Personal Narrative Short Story - 1598 Words

â€Å"Noooooooooo, I don’t want to!† I yelled. â€Å"I don’t care Emma, I’m going to be gone all night,† my mom said. â€Å"I am not babysitting Ally. I have track tonight.† â€Å"I bet you can make it up another day. You are babysitting your little sister tonight no matter what.† â€Å"No I’m not!† â€Å"I don’t like your attitude Emma! If you don’t babysit your little sister tonight, you can’t do track anymore!† â€Å"I hate you! I hate you! I hate you!† Then I ran out of the house slamming the door behind me. My mom and I get it fights all of the time. I don’t feel close to her or anyone at all. I have never grew to love someone. Because of that i have never experienced a heartbreak. There has never been a salty tear rolling down my cheek. I have always felt†¦show more content†¦He saw me right away and stood up. He looked as though he was a few inches taller than me. â€Å"Hi, I’m Alex,† the boy said. â€Å"I found you laying on the grass so†¦Ã¢â‚¬  â€Å"So what? You tried to kidnap me?† I said. I was very scared but I tried not to show it. â€Å"No no, not at all. I†¦Ã¢â‚¬  â€Å"You brought me to your house, unconscious. I’m pretty sure that’s kidnaping.† â€Å"No, listen.† â€Å"No, I’m not going to listen to someone who tried to kidnap me.† Then I sprinted out the door as fast I could. I ran to the closest house I could find. I ran the doorbell but no one answered. Then went to the next house, but the same thing happened. I ran for about a mile, stopping at each house. The same thing just kept happening, no one answered the door. I was very confused. I turned around to see the same boy running after me. â€Å"Geez your fast,† he said when he finally caught up to me. â€Å"I do track,† I said. â€Å"I don’t know why there isn’t anyone in any of these houses, whatever your name is...† â€Å"It’s Alex.† â€Å"Right. You have some explaining to do.† â€Å"I would definitely explain if I knew.† â€Å"Wait, you don’t know why there isn’t anyone in these houses?† I said, looking puzzled. â€Å"No, I have no idea,† Alex said. â€Å"Ok, then why was I in a bed at your house?† â€Å"I found you laying on the grass right after I realized that no one was in any of these houses. So, I picked you up and brought you to that house.† â€Å"Ok, then let’s go back to your house. Where is it?† â€Å"I don’t know.† â€Å"How do you not know where yourShow MoreRelatedPersonal Narrative Short Story1153 Words   |  5 PagesI still remember that fateful day, the day I was Stolen. It started out as a normal day at school. I’ll take you through the whole story. There is one thing you should try to figure out, who kidnapped me. â€Å"Joey, Wait up!† I yelled out. Why was he walking so fast, and not responding? It’s almost like he’s ignoring me. I started to jog, but he was already gone. I turned the other way to walk home. It was a long walk, for I lived in the country part of town. I noticed leaves crunching behind me, andRead MorePersonal Narrative Short Story1191 Words   |  5 PagesIt was a warm summer day with good air, most kids were out riding their bikes, scooters, etc. or running around, playing tag, yet I was huddled inside, reading a good book. The sun was shining bright, yet the clouds were blocking it, acting like the filter in a juice machine, separating the good stuff from the bad stuff. The clouds let the light come in just enough so it can light up everything, but not enough to make you sweat when not doing draining activities. This made it the perfect weatherRead MorePersonal Narrative : A Short Story1301 Words   |  6 Pages â€Å"Aww is little Airi hurt?† he says with a sarcastic tone. His let’s out his evil laugh and picks me up. â€Å"L-leave me alone.. DON’T TOUCH ME!† I scream out. â€Å"Okay† he says as he immediately drops me on the floor and drags me through the snow by my short brown hair. My legs are numb so I can’t feel my legs being cut up by the wooden porch. He lets go of my hair in the middle of the living room. This is the first time he’s ever put his hands on me and I don’t like it. My mother comes back and takesRead MorePersonal Narrative : A Short Story1598 Words   |  7 PagesShadows The leaves blowing, the wind was whistling. The moon shined brighter than the sun did that morning. I looked like no other normal teenager, But I was wearing all black. Black leggings, Black jacket, Black shoes, black shirt. My hair looked like caramel, my eyes looked like a yellowish brown that shined in the moonlight. My name was nothing important to people. People say â€Å"Angelys† is a nice name but i think differently. Nothing seemed to happen, I was coming home from a friend’s house.Read MorePersonal Narrative Short Story1538 Words   |  7 Pages Seventh grade, probably dumbest person in the school. Not kidding, take a look at my report card from last semester and you’ll be shocked about how many F’s there are. I also have a really active imagination, so I just love to write and imagine stories in my head. Eileen and I start walking home from school, as I’m trying to look at all of the bruises on my face using my phone’s camera whi le we walk. â€Å"Okay, girl, you may not be the smartest person in the school, but that was probably the dumbestRead MorePersonal Narrative Short Story1415 Words   |  6 Pagesme have alcohol, and would only get me some water. At the end of the day, I had seen many people and the many occupations they all had. I saw many people from different jobs including, fishermen, merchants, importers, and bankers. I heard many stories of people’s families. As night approached, I walked out of the coffeehouse in search of somewhere to sleep. I did not want to go back to my own house because I did not want to catch yellow fever myself. So I decided to leave town, and walk all theRead MorePersonal Narrative Story Short Story1619 Words   |  7 PagesSarah and Roger with their twins, Jules and Kendra. All of us cousins were very close in age. Stewart was the eldest, at age fourteen he was four years older than the youngest but he still hung out with us on the beach after dark. He had the best stories out of all of us. Andrew and I were the next oldest, six months apart in age in fact. The twins and Eric were the youngest. I remember the twins had just celebrated their 12th birthday that earlier that summer, while Eric’s birthday wasn’t untilRead MorePersonal Narrative Short Story1787 Words   |  8 Pagescaught by one of the S.W.A.T. officers. I remember being in a helicopter and being brought to a tower. I was led to a room with a gun pointed at my back, I wanted to run and get my life over with but I knew that my job was more important than my personal wants. I saw a man his face was handsome but his eyes held the death of hundreds. I knew that my time here was not going to be leisurely. This man began asking me questions such as what I was doing here and why I was running from the S.W.A.T. I ofRead MorePersonal Narrative Essay : A Short Story936 Words   |  4 Pageswhen I open the door of my grandma’s house my grandma asks â€Å"Are you ok?