...Dissertation REPORT ON IMAGINATION AT WORK For PARTIAL FULFILLMENT FOR THE AWARD OF THE DIPLOMA OF POST GRADUATE DIPLOMA IN MANAGEMENT (PGDM) SUBMITTED TO SUBMITTED BY Prof. (Dr.) Neeran Gautam Director, UIMS Mr. Amit Sinha Enrollment No. UIMS-PGDM-10-005 Batch: 2010-2012 [Type text] [Type text] PREFACE As a part of my syllabus of PGDM programme in Final year, I was assigned some Practical and theoretical project work. Study of management will be immaterial if it is not coupled with study of financial aspect of the business. It gives the student an opportunity to learn the connection between comparison & execution to test & verify application of theories & help in the comparison of management theories and practice. The study gives a chance to know about the profitability and financial position of the firm. I have chosen General Electrics which is a $14.2 Billion Global company in Information Technology Services, R&D Services, and Business Process Outsourcing. This report contains the analysis of the 8 years data of the company. In the Scenario Analysis of the company we have included the company’s industrial GDP, its Market Share, Market Capitalization, Market Growth, HR policy etc. some other reason of choosing this segment are; Highly versatile & innovation oriented sector Large number of employees are working Highly challenging job opportunities High growth opportunities Work on international project Platform to show the difference dimension...
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...mission To expand the company into a power generation capacity to the tune of 1000 MW which is 20% of the electricity requirement of Bangladesh and maintain that level. objectives • Generate and provide uninterrupted reasonably priced electricity to our customers. • Efficient utilization of capital, machines, material and human resources. • Continuous improvement of customer satisfaction and resource management. iv Table of conTenTs Company Information Corporate Directories Notice of the 14th AGM Chairman’s Speech Introducing the Directors Success Milestones Statement of Corporate Governance Financial Highlights Directors’ Report to the Shareholders Compliance Report on SEC’s Notification Shareholding Information Management Commitee Management Team Senior Executives Introduction of the Senior Executives Memorable Events for 2010 Report of Audit Committee Auditors Report & Financial Statements Proxy form 02 04 06 08 12 18 20 22 24 42 44 45 46 48 50 52 54 57 Annexed 1 Company 2 Information Summit Power Limited (SPL), sponsored by Summit Group, is the first Bangladeshi Independent Power Producer (IPP) in Bangladesh in private sector providing power to national grid. SPL was incorporated in Bangladesh on March 30, 1997 as a Private Limited Company. On June...
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...(EGYPT) Les Classiques (INDIA) Achievements Upgraded to ISO 9001:2008 Awarded ‘Superbrands’ Financials Net sales increased by 13.62 % to Tk. 1,926.74 million Profit before Tax increased by 22.42 % to Tk. 305.07 million Earnings Per Share (EPS) increased by 47 % to Tk. 2.62 Contents A Glance on : Shinepukur Ceramics Ltd. Corporate Directories Down to the History Lane: Chronology State-of-the-Art Manufacturing Facility Cutting-edge Technology Quality People Behind Quality Products World Class Products Sturdy Quality Control & Assurance Firm Compliance to HSE (Health, Safety and Environment) Blue-Chip Overseas Customers Strong Foot-hold in Domestic Market Milestone Achievement Notice of the 14th Annual General Meeting Chairman’s Statement Corporate...
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...Journal of Accounting and Economics journal homepage: www.elsevier.com/locate/jae Understanding earnings quality: A review of the proxies, their determinants and their consequences$ Patricia Dechow a, Weili Ge b, Catherine Schrand c,n a b c University of California, Berkeley, CA 94720, United States University of Washington, Seattle, WA 98195, United States University of Pennsylvania, Philadelphia, PA 19104, United States a r t i c l e i n f o abstract Available online 4 November 2010 Researchers have used various measures as indications of ‘‘earnings quality’’ including persistence, accruals, smoothness, timeliness, loss avoidance, investor responsiveness, and external indicators such as restatements and SEC enforcement releases. For each measure, we discuss causes of variation in the measure as well as consequences. We reach no single conclusion on what earnings quality is because ‘‘quality’’ is contingent on the decision context. We also point out that the ‘‘quality’’ of earnings is a function of the firm’s fundamental performance. The contribution of a firm’s fundamental performance to its earnings quality is suggested as one area for future work. & 2010 Elsevier B.V. All rights reserved. JEL classification: G31 M40 M41 Keywords: Earnings quality Earnings management Review Survey 1. Introduction Statement of Financial Accounting Concepts No. 1 (SFAC No. 1) states that ‘‘Financial reporting should provide information about an enterprise’s...
