Political Psychology Essay

Rape victims, survivors of plane crashes, combat veterans, and others who have experienced extremely traumatic events may react emotionally with a posttraumatic stress disorder. This reaction is characterized by involuntary reexperiencing of the traumatic events, especially the original feelings of shock, horror, and fear, in dreams or flashbacks. In addition, victims experience an emotional numbing in relation to everyday events, associated with feelings of alienation from other people. Finally, the emotional pain of this reaction can result in an increase of various symptoms, such as sleep problems, guilt about surviving, difficulty in concentrating, and an exaggerated startle response (Calkins, 1996). The Situation: 9/11   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   A more recent example was the 9/11 incident. The safety and protection that was a seal of American social order was devastated by the 9/11 aftermath. The American people who have gone through the bereavement of either of their parents, brothers, sisters, next of kin, or friends may well be putting up now with overpowering anguish. They will want all the emotional assistance they can obtain and they will need an extended recovery period. Life will never look the same again for any oblivious or sentient American people, but the young people who have upheld personal fatalities may need considerable support from qualified, compassionate specialists (Skene, 2001).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The world is not in the slightest peaceful, but at present, there is no security issue taking center stage and the situation in the 9/11 assault is no exception. The 9/11 event had impressed upon America a greater sense of threat at the advent of the new millennium. The 9/11 terrorist attacks incited terror, fury, grief, revulsion, fear, empathy, bewilderment, melancholy, retribution – sundry reactions in a nation that was everlastingly changed. To translate the mixed reaction of a private individual in a more politically relevant sense, it is wise to recall how then Senator Edward Livingston could be more important at these times with his words in a debate on the Alien and Sedition Acts: â€Å"†¦we are absurd enough to call ourselves free and enlightened while we advocate principles that would have disgraced the age of Gothic barbarity† (Skene, 2001).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   They may well not entirely come to terms with the intangible theories thrashed out by counselors or on the television newscast but are prone to be directed in their thoughts by a distinct discernment of validity. They may have dealings with a diversity of sentiments and impressions, and their articulation may subsume mimicking or self-deleterious actions as a way of dealing with their retaliation, fury, and despondency. A number of children at this phase may demonstrate a reluctance to speak of their sentiments and thoughts (Dunn, 2001). The Psychology of Situation: Posttraumatic Stress Disorder   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The emotional responses of posttraumatic stress can occur immediately following the disaster in an acute form and subside over a period of several months or can persist, becoming a chronic syndrome often called the residual stress pattern. In other cases, people may show no immediate reaction but may experience a full-blown posttraumatic stress disorder after a delay of months or even years. Clinicians are still discovering veterans of World War II and the Korean War who are displaying residual or delayed posttraumatic stress disorders (Hinkle, 2004).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   This delayed posttraumatic stress syndrome has been a special problem in the case of Vietnam veterans. The problems of many seemed to be made worse by feelings that they had been rejected by an unsympathetic American public and that they had been betrayed by their government and had spent important years of their lives in a wasted effort (Bornstein, 1994). In a study of Vietnam veterans with combat experience, called the â€Å"Forgotten Warrior Project,† John Wilson, a psychologist at Cleveland State University found that (Kagan, 2004): Their suicide rate was 23 to 33 percent higher than the national average. Of those who had been married when they left the United States, 38 percent were divorced within six months after returning. The rate of hospitalization for alcoholism or drinking problems was high and increasing. About half of them still had some emotional problems related to adjustment of civilian life. Brian Seaward is one of the authors that delved into the realm of stress and its health consequences. Seaward notes that aside from the special life events that may be experienced by almost everyone, the most appreciable part of the list is the concept of change.   This implies that change may be in tandem with stress as being a natural part of modern-day living.   That change is the ultimate source of stress.   â€Å"Change becomes a powerful stressor agent because it necessitates adaptation whether it is perceived as a negative or positive experience† (Calkins, 1996). The important features of posttraumatic stress disorder, according to Seaward, are cognition and stress.   Stress affects cognition as anxiety intrudes on one’s consciousness as demonstrated by his unstoppable pangs of emotion, excessive preoccupation with the threatening situation or person, startling reactions, and other unwanted sensations.   It may also impair memory and attention during cognitive tasks.   It may also enhance attention, principally regarding memories of the stressor but repetitive thoughts can perpetuate stress and make it chronic (Calkins, 1996). Seaward also enumerates the emotional signs of health hassle, which are among others, anxiety, irritability, increased aggression, lack of enthusiasm, depression, alienation, and low self-esteem. Indecision, impaired judgments, lack of concentration, lapses in memory, and absentmindedness are some cases of mental drawbacks caused by health troubles. Seaward also shows that there are individuals who are more prone to health troubles than others.   As a result, the ability to cope with poor health is not the same with everyone. For instance, effective coping with stress depends upon how people go about their day-to-day lives. Lifestyle is a key factor in determining the likelihood of an improved posttraumatic stress disorder (Calkins, 1996). Posttraumatic stress disorder is usually coupled with feelings of sadness, discouragement, and dissatisfaction and usually occurs with other symptoms, such as feelings of worthlessness or guilt, decreased energy, and suicidal thoughts. Just as one can have the flu and bladder infection at the same time, it is quite possible, especially in the milder forms of bipolar disorder, to be both abnormally depressed and anxious at the same time (Dunn, 2001). Survivors of extremely traumatic experiences such as 9/11 are sometimes left with special anxiety problems. Some act as if they have been by the shock of their ordeal. Their interest in life is diminished, and they feel alienated from the people around them. Others develop a tendency to remain constantly on the alert, as if disaster is sure to strike again at any moment. They tend also to startle easily. People who have lived through auto crashes may panic at the sound if cars in the night. Those who have endured a mugging or rape may respond with a start whenever they hear strange sounds, and some former prisoners o war and hostages report similar reactions whenever they hear approaching footsteps (Skene, 2001). Survivors of psychological trauma are likely also to keep reliving their experience. They suffer from nightmares in which the shattering episode is reenacted in all its terrifying detail, and by day they find themselves suddenly overwhelmed by harrowing memories whenever they are exposed to situations that even remotely resemble the original event (Garcà ­a, 2005). There is evidence also that mood disorders are related to disturbances in the brain, to such an extent that the symptoms sometimes appear without any provocation. Neither the depressed individual nor the close family and friends can point to any unusually stressful event that might have caused a depression (Dunn, 2001). The Responsive Behavior of the Young and the Old Posttraumatic stress reactions can occur at any age.   Some people get over the traumatic experience of 9/11 soon enough, but others are troubled by symptoms for years on end. A number of elderly concentration camp survivors broke down completely decades after their ordeal was over when they had to be hospitalized for medical reasons. The experience was sufficiently similar to imprisonment to reopen fully the old psychological wounds (Garcà ­a, 2005). Children endure with bereavement a lot in the vein of adults, but with still not as much of discernment (Garcà ­a, 2005). When taking children in hand, it is imperative to recognize that they almost certainly discern more than what parents grant them credit for. Despite the fact that parents inherently desire to safeguard their children from pain, even the youngest kid understands that something is dreadfully wrong and yearns to grasp why the every adult distraught and in tears. This protective attitude merely serves to deprive the child of a chance to learn more about grief management and coping skills, which are indispensable throughout a person’s life, especially when he or she continues live in the absence of any parent who is supposed to shield them from deep sorrow since it is the parent or any close relative who has passed away (Garcà ­a, 2005). It is essential to acknowledge that every child is inimitable in his or her comprehension of the entire process of death. This discernment hinge on their developmental phase, intellectual skills, teachings by parents, teachers, and significant others, personality attributes, imagery in the media, spiritual convictions, and prior incidents of death induced by 9/11 (Hinkle, 2004). Nevertheless, there are a number of consequential factors that will be useful in comprehending how young people live through and cope with death and its aftermath (Dunn, 2001). Coping strategy of an individual’s behavioral and psychological efforts to buffer or minimize environmental and internal demands of posttraumatic stress disorder. Coping means that the person is â€Å"taking charge of his or her own life and is seeking the resources needed to solve current problems† (Garcà ­a, 2005). Seaward furthers that although the coping strategies used by individuals are often distinct, coping temperaments are to a large extent acquired from the social environment. The manner in which people attempt to resolve stressful situations, the cognitive strategies that they use to downsize threat, and the techniques for handling tensions are largely gained from the groups to which they belong.   A person tries to contain the threat and beat stress in two ways, namely focusing on the problem and on the emotions (Bornstein, 1994).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Other grown-ups are overly wrapped up in their anguish to make an effort to comprehend how the firsthand witnesses of the 9/11 attacks fathom. Other people usually misconstrue the bystander’s demonstration of sentiments, characteristically hold themselves responsible for their fellowmen’s lamentation or rage. Therefore, even though it is likely for the entire people to express their sorrow in the presence of the world, it is essential to impart an elucidation to the terrorist that they can face the future more stalwartly. Discovering how to communicate their anguish, resentment, and apprehension will help Americans to contend with comparable disasters if truly inevitable in the future (Skene, 2001). Conclusion   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   No question about it; the 9/11 incident was the commencement of enlarged hostilities and vigilance as well. The imagery being broadcast was far too excruciating to behold. Mass terrorism is not a regular crime; it is an enormously terrible crime. Tens of thousands, more or less, are the terrorists’ target to inflict fatality or fear upon, and they are more than determined to rule the world. With continued weak will, no wonder how more people would struggle to stay untreated with posttraumatic stress disorder (Skene, 2001). Attitudes toward those with posttraumatic stress disorder have improved over time. Today, individuals with PTSD are fortunate enough to be treated in hospitals and clinics instead of being out away in prisons or asylums. But they are still far from universally accepted either within the family or community. How they are viewed by others can be critical. It can help determine whether they will recover sufficiently to function in society, or to continue to be overwhelmed by their symptoms and even get worse (Calkins, 1996). For a person with posttraumatic stress disorder, there is no clear-cut organic problem, no violation of basic social norms, and no loss of orientation to reality, but the individual shows a lifelong pattern of self-defeating and inadequate coping strategies aimed more at reducing anxiety than at solving life problems. By mental aberrations or psychological scars, the PTSD patient proves to others that he or she is impotent in the face of a threatening world (Dunn, 2001). Our growing understanding of posttraumatic stress disorder does more than enable society to reclaim its familiar stranger. In making sense of posttraumatic stress disorder, we are forced to come to grips with basic conceptions of normality, reality, and social values. And mind loosed from its stable moorings does not just go on its solitary way; it bumps into other minds, sometimes changing their stability (Kagan, 2004). Many PSTD patients are privately treated at home, while others have learned to conceal their disturbances and not act crazy in public. Still others act out their mental problems in ways that society does not judge as mentally disordered; perhaps joining the hate groups, or engaging in socially acceptable forms of violence. Just as unemployment statistics do not include all those who are chronically unemployed and have stopped looking for work, so, too, statistics on posttraumatic stress disorder omit those who suffer in silence, living a marginal existence on the fringes of society (Hinkle, 2004). Indeed, victims of posttraumatic stress disorder caused by 9/11 are usually beset by extremely difficult psychological and social problems. They are likely to be financially strapped, not only because the therapy can be expensive, but also it interferes with productive work. They tend to be outcasts from both the family and society at large. Often the only persons willing to give them serious attention are their fellow PTSD patients, which do not really help as negativity enlarges (Bornstein, 1994). Under such depressive, circumstance, they need considerable help to break free from prejudiced society and get a fresh start in life. References Calkins, Mary Whiton. (1996). An Introduction to Psychology. The Macmillan Company. Bornstein, Marc H. (1994). Psychology and Its Allied Disciplines. Lawrence Erlbaum Associates. Dunn, Edgar S. (2001). Abnormal Psychology. Resources for the Future. Garcà ­a, Cynthia. (2005). â€Å"Developmental Psychology.† Merrill-Palmer Quarterly. Hinkle, Gisela J. (2004). The Development of Modern Sociology: Its Nature and Growth in the United States. Random House. Kagan, Jerome. (2004). â€Å"The Limitations of Concepts in Developmental Psychology.† Developmental Psychology. Skene, Neil. (2001). â€Å"Sacrificing Freedoms in the Name of Saving Them.† Atlanta: Creative Loafing.

