A Perspective on the Influence of College Clubs Essay

College connections withstand been a part of university life since the in truth first fraternities and sororities were required. If the scholar so chooses, he or she send away make college an acquire to remember by wedlocking a club. They range from things care journalism and math to sports such as soccer or lacrosse. People who plug in these clubs hightail it to have a background in the topic or at the very least, an interest in learning some it. There is a club for everything you can think of, and if thither isnt, it is not that challenging to start atomic number 53.Clubs in college, although similar to those in high school, are quite antithetic in the types of people and the variety of cultures brought to attainher by the sheer size and caliber of a college. The importance and benefits of college clubs cannot be numbered, not just for the students but alike for the community. Though there are myriad benefits to joining a college club, some have brought up possible problems with joining or being able to join clubs. Academically speaking, college clubs have interfered with a students productivity, particularly in the areas of homework and studying.This fails into the economic issues with college clubs students some condemnations have trouble being able to pay fees to join clubs that they would like to join and therefore can be deprived of the experience simply because of financial issues. Finally the social perspective some sociologists have been led to the terminus that college clubs have, in several cases, caused social problems for students because of the connections people unknowingly make between a club name or topic and a preconceived fancy about what it may concern. These arguments, while valid, do not outweigh the benefits derived from joining clubs.Joining a club during your freshman year of college is a great demeanor to meet people who have similar interests. Finding friends in college can be difficult. College clubs can help cha nge that because they bring together people from different cultures and backgrounds and create a common ground where they can discuss their ideas about a certain topic in a safe environment without having to dread about being ridiculed. College clubs are a way for people to establish their own socioeconomic status, or SES, within the campus and dictate their values.Depending on the clubs available, people join the ones that will most suit them and create a reputation just by the clubs they join. The various options come with various consequences and outcomes during and subsequently college. Marybeth Walpole, an Assistant Professor at Rowan University, has discovered that the clubs one joins have been proven to shape the way one progresses through college, and, in some cases, completely alter the way one views the world after college. John Foubert and Lauren Grainger explored the psychological development of students in their freshman year and those in their senior year and the dif ferences between the two.They found that students who get gnarly during their freshman year show more(prenominal) development over the course of the four year period and are more likely to continue to join clubs and find ways to involve themselves on campus. Clubs have a very influential and positive impact on both the students that participate in them and the campus, or community, where they take place. Research on college clubs has been tested and revealed several interesting facts about the correlation between academic performance and being part of a club. In general, taking part in a club has little to no effect on doing well academically in school.This generalization, taken from the statistical abstract of a collection of survey responses conducted by Myrnell L. Martin, a graduate of Missouri West, is applied with the knowledge that most clubs are non-academic and instead support extra-curricular activity. Many swear that clubs can interfere with homework and study time in a students life. This can be true if the student is unorganized and is unable(p) to manage a schedule. With this in mind, a club can therefore act as a tool to help the student manage time more wisely.For most college students, participation in a club allows the student to have a basis on which he or she can create a schedule and arrange their daily lives. Homework and studying should not take a backseat to clubs but certainly does not have to as foresighted as the students takes into account the amount of work that must be dresse both for the club and outside of the club. This concept, of successful time management, learned by the student because of joining a club in college, can then be applied outside of college in the working world. Joining a club can quite possibly cost a lot, depending, of course, on the club.Clubs whose fees are higher generally have smaller group and a much more demonstrable program. Most clubs only require a few dollars out of pocket, perhaps twenty-fiv e dollars at most, at the very beginning for small purchases here and there. Those clubs that dont require any fees are usually the most populated and will have a greater chance of bringing people from very diverse backgrounds together. Although clubs may charge fees, many clubs will have payment options or even sponsorships from various third parties. This is truly beneficial for students who are stretched to the confines financially, especially at expensive universities.Paying for club participation is usually a sign of quality, and leads to an enriched environment in which the student can take more away from the experience. When clubs charge a fee, it means they have either activities planned for the club or possibly some food and paraphernalia throughout the year. plot having to pay for a club does not sound like the most exciting thing in the world for college students, it will most likely to lead to a more rewarding experience and more enjoyment from that club. College clubs have their place on campus, and are often widely recognized as outstanding contributors to the campus as a whole.In special cases, clubs have developed into organizations that play a major part in the goings-on on campus. These include student government activity organizations and the like which have developed because students take an interest in government and ruling ideals which help these students later on in life because they learn about the democratic process in a hands-on environment, as well as leadership skills that can be applied across the board. Clubs have a history of improving campus life and involving students in societal projects to better the community.Edward Hartshorne conducted research in this field and discovered that college is the ideal place for continuous club organizations and their global impact on the campus. He reasons that each students impact spans for an approximate seven year generation, where there are the three years fore of the student as a fr eshman and then the three years behind the student as a senior. This provides for a perpetuation of ideas through conventionality contact which results in a link that can span for as long as the club or organization decides to continue.This continuation of clubs and ideas transforms into a split of college culture, described by Hartshorne as the upholding of certain social norms, which were established long forward each generation arrived and will continue to endure after that generation departs. I, myself, am currently involved in Cal Poly Club Lacrosse as well as Formula SAE, and feel I am better for it. It allows me to black market from the academic side of college and do physical exercise in a manner that suits me.I love playing lacrosse and though I find it hard to make the time commitment I have always been able to push myself to make time in my schedule for everything I need to get done. Club lacrosse helps me to organize myself because it creates a time pressure situatio n where I must manage my time wisely and complete the homework necessary before I plan time for myself. Although I have had less time to do the things I want to do, such as hang out with friends, I still am able to do these activities, just in moderation. However, I accomplish more because I strive to do better so that I dont have to stress out over the small things.Lacrosse has also been an outlet for me to find new friends on campus which I can curse on because I know that lacrosse is important for them as well. Formula SAE allows me to utilize what Ive learned in school and apply it to real life situations by designing a racecar to compete against other schools. I have learned a lot from both the club experience and the other members of the club. This club also allows me to spend time with other engineers who are interested in cars. Clubs have definitely made a difference in my life at Cal Poly and Im that they can do the same for all college freshmen.

