Merchant Banking in India Essay

†¢ Merchant Banking In India: The merchant banker are those financial intermediary involved with the activity of transferring capital funds to those borrowers who are interested in borrowing. The activities of the merchant banking in India is very vast in nature of which includes the following a) The management of the customers securities b) The management of the portfolio, c) The management of projects and counseling as well as appraisal d) The management of underwriting of shares and debentures e) The circumvention of the syndication of loans f) Management of the interest and dividend etc Factors responsible for the Changes: 1) . Globalization of Indian Economy It has made the whole economy open, which has more multinational player in the era of the financial services? This has resulted in to the emergence of the global investment in financial sector. Government has now open up the doors of investments especially in the area of banks and insurance, which leads to competitive environment for the present players. Now they have to bring something new which is efficient and best services to live in the competitive environment. 2). Competition arising out of Private Company Participation It is due to the liberalization of the economy. Now along with the public/government players, private players are also offering financial services and instruments, which are more innovative and different than the earlier offering. All around, there is a fresh thinking on the financial products, structure of banking and insurance instruments with value creation. Financial markets are being redefined, reinvented and reconfigured on a persistent basis. 3). Changing Customer Demographics: If we look at the all-growing economies like China, Germany and Brazil, India has 35% of the population in the age group of 15years to 34 years. It is estimated that by 130mn plus people get added to working population by 2009 with 55 million families (320 million people) will be added in the middle-income group (0.1 to 0.3 Million Rs). The demographic change leads to the change in the need of the customer. 4).Changing Customer Needs Customers have larger segment in corporate decision-making they are the final judges of the every single activity offered by the marketer. Banks in India have traditionally offered mass banking products. Financial market has turned into a buyer’s market. Market focus is shifting from mass banking products to class banking with introduction of value added products. Today, financial institutions are co-designing the products/services with their customers and striving to provide them with global solutions 5).Technology Improvements Technology is also helping market players redefine the way they have been operating in the market. In today’s time it becomes vary easy for a customer to transfer a fund from one location to another location with CLICK of Mouse. Availability of the concepts like phone banking, anytime banking etc. has become possible because of the technological developments only. 6).Government Reforms Government is major decision player in the financial market. It decides the proportion of the investment limits as well as the regulation and control. In last ten years government is designing its policy with more liberal and competitive content. Which it are welcome trends for the emerging financial services. 7).Heightened focus on customer relation Banks of the future has to be essentially a marketing organization that also sells banking products. New distribution channels are being used; more & more banks are outsourcing services like disbursement and servicing of consumer loans, Credit card business. Direct Selling Agents (DSAs) of various Banks go out and sell their products. They make house calls to get the application form filled in properly and also take your passport-sized photo. Revolution in Banking Sector: Banking in India originated in the first decade of 18th century with the General Bank coming into existence in 1786. Bank of Hindustan followed this. Both these banks are now defunct. The oldest bank in existence in India is the State Bank of India being established as the Bank of Calcutta in Calcutta in June 1806. In the early 1990s the then Narasimha Rao government embarked on the policy of liberalization and gave license to small number of private banks, which came to be known as new generation tech-savvy banks such as ICICI Bank and HDFC Bank. Currently in 2005, banking in India is considered fairly matured in terms of supply, product range and reach-even though reach in rural India still remains a challenge for the private sector and foreign banks. With the growth of Indian economy expected to be strong for quite some time especially in its service sector, the demand for banking services specially retail banking, mortgage and investment services are expected to be strong. †¢ The emerging areas in banking services are; 2 in 1 Accounts Overdrafts (OD) ATMs Net Banking Credit Card 2 in 1 Accounts 2 in 1 accounts are available at many of the foreign and private banks. It amalgamates the features of a savings or a current account and a fixed deposit account. As soon as one opens 2 in 1 accounts with the bank, deposit starts earning a rate of interest higher than that of a plain savings account. The rate of interest can be equivalent to prevailing rates for Fixed Deposit. Customers can choose the sweep option – Term Deposit or Mutual Fund, based on their requirements. Overdraft [OD] Overdraft is the agreed amount by which a bank account can be overdrawn. When the amount of money withdrawn from the bank account is greater than the amount actually available in the account the excess is known as the overdraft and the account is said to be overdrawn. If agreed by the bank in advance this is essentially a form of loan facility and there is a particular interest rate attached with the overdrawn amount. ATMs Automated Teller Machines has revolutionary’s entire banking sector. Currently there are more than 16000 ATMs in India fulfilling the daily requirement of money to a common man. The story of the humble cash-dispensing machine started around three decades back. Since then they have become common site in metros and semi metro cities. ATM allows a customer to do number of banking functions like withdrawing cash, making balance inquiries, transferring money from one account to another account, request for a Cheque book and statements, Utility Bill Payment – like electricity bills, Credit Card payments etc by using a plastic, magnetic strip card and personal identification number issued by financial institution. Net Banking Internet technology has invaded the portal of our banking institutions. No doubt innovation like ATM have considerably put customer at ease in the recent past, but with net banking the customer will be able to transact with the help of the mouse. The services offered enable one to check credit card transactions, paying bills, transferring fund between accounts in two different banks, and scheduling future payments and transfers. A gradual increase in net banking is logical as the need to minimize costs catches attention. A North American Internet Banking survey done by management consultancy Booz Allen & Hamilton in 2000 revealed that the cheapest way of banking is internet banking. Credit Cards It is estimated in the year 2004; the total credit card market in the country was at 17 million cards. The credit card industry is growing at 30 – 35 % per annum at present. The size of Indian credit card market is estimated to be around $4bn by end of 2010. Four banks have now crossed the 2 million card base, with ICICI bank leading the pack at 4 million cards followed by Citi bank at 2.8 million, HDFC bank at 2.2 million and SBI card just over 2 million. Industry average for spends on credit a card two years ago was just around Rs 16,000 per card that has now increased to around 20,000 per card. Rapid Advancement in Technology, Easier access to knowledge and globalization have changed entire banking sector. Because of these factors today customer is sophisticated and well aware about the financial needs. Leasing Services The Indian company investors must be acknowledged that lease is that agreement under which the company or Indian firm acquire the exact right and make use of certain capital asset on the consideration of payment of rental charges. The Indian corporate company must equally known that it cannot equally know that it cannot acquire any kind of ownership to such an asset apart from making use of it. The user comparatively pays all the expected operating costs and also the maintenance expenses. The main corporate companies must equally take into the consideration that developed countries like America, United Kingdom the companies of such a countries are commonly depending on the leasing factor. In India since the era of liberalization, many of the Indian companies have equally been involved in the leasing transactions. On the other side, many financial institutions and even the commercial banks in the Indian financial sector have comparatively been accepted over the same transactions. Mutual Funds Services The Indian corporate companies must equally be informed that the mutual funds comprises of the exact funds gained by pooling all the public savings. The mutual funds are comparatively invested in those portfolios, which are commonly diversified in nature with the main objectives of sharing the risk. The Indian small-scale investors cannot be able to get their funds from the comparative big corporate companies can equally gain there working funds from the mutual funds. Interpretation:- However, the modern concept of the mutual funds was developed in1968 in London by the foreign and colonial government trust of London. By which it gained its invention in India in early 1980, even if it was exactly started in 1964 by the unit trust of India. In addition to the above, the mutual funds can be grouped into [a] Close ended funds & [b] Open ended funds. The Indian corporate companies can only benefits from the mutual funds on gaining savings for investment, better yield low cost on investment, tax benefits, flexible on investment, promoting industrial development reducing the cost of new issue and many more other advantages. On the other side, Indian corporate companies must be informed on the kind of risks involved with the mutual funds like market risks, scheme risks, business risk, investment risks and even the political nature of risks. While the investors are selecting the funds must take into account the objectives of the fund, consistency of performance of the funds. Historical background of the funds, cost of operation, capacity for innovation, the investors servicing, market trends, and even the transparence of the fund management. For the Indian mutual funds to have good future there must be full support of SEBI better control of capital issue, better interest rate, good PE ratio, investors must have good choice, tax concessions, and many more. Hire Purchase Services In the hire purchase kind of transaction is that method of selling by which goods are left out on hiring by the Indian corporate company to the purchaser by which the hirer is comparatively required to the payment on an agreed sum of amount in the system of periodical installments. In the hire purchase the Indian corporate companies must know that the ownership of such kind of the property exactly remain under the control of the creditor who normally passes the right to hirer on the condition of payment of the last agreed sum of money in installment. The Indian corporate company must know that legally, payment is made in installment over the agreed specified period, possession of the same right is delivered to the purchaser during the time of agreement, the property passes to the exact purchaser on the agreed last installment, and the hirer has a right to return the property without further installment. In addition to the above, the Indian corporate company must know that the agreement must comparatively contain the nature of the goods as described in manner so that to identify them easily, the nature of the hire purchase price, the date of commencement and finally the extend or number of installments. Venture Capital Services The venture capital is that investment in the new Indian enterprises without stability in growth. It’s that environment of capital, shareholding and even the setting up of small firms, which are comparatively specializing, in same new technological ideas in the commercial sectors. The venture capital is equity participation, it’s of high risk in nature, it’s also available only for commercialization of new technologies and it’s the exact promoter of the projects, and it’s continuous in nature and input of the firm. The Indian corporate companies must equally know that venture capital involves the development of project idea, implementation, fledging or additional financing, and establishment stage. The main importance of venture capital to Indian, corporate companies are the reduction of risk, easy to analyze the business prospects and to assume the investors on affairs of the business. The Indian methods of venture financing are equity participation, income notes, the conventional loans and even the conditional loans. In order to promote the venture capital growth in India, there must be tax concessions for capital gains, high level development of capital market, giving of fiscal incentives to Indian corporate companies, high level participation of the private sectors the improving and reviewing of the existing laws and limited partnership and many more. Discounting, factoring and forfeiting services Due to the exact trade transaction the trade bill comparatively arises, the Indian corporate companies must take into consideration that the supplier of the exact goods draws bill which is based on the purchase for the invoice price of goods sold on credit method of which is drawn on the short period of time. The buyer pays the amount on the exact date by which the supplier of goods has to await until the expiry of the exact bill. However, the banks provides the cash discounting based on the exact trade bills by which they deduct certain charges as discount based on the amount of the bill and credit balance of the customers account. Factoring Factoring is to get thing being done. The ward factor means to mark or to do according to R.W. Johnson factoring is a service involving the purchase by financial organization, called a factor of receivables owned by manufacturers and distributors by the customers with the factor assuming full credit and collection responsibilities. The main conditions of factoring that the Indian corporate companies must know are these must be assignment of debt that has to be in favour of the factor. The selling limits for the client, the factor must have recourse to the client in the case of non-payment by the customer; the factor will equally have recourse in case of non-payment, details on payment for the services, interest and limit of any overdraft facility charged. The Indian corporate companies must be well informed about the types of factoring as full service, recourse factoring, maturity, bulk, invoice, agency and also international factoring. At the same time the exact cost of factoring li ke the pricing, fee, discount, accounting system must be taken into consideration. Forfeiting Forfeiting is the French term means â€Å"to give something† or â€Å"give one’s right†. Generally the term forfeit is non-recourse purchase by the commercial bank or any other financial intermediaries or institutions receivables that equally arises from the export of the goods. Securitization of Debt Services The securitization is that process by which the liquidating of the liquid and the long term assets of the Indian corporate companies like the loans and receivables by the issuing marketable securities against the same. However, the Indian corporate companies must know that securitization is that technique by which the exact long term, non-negotiable instruments are equally converted into securities of such kind of small value in nature which can be easily transacted in the commercial capital market. In India, apart from the above, there is low and unpopularity of securitization due to introduction of it as it’s a new idea or concept to India, heavy stamp duty and comparative registration fees imposed by the Indian government, complicated and also legal transfer procedure the difficulty in the assignment of debts. Also there is poor standard of loan documentation, problem of inadequate credit rating system, poor accounting procedure and lack of comprehensive guidance. Derivatives The derivatives are those instruments, which are commonly used to derive therein-exact value of underlying asset of the financial institutional corporate companies. The derivatives comparatively may involve the payment or receipt of the value or income created by the underlying assets. The main factors that are responsible for the slow growth of derivatives in India and high level of misconception of the derivatives, the derivatives lends themselves to leveraging, the nature of the off balance sheet, items, poor accounting system, speculative mechanism and finally poor infrastructure system. Credit Rating Services According to Moody’s Rating are designed exclusively for the purpose of grading bonds according to their investments qualities†. Also according to the Australian Ratings â€Å"A corporate credit rating provides lenders with a simple system of gradation by which the relative capacity of companies to make timely repayment of interest and principal on a particular type of debt can be noted†. The main credit ratings in India are credit rating information service ltd (CRISIL), investment information and credit rating agency of India (ICRA), Credit Analysis and Research (CARE), and Duff Phelps Credit Rating Pvt. Ltd (DCR India). Objectives of Merchant Banking in Prevailing Economy: * To study the significance of Merchant Banking towards the development of securities industry. * To analyze issue management regulations. * To analyze the functions of Merchant Banking in relation to rules and regulations of SEBI. * To evaluate the performance of Merchant Bankers, both activity performance and operational and financial performance. * To draw a conclusion and suggestions based on the analysis and experiences †¢ Comparison of Merchant Banking Services of INDBANK V/S CANARA BANK About IndBank:- Indian Bank, established in 1907, is a major Indian Commercial Bank headquartered in Chennai (Madras), India. It has 22,000 employees, 1,657 branches and is one of the big public sector banks of India. It has overseas branches in Colombo, Sri Lanka, Singapore, and 229 correspondent banks in 69 countries. The Government of India nationalized the bank, along with 13 other major commercial banks, on 19 July 1969. Merchant Banking at INDBANK Indbank is a Category 1 Merchant Banker registered with Securities Exchange Board of India (SEBI) undertaking assignments * Under various capacities like Lead Manager, Co-Manager, Advisor, Arranger etc. for public issues, rights issues and private placement. * For acquisition of shares & takeovers under SEBI (Substantial Acquisition of shares and Takeovers) Regulations, 1997, SEBI (Buyback of Securities) Regulations, 1998 and SEBI (De-listing of Securities) Guidelines, 2003. * For Employee Stock Option Scheme / Stock Purchase Scheme by Corporates under the SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme), Guidelines, 1999. Advisory Services

