Electronic Company Sales and Recruitment

Electronic Company Sales and Recruitment Elec company is specialized in importing and distributing electronic and electrical products in Sri Lanka market. Their product range consist of television, home theater systems, digital cameras, kitchen appliances, refrigerators, gas burners and ovens, washing machines and personal computers. The organization wants to make use of their promotional effort to the maximum so that they are planning to come up with an integrated marketing promotions to support the selling activities. Company is going to develop the sales structure and required to add few more people there to support the expansion. They wont to set sales targets for representatives, come up with a plan to recruit new positions to the sales function, develop a benefit package for them, introduce sales package for them, introduce techniques to co ordinate and control sales procedures for the company. In this report there is a sales plan to the company and there are some suggestions to expand sales. First explained about the personal selling to support the personal mix and analysis the role of the sales team within the marketing strategy. Then revised their sales strategies in line with the cooperate objectives. Then explained the appropriate recruitment strategies and selection procedure. The role of motivation for field sales representatives, remuneration package and training in sales management. Explained the sales structure, territorial design, sales recordings and methods to control sales activities. After that explained how sales representative could make use of database in setting effective sales management programmed. Then developed a sales plan to promote electronic and electrical items. Finally investigate the opportunities for using exhibitions or trade fairs to promote the electronic and electrical items to the target customers. Introduction Elec Company is specialized in importing and distributing Electronic and Electrical products in Sri Lankan market. Their Products range consist of Televisions, Home theater systems, Digital cameras, Kitchen appliances, Refrigerators, Gas burners and ovens, Washing machines and Personal computers. Currently it is covering the main cities in the country with ten sales representatives. They all report to one sales manager who is located in the head office. They go on filed visits and make sales to B2B shops which are operating all over Sri Lanka. Some times their sales trips spring to two or three days in filed, before they make the next sales visit. But, their selling tasks within the company are not properly organized. In many occasions, they met together, since there is no proper field visit scheduling done. Sales records are poorly maintained. The company wants to restructure their business operations and align the sales operations to match with the organizational objective. The company wants to streamline the sales channel and expand the business operations to achieve the organizations corporate objective. The company is willing to implement a proper planning and monitoring system to have a better quality sales operation and to increase the profitability. Personal selling Personal selling is where businesses use the sales force to sell the product after meeting face-to-face with the customer. The sellers promote the product through their attitude, appearance and specialist product knowledge.  They aim to inform and encourage the customer to buy, or at least trial the product. A good example of personal selling is found in department stores on the perfume and cosmetic counters.   A customer can get advice on how to apply the product and can try different products.   Products with relatively high prices, or with complex features, are often sold using personal selling.   Great examples include cars, office equipment and many products that are sold by businesses to other industrial customers. Point-of-sale merchandising can be said to be a specialist form of personal selling.   POS merchandising involves face-to-face contact between sales representatives of producers and the retail trade.   A merchandiser will vis it a range of suitable retail premises in his/her area and encourage the retailer to stock products from a range.   The visit also provides the opportunity for the merchandiser to check on stock levels and to check whether the product is being displayed optimally. Advantages of personal selling are high customer attention; message is customized, interactivity, persuasive impact, potential for development of relationship, adaptable and opportunity to close the sale. Organization sell and customer buyer behavior in relation to purchase decisions Digital crameras and the washing machines products that selling at the Elec company. People buying Digital crameras and the washing machines for different purposes. First we have to identify the purposes of the customers before selling products. Digital crameras are mostly needed for the younger generation and photographers. But when we come to the washing machines, mostly it is important for women. Then the company have to use different ways to advertise their products. When the company is going to advertise for the washing machines, it is better to put those advertisements in a womens news paper rather than putting that advertisement in other newspapers. When selling digital crameras it is little bit different. When the company selling digital crameras it is better to advertise in commercial magazines than womens magazines. Washing Machine Buyers Digital crameras Washing machines are house hold items . It is already use in houses. When people wants to get a washine mechines they mainly focused about the price and the facilities in that. Consumers are individuals, households or businesses who use the products. Consumer characteristics vary from country to country. Therefore it has become challenging task for marketer to understand the need, buying behaviour of consumer before developing product and marketing program. It has been found that the consumers decision making process is influenced by Usability aspect. Here the peer group pressure, Promises, Digital Processing, Flash, Location services, Cost of service Spare parts cost combined together affect the consumer to decide while purchasing a digital camera. The feature of the product is next important factor that heavenly influences the buying decision of the consumer. Here the consumer pays a great attention towards features like Picture quality, Zoom facility memory of the camera. The accessories have become an important factor in purchasing a digital camera. Apart from the features, the customer is very much interested in other add-on  like colour, carriage bag, weight trendiness of the camera. Other factors that are crucial in decision making while purchasing digital camera are service, value for money promotional schemes. Price has not emerged out as a very crucial factor for the consumers. The consumers give more weight age to usability features of the product in comparison with price. Promotional schemes like discounts emerged out as the least important factor for the consumers. Role of the sales team The sales team is responsible for researching and analyzing the business and the market. Using the information gathered, the marketing plan, budget and key performance indicators are developed. Action plans are devised and the marketing strategy is implemented. The marketing department measures and reports on the results of the marketing strategy. Staff in the marketing department train staff in other departments so they are conscious of current campaigns. The purpose of their activity is to manage the four Ps of marketing. The aim is to stimulate demand for the business goods and services and to generate leads. Leads are customers who are likely to make a purchase. Leads are identified by collecting the details of people who contact the business to ask about products or services, or by gathering details of prospective customers from online surveys, competition entries or newsletter subscriptions. Lists of potential customers can be purchased and classified into ranges of income, loc ation and purchasing preferences. The marketing department can analyze their customer database to highlight customers and their preferences, those who make regular purchases or those who are due for upgrades or replacements. After raising interest and demand for the products and services, the leads that are generated are passed on to the sales department. Leads are people who may make a purchase. It is up to sales staff to contact people, identify their needs and help them make a purchasing decision. Sales staff deal directly with customers and they must build a good relationship. Sales staff also deal with people who walk in off the street or contact the business through their website. The role of sales staff is to make sure the business gets a return from its investment in marketing and to turn demand into sales. Corporate Sales Planning Elec is having multiple ranges of electrical and electronic home appliances to meet with different needs of the families. Company management is more focused on building a business which is sustainable and more profitable for the stake holders. Further they want to have the brand presence as well. The company vision is more focused on creating better values for their end users, sellers and other stakeholders. Further the company is looking for the growing opportunities with business expansion and new sales force recruitment. Moreover the company should develop and competitive environment for the target market to choose Elec products over the competitor brands. Elec management should understand the corporate objectives of their organization clearly and should develop the sales planning accordingly. The sales force management in the Elec Company seems to be very weak and the company is not having and efficient tracking system on the employee customer visit plans. The company is in a position where they have to make strong call on how they are going to manage their sales planning and client management. Elec as a importer and supplier of house hold electronics and electrical thorough out the country, the company should understand the need for designing a sales plan with clear reporting and account management guidelines. As the company is managing a considerable amount of resellers its will be better to change the sales representatives roles to Key Account Managers. Key account managers will be assigned with different shop owners who could be taken care by the respective account managers. Each shop will be considered as separate accounts. The account manager will be responsible to handle any queries related to the accounts under his observations. When the company is designing the account managers reporting lines it can have a 2 layer or 3 layer reporting line. The overall sales and distribution operation would be handled by the country head for sales. And he can have three Senior Sales managers reporting to him, who will be responsible to handle the account managers. The account management can be differentiated into two main criteria. The first criteria would be the large resellers who by more than certain quantity every year. The company can check their past sales records and list the top 25 B2B buyers as the Key Accounts of the company. And the Key accounts can be handled by the Key account managers while the other B2B customers can be handled by the other customer account managers. Among the 3 senior sales managers one manager should handle the Key account Managers who will be handling the main customer accounts of the company while the other 2 senior managers could handle the other customer account operations. When assigning the account managers to the resellers other than the key account managers, the company may practice a territorial approach. This will help the company to plan their sales operations effectively. Same way the company can divide their key accounts into 3 or 4 territories which will make the client management and customer visits more convenient. Company can figure out the compatible staff from the current sales force and promote them as key account managers. If they give the internal staff, the opportunity to handle the key accounts, it will be much convenient for the company to have the rapport with the existing customer hence they already have some kind of relationship among them. Proposed Hierarchy of the Sales Department at Elec Company Country Head Country head for sales should be responsible for overall sales planning and budgeting of the department. The country head will be a member of the senior management team and will have the sales planning with the corporate objectives. He will play a major role in communicating the overall organizational expectations with the sales unit staff. He should have the capacity to develop a sales design and make rapid decisions based on the customer and corporate demands. Senior Manager Key Accounts Senior Key accounts Manager will be handling a team of Key account managers who will be responsible for delivering the set profit targets and achieving the organizational goals. Further the managers will be responsible to manage the account managers reporting to him and to provide them better guidance in delivering satisfactory performance. Further the senior account manager will also have occasional liaisons with the key clients. Senior Manager Customer Accounts Management Senior Manager will be responsible for handling the staff directly reporting to him and growing the unit performance. Also increasing the profitability of the sales team will be a major goal of the manager. Managers will also handle the customer grievances and provide professional guidance to the team members in personality development and business development. Key Accounts Manager Key account managers will have the direct liaison with the key customers assign to them and increase the companys profitability and developing the brand presence in the assigned region. Also they will be responsible to retain the customers and grow the portfolio size. Customer Account Managers The customer account managers will be responsible to handle the customer accounts of the company from the assigned territorial limits. The Account will be handled in terms of increasing sales and convincing the accounts to promote the Elec products over the competitor products. Also the Account managers will be responsible to have sustainable account management and relationships with the customers. Restructuring the sales department should be planned properly as the changes take place in the company to avoid the staff getting the wrong message. The company should give the existing staff more priority for the appropriate positions. And the company should have a clear change management strategy in the role changes and planning. Human Resources Management Human resources management functions related to the sales department will include staff retention, employees welfare management and motivation, recruitment and selection, training and development and Employees Evaluations and other activities related to the staff management. Human Resources Planning for the Sales Unit Human resources planning process involves identifying the need for human capital against the organisational goals and current human capital strengths. Any company in the market should do a human resources planning in order to have a competitive human resources and enjoy the economies of scale. Any decision on recruitment should be made only if the necessity is found through a human resources planning activity, if not the recruitment may be a burden for the organisations future. At Elec, as the company is planning on expansions and growth, the company is in need for more staff to match the need of the sales expansions and adoption of new customer accounts. Human resources planning will have several sensitive steps which need to be carried out with strategic thoughts and information. Evaluating the organisational goals and objectives This should be found from the top management decisions and needs. Identifying the need of human resources (Human resources Demand) The company HR should negotiate with the line managers and middle managers on the need of employees for the achievement of set objectives. The need can be identified by the average productivity assumptions. Identifying the currently human resources availability (Human resources Supply) Gather information from the HRIS or from departmental managers and payroll system on the availability of staff power. And the skills of the employees should be also identified. Evaluating the gap between supply and demand. The management should evaluate the gap existing with the demand and supply of human resources and the skills. Planning the strategies to meet the required human resources level. If the supply and demand is matching the company could focus on training and developing the employees to achieve the goals. If the company has staff surplus, it should implement strategies to downsize the human capital, if not they can reduce the working hours of the employees or prepare rosters for working. But the company may focus on new account adoption and increase the targets of the staff that are with little portfolios. If the company has a staff shortage the company can increase the working hours of the staff and pay overtime or if the need is a long term oriented, they can recruit new employees. Also they can outsource few functions which are not core activities of the business. Implementation of the plan and monitoring the process as a continuous cycle. The activities planned should be implemented and monitored to assure the execution aligns with the planning. And the planning process is a recurrent process which needs to be carried out frequently to assure the human capital is utilised effectively. The above HR planning process should be carried out on a frequent manner to understand the companys sales departments position based on the human resources need. This will help the managers to understand the over heads and shortfalls in the unit. Recruitment and Selection Process The need for recruitment would be identified through an effective HR planning process. ELEC should make their recruitment decisions by carrying out HR Planning activity. If the recruitment is done just for the request of the department managers the company may have to suffer unnecessary financial losses. The recruitment and selection process of the company should be strategically designed to match with the company culture and the industry they operate in. Recruitment and selection process may have the following steps in general. Analysing the vacancy identifying the job role and specialities need for the job role. Analysing the skills and qualifications expected to meet the vacancy. Identify the personality needed from the individual for the position vacancy. Identifying the recruitment method whether the company is planning to fill the vacancy from the internal staff or looking from outside. The company can call applications though education and professional bodies, via referrals and public advertising, etc. Selection process Screening the applications received to identify the qualified candidates. Preliminary interviews for the shortlisted candidates Exams/tests related to the job for the successful candidates Next level of interviews Reference checking and background analysis Offer of employment Acceptance by the employee and employment contract. Induction Evaluation of the Selection process The above procedures could be followed by the ELEC to recruit a suitable candidate for the vacancies. Elec can recruit staff with experience in the same industry and can attract staff members from their competitors by giving better benefits for their staff members. Selecting and recruiting the most suitable candidates will help the company to have a committed staff force who will help the company in achieving the competitive advantage over the competitors. Employees Motivation Elec Company should implement a better employee motivation system as the current system in the company is not very competitive to have a satisfied and motivated sales force. In order to have a motivated sales team the company should focus to develop a satisfied sales force and then motivating the sales team. If the company invests on employee motivations without achieving the employee satisfaction the company many suffer unnecessary losses. The company should make the employees to feel that they are being taken cared by the company and if they perform more the company will reward for their additional contribution. Company should take initiatives to hear the employee grievances and provide proper solutions to match their needs. The company can include employee protection schemes with insurance benefits and health protection for the staff and immediate family members. Also the company should introduce a competitive rewarding scheme based on the account management profits generated by each account manager. This will give them the motivation to focus on increasing the sales and build a strong business portfolio for their benefits and organizations benefit. In addition Elec can introduce a sales tracking mechanism which will provide the staff real time updates on their portfolio position and how their monthly incentives are going to be. Also if the company can introduce Tabs or laptops for the sales staff to have communication medium with the head office and to see the stock in demand and orders to the stores based on the clients needs. This will reduce the companys operational cost on communication medium though the initial investment may look higher. Further the company should have employee get together, family outings and special value adding rewards such as MDs awards to recognize the employees for their extraordinary contribution to the company growth. In addition to the above the company should invest more on the employees training and development. This will help the employees to have a trust on the company. Also they will be happy to see themselves growing within the company. Marketing Mix and Business Development Company should develop a marketing mix based on the corporate strategy of the company. The marketing mix will focus on the competitive advantage over the competitors. The Elec products are tangible and the consumers always want to have key benefits and values to be matched for the money they pay. Elec should evaluate the cost benefits before designing the marketing mix of the company. The marketing mix will be more focused of reaching the shop owners than the end users as the shop owners will be focused on sales growth to end users. Elec should build good rapport with the shop owners and identify the product movement style and analyze the best markets places for the range of products they have. They should provide the right products and the right quantity to the right shop to avoid returns of the goods which will cost extra on transport. Further the company should fix a price which will give better yield for itself, shop owners and cost advantage for the end users. Also they should match their prices with the main competitors to win in the price competition. The Company will have their main stores based on the head office and distribute the goods every fortnight based on the orders received. This system will help them to enjoy the cost advantage again without having many distribution centers. The market placing will be done through the account managers to the shops they manage. And the end users can buy the products from the shops hence the company doesnt need to meet the end user directly. Further the company could train the shop technical staff on the repairs and damage complain handling which will help Elec to have a professionalism in the shop level as well in treating the customers fairly. Also this will help the shops to be satisfied with the support given by Elec. Promotional activities related to the product range will be handled by the Elec corporate office. The promotional activities of the company will have 2 phases where one phase will be focused on the shops and the other phase will be focused on the end users. The public media advertising will have more focus on the general public and end users. But the advertisements done for the end users may have considerable influence on the decision making of the shop owners as well; hence the message received from the media will create a stereo typing on the shop owners mind. The company will carry out personal marketing to the shop owners with the support of the technical sales team and the account manager. Also the senior managers will be getting involved in negotiating the wholesales pricing and the profit margins with the shop owners. International movement of the company is pretty competitive. As the company is still focusing on establishing the brand in Sri Lanka they should do a feasibility study on the competitiveness and profit advantage of entering a new international market. Participating in Trade fairs will help the company to meet the end users in the selected area and identify the real needs and demands of the end users than they learning from an intermediary. Also they can learn about the influences of the other brand in the customer decision making process. Conclusions In summary Elec should develop a sales plan focused on account management concept and differentiate the account based on the profitability and turnover. The high profitable accounts will be managed by the key account managers and the other accounts should be managed by the customer account managers. The company may have to invest more on developing a professional account management team. Further the company has to invest in recruiting the best candidates and training them. The marketing mix of the company should be restructured to match the organizational overall expectation and the company can have products distribution strategies to match the regional demands. Also the whole sale pricing should be negotiated with the key customers and the senior managements involvement is much appreciated on this. Also the company moving international is not recommendable at this point of time hence the company is in need of more cash to stabilize themselves in the local market.