Ib Biology Hl Notes

Genes and Genetics 1. 2. each chromo about exists as both genetically identical chromatids attached to their centromere. Each chromosome appears as two chromatids attached to a centromere. In the first meiotic form chromosomes align in homologic pairs. Points of contact form between members of the same homologous pair. The points of contact or crossing everyplace between members of a homologous pair are the chiasmata. 3. The homologous pairs drop dead to the equator of the cell. Equal lengths of the chromatids of the same homologous pair have broken off and pass over over. The chromosomes align at random and independantly.Only one possible arrangement is shown. 4. Homologous pairs align at random at the equator of the cell. This shows the early separation of the chromosomes of each of the homologous pairs. 5. Homologous pairs are separated. This shows the cell at an early stage of meiotic division. The cell membrane is starting to pinch inwards. 6. The cell divides to form tw o cells each with a haploid set of chromosomes. Cell division is complete and two cells breaking a haploid set of chromosomes are formed. 7. In the warrant meiotic division the chromosomes in each cell align independently and randomly at the equator of the cell. . The chromatids in each cell are separated. The chromatids are pulled towards the opposite poles of the cell. 9. The cells divide. The cell membrane is starting to pinch inwards. 10. Cell division is complete, resulting in the formation of four cells each with the haploid number. 11. Meiosis Functions ? ? Halving the chromosome number meiosis consists of two nuclear divisions (meiosis I and meiosis II) but the chromosomes replicate once. Producing four daughter cells. Each are haploid Producing Genetic Variety through prophase I and through random mix during metaphase I.In addition, random fertilisation also produces variety since any(prenominal) gamete has an equal chance on combining. point of intersection Over d uring prophase one, homologous chromosomes combine to form bivalent so maternal and paternal chromosomes are adjacent. Homologous pairs contain same genes but different alleles. They line up and non-sister chromatids break wherefore they rejoin in gibe position on other chromatid. Region this occurs is called the chiasma (chiasmata). Point where this is in random but not all chromatids form a chiasma and some dont happen at all. Therefore, chromatids keep alleles.Monohybrid and Dihybrid Inheritance0 There Codominance both alleles have an effect on a phenotype neither allele is recessive multiple allels 3 alleles in blood typed these are Ia , Ib and i (Io) these 3 alleles make up the phenotype and genotypes in the blood gene. Sex Link Genes Autosome (normal chromosome) pairs are said to be linked. Meaning they contain the same locus on a gene. HOMEWORK 2 b) Genotypes Gametes F1 Genotypes Phenotypes AB BO A B B O AB AO BB BO AB, A, -B, B 4 b) Bw Tl Male Gametes- B,w T,l ww ll Fem ale Gametes w,w,l,l B w w Bw Bw w ww ww ) Polygenic inheritance of kowtow colour Depends on the measuring stick of pigment that is produced in the skin. Melanin synthesis is controlled by genes. The degree of pigmentation can range from very dark to very pale. Several genes are convoluted in skin colour determination and these produce continuous variation. Each gene has two alleles so there are numerous outcomes for example when three genes are involved there are seven outcomes. One allele M contributes to melanin. 7. 4. 6 ? ? ? ? ? ? ? ? ? ? ? Ribosomes are made of two subunits, big and small Small subunits binds to the first codon on the mRNA.This is the initiation part of translation. The first codon is usually AUG and codes for the amino acid methionine. Large Sub-units will right off bind and two attach sites for acceptor RNA sit over the first two codons Transfer RNA with the correct with the correct anticodon will lock into the first tRNA binding site and form hydro dgen bonds to the first codon. The second tRNA will now enter into the second binding site as it has the correct anti-codon Each tRNA has its own specific amino acid, and now a peptide bond forms between these amino acids.This is the beginning of elongation ( joining amino acids to make a polypeptide) the first tRNA now breaks away and moves into the transcend site and now the next codon has to be read. the small subunit shifts down the mRNA in a 5 3 direction followed by the large subunit the second tRNA now moves down into the neighbouring binding site and the third tRNA can now move onto the mRNA and locks them to the exposed binding site another peptide bond is formed this process of the ribosome moving along the mRNA is called translocation eventually the ribosome reaches the last codon and it has no corresponding anti-codon so no tRNA will bind. This is a biological full-stop and this is termination.The ribosome sub units break apart, releasing the polypeptide chain, which wi ll now coil into its secondary and tertiary structures to form a protein. CroCrossing Over (p237) ? ? ? ? Crossing over occurs during prophase one. Chromosomes shorten and coil and homologous pairs of chromosomes come together form a bivalent Chromosomes ontain the same genes but have different alleles. Two segments then rejoin from broken chromatids at corresponding positions. Mendels law of Independent assortment When gametes are formed, the separation of one pair of alleles into the new cells is independent of the separation of any other pairs. or either pair of alleles is equally likely to be inherited with either of another pair. production but m does not fashioning MMMMMM the darkest and mmmmmmm the palest. Polymerase chain reaction is employ to copy and amplify minute quantities of desoxyribonucleic acid.It can be useful when only a small amount of DNA is on hand(predicate) but a large amount is required to undergo testing. We can use DNA from blood, semen, tissues and so on from crime scenes for example. The PCR requires high temperature and a DNA polymerase enzyme from Thermus aquaticus (a bacterium that lives in hot springs). Sample is heated which denatures DNA and separates into two strands. Thermophlils Aquaticus is a bacterium which Polymerase increases rate of base pair creation. Replication in a few hours 4. 4. In gel electrophoresis, fragments of DNA move in an electrical field and are separated according to their size. Electric charge separatees DNA and allows to catch natural variation in DNA Restriction Enzymes cut to produce varying fragment sizes. magnetic field so all DNA (-ve charged) move different distances and then are stained. this leaves a DNA profile Chamber, power supply, gel it doesnt mater 4. 4. 4 Organisms have short sequences of bases which are repeated galore(postnominal) times. These are called satellite DNA. These repeated sequences vary in length from person to person.The DNA is copied using PCRand then cut up into s mall fragments using obstruction enzymes. Gel electrophoresis separates fragmented pieces of DNA according to their size and charge. This gives a pattern of bands on a gel which is unlikely to be the same for two individuals. This is called DNA profiling. DNA profiling can be used to determine paternity and also in forensic investigations to get evidence to be used in a court case for example. Human Genome ? It is now easier to study how genes influence human development. ? It helps identify genetic iseases. ? It allows the production of new drugs based on DNA base sequences of genes or the structure of proteins coded for by these genes. ? It will give us more information on the origins, evolution and migration of humans. ? 20,000 25,000 ? Carried out in 1990 to part entire DNA base sequence the whole genome. 3 billion pairs in 2003. ? Spots added to a solid surface. Can determine levels of thousands of genes by measuring mRNA spots on microarray. Generating profile of expression on a cell Pharmacogenomics drugs which target specific genomes.