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...information as the direct and indirect use of externally reported financial accounting data in performance assessment. Specifically, we focus on the role of accounting data in prevalent control mechanisms (primarily in executive compensation contracts) and the underlying causes that led to the shift of contracts towards option awards. Accounting information are among the most effective tools to reduce the incidences of corruption, from its supply side, because they promote values such as accountability, transparency, fairness and responsibility. These tools are fundamental for the enhancement of the operation of corporation which in the dubious environment of the 21st century seek relevant and reliable information based on transparent financial statements. INTRODUCTION. 1.1 BACKGROUND TO THE STUDY. Measuring performance has been part and parcel of any successful business entity. It is strategic because the long run...
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...Evidence on the Audit Risk Model: Do Auditors Increase Audit Fees in the Presence of Intemal Control Deficiencies?* CHRIS E. HOGAN, Michigan State University MICHAEL S. WILKINS, Texas A&M University 1. Introduction Internal controls over financial reporting (ICOFR) should provide reasonable assurance about the reliability of financial statements by setting in place policies and procedures related to maintaining accounting records, authorizations, and safeguarding of assets.' For such controls to be effective, they should ensure, to the greatest extent possible, that material financial statement misstatements either cannot occur within a given functional area or will be detected and corrected by management before financial reports are issued. If ICOFR cannot provide this assurance, it is widely assumed that financial reporting quality will suffer. This assumption underlies many of the provisions of the Sarbanes-Oxley Act (SOX) of 2002, including the requirement that managers attest to the effectiveness of ICOFR. Although it may seem reasonable to assume that intemal control deficiencies and "bad accounting" go hand in hand, we contend that strong intemal controls are not necessary for reporting to be in compliance with generally accepted accounting principles (GAAP). Stated differently, financial reports are not generated in a vacuum; rather they are a joint product of management and an independent auditor. The audit risk model — which provides a framework for evaluating the relationship...
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...Case 6 Chipotle: the Challenges of integrity ryan ruud, Jennifer lee, garrett Borges, Monica Bethke, ron Bomkamp, preston Jensen arizona state University ‘Fresh is not enough anymore.’ Steve Ells Chipotle Co-CEO, Founder, and Chair Introduction Chipotle Mexican Grill (NYSE: CMG) in the USA has experienced great success satisfying the desire of consumers for a quick-serve restaurant that does not sacrifice quality for speed. Known in the food industry as a ‘fast-casual’ restaurant, Chipotle is part of the fastest growing segment of the restaurant industry.1 With annual revenues pushing US$2 billion and a stock price that doubled in 2010, Chipotle’s steady growth and strong financial statements make it highly attractive to investors (see Tables 1–3). Chipotle achieves customer satisfaction while maintaining a unique vision that has committed the company to ‘finding the very best ingredients raised with respect for the animals, the environment, and the farmers’.2 Coupled with a deceptively simple menu that allows for over 60 000 different burrito combinations alone, interactive ordering so customers can personalise their experience and meal, and a reasonable price, it’s no wonder Chipotle restaurants are full of happy customers and that the company has grown to nearly 1100 locations in only 17 years. History At an age when most of his peer group was still watching cartoons, Steve Ells was a dedicated fan of Julia Childs’ cooking show on US public broadcaster PBS...
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...information. Generally, the acquirer obtains limited private information from the target prior to the signing of the acquisition agreement. Although an acquisition agreement creates a binding contractual obligation for both entities to go forward with the deal, it does not guarantee completion of the deal. The acquisition agreement typically contains a warranty by the target that its financial statements are prepared in accordance with generally accepted accounting principles (GAAP). If this warranty is breached, the deal can be terminated. We hypothesize that low-quality financial reporting by target firms prior to the announcement of a deal increases the likelihood that a target firm’s U.S. GAAP warranties stated in the acquisition agreement are breached. Therefore, we predict that deals involving targets with low-quality financial reporting are more likely to be terminated (i.e., go bust). Based on prior research, we identify five measures of low-quality financial reporting: the magnitude of discretionary accruals (Dechow, Sloan, and Sweeney 1995); the likelihood of a weakness in internal control (Doyle, Ge, and...
