Tab M Essay Example | Topics and Well Written Essays - 750 words

Tab M - Essay Example The current obligation of the Missouri Secretary of State incorporates managing distinctive significant zones, which are for the most part political race related, business related and other government related tasks. In the political race related activities, the Secretary of State regularly assume the job of the primary political race official during the state races. Secretary of State additionally controls the workplace where enlistment of competitor happens. In business obligations, the Secretary of State is answerable for the enlistment of all the benefit and non-benefit based associations inside the state. Furthermore, the Secretary of State needs to keep an eye over the libraries and files of the state alongside treatment of different tasks, for example, giving of car enrollments among others (sos.mo.gov, â€Å"Publications and Forms†). The ‘Streamlined Sales and the Use of Tax Agreement (SSUTA)’ is commonly a sort of understanding actualized by the legislature of the United States, in order to complete the business procedure and the duty organization framework inside the part states in a rearranged and straightforward way (mobudget.org, â€Å"Streamlined Sales And 2 Use Tax Agreement†). Right now, SSUTA is actualized with the prime aim of making Missouri sufficiently skilled to embrace the definition alongside the methods of the business charge that has been settled upon by all the 22 part states (Blouin, â€Å"Missouri House Committee Substitute Streamlined Sales Tax Bill Contains Significant Negative Policy Consequences†). The Streamline Sales charge Project (SSTP) is exceptionally viable in improving the expense guidelines and the business procedure. The rules of the SSTP have therefore helped various states inside US regarding redesigning their deals and duty frameworks (Streamlined Sales charge Project, â€Å"Welcome to the Streamlined Sales Tax Registration System†). The files of the Missouri

Marketing Strategy of The Eastman Kodak Company Coursework

Advertising Strategy of The Eastman Kodak Company - Coursework Example In the early and mid-nineties, Kodak developed as an organization and began growing better than ever models of their cameras. They built up the ‘Kodacolor range’ which included movie movies, camera and projectors. These were sold at moderate costs. They likewise gave cameras to the U.S. Government for elevated photography during the First World War They didn’t stop there. They at that point presented the ‘Instamatic camera’ which changed the manner in which individuals utilized cameras. It turned into a family unit thing for novice picture takers in view of its flexibility and moderateness. Today, be that as it may, the notable brand is on its knees. This is a direct result of the advanced age. Kodak was delayed in adjusting to new-age advanced innovation, dissimilar to the antecedents who were drivers of innovation in the business with their wide cluster of creative licenses. Where did Kodak turn out badly? Indeed, there’s a few contributing variables. For one thing, Kodak utilized a high-speed income model which involved creation benefits off complimentary items to their cameras, for example the reel utilized by the camera. Their system was regularly to sell cameras with ease, and let the film reel fuel its development and benefits. This implied the business was vigorously dependant on this specific inflexible model. Kodak was to take care of this unbending nature soon enough. This came as rivalry from abroad. The Japanese firm Fuji Film came into America and found Kodak dozing off. They presented reel that was one-fifth less expensive than Kodak’s offering. The outcome was pulverizing for Kodak, and still, at the end of the day their absence of market readiness was clear by their moderate response to the market. Additional evidence of the business’ failure to adjust to changing innovation in the business came in the mid eighties when Sony Corporation introduced the advanced age with the arrival of the ‘Mavica’, a filmless computerized camera that showed photographs legitimately on the user’s TVs. Pictures could likewise be printed whenever wanted.

