Close-Read of Life of Pi

The Power of Faith What power does Faith have? People who believe in a religion see faith as a powerful tool that can be used to solve life problems. In the novel Life of Pi, by Yann Martel, the protagonist Piscine M. Patel, or P', is a member of multiple belief systems. He has a strong faith in God, which helps him in the most troubling of times. Pi sees faith as very important and is possibly a key reason he was able to survive his ordeal. The importance of faith to Pi is clearly shown in the first part of the book Life of Pl. Bapu Gandhi said, ‘All religions are true. I Just want to love God. † (Martel 69). Pi is fascinated by multiple religions, and sees them all as a way to become closer with God. He sees the similarities between each religion and puts his beliefs and prayers into one higher entity. Pi has learned that faith is equal to love and he chooses to show his love for God by accepting multiple religions. â€Å"It is not atheists who get stuck in my craw, bu t agnostics†¦ To choose to doubt as a philosophy of life is akin to choosing immobility as a means of transportation† (28).Pi holds faith on a higher tandard and views people who do not have faith in something to be close-minded or unimaginative. His beliefs that faith is all we need conflicts with others who do not have the courage to believe in faith. Pi even mentions how he can imagine what an atheist would say on his deathbed, but an agnostic, â€Å"to the very end, [would] lack imagination and miss the better story' (64). Pi doesn't understand how someone can survive on doubt when there are many things to put their faith into. But his faith will be tested with the horrible event that awaits him.Pi's strong beliefs and faith in God help him to survive his terrible experience on the lifeboat. â€Å"l will not die. I refuse it†¦ Now I will turn miracle into routine†¦ Yes, so long as God is with me, I will not die. Amen. † (148). Pi turns to a system an d to faith to help him through the new life he must face. He creates a schedule for himself, planning â€Å"general inspection†¦ fishing†¦ [and] prayers† (190) to bring balance and order back to his life. Pi prays and has faith in God to help him survive, his faith pushing him to think wisely about his situations. grew weary of my situation†¦ But life would not leave me†¦ It was natural that, bereft and desperate as I was, in the throes of unremitting suffering, I should turn to God† (284). Even in his weakest moments, he still has faith in God, still believing that God will give him the strength to carry on each day. He prays to all his gods in times of trouble. â€Å"Jesus, Mary, Muhammad and Vishnu! ‘ I saw a sight that will stay with me for the rest of my days† (150). Pi's faith in God never ended, even when he felt he could not go on any longer.A voice in his head, his faith in his survival, kept pushing him to hold on. Or was it re ally his faith? Pi's faith may not be main reason he made it through his adventure. â€Å"It is life's only true opponent. Only fear can defeat life† (161). Pi's is suddenly thrust into a strange and terrifying situation, and to live he must fight off the fear that attempts to engulf him. He must push away the fear to think rationally and being able to make it out alive. Pi's fght for survival and the internal struggle he you†¦ Richard Parker, thank you.Thank you or saving my life† (286). Richard Parker could be the reason Pi survived. Richard Parker was there for Pi, to show Pi how other dangers paled compared to Richard Parkers presence, to keep Pi busy and distracted from the terrible life they have to live, and to provide Pi with some form of company. Without those things, Pi would have most certainly given up on life. Pi's strong belief in faith and his own faith in God may have been the reason for his survival. His faith kept him strong through his whole horr ific ordeal, keeping him from giving up on life.There are many other possible reasons he would have survived if it had not been faith in the first place. Faith is a powerful object, giving strength to some in times of need and weakening others when their power is too great. But one fact is evident. Everyone needs faith in something, whether it's a religious form, a theory, or a value. Without faith, people would not be able to see the point of living life and giving all you have to it.

United Nations Reform for Indirect Exporting

An Indirect Exporter is when a firm†s product is sold in foreign markets with no special activity for this purpose occurs within the firm. Others carry a firm†s product overseas. Although exporting this way can open up new markets quickly a firm will have limited control over distribution of its product. A firm likes to have a buyer; thus products are sold in a domestic market then resold overseas in different ways. -Foreign wholesale and retail organisations that have purchasing agents in a firm†s home country may find the firm†s product good for their market. -Manufacturers and firms have U.S. offices obtain equipment and supplies to their foreign operations. Companies have an advantage by selling to the U.S. firms because they are using export routes already supplying their domestic operations via the U.S. -With multinational operations buy equipment and supplies for them through their regular domestic purchasing. Equipment is shipped and installed in foreign plant. Foreign producers take note of the equipment. Then orders for the equipment will follow. Thus, an active exporting involvement by the supplying firm. This has befitted the supplying firm with a free introduction to the foreign market. International trading companies are very important for some markets. Some of these companies handle the majority of the imports into the country. The size and market coverage of these trading companies makes them excellent distributors, especially with their credit reliability. They cover their markets and provide service for the products they sell. Using these trading companies has negative factors. These companies have a tendency to carry competing products and the latest product may not receive the attention its producers desired. The sales from these kinds of indirect exporting are as good as domestic sales and, show that they are less stable. Since being so far from the main market a firm has little control. Even though new sales is helpful the disadvantage of not having more control of foreign sales a company may look for a more suitable arrangements in the long-run. Some companies work with an export management to have increased control over its product. There are some advantages of using an export management company: -The manufacture receives instant foreign market knowledge and contacts via the operations and the experience of the EMC. -The manufacture saves the cost of developing the in-house expertise in exporting. An EMC cost is spread over the sales of several manufacturers. -EMC offer clients consolidated shipments for savings. -Lines of complementary products can better foreign representation than the products of just one manufacturing. Also, EMC†s accept foreign credit responsibility. There are also some disadvantages to using an EMC: -Some EMC†s handled too many lines to give the proper attention to a new exporter. -Many tend to be market specialist rather than product specialist, thus product expertise is weak. -Some EMC†s coverage is only regional rather than global. A ETC acts as the export arm of a number of manufactures. ETC†s allow U.S. companies or banks to form a trading company with the size, resources, sophistication, and international network comparable to the Japanese companies. Unfortunately U.S ETC†s have not really worked out. Most of them are small or they have failed. One manufacture uses it overseas distribution to sell other companies† product with their own. One party is called the carrier; the carrier is the firm that does the exporting. With the export of the new non-competitive product may help ease the cost of exporting. Piggybacking can be attractive because a company can fill up its exporting capacity or fill out their product line. Also, piggybacking can help in a lost cost way for the carrier to export and save on investment in R&D, production facilities, and market testing for a new product. There are also some negatives, quality control and warranty. The rider may not maintain the quality of the products sold by the other company. Concerns of supply, a carrier can develop a large market abroad, the rider firm may favor its own marketing needs it tight demand conditions. The party called the rider has a great advantage. By using another company a company can get its product to foreign markets. This offers the riders and established export and distribution facilities and shared expenses, and benefits close to an EMC and a ETC. The difference between direct exporting and indirect exporting is that the task of market contact, market research, physical distribution, export documentation, pricing, is bestowed on the company. Another producer under contract produces a firm†s product in a foreign market with the firm. This is feasible when a firm can locate a foreign producers with the ability to manufacture the product in satisfactory quality and quality. The advantages are the company can reduce the risk of failure in a foreign market by simply terminating the contract. Other saving include transportation. The drawback is to this is that the manufacturing profit goes to the local firm rather than to the international firm. Also, finding a suitable manufacturer may be difficult.

Benito Cereno †Reader Response Criticism Essay

Most readers of Benito Cereno will be surprised when the African conspiracy is finally revealed. Although Melville begins the novella with ominous imagery, the text is designed to lead the reader away from the true events of the San Dominick. The point of view of Benito Cereno is the major tool Melville uses to trick the reader. The story is written in the third person, but expresses Delano’s thoughts and observations. Most readers will trust Delano’s judgement, and his observations of Don Benito and his crew set the reader up to be surprised. Firstly, Delano’s mistrust of Don Benito caused me to suspect the Spanish captain of taking part in a conspiracy against Delano. Benito asks him strange questions about The Bachelor’s Delight â€Å"with a guilty shuffle† (188). When Delano becomes nervous while watching Benito conversing privately with Babo, I was also alarmed. The image that I was most struck by was Benito Cereno standing with his face downcast, as Babo, who is kneeling down, looks upward at his master; Delano noted this contrast, and I interpreted the scene as symbolic of Cereno’s guilt. Secondly, I believed Babo to be a devoted and loyal servant. Delano was impressed by Babo’s concern for Don Benito, as was I. I never interpreted Babo’s constant service as anything but well-intentioned; in fact, all of the slaves on the ship appeared to be good-natured. Delano even reflected on the ability of the African race to mix work with pleasure after observing the â€Å"negroes† onboard performing what he thought were the orders of Cereno. He was completely unaware of the slaves’ true intentions. I, like most readers of Benito Cereno, was completely unaware of the mutiny of the slaves until Delano realized upon his departure that Don Benito had been terrified all along of Babo; however, upon rereading the text, there are many clues as to what was going on. In this new context, the image of Don Benito looking down while Babo looked up at him takes on an entirely new meaning. This clearly represents Babo’s power contrasted with Cereno’s helplessness. The same dynamic is shown when Babo is shaving Don Benito and cuts him. Delano notes that nothing â€Å"could have produced a more terrified aspect than was now presented by Don Benito† (215). During a second reading, I was also able to notice several other assertions of the Africans’ power. The two Africans who pushed aside the Spanish seaman, and the African boy who attacked the Spanish boy were demonstrating their control over the ship and its passengers. Also, when a Spanish seaman tries to answer Delano’s questions about the San Dominick’s troubles, the Africans take over: â€Å"as they became talkative, he by degrees became mute, and at length quite glum† (197). These are all important details that illustrate the underlying events of the ship, but the reader is not able to correctly interpret them during the first reading. These events are only significant to the reader once the conspiracy has been revealed. The text of Benito Cereno is designed to mislead the reader. Delano’s point of view caused me to misinterpret the events onboard the San Dominick. The typical reader is only able to uncover the hidden clues of the story once Delano himself becomes aware of the real conspiracy.

UK Mobile Industry Essay Example | Topics and Well Written Essays - 3250 words

UK Mobile Industry - Essay Example In recent years however, the number of potential new customers have fallen drastically therefore customer base has become the most critical resource for mobile operators for sustained profitability. As the scope for acquiring first time users decreases, operators increasingly rely on luring customers who choose to switch networks while at the same time minimizing their own churn rates. The UK telecom market is one of the most dynamic and competitive market in the world. Mobile penetration rates hover around 76%, there are four players operating in the market vying for almost the entire UK population. The key players besides Orange are: Vodafone: The global telecom giant is the largest company in Britain, in terms of market capitalization. It poses strong competition for Orange, as its market share of 25% is marginally less than that of Orange. Recent developments at Vodafone Plc, like the tie up with Google for introducing search and mapping services on phones should be especially taken note of by Orange. One2One: One2One forayed into the UK market in '93.It has a substantial market presence, as 20% of the total mobile users are One2One users. In terms of network coverage, it has the lowest coverage among the four operators. A huge proportion of its subscribers are "pay as you go". Virgin: Although a separate service operator, Virgin uses the One2One network. It offers only "pay as you go" packages. Briefly, the characteristics of the UK telecom market are: 1. UK mobile services prices are relatively cheap compared to other OECD countries. 2. Consumer satisfaction levels with the key mobile players are high. 3. Competetion based on quality is another characteristic of the UK mobile market. 4. Penetration rate is 76% which indicates less scope for growth. Challenges faced by mobile operators in UK. 1. Formal regulation of the mobile sector is proposed to be reduced to minimum. 2. Consumer awareness of different packages and tariffs remains low. 3. Prices of "off net calls" between different networks and international roaming rates remain particularly high. 4. Full benefits of mobile number portability are yet to be realized, as the practice of locking handsets to SIM cards inhibits the consumer's ability to switch networks. 5. Massive investments in 3G services have been made but the prospect of return on investment remains uncertain. Orange The largest of UK's four mobile operators, Orange UK has been a success story. It has defended the top slot in one of the most dynamic marketplaces of Europe, despite being the fourth entrant. The main drivers have been-clear and comprehensive pricing policies, attractive service plans and excellent customer service.Also, Orange UK is one of the most recognized brands in England possessing a lot of leverage. Product Range and Service Portfolio In the voice services segment, two main types of services are available from Orange. "Pay as you go" is a scheme in which no monthly rental or obligation has to paid, customers are only billed for their call

