Analysts opinion Source: Reuters (http://www. reuters. com/finance/stocks/analyst? symbol=0175. HK) ——————————————– [ 2 ]. Industry average figure reference: http:// www. stats. gov. cn [ 3 ]. Property, plant and equipment are depreciated on a straight-line basis at the following rates per [ 4 ]. Goldman Sachs, China: Automobiles, May 19, 2010 [ 5 ]. Business Monitor International, BMI China Auto’s Report 2010, November 2009 [ 6 ]. Global Times, China's Expanding Auto Production Triggers Overcapacity Concerns, July 19 2010

Emirates Airline in Dubai Essay

With the competition in the aviation industry threatening to hit fever pitch, Emirates is doing everything at its disposal to remain relevant in the sector which continues to grow tremendously. The massive growth in the aviation industry which has been largely attributed to globalization and industrialization calls for major players such as Emirates airlines to put extra efforts as far as service delivery is concerned in a bid to remain at the top. And since growth comes with its fair share of competition, to keep up with it a company must offer not only best but also unique services and be ready to commit enough resources towards customer satisfaction. It is in this spirit that Emirates through its innovative and creative strategy has remained a pace setter in the aviation industry. Pioneer In order to address the communication needs of its passengers, Emirates became the pioneer airline to launch a service of its kind which allows passengers to use their cell phones. The service which was first rolled out on 20 March 2008 on a charter plane between Dubai and Casablanca was received well by a good number of stakeholders in the industry. With this new system, passengers will now be in a position to call or send text messages to people who are on the ground. Already experts say that other airlines have gone back to the drawing board with a keen interest of embracing this new technology so as to attract more customers. Food for the soul Emirates offers what one can call a one-stop in-flight entertainment system with a wide range of options such as live international television channels, music and movies which are largely attributed to its large client base. Apart from in-flight internet services available to all classes of passengers, they are also provided with newspapers, magazines and other periodicals to inform and educate them while traveling. Generally it provides all what clients’ needs including food to music which some prefer calling food for the soul. This kind of investment in the entertainment makes customers to enjoy their journey and even consider using the same service in future hence making the Dubai based company preferred by many clients. Customer service Client satisfaction which gives Emirates competitive advantage can be attributed to its professional, young, dynamic, diligent, and dedicated cabin crew drawn from various countries. The multilingual staff uses its diverse cultural backgrounds coupled with the facilities available to serve passengers with the humility they deserve. Fully cognizant of the fact that good performance in business can only be achieved through customer satisfaction; the company has utilized this unique capability to offer best services so as to achieve the desire of their clients. This lean and well coordinated work force has seen . the airline maintain high standard of service delivery and achieve enviable goals. Although experts argue that this is a strategy aimed at cutting on costs, research shows that lean staff coupled with a simple organizational structure like the one adopted by the company leads to success. State-of–the-art The state-of-the-art fleet of planes which Emirates boasts of has enabled it to be consistent and reliable more than any other top airline. These latest planes comes in handy because it means they will be at the right place at the right time hence fits the bill of the demands of customers. Irrespective of the class of the plane, once you fly with the company comfort is guaranteed. Responsibility In this era where corporate organizations are giving back to the community in the spirit of social corporate responsibility, Emirates is not left behind. It sponsors major events across the world ranging from sports to trade. For instance it sponsors the English Premier League side Arsenal, Dubai Shopping Festival, West Australian Symphony Orchestra among others. Such gestures although can be easily dismissed by critics as public relations gimmicks, demonstrates that the company has the interests of the international community at heart bearing in mind that is where it draws its customer base from. The creativity and friendliness in which Emirates has handled its sponsored activities has really ripped off if the profits it continues to register is something to go by. Strategic position It is important to note that the strategic position of Dubai, home base of Emirates gives it an edge to do business. Strategic because one can conveniently fly to Dubai before connecting with ease to other cities like Manchester or Rome while avoiding an extra trip hence saving on costs. Apart from being a commercial hub, Dubai is a major tourism attraction a factor which makes the aviation industry to blossom. Those who fly with Emirates airlines attest that their ambitions are met a clear manifestation that that its objective of offering best services on every route it operates is fully achieved. Its value for clients has won accolades and trust from many quarters making it an airline you can bank on.

Godfather Death

Salman Kay Mr. Jackson English 1302 10 February 2013 Godfather Death Summary In Godfather Death by the Grimm Brothers, there is a poor man looking for a person to become the godfather for his son. The poor man comes across both God and the devil who both offer to take care of the son. Instead the man makes Death the godfather because he believes Death is equal. The poor man says â€Å"You take away the rich as well as the poor, without distinction. (Grimm, secs. 210, 211) Death then makes the son a wealthy and famous physician with the ability to heal anyone if Death chooses to let them live, but if the physician does defies Death he shall face consequences. The physician is the protagonist whose overall goal is to heal the king and his daughter to reach nobility and gain respect from the king. On the other hand the antagonist is the physician’s godfather, Death.Death does not choose to let the king live, but the physician takes a chance and heals the king. Death gives the ph ysician one more chance because the physician is his godson but warns him not to do it again. The conflict between death and the physician is Human vs. Supernatural because Death is a supernatural force who is controlling of peoples life, and the physician is struggling to overcome Death’s force.While trying to overcome Death, the physician is going through a psychological journey. He is playing with fate and seeing what is going to happen next while thinking he can outsmart Death. When an another situation arises the king’s daughter is dying and the king offers her hand in marriage to her savior while Death is ready to take her. The physician thinks he can overcome death once more but in the end Death outsmarts the physician and takes him instead.

Emerson's Experience Essay Example | Topics and Well Written Essays - 1000 words

Emerson's Experience - Essay Example This is the confusion that confronts human beings and it impacts a perception of the human beings role with respect to nature and the powers that human beings wield in that respect. Human beings are blurred by the present material existence, and therefore, unable to clearly place a difference between productive and unproductive commitments. In fact, human beings are unique and it is expected to use creative energy. However, in the long run a sufficient understanding of daily occupations and activities can provide an effective way of valuing such time distance. Human beings can be blurred by the value and importance of their current lives. Daily preoccupations fill human beings to the extent that very little time is left for reflections. People allocate a lot of significance to the misfortunes of life; on the other hand, these have no eternal meaning. Grief neither brings people close to one that have been lost, nor does it change who they are. In a reflection, the writer refers to his own particular case, his grief at the death of his own son in 1842. In fact, grief does not provide learning lessons to people and even pull human beings closer to a deeper knowledge of the world in the material forms. According to Emerson, temperament and mood are the wholesale component of perspective. Further, dreams and illusion makeup part of human beings that aid in seeing. A highly intelligent person is hopeless if the perception is incomplete by certain temperamental trait that blocks a central distance inside the real horizon of life. A person’ creativity cannot be efficiently utilized if he does not care adequately for the search for truths, even if he is overly sensitive, and unable to reform. Religious sentiment flow can be influenced by mood and temperament cannot be completely separated from moral sentiment. Scientific study of the size and

Reaction paper Essay Example | Topics and Well Written Essays - 500 words

Reaction paper - Essay Example Then there is also evidence and the credibility of those who tell an account. What is apparent is that in history there is oftentimes a victor and a villain and the revisionists’ role is to shed light on the facts buried in all other propaganda. The role of the reader now becomes to judge for himself what he should believe in. This is the very nature of the two accounts of what happened in World War II and even World War I by Benjamin Freedman and Dr. Frederick Toben. From the introduction of Freedman before his speech, he was introduced as a former Jew. He was an insider and a friend of Jews before he converted into Christianity. This leads the listener into curiosity of why he would leave his religion by birth for another, especially when you have the opportunity of having belonged to the Jewish community which is almost impenetrable. The reason, it goes, is his outrage of Zionists who manipulate for their gain. Freedman starts by the presentation of the etymology of Judea a s biblical place mentioned in the Bible. It is referred to as a province of Rome and from this stemmed out the term Jews who dispersed throughout the world and found their presence in Europe. The Jews have since then taken over a large enterprise of tremendously profitable businesses.

