Summer Training Report on Delhi Transco Limited Essay Example For Students

Summer Training Report on Delhi Transco Limited Essay LOVELY PROFESSIONAL UNIVERSITY DEPARTMENT OF MANAGEMENT Report on Summer Training TITLE: Analysis of financial statement In partial fulfillment of the Requirements for the award of Degree of Master of Business Administration Submitted by: Sweta kumari 10904523 DEPARTMENT OF MANAGEMENT LOVELY PROFESSIONAL UNIVERSITY PHAGWARA Certificate by the Guide Certificate that this dissertation is based on an original project study by sweta kumara under my guidance. This has not formed basics for the award of any Degree/Diploma by any university. Place : Phagwara(Punjab) Guide Signature (Mr. Harendra ) Student Declaration I declare that the project titled ‘ ANALYSIS OF FINANCIAL STATEMENT’is an original project done by me and no part of the project is taken from any other project or materials published or otherwise or submitted earlier to any other Collage or university. Student Signature Acknowledgement I take this opportunity to present my votes of thanks to all those guidepost who really acted as lightening pillars to enlighten our way throughout this project that has led to successful and satisfactory completion of this study. We will write a custom essay on Summer Training Report on Delhi Transco Limited specifically for you for only $16.38 $13.9/page Order now We are really grateful to our guide MR. HARENDRA sir for providing us with an opportunity to undertake this project in this university and providing us with all the facilities. We are highly thankful to Mr. D. N. SONDHI and Mr. R. P. AGRAWAL and Mr. D. K. Mishra for there active support, valuable time and advice, whole-hearted guidance, sincere cooperation and pains-taking involvement during the study and in completing the assignment of preparing the said project within the time stipulated. Lastly, We are thankful to all those, particularly the various friends , who have been instrumental in creating proper, healthy and conductive environment and including new and fresh innovative ideas for us during the project, their help, it would have been extremely difficult for us to prepare the project in a time bound framework. List of Content †¢ Introduction 1. Introduction Of Company 2. Introduction Of Topic †¢ Research Objectives †¢ Methodology of data collection and tools †¢ Limitations †¢ Analysis and interpretation of data Findings †¢ Conclusion †¢ References LOGO OF DELHI TRANSCO LTD. EXECUTIVE SUMMARY: The project title’ ANALYSIS OF FINANCIAL STATEMENT’ is chosen by me for my project in Delhi Transco limited. A budget is a document that translates plans into money money that will need to be spent to get your planned activities done (expenditure) and money that will need to be generated to cover the costs of getting the w ork done (income). It is an estimate, or informed guess, about what you will need in monetary terms to do your work. The budget is an essential management tool. for my project report I have taken approved budget of this particular company for last two year 2008-09 and 2009-2010. for this purpose I have taken these steps- 1. Selected approved balance sheet of both the last year 2. Then selected department wise approved budget. 3. Then selected cash flow statement 4. Then selected income statement 5. Firstly I have calculated variance and percentage change in variance 6. Analyze the outcomes of the above calculations. Introduction Electricity plays a vital role in our day-to-day life. It powers our houses, industries, hospitals and in fact our entire economy. Electricity  (from the  New Latin  electricus, amber-like) is a general term that encompasses a variety of phenomena resulting from the presence and flow of  electric charge. When we consider electricity, we usually think of electric power, and thats how well use the term here. Electricity is energy, and energy can do work. Electric power, electricity, is used to do things for us, and no modern society exists without it. Electricity is generated at places where it is economical and advantageous to do so, and is transported to places of use through the power grid. Historically speaking the modern electricity industry utility system was first introduced to the world on the opening of Thomas Edison’s Pearl Street Electricity Generating Station on September 4th, 1882 at New York (United States of America). Insofar as Delhi is concerned, the position is that as per available records, the first diesel Power Station was established in Delhi in the year 1905 when private English Company by name M/s. John Fleming was given permission to generate electricity under the provisions of the Indian Electricity Act 1903. The above mentioned Company was given the responsibility both of generation and distribution of power in a limited manner. That Company after obtaining license nder the provisions of Electricity Act 1903 had set up a small 2 MW Diesel set at Lahori Gate in Old Delhi. Later on, this very Company was converted as Delhi Electricity Supply and Traction Company. In the Year 1911, the power generation was augmented by Steam Generation Station. In the year 1932, the management of Central Power House was handed over to New Delhi Municipal Committee (NDMC). In the field of power generation and distribution, a major break through was achieved in 1939 when Delhi Central Electricity Power Auth ority (DCEPA) was established. This Company was responsible for the supply of power to the areas covered by Local Bodies, namely, the Municipal Committees of Delhi, West Delhi and South Delhi, the Notified Area Committees of  Red fort,  Civil Lines, Mehrauli, Najaf Garh, and the District Board of Delhi. The supply of electricity to the Municipal Committees of Delhi-Shahdara and the Notified Area of Narela was done by different private agencies. In 1947 DCEPA took over a Private Limited Company by name Delhi electric Supply traction Company Limited. Promulgation of Electricity (Supply)Act 1948:-   In the year 1948,   electricity (Supply) Act 1948 came into force, which inter-alia provided   for the constitution of an electricity Board in the States that was to function as a vertically integrated electricity utility in the entire State, undertaking all the functions of activities related to electricity, which included electricity generation, transmission, distribution, supply,   planning coordination and also was to act as regulatory authority for carrying out other functions incidental and ancillary thereto. In other words, the Electricity (Supply) Act 1948 was entitled to become a monopolistic undertaking in the field of electricity control by an instrument of the state and not by private sector. The principal objective behind the above policy decision of the Government of India in providing for the constitution of State electricity to all, particularly in semi-urban and rural areas because till then the availability of electricity was confined to urban areas and was mainly served by private electricity distribution licenses issued under the Indian electricity Act 1910. Formation of Delhi State Electricity Board: In pursuance of the provisions of the Electricity (Supply) Act, 1948, in Delhi, in the year 1951 the Delhi State Electricity Board (DSEB) came into existence and the responsibility of generation and distribution of electricity was taken over by DSEB from DCEPA. The entire staff of DCEPA and other agencies was absorbed by DSEB under the existing terms conditions of service. Formation of Delhi Electric Supply undertaking by promulgation of DMC Act 1957:-  Ã‚   After the promulgation of the Delhi Municipal Corporation Act 1957, the DSEB was dissolved and the functions of DSEB were taken over by Delhi Electric Supply Undertaking (DESU), which came into existence in 1958. After the formation DESU, the generation and distribution of electricity to all the areas of Delhi came under DESU and the employees of erstwhile DSEB were also absorbed by DESU. Constitution of Delhi Vidyut Board:   Ã‚   The Government of the National Capital Territory of Delhi vide notification No. F. 11 (10)/92-LSG /PF (II) dated 24. 02. 1997, issued under the Electricity (Supply) Act, 1948, constituted a separate Electricity Board, i. e. the Delhi Vidyut Board (DVB) for the NCT of Delhi w. e. f. 24. 02. 1997 for the purpose of generation and distribution of power to the entire are of NCT of Delhi except the areas falling within the jurisdiction of NDMC and Delhi Cantonment Board. Practical difficulties in the working of Delhi Vidyut Board:-  Ã‚   The activities of Delhi Vidyut Board from its inception, and as a matter of fact even prior thereto when the activities were being undertaken by DESU, were not financially viable on account of several factors affecting the electricity industry including the high level of losses in the system and the revenues being not able to meet the cost with result that like other State electricity Boards, Delhi vidyut Board suffered operating deficit in aggregate to the tune of Rs. 2,386. 72 crore during the period from 1995-96 to 2000-01. In addition the Delhi Vidyut Board was required to make adequate provision for bad and doubtful debts. The cumulative effect of all these factors was that the Delhi Vidyut Board was not in a position to meet its financial obligations and commitments including the payment for power purchased from generation companies   and suppliers, such NTPC Limited,   Nuclear Power Corporation Limited, national Hydroelectric Corporation Limited,etc. Unbundling of Delhi Vidyut Board in six entities:   Ã‚   In the recent for alleviating the concerns of consumers in the power sector, some reforms started gaining momentum. In that very direction with a view to safeguard the overall interests of the consumers GNCTD took some policy initiatives as as a result of which DVB was split into six Companies, viz. ,   BSES Rajdhani Power Limited, BSES Yamuna Power Limited, North Delhi Power Limited, Delhi   Transco Limited,   Indraprastha Power Generation Company Limited, and Delhi Power Company Limited, as per the provisions contained in Delhi electricity reform Act 2000 read with Delhi Electricity Reform (Transfer Scheme) Rules 2001. Goal Sarvebhavantu sukhinah(good to all) Vision Global power in power sector Values Corporate ethics ,trust and commitment learning and development result and exelence ,organizational pride Moto Our pride – stake holder delight Mission To establish operate and maintain secure EHVnetwork on sound commercial principle integarating HRD,RP,Process reengineering ,creating interactual power maximizing stakeholder delight   Present Scenario: The role of Delhi Transco Limited is confined to arrange and provide transmission network of 400 KV and 220 KV source from Northern Grig. The present infrastructure for this purpose under 400 KV systems is 4,725 MVA (2520 MVA with DTL and 2205 with Power Grid Corporation). As against this, 220 KV sub Stations have the capacity of 6,300 MVA is available for Delhi.. Achievements †¢ Delhi Transco limited embarked on yatra and ODC with a vision to create global power in power sector. †¢ Vision ,mission statement with goal and values were defind †¢ DTL,has earned profit Rs. 9. 