† â€Å"Your face is all red† â€Å"I’m fine,† I say. Then I run to my room trying to hide my tears. Whenever I feel bad I would always read a bedtime story book but not the ones with happy endings. So I grab are small story called anger. There was once a man who kept all his sadness and anger in him waiting to explode and finally one day he couldn’t take it anymore and all that anger exploded the end. After I read it I realized it remindedRead MoreAlice Munros an Ounce of Cure1548 Words   |  7 Pagesstudies make the link between literary techniques such as narrative and storytelling and several other disciplines. Thus, one may find the theories of narrative and storytelling extending up to several major disciplines, such as philosophy, psychology, and literary criticism. In the view of different experts in literary analyses, there is a close connection between narrative or storytelling and the definition of the nature of self and personal identity. The former has been understood as influential

E Commerce The World Wide Web - 1966 Words

The World Wide Web is an information space where documents and other web resources are identified and interlinked by URL’s and hypertext and accessed via the Internet. The World Wide Web was designed by an English scientist Tim Berners-Lee in 1989. The World Wide Web also known to us as the web. The essential element of the development of the information age is the World Wide Web and also the primary tool how billions of people use to interact on the internet. Electronic commerce which is also known as e-commerce, is the trading or facilitation of trading in products or services using computer networks. Modern e-commerce uses the World Wide Web for its transactions but it may also use other technology it got. E-commerce businesses employs many things such as online shopping web sites, participating in online marketplaces, business to business buying and selling, electronic data interchange, marketing to the customers through Email or fax and gathering demographic information using web contacts and social media. Over the last few years the fast development of the internet and World Wide Web has led to many technological, business and social shift. As the internet and E-Commerce become more integrated into our lives they continuingly drive changes in how we work and live as mentioned above. The future of E-Commerce promises to bring further changes in our lives as the internet continues to expand and it is these possible future shifts which we will discuss in further detail.Show MoreRelatedResearch Journals on One Way Anova Test785 Words   |  4 PagesE-Commerce Electronic commerce, commonly known as  e-commerce consists of the buying and selling of  products  or  services  over electronic systems such as the Internet and other  computer networks. Electronic commerce is generally considered to be the sales aspect of  e-business. It also consists of the exchange of data to facilitate the financingRead MoreIn This Technology Era, It Is Essential To Have A Web Presence1476 Words   |  6 PagesIn this technology era, it is essential to have a web presence to provide easy and convenient access to the clients. One of the services that is prominent is E-commerce, allowing the business to have a web frontend, which provides the same services as traditional commerce world. The rapid changing technology had provided the opportunity for the companies to reach to a wide variety of consumers not just across the nation but also throughout the world. Based on the observation of how a small-sized businessRead MoreOnline World Is Internet Home E Commerce1033 Words   |  5 Pagesone of the most important subjects in online world is internet home e-commerce. Generally E-commerce means buying and selling the products on internet . E-commerce, also known as Electronic Commerce which refers doing business online that consists of the buying and selling of products or services over electronic systems such as the Internet and other computer networks (typically via the Web). It is also called e-business, e-tailing and I-commerce. Michal AldrichRead MoreForms and Classification of Online Business1729 Words   |  7 Pagesbusiness According to (Adam, Z.R.), the major different types of e-commerce (B2B) Business-to Business, (B2C) Business-to-Consumer, (B2G) Business-to-Government, (C2C) Consumer-to-Consumer and M-commerce which is mobile commerce. Business-to-business is simply e-commerce that is present between two businesses. It is said that it is the fastest growing type of e-commerce, much faster than B2C. It is a type of e-commerce wherein two businesses transact with each other online. About 80% of onlineRead MoreDigital Indi Challenges Of Data Mining Essay1387 Words   |  6 Pagesof Data Mining Implementation in E-Commerce in India Abstract: Data mining has drastically altered how businesses are being operated, especially in the online domain. This paper attempts to review the massive growth of data mining applications to improve the profitability of e-commerce ventures. 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In addition to the capabilities and the costs the hosting sitesRead MoreE-COMMERCE: ITS DE VELOPMENT AND FUTURE PERSPECTIVES INTRODUCTION E-commerce is a type of business600 Words   |  3 PagesE-COMMERCE: ITS DEVELOPMENT AND FUTURE PERSPECTIVES INTRODUCTION E-commerce is a type of business where individuals, firms and companies engage in business activities over an electronic network mainly internet. It is notable that e-commerce operates in business to consumer, business to business, consumer to business and business to business market segments . The emergence of e-commerce can be attributed to the advent of new technologies, mail order purchasing through a catalog is possible. CurrentlyRead MoreE Commerce : Is The Best Hosting Service You Would Recommend For An Ecommerce?1489 Words   |  6 PagesThe Best Hosting Service You Would Recommend For An Ecommerce? Over years, the e-commerce segment of web hosting industry has grown by leaps and bounds. The growing number of businesses that have come to realize the high potential in selling products along with services online is the only reason. With the support of a consistent infrastructure, e-commerce hosting may easily enable you to showcase your catalog to the world in an effective manner hence boosting your bottom line in the whole process.Read MoreBusinesses and The Internet1357 Words   |  6 Pageselectronic retailer, or a cybermall type of a site. Electronic retailing, also known as e-tailing, is the direct sale from business to consumer through electronic storefronts. These e-tailing sites are typically designed around and electronic catalog and shopping cart model. This could be a store that has a physical storefront, but decided to reach a broader market by opening an online store as well. Examples of an e-tailing cite would be Kohls, JCPenny, Target, or Walmart. Additionally, a cybermallRead MoreThe History Of The World Wide Web879 Words   |  4 PagesThe history of the World Wide Web was created on August 6th, 1991 by Tim Berners-Lee. (Bryant, 2012). Due to the creation of the World Wide Web, many thin gs have changed. Websites have made everything either easier or more complicated. But, we will talk about the easier this world has gotten. Some websites that have made life easier are Facebook, Strayer University, Amazon, EBay, Google, Gmail, Yahoo, PayPal, Walmart, Schwan’s, Myspace, Pogo, Trip Advisor, and Home Chef. These are just to name a