Obama Administration Budget Essay Example | Topics and Well Written Essays - 1500 words

Obama Administration Budget - Essay Example that America has witnessed over the last several years." President Obama also reiterated his pledge to cut the deficit in half over the next five years. (Keck, et. al., 2009). The economic recession that America is presently experiencing is being suffered from coast to coast.   Families, small businesses, and family farmers are struggling to make ends meet.   People are tightening their belts and making difficult budget decisions In order to survive,.  Likewise, Americans expect their government to do the same.   Sadly, the recent budget plan released by the Obama administration failed to meet the citizens’ expectations.   In this time of widespread unemployment and the budgets of families and small businesses are tight, Obama’s outrageous budget outlines a $1.4 trillion tax raise in order to pay for enormous new government spending.   Some Americans believe that this budget is not the answer.   The tax increases it calls for would hurt small businesses, kill jobs, and further prolong our economic downturn (Wicker, 2009). Universal Tax Hike: Obama’s budget plan aims to expand the size and scope of the federal government in every phase of our economy.   Under this plan, spending would be maximized.   Before the country entered this recession, our national debt was about 40 percent of our gross domestic product (GDP).   Drastic increase in government spending and nationalizing things like healthcare and student loans, this budget blueprint would deliver the biggest European-style Socialism that we have ever seen in the country. Instead of guiding our country out of this recession by outlining a plan that would put more money into the hands of taxpayers and job creators, Obama’s budget would increase taxes on every American, stifling investment and job creation at a time when our country greatly needs both.  The budget asserts to increase taxes only on â€Å"the rich,† but in reality the burden would fall on the small businesses that create 70 percent of

Careers Assignment Research Paper Example | Topics and Well Written Essays - 250 words

Careers Assignment - Research Paper Example Secondly, the interactive intelligence company are offering a position in the field of information technology business analyst. Apparently, the person is mandated with the task of relating business practices with information technology. On the contrary, for the career panel, the following are the questions that would be asked. Firstly, how will you benefit the company? Secondly, have you ever held the position offered before? Lastly, where do you view this company in the next five years? On the other hand, a system administrator is mandated with the task of servicing and ensuring good operation of computer systems. In fact, they are the core of the information technology business for instance computer manufacturing firms such as dell. Moreover, a programmer is mandated with the task of creating and maintenance of computer programs. On the same note, they are essential in companies that manufacture computer programs, thus they promote the information technology sector. To this end, information technology is crucial in the field of

Discuss Gospel of Mark Assignment Example | Topics and Well Written Essays - 500 words

Discuss Gospel of Mark - Assignment Example In Mark 15 v 32 his enemies ironically refer to him as ‘Christ , this king of Israel.’ In 10 v 17 he is described as ‘Good Teacher’ by someone who wants to ask him questions. 2.How does Jesus identify himself? What titles/names does he use in relation to himself? Under questioning from Pilate Jesus answers to the title ‘King of the Jews’ , but Pilate was referring to an earthly kingdom and Christ to a heavenly one. In Mark 10 v 33 he is describing himself when he says ‘The Son of Man’. The phrase come from Enoch 46 where ‘the ancient of days’ is also described as ‘the Son of man’. 3.Write a brief â€Å"character sketch† (word picture) of Jesus as he is presented in the Gospel of Mark. Mark describes Jesus as a man of action anointed by God. ( Mark 1 v 11) Words such he might send them out to preach and to have authority to drive out demons.’ ( Mark 3 v 14, 15.) They are also described as being ordinary, imperfect people -James and John the Sons of Thunder i.e. quick to anger’ and ‘Judas Iscariot , who betrayed him. The gospel, begins with the baptism by John i.e. the time when Jesus was clearly stated to be God’s beloved son who pleased him ( Mark 1 v 11). This is different from the other evangelists. John begins before time ‘In the beginning was the Word.’ Both Matthew and Luke begin with the time of Jesus’s birth or thereabouts. These three writers wanted readers to know who Jesus was. Mark is more concerned with what he did. Mark begins his gospel at the beginning of Jesus’ ministry. He knew God as His Father who loves him and anoints him with the Spirit. - Mark 1v 11. He sees himself as belonging to a family of those who obey the will of God - Mark 3 v 35. In Gethsemane ( Mark 14 v 36 he prays to God as ‘Abba’ i.e. Daddy’, but

Rhetoric Analysis on Children with Diabetes Essay

Rhetoric Analysis on Children with Diabetes - Essay Example his two sons for school and the preparation includes giving his younger son insulin injections to maintain the blood sugar level since the child was diagnosed with diabetes. Despite the busy schedule, Parker creates some time to check on his diabetic child while at school. There has been an increasing trend in the average number of children and young adults being diagnosed with diabetes. According to the centers for disease control and prevention, there has been a significant increase in the number of children and adolescents living with either type one or type two diabetes. This has raised concerns among professionals on how to manage diabetes especially among the young children who still need great supervision in all aspects whatsoever and living with diabetes includes medication on a daily basis. Campaigns are held across the country to sensitize parents on how to care for and help their little ones live a normal life with diabetic conditions. It is possible for any parent to work and at the same time take good care of their children living with diabetes. Mr. Parker is a good example that parents should emulate and give their ailing children proper attention and care. In children, managing diabetes may not be as easy as it may seem on adults. Children are normally active and playful and this may not be favorable condition for people with diabetes. For children, it is the responsibility of the parent to remind them of the medication and strictly manage their diets and activities. Mr. parker ensures that his ailing child eat the right food throughout the day and do not over engage in activities that require a lot of energy at school. This has been possible by discussing the child’s condition with the teacher. Packer calls the school after every three hours to know the child’s condition, in case there are complications, he sends an ambulance to take the child to hospital. Conclusively, diabetes among children is on the rise and it is the parent’s

Accountant in business Essay Example | Topics and Well Written Essays - 1750 words

Accountant in business - Essay Example Identifying the organization that suits the profession or business can carry this and making a hierarchical structure that supports employee engagement and communication among the individuals (Rainey, 2009). Sole Proprietorship is the organization places all the liabilities of the business operations as well as finance on only one owner. Sole Proprietorship is not applicable for Molly, Mark and Mary as they are three individuals. In Sole Proprietorship, the risk is attached with only one person as he is tied to the business (Spadaccini, 2007). Corporation is another business organization that is equally unsuitable for the three individuals because it is chartered by the state and consists of a large enterprise where the owners are the major shareholders of the company and cannot be dissolved as in the case of Partnerships (Spadaccini, 2007). In order to recommend the right business for Molly, Mark and Mary, it is necessary to understand the concepts of the kinds of business organizations. As all three of them have an unequal amount of distribution of cash, they need to make comparisons through tax, liability and the impacts of organizational management in either a corporation or partnership to see which organization would be suitable to carry out business activities. As Sole Proprietorship and Corporation are not applicable for these three individuals, the following three are recommended for them. Partnership is the organization in which two or more than two people have the share of the ownership of the business enterprise. Unlike the Sole Proprietorship, there is a legal agreement made among the two or three owners as they will most of the decisions taking place within the organization have to be mutually shared, along with sharing profits. All partners are equally responsible to take measures in the organization regarding any discrepancy and can take effective steps to dissolve the partnerships whenever they wish to do so. At the time of

