Ethnocentrism Tendency Essay

Ethnocentrism is the tendency to believe that one’s ethnic or cultural group is centrally important, and that all other groups are measured on one’s own cultural value. Ethnocentrism happens when one culture or nation places itself at the top of a self proclaimed hierarchy of cultures and nations and subsequently assigns other cultures and nations equivalent or lower value based on that scale. In other words, it is the proneness to think other cultures are of lesser worth because it is different from one’s own culture. Ethnocentrism helps to keep a culture from changing because it forces a culture to keep the same values and to be stubborn. If one culture bases other cultures off of their own hierarchy scale, then they are less likely to be open to accept changes that other cultures may have or want to bring to them because of the importance their own values and traditions. Cultural or ethnic groups develop traditions as a way to guide their population and to give guidelines in life. If one’s culture changes, then it may dismantle the entire society, causing confusion and chaos. For example, in the film, Dishonorable Killings: Punishing the Innocent, a man, who killed his own sister, explained that in his culture, family honor is extremely important because it represents the family as a whole in the community; it is more important than life. When a member, particularly a woman, dishonors the family, it shames the family and forces them to get rid the disgrace by killing her. Ethnocentrism can be both positive and negative for a cultural or ethnic group. It can be in a positive light because taking pride in beliefs and traditions elevates unity and solidarity among groups’ members, and it also strengthens the self-identity and self-esteem for individuals within those groups. It can also help societies establish and reinforce guidelines and expectations among coexisting people in all areas of the community. These expectations give societies the order and structure to hold them together, helping them run smoothly and allowing them to thrive. A negative view of ethnocentrism are the assumptions based on individuals’ own perception, that what works for them must work for others and that if it doesn’t, something is necessarily wrong, can cause harm, offense,  ill-feelings or otherwise put a damper on further relations between different societies. It could also cause oppression, prejudice, and cultural degradation, which can lead to actions ranging from conformity to violent protest.

Executive Summary: Streamline the Nursing Admission Process Essay

The health care industry continues to be challenged by daily patient turnover due to the number of admissions, transfers, and discharges (Spader, 2008). The increase in number of admissions, in turn, puts a high demand on nurses in keeping up with the pace resulting in nurse frustration and dissatisfaction. According to Lane (2009), a thorough and comprehensive admission process is critical in providing quality patient care. Completing the admission process in a timely, efficient, and comprehensive manner has been a challenge for nurses due to the increase number of admissions, and also the fact that the nurses still have to provide ongoing care to the other patients. Creating a new position as the role of an admission nurse will help to combat some of the challenges associated with the admission process. Purpose of the Project The purpose of this project is to streamline the admission process. This can result in a decrease in nurse workload and improve patient flow. A reduction in nurses’ workload and demands can contribute to a decrease in nurse turnover and promote positive patient outcomes. The role of the admission nurse provides an opportunity for a dedicated nurse to gather the pertinent information in order to complete a comprehensive admission process. Target Population The targeted population for this project is the direct care nursing staff. This nursing staff is currently responsible for the admission process. It is not unusual for a nurse to be interrupted several times while trying to admit a patient. It is also not unusual for a patient to be admitted and discharged from the hospital with an incomplete admission process. Regardless of what line of service, all nurses can benefit from streamlining the admission process Benefits of the Project An admission assessment in the admission process provides important details that are relevant to patients’ need. That is why it is critical that this information is completed thoroughly and accurately. Unlike the staff nurse, an admission nurse will have the necessary time to spend with patients and families. The role of an admission nurse can help to provide the comprehensive assessment associated with the admission process and also help to alleviate the nurses ‘stress associated with increased patient turnover. In addition to the benefit of the nurses, the hospital can benefit as well by potentially having a decrease in nurse turnover, increase patient flow, and an increase in patient satisfaction. Budget Justification The expense of losing an experienced nurse can be costly to the hospital. Not to mention the nursing knowledge and skills. Estimates of the actual dollar amount incurred by nurse turnover range from 10 to 20 thousand dollars per nurse to as much as well over the nurse’s yearly salary. According to Anderson (2004), Nurse Executives estimate that â€Å"†¦visible costs represent only 24 percent of total costs for medical/surgical nurses and only 18 percent for specialty nurses. A true total cost of $42,000 per medical/ surgical RN and $64,000 per specialty nurse is more close to reality.† Turnover costs, average approximately $47,403 per medical/surgical RN and $85,197 for specialty RNs. â€Å"A 400-nurse hospital with a 20 percent turnover rate is replacing 80 nurses per year. The direct costs might average $800,000 per year, but the true total costs are closer to $4 million.† Project Evaluation Currently there is not sufficient evidence -based data to on admission models. But, there are still a number of ways to evaluate the success and or outcome of this project. One way is to do a pre and post survey of the nursing staff regarding the admission process. Another way is to survey patients pre and post implementation of the proposed admission process to evaluate success. In addition, evaluating the costs associated with nurse retention would also be another mechanism in evaluating this project. Conclusion Working in a fast paced environment such as the hospital setting can be stressful. The number of daily patient turnover, admissions, and discharges are continues to be a challenge for nurses working in the hospital setting (Spader, 2008). The role of the admission nurse to streamline some of the challenges associated with the admission process. In essence, this will free up the staff nurse to provide ongoing care to the other patients. This will also result in increased satisfaction for both nurses and patients. Mechanisms and process improvements that can be put in place to help alleviate the stress and strain associated with the admission process due to increased daily turnovers can be proven beneficial. References Anderson, R. (2004). Complexity science and the dynamics of climate and communication: reducing nursing home turnover. Gerontologist, 44, 378-388 Lane, B. (2009). Nurse satisfaction and creation of an admission, discharge, and teaching nurse position. Journal Of Nursing Care Quality, 24(2), 148-152. doi:http://dx.doi.org.library.gcu.edu:2048/10.1097/01.NCQ.0000347452.36418.78 Spader, C, (2008). Admission RNs Make Fast-Paced Admits Less Stressful. Retrieved on January 24, 2013 from http://news.nurse.com/apps/pbcs.dll/article?AID=2008108110080

Hockey and Culture Essay Example | Topics and Well Written Essays - 500 words

Hockey and Culture - Essay Example The weight of capitalism as it diminishes the value of the sport is palpable in the discourse of hockey and how the same has become an industry manifested through capitalist agendas. For example, the strict traffic regulation in Gananoque which prohibits informal sports in the street indicates to the stifling of grassroots sport. â€Å"The push is on towards organization and commercial interests: join the league, pay a fee, buy this equipment, consume! If you won’t cooperate: pay a fine! (Genosko, p.239). Furthermore, an appreciation of hockey would be amiss without reference to its history which is marked by discrimination. â€Å"Hockey was, in fact, the last North American sport to have Black athletes enter its ranks (ibid, p.235). The references to the white culture and the masculine stereotypes generally endure and prevail in hockey. But while there is not a shortage of informative and astute considerations in the essay, there remains the uniting factor that appeals to the emotional requisites that reasonably make sports endearing. Though athletes use their position while at the height of fame to maneuver into more lucrative endeavors after their hockey stints, Genosko does not fail to see how this is woeful rather than contemptible. â€Å"Round, tepid, greasy food sitting in pools of fat, like pucks on melting ice† (Genosko, p. 233). The trend that inclines players to fast food has become evident. The same perception goes to the prohibition on the streets. This did not stop young people but instead fuels their imagination to create new landscapes and find other ways and venues to continue an immemorial tradition of stripped-down sports. The flow of the information was well developed and incorporates a number of aspects without going overboard by exhausting every detail.

Women's Liberation Coming Out of the 19th Century Research Paper

Women's Liberation Coming Out of the 19th Century - Research Paper Example that ideology to help provide a socially acceptable avenue of refuge for other young women like her who felt trapped but did not wish to become ‘fallen women.’ Beecher struggled to find comfort in her religion after her fiance was lost at sea, but was unable to relinquish her sense of self and self-will (Sklar, 1973). She moved to Hartford, Connecticut and opened up new schools designed to benefit girls and providing women with additional acceptable life options outside of marriage. Her tracts, books and lectures were intended to make her less threatening to men and women who felt True Womanhood was the only natural and right social arrangement (Sklar, 1973). Her efforts provided women with a sense of self-respect and paved the road for future female activists such as Francis Willard. Francis Willard also worked from within the cult of True Womanhodd to help bring other women into a more public sphere by focusing attention on the expected responsibilities of women within their 'natural' role within the family. According to Amy Slagell (2002), â€Å"Willard knew that by recruiting, organizing and energizing interested women to being their work of transforming the world as she believed they were called to do, women would come to a new awareness of their power so that not only would the outer world be transformed, but the women themselves as well† (23). She introduced the Home Protection argument to the Women’s Christian Temperance Union â€Å"as a wedge argument, a way to break through the walls of prejudice an ‘average woman’ would likely bear toward suffrage and women’s political work† (Slagell, 2002: 10). According to Flexner, she took a â€Å"shrewd† approach; â€Å"a series of tangential moves, in the course of which women †¦ were gradually led to understand... The Women’s Liberation Movement as we know it today emanated from two different ideological sources and continues to promote two widely different points of view. Feminist issues are multifaceted, so it is unsurprising that the approaches to remedying these issues are often contentious and inadequate. Feminists don't always agree on the recommended solutions and not all of the needs of women have been met. Women and their ever changing lives cannot be placed in specified categories nor can the answers to their specific needs be found in theories. What all feminists should recognize is that the overall goal of leveling the playing field for everyone is a never-ending effort. There are very few absolutes in attempting to find the correct answers to the human rights debate as engaged by liberal and radical feminists. Both groups claim that the opposite view subverts their common goal of gender equality. At its core, the women’s movement that was touched off by feminist thou ght more than a century ago through the modern movement of the 1960s and continuing even today has successfully addressed equality and human rights issues for women.

