The Merchant Of Venice :: Free Merchant of Venice Essays

The Merchant of Venice      The playgoers of Shakespeare's occasions, a fruitful dramatization was one that joined an assortment of activity, alongside a blend of refrain and exposition in the language utilized. This assortment was accomplished, and character and climate was summed up. Present day writers will in general depict their characters in detail in the stage bearings, leaving next to no for the peruser to find. Be that as it may, Shakespeare's portraying of a character is scant. As a rule, when perusing Shakespeare's work, the crowd needs to recognize the character of the character by the character's activity in the play, relationship towards different characters in the play , and above all the character's way of discourse. The greater part of the occasions, the entries are of extraordinary wonderful excellence examining love, emotional talks loaded up with grandiloquence, silly addresses, and fiendish pleasantries.      Passages of incredible wonderful excellence talking about adoration are exceptionally basic in the entirety of Shakespeare's writings. For instance in The Merchant of Venice, before Bassanio is going to choose the right coffin, he is asked by Portia to postpone his choice in the event that he fizzles. Anyway Bassanio wishes to proceed. Portia:      I supplicate you hesitate, stop a day or two      Before you danger, for in picking incorrectly      I lose your organization. In this way hold back for some time.      There's something lets me know (yet it isn't love) I would not lose you, and you know yourself      Hate consels not in such a quality.      But in case you ought not comprehend my well-      And yet a lady hath no tongue however thought-      I would detatin you here some month or two      Before you adventure for me. I could educate you      How to pick right, however then I am renounced.      So will I never be; so may you miss me;      But on the off chance that you do, you'll make me wish a transgression      That I had been renounced. Beshrew your eyes!      They have o'erlooked me and separated me;      One half of me is yours, the other a large portion of yours-      Mine own, I would state, yet on the off chance that mine, at that point yours,      And so all yours! O, these underhanded occasions      Put bars between the proprietors and their privileges!      And in this way, however yours, not yours. Demonstrate it thus,      Let Fortune take a hike for it, not I.      I talk excessively long, however 'tis to bits the time,      To squeeze it, and to coax it out long,      To stay you from political race. Bassanio:      Let me pick,      For as I am , I live upon the rack.  â â â â This affection discourse among Bassanio and Portia before he picks is loaded up with rich undertone. They are both individual and receptive to one anothe, and they see each other in a flash.

Court Issues

The criminal equity framework has changed colossally throughout the decades thus has society. It is significant that the court framework make changes to stay aware of the occasions. There are portions of the court framework that should be distinguished to have these progressions happen. One of these regions is how courts are overseen including their issues and goals. Another pattern that has developed is victims’ rights. Casualties would now be able to intercede in the cases before condemning. Later on, courts could lose cases to assertion and intercession otherwise called the private segment of the courts. Understanding these progressions and issues are significant so the courts can relate with the patterns as they happen. The courts are a significant bit of the equity framework. So as to meet the spaces of the criminal equity framework the courts develop with the new procedures and patterns as they occur. Underneath the passages will break down and investigate future administration issues managing mechanical developments and how the new innovation is affecting the courts. Alongside how victims’ rights are affecting the courts. One of the fundamental issues that the courts are looking later on is the conceivable division between the private law part and the courts. The mechanical advancements additionally impacts the courts staff and judges. Present and future patterns confronting the courts and executives One of the issues confronting the court framework today is judges can't see numerous cases on account of their authoritative job. Judges invest most of their energy â€Å"papering financial plans, planning cases, regulating representatives, and keeping up court records† (Robinson, 2009, pg. 208, para 5). The town hall employee’s cooperate getting cases administered as fast as could be expected under the circumstances. A portion of these cases are excused before being seen due to what number of cases there are. Huge numbers of the minor cases are supplication bartered so the more genuine cases can be seen. In doing this the adjudicators and the courts have more opportunity to spend on the intense cases, for example, murder cases. The court framework needs to make alterations because of the numerous cases that they have getting through the courts and they could never made up for lost time due to the way that there are numerous individuals having run in with the law implementation. Another difficult that courts are confronting today is the lopsidedness of intensity. In the court today the investigators have more force in light of the fact that there are the ones that choose if there will be charges recorded against somebody. This implies if the investigator doesn't arraign a case the adjudicator and guard lawyer will have nothing to do with the result of that case. One previous United States Attorney General has expressed â€Å"the examiner has more authority over life, freedom, and notoriety than some other individual in America† (Robinson, 2009, pg. 209, para 4). The force that the adjudicators have has been decreased in view of the progressions in condemning and rules. The obligatory condemning laws has given investigators the expansion intensity of indictment power over cases and how they are discarded. With the force that investigators have the equity framework is being undermined. In the event that the law was as yet equivalent the safeguard lawyer would have the assets they have to support the litigant. The resistance lawyers have overwhelming caseloads on the grounds that they work for the administration and their assets are restricted that they can get to. Issues and patterns with respect to language translation administrations All through the United States people depend on the court framework to comprehend issues and contentions in their lives. Language boundaries between an individual and the courts cause the procedure to get postponed on the grounds that it causes correspondence and getting issues. At the point when an observer is on the stand affirming that communicates in an alternate language that mediators need to comprehend what the observer is stating so they can convey their actual significance of their announcement. The United States acknowledges a wide range of foreigners and the method of conveying. One of the crucial rights that the United States has is to perceive the significant motivation behind why outsiders go to the United States, â€Å"in our country’s confidence in equivalent equity for all, however to have equivalent equity, each casualty, each witness must comprehend what's going on in the courtroom† (Board of Directors, 2007, pg. 3, para 2). With the expanding populace of outsiders that don't communicate in English is making it harder to suit for individuals on the grounds that the courts need to ensure that the translator completely comprehends the language and can decipher what the observer is stating. New York courts utilize roughly 300 full and low maintenance court mediators, and 1,200 translators on the routine set of expenses bases, to offer types of assistance in more than 100 languages† (Board of Directors, 2007, pg. 4, para 2). The multi-faceted kind of correspondence makes it harder for mediators in the courts in light of the words mean ing various things in the various societies in the United States. A mediator of the courts likewise needs to comprehend lawful wording and methods of the social substance that impacts all people engaged with the case. Mediators will prevail in their occupations in the event that they can pass on what the speaker is importance to state without changing the articulation or tone of the speaker. There are three sorts of deciphering, which are; back to back, synchronous, and sight. Successive deciphering is the point at which the mediator trusts that a gathering of words will be verbally expressed before they decipher information disclosed. Synchronous is the point at which the translator tunes in and deciphers in an alternate language simultaneously. The latter is sight and this is when translators read one language and interprets it so anyone might hear in another. Language understanding administrations is a perpetual segment in the criminal equity framework with the goal that the protected rights prerequisites are meet for all people. Courts are currently required to choose a mediator when litigants and witnesses don't communicate in English for a situation. Effect that casualty rights laws have on court procedures (past, present, future) Thirty years prior, victims’ rights didn't exist. The casualties were not told about the courts preparing or if the case was dropped and the respondent was discharged. Today, every state has a broad assemblage of fundamental rights and insurances for casualties inside its legal code† (Office for Victims of Crime, 2013). Activists talked about altering the Constitution of the United States to perceive victims’ rights resolutions in the criminal equity procedures. It was not until 1982 that a President’s Task Force on survivors of wrongdoing recommended for the Sixth Amendment of the Constitution to be corrected with the goal that casualties are remembered for the legal procedures. California was the main state to receive the sacred revision in 1982 and before the finish of the 21 century 49 states passed the victims’ Bill of Rights and this gave casualties advantages and alternatives for their situation. Two presidents upheld the correction of the constitution toward the finish of the 21st century. The correction gave casualties the option to get data, insurance, and compensation from the guilty party. This additionally gave the casualty the option to communicate their perspectives on condemning, bail, and parole. Victims’ rights has progressed significantly sense the mid 1970’s and will keep on changing as it needs as well. There are a few issues confronting the courts and courts chairmen framework today. The examination above talked about these issues and offer data to help the discoveries. The data of future administration issues and patterns in regards to language understanding was talked about in the investigation. The past, present, and future effect of victims’ rights laws on the court continuing were examined in detail.