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...Apex Adelchi Footwear Limited Annual Report CONTENTS Corporate Directory Notice of Annual General Meeting Financial Highlights Value Added Statement Report of the Directors Status of Securities and Exchange Commission Compliance Auditors’ Report to the Shareholders Balance Sheet Profit & Loss Account Cash Flow Statement Statement of Changes in Equity Notes to the Accounts 2 3 4 5 6 21 24 25 26 27 28 29 Apex Adelchi Footwear Limited Annual Report CORPORATE DIRECTORY BOARD OF DIRECTORS Syed Manzur Elahi Syed Nasim Manzur Munize Manzur Khasru Syed Gias Hussain Niaz Ahmed Choudhury Adelchi Sergio Samson H. Chowdhury Chairman Managing Director Director Director Director Director Independent Director Managing Director Deputy Managing Director & CFO Executive Director Executive Director Company Secretary Financial Controller General Manager General Manager Head of Human Resources General Manager MANAGEMENT TEAM Syed Nasim Manzur Syed Gias Hussain Abdul Momen Bhuiyan A.A. Mosaddeque S.M. Shahjahan Dilip Kajuri Atiqul Islam Syed Md. Mustaque Md. Mominul Ahsan Pradip Kanti Saha AUDITORS Shiraz Khan Basak & Co. Chartered Accountants TAX ADVISER Khandker Fazlul Quadir LEGAL ADVISER Muhammad Mohsen Rashid Advocate, Supreme Court of Bangladesh BANKERS Janata Bank Limited Bank Asia Limited Prime Bank Limited City Bank Limited Bank Al Falah Limited REGISTERED OFFICE House No. 06, Road No. 137 Block - SE(D) , Gulshan-1 Dhaka-1212, Bangladesh Email:...
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...taken, if necessary. Q1-2. An organization’s financing activities (liabilities and equity = sources of funds) pay for investing activities (assets = uses of funds). An organization’s assets cannot be more or less than its liabilities and equity combined. This means: assets = liabilities + equity. This relation is called the accounting equation (sometimes called the balance sheet equation), and it applies to all organizations at all times. Q1-3. The four main financial statements are: income statement, balance sheet, statement of stockholders’ equity, and statement of cash flows. The income statement provides information about the company’s revenues, expenses and profitability over a period of time. The balance sheet lists the company’s assets (what it owns), liabilities (what it owes), and stockholders’ equity (the residual claims of its owners) as of a point in time. The statement of stockholders’ equity reports on the changes to each stockholders’ equity account during the period. The statement of cash flows identifies the sources (inflows) and uses (outflows) of cash, that is, where the company got its cash from...
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...Off-balance-sheet activities, earnings persistence and stock prices: Evidence from operating leases* Weili Ge University of Washington Business School University of Washington Mackenzie Hall, Box 353200 Seattle, WA 98195 (206) 221-4835 geweili@u.washington.edu November 22, 2006 Abstract This paper examines the implications of the off-balance-sheet treatment of operating leases for future earnings and stock returns. The property rights granted by an operating lease contract generate both future benefits (off-balance-sheet capital investment) and future obligations (offbalance-sheet financing liabilities) for the lessee. The change in the off-balance-sheet capital investment can be viewed as a form of growth in net operating assets and also a form of offbalance-sheet accruals. By examining the footnote disclosure on operating leases, this paper shows that, after controlling for current earnings, greater off-balance-sheet operating lease activities lead to lower future earnings. This finding is consistent with diminishing marginal returns to investment in operating lease activities. Additional tests show that investors seem to incorrectly estimate the implications of off-balance-sheet lease activities for future earnings. A long-short investment strategy that exploits this misestimation generates significant future abnormal stock returns. These results suggest that the accrual anomaly documented in prior research extends to off-balance-sheet lease accruals. * This paper...