Advanced Medical Essay Example | Topics and Well Written Essays - 8000 words

Advanced Medical - Essay Example The blood-brain barrier is very selective in its functions and would normally not allow for the introduction of drugs or any other chemicals into the brain. There is a need for active transport processes which would call for the use of energy (Battison, et.al., 2005). Mannitol can open the barrier by reducing the size of the endothelial cells, and then also stretching the closed junctions. Water then would exit the cell and enter the artery in order to facilitate osmotic balance (Vialet, Albanese, Thomachot, and Antonini, 2003). Water loss would lead to cells shrinking. The opened gap would peak after five minutes following mannitol administration. At this point, drugs are introduced into the artery and the brain. The impact of mannitol in decreasing intracranial pressure has caused its widespread use in neurosurgery (Lawson, 2007). In general, the impact has been credited to the hyper-osmotic impact of mannitol which causes the extraction of water from the swollen brain. However, this pharmacological action has been put at issue due to different observations (Lawson, 2007). One is that there is a decrease in intracranial pressure prior to any reduction in white matter content. Another is based on the observation that where the intracranial pressure is significantly decreased, there is no major shift in the white water content (Cruz, Minoja, and Okuchi, 2001). Intracranial pressure also stays high even with a decrease in white matter water with the administration of intravenous albumin. Author Hartwell (1993) discussed that soon after mannitol has been transfused, there was a slight rise in white matter water content. This was followed by an eventual fall having lowest values manifesting afte r 60 minutes and with levels being much less than pre-mannitol infusion. With the introduction of evidence-based medicine, the impact of mannitol was soon questioned (Wani,

From the novel Beloved by Toni Morrison i need to answer, How does Essay

From the novel Beloved by Toni Morrison i need to answer, How does Paul's D concern with his masculinity cause him to act in certain ways throughout the novel - Essay Example Though kind and optimistic, Paul D remains concerned with his masculinity and this causes him to act in certain specific ways throughout the novel. Morrison uses Paul D’s concern with his masculinity to subtly allude to the attitude of the male members of the African American community and their expectations of how females need to act. The author portrays Paul as a character, who really loves and cares for Sethe. However, while he feels â€Å"proud of her† on the one hand, he becomes â€Å"annoyed by her† on the other when he realizes that she did not need either her husband or Paul to go through her delivery (Morrison 4). His annoyance derives from his concern for his masculinity due to which he believes that Sethe must depend on him or her husband for the delivery. Paul D’s masculinity can be seen as a dominating trait in him even in the scene when he first arrives at Sethe’s home after several years and she starts cooking for him and he says â€Å"Don’t go to any trouble on my account† (7). This dialog manifests his concern and love for Sethe on the one hand and he is prepared to quit a meal lest he gives any trouble to the woman for whom he cares a lot. However, on the other hand, it transpires that his reaction to her invitation also stems from his concern for his masculinity due to which the idea of a female taking a trouble for a male like him does not appeal to him. More significantly, in the context of the story’s theme, it can be seen that the storyline basically relies on Paul D’s knowledge of his masculinity. He is a person who has always known his value as a â€Å"laborer who could make profit on a farm† (120). Thus, he takes pride in his own strength and the ability to work. This, perhaps, is the power that imbibes in him the quest for freedom, which ultimately culminates into the attempted escape. In addition, he nourishes a desire in him to save Sethe from her problems and also drives out the evil from her

Parents and children Essay Example | Topics and Well Written Essays - 750 words

Parents and children - Essay Example Parents bring children to the world, and they have responsibility to control children’s eating patterns. Thus, parents should educate their children having a proper eating practice as they are most influential people over their children’s health (Xinhua News Agency 1). First, parents have the resemble genes with children. Specifically, the bodies of babies are from their mothers. The most essential part is the face with its main components such as eyes, nose or mouth that are generally similar. It is an innate characteristic that no one could instead of. Besides, the eating habits might be alike. If children’s parents like eating pork, then it’s really possible that their children like that too. According to Parents’ Influence on Children’s Weight-Related Behaviors, Parents who consume fruits and vegetables have children that are more likely to eat fruits and vegetables, and parents who consume junk food will more likely have children who do the same (Xinhua News Agency 1). This implies that parents and children have comparable eating behaviors. Children get along with their parents every day, and they imitate and learn many things from parents. For instance, when parents are busy, and they don’t have time to coo k, they might buy junk food for themselves. Children will also eat junk food. If parents don’t limit times buying junk food to children, they will be used to eat them and lead to obesity. Second, parents are the most influential to children because children admire their parents. It was report that among the family members, over 80 percent of children consider their father or mother as the one that influences them most, with 43.1 percent choosing mother and 37.6 percent father (Xinhua News Agency 1).They thought parents know about many things that are from the world; they tell stories and buy gifts to them; they met many people. Besides, once they get fever, parents know which medicine they should eat. All of these behaviors are

Proffessional Development for Marketers Essay Example | Topics and Well Written Essays - 1500 words

Proffessional Development for Marketers - Essay Example I am very positive that this will be possible, and my target is not only to exceed the previous DVD sales for the first installment of Hunger Games, but to grab the top spot as the best selling DVD franchise in 2013. My vision is to excite my target market and audience with plans that will push them to go out and buy the movie. This target market, I must say, will include those who have watched it at the theatres as well as those who have not (Giles 2010, pg. 61). My target market will be similar to that of the first movie, only a little broader. I will focus on people aged between eighteen and forty, and the primary core will be those aged between twenty-one-to-forty age group, appealing slightly more to men. I expect that people aged between eighteen and twenty-four will view the film as ‘a compelling look at the perils of games in general.’ If you care to know, eighteen to twenty-four year olds tend to engage in video game activity compared to other age groups (Stair & Stair 2001, pg. 83). This movie, if looked at critically, is just a real version of the different types of video games available nowadays (Beckman, Davidson & Maynard 2007, pg. 12). The concepts of surviving, tricking opponents and being smart form the basis of a majority of video games; Hunger Games employed these concepts. Thirty-five to forty age groups may view the movie as ‘childish’, but it is still possible to tap into this ever-so-elusive market. The first movie was one of the biggest U.S box-office hits of 2012, and we all know why (Pride & Ferrell 2008, pg. 19). Good marketing and promotion coupled with even better presentation allowed Hunger Games to share the stage with massive hits like Hobbit, Ice Age 4, etc. I will not go into the specific details regarding the commercial performance of the first movie, but I am confident enough to say that with the marketing strategy I will

Revolution Politically Considered Essay Example for Free

Revolution Politically Considered Essay The word Maccabean comes from Judas Maccabeus, the leader of the Jewish revolt against Syria which took place from 167 – 160 B. C. E. In 2nd Maccabees 15 v 30 he is described as â€Å"The perfect champion of his fellow citizens. † The story is recorded in the Apocryphal Biblical Books Ist and 2nd Maccabees, the sources written closest in time to the events and to a lesser extent by the Jewish 1st century C. E. historian Flavius Josephus in his Antiquities ( Books XII and XIII) who wrote some 200 years later. Martin Cohen ( The Hasmonean Revolution Politically Considered,1975, page 21) describes all three of authors, those of the Maccabean books and Josephus, as being overly partisan and seems to be saying that the so called sinners weren’t as black as they are painted. Some might say however that his article is in danger of going too far the other way in parts. The name means ‘hammer’ and was used to describe Judas’ immense strength. It was then taken as a name by his brothers, two of whom succeeded him, and other followers. The conflict had been stirred when, after a period of increasing Hellenisation, Syrian ruler Antiochus IV Epiphanes gave orders forbidding certain Jewish customs and practices and turned the Temple into a shrine for the pagan god Zeus – the idol the Jews refer to as ‘the abomination of desecration’ mentioned in Daniel 11. Judas Maccabeus and his followers incited a revolt. In 164 B. C. E they were able to regain control of the Temple, which was then cleansed and rededicating to the God of Israel. To this day Jews celebrate the feast of Hanukkah to recall these events. The story ends with the death of Nicanor in 2 Maccabeans 15 and also the idea of dedicating a special day to its remembrance- the thirtieth day of the twelfth month. The use of the menorah, the seven branched candlestick, is a reminder of the same events. Members of Judas’ family, the Hasmoneans, continued to rule in Israel until the Romans arrived in force in 63 B. C. E. Ist Maccabees was originally written in Hebrew, but that version is now lost and the text used is taken from the Greek Septuagint. The book is set in the period of Greek rule and covers the period of revolt from 175 to 134 B. C. However it also describes how many Hebrews actually welcomed the coming of Greek customs, even to the extent of trying to pass themselves off as Greeks. In 1st Maccabees 1 v 15 the writer tells how some were trying to hide the marks of circumcism i. e. the very mark of their Jewishness. In 2nd Maccabees the events are again related, but this time seemingly with the intention of showing God’s continued care for his people. It begins by urging Alexandrian Jews to keep the feast of Hanukkah and looks back at the events that led up to the first celebration. At the same time it castigates several people – the Hellenistic Jewish priests, in particular including High Priest Jason who was said to have sent money for statue of Herakles, something Martin Cohen ( Page 15 ) sees as a bribe rather than as a genuine donation because of faith.. Robert Doran ( 2006, The revolt of the Maccabees) looked for historic similarities and likened it to the modern day insurgency in Iraq. He tells how for the first years of Seleucid rule there were no major problems between the two groups. He describes the main problem as being about Jewish identity and who controls that definition. He makes the point that some would not have considered Jason to be a Jew at all, whereas he, as Jewish high priest, presumably did. He cites 20th century Jewish scholars Elias Bickermann and Victor Tchenikover who put the blame not on the Seleucids, but upon the Jewish leaders of the time. While I Maccabees blames the Seleucid leader, it has been pointed out by scholars such as Otto Morkholm (Antiochus IV of Syria, 1966) that in general he supported local cultures. The writer of 2nd Maccabees blames the institution of Greek education, even though there were a number of years between the opening of the Greek school and the revolt. The truth seems to be that when a villager from Modein, the Hasmonean home town, went to make sacrifices, Mattathias, the father of Judas, struck him with his sword. The family then fled, but also began a campaign of throwing down the pagan alters that they found and killing those who opposed what they felt was right. By the opening of 2nd Maccabees the father had died and it is Judas who is leading the revolutionaries. There are other major differences between the accounts, namely with regard to fighting on the Sabbath. This happens in the first book, but not in the second. According to Doran, in what seems to be a quite objective account ( page 107), upon the death of Antiochus his successor seems, to have let the matter stand, with the Hasmoneans in charge in Jerusalem. However the revolution was spreading to other areas. Jerusalem became the center for a general revolt against Seleucid rule. In 162 B. C. E. Judas finally lost control of the Temple area and was killed. Josephus describes in the opening words of his second book about the period, (Antiquities of the Jews, Book 13) how, after the death of Judus Maccabeus ‘all the wicked, and those that transgressed the laws of their forefathers, sprang up again in Judea. ’ And so the battles continued under new leadership. However soon after this the Seleucid Empire began to crumble because of its own internal divisiveness and Simon, brother of Judas, was able to expel the Seleucids. He was recognized as high priest of Judea in 140 B. C. E. So what had begun as a religious protest ended up as the basis for an independent kingdom – at last for a while. Martin Cohen took a new look at the events portrayed in the scriptures. He sees it as much as an internal fight among Jews as a revolt against foreign rule. He states (page 26) that Antiochus believed that no Jewish group was capable of holding the peace. He had trouble elsewhere and this is why he came down hard, turning Jerusalem into a fortress and he also removed the power of the Jewish constitution. This turned many into revolutionaries. If they had no Jewish law how could they be Jewish? Cohen describes how the revolt has often been viewed as a class struggle between the Hellenistic rulers and the ordinary people, despite the fact that there seems to have been grass roots support of Hellenisation. The Maccabees were not just non Hellenistic however, they were totally anti – Hellenistic, not just for themselves, but for Judaism as such. Cohen points out that the two accounts are both conflicting and inadequate and that the facts cited by Jewish historian Josephus don’t add a great deal to historic knowledge. He also describes how the Jewish Hellenistic aristocracy were very small in number. If they had not had popular support then the Selucid would have had to come down hard. Right from the beginning. The priests concerned are condemned in passages such as 2nd Maccabees 4 v 11 and 14. In the former passage they are accused of adding to the Pentateuch. The Pentateuch was scripture, but it was also the basis for all Jewish life. At the time of the revolution religion and politics, as far as the Jewish people were concerned were one and the same thing. But the Hellenistic Jews did not deny Judaism and the priests amongst them continued with their sacrificial roles, which they do not seem to have considered as being in opposition to their Hellenistic practices. Conclusion Whatever the truth of the matter regarding the origins of the revolt and wherever the true blame should lie, essentially this was about preserving Judaism as it had been for hundred of years and was about defining what is a Jew an argument that can still be seen to be going on, even if sometimes in silence, in the differences to be observed daily in the 21st century between those who call themselves Orthodox Jews and others of the same faith and race, believers and otherwise. Works Cited Bible, King James, â€Å"2nd Maccabees†, Electronic Text Center, University of Virginia 12th May 2010, Libraryhttp://etext. virginia. edu/toc/modeng/public/Kjv2Mac. html Bible, Revised Standard Version, â€Å"Ist Maccabees†, National Council of Churches of Christ in America 12th May 2010, http://quod. lib. umich. edu/cgi/r/rsv/rsv-idx? type=DIV1byte=4219672 Cohen Martin, â€Å"The Hasmonean Revolution Politically Considered: Outline of a New Interpretation,† The Journal of the Central Conference of American Rabbis , (Fall 1975 ): 13-34 Doran , Robert, â€Å"The Revolt of the Maccabees â€Å" The National Interest ( September –October 2006):99, 100 Josephus , â€Å"Antiquities of the Jews† , Book XII ,12th May 2010, http://www. ccel. org/j/josephus/works/ant-12. htm Josephus , â€Å"Antiquities of the Jews† , Book XIII 12th May 2010 http://www. ccel. org/j/josephus/works/ant-13. htm Morkholm, Otto,† Antiochus IV of Syria†, Classica et Mediaevalia Dissertationes VIII, Copenhagen. 1966

