Reaction Paper About UNICEF Cities Failing Children Essay

As a Filipino and youth of this country, I’ve appreciated UNICEF’s efforts in regards with the children who are in need. It is not easy to aggregate data of the country’s status just to check how are the citizens especially the children are treated and supported by the countries, particularly of their local governments or cities where they are settling. However, the report and data were compiled and reported by State of the World’s Children of UNICEF though it was an article, reported few years ago (March 7, 2012), still it makes me feel uncomfortable and burdened, knowing that many children are deprived of most basic services and necessities that actually they should have. In addition, UNICEF cited Philippines as an example of their article entitled, Cities Failing Children. The report states that children (Filipinos) who live in poor urban even other class of urban communities experience deprivations such as lack of decent housing and limited access to c lean water and they are more exposed to disaster risks and are also more prone to neglect, abuse, and exploitation. It proves that our government is not doing the part that they should be performing, like what we have learned from our previous lesson, Power of the State – the three inherent power of state specifically the police power, which states that it is the sovereign power to promote and protect the general welfare; it is the most pervasive and the least limitable of the three powers of the state, the most essential, consistent and illimitable which enables the State to prohibit all hurtful things to the comfort, safety and welfare of the society, these just become meaningless at all for in reality, this power is not being fully exercised and practiced by our government. In my opinion, our government should at least exert extra sympathy or attention with this kind of problems rather than to their own agendas and non-sense conflicts of their parties. I think it is not impossible for the Philippines to cure and solve this kind of problem if we just unite and our government stop their not-so-needed plans because I strongly believe that the true wealth of the nation is the children and next generation, but if this problem continues and will not be given attention, I assume that next coming years will be more hard to live for. Nevertheless, it’s not late to do something for this kind of problem it is just a matter of love, passion and honesty of our government and even of  us that are more blessed than them. Further, I never lose hope that one day Philippine government and possibly with the help of UNICEF, will use the power of the state to build and create a better future for our generation especially for those children deprived of their basic needs or even their basic rights and solve a lot of problem within these children. Therefore, as a Filipino informed of this matter, we should take responsibility to do something for our beloved country. I have learned that I should have not take for granted things that I have because almost half of our population are deprived of the basic needs that I already have. I don’t want to promise anything but I will try to do the best I can to serve and help our nation. Hoping that after few years, UNICEF’s report about Philippines even their report about the world will be better and be full of hope and great future for the people and most of all, for the children.

Bachelor of Arts Community development Essay

The unit explores the power of ideas to change the world and ourselves, focusing on their birth, transmission, evolution, and personal and global impact. Through the study of selected themes, students are introduced to the knowledge and approaches central to the arts, social sciences and humanities, and are invited to reflect on competing moral and social arguments. The development of writing and critical thinking skills are a core focus of the unit. The unit is arranged around four different topics, each of which is allocated five or six lectures and three tutorials. Each topic consists of an organising theme which is used to focus a set of contrasting disciplinary perspectives from within the arts, social sciences and humanities. For 2014, the four organising themes are: ââ€" ¦The individual and the community. ââ€" ¦Violence ââ€" ¦Truth and representation ââ€" ¦The good life The key aims of this unit are as follows: ââ€" ¦To introduce students to a range of methodological, conceptual and theoretical appraoches to the main discipline areas covered in the Bachelor of Arts degree. ââ€" ¦To show how social and moral issues may be examined from diverse perspectives, so as to result in differing evaluations, each offering potentially valuable illuminations. ââ€" ¦To provide students with the conceptual tools to become more articulate and reflective in their examination of social and moral issues. The majors which comprise the Bachelor of Arts in 2014 are: ââ€" ¦Asian Studies ââ€" ¦Australian Indigenous Studies ââ€" ¦Communication and Media Studies ââ€" ¦Community Development ââ€" ¦Criminology ââ€" ¦Education Studies ââ€" ¦English and Creative Writing ââ€" ¦Games Art and Design ââ€" ¦History ââ€" ¦Indonesian ââ€" ¦Interactive Digital Design ââ€" ¦International Aid and Development ââ€" ¦Japanese ââ€" ¦Journalism ââ€" ¦Legal Studies ââ€" ¦Philosophy ââ€" ¦Photography ââ€" ¦Public Relations ââ€" ¦Politics and International Studies ââ€" ¦Radio ââ€" ¦Religion ââ€" ¦Security, Terrorism and Counterterrorism Studies ââ€" ¦Social and Developmental Psychology ââ€" ¦Sociology ââ€" ¦Sound ââ€" ¦Sustainable Development ââ€" ¦Theatre and Drama ââ€" ¦Tourism and Events ââ€" ¦Web Communication

Bullying: Self-esteem and God Essay

Bullying is a continuous cycle that starts when someone is so insecure that they feel the need to hurt someone. Often, the person who was bullied is left with low self esteem and he feels the need to put others down to make himself look better. People bully other people because they think that if they turn the attention to someone else, people won’t hurt or talk about them. They think that it will make them be more popular, but actually it just ruins their reputation. God talks about bullying in Luke 6:29 â€Å"If someone strikes you on one cheek, turn to him the other also. If someone takes your cloak, do not stop him from taking your tunic.† God never says to get even with them, call them a bad name, or hold a grudge. Jesus was constantly bullied. He was spit on, ridiculed, mocked, and whipped. He was even crucified, but still He never was mean to them. While He was on the cross, He said â€Å"Father, forgive them, for they do not know what they are doing.† Even while His enemies were treating him horribly, all Jesus could think of is that He wanted to see them in heaven. Our goal also is that we want to see all people in heaven. Our life is not to focus on trying to be the most popular person. Our purpose here on earth is to tell others of our Savior so that they too will be in heaven. We are reminded of this in Matthew 28: 19 â€Å"Therefore go and make disciples of all nations, baptizing them in the name of the Father and of the Son and of the Holy Spirit.† Our relationship to others should always be one of love so we don’t put obstacles in the way of witnessing and spreading His Word. When we see someone else being hurt with words or actions, it is our job to stick up for them. If we don’t defend them, we commit the sin of omission, and we are as guilty as the bully. We need to speak well of each other, showing love and kindness to all people including the bully to help lead him to repentance. When we feel the urge to hurt someone with our words or actions, we should remember God’s command to love one another. We need to follow God’s command in Matthew 7:12 â€Å"So in everything, do to others what you would have them do to you.† God has given us the perfect example of love by sending His Son to die for our sins. We need to show that same love to others through our words and actions. We need to think, if Jesus was in my exact position, what would He do? Obviously Jesus wouldn’t do anything that would hurt someone, but He’d always show love, compassion, and forgiveness. God made each of us special. Why then would we want to make fun of the way God made someone else? Our lives should always reflect Christ’s love for us. 1Peter 3:8 -10 â€Å"Live in harmony with one another; be sympathetic, love as brothers, be compassionate and humble. Do not repay evil with evil or insult with insult, but with blessing, because to this you were called so that you may inherit a blessing. For, ‘ Whoever would love life and see good days must keep his tongue from evil and his lips from deceitful speech.’†

Movie Review Assignment To Kill a Mocking Bird Essay

Movie Review Assignment To Kill a Mocking Bird - Essay Example The story then gravitates to Atticus Finch accepting the charge of Judge Taylor to defend Tom Robinson, a black man accused of assaulting and raping a white woman, Mayella Ewell. Atticus' acceptance of the case creates a stir in their small community, which affects his children somewhat negatively until he explains to them that if he refuses to defend Tom Robinson, he will no longer be able to hold his head up high in their town, meaning that he will no longer be qualified to be a guide as to what is wrong or right. But while Atticus has proven the innocence of his client, he loses his case and Tom Robinson loses heart; Tom tries to escape and is killed. Bob Ewell attacks Jem and Scout afterwards, but they are saved by Boo Radley. The film attempts to portray with accuracy the disparity that existed between the white people and the colored people in the early part of the 20th century. The Jim Crow laws - laws delineating the segregation of the white people from the black people - are fully enforced at the time of the film's setting, which is 1932. It was a difficult time for the African Americans then; they were hardly treated like human beings. They are not allowed to use the same facilities. There are separate water fountains, public transports, theaters, restaurants, libraries and the like for blacks and for whites. They cannot be enrolled in the same school. They cannot intermarry. Blacks cannot be hired for any other jobs other than menial ones in some states. And while they have the right to vote, blacks have to pass certain tests and requirements in order to exercise that right, while the whites are not encumbered by such requirements. Examples of how the Jim Crow laws are applied back then are present in the movie, but while discrimination is one of the themes tackled by the film, the examples are not given jarring emphasis; rather, they blend well in the general flow of the story. One example is that two of the three black characters named in the film are employed in menial jobs. Tom Robinson is a field hand while Calpurnia works as a maid in the Finch household. White people at that time are prohibited from hiring black people except to do menial jobs. Other examples that can be seen in the film are the separate seating arrangement of blacks and whites in the county courthouse, Bob Ewell calling Tom's father "boy" even though the latter obviously looks far older than him, the attitude their society takes on the matter of a white woman having relations with a black man (as implied in the testimonies given by all parties involved during the trial), and the all-white jury that deliberated on the case of Tom Robinson. The all-white jury is probably the very reason why Atticus Finch lost his case, despite the success he achieved in casting the testimonies of the prosecution's witnesses in questionable light, as well as the compelling closing argument he gave to the jury. First, Atticus establishes that the bruises and injuries sustained by Mayella Ewell were mostly on the right side of her face and body, which means that the blows were dealt with the right hand of the assaulter, and that two hands are needed to pin her down. Second, he casts a shadow on Bob Ewell's character, making him seem an illiterate person who is given to rage and violence when drunk. Third, he makes Tom Robinson catch a glass, proving

Journal Article Critiques Essay Example | Topics and Well Written Essays - 1500 words

Journal Article Critiques - Essay Example Thus, critiquing a research work, therefore, involves a careful examination of all aspects of the study, to assess its strength, limitations, meanings and relevance, in a bid to gain adequate up to date knowledge and provide essential information necessary for further studies. Holosko (2005, pg17) opined that irrespective of the aim of any research study, before taking an in-depth look at the different sections of the research, it is important to first examine the title, abstract, author’s affiliation and writing style. The purpose of title in a research study is to serve as identification, to provide information and to concisely describe the content of such research paper. Holosko (2005, pg19) argued that research titles need to be accurate, properly written and should avoid rhetorical questions. The title of the study under review sufficiently satisfies these criteria. It gives an insight into what the study is about and after reading through the report, one can say that the title accurate described the content of the research. The writing style and language of the research article also merits commendation. The language is simple enough for everyone to understand without necessarily undermining the technical nature of the research. The writing style also complies with the APA writing styles, both in referencing, citations and format. However, the sections of the report did not follow the format described by Holosko (2005) as the basic sections of any research study. The Introduction/Purpose subsections: Introduction, Purpose/Objective of the study, Rationale of the study and Literature review, was either completely missing or not correctly itemized. Although, this did not take away from the overall validity of the research effort, it however, is an unpleasant omission. An abstract is supposed to provide the surface reader with in depth information about a research study, without taking too

Inherent Nature of Faith Essay Example | Topics and Well Written Essays - 2000 words

Inherent Nature of Faith - Essay Example Two of the religious faiths to consider, would be Christianity and Buddhism. For Christians, they believe in one god, with that savior being Jesus Christ. With those of the Christian faith they believe, "..in a loving God who has revealed himself and can be personally known in this life. With Jesus Christ, the person's focus is not on religious rituals or performing good works, but on enjoying a relationship with God and growing to know him better," ("World Religions", p.1). The strongest characteristic to be found within the central framework of the Christian faith would be the inner belief in a singular god and as such, would be considered to be a monotheistic religion. Christian faith followers would believe in a singular spiritual guide for their spiritual guidance, or teacher, who would show them down the correct path. As for Buddhists, they in fact take a different approach to their faith in this case. For example, "Buddhists do not worship any gods or God. People outside of Buddhism often think that Buddhists worship the Buddha. However, the Buddha (Siddhartha Gautama) never claimed to be divine, but rather he is viewed by Buddhists as having attained what they are also striving to attain, which is spiritual enlightenment and, with it, freedom from the continuous cycle of life and death," ("World Religions", p.1). In contrast to those who refer to themselves as Christians who believe in one god, Buddhists do not elect to believe in a specific god. To put it more simply, "Buddha is just an enlightened being. If you are enlightened, you are Buddha too. All sentient beings can be Buddha," ("Buddhism", p.1). As a central tenet in Buddhist faith, the power has been placed in the hands of the individual faith believer, in comparison to those in the Christian faith, the place such power outside of themselves and instead rely upon the strength of their conviction that Jesus Christ is the true leader of their faith and where their devotion is meant to be placed within. For Christians, their desire to be loyal to Jesus also lies within their feeling that he truly controls the ability to influence all worldly things. In this vein, for Buddhists, "Although Buddha is the most supreme being known in all realms, he has no power to control everything. For instance, he is unable to change the principle of cause and effect. In other words, if you commit an evil deed, Buddha cannot save you by "waiving" the effect caused by your evil deed," ("Buddhism", p.1). As both religious faiths are considered, the characteristic of leadership for each would be one that would seek to place totalitarian allegiance to, while the other would seek to encourage the act of considering every individual follower as holding the true and strongest power and not follow the notion of requiring a specific individual or entity to hold the title of being the god, or leader, of their faith and their followers. Another characteristic of both faiths to consider would be the practice of prayer taken by Christians, while Buddhists seek to take part in meditation. For Christians, they take solace in the act of saying their prayers at times of discord, as well as an act of showing their devotion to Jesus and their strength found within their Christian faith. A very common prayer found within the Christian denomination, would be the prayer referred to as the

Understanding School Business Management Essay Example | Topics and Well Written Essays - 4500 words - 1

Understanding School Business Management - Essay Example ate motivation and desire to work; and (6) exhibiting strong conformity to abide by policies, procedures, standards, and codes of conduct (CPD Framework, n.d.). However, there apparently were areas of improvement in the following facets: (1) responding and reacting to unexpected behavior; (2) resolving conflicts and challenging problems; and (3) taking into account the need to provide feedback to assist in improving work-related concerns. After undertaking the learning styles diagnostic, the results revealed that I exhibit the accommodating style, consistent with Kolb’s learning theory (Honey & Mumford, 2006). Said style is a collaboration of two preferred styles, concrete experience (CE) and active experimentation (AE). As described, â€Å"the accommodating learning style is hands-on, and relies on intuition rather than logic. These people use other peoples analysis, and prefer to take a practical, experiential approach. They are attracted to new challenges and experiences, and to carrying out plans† (Honey & Mumford, 2006, p. 1). Results of the suitable time management diagnostic assessment revealed that I am a competent time manager (Business Training Works, Inc., 2015). I am aware of schedules and abide by complying with reports on time. Likewise, I am also cognizant of the tasks and responsibilities of others and try to adapt to their schedules when seeking assistance or accommodations. I am a disciplined person who needs little supervision, Moreover, I rarely procastinate and know how to prioritize tasks according to urgency and relevance. I also rarely miss deadlines and I anticipate the needs to aptly prepare for undertaking endeavors. Concurrently, there are weaknesses in terms of evaluating time spent on addressing crises, conflicts, and challenges. From the diagnostic tools on managing self and personal skills, learning styles, and time management, it was evident that I possess the following strengths: (1) competence in time management, (2)

The Case of Thomas Jackson Assignment Example | Topics and Well Written Essays - 500 words

The Case of Thomas Jackson - Assignment Example Constable Charles Peel stated, â€Å"There were no signs of injury, the deceased did not smell of alcohol.† The Officer also noted that there were no skid marks though it had been raining and the roads were still wet.Dennis Potts, aged 18, of 23 Beer Street in Old Town, stated that him and Thomas has spent the evening together at the Golden Dragon pool hall, where they had chatted with some girls. Thomas had a bit of a row with â€Å"one of the babes,’ and left on his own in a huff at about 11:30 PM. Dennis stated, â€Å"He offered me a lift but I said no, he seemed a bit upset to tell you the truth.† Potts also added â€Å"I think he wanted to give this chic who he had the hots for a ride on the back of his bike but she went and made some sort of joke about his bike, because it’s only a 250 cc.† When questioned by the Coroner Potts stated that from his experience Thomas was a good rider and did not normally take risks. Jane Wibbly knew Thomas slig htly and said she saw Thomas riding toward Long lane just before midnight. â€Å"He seemed to be having some sort of trouble with his lights, his bike was wobbling about a bit, and then he increased speed and shot right out of sight.A Post-mortem exam showed that Thomas has died from a broken neck. It is unknown why Thomas was ejected from his bike, though wet conditions may have been a factor. The coroner stated â€Å"I’m certain from the evidence that no one else was involved in the tragic circumstance†.