Organisational Behaviour Essay Example | Topics and Well Written Essays - 2000 words

Authoritative Behavior - Essay Example Alice’s authority styles were altogether different from those of Isobella and the representatives weren’t upbeat under the administration of Alice. She changed the focal point of the organization from making trendy articles of clothing to making normal garments wore by the Australian ladies. Delia an old worker and the Chief creator at Fashion Inc chose to leave after Alice took over in control. This contextual investigation gives us that the administration styles assumes a significant job on the authoritative societies how and what a pioneer does, commits the achievement or disappointment of the organization. Authoritative Culture is the arrangement of shared qualities and convictions that underlie a company’s personality. It is essentially the arrangement of shared, underestimated understood presumptions that a gathering holds and that decides how it sees, ponders, and responds to its different surroundings. The hierarchical culture being followed at any association is an image of how and what their pioneers are doing. The authority style decides the sort of authoritative culture. Under various initiative styles we have diverse authoritative societies. Style Inc encouraged an open culture and by huge it prevailing with regards to doing as such. All representatives were all around incorporated into the framework and every person and his/her contemplations were viewed as significant. It elevated a discerning way to deal with work where there are appropriate rules and systems. Any issue with the representative be it business related or individual was tuned in to and the supervisor attempted their best to offer answer for the issue. Top administration urged a strong culture to give a delightful workplace to representatives so they can convey their best. Representatives were designated through their work and the manager worked with the representatives one next to the other. Authoritative heads once in a while don't understand that how significant job the hierarchical atmosphere plays on the money related execution of the organization. It represents

Grade 8- Coursework Questions Assignment Example | Topics and Well Written Essays - 250 words

Evaluation 8-Coursework Questions - Assignment Example Moreover, the Catholic Church presented transubstantiation which depicted the changing of bread and wine into the body and blood of Christ that happens at mass during the sanctification by means of the expression of the clerics. The choice acquired rational soundness the congregation in that individuals rehearsed how to be blessed. Investigation had the power to force fines, detain individuals, and sentence unrepentant blasphemers to death. This disheartened individuals from lecturing bogus teachings since they dreaded fines and detainment. Thusly, blasphemy diminished. The Spanish probe was extremely awful in that it went past finding and rebuffing individuals associated with blasphemy. The Spanish specialists focused on Muslims and Jewish believers to Christianity, blaming them for subtly rehearsing their previous religion. Then again, the other probe just centered around finding and rebuffing apostates not changes over of different religions. They committed themselves to following Jesus greeting to sell such you gangs and offer it to poor people. They saw the social jobs of the Christian confidence as a critical piece of humanity’s association with God. Mistreatment is ethically off-base since God didn't enable individual to end an existence of someone else. Regardless of whether an individual has wronged society or church, they have no capacity to aggrieve the person in question since they reserve the privilege to live and no one but God can pass judgment

Against Love free essay sample

Toward the start of this article Kipnis says something stands apart to me. â€Å"Love is, as we probably am aware, a secretive and controlling power. It has immense control over our musings and life choices. It requests our steadfastness, and we, consequently unreservedly comply† (Kipnis 749). I think this is the most ideal approach to clarify love. When there is somebody that you truly love you do and make statements that you never envision yourself doing. I think this is the principle reason for adoration and what everybody should feel. Love isn't something you simply unearth I think it is something that develops on you with time. I accept that on the off chance that you love somebody your ready to make a special effort and do phenomenal things for this individual. I don't trust it would be an irregular individual before you at the market that you will do those kinds of things for, on the grounds that you have to have a profound inclination and association with this individual. We will compose a custom exposition test on Against Love or then again any comparative subject explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page In this exposition something different Kipnis said stood apart to me. â€Å"But enthusiasm must not be permitted to bite the dust! † (Kipnis 751). I have never been hitched however I have been infatuated previously. I accept that if there is enthusiasm you should never allow it to kick the bucket. Energy is a solid scarcely controllable feeling that you have for someone else. It isn't something that you can stop or profess to impart to somebody. Love can and will cause you to feel as though you are nothing without your other half. You will do and make statements that you feel are insane. Today I suspect as much numerous individuals, for the most part more youthful, hurry into marriage since they feel as though it is the best way to save their affection for one another alive. I for one accept that adoration isn't something that can be surged. Try not to misunderstand me individuals can be youthful and begin to look all starry eyed at and get hitched however you need to do it for the correct reasons. I myself couldn't imagine anything better than to discover somebody to have a profound love for. Love is so difficult to clarify yet there is an enthusiasm that you find with another person and it isn't something you can simply claim to feel. I feel that on the off chance that it is intended to be, at that point everything becomes alright all alone. Something that I accept by and by individuals are doing now days is getting hitched and if things don't appear to work out the appropriate response basically is separate. The separation rate now days is becoming increasingly elevated. Separation isn't something that is extraordinary, I would rather not say it however it is something that happens each day. Sooner or later for one explanation or the others just look for from the marriage and need to head out in their own direction. A few people go into a marriage and come out rapidly; they conclude it is basically not for them. Then again others remain together for a long time and more before they chose they look for from the marriage. I for one accept that it isn't the world’s employment to keep relationships steadfast. I don't feel that today marriage is paid attention to any longer since individuals imagine that on the off chance that it doesn't work out why attempt and improve things on the off chance that we can basically simply get a separation. Truly what might individuals do if separate was impossible? Would individuals need to figure out how to function their issues out? Would individuals simply must be hopeless constantly? It is something to stop and consider. I for one accept now days that individuals sincerely don't think before getting hitched they are simply up to speed at the time. I would state that this article is a questioning. Kipnis fundamentally contends of the way that so as to have a decent relationship and love somebody you must have the option to meet the prerequisites of commonality, correspondence and propelled closeness. These are the large issues seeing someone today. More individuals are separating and getting divorces since they won't go to a basic trade off to make their connections work. A couple ought to have great relational abilities. You need to figure out how to be in all that you do together in light of the fact that it isn't simply yourself any longer. It is you and your accomplice the one that you love. Works Cited Kipnis, Laura. Agaisnt Love. McQuade, Donald and Robert Atwan. The Writers Presence. Boston: St. Martins Bedford, 2009. 748-755.

