Before Obamacare, the National Health Insurance Plan

The Implementation Of Music Therapy Workshop Essay

Resources. Time: Parents will need eight hours of proper training in the implementation of music therapy, such as songs, improvisation, and movement to music. Professional Proctors: Training will be provided alongside proctors in the eight-hour â€Å"implementation of music therapy workshop† to promote competence of the therapy. Money: Participants will be paid a stipend for participating for the duration of the workshop. An estimated financial need is $2,500. An $825 budget will be set aside for the participants’ stipend, and the rest of the financial need is for training aids and music equipment. Expertise: Participants are required to apply the knowledge gained from the workshop to prove their competence of the therapy. Hands on experience are part of the workshop, as well as a survey, a form of feedback, support, and research questions, to rate the workshop. Participants/ Target Audience. The target audience for this â€Å"implementation of music therapy workshop† is parents and children (36–60 months) with no or limited capacity for social engagement. A total of fifty-five parents will complete the â€Å"implementation of music therapy workshop† and survey, a form of feedback, support, and research questions, to rate the workshop. Population and Sample. Convenience and availability to take the workshop, as well as have children (36–60 months) with no or limited capacity for social engagement are applicable to apply for the workshop. Only fifty-five parents will be randomlyShow MoreRelatedA Descriptive Study of the Practice of Music Therapy in Hong Kong17388 Words   |  70 PagesKONG BAPTIST UNIVERSITY DEPARTMENT OF MUSIC A DESCRIPTIVE STUDY OF THE PRACTICE OF MUSIC THERAPY IN HONG KONG By LAM HOI YAN April, 2007 04002865 ABSTRACT The purpose of the study was to examine the development of music therapy in Hong Kong. Specifically, a number of related issues were studied including definition of music therapy, the origin of music therapy, the recent developments in music therapy in China, establishment of a music therapy session, and the setting of therapeuticRead MoreReflective Practice in Oncology Nursing3668 Words   |  15 Pagesconsidered, is to promote and increase our patient’s health. Somehow not only drugs but other option to treats tumour for targeted therapy oncologist will used radiation which radioactive rays are used to cure or palliate cancers. The objective is to deliver a therapeutic dose of radiation to the malignant tissue, leaving healthy, surrounding tissues unharmed. Radiation therapy is used to treat many cancers, including cancers of bone, brain, breast, cervix, lymphoid tissues, and uterus. By then, fromRead MoreThe For Helping Others With The End Game Of Jumping9894 Words   |  40 Pages recurrent homelessness, poor psychiatric compliance,and jail) in this population and includes more outreach and contact from a multidisciplinary team (INSERT REFERENCE HERE). This in addition to med somatic and individual/group therapy, as well as occupational therapy and peer support make up some of services received by the SPMI population that help them live in the community. While med somatic services, group and individual psychiatric services, peer support specialists, and community psychiatricRead MoreIntervention Strategies For Education- Micro4483 Words   |  18 Pageshis job last summer. He verbalized agreement and understanding. INTERVENTIONS: SW provided supportive counseling and referred client to Beech Brook and to the Lake Erie International High School Educational Program for behavioral and cognitive therapy. REFERRALS: Mental Health Agency Beech Brook and the Lake Erie International High School Educational Program. FOLLOW-UP: client will follow up with Beech Brook and given resources. Family will contact SW if additional assistance is needed. SW willRead MoreThe Importance of Considering Philosophical and Psychological Foundations in Developing a Curriculum.9983 Words   |  40 Pages(Phillip, 2007). Mathematics known as the teachings (taÊalim) was given importance because it trains students toward the path of precision and clarity. The student is to begin with studying arithmetic (numbers) followed by geometry, optics, astronomy, music, dynamics and last of all, mechanics. The student moves in stages from the immaterial and the immeasurable to what needs some matter. (Al-Farabi,1993). As for the conclusion, Al Farabi really considered religious and mathematics in strengthening theRead MoreMarketing Plan for Maharashtra Tourism4550 Words   |  19 Pages(rural tourism) †¢ Explore Healing (Medical and Ayurvedic Tourism) Maharashtra is rich in medicinal and herbal plants. There is availability of rare herbs. The age old therapy of Ayurveda can be used here for attracting tourists. Health resorts have been conceptualized offering Ayurvedic Treatments like the Panchkarma Therapy and other rejuvenate and therapeutic treatments. Yoga and meditation centres are also included in some resorts. These resorts should be planned at places with good naturalRead MoreFundamental Determinants6264 Words   |  26 PagesPersons with Disabilities, Schemes arising out of the Implementation of the Persons with Disabilities, Trust Fund for Empowerment of Persons with Disabilities. The NGOs/other organizations dealing with special people work on different areas such as: ï‚ · ï‚ · ï‚ · ï‚ · ï‚ · ï‚ · ï‚ · ï‚ · ï‚ · ï‚ · ï‚ · Special Schools for the Persons with Disabilities Schools for Cerebral Palsied Children Pre-School and Early Intervention Centre Vocational Training Centre Sheltered W orkshops Home based Rehabilitation / Home Management ProgrammeRead MoreDescription Of An Example Of A Presentation8050 Words   |  33 Pagesemerging around the country. Many self- ­Ã¢â‚¬ advocates are forming networks to share information, support each other, and speak for themselves in the public arena. More frequently, people with autism are attending and/or speaking at conferences and workshops on autism. Individuals with autism are providing valuable insight into the challenges of this disability by publishing articles and books and appearing in television specials about themselves and their disabilities. Pervasive Development DisorderRead MorePtv Internshipreport9500 Words   |  38 Pageshave given PTV a new look and dramatically changed the views about PTV. PTV has surged ahead of its competitors and as such PTV-2 has been turned into a viable project. Generation of more than Rs.56 million within a span of five months of the implementation of the new idea speaks of this unparalleled achievement. Technical improvement of PTV is evident from the change in screen presentation. The public has greatly appreciated this csmetic transformation not only in programmes but also in News Read MoreOcd - Symptoms, Causes, Treatment131367 Words   |  526 PagesCOGNITIVE-BEHAVIORAL THERAPY FOR OCD This page intentionally left blank COGNITIVE-BEHAVIORAL THERAPY FOR OCD DAVID A. CLARK THE GUILFORD PRESS New York London  © 2004 The Guilford Press A Division of Guilford Publications, Inc. 72 Spring Street, New York, NY 10012 www.guilford.com All rights reserved Paperback edition 2007 Except as noted, no part of this book may be reproduced, translated, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical

Essay on Mozart and Beethoven - 2563 Words

Music Appreciation May 2010 Mozart and Beethoven Wolfgang Amadeus Mozart and Ludwig van Beethoven are two of the greatest composers ever to write music. Both men lived in the early 18th and 19th century, but their music and influences are still felt today. The men faced similar experiences, yet they both lead very different lives. All together the pieces that these men composed amounts to over 300 published, and unpublished works of art. The people of their time period often had mixed feelings about these men, some â€Å"complained that Mozart’s music presented them with too many ideas and that his melodies moved from one to the next faster than audiences could follow, yet the ideas themselves seem effortless and natural, clear and†¦show more content†¦Wolfgang was busy during his childhood, playing, and practicing his music; he did not get much of a chance to really experience being a child. His father was constantly pushing him to be better, to play hard, and to make more money. Mozart and his father were eviden tly close, there are many different views to how Leopold fathered his children; some say he was a money hungry truant, others say he was sweet, sensitive, wanted the best for his children, and that the money didn’t matter. I believe that Leopold want the best for his children, and maybe a little money out of it. Eventually, Mozart wanted to leave his native home of Salzburg, he was most likely tired of his father constantly trying to control his life. Having knowledge of the lack of jobs in Vienna, and disregarding his fathers pleads, Mozart left his home anyways, heading for Vienna with no steady job. Playful and boyish were just two characteristics Mozart exhibited. He was also described as being eccentric, rebellious, intelligent and quick-witted. He had a difficult time making the transition to adulthood. He was also said to be a compulsive gambler, and was in debt by the early 1790s. Ludwig van Beethoven’s father, Johann van Beethoven was a musician, teacher, and a singer. His father started giving him piano lesson’s at the age of 4 or 5. Beethoven’s father was all about exploiting his young son’s talents; he even lied aboutShow MoreRelatedMozart vs. Beethoven Essay1275 Words   |  6 PagesArts and Culture 2 Mozart vs. Beethoven Paper 3/21/12 Mozart vs. Beethoven In the 18th century, the middle class made a lot more money. During the Classical Period, the middle class had a tremendous influence on music. They wanted to hear concertos and symphonies. They wanted their children to learn great music and play instruments. The composers began writing music that was geared towards the middle class because they could make a better living if they enjoyed the music being played. TheyRead MoreMozart And Beethoven s Musical Origins1651 Words   |  7 PagesHaydn began his musical career as a choirboy in Vienna up until the age of 17. Mozart and Beethoven’s musical origins are similar, both coming from