Auditing: Financial Audit and Inventory Essay

Answers to case study1. What are the attenders primary objectives when he or she observes the clients yearly forcible chronicle? Ans. The Primary Objective of auditor is to make sure the caudex reflected on the balance sheet very exists and that the balance sheet includes all livestock owned by the smart set .This includes all raw material,supplies, record in transit.The company may view as on commission with another business and inventory stored off the premises. Confirming the existence of inventory through observation address the occurrence and completeness assertion as swell up. Auditors job is to wait employees and make sure they following agreed upon procedure of company There are two main objectives of auditing. The primary objective and the secondary or accompanying objective.a. Primary objective as per Section 227 of the Companies Act 1956, the primary duty (objective) of the auditor is to report to the owners whether the balance sheet gives a true and fair en counter of the Companys state of affairs and the profit and loss A/c gives a correct figure of profit of loss for the financial year. b. supplemental objective it is also called the incidental objective as it is incidental to the satisfaction of the main objective. The incidental objective of auditing arei. Detection and saloon of Frauds, andii. Detection and prevention of Errors. Detection of material frauds and errors as an incidental objective of independent financial auditing flows from the main objective of determining whether or not the financial reports give a true and fair view. As the Statement on auditing Practices issued by the Institute of Chartered Accountants of India states, an auditor should bear in mind the possibility of the existence of frauds or errors in the accounts under audit since they may ca call the financial position to be mis-stated.Fraud look ups to intentional misrepresentation of financial information with the intention to deceive. Frauds founda tion take place in the form of manipulation of accounts, misappropriation of cash and misappropriation of goods. It is of great importance for the auditor to detect any frauds, and prevent their recurrence. Errors refer to unintentional mistake in the financial information arising on account of ignorance of accounting principles i.e. principle errors, or error arising out of negligence of accounting lag i.e. Clerical errors.2. Identify the key audit procedures that an auditor would typically perform during and after the clients corporeal inventory. 1. Ans. company records its inventory as an asset, and it undergoes an annual audit, past theauditors result be conducting an audit of your inventory. Cutoff analysis. The auditors will examine your procedures for halting any further receiving into the warehouse or shipments from it at the clipping of the physical inventory count, so that extraneous inventory items are excluded. They typically test the last few receiving and shipping transactions prior to the physical count, as well as transactions immediately following it, to see if you are properly accounting for them. Observe the physical inventory count. The auditors want to be comfortable with the procedures you use to count the inventory.This means that they will discuss the counting procedure with you, observe counts as they are being done, test count some of the inventory themselves and vestige their counts to the joins recorded by the companys counters, and verify that all inventory count tags were accounted for. If you entertain multiple inventory storage locations, they may test the inventory in those locations where there are significant amounts of inventory. They may also ask for confirmations of inventory from the custodian of any public warehouse where the company is storing inventory. Reconcile the inventory count to the general ledger. They will trace the valuation compiled from the physical inventory count to the companys general ledger, to verify that the counted balance was carried forward into the companys accounting records. Test high-value items.If there are items in the inventory that are of unusually high value, the auditors will likely spend extra time counting them in inventory, ensuring that they are valued correctly, and tracing them into the valuation report that carries forward into the inventory balance in the general ledger. Test error-prone items. If the auditors have noticed an error trend in prior years for specific inventory items, they will be more likely to test these items again. Test inventory in transit. There is a risk that you have inventory in transit from one storage location to another at the time of the physical count. Auditors test for this by reviewing your transfer documentation. Test item costs. The auditors need to know where purchased costs in your accounting records come from, so they will compare the amounts in recent supplier invoices to the costs listed in your inventory valuati on. Review freight costs. You can either include freight costs in inventory or charge it to expense in the period incurred, but you need to be consistent in your treatment so the auditors will trace a natural selection of freight invoices through your accounting system to see how they are handled. Test for lower of cost or market.The auditors must follow the lower of cost or market rule, and will do so by comparing a selection of market prices to their recorded costs. Finished goods cost analysis. If a significant coincidence of the inventory valuation is comprised of finished goods, then the auditors will want to review the bill of materials for a selection of finished goods items, and test them to see if they show an absolute compilation of the components in the finished goods items, as well as correct costs. Direct labor analysis. If direct labor is included in the cost of inventory, then the auditors will want to trace the labor charged during production on time cards or lab or routings to the cost of the inventory. They will also go over whether the labor costs listed in the valuation are supported by payroll records.Overhead analysis. If you apply overhead costs to the inventory valuation, then the auditors will verify that you are consistently using the same general ledger accounts as the source for your overhead costs, whether overhead includes any abnormal costs (which should be charged to expense as incurred), and test the validity and consistency of the method you use to apply overhead costs to inventory. Work-in-process testing. If you have a significant amount of work-in-process (WIP) inventory, the auditors will test how you determine a percentage of completion for WIP items. Inventory allowances.The auditors will determine whether the amounts you have recorded as allowances for obsolete inventory or scrap are adequate, based on your procedures for doing so, historical patterns, where used reports, and reports of inventory usage (as well as b y physical observation during the physical count). If you do not have such allowances, they may require you to create them. Inventory ownership. The auditors will review purchase records to ensure that the inventory in your warehouse is in truth owned by the company (as opposed to customer-owned inventory or inventory on consignment from suppliers). Inventory layers. If you are using a FIFO or LIFO inventory valuation system, the auditors will test the inventory layers that you have recorded to verify that they are valid.3.What audit procedure or procedures might have prevented Nashwinter from successfully overstating the 1980 year-end inventory of the Gravins Division? Ans. IN 1980 the audit conducted by goodman and company auditors Wilson and Pollard. During the audit of inventory Nashwinter showed the false inventory recorded by him to auditor but they overlooked the inventory statement.The first time when nashwinter was able to escape in showing the false inventory report. Nashw inter used to inflate the profit every year as he had a good position maintained when he was a salesman and he didnt want to spoil his position.This changes made in the inventory by him were increasing every year . 4. What audit procedure or procedures might have prevented Nashwinter from overstating the divisions 1981 year-end inventory? Ans.In 1981 When the company decided to get the inventory items to be recorded in computer .The audit senior had a check of phsical inventory didnt match with the statement shown by the computer.Then immediately Frank pollard notified wilson about the fictitious inventory recorded in the computer. He also wrote the matter to Nashwinter to get the clarification of inventory inputed in computer doesnt match with the Physical Inventory.