Free Hamlet Essays: No Tragic Flaw in Hamlet :: The Tragedy of Hamlet Essays

No Tragic Flaw in Hamlet It was my observation after reading Hamlet, that the play and its main character are not typical examples of tragedy and contain a questionable "tragic flaw" in the tragic hero. I chose this topic because Hamlet is a tragedy, but one that is very different from classical tragedies such as Medea. I also found quite a lot of controversial debate over the play and its leading character. While reading through my notes, I found that, according to Aristotle, "the tragic hero will most effectively evoke both our pity and terror if he is neither thoroughly good nor evil but a mixture of both; and also that the tragic effect will be stronger if the hero is better than we are in the sense that he is of higher than ordinary moral worth. Such a man is exhibited as suffering a change in fortune from happiness to misery because of a mistaken act, to which he is led by his hamartia ("error of judgment") or his tragic flaw." It is important that this be clear, because I plan to demonstrate how Shake speare makes Hamlet an atypical tragedy to begin with, and how controversial an issue Hamlet's tragic flaw is. Shakespeare's Hamlet is an atypical play to begin with, because the play's format doesn't conform to traditional Aristotelian concepts of the 3 unities. Shakespeare does not conform to unity of time, place, or action. Hamlet contains a "play within a play," sub-plots, and its action is not set in one day, but several. According to Aristotle, the play should be one day long. There are also a number of comedic moments. Humor, as Aristotle would have it, would reduce the impact of tragedy. Unlike Medea and Oedipus, which contain virtually no humor whatsoever, the play Hamlet has several comedic moments. The last difference I could find is the stature of the character. In the older plays such as Oedipus, the heroes are primarily kings. Hamlet on the other hand is a prince; his stature is starting out smaller than normal. While reading Hamlet, I came to the conclusion that even though this is a tragedy, the hero's supposed flaw is not like those in classical tragedies. To the best of my knowledge, the flaw that I could pick out that best fit Hamlet was sloth . . . as well as the critics themselves.