8 cr. as dividend to the gov. †¢ ERP cell estabilished for implementation of ERP project †¢ DTL as been assigned credit rating of A+ by agencies FITCH and CRISIL †¢ DTL raised 200 cr. successfully through delhi Transco bonds. Future Plans: In the 11th Plan ending 2011-12 the transmission capacity is proposed to be augmented to meet the future requirements. Under 400 KV system, it is proposed to establish new Sub Stations at Mundka, South-East Delhi near Mandi village and East Loni Road   with a capacity of 630 MVA each by DTL and also increase the capacity of existing sub-Station at Maharani Bagh by 630 MVA b Power Grid Corporation of India Limited. Similarly, under 220 KV system, augmentation and new addition in capacity to the tune of 1660 MVA under the existing Sub Stations is proposed. Further, new Sub Station at DSIDC Bawana-II (320MVA), Chandrawal (200 MVA), Jhatikara More (320 MVA),. Ridge Valley   (320 MVA),  Ã‚   Rohini-II   (480 MVA),   Sultanpuri   (320 MVA), Electric lane (200 MVA),   Trauma Centre (200 MVA),   Wazirpur Industrial Area   (320   MVA) and IGI Airport   (320 MVA ) are proposed to be established. Thus, the capacity of 2520 MVA and 5940 MVA will be added in the 400 KV system and 220 KV system, respectively. To sum up, by 2011-12 transformation capacity of 8460 MVA will be added and a total capacity of 19485 MVA will be available to Delhi Delhi Transco limited substations |Parameters |400KV Level |220KV Level | |No. of Subatations |2 |24 | |Transmission Capacity (in MVA) |3150 |6760 | |Transmission Lines (length in Ckt. Km. ) |227 |575 | Board of directors |NAME |DESIGNATION | |Mr. Rakesh mehta |CMD | |Sh. R. K. Narayan |DIRECTOR | |Sh. V. V. Bhat |DIRECTOR | |Sh. Dharmendra |DIRECTOR | | Sh. Vijay Dev |DIRECTOR | |Sh. A K Kaul |DIR(OPERATION) | |Sh. Raj K. Saxena |DIR(HR) | Departments of delhi Transco limited There are 18 department of Delhi Transco Limited. Different departments plays different role in delhi Transco Limited. †¢ CMD secretariats †¢ Director operation †¢ HR consolidated †¢ Commercial and reform †¢ Finance consolidated †¢ Company secretary †¢ Planning †¢ Stores †¢ Legal †¢ Civil †¢ Construction †¢ OM consolidated †¢ IT †¢ Medical †¢ PRO †¢ CWG(1) †¢ CWG(2) †¢ SLDC †¢ CMD secretariats Delhi Transco limited divided its different types of works under different departments. These different departments do there concern work so there should maintain proper management inside the organization. CMD secretariat include CMD and all the top level management. †¢ Director operation This particular department includes director of operation and all the activities related to operation and its proper management. An operation traditionally refers to the production of goods and services separately, although the distinction between these two main types of operations is increasingly difficult to make as manufacturers tend to merge product and service offerings. More generally, Operations Management aims to increase the content of value-added activities in any given process. Fundamentally, these value-adding creative activities should be aligned with market opportunity (see  Marketing) for optimal enterprise Performance. According to the U. S. Department of Education, Operations Management the physical and/or technical functions of a firm or organization, particularly those relating to development, production, and manufacturing. Operations Management programs typically include] instruction in principles of general management, manufacturing and production systems, plant management, equipment maintenance management, production control, industrial labor relations and skilled trades supervision, strategic manufacturing policy, systems analysis, productivity analysis and cost control, and materials planning. Objectives of operations management can be categorized into customer service and resource utilization. †¢ HR consolidated This parti cular department is responsible for all the work related to HR(human resource management). Departments are the entities organizations form to organize people, reporting relationships, and work in a way that best supports the accomplishment of the organizations goals. The forward thinking human resource department is devoted to providing effective policies, procedures, and people-friendly  guidelines and support  within companies. Additionally, the human resource function serves to make sure that the company mission, vision, values or guiding principles, the company metrics, and the factors that keep the company guided toward success are optimized. Note that some people distinguish a difference between HRM (a major management activity) and HRD (Human Resource Development, a profession). Those people might include HRM in HRD, explaining that HRD includes the broader range of activities to develop personnel inside of organizations, including, e. g. , career development, training, organization development, etc. †¢ Commercial and reform This particular department deal all the topic related to commerce and commercial papers . Commercial may refer to: ? Advertising, commercial messages ? Radio advertisement, via the medium of radio Television advertisement, via the medium of television ? Commerce, the voluntary exchange of goods, services, or both ? Trade, the trading of something of economic value such as goods, services, information or money ? Finance consolidated The Finance Department is responsible for the financial functions and activities of the Council and for the administration of the Councils fiscal policy. The role an d functions of the Finance Department of the  Delhi Transco limited is- †¢ Preparation and compilation of Budget estimates, revised estimates †¢ Administration of the Consolidated Fund and Contingency fund of the state. Control of expenditure and economy measures. †¢ Audit and Accounts. †¢ Matters related to creation of posts, fixation of pay and grants-in-aid. †¢ Financing of Five year Plans and expenditure sanctions relating to Plan and Non-Plan Schemes of all departments. †¢ Loans and advances. †¢ Exercise of financial powers delegated by the Governor in case where such powers have not been specifically delegated to other departments and authorities. †¢ Company secretary †¢ A  company secretary  is a senior position in a private  company  or public organization, normally in the form of a managerial position or above. .ue4441d3705be929190de570cabae38d4 , .ue4441d3705be929190de570cabae38d4 .postImageUrl , .ue4441d3705be929190de570cabae38d4 .centered-text-area { min-height: 80px; position: relative; } .ue4441d3705be929190de570cabae38d4 , .ue4441d3705be929190de570cabae38d4:hover , .ue4441d3705be929190de570cabae38d4:visited , .ue4441d3705be929190de570cabae38d4:active { border:0!important; } .ue4441d3705be929190de570cabae38d4 .clearfix:after { content: ""; display: table; clear: both; } .ue4441d3705be929190de570cabae38d4 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ue4441d3705be929190de570cabae38d4:active , .ue4441d3705be929190de570cabae38d4:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ue4441d3705be929190de570cabae38d4 .centered-text-area { width: 100%; position: relative ; } .ue4441d3705be929190de570cabae38d4 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ue4441d3705be929190de570cabae38d4 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ue4441d3705be929190de570cabae38d4 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ue4441d3705be929190de570cabae38d4:hover .ctaButton { background-color: #34495E!important; } .ue4441d3705be929190de570cabae38d4 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ue4441d3705be929190de570cabae38d4 .ue4441d3705be929190de570cabae38d4-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ue4441d3705be929190de570cabae38d4:after { content: ""; display: block; clear: both; } READ: Women And Spirituality (961 words) EssayIn the United States it is known as a  corporate secretary. †¢ The Company Secretary is responsible for the efficient administration of a company, particularly with regard to ensuring compliance with statutory and regulatory requirements and for ensuring that decisions of the Board of Directors are implemented. †¢ Planning Planning  in  organizations  and  public policy  is both the organizational process of creating and maintaining a  plan; and the psychological process of  thinking about the activities required to create a desired goal on some scale. As such, it is a fundamental property of  intelligent behavior. This thought process is essential to the creation and refinement of a  plan, or integration of it with other plans, that is, it combines  forecasting  of developments with the preparation of scenarios of how to react to them. An important, albeit often ignored aspect of planning, is the relationship it holds with  forecasting. Forecasting  can be described as predicting what the future will look like, whereas planning predicts what the future should look like. †¢ Stores The complete control on the materials is vested in the Stores Department. The field of materials Management covers the following functions. †¢ Materials planning and programming of procurement and supplies. †¢ Purchasing †¢   Inventory control †¢ Storekeeping and warehousing †¢   Ã‚  Materials handling and transportation †¢   Codification and standardization †¢   Value Analysis †¢ Legal The legal department of a business handles legal issues which may come up in the course of business, ranging from drafting waiver forms for employees to handling lawsuits from angry customers. Many large companies have a legal department; smaller companies may choose to keep a lawyer or a staff of lawyers on retainer, ensuring that they have rapid access to legal knowledge when they need it. Customers often find themselves interacting with the legal department, especially when they file complaints or indicate that they believe a business is not being operated within the law. †¢ Civil The Civil Division has a major role in providing legal advice on a wide range of legal issues on civil matters to all government bureaus and departments. The division also represents the government in the conduct of all civil claims and disputes involving the government. The Civil Division comprises four major units: †¢ Advisory †¢ Civil Litigation †¢ Commercial †¢ Planning, Environment, Lands Housing †¢ Construction This particular department handle different types of construction work related to company. Planning and designing building network to provide optimized connectivity to residential and non-residential govt. buildings of different departments. This