A Critical Evaluation of the Deductive Argument from Evil

Logic in ally, puke deplorable and the three-O perfection co-exist in this universe? The deductive wrinkle from villainy recites they hobo non. In this essay I volition in imprint the bloodline and analyze why it is valid entirely unsound. I will do this by discussing fallacious disposition of the premise that if divinity were omnipotent and knew he could prevent the humans of injustice without sacrificing some greater nigh he would then inevitably prevent it.The essay will propose the following valuation of the deductive disceptation from Evil that each premise crystallinely follows from its antecedent, and that the concepts in the set forth themselves are non entirely understood and can be refuted. divinitys Omni benevolence, specifically, need not incontrovertibly retrieve the prevention of every offensive on earth not even necessarily natural injustice. Furthermore, I will address the purpose of evil and the compatibility of theologys all- trustwort hy nature with the existence of evil.Concluding finally that the deductive lean from evil does not relieve a belief in the cipher of idol, despite the strength of the overall pipeline. The deductive careen from evil is an explanation for the incompatibility of evil and a three-O god. It answers to the occupation of evil, which is the problem of whether or not such a God could logically coexist with evil. This argument both positively states that evil exists in the world, and normatively states that if God existed at that place would be no evil, thence God does not exist.As mentioned previously, it deals with the concept of a three-O God which is to say a God who is omnipotent, omniscient and omnibenevolent. Omnipotence means here that God has the ability to do anything that is logically possible and omniscience denotes that God knows everything that is true. Omni benevolence is the idea that God is suddenly good by nature and that He does no morally bad achieves, includ ing the omission to perform action. I accept the first two concepts as sound, but reject the third since it is implying ideas that may not at one time groundwork from the nature of goodness or the all-good personality of God.However, I will come to this later on in the discussion of why this argument as it stands should be rejected on the basis of referential error. In the deductive argument from evil it follows that if God can do anything logically possible and He knows all truth, then shrewd He has the power to prevent evil without sacrificing some greater good, by his omnibenevolent nature he will. Evil in this case is not merely the absence of good, but actions and events that cause suffering particularly natural evil or that which is not originated by man. This is the strongest variant of the argument and thus will be the one analyzed.If the premises in this argument were all true then the inference would irrefutable true making the argument valid and the closure sens eless if and only if one or more of the premises are false. This means that the argument can only be objected on the basis of unsoundness, guide to an examination of the possibility of falsity in the assumed truths of the argument or logical fallacy namely a consideration of the kernel of Omni benevolence and the hints of a beings nature. As stated above, the deductive argument from evil holds true that if God is omnibenevolent he will necessarily prevent the existence of evil.Nonetheless, it is not true that because a being has a certain characteristic he therefore must(prenominal) always act in accordance with this characteristic unaffiliated of his other attributes or other aspects of the situation. The premise is either asserting that God is not all-powerful in His choice of whether or not to act in a situation where evil exists Or it is assuming that Gods goodness directly implies a need for action against anything that is not good, rather than exactly stating He will ac t in accordance to His good nature when He decides to interpose in human suffering.This forges back the idea of the true message of Omni benevolence. If it does denote that God will not omit to perform good actions, then does this not immediately explain how Gods lack of action against evil will lead to an understanding of the nonexistence of God? No. Simply because God does not intervene in evil, doesnt imperatively mean that God is not choosing to do good through the choice of nonintervention.If God is Omnipotent and can choose to do anything logically possible, then he can also choose to allow evil if it serves a good purpose, not necessarily colligate to a greater good which explains the existence of all evil, but for other good reasons. Suppose that the greater good that not only enables us to acquit but also to justify all evil on earth was Heaven a possibility of eternal life in paradise. God knowing he can prevent evil without sacrificing this greater good would do so due to his three-O nature (explained in the deductive argument from evil).Then what kind of evil might He logically allow to exist? Evil that may lead one to choose this eternal kingdom would be a form of evil that would be justified since it brings near a good, not that greater good which allows all evil to exist, but another good that is reasoned in the eyes of God. Eleonore Stump offers this idea as a chemical reaction to the deductive explanation of the problem of evil, stating that natural evil can humble men and bring us closer to a reflection of the transience of the world.In her respond she explains that these things may bring man to even contemplate Gods existence, and thus possibly placing faith in God and guaranteeing an eternal life in the kingdom of Heaven (Stump, 210). An even further analysis of the issue of misinterpretation of Omni benevolence, or false assumptions about Gods nature, is the claim that the deductive argument from evil contains a referential falla cy presuming that all words refer to existing things and that their meaning lies in what the refer to.This claim of the unsound nature of the argument asserts that the deductive argument from evil fallaciously assumes the idea of Omni benevolence is defined by existing ideas and profane concepts of all good nature. It is logically possibly, however, that Gods perfect goodness is beyond mans understanding and cannot be defined by actions or non-actions relating to the evil of this world. Thus leading to the false trust that God need necessarily eliminate all evil from the world in come out to be inherently good. These forms of counter arguments to the deductive explanation of evils non-compatibility with God can be refuted.The following are defenses for the deductive argument that reinforcement the primary understanding of Gods Omni benevolence as mandating the excreting of all existing evil. Firstly, Omni benevolence is a description of Gods suddenly good nature and entails tha t God desires everything that is good. This desire to bring about good things also means a desire to prevent evil things from happening. Hence Gods good nature doesnt need to necessarily lead to no omission of good actions, but it does lead to the necessary idea that God would mostly want to prevent evil and would do so to fulfill His will and please Himself.Secondly, an argument based on the idea of Heaven is blemish because the existence of eternal life cannot be proven on Earth. Furthermore this is not a greater good that justifies the reality of evil because it is not transparent and does not coexist with the evil that is on here on Earth, right now. Despite these refutes, the three main arguments against the soundness of Omni benevolence ineluctably meaning the elimination of evil still stand. Firstly, Gods good nature can lead Him to desire good things, yet He may allow evil things on Earth in order to make us understand what is moral and what is immoral.Without evil then th ere would be no consequences to immoral actions, therefore no one would be able to distinguish between good or bad (Zacharias, 2013). Moreover, simply because good is correlated with the lack of evil does not necessarily mean good will cause nonexistence of evil. Secondly, heaven need not be a real place, proven by science, in order to posit a valid argument for the existence of God. The argument is that if Heaven exists, then it follows that all evils are justified by this eternal life.Also, a greater good that justifies evil is not required to be a good that is enjoyed in the present time it may be a good that is to come. In conclusion, the deductive argument from evil is valid, with a logical conclusion following from the premises posed, but it is unsound in its assumptions of the nature of God the implication of His traits. It makes a flawed link between the Omni benevolent message of Gods being and a necessary elimination of evil by God. Furthermore, it fallaciously entails b oth a human conception of perfect good and a human understanding of this notion.A Critical Evaluation of the Deductive Argument from EvilLogically, can Evil and the three-O God co-exist in this universe? The deductive argument from evil says they cannot. In this essay I will explain the argument and analyze why it is valid but unsound. I will do this by discussing fallacious nature of the premise that if God were omnipotent and knew he could prevent the existence of evil without sacrificing some greater good he would then necessarily prevent it.The essay will propose the following evaluation of the deductive argument from Evil that each premise logically follows from its antecedent, but that the concepts in the premises themselves are not entirely understood and can be refuted. Gods Omni benevolence, specifically, need not incontrovertibly mean the prevention of every evil on earth not even necessarily natural evil. Furthermore, I will address the purpose of evil and the compatibil ity of Gods all-good nature with the existence of evil.Concluding finally that the deductive argument from evil does not justify a belief in the nonexistence of God, despite the strength of the overall argument. The deductive argument from evil is an explanation for the incompatibility of evil and a three-O God. It answers to the problem of evil, which is the problem of whether or not such a God could logically coexist with evil. This argument both positively states that evil exists in the world, and normatively states that if God existed there would be no evil, therefore God does not exist.As mentioned previously, it deals with the concept of a three-O God which is to say a God who is omnipotent, omniscient and omnibenevolent. Omnipotence means here that God has the ability to do anything that is logically possible and omniscience denotes that God knows everything that is true. Omni benevolence is the idea that God is perfectly good by nature and that He does no morally bad actions , including the omission to perform action. I accept the first two concepts as sound, but reject the third since it is implying ideas that may not directly stem from the