Where Are We From Chineese culture and society Essay

Where Are We From Chineese culture and society - Essay Example It is always your environment and surrounding that helps an individual to develop and the physical and moral attributes that one possesses is generally a sheer manifestation of the region and location that individual lives in. In my case, China has contributed a great deal in my personality development as discussed further in this essay The landmass of East Asia is covered with what we call China. We can broadly understand the country in two parts, one being the Eastern and the other being the Western half. The Eastern region can be seen as mostly low fertile lands with mountains and deserts, also including certain subtropical areas (Haggett, pp. 2746-2747). The deserts of this region are quite expansive spread over hundreds of miles. However, its counter region has rolling plateaus that are famous the way they cover that land area. Tibet is present in this part of the world. Talking about the climate of China, many people find it strange when the tops of the mountains in South-Weste rn China remain covered with heavy snow and that too in summer season. During winters, the area is certainly very cold as much as - 40 degrees of Fahrenheit. Being there in this season of the year is a trouble for anyone who belongs to other countries. Nevertheless, the area can be extremely hot in the summer season in the same way. This means that the temperature reaches to 100 degrees of Fahrenheit in extreme summers.... I can explain this citing some personal experiences that I had with a Chinese family living in my neighborhood that had been there for quite a long time. The kids in that family were very friendly and they expressed their interest in learning foreign languages, however, their parents never showed their preference towards this. They wanted to communicate with each other merely in Chinese language and wanted no other culture to have any kind of influence over their day-to-day practices. However, these are very co-operative people, but having a long history of minority groups within their culture, some conflicts might be seen between the Han-dominated communist group of people and the Mongols of the country belonging largely to the Western part of China (Haggett, pp. 2836-2837). Due to a large number of divisions in a multitude of ethnic groups that they are segregated in, all want to have a prestigious place within the society but many of them remain low profile and they have considere d their groups as underprivileged and ignored. Moreover, in my neighborhood, I found most of the people being superstitious. They believed in ancient myths and stories and largely depended upon the consultations of fortunetellers in order to set their future goals or make a decision about their career. The elders in my neighbor used to ask fortunetellers about what career their kids should choose in order to excel and this largely influenced the direction their kids subsequently chose in educational and professional context. Analyzing the whole time that I spent with them, I have certainly adopted and rejected some of their traits. The values of belonging that they show to their own culture and community are something that influenced me the most. Earlier, I seldom bothered

Freedom of Speech and a Free Government Essay Example | Topics and Well Written Essays - 500 words

Freedom of Speech and a Free Government - Essay Example One of the areas that free speech is universally held as sacred is the freedom of religion or even the freedom from religion. (Matthew D. Bunker, 2001).One of the interesting facts of life is that the Supreme Court has never decided what free speech is. The court has allowed that free speech is associated with the search for truth. Even unpopular opinions are allowed the right of free speech. Freedom of speech is very important in the development of political stances that individuals might take.   Through freedom of speech various ideas can be developed and debated in order to establish a defensible position. It has been said that the right to express ourselves and the right of others to hear us contributes to the ordinary happiness of human beings, in general. With that being said, there are things not protected by freedom of speech. One cannot obstruct the recruiting or enlistment for people to serve in the military. Libelous talk or press and false advertising are also restricte d.   In general it is not permissible to wear gang colors to school or to wear anything that promotes hatred. Also not covered by free speech are personal threats of violence made against a government worker or an educator. The First Amendment of the American Constitution is perhaps one of the best known governmental documents of all time. The government as created by the representatives would be composed of three branches. The executive would be the leader of the entire union supported by a two house legislature.

Is coporate social responsibility just a new trend or is it the modern Essay

Is coporate social responsibility just a new trend or is it the modern business 'modus operandi' - Essay Example The work presented by Carroll (1999) states that the history behind corporate social responsibility (CSR) is extensive and its modern foundations were in fact laid as early as the 1950s.1 Since the emergence of the concept till the present day, a key question that has risen relates to the ideological and theoretical basis of CSR and whether the concept carries any practical implications for modern businesses. Lindgreen and Swaen (2010) claim that CSR’s movement from an ideological concept to an applicable one has occurred, primarily because businesses now fully recognize and understand that ‘not only is doing good the right thing to do, but it also leads to doing better’. ... siness scenario of today, organizations are more concerned about CSR than companies of the past ever were which is reflected in the understanding that 80% of the companies listed on the Fortune 500 attend to various CSR initiatives and intensively invest in corresponding programs as suggested by their websites. 8 Evidently, this observation suggests that CSR has now become the modus operandi of modern businesses and not merely a new trend. However, this conclusion cannot be certified unless further studies, empirical researches and discussions are used within the scope of the paper. According to Visser (2010) the progression of the economic age has lead to significant changes in business models and operations, thereby, causing a corresponding change in how businesses deal with CSR.9 The latest stage of the economic age is marked by the slogan of responsibility moving from the management phase of business operations that functioned under the modus operandi of management systems.10 The modern business of today now operates under the modus operandi of business models that are integrated with the main principle of responsibility that a business essentially exercises through its products; this view claims that unlike optimistic definitions of CSR that cover a business’ responsibility towards all stakeholders, modern CSR specifically and exclusively targets the customers alone.11 While for Visser (2010) the internalization of CSR into an organization’s modus operandi is dependent upon the business model12, Murray and Dainty (2009: p245) suggest that this is possible via the means of establishing a successful structure that assist’s CSR management. 13 Commentators such as Sahlin-Andersson (2006) notes that corporate social responsibility is certainly a trend that has

Difference between Systems Design and Systems Improvement Term Paper

Difference between Systems Design and Systems Improvement - Term Paper Example The renaissance paradigm tried to account for the shortcomings of the scholastic paradigm by acknowledging scientific principles (Skyttner, 2006). This paradigm introduced the notion of careful observation of the universe, with inferences and conclusions drawn from observation. This era saw the introduction of scientific methods of considering the factors that affected humankind. For example, Skyttner (2006), states that the emergence of knowledge about astronomy greatly increased understanding of humankind as is now known. The beginning of the 18th century saw the firm establishment of the scientific world view, which was done during the mechanistic paradigm and determinism. In this era, the traditional superstitions were replaced by careful analysis of the factors in the environment, and often, the rational analysis led to scientific conclusions. The overwhelming conclusion from this age was that all factors could be rationally explained, thus the mechanistic tendency. This era was followed by the hegemony of determinism, where it was believed that all factors in the universe followed a supposed pattern. According to Skyttner (2006), this age was characterized by a belief that all events followed a specific pattern, that all factors could be explained by the principle of causality. However, the principle of determinism was disproved by Einstein, who introduced the concept of relativism. Instead of a causality principle, the relativity principle served to disprove the notions of the deterministic era. Finally, the general system theory was introduced in the 1950’s to explain the failure of previous paradigms, where the universe is interconnected by way of different systems. The interaction of these systems cannot be explained by one single factor, thus the introduction of the general systems theory (Skyttner, 2006). In this chapter Skyttner (2006) explains the different factors in the general systems theory, for example, the author defined the system as the collection of different entities that interrelate to give a whole factor.

CIPD Level 5 Assessment - 5MDN Meeting Organisational Development Assignment

CIPD Level 5 Assessment - 5MDN Meeting Organisational Development Needs - Assignment Example CIPD Level 5 Assessment - 5MDN Meeting Organisational Development Needs Two learning interventions will be chosen for this study, beneficial for accomplishing set goals or objectives. Justification of methods would be provided along with reasons for eradicating other alternatives. Learning intervention design shall also be incorporated in the study that could effectively meet learning and development needs. Learning and development needs are an important component which helps in improving overall organizational performance. Tesco Plc is a multinational general merchandize and grocery retailer having its headquarters in United Kingdom. On the basis of revenue margins, the firm is the second largest retailer across the globe. Tesco has about 6784 retail stores and has an employee base of approximately 500,000. There are some business subsidiaries of Tesco Plc such as Tesco Stores, Tesco Bank, Tesco Mobile, Dobbies Garden Centers, Tesco Ireland, Dunnhumby and Giraffe restaurants. The company has diversified into wide array of geographical regions. Learning and development strategy is adopted by the company and is inclined towards enhancing knowledge base and skills of employees. Training sessions are organized for employees in specific time interval. Employee retention policies are based on career development approach, performance based pay and encouraging team members to contribute their innovative ideas. Performance management policy forms an essential part of organizational functions.

Mills Utilitarianism Analysis Essay Example for Free

Mills Utilitarianism Analysis Essay Thesis: Objectors of Utilitarianism states that there is no time for calculating and weighing the effects on utilizing the general happiness. On the contrary, Mill says that mankind has been learning by experience the tendency of actions in order to know what is right and wrong. The rules of morality is improvable, therefore we should pass all that experience on others. However, improving the rules of morality is one thing, but to educate it to the younger is another; since there is still much to learn about the effects of actions on general happiness, and all rational people go through life with their minds made up on the common questions of right and wrong. Reasons: 1. Philosopher and the human: They have to acquire experience about the effects of some actions on their happiness and improving it or at least maintain it. . Traveler: Mill uses the traveler going for his destination as for if a man needs to follow the rules of general happiness, we should open the way and direct him to the knowledge, and not to forbid it. 3. Sailors: They go to sea with it calculated on the Nautical Almanac. Therefore, as for the people, they go on the sea of life with a made up mind on the common questions of right and wrong, and more complicated questions of wise and foolish. Discussion: Mill’s defend against the objectors of Utilitarianism is that the rules of general happiness are made up by the experience of the people. Also, it is improvable by teaching it to the younger and other people. But, he also argues that human are rational creature. Human are capable of answering the questions of right and wrongness by their own experience, and they also capable of learning and experiencing more on their way of life.