Education is our Most Important Asset Essay Example | Topics and Well Written Essays - 1000 words

Education is our Most Important Asset - Essay Example Education is the vehicle we use to promote our society and advance civilization. Education is the glue that holds humanity together and is our most important asset. A good education is more that just the bookwork and classroom learning that is often portrayed as education. A true education instills values and civility. It teaches the student the norms and mores of the society in which they live. Education gives us the tools to interact with our fellow man. This is the most basic and fundamental value of education. As Sahni reminds us, "you can have all the "book" knowledge in the world about a certain profession, but if you don't know how to behave with your co-workers and or your superiors, having "book" knowledge won't get you too far". In understanding the value of education, we need to understand that education can take place anywhere. Having learned the moral foundation for interaction, education can also promote equality and justice. According to a United Nations report titled "The Importance of Education for Women", "Civil and family education should be used to prevent young people from growing up to perpetrate violence against women. Violence was a result of miseducation in the family". Once again we see education at an early age promoting the civil society we expect. Education does not teach us what to think, but how to think. ... The goal of the college is to, "provide students with the knowledge, skills, and attitudes essential to living in and contribution to an ever-changing democratic society" ("The Importance of Education"). Programs presented at universities are meant to develop a student's autonomy, competence, conscience, and creative capacity. Critical thinking allows the student to decide the validity and value of the information available. Education also forms a standard by which civilization can communicate with one another. The student in Los Angeles will understand the academic paper written in India because they have been educated. Without this formal instruction we would be living in the world of Babel. Our science would be isolated and unattainable outside closed cultures. Without standard building blocks to construct our knowledge upon, most of what we have gained as a society would soon become unintelligible. When filled with slang and misspellings a Nobel Prize project would go unrecognized. As E.D. Hirsch so basically states, "there is a body of information that literate people do know" (131). Education gives us the tools we need to communicate. Education is the glue that binds our fragmented knowledge and allows research to build and create new and innovative opportunities for a civilized future. This educational rubber meets the road in its goal of sustaining a healthy economy. Education creates economic opportunity and it takes education to benefit from it. According to Ferguson, "Today, much of that high-value output demands workers with the creativity, cognitive abilities, and skills to interact with challenging technologies". Workers must be flexible and innovative to exist in today's fast paced world of rapid change. To participate in the

Assessment Methods Essay Example for Free

Assessment Methods Essay What is assessment? Black and William (1998) declare that the term assessment is generally used to refer to all activities teachers use to help students learn and to gauge student progress. There are many different forms of assessment, however they can generally be divided into two main categories; formative and summative which can be formal or informal. Formative assessment focuses on the gap between where a learner is in their learning, and where they need to be. Marshall (2006) states that formative assessment gives you more flexibility, your assessments can focus on the individual needs of your learners. Formative assessment is usually carried out during the learning process and is a form of giving feedback to the learner, in order for them to understand how they are progressing and to identify areas that may require further attention and what they need to do to achieve the learning outcome. Summative Assessment on the other hand tends to be a formal measuring of the learning and focuses on the achievements of the learner at a particular time. This could be at the end of a term or at the end of a particular program of study. It is generally used to identify if the learner has achieved a level of competence and/or knowledge. Summative assessments can take the form of test, exams Practical, oral or written, the individual is usually given a score which can result in a pass or fail. Assessments can be Objective or Subjective. When assessments are objective, the questions asked have a single correct answer; these questions can take the form of multiple choice or true and false answers. When assessments are subjective, the questions asked may have more than one answer and can take the form of a written response such as an essay. There are also criterion-referenced and norm-referenced assessments. A criteria-referenced assessment measures what a learner can actually do (their competence) and it is measured against a set standard, an example of this is the current driving test. Whereas, norm-measured assessment compares learners one against each other, an example being the IQ test. As a teacher in my teaching practice I use a variety of assessment processes. I use criteria based formative assessment in the skills-based Basic First Aid course; learners are expected to be able to perform effective CPR and to be deemed competent they are measured against a set criteria defined by the Resuscitation council and Health Safety Executive regulations. I use observation to measure whether they meet these criteria. However the assessment required for the First Aid at Work course, which is more in depth, requires a summative assessment, which takes the form of objective questioning to ascertain if the learner has gained clearly defined knowledge base and a practical skill test to ascertain if the learner is able to perform effective first aid. This assessment is a defined pass or fail. All learners on our NVQ program are measured by performance criteria which define the context for assessment laid down by the accrediting bodies, and both formative and summative criteria-based assessments are used. This allows the assessor to give students feedback on their development and on areas that may require further attention and also to observe when they have reached occupational competency. All assessment processes must first start with an initial assessment. Black and William (1998) suggest that this initial assessment (for learning) focuses on the gap between where a learner is in their learning, and where they need to be. This assessment is a good starting point to discover what skills your learner has and to direct them to the next stage. I carry out an initial assessment on candidates undertaking NVQ training. This is used as a tool to develop an individual learning plan for them. During this assessment process we would ask the candidates to complete different forms and questionnaires in order to gather the information for their plan. This would include a numeracy and literacy test to judge their level of skills and to ascertain if they will need to be referred for extra help and a learning styles questionnaire so that we can tailor any training towards their preferred learning style. Initial assessment can also be used informally at the beginning of a course as a tool to establish learners existing knowledge and expectations. This information can be used to bias the teaching towards the needs of the learners and also focus the learning towards the learners’ expectations. Other types of assessment can be used to judge whether a learner has made progress such as self-assessment. This is where the student reflects upon their own progress and assesses their own development and achievements made during their learning journey; or it can be a peer-assessment, where the learners peers (who are on the same learning journey) assess the learners developments and achievements through observation of their practice during the journey; or third party, which is where another person not on the learning journey, assesses the learners progress by examining how they have put the knowledge/ skills they have learnt into practice, (these would be a supervisor or manager). Assessment can occur in a number of ways including observation, watching and evaluating the learners progress which works well for practical skills-based courses; written questions to gain an understanding of the learners knowledge in their own words, although this can discriminate against those whose written English skills are less developed; Multiple Choice questionnaires, again this is to assess their understanding of the taught material, and ensures equal opportunities for everyone as it is suitable for those who may be concerned about their writing / spelling or who may be nervous. Please see assignment 8. 3. 6 record keeping in regard to assessment record keeping. REFERENCES Black, Paul, William, Dylan (October 1998). Inside the Black Box: Raising Standards Through Classroom Assessment. Phi Beta Kappan. Available at http://www. pdkintl. org/kappan/kbla9810. htm. Marshall B. (2006) Preparing to Teach in the Lifelong Learning Sector BTEC Level 3 Edexcel Limited London (page 81) Wikipedia (2009) Assessment (online) available at http://en. wikipedia. org/wiki/Assessment accessed on 11/12 Oct 09Ã'Ž

Kaizen Costing Method And Its Role In The Management Of An Entity Accounting Essay