Customer Development What Questions Do You Ask Potential Customers

Customer Development What Questions Do You Ask Potential Customers © Shutterstock.com | Minerva StudioIn this article, you will learn about how to conduct an interview that will get you deep insigths to calibrating your value proposition.INTRODUCTION TO CUSTOMER DEVELOPMENT INTERVIEWSSo you need to get out of the office and talk to your potential customers if you want the Customer Development model to work. This is easier said than done. You might have a great idea but a real fear of pitching your ideas to complete strangers. You can’t deny that asking strangers a series of questions isn’t scary. No one wants to hear that everything they thought they knew isn’t true.But the customer interview phase is one of the most valuable parts of the Customer Development model. It does not have to be scary. In fact, you should not even be talking about yourself enough for customers to shut down your ideas.The customer interview is all about learning and discovery. You can think of yourself as an impartial researcher or a journalist. If you approach the c ustomer interview as someone who is genuinely curious about one person’s experience in the bigger picture, you will find that you will be listening a lot more than you will be talking. This means that you will be gathering more useful information but still protecting your ego in front of your customers.ESTABLISH YOUR GOALSLike any other process in business or in life, you need to have firmly established goals if you want to be able to measure the progress of your efforts. You need to have goals listed for each step of the Customer Development model. When you have these goals, you can refine and iterate your process later.Some goals you should establish when you are developing the interview questions should include the following:You should be able to identify and understand your customers’ problems.Identifying your customers’ problems is essential. You need to keep this problem in mind throughout the entire customer development process. But it is not enough to be able to write down the problem. You need to know what the problem means for your customers.A deeper understanding of your customers’ problem will tell you more about what they are trying to achieve with their solution. If you do not know how they want their problem solved, you cannot help them solve it. This comes from learning about how important their problem is and what their expectations of a potential solution are.You might have a solution to the customers’ problem. But if your solution does not provide the solution that your customers desire, you still have nothing.You want to learn how they want to solve their problem.People do not just want a solution. They want a solution within a unique timeframe and a unique budget. Some customers want a simple solution. Others might be looking for a complex solution that solves current problems and prevents wider problems. Some customers will want a solution that is instantaneous. Others will want a solution that might take a while to work so that they do not upset their current ecosystem.Every customer that is aware of their problem will have wants and needs for their solution. You must identify these desires before you can implement them into your product.Ultimately, you need in depth knowledge about what your customers want the solution to their problem to achieve.You need to understand what currently stands in your customers’ way.Your early customers will likely have already tried other solutions. Yet, they are continuously looking for new and better solutions. It would serve you well to learn about why they do not like the solutions they have used previously. If none of them worked for the customer, you need to find out why.Additionally, if you are entering an existing market, you need to find out what it is about your competitors that your customers do not like. Maybe your competitors offer a solution to your potential customers but it comes with strings attached like mandatory consulting hours.Your goal is not neces sarily to figure out how to solve the problem better. Your goal is to figure out how to solve the problem according to your customers’ needs.You want to get the information you need to create customer segments and develop customer channels.Collecting information blindly is rarely useful for any process. Instead, you want to be sure that you are collecting information that you use to learn more about your customers. This information should help you determine who your customers are and how they can be segmented.This information should also help you figure out where to find your customers. When you can identify your customer segments, you can develop the channels you need to reach your potential customers.Find product evangelists.All of the information that you have collected thus far should come down to one goal. You want to find your product evangelists. These customers are some of the most influential customers that you can find. As a result, they are some of the most important cu stomers that you have.The information that you gather about problems, solutions, segments and channels should all be used to accomplish this goal.FINDING CUSTOMERS TO INTERVIEWFinding customers to interview may seem difficult, but its not. The reason that many people find it hard to find customers to interview is because they are afraid of rejection. They do not want to find potential customers who tell them that they are not interested in their product.Fortunately, the interview phases of the Customer Development