Singapore’s Economic Competitiveness

Singapore’s Economic Competitiveness Introduction According to the global competitiveness report 2014-2015, Singapore has retained their place as the most competitive economies in the South East Asia. Singapore’s economic rank second in the world just behind the country Switzerland for the fourth consecutive. Singapore had owning an outstanding and stable performance across all the dimensions of the GCI. In addition, Singapore had tops the goods market efficiency pillar and ranks second in the labor market efficiency. Over decade years, Singapore unemployment rate has obviously decreasing, this refer Singapore’s labor force has strong active population toward to work in order stimulate the development to the country. Furthermore, Gross Domestic Product (GDP) in Singapore tremendously expanded 3.20 percent in the first quarter 2015 over the previous quarter. 2.0 The Cause of the High Economic Competitiveness in Singapore Macroeconomic environment Regional Co-operation As the globalization permeates our modern world, change can be said to be only constant to Singapore. As Singapore celebrates its Jubilee year, contemplating where it stands in ASEAN is important to carve out a path to keep constantly develop to successful country. The future of Singapore should not only improve within it country to remain ahead and relevant, Singapore should also to consider how the world affects us. Hence, Singapore need to building stronger ties in between neighbors countries. The association of South East Asian nation known as ASEAN is a 12 member international body, that’s consists the country of: China, Thailand, Laos, Vietnam, Philippines, Brunei, Cambodia, Indonesia, Myanmar, Malaysia, India and Singapore. The objective of ASEAN is aim to promote collaboration and co-operation among its member states as well as to advance the interest of the region as whole, including economic and trade growth (). Singapore had a crucial role in building economic ties within the region of ASEAN, it lead Singapore economic market trading with ASEAN countries. As Asia’s most mature financial center, Singapore has a key role to play in ASEAN’s economic transformation. It attracted more public and private funding through export agencies or bank to invest Singapore to trade finance to allow more Asian companies to reach global market. As today prosperous of China, Singapore has to working with China to explore more new opportunities to maintain it economic position. Singapore integration with China will be inevitable in near future, it may allow Singapore be able to maintain independence through economic ties with the US market. According to China moving up the value chain, Singapore will need to build stronger diplomatic with China in order to further exploring Sino-Singapore co-investment in other market. The developing of Sino-Singapore co-investment will benefits to Singapore and even to ASEAN could be profitable as it rides on the trend of growing outbound Asian foreign direct investment to other high-growth market. Global Economic Outlook Global growth is forecast at 3.5 percent in 2015 and 3.8 percent in 2016, global economic growth remains moderate with uneven prospects across the main countries and regional. In year 2015, World Economic Outlook (WEO) report that the outlook of global advanced economic compare relative to last years has improving, while growth in emerging market and developing economies is projected to be lower, primarily reflecting weaker prospects for some large emerging market economies and oil-exporting countries. In the United States, underlying growth has remained solid all time. However, while lower energy prices have boosted growth momentum in the United States, they pose downside risk to the Canadian economy owing to the relatively large size of its energy sector. The economy of United Stated has been resilient to the weaker external conditions and the strengthening dollar. Besides that, United States has shown solid improvement into labor market and business as well as the consumer behavior. It may develop United States on labor market to recovery fast pace, boosting household incomes and confident. In the Europe area, activity was weaker than expected in the middle part of 2014 as private investment remained weak. Although growth was stronger than expected in fourth quarter, but uncertain still across countries. The substantial QE program carries out by the European Central Bank can have positive effect on sentiment, but whether it will product critical effect to boost the growth outlook is debated. In the financial market of Europe, pricing in the ECB policy actions positively remained supportive. ECB’s action will able to improve financial conditions in order to boost economic into the stronger momentum at end of 2015. Microeconomic Environment Improve Innovation and Reformation In the microeconomic environment of Singapore, Singapore improve it country innovation and reformation to increase competitiveness. These innovation and reformation allow Singapore boosts it economic to moving upward. An innovation and reformation can be created in many ways, which can be in sector of technological or sector of science innovation. No matter what type innovation or reformation is, it should helpful Singapore development into a modern city. New innovation and reformation will helps Singapore industries to save much time toward work and labor force. Innovations stands a vital role to transforming Singapore to developing country to a modern industries economy in one generation and keep innovating so Singapore will able to stay competitive in the global economy. Human Capability Singapore had strong education system to enhance it country human capability. Singapore student are aims high and they achieve a very good result. Education in Singapore is managed by Minister of Education (MOE), which control the development and administration of state school as well as has advisory and supervisory role in respect of private schools. MOE provided a good environment with capable leader and teachers and also perfect facilities to the youth which are helpful to develop student skill and knowledge in order to take Singapore forward to maintain it economic competitiveness in future. Moreover, Singapore education systems are best and has been recognize in the world, this bringing tremendously opportunity to Singapore residents which allow them to survive in global challenge. Singapore has achieved almost universal education at each level of schools which will able to enhance student human capability to prepare them for knowledge based-economic and help to build national i dentity. 3.0 The Challenge to Singapore’s economic competiveness Lacking of natural resource Singapore has limited land area and limited of natural resource, it will cause Singapore facing challenge to further developing without any of this natural resource. Singapore is a small island nation with over 5.3 million people, but it is face difficult problem with their insufficient of resource to supply to these 5.3 million residents. The major natural resources issue that Singapore facing are, limited natural freshwater resources and limited land availability presenting waste disposal problem and so on. It could lead the problems to Singapore that people have no access to clean water in time of future and quarter of people will lack adequate housing. Meanwhile, lack of resource will create wide-range problems such as unemployment, housing and people which will affect their life system. Domestically, Singapore does not have enough arable land to produce its own food, it heavily relies on imports which will result the price are extremely expensive to it residents. Lacking of natural resource will also slower down Singapore economic growth as well as affect to the overall GDP on economic development. With limited natural resource, Singapore will unable to produce more domestic goods to export to other countries which will become barriers to it economy when competitive to other developing country. Human Resource Development Hamper A confidence labor market is the great asset of country. Singapore labor market had insufficient skill and unskilled worker in today workforce. Due environment changing rapidly with the jobs, the criteria of jobs will be different and skill will need to change, it should not remain on the past. When worker lack of skill and unskilled to enter the workforce, it may take a certain time to train them in order to join workforce, more or less it will affect the productivity of Singapore hamper. Meanwhile, it will also affect Singapore economy downturn. When workers are unskilled, it may lead to low morale among worker which results in worker turnover. In addition, Singapore unemployment rate will be increase when worker didn’t adopt a new idea and new skill. Nevertheless, Singapore productivity rate will decrease due to unskilled worker not well knows to perform their jobs confidently. Unskilled worker spend considerable time to perform their jobs based on their own understanding which affect detriment of the work process. This could also lead errors and injury on workplace. Furthermore, supervisor and other worker need to spend time to monitoring unskilled worker, which detracts from their work and increases the amount of time necessary to complete production. Singapore facing uncertain economy problem which people unwilling continue upgrading and economics growth will be in period of recession. 4.0 The economic strategies and government policies for Singapore future improvement Energy efficiency and renewable resources As Singapore is city-state with lack land area to development, it is not particular rich in natural resources. The challenge that Singapore is facing on management water resource has been a country across the globe. Thus, Singapore has to carry out with an efficient water management policy to ensure sustainability of water over the period of time. Singapore should further devise water management strategies to manage limited water resource. Singapore should through research and technology to found an integrated with further carry effective and cost-efficient ways to solve water supply issue. Singapore’s national water agency PUB has implemented a policy to provide diversified supply of water. These plenty water supply consist the method of: local catchment water, imported water, highly-purified reclaimed water also known as NEWater and desalinated water. Moreover, the sustain increasing demand in energy, government of Singapore should developing the technology for various source of renewable resource in Singapore and to leverage on renewable resources to implement in large scale and commercially viable manner. Renewable resources have become a focal point of the environment movement in both politically and economically and energy obtained from renewable resources put less strain on the limited supply of non-renewable resources. Singapore government should use of bios mass as renewable resource. Bios mass is any derived organic matter, which is available on a renewable basis. On the other hand, bios mass able stored solar energy that can be converted into electricity or fuel. Singapore has great potential to harness solar energy due to this country located in the equatorial belt. Singapore able builds a solar power manufacturing plant to product solar energy. The solar energy plant able to produce wafer, cells and modules in the ways for used to generate solar power. Use Solar energy is lead to reduce the demand of electric current and solar power is much reliability than electricity. Urban Planning to Singapore An urban planning is planned for Singapore for a long-term sustainability to further developing Singapore to a better country. The main objective urban planning of Singapore is to priority ensuring catering for the economic growth and a good quality of life as well as maintains the clean garden city and making the best of using resources. An urban plan approach to sustainable development is far-sighted, holistic and comprehensive planning to Singapore, which able to help Singapore take into account of the global changing as well as future development through an integrate planning process. An urban planning is significantly in development future of Singapore, it should also offer a good quality of life for all residents. Thus, the key aspect of urban planning is in ensuring that housing is available and affordable. With over 50 million people in Singapore, land is important to set aside for variety of housing type to meet various types of needs and aspiration. So, the range to purchasing of house should provide from affordable and quality high rise public housing where allow 80 per cent of the population lives. As Singapore is the city to address complex urbanization and uncertain environmental challenges of the future, there is a necessary to seeking out viable new ideas, innovation, technologies and other solution to against with the global economic changing. That’s the reason why Singapore developing living laboratory. Numerous of companies and research institute are in partner with urban planning authority of Singapore developed new technologies and have been testing out the new urban solution that can be commercialized and replicated elsewhere. In order to Singapore create cooler and more comfortable environment that every people could enjoy, urban redevelopment authority also known as URA is leading an ongoing climatic mapping island-wide study that examines the impact of building, greenery and urban space on micro-climatic conditions like air flow and temperature. The aim of urban design study is to help Singapore design strategies that can leverage on climatic conditions to c reate better living environment. 5.0 Conclusion While the economy will move upward and downturn in the long run, it is hard predictable what will happen in the future development of Singapore. Singapore may face uneven challenge in the future, in keeping the economy strong, raising total fertility and further to growth competitiveness while global economy changing rapidly. However, with the government policy play important role to maintain upgrade and keep priming the economic development; this could lead Singapore to stand great confidence in against global economic competitiveness. In the global economic, Singapore remain confident that the global economy able to gain momentum due to US economy set accelerate to itself fastest pace and oil price remain low. With good reputation on trading experience in import, export market and shipping market, Singapore able to integrate with other countries develop more competitiveness market. More or less, it could also boost Singapore economy to a better result in consumer confidence. Singap ore will able to keep growing as modest city with it strong economic system in competitions of globalization

Clinical Decision making and the Nursing Process

Clinical Decision making and the Nursing Process Internal and external variables such as the nurses personal experience, knowledge, creative thinking ability, education, self concept, as meshed with the nurses working environment, and situational stressors all can work to enhance or inhibit effective clinical decision making for a nurse. (OReilly, 1993) Clinical decision-making is defined as the ability to sift and synthesize information, make decisions, and appropriately implement those decisions within a clinical setting. Practicing nurses must effectively identify and solve the problems of patient diagnosis and treatment by using such a model. One means of doing so, paradoxically, is to identify the barriers to decision making so they can be overcome by the use of more effective decision-making tools. The nursing process itself involves the need for quality decision-making at every sage of assessment, diagnosis, planning, implementation, and evaluation of patient needs and demands. (Nursing process, 2006, Wikipedia) Thus, both p rocesses are interrelated; as to be a good nurse a nurse must be a good decision-maker. Describe Patricia Benners stages of clinical judgment According to the nursing theorist Patricia Benner (2004), the novice nurse has little experience, and must essentially proceed by rote to function as an effective nurse in the clinical setting, such as a first year nursing student who needs constant guidance from other hospital staff members. A recent graduate nurse or advanced beginner possesses some minimal clinical practice and can grasp attributes but not aspects of the clinical setting without constant assistance. In contrast, a competent nurse has a filtering device of experience to know what to ignore and what to assimilate in the clinical setting, based upon greater levels of experience than the advanced beginner nurse. A proficient nurse has made the leap beyond basic competence into a more holistic assessment of understanding of patient needs. Finally, the expert nurse no longer relies upon clearly articulated analytical rules of judgment regarding patient diagnosis and treatment at all, but can proceed to judgment on a mor e intuitive, but still rational level. The expert can deploy both creative thinking and rational thinking simultaneously and effectively in the clinical environment. Discuss the ways in which the nursing process contributes to effective clinical decision-making The nursing process of assessment, diagnosis, planning, implementation, and evaluation are dependant upon both the nurses personal qualities as well as upon the setting of the assessment. (Quan, 2006) For example, during the assessment, increased knowledge on the part of the nurse practitioner leads to greater clinical accuracy in judgment. The more experienced nurse knows what to look for, based upon clinical knowledge and personal experience, and can use that observed and filtered knowledge in making a more competent diagnosis. A more competent diagnosis leads to a better-planned and implemented course of treatment, and a better assessment of how and if the treatment is working. (OReilly, 1993) But treatment is not merely a checklist. Intuition is also said to be the hallmark of expert judgment, where intuitively on a subconscious level accumulated knowledge kicks in in helping the nurse understand what, if anything, in the patients state of health may be wrong. Creative thinking when assessing the patients psychological and physical state, the ability to fuse emotion and reasoning in the mind of the seasoned nurse, can lead to a better mental selection of important data and a more effective diagnostic conclusion. (OReilly, 1993) Also, self-concept, the empowered use with confidence of ones knowledge that comes with experience and the practice of years can increase the speed and efficacy of the planning of the treatment and its implementation and evaluation. However, it is important to remember that even in expert nurses, stresses such as less then optimal staffing or undercutting confidence through interpersonal staff conflicts can increase anxiety, and can threaten the ability to make an effective diagnosis. A lack of sleep, an overwhelming patient load, or staff condescension, especially in less confident novice nurses can all inhibit the use of ones personal assessment tools and thus disrupt the process of effective nursing in the clinical environment. (OReilly, 1993) Provide examples of how planning for the provision of nursing care might differ at each stage of clinical judgment. Nursing processes are thus always in a dialogue between the nurses own personal competence (internal factors) and the external stressors of the environment. For example, take a highly contentious situation in the ER when a patient may come in, late at night, complaining of chest paints, agitated, and certain that he or she is suffering a heart attack. A novice nurse, in her process of assessment, diagnosis, planning, implementation, and evaluation might merely register the patients emotional distress and immediately call for a doctor specializing in cardiac care, accepting the patients own assessment and diagnosis as if it were valid. The nurses lack of confidence and fear of the possible consequences of an untreated attack might drive her to seek immediate assistance to help in the planning and implementation of a plan to aid a heart attack victim.ÂÂ   An advanced beginner nurse, less shaken by the emotion of patient, but proceeding by rote and by the knowledge given to her by professional mentors during her minimal previous clinical experience, might go down a checklist of evaluating the patients pain, such as where is the pain localized, when the pain began, then asking the patient to describe and rate the pain, and based upon such an assessment, diagnosis the cause and severity of the case before seeing assistance in planning and implementing a treatment plan either for a cardiac condition or for heartburn.ÂÂ   A competent nurse might, by sight, be able to evaluate if the patients pain was nausea, as in heartburn, or if the clutching pain seemed to affect the patients breathing or numb the patients limbs as might be typical of an oncoming heart attack. A proficient nurse might be able to assess the immediate severity of the condition-even if the pain was heart-related, she or he might be able to offer a finer-tuned diagnosis and plan. For example, if the patents angina was life threatening and required immediate care, or if the pain could be taken care of through a nitroglycerin tablet, for example, and patient rest, before a doctor was called for to evaluate the patients physical health and provide advice regarding future heart care.ÂÂ   Finally, an expert nurse might be able to assess, having seen many heart attacks and heart burn patients go through the ER, might know what was needed almost by sight. The expert nurse would likely be also better skilled in comforting the patient and thus lessening the trauma of the patients trip to the ER and the final diagnosis.ÂÂ   However, it is important to remember at all junctures of this decision-making process, that a crowded or understaffed ER can interfere with such holistic judgment, although the more experienced a nurse is in high-pressure situations, the better able he or she will be to filter out such unnecessary environmental static such as an argument with a colleague, the lateness of the hour, or an uncooperative patient. Experience is not a panacea, but combined with an effective use of clinical decision making and the nursing process, experience combined with the simultaneous and effective deployment of rational and intuitive judgment is the best personal asset a nurse offer to a patient.