Call To Action Essay Example For Students

Call To Action Essay Call to ActionImprove nations balloting but leave control to localsAuthor UnknownSUMMARY:A Call to Action is an article from the Houston Chronicle on Thursday, February 20, 2001 informing the nation on the controversial issue of the nations ballots system.The article begins with the announcement of next months Census Bureau release of the populations data.This means that all the voting boundaries are going to be redrawn and reconfigured.It continues to talk about the amazingly close and controversial presidential election on November 7th.Difficulties erupted all over the state of Florida and throughout the United States in which the reliability and accuracy of the balloting system is questioned.Fortunately, because of the controversial ballots and ballot systems there have been numerous groups and committees organized to study and improve our out of date voting system.It says that several people in Congress are working on multiple bills being created to establish nation wide standard s for ballot-counting systems.The article states, One U.S. House lawmaker, Beaumont Democrat Nick Lampson, wants national standards for voting machines and poll closing times.The author agrees with Lampson in that the voting machines have multiple flaws, one being the problematic punch card ballots.But he also thinks that the press would throw a fit if there was a national closing time at the polls just for the sake of avoiding early winning announcements.The National Association of Secretaries of States task force on election standards suggests leaving the enforcement issue to locals but have the government pay for voting machines.They also recommend more voter education, improved training for poll workers and maintaining up-to-date voter rolls.In the end the author feels that the communities should take on the responsibilities for reformation instead of an all-in-one government plan.He closes by reminding the reader that the nations President is elected through the Electoral Colle ge and the communities should supervise the voting procedure. We will write a custom essay on Call To Action specifically for you for only $16.38 $13.9/page Order now OPINION:I agree with the authors view on improving the voting system.I believe something needs to be done at least by the next election.In the election of 2000, Florida happened to be the center of the maelstrom.I find it hard to believe that any state that has had problems in the past with voting irregularities would continue to use the same flawed ballot system.Florida continues using a system year after year that allows people to vote twice on one ballot for the same political office, or that makes the results questionable because the paper might not be punched through enough for the machines to compute the votes?The implementation of one standardized, foolproof voting system for the entire country would prevent the need for recounts, would make vote counting a science, and take away the possibility of foul play. Voting booths throughout the US should all have the exact same standardized technology, which should be specified by the federal government.Nick Lampson talks about a nat ional polling place closing time in which the author feels is a bad idea.The news seems to hastily call a winner in the election that can potentially affect the outcome before the voting ends.An example would be the east coast versus the west coast.The time difference is about three hours.If someone on the west coast sees the news announce a winner or leader before they are about to vote, they might give up.I disagree with the authors position on this subject.I believe a possible reason for his belief is that he is a part of the press and feels that his rights might be infringed on.I agree with the National Association of Secretaries of States task force in that the local authorities should enforce the laws better.They should get more involved and help with voter awareness.I think that if we get better technology, we may be able to reduce the statistical error associated with vote counting, but it seems unlikely that we will be able to eliminate it entirely unless we are able to dev elop an entirely electronic system (even for absentee ballots) that we have complete confidence in and which everyone agrees has zero error associated with it.According to the University of Iowas, Associate Professor of Computer Science, Douglas W. Jones, it is recommended that punched card voting should be abandoned immediately. The problems that plague the (current) ballot are not news! These problems have been widely known for decades, and I have little sympathy for counties that had no plans in place a decade ago for migration to a better voting technology.The only problem is that buying and implementing electronic machines would cost a fortune.Not to mention, the educational awareness on the machines would be costly and time consuming.I believe the states should proceed cautiously in adopting new voting technologies; first establishing detailed requirements and certification criteria, and rigorously evaluating each potential technology to see whether it meets the national crite ria.The Federal government should assist in establishing requirements, but ultimately technology selection decisions are still probably best done at the state and county level, where most election-related decisions are made in the US.Technological systems must have the ability to provide trails that will be able to demonstrate that votes have not been lost or miscounted.The entire process should be made available for the scrutiny of experts (under a non-disclosure agreement).Testing for usability using actual ballot questions prior to every election would be a good idea as well.And while we are investing in new voting equipment, we should also make sure the new equipment is adjustable and flexible so that we can provide secret balloting for the visually impaired and other disabled individuals (perhaps by providing special devices for use by those people).We should not rush to embrace new technology, such as Internet voting systems, until we have evaluated it sufficiently and determi ned that it meets governmental