department also responsible for Construction, renovation, upgradation and maintenance of residential and non-residential govt. uildings of different departments. †¢ OM Consolidated This particular department responsible for all the work related to operation and proper maintenance inside the organization. and this particular department responsible for proper maintenance of transformers and different grids. †¢ OM services are guided by the needs and demand of electricity †¢ Daily operation and maintenance of the plant †¢ Complete plant staffing †¢ Planned and unplanned maintenance services, including parts †¢ Local and remote monitoring and diagnostics Comprehensive training †¢ Environmental health and safety programs †¢ Site documentation and procedure development †¢ Switchgear maintenance and managemen †¢ IT Department of Information Technology is working to put technology to its highest and best use throughout Delhi Transco limited Department/Autonomous bodies to improve the administration of state programmes and services. Proving guidance on technical matters to departments, vetting IT projects and taking department on achieving IT Road Map are the basic jobs of Information Technology Department. †¢ Medical Department of Medical Health and Family Welfare is committed to provide high quality, affordable and accessible, preventive, curative, promotive and comprehensive health care services to the people of Uttar Pradesh with special focus to the disadvantaged population †¢ PRO †¢ Public relations have been defined as the interaction of a business with its customer base, and or with prospective customers. This interaction can take various forms, which may include events such as trade shows, marketing promotions, customer relations initiatives and other such efforts in which the business and the public interacts. CWG( most recent project) The following are some of the positive outcomes of a successful public relations department: †¢ Attract attention to a company and raise its visibility in a competitive market niche †¢ Generate interest in and enthusiasm for a companys goods and or services †¢ Create buzz when a company introduces new products or services when peo ple begin to talk about the business, word of mouth can serve as the ideal form of advertising. †¢ Enhance the credibility of a company and polish its image. Defuse a crisis if and when it occurs, minimizing its potential damage. †¢ SLDC There are multiple agencies within a state engaged in generation, transmission, and distribution of electricity. State Load Dispatch Centre monitors these operations and keeps the account of quantity of electricity transmitted through the state grid. SCADA is a part of it. Supervisory Control And Data Acquisition System (SCADA) is a high tech computer system with associated communication network that enables supervision and control of power system network. Demand for power is increasing very fast due to continual improvement in quality of urban life style as well as expansion of industrial sector. The rapid increase in demand for power is associated with growing level of power system network complexity in terms of need for unified grid operation while maintaining the operational parameters. Further increased openness in the power sector economy has put additional pressure on the power companies to manage the power system resources in the most optimum manner within regulatory constraints imposed by Regulator. To meet the above challenges the need for a Real Time SCADA system in any modern power system utility is indispensable. †¢ The direct benefits of a modern SCADA system are: †¢ Constant access to Real Time picture of entire network showing power system voltage, frequency, MW, MVAR, etc. †¢ Supervision, monitoring and control of power in Real Time. †¢ Optimal operation of power system, i. e. generation and associa ted resources. †¢ Review of literature 1. According to Utpal Bhaskar (aug 3,2010)  Delhi Transco Ltd  and the state government had assessed 4,450MW of power demand in the Capital during the CWG in October. Aug. 03NEW DELHI The governments plans to create a sizeable cushion to tide over any power shortage that could arise during the Commonwealth Games (CWG) suffered a setback following a delay in commissioning two proposedSunitsSof 500MW each. The government, which had initially envisaged surplus power availability of 1,200MW, is still confident that it will be able to manage demand. 2. According to Bhadra sinha( feb 15 ,2010) In a setback to Delhi Government’s power ministry, the Appellate Tribunal for Electricity has slapped a fine of Rs 2. lakh on its generating unit (Delhi Transco Limited) for overdrawing power from the grid on four occasions between January and October 2008. Asking the CERC to review UI rates every six months, the tribunal said: â€Å"The UI rates below 50 Hz frequency need to be so fixed as to discourage over-draws. In our view, existing UI rates do not achieve this purpose, as the frequency is likely to slide down rapidly to dangerous levels due to over- draws, under low frequency levels. † 3. According to Accord Fintech. (  Feb 1, 2010. Areva TD India  Ltd  has informed BSE regarding a Press Release dated February 01, 2010 titled Areva awarded 2 major GIS Substations orders by  Delhi Transco Ltd(DTL)Press Release:AREVAs Transmission and Distribution (TD) division has recently won two major Orders from the  Delhi Transco Ltd  (DTL) for 220/33 kV GIS Substations, to be in stalled at f Mathur Lane and AIIMS trauma Centre in  Delhi  Both turnkey orders include Design, Engineering, Manufacturing, Testing and Commissioning of 220/33kv Substation Packages. Delhi Transco Limited (DTL) is the State Transmission utility for the National CapitalTerritory of Delhi. It is responsible for the transmission of power at 220kv and 400 kV level and for upgrading, operating and maintaining the Extra High Voltage network. The existing network of DTL consists of a 400KV ring around the periphery of Delhi interlinked with the 220KV network spread all over the city. 4. According to Anil Sasi (December 20, 2003) in his article, For most Indians it will sound like an impossible dream. Imagine having a choice of companies from which to buy electricity. Imagine urban India with fewer power blackouts and no need for equipment like inverters and voltage stabilisers. Its tough to imagine, But a brighter future could be closer than anybody imagines. Take a look at how Mumbai-based power giant BSES (its name will soon be changed to Reliance Energy) sees the future. Last month, BSES applied for permission to supply power to the NDMC area of Delhi the part where the prime minister and all the politicians live. BSES plans to set up parallel lines in the district and compete with the New Delhi Municipal Council, which supplies power in the district currently. BSES has other high-voltage plans for the future. It has already kicked up a storm by applying for permission to supply power to south Mumbai where it will compete with the Bombay Electric Supply and Transport Undertaking. BSES would, however, have to set up its own parallel network in the BEST area since the new Electricity Act 2003 does not allow utilities to use lines where a local body (BEST is an independent body under Brihanmumbai Municipal Corporation) is the sole power supplier. . According to Himanshi Dhawan, ( Aug 14, 2010) With a spate of reports indicating corruption in Commonwealth Games projects and contracts, the Central Information Commission (CIC) has asked Delhi government and NDMC to put online information related to tenders, work awarded, consultants appointed and deadlines. CWG contracts and tenders have come under the scanner with CAG and CVC closely looking at the tenders awarded by agencies like PWD, NDMC and CPWD. 6. According to Bharti vohara(july13,2010) New Delhi,  (IANS) The Delhi cabinet Monday decided to meet the long-pending demand of the teachers of its technical institutions and polytechnics for pay scales as per the recommendations of the Sixth Pay Commission. At a meeting chaired by Chief Minister Sheila Dikshit, the cabinet also decided to convert a loan of Rs. 239 crore into equity of Delhi Transco Limited (DTL), keeping in view its planned capital expenditure for the October Commonwealth Games. . According to Varun yadav(feb 25,2009) Electricity can be derived from a number of sources these days and the call for renewable technology in response to environmental pressures means the list is getting longer. Coal, gas-fired or nuclear generation stations have been the primary methods so far but wind, wave or solar power are beginning to make their mark. The measurement of kV, at which electricity is generated, varies around the world from country to country, region to region. A review of power generation and distributed and the effect it might have on power quality (alongside other environmental, political and social unrest that may have an effect) has a baring on the size and type of uninterruptible power supply that may be ideally suitable to an installation. 8. By Atmanand (aug 9,2010) Delhi was the second state after Orissa to privatise the distribution sector. Since the transmission period ended three years ago, an assessment of Delhis power reforms experience would be in order, especially to see how far it meets the objectives of the Electricity Act 2003. A key objective of Delhis power sector reforms was to make the distribution sector financially sustainable. The Delhi Vidyut Boards annual financial losses had reached a staggering Rs 1,200 crore when it was privatised. 9. By Joseph C. Bright (18 NOV,2009) The Pennsylvania Supreme Court held that after deregulation of the electricity industry, charges by a distribution company for the transmission of electricity and for stranded costs are taxable for Sales and Use Tax purposes. Apparently, the General Assembly made a mistake in the Competition Act. Notwithstanding its general intention not to shift the burdens among classes of users, it failed to amend the definition of electricity for Sales and Use Tax purposes to include in the tax base charges by a distributor, while it did include them for Gross Receipts Tax purposes in the RNR Tax. In rescuing the General Assembly from its error, the Supreme Court made strikingly incorrect statements about tax law which, if taken seriously, will come back to haunt taxpayers, the government, and the courts alike. 10. By Nishtha Chugh(aug 14,2004) The 10 million inhabitants of the National Capital Territory of Delhi have reeled under power cuts every summer for decades. Two years after the privatisation of the Delhi Vidyut Board (DVB), nothing seems to have changed. Ironically, Delhi residents are unaware of a key fact: barring the occasional disruption, the new private distributors who supply electricity to the countrys capital have had surplus power to draw from all summer. The peak demand for power this year was easily met even though it rose by nearly 6. 