Kaizen Costing Method And Its Role In The Management Of An Entity Accounting Essay 1. Introduction The purpose of my article is to let the managers know about a costing method, which applied even in the current crisis, will not only lead to an avoidance of bankruptcy, but may lead to even make a profit by improving competitiveness and financial efficiency. Quality means to continuously meet the customers demands, total quality means to continuously meet the customers demands in terms of minimum cost, and total quality management ensures to continuously meet the customers demands in terms of minimum cost, involving all employees. 2. Objectives The main objective of this research is to identify a solution to permanent increase of production quality while reducing cost and time of selling. To achieve this goal, we conducted a theoretical fundamental research, through which I tried to transpose several features of Japanese management plan for a new costing method. 3. Methodology With no intention to exhaust the limits of thissubject matter, I made appeal in my scientific approach to a rigorous study of the literature and analyzed various points of view raised by specialists in this field. I made appeal to research methods such as documentation, analysis, synthesis. Assumptions, methodology approach and the results are my own contributions. 4. Analyses Maintenance and improvement are two inseparable concepts in Japanese management. Improvement is assessed by two terms: kaizen and innovation. Kaizen is a Japanese management concept launched by Masaaki Imai, which proved to be the key to Japanese competitive success. The significance of this concept is: KAI = Change and ZEN = for better, and the translation is continuous improvement, that means small improvements to the ongoing efforts. Unlike the Western conception, implying total change, at large intervals of time, using large amounts of resources and a high cost level, Kaizen Costing seeks daily, gradual, slow, but continuous improvements, which take place at minimal cost. Kaizen Costing message strategy is that a single day should not pass without an improvement to intervene in the activity of each employee or each entity. The Japanese have shown that by applying this strategy, improvement is achieved with minimal expenditure. Specific characteristics that ensure successful approach of Kaizen activities are the following: disregards all ideas implemented so far in the organization of production; rejects the whole existent situation; it does not look for perfection, seeking a 40-50% improvement of the existent situation, but at an acceptable cost; allows any manager to use their knowledge and personal skills; the ideas produced by many people are better than the ideas of a single person; the improvements have no limits. Cost is one of the basic synthetic indicators that characterize the effectiveness of an entitys activity. The importance of production cost is related to the functions it fulfills in the context of economic-financial mechanism, schematically presenting itself as follows: ensures the resumption of production, measures the means of production and labour, allows the calculation of some efficiency indicators and the real knowledge of activity quality, sizes the profitability of economic entities, etc.  [1]   Kaizen Costing Management is focused on improving each process of a technological product sheet, the main goal being eliminating losses and minimizing costs. Process improvement ensures production efficiency, kaizen type activities ensuring maximization of product value corresponding to the requirements of the beneficiary, a qualitative differentiation of this. There are eliminated all those functions of the product which the customer has no interest in and which bring a cost increase without a correspondent in value. à ¢Ã¢â€š ¬Ã… ¾The KAIZEN principles presumes a practical approach and low costs of improvement. The Kaizen management system is based on the continuous loss reduction by means of methods that do not rely on investments, but on the improvement of the processes and the employeesperformance. According to the Kaizen principles, we must be sure that, when we take an action, our action will go on in the best possible way and is not merely an intermediate action to generate a temporary result  [2]   Innovation is achieved by sudden changes and generates radical improvements, compared to the initial situation, which is due to significant investments in technology, performance and equipment. Figure no. 1 shows the distinction between innovation, kaizen and maintenance: Source: Imai 1997 Figure no. 1 Therefore, Imai (1997) describes that the improvement can be divided into Kaizen and innovation. Kaizen signifies small improvements as a result of ongoing efforts. Innovation involves a drastic improvement as a result of large investment of resources in new technology or equipment. The author also explains that in the context of Kaisen, management has two major functions: maintenance and improuvement. Maintenance refers to activities directed towards maintaining current technologies, managerial and operating standards, and upholding such standards through training and discipline. Under its maintenance function, management performs its assigned tasks so that everybody can follow standard operating procedure.  [3]   Thomas M. Fischer and Jochen A. Schmitz K in Control Measures for Kaizen Costing-Formulation and Practical Use of the Half-Life Model considered that Kaizen costing focuses on continuous reductions of costs, which should be realized for existing products in a company. For planning and control purposes, comprehensive and efficient tools for measuring performance are required  [4]  . 4. Critical In implementing Kaizen Costing strategy, managers rely on other techniques, methods and tools such as: quality circles, suggestions system, kanban, total productive maintenance, action plans, etc. The success of this strategy is subject to a number of changes in the entitys culture and value system on which it is based. Suggesting small steps strategy, Kaizen Costing is a concept of umbrella which treats the basic methods and concepts applied in quality management in Japan and whose value is recognized worldwide (Figure no. 2).The superiority of the concept stems from the fact that, by applying small steps strategy, the necessary resources are insignificant, while the strategies based on innovations involve huge investments, although the results are relatively the same. In addition, Kaizen brings in the forefront the employees of the entity, who are motivated to participate consciously and responsibly to achieve the objectives of the entity. In this process the most important dimension is the organizational one, the ability to communicate. Successful implementation of this approach is given by the technical and managerial knowledge, put together, and by the across application of some management tools (ABC, benchmarking). Source: http://afr.kaizen.com; Imai (1986) Figure no. 2. The implementation of Kaizen Costing management system in economic organizations in our country would bring immediate gains by eliminating waste and losses, increasing labour productivity by 20-30%, reducing operating costs by 15-20%, reducing used areas, reducing the equipment needs and increasing the use of the remaining, increasing staff motivation. Kaisen Costing focuses the entity interest and attention on those places where you can reduce costs, this means on operating the production process and its development in the most efficient way. Unlike Target (used by design staff before the product is in production), Costing Kaizen Costing is used by production staff during product manufacture. Both follow the same target, but they differ in the method of settling the target: on perspective, Target Costing is based on customer considerations, while Kaizen Costing is based on profitability targets imposed by manager. As a method of cost calculation and resizing, Kaizen Costing represents the expression of returning to the source, through the causes of performance and the roots of productivity, what is possible in a cross-viewing, and performing a process analysis under the ABC Method. Cost reduction approach results by comparing the target-cost to the estimated one, and is fulfilled in terms of value, through an iterative process of continuous improvement.  [5]   Thus, Kaizen Costing is not interested in the product but in manufacturing process, which is more than just a cost method, but a global management tool. Obviously, there are factors that hinder implementation and obtaining good results in Romanian entities. Among them the most influential one is the mentality, or psychological profile of Romanians, which do not encourage the achievement requirements of such management, but there is great criticism concerning the stress staff has to deal with. 5. Conclusions In conclusion Kaisen Costing is the ideal management system to reduce costs. Through the application of this management style in managerial accounting, entities with limited resources could significantly mitigate the negative impact of current economic and financial crisis. As Masaaki Imai shows, Restructuring or reinventing your company can be destructive, expensive and often inoperable. Applying Kaizen in gemba (job, where the action occurs), significant improvement is achieved with low costs in core business processes production and services and can be obtained, as never before, major leaps in customer satisfaction, in quality, productivity and profitability. For those who want to learn and apply this management system, I mention the following advantages: implementation costs are reduced, as Kaizen makes better use of existing resources and does not require large investments in improving technology, staff training costs are lower than for other methods, in Romania there are consulting firms in the field, entities that have implemented Kaizen have achieved remarkable results in labor productivity, in cost reduction and competitiveness increase.