Free Essays - Sarcasm and Irony in A Modest Proposal :: Swift Modest Proposal Essays

Sarcasm and Irony in  A Modest Proposal In  A Modest Proposal, by Jonathan Swift, the main objective was to draw attention to the plight of the Irish people and motivate readers to find a workable solution.   Swift shows the readers his proposal mainly through irony.   Irony can be defined as expressing the opposite of what is meant.   This is a great technique of the sense of humor used in the proposal and in Swift.     One of the voices that are present throughout the story is that of irony. The story itself is ironic since no one can take Swifts proposal seriously. This irony is clearly demonstrated at the end of the story; Swift makes it clear that this proposal would not affect him since his children were grown and his wife unable to have any more children. It would be rather absurd to think that a rational man would want to both propose this and partake in the eating of another human being. Therefore, before an canalization can continue, one has to make the assumption that this is strictly a fictional work and Swift had no intention of pursuing his proposal any further.    One of the other voices that are present throughout the entire story is that of sarcasm.   Right from the first paragraph Swift attempts to fool his readers by the sarcasm of the dreary scene that Swift presents. For example, he mentions that it is a melancholy sight to see beggars and their children on the street. The sarcastic paradox in this statement is whether it is a melancholy object for him, having to see homeless people every day, or for the beggars lifestyle? Upon first reading this one may be led to believe that Swift is a compassionate writer attempting to feel the pain of the beggars. But as the story continues, a reader can look back and note that he is using a sarcastic tone and the only sad sight that he sees is the fact that people of his status have to deal with commoners. It is a good combination that makes the reader think twice about any other statements, and the voice used, after the first paragraph.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Also, one could argue that the whole context of the story must be taken into account. First of all, one must take into account the environment in which the story was written. During this time period, the beggars that Swift describes could not read, much less afford to buy one of Swifts works.

Eating Disorders, Body Image and Cultural Contexts Essay -- Eating Dis

Eating Disorders, Body Image and Cultural Contexts Although a great deal of early research on body image and eating disorders focused on upper/middle class Caucasians living in America or under the influence of Western ideals, many researchers are realizing that eating disorders are not isolated to this particular group. They are also realizing the differences in body image between occur in different races and genders (Pate, Pumariega, Hester 1992). Recently, several studies have shown that eating disorders transcend these specific guidelines, and increasingly, researchers are looking at male/female differences, cross-cultural variation and variation within cultures as well. It is impossible to broach the concept of body image without including the general sentiment of the population being studied as it changes from society to society. Americans, Blacks and Asians have been the focus of a significant amount of research on the cultural attributions of eating disorders and differences in body image between cultures. When a researcher considers body image and eating problems in African-American women, they must also take into account the socio-cultural factors and factors of oppression, such as racism and sexism (Davis, Clance, Gailis 1999). Without specific etiologies for individual eating problems and body dissatisfaction, these issues become very important to individual cases and treatments. Psychologists must consider religions, coping methods, family life, and socio-economic status when assessing a patient. These all vary within cultures and between cultures making this a difficult job and complex subject to tackle. Fortunately, a great deal of research has been done to assess the body images of Black women. One extensive... ...pean Eating Disorder Review,4, 73-83. Molloy, B., Herzberger, S. (1998) Body image and self-esteem: A comparison of african american and caucasian women. Sex-Roles, 38, 631-643. Mumford, D., Whitehouse, A., Platts, M., (1991) Sociocultural correlates of eating disorders among asian school girls in bradford. British Journal of Pyschiatry, 158, 222-228. Ofuso, H., Lafreniere, K., Senn, C., (1998) Body image And perception among young women of african descent: A normative context? Feminism and Psychology, 8, 303-323. Pate, J., Pumariega, A., (1992) Cross-cultural patterns in eating disorders: A review. Journal of the American Academy of Child and Adolescent Psychiatry,31, 802-809. Williamson, L. (1998) Eating disorders and the cultural forces behind the drive for thinness: Are african american women really protected? Social Work in Health Care,28, 61-73. Eating Disorders, Body Image and Cultural Contexts Essay -- Eating Dis Eating Disorders, Body Image and Cultural Contexts Although a great deal of early research on body image and eating disorders focused on upper/middle class Caucasians living in America or under the influence of Western ideals, many researchers are realizing that eating disorders are not isolated to this particular group. They are also realizing the differences in body image between occur in different races and genders (Pate, Pumariega, Hester 1992). Recently, several studies have shown that eating disorders transcend these specific guidelines, and increasingly, researchers are looking at male/female differences, cross-cultural variation and variation within cultures as well. It is impossible to broach the concept of body image without including the general sentiment of the population being studied as it changes from society to society. Americans, Blacks and Asians have been the focus of a significant amount of research on the cultural attributions of eating disorders and differences in body image between cultures. When a researcher considers body image and eating problems in African-American women, they must also take into account the socio-cultural factors and factors of oppression, such as racism and sexism (Davis, Clance, Gailis 1999). Without specific etiologies for individual eating problems and body dissatisfaction, these issues become very important to individual cases and treatments. Psychologists must consider religions, coping methods, family life, and socio-economic status when assessing a patient. These all vary within cultures and between cultures making this a difficult job and complex subject to tackle. Fortunately, a great deal of research has been done to assess the body images of Black women. One extensive... ...pean Eating Disorder Review,4, 73-83. Molloy, B., Herzberger, S. (1998) Body image and self-esteem: A comparison of african american and caucasian women. Sex-Roles, 38, 631-643. Mumford, D., Whitehouse, A., Platts, M., (1991) Sociocultural correlates of eating disorders among asian school girls in bradford. British Journal of Pyschiatry, 158, 222-228. Ofuso, H., Lafreniere, K., Senn, C., (1998) Body image And perception among young women of african descent: A normative context? Feminism and Psychology, 8, 303-323. Pate, J., Pumariega, A., (1992) Cross-cultural patterns in eating disorders: A review. Journal of the American Academy of Child and Adolescent Psychiatry,31, 802-809. Williamson, L. (1998) Eating disorders and the cultural forces behind the drive for thinness: Are african american women really protected? Social Work in Health Care,28, 61-73.

Density of Liquids Lab Report Paper

FE 106 GENERAL CHEMISTRY EXPERIMENT-1 DENSITY OF LIQUIDS PREPARED BY BURAK COBAN PURPOSE: In this experiment we will learn how can we find the density of liquids and liquids of density how change effect of temperature, pressure, mass, volume and concentration. For this reason we will take NaCI solutions with different concentrations and we will measure their densities, so we will find out the effects of concentration on density of solutions. THEORY: Density is a physical property obtained by dividing the mass of a material or object by its volume (i. . , mass per unit volume). Here is an old riddle:† What weighs more, a ton of bricks or a ton of feathers? † if you answer that they weigh the same, you demonstrate a clear understanding of the meaning of mass- a measure of quantity of matter. Anyone who answers that the bricks weigh more than the feathers has confused the concepts of mass and density. Matter in a bricks is more concentrated than in a feather – that is , the matter in brick is confined to a smaller volume. Bricks are denser than feathers. Density is the ratio of mass to volume.Density= Mass (m) / Volume (V) |Density of matter | d | g/ml | |Mass of matter | m | g | |Volume of matter | V | ml | The SI base unit of mass and volume are kilograms and cubic meters, respectively, but chemists generally express mass in grams and volume in cubic centimetres or millilitres. The most commonly encountered density unit, then, is grams per cubic centimetre (g/cm3), or the identical grams per millilitre (g/ml).The mass of 1. 000 L of water at 4 0C is 1. 000 kg. The density of water at 40C is 1000g/1000 ml=1. 000 g/ml. At 20 0 C, the density of water is 0. 9982 g/ml. Density is a function of temperature because volume varies with temperature whereas mass remains constant. One reason why global warming is a concern is because if the average temperature of seawater increases, the water becomes less dense. Because the mass of water does not change, its volume must increase and sea level rises- all before any ice melts at the polar caps.In addition to temperature, the state of matter affects the density of a substance. In general, solids are denser than liquids and both are than gases. There are significant overlaps, however. The following are some observations about the numerical values of densities that should prove useful in problem solving situations. Solid densities: from about 0. 2 g/cm3 to 20 g/cm3. Liquid densities: from about 0. 5 g/ml to 3-4 g/ml. Gas densities: mostly in the range of a few grams per liter. In general, densities of liquids are known more precisely than those of solids.Also, densities of elements and compounds are known more precisely than densities of materials with variable compositions (such as wood or robber). An important consequence of the differing densities of solids and liquids is that liquids and solids of lower density will float on a liquid of higher density (so long as the liquids and soli ds do not form solutions with each other). MATERIALS: We used these materials in the experiment. Graduated cylinder Distilled water Thermometer NaCI solutions with different concentrations (4, 8, 12, 16% NaCI by weight. )Unknown solution (U1) Beakers PROCEDURE: The mass of the empty graduated cylinder was measured and the mass was written. 20 ml. Distilled water was added into the cylinder. Graduated cylinder and distilled water were measured and was written. The temperature of the water was made note. The density of the water that we had known its mass and volume. Was calculated. After finish this part. We were started second part. We were added NaCI solutions (their concentrations; 4, 8, 12, 16 %) one by one. The masses of the solutions were determined and were made note respectively.The densities of the NaCI solutions were calculated. And then a sample of NaCI solution, which we didn’t know its concentration, was added to the empty graduated cylinder. Mass of the unknown s olution (U1) was found. Finally Density of the unknown solution was calculated. RESULTS (DATA): a) Density of water; Temperature of water: 24 0C Mass of graduated cylinder (m1 ) : 29,95 g Volume of water: 20 ml. Mass of water + graduated cylinder: 49,90 g Mass of water: 19,95g Density= (19,95)/ 20= 0,9975 g/ml Formula of Percent Error: | T. V. E. V. | _____________ *(100) |T. V. | T. V. = Theoretical value. E. V. = Experimental value. Percent Error: ( |0,9964- 0,9975| / 0,9964)*100= 0,11% b) Density of solutions: Volume of solution: 20 ml 4% concentration =((50,91-29,95)/ 20)= 1,048 g/ml 8% concentration =((51,18-29,95)/20)= 1,0615 g/ml 12% concentration =((51,47-29,95)/20)= 1,076 g/ml 16% concentration =((51,95-29,95)/20)= 1,10 g/ml Unknown concentration (U1):U1 ((50,60-29,95)/20)= 1,0325 g/ml DISCUSSION: In this Experiment, We were learned how can we find the density of the liquids, by using the formula. But we found different results some of them. For example density of water i s 0,9964g/ml at 240C temperature but we found 0,9975 g/ml I think that change may be, temperature wasn’t determined well or we washed the graduated cylinder with distilled water and we didn’t dry well. So that these factors changed the results. On the other hand, If we had taken 30 ml water instead of 20 ml of water.The density would have been same. Because according to the increase in volume, mass would increase too. This experiment showed us that density is temperature and concentration dependent, but mass and volume independent. REFERENCES: General chemistry, page 15-16, Ralph PETRUCCI & William HARWOOD. PRELAB QUESTIONS 1. Density: Density is a physical property obtained by dividing the mass of a material or object by its volume (i. e. , mass per unit volume). a) Effect Of Temperature: If temperature increases volume increases.Because molecular blanks increases so that Density of liquids decrease when temperature increases. On the other hand, temperature decreases volume will decrease for this reason density of liquids increase when temperature decreases. Effect Of Pressure: density of liquids cannot change with pressure. If we use very big pressure. Density of liquids change very small amount. b) Because there are very small blanks between molecules so that we need a great pressure to change density of liquids. c) Of course No, if we have gas sample.We can use pressure to change density Because gas molecules have very big blanks one to another and we can change density very easily. d) We cannot change density of solid with pressure. Because nearly molecules don’t have blanks. (See figure 1. 1) 0000000000 0 0 0 0 0 0 0 0 0 0 00000000000 0 0 0 0 0 0 0 0 0 0 0 0Solid molecules Liquid molecules Gas molecules 2. ( | (0,9972-0,9948)| / 0,9972 ) *100 = 0,24 % d = m / V d = 41,052 / 41,2 = 0,9964 Percent Error  : ( | 0,9955 –0,9964| / 0,9955) *100 = 0,09 % 3. At 160C=0,9978 g/ml. , 210C = 0,9970 g/ml. , 230C = 0,9966 g/ml. , 250C = 0,9961 g/ml. 4. Calibration: Calibration method’s aim to find unknown value with using known values. For this reason we have to draw calibration curve using known values and then we can find unknown values.