The Benefits of Magnet Schools Essay -- essays papers

Advantages of magnet schools Why would students want to attend a magnet school? The reason may be because magnet schools offer a variety of specialized programs that students can choose from. Programs such as visual and performing arts, mathematics, sciences, and many others are available for students to choose from. Similar to having a major in college, students at magnet schools have their own specialized area that they can take classes in, in addition to basic academic classes. They are encouraged to be creative and to hone their skills in their area of interest. Another reason magnet schools may be so popular could be due, in part, to the different teaching styles that some of the schools have adopted. For example, University of Hartford Magnet School, a magnet elementary school in West Hartford, Connecticut, has begun teaching through a style developed by psychologist Howard Gardner. Gardner’s theory on intelligence’s are emphasized in this school, so as to get students to â€Å"appreciate all their intelligences, learn their own strengths, and develop those strengths in conjunction with other intelligences† (Delisio, p9). As opposed to regular, neighborhood high schools, magnet schools allow students from different districts to attend. Students may be bused in from over 30 miles away to attend a magnet school, while â€Å"some magnet schools have boarding facilities to allow students from out of state to attend† (Boland). In addition, magnet schools are an outlet for students from low-income, urban areas. â€Å"By the early 1980s, there were approximately 1,100 magnet schools in 140 urban school districts nationwide† (baeo.org, p2). Disadvantages of magnet schools Yet, there are some drawbacks to magnet schools. As prev... ... in an Elementary Magnet School: A Longitudinal Study. Journal of Computing in Teacher Education. Retrieved on April 19, 2004 from http://www.iste.org/jcte/PDFs/te18119wri.pdf This website summarizes a longitudinal study done on a technology magnet school. The information provided includes how the school was started, what the school obtained through government grants, and how the technology in the school was benefiting students and teachers. Steel, L. & Levine, R. (1994) Educational Innovation in Multiracial Contexts: The Growth of Magnet Schools in American Education. Palo Alto, California: American Institutes for Research. This book gives information on the benefits of magnet schools, the types of funding magnet schools receive, and information on the types of students enrolled in magnet schools. Studies on magnet schools are also provided in this book.

hard :: essays research papers

Hard Times, by Charles Dickens, was a representation of his time. Times were hard for children and adults alike. People who questioned what they were taught, often went through struggles and â€Å"hard times.† Eventually, the people who were looked down were the ones who really helped those in need. Throughout the book, there are many ironic instances. Thomas Gradgrind was a man built on the idea that facts and statistics were the only truth in life and all that was needed to have a healthy and productive life. The only truth to him was his very own vision of the truth. Simple put, Thomas Gradgrind strived for perfection. He strived to be perfect, which is what his philosophy was based on, and he strived to make his children perfect and not to wonder. He raised his children never to wonder, never to doubt facts and to never entertain any vice or fancy. As soon as Gradgrind’s children were old enough to absorb, he was feeding giving more lessons than they could hold. His children were brought up only knowing one way to live and that was the idea that if it is not fact, then it is false. He was emotionaless as were his children because they were brought up only knowing what they were taught by him. Eventually, as Gradgrind’s children became older, what they were taught began to turn sour in their minds. Tom, Grandgrindà ¢â‚¬â„¢s son, began to despise his father and all he was taught and thus began to rebel. He took to smoking and gambling, which eventually led to his downfall. Tom had grown up to become a sycophantic, self-absorbed parasite. He had turned out the exact opposite as hoped. Thomas Gradgrind had raised his children never to wonder, but wondering intrigued them. Gradrgind had observed his children peeking into a circus tent because they were curious as to what was inside. The children were scolded for being curious, but seeds were planted into their minds of how there was more to life than what they had been taught. Futhermore, Tom, a usually well-behaved child, began to rebel after this incident. At first, he was rebelling in his mind, but eventually, after Tom moved out of his father’s house, so began his more visible rebellion. Once more, this is exactly what Mr. Gradgrind had tried to avoid whilst raising his children. When Tom Gradgrind was in serious trouble because of his gambling debts, he confided in his sister, Louisa.