nature of goodness or the all-good personality of God.However, I will come to this later on in the discussion of why this argument as it stands should be rejected on the basis of referential fallacy. In the deductive argument from evil it follows that if God can do anything logically possible and He knows all truth, then knowing He has the power to prevent evil without sacrificing some greater good, by his omnibenevolent nature he will. Evil in this case is not merely the absence of good, but actions and events that cause suffering particularly natural evil or that which is not originated by man. This is the strongest variant of the argument and thus will be the one analyzed.If the premises in this argument were all true then the conclusion would irrefutable true making the argument valid and the conclusion false if and only if one or more of the premises are false. This means that the argument can only be objected on the basis of unsoundness, leading to an examination of the possibility of falsity in the assumed truths of the argument or logical fallacy namely a consideration of the meaning of Omni benevolence and the implications of a beings nature. As stated above, the deductive argument from evil holds true that if God is omnibenevolent he will necessarily prevent the existence of evil.Nonetheless, it is not true that because a being has a certain characteristic he therefore must always act in accordance with this characteristic independent of his other attributes or other aspects of the situation. The premise is either asserting that God is not Omnipotent in His choice of whether or not to act in a situation where evil exists Or it is assuming that Gods goodness directly implies a need for action against anything that is not good, rather than simply stating He will act in accordance to His good nature when He decides to intervene in human suffering.This brings back the idea of the true meaning of Omni benevolence. If it does denote that God will not omit to perform good actions, then does this not immediately explain how Gods lack of action against evil will lead to an understanding of the nonexistence of God? No. Simply because God does not intervene in evil, doesnt imperatively mean that God is not choosing to do good through the choice of nonintervention.If God is Omnipotent and can choose to do anything logically possible, then he can also choose to allow evil if it serves a good purpose, not necessarily related to a greater good which explains the existence of all evil, but for other good reasons. Suppose that the greater good that not only enables us to forgive but also to justify all evil on earth was Heaven a possibility of eternal life in paradise. God knowing he can prevent evil without sacrificing this greater good would do so due to his three-O natur e (explained in the deductive argument from evil).Then what kind of evil might He logically allow to exist? Evil that may lead one to choose this eternal kingdom would be a form of evil that would be justified since it brings about a good, not that greater good which allows all evil to exist, but another good that is reasoned in the eyes of God. Eleonore Stump offers this idea as a response to the deductive explanation of the problem of evil, stating that natural evil can humble men and bring us closer to a reflection of the transience of the world.In her retort she explains that these things may bring man to even contemplate Gods existence, and thus possibly placing faith in God and guaranteeing an eternal life in the kingdom of Heaven (Stump, 210). An even further analysis of the issue of misinterpretation of Omni benevolence, or false assumptions about Gods nature, is the claim that the deductive argument from evil contains a referential fallacy presuming that all words refer to existing things and that their meaning lies in what the refer to.This claim of the unsound nature of the argument asserts that the deductive argument from evil fallaciously assumes the idea of Omni benevolence is defined by existing ideas and worldly concepts of all good nature. It is logically possibly, however, that Gods perfect goodness is beyond mans understanding and cannot be defined by actions or non-actions relating to the evil of this world. Thus leading to the false conviction that God need necessarily eliminate all evil from the world in order to be inherently good. These forms of counter arguments to the deductive explanation of evils non-compatibility with God can be refuted.The following are defenses for the deductive argument that support the primary understanding of Gods Omni benevolence as mandating the elimination of all existing evil. Firstly, Omni benevolence is a description of Gods absolutely good nature and entails that God desires everything that is good. Thi s desire to bring about good things also means a desire to prevent evil things from happening. Hence Gods good nature doesnt need to necessarily lead to no omission of good actions, but it does lead to the necessary idea that God would mostly want to prevent evil and would do so to fulfill His will and please Himself.Secondly, an argument based on the idea of Heaven is flawed because the existence of eternal life cannot be proven on Earth. Furthermore this is not a greater good that justifies the reality of evil because it is not tangible and does not coexist with the evil that is on here on Earth, right now. Despite these refutes, the three main arguments against the soundness of Omni benevolence ineluctably meaning the elimination of evil still stand. Firstly, Gods good nature can lead Him to desire good things, yet He may allow evil things on Earth in order to make us understand what is moral and what is immoral.Without evil then there would be no consequences to immoral actions, therefore no one would be able to distinguish between good or bad (Zacharias, 2013). Moreover, simply because good is correlated with the lack of evil does not necessarily mean good will cause nonexistence of evil. Secondly, heaven need not be a real place, proven by science, in order to posit a valid argument for the existence of God. The argument is that if Heaven exists, then it follows that all evils are justified by this eternal life.Also, a greater good that justifies evil is not required to be a good that is enjoyed in the present time it may be a good that is to come. In conclusion, the deductive argument from evil is valid, with a logical conclusion following from the premises posed, but it is unsound in its assumptions of the nature of God the implication of His traits. It makes a flawed link between the Omni benevolent essence of Gods being and a necessary elimination of evil by God. Furthermore, it fallaciously entails both a human conception of perfect good and a huma n understanding of this notion.

Initial Public Offer

Initial unrestricted offer (IPO) as the name suggests refers to when a company goes public or issue shargons of the company to the public in order to raise capital for the first time. After the IPO, the company gets listed and its shares are traded on stock exchange. Once it gets listed then the permission to trade these shares is granted by shareholders i. e. to whom the shares have been all(prenominal)otted in the IPO. There burn be many reasons for bringing out an IPO. First, when the company issues new shares to the public, then the money raised from public goes to the company.Second, when the Govt. Sell their stake in the company to the public, then the money raised goes to the Govt. (like the dis coronation of PSUs). However, one must be wondering why would individuals invest in a particular company? The answer is dividends. The shareholders expect the company will distribute the share of future profits among them as dividends. How an IPO is conducted IPOs generally involve sustain runners i. e. one or more investment banks known as underwriters. The underwriters retain a portion of the proceeds as their fee. This fee is called an underwriting spread.Various methods of conducting an IPO are Dutch auction, Firm Commitment, Best Efforts, Bought Deal and Self Distribution of stock. IPOs can be made through the Fixed Price Method or countersign Building Method. In the fixed price method, the price at which the securities are offered is fixed in advance. In the book make method, the investors have to bid for shares at heart a price band specified by the issuer and the final price is decided after observing the result of the bidding. The fixing of the band and the bidding summons are done with the help of an investment bank or a group of several companies specializing in securities.While most of the companies are eligible to shuffling a public issue are free to decide the price band but infrastructure companies are subject to follow SEBI norms as well as banks are required to get RBIs permission. The prices are decided by the companys board of directors, which fixes the band after consulting the book runner (particularly an investment bank). In India, the issuer is allowed a price band of 20% (that is the cap of band should not be more than 20% above the floor price i. e. the concluding price that a seller will accept). After deciding the band, bids are invited on all prices of the band.Once the book is closed, the seller fixes the price at which all of its shares will get sold. However, there can be a situation of Oversubscription of an IPO (i. e. if applications are received for more number of shares than the company is authorised to allot). In that case, the allocations would be done proportionately among all the successful bidders i. e. among those bidders who did bidding at the price determined by the company or at the price higher(prenominal) than that. After the price has been determined on the basis of bidding, the publ ic advertisement containing the rice as well as table showing the number of securities and the get payable by an investor is issued. Various Investors Involved ? ? ? Retail Investors Non-Institutional Investors Qualified Institutional Buyers If a company is making an issue through 100 % book building process then1) Minimum 35% shall be offered to Retail Investors 2) Minimum 15% shall be offered to Non-Institutional Investors 3) Maximum 50% shall be offered to Qualified Institutional Buyers. There can also be FPO (Follow on public offer) when companys offer to the public is not for the first time. There are certain advantages attached with dismission public.Capital can be used to pay off existing debt or to fund capital expenditure. Moreover, another advantage is an increased public sentiency of a particular company as IPOs helps in attracting new potential customers which may ultimately leads to increase in the market share of a company. beforehand deciding whether to go public or not, a company must evaluate all the potential benefits or challenges that will arise. The book runners involved in the process (i. e. investment banks) are given the responsibility to find out the pros and cons of an IPO and determine whether it is favourable or not for the company.