Meeting Criteria for Early Years Foundation Standards

Meeting Criteria for Early Years Foundation Standards Unit 3 Early years foundation standards are guidelines with in which a childcare facility work, members of staff must be checked by â€Å"Disclosure and barring service†, complete a Health declaration, least one member of staff needs a paediatric first aid certificate and should obtain a level 3 childcare qualification before they start caring for children, one member of staff must have suitable experience with under 2s, at least half of all other staff must hold a level 2 qualification in child care. The children’s health and safety is paramount. Child care facilities must work within the correct adult to child ratio, only permitting the correct number of children for the space they have available. Children under 2 1 adult -3 children Children aged 2 1 adult – 4 children Children aged 3+ 1 adult – 8 children Good. Within the facility provisions must be made for the development of every child, no child is excluded, every child must be supported in fulfilling their maximum potential, the early years stages have a long and lasting effect on the child’s future and ability to start school, no child should be left behind. Each child will be assessed so all of their needs can be met on an individual level and they have a personal plan in place so they succeed in all areas. The plan set in place should be available to parents, cares and any outside practitioner such as health visitors if needed. Every child should have equal opportunity, face no discriminatory actions and every child must be included and fully supported in their learning environment. Practitioners must remember every child is unique, they need to forge positive relationships, offer enabling environments, and plan varied activities as each child learns in a different way and at different rate , every child will have a key person, this person is the point of contact with the child’s parent or carer, they are responsible for helping the child be happy and safe, they are responsible for that child’s care, development and learning, they keep clear notes of the child’s progress and help parents with ideas for their child’s progress at home.( www.gov.uk//policies//early-years-foundation-stage) There are seven main criteria for the early year’s foundation the three prime areas are: Communication and language Physical development Personal, social and emotional development. Then there are four specific areas: Literacy Mathematics Understanding the world Expressive art and design. These core guides must be implemented into children’s everyday environment, communication and language: Children need to talk freely to one another and adults alike, roll play encourages children to interact, asking the children to describe things being big or small, talk about family members being male and female, young or old, encourage them to use descriptive language, and help them understand how it relates to them. Physical development: These activities develop the child’s skills set in handling equipment or showing control and co-ordination this is done with games or dance that involve pushing or pulling or outside games that use ball skills such as patting or kicking, throwing and catching, all of these skills help develop the child’s body and hand and eye co-ordination. Personal, social and emotional development: These skills are the ones a child needs to be confident, to talk and play with other children, to talk about themselves and their own environmen t, to talk about who they are. Doing an activity as simple as â€Å"show and tell† would give the child confidence to talk about something they love or something they have done, if you have children from many different cultures talking about their festivals and traditions encourages understanding of others. Literacy: Children love to be read to so try to use a story that is repetitive, giving the children confidence to join in, or ask the children to make up an alternative ending to a favourite story. Giving each child a word card and going round the room and using those words to build a story would help a child understand the context of the word and phonic sounds to build a word. Mathematics: Children enjoy filling and emptying bottles and containers using sand or water, doing so helps to understand, volume and size, building blocks can help them count, how many blocks can you build up before they collapse. Understanding the world: Children need to know where and how they fi t in, looking at traditions and festivals across all cultures encourages an understanding of self, making festival food , or making a garland worn at a wedding ceremony, helps the children understand the importance of different cultures, they also need to understand the natural world so going on a bug hunt, looking at the life cycle of a butterfly or creating a garden full of food for insects, this would help them understand the things they have seen and why there important to us as humans. Expressive art and design: Children like exploring and using many different materials, clay, play dough, card and paper, they can experiment with how to change their shape and form, use glue or tape and colour. Children like to be imaginative model making is a great way to encourage imagination and develop skills, mixing paint in to a variety of colours, so they can see that you only need primary colours to make any colour you wish. Respecting and valuing individuality Children and families must feel respect for who they are regardless of colour, race or sexual orientation, it’s the practitioners’ job to lead by example the children must understand that everybody is different, everybody has strengths and weaknesses, and everybody is valued. Encouraging manners, caring attitude and understanding will help children become well-rounded young adults. Children should be encouraged to celebrate their cultural differences, and to respect others family backgrounds, this needs to be done in a sharing way, having a world day were the children can look at different countries, the animals living there, the food, maybe ask a parent to ready a native story, it would bring to life the differences giving them greater understanding of where they fit in and how we all fit together. It is important for children not only to share their cultural differences but also their personal differences, some children are good at art some are good at swimming, helpi ng them celebrate their achievements helps children see that everybody is good at something but not all good at the same thing. Doing group activities helps the child learn to work as a team, encourage problem solving, help the children listen and negotiate with one another, or take time at lunch to sit together, talk politely, understanding that eating with the right cutlery and washing your hands before you sit down are all normal behaviour. Activity: Outcome: Awards, celebrate the children’s achievements in and out of care setting Reinforce positive self-image Make a class photo album, ask children to bring photos of family celebrations, and explore the different festivals across the cultures. Bring to life the different festivals and celebrations that happen around the world. Encourage understanding of other peoples culture Give children positive role models such as gold medal paralympians, put posters up around the room for the children to admire Let children understand that being disabled is not a negative and great achievements can still be made Include toys and play equipment that reflect other cultures, such as dressing up clothes, kitchen utensils in the play kitchen, puzzles and dolls By playing with these objects the children will become familiar with different cultures Cook food from around the world. Let the children make and taste different foods that they might not have everyday This activity would stimulate them and get them talking about feeling, texture, smell and taste. Cooking activities also help with measuring and science, and help children to understand health and safety and good hygiene. Sing songs and read stories from around the world, include rhymes and action songs Children love to participate; this activity is great for children whose first language is not English. Positive and negative behaviour Positive reinforcement is a technique used by care givers to modify behaviour, this involves giving positive reinforcement as often as possible, and reminding the children that negative behaviour will have consequences as a carer it is best to focus on the positive but if a negative occurs it needs to be dealt with swiftly and an explanation as to why it is negative behaviour, help the child to develop empathy, the child needs to know it is their behaviour you disapprove of not them as a person, if a child is consistently reprimanded for negative behaviour they will quickly become labelled as â€Å"the naughty child†, an action plan must be made for this child so that positive reinforcement can turn the situation around and positive behaviour becomes the norm. At no time should there be: pain, punishment, intimidation, yelling, degradation, humiliation, shame or guilt this would only hurt and confuse the child. Children need a positive environment to develop their self-esteem, emotional growth and well-being. (www.positivereinforcementforkids.com) Behaviour is not learned once but learned every day. Consistency is the key to dealing with any behavioural situation, children respond to set boundaries and feel safe knowing what is expected of them, let the children know what kind of behaviour you are looking for, with older children they could help set the consequences of their negative behaviour; it would encourage them to be more positive as they have set the rules. As the care giver you need to remain positive at all times it is your professional duty to do so, be a positive care giver, a negative attitude leads to a negative outcome! Consistency is key. Boundaries are needed to establish right from wrong. Children understand the their behaviour has consequences- both positive and negative Reward positive behaviour: give out stickers, or mark with a kind word â€Å"Thank you for being kind and helpful†, â€Å"Your team work was great†. Make the children feel valued and important. Star chart: so the children know that with consistent positive behaviour also comes reward. Praise the child for the effort not just their achievements, praise them for their strengths and remind them everyone is different. If you praise one child use the opportunity to encourage the rest of the group. Managing conflict We all encounter conflict every day, in the childcare environment it’s child to child conflict or child to adult conflict, study’s done at Texas tech uni by Dennis, Colwell and Lindsey show that girls often have child to child conflict that is more often than not resolved within their peer group, whereas boys often have child to adult conflict and that boys look to the adult to resolve the conflict.(www.kon.org/urc/dennis) As the practitioner it’s you job to manage conflict, like many life lessons children need to be equipped to deal with it, Vygotsky: a Russian social development theorist said â€Å" conflict provides a learning experience for children and in doing so they would learn to function better in the social context†, (www.simplypsychology.org) Vygotsky’s theory is not that uncommon amongst child behavioural theorist, his arguments are supported by the likes of Erikson who thought â€Å" life is full of conflict and in order to become a b etter person one must resolve conflict in each stage of life†. Often conflict is cause because of the developmental stage the child is at and they as children have not reached the stage where they have empathy or understanding, or sometimes children act out because it has become their learned behaviour, it is the way they have been treated or something they have seen in their everyday lives due to lack of good role models. As the care giver you need to step back and ask: Why is the child acting this way? What has made the child feel like this? Is it a cry for help? Does he/she need my understanding and empathy towards their feelings? Are the Childs need being met, are they unhappy, scared, confused or frustrated? Are they tired or hungry? Conflict is often born out of a misunderstanding, if identified quickly it can be resolved quickly, children need to feel that their side of the story is heard, as the care giver it is up to you to guide the situation from one of upset and stress on to a calmer and more positive footing, with a peaceful conflict resolution. Bibliography www.gov.uk//policies//early-years-foundation-stage http://www.positivereinforcementforkids.com/ www.simplypsychology.org www.kon.org/urc/dennis