requirements.The technology development and evaluation necessary to satisfy all of these goals will be expensive.But by spending the money up front, we are more likely to avoid costly law suits and recounts, as well as to continue public confidence in the electoral process, something that is very difficult to put a price on. .u270f73e83fac9c6b85a89e9a295434ad , .u270f73e83fac9c6b85a89e9a295434ad .postImageUrl , .u270f73e83fac9c6b85a89e9a295434ad .centered-text-area { min-height: 80px; position: relative; } .u270f73e83fac9c6b85a89e9a295434ad , .u270f73e83fac9c6b85a89e9a295434ad:hover , .u270f73e83fac9c6b85a89e9a295434ad:visited , .u270f73e83fac9c6b85a89e9a295434ad:active { border:0!important; } .u270f73e83fac9c6b85a89e9a295434ad .clearfix:after { content: ""; display: table; clear: both; } .u270f73e83fac9c6b85a89e9a295434ad { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u270f73e83fac9c6b85a89e9a295434ad:active , .u270f73e83fac9c6b85a89e9a295434ad:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u270f73e83fac9c6b85a89e9a295434ad .centered-text-area { width: 100%; position: relative ; } .u270f73e83fac9c6b85a89e9a295434ad .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u270f73e83fac9c6b85a89e9a295434ad .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u270f73e83fac9c6b85a89e9a295434ad .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u270f73e83fac9c6b85a89e9a295434ad:hover .ctaButton { background-color: #34495E!important; } .u270f73e83fac9c6b85a89e9a295434ad .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u270f73e83fac9c6b85a89e9a295434ad .u270f73e83fac9c6b85a89e9a295434ad-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u270f73e83fac9c6b85a89e9a295434ad:after { content: ""; display: block; clear: both; } READ: sports EssayWords/ Pages : 1,126 / 24

The Business and Financial Performance of Indus Motor Company Limited over the Three Year Period Essay Example

The Business and Financial Performance of Indus Motor Company Limited over the Three Year Period Essay Topic reason and its context It was imperative to select the topic in which I could submit my finest competence. At first all topics looked trouble-free, but when I studied them thoroughly, they turned complicated for me. Then, I finally reached at the conclusion of trying, â€Å"The Analysis of financial situation of Indus Motor Company Limited (IMC)†. It involves appraising how the company has been performing over the years, within the industry and along with other competitors.It leads to calculation of accounting ratios and interpreting them in the light of internal and external factors, which may affect the performance of the company. Different analytical tools have been used: 1. 1. 1 Ratio analysis Financial ratio analysis is the calculation and comparison of ratios which are derived from the information in a companys financial statements. The level and historical trends of these ratios can be used to make inferences about a companys financial condition, its operations an d attractiveness as an investment. http://www. inpipe. com/equity/finratan. htm 1. 1. 2 SWOT analysis SWOT analysis provides a structure for analyzing either your own strengths and weaknesses, and the opportunities and threats you face, or in a work context for analyzing the strengths, weaknesses, opportunities and threats a business or event faces. (Pauline Kneale and Sam Aspinall, 2003) http://www. geog. leeds. ac. uk/courses/other/casestudies/intra/SWOTanalysis. doc 1. 1. 3 Porter’s five forces of competitive analysis Five forces analysis helps the marketer to contrast a competitive environment.It has similarities with other tools for environmental audit, such as PEST analysis, but tends to focus on the single, stand alone, business or SBU (Strategic Business Unit) rather than a single product or range of products. Five forces analysis looks at five key areas namely the threat of entry, the power of buyers, the power of suppliers, the threat of substitutes, and competitive rivalry (Marketing Teacher Ltd 2000 – 2008) http://www. marketingteacher. com/Lessons/lesson_fivefoces. htm 1. 2 Reasons for SelectionI was enthusiastic of studying and analyzing the financial situations for successful companies and learn from their strategies, now I got a chance to work on it. The chosen topic was explicable and lucid. Automobile industry has a main effect in the national economy of Pakistan and it is being developed in the previous years so I had a keen interest in analyzing the financial performance of this sector. I wanted to practice applying ratio analysis techniques in a real life context. The various models, I have used in my report (SWOT, Porter’s five forces model and ratio analysis) were all part of my studies.The shares of company are quoted on the stock exchanges of Pakistan so collection of its accurate and reliable information was not a big deal. 1. 3 Aims and Objectives of the study: The main aim of my research is to analyze the financ ial situation of IMC. The analysis of my project will reflect: 1. 3. 1 Ratio analysis 1. 3. 1. 1 Sales and Profitability Profitability ratios measure how well a company is performing by analyzing how profit was earned relative to sales, total assets and net worth. http://kbr. dnb. com/help/Ratios/Profitability_Ratios. htm 1. 3. 1. 2 Liquidity and efficiencyThe proportion of total assets that are readily convertible into cash that a clearing bank must maintain in order to repay deposits on demand. http://uk. encarta. msn. com/dictionary_1861824737/liquidity_ratio. html The efficiency ratio compares operating expenses with operating revenue. It measures how effectively or efficiently operating expenses are used to generate loans, deposits and fee income. http://www. mhastakeholders. com/secure/KPIDefinitions/EfficiencyRatio. doc 1. 3. 1. 3 Debt to Capital structure Debt capital divided by total assets. This will tell you how much the company relies on debt to finance assets. ttp://www . investorwords. com/1326/debt_ratio. html 1. 3. 1. 4 Investment Relationship of the number of ordinary shares and their prices of the profits, dividends and assets of the entity. (P2: FTC Kaplan 2007/2008) 1. 3. 2 SWOT analysis The SWOT analysis is an extremely useful tool for understanding and decision-making for all sorts of situations in business and organizations. SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats. (Albert S Humphrey, August 2004) http://www. businessballs. com/swotanalysisfreetemplate. htm 1. 3. 3 Porter’s five forces of competitor analysisPorters Five Forces model provides suggested points under each main heading, by which you can develop a broad and sophisticated analysis of competitive position, as might be used when creating strategy, plans, or making investment decisions about a business or organization. (www. businessballs. com) 2. INFORMATION GATHERING SOURCES Sources of information 2. 