model have little to do with your product. They are all about learning, discovery and validation. When you set up an interview, you want to learn about your customer. You are not trying to sell them a product. When you think about it this way, it is substantially easier to think about going out and finding customers to interview.To find the right customers, you need to get out of the office. This means that you need to ask people who don’t work for you or with you. You w ant to ask real customers, not engineers or sales people with a vested interest in your product. Your VP of Sales will definitely buy your product. But you’re not selling to your VP of Sales. You’re selling to your target market.You may be tempted to interview people you know, such as friends or family. But you should only be doing this if your friends or family fit within your potential customer market. You should also only do this when you are learning about the problem. If you start interviewing your family about your product, you are likely to have a biased result. Your friends and family like you. They want to support you even if what they are telling you is not helpful. However, if your friends and family currently experience the problem that you are trying to solve, it is okay to interview them. You just need to make sure you speak to other customers as well.To get out of the office, you might want to find customers who do not have such a personal interest in your success . For example, you can find customers on LinkedIn or on Quora. People who post on these sites will be asking real questions about their real problems. You should not feel strange about approaching them. In fact, they will probably appreciate it. The anonymity of working over the Internet will also help elicit more honest responses which will in turn produce more valuable information.Another good place to find customers to interview is an industry event or a conference. This is ideal because you will already be in the center of your marketplace. You will also find that people here are ready to network. As a result, they will be approachable.You can also find customers on social sites like Twitter, Facebook, Meetup and even Craigslist. This is an inexpensive way to find customers online. One of the best ways to get involved on these social media sites is to join in an existing conversation. If the problem you want to solve is real, people will be talking about it online. You can find the profiles of people in the industry or market that you are targetingAnother idea is to search for customers on crowdfunding platforms like Indiegogo or Kickstarter. Here you can target customers who are actively searching for solutions to their problems. These are the kinds of customers who you can convert into product evangelists, which is the goal of your customer interview process.ASK YOUR QUESTIONSIt is not enough just to ask questions and wright down answers. If you want answers that are useful, you need to be able to phrase your questions well. The language that you use to phrase your questions will often determine the kind of answers that you get. The more detail your questions invite, the better answers you will get.You want to avoid asking misleading questions. Your questions need to be concrete and avoid feeling like trick questions. You want to ask questions that provoke thoughtful answers. But you want to avoid asking questions that make the interviewee believe that y ou are looking for a certain answer.It is also important not to ask questions that force the interviewee to guess the answer. You need to ask questions that get concrete answers. You should also avoid asking people about hypothetical situations because hypothetical doesn’t reflect reality. You need real world answers if you want your business to work. You do not need what-if’s.You should be avoiding questions like:Is this problem a big deal for you?If someone offered a solution to your problem, would you take it?Would you spend $500 to solve this problem?Did the solution work?All of the above questions can be answered with a ‘yes’ or a ‘no’. They do not require the interviewee to think about the answer.One of the best ways to get useful answers is to ask open ended questions. Open ended questions do not elicit ‘yes’ or ‘no’ answers. If the interviewee can answer with one word then you have crafted a poor question. Open ended questions require a full explanation a nd description of an answer. Some examples of great open ended questions include:What is your biggest challenge in a particular area?What is the most frustrating part of the problem?How big of a problem is this for you?How have you tried to solve this problem in the past?Why didn’t the solution work?What is the ideal solution?How would ____ help you?How would the solution fix the problem?Is this problem important for you to solve?How much money would you spend if you could solve the problem right now?MAKING THESE QUESTIONS WORK FOR YOUThe questions listed above are basic examples of questions that you might ask potential customers during an interview. But like anything else in Customer Development, you need to be able to measure the success of your questions. Not all questions will suit all customer markets. Asking the right questions is as important as the person that you are interviewing. These questions are not meant to be a part of a rigid formula. You have to be able to creat e an interview scenario that matches your brand, your customer base and your needs.Adapting your questions to your needs should also include personalization. By asking customers