An Analysis Of The Financial Annual Report Of Victrex Plc Accounting Essay

1.0 IntroductionThis paper comprises of two subdivisions. The first subdivision involves an analysis of the fiscal one-year study of Victrex Plc in 2010, and appraisal of the public presentation of the concern in 2010 in comparing to the old twelvemonth 2009. The analysis will be carried out by reexamining the fiscal information provided in the company ‘s one-year study allocated for this paper. The type of information included in said one-year study are the Chairman ‘s statement, the Chief Executive Officer ‘s reappraisal, Financial Director ‘s study, the Director ‘s study & A ; the fiscal statements such as income statement, balance sheet and hard currency flow statement. An overview of the concern public presentation over the last five old ages will besides be discussed. The relevant ratios will be computed in order to analyze the public presentation of the concern and suggestion decisions and tax write-offs where appropriate. Other relevant informati on such as corporate administration and accounting policies will be considered and discussed. The 2nd subdivision of this paper will analyze the relevancy of working capital direction in a concern and discoursing how the author playing the function of financial officer impacted on working capital.Furthermore, techniques such as fringy costing and budgeting and their benefits in the decision-making procedure will be compared to the existent universe state of affairs.1.1 COMPANY OVERVIEWVictrex Plc is a taking planetary maker of high public presentation thermoplastics polymers which began utilizing the VICTREXA ®PEEK in Western Europe and United States to turn to the demands in the automotive and transit sector. As concern became planetary, Victrex expanded into high turning markets such as Japan, China, India, Russia, and Brazil. The company has over 30years experience in the production of polyketone. Within this clip of operation, Victrex Plc has a production, engineering, client service and distribution squad that spans over 30 states worldwide. Victrex Plc portions are li sted in the London Stock Exchange. Victrex Plc comprises of two divisions viz. the Victrex Polymer Solution and the Invibio Biomaterial Solutions. Victrex Polymer Solution focuses on the conveyance, industrial and the electronic markets. This division specialises in the development and industry of high public presentation polyaryletherketones such as VICTREXA ®PEEKa„? polymer, VICOTEA ® coatings and APTIVa„? movies. On the other manus, Invibio Biomaterial Solutions focuses on supplying specialist solutions for medical device makers. This division provides entree to extremely specialized biocompatible PEEK- based stuffs and services for medical device makers. Their trade names are PEEK-OPTIMA, MOTIS, PEEK-CLASSIX and ENDOLIGN. VICTREXA ®PEEK Polymer is behind most of today ‘s invention in markets runing from automotive, energy, electronics, aerospace, semi music directors, medical, nutrient processing and fabrics.1.2 FIVE Year FINANCIAL SUMMARY REVIEWThe one-year study 2010 of Victrex Plc has some information over the last five old ages of the public presentation of the Organisation. Information in the one-year study high spots consequences on gross, net income before revenue enhancement, balance sheets, hard currency flow ratios and sale volume. However, this study shows that the gross of the company for the past five old ages increased by 6.9 % between 2006 ( ? 122.5m ) and 2007 ( ? 131.0m ) . This growing was due to an addition in gross revenues of their industrial market which went up 16 % above the old twelvemonth due to increase in demand for oil and gas and chemical processing clients. The conveyance market besides increased by 6 % as a consequence of increased commercial aerospace gross revenues. Regionally, United States was up 9 % due to growing in the automotive, commercial aerospace and oil and gas sections, but was partly offset by a decrease in semiconducting material gross revenues. Asia Pacific gross revenues were up 13 % as a growing in addition gross revenues of conveyance and electronics ( Victrex, 2010 ) . In the old ages 2007 and 2008, the company experienced an addition of 7.7 % from ?131.0m in 2007 to ?141.1m in 2008. This growing was as a consequence of addition in gross revenues in Japan and the United States. Besides addition in the commercial aerospace gross revenues in United States and Europe led to the growing in gross ( Victrex, 2010 ) . In Year 2008 and Year 2009, Based on the impact of clients destocking, there was a lessening of ( 26.4 ) % in gross from ?141.1m in 2008 to ?103.8 in 2009. This decrease was as a consequence of decrease of gross revenues volume based on the economic downswing. Transport gross revenues decreased by 41 % in 2009 due to important diminution in automotive gross revenues across all parts. Industrial sale volume besides decreased by 35 % in 2009 as a consequence of reduced oil and gas demand, this besides became resilient based on the economic downswing ( Victrex, 2010 ) . Finally, the study shows that the greatest addition in gross within the five twelvemonth period was between 2009 and 2010 as gross addition was 82.6 % from ?103.8 in 2009 to ?189.5 in 2010. This was as a consequence of addition in gross revenues volume from 1547 metric tons to 2535 metric tons. The benefit of improved implicit in exchange rates as the sterling weakened against their currencies during the twelvemonth besides had a positive impact. Increased gross revenues in electronics were up by 96 % over 2009 which reflected strong gross revenues into the client electronics and semi music director fabrication sector. High demand of merchandises resulted in an addition of gross revenues in the geographical and industrial market which allowed for high stock list degrees and fabrication rates. The addition in gross revenues was as a consequence of restocking tendencies. Other markets such as transport gross revenues volume increased by 59 % over 2009, Industrial gross revenues increas ed by 53 % over 2009. Aerospace showed strong growing due to a combination of higher production degrees and new aircrafts orders driven by positive tendencies and prognosis for both concern and touristry travel, and new application development for the merchandises to assist run into demands ( Victrex, 2010 ) . From the one-year study given for the operating net income ( Net income before involvement and revenue enhancement ) , it can be seen that in twelvemonth 2006 it was ?46.1m and increased in twelvemonth 2007 to ?52.0m, amounting to an addition of ?5.9m. Besides in old ages 2007 and twelvemonth 2008, there was an addition of ?3.0m with operating net income in 2007 as ?52.0m and in 2008 as ?55.0m. However, there was a lessening of ( ?29.9m ) in twelvemonth 2008 and 2009, with operating net income of in 2008 as ?55.0m and in 2009 as ?25.1m. In twelvemonth 2010, the company made the greatest addition of ?49.8m in operating net income between twelvemonth 2009 as ?25.1m and twelvemonth 2010 as ?74.9m ( Victrex, 2010 ) . These figures are illustrated in the diagram belowFigure 1: Victrex Plc ‘s Five Year Gross and Net income before Interest and TaxFrom the chart, it can be deduced that the company had an addition in gross and net income before involvement and revenue enhancement from Y ear 2006- 2008, a decrease in Year 2009 and a important addition in Year 2010.2.0 VICTREX ANNUAL REPORT ANALYSISIn measuring the fiscal state of affairs of Victrex Plc, it is required to look at its Amalgamate Income Statement, Consolidated Balance sheet and Cash Flow Statement. The Ratio Analysis is deduced utilizing four wide countries such as Profitability Ratios, Efficiency Ratios, Liquidity Ratios and Investment Ratios ( White et al. , 2003 ) . For the intent of this paper, the figures used are from the 2010 Annual Report and are calculated in ?million ( m ) .2.1 INTERPRETATION OF ACCOUNTSRatios are indexs to an penetration on countries that need to be examined in more inside informations by comparing the old twelvemonth ( 2009 ) to the undermentioned twelvemonth ( 2010 ) of Victrex Plc ( Perry, 2011 ) . Hence, the ratios are interconnected and used to pull decisions from the analysis by measuring a company ‘s public presentation. To this terminal, Victrex Plc will be ana lysed utilizing the four wide countries of ratio analysis.2.1.1 GrossThe company ‘s income statement shows that gross was up by 82 % to ?189.5m in 2010 from ?103.8m in 2009. This addition was as a consequence of addition in gross revenues volume by 64 % due to a strong recoil in demand across all markets in Europe, Middle East and Africa ( ‘EMEA ‘ ) , America, Asia Pacific and United Kingdom. Besides there was depreciation in sterling as this resulted in the addition of gross of other markets, which enabled the company benefit from the exchange rate derived function. The one-year study shows that the changeless exchange rate of the gross was up 47 % compared to 2009 ( Victrex, 2010 ) .2.1.2 PROFITABILITY RATIOProfitability ratios are used to find how productively the concern is runing. Thus Net income is a step of a concern success ; therefore these ratios are watched by both internal users and external users such as direction and stockholders ( Jones, 2006 ) . Pro fitability ratios comprises of Return on Capital Employed, Return on Total Assets, Return on Shareholders Fund, Gross net income Ratio, Operating Profit Ratio and Mark-up Ratio ( Perry, 2011 ) .2.1.2.1 RETURN ON CAPITAL EMPLOYEDThis ratio considers how efficaciously a company uses its capital employed ( Jones, 2006 ) .According to Perry ( 2011 ) , Return on Capital Employed is defined as: ROCE= Net income before Interest & amp ; Tax ( Operating Profit ) x 100 Entire Assets- Current Liabilities ( Capital Employed ) In 2010, it was 74.9m Ten 100 = 74.9m A-100 = 31.67 % 279.0m – 42.5m 236.5m In 2009, it was 25.1m Ten 100 = 25.1m A- 100 = 12.89 % 221.0m – 26.3m 194.7m From the computation above, it shows that there was an addition of 18.78 % in 2010 compared to 2009. This was due to the operating net income, entire assets and current liabilities. In footings of the operating net income, the addition was up 198 % to ?74.9m in 2010 from ?25.1m in 2009 and this was as a consequence of an addition in gross net income which was impacted by the addition in gross and cost of gross revenues. The gross net income increased 87 % with the gross border at 63.6 % of the gross in 2010.The gross border was 62.1 % in 2009 and was up 63.6 % in 2010. The 1.5 % difference was due to positive impact of currency partly offset by an addition in ‘cost per metric ton ‘ as gross revenues were mostly out of stock list produced in 2009. There was a lessening in production volumes in 2009 as a consequence in increased fixed production costs per metric ton. Gross saless, selling and administrative disbursals increased by 16 % to ?45.7m in 2010 from ?39.4m in 2009 as a consequence of elements of staff wage being linked to the fiscal public presentation. There were besides investings in resources to drive new application development across both divisions. The