Tolstoys Macaroni and Cheese and Other Recipes from Classic Authors

Tolstoys Macaroni and Cheese and Other Recipes from Classic Authors Its not unusual to find a contemporary author that includes recipes within a books pages (see Sarah McCoys The Bakers Daughter)  or to even publish an entire cookbook (see Patricia Cornwells  Food to Die For). Authors share recipes and food photos via social media. We see how food affects their writing, and we pick up some great tips for the kitchen or restaurant recommendations. This is just one of the many ways that we connect with authors today that just wasnt an option before. Its a good thing, then, that we have access to the letters and journals and recipe cards of the great authors like this recipe from Leo Tolstoy for Mac N Cheese  (via the fine folks at Open Culture). When I saw that link reposted over the holidays, it got me wondering what other great recipes I could find out there from some of our favorite authors.  Take a look: Emily Dickinsons recipe for coconut cake (via NPR) Allen Ginsbergs Summer Borscht (via The Allen Ginsberg Project) Beatrix Potters recipe for Gingerbread (via The Kitchn) Ernest Hemingways Wild West Hamburger (via Saveur) Theres also    Sylvia Plaths Tomato Soup Cake (via The Guardian) and  George Orwells unpublished essay on British Cookery, including recipes for a Christmas Pudding, Treacle Tart, and other British delicacies (via UCL Library Special Collections). On my little trip down this particular literary rabbit hole, I also discovered a super-cool blog called Paper Salt that attempts to recreate and reinterpret the dishes that iconic authors discuss in their letters, diaries, essays, and fiction. Its definitely worth checking out. ____________________ Follow us on Pinterest for drool-worthy covers, Book Fetish-y lit swag, bookish inspiration, and more! ____________________ Book Riot Live is coming! Join us for a two-day event full of books, authors, and an all around good time. Its the convention for book lovers that weve always wanted to attend. So we are doing it ourselves.

Being A Hearing Impairment Problem - 962 Words

The world is full of people but all people are not same in terms of fate. That is why some are physically and mentally fit while others are not lucky in this regard. The ones who are having any kind of disability are considered as special and that is why special treatment should be given to them so that they can be able to live their lives in an adequate manner. The disable persons especially children tend to face so many problems. If the child is deaf then he will have to face harsh behavior of the other children because neither he is able to express what he wants to say nor he is able to understand what others are saying. This document deals with the problems of Michael who is a five years old child and is having a hearing impairment problem. The document will discuss those strategies which are necessary to be implemented in order to support Michael in a school setting. In addition to this, it will also be discussed that in what ways Michael can be able to bridge the social and cul tural gap (Javier, 2005). Hearing Impairment: According to Individuals with Disabilities Education Act (IDEA) deafness or hearing impairment is defined as the inability of an individual to understand the verbal language due to inability to hear. According to this definition, Michael hearing problem has also affected his ability to understand the verbal language. The reason is that when the lesson is taught to the students, they tend to understand only if they are listening to what has beenShow MoreRelatedSensori-neural Deafness Essays581 Words   |  3 PagesThe cause of hearing impairment has various forms. Such as, a fault in the genetic blueprint, if one chromosome from either parent is damaged. This is the main cause of a child having it before birth. Deafness can be caused at any stage of life. Birth injury where the brain or the nerve leading to the brain may get damaged causing an impairment. Also if the health of the mother is affected during the pregnancy. It may lead on to problems such as hearing impairment to theRead MoreEssay on Factors that Influence Development in Children1081 Words   |  5 Pagesalso be affected during pregnancy. A mother’s lifestyle can also have an effect. Smoking, consumption of alcohol, infections picked up, stress, anxiety and diet can all influence the development of a child before birth. Factors such as being born premature or being injured during birth can also affect progress. After birth there are various aspects which can affect children and young people’s development. These include: Health Status A combination of genetics and other factors can affect a childRead MoreThe Effects Of Hearing On Children With Disabilities1453 Words   |  6 Pageswho have impairments that substantially limit a major life activity, have a history or record of a substantially limiting impairment, or are regarded as having a disability. Deaf people are limited in some functions because of an impairment of hearing. The Center for Disease Control and Prevention (CDC) reports â€Å"deaf† individuals do not hear well enough to rely on their hearing to process speech and language; some individuals with mild to moderate hearing impairments may be â€Å"hard of hearing† but areRead MoreWhat Causes Hearing Impairment1064 Words   |  5 Pages Hearing impairment results in a considerable degree of impact in education, occupation and other aspects in life. Because of lacking normal hearing as an important way to absorb information from the outside world, communication usually become fru strated for hearing-impaired students when interact with their peer. They showed lower self-awareness, self-management, frustration tolerance and impulsivity in their characteristics. Therefore, it is common to see emotional and social behavior difficultiesRead MoreEffective Communication in Health and Social Care Essay1372 Words   |  6 Pagesauditory impairment or a disability. In order to over come these barriers there have been many advances in the strategies that can help in situations where the communication is not effective, a strategy is a method or a plan that can help someone or something succeed in achieving a goal or result. There are various strategies that can be used to overcome a barrier in communication, the first I will be explaining is a hearing aid and as the name suggests it is an aid for hearing. Hearing aids areRead MoreDeaf Studies And Deaf Education1736 Words   |  7 Pageslook back to the mother for reassurance. Again, we see studies that indicate that the hearing capabilities of the child are valuable at least in examining the child’s responses, if not in creating the stimuli that the child is responding to in the first place. In their work published in the Winter, 2005 Journal of Deaf Studies and Deaf Education, Weisel and Kamara examine the effect of deafness and hard of hearing (D/HH) on Attachment in young adults. They write: In combination with the auditory aspectsRead MoreSensorial and Mental Handicaps 988 Words   |  4 Pageslearn how to go about their life in a completely different way. Such things like eating, getting dressed, and even doing your favorite hobby begins to be affected. When visual impairment comes into play many people wonder how they will continue to live their life without being able to see the wonders of the world. Not being able to hear may lead many to not knowing the joy of listening to music. Many challenges must be faced once a sense is lost and knowing that you have to keep living without somethingRead MoreCerebral Palsy : The Most Common Motor Disability970 Words   |  4 Pageslive with. The term cerebral refers to the brain and palsy describes any disorder that impairs control over body movement. Cerebral Palsy is caused by damage to the brain before, during, or after birth. Therefore, this disorder is not caused by a problem in the nerves or muscles. Sadly, there is no cure for cerebral palsy but advances in technology have really made an impact on how to manage it. It is best to seek early intervention if you notice any type of developmental delay from your child toRead MoreSocio Demographic Profile And Nutritional Status Of Hearing Impaired1594 Words   |  7 Pagesstudy : SOCIAL SCIENCE Title : SOCIO-DEMOGRAPHIC PROFILE AND NUTRITIONAL STATUS OF HEARING IMPAIRED (DEAF) ADOLESCENTS Abstract Health status of a population is a significant indicator of human development. Like mortality, disability being a potential measure of health status of population has not received much attention in research particularly in the developing countries. Hearing impairment refers to both complete and partial loss of the ability to hear and research in theRead MoreThe Topic Of Specific Language Impairment1572 Words   |  7 PagesThe topic of Specific Language Impairment (SLI) has been debated throughout the field of speech language pathology for various years. It is a topic that has been researched to a limited extinct and is continued to be a mystery for professionals within the field. To further the controversy as to what is considered an SLI, many professionals debate whether a person who utilizes sign language can be diagnosed with this disorder. The disorder becomes even more complex when the question of assessment