Katherine Mansfield’s “Miss Brill” Essay

Katherine Mansfield’s short story â€Å"Miss Brill† is an great example of how a writer can use various literary techniques to lead the reader to a better understanding of Miss Brill the character. Instead of merely stating the message of the story, Mansfield used various literary techniques to allow the reader to draw his own conclusions about the character. Using these literary aspects to reveal a truth about a character to the reader is often referred to as characterization. Four of the most easily recognized literary techniques used in Mansfield’s â€Å"Miss Brill† are her use of symbolism, setting, allusion, and points of view used by different characters in her story. Symbolism plays a very large part in understanding Miss Brill the character. This can easily be seen by the relationship between Miss Brill and her â€Å"alter-ego†, the fur. A symbol is â€Å"a person, object or event that suggests more than its literal meaning.† In other words, it is something that has two levels of meaning: on the literal level it is what it is, for example, Miss Brill’s fur is just a fur. It can also represent a more â€Å"hidden† meaning such as the fur being a symbol for Miss Brill herself. Miss Brill lives for the days that she spends in the park, this can be seen when she rubs â€Å"the life back into [her fur’s] dim little eyes†. This quote reveal that the trips to the park help to â€Å"rub† life back into Miss Brill. The condition of the furs eyes also imply that Miss Brill is not as full of life as he once might have been, but as long as she can see the beauty and worth still in her fur, she can retain her sense of worth. Mansfield uses the bond between Miss Brill and the fur the show how deeply she needs to belong. For example, throughout the story when Miss Brill is happy the fur is also happy, and when the fur is insulted then Miss Brill is also insulted. Perhaps the best example of this bond is when Miss Brill is sitting in her cupboard-like room and puts her fur away, and thinks that she hears â€Å"something crying†. Rather than facing the sadness and disappointment of the day, she attributes her sadness to the fur. The setting of â€Å"Miss Brill† is an important feature of the story because Miss Brill defines herself in relation to the setting. As she walks about the park, she feels more and more in tune with her setting, as she notices that  all of the people at the park, including herself, are actors in a weekly play. Her sense of herself in relation to the setting changes drastically, of course, when she overhears the young couple ridiculing her. As the story opens, she is upbeat and happy watching the other people in the park. After the young couple mock her, we see the sadness as she walks slowly back to her apartment, her â€Å"cupboard†. Mansfield also uses allusion to reinforce the theme of the story. We first see Miss Brills allusions to a cupboard as she describes the other elderly people in the park. She seems to sympathize with them because they are not a part of this grand play like she is. After being confronted by the young couple, Miss Brill realizes that she also lives in a â€Å"room like a cupboard†. This allusion Mansfield gives to Miss Brill’s room is valuable because of two reasons. She first used the term â€Å"cupboard† to describe the homes of the â€Å"funny old people† in the park every Sunday. It does not occur to Miss Brill that she is also one of these â€Å"funny old people† , however, Mansfield tells the audience that she is indeed one of these â€Å"funny old people† when she describes Miss Brill’s room to the reader. The used of the term â€Å"cupboard† is also important because it demonstrates the effect setting can have on the readers opinion to the characters true nature. The quote referring to Miss Brills cupboard room, also gives the reader a look at the point of view that Miss Brill has. When Miss Brill is happy her room is not so bad, however, when she is depressed then her point of view is that she is like those â€Å"funny old people† that she notices in the park every Sunday. In â€Å"Miss Brill,† the limited omniscient point of view allows the reader to see that Miss Brill remains unchanged when the story ends. The point of view is based strictly on what Miss Brill sees and feels, without being biased by her rose-colored view of life. Upon arriving at the park, Miss Brill begins to take in the details of her surroundings. She seem to cling to the best qualities of her surroundings – there were far more people than last Sunday, the band sounded louder and gayer, and the conductor was wearing a new coat. As she sits in her â€Å"special seat† she is disappointed that the odd man and seated next to her. She had become â€Å"quite an expert at listening as though she didn’t listen†. She views her eavesdropping as active participation in  conversations surrounding her. Although she continues to watch the others in the crowd in and awe and fascination, she views the elderly people in the crowd quite differently. She calls them â€Å"odd, silent and nearly all old†¦and they looked as though they had just come from dark little rooms or even – even cupboards†. Trying to keep her mid of the elderly people, Miss Brill convinces herself of her importance in this grand play and that â€Å"no doubt, somebody would have noticed is she hadn’t been there†. When the young couple seated beside her begin to talk, Miss Brill listens intently to their conversation. It is then that she hears them talk of her the way she has been viewing the other elderly people throughout the afternoon. â€Å"Why does she come here at all – who wants her†? The omniscient point of view allows the reader to view this conversation as it actually occurred, not as Miss Brill would have no doubt changed it in her mind. When she returns home â€Å"to her room like a cupboard† without getting her usual slice of honey cake, we see that she scene at the park has affected her. Yet, she is not changed by it. When she puts away the fur, â€Å"she thinks she hears something crying†. As a defense mechanism, she attributes her grief and pain to the fur, making it possible to carry on in her fantasy world. Mansfield’s â€Å"Miss Brill† is an excellent example of how a reader can gain an understanding of a character through characterization. The reader is allowed to understand and interpret the story utilizing their own methods. Mansfield uses the literary methods of symbolism, setting, and points of view to enable the reader to understand the story and this get the greater meaning. Bibliography â€Å"A Short Story: Katherine Mansfield’s Miss Brill†. http://www.op.org/domcentral/study/ashley/arts/arts404.htm Mansfield, Katherine. â€Å"Miss Brill.† Literature: An Introduction to Fiction, Poetry and Drama. Ed. X.J. Kennedy and Dana Gioia. 7th ed. New York: 1999. 33-37. â€Å"Symbolism†. http://www.kysu.edu/artsscience/LLP/211/symbolsm.htm

The Native Warrior at the Battle of the Little Bighorn Research Paper

The Native Warrior at the Battle of the Little Bighorn - Research Paper Example You had to deal with the enemy and anyone from the east coast was considered an enemy. Our life in the northern plains was simple. What mattered to us most was our nomadic lifestyle which we cherished like any other person would cherish their culture. It meant a lot to us because everything we did was aimed at protecting our culture as well as our livelihood. The plains we lived in mattered the most to us and we saw this as home and any disturbance was seen as a threat to the survival of our culture as well as our people. It all began when our leaders, forced by the U.S administration of the time, agreed to the terms of a treaty which was meant to create a large reservation system. This meant that we were going to give up our nomadic life and culture as we were forced into reservation and boundaries that ensued meant that we could only operate from certain regions. This was because of the many conflicts that arose due to our culture and the interaction we were having with settlers and many of the rail road surveyors. As a warrior, I was used to the nomadic lifestyle and moving from this to a more stationary life was not something that was interesting to me. I, therefore, joined many of the other warriors and leader who rejected this treaty. There was no way we could be forced into the reservation system and wait on the government subsidies.... Tension began to grow in early 1875 when Custer came over into the already established reservation system. His aim was to map the area ad to locate a suitable place which was to be used in the construction of a military post. He also came to conduct an exploration of the natural resources in the area. Luckily for him, he stumbled upon gold deposits. Word went round about this and we all came to know about the gold deposits in our land. Immediately, a proposition was made by the US government of buying the land and this was rejected by the Lakota leaders. I remember tension growing in the Black hills as there were lots of people who had come as a result of the news about the gold.iv Things became even tougher when the commissioner of Indian affairs demanded that people return to the reservation system. This was rejected by many of the people. This is where our lives took a different turn. I came to realize later that the matter was forwarded to the army. As the US Calvary planned on a ttacking us, we were also planning on retaliatory attacks with our crude weapons. A group of over 1500 warriors was already stationed to counter the threat that was eminent from the US army. Many of our leaders had information concerning the plans that were underway of attacking us.v The aim of attacking us was to force us to return to the great Sioux Reservation. We were considered hostile and thus the army was seen as the only strategy that could be used to get us to cooperate. I learnt from others that about 879 men were being prepared most of who were the 7th cavalry. I was not worried and this is because of our great number which gave me hope and confidence that we would win any battle that could ensue. Our people moved to the plains in

Europe Agriculture Assignment Example | Topics and Well Written Essays - 500 words

Europe Agriculture - Assignment Example Climate change has resulted in a shift in agricultural production, thus altering the food composition. There is an elevated use of pesticides and herbicides, new plant and animal strains and different production environments such as greenhouses. Although most of them are supposed to ensure that the nutritional quantity is not limited, there are questions raised about the quality. Climate change affects the nutritional quality of foods in many ways such as increased use of agrochemicals, spread of pathogens and changes in the soil structure and composition. The principal purpose of this paper is to investigate the ways in which food safety and nutrition quality are affected by climate change in Europe. The paper will also give recommendations for solutions and/or further research. The paper explores the issues that climate change is likely to affect, as far as food safety is concerned. It identifies various issues such as agrochemical use during production and storage, marine biotoxins, and extreme environmental conditions. The paper will contribute information to answering the research question. Farkas, J., J. Beczner, and C. S. Mohà ¡csi-Farkas. "Potential impact of the climate change on the risk of mycotoxin contamination of agricultural products in Southeast Central Europe." Acta Univ Sapientiae Aliment 4 (2011): 89-96. The paper looks into the impact of climate change on the contamination of agricultural products by fungi. It explores the various mycotoxins that have been common in the past, and the new trend brought about by climate change. I will derive information on such emerging issues from this research This paper reviews the various food safety factors that are affected by climate change. It recommends that collaboration between relevant organizations is mandatory to address the issue. It will contribute more

Sony Playstation Essay Example | Topics and Well Written Essays - 1000 words

Sony Playstation - Essay Example â€Å"The Playstation was released in 1994 and enjoyed great success, mainly because of the company's strong financial back enabling it to market the PS widely and its ability to get hundreds of developers to license games for the console† (Sony Playstation n.d., para. 3). Sony Playstation turned out to be an instant success, and Sony offers a large variety of games obtainable with it. At the same time, as a beginner to the gaming manufacturing, Sony was, and still is, a customer electronics giant. The study here includes branding and competitor analysis of Sony Playstation. The PlayStation 2 version made by Sony also has online gaming abilities to engage any player personal across the earth with the help of a cable adapter attached to the back of the PS2, which connects an Ethernet port for the console to attach to the Online Community that every software game can access. â€Å"Before the release of the PlayStation, Sony had never held a large portion of the videogames marke t. It had made a few forays into the computer side of things, most notably in its involvement with the failed MSX chip in the early 80's, but it wasn't until the advent of CD-ROM technology that Sony could claim any market share† (History of the Playstation 1998). ... If you can create effective branding, then it can make your business appear to be much bigger than it really is† (What is Branding? 2009). Sony PlayStation is presently in transition phase. PlayStation 3 and PSP had faced some tough time. The playstation is considered as market leader in the entertainment category, the various kind of the features that are inbuilt in the playstation are the gaming, playstation network, multimedia support, connectivity and the various updates in the software. It can be played also online, The multi media game platform doesn’t look good on the PS3, The Sony playstation has many of the studios under the own clutches, and they add on more of the software and the hardware updates for the playstation.The name sony playstation provide gives much happiness and chill to people, the CD-swallowing monster and the multitap have added much as the catalyst to the branding and promotion. â€Å"The company's future relies on the PlayStation 3 and the t echnology that comprises it. Originally slated to launch spring 2006, the PlayStation 3 release was delayed until November because its two most exciting pieces of technology weren't ready -- the Cell processor chip and the Blu-ray drive† (Ohannessian 2006). Sony has the brand identification and advertising ability to generate new product group and revive full-grown ones. We can grant the example of its Walkman brand. â€Å"Sony Computer Entertainment Inc. is predicting brisk sales, even though the launch may have missed some holiday shoppers. A successful debut would help the company offset the rest of its struggling business. Sony projects a loss of more than $1 billion for the fiscal year through March 2012, which would be its fourth straight annual