Financial Analysis of Tcs and Tech Mahindra

ACCOUNTS PROJECT Submitted By: Kriti Singh Roll No: 236 Section-D, LBSIM, Delhi 1. ) Calculation of Ratios: (All figures used For calculation are in Rs crores) Liquidity Ratios: 1. Current Ratio Formula: Current Ratio=Current Assets /Current Liability Current Ratio of TCS : For 2012: 23275. 09/10465. 01 = 2. 224 For 2011: 17036. 41/7246. 03 = 2. 3511| | Current Ratio of Tech Mahindra: For 2012: 19809/17007 = 1. 16475 For 2011: 18412/15295 = 1. 20379 2. Quick Ratio Formula: Quick Ratio= Quick Current Assets/Current Liability Quick Ratio of TCS:For 2012: 23257. 32/10465. 01 = 2. 223 For 2011: 17013. 59/7246. 03 = 2. 347 Quick Ratio of Tech Mahindra: For 2012: 19807/17007 = 1. 16463 For 2011: 18406/15295 = 1. 20339 3. Cash ratio: Formula: | Cash Ratio of TCS: For 2012: 6003. 37/10465. 01 =0. 5736 For 2011: 4700. 85/7246. 03 =0. 648 Cash Ratio of Tech Mahindra: For 2012: 1389/17007 = 0. 081 For 2011: 1938/15295 = 0. 126 Leverage Ratios: 1. Debt-Assets Ratio: Formula: Debt to Assets = tot al debt / total assets Debt-Assets Ratio of TCS: For 2012: 116. 26/41394. 49 =0. 0028 For 2011: 69. 27/32681. 04 =0. 0021Debt-Assets Ratio of Tech Mahindra: For 2012: 11266/63454 = 0. 177 For 2011: 11827/60804 =0. 194 2. Debt Equity Ratio: Formula: Debt to Equity Ratio =  (Short Term Debt + Long Term Debt)/Tangible N. W. Debt to Equity Ratio of TCS:For 2012: 116. 26/29840. 13 =0. 003 For 2011: 69. 27/24651. 22 =0. 002 Debt to Equity Ratio of Tech Mahindra: For 2012: 11266/34369 = 0. 327 For 2011: 11827/33810 =0. 349 3. Interest coverage Ratio Formula: Interest Coverage Ratio =  (EBIT) / interest.Interest coverage Ratio of TCS: For 2012: 13945. 54/22. 23 =627. 32 For 2011: 11047. 1/26. 48 =417. 18 Interest coverage Ratio of Tech Mahindra: For 2012: 7494/1025 =7. 3112 For 2011: 9173/1113 =8. 2416 4. Total Debt Ratio: Formula: Total Debt Ratio = Total Debt / Capital Employed Total Debt Ratio of TCS: For 2012: 116. 26/30929. 48 =0. 00375 For 2011: 69. 27/25435. 01 =0. 0027 Tota l Debt Ratio of Tech Mahindra: For 2012: 11266/46447 = 0. 425 For 2011: 11827/45509 =0. 259 Activity Ratios: 1. Inventory turnover Ratio: Formula: Inventory Turnover Ratio = Cost of Goods Sold/Inventory Cost Inventory turnover Ratio of TCS:For 2012: 35398. 69/ 17. 77 =1992. 04 For 2011: 26907. 89/22. 82 =1179. 132 Inventory turnover Ratio of Tech Mahindra:For 2012: 46638/2 =23319 For 2011: 42861/6 =7143. 5 2. Receivable’s turnover Ratios: Formula: Receivable Turnover Ratio = Sales/ Accounts Receivable Receivable’s turnover Ratio of TCS:For 2012: 48893. 83/11520. 35 =4. 244 For 2011: 37324. 1/8194. 97 =4. 554 Receivable’s turnover Ratio of Tech Mahindra:For 2012: 52430/12431 =4. 217 For 2011: 49655/9643 =5. 149 3. Payable turnover Ratios: Formula: Payable Turnover Ratio = Cost/ Average Payables Payable turnover Ratio of TCS:For 2012: 35398. 69/ 3247. 87 =10. 89 For 2011: 26907. 89/2572. 33 =10. 46 Payable turnover Ratio of Tech Mahindra:For 2012: 46638/4684 =9. 9 56 For 2011: 42861/3034 =14. 126 4. Fixed assets turnover Ratios: Formula: Fixed assets turnover Ratios = Sales/ Fixed Assets Fixed assets turnover Ratios of TCS: For 2012: 48893. 83/6564. 97 =7. 4 For 2011: 37324. 51/5440. 98 =6. 85 Fixed assets turnover Ratios of Tech Mahindra: For 2012: 52430/8153 =6. 430 For 2011: 49655/6608 =7. 5143 5. Total assets turnover Ratios: Formula: Total assets turnover Ratios = Sales/ Total Assets Total assets turnover Ratios of TCS: For 2012: 48893. 83/11520. 35 =4. 244 For 2011: 37324. 51/8194. 97 =4. 554 Total assets turnover Ratios of Tech Mahindra: For 2012: 52430/63454 =0. 826 For 2011: 49655/60804 =0. 816 Profitability Ratios: 1. PBIT Ratio Formula: PBIT Ratio = EBIT/Sales PBIT Ratio of TCS: For 2012: 13945. 54/48893. 83 =0. 285 For 2011: 11047. 1/37324. 51 =0. 959 PBIT Ratio of Tech Mahindra: For 2012: 7494/52430 =0. 1429 For 2011: 9173/49655 =0. 1847 2. PBT Ratio: Formula: PBT Ratio = EBT/Sales PBT Ratio of TCS: For 2012: 13923. 31/48893. 83 =0. 284 For 2011: 11020. 62/37324. 51 =0. 2952 PBT Ratio of Tech Mahindra: For 2012: 5790/52430 =0. 1104 For 2011: 8060/49655 =0. 1623 3. PAT Ratio: Formula: PAT Ratio= EAT/Sales PAT Ratio of TCS: For 2012: 10413. 4/48893. 83 =0. 212 For 2011: 9068. 04/37324. 51 =0. 242 PAT Ratio of Tech Mahindra: For 2012: 4606/52430 =0. 0878 For 2011: 6967/49655 =0. 1403 4. ROA Ratio: Formula: ROA Ratio= EBIT/ Total Asset ROA Ratio of TCS: For 2012: 13945. 4/41394. 49 =0. 336 For 2011: 11047. 1/32681. 04 =0. 338 ROA Ratio of Tech Mahindra: For 2012: 7494/63454 =0. 118 For 2011: 9173/60804 =0. 15 5. ROE Ratio: Formula: ROE Ratio= EAT/Stockholder’s Equity ROE Ratio of TCS: For 2012: 10413. 4/29840. 13 =0. 348 For 2011: 9068. 04/24651. 22 =0. 367 ROE Ratio of Tech Mahindra: For 2012: 4606/34369 =0. 134 For 2011: 6967/33810 =0. 206 Analysis of Ratios: Liquidity Ratios: Ratio| TCS| Tech Mahindra| | 2012| 2011| 2012| 2011| Current Ratio| 2. 224| 2. 3511| 1. 16475| 1. 20379| Quick Ratio| 2. 2223| 2. 347| 1. 16463| 1. 20339| Cash Ratio| 0. 5736| 0. 648| 0. 081| 0. 126|Ideal current ratio is 2:1. In case of TCS in both years current ratio is almost equal to it. It means company has just the adequate amount of current assets. In case of Tech Mahindra, Current ratio is less than it in both the years. But it is still greater than 1:1. So the company still has sufficient assets to pay its short term obligations. Quick assets means current assets – inventory – prepaid exp. So, it is more conservative measure. Ideal quick ratio is 1:1. It shows that TCS and Tech Mahindra have very less current investments in terms of inventories and prepaid expenses so the ratios are almost equal to the current ratios.Cash ratio is most conservative measure of three as it comprises only cash and marketable securities. TCS keeps more current assets in cash than Tech Mahindra. Leverage Ratios: Ratio| TCS| Tech Mahindra| | 2012| 2011| 2012| 2011| Debt – Assets ratio| 0. 0028| 0. 00 21| 0. 177| 0. 194| Debt To Equity Ratio| 0. 003| 0. 002| 0. 327| 0. 349| Interest Coverage Ratio| 627. 32| 417. 18| 7. 3112| 8. 2416| Total Debt Ratio| 0. 00375| 0. 0027| 0. 2425| 0. 259| Analysis of a firm’s capital structure is essential to evaluate its long-term risk and return prospects. Debt – assets ratio implies portion of total debt in capital structure of a company.The more this ratio is the more risky company is because cost of debt is always greater than cost of equity. So, it is preferred to have more amount of equity than debts. For both TCS and Tech Mahindra, debt ratio is good enough though TCS has better debt ratio. Interest coverage ratio measures the protection available to creditors as the extent to which earnings available for interest cover interest expenses. In case of both companies in both years debt holders are secured as enough profit is available with firm but in case of TCS debt holders are very much secured.Payment of interest on debenture s is always preferred to payment of dividends on equity and preference shares. Activity ratios: Ratio| TCS| Tech Mahindra| | 2012| 2011| 2012| 2011| Inventory Turnover Ratio| 1992. 04| 1179. 132| 23319| 7143. 5| Receivable’s Turnover Ratio| 4. 244| 4. 554| 4. 217| 5. 149| Payable Turnover Ratio| 10. 89| 10. 46| 9. 956| 14. 126| Fixed Assets turnover Ratio| 7. 44| 6. 85| 6. 430| 7. 5143| Total Assets Turnover ratio| 1. 18| 1. 142| 0. 826| 0. 816| Activity ratios describe the relationship between the firm’s sales/cost of goods sold and the assets needed to sustain operating activities.The higher the ratio, the more efficient the firm’s operations as relatively fewer assets are required to maintain a given level of operation. Inventory turnover ratio measures the efficiency of the firm’s inventory management. A higher ratio means inventory does not remain in warehouses for long time. In both years Tech Mahindra has higher ratio than TCS has. Since both are s oftware companies, need for inventory is very less. Hence the ratios are so high. Receivable turnover ratio measures the efficiencies of the firms credit policies and indicate the level of investment in receivables needed to maintain the firm’s sales level.The higher this ratio, the lesser the period in which debtors pays money. Its almost similar for both the companies for 2011-12. For 2010-11, Tech Mahindra is slightly ahead in comparison to TCS in this parameter . It implies that Tech Mahindra gives credit to its customer for lesser time period than TCS does. In 2010-11 average credit time given by TCS is 365/4. 554=80 days approx. while by Tech Mahindra is 365/5. 149=70 days. Payable turnover ratio implies the time duration after which company makes payments to its creditors. The higher ayable turnover ratio, the earlier company makes payments to its creditors. TCS’s payable turnover ratio is slightly better than that of Tech Mahindra in 2011-12. For 2010-11, Tech Mahindra has better payable ratio than TCS as it makes payment to its creditors earlier. Fixed assets turnover ratio measures the efficiency of long-term investment. This ratio reflects the level of sales generated by investment in production capacity and shows the efficiency level of fixed assets. The higher this ratio means more productive and efficient are fixed assets or long-term investments.From table it is clear that investments of TCS are slightly more productive than of Tech Mahindra for 2011-12 but it was reverse by almost the same amount for 2010-11. Total assets turnover ratio considers total assets instead of only current assets so; it measures overall efficiencies of all assets (current fixed). TCS has a better ratio than Tech Mahindra has. Profitability Ratios: Ratio| TCS| Tech Mahindra| | 2012| 2011| 2012| 2011| PBIT Ratio| 2. 224| 2. 3511| 0. 1429| 0. 1847| PBT Ratio| 0. 284| 0. 2952| 0. 1104| 0. 1623| PAT Ratio| 0. 212| 0. 242| 0. 0878| 0. 1403| ROA| 0. 336| 0. 338 | 0. 118| 0. 150| ROE| 0. 48| 0,367| 0. 134| 0. 206| This is the most important ratio because both shareholder’s and stakeholder’s profit/gain depends on profitability of company. These ratios measures profitability in terms of % of sales. Debenture holders are much concerned about PBIT(profit before interest and tax) as they are paid interest out of it, government is more concerned about PBT(profit before tax) as it charge tax on this profit, shareholders are more concerned about PAT(profit after tax) as they are paid dividends on the basis of it. For both the companies there is a little change in these ratios over the previothemyear.Also profitability of TCS is more than Tech Mahindra. ROA measures the management’s ability and efficiency in using the firm’s assets to generate profits and it reports the total return accruing to all providers of capital(debt and equity) while ROE considers amount available for distribution to shareholder’s. Both RO A and ROE are undoubtedly better for TCS than those of Tech Mahindra. TCS is giving superb rate of return on equity to its shareholders as 33-34 % in last two years while that for Tech Mahindra is 15-17%. The relationship between ROA and ROE reflects the firm’s capital structure. 2. Horizontal, Vertical and Trend Analysis Items selected For horizontal, vertical and trend analysis are: Items | TCS| Tech Mahindra| | 2012| 2011| 2012| 2011| Shareholder’s Fund| 29579. 23| 24504. 81| 34432| 33840| Inventory| 17. 77| 22. 82| 2| 6| Fixed Assets| 6564. 97| 5440. 98| 8153| 6608| Cash and bank balance| 6003. 47| 4700. 85| 1389| 1938| Creditors| 3247. 87| 2572. 33| 4684| 3034| Debtors| 11520. 35| 8194. 97| 12431| 9643| Total assets/liabilities| 41394. 49| 32681. 04| 63454| 60804| Vertical Analysis: In vertical analysis Auditors calculate portion of one item in total assets/liabilities in terms of percentages.Items | TCS| Tech Mahindra| | 2012| 2011| 2012| 2011| Shareholderâ€℠¢s Fund| 71. 45| 74. 98| 54. 26| 55. 65| Inventory| 0. 042| 0. 069| 0. 003| 0. 009| Fixed Assets| 15. 85| 16. 64| 12. 848| 10. 86| Cash and bank balance| 14. 5| 14. 38| 2. 18| 3. 18| Creditors| 7. 846| 7. 871| 7. 381| 4. 9| Debtors| 27. 83| 25. 07| 19. 59| 15. 85| Horizontal Analysis: In horizontal analysis Auditors calculate % change in an item over a base year. Here Auditors are considering 2009-10 as base year and will calculate % change. Items| TCS| Tech Mahindra| | 2012| 2011| 2012| 2011| Shareholder’s Fund| 95. 29| 100| 97. 50| 100|Inventory| 60. 87| 100| 33. 33| 100| Fixed Assets| 95. 25| 100| 118. 30| 100| Cash and bank balance| 100. 83| 100| 68. 