Internet and Car Shopping Essay -- Expository Essays

Internet and Car Shopping Marketing studies show that more than half of Americans who are in the market to buy a new car use the Internet at least once. The Internet has now become part of the process to buying a new car. Most buyers use it to research cars so they save time going lot-to-lot test-driving cars to find that they just don't fit their tastes. Car buyers can research what car publications say about certain cars or just go to the manufacture's web site and compare specification to other models. Once you make your decision you can just go down to the dealership or order it online and have it delivered to your house. The best part of buying a car online is not having to deal with the pesky sales men that run out as soon as they see you pull up. I really hate that, I just want to walk around by myself and if I need your help I will come in and ask you. I bought a new car about a year ago and every time I went to a dealership a little sales guy came out and told me that I should sit inside the car. I can tell if I don't want to sit inside just by looking at it. I usually got the new guy who was desperately trying a little too hard to try and sell me a car that I wasn't even interested in just because he needed is first commission check. When I started to ask questions they kind of just blew me off because of my age. I believe that their mindset was 'here's a young kid who is obviously going to finance this so I'm just going to try and convince him that he needs to pay $16,000 for a car that has no air conditioning and an am/fm radio'. When you shop online there is no age barrier until you start the buying process, definite plus. When you order your new car online you have a wider variety of choices then you would... ...ce but I would tend to lean to J.D.A's statement just because they are better known. Online car buying seems legitimate and safe. I myself am still wary of putting by beloved credit card number online for thousands to see. I seem to not be the only one who feels this way because many dealers are stating that just because they are on the internet doesn't mean that they are making more money, they are saving money just not making any extra. So why do they stay on the net? They believe that in the future people will trust the Internet more and so they will be seeing the benefits. Of the 17 million cars that will be built next year only 62,000 will be sold online. May the future of car buying be done in your pajamas at your home office?, we'll have to wait and see. Works Cited Preston Lerner "Net Profits" Automobile Magazine 2001 Buying and Leasing pgs 22-27

Social Male Behaviors On Sundays Essay -- essays research papers

There are many misconceptions about Sundays and its effect on people. I’m here to clear it up from the male’s perspective, and to show women how to deal with these behaviors. Many women believe that Sunday is a sacred day, a time to be together with the one you love most and go to church . This is true, but Sunday is also the time for sports, testosterone driven activities, and for males to hang out with the other males. Sundays seems to bring out a primal instinct inside us men that lays dormant through out the week. These instincts are brought out by the excitement of sports and the surrounding. So here are some insights into our behaviors, eating habits, and our rituals to let you understand us better during these times.   Ã‚  Ã‚  Ã‚  Ã‚  One of the main rituals on Sundays is gathering of us male species at various places to be with others like us. One of the places the male species often go to are called bars. These places are like heaven to the male specie. I myself have had first hand experiences with these places. Last Sunday I decided to go to a local bar call Hooters with some of my buddies to observe these ritual behaviors for myself. Upon entering the bar, I knew that it was truly a place for us males to hang out. The walls were filled with sport memorabilia, and on all twelve television sets where either football games or other sport related things. Another thing that made it a true guys’ hang out were the good food and the waitresses. All of the waitresses were all shaped nicely, wearing provocative clothing which made them truly candy for the eyes. Another one of these places that we male species like to socialize is their own dwellings or another’s. When the male specie hang out they don’t like to do it alone, and so others males would join in on the fun. There are also requirements in order for the visiting males to be included in this ritual; they must present a â€Å"Gift of Flavor† upon the visit. Although we male species will consume almost anything that might be digestible on most days, Sundays on the other hand we male species will follow a strict diet. The diet states that, only food products that contain either great amount of salt, cheese, meat, or sugar may be consumed. Also that each serving of these foods must contain no less than 2 grams of fat, otherwise the food is considered sacrileges. Also the most essential part of... ... primal instincts will go away but there are time frames when these behaviors will start to decrease. People have noticed that they start to decrease after the last post game show on television had ended and football too is gone for the day. But some scientists believe that availability of alcohol plays a major part in the decrease, because the party is over when the drinks are gone. The only way that you can make it easier on you during these times is to just go with the flow. Be lazy too or fix things, by doing this you will notice that the time will fly by. Or you can pick up our hobbies, like football, drinking beer and hot wings. Because if we see that you’re cool we will invite you to our gatherings. But if think that doing these are not for you, you can just stay the hell away from us. Go to your parents’ house, girl friends’, or siblings’ and do your feminine activities. We won’t interfere with your rituals. But please understand it’s not our fault, we don’t do this because we want to, it just that it is part of being a man. And I hope in reading this you have learned and understand more about the men in your life. And that it’s up to you to decide how it will affect you.

Cancer Genesis and Cancer Treatments: an Overview Essay -- Health, Dis

The human body is made up of trillions of living cells all working together. Normally, these cells grow, divide, and die. However, sometimes the process is mismanaged; and during this time, uncontrolled cellular growth and division occurs. The uncontrolled growth and division lead to tumors, which usually leads to cancer. However, not all tumors lead to cancer. In addition, the word cancer is a general name given to over 100 diseases, which begin with uncontrolled cellular growth. If these growths are left untreated, they can cause severe illness and even death. In the United States, half of all men and one-third of all women will develop cancer sometime during their lifetimes. The threat of developing cancer can be reduced by changing one’s lifestyle. A better diet (Ames, 2001; Bergstrà ¶m et al., 2001), daily physical activity( Kampert et al., 1996), limiting sun exposure (Elwood et al., 1997), quitting smoking (Peto et al., 2000), and reducing excessive alcohol consumption (Tsugane et al., 1999); all add up to a reduced the probability of developing cancer. In addition, the earlier a cancer is diagnosed and treated, the less likely that that individual will die of it. Therefore, the combination of early diagnosis, therapies and lifestyle changes can beat the occurrence of cancer. Cancer Genesis Cancer begins when a cell starts to grow out of control. All cancers begin with out-of-control growth due to damaged DNA. DNA is the genetic material found in every cell, it contains instruction and blue prints for cellular growth, division, and death. Normally, when DNA damage occurs the cell has mechanism to either repair the damage or initiate its own death. However in cancer cells, the DNA damage is not repaired nor does the cell com... ...l activity involving regulatory, metabolic and healing processes. Electrical currents that occur at the site of injuries such as bone fractures are considered a sign of healing energy. In salamanders this contributes to the processes involved in limb regeneration† (O’Clock, 1999). Another type of energy medicine is Ayurveda, which is an ancient Indian medicine system .The therapy re-establishes harmony between the body, mind, and forces of nature to cure cancers and other illness. The therapy requires exercise, herbal remedies, lifestyle changes, and meditation. Practitioners of Ayurveda strengthen and purify their bodies and mind and increase their spiritual awareness. A recent clinical study, by the National Institutes of Health, showed that in 79% of cases, patients with chronic disease had significant improvements after Ayurvedic treatment (Treatments, 2011).