questions that are personal to them, and ideally reflect their problem, you will respect their time and insight. Their time is valuable to you. You want them to know that if you plan to convert them into paying customers later.Thus, the personalization process should begin with the invitation to interview and continue into the follow up. You cannot send people you value a form invitation when you reach out to them the first time. More often than not, they will already feel like you are a faceless company that is going to ask them general questions without really respecting their answers. You will elicit fewer responses if you do not personalize your interview. You may also not be attracting the right customers. When you personalize an invitation and an interview, people will know whether or not they are the kind of person that you want to talk to.Personalization also includes asking the hard questions. Hard questions are the reason that so many people are afraid of getting out of the office to speak to their customers.But being afraid of the difficulty of the customer interview can sometimes lead to a general set of questions that don’t match the market or the product.This happens because many people are afraid to ask the tough questions because you might not get the answers that you want to hear. But asking the tough questions is what the interview process is all about. You want to get facts, not opinions. Opinions are personal and do not necessarily reflect the state of your business or your product. You cannot work with one man’s opinion. But facts reflect things as they really are. This makes it easier to make real-world adjustments to your product and to your business.Finally, the most important thing that you need to remember during your customer interviews is not to talk abo ut your idea. You are here to learn about your customers, not to sell to them. This is because you are interviewing your potential customers to find out if they even are your potential customers. Not to sell to people that you do not even know fit your target market.Trying to sell your solution will not help you at all. It won’t tell you anything about your customer. All you will learn is what you already know about your product. Plus, if you ask your customer if they would be interested in your solution, you are implying that they have a problem that they might not have. This is a dangerous assumption that can lead to truly flawed data.CONCLUSIONInterviewing customers is not easy. But it is also not as hard as many people feel it is. When you go out to interview customers, prepare for a conversation with a real person, not a data set. People want to share their problems and experiences with you, especially if you are trying to help solve their problem. If you go out looking for r eal, honest answers from real customers, you are likely to come home with the information that you need.

Report Of Pratibha Industries Essay Example Pdf - Free Essay Example

The annual report of Pratibha Industries Ltd is analysed for years FY2007-2008 and FY2008-2009. The report attempts to analyse the financial health of the company from the point of view of an investor making an investment decision. The report compares the performance of PIL over the last three years by analysing the financial statements of the company. Also peer comparison has been done with three companies for a comprehensive view. The ratios are calculated based on the financial data available in the companys Annual Reports of FY07-08 and FY08-09.The competitor data has been taken from www.moneycontrol.com and the key ratios are calculated using the same method as ratios of PIL for accurate comparison. INTRODUCTION The financial statements provide information about the financial position of the firm. The detail of the analysis is useful in making some vital economic decisions. Pratibha Industries Ltd. (PIL) is a turnkey project contractor, engaged in constructing buildings and infrastructure development projects. It designs and constructs integrated water transmission (including treatment, re-cycling, storage and distribution projects), water treatment plants, elevated and underground reservoirs, mass housing including real estate projects, commercial complexes, pre-cast design and construction and road construction services. ABOUT THE COMPANY Company Background Pratibha Industries Limited (PIL) is the flagship company of Pratibha Group, incorporated in 1983. The company that started with manufacturing of SFRC manhole covers, frames and various other pre-cast products, has now positioned itself as a niche player in infrastructure space with expertise in water management and other urban infrastructure projects. Apart from having presence in lucrative water segment that accounts over 60% of the companys current order book, PIL has enlarged its presence into urban infrastructure projects like road construction, airport terminals, mass housing projects, commercial complexes, railway stations, tunneling projects and into other verticals of infrastructure development like EPC contracts in Oil and Gas distribution, thermal power plants and other large projects in construction space. Further the company has also backward integrated by setting up a pipes manufacturing facility for captive consumption as well as to tap the tremendous opportunities t hat lies in pipes segment. Significant Accounting policies The Financial Statements are prepared to comply in all material aspects with the applicable accounting principles in India, the accounting standards issued by the Institute of Chartered