A Global Overview of a Fast Relief Market

A Project Report On A Global Overview Of A FAST RELIEF Market Submitted in Partial fulfillment for the requirement of the Degree of Master of Business Administration (International Business) from SUS College of engineering and technology,Tangori, Mohali.. Under the Guidance of: Submitted to: Mr. SUNIL Mr. ANIL Mr. PANKAJ SIR Submitted By: NANCY GOYAL MBA Acknowledgement I am very much thankful to Mr. Karun Narang (MD, Eastern Medikit Ltd. ) and Mr. D.Tyagi (AGM, Eastern Medikit Ltd) who allowed me to undergo summer training in their esteemed organization. This report deserves the special mention of few names, Mr. SUNIL PALand Mr. ANIL KUMAR SINGH , who guided me all the way and helped me at each of the stage. They helped me to gain knowledge about the various aspects of their organization. They shared their professional experiences, which will be very much useful for me in the long run. I would like to give a bunch of thanks to Mr. Bhupendra Singh, Mr. Krishna Sharma, Mr. V. P. Joshi , Mr. Jagmohan Roy, Mr. Pankaj Pandey, Mr. Amit Sharma, Mr. Guru Prasad, Mr. Pradeep Dua, Mr.Kunjal Patel, Mr. Ajay Sharma, Miss Piyali Chakraborty and Mr. Ankkur who helped me to improve my research work. I can not forget to thank all those people who directly or indirectly cooperated me during my training period. NANCY GOYAL SUS C. E. T TANGORI MOHALI.. INDEX * Introduction What is Fast Relief Medikit’s fast relief Details Competitors and Their Profile * SWOT Analysis PEST Analysis * Competitive analysis * Marketing mix * Strategies * Costs * Media costs Eastern Medikit Ltd Medikit is the India’s largest medical device export company Medikit has 5 manufacturing facilities in and around Gurgaon, covering 125,000 sq. ft with 25,000 sq. ft as class 10,000 and class 1,00,000 clean rooms. Our organizational strengths are rooted within Medikit's unique flexibility to evolve and improve products and processes by deployment of globally competent manufacturing practices. Read Chapter 8 Microbial GeneticsWith ongoing in-house development of proprietary equipment and manufacturing techniques, our research and development activities along with our exclusive design and development centre ensure that Medikit is customer-driven and stays ahead, always. FAST RELIEF Definition â€Å"Fast relief† is a pain reliever product of medikit ltd. It is a extra strong pain reliever product. The main competitors of this is MOOV and HIMANI FAST RELIEF.. The new launched product fast relief has a unique and ayurvedic composition elements.. like Oil of wintergreen 15. 0%Pudina ka phool 5% Tarpin tel 3% Nilgiri tel 2% Base (bees wax) q. s. All these ingredients provides ‘sootthing warmth’ to relieve pain instantly.. which is the requirement. Purpose The purpose of this product is basically to give relief instantly from the backache pain. It works with its special ingredients to give relief from the backache. Its main purpose is to give warmth and soothi ng feeling at the pain area and to give quick relief.It works like a miracle at the pain.. Company’s Product Details MedifinTM| |   FAST RELIEF from MEDIKIT | | | Geographic Markets:DELHI , UP, MUMBAI, VARANASI, CHENNAI, BANGLORE, CHANDIGARH, LUCKNOW.. | | Product Details | Benefits| Being in topical form it is devoid of all undesireable effects of oral route.. | So it helps to maintain the valid effects. | Soft and therapeutic. | Gives instant relief. | Starts work immediately after application. | Complies with standard and quality norms. | Attractive design and coloured packaging. | Gives satisfaction quickly.. Gives soothing warmth. | To improve the body muscles so that relive remains for more time. | No sideeffects . | An ayurvedic cure. | Topical preparation gives therapeutic effects only at the site of application that’s local relief.. | Cheap and economical. Specially for common man. | MARKETING OF THE PRODUCT.. INTRODUCTION.. MARKETING IS ONE OF THE IMPORTANT ASPECT OF ANY BUSINESS AND SO WE WOULD ANALYSE VARIOUS MARKETING STRATEGIES MAINLY PEST ANALYSIS AND SWOT ANALYSIS , COMPETITIVE ANALYSIS ARE BEEN DONE AND EXPLAINED IN THERE..MARKET SEGMENTATION AND TARGETING.. DELHI,UP,MUMBAI, VARANASI,BRALIEY,CHENNAI,BANGLORE, CHANDIGARH,LUCKNOW,MP,CALCUTTA. AGE- ABOVE 30 YEARS. GENDER- SPECIALLY FOR FEMALES. FAMILY SIZE- FOR BOTH BIG AND NUCLEAR FAMILIES SOCIO ECO CLASS- MIDDLE AND LOWER MIDDLE CLASS. PEST ANALYSIS.. Pest analysis stands for political,economical,social,and,technological analysis of macroenviornmental factors used in the environmental scanning component of strategic management. it is a part of the external analysis when onducting a strategic analysis or doing market research and gives a certain overview of the different macroenviornmental factors that the company has to take into the consideration. It is a useful strategic tool for understanding market growth or decline, business position, potential,and direction for operations. . POLITICAL- Govt support. , no risk for OTC brands. ECONOMIC- It is cheap and economical.. as it is available in different-different small packaging. It enhances the GDP growth and liberlisation.SOCIAL- Its is a innovative product suits the demands of the changing preferences of the society. It is suitable for the needs and aspirations of the common individual. TECHNOLOGICAL- It is made by the use of best technological machines. It has given a quality packaging with double lamination on the outer and inner area of the tube. SWOT ANALYSIS. Swot analysis is a strategic planning method used to evaluate the strengths, weaknesses, opportunities and threats involved in a project or in a business venture..STRENGTHS- It is an ayurvedic product. It is quick and instant pain reliever than any other relief balm. Its branding is fabulous and standardized Its channels of distribution and dedicated Employees working for its successful promotion. A huge capital investment.. WEAKNESS- It is a new product in the market. It has low market share now. OPPORTUNITIES- There is a huge market demanding innovation And change.Changing tastes and preferences of consumers. THREATS- The problem of brand loyality and mindset of Consumres regarding a specific product and its Quality. Popularity of competitive brands like moov. The condition of market is also a big threat. . POSITIONING STRATEGY.. The positioning strategy is an effective and important instrument for a business venture and for the product as well. As it causes the success of the product.. â€Å"FAST RELIEF† â€Å"AN AYURVEDIC CURE FOR YOUR PAIN†The positioning strategy should be strong and effective enough to make the product strong and popular.. TARGET AUDIENCE The main target audience are middle class family and low midlle class family woman, who works in the offices as well as in homes and have no time to go to doctors for their ignorable backaches.. INDUSTRY PROFILE Industry Definition â€Å"The Indian pha rmaceutical industry is a success story providing employment for millions and ensuring that essential drugs at affordable prices are available to the vast population of this sub-continent. † Richard GersterThe Indian Pharmaceutical Industry today is in the front rank of India’s science-based industries with wide ranging capabilities in the complex field of drug manufacture and technology. A highly organized sector, the Indian Pharma Industry is estimated to be worth $ 4. 5 billion, growing at about 8 to 9 percent annually. It ranks very high in the third world, in terms of technology, quality and range of medicines manufactured. From simple headache pills to sophisticated antibiotics and complex cardiac compounds, almost every type of medicine is now made indigenously.Playing a key role in promoting and sustaining development in the vital field of medicines, Indian Pharma Industry boasts of quality producers and many units approved by regulatory authorities in USA and U K. International companies associated with this sector have stimulated, assisted and spearheaded this dynamic development in the past 53 years and helped to put India on the pharmaceutical map of the world. The Indian Pharmaceutical sector is highly fragmented with more than 20,000 registered units. It has expanded drastically in the last two decades.The leading 250 pharmaceutical companies control 70% of the market with market leader holding nearly 7% of the market share. It is an extremely fragmented market with severe price competition and government price control. The pharmaceutical industry in India meets around 70% of the country's demand for bulk drugs, drug intermediates, pharmaceutical formulations, chemicals, tablets, capsules, orals and injectibles. There are about 250 large units and about 8000 Small Scale Units, which form the core of the pharmaceutical industry in India (including 5 Central Public Sector Units).These units produce the complete range of pharmaceutical f ormulations, i. e. , medicines ready for consumption by patients and about 350 bulk drugs, i. e. , chemicals having therapeutic value and used for production of pharmaceutical formulations. Following the de-licensing of the pharmaceutical industry, industrial licensing for most of the drugs and pharmaceutical products has been done away with. Manufacturers are free to produce any drug duly approved by the Drug Control Authority.Technologically strong and totally self-reliant, the pharmaceutical industry in India has low costs of production, low R&D costs, innovative scientific manpower, strength of national laboratories and an increasing balance of trade. The Pharmaceutical Industry, with its rich scientific talents and research capabilities, supported by Intellectual Property Protection regime is well set to take on the international market. ADVANTAGE IN INDIA Competent workforce: India has a pool of personnel with high managerial and technical competence as also skilled workforce. It has an educated work force and English is commonly used. Professional services are easily available. Cost-effective chemical synthesis: Its track record of development, particularly in the area of improved cost-beneficial chemical synthesis for various drug molecules is excellent. It provides a wide variety of bulk drugs and exports sophisticated bulk drugs. Legal & Financial Framework: India has a 53 year old democracy and hence has a solid legal framework and strong financial markets. There is already an established international industry and business community.Information & Technology: It has a good network of world-class educational institutions and established strengths in Information Technology. Globalization: The country is committed to a free market economy and globalization. Above all, it has a 70 million middle class market, which is continuously growing. Consolidation: For the first time in many years, the international pharmaceutical industry is finding great opportun ities in India. The process of consolidation, which has become a generalized phenomenon in the world pharmaceutical industry, has started taking place in India.THE GROWTH SCENARIO India's US$ 3. 1 billion pharmaceutical industry is growing at the rate of 14 percent per year. It is one of the largest and most advanced among the developing countries. Over 20,000 registered pharmaceutical manufacturers exist in the country. The domestic pharmaceuticals industry output is expected to exceed Rs260 billion in the financial year 2002, which accounts for merely 1. 3% of the global pharmaceutical sector. Of this, bulk drugs will account for Rs 54 bn (21%) and formulations, the remaining Rs 210 bn (79%).In financial year 2001, imports were Rs 20 bn while exports were Rs87 bn. The above graph shows the percentage of pharmaceutical products export by various countries. (SOURCE Competitiveness of the Indian pharmaceutical industry in the new product patent regime a report by FICCI) RESEARCH AND DEVELOPMENT Drug discovery is the process by which potential drugs are discovered or designed. In the past most drugs have been discovered either by isolating the active ingredient from traditional remedies or by serendipitous discovery.Modern biotechnology often focuses on understanding the metabolic pathways related to a disease state or pathogen, and manipulating these pathways using molecular biology or Biochemistry. A great deal of early-stage drug discovery has traditionally been carried out by universities and research institutions. Drug development refers to activities undertaken after a compound is identified as a potential drug in order to establish its suitability as a medication. Objectives of drug development are to determine appropriate Formulation and Dosing, as well as to establish safety.Research in these areas generally includes a combination of in vitro studies, in vivo studies, and clinical trials. The amount of capital required for late stage development has mad e it a historical strength of the larger pharmaceutical companies Often, large multinational corporations exhibit vertical integration, participating in a broad range of drug discovery and development, manufacturing and quality control, marketing, sales, and distribution. Smaller organizations, on the other hand, often focus on a specific aspect such as discovering drug candidates or developing formulations.Often, collaborative agreements between research organizations and large pharmaceutical companies are to explore the potential of new drug substances formed The cost of innovation Drug discovery and development is very expensive; of all compounds investigated for use in humans only a small fraction are eventually approved in most nations by government appointed medical institutions or boards, who have to approve new drugs before they can be marketed in those countries.Each year, only about 25 truly novel drugs (New chemical entities) are approved for marketing. This approval come s only after heavy investment in pre-clinical development and clinical trials, as well as a commitment to ongoing safety monitoring. Drugs which fail part-way through this process often incur large costs, while generating no revenue in return. If the cost of these failed drugs is taken into account, the cost of developing a successful new drug (New chemical entity or NCE), has been estimated at about 1 billion USD.A study by the consulting firm Bain ; Company reported that the cost for discovering, developing and launching (which factored in marketing and other business expenses) a new drug (along with the prospective drugs that fail) rose over a five year period to nearly $1. 