one-year study besides shows the changeless exchange rate was up 53 % compared to 2009. The Entire Assets besides increased by 26.2 % to ?279m in 2010 from ?221m in 2009, this was as a consequence of an addition in hard currency with ?77.2m in 2010 from ?18.6m in 2009 which reflects the strong recoil in gross revenues generated from operations which was shown on the hard currency flow statement. The current liabilities were up due to an addition in trade and other payables that were affected by accumulations of ?18.7m in 2010 from ?8.8m in 2009 which implies the company still has hard currency to pay to their creditors ( Victrex, 2010 ) .2.1.2.2 RETURN ON TOTAL ASSETSThis ratio shows how good a concern is profitable in relation to its invested assets and what it has taken to fund it ( Dys on, 2007 ) . Harmonizing to Perry ( 2011 ) , Return on Total Assets can be defined as: ROTA = Net income before Interest and Tax A- 100 Entire Assetss In 2010, it was 74.9m A- 100 = 26.85 % 279m In 2009, it was 25.1m A- 100 = 11.36 % 221m The computation above shows that there is an addition of 15.49 % in 2009 to 2010. But this addition was due to an increased operating net income every bit good as an addition in entire assets. As discussed in ROCE, the operating net income increased due to increase in gross net income of 87 % within 2009 and 2010, cost of gross revenues of 75.3 % in 2009 and 2010 and gross of 82 % in 2009 and 2010. Besides in footings of the entire assets, there was an addition in hard currency and hard currency equivalents of 315 % between 2009 and 2010, addition in trade and other receivables which implies addition in money owed to the company by debitors of 21.6 % between 2009 and 2010 and an addition in deferred Tax assets of 36.6 % between 2009 and 2010 ( Victrex, 2010 ) .2.1.2.3 RETURN ON SHAREHOLDERS FundssThis ratio measures how good the direction turned the return on capital employed to a return on the financess invested by the stockholders ( Millichamp, 1997 ) . Harmonizing to Perry ( 2011 ) , Return on Shareholders Fundss can be defined as: ROSF = Profit after Tax ( Net incomes ) A- 100 Stockholders Fundss In 2010, it was 54m A- 100 = 25.60 % 211m In 2009, it was 17.8m A- 100 = 10.60 % 168m From the computation above, there was a 15 % addition between 2009 and 2010 in the return of stockholder ‘s financess. This addition is due to an addition of gross which was as a major accelerator in hiking gross revenues and besides depreciation in the sterling which increased the gross from other markets. Besides there was an addition in the stockholders financess of ?43m between 2009 and 2010, due to the fact that the managers recommended the payment of a concluding dividend of 18.6p per ordinary portion and a particular dividend of 50.0p per ordinary portion, as a consequence of this, there was an addition in the portion premium. Based on the ROSF, it is likely the stockholders will appreciate the consequences, as this shows an addition from the old twelvemonth and the company is doing net income in 2010 ( Victrex, 2010 ) .2.1.2.4 GROSS PROFIT MARGINThis ratio calculates the net income earned through trading, it is utile in a concern where stock is purchased, marked up and so resold ( Jones, 2006 ) . Harmonizing to Perry ( 2011 ) , Gross Profit Margin can be defined as: Gross Profit Margin = Gross Profit A- 100 Gross saless In 2010, it was 120.6m A- 100 = 63.64 % 189.5m In 2009, it was 64.5m A-100 = 62.14 % 103.8m As can be seen above, the Gross net income border difference between 2009 and 2010 is 1.50 % . This addition was based on increased Cost of gross revenues every bit good as in addition in gross. The gross net income increased 87 % with the gross border at 63.6 % of the gross in 2010. The gross border grew to 63.6 % in 2010 from 62.1 % in 2009.The 1.5 % difference was due to positive impact of currency partly offset by an addition in ‘cost per metric ton ‘ as gross revenues were mostly out of stock list produced in 2009. There was a lessening in production volumes in 2009 as a consequence of increased fixed production costs per metric ton. Besides, there was an addition in gross revenues which led to the addition in gross to 82 % to ?189.5m in 2010 from ?103.8m in 2009. Besides depreciation in sterling besides helped the company ‘s growing as the gross of the other markets increased ( Victrex, 2010 ) .2.1.2.5 OPERATING Net income MarginThis is an of import fiscal ind ex ; it is calculated after disbursal in the net income and loss history. It is largely used for internal comparing due to the fact that differing accounting policies applied by different concerns make external comparing complicated ( Perry, 2011 ) . Operating Net income Margin can be defined as: Operating Net income Margin = Net income before Interest and Tax A- 100 ( Perry, 2011 ) Gross saless In 2010, it was 74.9m A- 100 = 39.53 % 189.5m In 2009, it was 25.1m A- 100 = 24.18 % 103.8m The operating net income border difference between 2009 and 2010 is 15.35 % as this was as a consequence of the addition in the operating net income which was up 198 % to ?74.9m in 2010 from ?25.1m in 2009. This was as a consequence of addition in the gross revenues, selling and administrative disbursals and gross net income, every bit good as increased gross revenues. Gross saless, selling and administrative disbursals increased by 16 % to ?45.7m in 2010 from ?39.4m in 2009 as a consequence of elements of staff wage being linked to the fiscal public presentation. There were besides investings in resources to drive new application development across both divisions. The one-year study besides shows the changeless exchange rate was up 53 % compared to 2009. As discussed above, the addition in gross to 82 % to ?189.5m in 2010 from ?103.8m in 2009 was as a consequence of addition in gross revenues. Besides depreciation in sterling besides helped the company ‘s growing as the gross of the other markets increased ( Victrex, 2010 ) .2.1.2.6 MARK UP RATIOThe Mark up Ratio is another manner of mensurating the profitableness of a concern. It besides measures the sum of net income added to the cost of gross revenues, in add-on it can be the cost of goods sold peers to the gross revenues gross ( Perry, 2011 ) . Mark up Ratio can be defined by Dyson ( 2007 ) as: Mark up Ratio = Gross Profit A- 100 Cost of Gross saless In 2010, it was 120.6m A- 100 = 175.04 % ( 68.9 ) m In 2009, it was 64.5m A- 100 = 164.12 % ( 39.3 ) m The Mark up ratio difference between 2009 and 2010 is 10.92 % . This implies that the gross net income increased 87 % with the gross border at 63.6 % of the gross in 2010. The gross border grew to 63.6 % in 2010 from 62.1 % in 2009. The 1.5 % difference was due to positive impact of currency partly offset by an addition in cost per metric tons as gross revenues were mostly out of stock list produced in 2009. There was a lessening in production volumes in 2009 as a consequence of increased fixed production costs per metric ton. Besides, there was an addition in gross revenues which led to an 82 % addition in gross to ?189.5m in 2010 from ?103.8m in 2009. Besides depreciation in Sterling besides helped the company ‘s growing as the gross from other markets increased. Although, Cost of Goods increased by 75.3 % between 2009 and 2010 and this was as a consequence of addition in demand of Victrex Peek Polymers across all markets, the company still made an addition in gross ( Victrex , 2010 ) .2.1.3 EFFICIENCY RATIOThis ratio is besides known as the activity ratio. The efficiency ratio is used to mensurate how efficaciously a concern endeavor is runing. It is concerned about the chiefly usage of assets ( Jones, 2006 ) . This ratio is used to find how a concern uses its assets to keep its activities and gross revenues ( White et al. , 2003 ) . Four of the efficiency ratios will be used to analyze Victrex Plc.2.1.3.1 SALES PER ?1 CAPITAL EMPLOYED ( NET ASSET TURNOVER )This ratio is besides known as Asset Turnover Ratio. It indicates how efficaciously the stockholders financess are bring forthing money ( Perry, 2011 ) . Harmonizing to Perry ( 2011 ) , It can be defined as: Gross saless per ?1 Capital Employed = Gross saless = Gross saless Capital Employed Total Assets – Current Liabilitiess In 2010, it is 189.5m = 189.5m = 0.80 times 278.9m -42.5m 236.5m In 2009, it is 103.8m = 103.8m = 0.53 times 221.0m – 26.3m 194.7m The consequences above show that the stockholders financess generated more money in 2010 than in the old twelvemonth. There was an addition in gross due to an addition in gross revenues and a depreciation of Sterling besides helped the company ‘s growing as the gross from other markets increased. Capital employed increased by ?41.8m between 2009 and 2010. This was as a consequence of addition in hard currency and hard currency equivalents, trade and other receivables, deferred revenue enhancement rates & A ; trade and other payables. Giving a proper account, the entire assets besides increased by 26.2 % to ?279m in 2010 from ?221m in 2009, this was as a consequence of an addition in hard currency with ?77.2m in 2010 from ?18.6m in 2009 which reflects the strong recoil in gross revenues generated from operations which was shown on the hard currency flow statement. The current liabilities were up due to an addition in trade and other payables that were affected by accumulations o f ?18.7m in 2010 and ?8.8m in 2009 which implies the company still has hard currency to pay to their creditors ( Victrex, 2010 ) .2.1.3.2 NON- CURRENT ( FIXED ) ASSET TURNOVERThis ratio provides an analysis of how expeditiously the fixed assets are at bring forthing gross revenues. It is effectual as an internal index when comparing one period with another ( Perry, 2011 ) .According to Perry ( 2011 ) , it can be defined as: Non- Current ( Fixed ) Asset Turnover = Gross saless Non-Current ( Fixed ) Assetss In 2010, it was 189.5m = 1.31 145.1m In 2009, it was 103.8m = 0.71 146.8m Looking at the consequences above, Victrex Plc used its fixed assets more efficaciously in 2010 compared to 2009 therefore the concern is less at hazard in 2010 than in 2009. This can be explained stating â€Å" for every GBP ( ? ) tied up in non-current assets, the sum generated from gross revenues was higher † . This can be farther explained due to the addition in gross which was due to a encouragement in gross revenues and depreciation of the Sterling as before discussed in the old subdivision. There was a lessening in fixed assets and this can be explained looking at the lessening in belongings, works and equipment which was ?125.3m in 2010 from ?129.5m in 2009, this lessening was as a consequence of depreciation over the utile economic life of the assets. Besides Intangible assets besides decreased in 2010 to ?10.1m from ?10.3m in 2009 due to the good will of the acquisition of Victrex Polymer Solution being tested for damage, therefore cut downing the good will of the ac quisition. Besides the impact of the know-how of the acquisition associated with the natural stuff BDF was to the full amortised by 2010 ensuing to no consequence on the intangible assets ( Victrex, 2010 ) .2.1.3.3 INVENTORY TURNOVER RATIOThis ratio is