1 Primary Sources It is the information specifically collected for the study by means of field research. Primary data collection is necessary as it is more reliable than secondary sources, so I was more interested in getting primary data at possible extent.Three basic means of obtaining primary data are observation, surveys, and experiments. The choice will be influenced by the nature of the problem and by the availability of time and money. (http://telecollege. dccd. edu/mrkt2370/chapters/ch3/3prim. html) Research can be defined as the collection, collation and analysis of data. The research carried out for this project can be divided into two categories: primary and secondary. The latter enabling cost-effective analysis of several data sources than the former which proved to be challenging to carry out. (Dave Hall, Rob Jones, Carlo Raffo, 1999)Firstly, I had a meeting arranged with Mr. Awais Ahmad (Manager at Toyota Motors IMC). To get the best out of the meeting I had already arranged comprehensive questions on my no te book. My questions were mostly related to the proceedings of automobile sector in Pakistan and steps taken by the government to support this industry and restrict the imports of used vehicles. The company’s regional head was kind enough to explain me most of my queries giving me the required information in the same sitting. He also told me about the organization’s hierarchy and also the task each department performs.Amalgamated information helped me to understand the company and its performance deeply. 2. 2 Secondary sources ?I got Audited Annual financial statements of Indus Motor Company (IMC) from the Lahore Stock Exchange for the past three years i. e. 2007, 2008 and 2009. This is one of the best sources to get the financial information required in carrying out an analysis of a company and which also helps in predicting the future performance of a company. ?Annual audited reports of Honda Atlas Cars Pakistan Limited (Competitor Company) were collected from its O ffice / factory at Manga Road, Lahore. ?Annual audited reports of Pak Suzuki MotorsCompany Limited (Competitor Company) were collected from its office at The Mall Road, Lahore. ?I also reviewed my Paper 2. 5 text-book and class notes to refresh my memory regarding ratio analysis. ?Surfing net and getting information through different websites have provided me with the various outlooks on the present and future states of the sector. ?Review of business sections in local and international newspapers like Daily Business Recorder etc to remain up to date on the latest economic trends. ?Articles of student accountant magazine also provided great help for effectively writing a report. I used to watch trade news on national TV channel PTV and various local TV channels such as GEO TV and ARY-digital to get familiar with automobile industry and especially IMC’s current affairs. ?Secondary data can be used differently such as: ?To create new ideas ?To compare two statistics ?Where dire ct collection of data is impossible Secondary data was collected from several sources. The list of them is given below. ?I consulted BPP and Foulks Lynch/ FTC Kaplan textbooks for ACCA to sharpen my technical knowledge in some areas of report that require thorough understanding.I had purchased these books during the course of my ACCA qualification. ?I went through articles of different business magazines such as Pakistan Economist; they helped me widen my knowledge about the industry as well as the company. I also read Student Accountant Magazine for transparency of concepts and to learn basic requirements of the report. ?One of the most convenient and reliable sources for information gathering was internet. It included using search engines like www. google. com. pk, company’s website, Lahore and Karachi Stock Exchange’s website (www. se. com. pk), (www. kse. com. pk) and many more. 2. 3Methods used to collect information and limitations of information gathering Second ary research consisted of the following: ?The Audited Annual Financial Statements of the company; one of the ideal sources of financial information required in carrying out an analysis (for e. g. Ratio analysis). I obtained financial annual report of Indus Motor Company from Lahore Stock Exchange (Guarantee) Limited (LSE). ?Reading articles from the business section of newspapers (Dawn etc. ), and business magazines (for e. g.Daily Business Recorder) to gain up-to-date appraisal of Indus Motor Company. ?Consulting BPP and Foulks Lynch/ FTC Kaplan textbooks for ACCA to aid understanding in some areas of the report and refresh my technical knowledge. These study texts I had already purchased during the course of my studies. ?Went through numerous ACCA Student Accountant articles. Technical articles and those written specifically for this research project were an invaluable aid. Some publications I had collected at some stage in my studies and others being available on ACCA website. I also referred to many business studies and interpersonal skills books throughout the project, which I found from different government and private colleges libraries. ?The internet assisted in initial research and provided access to wide range of information. Searching for relevant facts and figures was time consuming due to the vast amount of information that was uncovered through use of search engines like Google and other search engines. 2. 4Ethical issues Preliminary information gathering involves the seeking of information in depth of what is observed. Several ethical issues addressed while collecting data.During conducting the interview, I have encountered important and confidential information that enabled me to produce valuable analysis. The company secretary was friend of my elder brother, that’s why he helped me very much. Against it I have assured him that I will respect the confidentiality that is my prime duty as an accountant and ACCA student. The information, I acquired during the telephone conversation with the head of risk management, corroborate with secondary information to check that whether it is worthwhile or not. Thus the mass of information have collected through the interviews and library search.Attempts to obtain information through deceptive means avoided at all cost as they engender distrust and anxiety within the system. 2. 