Strategic approach to corporate sustainability Essay Example for Free

Strategic approach to corporate sustainability Essay Woolworths Limited is one of Australia’s largest retailers with a presence in food, liquor, hotels, gaming, general merchandise, hardware, consumer finance and electronics. The company has a 90 year history of growth and innovation and has had a record of social responsibility along the way demonstrated with its support of community and charity organisations. Further to this the company has adopted rigorous environmental standards and recognised its position as one of the largest companies in the Australian market. It has incorporated a system of environmental checks and balances, and used its powerful market position to ensure suppliers are also adhering to similar rigid environmental checks and balances. All the while the company has made sound and successful financial decisions which have seen it grow from humble beginnings to its place as a top 20 Australian company by capitalisation and top retailer in the Australian and New Zealand market place. Despite its proactive response to the environmental and social impacts of its business, Woolworths has come under considerable pressure from media and other stakeholder groups over its pressure on growers and suppliers. The company has also been criticised about its â€Å"predatory† industry practices which has seen many smaller local businesses out of business due to the very competitive nature of Woolworths and its rapid expansion. Woolworths has a sound CS policy and strategy in place, however it may benefit from a more focussed brand and reputation management strategy which may address some of these criticisms before decisions are made on the execution of such strategies. Table of Contents Woolworths’ Limited – Strategic and Operational Approaches to Corporate Sustainability1 Executive Summary1 Table of Contents2 Introduction3 Woolworths Strategic and Operational Approaches5 Conclusions9 References9 Introduction Woolworths is one of Australia’s largest retailing groups and one of the largest companies listed on the Australian stock exchange, making up around 4% of the total capitalisation of the ASX (StateStreet Global Investors). Woolworths has a total market capitalisation of approximately $43 billion and is diversified into retail sectors such as groceries and fresh food, electronics and consumer electronics, liquor and gaming, fuel, hardware, general merchandise and financial services. Woolworths began operations in Sydney in the 1920’s, and through innovative and competitive marketing, pricing and product it grew rapidly to have stores in every state. Woolworths diversified further by opening department stores and acquiring businesses in strategic markets. The company also diversified into hospitality and liquor retailing and furthered its portfolio by acquiring businesses in electronics and hardware, and strategic partnering with financial services and rewards programs in more recent times. As such, Woolworths claims to serve over 28 million customers each and every week, have more than 3,000 stores and employ over 195,000 people (www.woolworthslimited.com.au). Given the size and scope of Woolworths on the Australian economy, the organisation attracts a great deal of attention for its corporate, social, environmental and economic activities on a daily basis. As such, Woolworths has a strong charter around its corporate governance, releases statements on its Corporate Social Responsibility and has a strong Corporate Sustainability plan in place, including reputation management. This report will look into these areas and where Woolworths is succeeding, and may still find room for improvement. Corporate Sustainability, Corporate Social Responsibility and the Triple Bottom Line Corporate Sustainability (CS) is an approach to business operations, strategy and management that is driven towards the creation of long-term value through economic, environmental and social considerations to decision making (Benn Bolton, 2011). CS is the delivery of long term success of the business along with consideration of the natural environment in which humans co-habitat and that of the society in which humans interact. There are overlaps between CS and other similar theories such as Corporate Social Responsibility (CSR) and the Triple Bottom Line (TBL). The main difference is that CS involves the strategy and risk management approach of the organisation (Weber, 2008). Shareholders can no longer be considered the only stakeholder a company needs to consider in their decision making processes, nor the only stakeholder that will hold the company to account (Brooks Dunn, 2012 p.240). CSR requires, at a minimum, compliance with the law, good corporate citizenship and compliance codes and requirements, but is actually focused on company’s performing at an â€Å"elevated level of quality in all they do† (Sarre, 2002, pg 3). There is also growing expectation of transparency beyond the traditional financial disclosures required of governing authorities. Carroll (in Crane, Matten Spence,2007) argues that there are four key elements to Corporate Social Responsibility from the business perspective, namely economic, legal, ethical and philanthropic (p.62). Further to CSR is the concept of the â€Å"Triple Bottom Line† (TBL). This theory is concerned with how business operates in managing its economic sustainability, much like CS, however moves further into considerations of both environmental responsibilities and social responsibilities of the operations of the company (Elkington, 1999). Recent studies have linked the influence of TBL on business performance where it has been shown that addressing and working towards improved environmental outcomes can positively affect all three aspects of the TBL and improving social responsibility standards can improve environmental aspects greatly also (Gimenez, Sierra Rodon, 2012). In economic terms, CS is the long term-term survival and success of the company (Dunphy,D, 2002). Woolworths produced its first CSR Report in 2005 which focussed on its policies, commitments and CS related performance (Maseeha, Indu, Purkastha, 2008). The corporate  policy is made quite clear in the CEO’s statement where he (Grant O’Brien) outlines the fact the business desires to increase its market share and levels of growth. In taking CS into account he also addresses other related issues which are the enablers of CS, these being innovation, social responsibility and in the CS statement he talks about â€Å"earning trust†, â€Å"serving our community†, â€Å"using resources wisely† and â€Å"building the best retail team† (www.woolworthslimited.com.au). The four main types of CS Strategies as defined by Baumgartner and Ebner (2010, p. 78),are Extroverted, Introverted, Visionary and Conservative. Woolworths has elements of each in its strategy, which will be discussed in this paper, while looking at how these help the company meet its four goals of: extend leadership in food and liquor; maximise shareholder value in our portfolio; maintain our record of building new growth businesses; and put in place the enablers for a new era of growth. The blending of CS with CSR and TBL can be seen as the evolution of sustainable management principles and practices, and ultimately the goal is not of just economic growth, but that of a sustainable business which engages stakeholders and meets their needs through effective communication, action and results over time (Ricart, JE, Rodrà ­guez, Mà  Sà ¡nchez, P, 2005). Strategy, Business Models and Risk Management The Business Model and the Strategy of the business are terms that are often used interchangeably, however there is a distinct difference between the two. Osterwalder, Pigneur and Tucci (2005) describe the differences and relationship between the two concepts as related by the model being the blueprint for how the firm does business, the strategy the way it operates and brings the model to life. Business models can be further defined as the representation the core logic and strategic choices made to capture value along a value chain, but the model is not strategy (Shafer, SM, Smith, HJ Linder, JC, 2005). Strategy is further defined as the execution of the model and bringing the plans to life (Linder, JC Cantrell, S, 2001). The business model concept provides the basis for the management of the firm to analyse, implement and communicate strategic choices (Shafer, SM, Smith, HJ Linder, JC, 2005). A business model is an important tool in defining the actions of the firm, the mission and goals of its very core existence and how it delivers value for stakeholders through delivery of the TBL. The model defines the value proposition of the firm, the stakeholders involved and how they are engaged, the resources utilised and how they are used, the value chain and suppliers, human capital and how all these various aspects relate, along with external influences upon them, to deliver a sustainable business. Strategy is the implementation of the business model, it is how the plans and ideas are brought to life. The business strategy is often referred to as the way the model is brought to life and delivers value. It must be stated, however, that strategy is not the actual execution of the plans (Martin, R, 2010). Execution and strategy are different in that strategy is the intellectual concept and execution is the physical delivery of the plans to achieve goals (Martin, R, 2010). Where strategy is often seen to fail is that senior management may deliver the ideas without consultation and integration of front-line staff who are closer to stakeholders, customers, suppliers etc. (Martin, R, 2010). Risk Management overlays the concepts of both business model and strategy in that it is how the business anticipates, adapts and reacts to change. Risk is defined as an essential feature of decision making and accountability (Benn Bolton, 2011). McShane, Nair and Rustambekov (2011) state the reasons risk management is important include â€Å"value-increasing benefits of reduction in expected costs related to the following: tax payments, financial distress, underinvestment, asymmetric information, and diversifiable stakeholders† (pp 643). As such, the authors state that risk management is important in increasing the value of the firm. Newer theories on risk management have evolved into Enterprise Risk Management (ERM), and may be said to include eight elements essential for achieving strategic, operational, reporting and compliance goals (Arena, M, Arnaboldi, M, Azzone, G, 2010). These eight elements are 1. Internal environment and how  risks are seen by the firm; 2. Objective setting; 3. Event identification; 4. Risk assessment; 5. Risk response; 6. Control activities; 7. Information and communication; 8. Monitoring and ongoing management. More recently risk management has also begun to look at the importance of reputation management as a part of the risk management framework (Dowling, G, 2006). In the past risk management frameworks have only identified reputation management at the point of crisis and have often made it the responsibility of PR to address any events. Dowling (2006) states that an effective risk management framework should also incorporate the ongoing recognition of the importance of reputation management and this should be addressed by the board and included in the formal agenda of the board. Woolworths has identified its strategy in its annual reports and also has a defined risk management strategy. Woolworths also has a rigid business model across the wider group as well as individual business units. The remainder of this report will identify key areas where Woolworths sets out a strategy to obtain its CSR obligations to its stakeholders as well as obtain its financial goals. The discussion will also discuss how Woolworths may further its CSR and CS strategies towards reaching all goals and managing key risks along the way. Woolworths Strategic and Operational Approaches Woolworths sets out a four point strategy in its 2012 Annual Report, these being: 1. Extend our lead in food and liquor 2. Act on our promise to maximise shareholder value 3. Maintain our record of building new growth 4. Put in place enablers of a new era of growth The following analysis of Woolworths will discuss key areas of the business along with the strength and opportunity, along with a discussion on how the CS of Woolworths may be further enhanced for each area. Woolworths has set out an ambitious plan to not only be the biggest retailer of food and liquor in the Australian market, but also to continue to increase its market share. This is done by an expansion in the number of  outlets it has, and in 2012 alone, 126 new outlets were opened throughout Australia across the various brands the organisation operates (www.woolworthslimited.com.au). This growth is one of the quickest expansions Woolworths has reported, and is partly driven by the firm’s recent strategic move into hardware retailing. Woolworths plans to rapidly increase its presence in the hardware market with 150 new stores in the pipeline over the next five years. Supply Chain Control and Environmental Responsibility Ricart, J, Rodrà ­guez, M Sà ¡nchez, P 2005, ‘Sustainability in the boardroom’, Corporate Governance, vol. 5, no. 3, pp. 24-41 Sarre, R, 2002, Re-thinking corporate practice and corporate governance in light of recent corporate collapses: Some evaluative questions and agenda items. Viewed 16 April 2013: http://www.evaluationcanada.ca/distribution/20021030_sarre_rick.pdf Shafer, S, Smith, H, Linder, J, 2005, ‘The power of business models’, Business Horizons, vol.48, no. 3, pp. 199-207 Siromon, D, Hitt, M, Ireland, R.D., 2007, Managing Firm Resources in Dynamic Environments to Create Value: Looking Inside the Black Box, Academy of Management Review, Vol. 32, No. 1, 273–292. SMH, Heinz Cans Coles, Woolies, as viewed on 15 May 2013 at http://www.smh.com.au/business/heinz-cans-coles-woolworths-20110829-1jid6.html StateStreet Global Investors viewed 18 April 2013: http://www.spdrs.com.au/etf/fund/fund_holdings_SFY.html Weber, M 2008, ‘The business case for corporate social responsibility: A company-level measurement approach for CSR’, European Management Journal,