besides known as stock turnover ratio. This ratio efficaciously measures the velocity with which stock moves through the concern. This varies from concern to concern and merchandise to merchandise ( Jones, 2006 ) . Harmonizing to Perry ( 2011 ) , it can be defined as: Inventory Turnover Ratio = Cost of Goods Sold Inventory In 2010, it was 68.9m = 2.00 times 34.5m In 2009, it was 39.3m = 1.06 times 37.2m The computation above shows that the stock list turnover increased 2.00 times in 2010, this implies that for every sale of two, there was one stock list held while in 2009, for every sale of one, there was one stock list held. Thus Victrex Plc was more effectual in 2010 at buying and merchandising of goods, farther explicating that there was more sale compared to the degree of stock list held and the company was able to turn over its stock list better compared to the old twelvemonth ( 2009 ) .This consequence is affected by the addition in cost of goods sold which was ?68.9m in 2010 from ?39.3m in 2009 as there was a higher demand of merchandises in 2010 and the betterment over the period reflects the favorable effectual exchange rates together with a lower implicit in cost of gross revenues per metric ton in the 2nd half ensuing from lower fixed costs per metric ton as production volume increased. Inventory decreased to ?34.5m in 2010 from ?37.2m in 2009, although natural stuffs inc reased due to the company carrying natural stuffs to enable them keep supplies during any short term break but finished goods decreased in 2010 compared to 2009 because there was a short term rush in the demand for goods ( Victrex, 2010 ) .2.1.3.4 RECEIVABLES COLLECTION PERIODThis ratio seeks to mensurate how long clients take to pay their debts. Therefore, the quicker the concern collects and Bankss the money, the better it is for the company. This ratio can be used monthly, hebdomadal or day-to-day footing ( Jones, 2006 ) . Harmonizing to Perry ( 2011 ) , it can be defined as: Receivables Collection Period = Receivables A- 365 Gross saless In 2010, it was 19.1m A- 365 = 36.79 yearss 189.5m In 2009, it was 15.7m A- 365 = 55.21 yearss 103.8m Looking at the computations above, this implies that the concern was more efficient at retrieving its debts from clients as the consequences were lower in 2010 with 36.79days compared to 55.21days in 2009. This was as a consequence of addition in gross revenues of goods produced in 2010 compared to 2009. This besides indicates that in 2010 there was better hard currency flow as it took a shorter clip to have money owed by clients compared to 2009 ( Victrex, 2010 ) .2.1.4 LIQUIDITY RATIOThese ratios are derived from the balance sheets and seek to prove how easy a company can pay its debts. These ratios are of import to loan creditors such as bankers who have loaned to the concern ( Jones, 2006 ) . There are two types of ratios viz. the ‘current ratio ‘ and the ‘acid trial ratio ‘ ( Perry, 2011 ) . These ratios will be used to analyze Victrex Plc ‘s liquidness.2.1.4.1 CURRENT RATIOThis ratio tests whether the short term assets cover the short term liabilit ies. If this is non the instance, so there will be deficient liquid financess instantly to pay to the creditors ( Jones, 2006 ) . Harmonizing to Perry ( 2011 ) , Current ratio can be defined as: Current Ratio = Inventory + Receivables + Cash and Cash Equivalents Payabless + Short Term Borrowings In 2010, it was 34.52m + 0.74m + 19.11m + 2.24m +77.27m = 133.88m = 3.15: 1 ( 25.15 ) m + ( 15.11 ) m + ( 2.27 ) m ( 42.53 ) m In 2009, it was 37.17m + 1.02 m+15.66 m+ 1.70m +18.56m = 74.11m = 2.82: 1 ( 6.30 ) m + ( 5.42 ) m + ( 14.58 ) m ( 26.3 ) m From the computation above, current ratio increased from 2.82 in 2009 to 3.15 in 2010. Therefore in 2010, for every ?1 in current liabilities, there is ?3.15 in current assets compared to 2009 during which for every ?1 in current liabilities, there is ?2.82 in current liabilities. This implies that the concern has adequate hard currency to cover its liabilities. If the current assets exceed the current liabilities, this could bespeak sufficient hard currency in the concern ( Dyson, 2007 ) . However, the major impact on the addition in current ratio was as a consequence of addition in hard currency of ?58.7m between 2009 and 2010, which reflects the strong recoil in gross revenues and the Group has a committed bank installation of ?40m, all of which was undrawn at the twelvemonth terminal and this expires in September 2012. Besides looking at the hard currency flow statement, the company generated hard currency from operations. There was an addition in receivables of ?3.4m between 200 9 and 2010. The current liabilities were up due to an addition in trade and other payables that were affected by accumulations of ?18.7m in 2010 from ?8.8m in 2009 which implies the company still has hard currency to pay to their creditors and besides an addition in current income revenue enhancement liabilities of ?9.7m between 2009 and 2010 ( Victrex, 2010 ) .2.1.4.2 ACID TEST RATIOThis is besides known as the Quick Ratio. It is a step of utmost short -term liquidness, therefore the acerb trial ratio excludes stock lists, which is the least liquid of the current assets to get at an immediate trial of the company ‘s liquidness ( Jones, 2006 ) . The importance of this ratio is that it has a clearer image of the state of affairs as a house may non be able to dispose of its stock lists instantly ( Dyson, 2007 ) .According to Perry ( 2011 ) , Acid Test Ratio can be defined as: Acid Test Ratio = Receivables + Cash and Cash Equivalents Payabless + Short Term Borrowings In 2010, it was 0.74m + 19.11m + 2.24m +77.27m = 99.36m = 2.34: 1 ( 25.15 ) m + ( 15.11 ) m + ( 2.27 ) m ( 42.53 ) m In 2009, it was 1.02m +15.66m + 1.70m +18.56m = 36.94m = 1.40: 1 ( 6.30 ) m + ( 5.42 ) m + ( 14.58 ) m ( 26.30 ) m Looking at the computation above, there is an addition in Acid trial ratio of 2.34 in 2010 from 1.40 in 2009, even after the stock lists were removed. This means that the concern has adequate hard currency to cover its liabilities. This implies that the stock lists did non hold an impact in the ratio as the major part to this alteration were the addition in hard currency every bit good as the addition in trade and other receivables, addition in payables and current income revenue enhancement liabilities, as these were explained above in the current ratio ( Victrex, 2010 ) . Therefore an acerb trial ratio above one ( 1 ) implies the company can still change over hard currency at easiness.2.1.5 FINANCIAL GEARING RATIOSThese ratios measure the ability of the concern to run into its longer-term duties and they indicate the sum of hazard to which stockholders are exposed through the sum of debt nowadays in the concern capital construction ( Jones, 2006 ) . Gearing ratio and Interest Cover will be used to analyze Victrex Plc.2.1.5.1 GEARING RATIOThis ratio measures the relationship between equity and debt capital of a company. The geartrain of a concern demonstrates how reliant the concern is on borrowed money, instead than portion capital. ( Perry, 2011 ) . Harmonizing to Perry ( 2011 ) , pitching ratio can be defined as: Gearing Ratio = Net Borrowings ( Debts ) A- 100 Stockholders Fundss ( Equity ) Harmonizing to Annual Report, the geartrain ratio could non be calculated as there were no net adoptions in 2009 and 2010. Based on the fact that the Group had a committed bank installation of ?40m, all of which was undrawn at the twelvemonth terminal and this expires in September 2012 ( Victrex, 2010 ) .2.1.5.2 Interest ScreenThis ratio is of peculiar involvement to those who have loaned money to the company ( Jones, 2006 ) . Harmonizing to Perry ( 2011 ) , it can be defined by demoing the relationship during the trading period between runing net incomes and the involvement charges ensuing from the degree of debt during the period. The expression is: Interest Cover = Operating Profit = Operating Net income Net Interest/ Finance charges Finance Cost – Finance Income In 2010, it was 74.9m = 74.9m = 1.63 ( 93 ) m -139m ( 46 ) m In 2009, it was 25.1m = 25.1m = 0.81 ( 60 ) m – 91m ( 31 ) m Deducing from the computation above, the involvement screen has increased in 2010 to 1.63 from 0.81 in 2009. This addition implies that the company is bring forthing adequate gross to pay its debts. This addition in 2010 is due to the fact that the operating net income increased which is as a consequence of addition in gross as there was more demand of the merchandises taking to an addition in gross revenues compared to the old twelvemonth ( 2009 ) . Therefore in 2009, the concern could hold been in a fiscal hazard as at that place might non hold been sufficient hard currency to sit out sudden downswing as a consequence of the lessening in gross. The finance income increased in 2010 to ?139m from ?91m in 2009. The Finance Cost increased by ?33m between 2009 and 2010. This ratio is of import to stockholders ( Victrex, 2010 ) .3.0 DecisionRatio Analysis is a really of import manner of measuring the overall public presentation of an Organisation. Many administrations use this technique to compare the company ‘s public presentation over clip or compare it with the fiscal public presentation of other companies. However, holding analysed Victrex ‘s Plc ‘s, it can be said that Victrex Plc is a traveling concern as it has sufficient hard currency and resources to command its operational being. Looking at the five twelvemonth fiscal sum-up, it can be said that that twelvemonth 2010 has proven to be the best fiscal twelvemonth over the period. These analysis show that the company had an addition in hard currency and hard currency equivalents, addition in gross revenues volume, high gross border and besides an addition in the operating net income. Therefore, in footings of its profitableness, the company had an addition in the gross border demoing an betterment which was based on addition in gross with the the major accelerator to this being the favorable exchange rates and increase in gross revenues. The operating border besides increased as a consequence of the addition of gross revenues, selling and disposal disbursals which emanated from elements of staff wage being linked to the fiscal public presentation. There was besides an addition in the return of capital employed, return on entire assets and besides return on stockholders financess. This addition in 2010 indicates that the company has done better overall compared to the old old ages in footings of a step in the concern success doing the company attractive as an investing. Looking at the efficiency ratio, the stock list turnover increased as a consequence of high demand of merchandises across different markets. The non-current assets ratio increased although Property, works and equipment decreased as a consequence of depreciation of the assets, Besides the receivables aggregation period reduced bespeaking that the company is better at recovering its debts from its debitors, and eventually Net plus turnover besides increased as a consequence of addition in hard currency and hard currency equivalent as its impact reflected on the capital