5Explanation of accounting and business techniques and limitations Ratio analysis The ratios used to analyze the performance of companies. However, no similar set of standard ratios exists for the analysis of a company’s internal management accounts. The reason for this is that more detailed information is available and the formats and headings are likely to be specific to each company’s trade and circumstances. Following main types of financial ratios are as given below:Sales and Profitability Profitability ratios measure how well a company is performing by analyzing how profit was earned re lative to sales, total assets and net worth. Liquidity and efficiency The proportion of total assets that are readily convertible into cash that a clearing bank must maintain in order to repay deposits on demand. The efficiency ratio compares operating expenses with operating revenue. It measures how effectively or efficiently operating expenses are used to generate loans, deposits and fee income. Debt to Capital structure Debt capital divided by total assets.This will tell you how much the company relies on debt to finance assets. Investment Relationship of the number of ordinary shares and their prices of the profits, dividends and assets of the entity. (P2: FTC Kaplan 2007/2008) But these have some limitations and require the interpreter to be conscious while interpretation: †¢Based on balance sheet figures which are at a particular time may not be typical. †¢Balances used by seasonal business may not represent average levels. †¢Ratios are subject to manipulation. †¢Ratios concern past not future. †¢Can be distorted easily by inflation or rapid growth. (FTC F9 book 2007/08) SWOT analysisSWOT analysis combines the results of the environmental analysis and the internal appraisal into one framework for assessing the firm’s current and future strategic fit, are lack of it, with the environment. SWOT stands for strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are internal factors. Opportunities and threats are external factors. SWOT can now be used guiding strategy formulation. a)Match strengths with market opportunities strengths that do not match any available opportunity are of limited while opportunities which do not have any matching strengths are of little immediate value. )Conversion this requires the development of strategies that will convert weaknesses into strengths in order to take advantage some particular opportunity or converting threats into opportunities which can then be matched by exis ting strengths. (BPP P3 2007/08) Simple rules for successful SWOT analysis †¢Be realistic about the strengths and weaknesses of organization when conducting SWOT analysis. †¢Always apply SWOT in relation to competition i. e. better than or worse than competition. †¢SWOT should always be specific. Avoid grey areas. †¢SWOT analysis should distinguish between where organization is today, and where it could be in the future. . ANALYSIS 3. 1 Automobile Sector Automobile sector is one of the fastest growing sectors in Pakistan. It contributes towards the nation’s economy in the form of Technology Transfer, Employment, Investment and much more. As the industrys growing, so are the Automobile companies. Every manufacturer is in the process of increasing production capacity to meet customer demands. Through out the 1990s the annual automobile production remained constant around 45,000 but due to consistent policies and positive macro economic conditions the industr y boomed to more than 120,000 units per annum in just 4 years.In 2008-2009, the local automotive industry for the fifth year running made an impressive contribution towards the economic growth of the country. The market for locally assembled passenger cars 82844 units sold in 2008-2009 less as compared to 164650 units sold in 2007-2008. Continued import of used cars and rise in interest rates restricted the growth rate compared to earlier years which is bad effect on local automotive industry of Pakistan. (http://www. pama. org. pk) 3. 2 Profile and historical background of the companyIndus Motor Company (IMC) is a joint venture between the House of Habib, Toyota Motor Corporation Japan (TMC) and Toyota Tsusho Corporation Japan (TTC) for assembling, progressive manufacturing and marketing of Toyota vehicles in Pakistan since July 01, 1990. Indus Motor Company (IMC) is a joint venture between the House of Habib, Toyota, Motor Corporation Japan (TMC) and Toyota Tsusho Corporation Japa n (TTC) for assembling, progressive manufacturing and marketing of Toyota vehicles in Pakistan since July 01, 1990.IMC is engaged in sole distributorship of Toyota and Daihatsu Motor Company Limited vehicles in Pakistan through its dealership network. The company was incorporated in Pakistan as a public limited company in December 1989 and started commercial production in May 1993. The shares of company are quoted on the stock exchanges of Pakistan. Toyota Motor Corporation and Toyota Tsusho Corporation have 25 % stake in the company equity. The majority shareholder is the House of Habib. IMCs production facilities are located at Port Bin Qasim Industrial Zone near Karachi in an area measuring over 105 acres.Indus Motor company plant is the only manufacturing site in the world where both Toyota and Daihatsu brands are being manufactured. Heavy investment was made to build its production facilities based on state of art technologies. To ensure highest level of productivity world-reno wned Toyota Production Systems are implemented. IMCs Product line includes 6 variants of the newly introduced Toyota Corolla, Toyota Hilux Single Cabin 42 and 4 versions of Daihatsu Cuore. We also have a wide range of imported vehicles. The dealership network expanded from 25 to 29 dealers during 2008-2009. ttp://www. toyota-indus. com/company/history. asp 3. 3 Ratio analysis Indus Motor Company Limited (IMC) performance has been compared with its three latest year financial annual statements. IMC’s year end is 30 June. The financial statements of IMC were available upto the year ended 30 June 2009. 3. 3. 1 Sales and profitability 200920082007 Sales Revenue Rs. (000)37864604 4142384339,061226 Sales Units (Nos. )352765080250,557 IMC has increased its production capacity to cater to the demand for its vehicles. The company crossed production of 250,000 units since its inception.It achieved over 35276 units of sales during the year 2008-2009. Sales revenues of Indus motor compan y for the year 2008-2009 decreased to a record Rs. 3559239000, compared to Rs. 2362617000 achieved in 2007-2008. Decrease of higher sales volumes, stop of car leasing by most of the banks and ban by government of Pakistan and import of old cars. Indus motor company sold 35276 units up by 15526 from the last year figures owing to overall decrease in demand of cars. The decrease in sales less production is solely attributable to decreased quantity sold during the year owing to decreasing trend in demand of cars in the country.Company’s sales for the year 2008, were record 50802 units compared to 50557 units achieved last year. Since 2007 it has continued on a downward trend, touching 6. 