Self-esteem in adolescence Term Paper Example | Topics and Well Written Essays - 1000 words

Self-esteem in adolescence - Term Paper Example and saddle-bag hips, adolescents today, essentially those belonging to affluent families, are coming to view cosmetic surgery as a normal rite of passage. Nearly every body part is open for improvement. People seek these types of procedures because they are not happy with their appearance. They feel something is wrong. They want to look better. Better, in most cases, means a European or Western ideal of beauty. In most cases, a freshly chiseled nose, and newly minted breasts are often a teen’s ticket to improved self-esteem. (Cash, 2002) Store shelves groan under the weight of whitening products, makeup, and other personal hygiene items designed to enhance or restore beauty. No one has ever thought twice about using makeup, dyeing her gray hair, using products out of a tube, or wearing a wonderbra. Cosmetic surgery, today, is just an extension of that, and it is not uncommon and unheard of, as it was just a mere decade ago. Self esteem or self-awareness is a vital part of an individual’s upbringing and his or her ever-changing life. One should make all out efforts to understand his or her own self as well as study the strengths and weaknesses that he or she has to offer to the career that they are employed in or the work they are motivated towards for the sake of accomplishment and that too with success and flying colors. Indeed self-awareness plays a huge role in building the much needed confidence that an adolescent looks to don upon himself in any field of life, be it in sports ground or in a cabin of an office. (Billups, 1999) One has to continuously learn and ponder through the thick and thins of life and adjusts one’s own self accordingly so as to understand his or her limitations with respect to those very changes and phases of life. Self-awareness is a unique facet of an adolescent’s life and must therefore be considered whenever some major action is being undertaken in lif e, or for that matter even a minor one. Adolescents need to understand

Romantic Genre in Film Research Paper Example | Topics and Well Written Essays - 1750 words

Romantic Genre in Film - Research Paper Example There are however, movies that have attempted to appeal to crass sensibilities for the purpose of commercial benefits. This paper shall look at the Romantic genre in film, with a special focus on the film Titanic, which was directed by James Cameron and was released in 1997. The first movies of this genre were silent movies and were mostly released during the last decade of the nineteenth century. This also reflected the aesthetic movement that made an open discussion of love possible. The end of the Victorian era meant that in a certain sense, people were not as rigid in their worldviews or conservative as the Victorians were. Films that were directed by Charlie Chaplin often featured a romantic element that served to highlight social issues. It would sometimes involve people of higher classes falling in love with the tramp, serving to highlight the intensely materialistic culture that had begun to develop during the middle of the twentieth century. The disparity in classes does not force the lovers apart, a feature that is common to many films of this genre. The opposition that the love faces from the establishment is something that is constantly critiqued in such movies. Chaplin also looks at the way in which vulnerable sections of the society sometimes come together through love and mark their protest against an unjust manner of social grouping and running of the economy. This can be seen in several movies where both the lovers belong to marginalized sections of the society and are yet, not helpless, as a result of their awareness of their ability to revolt against unjust social systems. The ability of subaltern groups to create bonds amongst themselves owing to their common marginality is something that Chaplin explores through the premise of romance. Following the conventional times of the Victorian era and its aftermath, there were many unusual couples that adorned the screen. Same-sex couples were one such type some were couched in terms of comedy and t his served to avoid controversy and conflict with the conservative sections of the society. Unusual couples also involved those who were separated from each other through a difference in their ages. This resulted in controversial movies that sought to often push the barriers that the society had set. An attempt to break out of stringent social norms that had followed the World Wars can be cited as a reason for this sense of liberation that people sought to experience. This period followed a period when filmmakers sought to explore the travails of couples whose love could not reach a culmination. One of the most famous examples of this is Casablanca. Films like this sought to look into the aspects of love that sought fulfilment and culmination. It felt the need for marriage while making the viewers seek one too. This wish of the viewers was continually deferred by the filmmaker in favour of one that left a tragedy in its wake. This paradoxically, led to such movies becoming successes at the box office and the trend continued. This again was followed by a period that again had unusual couples that were sometimes based on the sexual misadventures of people. They were also sometimes based on books which had always had a history of being more controversial and open than the visual medium. This resulted

Florida Shrimp Industry Analysis Essay Example for Free

Florida Shrimp Industry Analysis Essay What if it were logical and profitable to merge two of the fastest growing shrimp industries in the United States today? That is exactly the idea behind â€Å"bait shrimp production†, the latest development in the combined evolution of the valuable live bait shrimp industry and the continual growth arena of aquaculture. Farm-raised bait shrimp is a very appropriate combination of the two businesses; both have a historical development in Florida for over forty years. Florida has been proclaimed the â€Å"Fishing Capital of the World† with its 1,197 statute miles of coastline hosting 3. 4 million anglers annually. The statistics regarding the recreational fishing industry in Florida are astounding. The Florida Fish and Wildlife Conservation Commission (FWC) reports: †¢The economic value of recreational fishing to Florida is $7.0 billion and supports 75,000 jobs. †¢Recreational fishing is the second largest sports industry in Florida with over 700 world-record fish caught. Live bait shrimp is the nucleus around which evolves Florida’s saltwater sport and recreational fishing. It is the preferred bait for fishing near shore species such as snook, sea trout, redfish, snapper, cobia and mackerel. The business of catching and supplying live bait shrimp began with a few individuals supplying themselves, and a few bait shops in the 1950’s to becoming a multi-million dollar industry with exports throughout the Southeast United States. This growth is a testimony to the pre-eminence of shrimp as the most popular live bait among saltwater anglers in Southeast United States. The message is clear the recreational/sport fishing industry and live bait shrimp are well established in Florida. And their popularity is growing amongst the14 million people (75% living within 10 miles of the coast) and the 40 million tourists who visit each year. Commercial fishermen currently supplying 100% of the bait shrimp market experiences regulatory restrictions, seasonal declines in wild stocks, and unreliable labor causing unpredictable shortages and as such are unable to meet the increase in the market demands. The FWC and Florida Department of Agriculture and Consumer service reports: †¢As the tourist and recreational fishing industry continues to increase in Florida so will the bait shrimp business. †¢Fishermen love to use live bait shrimp and retailers are always running out of bait before they run out of customers. †¢The retailer wants consistent deliveries of bait shrimp in numbers that will keep the customers walking through the door of their shop †¢Although the fishing effort has increased 50% over the past ten years, the live bait harvesters cannot meet the market demands. This increase in demand without an increase in supplies has resulted in an extremely high dollar value of live bait. This increase in demand, low supply and high dollar value has attracted the attention of shrimp producers. Now for the other half of the combination shrimp aquaculture. As the demand for live bait shrimp has expanded without an increase in supplies, the inevitable has begun to take place culturing Florida’s endemic penaeids for bait size shrimp using hatchery and production technologies developed for other economically important penaeids. Wholesale distributors cannot get adequate supply of bait shrimp certain times; retailers are forced to accept inaccurate counts and variable sizes of wild bait, which they will loose almost 30% in mortalities during the course of the day. Retailers cannot consistently provide the customer with the desired size and often sell â€Å"mixes†. Fishermen are reliant on the seasonal migration, molting periods and life cycles of the natural population; as such they cannot guarantee quality or volume. Shrimp spawn in April/May releasing eggs that move with the tides and currents into estuaries, where they spend their postlarval and juvenile stages before migrating back to deeper waters. Bait size shrimp are virtually impossible to harvest in June, July, and August due to this natural life cycle; and are in short supply September through December. It is the winter months January through April that suppliers, wholesalers and retailers can experience marketable size bait shrimp. However, even during this time period, harvesting of small animals causes immediate stress and holding them in â€Å"live† haul tanks for long distance deliveries results in high mortalities. Enter the growth industry, Aquaculture, dedicated to providing consumers what they need – healthy, quality seafood and aquatic products at market prices. The inability of the fishermen to provide year round live bait shrimp, there is a significant gap supplies. From this lack of product will grow the combination of live bait shrimp and aquaculture— Live Bait, Inc. Live Bait, Inc. will produce bait shrimp is at high densities in enclosed facilities equipped with multi-phase, recirculating systems. Bait size shrimp will be cultured to three variable sizes, (8,10, and 12 grams) to provide the retailer with desired â€Å"mixes†. Bait shrimp production facilities, unlike shrimp boats, can be located through out Florida in high value areas that support a large volume of recreational fishing and tourism. Live Bait, Inc. will focus on providing existing market channels with high quality bait at market prices, in a consistent and reliable manner through out the year. The first bait shrimp production facility is said to have been an offshoot of a Texas AM project developing production systems for Gulf of Mexico endemic shrimp. The species of choice for this area are brown shrimp (F. aztecus) and it is believed that the company, although small scale, Lone Star Fishery, is experiencing continued success. There is a tremendous interest amongst fishermen and wholesale dealers in developing culture systems for bait shrimp. However, once they realize the capital investment and risk involved, they become interested in buying from Live Bait, Inc. The market for live bait shrimp is continuing to grow, especially during the summer when local residents and tourists target inshore species. This year-round demand, unreliable supplies and high dollar value ensures a continued market for this commodity. Industry Participants There are several groups of industry participants, which must come together in order for Live Bait, Inc. to function well. 1.Wholesale Dealers. Everything begins and ends with this customer. Wholesale distributors have established marketing channels and will be buying directly from the production centers. Each production center must first identify the base of the wholesaler from which the high volume, high value business will be drawn. Their attitudes, needs and abilities must be the genesis of each decision in designing the size and location of production facilities. 2.The Nuclear Breeding Center. For long-term sustainable production and the Florida Department of Aquaculture’s support and sanctions; it is imperative that a breeding program for F. duorarum be established from the beginning. Experience has proven the necessity of SPF stocks in minimizing the incidents of diseases and animal stress from high density, mass production. 3.. For Live Bait, Inc to produce, cost-effective, quality bait shrimp it needs outstanding seedstock. Large numbers of seedstock at affordable prices will needed, on a weekly basis in order to maintain the sequential stocking required by multi-phase systems. 4.Management/Production Team. This is the triangulation point where it all comes together. The team must identify the best locations; design the most cost effective facilities and production systems, produce shrimp using state-of-the-science technologies to provide high quality bait shrimp available for daily pickup. Who are the individuals or groups that are likely customers of farm raised live bait shrimp? Fortunately, there are some marketing surveys that have been conducted Florida state agencies, the US Department of Commerce and Mariculture, Inc. that can provide some answers even in this new concept. The target market for Live Bait, Inc. is the wholesale dealer/distributor, who currently is supplied 100% by the bait shrimp fishery. Currently, wholesale dealers either buy dockside from shrimpers and/or they use their own boats. As such they are located within close proximities of bait shrimping boats and not necessarily in the high value tourist areas. Each GLB’s locations will develop its facility, production numbers, sizes and services around the target audience –wholesalers. GLB will target several distinct groups: 1.Wholesalers, which fit the basic demographic characteristics of supplying retailers from great distances. These will be wholesalers who either buy dockside from shrimpers and/or they use their own boats. As such they are located within close proximities of bait shrimping boats, which are in five major regions: Hernando (Citrus, Hernando, Pasco, Pinellas and Manatee) with 47% of total bait shrimp landings; Pine Island (Lee County) with 33% of total bait shrimp landings, Biscayne Bay (Dade and Monroe Counties) with 18% of total bait shrimp landings and Jacksonville (Fernandina Beach) with 2% total bait shrimp landings. Wholesalers will truck live bait shrimp 220 miles from Homosassa to Naples or from Miami, which is 107 miles. Wholesalers from these regions supplying the North-Central East Coast, the Keys and Panhandle will be targeted. 2.Wholesalers who supply retailers dealing in large volumes. For example marinas that sell 275,000 – 300,000 or more bait per day during the winter months and 65,000 – 80,000 per day during the summer months. Volume in these areas severely restricted due short supplies and distance from suppliers. Retailers claim they could sell up to 300% more, if the supply were available. Wholesalers supplying large marinas, high-end fishing piers located in metropolitan areas, and retail bait/tackle stores that promote popular sport fishing tournaments will be targeted. 3.Wholesalers who supply high dollar bait to retailers located in areas support high value recreational/sport fishing and tourism. Wholesale prices for live bait vary considerably with location. For example prices in Pine Island will run $30/1,000 shrimp while in Marco Island and Naples, which is just south of Pine Island, will have prices up to $70/1,000. Wholesalers who supply retailers who are willing to pay the higher market price will be targeted. 4. Wholesalers who are receptive of farm-raised bait and will promote the product among retailers. Currently, an overwhelming majority of retailers accept the idea of farm-raised bait. Most are willing to pay between 50-100% above current prices for farm raised bait as long as the supply is consistent and reliable. Wholesalers who are willing to promote our product, pay premium prices for premium farm raised bait shrimp will be targeted. 5.Wholesalers who are either currently exporting to neighboring states, or who would like to export to other states. Florida Bait shrimp wholesalers export live bait nine months out of the year to different neighboring states. Currently they supply 60% of the Alabama Market, 20% of the South Carolina and 50% of the Georgia market. Wholesalers exporting to other states will be targeted. 6.Bait Brokers dealing in frozen bait are currently importing small frozen shrimp that are severely damaged from outside the United States. The shrimp exotic species, which may or may not be infected with viral diseases. These brokers currently cannot meet the needs of their large contracts such as those with Wal-Mart and Publix. Process them, as most of the brokers also have processing plants. 7.Wholesalers who are supplying retailers whose customers would prefer farm raised bait over wild bait for ecological and environmental reasons. These six primary target groups provide fertile ground for GLB to become a profitable operation within the first year of production. In fact, GLB will become the top producer of farm-raised bait for Florida and the entire southeast coastal corridors. Live Bait, Inc. production centers will be established in key locations through out Florida. The marinas, retail bait shops, bait and tackle shops within a thirty-mile radius will match the demographic target profile – high volume, high market price, pro-farm raised bait, easy assess to interstate highways and are being supplied by wholesalers from great distances. A marketing survey conducted by the Florida Department of Agriculture and Consumer Service’s, Bureau of Seafood and Aquaculture Marketing has documented annual landings (harvests), volumes of bait sold by retailers, wholesale/retail prices, peak seasonal demands and months of supply shortages. Major harvesting areas are divided Hernando Regions (Citrus, Hernando, Pasco, Pinellas and Manatee) with 47% of total bait shrimp landings; Pine Island (Lee County) with 33% of total bait shrimp landings, Biscayne Bay (Dade and Monroe Counties) with 18% of total bait shrimp landings and Jacksonville (Fernandina Beach) with 2% total bait shrimp landings. Annual Landings report to Florida’s Fish and Wildlife Conservation Commission by licensed bait shrimpers in 2000 was 2.46 million pounds (246 million bait size shrimp using a 100/1b count). This is 50% above the reported landings for 1991 of 1.23 million pounds 123 million bait size shrimp using a 100/lb count). Fishery managers feel the harvest numbers are under-reported on trip tickets. And since live bait shrimp is a cash industry sales are not accurately reported. Also not all shrimp caught as live bait is sold as live bait, there are high mortality rates associated with harvesting, holding and transporting. Larger shrimp will often be culled and sold as food. It is likely that the farm production needed to supply current markets will have to be 50% above reported landings to approximately 3.69 million pounds (369 million bait size shrimp using a 100/lb count).