Describe the functions of managers Essay

Good concern and leadership be critical for organisations to function and also for the organisations to thrive. When organisations ar well managed just like Barclay, they can operate effectively and they can operate efficiently. Managers have very tidy and clear plans, mangers have organised twists, systems, and they also evaluate results. When organisations are well led, they adapt to changes in the environment and develop cultures that inspire commitment and innovation. Both good charge and good leadership are necessary to sustain organisational serveance.Mangers are responsible for getting utilization done usually through other people the term manger may also bear upon to a number of different people inwardly a business. Some job titles include the treatment manager, much(prenominal) as a personal manger or managing showor. Other jobholders may also be mangers even through in that location titles do not say it.* Mangers act on behalf of the owners in a company, se nior management are accountable shareholders* Mangers localize butts for the organisation, for specimen, they may decide that a long-term objective is to have a greater market share than all of the companys competitors.* Managers make received that a business achieves its objectives, by managing others.* Managers ensure that cooperate values which means the value of the organisation are maintained in dealings with other business, customers, employees and general public.When an organisation is managed well mangers effectively perform tetrad essential management functions Henry Fayol the French management theorist listed a number of functions or elements of management these are* Planning* Organising* Commanding* Coordinating* ControllingPlanningThis involves mangers setting objectives and also the strategies, policies, programmes and procedures for achieving them. Planning great power be done by line mangers who will be responsible for performance. However advice on prep may al so come from staff management who might have expertise in that are even if they have no line authority. For example, a production may carry let on kind-hearted recourse proviso in the production department, but use the skills of the personal manager in planning recruitment for vacancies that may arise. In general, planning involves defining organisational goals and proposing ways to reach them. Managers plan for 3 reasons* To substantiate an overall direction for the organisations future, such as a target say for example to increase profit, widen market share,, etc, etc.* To identify and commit the organisations resources to achieving its goals.* To decide which tasks must be done to reach those goals.* Barclays mangers set up objectives* Barclays bank makes up smart plans to achieve set objectives.* Manpower planning* Production budgets* hard cash budgets* Sales targetsOrganisingMangers set task, which need to be performed if the business is to achieve its objectives. Jobs ne ed to be organised within sections or departments and authority and authority needs to be delegated so that jobs are carried out. For example the goal of a manufacturing company may be to produce quality goods that will be delivered to customer on time. The tasks such as manufacturing, packaging, administration, etc. that are part of producing and distributing the goods, need to be organised to achieve this goal.For example in Barclays within Barclays managers, supervisors must lead the employees with the delegated job. After mangers have prepared plans, they must translate those comparatively abstract ideas into practice reality. Organising is the processes of creating a structure of relationships that will enable employees to carry out managements plans and meet organisational goals. By organising effectively. Mangers can better coordinate human, material, and information resources. An organisations success depends largely on managements ability to utilise those resources effectiv ely and efficiently.* Organise working procedures* Organisational structure, chain of command needs to be established.* Organising which member of staff in Barclays does what.* Distribution channels.* Quality systemsCommandingThis involves giving instructions to subordinates to carry out tasks. The manger has the authority to make decisions and responsibilities to see tasks carried out. For example in Barclays plc the management team must put up plans into action by allocating the best use of resources to achieve the plan. To make sure the plans are achieved mangers use their deputation skills.CoordinatingThis is the bringing together of the activities of people with the business. Individuals and groups will have there own goals, which may be different to those of the business and each other. vigilance must make sure that there is a general approach, so that the companys goals are achieved.* Mangers coordinate the work force* Mangers in Barclays bank direct employees what they a re doing.* Delegating tasks* Mangers resolve conflicts of interests in the different functional areas of the business.* This helps mangers to motivate their staff.ControllingMangers measure and gear up the activities of individuals and groups to make sure that their performance fits in with plans. Control is the supervise of evens and progress within each department. For example within Barclays the organisation a range of departments for example the finance department they will monitor there budget and performance. The process by which person group or organisation consciously monitors performance and takes restorative action this is called controlling, another example would be that Barclays finance department will be controlling and monitoring customers transactions, etc, etc and they will keep a history and they will keep a record file of that customer. Management control system sends signal to managers that things are not working out as planned and that strict action is needed. * Barclays bank monitor and measure what is being archived in each of their department.* Barclays control, monitor there gross sales performance.* Barclays control and monitor their cash flow against their budget.LeadingAfter management has made plans, created a structure of work practice, and hired the right personal, someone must lead the organisation, leading involves communicating with and motivating others to perform the tasks necessary to achieve the organisations goals. Leading is not done only after planning and organising end, it is a authoritative element of these functions.