families with musical backgrounds. Mozart’s father taught him and his sister before taking them to tour throughout Europe. Beethoven also studied with his father before receiving his study abroad opportunity in Vienna in 1792. After serving as a choirboy, Haydn found himself in need of a means to make a living. He was barely able to support himselfRead MoreMozart and Beethoven: A Comparison of Lives and Music Essay1488 Words   |  6 PagesMozart and Beethoven: A Comparison of Lives and Music In 1747 Leopold Mozart married Maria Anna Pertl. Leopold and Maria Anna would have seven children, two of who would survive. Maria Anna born in 1752 who the family called Nannerl . Then in 1756 Wolfgang Amadeus who was nicknamed Wolfgangerl. Wolfgang Amadeus was not his original birth name it was shortened to this from Joannes Chrisostomos Wolfgangus Gottlieb. It is little wonder even two of the children survived; â€Å"Given Leopolds insistenceRead MoreEssay on Ludwig Van Beethoven and W.A. Mozart638 Words   |  3 PagesLudwig Van Beethoven and W.A. Mozart Ludwig Van Beethoven and W.A. Mozart are the two most important musicians of their time. Their pieces are everlasting and will live on forever. Their styles are so unique and uplifting that they could never be matched. These masterminds played in the same time period but their lives differed tremendously. There are some similarities and many differences between these two but one fact will remain: They are the central and most vital part of all music. WolfgangRead MoreA Clockwork Orange By Anthony Burgess2443 Words   |  10 Pagesit is used to show how music impacts Alex to commit these acts of violence. Critics say, â€Å"Alex’s absolute fascination for his beloved â€Å"Ludwig van† — Beethoven, that is — may seem surprising, but it is Burgess’ shrewd way of insinuating that both artistic greatness and delinquent aggression may have the same root† (Gottlieb). Burgess includes Beethoven consistently throughout the novel as the reason why Alex is motivated to be violent. He proves that just because one is violent it does not mean theyRead More The Lasting Musical Impact of Ludwig Van Beethoven and Wolfgang Amadeus Mozart2527 Words   |  11 Pages Many people compare the musical works of Ludwig Van Beethoven and Wolfgang Amadeus Mozart because of the styles of music that they produced. They were also similar because of their age and the music period in which they created in. Thr oughout their lives these two composers had vastly different customs and behaviors. Each composer contributed to their own unique styles of music, however they continue to be a musical inspiration in today’s world. Many people of the early classical music periodRead MoreEssay about Analysis of Beethoven Symphony 3 and Mozart Symphony 403307 Words   |  14 PagesBeethoven Symphony No. 3 and Mozart Symphony 40 Forms Sonata form is one of the more popular forms of music that is found in a variety of different works including symphonies, concertos, and sonatas. Sonata form features three distinct sections: the exposition, development, and recapitulation. Mozart was one of the early composers of this form of music. I will examine the clear distinctions between each section and how he does not stray from the typical form. In later years the form would changeRead MoreThe Life and Works of Ludwig van Beethoven Essay657 Words   |  3 PagesLudwig van Beethoven has had a huge impact on musical events. He began his works in the classical era; this era lasted from about 1750 to around the 1800. His musical career started when he was very young, he spent many years studying with Hayden Vienna where he spent the rest of his life. Beethoven is widely known for his nine symphonies and the creativity each one brought. Through this essay we will learn many things about Beethoven and his works. A symphony for starters is a musical compositionRead MoreThe History And Transitions Of Music933 Words   |  4 Pagesmusic has had many talented persons that have influenced music but none are so well known as Franz Joseph Haydn, Wolfgang Amadeus Mozart and Ludwig van Beethoven. All three of these great composers performed during the Classic period and it would act as the base of classic music for the next one hundred and fifty, to two hundred years. The names of Haydn, Mozart and Beethoven are so well known that people who have little to no knowledge of music will recognize their names. The urban communities of AustriaRead More Beethoven Essay886 Words   |  4 PagesBeethoven Ludwig van Beethoven was, and remains today, an influential figure in the history of classical music. Perhaps no other composer in history wrote music of such inspiring power and expressiveness. His influence on the last 150 years of music is unequalled. Beethoven was born in Bonn, Germany in 1770. His father, a music enthusiast, dreamed of molding his son into the next Mozart. Beethoven never showed the impressive characteristics of Mozart, but he was unusually talented, learning

How do others influence our behaviour Discuss with...

Word count: 1,633 How do others influence our behaviour? Discuss with reference to social psychology theory and research. Social influence has many different definitions in psychology, it is mainly used to summarise the field of social psychology. Mainly looking at â€Å"how thoughts, feelings and behaviour of individuals are influenced by actual, imagined or implied presence of others† (McGrath, 1970.) Our social life is mainly distinguished by our social influences; influences we are both consciously and subconsciously aware of. As individuals we occasionally change our behaviour to fit in to social situations, we alter our behaviours as we are unsure of the correct way to feel or act and use others as a resource of information. Our†¦show more content†¦Normative influence however usually results in compliance, whereby although a person may be seen to change their opinion, outside of the situation they will revert to their original opinion. Asch study lacks validity in that it cannot be readily applied to real world situations. Williams and Sogon (1984) studied Japanese students who belonged to a sports club and found that conformity was even higher when the majority influence was people whom the students knew. However it is important to remember this could represent the collectivistic nature of Japanese society and may not be generalisable to other societies. A further study into cultural factors by (Smith and Bond, 1993) showed that conformity within individualist cultures does appear to be higher in societies where group harmony is important. A study conducted by (Jenness, 1932) involved a jar of beans and students estimating how many beans were inside the jar. After, he grouped the participants together to discuss the contents. When they were separated and asked their opinions again, Jenness found that the estimates had converged around a central figure and group norm. The conclusion suggested that in ambiguous situations, we tend look to others for help, assuming that a majority figure will be more reliable. (Sherif, 1935) asked participants to sit in a darkened room and had to guess how much an a spot of lightShow MoreRelatedClassic Behavioristic Principles of Psychology Developed by B.F. Skinner1372 Words   |  6 PagesAccording to Gewirtz and Pelà ¡ez-Nogueras (1992), â€Å"B. F. Skinner contributed a great deal to advancing an understanding of basic psychological processes and to the applications of science-based interventions to problems of individual and social importance.† He contributed to â€Å"human and nonhuman behavior, including human behavioral development, and to various segments of the life span, including human infancy† (p. 1411). One of Skinners greatest scientific discoveries was â€Å"single reinforcement† whichRead MoreSocial Psychology Prosocial Behaviour1444 Words   |  6 PagesEssay ‘Using social psychology theories, discuss the situational factors that affect the likelihood that people will engage in prosocial behaviour. What is the evidence for these effects, and how might changes in our society affect the likelihood of people acting prosocially? According to Gross (2010) the term prosocial behaviour is used to describe behaviours carried out by individuals intended to benefit others, such as helping, cooperating, comforting, reassuring, defending, sharing, donatingRead MoreEssay on The History of Psychology1423 Words   |  6 PagesThe History of Psychology In order to discuss Psychologys history, it is important to understand that psychology still does not have one unifying approach unlike the natural sciences; even the definition of Psychology and what it truly means is still undecided. However I shall attempt to review chronologically its philosophical origins, include how the science of Physics and Biology were placedRead MoreEssay about What is a child1374 Words   |  6 Pages What is a Child? Discuss how a scientific, a social constructionist and an applied approach attempt to answer this question. This essay will attempt to discuss how sociologists have attempted to answer the question. Childhood is viewed differently, depending on the country being considered, the period of time being studied or a personal viewpoint. According to the UN convention, a child is anybody under the age of eighteen. Several studies have been undertaken by sociologists to examine childhoodRead MoreHow Can Aggression Be Minimised? Discuss with Reference to Three Theories of Aggression.2099 Words   |  9 PagesPage Module Title and Code: AP 1149: Introduction to Development and Social Perspectives on Psychology. Assignment: How can aggression be minimised? Discuss with reference to three theories of aggression. How can aggression be minimised? Discuss with reference to three theories of aggression. Introduction This essay discusses how aggression can be minimised with reference to three theories of aggression. These theories are discussed in the main body of the essay with regard to the contextRead MoreHow Social Schemas Theory and Related Research Contributes to Our Understanding of the Way in Which People Evaluate and React in Their Social Environment1525 Words   |  7 PagesHow social schemas theory and related research contributes to our understanding of the way in which people evaluate and react in their social environment Cognitive