Business Structure Advice Coursework Example | Topics and Well Written Essays - 500 words

Business Structure Advice - Coursework Example A market survey can also give you valuable information on how to overcome the challenges, spot the present and the future troubles in the business and discover other opportunities. Financing a business that is just starting is always very difficult. The person in business should know the amount of cash that is actually required to begin and drive the business. You can start a business with the individual money or capital obtained from acquaintances, and relatives (Kurtz, & Boone, 2011). The individual investments show your obligation to the business and also give you a chance to request support from the government subsidy. This subsidy may be a loan for which you are expected to pay back the principal amount including the interest. These business loans are either short term or long term hence it will depend on the size of the business you want to venture in. There are different business structures or forms. You should consider what business form is efficient for your needs depending on whether you want to conduct the business by yourself, or you want to do it with a colleague. According to Pride, Hughes, and Kapoor (2012), an appropriate business form is determined by monetary, individual, law and duty issues. The following types may be suitable for a new business venture: Sole proprietorship: This is a business owned by a single person. The owner is entirely in charge of all its operations. All the earnings from the business are for the sole proprietor. It is possible for the owner to use own assets to remove the debts. Sole proprietorship is advantageous because: it is easy to start, the starting fee is moderately low, the management load is small, the owner is fully in charge and can make his choices in the business, and all the income goes directly to the owner. However, this form of activity has open problems, for instance, if you have debts, the individual resources will be used to remove the debts. There is also no stability in business

Power and Organisations Essay Example | Topics and Well Written Essays - 2250 words

Power and Organisations - Essay Example But this management style does not fit other types of employees. Other types of subordinates prefer their heads or supervisors to be more lenient with them and to allow them room to finish assigned tasked in the best way the subordinate thinks he or she could finish the job faster. The employees feel like human beings whenever their opinions or suggestion and even complaints are taken into account by their superiors. Alternative Ways of Behaving. Management should apply different styles of management in order to fit each kind of individual employee. Strictness and penalties can be applied to lazy employees and awards and promotion could be given to employees who love to conquer challenges in return for the awards, citations and promotions given. Management could also implement a mixture of strict management policy for some line employees and also implement a soft management stand of giving the employees a wider room to navigate in order for the employees to better accomplish, in terms of quality and quantity, all tasks assigned beforehand to the subordinates (the sales managers, unit managers and the financial advisors) Less strictness will also lessen the subordinates' resentment or resistance to power imposed on them. Program Evaluation Review Technique. ... in this case, the financial advisors report directly to the unit managers and the unit managers are loyal to the sales managers who has a very harmonious working relationship with the unit managers and the financial advisors, the sale manager who is revolting against the strict management policy of the general manager has won the hearts and minds of the employees and enticed them to leave the company.In economics, some people prefer to be insulted and they are willing to swallow their pride and even their person than to resign from the job where they are not happy. This is because they cannot feed their family with their pride. Other persons prefer to resign from a company when their pride is hurt. Still other persons are so strong willed that they confront the management and ask for leniency or a little more space in order for the employee to move around more freely. This space will result to more happy employees and happy employees do better jobs. (Dilworth, 1993) Some employees, though, will not follow the sales manager's offer to resign from the company because these types of employees love the strictness being implemented by top management. Range and Application of theoriesIn the Critical path management concept, the financial advisor will submit his work to the Unit manger that then does some analysis and interpretation and then gives the final report to the sales manger. The sales manager then gives his sales department's summary report to the general manager who is strict in this case. If the financial advisor is lazy then the work of the unit manager will lag behind resulting to work delays of the sales manager and the general manager. (Raiborn et al., 1993)Using exchange theory, the subordinates (financial advisors, unit managers

Recommendation Letter for Studying at the Oxford University Essay

Recommendation Letter for Studying at the Oxford University - Essay Example Since his graduation, he is conducting researches under my direct supervision as I am his scientific advisor for past two years. His dissertation topic is based on institutional aspects of states of Central Asian states. We co-operate each other strongly while handling different scientific and educational issues. Sergey has shown great efficiency and accuracy in carrying out his responsibilities while working on joint scientific projects (like ‘World Political dynamics’). He also has an innovative and creative approach towards problem-solving. The qualities of responsible nature, positive energy and optimism have gained him respect from his colleagues. All these dynamic qualities have led Sergey to achieve steady and fast progress. Sergey has passed all his University examinations with an â€Å"A† grade marking. Sergey’s distinguished qualities have helped him to outperform students not only from his own academic group but also from the whole department. His academic achievements, especially in the scientific field, are worth mentioning. Sergey’s projects were always among the best in his academic group. The depth of analysis, precision and the logical conclusions of his scientific work have always brought him victory and recognition at different contests and conferences. Also, a number of his scientific works are extremely impressive. At present, ten of Sergey’s articles are published in Political Science publications. Two of the ten articles are published in scientific magazines registered by the SCC (Superior Certification Commission). Getting ten articles published at this early phase of career is a great achievement in itself. Now, under my supervision, he has written a new article, ‘Stateness problems: basic approaches to conceptualization’, which will be his eleventh published article.

How Technology Helps in Communication Essay Example for Free

How Technology Helps in Communication Essay If we talk about what are the tools that we can use in developing communication, than I say that â€Å"technology is one of the tools that we can use for communication†. Worlds are globalizing, we cannot depend on only one medium. We are lucky to have science gift that is technology. Communicating involves giving, receiving and making sense of information. Children do this by using non-verbal means of communication, talking, listening, thinking, and understanding. In time, the skills of reading and writing enrich this experience. Communicating is a two-way activity; as well as learning to share their experiences with others children also learn to interpret what others are sharing with them. They communicate in many different ways including facial expressions, gestures, body movements, sounds, language and for some children, through assistive technology. Children’s language is more than words, phrases and sentences. It includes art, Braille, dance, drama, music, poetry, pictures, sculpture, signing, and stories. While most children eventually master spoken and written language as their key means of communicating, they continue to speak through their gestures, body movements and expressions to a greater or lesser extent. Some children with special educational needs may need additional and consistent support throughout their lifetime to practise, learn and perfect the art of non-verbal communication. Language technologies are information technologies that are specialized for dealing with the most complex information medium in our world: human language. Therefore these technologies are also often subsumed under the term Human Language Technology. Human language occurs in spoken and written form. Whereas speech is the oldest and most natural mode of language communication, complex information and most of human knowledge is maintained and transmitted in written texts. Speech and text technologies process or produce language in these two modes of realization. But language also has aspects that are shared between speech and text such as dictionaries, most of grammar and the meaning of sentences. Thus large parts of language technology cannot be subsumed under speech and text technologies. Among those are technologies that link language to knowledge. We do not know how language, knowledge and thought are represented in the human brain. Nevertheless, language technology had to create formal representation systems that link language to concepts and tasks in the real world. This provides the interface to the fast growing area of knowledge technologies. In our communication we mix language with other modes of communication and other information media. We combine speech with gesture and facial expressions. Digital texts are combined with pictures and sounds. Movies may contain language and spoken and written form. Thus speech and text technologies overlap and interact with many other technologies that facilitate processing of multimodal communication and multimedia documents. Although existing LT systems are far from achieving human ability, they have numerous possible applications. The goal is to create software products that have some knowledge of human language. Such products are going to change our lives. They are urgently needed for improving human-machine interaction since the main obstacle in the interaction between human and computer is merely a communication problem. Todays computers do not understand our language but computer languages are difficult to learn and do not correspond to the structure of human thought. Even if the language the machine understands and its domain of discourse are very restricted, the use of human language can increase the acceptance of software and the productivity of its users. Language technologies helps in developing listening and speaking skills Being a good communicator is crucial to children’s development. The adult encourages children to communicate by listening to them, interpreting what they are saying, responding to them, and by modeling good communication. The adult also provides an environment which motivates children to interact with each other and the adult, and with the objects and places in it. By capturing children’s interest and curiosity and challenging them to explore and to share their adventures and discoveries with others, this environment can fuel their thinking, imagination and creativity, thereby enriching communication. These early experiences support children in becoming confident and competent communicators Natural language interfaces enable the user to communicate with the computer in French, English, German, or another human language. Some applications of such interfaces are database queries, information retrieval from texts, so-called expert systems, and robot control. Current advances in the recognition of spoken language improve the usability of many types of natural language systems. Communication with computers using spoken language will have a lasting impact upon the work environment; completely new areas of application for information technology will open up. However, spoken language needs to be combined with other modes of communication such as pointing with mouse or finger. If such multimodal communication is finally embedded in an effective general model of cooperation, we have succeeded in turning the machine into a partner. The ultimate goal of research is the omnipresent access to all kinds of technology and to the global information structure by natural interaction. In an ambitious but not too far-fetched scenario, language technology provides the interface to an ambient intelligence providing assistance at work and in many situations of daily life. Language technologies can also help people communicate with each other. Much older than communication problems between human beings and machines are those between people with different mother tongues. One of the original aims of language technology has always been fully automatic translation between human languages. From bitter experience scientists have realized that they are still far away from achieving the ambitious goal of translating unrestricted texts. Nevertheless, they have been able to create software systems that simplify the work of human translators and clearly improve their productivity. Less than perfect automatic translations can also be of great help to information seekers who have to search through large amounts of texts in foreign languages. The most serious bottleneck for e-commerce is the volume of communication between business and customers or among businesses. Language technology can help to sort, filter and route incoming email. It can also assist the customer relationship agent to look up information and to compose a response. In cases where questions have been answered before, language Technology can find appropriate earlier replies and automatically respond.