Jane Eyre the Main 5 Gothic Elements Essay - 826 Words

Charlotte Brontes ,Jane Eyre, is considered by many to be a Gothic novel. There are many elements to Gothic literature. However after much research, I have come up with the five main characteristics that define every Gothic novel. First, there is always a helpless victim who is usually a female. Second, there is a cruel and evil victimizer/ villain/ torturer. Third, the victim is imprisoned or trapped within impenetrable walls such as a castle or a mansion. Fourth, there is a sense of mystery, darkness, suspense, loneliness, horror, and other similar and related feeling in the atmosphere. Fifth, the occurrence of supernatural events. All five of these characteristics are portrayed in Jane Eyre. In Jane Eyre, Jane Eyre herself is the†¦show more content†¦After that, Janes life wasnt as bad. At Thornfield, Mr. Rochester, the house owner, liked to tease her. Also, it was dangerous living in the same house as his insane wife, Bertha Mason, but it was OK. Through out the book, J ane moves from place to place. The atmosphere also changes. However, for the most part, the atmosphere is mysterious, dark, and depressing. As a young girl, she is trapped in Gateshead. Her life as a child is sharply defined by the walls of the house. She is not made to feel wanted within them. The walls of the Red Room, where she is locked up for days for bad behavior, become her world, not just those of the house. The atmosphere during that part is lonely, cruel, and unloving. Then she is sent away to the all girls orphanage Lowood School, a serious place of misery and poverty. Lowood is bound by high walls that defines Janes world. Except for Sunday services, the girls of Lowood never leave the inside of those walls. The atmosphere is full of sadness, misery, loneliness, gloom, and all kinds of depressing feelings. Being trapped / imprisoned and those dark, gloomy feeling are an important element of every Gothic novel. Another important element to every Gothic novel is the occurr ence of supernatural events. The first supernatural occurrence was when Jane was imprisoned in the Red Room, where she watched her uncle take his last breathes. After she was in the room for a while, she thought she saw the ghost of her dead UncleShow MoreRelatedHow Narrative Techniques Are Employed Within Jane Eyre1720 Words   |  7 Pagesnovel Jane Eyre Throughout Jane Eyre, Bronte incorporates narrative techniques to emphasise certain points and to keep the reader’s attention. In the first few chapters of the novel we are introduced into the world she is surrounded by, with the use of very descriptive imagery, with a gothic element also incorporated for the audience to obtain a grasp of Jane’s situation. As the nature of the book develops and unravels, frequently used devices such as the incorporation of a gothic element is seenRead More The Power of Great Expectations and Jane Eyre Essay example2110 Words   |  9 PagesThe Power of Great Expectations and Jane Eyre      Ã‚  Ã‚   Many novels have been written in many different eras. Each era has its `reform novel or piece of literature, or pieces of work that broke the mold. For the Greeks, it was Homers Odyssey; for the Renaissance, it was The Essays: Of Cannibals by Michel de Montaigne; for the Medieval era, it was Dante Alighieris Inferno. It was the same in the Victorian era, which ran from 1850 to about 1900. The reform authors were Charlotte Brontà «Read MoreJane Eyre : Women s Employment, And Marriage2055 Words   |  9 PagesJane Eyre is set in northern England during the early 19th century. The Industrial Revolution began in England during the 1700s, and by the time of Jane Eyre, it was in full swing. Although Charlotte Brontà « did not elaborate on these events in this novel, she does, however, illuminate three areas of importance: education; women’s employment, and marriage. Especially in the Victorian era women underwent many hardships behind the shadows of men and Bro ntà « uses Jane Eyre to bring these oppressions intoRead MoreThe Fall Of The House Of Usher, By Edgar Allen Poe1015 Words   |  5 PagesFiction and Horror genres, E.T.A Hoffman’s â€Å"The Sandman† is, in fact, a work of Gothic prose as it identifies with all of the classic literary elements of this genre and the epistolary form only aids in these elements. Gothic Literature embodies the elements of the grotesque, the unknown, death/decay, liminal spaces, and romance, â€Å"The Sandman† has many common elements throughout in likeness with other great works of Gothic fiction, including Edgar Allen Poe’s â€Å"The Fall of the House of Usher† and MaryRead MoreCause and Impact Analysis on the Main Character’s Suffering in Elizabeth Gilbert’s Novel Eat, Pray, Love7348 Words   |  30 Pagescontents of novel. Like the main character of a novel would be representation of human’s expression from the events of human life such their problem, struggle of life and conflict. They could not be separated from love, sacrifice, humanity and sorrow. We were able to appreciate human life and do out our problem concern with psychological, social, and others. The contribution of appreciation novel was the readers have to analyze for gaining the messages. Analyzed of main character would give us

Favorable Shocks For Bram And Brazil Case Study - 712 Words

Favorable shocks for LatAm and Brazil The high correlation between commodity price change and asset prices in Latin America is a well-documented fact. Against this backdrop, the recent upturn in the terms of trade for primary products following four years of sharp decline speaks of an increasingly constructive stance of international investors towards the region (Chart I). Getting the causation right, however, is a more daunting task. Conventional wisdom would posit that primary products are a material factor in the value-added creation process in Latin America, hence better terms of trade signify increased corporate earnings, higher ROICs, increased income, stronger GDP performance and a cascade of benign outcomes that increase asset†¦show more content†¦Commodity price shocks account for 77% of the real income variance in Chile.2 Domestic productivity shifts seem to be the most relevant factor causing real income shifts in Peru and Colombia (52% on average), although commodity price changes come at a respectable second place (42% on average). Brazil is an outlier, for the key drivers are local interest rates, domestic productivity and changes in global interest rates (U.S. Treasury bills), which explain 30%, 22% and 20% of real income variance, respectively. Intriguingly, world demand shocks that are not captured by the aforementioned variab les appears to be irrelevant in Latin America and that hints at the region showing asynchrony with global business cycles. Against this backdrop, the recent upturn in global commodity prices is good news for Latin American countries and should lead to an upward revision of expected economic growth. Presently, market consensus foresees a somewhat lackluster 2.5% average real GDP growth for the region from 2018 to 2022. Brazil warrants a more comprehensive review, though. Commodity price changes account for 27% of reported real income variance and improved terms of trade are surely a tail-wind. However, a much larger favorable shock has occurred. The Central Bank’s policy rate (Selic) fell 675 bps over the past 12 months and the impact of the monetary easing is still propagating through the