Accountants of India and the relevant provisions of The Companies Act, 1956. The Financial Statements of the Company and its subsidiary companies (which are not in the nature of joint ventures) have been consolidated on a line-by-line basis by adding together the book values of like items of assets, liabilities, income and expenses. The intra group balances and intra group transactions and un-realized profits or losses resulting from intra group transactions are fully eliminated. Investments in associate companies have been accounted for, by using equity method whereby investment is initially recorded at cost and the carrying amount is adjusted thereafter for post acquisition change in the Companys share of net assets of the associate. The Consolidated Financial Statements include the interest of the Company in JVCs, which has been accounted for using the proportionate consolidation method of accounting and reporting. For further details on the Accounting policies refer to Appendix 4. No change in accounting policy noticed in the annual report for the past 3 years. The Balance Sheet, Profit and Loss and Cash Flow Statements have been duly audited the year ending at 31st March every year. COMPANY FINANCIAL AND DATA ANALYISIS Note: All figures such as sales etc. are in Indian Rupee (Rs.) and in terms of 10 Million (1crore). Key Ratio Calculations: Growth Ratios: The growth percentage provides a brief snap shot of the companys status as compared to the previous year. Profitability Ratios: AÂÂ  class of financial metrics that are used to assess a businesss ability to generateÂÂ  earnings as compared toÂÂ  its expenses and other relevant costs incurred during a specific period of time. Comment on Profitability Ratios: Return on Capital Employed: It is the ratio of operating profit generated during a period and the average long-term capital invested in the business during the period. The ROCE has decreased in 2009 after an increase in 2008. The reason for decrease is mainly because secured loans rose by 69.7% and unsecured loans were again availed back in 2009. These loans were present in 2007 and settled in 2008. Return on Net worth: The return on net worth ratio has increased to 19.9% after a slight dip in 2008.The dip was largely due to 107 % increase in reserves and surplus during 2008. Gross, Operating and Net Profit Margin: All the three profit margins have been dropping year on year. In 2009 the profits drop can be mainly attributed to the increase in expenses. Though there is increase in all the expenses generally due to high commodity prices and inflation ; those a bit out of proportion are the Directors Remuneration which has increased about 250% and Legal fees and other professional charges by about 83%. In 2008 the drop in profit can be attributed to the raise in cost of work done which again can be traced to heavy purchases a steep rise of 249%. Turnover/Activity Ratios: Turnover ratios are used to measure how many times a companys inventory is replaced in a specific period of time. By dividing the cost of goods sold by average inventory we can calculate the turnover ratio. When the company is producing and selling its goods quickly then it is said to have a high turnover ratio. Comment on Turnover/Activity Ratios: Fixed Asset Turnover: This ratio has decreased to less than half of 2007 value. This is due to the substantial increase in the investment in plant and machinery as the company is in expansion. But it also shows that the company is not making use of its capital to the optimum. Debtor Turnover: This ratio has increased to 7.29 in 2008 and dropped to 5.71 in 2009 again. This is due to the drop in sundry debtors in 2008 and rise in 2009. Inventory Turnover: This ratio has dropped substantially due to the increase in inventory. Its due to increased work in progress in 2008. It increased again in 2009 due to decreased work in progress. But overall it implies poor sales by the company during the period. Liquidity Ratios: Liquidity ratios are concerned with the ability of the business to meet its short term financial obligations. Comment on Liquidity Ratios: Current ratio: The current ratio has fallen from 3.04 to 1.33 in 2008 and again increased to 1.89. The fall in 2008 was due to increased liabilities (274% rise) in the form of sundry creditors and advances deposits. Whereas In 2009 while the current assets increased; the liabilities actually decreased leading to a higher current ratio. The increase shows margin available will be more and chances of the firms meeting its commitments will also be more. But still a ratio of 2:1 is expected as ideal. Acid Test Ratio/Quick Ratio: The pattern of acid test ratio is very similar to the current ratio discussed above. The only difference being the inventory. In 2008 the work in progress was high which lead to a high inventory and low ratio while in 2009 the work in progress decreased which increased the ratio. The ratio is above 1 and hence indicates that the business is safe and would be able to pay short term liabilities from its liquid assets. Leverage Ratios: Leverage ratios are used to calculate theÂÂ  financial leverage of a company to get an idea of the companys methods of financingÂÂ  or to measure its ability to meet financial obligations. Comment on Leverage Ratios: Interest cover ratio: The Interest cover ratio measures the amount of operating profit available to cover interest payable. It has remained relatively stable over the three years in spite of increasing operating profit. This is due to the fact that the interest paid to the bank and interest on