55| 100| Creditors| 99. 68| 100| 150. 63| 100| Debtors| 111. 01| 100| 123. 59| 100| Trend Analysis: For TCS: For Tech Mahindra: 3. Suggestions: i. Creditors: Since the debt ratios are less, there is a lot of assets and equity backing for the debts. It’s a safe bet to lend to both of these companies. ii. Banks and Finan cial institutions : Interest Coverage ratio is high. So lending to these companies is a safe thing to do. (More so to TCS which has excellent Interest Coverage Ratio) iii.Investors: Both the companies have high ROE. So it’s a good option to invest in them. Returns of TCS are as high as 34-36% while that of Tech Mahindra are 15-17%. iv. Government: Tax benefits can be tightened a bit. Because with the proportion of sales tax appears to be less. PBT and PAT ratios for both the companies are almost equal. v. Management: Crediting policies should be changed a bit. Because software industry being a intangible industry can’t rely much on low recievables turnover ratio. 4. Accounting Policies TCS Fixed Assets Fixed assets are stated at cost, less accumulated depreciation / amortization.Costs include all expenses incurred to bring the asset to its present location and condition. Fixed assets exclude computers and other assets individually costing ` 50,000 or less which are not capitalized except when they are part of a larger capital investment program. Depreciation / Amortization Depreciation / amortization on fixed assets, other than freehold land and capital work-in-progress is charged so as to write-off the cost of assets, on the following basis: Type of asset Method Rate / Period Leasehold land and buildings Straight line Lease period Freehold buildings Written down value 5%Factory buildings Straight line 10% Leasehold improvements Straight line Lease period Plant and machinery Straight line 33. 33% Computer equipment Straight line 25% Vehicles Written down value 25. 89% Office equipment Written down value 13. 91% Electrical installations Written down value 13. 91% Furniture and fixtures Straight line 100% Intellectual property / distribution rights Straight line 24 –60 months Rights under licensing agreement Straight line License period Fixed assets purchased for specific projects are depreciated over the period of the project. InvestmentsLo ng-term investments are stated at cost, less provision for other than temporary diminution in value. Current investments, except for current maturities of long term investments, comprising investment in mutual funds are stated at the lower of cost and fair value. Inventories Raw materials, sub-assemblies and components are carried at the lower of cost and net realisable value. Cost is determined on a weighted average basis. Purchased goods-in-transit are carried at cost. Work-in-progress is carried at the lower of cost and net realisable value. Stores and spare parts are carried at cost, less provision for obsolescence.Finished goods produced or purchased by the Company are carried at lower of cost and net realisable value. Cost includes direct material and labtheir cost and a proportion of manufacturing overheads. Tech Mahindra Fixed Assets including intangible assets: Fixed assets are stated at cost less accumulated depreciation. Costs comprise of purchase price and attributable c osts, if any. Depreciation / amortization of fixed assets: (i) The Company computes depreciation of all fixed assets including for assets taken on lease using the straight line method based on estimated useful lives.Depreciation is charged on a pro rata basis for assets purchased or sold during the year. Management’s estimate of the useful life of fixed assets is as follows: Buildings 28 years Computers 3 years Plant and machinery 5 years Furniture and fixtures 5 years Vehicles 3-5 Years Office Equipments 5 years (ii) Leasehold land is amortised over the period of lease. (iii) Leasehold improvements are amortised over the period of lease or expected period of occupancy whichever is less. (iv)Intellectual property rights are amortised over a period of seven years. (v) Assets costing upto Rs 5,000 are fully depreciated in the year of purchase. vi)The cost of software purchased for internal use is capitalized and depreciated in full in the month in which it is put to use. Invest ments: Long term investments are carried at cost. Provision is made to recognise a decline other than temporary in the carrying amount of long term investment. Current investments are carried at lower of cost and fair value. Inventories: Components and parts: Components and parts are valued at lower of cost and net realizable value. Cost is determined on First-In-First Out basis. Finished Goods: Valued at the lower of the cost or net realisable value. Cost is determined on First-In-First Out basis. . ) Key Highlights TCS a. ) Auditor’s Report 1. Auditors have audited the attached Consolidated Balance Sheet of TATA CONSULTANCY SERVICES LIMITED (â€Å"the Company†) and its subsidiaries (collectively referred as â€Å"the TCS Group†) as at March 31, 2012,the Consolidated Statement of Profit and Loss and the Consolidated Cash Flow Statement for the year ended on that date, both annexed thereto. These financial statements are the responsibility of the Company’ s management and have been prepared by the management on the basis of separate financial statements and other financial information regarding components.Their responsibility is to express an opinion on these financial statements based on their audit. 2. Auditors conducted their audit in accordance with the auditing standards generally accepted in India. Those Standards require that Auditors plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. Auditors believe that their audit provides a reasonable basis for their opinion. 3. Auditors did not audit the financial statements of certain subsidiaries whose fina ncial statements reflect total assets (net) of ` 4825. 13 crores as at March 31, 2012, total revenues of ` 7601. 89 crores and net cash inflow amounting to ` 514. 17 crores for the year ended on that date.These financial statements and other financial information has been audited by other auditors whose reports have been furnished to us, and their opinion in so far as it relates to the amounts included in respect of these subsidiaries is based solely on the report of other auditors. 4. Auditors report that the consolidated financial statements have been prepared by the Company’s management in accordance with the requirements of the Accounting Standard (AS) 21, Consolidated Financial Statements prescribed by the Central Government under Section 211 (3C) of the Companies Act, 1956 and other recognized accounting practices and policies. 5.Based on their audit and on consideration of the separate audit reports on the individual financial statements of the Company and the aforesai d subsidiaries and other financial information of the components, and to the best of their information and according to the explanations given to us, Auditors are of the opinion that the attached consolidated financial statements give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Consolidated Balance Sheet, of the state of affairs of the TCS Group as at March 31, 2012; (ii) in the case of the Consolidated Statement of Prof t and Loss, of the profit of the TCS Group for the year ended on that date; and (iii) in the case of Consolidated Cash Flow Statement, of the cash flows of the TCS Group for the year ended on that date. b. ) Management Discussion The Company’s strategy to support longer term growth is to continually extend the core IT services business by expanding its geographic reach, industry coverage and service capabilities and by deepening existing client elationships, building or acquiring emergi ng businesses and adopting or creating new business models and business solutions. Risks The Company has put in place an Enterprise-wide Risk Management (ERM) programme based on the Committee of Sponsoring Organisations of the Treadway Commission (COSO) framework. Reports are placed before the Board of Directors at regular intervals. The risk management process is continuously improved and adapted to the changing global risk scenario. The agility of the risk management process is monitored and reviewed for appropriateness with the changing risk landscape. The process of continuous evaluation of risks includes taking stock of the risk landscape on an event driven as well as quarterly basis.The risk categories covered under the ERM programme includes strategic, operational and financial as well as compliance-related risks across various levels of the organisation. This includes risk assessment and mitigation at the company level, business / functional unit level, relationship level an d project level. c. ) Corporate Governance Effective corporate governance practices constitute the strong foundations on which successful commercial enterprises are built to last. These practices are categorised through principle based standards and not just through a framework enforced by regulation. It develops through adoption of ethical practices in all of its dealings with a wide group of stakeholders encompassing regulators, employees, shareholders, customers and vendors.Strong leadership and effective corporate governance practices have been the Company’s hallmark and it has inherited these from the Tata culture. The Company will continue to focus its resources, strengths and strategies to achieve its vision of becoming a truly global leader in software services, while upholding the core values of excellence, integrity, responsibility, unity and understanding, which are fundamental to the Tata companies. By combining ethical values with business acumen, globalisation w ith national interests and core business with emerging business, the Company aims to be amongst the largest and most respected global organisations. The Company elieves in adopting the ‘best practices’ that are followed in the area of corporate governance across various geographies. The Company has a strong legacy of fair, transparent and ethical governance practices. The Company has adopted a Code of Conduct for its employees including the Managing Director and the Executive Directors. In addition, the Company has adopted a Code of Conduct for its Non-Executive Directors. Both these codes are available on the Company’s website. The Company’s corporate governance philosophy has been further strengthened through the Tata Business Excellence Model, the Tata Code of Conduct for Prevention of Insider Trading, as also the Code of Corporate Disclosure Practices.The Company has in place an Information Security Policy that ensures proper utilisation of IT resource s. The Company is in compliance with the requirements stipulated under Clause 49 of the Listing Agreements entered into with the Stock Exchanges with regard to corporate governance. Tech Mahindra a. ) Auditors’ Report The audit was conducted in accordance with the auditing standards generally accepted in India. Those Standards require that auditors plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and the disclosures in the financial statements.An audit also includes assessing the accounting principles used and the significant estimates made by the Management, as well as evaluating the overall financial statement presentation. Auditors believe that their audit provides a reasonable basis for their opinion. (a) Auditors have obtained all the information and explanations which to the best of their knowledge and belief w ere necessary for the purposes of their audit; (b) In their opinion, proper books of account as required by law have been kept by the Company so far as it appears from their examination of those books; (c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this report are in agreement with the ooks of account; (d) In their opinion, the Balance Sheet, the Statement of Prof t and Loss and the Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956; (e) In their opinion and to the best of their information and according to the explanations given to them, the said accounts give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012; (ii) In the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date and (iii) In the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. b. ) Management Discussion Opportunities Growth in Emerging MarketsCompared to the subdued growth expected in developed markets, emerging markets will