representations of social situations are referred to as schemas. These are mental structures, active in our brain, providing us with a knowledge store which determines how we view our social surroundings. These schemas are built from organised pre-registered data which determine our reactions to, and perceptions of, everyday lifeRead MoreExisting Career Theories Do Not Account for Modern Career Path. Discuss Two Career Theories with Reference to Both Research and Your Own Experience.1723 Words   |  7 PagesExisting career theories do not account for modern career path. Discuss two career theories with reference to both research and your own experience. This article aims to touch the broad, and ever developing discussion of post modern theories and their application today. The main focus will fall on Hollands theory of vocational personalities in work environment and the Edgar Scheines notion of career anchors and how both theories fit within the modern career paths. Holland has proposedRead MoreBehaviourist and Social Learning2452 Words   |  10 PagesWith reference to chosen theory of learning (behaviourist, social learning) discuss its application to patient education in context of general nursing. It may be said; why is psychology significant in nursing care and why do we use learning theories to assist in patient care? Well according to Walker et al (2007), in the caring profession nurses, spend most, if not all of their working lives interacting with other people. A key part of a nurse’s job is to promote healthful behaviour. When a patientRead MoreDescription of The Psychology of Action1298 Words   |  6 Pagesfor a complete understanding of the causes of human behavior. Discuss Relying on ones intuition is an inaccurate way of deciding on the causes of a person’s behavior. A person behavior is normally shaped by past experiences, culture, education or genes. Hence intuition is not an adequate means by which one can assess the behavioral pattern of an individual. Scholars, over the years, have explored this phenomenon of what influences our behavior and have shown that intuition is not adequate enoughRead MoreBoth Nature and Nurture Influence Human Behaviour1918 Words   |  8 Pages‛BOTH NATURE AND NURTURE INFLUENCE HUMAN BEHAVIOUR’ The Concise Oxford Dictionary of Current English defines Nature as â€Å"persons or animal’s innate character, and innate meaning inborn†. This means that nature plays a large part in how humans inherit the physical characteristics of their parents, but also that their personalities and characters are predetermined by family genetics. The dictionary also defines nurture as â€Å"bringing up, fostering care† which implies learning and training to regulate

Ratio Analysis Free Essays

string(98) " so that a meaningful interpretation could be made through inter-firm and intra firm comparisons\." Though there are innumerable literatures available on the subject, the most appropriate studies have been reviewed. Dr. Promod Kumar published a book in 1991 â€Å"Analysis of financial statement of Indian Industries† The study covered the 17 private sector, 5 state owned public sector and 1 central public sector companies. We will write a custom essay sample on Ratio Analysis or any similar topic only for you Order Now He studied analysis of activities, assessment of profitability, return on capital investment, analysis of financial structure, analysis of fixed assets and working capital. In his research he revealed various problems of industries and suggested remedies for the problems. He also suggested for the improvement of profitability and techniques of cost control. 1Ahindra Chakrabati published an articles â€Å"Performance of public sector enterprises a Case study on fertilizers† in â€Å"The Indian journal of public enterprise† in the year 1988-89. He made analysis of consumption and production of fertilizer by public sector; he also made analysis of profit and loss statement. He gave suggestion to improve the overall performance of public enterprise. In the year of 2002, Dr. Sugan C. Jain has written a book on â€Å"Performance appraisal automobile industry† In his study he has analyses the performance of the automobile industry and presented comparative study of some national and international units. The operational efficiency and profitability had been analyzed using the composite index approach. He made several suggestions from the st rengthening the financial soundness improving profitability, working capital the performance of fixed assets. 3 Recently in the year 1998 a study was made by S. J. parmar on â€Å"Financial Efficiency-Modern methods, tools Techniques† for the period from 1998-89 to 1994-95. He had made an attempt to analyze financial strength, liquidity, profitability, cost and sales trend and social welfare trend by using various ratios analysis, common size analysis and value added analysis. He made several suggestions for the improvement of profitability of industry. In his analysis, he indicates various reasons for higher cost, low profitability, and inefficient use of internal resources. Dr Sanjay Bhayani published a book in 2003, â€Å"Practical financial statement analysis† The study covered 16 public limited cement companies in private sector. He made study of analysis of profitability, working capital, capital structure and activity of Indian cement industry. In his research he revealed various problems of cement industries and suggested remedies for the problems. He also suggested for the improvement of profitability and techniques o f cost control. Ram Kumar,Kakani Biswatosh saha and V. N. Reddy has written research paper on Determinants of Financial Performance of Indian Corporate Sector in the Post-Liberalization Era: An Exploratory Study. This paper attempts to provide an empirical validation of the widely held existing theories on the determinants of firm performance in the Indian context. The study uses financial statement and capital market data of 566 large Indian firms over a time frame of eight years divided into two sub-periods (viz. 1992-96, and 1996-2000) to study Indian firms’ financial performance across various dimensions viz. , shareholder value, accounting profitability and its components, growth and risk of the sample firms. It reveals that even on the same data, the determinants of market-based performance measures and accounting-based performance measures differ due to influence of ‘Capital Market Conditions’. We found that size, marketing expenditure, and international d iversification had a positive relation with a firm’s market valuation. Apart from these firm attributes that reflect either operating parameters of firms or ‘strategic choice’ of firm managers, we also found that a firm’s ownership composition, particularly the level of equity ownership by Domestic Financial Institutions and Dispersed Public Shareholders, and the leverage of the firm were important factors affecting its financial performance. The different implications of the findings for various stakeholders of a firm are also discussed. 6Dutts S. K has written an article on â€Å"Indian tea industry an appraisal† which was published in Management accountant in the year of March 1992. He analyzed the profitability, liquidity and financial efficiency by using various ratios. 7 Objectives of the study  · To evaluate the financial performance of the selected units of Pharmaceutical industry  · To compare the financial results of the Pharmaceutical industry as Dr Reddy’s Laboratories Ltd and Lupin Ltd  · To enquire the adequacy or the accounting information desired from the statement in conformity with laid down accounting statements by the institute of Chartered Accountants of India (ICAI).  · To study the growth of the said companies To give suggestion for best financing method and efficient utilization of fixed assets METHODOLOGY OF THE STUDY: Source of the data: â€Å"Comparative Financial statement Analysis Innovation in Private sector Pharmaceutical Companies in India† has been made by using data from financial statements of all five major players in cement industry, they are – Dr Reddy’s Laboratories Ltd. (Dr. RDL), Ambuja L upin Ltd. (LL), the period of the study was ten years from 2001 to 2010. The data was collected from cpitaline database and from the annual reports of the respective companies. Hypothesis for the study: For the present study tested following null hypotheses are tested-  · Ho1: The Dr Reddy’s Laboratories Ltd. did not achieve better profitability than Lupine Ltd.  · Ho2: The Dr Reddy’s Laboratories Ltd. did not achieve better liquidity than Lupine Ltd.  · Ho3: The Dr Reddy’s Laboratories Ltd. did not achieve better turnover than Lupine Ltd. Scope of the study: the study Comparative Financial statement Analysis Innovation in Private sector Pharmaceutical Companies in India. The study therefore includes financial structure performance, working capital performance, and Profitability performance but excludes non-financial areas such as production, marketing, personnel and R D from its purview. Techniques used for analysis: The data have been analyzed with the help of ratio analysis, trend analysis, common size analysis-T test to test the relation among different ratios of two selected companies. Limitation of the study: In order to facilitate uniformity in data, years have been readjusted and the data have been recast as on 31st March of each year. The figure taken from the annual reports have been rounded off to two decimals of rupees in crores. The data available in financial statements have been translated in to a pre-designed structure format so that a meaningful interpretation could be made through inter-firm and intra firm comparisons. You read "Ratio Analysis" in category "Papers" The format in which the data have been classified is selected after careful consideration of the operation Pharmaceutical Companies. Nevertheless, the limitations do in no way act as a deterrent in drawing effective and meaningful inferences from the study Analysis of the data: for knowing Comparative Financial statement Analysis Innovation in Private sector Pharmaceutical Companies in India the commonly used ratio: fixed Gross profit, Net profit, Return on capital employed, Return on Net worth and Earning per share, Current ratio, Debtors Velocity (Days), Creditors Velocity (Days), Debt equity ratio and Interest coverage ratio, Inventory turnover Ratio, Debtors Turnover Ratio and Total Assets Turnover Ratio Analysis and interpretation: Table-1 Profitability Ratios of Dr Reddy’s Laboratories Ltd Lupine Ltd. Gross profit Net profit ROC RON EPS Year Dr. RDL Lupin Ltd. Dr. RDL Lupin Ltd. Dr. RD Lupin Ltd. Dr. RD Lupin Ltd. Dr. RD Lupin Ltd. 2001 22. 