In Depth Financial Analysis Of Morrisons And Asda Finance Essay

In Depth Financial Analysis Of Morrisons And Asda Finance Essay Financial analysis using ratios between key values help investors cope with the massive amount of numbers in company financial statements. For example, they can compute the percentage of net profit a company is generating on the funds it has deployed. All other things remaining the same, a company that earns a higher percentage of profit compared to other companies is a better investment option. It shows the relationship between profit investment e.g. return on investment, return on equity capital. Financial Ratios Can Measure Different Things. The Net Profit to Capital Employed ratio mentioned above measures the success of a company in using funds available to it. There are ratios to measure the companys: Financial health Operating performance Cash flows and liquidity Under each category, there are multiple ratios that measure different aspects, or fine tune the measurements. For example, different profitability ratios measure profit margins at different stages return on owners funds and effective tax burden. Ratio analysis Ratios express a mathematical relationship between two quantities taken from financial statements. The  study  and interpretation of the  relationships between various  financial  variables, by  investors  or lenders. A  tool to conduct a quantitative analysis of information  in a companys financial  statements. Ratios are  calculated from current year numbers and are then compared to previous years, other companies, the industry, or even the economy to judge the performance of the company.   Ratio analysis is predominately used by proponents of fundamental analysis. Methods of Ratio Analysis : There are two methods of Ratio Analysis : 1. Time Series analysis 2. Cross-sectional analysis Time- Series Ratio Analysis : Time-Series Ratio Anlysis evaluates performance over time. It allows to analyse trends over a number of years and to examine the way in which performance may have changed over time. For instance time series analysis can make by comparing any companys performance of for two or more years i.e. 2007 and 2008. Cross-sectional Ratio Analysis : Cross sectional Ratio Analysis allows for comparison with the industry average or with competitors at a single point in time. This comparison allows a judgement to be made about the firms position within the industry. For instance to make a comparison of any company performance against its rival (competitor) for the same year. e.g. Shall Companys ratios are compared with British Petroleum company.(both are in same industry and same business). Advantages of Ratios : The advantages of Ratios are as follow : Simplifies Financial Statements. Facilitates Inter-Firm Comparison. Helps in Planning. Helps in Investment Decisions. Limitations of Ratios : Ratios have some limitations as well which are mentioned below ! Limitations of Financial Statements Comparative Study Requires Ratio alone are not adequate Lack of adequate standards Limited uses of single ratios Personal Bias Types of Financial Ratios : There are different types of financial ratios used in carrying out financial analysis. These financial ratios are mentioned below :  · Liquidity Ratios  · Activity Ratios  · Solvency Ratios  · Profitability Ratios  · Market Ratios  · Cash Flow Ratios Defining Types of Financial Ratios : Liquidity Ratios : Liquidity ratios assess companys ability to pay off its  short-terms debts obligations.   Generally, the higher the value of the ratio, the  larger the margin of safety  that  the company possesses to cover short-term debts. A  companys  ability to turn short-term assets into cash to cover debts is of the utmost importance when creditors are seeking payment. Bankruptcy analysts and mortgage originators frequently use the  liquidity ratios to determine  whether a company will be able to continue as a going concern. Activity Ratios : Activity ratios are used to assess the effectiveness of management towards utilization for generation of sales/revenue. Let us know how current and fixed assets are efficiently used by company to generate sales. Also analyze the account receivable, payables and inventory roles towards of sales, purchase and cost of goods sold. Determine how quickly account receivables are recovered. Enable us to know duration in which company pays its payables. Inventory conversion period is also calculated under the head of activity ratio. Solvency Ratios :  · Solvency ratios are used to  measure a  companys  ability to meet long-term obligations. It provides a measurement of how likely a company will be to continue meeting its debt obligations. Acceptable solvency ratios will vary from  industry  to industry, but as a general rule of thumb, a solvency ratio of greater than 20% is considered financially healthy. Measures the percentage of total assets provided by creditors or how much debt is supported by assets. Shows ability of the company to cover its interest expenses Solvency ratios tell about the ratio between equity and total assets. Companys total assets are enough to meet its debt obligations These ratios also tell about ratio between debt and total assets. Also tell equity ratio in company And determine debt ratio in company. Profitability Ratios : Measure the ability of profit generations in company. Profitability Ratios are used to assess a businesss ability to generate  earnings as compared to  its expenses and other relevant costs incurred during a specific period of time. They are used to measure the overall effectiveness of management to produce the profitability of the company. For most of these ratios, having a higher value relative to a competitors ratio or the  same ratio from a previous period is indicative that the company is doing well. It is important to note that  a little bit of background knowledge is necessary in order to make  relevant comparisons when analyzing these ratios. For instances, some  industries experience seasonality in their operations. The retail industry, for example,  typically experiences higher  revenues and  earnings  for the Christmas season. Market Ratios :  · They are used to measure a companys standing and position in the market.  · These are considered to be the most important ratios for shareholders.  · They are important for potential investors. Cash Flow Ratios :  · Cash flow ratios are derived from cast flow statement.  · These are used to measure the three activities found in cash flow statement. ASDA ASDA launched an online retailer in 1998, but from the start had over estimated demand. It started off from a dedicated depot facility based in Croydon but was closed with a number of redundancies shortly after as sales were not as expected. It continued the online retailer service but copied the Tesco store based model instead. Wal-Marts corporate stance is anti union, which is refelcted in the stance of Asda. In 2006 A planned five-day strike by Asda warehouse staff was been called off, unions have confirmed. The action had been due to begin on June 30 after thousands of workers voted for industrial action in a dispute over pay and bargaining rights. The decision followed prolonged negotiations between unions and the supermarket chain at the TUC. Asda was about to seek an injunction to block the action, claiming irregularities in the strike ballot. In 2006 Supermarket giant Asda said they were to offer staff up to two weeks unpaid leave to go on a German jolly during the 2006 World Cup tournament. Its 150,000 workers were to be able to take one or two weeks off in the month starting on 9 June. Requests dealt with on a first come, first served basis depending on staffing needs at individual outlets. The first Act of The ASDA Story was set in the old Queens Theatre, Castleford, West Yorkshire in the early 60s. Its roots can be traced to two branches in twenties. The Asquith family had a family business, a butchers shop in Knottingley, W. Yorkshire. The business was eventually expanded to seven butcher shops. The two sons of W.R. Asquith, Peter and Fred were actively involved in the family business and were later to become co founders of ASDA. At the same period, in the 20s, a group of West Riding dairy farmers joined forces, as Hindells Dairy Farmers Ltd. These included the Stockdale family (A. Stockdale), and a subsidiary company, Craven Dairies Ltd, was formed. Through a process of acquisition and diversification, a new public company was formed in 1949 Associated Dairies Farm Stores Ltd. with Arthur Stockdale as Managing Director. During the 50s and early 60s Associated Dairies expanded the number of pork butchery shops and also created the fascia Craven Dairies for its cake shops and cafà ©s. The son of Arthur Stockdale, Noel, met and struck up an immediate rapport with the Asquith brothers and so became the other co-founder of the future ASDA. ASDA was founded in 1965 by farmers from Yorkshire. The name is a contraction of Associated Dairies. For a short time in the 80s Asda Stores Ltd was a subsidiary of ASDA-MFI plc follwing a merger between the companies. Other companies in the group were Associated Dairies Ltd, the furnture retailer MFI and Allied Carpets. After the sale of MFI and Allied the company name changed to ASDA Group plc. The dairy division was sold to Northern Foods plc. The company went through a troubled period in the early 90s, but was revived under the leadership of Archie Norman, who became a shadow cabinet Conservative MP. He was chairman of the company in 96-99. ASDA, which then owned 229 stores, was purchased by Wal-Mart of the USA, on July 26, 1999. Following the takeover by Wal-Mart, several Asda-Wal Mart Supercentres have opened, creating some of the largest hypermarkets in the UK. The first of these stores opened at Patchway, near Bristol, in August 2000. At first, it was criticised for its scale and condemned as an eye sore, but the format has now become extremely popular. In November 2004 a refurbishment of the hypermarket was completed, addressing some of the complaints. In March 2006, ASDA launched a format called ASDA Essentials in a former Co-op store in Northampton. With a focus on own brand products on a much smaller floorplate than ASDAs mainstream stores, the Essentials will only stock branded products are perceived to be at the core of a familys weekly shop. This is seen as ASDAs response to the increasing strength of Tesco and Sainsbury in the convenience store sector. If the trial is a success, it will be rolled out nationally. ASDA is expanding its range of services to include Financial Services sold in store and online. Products currently sold are Child Trust Funds and Credit Cards, Car Insurance Home Insurance, Travel Insurance, Life Insurance, Mortgage Life Insurance, Over 50s Life Cover, Pet Insurance. http://www.asdafinance.com In 2006 Supermarket chain Asda took Brazilian beef off its shelves after claims it could have come from areas where foot-and-mouth disease is rife. In 2006 Supermarket group Asda started selling property through stores. Shoppers were to be able to browse properties for sale via an in store computer terminal. People choosing to sell their homes through Asda will pay lower than average estate agency fees and receive a free Home Information Pack (HIP). The system will be trialled in 10 Asda stores in the Sunderland area during the summer but is planned to be rolled out across the UK by the end of the year. Asda has sponsor techniques the name has been put on the WRU Asda Leagues: the lower leagues of the rugby system. Morrison Morrison is a mainly food and grocery the weekly shop. Uniquely source and process most of the fresh food that we sell though own manufacturing facilities, giving us close control over provenance and quality; and have more people preparing more food in store than any other retailer. Every week nine million customers pass through our doors and 124,000 colleagues across the business work hard each day to deliver great service to them. With competitive prices and hundreds of special offers, we are proud to save our customers money every day. As the Food Specialist for Everyone, they are different from their competitors. Their expertise helps them deliver fresher food, which is also great value. Being closer to source, they understand where food comes from; and they can talk with authority to their customers about the provenance and freshness of their food offer. It is one of the countrys largest supermarket chains, offering a range of goods including both branded and own label products aim is to provide all our customers with the very best value for money wherever they live and uniquely, we have always charged the same prices in every one of our large stores. They view resource efficiency as integral to sustainability and delivering better value to our customers. They approach to CSR recognises both responsibility and opportunity, enabling us to make a difference in ways that are good for the environment and good for business. They have made considerable progress in meeting our challenging targets. Carbon emissions have been reduced by 56% better than they planned; theres much less waste going to landfill and they have cut packaging. They are also running their own farm, which is being used as a base for research projects looking at the sustainability of food supplies and the efficiency of agriculture. They research will provide benefits to their business  and will also strengthen our relationships with the farming community. Morrisons Fresh Food Academy offers training and progression for all their staff, providing them with the opportunity to grow from shop floor to top floor and means they can deliver more knowledgeable service to their customers. CSR is embedded into their operations and plans. They do not claim to have all the answers but aim to do all they can to make a real difference by being both practical and persistent.   