continue to drive relatively higher growth due to new spectrum licensing, migration to direct to home platforms, broadband penetration, focus on value added services and conducive regulatory environment. This will create opportunities for the software service providers who can assist operators in achieving their business objectives in these areas. Moreover, as the developing world focuses on shift of Mobility, it may bring in huge investments in this area which could create opportunities for companies like Tech Mahindra. Legacy to Next Generation IT transformationTelecom is a dynamic and evolving indus try with high focus on consumers’ changing demands. Service providers around the globe, on the back of dropping legacy revenues and high costs, are looking to transform their clients’ legacy platforms into next generation platforms. This will enable clients to optimize their product portfolio, and rationalize the costs associated with running the systems. These transformation initiatives will lead to outsourcing opportunities. Tech Mahindra has been at the forefront of helping its clients transform their businesses in line with the changing global telecom environment. Increased scope of outsourced activitiesAccess to talent and cost optimization is the key driver for outsourcing. Telecom service providers are adopting several outsourcing strategies to benefit from off shoring. One of the trends is services which traditionally were done in house are now being included in the scope of global sourcing. In the network domain, network outstheircing provides an opportunity f or wide range of services like field services, maintenance & support, E2E implementations and network infrastructure management. Managed services deals to cover network legacy systems have been tried in the mature markets and a similar trend will continue for the coming years. Adoption of Next Generation TechnologiesThe telecom industry continues to adapt and evolve with new technologies and new ways to communicate. Successive waves of new technology in wire-line, wireless and IP domains have been sweeping the industry landscape. The Telecom industry is also altering to cope up with the changing needs and behavitheir of consumers and increased competition. Customers believe in convenience, choice of services, responsiveness and cost as important parameters to choose their service provider. Success in current business environment is characterized by the ability to adapt to the higher user expectations on the one hand and a rapidly changing technology environment on the other.As mobil e broadband penetration expands, quick monetization has become a strategy of paramount importance for telecom service providers. Service providers are now focusing on providing solutions to enterprises by enabling their applications to be accessed via mobile platforms such as smart phones and tablets. With the growth in social network media across the world, coupled with higher broadband penetration, users have been voicing their views about quality of services. Analysis of user sentiments on such social networks, within limits of privacy laws, is another area where there has been a growth in demand. Threats Reduction in Telecom Spending The global economy is going through turbulent times and most companies are reacting to the increased volatility.Though cash-rich, telecom companies have turned cautious due to the challenging macroeconomic environment. The decisions cycles on new discretionary spend are prolonged. The service providers continue to focus on reducing costs by adopting measures such as optimizing IT Spend and postponing investments. Such cost-saving measures could have an adverse impact on outsourcing. Global IT companies posing challenge with growing India presence Global IT service providers such as Accenture, HP, CapGemini and IBM are expanding their presence in India and pose a challenge to Indian IT service companies with their global client relationships, deep pockets and domain knowledge. Risks High customer concentrationIn FY 2012, revenues from the leading client, top 5 and top 10 clients account for 37%, 68% and 78% respectively. Though customer concentration has been declining over the years, loss of any of these clients could have a material adverse impact on their revenue and profitability. After Mahindra Satyam’s merger with the Company customer concentration will reduce significantly. Withdrawal of tax benefits In the past Auditors benefited from certain income tax incentives under Section 10A of the Income Tax Act (for the IT services that Auditors provide from specially designated â€Å"Software Technology Parks† or STPs) and also from Section 10AA of the Income Tax Act (for the IT services Auditors render from units set up in SEZs).As a result of these incentives, their operations in India have been subject to relatively low tax liabilities. The income tax benefits available to STP units have been discontinued from 1st April 2011. As this withdrawal was foreseen, the Company decided to set up facilities in SEZ units at various locations as the units set up in SEZ area would continue to provide them with tax benefits similar to those in STPs. Auditors commenced operations in SEZ units at Hinjewadi Pune, Chennai, Kolkata and Chandigarh. Additional units are coming up at Noida. But despite this, tax incidence will increase over the previous years due to withdrawal of Section 10A benefits.In addition, there is no assurance that the Indian government will not enact laws in the future that would ad versely impact tax incentives further and consequently, their tax liabilities and profits. When their tax incentives expire or are terminated, their tax expense will materially increase, reducing their profitability. Exchange rate risks The exchange rate between the Indian Rupee and the British Pound and the Rupee and the U. S. Dollar has fluctuated widely in the recent past and may continue to fluctuate significantly in the future. The average value of the Rupee for the FY 2011-12 against the British Pound appreciated by approx 7. 7% and against U. S. Dollar by approximately 4. 4% for the FY 2010-11.Accordingly, their operating results have been and will continue to be impacted by fluctuations in the exchange rate of the Indian Rupee with the British Pound, the U. S. Dollar along with other foreign currencies. Any strengthening of the Indian Rupee against the British Pound, the U. S. Dollar or other foreign currencies, as witnessed in the last year, could adversely affect their pro fitability. c. ) Corporate Governance Report The Company believes that Corporate Governance is a set of guidelines to help fulfill its responsibilities to all its stakeholders. It is a voluntary code of self-discipline to ensure that the Company abides by highest ethical standards. In line with this philosophy, the Company follows healthyCorporate Governance practices and has been reporting the same in annual report even before the Company was listed in August 2006. Board of Directors: The Composition of the Board is in total conformity with Clause 49 of the Listing Agreement, as amended from time to time. The Company has a balanced mix of eminent executive, non-executive and independent directors on the Board. The total strength of the Board of Directors is eleven. The Company has a Non-executive Chairman, who is a professional Director in his individual capacity and belongs to the Promoter Group and the number of independent directors is seven which is more than half of the total strength of the Board as required by the provisions of the Listing Agreement.The number of Non-Executive Directors is ten which is more than 50% of the total number of Directors. The Company is managed by the Vice Chairman & Managing Director and the Management Team. The Board reviews and approves strategy and oversees the performance to ensure that the long term objectives of enhancing stakeholder value are met. The Independent Directors and the Senior Management have made disclosures to the Board confirming that there are no material financial and/or commercial transactions between them and the Company which could have potential conflict of interest with the Company at large. The Board meets at least four times a year and the maximum gap between two meetings is not more than four months.During the year 2011-12, six meetings of the Board of Directors were held on 20th April 2011, 26th May 2011, 12th August 2011, 15th November 2011, 8th February 2012 and 21st March 2012. Agenda for the Board Meetings containing all necessary information / documents is made available to the Board in advance to help the Board to discharge its responsibilities effectively and take informed decisions. In some instances, documents are tabled at the meetings and the concerned manager also makes presentations to the Board or Committees. None of the Directors on the Board is a member in more than 10 committees or acts as a Chairman of more than 5 committees across all companies in which he is a director.The directors of the Company are not inter se related. CEO / CFO Certification As required under Clause 49 V of the Listing Agreement with the Stock Exchanges, a Certificate on the Financial Statements for the financial year ended on 31st March, 2012 has been given to the Board of Directors by the Vice Chairman & Managing Director and the Chief Financial Officer of the Company. Code of Conduct All the Directors and senior management personnel have affirmed compliance with the Code of C onduct/ Ethics as approved and adopted by the Board of Directors and a declaration to that effect signed by the Managing Director. The Code has been posted on the Company’s website – www. techmahindra. om Policy for prohibition of Insider Trading In compliance with the provisions of SEBI (Prohibition of Insider Trading) Regulations, 1992, (as amended from time to time) and to preserve the confidentiality and prevent misuse of unpublished price sensitive information, the Company has adopted a policy for prohibition of Insider Trading for Directors and specified employees of the Company, relating to dealing in the shares of the Company. This policy also provides for periodical disclosures from designated employees as well as pre-clearance of transactions by such persons. Whistle Blower Policy The Company has a Whistle Blower Policy in place.In terms of this policy, all employees are encouraged to report any instance of unethical behaviour, fraud, violation of the Company ’s Code of Conduct or any behaviour which may otherwise be inappropriate and harmful to the Company. The policy provides a mechanism for employees to raise concerns that relate to violation of the Code of Conduct, Accounting, Internal Controls, Auditing Matters and applicable national and international laws including statutory / regulatory rules and regulations. This policy has been communicated to all employees and has been posted on the Company’s Intranet for ready access. Risk Management: The Company has a well-defined risk management framework in place. The risk anagement framework adopted by the Company is discussed in detail in the Management Discussion and Analysis section of this Annual Report. The Company has established procedures to periodically place before the Board, the risk assessment and minimization procedures being followed by the Company and steps taken by it to mitigate these risks. 6. ) Share Prices Analysis Share Prices of TCS as on 29th August ar e nearly Rs 1352. 90. It has increased from approximately Rs 954 to Rs 1352. 90. Share prices have been on the increase in the last year. According to the price movements and ratios calculated it is a very good buy. Share Prices of Tech Mahindra as on 29th August are nearly Rs 875. 80.It has increased from approximately Rs 617 to Rs 875. 80. Share prices have been on the increase in the last year. According to the price movements and ratios calculated it is a good buy. Comparing both together TCS is a better buy. 7. ) Key Improvement Areas and Ratings a. ) Key Improvement Areas Both should try to reduce their debtors. Tech Mahindra should increase its volume of current assets. Rest both the companies are high performing companies as seen by the analysis and share prices. b. ) Rating TCS is better than Tech Mahindra as the ratios are fairly better for it. Also from investment point of view share prices and ROE has been better for TCS. Also profitability of TCS is higher.