finance for vehicle and construction equipment has increased year on year. Still the interest cover is adequate for the period. Debt-Equity ratio: This ratio indicates what proportion of equity and debt the company is using to finance its assets. In 2008 this ratio had almost halved and then again rose by 1.5 times in 2009. As mentioned earlier it is due to the unsecured loans in 2007 which were paid back in 2008 and again availed back in 2009. But still it reflects a less dependence on debt, as the company is in a capital intensive sector, the financial needs have been fulfilled by issue of equity shares. Investment Ratios: These are mainly used by the investors to find out the performance of a business as an investment. The investors will be interested in the company making some good profit from the investment made. Dividend payout ratio: The dividend payout ratio is decreasing year on year. This is due to the fact that the company is paying a constant dividend in spite of increasing profits. The company can make use of major part of its profit for the future growth. Dividend yield ratio: It shows how much a company pays out in dividends each year relative to its share price. In the absence of any capital gains, the dividend yield is the return on investment for a stock. The dividend yield ratio is varying with the market price as the dividend payout is constant at Rs.2 per share year on year. Earnings per share: The Earnings per share is increasing year on year which is a good sign. Its due to increasing profit every year. P/E Ratio: The PE ratio had peaked out in 2008 due to high price of the share. Due to 2009 recession the price of the share bottomed out and the P/E ratio was the lowest at 2.97 at 31st march 2009.This indicates that the stock was cheap on that day. Other Inferences: The company had a high exposure in Indian stock market through mutual funds. These mutual funds were amounting to RS.85.01 Crore. These were sold off for RS 3.42 crore which represents a loss of 95.97%. PEER COMPARISON The peer comparison has been done with Unity Infra (UI), Madhucon projects(MCN)and JMC Projects(JMC). Mostly the charts are self explanatory. PIL has shown good profitability as compared to peers with a high ROCE and RONW and a good operating profit margin. Liquidity ratios have come down from undesirably high levels to acceptable ones. The Interest cover is lower and debt to equity is higher than peers. Though the dividend payout is less the EPS of the company is fairly high .It can be said that overall the company is having good standing in comparison with its peers. MARKET PERCEPTION The current price and values as on 24/Dec/2009 are shown below. The markets have rebounced after the effects of recession and today the stock price is relatively higher than the year end 31st March 2009. The Analystcommunity/Broker view point has been attached in APPENDIX 5. For a detailed analysis the stock price chart has been attached in APPENDIX 6. OHLC(open high low close ) chart has ben chosen for 52 week period. The 52 week low was around 53.05 (due to FII outflow from indian markets in march ). All the stock prices were vey low at that point. The OHLC shows the markets open, previous close, todays high and low. The market is pretty range bound and not trending and so the stock price has witnessed a small fall. (Indian point of view). CONCLUSION The Financial Analysis helps us conclude that the company in spite of having some glitches has performed well , especially compared to the peers and the stock is not overvalued and hence has a good investment potential in the long term. Future Potential PIL has a robust order backlog of around Rs 2100 crore (nearly three times its trailing four quarter sales) as on date and the same is expected to grow to Rs 3500 crore by fiscal FY 2011, which provides strong revenue visibility. While maintaining its strong foothold in the water segments, PIL has diversified its business profile into urban infrastructure projects and other verticals of infrastructure development like EPC contracts in Oil and Gas distribution, thermal power plants and other large projects in construction space. This will insulate the company from any slowdown in any particular segment. The company has backward integrated by setting up HSAW pipe facility, which has strengthened its margin in water segment and also allowed an entry into a lucrative space of oil and gas EPC contracts. Pratibha Industries has sizable presence in Mumbai Metropolitan Region and is expanding aggressively in other states in order to diversify the state specific delays and risk. Risk Concerns Projects included in the order book of the company may be delayed or cancelled for various reasons, which will adversely affect the revenues and earnings of the company. As for PIL, most of its projects are running on schedule. However, one cannot ignore the inherent risks associated with the business. Fluctuation in raw material prices is another concern. A sharper-than expected increase in the prices of these raw materials could impact PILs Margins. Future order inflows might get affected due to the economic slowdown. Any slowdown in government implementation and awarding of contracts in water management and urban infrastructure, will impact companys earning. R D expenditures of total turnover was 1.9% 9. REFERENCES Ashok Leyland website https://www.ashokleyland.com BFA report available at https://chintan.agarwal.googlepages.com/BFA_Report_R9.pdf Performance report available at https://www.ashokleyland.com/performanceReport.jsp Business Line website