Cyber Warfare Examples Essay

Cyber Warfare Examples Essay Information Warfare,in its most fundamental sense, is the emerging theatre in which future nation-against-nation conflict at the strategic level is most likely to occur. George J. Stein, Cyber War, 2000 Cyberwar is the newest subset of information warfare, which needs no battlefield and is fought in cyberspace. Cyberspace includes information itself, the communication nets that move it, and the computers that make it useful. Cyberspace can be influenced and at times dominated by anyone possessing inexpensive computers linked into existing global communication nets  [1]  . The present information era offers modern tools to conduct seamless operations with utmost speed  [2]  . It is essentially trying to deny the enemy the advantage of force, time and space that come with the use of modern information technologies. Cyber Warfare may be defined as Any act intended to compel an opponent to fulfill our national will, executed against the software controlling processes within an opponents system. It includes the following modes of cyber attack: cyber infiltration, cyber manipulation, cyber assault, and cyber raid  [3]  . In present day battle field, forces exchange digital data for real time use using networks. Developments in the field of tele-communications, computer networking, image processing, miniaturization of electronics etc. has given a new impetus to the exploitation of the Information for Warfare. For all future conflicts, Cyber warfare would form one of the spheres of military operations in addition to the other four spheres i.e. land, air, sea and space. Military attack in the form of a cyber network attack is irregular in nature. It is extremely cheap, is very fast, can be carried out anonymously, and can disrupt or deny critical services precisely at the moment of maximum peril. Advances in technology over the past several decades have enabled cyber warfare to become a viable strategic tool. Details on cyber warfare are sensitive and all nations hold those closely. According to Jeffrey Carr, author of Inside Cyber Warfare, any country can wage cyberwar on any other country, irrespective of resources, because most military forces are network-centric and connected to the Internet, which is not secure. For the same reason, non-governmental groups and individuals could also launch cyberwarfare attacks. Cyber warfare in the civil domain is Internet-based conflict involving politically motivated attacks on information and information systems. Such attacks can disable official websites and networks, disrupt or disable essential services, steal or alter classified data, and cripple financial systems, among many other possibilities. The majority of computers, their operating systems and software purchased by the military services are commercial off-the-shelf (COTS) components, often manufactured abroad due to cheaper cost. Thus, foreign countries could place hidden components inside the computers, making the computers vulnerable for attack and/or spying. Examples of Cyber warfare. In 1998, the United States hacked into Serbias air defense system to compromise air traffic control and facilitate the bombing of Serbian targets. In 2007, in Estonia, a botnet of over a million computers brought down government, business and media websites across the country. The attack was suspected to have originated in Russia, motivated by political tension between the two countries. Also in 2007, an unknown foreign party hacked into high tech and military agencies in the United States and downloaded terabytes of information. In 2009, a cyber spy network called GhostNet accessed confidential information belonging to both governmental and private organizations in over 100 countries around the world. GhostNet was reported to originate in China, although that country denied responsibility. The most effective protection against cyberwarfare attacks is securing information and networks. Security updates should be applied to all systems including those that are not considered critical because any vulnerable system can be co-opted and used to carry out attacks. Measures to mitigate the potential damage of an attack include comprehensive disaster recovery planning that includes provisions for extended outages. It is tempting for policymakers to view cyberwarfare as an abstract future threat. After all, the national security establishment understands traditional military threats much better than it does virtual enemies. The problem is that an electronic attack can be large, widespread, and sudden far beyond the capabilities of conventional predictive models to anticipate. Cyber warfare is here to stay on the long run and it will be growing in the set of solutions our military has for the future. Weve have already seen this demonstrated in some of the wars in the Middle East. As weve heard in the press, the attacks by the United States have been to disable communications, to cause confusion in the command and control structure of the adversary before a follow- on assault. 1991 Gulf War: An Early Cyber Conflict. The first major U.S. conflict involving computer warfare was the 1991 war against Iraq. The Pentagon does not offer specific details as to what was done, but reports have asserted that Baghdads air defense radar and other systems were targeted by U.S. cyber warriors. A Case for Cyber Breach Every day, millions of automated network scans originating from foreign sources search Indian computers for unprotected communications ports, the built-in channels found in even the most inexpensive personal computers. Breaches of cyber security and data theft have plagued the US as well: in 2006, between 10 and 20 terabytes of data equivalent to the contents of approximately 100 laptop hard drives were illegally downloaded from the Pentagons non-classified network, and the State Department suffered similarly large losses the same year. The emergence of so-called peer-to-peer (p2p) networks poses yet another threat. These networks are temporary on demand connections that are terminated once the data service has been provided or the requested content delivered, much like a telephone call. From a security perspective, P2P networks offer an easy way to disguise illegitimate payloads (the content carried in digital packets); through the use of sophisticated protocols, they can divert network traffic to arbitrary ports, Data containing everything from music to financial transactions or weapons designs can be diverted to lanes that are created for a few milliseconds and then disappear without a trace, posing a crippling challenge to any countrys ability to monitor Internet traffic. Estimates vary, but P2P may consume as much as 60 percent of the Internets bandwidth; no one knows how much of this traffic is legitimate, how much violates copyright laws, and how much is a threat to national security. The commercially available networking systems that carry nearly all international data traffic are of high quality: they are structurally reliable, available globally and are also highly automated. However, the networking standards that enable communication using this networking infrastructure were designed in stages over the last four decades to ensure compatibility, not security, and the network designers have been playing catch-up for years. The price of perpetrating a cyber-attack is just a fraction of the cost of the economic and physical damage such an attack can produce. Because they are inexpensive to plan and execute, and because there is no immediate physical danger to the perpetrators, cyber-attacks are inherently attractive to adversaries large and small. Indeed, for the most isolated (and therefore resource-deprived) actors, remote, network borne disruptions of critical national infrastructure terrestrial and airborne traffic, energy generation and distribution, water and wastewater-treatment facilities, all manner of electronic communication, and, of course, the highly automated Indian financial system may be the primary means of aggression of a potential adversary. The cost of a cyber weapon is very low, a few thousands of dollars compared to the millions of dollars spent developing a new bomb or a sophisticated automated missile system. The skills and resources are not controlled and are available. As for intent, there is no shortage of individuals or groups who wish to harm India and the likelihood of detecting this plan and foiling it is questionable. Cyber-attacks occur on a frequent basis and in a near-instantaneous manner; as the world becomes more connected, more machines and more people will be affected by an attack. In the months and years to come, cyber-attack techniques will evolve even further, exposing various and possibly critical vulnerabilities that have not yet been identified by computer security experts. Moreover, such attacks could also be coordinated to coincide with physical assaults, in order to maximize the impact of both.

Business Plan To Open Retail Store In Bihar Marketing Essay

Business Plan To Open Retail Store In Bihar Marketing Essay We are planning to open Wedding attire and accessories shop named as VIVHA UTSAV in Patna.VIVHA UTSAV is the Wedding attire and accessories shop for brides like no other. While most retail bridal Shops focus on selling Wedding dresses and Accessories for Bride only, we will cater to the mothers of bride, mother of groom, her friends and sisters. Because there is majority of Hindus in Bihar so we will provide dresses and accessories mainly for Hindu brides. OBJECTIVES 1) The primary objective is to provide one-stop-shopping for the wedding. 2) To make wedding shopping easy and enjoyable. 3) To attain a position in Bihar as we have in other states in this sector. MISSION VIVHA UTSAV is a boutique that will provide attire and accessories for not only bride but also for her relatives and friends also. We believe in providing excellent and superior services and making shopping a relaxed and pleasurable experience. We also believe in providing a professional and enjoyable environment to our employees so that they are motivated to be trustworthy and valuable resources to our customer. VISION We want to provide best product and shopping experience to the customer. We want to build strong and long term relationships with our customer. Type of Retailer It will be a specialty store catering only the market for wedding shopping. The attire and accessories will only be for bride and the female member attending marriage. 2) PRODUCTS . We will carry the following different products both the traditional and modern for Wedding occasion which customers can buy according to the way they want:- LEHNGA CHOLIS and SAREES 1) BY TYPE a) Designer lehnga choli: Designner wedding lehnags and sarees , custom made designer lehnga choli and sarees , Crepe designer lehngas and sarees etc. b) Traditional Lehnga Choli:- Traditional Indian cholis, Bandhej lehngas, Bandhni sarees, Tie-dye traditional sarees, c) Embroided Lehngas:- Zari Lehngas and sarees, Kundan Lehngas and sarees ,Trendy sequins lehngas and sarees wear, fancy Neemzari Cholis Kashmiri Work dress. d) Fish cut lehngas cholis, mermaid style, and Circular lehnga choli 2) By Fabric Georgette lehnga choli and sarees,Crepe Lehnga Choli and sarees, Silk Lehnga Choli and sarees, Net lehnga Choli and sarees, Satin lehnga choli and Sarees, Brocade lehnga choli and sarees, Tissue lehnga choli and sarees 3) BY Price and colors: Customer can buy according to different financial rang and colors. JWELLERY and OTHER ACCESSORIES a) Wedding necklace for bride and her relatives and friends. They can have Kundan, Pearl, Studded, Polki, Victorian, Beaded Necklaces and many more. b) Gleaming earrings: Fashion earrings, Hoop Earrings, Long Earrings, top earrings and may more. c) Designer bangles: Adjustable bangles, Fashion bangles, Gold bangles, Stone bangles, Studded bangles and many more. d) American studded jewellary, Antique jewellary, Designer Chains, Gorgeous Bracelets, Scintillating Pendants, Beautiful anklets, Nose rings e) Hair accessories, Footwear and Bags. 3) MARKETING PLAN For the past three years, there are over 25 thousand Weddings annually in Bihar, 35 hundred of which are in Patna. The average cost of a wedding in Patna is near about Rs.10lakh to 15 lakh in high class society and Rs.3 to 5 lakh in mediocre families and it has been increasing consistently by 5% each year. It has highest per capita gross domestic product in Bihar, which is better than the most of the metropolitan area in India. In 2009, World Bank ranked Patna as second best city in India to start a business. There many fashion and designer boutique in Patna and all of them are locally owned, single-unit operation. However there is increasing no of players entering in this sector but primary focus of these shops is to provide dresses and accessories for all occasion, no one provide accessories and dresses specially for wedding only. So the market is currently missing a place to find out a good selection of all the items for wedding together at one place. Target market:- We are going to cater the Hindus because they are the majority. The target market is brides, brides mother, grooms mother, bride and grooms sisters, brides friends. Wedding dress and accessories on average comprise about 6.8% of the total wedding expenditure, while attire and accessories for mother sister and friends comprises 7.1% of the total wedding expenditure. So we are also focusing on this 7.1% along with the 6.8%.People have joint families mostly in Bihar and Patna also. So a wedding generally have 2 mothers, 6-10 sisters and friends. Trends in Target market Because of the enhanced livelihood in Patna people dont mind to spend high amount to make the wedding a memorable one, because it is the one time function. People there are now moving toward modernization. They want to have the marriage both in traditional and modern way. Brides, her sister and friends now wanted to wear each accessory matching with their dresses. It is possible only if they shop from the same place. Positioning Strategy Our store will be positioned in customer mind with its name VIVHA UTSAV Wedding Shop. Any who will hear or see this name, ultimately come know that it is a store for wedding shopping. Sales Strategy Our sales strategy is designed in that way that it will lead to close the deal. When a customer will enter in our shop, she will feel that her place in wedding and needs are very important for us. We will make an environment in which shopping for other items will be as significant as the experience of shopping for wedding attire. At Vivha utsav other wedding parties like mother, sister and friends will also gain equal importance and attention as the bride receives. Market Share Initially our market share will be low or modest.But it is expected to grow at a good rate because of our unique niche the Vivha Utsav is targeting SWOT ANALYSIS Strength 1) It is the only store of its own type. While most of the boutiques focus on selling only wedding dresses, we give importance to other items also. 2) We will provide different attendants to bride, mothers, sisters and friends so that they can buy the most appropriate dress and accessories for themselves. 3) Our wide range of clothing style, designer and accessories. Weakness:- 1) We are planning to cater only the market for brides and her female relatives and friends not the groom wear market. so we may not get the attention of some customer because of this reason. 2) Wedding business is a seasonal business. We will have small no of foot falls in the off season Opportunity 1) Increasing trend of buying designer wedding dresses and accessories. 2) At our shop along with bridal dress and accessory focus is on other items also. Our customer will be offered a wide selection of their desired attire, and their needs will be our primary focus. Threats 1) Competitors who already exist in the market may have prices lower than our products. 2) People who already had a wedding in the past may prefer to go to boutique from where they bought in past. Promotional strategy 1) We will start with standard print and online listings in wedding media.We will advertise through local newspaper, matrimonial sites, local weddinh publications 2) We will carry some wedding shows so that the customer can have a look on what we are going to provide them. 3) We will build relationships with marriage consultants, who can refer us to the customer for wedding shopping. 4) We will register ourselves in yellow pages under the bridal sector, so this will act as a standard source for customer to find us. 5) We will also have a website so that the customer who wants to know more about us before shop at our can have all the information which she wants. They can also know about store location and store time. Those who are unable to physically come to place an order can place the order online. 4) OPERATIONAL PLAN Location: We will locate our store in downtown Patna; because of its daily activities it will draw a large no of foot falls into the area. It is a destination shopping area .It also the hub of public transportation and there is high level of pedestrian traffic and it also has a good no of residents living in the area. We have selected the corner of a main intersection with free parking. Store layout: Our store will be two story building. First floor will be for carry dresses and accessories for brides mother, her sister and friends. Second floor will be carrying the dresses and accessories for bride. On both the floor there will be changing and dressing room. Store layout will be free from. It will provide an Intimate, Relaxing environment that will facilitate shopping and Browsing. We will place fixtures holding the latest styles along the perimeter of the stores layout. Flooring and lighting will clearly differentiate the different product areas. The cash counter will be at the exit of the store. Key Supplier We will make contract with different designer, manufacturer of fabrics; different items need to decorate the dresses and other accessories. Other supplier will be for sewing machines, embroidery machine, needles, threads etc. Credit Policy We will not sell anything on credit. When a dress will being made to order, a fifty percent, non refundable deposit will be required. Once the dress is ready, the customer will have to pay the entire due amount before taking the dress from the store. This policy is applied on all other items also. Store management: Vivha Utsav will conduct business on weekdays from 9 am to 6 pm and on weekends from 10am to 8 pm. We will have work force including store manager, receptionist, cashier and part time sales associates, who all will be females only, because some customers may feel uncomfortable in the presence of male employee. The store will have three sales associate on weekdays and five sales associate on weekends to avoid problem of traffic in store. Moreover before coming to the store to get the dress and accessories customers will have to take appointment. This will also help avoiding the traffic problem. Sales associate will be paid on hourly bases and the store manager and receptionist will be paid monthly. The working hours will be increased at the season time to accommodate the planned increase in sales, so as their salaries will also increase. Some sales goals will be set for all the employees and when the employees will achieve those goals they will be rewarded monrtarily .To achieve those goals employees will need to do the following things:- a) Pay attention to the customer: customers need to be acknowledges right from the time they enter in the store because everyone, who will step in our store, will be preparing for the big event. They need to be taken seriously immediately because they will not be in our store for fun or casual purpose. b) Keep customer focused: The process of choosing bridal attire and accessories can be a longer one, because it is a very important purchase and there are so many variables like colors, type, fabric etc. so if the sale representative will navigate the customer efficiently through the process it can lead to the desired outcome. c) We will not only sell goods but will also sell shopping experience. Because wedding purchase especially bridal attires are as very emotionally attached and memorable process for bride, her mother and friends. So the employees should try to satisfy them in all possible manners so that the experience becomes a positive one so that they recommend us to their friends and relative for wedding purchase. Merchandising Management The dresses and other accessories will be sold on made-to order basis. So a sample of each product of each style will be kept in store so that customer can try on. If however a customer is satisfied with the floor design she can purchase that product. We will contact the designer who set minimums that is we require purchasing a certain number of sample products. We will keep track of our entire sales in computers in terms of no of times particular is purchased, which type of product is most demanding etc. If some items are selling poorly, they will be discounted, sold off rack or will be replaced by new items. 5) Financial Plan Requirements We will need Rs.50 lakh to get our business off the ground. We are currently seeking funding from outside investors and business loans. In the starting we will raise Rs.15 lakh in equity capital. We are seeking investors for additional Rs. 25 lakh and Rs 10 lakh in loans. Use of Funds Funds will be used to pay for renovations, construction of fitting rooms, sales counter, painting, carpeting, lighting, and dà ©cor and display fixtures. We will also purchase inventory computers, a cash register and inventory management system. The remaining of the Startup funds will be utilized to cover operating expenses, such as rent, utilities, marketing, costs and wages. Profitloss projection Based on our marketing plans, location, store size and product offerings we expect to collect annual sales of Rs.5040000 in 1st year. Our average cost of goods sold will be 40%, which leaves us with a gross margin of 60%.Our monthly fixed cost is estimated to be Rs 113125, so we will need to generate sales of Rs 4, 20,000 monthly to reach the breakeven point. We will become profitable monthly basis after our first year. Break even analysis Particulars Amount(Rs) Sales 5040000 Variable cost 3252000 Contribution(sales-VC) 1788000 Fixed cost 1357500 Net profit 430500 Profit volume Ratio = (Contribution/sales)*100 = (1788000/5040000)*100= 35% BEP point (Rs) =Fixed cost/PV ratio = 1357500/35%= Rs.3826510 BEP Point (months) =BEP point (Rs)/monthly sales = 3826510/420000= 9.11 So we will take 9 months and 4 day to reach the break even sales Cash Flow Projections We will collect immediate payment from customer because we will not give credit to customer, so our cash flow statement will be substantially similar to our income statement. Our cash flow statement will clearly demonstrate our ability to cover all bills.