8 per cent to the highest level in the last 10 years. There is more: transmission losses recorded by Delhi Transco Limited (DTL), the State transmission utility, have actually halved since last year. Research design Problem definition †¢ To know about the reason behind the static growth of the company . †¢ To know about the working process of the company. †¢ To know about the expension of the company. Objective of the study The main objective of my Project study which is being conducted by me for the last 1 and half month are as follow- †¢ To know about the over all financial condition of the company To know about the financial changes within the organization year by year. †¢ To know about the impact of financial condition on the profitability of company Research methodology It is a descriptive type of research which is of empirical ,quantitative and historical nature. Primary data It is a live data which I have collected from the finance department and by interaction with the employes in different department sp ecially finance department. The main source of primary data for my project was questioner and personal interview. Primary data will help in interpretation of the problem and drawing conclusions. Secondary data Secondary data will be another important source of data on which the present dissertation is based. I have collected the secondary data from various published and unpublished sources. The researcher used following sources for collection of secondary data I. Internet Browsing. II. Various Research Journals and Newspapers. III. Articles Limitation 1. The topic under study has wider scope and implications. This cannot be fully comprehended in the short period available in view of complex and dynamic environment. 2. Lack of access to company specific information. 3. The data used is historical i. e. the financial statements used for the study Research schedule It’s a six week training in this particular company. Work plan Time devoted to this project will be 6 weeks 1. Collection of data for couple of weeks. 2. Analysis of data for a week 3. Interpretation of data for couple of weeks 4. Written Presentation of findings and recommendations: a couple of weeks. Analysis and interpretation of data Acid Test ratio:A stringent test that indicates  whether a firm has enough short-term assets to cover its immediate liabilities without selling inventory. .ud221e32f1e0fd05c700c1e1cdeef7da4 , .ud221e32f1e0fd05c700c1e1cdeef7da4 .postImageUrl , .ud221e32f1e0fd05c700c1e1cdeef7da4 .centered-text-area { min-height: 80px; position: relative; } .ud221e32f1e0fd05c700c1e1cdeef7da4 , .ud221e32f1e0fd05c700c1e1cdeef7da4:hover , .ud221e32f1e0fd05c700c1e1cdeef7da4:visited , .ud221e32f1e0fd05c700c1e1cdeef7da4:active { border:0!important; } .ud221e32f1e0fd05c700c1e1cdeef7da4 .clearfix:after { content: ""; display: table; clear: both; } .ud221e32f1e0fd05c700c1e1cdeef7da4 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ud221e32f1e0fd05c700c1e1cdeef7da4:active , .ud221e32f1e0fd05c700c1e1cdeef7da4:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ud221e32f1e0fd05c700c1e1cdeef7da4 .centered-text-area { width: 100%; position: relative ; } .ud221e32f1e0fd05c700c1e1cdeef7da4 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ud221e32f1e0fd05c700c1e1cdeef7da4 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ud221e32f1e0fd05c700c1e1cdeef7da4 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ud221e32f1e0fd05c700c1e1cdeef7da4:hover .ctaButton { background-color: #34495E!important; } .ud221e32f1e0fd05c700c1e1cdeef7da4 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ud221e32f1e0fd05c700c1e1cdeef7da4 .ud221e32f1e0fd05c700c1e1cdeef7da4-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ud221e32f1e0fd05c700c1e1cdeef7da4:after { content: ""; display: block; clear: both; } READ: Teenage Pregnancy EssayThe acid-test ratio is far more strenuous than the working capital ratio, primarily because the working capital ratio allows for the inclusion of inventory assets. Interpretation Companies with ratios of less than 1 cannot pay their current liabilities and should be looked at with extreme caution. Furthermore, if the acid-test ratio is much lower than the working capital ratio, it means current assets are highly dependent on inventory. In above mention graph it is reflecting that company Acid Test ratio is constantly lesser than industry ratio and from 2005 to 2007 its in decline phase in comparison to 2008-09 period. In later phase company shows some consolidation in its liquidity position. Current ratio:A liquidity ratio that measures a companys ability to pay short-term obligations. Current ratio: Current asset/ Current liability Also known as liquidity ratio, cash asset ratio and cash ratio Interpretation: The ratio is mainly used to give an idea of the companys ability to pay back its short-term liabilities (debt and payables) with its short-term assets (cash, inventory, receivables). The higher the current ratio, the more capable the company is of paying its obligations. A ratio under 1 suggests that the company would be unable to pay off its obligations if they came due at that point. While this shows the company is not in good financial health, it does not necessarily mean that it will go bankrupt as there are many ways to access financing but it is definitely not a good sign. The current ratio can give a sense of the efficiency of a companys operating cycle or its ability to turn its product into cash. Companies that have trouble getting paid on their receivables or have long inventory turnover can run into liquidity problems because they are unable to alleviate their obligations. Because business operations differ in each industry, it is always more useful to compare companies within the same industry. This ratio is similar to the acid-test ratio except that the acid-test ratio does not include inventory and prepaids as assets that can be liquidated. The components of current ratio (current assets and current liabilities) can be used to derive working capital (difference between current assets and current liabilities). In above mention graph is stating that company current ratio is lower than 1 through out the period as well as it is quit low in comparison to industry. Hence company should be more cautious for its short term liabilities. An accounting measure used to quantify a firms effectiveness in extending credit as well as collecting debts. The receivables turnover ratio is an activity ratio, measuring how efficiently a firm uses its assets . Account Receivable turnover : Net Credit Sales/Average accounts receivables Interpretation By maintaining accounts receivable, firms are indirectly extending interest-free loans to their clients. A high ratio implies either that a company operates on a cash basis or that its extension of credit and collection of accounts receivable is efficient. A low ratio implies the company should re-assess its credit policies in order to ensure the timely collection of imparted credit that is not earning interest for the firm. In above graph company ratio is quit higher than industry norms it means company have very strong credit policy and they need to follow that in more proper manner. In graph of collection receivables its clearly showing that company is performing far better than industry in term of collection days. Inventory turnover ratio: A ratio showing how many times a companys inventory is sold and replaced over a period. Sales/ Inventory :cost of good sales/average inventory Interpretation Although the first calculation is more frequently used, COGS (cost of goods sold) may be substituted because sales are recorded at market value, while inventories are usually recorded at cost. Also, average inventory may be used instead of the ending inventory level to minimize seasonal factors. This ratio should be compared against industry averages. A low turnover implies poor sales and, therefore, excess inventory. A high ratio implies either strong sales or ineffective buying. In graph its reflecting that company inventory turnover ratio is low than industry through out the 5 years and its a point of concern for company future growth. Company need to make new strategy for sales policy or review its sales policies for better result. Asset turnover ratio: it implies that the revenue generated on the total assets. Revenue/ total assets. Companies with low profit margins tend to have high asset turnover, those with high profit margins have low asset turnover it indicates pricing strategy This ratio is more useful for growth companies to check if in fact they are growing revenue in proportion to sales. This ratio is useful to determine the amount of sales that are generated from each peny of assets. As noted above, companies with low profit margins tend to have high asset turnover, those with high profit margins have low asset turnover. Delhi transco ltd. s asset turnover seems to be relatively low, meaning that it makes a high profit margin on its products. For companies in the retail industry you would expect a very high turnover ratio mainly because of cutthroat and competitive pricing. Gross profit Margin A financial metric used to assess a firms financial health by revealing the proportion of money left over from revenues after accounting for the cost of goods sold. Gross profit margin serves as the source for paying additional expenses and future savings. Gross margin : (Revenue – COGS)/Revenue Interpretation: This metric can be used to compare a company with its competitors. More efficient companies will usually see higher profit margin. In graph company performance is as same as industry through out the period of 5 years, its showing that company have to maintain the same policy for his future growth. Net profit margin: A ratio of profitability calculated as net income divided by revenues, or net profits divided by sales. It measures how  much out  of every rupee of sales a company actually keeps in earnings. Profit margin is very useful when comparing  companies in similar industries. A higher profit margin indicates a more profitable company that  has better control over  its costs compared to  its competitors. Also known as Net Profit Margin. Interpretation: Looking at the earnings of a company often doesnt tell the entire story. Increased earnings are good, but an increase does not mean that the profit margin of a company is improving. For instance, if a company has costs that have increased at a greater rate than sales, it leads to a lower profit margin. This is an indication that costs need to be under better control. In graph company profit margin almost same as industry for the last 5 years and its very competitive. Hence company need to make a review on its policy for future margin. Return on total assets A ratio