16 9. 25 19 6. 65 31. 5 23. 02 29. 23 31. 13 45. 32 201. 66 2002 33. 1 12. 49 32. 39 7. 54 42. 06 16. 64 45. 71 22. 07 59. 56 17. 42 2003 30. 78 12. 2 28. 34 7. 3 26. 44 16. 05 24. 02 20. 3 50. 6 17. 44 2004 21. 55 19. 07 20. 4 12. 48 15. 61 27. 1 14. 7 36. 14 36. 37 23. 76 2005 7. 9 9. 77 9. 19 6. 96 2. 19 12. 75 2. 77 17. 79 7. 85 20. 09 2006 16. 27 16. 29 14. 12 11 9. 24 20. 86 8. 57 31. 93 26. 82 44. 61 2007 37. 06 16. 27 32. 39 10. 53 35. 94 19. 39 35. 47 27. 89 69. 45 36. 75 2008 21. 63 19. 27 18. 47 13. 53 12. 01 23. 85 10. 35 32. 02 27. 2 52. 31 2009 21. 77 18. 28 17. 8 14. 17 13. 55 22. 29 11. 14 30. 97 32. 25 48. 22 2010 28. 77 21. 56 23. 52 17. 7 17. 79 25. 6 15. 14 33. 23 48. 25 70. 7 Total 240. 99 154. 45 215. 62 107. 86 206. 33 207. 55 197. 1 283. 47 404. 09 532. 96 Average 24. 099 15. 445 21. 562 10. 786 20. 633 20. 755 19. 71 28. 347 40. 409 53. 296 Min 7. 9 9. 25 9. 19 6. 65 2. 19 12. 75 2. 77 17. 79 7. 85 17. 42 Max 37. 06 21. 56 32. 39 17. 7 42. 06 27. 1 45. 71 36. 14 69. 45 201. 66 Sources: Data has been taken from annual reports The gross profit ratio of Dr. RDL was 22. 16 % in 2001 which went down in to 7. 9% in 2005 but it rose up to 28. 7% in last years of the study period. The ratio ranged between 7. 9% in 2005 to 37. 06% in 2007. The ratio showed highly fluctuated trend during the study period. The average gross profit ratio was 24. 09% indicated. The gross profit ratio of Lupin Ltd. showed highly fluctuated trend during the study period with an average of 15. 45%. The ratio was the highest in the year of 2010 and very lowest 2001. T-test T-Test: Calculated value of gross profit ratio is 2. 86 Tabulated value at 5% significant value=1. 73 d. e. f. = 18 at 5% of level of significance t cal ; t tab Hence hypothesis is rejected. The Net profit ratio of Dr. RDL was 19% in the year of 2001 and increased to 32. 39% in the year of 2002. The ratio went down to 28. 34% in year of 2003. The ratio was very low of 9. 19% during the year of 2005 and very highest during the year of 2002. The average ratio was 21. 56% with fluctuated trend. The Net profit ratio of Lupin Ltd. was 6. 65 % in 2001 which went down in to 6. 96% in 2005 but it rose up to 17. 7% in last years of the study period. The ratio ranged between 6. 65% in 2001 to 17. 7% in 2010. The ratio showed highly fluctuated trend during the study period. The average gross profit ratio was 10. 78% indicated. T-test Calculated value of net profit ratio is 4. 01 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance t cal ; t tab Hence hypothesis is rejected. The return on capital employed ratio was 31. 5% in 2001 which went down to 9. 24 % in the year of 2006 and also went down to 13. 55% and 17. 79 during the years of 2009 and 2010 respectively. The ratio ranged between 2. 19% in year of 2005to 42. 06% in the year of 2002. The ratio showed down ward trend with an average of 20. 63%. The return on capital employed of Lupin Ltd was showing much fluctuated trend during the year study period. The average ratio was 20. 76 in the Lupin Ltd which showed fluctuated trend during the study period. The ratio was 23. 02% in year of 2001 and 20. 86% in year of 2006 and 25. 6% during the last year of study period. The ratio has gone down due to decreased in volume of sales. The sales have gone down since price rise took place in market. T-test Calculated value of return on capital employed ratio is 0. 028 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance t cal ; t tab Hence hypothesis is accepted. The Return on net worth ratio of Dr. RDL was 29. 3% in 2001 which went down in to 8. 57% in 2006 but it rose up to 15. 14% in last years of the study period. The ratio ranged between 2. 77% in 2005 to 45. 71% in 2002. The ratio showed highly fluctuated trend during the study period. The average gross profit ratio was indicated19. 71%. The Return on net worth ratio of Lupin Ltd. showed highly fluctuated trend during the study period with an average of 28. 347%. The ratio ranged between 17. 79% in 2005 to 36. 14% in 2004. T-test Calculated value of Return on net worth ratio is 1. 84 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance cal ; t tab Hence hypothesis is rejected. Earnings per share of Dr. RDL were Rs. 45. 32 in the year of 2001 and Rs 59. 56 in the year of 59. 56. The EPS went down to 50. 6 in the year of 2003 and Rs 36. 37 in the year 2004 and Rs. 7. 85 in the year of 2005. The EPS rose to 69. 45 in the year 2007and again went down to 27. 62 in 2008. The EPS Rs. 48. 25 during the last year of study period. The average ESP was 40. 41 with downward trend during the study period. The EPS was 201. 66 in Lupin Ltd. and went down to 20. 09 in the year of 2005 and reached down to 70. 7 during the last year of study period. The EPS showed lower level of EPS due to less utilization of financial leverage. T-test Calculated value of Earnings per share is 0. 70 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance t cal ; t tab Hence hypothesis is accepted. Table-2 Liquidity ratio of Dr. RDL and Lupin Ltd. Current ratio Debtors Velocity (Days) Creditors Velocity (Days) Year Dr. RDL Lupin Ltd. Dr. RDL Lupin Ltd. Dr. RDL Lupin Ltd. 2001 1. 69 1. 82 48 47 76 27 2002 3. 09 1. 74 54 61 79 35 2003 4. 86 1. 58 60 62 82 36 2004 3. 73 1. 34 60 66 85 38 2005 2. 49 1. 1 60 56 90 34 2006 1. 5 1. 38 59 57 94 35 2007 2. 21 1. 68 66 63 105 38 2008 3. 05 1. 53 85 69 109 42 2009 3. 15 1. 24 79 77 110 45 2010 2. 44 1. 27 100 81 120 52 Total 28. 56 14. 68 671 639 950 382 Average 2. 856 1. 468 63 62 92 37 Min 1. 69 1. 1 48 47 76 27 Max 4. 86 1. 82 100 81 120 52 Sources: Data has been taken from annual reports In year 2001 Dr. RDL has 1. 69 as its current ratio and after that it continuousl y increased from 3. 09 to 4. 86 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed negative changes but it moves from 2. 21 to 3. 05 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuated with an average of 2. 85. In year 2001 Lupin Ltd has 1. 82 as its current ratio and after that it continuously decreased from 1. 74 to 1. 58 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed negative changes but it moves down from 1. 68 to 1. 53 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuated with an average of 1. 46. T-test Calculated value of current ratio is 4. 50 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance cal ; t tab Hence hypothesis is rejected. In year 2001 Dr. RDL has 48 days as its Debtors Velocity (Days) and after that it continuously increased from 54 (Days) to 60 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed negative changes but it moves down from 66 days to 85 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 63 days. In year 2001 Lupin Ltd. has 47 days as its Debtors Velocity (Days) and after that it continuously increased from 61 (Days) to 62 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed negative changes but it moves up from 63 days to 69 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 62 days. T-test Calculated value of Debtors Velocity (Days) is 0. 3 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance t cal ; t tab Hence hypothesis is accepted. In year 2001 Dr. RDL 76 days as its Creditors Velocity (Days) and after that it continuously increased from 79 (Days) to 82 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed negative changes but it moves down from 105 days to 109 days in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 92 days. In year 2001 Lupin Ltd. 27 days as its Creditors Velocity (Days) and after that it continuously increased from 35 (Days) to 36 days in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed positives changes but it moves down from 38 days to 42 days in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 37 days. T-test Calculated value of Creditors Velocity (Days) is 10. 83 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance t cal ; t tab Hence hypothesis is rejected. Leverage Ratios of Dr. RDL Lupin Ltd. Table-3 Leverage Ratios of Dr. RDL Lupin Ltd. Debt equity ratio Interest coverage ratio Year Dr. RDL Lupin Ltd. Dr. RD Lupin Ltd. 2001 0. 56 1. 79 5. 05 2. 09 2002 0. 19 1. 88 34. 27 2. 55 2003 0. 01 1. 77 72. 27 2. 53 2004 0. 02 1. 24 72. 71 4. 89 2005 0. 08 0. 86 3. 82 4. 12 2006 0. 28 1. 18 10. 39 8. 6 2007 0. 19 1. 16 27. 29 8. 65 2008 0. 09 0. 83 40. 74 13. 99 2009 0. 11 0. 71 27. 62 2. 35 2010 0. 11 0. 47 68. 8 25. 97 Total 1. 64 11. 89 362. 96 85. 74 Average 0. 16 1. 19 36. 30 8. 57 Min 0. 01 0. 47 3. 82 2. 09 Max 0. 56 1. 88 72. 71 25. 97 Sources: Data has been taken from annual reports The Debt equity ratio of Dr. RDL was 0. 56 in 2001 which went down in to 0. 28 in 2006 but it went down to 0. 11 in last years of the study period. The ratio ranged between 0. 01 in 2003 to 0. 56 in 2001. The ratio showed highly fluctuated trend during the study period. The average Debt equity ratio was indicated 0. 16. In year 2001 Lupin Ltd. 1. 79 as its Debt equity ratio and after that it continuously decreased from 1. 8 to 1. 77 days in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed positives changes but it moves down from 1. 16 to 0. 83 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 1. 19 days. T-test Calculated value of Debt equity ratio is 6. 28 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance t cal ; t tab Hence hypothesis is rejected. Interest coverage ratio of Dr. RDL was 5. 05 in the year of 2001 and Rs 3. 82 in the year of 2006. The Interest coverage ratio went up to 72. 7 in the year of 2003 and 72. 71 in the year 2004 and 3. 82 in the year of 2005. The Interest coverage ratio rose to 27. 29 in the year 2007and again went up to 40. 74in 2008. The Interest coverage ratio was 68. 8 during the last year of study period. The average Interest coverage ratio was 36. 30 with upward trend during the study period. In year 2001 Lupin Ltd. 2. 09 as its Debt equity ratio and after that it continuously decreased from 2. 55 to 2. 