Image Processing :: OCR Captcha Facial Recognition

Abstract This paper is about a selected few image processing applications. Optical Character Recognition is the translation of images of handwritten, typewritten or printed text into machine-editable text. Then I have introduced the captcha that we so frequently encounter in common websites. An algorithm trying to solve or break a captcha has been explained. Face detection is a growing and an important tool in security these days. It must be applied before face recognition. There are many methods for recognizing faces and a few of them are discussed in the paper. Contents Topic Pg No Image Processing Optical character recognition Captcha Braking Captcha Face Detection Algorithm for Face Detection References Image processing Image processing is any form of signal processing for which the input is an image, such as photographs or frames of video; the output of image processing can be either an image or a set of characteristics or parameters related to the image. Most image-processing techniques involve treating the image as a two-dimensional signal and applying standard signal-processing techniques to it. Typical Operations Among many other image processing operations are: ï‚ § Geometric transformation such as enlargement, reduction, and rotation ï‚ § Color corrections such as brightness and contrast adjustments, quantization, or conversion to a different color space ï‚ § Digital compositing or optical compositing (combination of two or more images). ï‚ § Interpolation, demosaicing, and recovery of a full image from a raw image format. ï‚ § Image editing (e.g., to increase the quality of a digital image) ï‚ § Image differencing (to determine changes between images) ï‚ § Image registration (alignment of two or more images) ï‚ § Image stabilization ï‚ § Image segmentation(partitioning a digital image into multiple regions) ï‚ § Extending dynamic range by combining differently exposed images ï‚ § 2-D object recognition with affine invariance Optical character recognition Optical character recognition, usually abbreviated to OCR, is the mechanical or electronic translation of images of handwritten, typewritten or printed text (usually captured by a scanner) into machine-editable text. OCR is a field of research in pattern recognition, artificial intelligence and machine vision. Though academic research in the field continues, the focus on OCR has shifted to implementation of proven techniques. Optical character recognition (using optical techniques such as mirrors and lenses) and digital character recognition (using scanners and computer algorithms) were originally considered separate fields. Because very few applications survive that use true optical techniques, the OCR term has now been broadened to include digital image processing as well. Early systems required training (the provision of known samples of each character) to read a specific font. "Intelligent" systems with a high degree of recognition accuracy for most fonts are now common.

Television and Media - Is Iraq the Next Big Hit for Reality TV? Essay

Iraq – The Next Big Hit for Reality TV We went into Iraq with a heroic action movie playing in our heads, but the photographs from Abu Ghraib showed us another movie. Not Independence Day but Kill Bill—and, in the deluge of new photos and videotapes, Kill Bill 2. Yet for all that the photographs from the Iraqi prison invite comparison to big-budget depravity, this is to give the perpetrators too much creative credit. Ultimately, the better comparison is not to the imaginative chaos of a Quentin Tarentino movie but to the mundane chaos of reality TV. To compare the kind of humiliation suffered by the prisoners in Abu Ghraid to reality TV may seem in bad taste. The shows deal with middle-class men and women who have willingly chosen, based on some twisted idea of celebrity, to subject themselves to public humiliation. The photos deal with citizens of a conquered nation whose humiliation is coerced. The prisoners are literally and figuratively a world away from the caterwauling TV contestants. What is similar about the two situations, however, is the underlying dynamic and the role the camera plays in both. Reality TV is the enactment, for entertainment purposes, of primal drives. These are the drives that Freud identified as libido (the drive for sex) and aggression (the drive to destroy). The two archetypal shows in the reality line-up are Survivor and The Bachelor. The former favors aggression; the latter, libido. Other reality shows can be viewed as spin-offs of one or the other of these two: The Apprentice, for example, is Survivor set in the corporate board room; Extreme Make-over is The Bachelor set in a plastic surgeon’s office. Although in most of these shows, one drive predominates, it is impossible, as Fr... ... purgation and a penance—and perhaps in some cases it does. But the general result is to normalize the unfettered display of aggression and libido. In a culture saturated with the exposure of primal impulses, constraint no longer carries any weight. The camera has given lease to the idea that everything is permitted when it is exhibited in public view. Who can blame the soldiers, then, for behaving as though they were on a reality TV show? The humiliation to which they subjected their prisoners probably seemed to them like the antics perpetrated on Survivor only a few months earlier. Because cameras were present, their behavior probably seemed more acceptable rather than less. After all, if one takes a picture, it enters the culture of representation where it becomes normalized into a prank, a spectacle, or, at worst, the unfortunate consequence of losing a game.

Resources in market and command economies Essay

In a market economy, decisions on how resources are to be allocated are usually taken by millions of households and thousands of firms the exact number depends on the size of the economy. They interact as buyers and sellers in the market for goods and services. The government has a very restricted part to play. However, in a Command economy the government has a central role in all decisions that are made and unlike the market economy, the emphasis is on centralization. Decision making is taken by central planning boards and organizations to enterprises that are state-owned or under state regulation and control. Whereas in a market economy consumer sovereignty influences resource allocation, in a command economy it is central planners who have to determine the collective preferences of consumers and manufacturing enterprises. In a market economy, prices and the operation of the price system underpin this interaction; in turn prices act to indicate the likely market value or particular resources. For example, a commodity in short supply but which has a high demand attached to it will have a high price. Alternatively, one which has a high supply and low demand will have a much lower price attached to it. Prices and the self-interest of people and businesses therefore act as a guide to the decisions that have to be taken. The self interest which drives suppliers to allocate resources is called the invisible hand. This invisible hand brings together private and social interests in a harmonious way: this is the fundamental philosophy underpinning the workings of the market economy. Central planning tends to set numerous goals for the economy that differ from those in a market economy. In a command economy, the scarce resource of human labour in employment is generally greater in proportion when compared to humans employed in market economies. This is because central planning institutions opt for the even distribution of wealth. This is in high contrast to the phenomenon of self-interest of suppliers in a market economy.