Why! Elder Abuse.Why!

Elder abuse, A Social Problem Elderly abuse has not been researched enough, although there has been recent expansion on the research of abuse of the elderly. However, it is still lacking adequate theory because there has not been enough research done, data collected on why it happens, or the characteristics of the abuser and victim. There are some diseases that cannot always be treated or prevented, but negligence and abuse can always be prevented. By learning to recognize the signs and symptoms of elder abuse, there will be a decrease in the number of the elderly who are abused and neglected. Within this paper you will find that both men and women are victims of elder abuse, crimes against the elderly, elder abuse with celebrities, main problems with elder abuse and a way to help stop elder abuse by education. It is said that Women are predominantly the victims of elder abuse and that men are the abusers, this is not always true, Men are also victims of elder abuse with women as the abusers. However, there has not been a firm definition of what is elder abuse. Some experts suggest that elder abuse should be included in the definition of domestic violence. Experts have found in their studies that women are the majority of the physically abused, where men were the larger average of elderly individuals who were neglected. However, many experts also state that focusing on the definition of elder abuse is counter-productive as in focusing on the issue that women are the majority of abused victims. Feminist theorists have failed to produce enough data here, although they have the expertise to contribute to this research. Wolf, 2000) Categories of elder abuse and neglect include such diverse harmful acts as hitting the person, withholding food or water, bullying and threatening, abandoning them when they cannot care for themselves. Which involve elders in their homes or in residential care (Wolf, 2000). According to the news on ABC, even celebrities are victims of elder abuse, such as Mickey Rooney. Who is a 90-year-old actor, who has had one of the longest careers of any actor, was granted court protection from stepson Chris Aber and his stepdaughter Christina Aber, after he filed a case against them charging verbal, emotional and financial abuse, and for denying him such basic necessities as food and medicine. The court documents say that both Chris and Christina Aber have been keeping Rooney as â€Å"effectively a prisoner in his own home† through the use of threats, intimidation and harassment (abcnews. com) In the United States most of the abuse has came from nursing homes, but now the abuse is coming from the offspring of the elderly. Even though the government officials are trying to pass new laws to protect the elderly, the abuse continues. Did you know that 90% of abuse and neglect is perpetrated by family members or relatives, two-thirds by the spouse or adult child of the victim (Administration on Aging, 2004b). One of the main problems with elder abuse is the failure to acknowledge it as a form of real abuse. The ‘caregiver’ is already excused by getting this label as the ‘carer’. There is also the focus on the elder individual as the catalyst to the abuse, by pushing the carer to his or her limits. The elder individual is seen as overly dependent and has added stress to the caregiver. Violence toward the elderly by their middle-aged children or others is a special form of family violence and, just like child abuse and domestic violence, deserves to be recognized, investigated and appropriate interventions provided to save victims from unnecessary suffering. What is abuse? â€Å"It is a single or repeated act, or lack of appropriate action, occurring within any relationship where there is an expectation of trust which causes harm or distress to an older person or violates their human and civil rights (Brandl, 2000). The victim fears reporting such abuse will result in losing ties with that relative or that the relationship will be upset. In several circumstances the victim would be dependent on the perpetrator a caregiver and they are afraid of ending up in long term care if they report the abuse. There may also be the fear that the abuser may find out. Furthermore, they might not have the confidence to report the abuse, and are afraid they won’t remain anonymous. Maybe there is a possibly of failure to recognize abuse and they do not know what is happening to them is classified as abuse. From the functionalist perspective, aging is a social problem because the institutions of modern society are not meeting the needs of the dependent elderly. Interactionist believes that the elderly are stigmatized because they do not conform to the norms of a youth-oriented culture. Conflict theorist view the problems of the elder as stemming from lack of power to shape social institution to meet their needs (http://apa. org/) As a human service professional we can help in the fight to stop Elder abuse, by joining groups like the NCEA, and get involved in their World Elder Abuse Awareness Day. http://www. ncea. aoa. gov). We can help to educate the society, community, on the signs of Elder Abuse with a brochure on Signs of Elder Abuse and by joining the White House on the †Taking a Stand against Elder Abuse† that happens every year on the Annual World Elder Abuse Awareness Day (whitehouse. gov). Elder abuse is just like Domestic Violence and society should not let this ty pe of abuse happen to anyone. In conclusion; as citizens of United States, we must make ourselves aware of the signs of Elder Abuse. We must give respect to the elderly and if we suspect an elderly person is being abused by their family or a professional do not be afraid to report the abuse to the proper authorities. This paper gave you information as stated and that both men and women are victims of elder abuse, there are many crimes against the elderly, there is elder abuse with celebrities, there are main problems with elder abuse and there is a way to help stop elder abuse by education and planning. It is not an easy road but if we all work together to stop elderly abuse, we can stop it! Reference Halphen, John M. , Grace M. Varas, and June M. Sadowsky. 2009. â€Å"Recognizing and reporting elder abuse and neglect. † Geriatrics 64, no. 7: 13-18. Academic Search Premier, EBSCOhost (accessed June 18th, 2011). Administration on Aging (2004b) Elder Abuse, Retrieved, June 18th, 2011 from http://www. aoa. gov/eldfam National Center on Elder Abuse. (2004). The Basics. Retrieved June 17th, 2011 from http://www. lderabusecenter. org/default. cfm? p=basic. cfm Brandl, B. (2000) Power and control: Understanding domestic abuse in later life. Generations, 24(11), 39-45 National Council on Child Abuse and Family Violence. Retrieved March 18th, 2011, from http://www. nccafv. org/elder. htm#top http://apa. org/ http://www. ncea. aoa. gov/Ncearoot/Main_Site/pdf/publication/Join_Us_Campaign_tipsheet_indv_final. pdf retrieved June 21st, 20011 http://www. whitehouse. gov/blog/2011/06/13/taki ng-stand-against-elder-abuse