that measures  a companys earnings before interest and taxes (EBIT) against  its total net assets. The ratio is considered an indicator of how effectively a company is using its assets to generate earnings before contractual obligations must be paid. The greater a companys earnings in proportion to its assets (and the greater the coefficient from this calculation), the more effectively that company is said to be using its  assets. in the above mentioned graph indicates that company’s return on assets less then industry. so this implies that company is not properly utilisisng its assets. Return on equity : The amount of net income  returned  as a percentage  of shareholders equity. Return on equity  measures a corporations profitability  by revealing how much  profit a company generates  with the money shareholders have invested. ROE is expressed as a percentage and calculated as : Net income / Shareholders equity. Interpretation The ROE is useful  for comparing the profitability of a company to that of other firms in the same industry. There are several variations on the formula that investors may use: 1. Investors wishing to  see the return on common equity may modify the formula above by subtracting preferred dividends from net income and subtracting preferred equity from shareholders equity,  giving  the following: return on common equity (ROCE) =  net income preferred dividends / common equity. . Return on equity may also be calculated by dividing net income by average shareholders equity. In graph company return on equity is lower than industry by 10%. This is a alarming situation for company and it need to review its business policy to increase its ROE from 30% to minimum industry norms. Debt to equity : A measure of a companys financial leverage calculated by dividing  its total liabiliti es  by  stockholders equity. It indicates what proportion of equity and debt the company is using to finance its assets. Total liabilities/ Shareholders Equity Company debt equity ration is very low in comparison to industry hence from shareholders point of view company is quite safe for investment. In this analysis company’s current assets is less then current liabilities which creates adverse effect on liquidity which also harms its working capital so that why its operation is badly effected. The growth rate of net fixed assets is less than the liability this condition adversely affect the profitability margin of the company’s long term goal. EPS also decreases due to which its share value get also declined and due to this investors start deinvesting . this is bad for the positioning of the company in the stock market. The rate of COGS increases year by year which effects there profitability and operation. They have to reduce there operating cost for long tern profitability. Finding and conclusion Based on financial statement and information provided to me during my training period Company’s financial position is not appropriate and they have more liabilities in comparison to assets. and company should reduce there operating expences. orking process within the organization is not properly there should be proper time management and companies expansion also get affected due to the sharp fall in market capitalization. Fixed Assets: The company is maintaining proper record showing full particulars, including quantitative details and situation of fixed assets. b. As verification report the provision for dismantled equip ment amount to Rs 3. 10 crore has been made in the book during the year. 1. The company has made a policy during FY 2006-07 to physically verified the fixed assets in phase manner as follows: FY 2006-07 : Sub-station and transmission Assets. FY 2007-08 : Building and vehicles. FY 2008-09 : Computer and other assets. Suggestion: The frequency of physical verification is required. Inventries: a. Inventries has been physically verified during the year at Mehrauly being the main store of the company. During the year unserviceable item of Rs 1. 8 crore were identified and the same were properly dealt with in the account. b. Procedures followed by the management of physical verification of inventry are reasonable and adequate in relation to the size of the company and the nature of its bussiness. . Company id maintaining proper records of its inventrory. Loans and Advances: . The company has taken secured loan of Rs 153. 00 crore from its holding company . The payment of principle and interest are regular. Fixed Deposit: As per the information given to me the company has not accepted any deposit from the public. Internal Audit : The company has engaged the service of a practici ng firm of chartered Asccountents for internal audit for the financial year 2008-2009 on periodical basis. Cost records: Company has maintaining its cost records as per as company act 1956. Statutory Dues: a. The company is genarally regular in depositing statutory dues to the appropriate authorities. b. I were informed that there were no undisputed amount payable in respect of Provident fund, Investor education protection fund, Employees state insurance, Income tax , wealth tax, VAT , Custom Duty and excise duty, cess and any other statutory dues which were outstanding as at 31st march 2009 for a period of more than 6 month from the date they become payable. c. The company accumulated losses at the end of the financial year are more than 50 % of its net worth and it has not incurred cash losses in the current and immediate proceeding financial period. d. As informed to me , the company has not defaulted in repayment of dues to any financial institution , bank debenture holders, etc. e. the company has not granted any loans and advances on the basis of securities by way of pledge of shares, debentures and other securities. f. the company is not dealing in or trading in shares , securities , debenture and other investments. g. The company did not have any outstanding debenture during the year. h. The company has not raise any money through IPO. 8- Considering the continuous improvement of company financial position, the company is proposing the dividend @. 25% of paid up equity share capital. Therefore dividend proposed and dividend distribution tax payable thereon has been amounting to RS 9. 08 crore and Rs 1. 54 crore respectivly out of profit after tax of current year. 9 As per the Assessment order pas by IT Assessing authorities for the FY 2005-06 , the brought forward losses Rs 3537. 7 crore have been disallowed for carry forward assuming the delay in submission of returns for previous years. 10. Expenditure in Foreign Currency. Travelling expence 2009 : 41. 45 lacs 2008 : 25. 36 lacs Contingent liabilities: The contingent liabilities on account of arbitration/court cases is Rs 6432 lacs plus interest (previous year Rs 30273. 4 lacs plus interest ) against the counter claims of the company amounting t o Rs 92138. 73 lacs. 12. The Department of Income tax has raised a demand of Rs 3. 19 crore for FY 2004-05 in connection with the matter of TDS. 3. Estimated value of contract remaining to be executed on Capital Account (net of advance)and not provided for as at 31st march 2009 amount to Rs 212. 26 crore (Previous year 239. 17 crore). 14. Expences recognized during the year 2008-09. Under salaries and wages. Suggestion †¢ Time to time physical check up of financial condition †¢ There should be proper time management †¢ Auditing in presence of a team †¢ Company’s should reduce its operating cost for gaining long term profitability Reference material †¢ www. dtl. gov. in †¢ www. google . com †¢ Spandan shaktipunj Managerial accounting by R. K. Sharma †¢ The economics times †¢ The times of india Articles and report †¢ Utpal Bhaskar –â€Å"CWG could face fresh problem over power†(aug 3,2010) †¢ Accord Fintech â €“ â€Å"Areva awarded 2 major GIS Substations orders by  Delhi Transco Ltd  (DTL)†Ã‚  (  Feb 1, 2010. ) †¢ Anil Sasi â€Å"A return to power† (December 20, 2003) Himanshi Dhawan, â€Å"Put projects info online, says CIC† ( Aug 14, 2010) †¢ Bharti vohara Delhi technical institutes teachers get pay hike (july13,2010) †¢ Varun yadav –â€Å"Uninterruptible Power Supply Electricity Generation Distribution† (feb 25,2009) Atmanand -â€Å"Now, prepare for the maturation phase† (aug 9,2010) †¢ Nishtha Chugh -â€Å" Delhis power woes† (aug 14,2004) websites †¢ http://imworld. rediff. com/money/2003/dec/20spec. htm †¢ http://in. biz. yahoo. com/100808/50/baw2yo. html †¢ http://www. livemint. com/2010/08/02231210/CWG-could-face-fresh-problem-o. html †¢ http://content. magicbricks. com/400-shanties-near-delhis-barapullah-nullah-to-be-demolished †¢ http://www. hinduonnet. com/fline/fl2117/st ories/20040827001005200. htm †¢ http://www. ribuneindia. com/2007/20070415/delhi. htm#5 †¢ http://timesofindia. indiatimes. com/india/Put-projects-info-online-says-CIC/articleshow/6308546. cms †¢ http://www. indiavision. com/news/article/national/78001/ †¢ http://www. articlesbase. com/technology-articles/uninterruptible-power-supply-electricity-generation-distribution-789153. html †¢ http://www. mondaq. com/unitedstates/article. asp? articleid=89522

Discuss how different types of media portray women today.

Discuss how different types of media portray women today. Today women in the media are mainly portrayed as sex objects, slaves, or incompetent people who should let men decide their fate but luckily there are other sources of media that portray women the way that they really are. Media is a strange thing it has a way of manipulating you to think a certain way about what they are advertising. Different types of media can range from advertisements, feature articles, songs, poetry, films, and ever books.An advertisement that I saw was about supporting legal abortion, birth control and Womens rights. The image was of a woman, her face split in half, with one side in black and white and the other side looked like an x- ray version of her face. It symbolizes that women are manipulated and turned inside out to do what they want for themselves. The title ‘Your body is a battleground also symbolizes that no matter what we think or say we are always going to be at war with what others think is best for us.English: Illustration to Tennyson's "The Lady of S...The song ‘Put another Log on the Fire by Tompall Glaser is another from of discriminative media. It portrays women as the slave, and men as the master. In the song the husband it telling his wife to fetch things for him, like as if she were an animal, and then he doesnt understand why she would ever want to leave her good, sweet, loving husband. This shows that some men can be chauvinistic pigs.The poem ‘The Lady of Shalott is about a lonely women who doesnt have very much control of her life. She sits up in her isolated tower weaving and singing quietly to herself while life below passes her by. She looks at life though second hand images, through a mirror...