What is J.B. Priestly trying to say about Social reform through An Inspector Calls

The play by J. B. Priestley was written in 1945 and was performed in 1946. It was just after WWII so people really got the message about change. He also gave them a message that if they don't change it will happen all over again. Mr Birling plays a main part in the play he is the strong businessman who only cares about his family and his profits. He considers his workers just as cheap labour and nothing more. He sacks Eva Smith after she asks for a pay raise he sacks her with no regard for her well-being (Quotation 6). Priestley has Mr Birling in the play to show why job security and benefits are so important in our lives. Priestley also gets across (Quotation 7) that this happens everywhere. Also it is morally wrong as Priestley shows through Sheila in (Quotation 8). This played a part in Eva Smiths death because she was sacked wrongly and this needs to change that is the message Priestley gets across by using Mr Birling. Sheila is involved in the death of Eva Smith she is trying on a dress and she sees a young girl smiling at her. She storms out and complains to the manager she threatens the manager with cancelling her family account with Millards. Priestley tries to get across in this part that using your family name and your class is wrong. Sheila misuses her power and Priestley wants to stamp this out he believes it to be wrong. Gerald is involved with Eva Smith but this is when she has changed her name to Daisy Renton. He meets her at the palace variety bar and takes her away from a man who is scaring her. He asks her if she would like to stay in some rooms he temporarily has (Quotation 10) he and Daisy start to become close and get intimate but Gerald breaks it off a few weeks later (Quotation 11). Priestley tries to get across through Gerald that you must be responsible for your actions. Gerald just drops Daisy Renton when it suits him and it leaves her distraught and sad. Priestley shows us that taking responsibility for what you have done is extremely important. Mrs Birling is head of an organization that helps poor distraught women get back to their lives. Eva Smith/Daisy Renton comes here under the name of Miss Birling. Mrs Birling takes an instant dislike to Eva/Daisy (Quotation 12). Mrs Birling doesn't believe Eva Smith/Daisy Renton's story and dismisses her that the husband should take full responsibility (Quotation 13). Priestley again shows misuse of power, she could make or break this young girls life but Mrs Birling doesn't do the right thing. Eric also plays a part in the death of Eva Smith/Daisy Renton. He is drunk one evening and started to talk to Eva Smith/Daisy Renton. He takes her home and pesters her to get inside (Quotation 14). He hen got her pregnant (Quotation 15). Eric is used to show us why responsibility is needed in the community he does what he does without thinking about the consequences. Eric then steals money from his fathers business to help Eva Smith/Daisy Renton. Priestley says that if people do not take responsibility for their action bad things will happen. The inspector in the play is used to convey Priestley's views and concerns. He explains how they all contributed to her death (Quotation 16). He explains about how Eric must take responsibility for what he did (Quotation 17). Priestley gets across everything through the inspector and explains how this young girl Eva Smith/Daisy Renton could be anyone, anywhere (Quotation 19). He gets across that not just money is needed things like job security is needed (quotation 18). The inspector in the play voices Priestley's concerns about social reform. Priestley uses an array of ways to convey his views on social reform. He shows it in every character Mr Birling, Mrs Birling, Sheila, Gerald, Eric, they all helped to kill Eva Smith/Daisy Renton. With a lack of responsibility or misuse of power. The inspector gets across Priestley's views in the play by voicing them for him. Also Priestley uses the trick of repeating at he end of the play to show that if you haven't learnt your lesson then it will happen all over again.