Education - Africa Essay Example for Free

Education Africa Essay Introduction In this essay I will discuss all the situational factors that formed the basis of the reforms during the era of education reform from 1976-1994 in South Africa. The essay will critically discuss factors in detail regarding pre 1994 education. I will then give a conclusion on all the factors that influenced the educational reforms. The Soweto uprising in 1979 In 1979 there was a huge riot against the education act. The riot was about creating equal learning opportunities for everybody, black and coloured people rioted in the streets of Johannesburg because they were tired of being oppressed. While this was going on teachers lost the will to teach and learners lost the will to learn. Erosion of the culture of learning and teaching (C. O. L. T) Schools were closed, destroyed and sometimes even burnt down because of the inequalities of learning during this era. This made it very hard for students of â€Å"colour† to learn. Thus putting education for people of â€Å"colour† in a deep crisis. Students were upset with three major issues: the standard of education, the quality of teaching and finally the poor state of school buildings and equipment. These three issues made students not want to attend school and was a main cause to the Soweto uprising in 1976. The De Lange commission The De Lange commission was introduced in order to create a better education system, for example creating equal education opportunities for everybody. These were some of their suggestions: education must improve quality of life, must promote economic growth and education should be equal and available to every student regardless of their colour. The De Lange commission was considered by the HSRC and eleven points from the commission were put into place. The 1994 democratic elections In 1994 the first democratic elections took place, this is the first time that everybody was seen as equal, with equal rights and learning opportunities. People were also given the freedom to pick which languages they wanted to learn in, as well as have a choice on subjects they learnt. People were also given freedom of choice in other areas not only education and some of these choices are: freedom to vote, freedom to live where they want, freedom to marry between races and International sanctions, against South Africa, in sport and economics were lifted. Differences in schooling between the four different race groups Along almost any dimension of comparison, there have been, and are glaring inequalities between the four schooling systems in South Africa. This applies to teacher qualifications, teacher-pupil ratios, per capita funding, buildings, equipment, facilities, books, stationery and also to ‘results’ measured in terms of the proportions and levels of certificates awarded. Along these dimensions, â€Å"White’ schools are far better off than any of the others, and ‘Indian’ and ‘Coloured’ schools are better off than those for ‘Africans’. Schooling is compulsory for ‘Whites’, ‘Indians’ and ‘Coloureds’ but not for ‘Africans’. Which created unequal opportunities when it came to job opportunities. Curriculum during the apartheid era Curriculum development in South African education during the period of apartheid was controlled tightly from the centre. While theoretically, at least, each separate department had its own curriculum development and protocols, in reality curriculum formation in South Africa was dominated by committees attached to the white House of Assembly. So prescriptive was this system, controlled on the one hand by a network of inspectors and subject advisors and on the other hand by several generations of poorly qualified teachers, that had authority, controlled learning, and corporal punishment were the rule. These conditions were exacerbated in the impoverished environments of schools for children of colour. Examination criteria and procedures were instrumental in promoting the political perspectives of those in power and allowed teachers very little latitude to determine standards or to interpret the work of their students. The Bantu education act  The Bantu Education Act (No. 47) of 1953 widened the gaps in educational opportunities for different racial groups. The concept of racial purity, in particular, provided a rationalization for keeping black education inferior. Verwoerd, then minister of native affairs, said black Africans should be educated for their opportunities in life, and that there was no place for them above the level of certain forms of labour. The government also tightened its control over religious high schools by eliminating almost all financial aid, forcing many churches to sell their schools to the government or close them entirely. Christian national education(C. N. E) Christian National Education supported the NP program of apartheid by calling on educators to reinforce cultural diversity and to rely on mother-tongue instruction in the first years of primary school. This philosophy also exposed the idea that a persons social responsibilities and political opportunities are defined by that persons ethnic identity. The government also gave strong management control to the school boards, who were elected by the parents in each district. Official attitudes toward African education were paternalistic, based on segregation. Black education was not supposed to drain government resources away from white education. The number of schools for blacks increased during the 1960s, but their curriculum was designed to prepare children for menial jobs. Per-capita government spending on black education slipped to one-tenth of spending on whites in the 1970s. Black schools had inferior facilities, teachers, and textbooks. Conclusion In conclusion to the above essay there were many problems such as; Christian national education(C.N. E), The Bantu education act, Curriculum during the apartheid era, Differences in schooling between the four different race groups, The 1994 democratic elections, The De Lange commission, Erosion of the culture of learning and teaching (C. O. L. T)and The Soweto uprising in 1979. In all these situational factors that formed the basis of the reforms during the era of education reform from 1976-1994 in South Africa, the 1994 democratic elections were put in place so that everyone had equal opportunity at everything; it was the main â€Å"turn around† point after the period of 1976-1994. I have discussed some of them in detail so that you can get a better understanding of the reforms that took place during the period of 1976-1994. Words: 1024 References 1. http://upetd. up. ac. za/thesis/available/etd-05062008-091259/unrestricted/02chapter2a. pdf 2. http://jae. oxfordjournals. org/content/16/5/849. abstract 3. http://newlearningonline. com/new-learning/chapter-5-learning-personalities/apartheid-education/ 4. http://www. nwu. ac. za/sites/default/files/files/p-saeduc/articles/2009articles/Teksversorg_23nov09_ODAV. pdf 5. http://www. mongabay. com/history/south_africa/south_africa-education_under_apartheid. html

Bella Fleur Wedding Reception Venue Analysis Marketing Essay

Bella Fleur Wedding Reception Venue Analysis Marketing Essay EXECUTIVE SUMMARY Business description and ownership Bella Fleur is a wedding reception venue specializing in classy and entertaining weddings for all cultures and ages (legally of course). I will be the owner of this business, and as a sole trader I am willing to try hard to assess all aspects of a business in this business plan in order to avoid involuntary cessation. I have chosen this legal structure for my business because the decision making aspect will be easier and also conflict between owners of a business that arises during decision making is avoided. As the business grows, if needed I will be able to change the legal structure to something more suitable for the situation. There will be a cultural Lebanese aspect to the venue which will add the entertaining purposes of the weddings. This culture has been held as an inspiration and will evolve in the different services offered by the venue such as foods, entertainment and sometimes decorations. Bella Fleur will offer many options/preferences as well as services and facilities to the client. Bella Fleur does not only offer services during the reception, but also leading up to the wedding. Qualified staff members are available full time to make any couples WHOLE dream day a reality rather than the dream party alone. The wedding reception venue will be located on the main road of one of Sydneys Eastern Suburbs, Double Bay. The address of this business is; 64 Bay Road, Double Bay. I have chosen a visible location and so the promotion of the venue will be quite an easy task. Bella Fleur is part of the services sector of businesses in Australia as the prime function is to organize and host a wedding for any kind of clientele. The services provided by the wedding reception venue include; wedding planners, waiters, entertainment, MCs, Bella Fleur catering, bartenders, cars and all things that are needed to ensure the bride and groom have the perfect day. Purpose of Plan- The purpose of this business plan is to help Bella Fleur Wedding Reception Venue to prevent failure. Many goals will be put in place in order to give the business a main path to follow and things that will be needed to achieve. Some of the goals placed by the business owner (Maya Geagea) include; The social goals Ensuring that all members of the community are offered with a variety of options in order to create the perfect function Offering a diverse range of services to community members The financial goals Expanding the business over a certain timeframe Ensuring that all debt finances are of minimal occurrence Gaining a sufficient profit The personal goals Being successful Creating good consumer awareness Gaining sufficient profits and minimal debts Situational Analysis Strengths Excellent Reputation Good contact base Excellent management skills Excellent quality services Extensive knowledge of the industry sector Highly qualified staff base Weaknesses Lack of consumer awareness Entrepreneurship Minimal startup capital Size of venue Opportunities Extra services will become available Growing economy Expanding locations Competitors suffering financial problems and looking to sell their business Threats Competitors Decreasing economy Increased inflation Increasing service prices Business Objectives and Strategies Objectives Strategies Provide the Bride and Groom with everything they need to make their day perfect Develop a professional, qualified staff base Ensure all services available are provided correctly Ensure that entertainment is always changing. Develop a loyal clientele base Work well with all clients Ensure that the bride and groom and all the guests are all satisfied Be consistent with all clients and ensure that all treatment is fair Add extra services to the business Research extra services that a venue can provide (2 months) Develop the new services (4 months) Have new services tested and running at full capacity (5 months) Quality Rating Complete a survey of how well the business and staff has operated with clients (3 months) Improve and use these surveys as critical analysis and new objectives (3 months) OPERATIONS Operations Description of goods and services All production facilities for the services offered by Bella Fleur will be located at the same site of Bella Fleur. Bella Fleur not only offers a venue for a wedding reception to be held at but also offers planning services to the Bride and Groom. These include services such as; Entertainment This includes DJs, bands, dancers, and all types of entertainers to ensure that the bride/groom as well as the guests experience a memorable and enjoyable night. Decorators Professional decorative designers who will decorate not only the reception, but also the ceremony location in order to create a coherent environment. They will be in charge of the table cloths, chair covers, foyer decorations, centre pieces, chair sashes, bridal table design, backdrop, fireworks and anything else selected by the bride and groom. Chefs Chefs will ensure that the Bride Groom are provided with their dream wedding banquet and all guests appetites are fulfilled. They will also be in charge of preparing the food for the bridal partys picnic while taking photos after the ceremony. Waiters the waiters must ensure that all tables are adequately taken care of and guests receive all they ask for. The head waiters will attend to the bridal partys needs regarding food and drinks on the night. Drivers Cars The Bride and Groom will have a wide selection of cars in order for them to be able to choose their preferred transportation on the big day. This will include cars for the bridal party and also a getaway car for the bride and groom. A picnic lunch is also available with any car selection provided by the kitchen at Bella Fleur. The bride and groom may choose to speak personally to the car company or have the confrontations done by the venue. MCs the bride and groom will have a choice of one or two MCs on the night, which will be chosen from a list of five entertaining public speakers. Flowers The bride will be able to choose from a wide range of flowers and arrangements of all sorts including her own and the bridesmaids bouquets. Once these flowers are chosen, automatically, boutonniere and corsages will be chosen to match the brides choice. Invitations A variety of invitation samples will be shown to the bride and groom and they will be able to choose their favorite invitation base, and alter any decorations on the invitation. **It is optional for the bride and groom to choose to work with a wedding planner. ** The Above services are available at the request of the bride and groom. Personnel Requirements and skills Waiters 10 waiters will be employed overall. Depending on the size of the function, the number of waiters asked to work will vary. No qualifications will be needed from the waiters; however it is preferable that they have worked in some sort of restaurant before. During induction, waiters will be taught the proper way of setting out wedding arrangements for the tables. Wedding Planners Two wedding planners will be employed. The wedding planners must be qualified in the areas of events management. The wedding planner is expected to have completed the events management course. They are required to speak fluent English and also a second language is highly preferred. Wedding planners should be able to communicate with clients clearly and be able not only to fulfill all the clients needs and wants at the venue, but also everything they need leading up to the big day. They will be asked to try to relate to the bride and groom and find the suitable options for the Bride and Groom. Kitchen Staff Three chefs and three kitchen staff will be employed. The chef is expected to fulfill all requirements on the basis of food, and also should be able to alternate and always help create an innovative menu. The three kitchen staff will be employed as the chefs assistants, they will carry out jobs such as washing the dishes, cleaning the kitchen, providing the chef with all ingredients etc. Receptionist The receptionist must be able to deal with all kinds of people and communicate clearly over the phone as well as face to face. It is preferred that the receptionist be a woman, and also be able to take care of all book keeping requirements. MARKETING Marketing Market Analysis Bella Fleur Wedding Reception will begin as a small business, targeted mainly at people looking for a versatile wedding and a variety of options. The target market for this business will range from clients looking for somewhere to have their wedding reception to clients looking for somewhere where they can hold a christening. Marriages around Australia are of high occurrence, and therefore the target market for Bella Fleur will be diverse and ever growing. The table below shows the number of marriages over time from 1988 2007. Total marriages 1998-2007 Graph: Total marriages-1998-2007 Bella Fleur wedding reception has a main goal of market expansion. Over the time frame of ten years, this business will hope to expand and become a franchise. In order to do so, customer awareness will need to be gained and further focused on. Bella Fleur will mainly focus on promotion and customer awareness in the month of March. As statistics show, weddings in Australia were found in 2007 that March was the most popular month. This is show in the table below found on; http://www.abs.gov.au/ausstats/[emailprotected]/mf/3306.0.55.001 Months of marriage 2007 Graph: Months of marriage-2007 Competitor Analysis Within wedding reception industry in Sydney, the competitive environment is quite intense and the number of competitors is fairly large. This means that while Bella Fleur will be entering the market place, there may be many competitive advantages as well as disadvantages. Existing competitors leaving the industry could be an advantage while entrepreneurs opening up businesses in this industry could be a disadvantage. For this business, two main competitors have been chosen and analyzed. They are shown below. Competitor Information Strengths of Competitor Weaknesses of Competitor Bella Fleur Strategies THE VAUDEVILLE FUNCTION LOUNGE 176 The River Road, Revesby NSW 2212 Specializes in all functions Prestige Excellent promotion and customer awareness Large Space Many years experience No cultural aspect Doesnt offer as many services as Bella Fleur High pricing Bella Fleur holds a cultural aspect and offers all kinds of services possible for an event. The budget is flexible and works with the clients budget. Bella Fleur is dedicated to gain customer awareness by promotion skills and in time will also expand the business. DOLTONE HOUSE FUNCTION CENTRE 223 Belgrave Esplanade, Sylvania Waters, NSW 2224 Excellent View Prestige Customer Awareness Franchise Large Business Large spaces Many years experience No cultural aspect Focuses mainly on the reception rather than the planning High pricing Bella Fleur holds a cultural aspect and offers all kinds of services possible for an event. The budget is flexible and works with the clients budget. Bella Fleur is dedicated to gain customer awareness by promotion skills and in time will also expand the business. Product Analysis The main function of Bella Fleur will be to provide clients with all specific and small components of a wedding and all other functions. This may be the main function, however this function will vary from client to client as it is a service that is offered rather than a good and clientele diversity is a given in this type of industry. The budget of the wedding reception will depend of the clients budget. For example, if a client is will to spend only a small amount of money on the wedding, different options will be given to this client than the client who is willing to spend millions of dollars. Changes at these times will occur mainly in menu, which room the function will be held in, how many people will be at the wedding and all different small details. At Bella Fleur, concentration will be placed on customer comfort as well as happiness, the customer must be happy with the services we have to offer before they will open up to the staff and ensure that trust is placed in us. A product analysis is not entirely necessary when planning this kind of business as it offers services rather than goods. Price Analysis At Bella Fleur, prices will depend upon the budget of the client rather than the budget of the reception venue. Many different offers and deals will be given to clients ensuring they are able to choose and adapt the services and products in order to create a dream wedding while working around their own budget. Once a client has chosen the deal which they would like to go ahead with, it is the responsibility of the reception venue to then purchase appropriate goods and plan appropriate methods to ensure that a profit will be made rather than a loss. Prices will vary depending on; The menu The seating plan The number of people The services chosen Decorations Changes made to the hall Promotion Analysis As any business, when Bella Fleur wedding reception venue first opens up, the main short term goal will be to gain high customer awareness. This goal will become long term while the business grows. The location of this business assists in developing its promotion and prestige. The business will be advertised in newspapers, wedding magazines, on street signs and billboards. However, this will not be accomplished with the original startup capital of the business. Direct Marketing, Sales promotion and Publicity will all be used in order to promote the business. Place Analysis Bella Fleur wedding reception is located on the main road of one of Sydneys higher class suburbs. The location of this business is of prime importance especially for its promotion. The venue is overlooking a lake and a beautiful natural environment. This gives Bella Fleur a competitive advantage over its competitors who are often placed in areas where no view is available. FINANCE Finances Financial Forecasts Revenue Statement Revenue Statement for Bella Fleur Wedding Reception Venue For the period ending 31st August 2012 $ $ SALES REVENUE 1 450 000 COGS Opening Stock 500 000 Purchases 200 000 700 000 Closing Stock 100 000 Total 600 000 GROSS PROFIT 850 000 EXPENSES Advertising 5 000 Insurance 2 000 Interest to bank 20 000 Decoration Expenses 30 000 Mortgage 4 050 Salaries and Wages 200 000 Telephone 4 000 Kitchen Stock 80 000 Total 345 050 NET PROFIT (before tax) 504 950 Balance Sheet Balance Sheet for Bella Fleur Wedding Reception As at 30 August 2011 CURRENT ASSETS $ $ Cash in bank 500 000 Account Receivable 420 000 Stock (ingredients) 100 000 Total Current Assets 1 020 000 NON CURRENT ASSETS Equipment 2 450 000 Land 700 000 Building Properties 500 000 Total Non Current Assets 3 650 000 OTHER/INTANGIBLE ASSETS Good will (intangible) 300 000 Total Other Assets 300 000 Total Assets 4 970 000 CURRENT LIABILITIES Bank Overdraft 600 000 Accounts Payable 200 000 Total Current Liabilities 800 000 NON CURRENT LIABILITIES Mortgage 3 516 000 Total Non Current Liabilities 3 516 000 OWNERS EQUITY Capital 500 000 Retained Profits 154 000 Total Equity 654 000 Total Liabilities 4 970 000 1.28LIQUIDITY: Current Assets 1 020 000 Current Liabilities 800 000 CRITICAL REVIEW Critical Review As a student, I think that Ive completed this assignment quite well according to the plan of approach. I followed all my deadlines and completed things before the due date. My understanding of what a business plan had to be like expanded during the course of this assignment as I researched and questioned different aspects of the assignment. I struggled with some sections of the assignment which had not been explained clearly during class time, and I struggled to understand the concept just by looking at internet sites and in the text book. This weakness can be seen in the effort put into the sections. The two sections which I struggled most in were; marketing and finances. I found it difficult to understand the set up and what we had to include in these sections and this was shown in the lack of quality in these sections. I feel that I did quite well in this assignment regarding the circumstances that were put to us. I am glad that I met deadlines, however next time, I will try to understand all content before beginning an assignment. Overall, my progress throughout this assignment was satisfactory and I was happy with the fact that I was able to teach myself things and understand concepts which are found to be difficult just by reading over a text book or internet site. However, the quality of the two sections is a downfall for the assignment. My goals for this assignment were; Meet the deadlines Ensure all the work was understood Complete the assignment to the best of my ability I feel that these goals were fulfilled and am proud of this accomplishment. PLAN OF APPROACH PROGRESS AND RESEARCH BUSINESS PLAN BELLA FLEUR WEDDING RECEPTION VENUE 22736094 YEAR 11 Bibliography Le Montage http://www.lemontage.com.au/index.cfm?html=true Nielsen Park Venues http://www.receptionsearch.com.au/venues/NSW/Eastern%20Suburbs/Nielsen%20Park%20Venues/The%20White%20Pavilion Terrey Hills Golf Club http://www.terreyhillsgolf.com.au/guests/guests.mhtml Dockside Groups http://www.docksidegroup.com.au/