Graphs Representing Security Relationship -Myassignmenthelp.Com

Questions: What Do You Mean By Cyber Security? What Are The Major Effects Of Cyber Crimes? What Are The Challenges Faced During Security Breaches? What Security Measures Are To Be Undertaken For Securing Systems? Answers: Introduction In the modern world, there is always a problem regarding viruses and malwares which is the leading cause for all types of computational problems. For a long period of time, these types of problems were not noticed and unethical users continued their works. Until the recent discovery of the internet and the virtual world, various awareness methods have been undertaken to help secure the processes. Along with storing data from the internet, devices now-a-days could perform specific options with ease. This resulted in an increasing population of hackers who wanted to access this information along with get resources from these devices. This is the very definition of cyber crime. Research aims and objectives The main aim for this research is to explore the impacts of cyber security on the lives of common people. In addition, the aim of this research paper also includes the identification of the processes by which cyber crimes exist and the necessary steps that can be undertaken for mitigating them. The main objectives of the research paper are: To determine the impact of cyber security To determine the types of attacks which make up for cyber crime To influence awareness for addressing cyber security Research scope Awareness against cyber crimes are increasing in a rapid rate across the world. However, there are various devices being made generally which have security flaws and is the leading contributor for cyber crimes. This is the main scope of this research paper which utilizes the information available and then mitigates the problem associated with cyber security. It can be said that the scope of cyber security is a large portion and the mitigation strategies are a few which is mainly dependent on the hardware and the software of the systems. The attacks are usually targeted towards the underlying structures that provide facilities for communications, electricity and transport so that it can be possible to bring down the entire network and bring the place to a halt. Literature review Fraudulent tools and techniques are becoming easily accessible in the internet which is leading to an increase in the cyber crimes. Ransom wares are one such program which affects the integrity and the security of a system. These types of malicious software encrypt any files in a system. When the user of the system tries to open the file, a message is shown asking for payments. This is the most common type of attack considered in case of any ransom wares. These payments are doubled for each 6hours delay in payment (Gordon et al., 2015). As a result, the files and the system become un-recoverable. These programs mainly destroy the faith of a user for recovering the files so that a payment will be made. In addition the payment address is always in bitcoin such that it cannot be tracked. Cyber threats also arise due to multi-vectored attacks. This type of attack provides the attacker access to the various levels of an organization in order to provide information access. The scam of Leoni AG was a big example of multi-vector attacks which led to a loss of 40 million (Liu et al., 2015). Similarly, identity theft is another type of cyber crimes which involves cyber crime. This type of attack is usually followed by stealing identities from users. This not only helps them to get access to their financial accounts but also lets the attacker get access to various channels and does unethical treatments in place of the victim. According to a research that was conducted by Javelin Strategy and Research, it was seen that during the year 2014, 12.7 million customers lost around $16 billion due to the theft of identity. Cyber crime is constantly being committed by using internet and the computers by addressing the advancements in technology. These crimes are mainly due to denial of service attacks (Buczak Guven, 2016). In addition, botnets are also other types of malicious tools which help in hacking procedures. These tools and other malicious programs are mainly sourced from the underground black market which is the root cause for such actions. Threats and vulnerabilities The major threats in using these types of activities can range from large-scale impacts to small-case ones. Hackers get unethical access to systems which in turn lead to information theft. These hackers also try to act as spies where they sell all these information available in return for money or other resources (Cunningham Zissman, 2016). In addition, governments try to get information from these hackers regarding other countries. This results in an endless cycle of hacking related activities. Moreover, the attackers also do these activities for helping increase the level of warfare among nations. The attack that occurs mainly utilizes the vulnerabilities present in the operating system of the devices. As a result, the security breaches are mainly due to this reason. The main use of information systems result in the formation of a constant need for protecting the systems from attackers (Noel et al., 2015). In addition, inside jobs like employees having access to the systems can disclose the information related which will lead to potential threats. Impacts Attacks due to unethical access are mainly used to compromise the confidentiality and integrity of the system. These attacks are used to steal the personal information from various aspects including financial and physical resources resulting in gaining of various parameters which the victim is usually unaware of (Gil, Kott Barabsi, 2014). In a similar manner, the denial-of-service attacks are also will also be used by attackers to prevent access to the systems unless their demands are met. The impacts of cyber attacks can range from small-range attacks to large-scale attacks. The small-scale attacks can include disruptions in the general activities like hacking of phone or social media accounts (Holm et al., 2015). In a similar manner, large-scale attacks may range from disrupting the services in a large organization or causing massive data breach from a government agency. Figure 1: Cyber security awareness (Source: Ben-Asher Gonzalez, 2015, pp 55) Research design and methodology This section of the research paper includes an analysis of the research design methodologies that will be used in this paper. The method of collecting data in a sequential manner is known as research methodologies (Mackey Gass, 2015). The research methods are used to integrate various hypothetical issues and trial techniques which help in the selection of the accurate records to be used in the research. For conducting this research, the researcher has utilized various researching methods. In this research paper, the researcher has undertaken the positivism ideologies such that the research can be successfully carried out. In addition, the research approach is selected to be deductive in nature. Research philosophy The concept of gathering data and analyzing it is termed as research philosophy. The research philosophy consists of two different types of beliefs, the concepts of doxology and the concepts of epistemology (Taylor, Bogdan DeVault, 2015). Out of the three different types of research philosophy, interpretivism, realism and positivism, the researcher has applied the positivism philosophy for this research paper. This is mainly because in the positivism aspects, the research is conducted by using present information in the internet. As a result, a successful research is carried out by considering all the analyzed data. Figure 2: Research philosophy (Source: Silverman, 2016, pp 39) Research approach The research approach is defined by a set of methods which is utilized in case of detailed analysis of the information available from various sources. In addition, the detailed methods of analysis and collection are utilized in this section. As mentioned by Smith, (2015), the adopted research approach is the utilized for considering the nature of the problem. This approach is divided into two different categories. These are the data collection and the data analysis methods. The research approach is divided into two different types. These are the deductive and the inductive approach. However, in case of this research paper, the deductive approach is considered for analysis. Figure 3: Research approach (Source: Knobe Nichols, 2013, pp 42) Data collection methods The process of data collection involves collecting the information which will help in data analysis for the research paper. There are mainly two types of data collection processes. These are the primary and the secondary methods of collecting data (Mackey Gass, 2015). The primary method of data collection is utilized by conducting researches, surveys or other respondent related programs. Similarly, the secondary source of data collection is utilized in collecting information from journals, e-books or other web related sources. For the analysis conducted in this research paper, the secondary sources will be considered. Data collection methods For collecting the information from various sources, the researcher included various online informative sources. These are online journals which can be accessible from the internet. In addition, websites are also other sources of information which clearly depicts the need for addressing cyber security. Sampling and sample size In this paper, the researched have selected the simple random probability sampling processes. This process is defined by setting up equal probability such that all the files are chosen in a random manner. This helps in assigning the process of randomness to the sample sizes (Clemence et al,. 2014). The sample size includes the number of online sources that will be used for the analysis made in this research. Data analysis techniques This paper has included the qualitative data analysis methods. This type of research method is more focused on the quality of the information rather than the quantity of it. The interviews and observatory cases are considered to be a part of the qualitative data analysis. This information is considered to be descriptive and is usually comprised of images and objects. According to Clemence et al,. (2014), the qualitative data analysis is usually comprised of interpretive philosophies of the researchers. The qualitative data analysis helps in examining the complex questions that helps in answering the research based analytical perceptions. Variable specification For the conduction of research related to cyber security, there can be two different types of variables to be considered. One is the dependent variable and the other is the independent variable. The independent variable does not depend on any parameter while the dependent variable depends on the independent variable. In case of the impacts of cyber security, impacts are the dependent variable which depends on the issues in cyber security. Research limitations There are various research limitations which imposed problems while analysis. As the collection of the data is involved from other sources, there will be no ethical demands of these sources claiming for objections. This is the first limitation which is followed in case of the research. Another research limitation is the conduction of the data analysis process. The collection of information needed much time as data regarding cyber security is not easily to be found. Moreover, the various effects of the selective hacking programs can only be theoretically determined as the practical use cannot be done. Research plan Figure 4: Research plan (Source: Created by the author) Conclusion Thus, it can be concluded from the analysis conducted in this research paper is that cyber security is an important aspect. It is an important aspect which helps to utilize the various threats and vulnerabilities so that they can be fixed. This paper lists all the various types of risks associated to cyber security. In addition, the various types of attacks that can be possible are also covered in this paper. Moreover, this paper lists the research methodologies that are to be used for making a successful data analysis of the topic mentioned. Lastly, this paper also includes a discussion of the secondary data collection methods and the qualitative method of analysis. References Ben-Asher, N., Gonzalez, C. (2015). Effects of cyber security knowledge on attack detection.Computers in Human Behavior,48, 51-61. Buczak, A. L., Guven, E. (2016). A survey of data mining and machine learning methods for cyber security intrusion detection.IEEE Communications Surveys Tutorials,18(2), 1153-1176. Carr, M. (2016). Publicprivate partnerships in national cyber?security strategies.International Affairs,92(1), 43-62. Cavelty, M. D. (2014). Breaking the cyber-security dilemma: Aligning security needs and removing vulnerabilities.Science and Engineering Ethics,20(3), 701-715. Clemence, A., Doise, W. Lorenzi-Cioldi, F., (2014).The quantitative analysis of social representations. Routledge: Routledge. Cunningham, R. K., Zissman, M. A. (2016).Cyber Security Research at Lincoln Laboratory. MIT Lincoln Laboratory Lexington United States. Gil, S., Kott, A., Barabsi, A. L. (2014). A genetic epidemiology approach to cyber-security.Scientific reports,4. Gordon, L. A., Loeb, M. P., Lucyshyn, W., Zhou, L. (2015). Externalities and the magnitude of cyber security underinvestment by private sector firms: a modification of the Gordon-Loeb model.Journal of Information Security,6(1), 24. Gupta, B., Agrawal, D. P., Yamaguchi, S. (Eds.). (2016).Handbook of research on modern cryptographic solutions for computer and cyber security. IGI Global. Holm, H., Shahzad, K., Buschle, M., Ekstedt, M. (2015). P $^{2} $ CySeMoL: Predictive, Probabilistic Cyber Security Modeling Language.IEEE Transactions on Dependable and Secure Computing,12(6), 626-639. Hong, J., Liu, C. C., Govindarasu, M. (2014). Integrated anomaly detection for cyber security of the substations.IEEE Transactions on Smart Grid,5(4), 1643-1653. Kent, A. D. (2016). Cyber security data sources for dynamic network research. InDynamic Networks and Cyber-Security(pp. 37-65). Knobe, J. Nichols, S. eds., (2013).Experimental philosophy (Vol. 2). Oxford University Press. Knowles, W., Prince, D., Hutchison, D., Disso, J. F. P., Jones, K. (2015). A survey of cyber security management in industrial control systems.International journal of critical infrastructure protection,9, 52-80. Liu, Y., Sarabi, A., Zhang, J., Naghizadeh, P., Karir, M., Bailey, M., Liu, M. (2015, August). Cloudy with a Chance of Breach: Forecasting Cyber Security Incidents. InUSENIX Security Symposium(pp. 1009-1024). Mackey, A. Gass, S.M., (2015).Second language research: Methodology and design. Abingdon: Routledge. Noel, S., Harley, E., Tam, K. H., Gyor, G. (2015). Big-Data Architecture for Cyber Attack Graphs Representing Security Relationships in NoSQL Graph Databases. Silverman, D. ed., (2016).Qualitative research. London: Sage. Smith, J.A. ed., (2015).Qualitative psychology: A practical guide to research methods. London: Sage. Taylor, S.J., Bogdan, R. DeVault, M., (2015).Introduction to qualitative research methods: A guidebook and resource. New Jersey: John Wiley Sons