employed. Therefore, this addition in 2010 indicates that the company is better at utilizing its assets efficaciously in bring forthing gross revenues compared to the old old ages. Sing the liquidness of the company, a decision can be drawn based on the current plus ratio and the acerb trial ratio which indicate an addition due to hard currency and hard currency equivalents and besides the addition in the trade and other receivables, therefore bespeaking that the company will be able to pay off any debt if a state of affairs occurs in twelvemonth 2010. In footings of the fiscal geartrain ratios, this helps to bespeak how stable the company is, looking at Victrex Plc, there was no pitching ratio calculated as the house had no net adoptions but there was an addition in involvement screen this was as a consequence of the addition in operating net income and besides based on the addition in portion premium, therefore this addition in 2010 will let stockholders to appreciate the growing of the concern compared to the old twelvemonth. Conclusively, Victrex Plc appears to be a well positioned company for continued growing in its section of the market in twelvemonth 2010 compared to the old twelvemonth. The direction of Victrex Plc have a good apprehension of the markets they operate in by proactively expecting the expected demands of their clients and go oning to take advantage of chances within the market topographic point and spread out its skylines as a market leader in the production of high public presentation thermoplastics polymers.WORD COUNT: 5579Section 24.0 THE ROLE OF WORKING CAPITAL MANAGEMENT IN MANAGING A BUSINESSWorking Capital can be defined as the current assets less current liabilities. The major constituents of the current assets are stock lists, trade and other receivables and hard currency and hard currency equivalents while current liabilities constituents are trade and other payables, bank overdraft and short term adoptions ( Mclaney & A ; Atrill, 2008 ) . Working Capital Management can be defined as the direction and control of the current assets and current liabilities which are the chief components of the on the job capital ( Mathur, 2002 ) . The importance of working capital direction is an indispensable portion of a concern short-run planning procedure. Management should do determinations on how much of each constituent should be held ( Mclaney & A ; Atrill, 2008 ) .According to Vijayakumar ( 2001 ) , the significance of working capital direction comprises of two grounds viz. 1 ) A significant part of a entire investing is invested in the current assets and 2 ) degree of the current assets and current liabilities will alter as a consequence in fluctuation in gross revenues. Working capital direction is of import to the fiscal wellness of the concern from all industries. The on the job capital demands of a peculiar concern are likely to alter over clip as a consequence of alterations in the concern environment, giving room for determinations to be made invariably ( Mclaney & A ; Atrill, 2008 ) . Therefore Working Capital has acquired a great significance and sound place for two duplicate objects of profitableness and liquidness. The importance of working capital direction and its satisfactory proviso can take non merely to material nest eggs in the economical usage of capital but besides assist in fostering the ultimate purpose of the concern by maximizing the fiscal returns on the minimal sum of capital that needs to be employed ( Vijayakumar, 2001 ) . If on the job capital is mismanaged, it can take to loss of net incomes in the short-term but will consequences to a ruin of the house in the long-term. Thus the adequateness of working capital together with efficient managing determines the endurance or death of the house. In the existent universe scenario, a house can be and last without doing net income but it can non last without working capital financess, therefore this could take to bankruptcy and closing over a period of clip. Therefore in footings of the working capital direction, one should see the short-run liquidness place of the house. The investing determination in the current assets trades with a few jobs with working capital direction as profitableness and liquidness are dependent on the current assets direction. Therefore an appropriate degree of current assets and current liabilities in the concern determines the degree of working capital that affects the house ‘s liquidness ( Vijayakumar, 2001 ) . The victorious game was a simulation during the fiscal analysis and control faculty, the author ‘s function in this game was a financial officer. The financial officer ‘s duty in the game was to rede the squad on hard currency planning, to manage, control and record hard currency motions and fix the hard currency flow statement. After readying of the hard currency flow statement, the financial officer reconciled the hard currency records to the existent hard currency place throughout the twelvemonth. The financial officer worked closely with the fiscal director to jointly command all hard currency motions whether receivables or payables. The financial officer besides advised the squad to win gross revenues from the place market as receivable period was one one-fourth and the sale to the foreign markets was two quarters. Selling to the place market helped increase the hard currency flow state of affairs as hard currency was gotten faster for goods sold. The beginnings of financess were through loans, discounting and bing stockholder ‘s equity. The squad merely indulged in the discounting option one time as seen in twelvemonth one in the income statement as it was seen as less profitable. However, high sums of loans were borrowed in twelvemonth two to back up the technology and quality in order to be able to win commands as this can be shown in the balance sheet for twelvemonth one and two. Overall, looking at the direction of the on the job capital of the game, one can infer that as a consequence of hapless squad determination doing which led to high stock list degree based on purchase of natural stuffs which were non planned decently, the purchase of new equipments increased the work in advancement, we did non profit in gross revenues as we had insufficient contract to run into capacity and besides big unfilled contracts led to increase in the degree of stock list. Receivables were besides delayed due to the type of contract we bided for and besides dependant on the foreign market which took a long clip to have hard currency. Therefore in the existent universe state of affairs, the financial officer should give considerable clip in effectual control and the supervising of working capital constituents as this generates growing and net income of the concern.WORD COUNT: 7785.0 MARGINAL CostingFringy costing can be defined as a technique which divides costs in two classs viz. fixed cost and variable cost when bring forthing an excess unit of a merchandise. A fixed cost can be defined in the short tally as it does non change in entire when end product fluctuates, for illustration ; rent for a mill, while variable costs are those that entire cost varies pro rata with the volume of end product, for illustration, Direct Material and Direct Labour ( Mott, 2008 ) . Harmonizing to Perry ( 2011 ) , a circumstance whereby a merchandise is already being produced and an extra merchandise is demanded by a client, the cost of bring forthing the extra merchandise is referred to as Marginal Costing. In the winning border game, the fringy costing enabled the squad to do determinations based on what type of merchandises to be manufactured and what is required in the production. In Year 3 of the game, the squad explored chances in order to increase profitableness by puting in merchandise support to guarantee all merchandises are sold. It besides helped in optimizing part by measuring the difference between the best and worst scenarios of the terrier and the tiger ‘s sale values, variable cost and unit part. Therefore, the benefit of the fringy costing in the game helped the squad purpose at winning orders closer to the best terminal of the part where it was profitable. In the existent universe state of affairs, Marginal Costing is used by direction to assist do determinations to the best cost of action in the short term ( Millichamp, 1997 ) . Decisions made by direction by the aid of fringy costing can be classified harmonizing to Mott ( 2008 ) as: Make or Buy Decisions One -off pricing Decisions The effects of a alteration in Product Mix The Volume requires to interrupt even or do a specified net income A pick between Alternative Cost StructuresWORD COUNT: 3126.0 BUDGETINGBudgeting can be defined as an of import tool for pull offing and commanding a concern ( Mclaney & A ; Atrill, 2008 ) . Harmonizing to Perry ( 2010 ) , a budget aim identifies where the concern demands to be at the terminal of a fiscal twelvemonth. A budget should be prepared as a resource program to enable that both fiscal and market aims are achieved. Therefore Harmonizing to Drury ( 2004 ) and Millichamp ( 1997 ) , the intent of budgeting are classified into several features ; some of these features would be used by the author to discourse the budgeting technique used in the winning border game. These Features are as follows: Planning: Budgets are used for future planning of activities in a company. It is used to benchmark to guarantee companies run into their ends. In the winning border, the squad made programs based on what merchandise should be produced, what market to put in and programs based on fiscal issues such as loans to enable be aftering on hard currency influx and escape. Profitableness: Budgets can be used for measuring future profitableness of direction programs. This is used in comparing the budget program to the existent consequences as this was done in the winning border in twelvemonth two in ciphering the production budget and gross revenues budget which was compared to the existent program. Coordination: The benefit of a budget is to enable assorted sections to collaborate and compromise when there is limited resources. In the winning game, the squad cooperated in respects to the production capacity as to what contract to travel for, what market to put in and what stock to buy and this helps observe any coordination jobs and better efficiency. Communication: Budgeting enabled different sections in the winning border game exchange information and thoughts as the financial officer recorded hard currency motions, fiscal director handled the fiscal policies, the buying director was in charge of stock list, the commercial director was cognizant of what market to put in and the production director was cognizant of what equipment to purchase. Resource Allocation: Budget aid in easing resource allotment in a company. In the winning border, resources were distributed across the assorted sections as hard currency escape was as a consequence of technology and quality, merchandise support and equipments. In the existent universe, Budgeting can be used to advance frontward thought and it is a short term agencies of working towards a concern aims.WORD COUNT: 394