Fan Milk Limited Annual Report 2009

FAN MILK LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 FAN MILK LIMITED Year ended December 31, 2009 Contents Corporate information Pages 1 Report of the directors 2-3 Corporate governance 4-5 Report of the independent auditor 6-7 Financial statements: i. Statement of comprehensive income 8 ii. Statement of financial position 9 iii. Statement of changes in equity 10 iv. Statement of cash flows 11 v. Notes 12 – 30 0 FAN MILK LIMITED Year ended December 31, 2009 CORPORATE INFORMATION Directors Charles Mensa (Dr. ) Jesper Bjorn Jeppesen Kodjo Biamawu Aziagbe Einar Mark Christensen Jens Jorgen Kollerup George H.Okai Thompson Peace Ayisi-Okyere Lennap & Co. P. O. Box 37 Accra PricewaterhouseCoopers Chartered Accountants No. 12 Airport City Una Home, 3rd Floor PMB CT 42 Cantonments Accra No. 1 Dadeban Road North Industrial Area P. O. Box 6460 Accra-North Quist, Brown, Wontumi & Associates P. O. Box 7566 Accra National Trust Holding Company Limited Martco House P. O. Box 9563 Airport, Accra Barclays Bank of Ghana Limited Ecobank Ghana Limited SG-SSB Bank Limited Prudential Bank Limited Agricultural Development Bank Limited Ghana Commercial Bank Limited Standard Chartered Bank Ghana Limited (Chairman) (Managing Director)Secretary Auditor Registered Office Solicitor Registrar & Transfer Office Bankers 1 FAN MILK LIMITED Year ended December 31, 2009 REPORT OF THE DIRECTORS The directors submit their report together with the audited financial statements of Fan Milk Limited for the year ended December 31, 2009. Statement of directors’ responsibilities The directors are responsible for the preparation of financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss and cash flows for that period.In preparing these financial statements, the directors have selected suitable accounting policies and then applied them consistently, made judgements and estimates that are reasonable and prudent and followed International Financial Reporting Standards (IFRS). The directors are responsible for ensuring that the company keeps proper accounting records that disclose with reasonable accuracy at any time the financial position of the company. The directors are also responsible for safeguarding the assets of the company and taking reasonable steps for the prevention and detection of fraud and other irregularities.Principal activity The principal activity of the company is the manufacturing and distribution of dairy products and fruit drinks. Financial results The financial results of the company are set out below: 2009 GH? ‘000 Profit before tax for the year is from which is deducted tax of giving a profit after tax for the year of to which is added balance brought forward on retained earnings of from which is deducted approved dividend of giving a balance carried forward on retained earnings of 20,175 (5,019) 15,156 15,410 (1,484) 29,082 The comp any’s net worth increased from GH? 1. 4 million as at January 1, 2009 to GH? 35. 1 million at December 31, 2009. 2 FAN MILK LIMITED Year ended December 31, 2009 REPORT OF THE DIRECTORS (continued) Dividends The directors recommend a dividend of GH? 0. 10 per share (2008: GH? 0. 0750 per share) in respect of the year ended December 31, 2009. Auditor The auditor, PricewaterhouseCoopers, has expressed willingness to continue in office in accordance with Section 134 (5) of the Companies Code, 1963 (Act 179). BY ORDER OF THE BOARD: Name of Director:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Name of Director:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..Signature:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Date:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Signature:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Date:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 3 FAN MILK LIMITED Year ended December 31, 2009 CORPORATE GOVERNANCE Introduction Fan Milk Limited is committed to the principles and implementation of good corporate governance. The Company recognises the valuable contribution that it makes to long-term business prosperity and to ensuring accountability to its shareholders. The Company is managed in a way that maximises long term shareholder value and takes into account the interests of all of its stakeholders.Fan Milk Limited believes that full disclosure and transparency in its operations are in the interests of good governance. As indicated in the statement of responsibilities of directors and notes to the accounts, the business adopts standard accounting practices and ensures sound internal control to facilitate the reliability of the financial statements. The Board of Directors The Board is resp onsible for setting the Company's strategic direction, for leading and controlling the Company and for monitoring activities of executive management. The Board presents a balanced and understandable assessment of the Company's progress and prospects.The Board consists of the Chairman, five non-executive directors and an executive director (the managing director). The non-executive directors are independent of management and free from any constraints, which could materially interfere with the exercise of their independent judgement. They have experience and knowledge of the industry, markets, financial and/or other business information to make a valuable contribution to the Company's progress. The managing director is a separate individual from the Chairman and he implements the management strategies and policies adopted by the Board.They meet at least four times a year. The Audit Committee The Audit Committee is made up of four directors of whom three are non-executive directors and they meet twice a year. The main Board determines its terms of reference and they report back to the Board. Its duties include keeping under review the scope and results of the external audit, as well as the independence and objectivity of the auditor. The Audit Committee also keeps under review internal financial controls, compliance with laws and regulations and the safeguarding of assets.It also reviews the adequacy of the plan of the internal audit and reviews its audit reports. 4 FAN MILK LIMITED Year ended December 31, 2009 CORPORATE GOVERNANCE (continued) Systems of Internal Control Fan Milk Limited has well-established internal control systems for identifying, managing and monitoring risks. These are designed to provide reasonable assurance that the risks facing the business are being controlled. The corporate internal audit function of the Company plays a key role in providing an objective view and continuing assessment of the effectiveness of the internal control systems in the business.The systems of internal control are implemented and monitored by appropriately trained personnel and their duties and reporting lines are clearly defined. Code of Business Ethics Management has communicated the principles in the Company’s Code of Conduct to its employees in the discharge of their duties. This code sets the professionalism and integrity required for business operations which covers compliance with the law, conflicts of interest, environmental issues, reliability of financial reporting, bribery and strict adherence to the principles so as to eliminate the potential for illegal practices. REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF FAN MILK LIMITED REPORT ON THE FINANCIAL STATEMENTS We have audited the accompanying financial statements of Fan Milk Limited set out on pages 8 to 30. These financial statements comprise the statement of financial position at December 31, 2009, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes.Directors’ responsibility for the financial statements The directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards and with the requirements of the Companies Code, 1963 (Act 179). This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.Auditor’s responsibility Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. T hose standards require that we comply with ethical requirements and plan and perform our audit to obtain reasonable assurance that the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates ma de by the directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Opinion In our opinion the accompanying financial statements give a true and fair view of the state of the company’s financial affairs at December 31, 2009 and of its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards and the requirements of the Companies Code, 1963 (Act 179). 6 REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF FAN MILK LIMITED (continued) REPORT ON OTHER LEGAL REQUIREMENTS The Companies Code, 1963 (Act 179) requires that in carrying out our audit we consider and report to you on the following matters.We confirm that: i) ii) iii) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; in our opinion proper books of account have been kept by the company, so far as appears from our examination of those books; and the company’s statement of financial position and statement of comprehensive income are in agreement with the books of account. Chartered Accountants †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 2010 Accra, Ghana Mark Appleby (101193) FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 STATEMENT OF COMPREHENSIVE INCOME (All amounts are expressed in thousands of Ghana cedis) Year ended December 31 Note Revenue Cost of sales Gross profit Distribution costs Administrative expenses Operating profit Other income Finance costs Profit before tax Tax Net profit after tax Other comprehensive income Total comprehensive income Earnings per share Basic and diluted (GH? ) 11 0. 77 0. 6 9 7 8 5 6 3 4 2009 82,471 (38,460) 44,011 (18,628) (6,184) 19,199 1,177 (201) 20,175 (5,019) 15,156 15,156 2008 55,041 (28,599) 26,442 (12, 569) (4,873) 9,000 500 (113) 9,387 (2,333) 7,054 7,054 8 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 STATEMENT OF FINANCIAL POSITION (All amounts are expressed in thousands of Ghana cedis) Assets Non-current assets Property, plant and equipment Prepaid operating lease land Note 12 13 At December 31 2008 2009 21,622 1,647 23,269 Current assets Inventories Trade and other receivables Bank and cash balances 13,383 1,701 15,084 4 15 22 9,656 2,318 15,871 27,845 6,811 2,129 8,834 17,774 32,858 Total assets Equity Capital and reserves attributable to Company’s equity holders Stated capital Retained earnings 51,114 20 6,000 29,082 35,082 6,000 15,410 21,410 Liabilities Non-current liabilities Finance lease obligation Deferred tax Current liabilities Trade and other payables Current tax Dividend payable 19 14 18 1,330 1,330 808 808 9,719 699 222 10,640 11,448 32,858 16 17 10 14,272 137 293 14,702 Total liabilities Total shareholders’ equity and l iabilities 6,032 51,114 The financial statements on pages 8 to 30 were approved by the Board of Directors on †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦2010 and signed on its behalf by: Director: Director: 9 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 STATEMENT OF CHANGES IN EQUITY (All amounts are expressed in thousands of Ghana cedis) Stated capital Year ended December 31, 2009 At the beginning of the year Total comprehensive income Dividend At the end of the year 6,000 6,000 15,410 15,156 (1,484) 29,082 21,410 15,156 (1,484) 35,082 Retained earningsTotal Year ended December 31, 2008 At the beginning of the year Total comprehensive income Dividend At the end of the year 6,000 6,000 9,494 7,054 (1,138) 15,410 15,494 7,054 (1,138) 21,410 10 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 STATEMENT OF CASH FLOWS (All amounts are expressed in thousands of Ghana cedis) Year ended December 31 2008 2009 25,191 (17) 418 17 (5,059) 20,533 13,198 (113) 239 (1,310) 12,014Note Cash flows from operating activities Cash generated from operations Interest paid Interest received Tax paid Net cash generated from operating activities Cash flows from investing activities Purchase of property, plant and equipment Purchase of land Proceeds from sale of property, plant and equipment Net cash used in investing activities Cash flows from financing activities Dividend paid Finance lease repaid Net cash used in financing activities Increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 22 10 12 13 12 21 12,181) (1) 296 (11,886) (6,429) (216) 112 (6,533) (1,413) (197) (1,610) 7,037 8,834 15,871 (1,048) (710) (1,758) 3,723 5,111 8,834 11 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 1. General informat ion Fan Milk Limited manufactures, distributes and sells dairy products and fruit drinks through a network of independent distributors and agents. The company is a public limited company incorporated and domiciled in Ghana under the Companies Code, 1963 (Act 179) and listed on the Ghana Stock Exchange.The registered office is located at No. 1 Dadeban Road, North Industrial Area, Accra-North. 2. Summary of significant accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. (a) Basis of accounting The financial statements have been prepared on the historical cost basis. They have been prepared in accordance with International Financial Reporting Standards (IFRS).The management of Fan Milk Limited considers the following to be the most important accounting policies for the company. In applying these accounting polic ies, management makes certain judgements and estimates that affect the reported amounts of assets and liabilities at the year end date and the reported revenues and expenses during the financial year. The financial statements have been prepared in accordance with the company’s accounting policies described below. The Company has adopted the following new and amended IFRSs as of January 1, 2009: ?IFRS 7 â€Å"Financial instruments – Disclosures† (amendment) – effective January 1, 2009. The amendment requires enhanced disclosure about fair value measurement and liquidity risk. In particular, the amendment requires disclosure of fair value measurements by level of a fair value measurement hierarchy. As the change in accounting policy only results in additional disclosure, there is no impact on earnings per share. ? IAS 1 (revised) â€Å"Presentation of financial statements† – effective January 1, 2009. The revised standard prohibits the present ation of items of income and xpenses (that is, `non-owner changes in equity`) in the statement of changes in equity, requiring `non-owner changes in equity` to be presented separately from owner changes in equity in a statement of comprehensive income. Comparative information has been re-presented so that it also is in conformity with the revised standard. As the change in accounting policy only impacts presentation aspects, there is no impact on earnings per share. 12 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 2.Summary of significant accounting policies (continued) (b) Property, plant and equipment Property, plant and equipment held for use in the production or supply of goods, or for administrative purposes are stated in the statement of financial position at historical cost or deemed cost less depreciation. Historical cost includes the expend iture that is directly attributable to the acquisition of the items. Deemed cost includes surpluses arising on the revaluation of certain properties to their fair values prior to the date of transition to IFRS.Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the statement of comprehensive income during the financial period in which they are incurred. Assets in the course of construction are carried at cost less any recognised impairment loss. Cost includes professional fees which are capitalised in accordance with the Company’s accounting policy.Depreciation of these assets commences when the assets are ready for their intended use. Land is not depreciated. Depreciation is calculated using the stra ight line method to write off the cost of each asset or revalued amounts over their estimated useful lives as follows: Buildings Plant and machinery Deep freezers and bicycles Distribution trucks Other motor vehicles Computer systems Furniture and fittings 10 – 20 years 10 years 5 years 8 years 5 years 3 years 5 years The assets’ residual values and useful lives are reviewed and adjusted if appropriate at each statement of financial position date.Any asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within other gains/(losses) in the statement of comprehensive income. When revalued assets are sold, the amounts included in other reserves are transferred to retained earnings. 13 FAN MILK LIMITED Financial Statements for the year ended De cember 31, 2009NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 2. Summary of significant accounting policies (continued) (c) Impairments of assets At each statement of financial position date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the cash generating unit (CGU) to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects the cu rrent market assessment of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset (or CGU) is estimated to be less than the carrying amount, the carrying amount of the asset (CGU) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately. (d) Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads, based on normal operating capacity.It excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Spare parts are written off in the year of purchase. (e) Inve stments and other financial assets Financial assets are classified as either financial assets at fair value through profit or loss, loans and receivables, held to maturity investments, or available for sale financial assets, as appropriate.When financial assets are recognised initially, they are measured at fair value, (plus in the case of investments not at fair value through profit or loss, directly attributable costs). The Company determines the classification of its financial assets upon initial recognition and, where allowed and appropriate, re-evaluates this designation at each financial year end. All regular purchases and sales of financial assets are recognised on the trade date – the date on which the company commits to purchase or sell the asset. 14FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 2. Summary of significant accounting po licies (continued) (e) Investments and other financial assets (continued) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are carried at amortised cost using the effective interest method.Gains and losses are recognised in income when the loans and receivables are derecognised or impaired, as well as through the amortisation process. (f) Trade receivables Trade receivables are amounts due from customers for goods sold in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest ethod, less allowance for impairment. An allowance for impairment of receivables is estimat ed when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. (g) Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the statement of financial position. h) Trade payables Trade payables are initially recognised at fair value and subsequently measured at amortised cost. (i) Bank borrowings Interest bearing loans and overdrafts are recorded at the proceeds amount received net of direct issue costs. Finance charges payable on settlement or redemption and direct costs, are accounted for on an accrual basis in the statement of comprehensive income using the effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. 15FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 2. Summary of significant accounting policies (continued) (j) Current and deferred income tax Current tax Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rate and tax laws used to compute the amount are those enacted or substantively enacted by the statement of financial position date.Deferred tax Deferred income tax is provided using the liability method on temporary differences at the statement of financial position date between the tax base of assets and liabilities and their carrying amount for financial reporting purposes. Deferred tax liabilities are recognised for all taxable temporary differences, except where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry-forward of unused tax credits and unused tax losses can be utilised except where the deferred tax assets relating to the deductible temporary differences arise from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting nor taxable profit or loss. k) Leases Leases are classified as finance leases whenever the terms of the lease involve the substantial tra nsfer of all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets of the Company at their fair value or, if lower, at the present value of the minimum lease payments, each determined at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.Lease payments are apportioned between financing charges and a reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly against income, unless they are directly attributable to qualifying assets, in which case they are capitalised with the Company’s policy on borrowing costs. 