Many of the issues they address are wide ranging, complex and sometimes very challenging. Solutions may develop over the long term and they can sometimes prove elusive for a variety of reasons, including cost effectiveness, practical application, or they lack direct benefits. However, many projects and initiatives have come to fruition successfully to deliver tangible results that are  making a real difference. They offer a number of useful services for your convenience, so you can save time and money while visiting them.  To find out when your local store is open, visit our store finder, type in your postcode and youll find all the information you need. Fill up at your convenience Stop by their petrol station to fill up and enjoy many other services like gas, a car wash and snacks for the road. Facilities for shoppers with disabilities They offer lots of services to our shoppers with additional needs, including dedicated parking, wheelchairs, staff assistance, seating and induction loops.   Take a break at our cafà © If you fancy a relaxing bite to eat, their cafà © serves freshly prepared meals to your table, from all-day breakfasts to hot puddings with custard as well as freshly ground coffee. Your one-stop medicine counter Get free advice on medicines and healthcare from their pharmacists no appointment necessary and why not have your prescriptions dispensed while you shop. Print your memories in store They offer quality photo processing in store, including digital and 1-hour photo printing services. Latest price Change Currency LSE code 277.50 -4.20 GBX MRW Last closing price 277.50  (23  Jul  2010 4:30pm ) Current share price information Bid 277.50 Ask 277.80 Day high 286.00 Day low 277.00 Year high 305.00 Year low 257.60 Day open 280.20 Day volume 10,130,828 On 11th March 2010 the Board comprised a Chairman, four Executive Directors and  six Non-Executive Directors. With the retirement of the Chairman and the planned recruitment of an additional Non-Executive Director, at least half of the Board will ultimately comprise of independent Non-Executive Directors. The Board is responsible for setting and approving the strategy and key policies of the Group, and for monitoring the progress towards achieving these objectives. It monitors financial performance, critical operational issues and risks. The Board also approves all circulars, listing particulars, resolutions and correspondence to the shareholders including the Annual Report, Half yearly financial report and Interim management statements. The Formal Schedule of Matters Reserved for the Board can be found in the Corporate Governance Compliance Statement. Committees of the Main Board The principal committees of the Board are the Audit, Remuneration,  Nomination and Corporate Compliance and Responsibility (CCR) Committees.  Ã‚  Ã‚  The composition and terms of reference of each of these Committees are set out in the Corporate Governance Compliance Statement. Internal control The Board is responsible for setting a system of internal control for the Group and reviewing its effectiveness. The control system is intended to manage rather than eliminate the risk of not meeting the Groups strategic objectives. Any such system can only provide reasonable, not absolute, assurance against material misstatement or loss. The Board is satisfied that a continual process for identifying, evaluating and managing significant risks has been in place for the financial year to 31 January 2010 and remains in place. Shareholder relations The CEO and the Group Finance Director meet regularly with analysts and institutional shareholders. The Investor Relations Director also maintains a programme of work that reports to the Board the requirements and information needs of institutional and major investors. This is part of the regular contact that the Group maintains with its institutional shareholders. All Directors, Executive and Non-Executive attend the AGM. The Chairs of the Audit, Nomination, Remuneration and CCR  Committees are available to answer any questions. Additionally, the Groups brokers sought independent feedback from investors following the Annual and Interim results in 2009. This feedback was reported to the Board. Liquidity Ratios (ASDA) : Ratio Name Answer Result Reason 2009 2008 Current Ratio 0.526 0.491 Favourable C. Assets increased more in proportion to C. liabilities Quick Ratio 0.282 0.252 Favourable More C. Assets in proportion to C. liabilities Absolute Quick Ratio 0.111 0.345 Unfavourable Stock and debtors increased, C. Assets decreased Working Capital ratio (958) (943 ) Unfavourable Lower proportion of Assets to Liabilities W.C. to C. Liabilities Ratio (0.473) ( 0.508 ) Favourable Assets increased Activity Ratios (ASDA): Ratio Name Answer Result Reason 2009 2008 Current Asset Turnover Ratio 13.628 14.251 Favourable Assets increased in 2009 Sales to Cash Ratio 44.428 67.900 Favourable Cash increased in 2009 Fixed Asset Turnover Ratio 2.029 1.928 Favourable The proportion of sales to fixed assets was a bit higher W. Capital Turnover Ratio (15.164) (13.752) Unfavourable Less working capital in 2009 Inventory Turnover Ratio 29.091 25.963 Favourable CGS increased in 2009 A. Receivable Turnover Ratio : 65.441 58.418 Favourable More sales in 2009 A. Payable Turnover Ratio 7.101 7.237 Unfavourable A. Payable increased in 2009 Average Collection Period Ratio 5.501 6.162 Favourable Higher A.Receivable turnover in 2009 Average Payment Period Ratio 50.704 49.792 Unfavourable A.Payable decreased in 2009 Solvency Ratios (ASDA): Ratio Name Answer Result Reason 2009 2008 Debt Ratio 0.450 0.426 Unfavourable Total Debt increased in 2009 Equity Ratio 0.306 0.573 Favourable T. Equity and T. Assets increased Debt to Equity Ratio 1.470 0.744 Unfavourable Total Equity decreased Debt Income Ratio 3.656 2.536 Unfavourable Long term debt increased, net income decreased Profitability Ratios (ASDA): Ratio Name Answer Result Reason 2009 2008 Gross Profit Ratio 6.284 6.307 Unfavourable Lower gross profit in proportion to sales in 2009 Net Profit Ratio 3.166 4.271 Unfavourable Lower net income in relation to sales in 2009 Return on Equity Ratio 18.253 12.654 Favourable Higher proportion of net profit to total equity Return of Total Assets Ratio 5.592 7.255 Unfavourable Lower net profit in proportion to total assets Return on Investment Ratio 7.416 9.579 Unfavourable Lower return on investment Morrison: Liquidity Ratio Ratio Name Year 2008 Year 2009 Result Reason Current Ratio Quick Ratio Absolute Quick Ratio Working Capital 0.48 0.22 0.32 947 0.52 0.30 0.42 958 Favourable Favourable Favourable Favourable Cash increased while liability decrease Cash increased while liability decrease Cash increased while liability decrease Cash increased while liability decrease Reason Liability increased while cash decrease Cash increased while liability decrease Cash increased while liability decrease Cash increased while liability decrease Reason Liability increased while cash decrease Liability increased while cash decrease Liability increased while cash decrease Activity Ratio Ratio Name Current Asset Turnover Ratio Fixed Asset Turnover Ratio Working Capital Ratio Inventory Turnover Ratio Solvency Ratio Ratio Name Debt Ratio Equity Ratio Debt to equity Ratio Year 14.31 1.92 13.6 27.4 Year 0.42 0.57 0.74 Year 13.62 2.0 15.1 28 Year 0.45 0.54 0.81 Result Unfavourable Favourable Favourable Favourable Result Unfavourable Unfavourable Unfavourable Profitability Ratio Ratio Name Gross Profit Ratio Operating Profit Ratio Net Profit Ratio Operating Ratio Year 6.30 % 4.7 % 4.2 % 95.7 % Year 6.28 % 4.6 % 3.1 % 95.6 % Result Unfavourable Unfavourable Unfavourable Favourable Reason Liability increased while cash decrease Liability increased while cash decrease Liability increased while cash decrease Cash increased while liability decrease Market Ratio Earning Per Share Dividend Pay out Ratio Cash flow Ratios Cash flow Operation to Net Income Cash flow from investing to Operation Financing Year 20.7 0.23 Year 1.04 0.25 Year 17.39 0.33 Year 1.71 0.75 Result Unfavourable Favourable Result Favourable Favourable Reason Liability increased while cash decrease Cash increased while liability decrease Reason Business has excess cash Business has excess cash Cash flow from Sales to Total Sales Cash flow to Long Term Debt Operations Cash flow to Current Liabilities Cash Dividend Coverage Ratio 0.044 0.90 0.31 120.6 0.053 0.86 0.38 136.2 Business has excess cash Business has Cash flow Problem Business has excess cash Business has excess cash Regression Line: Year (Sales) X (Asda) y (Morrison) xy (x)^2 (y)^2 Y2007 14856 12115 179980440 220700736 146773225 Y2008 12969 12462 161619678 168194961 155301444 Y2009 14528 12969 188413632 211062784 168194961 Y2010 15180 14528 220535040 230432400 211062784 = 57533 = 52074 = 750548790 = 830390881 = 681332414 B = 4 (750548790) (57533) (52074) 4 (830390881) (57533)^2 B = 3002195160 2995973442 3321563524 3310046089 B = 6221718 11517435 B = 0.54 A = Y 0.54X A = 18145.75 0.54 X A = 18145.75 (0.54) (57533) A = 18145.75 31067.82 A = 12922.1 Y = 12922.1 + 0.54 X Correlation Co-efficient of Correlation: R = 4(750548790 ) (57533) (52074) [4(830390881) (57533)^2 ] [ 4 (681332414) (52074)^2 R = 3002195160 2995973442 [ 3321563524 3310046089 ] [2725329656 2711701476 R = 3002195160 ( 11517435 ) (13628180) R = 3002195160 156961677318300 Time Series Analysis: ASDA : Year Sale 3 point total 3 point moving average Variation 2006 14756 2007 14856 42581 14193.67 662.33 2008 12969 42353 14117.67 -1148.67 2009 14528 42677 14225.67 302.33 2010 15180 Morrison Year Sale 3 point total 3 point moving average Variation 2006 12115 2007 12462 37546 12515.33 53.33 2008 12969 39959 13319.66 350.66 2009 14528 42907 14302.33 225.67 2010 15410 Task: 3 Table presents annual net income and net cash flow figures for three projects A, B C. Initial investment for all three projects is same  £98,500. Year Project A Project B Project C NI NCF NI NCF NI NCF 0 (98500) (98500) (98500) 1 7500 24750 16450 45000 24500 44300 2 95000 31000 17650 52000 30500 39200 3 14750 34000 17950 59250 19000 39000 4 21250 40250 2400 5000 13000 31250 5 24950 44500 5000 24200 (1) Calculate ARR (Accounting Rate of Return) by selecting the required rate of return. (a)Project A (b)Project B (c)Project C (2) Calculating payback periods for A, B C projects. Solution: (a) Project A Year Cash flow Net Cash flow 0 (98500) (98500) 1 24750 (73750) 2 31000 (42750) 3 34000 (8750) 4 40250 31500 5 44500 76000 Pay back Period project A = 3.22 year (b) Project B Year Cash flow Net Cash flow 0 (98500)