7 billion in 2003. These estimates also take into account the opportunity cost of investing capital many years before revenues are realized (see Time-value of money). Because of the very long time needed for discovery, development, and approval of pharmaceuticals, these costs can accumulate to nearly half the total expense.Some approved drugs, such as those based on re-formulation of an existing active ingredient (also referred to as Line-extensions) are much less expensive to develop. The consumer advocacy group Public Citizen suggests on its web site that the actual cost is under $200 million, about 29% of which is spent on FDA-required clinical trials. For me-too-drugs and for generics, the cost are even less. Calculations and claims in this area are controversial because of the implications for regulation and subsidization of the industry through federally funded research grants.Controversy about drug development and testing There have been increasing accusations and findings that clinical trials conducted or funded by pharmaceutical companies are much more likely to report positive results for the preferred medication. In response to public outcry about specific cases in which unfavorable data from pharmaceutical company-sponsored research was suppressed, the Pharmaceutical Research and Manufacturers of America have published new guidelines urging companies to report all findings and limit the financial involvement in drug companies of researchers.As a result of this public outcry and Pharma response the US congress signed into law a bill which requires phase II and phase III clinical trials to be registered by the sponsor on the NIH website Drug researchers not directly employed by pharmaceutical companies often look to companies for grants, and companies often look to researchers for studies that will make their products look favorable. Sponsored researchers are rewarded by drug companies, for example with support for their conference/symposium costs.Lecture scripts and even journal articles presented by academic researchers may actually be ‘ghost-written' by pharmaceutical companies. Some researchers who have tried to reveal ethical issues with clinical trials or who tried to publish papers that show harmful effects of new drugs or cheaper alternative s have been threatened by drug companies with lawsuits. Product approval in the US In the United States, new pharmaceutical products must be approved by the FDA as being both safe and effective.This process generally involves submission of an Investigational new drug filing with sufficient pre-clinical data to support proceeding with human trials. Following IND approval, three phases of progressively larger human clinical trials may be conducted. Phase I generally studies toxicity using healthy volunteers. Phase II can include Pharmacokinetics and Dosing in patients, and Phase III is a very large study of efficacy in the intended patient population. A fourth phase of post-approval surveillance is also often required due to the fact that even the largest clinical trials cannot effectively predict the prevalence of rare side-effects.Post-marketing surveillance ensures that after marketing the safety of a drug is monitored closely. In certain instances, its indication may need to be li mited to particular patient groups, and in others the substance is withdrawn from the market completely. Questions continue to be raised regarding the standard of both the initial approval process, and subsequent changes to product labeling (it may take many months for a change identified in post-approval surveillance to be reflected in product labeling) and this is an area where congress is active. The FDA provides information about approved drugs at the Orange Book site. In the UK, the British National Formulary is the core guide for pharmacists and clinicians. Orphan drugs There are special rules for certain rare diseases (â€Å"orphan diseases†) involving fewer than 200,000 patients in the United States, or larger populations in certain circumstances. Because medical research and development of drugs to treat such diseases is financially disadvantageous, companies that do so are rewarded with tax reductions, fee waivers, and market exclusivity on that drug for a limited t ime (seven years), regardless of whether the drug is protected by patents.Industry revenues For the first time ever, in 2006, global spending on prescription drugs topped $643 billion, even as growth slowed somewhat in Europe and North America. The United States accounts for almost half of the global pharmaceutical market, with $289 billion in annual sales followed by the EU and Japan. Emerging markets such as China, Russia, South Korea and Mexico outpaced that market, growing a huge 81 percent. US profit growth was maintained even whilst other top industries saw slowed or no growth. Despite this, â€Å".. he pharmaceutical industry is — and has been for years — the most profitable of all businesses in the U. S. In the annual Fortune 500 survey, the pharmaceutical industry topped the list of the most profitable industries, with a return of 17% on revenue. † Pfizer's cholesterol pill Lipitor remains the best-selling drug in the world for the fifth year in a row. Its annual sales were $12. 9 billion, more than twice as much as its closest competitors: Plavix, the blood thinner from Bristol-Myers Squibb and Sanofi-Aventis; Nexium, the heartburn pill from AstraZeneca; and Advair, the asthma inhaler from GlaxoSmithKline.IMS Health publishes an analysis of trends expected in the pharmaceutical industry in 2007, including increasing profits in most sectors despite loss of some patents, and new ‘blockbuster' drugs on the horizon. Teradata Magazine predicted that by 2007, $40 billion in U. S. sales could be lost at the top 10 pharma companies as a result of slowdown in R&D innovation and the expiry of patents on major products, with 19 blockbuster drugs losing patent. STEPS TO STRENGTHEN THE INDUSTRY Indian companies need to attain the right product-mix for sustained future growth.Core competencies will play an important role in determining the future of many Indian pharmaceutical companies in the post product-patent regime after 2005. Indian companies, in an effort to consolidate their position, will have to increasingly look at merger and acquisition options of either companies or products. This would help them to offset loss of new product options, improve their R&D efforts and improve distribution to penetrate markets. Research and development has always taken the back seat amongst Indian pharmaceutical companies.In order to stay competitive in the future, Indian companies will have to refocus and invest heavily in R&D. The Indian pharmaceutical industry also needs to take advantage of the recent advances in biotechnology and information technology. The future of the industry will be determined by how well it markets its products to several regions and distributes risks, its forward and backward integration capabilities, its R&D, its consolidation through mergers and acquisitions, co-marketing and licensing agreements. INTRODUCTION TO EASTERN MEDIKIT LTDCOMPANY PROFILE â€Å"A company empowered by one mission †“to place itself on the world map. An enterprise propelled by one force-that synergizes its energies to charter unexplored markets. Organizations fuelled by one dream-to transform competition into opportunity. † Eastern Medikit Ltd Laboratories Ltd. was incorporated in June 1961, in the name of M/S LEPITIT EASTERN MEDIKIT LTD LABORATORIES LTD and it commenced its business in MARCH 1962, in technical and financial collaboration with an international company named LEPTIT SPA, MILAN, ITALY.Eastern Medikit Ltd Laboratories Pvt. Ltd. merged with â€Å"Leptit Eastern Medikit Ltd Laboratories Pvt. Ltd. † in 1962 Eastern Medikit Ltd and company also merged with this company in 1966. The collaboration arrangement with M/S LEPTIT was terminated in 1966; after which Indian nationals acquired the entire share capital of the company. Therefore the word Leptit was removed from the name of the company. The name is known as EASTERN MEDIKIT LTD LABORATORIES LIMITED. In 1973 the compan y issued shares to the general public and became a full fledged PUBLIC LIMITED COMPANY.Today, Eastern Medikit Ltd has emerged as a Leading Pharmaceutical Company on the Indian firmament, with the second largest market share and enjoys an enviable reputation for its high standard of ethics and quality around its core strength of anti-infective, it has produced new brands in emerging therapeutic areas like cardiovascular, central nervous system and nutritional. supporting this expansion, the company has invested in world class manufacturing infrastructure that leverages India’s comparative cost advantage and skilled manpower, while delivering international quality.The company’s drive for Internationalism is guided by the well planned brand strategy that covers some of the world emerging markets like China, cis, Central Europe and Latin America . Its position today is in league of the Top Ten Pharmaceutical companies of three world an decent ranking as the eleventh larges t company in the international generics space is the resounding endorsement of its strategic mind. It is clear that for a long time, the dominant share of revenues of the company would continue to come from the ever expanding global generics market.Hence the intent of Eastern Medikit Ltd mission is to achieve a sustained growth rate through the continuous pursuit of innovation phase one trials for pervasion, a compound for treating prosthetic males have been completed. Phase 1 trials with clafrinast, an asthma compound is an important step towards research based value creation. This company also had success with Ciplofloxacine, an ingenious form, created through the novel drug delivery systems research.As the demand of the bulk drugs inside the country and abroad was increasingly rapidly a new, plant was set up at Toansa near Ropar in 1987. This was a higher capacity plant designed to cater to the present and future needs, initially antibiotics like Ampicillin, Trihydrate and Doxycy cline were manufactured. Later, on the other drugs like Cephalexin monohydrate and Ranitidine were also prepared. The plant at Toansa was designed to meet the stringent standards set by the Food and Drug Administration (FDA) of U. S. A.This plant has been approved by FDA and this will open up American and other newer markets for Eastern Medikit Ltd’s products At present Eastern Medikit Ltd have four plants for the manufacture of bulk drugs two at Mohali, one at Dewas (M. P) AND Another at Toansa near ROPAR. At present, Eastern Medikit Ltd is the second most Indian company engaged in the manufacturing of Pharmaceuticals, Bulk Drugs and Fine Chemicals. EASTERN MEDIKIT LTD’s vast range of highly pure laboratory reagent and chemicals enjoy a place of pride in the market.IT trends, has rebuilt As a step towards leveraging information for value creation using its information backbone around an ERP application, along the focus on reengineering several business processes aroun d the internet and has putting place business solutions that challenge existing ways of doing Business. The undying spirit of the company’s human assets and their intensive competitive and entrepreneurial energy has played a great part in transforming the company into a multicultural and multiracial team.Today, Eastern Medikit Ltd is the largest exporter accounting for 12% of the industry exports pharmaceutical substance and dosages forms to over 50 countries with the internationals sales comprising of 45% of the total turnover. VISION: GARUDA During the year 2002, the company has evolved a 10-year vision till 2012, for sustaining significant growth consistent with its mission to be an international research based Pharmaceutical Company, under the rubric ‘Vision Garuda’, with increasing emphasis on Novel Drug Delivery Systems Research (DDR).In licensing and out licensing, relationship with other important pharmaceutical entities, expansion of manufacturing facili ties both in India and strategic overseas locations, revamping of organizational structures to cater to the wider and more dispersed span of operations, and streamlining and standardizing the business processes through out the global organization, are other areas that receive focus and attention of management on priority. Mission â€Å"To become a Research based International pharmaceutical company† Vision-2012 Achieve significant business inProprietary prescription products By 2012 With a strong presence in developed markets Aspirations-2012 Aspire to be a$5 billion company Become a Top 5 global generics player Significant income from Proprietary products BOARD OF DIRECTORS At the helm entire operations is the experience and able direction of the people who make it all happen. Eastern Medikit Ltd acknowledges their inspiring stewardship and indefatigable work. * Mr. Tejendra Khanna(Chairman) * Mr. D. S. Brar (CEO $ Managing Director) * Mr. V. K. Kaul (Whole Time Director) * Dr.Brian Tempest (Whole Time Director) * Mr. Surendera Daulet Singh * Mr. Harpal Singh * Mr J. W. Balani * Mr. N. Kampani * Mr. V. Bharat Ram * Mr. Vivek Mehra Mr. Tejendra Khanna Mr. Tejendra Khanna was elected Chairman at a meeting of the Board of Directors of Eastern Medikit Ltd Laboratories Limited held at New Delhi, on July 5, 1999. Mr. Khanna, former Commerce Secretary to the Government of India, and a former Lieutenant Governor of Delhi is widely regarded as an expert in International Trade and Public Administration. Mr. D. S. BrarHe was instrumental in developing the Pharmaceutical exports business of the company in early 80’s, which later became synonymous with major growth and expansion of company’s portfolio. In addition to the International business, he looked after the Animal Healthcare & OTC businesses of the company. In 1986, he took over the Pharma business in India along with Chemical Manufacturing Operations. In early 90’s he led the companyâ⠂¬â„¢s expansion into overseas markets creating joint ventures, affiliates and subsidiaries in major countries like China, Russia, U. K. , South Africa and the USA.In 1996, he took over as the President of the company. Mr. V. K. Kaul Graduated in 1964 (B. Sc. Hons, Physics) from Ramjas College, University of Delhi, Mr. V. K Kaul joined the Institute of Chartered Accountants of India F. C. A. He is recognised in the industry for his vast experience and variegated knowledge. Dr Brian W. Tempest Dr Tempest joined Eastern Medikit Ltd as Regional Director- Europe, CIS & Africa in 1995 and subsequently took charge of Eastern Medikit Ltd’s worldwide pharmaceuticals business as President-Pharmaceuticals in the year 2000. In July 2001 he was appointed on the Board of Directors of Eastern Medikit Ltd.Dr. Tempest, 54, has worked in the Pharmaceutical Industry for 28 years, bringing in a wealth of global pharmaceutical experience and expertise. He has worked with leading multi-national c ompanies across several international markets including USA, Japan, Europe, China and other countries in Africa and Asia-Pacific. His unique combination of experience with both research-based and generic companies will be an asset in driving the company's growth in times ahead. Dr. Tempest is a Bachelor of Science with Honors from Aston University, specializing in Chemistry.He followed it up with a PhD in Polymer Chemistry from Lancaster University. Mr. Malvinder Mohan Singh Mr. Malvinder Mohan Singh is an Honors Graduate in Economics from Delhi University followed by a Masters Degree in Business Administration