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The comparison of sculptures between Michelangelo and Donatello David Michelangelo and Donatello was the most respected and exciting artist of the time. Michelangelo of the High Renaissance and Donatello of the early Renaissance came from Italy. Both of them tell the story of David and Goliath, as described in Sam 2: 17: 28-51 in their sculpture 'David'. David is a shepherd boy, killing a giant Goliath with only one pachinko in his hand. Michelangelo showed David before the fight and Donatello showed David to David in the fight against Goliath. In the Renaissance period, artists such as Donatello, Lorenzo Ghiberti and Michelangelo produced famous works such as Donatello's bronze David, Door to the baptistery of Florence, Michelangelo, sculptures reached the climax. The marble of David and Pieta the Virgin Mary gently hugging the deceased Jesus. Most Renaissance sculptures are still religious about that subject. The church is full of carefully carved tents, pulpit towers, tombs, altar s, bowl pots and statues. However, as they learn more about classical art, sculptors also work in the form of heathens, including horse riding (horse and rider) statues, portrait busts and male nude drawings. In addition, art is not just for the church The city of Florence paid for his sculpture of David. The customer felt that he was difficult to handle and cooperate. He is not a cultural intellectual like Leonardo da Vinci or Michelangelo. Donatello is essentially a realist. Many of the masterpieces of Donatello are in Florence. Some of the masterpieces include: St. Peter, St Mark, Sukune, St George and Dragon, St. John Evangelist, Magdalen and Angel and Tambourine. Many of his sculptures were a breakthrough in the Renaissance. One of them, David was the first naked statue of the Renaissance, and the goddess of the equestrian gutta Merita was considered one of the best sculptures ever. (Rainbow Book of Art p.68, May 16, 2003) David was destined to become the second king of Israel, destroying the Philistines' giant Goliath with stones and hanging chains. Both Donatello, Verrocchio, Michelangelo, Benigni designed the David sculpture. However, sculptures are very different from each other. Each is unique in its own way. Donatello, the first life-sized naked statue since the classical era, balances between classicalism and realism through the real image of an Italian farmer's boy presenting a classic nude statue. Donatello was inspired by classical figures, but he did not choose Greek youth as a model of David. Instead, he chose a young boy whose arm was weakly bare because of a lack of muscles. After defeating Goliath at the foot of David, he placed a sword next to him and dealt with most of it. It is almost impossible for boys like David to accomplish such work. essay.com/DAVID MICHELANGO, DONATELLO, This is four different buildings about David sculpture.