Swordfish :: essays research papers

Swordfish   Ã‚  Ã‚  Ã‚  Ã‚  In the opening scene of the film a major character (John Travolta) has a monologue; it is one of my favorite monologues I have ever seen in a film. The scene is carried out in a very interesting way, all the while never losing sight on the main subject. Slight variations in the focal length, lighting, sound and of course the composition of each shot, it is the most well thought out scene in the film.   Ã‚  Ã‚  Ã‚  Ã‚  Although I am no supposed to discuss the context of the scene, it is what adds a certain level of charm that would otherwise be missed. There is a discussion of the quality of film making in Hollywood, and the character relates his current situation to a quality film, the irony is not stressed which makes it believable.   Ã‚  Ã‚  Ã‚  Ã‚  The most obvious effect used in the scene, is the use and movement of both the focal length and point. Although moving the focal point can distract from the film and have it deteriorate very easily, but it is not overly done, you are able to concentrate on very particular details in the frame, instead of trying to absorb the whole frame at one time. Also you feel the dialogue is much more important than the image, you not only hear the dialogue but you listen to it.   Ã‚  Ã‚  Ã‚  Ã‚  The lighting is very well though out, the scenery is slightly dark soft ambient side light giving you a somber feeling also hinting at the time of day giving the viewer a reference point on the time that has passed. What is really important is the lighting on the main character, a soft butterfly light makes him non-threatening and the uninteresting was the face is lit puts more importance on the dialogue. Making the viewer more open to what the character has to say.   Ã‚  Ã‚  Ã‚  Ã‚  The sounds or lack of sounds in this scene accentuates the importance what is going on. Other than the dialogue every other sound is extremely subtle, light musical sounds and very little Foley work make up the rest of the auditory stimuli. There is one sound effect that is extremely subtle that makes the scene feel scrutinized or watched, that is the sound of an automatic focus changing and trying to catch up.

Carbohydrates :: essays research papers

Introduction:Carbohydrates are molecules that contain Carbon, Hydrogen, and Oxygen. The most basic sugar- carbohydrate is the monosaccharide. Carbohydrate molecules are categorized by the number of carbons present in the molecule. Glucose, the most common monosaccharide has six carbons per molecule, which is called a hexose. Carbohydrates also have a 2:1 hydrogen to oxygen ratio. This aids in the condensation and hydrolysis reactions. A condensation reaction occurs when two monosaccharides join by the removal of H2O. During condensation synthesis one monosaccharide losses an OH and the other losses a H. As a result the two monosaccharides bond by forming maltose a disaccharide with a by-product of a free H2O. When three or more monosaccharides or monomer are involved in a condensation synthesis a polymer or polysaccharide is formed with a by product of water. Starch and Glycogen are two common chain polymers.Just as the removal of water joins carbohydrates together via condensation synthesis, hydrolysis is the reaction using water to break apart Di and polysaccharide. A Di-saccharide is bound by sharing an oxygen with one hydrogen on each opposing side. When H2O is re-introduced via hydrolysis the two monomers in the disaccharide no longer need to share one H2O, and as a result the opposing sides absorb the OH and H and break apart. This reaction is a common theme in the digestion of complex carbohydrates.Experiment 3: Test for SugarsWe will test five different solutions for presence or absence of reducing sugars using a premixed Benedict's reagent. These dependent variable solutions will be water, glucose , onion juice, potato juice, and starch suspension. When the Benidict's reagent is combined with sugars at a boiling temperature, a color reaction will occur. Our independent variable, Benidict's reagent color is blue.The negative control will be the combination of water and Benidict's reagent. This sample will undergo all the steps of the test except for the one being tested for i.e. sugars. If the end result is negative color change (blue) , it will thus be determined that the experiment and the Benidict's reagent is not contaminated and the experiment may proceed. The negative control will also serve as a comparison to gauge against the color change in the other four sugar tests.EXPERIMENT 3: Test for Sugars: TESTS MAT. & METHODS HYPOTHESIS RESULTSTube 1 1cm water+2cm Benidict's reagent. No color changeNegative control no color change. Neg-sugar. BlueTube 2 1cm glucose solution+ 2cm Benidict's reagent.

Mrs Fields Cookies Essay

Mrs. Fields Cookies was founded by Debbi Fields in the late 1970s. She and her husband Randy Fields opened their first store in 1977 in Palo Alto, California, selling homemade-style cookies which quickly grew in popularity. Products Mrs. Fields Cookies came in 14 varieties. All baked products were made on premises in the individual stores and the company especially focused on the fresh cookies. If the cookies are not sold within two hours, they were given away and discarded. Competitors Mrs. Fields competitors included New York’s David’s Cookies, Atlanta’s Original Great American Chocolate Chip Cookie Company, and the Nestle Company’s Original Cookie Co. Challenges 1. Low barriers to entry and mall locations competition In the early 1980s, cookies were cheap to make and the barriers of sweet snack industry to entry were low. There were many cookies producers and many consumers in the market, and no business had total control over the market price. Because some 80% of Mrs. Fields outlets were in shopping malls, so the competition for the most favorable mall locations was fierce. 2. Franchising Financing and performance of exchange market  Mrs. Fields had consistently refused to franchise their stores, because â€Å"she viewed franchising as a loss of control over the end product and loss of touch with the customers†. To find bank financing and additional capital for expansion, Mrs. Fields tried to go public and made initial public offering on the London exchange in 1986, but this experience was not successful, because buyers did not know the company and did not believe that Mrs. Fields’ business could be sustained growth without franchising. The result was that the stock price rose slowly. Business Strategy Organizational strategy Mrs. Fields had a non-hierarchy organization with decentralized decision making. Typically, there was no official organization chart in company which means Mrs. Fields wanted to take advantage of the intelligence and trust the judgment of employee throughout the company, instead of relying on a small set of decision makers. The employees at Mrs. Fields were given much more responsibilities such as local marketing decisions were made by the regional and district managers, because they needed to be able to respond quickly to the demands of target customers. Mrs. Fields also encouraged employees to be wacky and personable, so that customers feel comfortable purchasing cookies. The company placed high value on employees by using â€Å"promote from within† strategy, employees were rewarded for their performance with a bonus system. Information System strategy Information technology played a very important role at Mrs. Fields. MIS enabled Mrs. Fields to have â€Å"network structure† and use centralized information system out of Utah and distribute it to every store as needed. Mrs. Fields’ approach of information technology was consistent with an ad-hoc cost/benefit analysis. All stores were running under implementation of information systems at Mrs. Fields to promote sales and control labor and cookies cost. Mrs. Fields also believed that it was not necessary to expand staff to accommodate business growth, and smaller groups of people at Mrs. Fields could make decision to solve business problems faster and better if people could work very well with the information technology to develop more new and creative applications, because a useful information system in company could save time and labor cost, and make business operations more accurate, effective and efficient. Operations strategy First, Mrs. Fields used very friendly and organized design style for their stores to attract more customers. Customers always were drawn into the store by the openness of the design and by the aroma of hot cookies fresh from the ovens. Second, sophisticated management information system also played a very important role on the business operations. Store management system designed by Randy and the MIS organization was integrated with each business process for day planning, production schedule, time clocks, store accounting, inventory, interview scheduling, skill testing and electronic mail. Controller at headquarter in Utah was also integrated with system collecting sales information received from all stores. The information system helped controller in generating reports for management review. â€Å"Expanded store† strategy/ diversification strategy From 1980s, Mrs. Fields started a series of acquisitions to expand their businesses including a 119-store French Bakery/sandwich chain, La Pette Boulangerie and Famous Chocolate Chip Company. These acquisitions brought a combination of full lines of both cookies and bakery products and presented an opportunity to carve out a niche in a highly fractionalized market, and the size of the operation constituted an investment barrier to competition. But the same time, the acquisition also brought many of overhead functions into the existing organization, including accounting, finance, personnel, human resources, etc.

In the country of men paragraphs Essay

Matar emphasise the fact that women are influential even in a patriarchal society by highlighting the theme of male which he incorporates within the patriarchy. He eradicates the allusion that women in Libya have no rights, â€Å"I cried because I understood that I was now the property of another man†¦Ã¢â‚¬  (Pg 173) this powerful quote chosen by Matar, portrays the pain and emotions experienced by real women in cases where arranged marriages occur. However he also shows how Suleiman didn’t understand his role in the society, when he uses the character of Suleiman to say â€Å"We are†¦two open pages of the same book†, this gives us the meaning of equalisation, between man and women, which as Matar knows in the time of 1979 in Libya women were never equal to man. Matar describes how Libyan men are cruel and vicious towards traitors of Libya, he uses the character of Ustath Rashid, to show the cruelty of the regime. As the character, Ustath Rashid is hanged on live television for being a â€Å"traitor† (Page 187). Matar uses this scene to revolt and distress readers about the realisations of Libya, and if you were suspected of crimes against ‘Qaddafi’, you would be captured and killed. â€Å"They looked like children satisfied with the swing they had just made†¦Ã¢â‚¬  (page 187). This shows how the people of Libya supported the ideas of Qaddafi, Matar wanted to expose this as it is important to understand that not all people in Libya were fearful of Qaddafi but rather some agreed with him and his cruel ways. â€Å"They say the man melted like ice in a fire†, â€Å"The cheering became louder and more furious†¦Ã¢â‚¬  (page 187). Matar wanted to demonstrate how people can disappear and to show how powerful Qaddafi was. Through the novel, Matar values children and makes this clear that children are seen as another innocent casualty of Qaddafi’s totalitarian regime. The author’s deliberate use of Suleiman, a nine year old narrator, as opposed to the adult Suleiman, as it shows how children aren’t able to fully comprehend what is going on around them, which gives us an indication that by having a child narrate the novel, would have an unbiased perspective rather than an adult who would be against the regime but also because children don’t hold back from handing out private information.

Accounting Entity

An accounting entity is any organizational unit for which financial and economic data are gathered and processed for the purposes of decision making (Hillman, Kochanek and Norgaard, 1992, p. 15). The purpose of an entity is to work for the good of all the stakeholder groups and obtain funds at favorable rates to create future profits (Boland, 2010, pp. 41-44). †¢Rights of the stakeholders of an entity. Stakeholders are individuals and groups that are affected by an organization's policies, procedures, and actions (Advameg, 2011). The stakeholders include creditors, employees, customers, government bodies, special interest groups and the local community. Stakeholders, such as employees and owners, may have specific legal rights and expectations in regard to the organization's operations and them include (Boland, 2010, p. 44). the right to equal opportunity and non-discriminatory treatment †¢the right to security of persons; the rights of workers and their families; consumer rights and protections; and environmental rights and standards †¢require corporations, within their respective spheres of activity and influence, to promote †¢encourage corporations to consult with stakeholders and communities about their activities, influence and impact †¢Our group’s general ethical philosophy. In addition to being aligned with the ‘Stakeholder’s theory’ and ‘reporting’, Group A’s general ethical philosophy also focuses on sustainable development of an entity, specifically on how organizations need to make commitment to sustainable business practices towards communities. For the reason that reporting and providing information about social and environmental performances of an entity increases the trust that communities have in the organization ( Deegan, 2006).