Amber Suites Inn Case Analysis Essays

Amber Suites Inn Case Analysis Essays Amber Suites Inn Case Analysis Essay Amber Suites Inn Case Analysis Essay Mene Kude Dr. Dixie Marketing 601 November 17, 2010 Amber Inn Suites, Inc. Strategic issues and Problem Identification The Amber Inns Suites, Inc. is a 250 property hotel chain, struggling with net operating lost since 2002, with fiscal year 2005 projected to be its fifth consecutive unprofitable year. The company has projected lodging revenue of $422. 6 million and a net loss of $15. 7 million for fiscal 2005. Joseph James, the company’s new president and chief executive officer, wants an hour presentation that describes initiatives, expenditures, and outcomes for the past two fiscal years, and a planned initiatives and budgetary needs for fiscal 2006. Mr. James goal for the company is to achieve profitability within two years. To this end, the V. P. of Sales and Marketing and the V. P. of Advertising has to corroborate on resource allocation in their respective budgets. The company would use growth in Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) as a corporate performance measure and a basis for determining senior management executive incentive compensation. It should be noted that EBITDA often disguises the financing effects of operations and allows allot of leeway in what is reported. This analysis looks at marketing strategies that best justify potential budgetary objectives that could lead to profitability. Industry Analysis The U. S. hotel industry recorded revenue of $113. 7 billion and grossed $16. billion in pretax profit in 2004. As of December 31, 2004, there were 4. 4 million hotel rooms in the United States. Approximately two-thirds of all U. S. hotel rooms were affiliated with a brand; the remaining one-third was independently owned and not brand-affiliated. Although companies such as Cendant Corporation, Marriott International, Inc. , Hilton Hotels Corporation, Inter-Continental Hotel Group, and Choice Hotels International, Inc leads the industry in having the most hotel rooms in the United States, the hotel industry is highly fragmented, with no one company dominating the arket. Though difficult to compare, hotel industry do have wide range of offerings and recognizable areas of distinctive competencies that allow for differentiated offerings. Generally, the industry can be divided into two main markets, full service hotels, and economic hotels. The full service hotels offer rooms and services that include restaurants for meals, bars and sometimes gymnasiums or spas. They range from luxury to low cost hotels differentiated not only by the facilities but in service levels that are offered. Economy hotels only offer a limited service, providing a room and few additional services such as a dinks machine and ice machine. They are generally lower in price compared to the full service hotels. The market is also divided into leisure travelers who are less price-sensitive and business travelers. The leisure market shows enormous rooms for growth as leisure travelers are only loyal to hotels that meet their respective needs. The September 11th event caused declined in profitability across the industry; while other organization within the industry eventually bounced back and reported profitable operations following improved economic conditions, Amber Inns Suites remain unprofitable. Organization Analysis and Positioning The corporate service mission of Amber Inn Suites, Inc. is to provide principally business travelers with clean and comfortable guest accommodations in convenient locations at reasonable prices. The company is positioned as a limited service hotel between economy hotels and full-service hotels. This positioning in the middle allows it to place its offerings in indirect competition with both full service hotels such as Holiday inn and Ramada inn, and economy hotels such as Red Roof and Motel 6. This positioning gives Amber Inn Suites a strong competitive advantage through differentiation of offering that can be seen as premium by some consumers and cost effective by others. Taking advantage of this competitive advantage will require a greater degree of investment in positioning and education of potential customers of the benefits for the offerings. Amber Inn Suites, Inc positioning has always been highly targeted at the business travelers with 80% of the travelers staying at the chains being business travelers. The business travelers market is more stable, less price sensitive and has less room for growth as full service hotels compete aggressively for their business. Amber Inns Suites locates its properties on premium sites, on major highways close to industrial, office complexes, and shopping centers for the most part in order to carter to its business traveler’s market. This excessive catering to business travelers leaves room for growth with leisure travelers. Overview of Past Performance In 2002 and 2004 guest profile, Average number of nights stayed on most recent visits improved from 2. 4 average nights to 2. 6. There are improvements in the likelihood of customer retention in the extremely likely and very likely category. 2002 sees an average of 81. 6% favorability rate and favorability rate of 84. 5% was recorded for 2004. There is an increase in the average number of occasions a guest stays at Amber Inn, from 9. in 2002 to 10. 8 in 2004. In spite of these increases, 2005 still sees a projected net operating lost. As such Amber Inns Suites have to rethink its strategic and make cost saving decisions like investments in technology so as to reduce direct labor cost. Improvement of energy efficient equipment could also help reduce utility cost. Another area of cut should be corporate employee compensation. Amber Inns Suites have to develop a ba lance that will streamline corporate compensation while retaining good talented employee. Alternatives The three areas that require immediate attention are as follows: First, allocation of media advertising dollars between the pleasure-vacation travelers and the business traveler market. Second, the frontier initiated of fiscal 2005, which have three objectives: (1) to increase overall occupancy in both guest rooms and suites, (2) to attract first-time guests, and (3) to increase the length of stay per visit. Third, use of weekend special as a replacement of the â€Å"free-night stay† promotion used in fiscal 2005. This promotion would be used to increase weekend occupancy that is currently at 60 percent. Marketing Initiatives and Outcomes Access to markets is an important element of the marketing mix. Although there are gradual movement to increase the commitment towards the leisure market, majority of the effort is still aimed at the business traveler. For example, hotels are in areas that are easily accessible by business travelers. The company recognized this and made marketing efforts to attract leisure visitors that are merely looking for a bed on their way to a place of interest. This was the underlying approach used in the â€Å"a place to stay while on the way† campaign that was launched in the Northwest Rockies area, which focused on the leisure market showing couples and families enjoying the amenities offered by Amber Inns as they travels in that area. This was a successful strategy, which lead to increased level of occupancy paving the way to the frontier initiated in fiscal 2005 ‘frontier areas’ of Texas. The 2005 inclusion of the internet marketing facilitated bookings with an estimated 20% increased in travelers making bookings on the internet will lower direct labor cost. Notably, an aggressive marketing strategy will help educate customers to identify their needs while paving ways for increase profitability. It is noted in the case that some business customers are not happy with the families using the hotels. This is regrettable and needs to be addressed. Future plans has to reflect the need of adapting to a new environment of technological innovation and core customer sensitivity, many of whom are loyal with average of about 10 visits a year with 66. 