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...More Praise for the Second Edition of Mergers & Acquisitions from A to Z ‘‘Sherman and Hart have done a terrific job assembling and synthesizing the basic, yet critical, issues to be aware of before/during/ after the deal. A well-rounded, up-to-date primer filled with pragmatic information that will serve as an excellent reference regardless of the reader’s M&A experience.’’ —Edward J. Hayes, Jr. Executive Vice President and Chief Financial Officer Quantum Corporation ‘‘After reading Andrew’s book, it became clear that his insight and processes assist entrepreneurs looking to expand their businesses. Andrew’s book offers guidance for non–U.S.-based businesses considering mergers and acquisitions in the United States.’’ —Nancye Miller, CEO, EO The Entrepreneurs’ Organization ................. 11539$ $$FM 10-19-05 09:48:09 PS PAGE i This page intentionally left blank PAGE ii MERGERS & ACQUISITIONS F ROM A SECOND TO Z EDITION Andrew J. Sherman and Milledge A. Hart American Management Association New York • Atlanta • Brussels • Chicago • Mexico City • San Francisco Shanghai • Tokyo • Toronto • Washington, D.C. ................. 11539$ $$FM 10-19-05 09:48:11 PS PAGE iii Special discounts on bulk quantities of AMACOM books are available to corporations, professional associations, and other organizations. For details, contact Special Sales Department, AMACOM, a division of American Management Association, 1601...
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...proceedings? A. dual class B. cumulative C. non-cumulative D. preferred E. common 5. A company has two open seats, Seat A and Seat B, on its board of directors. There are 6 candidates vying for these 2 positions. There will be a single election to determine the winner of both open seats. As the owner of 100 shares of stock, you will receive one vote per share for each open seat. You decide to cast all 200 of your votes for a single candidate. What is this type of voting called? A. democratic B. cumulative C. straight D. deferred E. proxy 6. You want to be on the board of directors of Wisely Foods. Since you are the only shareholder that will vote for you, you will need to own more than half of the outstanding shares of stock if you are to be elected to the board. What is the type of voting called that requires this level of stock ownership to be successfully elected under these conditions? A. democratic B. cumulative C. straight D. deferred E. proxy 7. You cannot attend the shareholder's meeting...
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...class B. cumulative C. non-cumulative D. preferred E. common  5. A company has two open seats, Seat A and Seat B, on its board of directors. There are 6 candidates vying for these 2 positions. There will be a single election to determine the winner of both open seats. As the owner of 100 shares of stock, you will receive one vote per share for each open seat. You decide to cast all 200 of your votes for a single candidate. What is this type of voting called? A. democratic B. cumulative C. straight D. deferred E. proxy  6. You want to be on the board of directors of Wisely Foods. Since you are the only shareholder that will vote for you, you will need to own more than half of the outstanding shares of stock if you are to be elected to the board. What is the type of voting called that requires this level of stock ownership to be successfully elected under these conditions? A. democratic B. cumulative C. straight D. deferred E. proxy Â...
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...¤, Inc. 2012 ANNUAL REPORT Dear Shareholders, I look forward to leading dELiA*s in rejuvenating the business and ultimately providing a strong foundation for profitable long term growth. We believe that dELiA*s has enormous potential as a specialty retailer with great brand recognition among teens. One of our biggest assets as a company is our deep understanding of the dELiA*s customer. We know who she is and what she likes. And we have an incredible opportunity to capitalize on dELiA*s’ brand equity and our customer insights to build a stronger, more consistent connection with our customer. As an omni-channel company, we have many opportunities to interact with our customer. We want to present her with a consistent brand message, look and feel in whichever way she chooses to connect with the dELiA*s brand. Aligning our brand image across channels will allow us to engage her in a more powerful way, creating stronger, deeper and longer lasting relationships. As such, we are working to revise our strategic plan to enable us to more consistently present her with the product that she loves in a way that speaks directly to her. While this will not happen overnight, we are dedicated to continually improving the business. We have an incredibly dedicated team that is working hard to improve the business and I am excited to be working with them to create a long term vision that we believe will ultimately allow dELiA*s to reach its full potential. I want to thank all...
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