Bill of Lading

* Introduction of the philippic of committal Lading is another word for communique. Lading refers to the bodily goods that atomic number 18 trans ported by the letter aircraft attack aircraft mail attack aircraft carrier from iodine location to another on behalf of a transmitter and a murderer. Such theodolite whitethorn be carried come to the fore by way of ground transport, by aircraft or by freightage ships. mail carriers use the post horse of charge associated with a given expedition to ensure that goods argon delivered safely to the s repealer as the shipper had learnd. blossom of incumbrance is a intelligent document which is using by the shipping companies and freight companies.The purpose of the accounting of load is to acknowledge that the carrier has trustworthy the goods. The lodge of lading transfers the title, or level-headed haveership, of the goods to the carrier therefore. If there completelything happens to the goods in transition (at the en route), the carrier is responsible for compensable for the reviles. The extremum of lading is a pass given to the soul who shipping the products. manner of speaking epoch and method of deli real be also outlined within the throwaway of lading.This is a standardized form which is provided by licensed carriers to be filled out by the party sending a lode. The most prominent feature of the B/L is the list of all items strikeed in the shipment, with spaces for individual quantities and their retainer at the time of shipment. And also the B/L mustinessiness state the value of all items and embarrass the names and signatures of both the consigner and the consignee. The ports of consigner and the port of the consignee be also very essential.There is a description to the highest degree how shipping materials are packaged in the shipment. Also it was noted, add weight of items and the total cost charged by the carrier for the service. Legally, chronicle of la ding is representing goods of value and their ownership. It should be written as a on the table document or non-negotiable document. In any case, the producer is shipping an holy order of goods to a paying recipient, so that a action allow be completed at saving, then the Bill of lading must be non-negotiable.But if the ownership and manner of speaking of goods associated with a negotiable B/L may be transferred from one party to another. For this reason, negotiable B/Ls may be used in as corroborative for securing a loan. The transport of goods from one depot to another bears the risk that the goods may be lost or sustain damage en route. Though professional carriers go to great lengths to ensure the safety and kosher care of their dispatch, loss and damage move occur. For the manslayer, a shipments B/L is a ynamic snapshot of the shipment preceding to its voyage. If the receiver finds fault with the goods in equipment casualty of content, metre or condition by law of any discrepancy amidst the shipment and the B/Ls contents, she may pursue legal action against the carrier using the B/L as evidence for her case. * Functions of the Bill of Lading 2. 1. As a recognise of load Bills of lading often are prepared by shippers and carriers, if they prepare cadences of lading, must rely principally on culture supplied by shippers. mailmans often forget scram little opportunity, in the course of loading, one by one to confirm all that is said by shippers as to the nature, condition and level of their dispatches, e. g. because commitment is concealed within packaging. Nonetheless, because the appoint of lading is a communicate issued by the carrier, it is the carrier and not the shipper that exit be unresistant to the receiver for any discrepancies between the measure and apparent order and condition of the load on shipment, as acknowledged in the circuit card of lading, and of the lading as delivered to the receiver.The bill of ladin g chiffonier be case-hardened as conclusive evidence as between the carrier and a receiver and as at least major facie evidence as between the carrier and the shipper, as to the number, weight or quantity and apparent order and condition of the freight on loading. Two types of bill of ladings can be issue in within this scenario, * Clean Bill of lading Carrier is declaring that the goods stomach been received in an capture condition, without the presence of defects. The product carrier will issue a clean bill after thoroughly inspecting the packages for any damage, scatty quantities or deviations in quality. Clause Bill of Lading This shows a shortfall or damage in the delivered goods to the consignee. Typically, if the shipped products deviate from the delivery specifications or expected quality, the receiver may declare a clause bill of lading. That means, if there any differences between the B/L and the physical shipment, it has checking by the carrier and enter well-ni gh clauses regarding that differences before he start the voyage. 2. 2. Evidence of a get under ones skin In practice, because bills of lading often are transferred, by warrantee and delivery or mere delivery, not lone(prenominal) from shippers to consignees (i. . the persons to whom the cargo is consigned or sent and, thus, the intended receivers of the cargo) that also by shippers or consignees to borders or onward to subsequent vendees, a bill of lading will be the still evidence of the terms of the bring for equipage of the cargo that it covers that is available to a consignee or other transferee of the bill of lading. Thus, bills of lading in the hands of consignees or other, ordinary or subsequent, transferees often contrive to be assumed to contain all of the terms of the contract of thruster. . 3. Document of Title to cargo Cargo often is intended to be sold, or sold on, after it has been consigned to a carrier and the consignee thus either top executive not be identified when a bill of lading is issued or world power thereafter alter. The shipper or consignee of a cargo sold, or sold on, after perpetration to the carrier but not presently paid for will require some effrontery that the cargo will not be delivered to the purchaser or end purchaser before the price has been paid.Conversely, if the cargo is sold or sold on and paid for immediately after lading to the carrier, the purchaser or end purchaser will require some assurance that the cargo will be delivered to it, and not to the order of either the shipper or the sure consignee. Similarly, a bank king have advanced funds for the purchase of the cargo either to the fender shipper, or to the consignee, or to a subsequent purchaser and will require some assurance that the cargo cannot be disposed of before the bank is reimbursed.It is not feasible for intermediate or subsequent transferees, or transferees for limited purposes, of a cargo that is dealt with afloat apiece to tra il physical possession of that cargo for the period of their interest. However, it is both feasible and desirable for each of those transferees to control disposition of the cargo for a period of time, or to an appropriate degree, by means of control of a document representing an entitlement to the cargo. Thus, by mercantile custom, both received for shipment and shipped on board bills of lading have come to be treated as documents of title to cargo. The Process of issuing the Bill of Lading The bill of lading might be prepared by the shipper and presented to the carrier for signature, in which case it must be presented to the carrier within a well-founded time after completion of loading of the material cargo and signed by the carrier within a sound time of its presentation. Otherwise, and increasingly often in practice, the bill of lading will be prepared by the carrier, principally from teaching supplied by the shipper, in which event it should be prepared, signed and delive red to the shipper within a sane time after completion of loading of its cargo Types of Bill of Ladings with different Labels 4. 1. neat B/L A bill of lading that is not transferable by either delivery or endorsement and delivery, e. g. because it is marked not negotiable or is not made out to postman, to order or to assigns. Straight bills of lading are used, for example, for in house shipments between divisions of large multinationals or when it is known for certain, prior to shipment of the cargo that the intended consignee will not sell the cargo on. . 2. displacement B/L A shift bill of lading issued at the request of a consignee seller to replace the original bill of lading issued to that sellers supplier as shipper, so as to show the consignee seller as shipper and its own sub-purchaser as consignee. Such bills of lading are intended to keep the identity of the supplier from the sub-purchaser and thus to prevent future channelize dealings between the supplier and the sub-purchaser. 4. 3. sea way billIt is a receipt for cargo that contains or evidences a contract for the carriage of goods by sea and which identifies the person to whom the carrier is to deliver that cargo. Sea waybill differs from a bill of lading in that it lacks transferability and in that the designated consignee thus is not unavoidable to produce the waybill in order to obtain delivery of the cargo. 4. 4. Clean bill A bill of lading that contains no verifying notation of a defective condition or shortage either of the cargo covered or, where material, of its packaging. 4. 5. Claused billA bill of lading that contains a positive notation of a defective condition or shortage either of the cargo covered or, where material, of its packaging. 4. 6. Combined lift/Multimodal Transport/House to House bill A bill of lading that covers not only carriage of cargo on an sea going vessel but all or other stages and/or forms of carriage, e. g. carriage of the cargo by rail, road or ba rge from the shippers premises to an maritime port of shipment, from that port to an ocean port of discharge and from that port of discharge by rail, road or barge to the consignees premises. What contains in the Bill of Lading A bill of lading will contain the following information as a minimum requirement (see the Business-in-a-Box sample on the left to see the real template) Shippers name and address Receivers name and address Carrier Name Description of the items that are cosmos transported Gross weight and dimensions of the shipment miscellany of the commodity being shipped Nomination and credit of the party who is paying for the transportation.