Point Blank Consulting Firm Essay -- Business Management Essays

Point Blank Consulting Firm Point Blank Consulting Firm Executive Summary   Ã‚  Ã‚  Ã‚  Ã‚  Bulls Eye Indoor Shooting Range is a Las Cruces start-up company dedicated to providing a safe and professional atmosphere where safety is our main concern. We offer a climate-controlled building that will be useful to all law enforcement, security, military, and private citizens. Company Description   Ã‚  Ã‚  Ã‚  Ã‚  We offer the only indoor shooting range in southern New Mexico. Bulls Eye is equipped with 18 lanes, 25 yards long to assist the advanced shooters, as well as, the novice shooters. Six of these lanes will be allocated for private events for qualifications. Product and Services   Ã‚  Ã‚  Ã‚  Ã‚  Bulls Eye will be dedicated to exceeding customers’ expectations by offering gun classes in firearms training, firearms safety, and gun laws. Our National Rifle Association (NRA) certified instructors will teach firearms skills, safety, and self-defense. At Bulls Eye we strive to make every shooting experience an enjoyable one.   Ã‚  Ã‚  Ã‚  Ã‚  In addition to our services, we sell rifles, handguns, accessories, and ammunition. Our inventory consists of the world’s finest weapons, which include, but not limited to, Winchester, Remington, Colt, Ruger, Smith & Wesson, and Glock, just to name a few.   Ã‚  Ã‚  Ã‚  Ã‚  The first Tuesday of every month, we will offer a shooting competition with prizes gong to the top three contenders. A fully equipped classroom with an overhead projector is available to rent; perfect for presentations or training. We will also rent top of the line handguns, rifles, and shotguns for use at our range. Gun Rental Rates: †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Handguns, shotguns and .22 rifles $20 includes Range fee for 1 day and 1 target $15 for Bulls Eye members †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  AR-15 $30 includes Range fee for 1 day and 1 target $25 for Bulls Eye members Other services will include: special privileges for members, which consist of: †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Unlimited number of Range visits †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  1 target with first visit per day †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Discounted Range fees for friends †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Discounts on firearm rentals Membership fees are as follows: 1-year Individual Membership  Ã‚  Ã‚  Ã‚  Ã‚  $200 1-year Couple Membership  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  $250 1-year Group Membership  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  $300 (up to 4 members) 6 months Individual Membership  Ã‚  Ã‚  Ã‚  Ã‚  $150 6 months Couple Membership  Ã‚  Ã‚  Ã‚  Ã‚  $125 6 months Group Membership  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  $250 (up to 4 members) Lifetime Membership  Ã‚  ... ...  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Legal/Accounting Advertising/Promotions  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Miscellaneous expenses Salaries/Wages  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Supplies Accounting  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Payroll expenses Income  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Salaries/Wages Utilities  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Taxes Payroll expenses  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Repairs/Maintenance Our assumptions and projections were based upon our market analysis and market forecast. In addition, we believe the changes in our society and the on-going threats of terrorism will have a significant impact on the overall market, customer characteristics, customer needs, and the buying decisions of our customers. Our projected losses would include rent, utilities, insurance (property and liability, life and health), workman’s compensation, wages, and theft. Management Summary   Ã‚  Ã‚  Ã‚  Ã‚  The owner of Bulls Eye Indoor Shooting Range believes that relationships should be forthright, work should be structured with enough room for creativity, and pay should be compensated with the amount and quality of work completed. The company is young enough that the only manager that is needed is the owner of the business.

Irony used by Chaucer Essay -- essays research papers

Irony is the general name given to literary techniques that involve surprising, interesting, or amusing contradictions. Two stories from Chaucer’s Canterbury Tales that serve as excellent demonstrations of irony are â€Å"The Pardoners Tale† and â€Å"The Nun's Priest's Tale.† Although these two stories are very different, they both use irony to teach a lesson.   Ã‚  Ã‚  Ã‚  Ã‚  In â€Å"The Pardoner’s Tale, the Pardoner uses his story to speak out against many social problems, all of which he is guilty of. He preaches about drunkenness, while he is intoxicated while telling the story. Blasphemy and greed are other problems he speaks of. Ironically, he attempts to sell fake religious relics and is amazingly greedy. Yet there are also many ironic situations in the story itself. In the beginning of the story, the three rioters make a pact to â€Å"be brothers,† â€Å"to each defend the others,† and â€Å"to live and die for one another† in protection from death. In going out to fulfill their vows, they encounter money and end up killing each other over greed. After finding the money, the men plan to stay with it until it becomes dark when they can safely take it away. To tide themselves over until then, they send the youngest one out to get food and wine, and while he is away they plan to kill for his share of t he money. Ironically, the youngest one is planning the same thing by slipping poison into the drinks of his companions. When he returns, he is attacked and stabbed to death by the other...

Punks :: essays research papers

Punks Did you know that the first commercially successful punk band was the Sex Pistols? Then came groups like Black Flag, Husker Du, and Bad Brains. Punk was invented in Britain in the mid Seventies. The first American punk started in a New York club called CBGB's. CBGB's would attract a crowd of about 500 with its Sunday-afternoon hard-core matinees. The concerts would be over by a reasonable time so kids could get home to eat dinner with their parents. In this paper we will take a look at some history and aspects of punk rock over the years. Slam dancing has been popular through the history of punk. You may have heard of called "mashing" or "stage diving." Mashing is just a big game of bumper cars like you played when you were a kid. I think Natalie Jacobson who is dating the lead singer of "Murphy's Law" describes stage diving best when says, "It's like diving into a human carpet. Something like the old kids' trust game. Just my way of getting into it. Gospel people got their thing, I got mine."1 Some punks consider themselves Nazis', or are concerned with issues like peace, racism, and nuclear war. Most punk is against parental, musical, and political authorities. On the other hand some isn't. Bob Mould of Husker Du talks about politics quite frequently in his songs. Most punks that live in small towns have trouble making friends. They find it hard to relate to most people. Sixteen- year-old Becca Levine finds it hard to make friends in her small town. She comes from a family of divorced parents that never have understood her. Her mother thinks it's just a phase she's going through. As Becca Quotes, "Parents around here treat me like I'm kind of weird."3 She has met someone from New York City that understands her. She meets with him at concerts at clubs like the Ritz or CBGB's. She met someone else also.

Advantage Ang Disadvantage of Animals in Captivity

1. INTRODUCTION Animals that live under human care are in captivity. Captivity can be used as a generalizing term to describe the keeping of either wild animals or domesticated animals such as livestock and pets. This may include for example farms, private and zoos. Keeping animals in human captivity and under human care can thus be distinguished between three primary categories according to the particular motives, objectives and conditions. The domestication of animals is the oldest documented instance of keeping animals in captivity.This process eventually resulted in habituation of wild animal species to survive in the company of, or by the labor of, human beings. Domesticated species are those whose behaviour, life cycle, or physiology has been altered as a result of their breeding and living conditions under human control for multiple generations. Throughout history not only domestic animals as pets and livestock were kept in captivity and under human care, but also wild animals . Some were failed domestication attempts.Also, in past times, primarily the wealthy, aristocrats and kings collected wild animals for various reasons. Contrary to domestication, the ferociousness and natural behaviour of the wild animals were preserved and exhibited. Today's zoos claim other reasons for keeping animals under human care: conservation, education and science. Should Animals be Released Back into the Wild or Kept in Captivity? Let us weigh the pros and cons of this issue, which seems to be on the rise. 2. THE ADVANTAGES OF ANIMALS IN CAPTIVITYThe advantage of animals in captivity is protecting the endangered wild animals, sometimes a species may have difficulties in surviving in the wild. Such as adapt helped a certain species of Dart Frog survives, when its habitat was destroyed by natural disaster. To prevent and preserve wild animals, from being captured by poachers for their skins, ivory and supposed medicinal purposes, zoos seem to be a safe for them. Furthermore, animals are provided with proper diet, exercise and enough space.Animals in captivity ensure the animals have enough food sources and proper medical facility. It is true that there have been zoos treating animals in a cruel manner. However, there is continuous improvement in their manner of working. It won't be fair to shut down all the zoos for mistakes committed by few zoos in the past. With reforms being brought about in this sector, animals are provided with proper diet and enough space. With a lot of study and training one might be able to provide proper diet and exercise to the animals.Moreover, the advantage of animals in captivity is education and conservation purpose. School visit to zoos to know more about endangered species and the way to conserve them. The zoo also provide detail and information of an animal's species, diet, and natural range. People can get familiar with animals education, information and knowledge. Zoos are in fact, trying to make people aware of thei r ecology. 3. THE DISADVANTAGES OF ANIMALS IN CAPTIVITY The disadvantage of animals in captivity is losing natural instinct, animal in captivity unable to hunt and survive in the wild.Without the opportunity to learn social organizations and habits, many animals in captivity are unable to nurture or care for the young. This matter was shown in the movie of Madagascar :Escape 2 Africa, the gang of animal Alex the Lion, Marty the Zebra, Melman the Giraffe and Gloria the Hippo all in a sudden, they escape from New York Zoo and land in the wilderness of Africa, where Alex meets the rest of his family, but he has trouble communicating with them after spending so much time at the Central Park Zoo.Now, as the animals reared in the safety of the zoo come into contact with their decidedly wild counterparts for the very first time, they get a better feel for their roots while marveling over the differences between life in the concrete jungle and life on the world's second largest continent. B esides this, animals in captivity are affected by extreme boredom, lack of appropriate exercise, poor quality food and a lack of variety of food, especially in poorly run facilities.Wild animals in captivity such as polar bear are being fed with dead fish and meat by trainers, unable to eat live fish. Animals lost their freedom and sense of Choice, stay in small cages, not a proper habitat for wild animals. For example the movie of the killer whale, the friendly whale was in a tank too small and in bad health because of that and other complications that come with being taken from its natural habitat to a place where it cannot meet its own needs.Lastly, some animals in captivity are forced to live with different climates and weather, such as penguin and polar bear. For example, a zoo in Indonesia, two polar bears lay on a concrete floor trying to stay cool in the tropical heat. At the Alaska Zoo, an elephant named Maggie was confined to a 146 square meter (1600-square foot) barn duri ng the winter. 4. CONCLUSION Now, take a moment to consider why you go to the zoo, the circus, or theme parks with animals.Is it to look at large animals like a spectator sport? Is your visit prompted by the lure of tiny baby animals? Do you go to learn about endangered species and did you read the signs which often provide little more information than an animal's species, diet, and natural range? And ask yourself, would you want someone to take you from your family and place you in a strange and unnatural surrounding for the sole purpose of entertainment? The debate over the topic of conservation of wildlife is an endless one.No doubt, efforts should be taken to study, protect and preserve animals; however care should be taken that animals suffer the least in the process. Moreover, it cannot be denied that some animals in captivity misuse and violate the animal rights. Creating awareness about animal rights and devising efficient ways to control their population is necessary. Conse rvation efforts should be undertaken considering a broader perspective of maintaining the ecological balance as a whole.