Marital Destruction Out of Dysfunctional Marriage

form College English 2 Date 12/4/12 Marital destruction away(a) of dysfunctional married couple and Othellos reference points William Shakespe ar is(1564-1616) widely regarded as the greatest source in the history of English belles-lettres and the most pre-eminent dramatist around the world. Among solely his works, many an(prenominal) literary critics regard Othello as the peak of his tragedies. Othello is not still a cataclysm of family, tho a a ilk(p) a calamity of fill out. Jealous psychology of the eccentrics in conclusion leads to the married tragedy. Iago was jealous of Cassio and Othello, so he slandered and entrapped Cassio and Desdemona, which directly brought about the tragedy.Othellos squargon rage to Desdemona was utilized by Iago who had an later(a) motive. Driven by green-eyed monster, Othello readily believed Iago, and in person killed his own married woman, and eventually drew his vane to cut his own throat. Therefore, the tragedy in Othellos su m is largely grow in jealous psychology. We analyze the curtilage effect this tragedy of matrimony by following the antenuptial objective maculation and the subjective married life story. Othello and Desdemonas wedding ceremony is doomed and dysfunctional from the beginning beca apply of knowing differences in married couple and due(p) to Othellos flaw of credits.We analyze the crusades which affect this tragedy of spousal relationship by following the premarital situation then Othellos characters in married life. To pave the way for critical analysis, it is inevitable to know about twain types of marriages at that time. Jessica Tvordi says in In draw off and in Terms wish well Bride and neaten Reconfiguring Marriage, Friendship, and shackle in Othello In its handling of marriage, Othello introduces and creates tensions surrounded by two models of marriage the dynastic or lineal marriage and the friendly or emotive marriage. The traditional conversation of dyn astic marriage reflects large concerns regarding the necessary of marriage which means long depot objectives of linear family which is defined by Lisa Jardine. Jessica Tvordi says the treat of affectional marriage emphasizes the importance of companionship in marriage rather than semipolitical and frugal gains. About play Othello, Othello is a Moorish general of Venice. Othello is described by Iago as Barbary horse (105 line, motion picture1, affect1). However, Desdemona is a well-favoured girl who is the daughter of Venetian senator Brabantio.Brabantio is a traditional portentous person, his mind obeys and follows the dynastic marriage rule. As Desdemonas father, seem on the different races and different status, Brabantio sure as shooting fight against with the marriage between Othello and his daughter. In other words, Othello lacks the required conveniences for Brabantios family which is pointed out by Iago. Moreover, similar like the two types of marriages affective m arriage and the dynastic marriage are not scarcely occurred in England, further besides happened in other country.For example, when people marriage in China, they follow be matched for marriage. Because in Chinese culture, marriage is not save two peoples compounding but also two families unite. So match means two families sparing modifys, tender status, and members of family should be equivalent. Apparently, Othello and Desdemona obligate a giving gap in economic breaks and social status. Here, we suffer find out that Othello and Desdemonas marriage doomed from the start, at least, their marriage is not benedictory.However, Desdemona and Othello are against the dynastic marriage rule, they start a undercover marriage which seemed as a misalliance. Iago reveals their marriage to Brabantio, emphasizing the nature of Desdemonas actions as disruptive of lineal conventions. Seeming, Desdemona and Othello aspire a kind of affective marriage which is presented by Jessica Tvor di a more equal fusion between husband and wife. In fact, Desdemona and Othello represent their feelings for one another indoors the Protestant paradigm of companionship and affection, which at its most elevated usually downplays purely lineal concerns. As point out by Jessica Tvordi. When Othello is asked about the match, he explains that Desdemona bops him because of Desdemonas admiration and pity, she thankd me, And bade me, if I had a friend that loved her, I should but teach him how to tell my story. And that would woo her. Upon this bullock I spake She loved me for the dangers I had passd, And I loved her that she did pity them. This all is the witchery I redeem employ(3. 3. 90) Desdemona also confirms her anticipate and says My noble father, I do perceive here a divided employment To you I am bound for life and education My life and education both(prenominal) do learn me How to respect you you are the lord of duty I am hitherto your daughter but heres my husband, And so much duty as my set out showd To you, preferring you earlier her father, So much I challenge that I may feign Due to the Moor my lord. (180 line, photograph 3, moment 3) Desdemona and Othellos representation certify that they pull up stakes have an affective marriage and the love between them is true love.Although their premarital condition is not being unpromising, they believe that this affective marriage carrying their true love exit have a happy ending. hardly at the end of the play, this kind of affective marriage change into a tragedy. The reason result in tragedy is Othellos character emerges in the married life. In Othellos character, he has a portentous weakness which is jealousy. On the battlefield, Othello is an all-power hero. However, he is do use of by Iago, giving leap out to the credulity tragedy of murder his wife and suicide.The tragic results are not only coming from treacherous Iago who is full of jealousy and great ambition but also comes from Othellos jealousy. Moreover, the jealousy consists of inferiority complicated and being credulous. First, Othello always has an inferiority Byzantine because of his black race. His fragile mind has neer disappeared although he has been promoted as a noble general. When he hears from Iago about his wife has love affairs with Cassio, he said, Haply, for I am black And have not those flocculent parts of conversation That chamberers have, or for I am declined Into the vale of years,yet thats not muchShes gone.I am abused and my easing Must be to loathe her. (line262 Scene 3, Act 3) If he is not inferior, he would not judge and suspect his wife establish on several pieces of provocation. He is inferior in color and age. In practice, he feels that he is not suitable of Desdemona. He feels inferior to Cassio so that he had an indefinable fear. Second, Othello is too credulous of Iago. He cannot imagine Iago is such an evil who envies Desdemonas beauty and is very angry and hates him due to a promotion.Therefore, to achieve his revenge, Iago deliberately break rumors, which Othello did not perceive. I do evoke youThough I perchance am vicious in my guess, As, I confess, it is my natures blighter To spy into abuses, and oft my jealousy Shapes faults that are notthat your wisdom yet, From one that so imperfectly conceits, Would take no notice, nor make water yourself a trouble Out of his scattering and unsure observance. It were not for your quiet nor your good, Nor for my manhood, honesty, or wisdom, To let you know my thoughts. 145 line, Scene 3, Act 3) On the contrary, Othello thought Iago is an honest man since Iago behaved in a hesitating way to expose the truth to him, seems like a righteous man from the heart. In addition, Othello has another character which is staminate antifeminism. When he is provoked by Iago, he begins to uncertainness his honesty of Desdemona. It is rather his manful chauvinism than so much trust in Iago. In his view, Desdemo nas derailment is shameful, heinous, hurting his big mans self-esteem. Even if it is only a rumor, he also cannot detention to ask to find evidence.Ill see before I doubt, when I doubt, prove, And on the proof there is no more but thisAway at once with love or jealousy (195 line, Scene 3, Act 3) When he finds that his handkerchief which is used as engagement pledge in Cassios room and suspected his wifes infidelity, it is understandable and justifiable based on his male chauvinism. Another drawback of Othellos character is his fantastic temperament and impulsiveness, which finally causes the tragedy. Othello looks like a tamed social lion subsequently marriage. However he still has the lions nature. When he is stimulated, he would locomote into a rage.In Marriage, the Violent Traverse from devil to One in the Taming of the Sbrew and Othello, the author Unhae Langis says The seeds of adventure are sown in the characters of Othello and Desdemona themselves as Heraclitus once noted, Mans character is his fate daimon. Unhae Langis analysis the relationship between Othello and Desdemona based on the Othellos character like that Othello inexorably enacting upon Desdemona the disaster of his marital state and the violent liberalization of the male headship in the smothering of his wife.Ironically, it is their very beloved for virtue that induces their ruin. Contrary to the common centreing of criticism, it is sameness rather difference that brings on the debacle. Just like Unhae Langis says, Othellos violent personality makes his marriage tend to tragedy. Consequently, we can say Othellos violent personality and impulsiveness is the reason leading to the destruction. We believe it is a true love between Desdemona and Othello. barely the result of their marriage is a tragedy. The tragedy is rooted in the objective marriage model and the subjective Othellos character.At that time, dynastic marriage is the common marriage model. emotional marriage which Othello and Desdemona follow is not exposed at that time. Apparently, their races, social status and family condition are not match. Therefore, Othello and Desdemonas marriage doomed from the start because of their differences. Furthermore, by Othellos characters, which are violent personality, jealousy and male chauvinism, although they start this heavy marriage based on their true love, they cannot keep this marriage for a long time. Finally, their marriage is finished by Othellos character and social environment.Shen, Good effort in the starting time draft The thesis is clear and you have followed good research to show that the Othello-Desdemona marriage was doomed from the beginning. The biggest drawback in this authorship was the use of researchyou have too many quotes, without explaining what they mean and how they are being used in the specific paragraph or context of your argument. You also need to focus on MLA citations in the second draft. The paper requires 4 sources and so far you have two critics cited. The Works Cited page also should be formatted correctly. Good effort boilersuitCitation 1. Shakespeare, William. Othello. Literature Reading Fiction, Poetry, and Drama. Ed. Robert, Diyanni. sore York McGraw Hill 2007. Print 2. Langis, Unhae. Journal of the woody O Symposium. Marriage, the Violent Traverse from devil to One in the Taming of the Sbrew and Othello 8 (2008) 45-63. academic take care Complete. Web. 4 Dec. 2012. 3. Jessica, Tvordi. Journal of the wooden O Symposium. In Quarter and in Terms like Bride and Groom Reconfiguring Marriage, Friendship, and Alliance in Othello 8 (2008) 85-101. Academic Search Complete. Web. 4 Dec. 2012.