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Desiree's Baby by Kate Chopin - Essay Example At first, having a baby made the couple happy, and the husband even more tender. However, after a few months, the once loving Armand became cold and distant, due to the baby being born with a very dark skin. Armand accused Desiree of not being white, since their child was not white (Chopin 206). No matter how much Desiree pleaded, her husband thought of her as a slave, which made her feel even worse and depressed. She went back home to her mother, and the last blow was when her husband did not even turn around to say goodbye. Months later, just when Armand was burning the remnants of his married life, including her letters and clothes, he stumbled upon the knife-hitting truth: a letter from his mother to his father revealed that it was actually him, who has the blood of a slave race, concluding the story of how his son came to look like one. During the time the story was written, it can be deduced that there were already interracial marriages between the blacks and the whites. However, it was still being frowned upon by the society, which made some relationships fall apart, like in the story of Desiree and Armand. Even though Desiree has hands whiter than Armand’s, she was still presumed to be a descendant of slaves, since she was the one who bore his child (Chopin 206). Because people were not fully aware of this, many people would marry and would be surprised to have a dark-skinned baby. This proved to be the measure of Armand’s love for Desiree, and sending her away would not give him any redemption after learning that it was he, not her who has the blood of slaves (Chopin 208). A reason why Armand was never told of his true identity by his parents was in order for him to be able to live at peace with himself. It can be seen in this narrative that aside from the prejudice blacks and their descendants re ceive from the whites, there is also the

The Human Resources Department of NL&C Essay Example | Topics and Well Written Essays - 750 words

The Human Resources Department of NL&C - Essay Example Given the recent issues of NL&C's human resource management, all effort must be made to comply with federal and state law while clearly defining the company's expectations for each position. Clearly, "the law allows the employer to establish the basic job requirements and work standards-as long as those criteria do not discriminate based on the protected classifications found in federal and state employment discrimination laws." (Fick 19) The job descriptions and employee manual will protect NL&C from any litigious misunderstandings with future employees. Second, the company needs to quantify its diversity goals. Given the need for bi-lingual employees in the call center, clear diversity recruitment goals will assist the department in maintaining a workforce representative of the varied cultures we serve. Further, articulated diversity objectives will be evidence that management is aware of the need to reflect community populations, include represented minorities in its labor force, and is proactively addressing any deficiencies. We know from research that our website will be a good source for recruitment because when "...diverse candidates hear about a position, the first thing they do, says Susan Oxford, AIRS senior director of training, research and development, is check out the company's Web site to see if it's diversity friendly" (Bennett 2). Therefore, we will instruct our web designer to immediately place a "Job Openings" section on the site and include text regarding our diversity policy. Online Job Posting One of our most effective approaches to obtaining the best candidates for the 50 positions we are filling will be online sources. In addition to our corporate website, we can make the "online world [our] recruiting partner" by using college student career centers, state workforce development programs, non-cost online job banks, and other sources (Heathfield). Once our recruitment ad is approved, we will disseminate this information to as many online sources as possible. Local media advertising The most obvious primary source for recruitment will be a classified ad in the regional and local newspapers. This will provide NL&C with a locally-based response so that potential employees may be interviewed and trained as quickly as possible. In addition to these primary sources, we will be focusing on two additional and specialized recruitment tools. Specialized Sources (Bi-lingual) In-house referrals We will immediately poll our current roster of Hispanic and minority employees to solicit applications from their associates. We know that: Employee referrals top every recruiter's list as the best way to get good new employees, but referrals are underutilized in diversity recruiting, says John Sullivan, head of the human-resource program at San Francisco State University. "Seek out your diverse employees," he says, "and encourage them to recruit from their relatives, diverse colleagues at other firms, professional associations, religious groups and social

Motivations for Expatriation Essay Example | Topics and Well Written Essays - 1500 words

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The various types of Dividend policies used by companies

The various types of Dividend policies used by companies Dividend policy has drawn due attention from various researchers. One of the most famous studies in this respect is Miller and Modigliani hypothesis (1961), which asserted that the cash dividend policy is not important because it has no effect on the companys value, and as such it does not affect the company owners wealth. This is due to the fact that companies follow a Residual Dividend Policy which is based on reinvestment of corporate profits in the available investment opportunities (Van Horne 1983; Arnold 2008) with positive net present value and distribution the surplus cash as a cash dividend to shareholders. The above hypothesis aroused a lot of controversy on the part of researchers. However, the most important study that opposed it is that of Partington (1985) which claims that the companies do not follow in practice the residual dividend approach as the dividend decisions taken independently from the investment policy. Right now, controversies continue among researchers based on the subject without arriving at any decisive results This chapter will study the public dividend policy to shareholders, which is considered to be one of the most important financial decisions, in view of its direct relationship to shareholders and financing decisions and investment in the company. The chapter will also cover the alternatives to be addressed consisting of general dividend policy and theories that linked the cash dividend policy with the company market value, and therefore the company owners wealth in addition to the share dividend policy and buying back policy, besides the cash dividend policy and its relationship with the investment policy 2-2 General Dividend Policy The Company Board suggests distribute dividend to shareholders in an annual meeting (Watson and Head 2004). The main interest is to suggest acceptance and secure fair dividend for shareholders consistent with the rate of dividend decided by the company management. Therefore, in preparing dividend distribution, the mangers do not look only for current year profit, but they, instead, will look for the future earnings expected, and hence for the ability of the company to maintain a stable rate of dividend taking into consideration the systematic growth of this ratio. On their part, the investors are aware of this truth, and they look for a profit increase in a positive vision expecting throughout a stability of the future dividend. When the company achieves high profits for a particular year and do not expect the same level of profit for next years, they will make normal dividend and give additional dividend so as not to disappoint the investors hopes in the future. The profits are then divided into two dividends, a normal and an incremental dividend, to make notification to investors that this type of dividend is unexpected and would not continue in the future (Levy and Sarnat 1994). There are several alternatives for the profits dividend. The company may either distribute the profits in the form of regular cash dividends, or it may distribute profits in the form of shares dividends to shareholders. However, the above two types may be distributed at the same time. Besides that, shareholders can also obtain profits when the company tends to repurchase its shares, and considers the regular cash dividend as something quite common (Broyles 2003). The percentage of the profits distributed by the company is typically governed by several considerations. In addition to the law which prohibits the distribution of profits unless the company achieves a profit after deducting reserves, the contracts of the bonds, in case the company issues these bonds, often prevents companies from increasing the proportion of cash dividend on a certain level to secure the rights of bondholders (Watson and Head 2004). Thus, the general dividend policy may well looked upon on the basis of differentiating between the cash dividends and the shares dividend through capitalization of profits, or through buying back the companys shares. This is due to the fact that the investment policy is fixed. The company will thus detain profits to finance capital spending on growth and expansion or debt repayment, or extinguish the bonds if any, and distribute the remaining cash as a cash dividend, and also to finance any deficit in capital spending by issuing new shares or through outside borrowing. The company could detain the necessary funds to finance capital expenditure and re-buy part of the shares issued and distribute the remaining as a cash dividend. These alternatives will not affect the companys value, and therefore the wealth of shareholders, if the company is operating in market characterized by ideal, efficiency and depth (Merton and Modigliani 1961; Black and Scholes 1974; Peter 1996). In case such characteristics are absent of the market, one can expect arguments about the impact of dividend policy, particularly cash, on the value of the company, and therefore the wealth of shareholders. The second group (Gordon 1959; Blume 1980; Dyl and Weigand 1998; Koch and Shenoy 1999) believes that increasing the percentage of cash dividends would increase the companys value, thus increasing the shareholders wealth, while the third group (Litzenberger and Ramaswamy 1979; Blume 1980; Litzenberger and Ramaswamy 1982; Ang and Peterson 1985) believes that increasing the percentage of cash dividend will lead to a decline in the value of the company, thereby reducing the wealth of shareholders. These groups together with their theories will be discussed when dealing with the policy of cash dividend. The profits will be transferred to return earnings account, which is used for purposes determined by the board and the approval of the General Assembly of the company. This account is usually used to maintain a stable dividend amount of cash dividends (a systematically dividend policy). During the years where the company cannot meet the amount of normal dividend, they will tend to the return earnings account to insure any deficit. The General Assembly of the company has full authority to use this account for normal or abnormal cash dividend in whole or in part. It could also be used for company repurchase share, or for capitalization this account and distribution of share dividends to shareholders. On their part, shareholders can obtain their profits through a set of policies that can be combined in a single year, but it often takes one of the following alternatives(Watson and Head 2004): A cash dividend policy Shares dividend policy Buying back shares policy 2-3 Cash Dividend Policy The impact of cash dividend policy on current prices of the company shares is considered to be very important, not only for policy makers, but also for investors, portfolio managers, and economists interested in the performance of capital markets (Watson and Head 2004). The questions to be raised here are: Can managers maximize the wealth of the owners of the company through a particular dividend policy? (Lumby and Jones 1999) Are the companies with high dividend sold with premium? Should the shares of companies that retain their profits or distribute a percentage of its profits, be sold as well in a lesser price? The fact is that these questions were, and still are, the subjects of many applied studies. Until now, there seems no consensus on the answers to these questions. The reason is the presence of other relevant factors that affect the market value of the shares that enable us to measure the impact of dividend policy on profits alone. This means that researchers did not so far prepare both proper and adequate tests and studies to distinguish between different hypotheses. The arguments among researchers about the dividend policy focus on that part of the cash dividend to be distributed to shareholders and its impact on the companys value and therefore the wealth of the owners of the company. Miller and Modigliani (1961) see that the cash dividend does not affect the value of the company, as the companys value will not be affected by how earned profits are divided; but rather affected by the ability to achieve profits. Thus, there