International Trade, Comparative Advantage and Protectionism

Group D INTERNATIONAL TRADE, COMPARATIVE ADVANTAGE AND PROTECTIONISM 1. According to the table above determine which country has the absolute advantage in corn and which in soybeans. In addition, determine which country has the comparative advantage in corn and which in soybeans. Make sure to support your answer by deriving the opportunity costs of each. Ans. A producer with absolute advantage over the other in the production of a good or service is if it can produce that product using fewer resources. Therefore; Canada has absolute advantage in Corn and Mexico in Soybean.Comparative advantage is the producer with the lowest opportunity cost. Opportunity cost is the  cost of an alternative that must be forgone in order to pursue a certain action or the benefits you could have received by taking an alternative action. For example, the opportunity cost of going to college is the money you would have earned if you worked instead. On the one hand, you lose four years of salary while ge tting your degree; on the other hand, you hope to earn more during your career, thanks to your education,  to offset the lost wages. Canada O/C for corn 8/2 = 4 soybeansCanada O/C for Soybean8/2 = 0. 25 Corns Mexico O/C for corn2/10 = 0. 2 Soybeans Mexico O/C for Soybean10/2 = 5 Corns Canada has comparative advantage in soybean and Mexico has comparative advantage in corn. 2. According to the table above, would there be trade flows in both directions if the exchange rate were $1 = 1 peso? Ans. The USA would gain by exporting  plastic and importing pesos from Mexico. At an exchange rate of 1:1, it now only has to give up $1 worth of plastic to obtain 1 pesos, whereas before trade it had to give up $4 for 8 pesos.On the other hand the USA would not benefit from trade on paper because at the inception USA was getting a good rate on paper at $1 to 3 pesos. 3. If a lower exchange rate spurs exports then why wouldn’t it be a good idea of policymakers to intervene to push the ex change rate as low as they can? Ans. It is not a good idea for policy makers to intervene to push the exchange rate as low as they can because importers sometimes would not benefit or get value for their money. The exchange rate would also affect the quantity of goods received. . What is protection as it refers to international trade? Ans. Protectionism is restraining trade between countries through methods such as tariffs through imported goods, restrictive quotas, and a variety of other government regulations designed to allow fair competition between imports and goods and services produced domestically. 5. Explain the law of comparative advantage and why it is important in international trade? Ans. The concept of comparative advantage is an integral part in achieving increased gains in international trade.The concept, first introduced by David Ricardo in 1817 states comparative advantage exist when a country has a â€Å"margin of superiority† in the production of a good or service, where the marginal cost of production is lower. He explained how trade can benefit all parties such as individuals, companies, and countries involved, as long as goods are produced with different relative costs. The net benefits from such activity are called gains from trade. This is one of the most important concepts in international trade.According to the principles, benefits of trade are dependent on the opportunity cost of production. Opportunity cost is measured in terms of what you give up of another other. A country with no absolute advantage in any product, i. e. the country is not the most competent producer for any goods, can still be benefited from focusing on export of goods for which it has the least opportunity cost of production. When countries specialize and trade based on comparative advantage consumers pay less and consume more and resources are used more efficiently.Countries which are open to trade grow faster over the long run that those that remain cl osed. Increased trade benefits consumers and producers, through lower prices and access to a wider variety of goods. This is due to specialization which lowers cost and competition. Trade helps countries in allocating resources as efficiently as possible; it also allows countries to accumulate resources more quickly. 6. Distinguish between a tariff and quota? Explain the effect of tariff/quota on domestic consumption, prices and output. Ans. Tariffs and quotas are tools implemented to protect domestic industries.To distinguish between both we need to explain what a tariff and a quota is. A tariff is a tax or duty placed on imported goods by a domestic government and does not apply to sales of domestically produced goods and a quota is a limit on the quantity of imported products. Base on the explanations above we can note that tariff is imposed to make goods imported from foreign countries more expensive as it raises the price of an imported good, making it more expensive than simil ar domestic goods which protects domestic producers from dumping by foreign countries.As outlines on businessdictionary. com ‘dumping is exporting goods at prices lower than the home market prices’. The rational is to increase demand for domestic products while reducing the quantity of imports. Tariffs are a benefit to domestic producers who faces reduced competition in their home market. The reduced competition causes prices to rise. Sales of domestic producers should also rise, all else being equal. With the increase in production and prices this will cause increase employment and a rise in consumer spending.The tariffs also increase government revenues that can be used to the benefit of the economy. Once the price of the good with the tariff has increased; the consumer is forced to either buy less or of some other good. The price increase will cause a reduction in consumer income. A quota sets a limit on the quantity of goods that can be imported during a particular period. Quotas are employed to protect new industries and keep market entry costs low for domestic producers. They also protect domestic jobs by ensuring that foreign products are not imported in sufficient numbers to meet current demand.This will ensures a percentage of the existing market share is retained by domestic companies. Once there is an increase in imports quotas are more protective than tariffs. Quotas benefit the government by protecting domestic corporations to keep people employed. 7. â€Å"Economists have demonstrated that imports benefits consumers while causing losses to producers and exports benefit producers while causing losses to consumers. In the balance then international trade neither benefits nor hurts a nations as a whole. † Evaluate this statement. Ans.International trade is the exchange of capital, goods, and services across international borders territories. The international trade accounts for a good part of a country’s gross domestic pro duct. It is also one of important sources of revenue for a developing country. The trade which exists between countries consists of buying goods that are produced at a lower cost elsewhere. Individual and countries have different abilities in producing their goods; taking the advantage of these differences in order to have efficiency will enable each to experience gains from trade. . If the Bank of Jamaica suddenly switches to a more expansionary policy, explain the effects it will have on the exchange rate and balance of payments of Jamaica. According to investopedia (2012),an expansionary policy is a macroeconomic policy that seeks to expand the money supply to encourage economic growth or combat inflation (price increases). One form of expansionary policy is fiscal policy, which comes in the form of tax cuts, rebates and increased government spending.Expansionary policies can also come from central banks, which focus on increasing the money supply in the economy. The bank of Jama ica cab increase money supply in two ways. These are; * By reducing the policy interest rate * Open Market Operations due to the purchase of certificate of deposits Reducing the policy interest rate and Impact A reduction in the interest rates will result in Commercial banks and other Deposit taking institution extending more funds to individuals and businesses.In other words the increased ability to borrow funds due to a reduction in policy interest rates will cause more Jamaica dollars to be in circulation. The excess supply of money will result in pressure on the Jamaican dollar resulting in a depreciation of the Jamaican dollar. The pressure that is exerted on the Jamaica dollar due to an expansionary policy will cause a widening of the balance of payment deficit. The Jamaica economy is heavily dependent on imports and therefore it would cost more to import product and services ******

Should We Have A Citizenship Test?

The citizenship test was introduced by the Australian Government fairly recently. As a western country, Australia is currently the most recent developed western country to have a citizenship test. However, there is a current debate being held on why is the citizenship test held for and what is the government really testing? According to the SBS news site, the Australian Government has now changed some of the content that is to be tested in the citizenship test and states that â€Å"would-be new Australian citizens will be quizzed on their understanding of their civic duty and responsibilities of citizenship rather than facing questions about Australia's sporting heroes † as it had previously asked questions about a Australian cricket player, Sir Donald Bradman and other irrelevant information. However, when questioned to why was the citizenship test was even introduced, a minister who appeared on an SBS program called ‘Insight' argued that this test was made to test English proficiency of the ‘new' Australians. The test was also made to give the new-comers a view on what is it mean to be Australian and what Australian values are? ,while stating all this information in a book that the participants would need to read. In my opinion, I do not think that this is a worthwhile test as a test can't possibly test whether the people sitting for it actually believe and practice these values but will only test their ability to memorize and learn facts and information out of a book. The test also doesn't use complex English but simple and easy-to-understand words. Therefore if the main point of having the test was to test English proficiency, it would be better to hold an English exam and to be able to apply for citizenship, the person applying would need to have been a permanent resident and would have needed to sit for an English proficiency test then anyway. This test is also a waste of time as the people sitting the test could use the time that was spent on taking the test and preparing for it on work and practicing ‘Australian values' to help Australia's community and economy. We have seen both sides of the argument here and to some others who may feel strongly for or against this issue, we can see that the Australian Government is trying its best to please the masses and that it looks like the citizenship test is here to stay for the long run.