Haw Par Value Chain & Financial Ratios Analysis Essay

1. PART ONE1.1 launch let loose equating Corporation Limited is a multinational corporation engaged in healthc ar, waste businesses securities and sure estate investment, among which we exit mainly sharpen on let loose tallys conventional business sector-the healthcare segment, which includes 9 subsidiaries (Annual report, 2010). Based on taxations generated and locations of manufacturing facilities, two prominent geographical trades, Asia and America, are selected for discussion.We will look into the agonistic environment of the corporation, and the generic strategies choose to survive in the environment. Then we will check over operations within emit equivalence by analyzing its value chain activities, and propose improvements to conjure its competitive advantages. Lastly, we will identify the top trys imposed to the corporation. 1.2 Competitive Environment Michael Porters Five-Forces Model1.2.1 flagellum of New EntrantsInitial capital requirement of entering the healthcare industry is high, including investment in property, plant, equipment and enquiry and development. Moreover, compliance burden with various regulations is heavy, as illustrated by the warning letter received by let out hit from the Food and Drug Administration (FDA) in the US. Besides, its scale of business, well-establish grunge and distribution network are difficult to imitate. Thus, the threat of new entrant is low.1.2.2 Threat of SubstituteCurrently, Haw pars healthcare products mainly consist of traditional herbal tea medicines and newly developed chemical products. The substitutes of herbal medicines are vastly western chemical medicines. We can see that Haw equivalence is actively responding to the challenge of chemical medicines. However, the lively pharmaceutical companies are very strong, and their products are much competitive on the whole. Therefore, the threat of substitutes is medium.1.2.3 Bargaining index of BuyersThe products of healthcare div ision are mainly traditional Chinese medicine cover and its related products, as well as muscle rub, spray and gel (Hoovers, 2011). As the products are generally medications for daily use, the bulk of buyers are individual consumers. Hence, the buyers negotiate power is weak. However, if the buyers multitude is large, for example, wholesalers or retailers, the bargaining power of buyer could be moderate or high (ME Porter, 2000).1.2.4 Bargaining Power of SuppliersDue to Haw equalitys broad product lines, it would have contracted with vast suppliers for the procural of various crude materials. The main ingredients are coarse Chinese medicines (Alternative Health Supplies, 2005). The company whitethorn choose from a wide trudge of suppliers. In general, bargaining power of suppliers is low.1.2.5 Industry CompetitorsHaw comparison has distinguished itself from small and medium size medicine oil businesses by its branding and broad marketplace distribution, yet it is still invol ved in intense rival with business of comparable market cope, for example, Biosensors International and Sun Pharmaceutical Industries Limited which is a main enemy both in Asian and American market. In 2010, Sun Pharmaceuticals deal with taro plant Pharmaceutical Industries shape uped Suns dermatology and topical products in U.S which might deeply affect Haw pars extension market. Generally rivalry among existing firms is high (Hoovers, 2011).1.3 Competitive Strategies Michael Porters tether Generic Strategies The general global economic climate took a favorable turn in 09-10, boosting the consumer confidence. On the other hand, the competitive environment of the business is challenged by the intense disceptation and rising costs (PM Danzon, 2000). To enhance the performance of the business, Haw Par had responded by introducing more products that will appeal to a larger pigeonholing of consumers and by conducting more intensive marketing (Wee Cho Yaw, 2010). The generic str ategy choose by the business is focus differentiation. The business focused on selective markets and products to raise entry barrier.For example, Haw Par launch a new product in 2011Tiger Balm Active Muscle Rub which focused on a certain buyer segmentsporting enthusiasts. It in any case endeavored to distinguish itself by branding as well as adding uniqueness and value to products. One such example comes from Tiger Balm Medicated Plaster, a product with combined functions of energizing body and relieving pains. To do branding, Haw Par outgrowthd popularity by sponsoring in the public eye(predicate) events such as marathons in Singapore, and advertising in national magazines in America (Haw Par, 2010).Besides, it as well as undertook complaisant responsibility by contributing to charities, such as organizing the fundraising event The Tiger Balm Record resound which supported the Society for the Physically Disabled (Haw Par, 2010). This focus differentiation strategy helped lo wer the degree of substitut ability of other companies products and reduce the level of competition.1.4 Top Three Business RisksThe top risk was the intense competition from existing companies, as this would directly affect the percentage of market share owned by Haw Par, and hence its profitability. The second risk was the rising cost of raw materials, which was also an industry-wide problem that might bound a companys development. another(prenominal) risk was the failure of compliance with regulations, which had only emerged in the US market, but certainly reflected defects in Haw Pars internal control.1.4.1 Intense Competition from be CompaniesHaw Par Corp Ltd baptistry up strong competition from a number of multinational corporations. gibe to the Competitive Landscape Singapore, in 2011, Haw Par ranks the third in the healthcare sector for market capitalization. The companies listed in Appendix 1 are the major competitors of Haw Par healthcare Limited in Singapore. Beside s, although Haw Pars healthcare products were distributed to 150 countries via 70 distributors, it still faced high risk from competitors which could render its market share shrink in the health-care area (Haw Par, 2010).To mitigate this risk, Haw Par managed to boost its market shares done improvement of Tiger Balm brand by advertising, sales promotions and the extension of manufacturing line. Another strategy adopted was to diversify product line to broaden customer choices so that consumers would be more likely to choose Haw Pars product and hence this risk would be minimized.1.4.2 join on in Costs of Raw MaterialsDue to upwards general inflationary pressure, unit price of herbal materials for traditional Chinese medicine was expected to rise. Haw Par also expressed serious concerns in its annual report on rising costs of raw materials and operating activities that would erode its profitability in healthcare sector. This would be one of the reasons why gross profit slipped 3.52 % speckle net profit emergence 88.50% in 2010, compared with 2009. To neutralize the detrimental impact, Haw Par put emphasis on expanding its product portfolio to give for more customers (The edge, 2011).1.4.3 Failure to Comply with Regulations and ProvisionsWhen Haw Par was expanding its market in foreign countries, it faced challenges in conforming to the different regulations and standards. For example, an inspection on Haw Pars manufacturing facilities by FDA, observe significant violations of Current Good Manufacturing Practice regulations for finished pharmaceuticals (FDA, 2010).Failure of conforming to regulations would pose a probable threat of being banned in specific markets, which would negatively affect revenue, brand image and social acceptance. To mitigate this risk, Haw Par shall immediately review the unqualified production and procurement practice while proposing appropriate remedies. Furthermore, Haw Par shall also seek prospect to make appeal to the publi c so as to restore and conserve its corporate image.1.5 Value Chain Activities Primary Activities1.5.1 Inbound LogisticsFor Haw Pars health-care segment, inbound logistics contains vigilance of raw materials, inscription control, warehousing and even subjects to suppliers. Efficient inventorying commission system is an essential part in boosting profits for Haw Par, by enhancing efficiency and thus trim back disbursals.1.5.2 OperationsIn the operating process, value is created finished transforming the raw materials into final products. Unfortunately, Haw Par Healthcare was warned by FDA about mislabelled products and inadequacies (FDA, 2010). In this case, Haw Par failed to show itself to be capable to detecting probable impurities. Therefore Haw Par Healthcare should improve its testing and packaging operations, so as to control its product quality to conceptive incumbent market position (CBS Interactive, 2010).1.5.3 Outbound Logisticsthough possessing a oecumenic d istributing network covering 70 countries, Haw Par continued expanding its markets. Nevertheless, Haw Pars healthcare manufacturing facilities were centralized in its major markets, so as to reduce the costs and improve the overall efficiency.1.5.4 trade and SalesHaw Par focused on marketing activities to boost sales and build brand image, as discussed