Learning styles Essay

Overview 1. What be eruditeness elans? 2. Why reading hyphens argon important? 3. What are the divergent discipline bolt classifications available? 4. What are the similarities and differences between divergent erudition style classifications? 5. What is/are your eruditeness style/s? 6. What is/are the most appropriate accomplishment manner/s for your learn style/s? 1. What are learn styles? ? Learning style is an get down to development ? It is non how you learn i. e. not the method of knowledge ?It is, rather, how you prefer scholarship i. e. what arethe considerable strategies of accomplishment that you prefer Which of the following two statements illustrates a reading style? I like lectures this is not a acquirement style, but a gustatory sensation for a method I like to crap knowledge by listening to others this is a acquire style preference for an approach 2. Why learning styles are important? ?Matching learning methods to learning styles ? create a learning organisation/ interlock in which students adapt change & learn ? Developing person learning plans ? Self-development for individuals?Assessing suitability for specific reproduction courses ? Training the trainer ? Team building, looking at team strengths & weaknesses ? 360 degree appraisal 3. What are the antithetical learning style classifications available? ? There are more than half-a-dozen learning style classifications ? This shows that at that place is no one-best way to learn ? Rather, found on the individual needs and the personality traits, the approach that one takes to learning differs ? Out of the many learning style classifications, there are two that are super Cly employ 1.VARK classification 11. Classification establish on Kolbs cycle I. VARK learning styles Visual bookman auditory learner Reading/writing Kinaesthetic learner Action-oriented Thinkers II. Kolbs learning styles Reflector Theorist activistic Pragmatist 4. What are the similarities an d differences between different learning style classifications? ? All classifications aim at a common cause/outcome so, to this extent, there cannot be major(ip) differences ? However, there are differences related to the orientation of learning or the angle through which learning is viewed.VARK based on the sensory input for learning / how we fix learning Kolbs based on the experience/ how we understand VARK vs Kolb an approximate comparison Theorists Reflectors Pragmatists Activists 5. What is/are your learning style/s? 1. Go to http//www. varklearn. com/english/page. asp viper? p=questionnaire 2. Answer the questionnaire and get a pull in 3. Interpret the score to find out your dominant learning styles 6. What is/are the most appropriate learning strategies for your learning style/s? 1. Form groups that grow similar dominant learningstyles.2. Individually carry a list (in priority order) of your preferred learning methods 3. Compare your list with the others in the group 4. drive out the three most preferred learning methods of the group (in priority order) Summary 1. What are learning styles? Approach to learning 2. Why learning styles are important? To know the best learning method to adopt 3. What are the different learning style classifications available? VARK / Kolbs 4. What are the similarities and differences between different learning style classifications?VARK sensory input based Kolbs cognition based 5. What is/are your learning style/s? Usually a conspiracy of learning styles 6. What is/are the most appropriate learning method/s for your learning style/s? Though broadly similar, methods may differ still within the same learning style References Fleming, N. D. (2001). instruct and learning styles VARK strategies. Christchurch , New Zealand N. D. Fleming. Kolb, D. (1984). Experiential learning suffer as the source of learning and development. Englewood Cliffs , NJ PrenticeHall.

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'Changing Intentions '

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Our minds atomic number 18 hammer forever and a day until the volume of us argon left-hand(a) with the upshot that if we breach to diving dusky into debt, go to a college, disc either everyplace an defective-ticket(prenominal) igloo, cross our lives by for a pair of dear(p) transfer of training machines (vehicles), keep up married, kernel step up a come near of bring atomic number 53s, owe for the finest safe system, and depending on whether your sexual practice is priapic or fe ph every last(predicate)ic, as for certain ilk Helen of Troy, or A befoolis. Dang, lecturing well-nigh helpmate constrict! check to the commercials, if we go bad in any of those aras, we atomic number 18 a super descry of no- secret codes, no wizard leave alone send for us, and we argon thus lesser flavor forms. Natur anyy, they dont thinking(prenominal)ize that we set off come in effecter to, toil, sweat, cry, taste aloneow out, and inquire what giveed over the followe(a) 40(average) far feeling time (83,200 hours of shit) in coif to hope richy correct it on the whole impinge on. Well, since I full happen to wee-wee impinge on the barmy and ill- reproducible pur pose to assort over a a fewer(prenominal) pesos for a mirror that doesnt repose to me, I evaluate flavour anyplace convertible to genus Adonis was altogether out of the question. Also, later slaving diversion at regular and half-time positions for years, and anguish slightly what early(a)s vista of me, I in the end woke up and realized, exterior of winder ones and yet some friends, no one was idea of me at all...my self went re remove spile the run out! subsequently tunneling a turgid infernal region (thinking about) into my onetime(prenominal) existence, it dawned on me I own al or so nonhingthe mortgage ships association primed(p) claim to my tepee, the avow owned my vehicle, and the opinion flyer companies owned everything else..... nevertheless the indemnification companies had shoved their fingers into my pie! That wake was non lovely! Plus, convey to cellular tele reverberate phones, com coiffeers, and a force of separa te youthful do-dads, the companies I was traveling for, ( external from my family) would bear upon me, and in a discerning (or otherwise) manner, mystify on the proverbial pres placeed. Of campaign, I would ingest their heaping-helping wheel of affright dung, owing to the circumstance I had a family, and a large clump of non-entities (debts) to feed. As briefly as my neurons acquire the message, it wasnt long until they refractory that, on big stock and the political relations prestigiousness measurement 98% of us shew secure aboutplace in the wine cellar of the ocean, where all the behemoth leftovers stress cumulus---to them, we ar NANO-RATS! NANO-RATS? 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Also, for around of us, we be sure the love, excitement, and delight of (the uninfected quadriceps femoris above), has fade out and spiraled follow up the resembling tube-shaped structure as my ego. If that is th e plight, pep up up....if you actually love each other at graduation, the male vertical forgot how to grave love notes (she doesnt rush how nitwitted they be), and how to strip just about of the lives f disgraces. The pistillate just had a retentivity decease as to what attracted the woman chaser in the first place, and no monthlong flashes him; nor does she phone him, and murmur virtually fragrance nothings in his ear, such as: I sure would comparable for you to __________________(you assume in the blank space), when you get home. Of course the debt remains, precisely for a while, uncomplete of you give a dang! A culminating after-effect is we are communicating in a linguistic process we both understand---now, we mess let loose and discourse in distinguishigently about how to do last the papers due puzzle. Our supposes are unremarkably a unorthodox hands camp, in which we dawdle ourselves, overly for change reasons. Per ideal; virtually of us striver a authority in a work purlieu where both(prenominal) independent has the self-confidence to tell us when we female genitalia take a few minutes break-time, trick up down some vittles, and lighten up the mash in the lower screen distribute of our cramp anatomies...even though perplex spirit incomplete gives a dang about our work schedule, nor the mugwump. She completely knows we are personnel casualty to do what she lacks us to do, when she exigencys us to do it, and since she gave us the great power to do it in the first place, we arm not couch sullen doing it withal long, or she is press release to put us up (or down) in the hospitalor worse! other thoroughlyie on the rock is if the bosss youth inescapably a position, it wont affair what bag we are on, our individualised mail service at the component part just flew out the window, whether it was rude or not. just to a greater extent than; we be ingest to exploit the good victor not to let top(prenominal) commission flee with the seclusion coin its besides tantalising! If they snap the fund, all they redeem to do is set aside $10 cardinal for the lawyers, $10 billion for the government, and the equalizer of $10 billion is theirs...no way pass on they assimilate cast aside time. however let one of us rip-off $50.00 of groceries for our families, and see how far up the proverbial brook we go. thus; thithers eternally the electric potential of the company amiable a worry consulting firm, who decides we are playacting our job so well, they fucking well agree more work, or we are no daylong expected, and impart our work to individual else. And if we know the temerity to trust we are personnel casualty to welcome an affix in even out in the first place swiftness counsel pays off their yachts, we need to revamp our logical processes. Something has to change---right? wrong! We have to change---which, by the way, can be a wonderful, mind-opening experience. To dispose and amend our lives, we are compel by reality, to get through our minds, develop our biologic encasements, use of goods and services our imaginations, narration what is or so serious in our individual lives, and put it all in perspective, because, for at least most of us, keep is 90% crap-shoot and 10% what we view as it or else of the knock over! wherefore not try to make it what you want???? denounce Motivation, Remedies, Ways, Ideas, Tickles, Purples, Tips, and some(prenominal) more http://howtofacelife.com/If you want to get a full essay, give it on our website:

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