This paper is a Historical Monograph paper of Jonathon I. Israel's Term

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US-Britain industrial power - Essay Example The Britain remained evidently predominant in the nineteenth century among the world powers as consequence of tremendous economic and industrial expansion in the eighteenth century. The British firms had expanded and export trade boomed vigorously in the industrial revolution.This paper investigates into the reasons that enabled the United States to replace the Britain as the world's leading industrial power after the time when Britain used to dominate the world with its industrial strength. Evidently, there happened to be several causes underlying the sharp decline in the British dominance among all the powerful countries in the world. In the same manner, there were various reasons that served to be the supporting elements for the economy and industry of United States to supersede the position of Britain.Apparently there happened to be abounding reasons behind the deterioration of British industrial and economic power in the late nineteenth century. Britain's economic diminution was in fact a consequence of the decline in the country's industrial potency that happened to be the backbone of the country's growth in the eighteenth century. However, this industrial failure did not erupt out of nothing, rather it too was an aftermath of several factors and events responsible for undermining the British industrial ascendance in the world.One of the pre-eminent causes of the failure of British industrial power was also the country's technical training and education system. The country, due to its highly advanced technical training system, produced and accumulated a large number of trained and high calibre workers for some industries. This turned out to be negative for various industrial sectors in the long run, as the country immensely began to lose unskilled workers that could perform duties on machines in the factory. This problem was faced by most of the industries in Britain, causing them to run high on costs and consequently low on profits. The British industry also lacked the most substantial ingredient i.e., machine tools required for technological excogitation in the manufacturing sector of the industry. Britain remained far behind on this ground that could have otherwise backed the deteriorating industrial strength of the country. The machine tool industry had been flourishing in the early period of British industrial development but the growth in this industry came to a gradual halt in the early twentieth century. This backwardness marked the inability of British industry to cope with the technological prerequisites of that era and the country seriously lacked behind on the technological edge. Another significant factors underlying the fall of British dominance was also that it seriously lagged on the ground of export in the late nineteenth century as compared to United States. The growth in export witnessed in the earlier decades started to tumble down and imports, on the contrary, took on a rising trend. At this time, most prominently, the United States was advancing in export trade through technological advancement and thus started to captivate even the portions of markets in Britain. This had a severe impact on the British economy and thus it started to lose dominance over other countries. This happened primarily because the Britain failed to advance in terms of new technology and as a result, the country's export trade started to decline. Free trade policies inflicted serious harms to the British industrial expansion. The country perpetually adopted the free trade policy enhancing the free flow of imported goods into the market without any restriction. This resulted in an outbreak of international

Managers in the modern business environment Coursework

Managers in the modern business environment - Coursework Example A stretch goal entails a target that beyond the original goal. Taking into consideration that the managers may be not the ones who set the stretch goals, they may face problems in achieving the goals. This is based on the complexity of the projects they are handling and the communication problem that may arise when informing the backers on how to achieve the stretch goals (Kotter and Dan, 2002). Another notable challenge that the managers are facing is dealing with underperforming workers. While it is the duty of the employees to ensure that the objectives of a firm are achieved, it is the role of the managers to make effort of enhancing the performance of the workers (West, 2012). Once a worker is not in a position to perform, the managers are left in a dilemma whether to fire them or to train them in order to improve their skills. As the managers aim at getting the right workforce that will lead to the achievement of the company objectives. In this regard, managers are faced with a challenge of hiring the right people who will make the organization without using a lot of resources either in training the new employees or collecting mistakes that they do in the course of their duties (Manfred, 2003). Closely related, is to make a delegation decision. Taking into consideration that managers are answerable to the directors or owners of an organization, they do not want to appear as failures in their duties. This implies that during their absenteeism, managers are faced with a challenge of choosing the right worker who will under take vital duties on their behalf (Howell, 2012). Responding to crisis is another challenge faced by individuals in management positions. In the operations of any organizations, challenges such as strikes, workers conflicts and go slows among normally experienced. It is the duty of the ma nagers to ensure that such issues are effectively handled an aspect that is not easy especially

Decision Analysis Essay Example | Topics and Well Written Essays - 500 words

Decision Analysis - Essay Example The essay refers to â€Å"Case Study of Rural Health Care in the Economic Downturn" by North Carolina Rural Health Research and Policy Analysis Center. Healthcare facilities have energy-intensive buildings and use more energy than other forms of buildings per square meter. Energy efficiency is critical to freeing capital trapped within conventional hospital infrastructure. Approaches to energy efficiency will provide clean, cheap, and abundant to Ashe Memorial Hospital in the delivery of immediate hospital savings. The hospital will improve financial performance through making advanced decisions to energy management. Ashe Memorial Hospital should focus on achieving sustainable utility cost reductions and savings across the building’s life cycle (Borkowski & Deckard, 2013). The approach generates new cash and increased capital continuously. It is important to note that hospital investment in efficient procedures has appreciable impacts on hospital financial performance. However, there is a need to have consistency in implementing the stability of cost per case and cash flow. The reduced of penalties and carbon taxes grows the energy efficiency in the future while Ashe Memorial Hospital endorses the ability of full compliance with regulators and accreditation organizations in its operations. The reduced potential for preventable adverse events includes infant abductions as well as unexpected patient departures for improved security of patients, staffs, and assets without extra costs (Twaddle, 2002). Lower levels of power failure and patient injuries as well as death due to electrical fires or power failure reduces the potential for higher costs. The application of intelligent healthcare solutions provides Ashe Memorial Hospital with an opportunity of improving hospital’s financial performance. Other benefits of automation include higher productivity level and overall patient satisfaction, safety, and security. In addition,

Fast food Research Report Essay Example | Topics and Well Written Essays - 3750 words

Fast food Research Report - Essay Example Approximately 22 percent of the interviewed respondents stated that they took fast food four days in a week and more than one-fifth of the population had the meal on daily basis. Although 90 percent were aware of the adverse effects of fast foods, they were still addicted to it. Health education programs, public awareness campaigns as well as dietary guidelines could be initiated so as to address the unhealthy lifestyles of the students and help them improve on their health. Good tastes of the foods, low costs were some of the main reasons given by the students for consuming fast foods occasionally. Others said that the foods are quick, easy to get and cheap. Other students said that they are very busy to cook and that they don’t like the experience of cooking. On the other hand, high costs and preference for other restaurants were the major reasons not to consume such foods (Fraser, Edwards, Cade, Clarke 2012, 82). The average monthly frequency of consumption of fast foods by the students was 4.05 (4.25 for men and 3.83 for ladies). As anticipated, the consumption of fast foods was considered to be a special event instead of being a part of ever day diet, closely connected with meeting close friends and celebrating on special occasions. Attitude towards the consumption of fast foods was not notably associated with the behavioral intention. Therefore, effective and efficient nutrition education programs on consumption of fast foods should include components to alter the subjective norms of fast food consumption, more so among peers as well as perceived behavioral control. Further studies should be conducted to examine effective ways of altering subjective norms and possible choices to fast food consumption for students in colleges and universities to alter perceived behavioral control (Brevard & Ricketts 1996, 35) Consumption of take

Auditing Process and Procedures for Smackey's Dog Food Inc Term Paper

Auditing Process and Procedures for Smackey's Dog Food Inc - Term Paper Example SEC influence over the Smackey Dogs food Inc. relate to issues of independence roles for the audit team. The audit standards is one of the influences to be observed, that have to be followed in establishing the independence of auditing team involved in the audit of Smackey. The relationship between the owner’s (Kim) husband and the audit manager Pete is going to influence the disclosure and materiality of the audit contents. The fact that there is a relationship between the bank the loan is being sort and Alan, Kim’s Husband depicts a loan relationship. SEC requires ethical principles to be observed by auditors. Independence is one of the six ethical principles of the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct. The other principles are responsibilities, the public interest, integrity, objectivity and independence, due care, and scope and nature of services. Section 303 of the SEC prohibits officers or directors of a company f rom manipulating, misleading, coercing or acting fraudulently towards the audit team in a manner to influence the auditor to issues financial information, knowingly or not, that the act could lead to rendering the audit immaterial. In this case, Alan obtains information from the audit manager during beers that will be shared with Kim, the owner and further Sarah who is seeking the loan. This is an issue that ought to be addressed as the result will be an adverse opinion. The underlying issues of Ben’s relationship with the bookkeeper Anita could be controversial in the resulting audit opinion. SEC elaborates on quality of disclosure and evidence. There is no proof of how far the relationship went but the reliance on the word of mouth. Mutuality of interests is identified in this case between the two parties. This is likely to jeopardize the independence of the audit staff. Over auditing of a company’s financial reports only materializes to full disclosure. However, the audit process should be within the required set guidelines given by SEC. Question two In the initial planning of the audit, the activities to be included are: an understanding of the company in terms of description and history of the company, tax issues disclosure, types of the customers, the internal audits, timing of the audit process amongst others. An assessment of the client’s business risk will be done to see whether it is achieving its objectives. The audit team should assess the risk of material misstatements arising from Smackey’s business risk. This is seen in the high wastage in Smackey’s Best Dog division that presents a lot of business risk, and therefore material misstatement risk. Performance of preliminary analytical procedures. – A comparison will be made to that of the industry. This helps in identifying the areas of high risk of materiality. Set materiality and assess acceptable audit risk and inherent risk- precise and reliable judgme nt is going to be applied by the auditor in assessing the materiality levels. Question three Stages of an audit Planning – the auditor outlines all the activities that he will follow during the entire process. The auditor should lay down his plan for the vital internal controls to be assessed. In the case of Smackey, the team should focus on: sales forecast, receivables approval and authority followed, stock taking, fraudulent dealings in the company, debts approval etc. Test of Internal control – this process follows a critical analysis internal controls of the records, procedures and processes followed in the company. The auditor should analyze the sales forecast process, be present during the stock take, and consider evaluating the control checks for stores. The weakness in the stock control is seen where the employee is stealing from the company, assessing the debts and the pending legal suits. The effects of the customers’