Sale & Attachment of Property in Execution Decree

Chapter – I Introduction & Research Methodology 1. Introduction: The passing of a decree by a competent court conclusively determines the rights of the parties with regard to all or any of the matters in controversy in the suit, thus creating substantive rights in favour of the decree-holder. However, lately it has been seen that instead of following the terms and conditions of the decree, judgment-debtors have been placing a number of obstacles in the way of a decree-holder. In fact, such a trend has become so prevalent that it has forced the Supreme Court to opine that ‘the difficulties of a litigant begin when he has obtained a decree’. Conscious of the significance and importance of giving effect to the decree and orders passed by competent courts, the Code of Civil Procedure provides for elaborate rules for the execution of decrees. In an attempt to ensure that a decree-holder is able to realize the benefits out of the decree, the Code of Civil Procedure gives a number of modes for the execution of decrees. One of these modes of execution of decrees is the process of attachment and sale of the properties of the judgment-debtor. Since, a decree holder does not by virtue of the judgment, get a right to the property, he cannot get the right by way of filing a suit but by attachment and sale in execution. While through the process of attachment the court informs the world that the property so ordered to be attached is â€Å"in its view† and â€Å"no existing rights and liabilities should be altered†; through the process of sale of the properties of the judgment-debtor, the Court diverts the money so collected to the decree-holder in satisfaction of his claim. However, by its very nature property may be of different types. Therefore, a judgment-debtor may possess either movable or immovable properties, or both. Thus, keeping in regard the differing characteristics of these two types of properties, the Code of Civil Procedure prescribes different procedures for the attachment and sale of movable and immovable properties. It is the endeavour of this project to examine the process of attachment and sale of movable and immovable property in a money decree and to intellectualize the reasons for the different process for the attachment and sale of movable and immovable property. 2. Research Methodology: The research scheme undertaken by the researcher is comprised of doctrinal study of the books available at the library of the Institute of Law and besides that the researcher has also taken the help of the internet to look into some of the Interpretation of some cases and principle of natural justice and the researcher the also taken in view the various cases which are relevant for the research work. 3. Research Hypothesis: †¢ What are the conditions under which attachment & sale of property becomes necessary, can it be done & how it is done. . Aim of Research: The aim of this project is to find out why sometimes it becomes very much necessary for the attachment of property even after the judgement has been declared & to examine the different ways under Code of Civil Procedure which provide for sale and attachment of property. 5. Scope & Limitation of Research: The scope of this project is limited to the study of the various provisions regarding attachment and sale of property in execution of decrees provided for in the Code of Civil Procedure. Chapter – II Attachment of Property . General: Section 51 (b) empowers the court to order execution of decree by attachment and sale or by sale without attachment of any property. The court is competent to attach the property if it is situated within the local limits of the jurisdiction of the court. [1] It is immaterial that the place of business of the judgement – debtor is outside the jurisdiction of the court. The words attachment and sale in clause (b) of section 51 are to be read disjunctively. Therefore, the attachment of the property is not a condition precedent. Hence, the sale of the property without an attachment is not void or without jurisdiction and does not vitiate the sale. It is merely an irregularity. An order of attachment takes effect from the moment it is brought to the notice of the court. Rule 54 provides for the attachment of immovable property and the procedure for the proclamation of such attachment. The object of Rule 54 is to inform the judgement – debtor about the attachment so that he may not transfer or create encumbrance over the property thereafter. [2] The code enumerates properties to be attached and sold in execution of a decree. 3] Likewise, it also specific properties which are not liable to be attached or sold. [4] It also prescribes the procedure where the same property is attached in execution of decrees by more than one court. [5] The code also declares that a private alienation of property after attachment is void. In Ghanshyam Das v. Anant Kumar,[6] while dealing with the provisions of the Code of Ci vil Procedure relating to the execution of decrees and orders, the Supreme Court had stated that the Civil Procedure Code contains elaborate and exhaustive provisions for dealing with the question of execution of decrees. More specifically, Section 51[8] of the Code of Civil Procedure enumerates in general terms the various modes of execution of a decree, one amongst which is the attachment of the property of the judgment-debtor. Procedure enumerates in general terms the various modes of execution of a decree, one amongst which is the attachment of the property of the judgment-debtor. 2. Object of Attachment: Execution of a decree takes place by attachment of property of judgment-debtor. In fact, the attachment of the judgment-debtor’s property s the preliminary step to the sale of property in execution proceedings and the underlying object of attachment of the property is to give notice to the judgment-debtor not to alienate his property to anyone and also to the general public not to purchase or to deal with the property of the judgment-debtor attached in execution proceedings. 3. Effect of Attachment: Section 64 of the Code of Civil Procedure makes it manifest that attachment has merely the effect of preventing private alienation to the prejudice of claims under attachment. It conveys no title, charge, lien or priority in favour of the attaching creditor. In fact, in Subbarao v. Official Receiver[7] the Andhra Pradesh High Court while dealing with the involuntary sale of the judgment-debtor’s flat under a decree of a court, stated that an order of attachment does not prevent a transfer by operation of law and nor does it create any interest or lien. 4. Property which can be Attached: Section 60 of the Code of Civil Procedure enumerates the properties, which are liable to attachment in execution of a decree. It states that all saleable property (movable or immovable) belonging to the judgment-debtor or over which or the portion of which he has a disposing power which he may exercise for his own benefit may be attached and sold in execution of a decree against him. More specifically, in State of Punjab v. Dina Nath,[8] wherein the right to officiate at funeral ceremonies was held to be not saleable, it was stated by the Supreme Court that Section 60 of the Code of Civil Procedure is not exhaustive and specific non-inclusion of a particular species of property under Section 60 is therefore, not of any consequence if it is ‘saleable’[9] otherwise. However, regard must be had to the proviso to sub-section (1) of Section 60, which enumerates certain properties such as necessary wearing apparel, cooking vessels, beddings, tools of artisans, implements of husbandry, houses of agriculturalists, wages, salaries, pensions and gratuities, compulsory deposits, right to future maintenance etc. and declares that the properties specified therein are exempt from attachment and sale in the execution of a decree. . Attachment of Movable Property: The attachable property belonging to the judgment-debtor may be either movable or immovable in nature. Rules 43 to 53 of Order 21 of the Code of Civil Procedure lay down the different ways in which the movable property belonging to the judgment debtor is to be attached keeping in regard the nature of the specific movable property sought to be attached. 1. Attachment Of Movable Property (Other Than Agricultural Produce) In Possession Of The Judgment-Debtor: Rule 43 of Order 21 of the Code of Civil Procedure deals with the mode of attachment of all movable property, other than agricultural produce and property not in the possession of the judgment-debtor, for both of which provision is made in Rules 44 to 46 of Order 21 of the Code of Civil Procedure. Under Order 21, Rule 43, the attachment is legally effected only by actual seizure. Significantly, keeping in view the varied nature of the movable properties that may be attached under this rule the Proviso to Order 21, Rule 43 of the Code of Civil Procedure provides that when the property seized is subject to speedy and natural decay, or when the expense of keeping it in custody is likely to exceed its value, the attaching officer may sell it at once. 2. Attachment of Debt, Share & other property not in Possession of Judgement – Debtor: Rule 46 of Order 21 of the Code of Civil Procedure deals with the mode of attachment of debt, share and other movable property not in the possession of the judgment-debtor. Under Order 21, Rule 46 of the Civil Procedure Code the attachment of debts (other than negotiable instruments), shares in a corporation or other movable property not in the possession of the judgment-debtor is legally effected by a prohibitory order, as contradistinguished from the requirement of actual seizure under Order 21, Rule 43. . Attachment of Negotiable Instrument: Rule 51 of Order 21 of the Code of Civil Procedure deals with the mode of attachment of negotiable instruments, which are neither deposited in the court nor in the custody of a public officer. Under Order 21, Rule 51 of the Civil Procedure Code the attachment of negotiable instruments, which are neither deposited in the court nor in the custody of a publ ic officer, is legally effected by actual seizure. As regards negotiable instruments it does not matter whether the negotiable instrument is in possession of the judgment-debtor or not. Furthermore, the actual seizure of the negotiable instrument is necessary as there is always a danger that third parties may bona fide become possessed of the negotiable instrument, and if a prohibitory order is held to be a valid attachment, they would be prejudiced by such an order of which they may know nothing. 4. Attachment of Salary or Allowance: Rules 48 and 48-A of Order 21 of the Code of Civil Procedure deal with the mode of attachment of salary of the judgment-debtor. Under Order 21, Rules 48 and 48-A of the Civil Procedure Code the attachment of judgment-debtor’s salary or allowance is legally effected by issuing a prohibitory notice to the dispersing officer but if such prohibitory notice is not served to the dispersing officer, the order of attachment will have no effect. Furthermore, the territorial jurisdiction is not considered in this case, and wherever the judgment-debtor is working his salary can be attached. 5. Attachment of Immovable Property: The attachable property belonging to the judgment-debtor may also be immovable in nature. Rule 54 of Order 21 of the Code of Civil Procedure lays down the directions as to the mode of attachment of immovable property, which are mandatory in nature and not merely directory. Under Rule 54 of Order 21 of the Code of Civil Procedure the attachment of immovable property is legally effected by the issuance of an order by the Court prohibiting the judgment-debtor from transferring or charging the property in any way, and all persons from taking any benefit from such transfer or charge. Such an order is to be proclaimed at some place on or adjacent to such property by beat of drum or other customary mode, and a copy of the order shall be affixed on a conspicuous part of the property and then upon a conspicuous part of the Court-house. Also, where the property to be attached is a land paying revenue to the Government, a copy of the order is to be affixed in the office of the Collector of the District in which the land is situate and, where the property is land situate in a village, also in the office of the Gram Panchayat, if any, having jurisdiction over that village. Chapter – III Sale of Property 3. 1. General: A decree may be executed by attachment and sale or by sale without attachment of any property. Sections 65 to 74 and Rules 64 to 106 of Order 21 of the Code of Civil Procedure deal with the material provisions relating to sale and delivery of properties. 3. 