53 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed negatives changes but it moves down from 8. 65 to 13. 99 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 8. 57. T-test Calculated value of Interest coverage ratio is 3. 13 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance t cal ; t tab Hence hypothesis is rejected. Table-4 Turnover ratio of Dr. RDL and Lupin Ltd. Inventory Turnover Ratio Debtors Turnover Ratio Total Assets Turnover Ratio Year Dr. RDL Lupin Ltd. Dr. RDL Lupin Ltd. Dr. RDL Lupin Ltd. 2001 8. 65 11. 3 4. 76 5. 39 1. 03 1. 6 2002 9. 01 6. 61 4. 29 3. 06 0. 99 1. 32 2003 7. 44 7. 02 3. 64 2. 75 0. 92 1. 29 2004 6. 99 6. 74 3. 97 3. 89 0. 88 1. 7 2005 5. 79 5. 23 3. 78 5. 37 0. 85 1. 31 2006 5. 64 5. 95 4. 21 5. 69 0. 82 1. 28 2007 8. 69 5. 7 4. 94 4. 9 0. 75 1. 14 2008 6. 11 5. 08 3. 53 4. 7 0. 65 1. 09 2009 6. 16 4. 39 3. 66 4. 39 0. 64 0. 99 2010 5. 57 5. 13 3. 66 4. 51 0. 59 0. 94 Total 70. 05 63. 15 40. 44 44. 65 8. 12 12. 23 Average 7. 005 6. 315 4. 044 4. 465 0. 812 1. 223 Min 5. 57 4. 39 3. 53 2. 7 5 0. 59 0. 94 Max 9. 01 11. 3 4. 94 5. 69 1. 03 1. 6 Sources: Data has been taken from annual reports In year 2001 Dr. RDL 8. 65 as its Inventory Turnover Ratio and after that it continuously decreased from 9. 01 to 7. 44 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed negatives changes but it moves down from 8. 69 to 6. 11 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 7. 01. In year 2001 Lupin Ltd. 11. 3 as its Inventory Turnover Ratio and after that it continuously increased from 6. 61 to 7. 02 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed trend with ups and downs but it moves down from 5. 7 to 5. 08 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 6. 2. Calculated value of Inventory Turnover Ratio is 0. 72 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance t cal ; t tab Hence hypothesis is accepted. In year 2001 Dr. RDL. 4. 76 as its Debtors Turnover Ratio and after that it continuously decreased from 4. 29 to 3. 64 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed trend with upward movements but it moves down from 4. 94 to 3. 53 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 4. 04. In year 2001 Lupin Ltd. 5. 39 as its Debtors Turnover Ratio and after that it continuously decreased from 3. 06 to 2. 75 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed trend with upward movements but it moves down from 4. 9 to 4. 73 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 4. 47. Calculated value of Debtors Turnover Ratio is 1. 21 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance t cal ; t tab Hence hypothesis is accepted. In year 2001 Dr. RDL. 1. 3 as its Total Assets Turnover Ratio and after that it continuously decreased from 0. 99 to 0. 92 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed trend with downward movements but it moves down from 0. 75 to 0. 65 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 0. 81. In year 2001 Lupin Ltd. 1. 6 as its Total Assets Turnover Ratio and after that it continuously decreased from 1. 32 to 1. 29 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed trend with upward movements but it moves down from 1. 4 to 1. 09 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 1. 22. Calculated value of Total Assets Turnover Ratio is 5. 34 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance t cal ; t tab Hence hypothesis is rejected. Summary findings and Conclusion The liquidity ratio of Lupin Ltd is highly threatening when compared with Dr. RDL. Thus Lupin Ltd has to control the current liabilities or to increase the current assets so that they can cover all the current liabilities and be in safer position. Thus slightly fluctuations in sales in that situation can not affect the paying capacity of the concern and thus maintain the credibility. The profitability ratio of Dr. RDL is better when it is compared with Lupin Ltd. It can be inferred from the result that Lupin Ltd can expand the business or can move further in newer directions as it is experiencing continuously growth in the profitability. Lupin Ltd has to give a fairer thought to reduce cost in providing services and increasing the turnover so that sustained growth in profitability can be seen Return on Net Capital Employed is the best test of overall profitability and efficiency of the business firm. A company with high rate of return on capital employed would be in a position to capitalize; e. g. it can take advantage of all favorable market opportunities. The study shows that returns on capital employed in selected units in India had marked a fluctuated trend. The average was 17. 79 and 25. 6 percent in units in India respectively. This ratio was satisfactory. On the whole Dr. DRL had the highest return net on capital employed of As compared to the Lupin ltd. In the light of the above discussion it is suggested that Lupin ltd should undertake cost control measure so that increase net profit before interest and taxes of the company might enhance the return on net capital employed. The solvency ratio also reveals the same track record of an upper hand over Lupin ltd. This position depicts the financial soundness or good financial health of the DR. RDL. In this sector Lupin ltd. has to work hard for providing the financial health in terms of capital also. The turnover ratio of Lupin Ltd. is showing better position when compared to DR. RDL. This fact proves that the market size in Lupin Ltd. s far more better than the DR. RDL which in turn is gearing its growth in all the stream. Thus DR. RDL has to work for increasing the market size and customer base so that it can achieve the trend of continuous growth. It can be inferred from the overall financial analysis that Lupin Ltd ltd. has to rethink and device the strategies so that it can lead to wards positive way and become the major players. Innovation though financial statement analysis can be seen though mergers and acquisitions and launching of new products and schemes so that enterprise can be proud of being major market players and setter newer and newer goals in the future. Cost accounting and cost audit should be made mandatory for this units and cost sheet along with annual financing statement should be prepared. The policy of borrowed financing in selected Parma group of companies under study was not proper. So the companies should use widely the borrowed funds and should try to reduce the fixed charges burden gradually by decreasing borrowed funds and by enhancing the owner’s fund. For this purpose companies should enlarge their equity share capital by issuing new equity shares. There has been too much of government interference in policy and day-to-day working and decisions. This leads to delays in decision-making. This should be abolished. There is no incentive to the employees to perform better. Also there is no accountability because no one is held responsible for a failure in achieving targets for this kind of problem responsibility centre should be created. Improper planning and delays in implementation of projects lead to rise in their cost. So properly planning should be made. To regularize and optimize the use of cash balance proper techniques may be adopted for planning and control of cash. The investments in inventories should be reduced and need to introduce a system of prompt collection of debts. Selected pharma companies should try to use properly their operating assets and should try to minimize their non-operating expenses. To conclude the study, it can be said that the adoption of above measures will doubtlessly help the selected companies to improve their overall performance in the management. With the efficient management of long term fund, selected companies can utilized their capacity optimally and accelerate economic growth of India by increasing the production of pharma product at reasonable cost. References. 1. Dr. Promod Kumar. â€Å"Analysis of financial statement of Indian Industries†Saujaniya Publication Ltd. 1992 2. Ahindra Chakrabati: â€Å"Performance of public sector enterprises a Case study on fertilizers† The Indian journal of public enterprise. 1988-89 3. Dr. Sugan C. Jain: â€Å"Performance appraisal automobile industry† Raj Publishing House, c2002. Jaipur, India 4. Parmar S. J. :â€Å"Financial Efficiency-Modern methods, tools Te chniques† Raj publication year of publication-2001 5. Dr Sanjay Bhayani: â€Å"Practical financial statement analysis† Raj publication,2003 6. Kakani, Ram Kumar, Saha, Biswatosh and Reddy, V. N. Nagi, Determinants of Financial Performance of Indian Corporate Sector in the Post-Liberalization Era: An Exploratory Study (November 2001). National Stock Exchange of India Limited, NSE Research Initiative Paper No. 5. 7. Dutts S. K has: â€Å"Indian tea industry an appraisal† Management accountant, March-1992 8. Brigham, Eugene. F and Joel F. Houston. â€Å"Fundamentals of Financial Management, Ninth Edition, Harcourt College Publishers, Fort Worth, 2001. 9. Review of Business Research, 2007 by Tarun K. Mukherjee, Prakash Deo. 10. Gitman, L. J. , â€Å"Principles of Management finance,† New York: Harper Row publishers,1982,p. 81 11. Paton Paton. , â€Å"Corporation Accounts and statements†, New York: Macmillan Company, 1964, p. 362. 12. Kulshreshtha, N. K. , â€Å"Analysis of Financial statements of Indian Paper industry†, Aligarh: Navman Publishing House, 1972, p. 133. 13. Kulshreshtha, N. K. , Op. cit. , p. 134. 14. Hunt W. and Donaldson, G. , †Å"Business Finance-text and cases†, Illinois: Richard D. Irwin, 1965, Pp. 114-115. 15. Roy Chowdhar, A. B. , â€Å"Analysis and Interpretation of Financial statements†, New Delhi Orient Longmans, 1970, p. 24. 16. Bogen, J. J. , â€Å"Financial Handbook† New Delhi: The Ronald press, 1957,p. 53. 17. Weston, J. F. and Brigham, E. F. , â€Å"Management finance†, New York: Holt, Rinehart and Winton, Inc, . 1972, p. 88. 18. Hingorani, N. L. and Raman than, A. R. , â€Å"Management Accounting†, New Delhi: Sultan Chand Sons, 1977,p. 115. 19. Srivastava, R. M. , â€Å"Financial Management†, Meerut India: Pragati Prakasjan, 1979, p. 476. 20. Westiwick, C. A. , â€Å"Management: How to use ratios†, Epping Essex: Grower Press Ltd. 1973,p. 5 21. Bogen, J. J. , Op. cit. Pp. 751-752. 22. Mohsin, M. , â€Å"Financial Planning and Control†; NewDelhi: Vikas publishing House Pvt. Ltd. , 1980, p. 174. 