7% booking rate. 2005 Lodging Expenses |Direct Cost/rental room |28. 5 | |Room units |26500 | | Occupancy Rate |65% | | Room used |17225 | |Suite Units |3500 | | Occupancy Rate |75% | | Room used |2625 | |Total Room Used |19850 | |Total Unused Rooms |10150 rooms | 2006 Budget Plan The internet is cost effective and of increasing importance and has to be employed in developing the marketing plan for 2006. Placements of advertisements on web sites that travelers may frequent, effective listing of Amber Inn Suites link with search engines (like Google and Yahoo) and the use of viral and social networking sites should be leveraged. The company should use banner advertisements differentiate Amber Inn Suites focusing on quality and value of their offerings like accommodation for a reasonable price. Such efforts may lead to high retention of the core business market and an increase in the target leisure market. Many leisure travelers tend to travel on the weekend a time when business travelers tend to be at home. As a result, the promotions used to attract the leisure market will be focused in the weekend night, Friday – Sunday, with leisure rates prices that are competitive. Such offer will attract families on the weekends when there are fewer business travelers and will help to increase the occupancy rates of the hotels. The use of television advertising should be changed with the message that is more aligned to the branding and positioning of the hotel chain – a message that may appeal to both the business and the leisure market. The message should reflect quality rooms with a high level of reliability and value as well as good service. The use of increased levels of billboard advertising near the locations of the Inns, with similar message of value and comfort should be employed. Once there is a noticeable increase in occupancy rate, an increase in room prices of $1 or $2 per night during the week, should be considered. The level spent on research should be lower, but needs to be ongoing. My propose budget for 2006 are as followings. |Figure 1b Marketing and Sale Budget | |Sales Budget |2006 |2005 | |Sales reps |4,033,470 |3,841,400 | |Sales and marketing admin 525,210 |500,200 | |Sales Materials |15,965 |15,205 | |Travel |331,013 |315,250 | |Sales and marketing research |20,000 |60,000 | |Total |4,925,658 |4,732,055 | Figure 1a Advertising Budget Advertising Media Budget | | |Media |2006 |2005 | |Magazine |3,300,000 |3,236,240 | |Newspaper |3,800,000 |4,096,965 | |Outdoor |540,000 |519,700 | |Spot television |2,300,000 |2,340,266 | |Cable networks |1,000,000 |1,048,589 | |Radio |260,000 |257,740 | | Internet |1,700,000 |1,000,500 | |Total |12,900,000 |12,500,000 | Financial Performance of Amber Inns and Suites The increases in occupancy rate are counteracted by special offers culminating in a drop of in revenue between 2002 and 2005 projection. The rates for the room are well below the industrial average of $96 a night for business travelers and $89 for leisure traveler. For Amber Inns, the average daily rate has been only $57. 2, which leads to a revenue per available room of only $38. 60. With only a 79% occupancy rate there are a lot of empty rooms and revenue that can be realized with marginal costs; besides, the majority of the overheads are incurred whether the rooms are occupied or not. Increasing in revenues may help lower the overhead burden per room thus decrease contribution margin and increase net operating income. A projection for 2006 is included in the analysis below. Also, investment in technological upgrades will help lower both utility cost and labor cost culmi nating in my proposed 2006 projected income statement below. What is stated below indicates that cost cutting strategy most be employed. This means cutting cost from corporate conpensation expense, direct labor cost via the use of technology, and efficient use of utility as well as energing saving utility equipments upgrade. Amid streamlining cost will be the use of the various low cost promotional tools discussed earlier. Doing all of this wil increase occupancy rate, lower fixed cost over time, lower contribution margin, and bring net operating income above breakeven point. Figure-2 Amber Inn Suites, Inc. Consolidated Statement of Operations | | | | |2006 (proj) |2005 (proj. |2004 |2003 | |Lodging Revenue |$443,798 |$422,625 |$397,980 |$386,429 | |Variable Expense | | | | | |Direct Lodging Expense |$212209 |$211,239 |$194,887 |$192,069 | |Other Lodging Expense |$62462 |62,482 |54,672 |52,271 | |Sales, General Administrative Expense |$45635 |44,941 |39,029 |36,201 | |Total Variable Expenses |$320,306 |318,662 |288,588 |280,541 | |Contribution Margin |$123,492 |$103,963 |$109,392 |$105,888 | |Fixed Expense | | | | | |Depreciation Amortization |68,235 |70,135 |78,044 |69,190 | |Interest Expense |49,020 |49,520 49,786 |50,535 | |Total Fixed Expenses |$117,255 |$119,655 |$127,830 |$119,725 | |Net Operating Income |$6,237 |($15,692) |($18,439) |($13,837) | |Contribution Ration |0. 278261732 |0. 245993493 |0. 274868084 |0. 274016702 | |Dollar sale needed to attain a profit |$421,383. 85 |$486,415. 31 |$465,059. 45 |$436,925. 92 | Net Operating Income = Contribution Margin Total Fixed Expenses ontribution Ratio = Total Contribution Margin / Total Revenue Dollar Sales to break even = Fixed expenses/CM Ration Recommendations As discussed earlier, media advertising dollars should be increased for pleasure travelers. Although their core business is around business travelers, the opportunity for the most growth is with vacation travelers. Based on early projections, Amber Inns Suites will be 7. 9 percent than fiscal 2004 on occupancy rates. During the summer months, when there is increased family travel, the hotels should make an effort to segregate business travelers from families. This should lower the complaints from the business travelers. The frontier strategy should be kept in place. Based on industry reports, less than 30 percent of families stay more than two nights. This is an opportunity to increase a family stay and produce additional revenue when families do the most traveling. Finally, the weekend special should be initiated in fiscal 2006 as discussed in the earlier section. This special would require very little advertising cost and would potentially increase weekend occupancy. Beside, increased promotion for weekend special will have a spill over effect on the business market in that name recognition will be promoted. Also, some of the business travelers who stay may take there family there for a weekend together. Increase occupancy will also decrease contribution margin and sprread the overhead cost leading to net profit.