Term Paper on Idlc

Term paper on Functions oF credit risk management in non Banking Financial institutions (nBFi) in Bangladesh A study on IDLC Finance Limited Submitted to: Submitted By: Date of Submission: Letter of Transmittal_______________________ 23rd December 2013 Sh University Subject: Submission of term paper of BBA Programme Dear Madam, It is my great pleasure to submit the term paper on â€Å"Functions of Credit Risk management in Non Banking Financial Institutions (NBFI) in Bangladesh, A study on IDLC Finance Ltd † which is a part of BBA Programme to you for your consideration.I made sincere efforts to study related materials, documents, observe operations performed in IDLC Finance Limited and examine relevant records for preparation of the report. Within the time limit, I have tried my best to compile the pertinent information as comprehensively as possible and if you need any further information, I will be glad to assist you. Your most obident pupil, Acknowledgement _______________ _____________At first I would like to thank my honorable internship supervisor from BRAC Business School (BBS), BRAC University, SharminShabnam Rahman for providing me such an opportunity to prepare an Internship Report on â€Å"Functions of Credit Risk management in Non Banking Financial Institutions (NBFI) in Bangladesh, A study on IDLC Finance Ltd â€Å". Without her helpful guidance, the completion of this project was unthinkable. I would like to place my gratitude to the HR of IDLC Finance Limited to enable me to complete my internship in their esteemed organization. Very special thanks goes to Mr.M. Jamal Uddin, Deputy General Manager & Head of Corporate and Structured Finance Division, IDLC Finance Limited & Mr. AlamIftekhar Chowdhury, Manager Corporate Division, IDLC Finance Limited, for helping me in all phase of the internship process. Their overwhelming support for my internship gave me the inspiration to do a better report. During my preparation of the project work I h ave come to very supportive touch of different individuals (respondents from IDLC Finance Limited) & friends who lend their ideas, time & caring guidance to amplify the report’s contents.I want to convey my heartiest gratitude to them for their valuable responses. Executive Summary_______________________ The non-bank financial institutions (NBFIs) constitute a rapidly growing segment of the financial system in Bangladesh. The NBFIs have been contributing toward increasing both the quality and quantity of financial services and thus mitigating the lapses of existing financial intermediation to meet the growing needs of different types of investment in the country. Today all NBFIs are playing a vital role for the growth of the nation’s economy with the best of their ability.During the world recession period NBFIs in Bangladesh act in a stringent manner so that their financial systems as well as the economy do not collapse. 29 NBFIs are now contributing to the growth of n ational economy. IDLC Finance Ltd as a leading and pioneer NBFI started their operation in 1986 and still they are dominating the NBFI sector as well as contributing to the prosper of economic development. Their success in this industry has inspired others to invest their capital in a profitable way.As major business of all NBFIs are providing lease facilities to the business along with various types of loan to individual and organizations therefore risk is associated with each and every product they are offering. To minimize this risk every institution has its own risk management policies. A number of actions are taken so that risk associated to their investment can be minimized. This report is emphasizes credit risk management in NBFIs in Bangladesh. In this regard IDLC Finance Limited has been taken as the sample organization, its, services, rules and regulation, corporate governance is also taken into consideration.Table of Contents_____________________________ Letter of Transmi ttal Acknowledgement Executive Summary 1. 0 Introduction 1. 1 Introduction | | | | | 01 | 1. 2 Origin of the Report | | | | | 02 | 1. 3 Objectives of the Report | | | | | 02 | 1. 4 Methodology | | | | | 03 | 1. 5 Limitations | | | | | 04 | 1. 6 Structure of the Report 2. 0 The Company | | | | | 04 2. 1 IDLC Finance limited | | | | | 06 | 2. 2 Shareholding Structure | | | | | 07-08 | 2. 3 Company chronicle | | | | | 09-10 | 2. 4 Guidance principle | | | | | 11-12 | 2. 5 Organogram | | | | | 13-14 | 2. 6 Products & Service | | | | | 14-19 | 2. 7 Divisions & Department | | | | | 20 | 2. 8 SWOT analysis | | | | | 21-23 | 2. 9 Performance of IDLC Finance Ltd | | | | | 24-25 | 2. 9. 1 CAMEL Rating 3. 0 Credit Risk Management | | | | | 25 | 3. 1 What is Risk? | | | | 27 | 3. Credit Risk | | | | 27-28 | 3. 3 Credit Risk Management Process | | | | 29-38 | 3. 3. 1 Credit Processing/Appraisal | | | | 29-31 | 3. 3. 2 Credit Approval /Sanction | | | | 32 | 3. 3. 3 Credit Documentation | | | | 3 2 | 3. 3. 4 Credit Administration | | | | 33 | 3. 3. 5 Disbursement | | 34 | 3. 3. 6 Monitoring & Control of Individual Credit | | 34-35 | 3. 3. 7 Maintaining the overall Credit Portfolio | | 35 | 3. 3. 8 Classification of Credit | | 36-37 | 3. 3. 9 Managing Problem Credits/Recovery | | 38 | 4. 0 Findings and Analysis— Credit Risk Management by IDLC Finance Ltd. 4. Procedural Work Flow of Lease Marketing 41-44 4. 2 Factors Scrutinized during Appraisal Procedure 45-46 4. 3 Weight assigned to each Risk Factor 47-48 4. 4 Measures Taken for restoration of Default Client 49 4. 5 Functions of Special Asset Management (SAM) 49- 4. 5. 1 Recovery Action Plan by SAM | 50-52 | 4. 5. 1. 1 Regular Accounts | | | 50-51 | 4. 5. 1. 2 Special Accounts | | | 51-52 | 4. 6 Impact of Overdue on Profit Performance of NBFI | | | 52 | 4. 6. 1 Provisioning Policy of Bangladesh Bank | | | 53 | 4. 6. 2 Provisioning Policy of IDLC Finance Ltd. | | 54 | 4. 7 Trend in Provisioning Volume | | | 54 | 4. 8 D efault Client Characteristics Analysis | | | | 55- | 4. 8. 1 Industry Analysis | | | | 57-59 | 4. 8. 2 Cost of projects to sales volume | | | | 60 | 4. 8. 3 Asset size of the Borrower | | | | 61 | 4. 8. 4 Debt/Equity ratio | | | | 62 | 4. 8. 5 Interest rate charge | | | | 63 | 4. 8. 6 Sponsors Business Experience | | | | 64 | 4. 8. 7 Security Ratio | | | | 65 | 4. 8. 8 Relationship with the Client | | | | 66 | 4. 8. 9 Sponsor’s Past Performance 5. 0 Recommendation & Conclusion | | | | 66-68 | 5. 1 Recommendation | | | | 70 | 5. Conclusion | | | | 71 | 1. 1INTRODUCTION The development of financial market has been receiving heightened attention from the policy-makers in recent years. One explanation lies in the fundamental shift of development strategy reflected in the nearly universal embrace of the private sector as an engine of economic growth. The governments in both developed and developing countries, the international financial institutions which exert tremendous influenc e on the policy-making apparatus of developing countries and, to a great extent, the intelligentsia have all joined together as ardent advocates of private entrepreneurship.IDLC Finance Ltd, a leading financial institution of the country achieved significant growth in all areas of business up to 3rd quarter of the year 2009. IDLC began its operation in 1985 as the first leasing company in Bangladesh. In 1995, IDLC was licensed as a Financial Institution by the country's central bank and during the last two decades, the company has grown in tandem with the country's growing economy. The company's wide array of products and services range from retail products, such as home and ar loans, corporate and SME products including lease and term loans, structured finance services ranging from syndications to capital restructuring and capital market services. The company also strengthened its presence in the country's growing stock market with launching a subsidiary-IDLC Securities Limited-whi ch is offering full-fledged brokerage service for retail and institutional clients. . 1. 3 OBJECTIVES OF THE REPORT The main objective of the study is to get a definite idea about how CRM plays a vital role in managing the risk associated with each and every product and services of IDLC Finance Limited.Furthermore, the orientation is very useful to detect whether the theoretical knowledge matches with real life scenario or not. Though the title â€Å"Functions of Credit Risk management in Non Banking Financial Institutions (NBFI) in Bangladesh, A study on IDLC Finance Ltd† very lengthy area, the specific objectives are as follows: 1. To know the necessity of Credit Risk Management. 2. To learn about the whole CRM procedure. 3. To know the decision making process of CRM. 4. To know the functions of Special Asset Management part of CRM 5.To know about the probable modification can be done in the whole CRM process 6. 1. 4 METHODOLOGY OF THE STU Analysis has been made on the basi s of the objectives mentioned before in the context of â€Å"Functions of Credit Risk management in Non Banking Financial Institutions (NBFI) in Bangladesh, A study on IDLC Finance Ltd† The paper will be written on the basis of information collected from primary and secondary sources. (i) Primary Data; Discussion with the respective organization's officials. (ii) For the completion of the present study, secondary data has been collected.The main sources of secondary data are: * Annual Report of IDLC Finance Limited. ? Website of IDLC Finance Limited. * Data from published reports of SEC, DSE * Different Books, Journals, Periodicals, News Papers etc. To make a report various aspects and experiences are needed. But I have faced some barriers for making a complete and perfect report. These barriers or limitations, which hinder my work, are as follows: * Difficulty in accessing data of its internal operations. * Non-Availability of some preceding and latest data. * Some informati on was withheld to retain the confidentiality of the organization.I was placed for only around 3 months of time ; working like a regular employee hindered the opportunity to put the effort for the study. The time span was not sufficient enough to learn all the activities of the organization properly. Therefore, it was very difficult to carry out the whole analysis. 1. 6 STRUCTURE OF THE REPORT The report has two main parts: Part One: This is basically introductory part, the objective and scope of the study, limitations, and research methodology has been highlighted. Brief Introduction of IDLC Finance Limited, its product and service, organizational structure, performance, etc are presented.Part Two: Products of NBFIs for which Credit Risk Management has become a key operational tool, how it performs its overall risk analysis and on the basis of the analysis identification of the ways of reducing the risk, thus maintains the core interest of the business. This part also contains the conclusion, reference ; appendix of the report. 2. 0 The Company 2. 1 ILDC FINANCE LIMITED IDLC Finance Ltd commenced its journey, in 1985, as the first leasing company of the country with multinational collaboration and the lead sponsorship of the International Finance Corporation (IFC) of The World Bank Group.Technical assistance was provided by Korean Development Leasing Corporation (KDLC), the largest leasing company of the Republic of South Korea. The unique institutional shareholding structure comprising mostly of financial institutions helps the company to constantly develop through sharing of experience and professional approach at the highest policy making level. IDLC offers a diverse array of financial services and solutions to institutional and individual clients to meet their diverse and unique requirements.The product offerings include Lease Finance, Term Finance, Real Estate Finance, Short Term Finance, Corporate Finance, Merchant Banking, Term Deposit Schemes, Debentu res and Corporate Advisory Services. The company has authorized capital of Taka 1,000,000,000 (10,000,000 shares of Taka 100 each) and paid up capital of Taka 250,000,000 (2,500,000 ordinary shares of Taka 100 each). IDLC has also established two wholly owned subsidiaries, IDLC Securities Limited and I, Cons Limited to provide customers with security brokerage solutions and IT solutions, respectively. 2. SHAREHOLDING STRUCTURE IDLC was incorporated in the year 1985 as a joint venture public limited company among five foreign and three local financial institutions. Now there are no foreign investors the present Shareholding Structure of IDLC Finance Ltd is given bellow: SL. NO. | NAME OF SHAREHOLDERS | % | | Sponsors/Directors:| | 1 | The City Bank Ltd. | 29. 70 | 2 | SadharanBima Corporation | 7. 62 | 3 | IPDC of Bangladesh Ltd. | 0. 0002 | | Sub-Total | 37. 33 | | GENERAL| | 4 | Institutions : | | | Mercantile Bank Ltd. 7. 50 | | Reliance Insurance Co. Ltd. | 7. 00 | | Eskayef Bang ladesh Ltd. | 8. 00 | | BD Lamps | 1. 32 | | Transcraft Ltd. | 4. 01 | | Eastern Bank Limited | 6. 00 | | Phonix Finance | 1. 00 | | PartexBaverage| 0. 86 | | Marina Apparels | 1. 00 | | ICB | 2. 32 | | Dhaka Stock Exchange Ltd. | 0. 95 | | One Bank Ltd. | 0. 5 | | Star Particle Board | 0. 60 | | Bangladesh Finance ; Invest. | 0. 88 | | Other institutions | 6. 92 | | Sub total | 49. 21 | 5 | Individuals : | | | General Public(Individuals) | 13. 45 | | Mr. A. K. M. Shaheed Reza, Director nominated by | | | Mercantile Bank Ltd. | 0. 017 | | Sub total | 13. 47 | | Total Holdings | 100. 00 | 2. 3 COMPANY CHRONICLE May 23,1985 | Incorporation of the Company | February 22,1986 | Commencement of leasing business |October 1, 1990 | Establishment of branch in Chittagong, the main port city | March 20,1993 | Listed in Dhaka Stock Exchange | February 7, 1995 | Licensed as a Non- Banking Financial Institutions under the Financial Institutions Act, 1993 | November 25, 1996 | Listed on the Chitta gong Stock Exchange | May 27, 1997 | Commencement of Home Finance and Short Term Finance Operations | January 22, 1998 | Licensed as a Merchant Banker by the Securities and Exchange Commission | January 15, 1999 | Commencement of Corporate Finance and Merchant Banking Operation | January 29, 2004 | Opening of Gulshan Branch |November 22, 2004 | Launching of Investment Management Services â€Å"Cap Invest† | February 7, 2005 | Issuance of Securitized Zero Coupon Bonds by IDLC Securitization Trust 2005 | September 18, 2005 | Launching of Local Enterprise Investment Centre(LEIC), a centre established for the development of SMEs with the contribution of the | | Canadian International Development Agency (CIDA) of the Government of Canada | January 2, 2006 | Opening of SME focused branch at Bogra| April 6, 2006 | Opening of Branch at Uttara|May18, 2006 | Opening Merchant Banking branch in the port city if Chittagong | July 1, 2006 | Relocation of Company’s Registered and Cor porate Head Office at own premises at 57, Gulshan Avenue | September 18, 2006 | Commencement of operation of IDLC Securities Limited, a wholly owned subsidiary of IDLC | March 14, 2007 | Launching of Discretionary Portfolio Management Services â€Å"Managed Cap Invest† | August 5, 2007 | Company name changed to IDLC Finance Limited, from Industrial Development Leasing Company of Bangladesh Limited | December 3, 2007 | IDLC Securities Limited Chittagong Branch commenced operation | December 18, 2007 | IDLC Securities Limited DOHS Dhaka Branch opened. | January 6, 2009 | IDLC Finance Limited and IDLC Securities Limited open Sylhet branches | August 09, 2009 | Opening of IDLC Securities Limited, Gulshan Branch | August 26, 2009 | Opening of Gazipur SME Booth | September 09, 2009 | Opening of Imamgonj SME Booth | December 2009 | Opening of Narayangonj Branch | December 2009 | Opening of Savar Branch | 2. 4 GUIDING PRINCIPLESIDLC is a multi-product financial institution offering a n array of diverse financial services and solutions to institutional and individual clients to meet their diverse and unique requirements. Following are the guiding principles that shape the organizational practice of IDLC Customer first: IDLC has grown with its customers, who are believed to be the center of all actions. As the crux of IDLC’s corporate philosophy, customer service gets the highest priority. Innovation: IDLC has continuously introduced new financial products for meeting the needs of the entrepreneurs in a complex ; challenging business environment. The concept of innovation is in-built into the working culture.Professional Knowledge: IDLC is staffed with qualified professionals and innovative minds in the country. Years of operational experience, large industrial database and competent workforce have gives them unparalleled advantages. Professional ethics: The professional at IDLC maintain the highest degree of financial and business ethics in all transaction s with the clients. Over the last two decades, IDLC have put in bets efforts to meet the expectations of the clients and investors. One stop solution: Work at IDLC begins with the idea generation, and then goes on into the feasibility study followed by arrangement of financing to implement the project.IDLC advises the clients, finance them and even arrange financing for them via different financing modes, namely: lease financing, term loan, bridge loan, syndication, bridge loan, syndication, ordinary shares, preferred shares and debentures. Vision: Become the best performing and most innovative financial solutions provider in the country Mission: Create maximum possible value of all the stakeholders by adhering to the highest ethical standards For the Company: Relentless pursuit of customer satisfaction through delivery of top quality services For the Shareholders: Maximize shareholders’ wealth through a sustained return on the investment. For the employees: Provide job satis faction by making IDLC a center of excellence with opportunity of career development.For the society: Contribute to the well-being of the society, in general, by acting as a responsible corporate citizen. Goal: Long term maximization of Stakeholders’ value Corporate Philosophy: Discharge the functions with proper accountability for all actions and results and bind to the highest ethical standards 2. 5 ORGANOGRAM THE APEX OF THE ORGANIZATION IS THE BOARD OF DIRECTORS, WITH THE MANAGEMENT COMMITTEE AND MANAGING DIRECTOR IN THE FOLLOWING TIERS. THE BOARD CONSISTS OF THE FOLLOWING DIRECTORS: * Chairman from Reliance Insurance Ltd * Five Directors nominated by The City Bank Limited * One from SadharanBima Corporation (SBC) * One from Transcom Group One From Mercantile Bank Limited * One Independent Director from Monowar Associates ACTIVITIES OF THE BO ARD The Board appoints the Executive Committee (EC), which takes day-to-day decisions on behalf of the company. Every credit propos al has to be approved by the EC for sanction and disbursement. EC is also authorized to observe and review other major day-to-day operational functions including corporate plans, budgets and borrowing activities. The composition of the EC is as follows: a) Four Directors b) Managing Director / Chief Executive Officer and The Company Secretary shall be the Secretary of the Committee ACTIVITIES OF THE MA NAGING DIRECTORThe Managing Director (MD), appointed by Board, manages the overall organizational activities and also plays the role of the figurehead. ACTIVITIES OF THE DEPUTY MANAGING DIRECTOR The DMD establishes the company’s policies and reviews the operational performance of the company including approval of large credit proposals, major fund procurements, budget and planning and diversification decisions. Diagram: Organ gram of IDLC Finance Limited 2. 