23. Kulshrestha, N. K. Op. cit. , 139. 24. HENDERSON, G. V. , Gurry, J. R. Trnnep Oh. , James E. Wirt. , â€Å"An Introduction to financial Management†, California: Addition-Wesley publishing company, 1984, p. 122. 25. Anthony, R. N. and Reece, J. S. , Op. , cit. , p. 198. 26. Information obtained through unstructured interviews from financial managers of the sample units though telephone. 27. Annual reports of selected cement company from 2003-04 to 2008-09 28. Kennedy, R. D. and Mcmullen, S. Y. , â€Å"Financial statements: Forms analysis and interpretation†, Illnois: Richard D. Irwin inc. 1964, p. 404. Information about this Article Peer-review ratings (from 2 reviews, where a score of 100 represents the ‘average’ level): Originality = 175. 00, importance = 162. 50, overall quality = 162. 50 This Article was published on 14th March, 2012 at 18:41:24 and has been viewed 2635 times. This work is licensed under a Creative Commons Attribution 2. 5 License. The f ull citation for this Article is: Kakkad, R. (2012). Comparative Financial statement Analysis Innovation in Private sector Pharmaceutical Companies in India-An empirical Analysis. PHILICA. COM Article number 318. How to cite Ratio Analysis, Papers Ratio Analysis Free Essays string(98) " so that a meaningful interpretation could be made through inter-firm and intra firm comparisons\." Though there are innumerable literatures available on the subject, the most appropriate studies have been reviewed. Dr. Promod Kumar published a book in 1991 â€Å"Analysis of financial statement of Indian Industries† The study covered the 17 private sector, 5 state owned public sector and 1 central public sector companies. We will write a custom essay sample on Ratio Analysis or any similar topic only for you Order Now He studied analysis of activities, assessment of profitability, return on capital investment, analysis of financial structure, analysis of fixed assets and working capital. In his research he revealed various problems of industries and suggested remedies for the problems. He also suggested for the improvement of profitability and techniques of cost control. 1Ahindra Chakrabati published an articles â€Å"Performance of public sector enterprises a Case study on fertilizers† in â€Å"The Indian journal of public enterprise† in the year 1988-89. He made analysis of consumption and production of fertilizer by public sector; he also made analysis of profit and loss statement. He gave suggestion to improve the overall performance of public enterprise. In the year of 2002, Dr. Sugan C. Jain has written a book on â€Å"Performance appraisal automobile industry† In his study he has analyses the performance of the automobile industry and presented comparative study of some national and international units. The operational efficiency and profitability had been analyzed using the composite index approach. He made several suggestions from the st rengthening the financial soundness improving profitability, working capital the performance of fixed assets. 3 Recently in the year 1998 a study was made by S. J. parmar on â€Å"Financial Efficiency-Modern methods, tools Techniques† for the period from 1998-89 to 1994-95. He had made an attempt to analyze financial strength, liquidity, profitability, cost and sales trend and social welfare trend by using various ratios analysis, common size analysis and value added analysis. He made several suggestions for the improvement of profitability of industry. In his analysis, he indicates various reasons for higher cost, low profitability, and inefficient use of internal resources. Dr Sanjay Bhayani published a book in 2003, â€Å"Practical financial statement analysis† The study covered 16 public limited cement companies in private sector. He made study of analysis of profitability, working capital, capital structure and activity of Indian cement industry. In his research he revealed various problems of cement industries and suggested remedies for the problems. He also suggested for the improvement of profitability and techniques o f cost control. Ram Kumar,Kakani Biswatosh saha and V. N. Reddy has written research paper on Determinants of Financial Performance of Indian Corporate Sector in the Post-Liberalization Era: An Exploratory Study. This paper attempts to provide an empirical validation of the widely held existing theories on the determinants of firm performance in the Indian context. The study uses financial statement and capital market data of 566 large Indian firms over a time frame of eight years divided into two sub-periods (viz. 1992-96, and 1996-2000) to study Indian firms’ financial performance across various dimensions viz. , shareholder value, accounting profitability and its components, growth and risk of the sample firms. It reveals that even on the same data, the determinants of market-based performance measures and accounting-based performance measures differ due to influence of ‘Capital Market Conditions’. We found that size, marketing expenditure, and international d iversification had a positive relation with a firm’s market valuation. Apart from these firm attributes that reflect either operating parameters of firms or ‘strategic choice’ of firm managers, we also found that a firm’s ownership composition, particularly the level of equity ownership by Domestic Financial Institutions and Dispersed Public Shareholders, and the leverage of the firm were important factors affecting its financial performance. The different implications of the findings for various stakeholders of a firm are also discussed. 6Dutts S. K has written an article on â€Å"Indian tea industry an appraisal† which was published in Management accountant in the year of March 1992. He analyzed the profitability, liquidity and financial efficiency by using various ratios. 7 Objectives of the study  · To evaluate the financial performance of the selected units of Pharmaceutical industry  · To compare the financial results of the Pharmaceutical industry as Dr Reddy’s Laboratories Ltd and Lupin Ltd  · To enquire the adequacy or the accounting information desired from the statement in conformity with laid down accounting statements by the institute of Chartered Accountants of India (ICAI).  · To study the growth of the said companies To give suggestion for best financing method and efficient utilization of fixed assets METHODOLOGY OF THE STUDY: Source of the data: â€Å"Comparative Financial statement Analysis Innovation in Private sector Pharmaceutical Companies in India† has been made by using data from financial statements of all five major players in cement industry, they are – Dr Reddy’s Laboratories Ltd. (Dr. RDL), Ambuja L upin Ltd. (LL), the period of the study was ten years from 2001 to 2010. The data was collected from cpitaline database and from the annual reports of the respective companies. Hypothesis for the study: For the present study tested following null hypotheses are tested-  · Ho1: The Dr Reddy’s Laboratories Ltd. did not achieve better profitability than Lupine Ltd.  · Ho2: The Dr Reddy’s Laboratories Ltd. did not achieve better liquidity than Lupine Ltd.  · Ho3: The Dr Reddy’s Laboratories Ltd. did not achieve better turnover than Lupine Ltd. Scope of the study: the study Comparative Financial statement Analysis Innovation in Private sector Pharmaceutical Companies in India. The study therefore includes financial structure performance, working capital performance, and Profitability performance but excludes non-financial areas such as production, marketing, personnel and R D from its purview. Techniques used for analysis: The data have been analyzed with the help of ratio analysis, trend analysis, common size analysis-T test to test the relation among different ratios of two selected companies. Limitation of the study: In order to facilitate uniformity in data, years have been readjusted and the data have been recast as on 31st March of each year. The figure taken from the annual reports have been rounded off to two decimals of rupees in crores. The data available in financial statements have been translated in to a pre-designed structure format so that a meaningful interpretation could be made through inter-firm and intra firm comparisons. You read "Ratio Analysis" in category "Essay examples" The format in which the data have been classified is selected after careful consideration of the operation Pharmaceutical Companies. Nevertheless, the limitations do in no way act as a deterrent in drawing effective and meaningful inferences from the study Analysis of the data: for knowing Comparative Financial statement Analysis Innovation in Private sector Pharmaceutical Companies in India the commonly used ratio: fixed Gross profit, Net profit, Return on capital employed, Return on Net worth and Earning per share, Current ratio, Debtors Velocity (Days), Creditors Velocity (Days), Debt equity ratio and Interest coverage ratio, Inventory turnover Ratio, Debtors Turnover Ratio and Total Assets Turnover Ratio Analysis and interpretation: Table-1 Profitability Ratios of Dr Reddy’s Laboratories Ltd Lupine Ltd. Gross profit Net profit ROC RON EPS Year Dr. RDL Lupin Ltd. Dr. RDL Lupin Ltd. Dr. RD Lupin Ltd. Dr. RD Lupin Ltd. Dr. RD Lupin Ltd. 2001 22. 16 9. 25 19 6. 65 31. 5 23. 02 29. 23 31. 13 45. 32 201. 66 2002 33. 1 12. 49 32. 39 7. 54 42. 06 16. 64 45. 71 22. 07 59. 56 17. 42 2003 30. 78 12. 2 28. 34 7. 3 26. 44 16. 05 24. 02 20. 3 50. 6 17. 44 2004 21. 55 19. 07 20. 4 12. 48 15. 61 27. 1 14. 7 36. 14 36. 37 23. 76 2005 7. 9 9. 77 9. 19 6. 96 2. 19 12. 75 2. 77 17. 79 7. 85 20. 09 2006 16. 27 16. 29 14. 12 11 9. 24 20. 86 8. 57 31. 93 26. 82 44. 61 2007 37. 06 16. 27 32. 39 10. 53 35. 94 19. 39 35. 47 27. 89 69. 45 36. 75 2008 21. 63 19. 27 18. 47 13. 53 12. 01 23. 85 10. 35 32. 02 27. 2 52. 31 2009 21. 77 18. 28 17. 8 14. 17 13. 55 22. 29 11. 14 30. 97 32. 25 48. 22 2010 28. 77 21. 56 23. 52 17. 7 17. 79 25. 6 15. 14 33. 23 48. 25 70. 7 Total 240. 99 154. 45 215. 62 107. 86 206. 33 207. 55 197. 1 283. 47 404. 09 532. 96 Average 24. 099 15. 445 21. 562 10. 786 20. 633 20. 755 19. 71 28. 347 40. 409 53. 296 Min 7. 9 9. 25 9. 19 6. 65 2. 19 12. 75 2. 77 17. 79 7. 85 17. 42 Max 37. 06 21. 56 32. 39 17. 7 42. 06 27. 1 45. 71 36. 14 69. 45 201. 66 Sources: Data has been taken from annual reports The gross profit ratio of Dr. RDL was 22. 