Using SEI Strategies in a SIOP Essay Example for Free

Using SEI Strategies in a SIOP Essay Instruction will begin by discussing the differences between fictional and non-fictional books; Students will read the non-fiction book â€Å"What If You Had Animal Teeth† by Sandra Markle. This book is filled with fun and interesting facts on animal’s different teeth. The book will be read in its entirety engaging students and creating interest. Learning objectives will be introduced using chart paper. 1. I can gather important information related to my topic. 2. I can teach my partner how to find facts related to the chosen topic. 3. I can write my own informative book Teacher will display a premade chart that describes what nonfiction is. Read the definition aloud as students track with their eyes. Create a new chart and list nonfiction characteristics that can be found in a book and discuss their purpose. Look through nonfiction books to see specific examples of the nonfiction characteristics. Inform students that we will now go back and review the book â€Å"What If You Had Animal Teeth† and we will consider what facts we are given. Go to the first page, read the sentence and ask students  to do a think/pair/share. Think: What facts are given? Discuss with your group. Prompt students to share out with the whole class. Continue with each page. Tell students that they get to practice finding more facts by reading other nonfiction animal books. Give students a list of nonfiction books to choose from. Generate a discussion of what nonfiction means. Guide student discussion to the idea that we will research facts and create our own nonfiction booklet to help readers understand important information of our chosen topic. Give students the option of choosing 1 out of 4 animals to research and write about. Point out how when writing nonfiction material, you can use headings to help break up important information that you want readers to understand about the topic. Using ELMO (document camera), display worksheet â€Å"The Working Tools of Insects†. â€Å"We are going to look at the top of page. Does anyone remember what we call this?† Check for student understanding. â€Å"It is the heading.† Read aloud the heading found at the top of the page while students track with their eyes. Ask students to consider what the material is going to be based on the heading. â€Å"What do you think this story is going to be about based on what the heading is? I know that Insects don’t use tools like hammers or screwdrivers, so what else can tools mean?† Illicit responses such as â€Å"their antenna, their stingers, etc.† Relay to students that animals have tools too. â€Å"Birds can use their beaks to gather food. Porcupines can use their quills to protect them against predators.† Tell students that they will now have the opportunity to create their own fact booklet. Show students a premade example of the â€Å"fact booklet† that they will be creating. Explain to students what the purpose of nonfiction writing is. â€Å"Nonfiction writing is used to teach people information about something. When writing nonfiction we need to decide on what the most important information is that we should include in the writing.† Tell students that before writing nonfiction, they should ask themselves â€Å"What information will help the reader to understand the topic?† Ask students to brainstorm and share with their group by reviewing the reading materials of the chosen topic to find important information that they want to include. Show the students an example of how their first page in their fact booklet might look like. â€Å"I will choose to write facts about dogs. What important information  about dogs do I want my readers to know? I want my readers to know about the physical features of dogs for those readers who might not be familiar with them.† Write down a fact on the first page. Tell students that it is also important to have illustrations to help readers connect the pictures to the words, and understand what they are reading. Draw a picture above the facts on the first page. Students will now create their own fact booklet. Pass out construction paper. Have students fold paper in half, creating 12 pages altogether. Have them staple the pages to create a book. On the first page, have students write down their information on the bottom half of the page. On the top half of the page, have students draw a picture illustrating the facts that they have written. Have students include headings for each new fact that they are including. Reflection: Gather students in whole group to debrief. Ask students to explain what nonfiction means. Ask them to explain the difference between fiction and nonfiction. (Guide students to understand that nonfiction is used to give readers an understanding of a topic). Call on several students to share one fact that they have created in their fact booklet. This will give the teacher a good idea of how well students understand nonfiction. The influx of English Language Learners in U.S. educational school systems is on the rise. With this increase, our educators are feeling the pressure of finding a proper balance to support our linguistically diverse students through language and content instruction, allowing them to integrate within school and their community with ease. Educators can meet the immense and distinct needs of all students by integrating different educational instruction methods in their lesson planning. This paper will discuss five important components that should be included in educational instructional strategies for ELL learners and classrooms: comprehensible input, ongoing, specific, and immediate feedback, grouping structures and techniques, building background and vocabulary development, and student engagement. The SIOP lesson plan that can be found above is a detailed summary of a conceivable fourth grade lesson that can be directed in an ELL comprehensive classroom. This lesson encompasses instructional strategies used to  accommodate ELLs throughout class instruction. The Arizona State Standards used to support the components of the SIOP model can also be recognized in this lesson. Addressed in the SIOP lesson is the students’ ability to show awareness and understanding of non-fictional works, their ability to recognize the relationship between fiction and non-fiction, and their ability to recognize differences in the structure and components of non-fiction work by clarifying what nonfiction works are, as well as them capably using specific actions, emotions, or conditions that are basic to specific content (Center for Applied Linguistics, 2013). This lesson includes different instructional practices used with the students including partnering up and whole group discussion. These strategies were utilized to gain a clear and confident understanding of non-fictional structures of writing. The goal of the SIOP lesson plan is to engage students in collaboration with each other so that they can identify why nonfiction is an important part of reading and writing. While using the think/pair/share method, learners will acquire the ability to recognize nonfiction writing and compare it to fictional works. Both language and content objectives have been aligned with state standards, influencing the lesson plan. The language objectives used in this lesson include collaboration with partners and as a class, recognize significant information to a topic, create a structured informational book, and use nonfictional structures of writing. The content objectives include effective collaboration, convey clear ideas and information through informative writing, using appropriate writing format, develop work with facts, definitions, concrete details, quotations, or other information and examples related to the topic, and use appropriate words that demonstrate an understanding of the lesson in its entirety. The instructional strategies that were used in this lesson could be applied to all learners. Learners were given the chance to hold whole group discussion, think/pair/share, have paired peer discussion, and make comparisons. ELLs were able to build background by the inclusion of meaningful activities, collaboration, tactics, repetition, and response used in this lesson. This lesson also provided a scaffolding effect which can endorse high levels of success for second language acquisition. It is critical to an Ell’s growth and development that comprehensible input be integrated within each lesson. Comprehensible input can be described as the ability for students to  understand what is being said and presented to them (Campbell Mailman, 2013). With the use of oral demonstration and context or visual cues being incorporated into numerous methods in instructional teachings, comprehensible input can be attained. It is also important for educators to challenge their students by requesting that they explain what is expected of them. These practices can help heighten a learner’s familiarity and understanding of English. Another important element used in ELL instruction and which can be applied to all learners is feedback. Feedback is given to students to provide them with an awareness of their strengths and what improvements are needed to improve their performance. An educator can deliver feedback orally or through non-verbal communication. It is important to note that feedback is not a one-way communication, but rather an interaction between an educator and learner (McKimm). An attentive teacher recognizes the importance in instantaneous, detailed, and continuous feedback to help build student’s assurance in their own capabilities. This self-confidence can help students extend it to their communicative skills, evaluate their achievements and continue to improve on their work. Educators must ensure that all feedback is remedial, appropriate and applies to the benchmarks given. Educators must also remember that is it not important in the amount of mistakes a student makes. The true value is in the amount of instructional information that a student learns and understands. Grouping structures and methods are also used by educators to endorse collaboration and learning. By grouping students who have strong, developed English language skills with students whose English language skills are still emerging, students have had higher success rates while learning the English language (Albertazzi, Azofeifa, Serrani, 2013). Integrating ELL and non-ELL students gives all students the opportunity to develop and continue to build vocabulary, as well as expand their skills in understanding, listening and speaking. Collaborating with one another can be an equally powerful teaching strategy as any other method of teaching done by educators. Building background and vocabulary development is another instructional strategy used in ELL classrooms to help develop innovative approaches that familiarize ELLs to new language(Campbell Mailman, 2013). This strategy also reinforces language meanings, a crucial step to English language development. By making use of key ideas that emphasize reading,  writing, and vocabulary as well as articulation and word enunciation strategies, teachers can support ELLs in developing their vocabulary so that they learn English proficiently. Lastly, student engagement is an equally important task in ELL instruction. Keeping students active and engaged while teaching a subject that is complex can be difficult. By using various strategies such as acknowledging students interests, providing additional materials, and requesting students to bring in personal motivators to learning English, such as letters from pen pals or applications for sports sign ups, teachers can help keep students actively engaged and participating in educational instruction. Acquiring a second language can be a challenging task for ELL students. Educators are responsible for considering the dynamics of English language acquisition and must take strategic steps in engaging and instructing ELL students. If educators implemented each of the components mentioned throughout this paper by integrating them into their teaching, all students will have the opportunity to receive exceptional learning experiences. References Albertazzi, S., Azofeifa, M., Serrani, G. (2013) Second Language Acquisition. Retrieved on November 14, 2013 from http://www.slideshare.net/milaazofeifa/krashens-theory-on-second-language-acquisition Campbell, A. Mailman, L. (2013). Theories of Language Development. Retrieved on November 15, 2013 from http://languagedevelopment.tripod.com/id15.html The Arizona K-12 Academic Standards. English Language Learners. (n.d.). The Arizona Department of Education. Retrieved November 14, 2013 from http://www.azed.gov/english-language-learners/elps/forms/ CAL SIOP. (2013). What is the SIOP Model. Center for Applied Linguistics. Retrieved on November 15, 2013 from http://www.cal.org/siop/about/index.html McKimm, J. (n.d.). What is Feedback. Retrieved from http://www.faculty.londondeanery.ac.uk/e-learning/feedback/what-is-feedback