6 PRODUCTS AND SERVICES To ensure steady and long term growth as well as to sharpen its competitive edge in a changing and challenging business environment, IDLC always endeavors to diversify into other financial services which have long term prospects.In 1997, it expanded its range of services by introducing Housing Finance and Short Term Finance, which have broadened its customer base and have contributed significantly to IDLC’s growth and profitability. In early 1999, after getting license of Merchant Banking from Securities and Exchange Commission, IDLC started its operation of underwriting, issue management, corporate financing and other investment banking related services. The products and services are as follows 1. LEASING Assets are leased to clients on predetermined rental basis for a fixed term with a purchase option at the end. 2. TERM LOAN The customers are offered loan facilities for a determined term at a negotiated rate. 3. EQUITY FINANCINGIDLC invests money into equity of both publicly traded and non-traded companies for dividends and capital gain. 4. INTER CORPORATE DEPO SIT ( I CD ) This disbursement scheme is offered to clients under two variations: a) Non- Revolving ICD which consists of single disbursement of funds b) Revolving ICD where multiple disbursements and collections take place 5. WORK ORDER/ PURCHASE ORDER FINANCING The clients are financed against their work order or purchase order on a revolving basis. 6. FACTORING Under this scheme, IDLC finances receivables of supply of goods or delivery of services on credit to help the clients realize the maximum portion of their payment soon after they have made the delivery to the buyer.The payment is collected from the customers and the balanced amount is re-reimbursed to the clients. 7. SYNDICATION IDLC helps to raise fund for clients with huge financial requirement through syndication and also help them with the documentation, execution and administration of the syndicated finance. 8. SECURITIZATION IDLC sell financial instruments of organizations in local financial market backed by their asset/cash flows such as loan, lease etc. 9. BRIDGE FINANCE: This refers to short-term finance (maturity of not more than 12 months) in anticipation of immediate long term financing such as public issue, private placement, syndication, loan, lease, debenture, etc. 10. CAP INVESTIDLC maintains a non-discretionary portfolio account for clients where they have absolute power to make investment decisions. the portfolio manager provides margin loan to clients and also prepares the list of securities in which they can invest. 11. DEPOSIT SCHEMES IDLC offer different variety of deposit schemes for clients. * Cumulative Term Deposit * Annual Profit Term Deposit * Monthly Earner Deposit * Double Money Deposit 12. CAR LOAN Term loan are offered to clients for acquiring car, brand new or reconditioned, for their personal use and the ownership is transferred on loan repayment. 13. HOME LOAN IDLC offers loans to purchase apartment to individuals for their personal use 14. REAL ESTATE FINANCEIDLC finances clients to construct house, renovate and extend house, for office chamber/space for professionals etc. under two different schemes: * Developer’s Finance Scheme oCorporate Finance Scheme 15. PRIVATE PLA CEMENT IDLC places the shares/debenture with both domestic and overseas investors (institutions or individuals) on private placement basis. 16. UNDERWRITING IDLC makes a univocal and irrevocable commitment with an issuing company to subscribe to the securities of that company when the existing shareholders or the general public do not subscribe to the securities offered to them. The different types of underwriting offered are: * Initial Public offering (IPO) of common stock, preferred stock, debentures etc. Right Issue oUnderwriting of public securities-loan, lease, debenture 17. ISSUE MANAGEMENT Under this activity, IDLC plan, coordinate and control the entire issue activity of clients and direct other agencies for successful marketing of securities. 18. FINANCIAL A DVISORY S ERVICE IDLC help the existing venture or a new venture by providing various advisory services such as corporate counseling, project counseling, capital restructuring, financial engineering etc. 19. MERGERS AND ACQUISIT IO IDLC help clients to search for the right organization, evaluate the concern based on different types of analysis and select the method of m ;a to make it a profitable deal. 20. TRUSTEESHIP MANAGEME NTWe act as trustee for the debenture holders by accepting security created by the company and take action to safeguard their interest and enforce their rights. Table: Product ; Services offered by IDLC Finance Limited 2. 7 DIVISIONS AND DEPARTMENTS The organization includes divisions which mainly deal with the products and services and departments which support in the operating activities. The divisions are the * Corporate * SME * Merchant Banking * Personal Investment * Factoring * Structured Finance * Operations The departments include * Credit Risk Management (CRM) * Treasury * Human Resource * Accounts and Taxation * Administration and PR Operational Risk Management (ORM)/Internal Control Compliance(ICC) * Special Asset Management(SAM) 2. 8 SWOT ANALYSIS The SWOT analysis for IDLC can be described as follows: Strengths 1. Reputation and brand image: IDLC is well-reputed company and has developed a brand image that is recognized by the customers. IDLC is an international joint-venture company and its shareholders have long records of sustainability and reliability in their respective fields. IDLC is one of the esteemed names in financial market of Bangladesh. Since 1985, IDLC has marked its journey through introduction of various innovative products and thus meeting the needs of large corporate clients. 2 .Product portfolio: IDLC has diverse product portfolio for customers which made them second to none in Non-Banking Financial Industry. 3. Quality Customer Portfolio: IDLC has a Credit Risk Management department of Multinational standard which enables the company to maintain a quality customer portfolio. 4. Human Resources: The Company has competent management team. The over all work force of the company is considered as key resources for the organization. IDLC personnel are motivated, competent, energetic and creative. The company provides utmost support in terms of both technical and moral. 5. Operational efficiency: IDLC provides customized solution to their customers to adjust their need.The company processes the loan applications quickly and smoothly. The sanction and disbursement of the loans are hassle-free. 6. Employee Empowerment: At IDLC decision-making is free flowing and transparent. Every appraiser is given ample opportunity to exercise his/her creativity in accommodating a customer. Approvers are open for any discussion and sanction is largely based upon recommendation of the appraisers. The open and free flow of communication ensures clarification of any queries in no time–from any level of hierarch y. Reasonable suggestions are not only welcome but are highly appreciated. Effective suggestions by the employees are immediately set for action.This flexibility has helped IDLC a lot in shaping up its operations into a level of efficiency and to be an excellent performer in case of loan recovery. Weaknesses 1. High Cost of fund: IDLC as any other NBFIs have high cost of fund in comparison to banks. As NBFIs can take deposit for less than one year from any individuals as banks can do, the deposit base of IDLC is not strong enough to reduce the average cost of fund. 2. More Focus on Volume: Although IDLC has department called Credit Risk Management to monitor the asset quality of the company, still the company sometimes for the sake of profit and past relationship provide loans to customers who at the end hamper the portfolio quality of IDLC. 3.Too Much Diversification: Too much diversification of product and services offering hamper the focus on the core services of the organization . 4. Less People in Liability Marketing: IDLC still employs lesser number of workforces for the aggressive liability marketing in comparison to banks and NBFI like DBH. Opportunities 1. Continuity of Liberalization: Government has continued to liberalize the economy towards more market orientation. This encouraged both local and foreign investors to invest in potential sectors. The privatization plan of government is likely to have positive impact on industrialization. 2. Foreign Investment in Prospective Sectors: In recent days foreign investment in the various prospective sectors has increased phenomenally.This creates a good opportunity for all financial institutions to enter in the booming new sector. 3. Local banks inefficiency: One of the major reasons for thriving of leasing company in Bangladesh is local banks inefficiency of providing project loan. This phenomenon still persists. Threats 1. Threat from banks: In recent times banks are also entering into leasing business whi ch is generally considered as functions of Non-Banking Financial Institutions. 2. Regularity control of government: The legal framework of Bangladesh is relatively weak. Lack of effective foreclosure laws and manual land recording system creates possibility of forgery and disputes.This may hinder the loan recovery from the defaulters. 2. 9 PERFORMANCE OF IDLC FINANCE LIMITED 2. 9. 1 CAMEL RATING Rating type | Base | At 31. 12. 08 | Rating | 1. Capital sufficiency C | Reserve should be 25. 00 crore by the end of 30. 06. 06 | 16. 113 Crore| 1(Strong) | 2. Asset Quality A | (Classified loan/lease and other assets)/overdue amount*100 | 6089. 04/153384. 93*100=3. 97% | 2(Satisfactory) | 3. Management M | Average of C,A,E ; L ratios | (1+2+1+1)/4=1. 25 | 1(Strong) | 4. Earning Ratio E | (NPAT/TA)*100% (NPAT/TE)*100% | (4063. 72/167085. 65)*100%=2. 43% (4063. 72/16113. 12)*100%=25. 22% | 1(Strong) | 5. Liquidity Ratio L | 1. CRR ; SLR reserve 2.Interbank dependency 3. Profit | -Reserved -L ess dependent -Strong | 1(Strong) | CAMEL | Sum of 5 Ratios/5 | (1+2+1+1+1)/5=1. 20 | 1(Strong) | CAMEL rating has improved to 1 comparing to the last year 2(Satisfactory) 3. 0 Credit Risk Management 3. 1 WHAT IS RISK? In general Risk can be define as the â€Å" Probability or threat of a damage, injury, liability, loss, or other negative occurrence, caused by external or internal vulnerabilities, and which may be neutralized through pre-mediated action. † But in Finance risk is defined concerning some special factors of market and other externalities which can affect an individual or organization’s decision.In Finance risk is defined as â€Å"Probability that an actual return on an investment will be lower than the expected return. † Financial risk is divided into the following general categories: (1) Basis risk: Changes in interest rates will cause interest-bearing liabilities (deposits) to re-price at a rate higher than that of the interest-bearing assets (lo ans). (2) Capital risk: Losses from unrecovered loans will affect the financial institution's capital base and may necessitate floating of a new stock (share) issue. Therefore to reduce this risk Banks, NBFIs, and other organizations take various types of measures so that it can be reduced in a minimal affordable limit. In Banks and NBFIs the core risk is credit risk.As Banks, NBFIs performs there major operations on providing loan, lease (for NBFIs) therefore there is a chance of default at time of repayment. So to reduce this default risk so that number of default payment does not increase and to forecast this probability with appropriate tools Banks, NBFIs always work on managing their Credit Risk. Several Guideline and standards are prepared so that Credit Risk for individual banks and NBFIs can be reduced. 3. 2 CREDIT RISK Credit risk is the possibility that a borrower or counter party will fail to meet agreed obligations. Globally, more than 50% of total risk elements in banks and FIs are Credit Risk alone. Thus managing credit risk for efficient management of a FI has gradually become the most crucial task.Credit risk may take the following forms: * In direct lease/term finance: rentals/principal/and or interest amount may not be repaid * In issuance of guarantees: applicant may fail to build up fund for settling claim, if any; * In documentary credits: applicant may fail to retire import documents and many others * In factoring: the bills receivables against which payments were made, may fail to be paid * In treasury operations: the payment or series of payments due from the counter parties under the respective contracts may not be forthcoming or ceases * In securities trading businesses: funds/ securities settlement may not be effected * In cross-border exposure: the availability and free transfer of foreign currency funds may either cease or restrictions may be imposed by the sovereign Credit risk management encompasses identification, measurement, m atching mitigations, monitoring and control of the credit risk exposures to ensure hat: * The individuals who take or manage risks clearly understand it * The organization’s Risk exposure is within the limits established by Board of Risk taking Decisions are in line with the business strategy and objectives set by BOD * The expected payoffs compensate the risks taken * Risk taking decisions are explicit and clear * Sufficient capital as a buffer is available to take risk * Directors with respect to sector, group and country’s prevailing situation * Risk taking Decisions are in line with the business strategy and objectives set by BOD 3. 3 CREDIT RISK MANAGEMENT PROCESS Credit risk management process should cover the entire credit cycle starting from the origination of the credit in a financial institution’s books to the point the credit is extinguished from the books. It should provide for sound practices in: 1. Credit processing/appraisal; 2. Credit approval/sa nction; 3.Credit documentation; 4. Credit administration; 5. Disbursement; 6. Monitoring and control of individual credits; 7. Monitoring the overall credit portfolio (stress testing) 8. Credit classification; and 9. Managing problem credits/recovery 3. 3. 1 . CREDIT PORCES SING/APPRAISAL : Credit processing is the stage where all required information on credit is gathered and applications are screened. Credit application forms should be sufficiently detailed to permit gathering of all information needed for credit assessment at the outset. In this connection, NBFIs should have a checklist to ensure that all required information is, in fact, collected.NBFIs should set out pre-qualification screening criteria, which would act as a guide for their officers to determine the types of credit that are acceptable. For instance, the criteria may include rejecting applications from blacklisted customers. These criteria would help institutions avoid processing and screening applications that would be later rejected. Moreover, all credits should be for legitimate purposes and adequate processes should be established to ensure that financial institutions are not used for fraudulent activities or activities that are prohibited by law or are of such nature that if permitted would contravene the provisions of law. Institutions must not expose themselves to reputational risk associated with granting credit to customers of questionable repute and integrity.The next stage to credit screening is credit appraisal where the financial institution assesses the customer’s ability to meet his obligations. Institutions should establish well designed credit appraisal criteria to ensure that facilities are granted only to creditworthy customers who can make repayments from reasonably determinable sources of cash flow on a timely basis. Financial institutions usually require collateral or guarantees in support of a credit in order to mitigate risk. It must be recognized that collat eral and guarantees are merely instruments of risk mitigation. They are, by no means, substitutes for a customer’s ability to generate sufficient cash flows to honor his contractual repayment obligations.Collateral and guarantees cannot obviate or minimize the need for a comprehensive assessment of the customer’s ability to observe repayment schedule nor should they be allowed to compensate for insufficient information from the customer. Care should be taken that working capital financing is not based entirely on the existence of collateral or guarantees. Such financing must be supported by a proper analysis of projected levels of sales and cost of sales, prudential working capital ratio, past experience of working capital financing, and contributions to such capital by the borrower itself. Financial institutions must have a policy for valuing collateral, taking into account the requirements of the Bangladesh Bank guidelinesdealing with the matter. Such a policy shall, mong other things, provide for acceptability of various forms of collateral, their periodic valuation, process for ensuring their continuing legal enforceability and realization value. In the case of loan syndication, a participating financial institution should have a policy to ensure that it does not place undue reliance on the credit risk analysis carried out by the lead underwriter. The institution must carry out its own due diligence, including credit risk analysis, and an assessment of the terms and conditions of the syndication. The appraisal criteria will of necessity vary between corporate credit applicants and personal credit customers. Corporate credit applicants must provide audited financial statements in support of their applications.As a general rule, the appraisal criteria will focus on: * Amount and purpose of facilities and sources of repayment; * Integrity and reputation of the applicant as well as his legal capacity to assume the credit obligation; * Risk profil e of the borrower and the sensitivity of the applicable industry sector to economic fluctuations; * Performance of the borrower in any credit previously granted by the financial institution, and other institutions, in which case a credit report should be sought from them; * The borrower’s capacity to repay based on his business plan, if relevant, and projected cash flows using different scenarios; * Cumulative exposure of the borrower to different institutions; * Physical inspection of the borrower’s business premises as well as the facility that is the subject of the proposed financing; * Borrower’s business expertise; Adequacy and enforceability of collateral or guarantees, taking into account the existence of any previous charges of other institutions on the collateral; * Current and forecast operating environment of the borrower; * Background information on shareholders, directors and beneficial owners for corporate customers; and * Management capacity of co rporate customers. 3. 3. 2 . CREDIT – APPROVAL/SANCTION A financial institution must have some written guidelines on the credit approval process and the approval authorities of individuals or committees as well as the basis of those decisions. Approval authorities should be sanctioned by the board of directors. Approval authorities will cover new credit approvals, renewals of existing credits, and changes in terms and conditions of previously approved credits, particularly credit restructuring, all of which should be fully documented and recorded.Prudent credit practice requires that persons empowered with the credit approval authority should not also have the customer relationship responsibility. Approval authorities of individuals should be commensurate to their positions within management ranks as well as their expertise. Depending on the nature and size of credit, it would be prudent to require approval of two officers on a credit application, in accordance with the Board ’s policy. The approval process should be based on a system of checks and balances. Some approval authorities will be reserved for the credit committee in view of the size and complexity of the credit transaction. 3. 3. 3 CREDIT DOCUMEN TATIONDocumentation is an essential part of the credit process and is required for each phase of the credit cycle, including credit application, credit analysis, credit approval, credit monitoring, and collateral valuation, and impairment recognition, foreclosure of impaired loan and realization of security. The format of credit files must be standardized and files neatly maintained with an appropriate system of cross-indexing to facilitate review and follow-up. Documentation establishes the relationship between the financial institution and the borrower and forms the basis for any legal action in a court of law. Institutions must ensure that contractual agreements with their borrowers are vetted by their legal advisers.Credit applications mus t be documented regardless of their approval or rejection. For security reasons, financial institutions need to consider keeping the copies of critical documents (i. e. , those of legal value, facility letters, and signed loan agreements) in credit files while retaining the originals in more secure custody. Credit files should also be stored in fire-proof cabinets and should not be removed from the institution's premises. 