16 % in 2001 which went down in to 7. 9% in 2005 but it rose up to 28. 7% in last years of the study period. The ratio ranged between 7. 9% in 2005 to 37. 06% in 2007. The ratio showed highly fluctuated trend during the study period. The average gross profit ratio was 24. 09% indicated. The gross profit ratio of Lupin Ltd. showed highly fluctuated trend during the study period with an average of 15. 45%. The ratio was the highest in the year of 2010 and very lowest 2001. T-test T-Test: Calculated value of gross profit ratio is 2. 86 Tabulated value at 5% significant value=1. 73 d. e. f. = 18 at 5% of level of significance t cal ; t tab Hence hypothesis is rejected. The Net profit ratio of Dr. RDL was 19% in the year of 2001 and increased to 32. 39% in the year of 2002. The ratio went down to 28. 34% in year of 2003. The ratio was very low of 9. 19% during the year of 2005 and very highest during the year of 2002. The average ratio was 21. 56% with fluctuated trend. The Net profit ratio of Lupin Ltd. was 6. 65 % in 2001 which went down in to 6. 96% in 2005 but it rose up to 17. 7% in last years of the study period. The ratio ranged between 6. 65% in 2001 to 17. 7% in 2010. The ratio showed highly fluctuated trend during the study period. The average gross profit ratio was 10. 78% indicated. T-test Calculated value of net profit ratio is 4. 01 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance t cal ; t tab Hence hypothesis is rejected. The return on capital employed ratio was 31. 5% in 2001 which went down to 9. 24 % in the year of 2006 and also went down to 13. 55% and 17. 79 during the years of 2009 and 2010 respectively. The ratio ranged between 2. 19% in year of 2005to 42. 06% in the year of 2002. The ratio showed down ward trend with an average of 20. 63%. The return on capital employed of Lupin Ltd was showing much fluctuated trend during the year study period. The average ratio was 20. 76 in the Lupin Ltd which showed fluctuated trend during the study period. The ratio was 23. 02% in year of 2001 and 20. 86% in year of 2006 and 25. 6% during the last year of study period. The ratio has gone down due to decreased in volume of sales. The sales have gone down since price rise took place in market. T-test Calculated value of return on capital employed ratio is 0. 028 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance t cal ; t tab Hence hypothesis is accepted. The Return on net worth ratio of Dr. RDL was 29. 3% in 2001 which went down in to 8. 57% in 2006 but it rose up to 15. 14% in last years of the study period. The ratio ranged between 2. 77% in 2005 to 45. 71% in 2002. The ratio showed highly fluctuated trend during the study period. The average gross profit ratio was indicated19. 71%. The Return on net worth ratio of Lupin Ltd. showed highly fluctuated trend during the study period with an average of 28. 347%. The ratio ranged between 17. 79% in 2005 to 36. 14% in 2004. T-test Calculated value of Return on net worth ratio is 1. 84 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance cal ; t tab Hence hypothesis is rejected. Earnings per share of Dr. RDL were Rs. 45. 32 in the year of 2001 and Rs 59. 56 in the year of 59. 56. The EPS went down to 50. 6 in the year of 2003 and Rs 36. 37 in the year 2004 and Rs. 7. 85 in the year of 2005. The EPS rose to 69. 45 in the year 2007and again went down to 27. 62 in 2008. The EPS Rs. 48. 25 during the last year of study period. The average ESP was 40. 41 with downward trend during the study period. The EPS was 201. 66 in Lupin Ltd. and went down to 20. 09 in the year of 2005 and reached down to 70. 7 during the last year of study period. The EPS showed lower level of EPS due to less utilization of financial leverage. T-test Calculated value of Earnings per share is 0. 70 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance t cal ; t tab Hence hypothesis is accepted. Table-2 Liquidity ratio of Dr. RDL and Lupin Ltd. Current ratio Debtors Velocity (Days) Creditors Velocity (Days) Year Dr. RDL Lupin Ltd. Dr. RDL Lupin Ltd. Dr. RDL Lupin Ltd. 2001 1. 69 1. 82 48 47 76 27 2002 3. 09 1. 74 54 61 79 35 2003 4. 86 1. 58 60 62 82 36 2004 3. 73 1. 34 60 66 85 38 2005 2. 49 1. 1 60 56 90 34 2006 1. 5 1. 38 59 57 94 35 2007 2. 21 1. 68 66 63 105 38 2008 3. 05 1. 53 85 69 109 42 2009 3. 15 1. 24 79 77 110 45 2010 2. 44 1. 27 100 81 120 52 Total 28. 56 14. 68 671 639 950 382 Average 2. 856 1. 468 63 62 92 37 Min 1. 69 1. 1 48 47 76 27 Max 4. 86 1. 82 100 81 120 52 Sources: Data has been taken from annual reports In year 2001 Dr. RDL has 1. 69 as its current ratio and after that it continuousl y increased from 3. 09 to 4. 86 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed negative changes but it moves from 2. 21 to 3. 05 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuated with an average of 2. 85. In year 2001 Lupin Ltd has 1. 82 as its current ratio and after that it continuously decreased from 1. 74 to 1. 58 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed negative changes but it moves down from 1. 68 to 1. 53 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuated with an average of 1. 46. T-test Calculated value of current ratio is 4. 50 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance cal ; t tab Hence hypothesis is rejected. In year 2001 Dr. RDL has 48 days as its Debtors Velocity (Days) and after that it continuously increased from 54 (Days) to 60 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed negative changes but it moves down from 66 days to 85 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 63 days. In year 2001 Lupin Ltd. has 47 days as its Debtors Velocity (Days) and after that it continuously increased from 61 (Days) to 62 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed negative changes but it moves up from 63 days to 69 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 62 days. T-test Calculated value of Debtors Velocity (Days) is 0. 3 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance t cal ; t tab Hence hypothesis is accepted. In year 2001 Dr. RDL 76 days as its Creditors Velocity (Days) and after that it continuously increased from 79 (Days) to 82 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed negative changes but it moves down from 105 days to 109 days in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 92 days. In year 2001 Lupin Ltd. 27 days as its Creditors Velocity (Days) and after that it continuously increased from 35 (Days) to 36 days in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed positives changes but it moves down from 38 days to 42 days in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 37 days. T-test Calculated value of Creditors Velocity (Days) is 10. 83 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance t cal ; t tab Hence hypothesis is rejected. Leverage Ratios of Dr. RDL Lupin Ltd. Table-3 Leverage Ratios of Dr. RDL Lupin Ltd. Debt equity ratio Interest coverage ratio Year Dr. RDL Lupin Ltd. Dr. RD Lupin Ltd. 2001 0. 56 1. 79 5. 05 2. 09 2002 0. 19 1. 88 34. 27 2. 55 2003 0. 01 1. 77 72. 27 2. 53 2004 0. 02 1. 24 72. 71 4. 89 2005 0. 08 0. 86 3. 82 4. 12 2006 0. 28 1. 18 10. 39 8. 6 2007 0. 19 1. 16 27. 29 8. 65 2008 0. 09 0. 83 40. 74 13. 99 2009 0. 11 0. 71 27. 62 2. 35 2010 0. 11 0. 47 68. 8 25. 97 Total 1. 64 11. 89 362. 96 85. 74 Average 0. 16 1. 19 36. 30 8. 57 Min 0. 01 0. 47 3. 82 2. 09 Max 0. 56 1. 88 72. 71 25. 97 Sources: Data has been taken from annual reports The Debt equity ratio of Dr. RDL was 0. 56 in 2001 which went down in to 0. 28 in 2006 but it went down to 0. 11 in last years of the study period. The ratio ranged between 0. 01 in 2003 to 0. 56 in 2001. The ratio showed highly fluctuated trend during the study period. The average Debt equity ratio was indicated 0. 16. In year 2001 Lupin Ltd. 1. 79 as its Debt equity ratio and after that it continuously decreased from 1. 8 to 1. 77 days in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed positives changes but it moves down from 1. 16 to 0. 83 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 1. 19 days. T-test Calculated value of Debt equity ratio is 6. 28 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance t cal ; t tab Hence hypothesis is rejected. Interest coverage ratio of Dr. RDL was 5. 05 in the year of 2001 and Rs 3. 82 in the year of 2006. The Interest coverage ratio went up to 72. 7 in the year of 2003 and 72. 71 in the year 2004 and 3. 82 in the year of 2005. The Interest coverage ratio rose to 27. 29 in the year 2007and again went up to 40. 74in 2008. The Interest coverage ratio was 68. 8 during the last year of study period. The average Interest coverage ratio was 36. 30 with upward trend during the study period. In year 2001 Lupin Ltd. 2. 09 as its Debt equity ratio and after that it continuously decreased from 2. 55 to 2. 53 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed negatives changes but it moves down from 8. 65 to 13. 99 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 8. 57. T-test Calculated value of Interest coverage ratio is 3. 13 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance t cal ; t tab Hence hypothesis is rejected. Table-4 Turnover ratio of Dr. RDL and Lupin Ltd. Inventory Turnover Ratio Debtors Turnover Ratio Total Assets Turnover Ratio Year Dr. RDL Lupin Ltd. Dr. RDL Lupin Ltd. Dr. RDL Lupin Ltd. 2001 8. 65 11. 3 4. 76 5. 39 1. 03 1. 6 2002 9. 01 6. 61 4. 29 3. 06 0. 99 1. 32 2003 7. 44 7. 02 3. 64 2. 75 0. 92 1. 29 2004 6. 99 6. 74 3. 97 3. 89 0. 88 1. 7 2005 5. 79 5. 23 3. 78 5. 37 0. 85 1. 31 2006 5. 64 5. 95 4. 21 5. 69 0. 82 1. 28 2007 8. 69 5. 7 4. 94 4. 9 0. 75 1. 14 2008 6. 11 5. 08 3. 53 4. 7 0. 65 1. 09 2009 6. 16 4. 39 3. 66 4. 39 0. 64 0. 99 2010 5. 57 5. 13 3. 66 4. 51 0. 59 0. 94 Total 70. 05 63. 15 40. 44 44. 65 8. 12 12. 23 Average 7. 005 6. 315 4. 044 4. 465 0. 812 1. 223 Min 5. 57 4. 39 3. 53 2. 7 5 0. 59 0. 94 Max 9. 01 11. 3 4. 94 5. 69 1. 03 1. 6 Sources: Data has been taken from annual reports In year 2001 Dr. RDL 8. 65 as its Inventory Turnover Ratio and after that it continuously decreased from 9. 01 to 7. 44 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed negatives changes but it moves down from 8. 69 to 6. 11 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 7. 01. In year 2001 Lupin Ltd. 11. 