16 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 2. Summary of significant accounting policies (continued) (k) Leases (continued) Property, plant and equipment acquired under finance leases are depreciated over the shorter of the useful life of such assets or the lease period. Payments made under operating leases are charged to the statement of comprehensive income on a straight line basis over the period of the lease. l) Employee benefits Pension obligation The Company operates a defined contribution pension plan (provident fund). A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. The Company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service. The contributions are recognised as employee benefit expense when they are due. m) Provisions Provisions are recognised when a present legal or constructive obligation exists as a r esult of past events, where it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably measured. (n) Revenue recognition Sale of goods Sales are recognised when the risks and rewards of the products have been substantially transferred to the customer. Sales are shown net of returns and value added tax. o) Foreign currencies Transactions are recorded on initial recognition in Ghana cedis, being the currency of the primary economic environment in which the company operates (the functional currency). Transactions in foreign currencies during the year are converted into Ghana cedis at prevailing rates of exchange ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into Ghana cedis at the rates of exchange ruling at the statement of financial position date.The resulting gains and losses are dealt with in the statement of comprehensive income. 17 FAN MILK LIM ITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 2. Summary of significant accounting policies (continued) (p) Dividend Dividend distributed to the company’s shareholders is recognised as a liability in the financial statements in the period in which the dividends are approved by the Company’s shareholders. q) Post statement of financial position events Events subsequent to the statement of financial position date are reflected only to the extent that they relate directly to the financial statements and the effect is material. (r) Contingent liabilities Contingent liabilities are potential liabilities that arise from past events, the existence of which will be confirmed only on the occurrence or non-occurrence of one or more uncertain future events which are not wholly within the control of the company.Provisions for liabilities are recorded when a l oss is considered probable and can be reasonably estimated. The determination of whether or not a provision should be recorded for any potential liabilities is based on management’s judgement. (s) Estimates Estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Because of the inherent uncertainties in this evaluation process, actual losses may be different from the originally estimated provision.In addition, significant estimates are involved in the determination of provision related to taxes and litigation risks. These estimates are subject to change as new information becomes available and changes subsequent to these estimates may significantly affect future operating results. Accounting for property, plant and equipment, and intangible assets involves the use of estimates for determining the fair value at the acquisition date. Furthermo re, the expected useful lives of these assets must be estimated.The determination of the fair values of assets and liabilities, as well as of the useful lives of the assets is based on management’s judgement. (t) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker is responsible for the allocation of resources and assessing the performance of the operation segments. 18 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 3. Revenue Gross sales Value added tax Included in revenue are export sales of GH? 182,773 (2008: GH? Nil). 4. Cost of sales Cost of sales includes: Depreciation of factory buildings and plant and machinery Staff costs – Wages and salaries – Social security – Provident fund 5. Distri bution costs Selling and distribution costs include: Depreciation of buildings, vehicles and machinery Staff costs – Wages and salaries – Social security – Provident fund 6.Administrative expenses Administrative expenses include: Depreciation of buildings, vehicles and machinery Staff costs – Wages and salaries – Social security – Provident fund Auditor’s remuneration Directors’ remuneration Donations 346 1,457 105 41 33 529 55 244 813 75 29 26 357 4 1,902 2,249 186 69 1,646 1,695 141 54 1,534 3,187 240 85 1,094 2,292 180 65 2009 94,842 (12,371) 82,471 2008 63,297 (8,256) 55,041 Total number of staff employed by the company in year was 407 (2008: 401). 7.Other income Profit on disposal of property, plant and equipment (Note 12) Interest on current accounts Sale of empty bags and scraps Provident fund refund Rent income Bad debts recovered Exchange gain 136 418 37 12 64 8 502 1,177 19 109 239 61 13 56 22 500 FAN MILK LIMITED Fin ancial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 8. Finance costs Interest payable on bank overdraft Interest payable on finance lease Interest payable on agents savings Finance costs on staff loans (Note 15) 2009 17 134 50 201 9.Income tax expense 2009 Current tax (Note 17) Deferred tax (Note 18) 4,497 522 5,019 2008 2,009 324 2,333 2008 4 109 113 The charge for the year can be reconciled to the profit per the statement of comprehensive income as follows: 2009 2008 Profit before tax Tax charged at 25% (2008: 25%) Expenses not deductible in determining taxable profit Other differences Capital allowances brought forward used in 2008 Export income at different tax rate 20,175 5,044 14 (31) (8) 5,019 10.Dividend payable Balance at January 1 Dividend declared and approved (GH? 0. 0750 per share; 2008: GH? 0. 0575 per share) Dividend paid Balance at December 31 222 1,484 (1,41 3) 293 132 1,138 (1,048) 222 9,387 2,347 1 4 (19) 2,333 Payment of dividend is subject to the deduction of withholding taxes at the appropriate rate. Proposed dividend for approval at AGM (not recognised as a liability as at December 31, 2009) amounted to GH? 1. 978 million (GH? 0. 10 per share). 20FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 11. Earnings per share Profit after tax Number of ordinary shares Basic and diluted earnings per share (GH? ) 2009 15,156 19,784,548 0. 77 2008 7,054 19,784,548 0. 36 There are no share options, potential rights issues or bonus issues, hence diluted earnings per share are the same as basic earnings per share. 12.Property, plant and equipment 2009 Buildings and roads Cost/deemed cost At January 1, 2009 Additions Transfers Disposals At December 31, 2009 Accumulated depreciation At January 1, 2009 Charge for the year Released on disposals At December 31, 2009 Net book value At December 31, 2009 2008 Buildings and roads Cost/deemed cost At January 1, 2008 Additions Transfers Disposals At December 31, 2008 Accumulated depreciation At January 1, 2008 Charge for the year Released on disposals At December 31, 2008 Net book value At December 31, 2008 2,829 125 3 (12) 2,945 1,069 154 (9) 1,214 1,731 Motor Plant and vehicles machinery 4,301 1,921 (431) 5,791 3,036 783 (431) 3,388 2,403 14,501 3,312 427 (174) 18,066 7,850 2,047 (174) 9,723 8,343 Capital WIP 265 1,071 (430) 906 906 Total 21,896 6,429 (617) 27,708 11,955 2,984 (614) 14,325 13,383 2,945 353 296 3,594 1,214 236 1,450 2,144 Motor Plant and vehicles machinery 5,791 4,602 72 (327) 10,138 3,388 1,159 (327) 4,220 5,918 18,066 5,740 78 (956) 22,928 9,723 2,387 (796) 11,314 11,614 Capital WIP 906 1,486 (446) 1,946 1,946 Total 27,708 12,181 (1,283) 38,606 14,325 3,782 (1,123) 16,984 21,622 Included in motor vehicles, plant and machinery are ass ets with a cost of GH? 2. 3 million (2008: GH? 2. 3 million) leased under a finance lease. 21 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 12.Property, plant and equipment (continued) 2009 Cost-capitalised finance lease Accumulated depreciation Net book value Profit on disposal of property, plant and equipment Cost of assets Accumulated depreciation Net book value Sale proceeds Profit on disposal 13. Prepaid operating lease-land Cost At January 1 Additions At December 31 Accumulated amortisation At January 1 Charge for the year At December 31 Net book value at December 31 14. Inventories Raw materials Finished goods Work in progress Goods in transit Other stocks 1,888 984 61 6,557 166 9,656 1,692 772 46 4,214 87 6,811 1,283 (1,123) 160 (296) (136) 617 (614) 3 (112) (109) 2,295 (2,295) 2008 2,295 (2,101) 194 1,910 1 1,911 ,694 216 1,910 209 55 264 1 ,647 154 55 209 1,701 During the year the cost of inventories charged to the statement of comprehensive income amounted to GH? 27. 7 million (2008: GH? 21. 1 million). 22 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 15. Trade and other receivables Trade receivables Other receivables Amounts due from staff Prepayments 2009 717 1,362 151 88 2,318 2008 419 1,551 127 32 2,129 The maximum amount of staff indebtedness during the year did not exceed GH? 0. 21 million (2008: GH? 0. 14 million).Amounts due from staff are recoverable as follows: Not later than 1 year Later than 1 year and no later than 5 years 2009 130 71 201 Future finance costs Present value of amounts due from staff The present value of the amounts due from staff is split as follows: Not later than 1 year Later than 1 year and no later than 5 years 105 46 151 108 19 127 (50) 151 2008 108 19 127 127 The fair value of amounts due from staff is based on cash flows discounted using a rate based on borrowing rate of 22. 53% (2008: Nil). The discount rate equals base rate minus appropriate credit rating from the company’s bankers. The directors consider that the carrying amount of trade and other receivables approximates to their fair value. 16.Trade and other payables Trade payables Other payables Finance lease obligation (Note 19) Accruals 2009 8,199 5,861 212 14,272 17. Current tax As at January 1 Charged to income Payments As at December 31 23 2008 6,375 2,934 197 213 9,719 699 4,497 (5,059) 137 2,009 (1,310) 699 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 18. Deferred tax Deferred tax is calculated in full on temporary differences under the liability method using a tax rate of 25% (2008: 25%). The charge for the year relates to accelerated tax allowances on property, plant and equipment. 008 2009 As at January 1 Charged to income As at December 31 19. Finance lease obligation The Company entered into a finance lease agreement in 2006 for the lease of certain motor vehicles, push carts, bicycles and freezers. The capital cost of these assets amounted to â‚ ¬753,070 and US$525,864. 91. The Company has an option to purchase the items after the primary lease period for a consideration of 0. 25% of the capital on the assets. The lease obligation is as follows: Minimum lease payments: Not later than 1 year Later than 1 year and no later than 5 years 2009 Future finance charges on finance lease Present value of finance lease liabilities 2008 212 212 (15) 197 808 522 1,330 484 324 808The present value of the finance lease liabilities is as follows: Not later than 1 year (Note 16) Later than 1 year and no later than 5 years 197 197 24 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 20. Stated capital No. of shares Proceeds 2009 2009 Authorised Ordinary shares of no par value Issued For cash Capitalisation of surplus 40,000,000 No. of shares 2008 40,000,000 Proceeds 2008 19,784,548 19,784,548 19 5,981 6,000 19,784,548 19,784,548 19 5,981 6,000 There is no unpaid liability on shares. There are no treasury shares. There are no calls or instalments unpaid. 21.Cash generated from operations Reconciliation of net profit before tax to cash generated from operations: 2009 Profit before tax Depreciation Amortisation Interest expense Interest income Increase in inventories Increase in trade and other receivables Increase in trade and other payables Profit on disposal of plant and equipment Cash generated from operations 20,175 3,782 55 201 (418) (2,845) (189) 4,566 (136) 25,191 2008 9,387 2,984 55 113 (239) (1,289) (536) 2,832 (109) 13,198 25 FAN MILK LIMITED Fina ncial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 22. Cash and cash equivalents Cash and cash equivalents comprise cash held and short term bank deposits with an original maturity of three months or less. The carrying amount of these assets approximates to their fair values.For the purpose of the statement of cash flows, the year end cash and cash equivalents comprise the following: 2008 2009 Bank and cash balances Bank overdrafts 15,871 15,871 8,834 8,834 At the statement of financial position date the Company had an approved unsecured overdraft facility with local banks not exceeding GH? 0. 5 million (2008: GH? 0. 5 million). 23. Related party disclosures The Company has a related party relationship with a major shareholder and with its directors. The major shareholder Fan Milk International A/S owns 55. 449% shares in Fan Milk Limited. Emidan A/S and Fan Milk Togo are su bsidiaries of Fan Milk International A/S and are therefore entities related through common control.In the normal course of business, the Company entered into the following transactions shown below: (i) Purchase of goods Emidan A/S Fan Milk Togo (ii) Sale of goods Fan Milk Togo Fan Milk Liberia (iii) Year end balances arising from purchase of goods Emidan A/S Fan Milk Togo 7,362 12 5,697 16 183 6 2009 23,602 28 2008 19,174 108 26 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 23. Related party disclosures (continued) (iv) Year end balances arising from sale of goods Fan Milk Liberia (v) Technical assistance fees Fan Milk International (vi) Year end balances arising from technical assistance fees Fan Milk International Transactions with key management personnel Key management personnel are considered to be the directors.Remuneration Executive director (short-term benefits) Non-executive directors (short-term benefits) Key management personnel have no post-employment benefits. 24. Contingent liabilities There were no contingent liabilities at the statement of financial position date (2008: GH? Nil). 25. Financial risk management Financial risk factors The Company’s activities expose it to a variety of financial risks, including the effects of changes in foreign currency exchange rates and interest rates. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise the potential adverse effects on its financial performance.Risk management is carried out by the management of the company under policies approved by the board of directors. Management identifies, evaluates and hedges financial risks. 407 180 302 129 351 267 1,237 825 2009 56 2008 – 27 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 25. Financial risk management (continued) Sensitivity analysis – currency risk The Company seeks to reduce its foreign currency exposure through a policy of matching, as far as possible, assets and liabilities denominated in foreign currencies.The Company imports raw materials, spare parts and equipment from overseas and therefore is exposed to foreign exchange risk arising from Euro and USD exposures. Management is responsible for minimising the effect of the currency exposure by buying foreign currencies when rates are relatively low and using them to settle bills when due. The Company hedges the currency risk using the practice stated above in order to mitigate currency risk as a result of changes in foreign exchange rates. The company’s hedging strategy is effective and movement in foreign exchange rates would have no material impact on the Company’s result. Sensitivity analysis â⠂¬â€œ interest rate risk The Company’s exposure to the risk of changes in market interest rates relates primarily o the Company’s long-term obligations with a floating interest rate. To manage this risk, the Company’s policy is to contract for best interest rate borrowings when terms offered are attractive. The sensitivity analysis for interest rate risk shows how changes in the fair value or future cash flows of a financial instrument will fluctuate because of changes in market rates at the reporting date. The Company had no significant exposure to interest rate risk as at December 31, 2009. Total exposure to credit risk Financial instruments that potentially subject the Company to credit risk are primarily cash and cash equivalents and accounts receivable. Account receivables are mainly derived from sales to customers.The Company maintains a provision for impairment of trade receivables based upon the expected collectibility of all trade receivables. Trade rec eivables consist of invoiced amounts from normal trading activities. The Company has customers throughout Ghana and Liberia. Strict credit control is exercised through monitoring of cash received from customers and, when necessary, provision is made for specific doubtful accounts. As at December 31, 2009, management was unaware of any significant unprovided credit risk. 28 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 25.Financial risk management (continued) The table below shows the maximum exposure to credit risk by class of financial instrument: 2009 Bank balances (excluding cash) Trade and other receivables (excluding prepayments) Total credit risk exposure Liquidity risk The Company has incurred indebtedness but also has significant cash balances. The Company evaluates its ability to meet its obligations on an ongoing basis. Based on these eval uations, the Company devises strategies to manage its liquidity risk. Prudent liquidity risk management implies that sufficient cash is maintained and that sufficient funding is available through an adequate amount of committed credit facilities.The Company has no limitation placed on its borrowing capability. The facilities expiring within one year are subject to renewal at various dates during the next year. The Company had the following unutilised banking facilities as at December 31, 2009: 2009 Expiring within one year 500 2008 500 15,073 2,230 17,303 2008 8,274 2,097 10,371 Cash of the Company is placed in interest bearing current accounts to provide sufficient funding to meet its debt financing plan. At the statement of financial position date cash held on the call account was GH? 5,946 (2008: GH? 3,788). This is expected to readily generate cash inflows for managing liquidity risk.Maturity analysis of financial liabilities The table below analyses the company’s financi al liabilities. All financial liabilities fall due for payment within six months. 2008 2009 Trade and other payables Finance lease liability 14, 272 14,272 9,522 197 9,719 29 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 + NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 26. Capital commitments Capital expenditure contracted for at the statement of financial position date but not recognised in the financial statements is as follows: 2008 2009 Property, plant and equipment approved and contracted 27.Capital risk management The primary objectives of the company’s equity capital management are to ensure that the company is able to meet its debts as they fall due, to maximise shareholder value and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. No changes were made in the objectives, policies and processes from the previous years. 28. Segment information Management has determined the operating segments based on the reports reviewed by the head of department group that are used to make strategic decisions. The group considers the business from product perspective. The reportable operating segments derive their revenue from the manufacture and distribution of dairy products and fruit drink. Management considers the products to have similar economic characteristics and they have therefore been aggregated into a single operating segment. 593 2,031 30