3. 3. 4 CREDIT ADMINIS TRATION Financial institutions must ensure that their credit portfolio is properly administered, that is, loan agreements are duly prepared, renewal notices are sent systematically and credit files are regularly updated.An institution may allocate its credit administration function to a separate department or to designated individuals in credit operations, depending on the size and complexity of its credit portfolio. A financial institution’s credit administration function should, as a minimum, ensure that: * Credit files are neatly or ganized, cross-indexed, and their removal from the premises is not permitted; * The borrower has registered the required insurance policy in favour of the bank and is regularly paying the premiums; * The borrower is making timely repayments of lease rents in respect of charged leasehold properties; * Credit facilities are disbursed only after all the contractual terms and conditions have been met and all the required documents have been received; * Collateral value is regularly monitored; The borrower is making timely repayments on interest, principal and any agreed to fees and commissions; * Information provided to management is both accurate and timely; * Funds disbursed under the credit agreement are, in fact, used for the purpose for which they were granted; * â€Å"Back office† operations are properly controlled; * The established policies and procedures as well as relevant laws and regulations are complied with; and On-site inspection visits of the borrower’s bus iness are regularly conducted and assessments documented 3. 3. 5 DISBURSEMENT Once the credit is approved, the customer should be advised of the terms and conditions of the credit by way of a letter of offer. The duplicate of this letter should be duly signed and returned to the institution by the customer.The facility disbursement process should start only upon receipt of this letter and should involve, inter alia, the completion of formalities regarding documentation, the registration of collateral, insurance cover in the institution’s favor and the vetting of documents by a legal expert. Under no circumstances shall funds be released prior to compliance with pre-disbursement conditions and approval by the relevant authorities in the financial institution. 3. 3. 6 MONITORING ; CONTROL OF INDIVIDUAL CREDITS To safeguard financial institutions against potential losses, problem facilities need to be identified early. A proper credit monitoring system will provide the basis for taking prompt corrective actions when warning signs point to deterioration in the financial health of the borrower.Examples of such warning signs include unauthorized drawings, arrears in capital and interest and deterioration in the borrower’s operating environment. Financial institutions must have a system in place to formally review the status of the credit and the financial health of the borrower at least once a year. More frequent reviews (e. g. at least quarterly) should be carried out of large credits, problem credits or when the operating environment of the customer is undergoing significant changes. * Funds advanced are used only for the purpose stated in the customer’s credit application; * Financial condition of a borrower is regularly tracked and management advised in a timely fashion; * Borrowers are complying with contractual covenants; Collateral coverage is regularly assessed and related to the borrower’s financial health; * The institution†™s internal risk ratings reflect the current condition of the customer; * Contractual payment delinquencies are identified and emerging problem credits are classified on a timely basis; and * Problem credits are promptly directed to management for remedial actions. * More specifically, the above monitoring will include a review of up-to-date information on the borrower, encompassing: * Opinions from other financial institutions with whom the customer deals; * Findings of site visits; * Audited financial statements and latest management accounts; * Details of customers' business plans; * Financial budgets and cash flow projections; and * Any relevant board resolutions for corporate customers. 3. 3. 7 MAINTAINING THE OVERALL CREDIT PORTFOLIOAn important element of sound credit risk management is analyzing what could potentially go wrong with individual credits and the overall credit portfolio if conditions/environment in which borrowers operate change significantly. The results of t his analysis should then be factored into the assessment of the adequacy of provisioning and capital of the institution. Such stress analysis can reveal previously undetected areas of potential credit risk exposure that could arise in times of crisis. Possible scenarios that financial institutions should consider in carrying out stress testing include: * Significant economic or industry sector downturns; Adverse market-risk events; and * Unfavorable liquidity conditions. Financial institutions should have industry profiles in respect of all industries where they have significant exposures. Such profiles must be reviewed /updated every year. 3. 3. 8 CLASSIFICATION OF CREDIT Credit classification process grades individual credits in terms of the expected degree of recoverability. Financial institutions must have in place the processes and controls to implement the board approved policies, which will, in turn, be in accord with the proposed guideline. This guideline may also be called as Credit Risk Grading (CRG), is a collective is a collective efinition based on the pre-specified scale and reflects the underlying credit-risk for a given exposure. A Credit Risk Grading deploys a number/ alphabet/ symbol as a primary summary indicator of risks associated with a credit exposure. Credit Risk Grading is the basic module for developing a Credit Risk Management system. Credit risk grading is an important tool for credit risk management as it helps the Financial Institutions to understand various dimensions of risk involved in different credit transactions. The aggregation of such grading across the borrowers, activities and the lines of business can provide better assessment of the quality of credit portfolio of a FI.The credit risk grading system is vital to take decisions both at the pre-sanction stage as well as post-sanction stage. Two- types of factors play vital role in modeling the CRG, they are, 1. Quantitative factors 2. Qualitative factors The chart is given in the following page; Quantitative Financial Ratios Loan Repayment performance Credit Ratings Expected Default Frequencies Qualitative Management Quality Tenure in Business Operations Industry/Niche At the pre-sanction stage, credit grading helps the sanctioning authority to decide whether to lend or not to lend, what should be the lending price, what should be the extent of exposure, what should be the appropriate credit facility, what are the various facilities, on the basis of the above factors.At the post-sanction stage, the FI can decide about the depth of the review or renewal, frequency of review, periodicity of the grading, and other precautions to be taken. Risk grading should be assigned at the inception of lending, and updated at least annually. 3. 3. 9 MANAGING PROBL EM CREDITS/RECOVERY A financial institution’s credit risk policy should clearly set out how problem credits are to be managed. The positioning of this responsibility in the credit department of an i nstitution may depend on the size and complexity of credit operations. It may form part of the credit monitoring section of the credit department or located as an independent unit, called the credit workout unit, within the department.Often it is more prudent and indeed preferable to segregate the workout activity from the area that originated the credit in order to achieve a more detached review of problem credits. The workout unit will follow all aspects of the problem credit, including rehabilitation of the borrower, restructuring of credit, monitoring the value of applicable collateral, scrutiny of legal documents, and dealing with receiver/manager until the recovery matters are finalized. Financial institutions will put in place systems to ensure that management is kept advised on a regular basis on all developments in the recovery process, may that emanate from the credit workout unit or other parts of the credit department.There should be clear evidence on file of the steps t hat have been taken by the financial institution in pursuing its claims against a delinquent customer, including any legal steps initiated to realize on the collateral. Where there is a delay in the liquidation of collateral or other credit recovery processes, the rationale should be properly documented and anticipated actions recorded, taking into account any revised plans submitted by the borrower. The accountability of individuals/committees who sanctioned the credit as well as those who subsequently monitored the credit should be revisited and responsibilities ascribed. Lessons learned from the post mortem should be duly recorded on file. 4. 0 Findings and Analysis — Credit Risk Management by IDLC Finance Ltd To perform the overall CRM process 3 departments are working together at IDLC Finance Ltd.As a leading NBFI in Bangladesh IDLC has always tried to maintain the quality they achieve through 24th year business tenure. These three departments are- Collection of Client i nformation and preparing Appraisal Report CRM Department After getting the approval from the respective authority Internal Control Internal and Compliance (ICC) do all the Control &documentation processes Compliance Collection of installment and managing the overdue rentals as well Special Asset as dealing with the client’s default is Management done by Special Asset Management (SAM) (SAM) * . 4. 1 PROCEDURAL WORK FLOW OF LEASE MARKETING At the initial stage, IDLC concentrated to establish a market and then enlarge the market.The criteria based on which the market for lease financing has been established are as follows: * Diversification of portfolio * Selecting top industrial unit in the respective industry * Financing for Balancing, Modernization, Replacement and Expansion (BMRE) of existing unit * Priority of existing leases * Set up priority based on sector wise performance Primary focus of IDLC till now is in the area of financial leasing of industrial and professional e quipment and vehicles for three to five years term with particular emphasis on BMRE of existing units. Instead of lending funds to purchase equipment, IDLC provides the equipment and extends the exclusive right to its use against specified rental payments at periodic intervals.There are two types of client for which the procedural work flow would be different though the basic part would be the same. The different types of clients are * Existing Clients – with whom IDLC has already been working * New Clients – with whom IDLC has no business yet The basic procedural work flow is given below: The above procedures are briefly described below: Collect Client & Loan data Compute Credit Risk on the basis of Risk Grade Preparing the appraisal report on the basis of risk Approval by the appropriate authority Documentation Lease/Loan payment collection Creating Provision for default Function of SAM Expiry of Agreement The client applies for required facility through letter. Thes e required facility can vary from different sort of equipments for BMRE to vehicles or expansion projects. The letter generally consists of brief description about the asset to be procured, its price and reason for procurement along with its lease period. * IDLC studies the proposal and sends an offer letter to the client. The offer letter contains acquisition cost, lease period, per month rental and other terms & conditions to be applied if the agreement is done. It is to be noted here that the offer letter is a mere offer and by no means an agreement between the two parties.Thus, the terms & conditions may change upon final agreement. However, it seldom changes as that will hamper the goodwill of the company. * The client accepts the offer and submits an accepted offer letter. If the client agrees to the terms & conditions of the offer letter, they sign & seal the offer letter as accepted and send it back to IDLC. * IDLC collects initial information about the client. The initial i nformation are * CIB Undertaking & Form XII (if a limited company) for that client to be sent to Bangladesh Bank for CIB Report of the applying client (as per rule of Bangladesh Bank) * IDLC looks for banks opinion for that client The designated Relationship Manager prepares the appraisal report and evaluated the client’s proposal. The appraisal report consists of * Background analysis of the company * Management and organization * Cost estimate of equipment/vehicle * Technical and marketing analysis, both from macro and micro level * Financial analysis of the company. i. e. profitability projection, credit report, year wise performance * The appraisal report seeks approval from the appropriate authority. First of all the Relationship Manager places the report to Credit Evaluation Committee (CEC), which consists of representative from Credit Risk Management, Operational Risk Management, General Manager and Deputy Managing Director.After CEC consent, the report is sent to appr oving authority. * After approval, the documentation process starts. A sanction ledger is prepared and a sanction letter is issued in the client’s name. However, depending on the nature of negotiation, the documentation procedure varies. * The client collects the asset. * Proper insurance coverage is done depending upon the asset and procurement of asset from a selected pool of insurance companies. * The lease operation starts i. e. a formal agreement is signed by both IDLC and lessee. The lessee starts to pay the rental and the lease continues. * Generally, just after the last rental is paid on a regular basis, the transfer of ownership takes place.Depending upon the negotiated transfer price at the beginning, IDLC transfers the asset’s ownership to the client and lease expires. However, the lease operation can also be expired early through partial termination or foreclosure. For new clients the following few steps are added: * Identification of client – the id entification of new client is done through relationship management. The main sources of information about new clients are: * Existing client * Word of Mouth * Internal Connection * Client call * Walk-in Client * Prepare extensive appraisal report and seek formal bank & FI opinion. The documentation procedure can differ depending upon the modes of acquisition of asset.According to the guideline provided by Bangladesh Bank, IDLC considers the following factors while appraising a client and its finance proposal: 1. Business Risk Factors: * Industry * Size * Maturity * Production * Distribution * Vulnerability * Competition * Demand- supply situation * Strategic importance for the group and for the country * Concentration * Market reputation 2. Financial Risk Factors: * Profitability * Liquidity * Debt management * Post Balance sheet events * Projections * Sensitivity Analysis * Peer Group Analysis * Other Bank Lines 3. Management Risk Factors: * Experience/relevant background * Track r ecord of management in see through economic cycles * Succession * Reputation 4. Structural Risk Factors: * Identify working capital requirement Relate the requirement with asset conversion cycle * Purpose of the facilities should be clear and thus mode of disbursement should be preferably structured in a manner to make direct payment to the third party through LC, pay order, Bangladesh Bank cheques etc. 5. Security Risk Factors: * Perishablilty * Enforceability /Legal structure * Forced Sale Value (calculations of force sale value should be at least guided by Bangladesh Bank guidelines) ————————————————- 4. 3 WEIGHTS ASSIGNED TO EACH RISK FACTOR CRITERIA WEIGHT | LEVERAGING 20% The ratio of a borrower’s total debt to tangible net worth. LIQUIDITY 20% The ratio of a borrower’s Current Assets to Current Liabilities. | PROFITABILITY 20% The ratio of a borrowerà ¢â‚¬â„¢s Operating Profit to Sales. | ACCOUNT CONDUCT 10% Time length of relationship with the client | BUSINESS OUTLOOK 10% A critical assessment of the medium term prospects of the borrower, taking into account the industry, market share and economic factors. | CRITERIA WEIGHT | MANAGEMENT 5% The quality of management based on the aggregate number of years that the Senior Management Team (top 5 executives) has been in the industry. PERSONAL DEPOSITS 5% The extent to which the bank maintains a personal banking relationship with the key business sponsors/principals. | AGE OF BUSINESS 5% The number of years the borrower has been engaged in the primary line of business. | SIZE OF BUSINESS 5% The size of the borrower’s business measured by the most recent year’s total sales. Preferably based on audited financial statements. | ————————————————- 4. 4 MEASURES TA KEN FOR RESTORATION OF DEFAULT CLIENTS The Special Asset Management Department of IDLC is responsible for mending and improving the repayment pattern of the default clients.Principal Objectives of the SAM department is keeping overdue situation at possible lowest level so that provision for dues can be minimized so that the negative impact of defaults on the reported profit of IDLC can be kept at minimum level. For this the department goes through the following procedures: 1. Monitoring the overdue situation of the financed projects 2. Initiating procedures as appropriate for each case Some clients fail to make payments of rentals/ installments to the lender/ lessor institution. In several cases, the failure is temporary, which is eventually paid within a short time. But in other cases, the client continues to default and the situation worsens since it deteriorates the profitability condition of IDLC, just like any other Financial Institution.So, critical measures are taken on the p art of IDLC and these measures are mainly undertaken by Special Asset Management Department. 4. 5 FUNCTIONS OF SPECIAL ASSET MANAGEMENT (SAM) The Special Asset Management Department performs a number of activities to keep the overdue situation of IDLC within minimum level. These are: 1. Overdue Monitoring- Corporate, SME, Syndication 2. Overdue follow Up- Corporate, SME, Syndication(Phone, Visit, letter) 3. SAM Client Follow Up- (Regular, Difficult, Block, Litigated)- Phone, Visit, Letter, Negotiation 4. Termination, Block & Litigation- Initialization, Follow up, Court Attendance 5. Appointment of Lawyers for different Legal Procedures 6.Recovery Agent Appointment & Follow up 7. Rescheduling- Negotiation, Approval, Follow up 8. Routine works: Receivable Calculation, Closure, Waiver Approval, Adjustments, Reconciliation. 9. Letter Issue- Overdue Clients SAM departmental Targets: 1. Collection of Overdue Rentals 2. Reduction of Non- performing Loans (NPL) 3. Reduction of Infection rat io 4. Bad/Loss Provision Management- Incremental Provision Control 4. 5. 1. RECOVERY ACTION PLAN BY SAM Special asset management takes various recovery actions to reduce the overdue amount, thus reducing the infection ratio. These actions differ on the basis of investment classification as follows; 4. 5. 1. 1 REGULAR ACCOUNTS (RGACC) Age of overdue: One to Three months * Call immediate ext working day after 1st default installment to remind about overdue. * Try to get specific commitments from client. Committed date should not exceed seven days. * In case of no response from client within seven days, call the client again in order to ascertain reasons for delay and obtain another specific