Free Essays on Are Grades Really That Important

Are Grades Really That Important? I remember taking a class in high school called â€Å"post war America†. I loved this class so much because it dealt with all the neat stuff that people went through after a certain war. I also remember the teacher giving me back mostly all C’s or D’s on all of the tests. This really ticked me off because some kids just can’t perform well at taking tests. I mean, I was a total geek in this class. I read every assignment, looked forward to doing the homework, and even studied because I enjoyed this class so much. Still, every time I got back a test, the grade was always â€Å"just passing†. I started thinking after seeing how no progress was getting done, and I began to wonder about the system of grades. Why are the majority of grades focused on test taking? Why aren’t grades on what a kid learned because of taking a class? It ended up that I made a â€Å"C-† in the class, and the class is still one of the best classes I have ever take n. I know the teacher probably thought I was a bull shitter trying to get my grade boosted, but I honestly learned something in that class. I learned that a grade is on a piece of paper because of a test, but the knowledge is stuck in your head because of what you made of the class. What is a grade? A grade is a letter or number that is sent to your parents to evaluate one’s overall level of ability in a class. What does that mean? Does that mean if Bobby runs out of time on a test because he is slow, he is going to get a poor grade for not finishing half the test? Or does that mean if Johny participates all the time and he completes all of his homework but he â€Å"freaks out† on tests failing them, that Johny should deserve a â€Å"D†? Or should Billy get a â€Å"B† because he has never done any of his homework, but he makes a 100% on every test or quiz that is laid in front of his face? I feel that all the grades given to the imaginary kids are hogwash. A student... Free Essays on Are Grades Really That Important Free Essays on Are Grades Really That Important Are Grades Really That Important? I remember taking a class in high school called â€Å"post war America†. I loved this class so much because it dealt with all the neat stuff that people went through after a certain war. I also remember the teacher giving me back mostly all C’s or D’s on all of the tests. This really ticked me off because some kids just can’t perform well at taking tests. I mean, I was a total geek in this class. I read every assignment, looked forward to doing the homework, and even studied because I enjoyed this class so much. Still, every time I got back a test, the grade was always â€Å"just passing†. I started thinking after seeing how no progress was getting done, and I began to wonder about the system of grades. Why are the majority of grades focused on test taking? Why aren’t grades on what a kid learned because of taking a class? It ended up that I made a â€Å"C-† in the class, and the class is still one of the best classes I have ever take n. I know the teacher probably thought I was a bull shitter trying to get my grade boosted, but I honestly learned something in that class. I learned that a grade is on a piece of paper because of a test, but the knowledge is stuck in your head because of what you made of the class. What is a grade? A grade is a letter or number that is sent to your parents to evaluate one’s overall level of ability in a class. What does that mean? Does that mean if Bobby runs out of time on a test because he is slow, he is going to get a poor grade for not finishing half the test? Or does that mean if Johny participates all the time and he completes all of his homework but he â€Å"freaks out† on tests failing them, that Johny should deserve a â€Å"D†? Or should Billy get a â€Å"B† because he has never done any of his homework, but he makes a 100% on every test or quiz that is laid in front of his face? I feel that all the grades given to the imaginary kids are hogwash. A student...

The aim of this assignment is to critically review and compare two Essay

The aim of this assignment is to critically review and compare two academic papers that present different perspectives on cultural geographies of nature - Essay Example For instance, it comprises of the earth’s geology and weather, energy and matter and other natural concepts in the world. In most cases, nature is taken to mean, the wilderness or natural environment. In this case, it comprises of beaches, forests animals, rocks and generally, the many things that have remained unchanged though human activities. These things also do not change despite the increased dynamism in human activities from one part of the world to another. It is important to note that human interactions and various manufactured objects are not usually considered as part of nature. These activities can only be grouped as part of nature if only they are qualified, for instance, human nature. This paper makes a comparison of how cultural geographies of nature have been explored by two research articles that have been made by people concerned about cultural management of geographical aspects. The paper examines the concepts of Spatialization of nature, according to how these two journals have explored its application. Additionally, it also makes a comparison of how relationships between nature and culture have been done in the two journals, as well as how time has also been explored. Spatialization of nature comprises of the effective combinations of various scientific and visual techniques having spatial metaphors in representing data, which cannot be described as being spatial according to nature. Some of the most familiar spatial ideas like direction and distance, arrangement and scale among others make up some of the experiences that people have in their daily lives. Bhatti & Church (2004), in their research article, explain that these ideas are used in many instances to develop two and three-dimensional representations of various complex digital information (38). Castree is also of the view that so far, no subject testing has been conducted in the process of determining the effectiveness of these methods for the

Maryland Research Paper Example | Topics and Well Written Essays - 250 words

Maryland - Research Paper Example ack Obama, in proclaiming the $4.35 billion Race to the Top activity a year ago, said the project is dependent upon a basic standard: "whether a state is primed to do what meets expectations." Maryland is prepared, as well as ready and equipped to proceed with the advancement that has been made. MSDE worked with our nearby school frameworks and a mixture of accomplices to assemble Marylands winning arrangement. We are resolved to proceed with our States energy since Race to the Top is an element of the federal governments American Recovery and Reinvestment Act Program. Marylands vision for change is to revise the Prek-12 Maryland State Curriculum, appraisals, and responsibility framework dependent upon the Common Core Standards to guarantee that all graduates are school and vocation prepared. It also has a vision to build a statewide innovation foundation that connections all information components with investigative and instructional instruments to screen and push understudy accomplishment. Another vision is to redesign the model for arrangement, advancement, maintenance, and assessment of instructors and principals. Finally, Maryland has a vision of fully actualizing the inventive Breakthrough Center methodology for changing low-performing schools and