14 (FY09). The decrease in the margin has been due to the ever increasing cost of goods sold. The cost has increased hugely due to high rupee depreciation and the global oil crisis. Costs are also increased due the high inflation rate prevalent in 2008-2009. Toyota Corolla out-performed its comp etition and established a market segment leadership position in Pakistan with 59% market share in the year 2006-07.Daihatsu Cuore increased its share to 26% in 2006-07 from 18% last year in the economy car segment that continues to show impressive growth. The New Generation Camry introduced in the beginning of 2006-07 fiscal years showed impressive performance. It increased its share from 16% last year, to 54% by June 2007, in its segment. In the new SUV category, company increased market share from 62% to 88% this year, with increased focus on fleet customers who are secure in the reliable performance, durability and after sales service and product support capability of Indus.Hiace and Hilux increased market share from an already impressive 63% last year to a market dominant position of 84% this year. 200920082007 Gross Profit Margin (%age)6. 149. 2911. 37 Net Profit Margin (%age)(16. 8)2. 32. 7 Return on capital employed (%age)30. 4524. 2834. 13 Net revenue6. 1+41. 439. 1 The gros s profit margin has remained consistent over the years. It increased from FY01 (6. 83) to FY03 (13. 73). Then it decreased for two years to 12. 17 (FY05), then remained steady for two more years (FY05 FY07). Since FY07 it has continued on a downward trend, touching 6. 4 (FY09). The decrease in the margin has been due to the ever increasing cost of goods sold. The cost has increased hugely due to high rupee depreciation and the global oil crisis. Costs are also increased due the high inflation rate prevalent in FY09. The net profit margin has also maintained a steady graph. Both net profit and sales increased from FY04 to FY07, the margin remained consistent. Since FY07, the margin has decreased due to decreasing operating profit and operating income. The net profit decreased from around 2. 7 billion rupees to around 1. 4 billion rupees.In FY09, the margin decreased due to heavy increase in administrative expenses (16% YoY). The return on common equity (ROE) decreased consistently f rom FY06. It was due to decreasing net profit amid increasing equity. Equity has continued to increase throughout due to continuous additions to the general reserve. We can understand that the decrease in net profit was greater than the increase in equity. The ROE touched 13. 49 (FY09) from 42. 32 (FY06). The return on asset (ROA) had increased until FY08, after which it decreased in FY09 (6. 70). The ROAs decrease can be attributed to an increase in total assets (50% YoY for FY09).Though this decrease can be translated as a failure on part of the assets to perform, we know that the decrease in returns is due to an industry wide slowdown of demand. The sales of Passenger Cars and Light Commercial Vehicles have decreased by over 47% in FY09. 3. 3. 2 Liquidity and efficiency 200920082007 Current ratio1. 69:12. 56:11. 83:1 Inventory turnover (times)10. 5713. 6710. 15 Stock turnover (days)30 Debt collection period (days)1596 The liquidity situation has improved consistently since FY03 w hen the current ratio hit a low of 1. 19. Liquidity touched a high of 2. 56 (FY08) before decreasing to 1. 9 (FY09). From FY05 to FY06, current assets and current liabilities increased almost proportionally resulting in a small change in the current ratio (from 1. 46 to 1. 49). In FY07 both current assets and current liabilities decreased, though liabilities decreased by a greater amount, thus leading to an increase in the current ratio. In FY08, sales decreased due to lower demand. Large declines in both current assets and liabilities were seen, and again the decrease was far greater for current liabilities (-49% YoY). This decrease was fueled by a drastic (-80% YoY) decrease in advances.Thus the current ratio spiked to its highest in recent history, i. e 2. 56. FY09 saw the current ratio fall drastically. The decrease came amid large increases in cash and bank balance (124% YoY) and stock-in-trade (55% YoY). It was mainly due to a disproportionate increase in current liabilities c aused by an over 500% YoY increase in advances (from customers and dealers). This substantial increase is due to the fact that the advances in FY08 were abnormally low. This figure had decreased by over 80% YoY from around 4. 5 million rupees to less than a million. The trend clearly shows that FY08 was an odd year for the company.Inventory turnover has remained consistent since FY03 at around 42 days. It decreased in FY07 to 28 days due to a large decrease in stock-in-trade and stores spares (over -25% YoY). The decline continued in FY08 (to 24 days) due to increased net sales and decreased stores spares. Currently (FY09), the inventory turnover has slightly increased to previous levels of around 40 days on the back of large increase in stock-in-trade (55% YoY) and a lesser decrease in net sales (-8. 6% YoY). The decrease in sales is not unique to Indus Motors alone. (www. brecorder. com) 3. 3. 3 Debt and capital structure 200920082007Debt to equity0:10:10:1 Traditionally IMC has shown no reliance on long term debt. The same trend continues in 2008-09 as well. However, we see that the TIE ratio has shown a sharp incline. This is because of a reduction in the mark-up that is to be paid to the customers against their advances. The decline in this head signifies that the company is able to make delivery of its vehicles on a timely basis. 3. 3. 4 Investor’s Ratios 200920082007 Earning per share (Rs)17. 629. 234. 93 Market price per share (Rs)107. 72200. 05305. 50 Price earning ratio (Rs)6. 116. 868. 75 Dividend per share (Rs)10. 0010. 5013 Dividend yield (%)9. 85. 254. 26 Dividend Payout (%)56. 7536. 0337. 21 The companys book value has increased consistently over the years. Currently it stands at Rs 131 with a YoY increase of 9. 1%. This increase is due to the high increase in reserves. Reserves have continued to increase while no new shares have been issued. This continuous increase has shown that the stockholders are well catered to and their share in the business has continued to increase. This also shows that the management is taking good care of the stockholders interests. Earnings per share (EPS) for the company had also showed continuous increase from FY01 (2. 9) to FY07 (34. 93). Onwards, the EPS has continued to decrease due to decreasing profits (). Profits have decreased on the back of decreasing demand in the market. The decrease in demand can be attributed to many factors. These factors include increasing inflation, the subsequent drying up of liquidity, decreased available consumer finance, and some government regulations (namely increased sales tax and withholding tax). Dividend per share had increased from FY03 (7) to FY07 (13); and since has decreased to 10 (FY09). This too has been due to the decreasing profits for the company.The price to earnings ratio (P/E) has showed variance. It was 3. 19 in FY02, from whence it decreased to 2. 81 (FY03). Then onwards the P/E ratio increased to 8. 68 in FY08, after which it decreased to 7. 80 (FY09). The market price of the companys share was 14. 