https://www.thehindubusinessline.com Moneycontrol website https://www.moneycontrol.com ICICI direct website https://www.icicidirect.com Definitions for Profitability ratios available at: https://www.investopedia.com/terms/p/profitabilityratios.asp?viewed=1 Definitions for Turnover ratios available at https://www.investorwords.com/5832/turnover_ratio.html Definitions for Liquidity ratios available at https://www.advfn.com/Help/liquidity-ratio-112.html Definitions for Solvency ratios available at https://www.investopedia.com/terms/s/solvencyratio.asp Chadwick, Leslie (2002). Essential Finance and Accounting for Managers. Prentice Hall Dyson, J R., (1997). Accounting for Non- Accounting Students. Fourth edi tion, Pitman Publishing. APPENDICES Appendix 1 Appendix 2 Appendix 3 Appendix 4 Policy Comment Accounting Convention The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 1956. The Company is following accrual basis of accounting on a going concern concept. Accounting policies are suitably disclosed as notes annexed to the Balance Sheet and Profit Loss Account. Fixed assets and depreciation/amortisation Fixed Assets are stated at cost of acquisition, including any attributable cost for bringing the asset to its working condition for its intended use, net of taxes and duties less accumulated depreciation and impairment loss and includes financing cost for period up to the date of readiness of use. Capital Work-in-Progress is stated at the amount expended up to the date of Balance Sheet including preoperative expenditure. Depreciation on fixed assets has been provided on Straight Line method at the rates and in the m anner prescribed in Schedule XIV to the Companies Act, 1956. As per ASI 2- Accounting For Machinery Spares, the machinery spares specific to a particular asset have been capitalized. Investments Current investments are carried at the lower of cost and quoted/fair value, computed category wise. Investments, intended to be held for more than a year, from the date of acquisition, are classified as long-term. they are stated at cost. Provision for diminution in the value of long-term investments is made only if such a decline is other than temporary. Inventories Cost of inventories comprise of all cost of purchase, cost of conversion and other cost incurred in bringing them to their respective present location and condition. Raw materials are valued at lower of cost or net realizable value. Foreign currency transactions All Monetary assets and liabilities are converted at the exchange rate prevailing on the last day of the year. All Monetary assets and liabilities are converted at the exchange rate prevailing on the last day of the year. Revenue recognition The Company follows the percentage completion method, on the basis of physical measurement of work actually completed at the balance sheet date, taking into account the contractual price and revision thereto by estimating total revenue and total cost till completion of the contract and the profit so determined has been accounted for proportionate to the percentage of the actual work done. Sales are accounted net of excise duty, Sales Tax, Discount, Returns and Rejections. Sales are recognized on dispatch of material from the factory of the company. Borrowing Costs: Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. All other borrowings costs are expensed out. Contingent Liabilities: These are disclosed by way of notes on the Balance Sheet. Provision is made in the accounts in respect of those contingencies, which are likely to materialize into liabilities after the year end, till the finalization of accounts and have material effect on the position stated in the Balance Sheet. Segment Accounting Segment accounting policies are in line with the accounting policies of the Company. Segment revenue includes sales and other income directly identifiable with/ allocable to the segment including inter- segment revenue. Income which relates to the Company as a whole and not allocable to segments is included in Unallocable Corporate Income. Segment result includes margins on inter- segment transactions, which are reduced in arriving at the profit before tax of the Company. Segment assets and liabilities include those directly identifiable with the respective segments. Segment revenue resulting from transactions with other business segments is accounted on the basis of transfer price agreed between the segments. Such transfer prices a re either determined to yield a desired margin or agreed on a negotiated basis. Appendix 5 ANALYST COMMENTS BY GEOJIT BNP PARIBAS: Please be informed that the Pratibha Industries, a leading engineering and construction company, has been doing reasonably well. A company with annual turnover of Rs.805 crore in Financial Year 08 -09, earned net profit of Rs.45 crore in that year and the earnings per share (EPS) is Rs.26.80. For the six months ended September 09, net profit of the company is Rs.24 crore. which translates to an EPS of Rs.14.38 on a half yearly basis. Book value of the share as on March 09 balance sheet is Rs.134. At the current price (Rs.the price / book value ratio is 2.08. The figures as stated above indicate that the stock is not over valued and you may consider a buy. However, the sluggish trends in the construction and engineering industry in recent days due to the on going economic slowdown may check any strong upmove in the stock prices in the immediate term and it looks better to buy for the long term. Buying in small lots in different occasions would help you to accumulate t he stock cheap, if the price is falling.