Health And Social Care Personal Statement

Health And Social Care Personal Statement Due to previous experiences of working with a range of people in the care sector I believe that throughout my time on various work placements with people who have disabilities and difficulties in communicating, along with the experiences gained throughout my studies, my wish to pursue a career in the care profession has grown. To further my interest in working with and around people I completed a course in childcare. Throughout this course I was able to gain valuable experience of working with special needs children. While this was very challenging I also found it an extremely rewarding and enjoyable experience. To further my knowledge and passion for working with people I took a health and social care advanced course and took a weeks experience in a day center that involves working with people who suffer from difficulties in communicating and having disabilities. This again helped to broaden my understanding of working with people and also how to deal with children and adults with disabilities. Within my spare time I have researched the job role and requirements for health promotion to find out what is involved. To build upon these interests further, I am taking up a one week work experience within the health field. I will be spending the first week in a care home focusing on helping elderly people that suffer from dementia and my second week assisting a health promoter to experience a more professional job role in health care. I am looking forward to this valuable experience as it will further consolidate my desire to study health and social care. I currently work as a sales assistant which has given me a valuable experience of working with people and how to assist their needs in any way possible. During this time I am developing effective communication skills and good working relationships. In addition to this it is also helping me to show how committed I am to my responsibilities as well as demonstrating good organisation skills. Having to juggle work and school as well as social activities this also shows that I am developing my time keeping skills to make myself more committed and more punctual. During my first year of sixth form I helped to raise money for the McMillan Cancer trust charity. I also found this very rewarding as I was helping others that were in need, just like during my work placements. I often play sports after sixth form with my friends; this has helped me to develop extra skills in working well in a team. In addition I have completed voluntary work with a year six class to increase my knowledge of working with young people, another activity that I very much enjoyed and found extremely rewarding. To further my interest in working with people I have recently volunteered to do a level 3 v-volunteering in my spare time, the certificate itself is an accreditation form Newcastle University. During my spare time I mainly like to dance and sing. I find this is a good way to express myself in addition to help me keep fit. I also attend the gym often to also help keep me fit. I also like to attend various different events and take advantage of any activities that I am offered whether it is through school or outside of school. This helps to increase my confidence and also helps me to meet new people. I feel that university is definitely the right path for me. I am always working extremely hard to achieve the best I can, a feat which I intend to carry on throughout my university years. I feel I have the necessary skills needed to enjoy university to the full and also be successful in future years. In addition I would also like to go to university to help develop my skills even further so I can gain a good job in the health and social care sector which is always my main interest. Social Work Personal Statement I have decided to take up the course in social work because firstly the subjects which I am doing sociology looks at people and societys problems, I have in this subject done work on family and at the moment doing religion, this has fascinated me to help people who are facing problems such as abuse in families. Secondly I have done personal study on this subject which I have enjoyed reading around in periodicals and journals which had fuelled my interest in gaining a more depth knowledge of working with different type of people and their problems. Thirdly I would like to take up a course which fascinates me and in which I will determined me too succeed and the challenge of working to deadlines Whilst in the sixth form I have been involved in a scheme which aimed to provide children entering school with a low reading age, with the help their required to improve their reading levels. I also at in my private time tend to go to old people house who are disabled because one of my close relative is there also this house is opposite my house so I go in and talk to different people and talk or play games with them. This is another reason why I want to do this course because I have some experience of what I will be facing in this course, it wont be shock to me at first time round because I know in social work you get people who are hard to handle especially youngsters My part time job which is shop assistant helped develop my understanding of responsibility and has given me increased confidence also enabled me to act initiatively with dealing with unexpected problems and has helped to develop my communication skills . Working with the children in school has improved my interpersonal skills so that I can now work with children who can be awkward sometimes without any problems As an individual I like keeping fit which I have a gym in my house, I also like listening to music and going out with mates which provides me a different environment from college and work, this gives me an opportunity to make new friend and meet new people. I also in my part time help my younger brother and sister with their homework or I sometimes learn from my mum how to sew clothes As an applicant, I will bring with me an enthusiasm and motivation for this subject. My ethics background and cultural awareness should allow me to become and integrated yet individual of a university member in an increasingly cosmopolitan society. Personal Statements: the Good, the Bad and the Ugly Personal statements with positive impact After I was made redundant, I decided to become a support worker. This was because I had been volunteering for several years in the Youth Service, working with young people at risk of offending. I got a job in a special needs school where I supported pupils on an individual basis. I needed to develop a good relationship with each pupil and to adapt my communication to their special needs. An example is how I worked with a boy who was afraid of the doctor ( describes her intervention and outcome). Working in this field for three years has encouraged me to tackle an Access course; I have learnt the theory of communication and can see why I was successful in my work with school students. I would like to develop my skills and knowledge further by studying for a social work degree. Skills I had gained as a support worker were needed when my father was diagnosed with dementia. I had always relied on his support and found that I had to be reliable and useful for him without letting my emotions overwhelm me. I am currently working as a support worker in a multi-disciplinary community mental health team. Although I work mostly with the OTs I have a good opportunity to get an overview of the other professions including social work. I have worked together with social workers in the team to support vulnerable people in the community and particularly like the wider perspective they bring to their work such as involving carers. I have worked in the substance misuse field for 5 years and have undertaken NVQ3.I have been offered the post of manager in the service I work in but thinking about my own development needs , I now want to train as a social worker to gain a wider experience of working with vulnerable adults and children. I am a nursery nurse and wanted to take my interest in child protection further by studying OU courses on health and social care. Statements with Limited Impact I have always been passionate about care , becoming a social worker would allow me to fulfil my ambitions I have been employed as a carer for 6 years. I enjoy my job and the experience. This has been excellent for my personal skills as I have to talk to people like the elderly. I believe my personal drive is a key factor in my success as manager in a care home and I would be an asset to your degree. Working as a support worker means that I have learnt skills in communication and team work. (No further discussion of these points) Lengthy exposition of previous employment in various retail and marketing companies, paragraph ending with The work experience linked to social work was a six week placement in day centre where I helped escort the old people home. No further discussion of what person learnt from this, what impact it had on decision to apply to train as a social worker. Having gained an NVQ 3 in health and social care and with vast experience in paid and voluntary work, I want to further my career by studying for a professional social work qualification †¦.. (then follows list of all the service user groups applicant has worked with) †¦ in all these my skills in prioritising my workload, meeting deadlines , time management and team working has improved enormously. No evidence given to demonstrate this statement. Other statements contain very general comments on social work – such as A social workers vocation is very complex and more than interpreting the problem and assisting people find a solution. It involves methods, theories and ethics. There is a danger that these types of generalised comment are either from websites or books and articles which are not referenced – plagiarism can rear its head even before some applicants have started their academic career!

Comparison of Popes The rape of the Lock and Swifts A Modest Proposal

Although Alexander Pope's, The Rape of the Lock, and Jonathan Swift's A Modest Proposal are both witty satires, they differ on their style, intention, and mood. To begin, in The Rape of the Lock, Alexander Pope uses satire to invoke a capricious, melancholy mood to illustrate the absurdity of fighting over the cutting of one's hair. Hidden inside this poem is a crafty criticism of the society that helps create the crisis over the stolen lock. A Society in which appearances ere more important to a person’s sense of identity, and treats the insignificant with utmost importance. The very title of this mock- epic gives the audience a clue, the word "rape" and all its implications bring to mind a heinous crime of violation. Pope chose to utilize the heroic couplet to trivialize this mock- epic â€Å"But when to mischief mortals bend their will, how soon they find it instruments of ill!† (3. 53-54). He also employs in many instances, historic allusions to give the poem a serious feel â€Å"Fear the just Gods, and think of Scylla's fate! chang'd to a bird, and sent to flit in air, she dearl...

Term Paper on Idlc

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