2. Power of Court: Rule 64 of Order 21 of the Code of Civil Procedure states that any Court executing a decree may order that any property attached by it and liable to sale, or such portion thereof as may seem necessary to satisfy the decree, shall be sold, and that the proceeds of such sale, or a sufficient portion thereof, shall be paid to the party entitled under the decree to receive the same. However, it must be noted that in Desh Bandhu v. Anand,[10] wherein the Court, while confronted with the twin issues of sale of properties situated outside the territorial jurisdiction of the Executing Court and the failure of the judgment-debtor to take objection in time, it was opined that: â€Å"The term â€Å"may† in this rule does not confer a discretion on the Court to order or refuse to order a sale; it is obligatory on it to do so when a valid application for such order and a valid attachment has been made. † 3. 3. Sale by Whom Conducted and How Made: Rule No. 65 of Order 21 of the Code of Civil Procedure enacts that every sale in execution of a decree shall be conducted by an officer of the Court or by such person as the Court may appoint in this behalf, in a public auction. 3. 4. Proclamation of Sale: A proclamation of sale is necessary for providing information to the intending purchasers. Thus, Rule 66 of Order 21 of the Code of Civil Procedure enacts that the Court shall cause a proclamation of the intended sale to be made in the language of the Court. Such a proclamation is to be drawn up after the notice to the decree-holder and the judgment-debtor. An absence of a notice causes irremediable injury to the judgment-debtor and sale without such a notice will be a nullity. 3. 4. 1. Purpose of a Proclamation: It has been stated that a proclamation of sale is meant for the information of intending purchasers and not of the judgment-debtor. However, in Narayanappa v. Akkulappa,[11] it was stated that the purpose of issuing a proclamation is two-fold: (a)  Ã‚  Ã‚   it protects the interests of the intending purchasers by giving them all material information regarding the property to be sold; and (b)  Ã‚   it protects the interests of the judgment-debtor by facilitating the fetching of proper market price for his property and by preventing it being knocked down at public auction for a price much below the market price. 3. 4. 2. Contents of the Proclamation: Rule 66 (2) of Order 21 of the Code of Civil Procedure enacts that the proclamation, which is to be drawn up shall state the time and place of sale, and specify as accurately as possible, the following particulars – (a)  Ã‚  Ã‚   the property to be sold, or, where a part of the property would be sufficient to satisfy the decree, such part; (b)  Ã‚   the revenue assessed upon the estate or part of the estate, where the property to be sold is an interest in an estate or in part of an estate paying revenue to the Government; (c)  Ã‚  Ã‚   any encumbrance to which the property is liable; (d)  Ã‚   the amount for the recovery of which the sale is ordered; and (e)  Ã‚  Ã‚   every other thing which the Court considers material for a purchaser to know in order to judge of the nature and value of the property. 3. 4. 3. Mode of making Proclamation: In order to protect the judgment-debtors and for the purpose of ensuring that the properties of such persons shall not be put to s ale unless due publicity is given to the fact that a sale is to be held and a proper opportunity is afforded to bidders to attend the sale after notice is given’ Rule 67 of Order 21 has been incorporated in the Code of Civil Procedure. Rule 67 of Order 21 of the Code of Civil Procedure provides that every proclamation shall be made and published in the manner prescribed by Order 21, Rule 54 (2) for attachment for immovable property, i. e. , a copy of it shall be affixed on a conspicuous part of the property, and then of the Court house, and in the Collector’s office, in the case of revenue paying land. Also, if the Court so directs, it shall also be published in local Official Gazette, or in a local newspaper, or in both. 3. 5. Time for Sale: Rule 68 of Order 21 of the Code of Civil Procedure provides that there shall be an interval of fifteen days in the case of immovable property and seven days in the case of movable property between the date of sale and the date of affixing the copy of the proclamation in the Court-house. However, it should be noted that the seven days rule does not apply to a sale of movables subject to speedy and natural decay. 3. 6. Sale of Movable Property: Rules 74 to 81 of Order 21 of the Code of Civil Procedure provide for specific provisions for the sale of movable properties. 3. 6. 1. Place of Sale of Movable Properties: Sale of all movable properties in execution of a decree should ordinarily be held at some place within the jurisdiction of the court ordering such sale. In the case of Lakshmibai v. Santappa,[12] where certain ornaments were attached in Banaras and the judgment-debtor urged that they should be directed to be sold at Bombay on the ground that they would probably fetch a better price and it was found by the Court that a fair price could be had on the spot, it was held that there was no good and sufficient reason to depart from the usual practice. 3. 6. 2. When Sale Becomes Absolute in Movable Properties: Sub Rule 2 of Rule 77 of Order 21 of the Code of Civil Procedure enacts that the sale of a movable property becomes absolute as soon as the purchase money is paid to the officer or other person holding the sale and no order of Court is necessary as in the case of the sale of immovable property. 3. 6. 3. Sale of Agricultural Produce: Rule 74 of Order 21 of the Code of Civil Procedure makes special provision for the sale of agricultural produce. It provides that in case of agricultural produce, the sale shall be held on or near the land on which the crop is standing or where the crop has been harvested, at or near the place where the crop is lying. It is also pertinent to note that Sub Rule 2 of Rule 74 of Order 21 states that such a sale can be postponed, if the court feels: (i)  Ã‚  Ã‚  Ã‚   that the fair price is not offered; and (ii)  Ã‚   the owner thereof applies for such postponement. 3. 6. 4. Sale of Negotiable Instruments and Shares in Corporations: Rule 76 of Order 21 of the Code of Civil Procedure makes special provision for the sale of negotiable instruments and shares in corporations. It provides that in case of negotiable instrument or a share in corporation, the court has power to order sale through a broker instead of by public auction. It is pertinent to note here that this rule is only permissive. A court is not bound to authorize the sale of negotiable instrument or share in a corporation through a broker. 3. 6. 5. Effect of Irregularity on Sale of Movable Property: Rule 78 of Order 21 of the Code of Civil Procedure stipulates that even in case of irregularity in publishing or conducting of sale, the sale of moveable property in execution decree cannot be said aside. Thus, the sale does not ipso facto become void for reason of violation of provisions relating to the sale. However, a person sustaining any injury by reasons of irregularity in the sale at the hand of any other person may sue such a person for compensation, or, if such a person is the purchaser, for recovery of the specific property and for compensation in default of such recovery. 3. 7. Sale of Immovable Property: Rules 82 to 96 of Order 21 of the Code of Civil Procedure provide for specific provisions relating to the sale of immovable properties. 3. 7. 1. Courts Competent to Order Sale: Rule 82 of Order 21 of the Code of Civil Procedure stipulates that except the small cause court, any other court can give the order of sale of immovable property. 3. 7. 2. Postponement of Sale: In order to prevent the sale of the immovable property of the judgment-debtor in cases where the decree can be satisfied by private alienation of such property, Rule 83 of Order 21 has been incorporated into the Code of Civil Procedure. It provides that on an application by the judgment-debtor, the court in its discretion may give the judgment debtor some more time, to try and alienate the property in order to raise the requisite some of money. 3. 7. 3. Deposit and Payment of Price: Rule 84 to 87 of Order 21 of the Code of Civil Procedure deal with the deposit and payment of price in cases of sale of immovable property. Immediately after the sale of immovable property, the purchaser must deposit 25 percent of purchase money, unless such requirement is dispense with by the court. The purchaser must pay the balance of the purchase-money within fifteen days of sale. In case of a failure on the part of the purchaser to deposit the amount, the advance may be forfeited and fresh sale ordered, after the issuance of a fresh notification. Explaining the ambit and the scope of the provisions of Rules 84 to 86 of Order 21 of the Code of Civil Procedure, the Supreme Court in the case of Manilal Mohanlal v. Sayed Ahmed,[13] has stated that: â€Å"Having examined the language of the relevant rules and the judicial decisions bearing upon the subject we are of the opinion that the provisions of the rules requiring the deposit of 25 per cent of the purchase-money immediately, on the person being declared as a purchaser and the payment of the balance within 15 days of the sale are mandatory and upon non-compliance with these provisions there is no sale at all. The rules do not contemplate that there can be any sale in favour of a purchaser without depositing 25 per cent of the purchase-money in the first instance and the balance within 15 days. When there is no sale within the contemplation of these rules, there can be no question of material irregularity in the conduct of the sale. Non-payment of the price on the part of the defaulting purchaser renders the sale proceedings as a complete nullity. † 3. 7. 4. Setting aside of Sale: Rule 89 to 92 of Order 21 of the Code of Civil Procedure deal with the setting aside of sale. They provide that when a property is old in execution of a decree, an application for setting aside sale may be made under these provisions by the persons and on the grounds mentioned therein. 3. 7. 5. Confirmation of Sale: In contrast with the provisions relating to the sale of movable properties, â€Å"no sale of immovable property shall be come absolute until it is confirmed by the Court. † Also, Rule 92 of Order 21 of the Code of Civil Procedure, which deals with the procedure for confirmation of sale, provides that where no application to set aside the sale is made under Rules 89, 90 or 91 or where such application is made and is disallowed by the Court, the court shall make an order confirming the sale, and thereupon the sale shall become absolute. Chapter – IV Conclusion It has been said that the difficulties of a litigant â€Å"begin when he has obtained a decree. The execution process, which commences with the filing of an application for execution, aims at the enforcement of a decree by a judicial process. Aware of the fact that a number of obstacles are placed in the way of a decree-holder, who seeks to execute his decree against the property of the judgment-debtor, the Code of Civil Procedure provides for elaborate rules and procedures for the execution of decrees. In an attempt to enable the decree-holder to realize the fruits of the decree passed by the competent court in his favour, the Code of Civil Procedure allows for the attachment and sale of the properties of judgment-debtor as one amongst the various modes of executing a decree. However, the nature of the properties of judgment-debtor liable for attachment is usually varied. The properties belonging to the judgment-debtor, which are sought to be attached and sold, may be movable or immovable. Since, movable and immovable properties by nature have differing rights; there are different legal regimes governing these two types of properties, and therefore the court has to cater to these different rights and proceedings. Thus, in an attempt to ensure that attachment and sale of the property of the judgment-debtor remains a viable and effective mode of execution of decrees the Code of Civil Procedure has prescribed different procedures for the attachment and ale of movable and immovable properties in execution of money decrees. This is best illustrated in the prescription of actual seizure of the property in cases of attachment of movable property, as in these cases a very real threat exist that the property might escape the jurisdiction of court. Chapter – V Bibliography 1. Basu’s , ‘The Code of Civil Procedure’, Ashok Law House, New Delhi, 10th Edn. , Vol. 2, 2007. 2. Majumdar’s, ‘Commentary on the Code of Civil Procedure, 1908’, Orient Publishing Company, 6th Edn. , Vol. 1, 2010. 3. Justice Nandi & Gupta Sen, ‘The Code of Civil Procedure’, Kamal Law House, Kolkata, Vol. 1, 2009. 4. Rao’s V. J. ‘The Code of Civil Procedure, 1908’, ALT Publication’s, 5th Edn. , Vol. 1, 2008. 5. Jain, M. P. , â€Å"The Code of Civil Procedure†,2nd Edn. , Lexis Nexis ButterWorths Wadhwa,Nagpur. 2008. 6. Prasa, B. M. , & Sarvaria, S. k. , â€Å"Mulla The Code Of Civil Procedure†,14th Edn. , Lexis Nexis ButterWorths Wadhwa,Nagpur, 2011. ———————– [1] Raoof v. Lakshmipathi, AIR 1969 Mad 268. [2] Desh Bandhu v. N. L. Anand, (1994) 1 SCC 131. [3] S. 60(1). [4] Proviso to S. 60(1). [5] S. 63. [6] AIR 1991 SC 225 1. [7] AIR 1965 A. P. 52 [8] (1984) 1 SCC 137 [9] ‘Saleable’ means saleable by auction under the orders of a Court [10] (1994) 1 SCC 131 [11] AIR 1965 A. P. 215 [12] AIR 1964 Bom 342 [13] AIR 1954 SC 349