from Duke University, USA. He started his career with the American Express Bank and joined Eastern Medikit Ltd in May 1998. After holding several positions in the Company, has been appointed as â€Å"President Pharmaceuticals and Whole-time Director†, Eastern Medikit Ltd Laboratories Limited effective January 1, 2004OPERATING JOINT VENTURES AND SUBSIDIARIES BRAZIL:East ern Medikit Ltd S. P. Medicamentos Ltd. CHINA:Eastern Medikit Ltd (Guangzhou China) Ltd. EGYPT:Eastern Medikit Ltd Egypt Ltd. GERMANY: Basics Gmb H. HONG KONG:Eastern Medikit Ltd (Hong Kong) Ltd. INDIA:Rexcel pharmaceuticals Ltd. , Solus pharmaceuticals Ltd. , Vidyut Travel Services ltd. IRELAND:Eastern Medikit Ltd Ireland Ltd. MALAYSIA:Eastern Medikit Ltd (Malaysia) Sdn. Bhd. NETHERLANDS:Eastern Medikit Ltd Pharmaceuticals B. V. NIGERIA:Eastern Medikit Ltd Nigeria Ltd. PANAMA:Eastern Medikit Ltd Panama SA.POLAND:Eastern Medikit Ltd Poland Sp. Zo. SOUTH AFRICA:Eastern Medikit Ltd (SA) (Pty. ) Ltd. THAILAND:Unichem pharmaceuticals LTD. , Unichem Distributors Ltd. Part, Eastern Medikit Ltd Unichem CO. Ltd. U. K:Eastern Medikit Ltd (UK) Ltd USA: Eastern Medikit Ltd pharmaceuticals Inc. Ohm Laboratories Inc. , Eastern Medikit Ltd Schein Pharma, LLC VIETNAM: Eastern Medikit Ltd Vietnam Company Ltd. ALLIED BUSINESSES Eastern Medikit Ltd Animal Health The Animal Health division saw an enco uraging growth despite the prevailing poor market conditions.The division grew at twice the growth rate recorded in the industry. On the basis of having a vast dome satiated animal population, the livestock, poultry business and pets business are among the fastest growing sectors in India. A vast infrastructure of veterinary colleges, agricultural institutes, technologists and researchers are helping farmers to source healthy, cost effective products. In conjunction with the present scenario, the AHC division of Eastern Medikit Ltd Laboratories Limited has introduced several latest generation products. Eastern Medikit Ltd Fine Chemicals Limited (RFCL)The division ranked 4th in the industry and captured 11% market share. RANKEM is established as a powerful brand, RFCL's brand for its range of Reagents is now synonymous with excellence in reagents and fine chemicals in the country. The focus of business remains on developing extensive customer relations; enhancing service levels and e nriching the product mix with the help of a qualified and competent marketing and sales team Diagnostics The diagnostics division has aggressively focused on market expansion activities based on strategy of reliability, quality products and efficient service.Introduction of products in ‘Point of Care’ markets has expanded market presence and over the next 1 – 2 years this segment will see considerable expansion in line with world trends. The Dade Behring segment has increased its installation base by 60% in leading hospitals and laboratories. Plans are afoot for the introduction of more parameters for the ‘Point of Care’ market and the launch of Special Chemistries, a range of drug assays, plus an entry into automated microbiology in both the Base and Dade Behring business areas. The company has also witnessed significant milestones in the area of Novel Drug Delivery Systems (NDDS).The company has entered into strategic business arrangements with com panies such as Bayer AG, Glaxo-Wellcome, Eli-Lilly etc. for production and co-marketing operations. Many innovative developments have been taking place in recent times. The company’s research team is capable of developing one NDDS product every 12 to 18 months. Also, two new products: Roletra-D and Altiva-D, will soon be launched in India. In order to expand and promote global growth, the company opened several new markets during the year, notably in Brazil, where 25 filings were undertaken in a span of 2-3 months.The company has planned to build and protect intellectual property with the help of IPC, which addresses all matters pertaining to patents. CQA supervises the implementation of standard operating procedures (SOP) and ensures compliance to corporate quality assurance policy in all technological operations of the organization. The company is committed to invest 6% of the sales in R and D by 2003, of which 7% of the expenditure will be earmarked for research on New Dru g Discovery and Novel Drug Delivery Systems.There will be continuous emphasis on augmenting R and D performance and productivity with advanced scientific and technological tools. VALUES OF EASTERN MEDIKIT LTD LABORATORIES LIMITED 1. Achieving customer satisfaction is fundamental to their business. 2. Practice dignity and equity in relationships and provide opportunities for people to realize their full potential. 3. Ensure profitable growth and enhance wealth of shareholders. 4. Foster mutually beneficial relationships with all their business partners. 5. Manage their operations with concern for safety and environment. 6.Be a responsible corporate citizen. OBJECTIVES OF EASTERN MEDIKIT LTD LABORATORIES LTD. 1. To be a leader in the Pharmaceutical industry. 2. To be a profitable company with a steady growth in earnings. 3. To set an example as a socially responsible company. 4. To diversify in health care related areas. 5. To strive for excellence and continuous improvement in all sp heres. 6. To improve the quality of life of people by providing better services and quality products. Environment, Health and Safety [EHS] Caring for the Environment is a core corporate value and as a part of this commitment.The Company enunciated its EHS policy in 1993. The Company’s EHS policy provides for the creation of a safe and healthy workplace and a clean environment for employees and the community. It aims at higher international standards in plant design, equipment selection, maintenance and operations. The policy seeks to manufacture products safely and in an environmentally responsible manner. The implementation of the EHS Policy is ensured by institutionalizing a robust EHS Management system, adequately supported by well defined organizational structure.As a part of EHS processes at the corporate level, besides laying down guidelines on systems, policy and training, the corporate EHS office monitors compliance, maintains and disseminates information on laws and regulations. EHS performance review meetings are held on regular basis to monitor the progress against agreed EHS improvement plans. Close cooperation between all units and individuals is the key to maintaining high standards of environment protection and safety in all the plants.The key processes at location level comprise of regular safety surveillance, inspections & audits, Permit to work system for operational / maintenance safety, Fire prevention & protection activities, operation of the ETP/Incinerator, disposal activities related to hazardous wastes, regular monitoring of the environment internally and also through approved laboratories. Monthly reports address EHS initiatives, compliance & various records under the statutory requirement, training of employees including contract employees on EHS awareness, interaction with the residential associations/nearby community etc. celebration of National safety day, fire day, Environment day etc. for EHS awareness among employees. Th e manufacturing facilities for bulk drugs and dosage forms comply with the stringent requirements of Good Manufacturing Practices (GMP) and Good Laboratory Practices (GLP) and are approved by International health and regulatory Agencies like FDA – USA, MCA – UK, WHO etc. These practices and approvals ensure that an effective framework is always in place, not only for manufacture of high quality products, but also for effective use of resources and reduction of wastes as well as high safety & hygiene standards.Eastern Medikit Ltd has made significant improvements in process safety of the existing manufacturing facilities by providing extensive instrumented safety protection systems. The intended safety features are incorporated in the basic design of the new projects. Investments have been made on process improvements as well as effluent treatment plant up-gradation using the latest membrane based technology, multi-effect thermal evaporation system and state-of-the-art Incinerator. These investments have helped to reduce discharges of contaminants into the environment.With the facilities installed at Toansa for recycling of the treated effluent, the site has achieved the status of â€Å"zero discharge site†. The Company also engages with the concerned authorities and industry in devising responsible laws, regulations and standards and thus making safety, occupational health & environmental information and expertise available to its employees and the community at large. Eastern Medikit Ltd has made EHS concerns and practices a necessary factor in appraising its employee performance.The Company also accords a very high priority to hygiene monitoring at work place and health assessment of all employees at site. The plant and processes are continuously upgraded to improve hygiene and health standards. Necessary training is imparted to the employees to enhance their awareness towards health related matters. Safety knowledge of the employees is c onstantly updated through various external and in-house training programs, including special training programs by overseas experts & consultants.Moving up the value chain, the company identified Consumer Healthcare as its new business area in the year 2001. Eastern Medikit Ltd Global Consumer Healthcare (RGCH) was launched in October 2002 with a portfolio of 4 switch brands: Revital, Pepfiz, Gesdyp & Garlic Pearls. Since these brands were already popular amongst consumers and represented the leading common ailment categories like VMS (Vitamins & Minerals Supplement), this portfolio was carefully created for the introduction of RGCH to the Indian market.Subsequently in 2004, RGCH launched its first herbal range of products through New Age Herbals (NAH) with products offering remedy in categories of Cough & Cold (Olesan Oil & Cough Syrups) and Appetite Stimulant (Eat Ease). VARIOUS DIVISIONS OF EASTERN MEDIKIT LTD LABORATORIES LTD. 1. Chemical Division 2. Diagnostic Division 3. Stan c are Division 4. Curradia Division 5. International Division 6. Pharmaceutical Division 7. Technical Division 8. Corporate Division 9. Animal Health Care Division DIVISIONS IN VARIOUS GEOGRAPHICAL AREAS 1. India and Middle East 2. Europe, CIS and Africa 3.Asia Pacific and Latin America 4. North America JOINT VENTURE OF THE COMPANY. 2000Eastern Medikit Ltd files IND Application for Asthma Molecule- RBx4638, after successful completion of pre-clinical studies. Eastern Medikit Ltd acquires Bayer’s Generics business (trading under the Name of Basics) in Germany. Eastern Medikit Ltd forays into Brazil, the largest pharmaceutical market in South America and achieves global sales of U. S. $ 2. 5 million in this market. 2001Eastern Medikit Ltd took a significant step forward in Vietnam by initiating the Setting up of a new manufacturing facility with an investment of U.S. $ 10 million. Eastern Medikit Ltd achieved a turnover of U. S. $ 502 million for the year 2002 and moved closer to achieving a target of 1 billion dollar by 2004. 2002Receives approval from FDA to market Midazolam Hydrochloride Syrup 2 Mg base/ ml. Eastern Medikit Ltd receives and approval from FDA to manufacture and market Cefpodoxime Proxetil for Oral Suspension, Lisinopril + Hydrochlorothiazide Tablets Us, Terazosin Hydrochloride Capsules and Amoxcillin Oral suspension USP. Heralding the company’s entry into the Indian OTC market. 003Eastern Medikit Ltd received the economic times award for corporate excellence-for the company for year. Eastern Medikit Ltd signed an agreement toacquire RPG(aventis) SA along with its fully owned subsidiary,OPIH SARL,in france 2004 Eastern Medikit Ltd launched its first range of herbal projects. 2005 Acquisition of additional stake in Eastern Medikit Ltd Farmaceutica Ltda. , Brazil Eastern Medikit Ltd announced the acquisition of Be-Tabs Pharmaceuticals (Pty) Limited 2008Acquired by the Japanese giant, the $9. 62 billion Daiichi Sankyo, ranked No. in Ja pan BRIEF INTRO OF EASTERN MEDIKIT LTD PLANTS IN INDIA In the chemical division, various bulk drugs are manufactured. The chemical division had three units in Punjab. One is located at Toansa, two are located at Mohali and one unit is located at Dewas near Indore in Madhya Pradesh, where Ciprofloxacine is manufactured. In the plant of the chemical division, various drugs like Antibiotics, Anti-malarial, Antibacterial and Anti-ulcer are manufactured. One of the older plants of Eastern Medikit Ltd was closed after the accident in June 2003. he second one is still working The 1991, the Toansa plant started functioning in 1992 and the Dewas plant started functioning in 1999. Various plant heads independently manage all these plants. In each unit, separate facilities with respect to the manufacture of drugs, along with their manufacturing areas have been provided. This is required to reduce the chances of any cross contamination under the drug laws and to comply with good manufacturing p ractices. At Mohali plant, separate blocks have been provided for the preparation of each drug .The Toansa, Mohali and Dewas plants are planned in such a way that their system, facilities, manufacturing practices and standards meet the requirements of FDA. Mohali Plant also mainly in the manufacturing of Active Pharmaceutical Ingredients (API). The Plant is divided into two plant areas A8 and A9 THE VARIOUS DEPARTMENTS Human Resource Department The basic function of the human resource department in the modern corporate world is knowledge management. The HR department strives to maintain cohesiveness among employees. It also ensures interdepartmental cooperation in achieving targets.The appraisal system is also taken care by this department. The HR department delves deep into the employee’s psyche to analyze the positives and negatives of each employee, so that a proper system of delegation and / or empowerment can be evolved. Finance Department The finance department takes ca re of the regular financial needs of the company it ensures proper allocation of funds and takes care of the working capital requirements. It verifies capital raised by different departments and sends them for approval to the higher authorities. Stores DepartmentThe function of this department is to provide adequate and proper storage and preservation of various items to meet the demand of various other departments by proper issues and maintaining accounts of consumption. It also keeps a track of stock accumulation and abnormal consumption. Erection and Fabrication Department As the name suggests, this department identifies new projects and helps in erecting them. This department also undertakes major modifications of equipment. ERP Department ERP department helps to integrate the entire enterprise starting from the supplier to the customer, covering financial and human resources.This will enable the enterprise to increase productivity by reducing costs. It also ensures a single sol ution to the information needs of the whole organization. Production Department As a part of their on going commitment to produce hi-tech quality drugs and pharmaceuticals that take care of the specific needs of markets around the world, Eastern Medikit Ltd Laboratories Limited has increased the investment in the production department. It is the most important department of the company and has the following objectives: 1. Improving volume of production. 