65 (simple average) in FY02. The price then increased consistently till FY07 when it was 261. 63 (simple average). It decreased to 253. 03 in FY08, and then plunged down after the collapse of the stock market. At the end of FY09, the market price of the companys share was 107. 72, while the average for FY09 became 137. 37 (a YoY decrease of around -46%).The spare parts segment of Indus Motors showed a healthy growth of 9% YoY, reaching Rs 1. 5 billion. This segment has high possibilities which are restricted by the continued negative practices of under invoicing and smuggling. Though initiatives have been taken to reduce such acts, there is a lot to be done. (www. brecorder. com) 3. 4 SWOT Analysis of IMC Strengths ?Brand equity ?Powerful, stylish and more modernized new models ?IMC is the only company who supplies its vehicles to Army and Police department in the country ? Market safe, innovative, reliable, d urable and outstanding quality products ? Use of advanced technologies Employee satisfaction, commitment and excellent labor – management relation ? Indus’s good corporate image ?Wide dealership network all over the country ?Worldwide recognition ?Membership of UN Global compact ?IMC is ISO 9002 and ISO 14001 certified ?Customer satisfaction as IMC is fulfilling their motoring needs ? Support of Toyota, Japan ?Continuous growth ?Toyota Marketing Award 2006 – Overall ?Indus Motor Company received the 2nd Consumers Choice Award from Consumers Association of Pakistan in 2006 ? After sales services Weaknesses ?Customer’s complaints due to late delivery http://presidentofpakistan. gov. pk/TPRespondsQsComplDetail. spx? WTPresidentQsID=342 ? Deletion level is very low i. e. 60% which results in increased costs of input as it has to import 40% of its components. Opportunities ?In the 2008-2009 budgets the government had announced a restriction on the age of impor ted used vehicles, disallowing imports of vehicles older than 3 years. ?Auto Industry Development Plan, prepared by the Engineering Development Board in consultation with the auto industry would pave the way for further investment, technology flow, greater competitiveness and employment in the auto sector and as well as the nation’s economic growth on sustainable basis. Geo News(10 February,2008) ?Introduction of a tariff based system that is WTO compliant http://www. toyota-indus. com/company/press. asp ?Huge demand of cars in the country. 1,000 cars is added into main stream only in Lahore. Threats ?Import of used cars continues to impede growth of the local auto industry. It can lead to closure of the local auto manufacturing plants as has been the case in New Zealand. ?IMC does not produce CNG equipped cars which have low cost per mile. This may lead to lowering of demand of its vehicles. ?Rise in oil prices and other input costs may shrink the margins of the company. Tig htening monetary policy by the government ?The depreciation rate of 2% per month amounting to 50% in two years creates a further anomaly as locally produced cars are allowed a depreciation of only 15% per year. ?Chinese are also eyeing the market in a big way. The vehicles are fitted with cabin ventilation. The product is cheap and has been exclusively made for Pakistan. http://www. nation. com. pk/daily/dec-2004/22/bnews2. php 3. 5 Porters five forces of competitive analysis Threat of New Entrants The barriers to entry are high due to the following reasons Huge capital investment is required ?New brand takes time to be famous among the public ?Existing players not only enjoy economies of scale, but will also react very fiercely if a new player tries to enter the market. ?Political uncertainty and unrest has badly affected the market sentiment in recent past while law and order problem, particularly in the wake of assassination of Benazir Bhutto, added to the market worries. http:// www. brecorder. com/index. php? id=698864;currPageNo=1;query=;search=;term=;supDate= Threat of Substitutes There is no threat of substitute to cars.Everyone prefers his own conveyance facility for the family mainly due to the poor condition of public transport and traffic system available in the country. Bargaining Power of Customers Bargaining power of customers is getting higher in the automobile industry due to more than one option available for them, covering their price range. There are many new models launched by the companies at the same time having good quality. Moreover, now the customers have the option of buying imported cars, which are better in quality and sometimes lower in price.It may increase further in future. Bargaining Power of Suppliers The bargaining power of suppliers of imported components is low particularly for IMC because it imports them from Toyota, Japan which also has a stake in the company. However, for locally manufactured components, it is also low b ecause there are large number of suppliers who cannot charged prices of their own, they do not have customers from outside the country, and the fact that buyers have low switching costs. Rivalry amongst CompetitorsDue to the increasing demand of cars established in the country all the companies are enjoying high sales growth, as they all have increased their production capacity and the quality of their products, so succeeded in maintaining their share in the market. Since the demand is increasing and they will hopefully sale whatever they produce, rivalry is presumed to be low. 3. 6 Conclusion and Recommendations Keeping in view, the aims and objectives defined earlier in this report, following conclusions can be drawn regarding Indus Motor Company Limited (IMC). As a corporation, Indus Motors is making greater profits.It continues to be a reliable investment and has seen its share price increase dramatically over the years, though that has decreased recently. Indus Motors continues to strive to become a good corporate citizen. It has regularly undertaken social initiatives regarding road safety, environment, technical education, etc. It takes care of all its stakeholders. 3. 6. 1 Auto industry The industry for light commercial vehicles and locally assembled passenger cars downfall because of heavy import of reconditioned cars, continuing the industry growth trend but by a smaller amount as compared to the past years.The reason behind the deceleration is obvious: rising interest rates and imported cars. Although the government has banned the import of cars older than 3 years, the depreciation of 2% per month allowed to the imported cars sways the situation in their favour. The sales of the low capacity cars showed an increase while the cars with higher engine power showed a decline in 2008-2009. Imposition of with holding tax has increased the prices of the cars, thus slowing down the growth rate. 3. 6. 2 The companyIMC is a joint venture between the House of Habib – renowned business group of Pakistan – Toyota Corporat