is no point in thinking of how to divide profits between dividends and return earnings, while thinking must be directed towards maximizing these profits through the optimal investment policy as the way by which the cookie is divided will not lead to increase its size. In the opinion of others (see, Olson and McCann 1994; Lipson, Maquieira et al. 1998), the manner in which profits are divided between dividends and return earnings affects the companys value through an increase or decrease in the demand for the company shares, as the investors with high incomes usually prefer companies without cash dividend if the value of taxes on cash dividend exceeds the taxes on capital gains, while investors typically prefer companies that cash high dividends if they do not pay taxes or who were in low category of taxes. Also, investors in growing companies may not ask the company to distribute high cash dividends and accept, instead, low cash dividends. This is because the internal return rate in these companies is usually greater than the costs of obtaining funds from sources other than return earnings, and thus maximize the wealth of shareholders through the detention of all or most of the profits and use them to finance projects which have positive present v alue. Investors in non-growing companies, on their part, look for high dividends (see, Walter 1963). From the foregoing discussion, it is viewed by many scholars that the harmony between cash dividend policy with investor wishes will affect the market value, due to any increase or decrease for the company shares emanating from this harmony or compatibility, which will be reflected on the price of its shares. The decision of cash dividend policy, particularly its cash portion, is one of the challenges facing company managers, because the distribution decision defines the funds to be given companys shareholders, and therefore the funds to remain for managers in the company to reinvest (Lumby and Jones 1999). The cash dividend policy can be considered as an action plan for the company to be followed when the company needs to make a decision regarding cash dividends, so that this plan could provide several options from which the company can choose to reach the desired goal. Such a plan is laid taking into account the following two main goals: Maximizing the wealth of shareholders and meeting the company needs to finance its investments. There are several factors affecting the decision to choose the most appropriate alternative among the alternatives available in the action plan. These factors are: legal, contractual, internal shareholders and market considerations. These factors reduce the available alternatives for the company in order to achieve its aims through a cash dividend policy practice. The available alternatives include the companys range of cash dividend policies the company could follow (Gitman 1997; Brigham and Houston 2004) . These include: Fixed dividend policy rate Regularly dividend policy Regularly low fixed dividend with special or added dividend Remaining cash dividend policy. These policies will be discussed in detail as follows: Fixed Dividend Policy Rate This percentage is determined by apportionment of dividends on profits earned. The percentage distribution of 80% of the net profits derived mean that the company will distribute 80% of its profits and reserves 20% of retained earnings. Since corporate annual profits are not fixed, adopting this policy will lead to a fluctuation in the amount of dividends because the stability of the dividends rate from non fixed profit leads to a difference in the amount of the annual dividends, which is the main criticisms of this policy. Since the fluctuation of the quantity of dividends is one of the benchmarks that measure the risks of the company and because the non fluctuation of the profits is usually seen as something positive for current and future performance of the company, the prices of company shares that follow such a policy may be adversely affected by this policy. Regular Dividend Policy The company, according to this policy, pays fixed rates as a dividend each year. For example, they may pay $0.2 per share each year, which will be fixed next years. This policy gives a positive indicator about the company because of the stability of the quantity of dividends, leading to reduce the risks of uncertainty. The companies that follow such a policy tend to increase the dividends rate whenever they feel that the increase in profits is steady and continuing in the future. Low regular fixed policy with special or added dividend Some companies follow a policy of systematic low dividend with additional dividends when the companys profits are unstable and highly volatile so that the companys profits are high in a given year but low in another, which makes it difficult for it to follow a regularly high-level profits distribution policy be able to maintain it. The company, therefore, seeks to pay low dividends characterized by being consistent and continuous and then pay other additional and unusual dividends in the years where it can secure high profits. The company thus has been able to achieve consistency and continuity in the level of profitability, which are indicators of great importance on the part of investors, who consider this as something necessary for building confidence with the company. Remaining cash dividend policy The optimal cash dividend rate for any company is best determined by the differentiation between a numbers of factors (Brigham, L. et al. 1999) Shareholders preference for cash dividend or capital gains. Investment opportunities available for the company. Optimal structure mix for the companys capital (money sources). External financing costs The last three factors combined affect the remaining dividend policy which is based on distributing cash dividends which exceeds the companys to finance all company investment opportunities that have positive present value. The company should make the following three steps when applying the remaining cash dividends policy (Brigham and Houston 2004) Identifying all the available investment opportunities which have positive present value and in which the company wishes to invest. Determining the optimal structure mix of capital that achieves the lowest cost. Using the profits to finance new projects with positive present value because of their low cost in comparison with new share issues in case they represent the best combination of capital. Based on this concept, and as long as the money needed by the company to reach the optimal mix of the capital structure is the equity funds , and not money borrowed, and as long as the need for funds exceeds the companys achieved profits and return earnings, the company will not make any dividends distribution for shareholders (Van Horne 1983). But in case the funds needed are less than the return earnings, the company will take its cash needs and distribute the exceeded money as a cash dividend for shareholders. Besides that, if the optimal capital structure mix does not make it incumbent upon the company for financing or allowing to borrow without leading to the level of damage risks of the company, the company then may distribute profits to shareholders because of lack of need and also because these profits are considered as surplus (Arnold 2008). 2-3-1 Factors affecting cash dividend policy A combination of factors affect the cash dividend policy and put pressure on the management when a dividends proposal is submitted to the General Assembly to be taken as a justification of reference for the Assembly when ratifying or adjusting this proposed. These most important of these factors are arguably (see, Damodaran 1997; Gitman 1997; Brigham, L. et al. 1999; Brigham and Houston 2004) the following: legal, contractual, internal, growth and the expected expansion, shareholders preferences for cash dividend or capital gains and capital market considerations. These factors are explained here in some details: Legal restrictions Cash dividends should not exceed the total of retained earnings plus net profits for the current year. This is known as the Impairment of Capital Rule. If the companys net profits equal to $500 thousand and it the retained earnings of $ 2 millions, then it should not distribute profits more than $ 2.5 million; but if there is retained loss within equity amounting to $200 thousands, then it should not distribute more than $300 thousands. Contractual restrictions Usually borrowing contracts restrict the amount of profits allowing the company to distribute to shareholders to ensure the rights of the lenders. When the company issues borrowing bonds, the contracts usually include both permissions and restrictions from the date of bonds issuance till bonds date off. The bonds contract often will not allow the company to distribute cash dividends only if they exceed the amount earned in a certain amount. The contract might also prevent the company from increasing the percentage distribution of normal profits or may determine the profits that could be distributed by the companys net profits for distribution. The company accepts such conditions on themselves to reduce the risks of borrowing from the viewpoint of the lender, thus reducing borrowing costs. There are also restrictions on cash dividends imposed upon issuance of the preferable shares of the company. In this respect, it is natural to restrict the distribution of any dividends to ordinary shareholders unless they pay all preferable share profits. Internal constraints The companys ability to pay cash dividends is affected by the quantity of liquid funds available, not by profits and return earnings only. Although the company could resort to borrowing for financing the cash dividend or issuing new shares to finance the dividend process, the companies often do not do that because of high costs for this decision. The company can use it in urgent cases to stabilize the amount of dividends, since the fluctuation of the value of dividends may convey a cost that could be higher than the distribution finance costs. Thus, the companys ability for cash dividends or desire to distribution is often constrained by liquid funds available. Company expected growth and expansion The volume of capital expenditure required for financing expansion and growth significantly affects cash dividend policy adopted by the company. If the company is in continuous expansion and development, using modern technology, they will need all the funds available to finance operations. On the other hand, the companies that have reached the stage of maturity are more able to distribute cash dividends than companies in growth. Shareholders preference for cash dividends or capital gains One of the management functions is to maximize the company owners wealth therefore we should take into account the owners interests when preparing the cash dividend policy. The companys ability to distribute cash profits and desire to do so are often constrained by several important factors affecting the interests of company owners (Brigham, L. et al. 1999): Tax status of the companys owners: If most of the companys owners are affluent are in high tax brackets, the company will resort to a dividends policy whereby it can reduce the impact of taxes on the shareholders profits. Investment opportunities available for company owners If shareholders can obtain returns for re-investing their profits exceeding the companys returns, the company must distribute a greater proportion of profits to enable shareholders to maximize their wealth by reinvesting these profits. But if the companys returns are more than shareholders returns, then the company must transfer the maximum part of their profit to return earnings for reinvestment in order to maximize the shareholders wealth. The steady control of former shareholders If the company tends to distribute all, or most, of profits achieved over the years, it will find itself forced to issue new shares to finance the expansion and development projects. This would first lead to mitigate and minimize the control of the companys former owners of the company; and then the profits to be gained would be reduced because of the increasing number of company owners due to the issuance of new shares. This situation could be remedied through the allocation of shares, by allowing old shareholders to subscribe for new shares, each according to his/her contribution and giving them priority in this respect. The company could also resort to another alternative, i.e. to reduce the proportion of cash dividends if they want to retain full control over old shareholders and show no inclination towards increasing the number of shareholders. Stable and clear dividend policy Investors give special importance to the stable and clear dividends policy. Also, they give special importance for the continuity of these dividends because they believe that the stability, increase, and continuity of dividends would surely lead to reduce risks from the standpoint of investors. Therefore, investors tend to discount returns of companies whose policies of distribution are characterized by stability, increase and continuity at a discount rate less than other companies. This means that they highly evaluate these companies; in other words, they ask for a less rate of returns, thereby reducing the companys capital cost. Profit information content Investors are interested in the informational content of the profits. Through these profits, they can read the management forecasts for company future profits. As the mangers have more precise information about the company investors, on their part, will give special attention to the informational content of the profits. 