2.Reducing rejection rate. 3. Maintaining rework rate. Engineering Department This department undertakes building, construction and maintenance. Maintaining service facilities such as water, gas, heating, ventilation, air conditioning, painting and plumbing are some of the other areas dealt by this department. This department also helps in maintaining electrical equipments such as generators, transformers, telephone system and electrical installation. Purchase Department The purchase department provides material to the factory withou t which the wheels of machines cannot move.The various functions performed by this department include: Securing good vendor performance, including prompt deliveries of supplies of acceptable qualities. 1. To develop satisfactory sources of supply and maintaining good relationships with the suppliers. 2. To pay reasonably low prices. Quality Control/Quality Assurance Department The purpose of QC & QA departments is to ensure that the desired quality standard is achieved. It also ensures that the processing or fabrication of material conforms to the specific characteristics selected, to assure that the resulting product will in fact perform its intended function. PRODUCT REVIEWEastern Medikit Ltd’s therapeutic width covers five of the top six categories including Anti-infective, Gastrointestinal, Nutritionals, Cardiovascular, Central Nervous System, Respiratory, Dermatological and others. While anti-infective contribute 56% of the total sales, Eastern Medikit Ltd’s other brands like Simvotin and Storvas in the cardiovascular segment, Serlift in CNS and Revital and Riconia in Nutritionals, are on their way to success in multiple markets. During Jan – Dec 2000, amongst the top products of Eastern Medikit Ltd, Sporidex (Cephalexin) was the Number 1 brand, closely followed by Cifran (Ciprofloxacin).Anti – Infectives Anti- infective has been the main driver of Eastern Medikit Ltd’s sales. The important brands in this category are Cifran (Ciprofloxacin), Sporidex (Ciphalexin), Enhancin (Amoxyclav), Crixan (Clarithromycin), Vercef (Cefaclor), Oframax (Ceftriaxone), Cepodem (Cefpodoxime Proxetil), Zanocin (Ofloxacin), Ceroxim (Cefuroxime Axetil), and Loxof (Levofloxacin). Cifran (Ciprofloxacin) is the key brand in the anti- infective portfolio, with estimated sales of US $ 32 Mn, currently being marketed in 15 countries. Development of Ciprofloxacin once a day has been an important landmark achieved by Eastern Medikit Ltd.The product h as been licensed to Bayer. Cifran continues to be a dominant player in the quinolones market in India, China and Russia. Sporidex is another leading brand in Eastern Medikit Ltd’s product portfolio with worldwide annual sales of US $ 35 Mn. It is available in eight different dosage forms including capsules, dry powder for suspension, redimix, dispersible tablets, paediatric drops, soft gelatin capsules, sachet and advanced formulation for twice-daily administration. It is currently marketed in 15 countries. In India, Sporidex is the leading brand with a market share of 36% of the Cephalexin segment.Keflor is available in seven different dosage forms and is the third-largest selling brand for Eastern Medikit Ltd worldwide. The dosage forms list includes capsules, dry syrup, modified release tablets, dispersible tablets, drops and redimix. Enhancin is expected to be the leading product in Eastern Medikit Ltd’s product portfolio with estimated sales of US $ 45 Mn by the y ear 2005. The product will be rolled out to about 20 important markets during this period. Zanocin, with approximate sales of US $ 10 Mn, is the seventh-largest contributor to Eastern Medikit Ltd’s total sales.Cepodem is currently available in three different countries outside India, and will be rolled out to 13 different countries in the near future. Cardiovasculars Cardiovascular is projected to be the second-best category for Eastern Medikit Ltd. Statins have been the key drivers for this segment. The sale of Simvastatin has grown substantially in the past few years, a trend that is likely to continue in the future. In India, Simvotin (Simvastatin) is the market leader in the cholesterol reducer segment. Another leading brand in this category is Storvas (Atorvastatin).Storvas has been one of the fastest-ever to enter the top-300 brands list of the Indian pharma industry. Other global cardiovascular brands are Covance (Losartan) and Caslot (Carvedilol). Central Nervous Syst em The Central Nervous Segment is one of the important focus areas identified by Eastern Medikit Ltd, with Serlift being the key brand. In India, Serlift is number 1 amongst Sertraline brands. New product introductions will be drivers of growth in this category. Gastrointestinal Currently, gastrointestinal drugs are the second-largest category for Eastern Medikit Ltd.The key brands in this category include Histac and Romesac. The current annual sales of Ranitidine are estimated to be around US $ 16 Mn and the product is marketed in more than 20 countries. Rheumatologicals The first generation Cox-2 inhibitors principally drive worldwide growth in rheumatology. This category is estimated to grow exponentially for Eastern Medikit Ltd, with brands like Celecoxib. This year, Rofibax (Rofecoxib) introduced in India, has established itself as a leader in the Cox-2 inhibitor category and has overtaken all Celecoxib brands. It has been identified as a key Global brand for the future.Nutrito nals Nutritionals have been a major contributor to Eastern Medikit Ltd’s sales. Two of the important products in this category are Revital and Riconia. With annual sales estimated at about US $ 10 Mn, Revital contributes a significant share of total sales. It is a leading brand in India and has done exceedingly well in some parts of the world as an OTC product. Dermatologicals The dermatology category is mainly driven by India region and is likely to show a good growth pattern in the future. Some of the key brands doing well in this segment are Mobizox, Silverex, Moisturex, etc.INTRODUCTION TO CAPITAL STRUCTURE THEORY AND ANALYSIS This is a Report on the ‘Capital Structure and Capital Expenditure of Eastern Medikit Ltd Laboratories Ltd. ’. The purpose and scope of the project can be listed as: * Understanding the organizational structure and functioning of Eastern Medikit Ltd Laboratories Ltd. * Analysing and comparing the financial health of the firms in the Ind ian Pharma Industry. * Identifying and analysing the capital structure of Eastern Medikit Ltd. * Conducting a Review of the Capital Expenditure done at Eastern Medikit Ltd Laboratories Ltd. Identifying loopholes in the functioning and in the area of study and recommending the suggestions for the same. Following are the limitations of the study: * Balance sheets of only 3 years have been studied but the company is in operation for so many years. * Only specific tools (i. e. ratio analysis) have been used for data analysis, while so many other tools are also there. * Organizational rules & regulations. * Availability of data. Financial figures for 2008 of Eastern Medikit Ltd were not available. * Limitations of the financial tools used. MethodologyThe methodology adopted for the study was as follows: * Familiarization, examination and evaluation of the procedures relating to capital structure and capital expenditure. * Collection of relevant data form company records and cross checkin g of this data. * Calculations of financial ratios, parameter and norms, as also their financial implications. Broadly the data were collected for the report on the project work has been through the primary and secondary sources. The primary data is collected by various approaches so as to give a precise, accurate, realistic and relevant data.The main goal in the mind while gathering primary data was investigation and observation. The ends were thus achieved by a direct approach and personal observation from the officials of the company. The other staff members and the employees were interviewed for the sake of maintaining reasonable standard of accuracy. The secondary data as it has always been important for the completion of any report provides a reliable, suitable equate and specific knowledge. The annual reports, the fixed asset register and the Capex register provided the knowledge and information regarding the relevant subjects.The valuable cooperation and continued support ex tended by all associated personnels, head of the department, division and staff members contributed a lot to fulfil the requirement in the collection of data in order to present a complete report on the project work. Capital Structure: Theory and Analysis Capital Structure Financing decisions involve raising funds for the firm. It is concerned with formulation and designing of capital structure or leverage. The most crucial decision of any company is involved in the formulation of its appropriate capital structure.The best design or structure of the capital of a company helps the management to achieve its ultimate objectives of minimising overall cost of capital, maximising profitability and also maximising the value of the firm. The capital structure decision of a firm is concerned with the determination of debt equity composition. Capital structure ordinarily implies the proportion of debt and equity in the total capital of a company. The term capital may be defined as the long â €“ term funds of the firm. Capital is the aggregation of the items appearing on the left hand side of the balance sheet minus current liabilities.In other words capital may be expressed as follows: Capital = Total Assets – Current Liabilities. Further, capital of a company may broadly be categorised into equity and debt. The total capital structure of a firm is represented in the following figure: Established companies generally have track record of their profit earning capacity, which helps them to create their creditworthiness. The lenders feel safe to invest their funds in such companies. Thus, there is ample scope for this type of companies to collect debt. But a company cannot freely i. e. without having any limit.The company must have to chalk out a plan to collect a debt in such a way that the acceptance of debt becomes beneficial for the company in terms of increase in EPS, profitability and value of the firm. If the cost of capital is greater than the return, it will have an adverse effect on company’s profitability, value of the firm and its EPS. Similarly, if company is unable to repay the debt within the scheduled period it will affect the goodwill of the company in the credit market and consequently may create problems in future for collecting further debt.Other factors remaining constant, the company should select its appropriate capital structure with due consideration. Capital structure involves a choice between risk and expected return. The optimal capital structure strikes the balance between these risks and returns and thus examines the price of the stock. Significant variations with regard to capital structure can easily be noticed among industries and firms within the same industry. So it is difficult to generate the model capital structure for all business undertakings.The following is an attempt to consolidate the literature on various methods to suggested by researchers in arriving at optimal capital structure. Notatio ns used: * V = value of firm * FCF = free cash flow * WACC = weighted average cost of capital * rs and rd are costs of stock and debt * re and wd are percentages of the firm that are financed with stock and debt. Operating and Financial Leverages The term leverage refers to the ability of a firm in employing long – term funds having a fixed cost, to enhance returns to the owners. In other words everage is the employment of fixed assets or funds for which a firm has to meet fixed costs or fixed rate of interest obligation irrespective of the level of activities attained or the level of operating profit earned. Higher the leverage, higher the profits and vice – versa. But a higher leverage obviously implies higher outside borrowings and hence riskier if the business activity of the firm suddenly takes a dip. But a low leverage does not necessarily indicate prudent financial management, as the firm might be incurring an opportunity cost for not having borrowed funds at a fixed cost to earn higher profits.Operating Leverage Operating leverage is concerned with the operation of any firm. The cost structure of any firm gives rise to operating leverage because of the existence of fixed nature of costs. This leverage relates to the sales and profit variations. Operating Leverage =| Contribution| | EBIT| Contribution = Sales – Variable Costs EBIT = Earnings Before Interest and Taxes. Disadvantages of Operating Leverages * The reliability of operating ratios rests to a large extent on the correctness of the fixed costs identified with a product. Faulty apportionment would distort the usefulness of the ratio. The published accounts does not give details of the fixed cost incurred and the contribution from each product and for an outsider it is difficult to calculate the firm’s operating leverage. Firm’s cost structure and nature of the firm’s business affects operating leverage. A degree change in sales volume results in more tha n proportionate change (+/-) in operating (or loss) can be observed by use of operating leverage. Financial Leverage This ratio indicates the effects on earnings by rise of fixed cost funds. It refers to use the use of debt in the capital structure.Financial leverage arises when a firm deploys debt funds with fixed charge. The ratio is calculated with the following: * Earnings before interest and tax / Earnings after interest – The higher the ratio, the lower the cushion for paying interest on borrowings. A low ratio indicates a low interest outflow and consequently lower borrowings. A high ratio is risky and constitutes a strain on profits. This ratio is considered along with the operating ratio, gives a fairly and accurate idea about the firm’s earnings, its fixed costs and the interest expenses on long term borrowings. Earnings per Share – Higher financial leverage leads to higher EBIT resulting in higher EPS, if other things remain constant. Financial levera ge affects the variability and expected level of EPS. The more debt the firm employs the higher its financial leverage. Financial leverage generally raises expected EPS, but it also increases the riskiness of securities as the debt / asset ratio rises. Financial Leverage =| EBIT| | EBT| EBIT – Ea