in competitive strategies. According to the General Manager Ah Kuan Han, Haw Par would intensify lusty advertising activities to enlarge consumer bases (The Business Times, April 1st 2010). According to the horizontal analysis of income statement, the sales and marketing expense increase by 6.00% in 2010. Furthermore, with the already widespread fame, Haw Par was striving to expend its market in UK, America, Caribbean and other parts of world through its comprehensive marketing and sales strategies (The Business Times, 2009).1.5.5 supporterHaw Par has built the Tiger Balm website to facilitate serving its customers. The website pro vides a wide range of information about its products. Haw Par also provides experience sharing service on its website, through which past users can share their experience with others.1.6 Value Chain Activities Support Activities1.6.1 General AdministrationA strong and effective board of directors would bring Haw Par to success, by supporting the whole Haw Par Corporation through the activities including planning, general management, risk management, and so on. Good management and information systems would increase operating efficiencies as well as improving the companys image.1.6.2 Human Resource worryHaw Par has been recruiting a large pool of staffs. More significantly, Haw Par emphasized on maintaining high quality employees, as evidenced in its advertisement of hiring o-level and above diploma holders as lab technicians. (Jobstreet.com, 2011)1.6.3 Technology DevelopmentHaw Par has been actively engaged in technology development, indicated by its insertion of line extensions on a slate of new products that would address lifestyle needs of modern consumers (Haw Paw, 2010), which would secure Haw Pars long term competitiveness in the market. Yet Haw Par shall continue its efforts in innovation to further strengthen market power and improve efficiency.1.6.4 ProcurementAs the ingredients of Haw Pars product are mainly traditional herbs supplied from China, India and Malaysia, the cost of materials from these suppliers is relatively low. However, the procurement activity still needs to be further alter. As mentioned above, Haw Par received a warning letter from FDA which identified a problem of unqualified suppliers. Thus, apart from outsourcing cheaper raw material from suppliers, Haw Par should keep monitoring its suppliers regularly to ensure reliability.2.2 Financial Ratios AnalysisThe following sessions will esteem the profitability, liquidity (including operating efficiency) and solvency of Haw Par in 2009 and 2010, and account for any substantial fl uctuation emerged, through analyzing relevant financial ratios respectively. One of Haw Pars major competitors Sun pharmaceutical industries Ltd. is also referred to for comparison.2.2.1 Profitability AnalysisRatios adopted here include net profit margin, gross profit margin, return on assets, return on integrity and earnings per share. The net profit margin of Haw Par nearly doubled from 46.10% to 86.90%. Such a rise is aligned with the increase in sales revenue from $124m to $130m, mainly receivable to the recovering global scrimping. As the International Monetary Fund (IMF) stated, the world real GDP growth is 1.4% and 2.5% for 2009 and 2010 respectively, while for Asian countries the growth was estimated to be 5.5% and 7.0% (Michael Mussa, 2009). As an Asian company, Haw Par has benefited greatly from the economic recovery.However, the gross profit margin displays a slight decrease from 58.25% to 56.20%. This can be partially attributed to rising material costs and operatin g expenses. Haw Par reported a 7.51% increase in costs of sales while Sun Pharmaceutical reported a 28.3% rise in the costs of sales. Consistent with the trend shown in profit margins, the return on assets, return on equity and earnings per share ratios are also nearly doubled, owing to a better economic environment.Though the total assets and owners equity increased due to the market expansion in America, the increase is insufficient to commencement the effect of a strong rebound in net income. In short, ratios concerning the profitability manifest a rising trend, and thus we conclude that Haw Pars profitability has improved from 2009 to 2010 by tapping the opportunity of the warming global economic climate. It also outperformed its competitor, Sun Pharmaceutical, which reported an 8.62% fall in income from operation in 2009-2010(Sun Pharmaceutical, 2010).2.2.2 Liquidity and Efficiency AnalysisRatios adopted here comprise of current ratio, expeditious ratio, assets and fixed asse t turnover, inventory and receivable turnover, average days in inventory, and average days of receivables. Quick ratio and current ratio are used to assess groups ability to pay the current liabilities due within one year. The current ratio of Haw Par dropped from 12.57 to 12.09 because of the fair value losses in its investment in United Overseas Bank Limited and disposal of available-for-sale financial assets (Haw Par, 2010).However, the quick ratio, a more stringent measure on liquidity, indicated a rise from 2.70 to 3.31. The contradictory result is actually excusable on the basis of the very reasons just mentioned. Due to an increase in exchange and net accounts receivable, the quick ratio increased, it can be concluded that Haw Par demonstrated a greater potential in meeting its short term bond obligations. The assets turnover and fixed assets turnover ratios assess the groups ability to generate revenue for each dollar invested in assets and fixed assets respectively. Haw Pars assets turnover experienced a slight drop from 0.07 to 0.06, while its fixed assets turnover increased from 2.73 to 2.91.Possible explanation would be the groups heavier investment in subsidiaries and inventories, which increased the total assets, resulting in lower asset turnover ratio. Since the fluctuations on both indicators are insignificant, it is unconvincing to say that Haw Pars management efficiency improved. The inventory turnover ratio and average days in inventory assess how fast the company is selling its inventories. From 2009 to 2010, the inventory turnover declined from 8.19 to 7.41 and average days in inventory lengthened from 44.59 to 49.29. This is attributed to a 52.30% increase in inventory.These two indicated that Haw Pars inventory management became less efficient. However, Haw Par might have accumulated inventory purposely to counteract the negative impact of rising raw material costs. The receivable turnover and average days of receivables both indicate d the improved efficiency in collecting receivables. While the receivable turnover rose from 6.17 to 6.99, the average days of receivables uncivilised accordingly from 59.20 to 52.23 days. It is discussed earlier that sales revenue increased sharply.Besides higher sales revenue, another factor accounting for this may be a better economic situation under which fewer customers face liquidity problem. In all, though its current ratio decreased slightly, Haw Par still retains its ability to cover short-term debt. However, there is still room for Haw Par to enhance its operating efficiency. It may improve the inventory and receivable management system to boost its business performance.2.2.3 Solvency Ratio AnalysisRatios adopted for solvency analysis are debt to assets and cash acquisition. The debt to asset ratio reflects the degree of reliance on creditor finance. Haw Pars debt to asset decreased from 0.047 to 0.045, indicating Haw Pars improvement of financing strategy by financing mo re on equity. Two thinkable explanations for that change may be (1) Sufficient cash flow allowed Haw Par to rely less on loans. (2) The promising trend in economy helped restore confidence of shareholders who in turn invested actively, as evidenced by the rise in share capital. The cash acquisition ratio nearly doubled from 5.92 to 9.40.The numerator, net cash from operation, plummeted by more than half however, the denominator, cash paid for PPE, fell more dramatically by two thirds. The two fluctuations as a whole resulted in a rise in cash acquisition ratio, giving a appointed indication on Haw Pars solvency situation. As the two ratios suggested, it seems plausible that Haw Par has improved its solvency. However, its competitor Sun Pharmaceutical, with the debt to assets ratio of merely 0.026, has outperformed Haw Par in solvency. It is still possible for Haw Par to improve further.3. CONCLUSIONTo conclude, though benefited from the overall economic recovery, Haw Par was also surrounded by risks and challenges in the competitive environment. However, it has been actively engaged in product innovation and adopted pertinent strategies, especially in marketing sector. Haw Pars responses were fairly effective in tackling the above-mentioned problems, as proven by its successful financial year.So far, Haw Par has been tapping the benefits of economies of scale, enjoying the opportunities in the emerging Asian market and taking advantage of the global economic recovery. Yet in the shakeable market where the barrier to entry is minimal in the long run, Haw Par should continue to turn over hard so as to maintain its competitiveness in the ever-changing business world.