2-3-2 Theoretical Framework for Dividend policy and its impact on market value We can clarify the theoretical framework for the relationship between the dividend policies (cash, shares and repurchase) and market value of the company through the Irrelevant Theory was brought by M M in 1961. They suggested that there was no relationship between the dividend policy and market value. Many researchers have supported this theory, but also others have suspicion about it. The advocates researchers believe that companies should follow residuals dividend policy while the opponents researchers divided into two divisions, the first believes that there is a positive relationship between the dividend policy and the company market value, others said that this relationship is negative. The relationship between the dividend policy and the company market value is also affected by other dimensions which create a number of other theories, where we find that the uncertainty created a bird in the hand theory , the presence of taxes helped to find a Tax Effect Theory, either shareholders loyalty has created a Clientele Effect Theory, Management try to send some information through the dividend policy covered by Signaling Effect Theory, while the separation of management and owners (shareholders) has created Agency cost Theory. Therefore, we can draw the theoretical framework for the study through the following form: Theoretical Framework (figure 2-1) Share Dividend Positive Relationship Negative Relationship Irrelevant Market Value Relationship Dividend Policy Irrelevant Theory Relevant Residual Dividend Policy Bird in the Hand Theory Tax Effect Theory Clientele Effect Theory Signaling Effect Theory Agency Cost Theory Cash Dividend Share Repurchasing 2-3-2-1 Irrelevance Proposition There is a belief among many finance and economics specialists that cash dividends policy is not important because it is not relevant and does not affect the owners wealth. The source of this belief is a study conducted by Miller and Modigliani (1961). This study concluded that the dividends policy has no effect on the companys value, so the managers will not be able to maximize the owners wealth through a dividends policy. The irrelevance proposition concept for dividends policy on the owners wealth stems from the fundamental idea that companies which distribute continuous high cash dividends to shareholders and secure a little bit higher share prices (Archer, Choate et al. 1983; Lumby and Jones 1999). As a result, the investors capital gains are very limited in this company as he would receive the same returns received by other investors holding another companys shares with low dividends while its prices become high because of the return earnings, and so he obtains high capital gains which compensates the limited cash dividends. In both cases, the shareholders wealth is the profits obtained by cash dividend plus capital gains realized from rising share prices. In case there are no taxes or whether taxes on capital gains are equal, the investor will not be affected, whether the company has established cash dividends or kept the profit in return earnings and the investor has obtain capital gains when se lling his shares as a result of the rise of the companys shares by cash undistributed profits with no change in the other effective factors. This theory is based on the following assumptions (Merton and Modigliani 1961): There are no taxes, or the taxes rate on cash dividends and taxes rate on capital gains are equal. There is no transactions cost for the process of selling or buying shares so that, if the investor needs cash, he will be able to sell his shares without losing any commissions and fees instead of cash dividends. The investor is absolutely rational in his decisions. There are no agency costs. This means that the company managers that distribute low cash dividends do not use the company profits to achieve personal goals that may harm the company (Jensen 1986). The company operates under a full and efficient market, which means that the information is available and accessible to all at the same time without any costs, and the stock prices reflect information and absolutely influenced by it at the moment provided. There is no information gap, including that the company operates under a full and efficient market. The future outlook on the performance of the company is homogeneous among all investors, as so do information and expectations among managers and investors. According to irrelevance proposition, the dividend policy affects only the level of external financing required to finance future projects with positive net present value. This means that each dollar distributed to shareholders represents a capital loss of a dollar. According to this hypothesis, the only constraint to the companys market value is the companys investment policy, not the companys dividends policy followed. This is because the investment policy is responsible for future profits (Miller and Modigliani 1961). Accordingly, the companys decision on the distribution of cash or non-profit distribution would not affect the market value of the company and therefore would not affect the owners wealth. This hypothesis recommends that managers should give greater importance to the investment policy and let the dividends policy follow the investment policy, which is known the Residual Dividend Approach. The advocates of the irrelevance proposition hypothesis (Black and Scholes 1974; Miller and Scholes 1978; Merton and Myron 1982; Merton 1986; Peter 1996) adopt the idea that the investor can build his own cash dividends policy regardless of the companys dividends policy. This is known as Homemade Dividend(Merton and Modigliani 1961) where the investors can obtain income through selling part of his shares equal to the value of cash profits that could have been distributed by the company, if the company does not have cash dividends and the investor himself wishes to receive cash dividends to meet his consumer needs. He may wish also to reinvest cash dividends distributed by the company in case the investor shows no desire for cash dividends. By following this method, the investor will not be affected by the companys dividends policy, and therefore would not be compelled to abandon the stocks of companies followed by a dividends policy which is not consistent with his wishes. One of the criticisms against the irrelevance proposition hypothesis is that it cannot be practically acceptable. The theory of building a dividends policy for each investor based on efficient market, with no transaction costs for buying and selling (Dempsey and Laber 1992), is not practical. In addition, the investor will pay taxes on cash dividends or capital gains, making the adoption of a specific dividends policy for each investor something costly. Besides, the investment in companies whose cash dividends policy is consistent with the investors needs is less expensive than building a special dividends policy. The hypothesis has been built on the basis that the investor is quite rational when taking his decisions. The psychological tests have proved, however, that human beings are not rational one hundred percent with regard to decision-making. Shefrin and Statman (1984) in their study said that investors have an unreasonable preference regarding the profit dividends; this is not consistent with the irrelevance proposition hypothesis. The irrelevance proposition hypothesis is also criticised for assuming equality between the cash dividends and capital gains, while cash dividend is a cash in hand without any uncertainty risk, and the capital gains is cash in the future with a lot of risks. So, how can they be equal? The irrelevance proposition hypothesis has been built on a set of assumptions and data that have already been indicated. It is understood here that any change in these assumptions and data would naturally lead to a change in the basic hypothesis and therefore to a change in the results. Accordingly, and in practical terms, the financial markets in general do not agree with these assumptions.

Brainstem Injuries and the Neuropsychologist Essay -- Neuropsychology

Brainstem Injuries and the Neuropsychologist The Neuropsychologist plays an essential function in assessment and rehabilitation after an injury to the head. Neuropsychologists essentially bear responsibility for testing and tracking the patients thinking ability. Below are key functions provided by clinical neuropsychologists: - Carrying out detailed assessments of cognition, emotion, behavior, and social competence; - Devising and implementing training programs; - Liaising with educational agencies/ employers to advise on the resumption of educational/ vocational life; - Advising on the management cognitive deficits/ disabilities; - Advising and providing long term care; - Providing psychotherapeutic input to address the emotional impact of injury and disabilities; - Facilitating personal, family, and social adjustment (Halligan 2003). A screening for a neuropsychological evaluation should be done as soon as possible after an injury to the brain or in this case, brainstem. A comprehensive evaluation is necessary if complaints and or problems persist. In most cases, an evaluation is performed biannually for the first two years, and as necessary, depending on the subjectivity of the patients status. An exam by the neuropsychologist typically involves a wide variety of tasks, most of which are done sitting at a table or at bedside in a hospital (www.neuropsychologycentral.com, 2002). The examination is non-invasive, and usually is not painful. The evaluation often takes 6 to 8 hours of face-to-face contact, but can vary widely depending on what information is being sought (www.neuropsychologycentral.com, 2002). Test results are used, depending o... ...y 1, 2005 from http//www.neuropsychologycentral.com/interface/content/resources /resources_interface_frameset.html. University of Florida (2005). Medical Informatics: Introduction to Clinical Neurology. Retrieved May 1, 2005 from http://medinfo.ufl.edu/year2/neuro/review/bsc.html. Joseph Landolfi (2005). Brainstem Gliomas. Retrieved May 1, 2005 from http://www.emedicine.com/NEURO/topic40.htm. Spencer, Rick (2005). Brain Injury 101. Retrieved May 1, 2005 from http://www.rickspencer.com/Headinjurylaw/brain101.htm. Theodosopoulos, Philip; Burton, Lisa; Wagner, Becky; Splitt, Nancee (2005). Retrieved May 1, 2005 from http://www.mayfieldclinic.com/PE-BrainTumor.htm. Reiter, Jamie (2003). Journey Toward Recovery: A Brain Injury Guide For Families. Retrieved May 1, 2005 from http://www.sdbif.org/Guide/SDBIF_Guide_Eng.pdf.

Short Story the Most Dangerous Game

Sanger Rainsford is an American hunter (p. 68) and book-writer(p. 71) in the short story â€Å"The Most Dangerous Game†. Rainsford was stranded on the island â€Å"Ship-Trap Island† due to his yacht falling into pieces from hitting the unknown, unseen crags in the water(p. 69). Rainsford was the only survivor of the shipwreck. When Rainsford was on foot on the island, he followed footsteps leading up to an irregular house. Little did he know that he was walking into the home of General Zaroff, a Russian aristocratic(p. 2) big game hunter, who soon became uninterested in hunting animals anymore, he would much rather hunt humans because of their intellect(p. 74-75). Ivan was a deaf; highly uneducated, deaf, Russian man who was an assistant to General Zaroff(p. 72). The story â€Å"The Most Dangerous Game† takes place on a small island named â€Å"Ship-Trap Island†(p. 67). The island is called â€Å"Ship-Trap Island† because it had no warnings of crags that ships often sink/crash their boats on.The Most Dangerous Game† was in the time era of about the early 1920s(p. 66). Rainsford was given three days to survive against Ivan and General Zaroff in a deadly hunt(p. 76). Zaroff was extraordinarily excited to hunt Rainsford because he knew that Rainsford had knowledge and tactics on the subject matter hunting, and General Zaroff loved a challange. On the first night of the hunt, General Zaroff catches Sanger Rainsford by catching him in a tree, but Zaroff decided to spare his life, for he wanted a more challenging game(p. 9). Sparing Rainsford's life was a deadly mistake for Zaroff, because in the end, Rainsford snuck up on Zaroff and killed him(p. 83). â€Å"The Most Dangerous Game† was told by the narrator in third person perspective. The narrator was limited omniscient, he described the character's actions, but he did not describe their thoughts and ideas. The theme that I learned from this story was that the hunter b ecame the hunted, meaning it's not very easy to know how someone feels without taking a walk in their shoes.At the beginning of the story before the yacht crashed into the crags, Rainsford stated that hunting is the best sport in the world, but Whitney replied that it is for the hunter, but not the jaguar (p. 68). The mood that I felt most in this story was suspense. One event happened after another, for instance, as soon as the yacht crashed (p. 69), Rainsford heard three gun shots from a what seemed like an island with complete vacancy (p. 69). This story always had you anticipating for the next thrilling event.