3 as its Inventory Turnover Ratio and after that it continuously increased from 6. 61 to 7. 02 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed trend with ups and downs but it moves down from 5. 7 to 5. 08 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 6. 2. Calculated value of Inventory Turnover Ratio is 0. 72 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance t cal ; t tab Hence hypothesis is accepted. In year 2001 Dr. RDL. 4. 76 as its Debtors Turnover Ratio and after that it continuously decreased from 4. 29 to 3. 64 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed trend with upward movements but it moves down from 4. 94 to 3. 53 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 4. 04. In year 2001 Lupin Ltd. 5. 39 as its Debtors Turnover Ratio and after that it continuously decreased from 3. 06 to 2. 75 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed trend with upward movements but it moves down from 4. 9 to 4. 73 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 4. 47. Calculated value of Debtors Turnover Ratio is 1. 21 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance t cal ; t tab Hence hypothesis is accepted. In year 2001 Dr. RDL. 1. 3 as its Total Assets Turnover Ratio and after that it continuously decreased from 0. 99 to 0. 92 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed trend with downward movements but it moves down from 0. 75 to 0. 65 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 0. 81. In year 2001 Lupin Ltd. 1. 6 as its Total Assets Turnover Ratio and after that it continuously decreased from 1. 32 to 1. 29 in the year of 2002 and 2003 respectively. But in year 2004, 2005 2006 it also showed trend with upward movements but it moves down from 1. 4 to 1. 09 in year 2007 and 2008 respectively. In the year 2009 and 2010 it shows again little fluctuations with an average of 1. 22. Calculated value of Total Assets Turnover Ratio is 5. 34 Tabulated value at 5% significant value= 1. 73 d. e. f. = 18 at 5% of level of significance t cal ; t tab Hence hypothesis is rejected. Summary findings and Conclusion The liquidity ratio of Lupin Ltd is highly threatening when compared with Dr. RDL. Thus Lupin Ltd has to control the current liabilities or to increase the current assets so that they can cover all the current liabilities and be in safer position. Thus slightly fluctuations in sales in that situation can not affect the paying capacity of the concern and thus maintain the credibility. The profitability ratio of Dr. RDL is better when it is compared with Lupin Ltd. It can be inferred from the result that Lupin Ltd can expand the business or can move further in newer directions as it is experiencing continuously growth in the profitability. Lupin Ltd has to give a fairer thought to reduce cost in providing services and increasing the turnover so that sustained growth in profitability can be seen Return on Net Capital Employed is the best test of overall profitability and efficiency of the business firm. A company with high rate of return on capital employed would be in a position to capitalize; e. g. it can take advantage of all favorable market opportunities. The study shows that returns on capital employed in selected units in India had marked a fluctuated trend. The average was 17. 79 and 25. 6 percent in units in India respectively. This ratio was satisfactory. On the whole Dr. DRL had the highest return net on capital employed of As compared to the Lupin ltd. In the light of the above discussion it is suggested that Lupin ltd should undertake cost control measure so that increase net profit before interest and taxes of the company might enhance the return on net capital employed. The solvency ratio also reveals the same track record of an upper hand over Lupin ltd. This position depicts the financial soundness or good financial health of the DR. RDL. In this sector Lupin ltd. has to work hard for providing the financial health in terms of capital also. The turnover ratio of Lupin Ltd. is showing better position when compared to DR. RDL. This fact proves that the market size in Lupin Ltd. s far more better than the DR. RDL which in turn is gearing its growth in all the stream. Thus DR. RDL has to work for increasing the market size and customer base so that it can achieve the trend of continuous growth. It can be inferred from the overall financial analysis that Lupin Ltd ltd. has to rethink and device the strategies so that it can lead to wards positive way and become the major players. Innovation though financial statement analysis can be seen though mergers and acquisitions and launching of new products and schemes so that enterprise can be proud of being major market players and setter newer and newer goals in the future. Cost accounting and cost audit should be made mandatory for this units and cost sheet along with annual financing statement should be prepared. The policy of borrowed financing in selected Parma group of companies under study was not proper. So the companies should use widely the borrowed funds and should try to reduce the fixed charges burden gradually by decreasing borrowed funds and by enhancing the owner’s fund. For this purpose companies should enlarge their equity share capital by issuing new equity shares. There has been too much of government interference in policy and day-to-day working and decisions. This leads to delays in decision-making. This should be abolished. There is no incentive to the employees to perform better. Also there is no accountability because no one is held responsible for a failure in achieving targets for this kind of problem responsibility centre should be created. Improper planning and delays in implementation of projects lead to rise in their cost. So properly planning should be made. To regularize and optimize the use of cash balance proper techniques may be adopted for planning and control of cash. The investments in inventories should be reduced and need to introduce a system of prompt collection of debts. Selected pharma companies should try to use properly their operating assets and should try to minimize their non-operating expenses. To conclude the study, it can be said that the adoption of above measures will doubtlessly help the selected companies to improve their overall performance in the management. With the efficient management of long term fund, selected companies can utilized their capacity optimally and accelerate economic growth of India by increasing the production of pharma product at reasonable cost. References. 1. Dr. Promod Kumar. â€Å"Analysis of financial statement of Indian Industries†Saujaniya Publication Ltd. 1992 2. Ahindra Chakrabati: â€Å"Performance of public sector enterprises a Case study on fertilizers† The Indian journal of public enterprise. 1988-89 3. Dr. Sugan C. Jain: â€Å"Performance appraisal automobile industry† Raj Publishing House, c2002. Jaipur, India 4. Parmar S. J. :â€Å"Financial Efficiency-Modern methods, tools Te chniques† Raj publication year of publication-2001 5. Dr Sanjay Bhayani: â€Å"Practical financial statement analysis† Raj publication,2003 6. Kakani, Ram Kumar, Saha, Biswatosh and Reddy, V. N. Nagi, Determinants of Financial Performance of Indian Corporate Sector in the Post-Liberalization Era: An Exploratory Study (November 2001). National Stock Exchange of India Limited, NSE Research Initiative Paper No. 5. 7. Dutts S. K has: â€Å"Indian tea industry an appraisal† Management accountant, March-1992 8. Brigham, Eugene. F and Joel F. Houston. â€Å"Fundamentals of Financial Management, Ninth Edition, Harcourt College Publishers, Fort Worth, 2001. 9. Review of Business Research, 2007 by Tarun K. Mukherjee, Prakash Deo. 10. Gitman, L. J. , â€Å"Principles of Management finance,† New York: Harper Row publishers,1982,p. 81 11. Paton Paton. , â€Å"Corporation Accounts and statements†, New York: Macmillan Company, 1964, p. 362. 12. Kulshreshtha, N. K. , â€Å"Analysis of Financial statements of Indian Paper industry†, Aligarh: Navman Publishing House, 1972, p. 133. 13. Kulshreshtha, N. K. , Op. cit. , p. 134. 14. Hunt W. and Donaldson, G. , †Å"Business Finance-text and cases†, Illinois: Richard D. Irwin, 1965, Pp. 114-115. 15. Roy Chowdhar, A. B. , â€Å"Analysis and Interpretation of Financial statements†, New Delhi Orient Longmans, 1970, p. 24. 16. Bogen, J. J. , â€Å"Financial Handbook† New Delhi: The Ronald press, 1957,p. 53. 17. Weston, J. F. and Brigham, E. F. , â€Å"Management finance†, New York: Holt, Rinehart and Winton, Inc, . 1972, p. 88. 18. Hingorani, N. L. and Raman than, A. R. , â€Å"Management Accounting†, New Delhi: Sultan Chand Sons, 1977,p. 115. 19. Srivastava, R. M. , â€Å"Financial Management†, Meerut India: Pragati Prakasjan, 1979, p. 476. 20. Westiwick, C. A. , â€Å"Management: How to use ratios†, Epping Essex: Grower Press Ltd. 1973,p. 5 21. Bogen, J. J. , Op. cit. Pp. 751-752. 22. Mohsin, M. , â€Å"Financial Planning and Control†; NewDelhi: Vikas publishing House Pvt. Ltd. , 1980, p. 174. 23. Kulshrestha, N. K. Op. cit. , 139. 24. HENDERSON, G. V. , Gurry, J. R. Trnnep Oh. , James E. Wirt. , â€Å"An Introduction to financial Management†, California: Addition-Wesley publishing company, 1984, p. 122. 25. Anthony, R. N. and Reece, J. S. , Op. , cit. , p. 198. 26. Information obtained through unstructured interviews from financial managers of the sample units though telephone. 27. Annual reports of selected cement company from 2003-04 to 2008-09 28. Kennedy, R. D. and Mcmullen, S. Y. , â€Å"Financial statements: Forms analysis and interpretation†, Illnois: Richard D. Irwin inc. 1964, p. 404. Information about this Article Peer-review ratings (from 2 reviews, where a score of 100 represents the ‘average’ level): Originality = 175. 00, importance = 162. 50, overall quality = 162. 50 This Article was published on 14th March, 2012 at 18:41:24 and has been viewed 2635 times. This work is licensed under a Creative Commons Attribution 2. 5 License. The f ull citation for this Article is: Kakkad, R. (2012). Comparative Financial statement Analysis Innovation in Private sector Pharmaceutical Companies in India-An empirical Analysis. PHILICA. COM Article number 318. How to cite Ratio Analysis, Essay examples

Personal training free essay sample

I have a passion for action sports, physical fitness and wellbeing. There is no better feeling in the world than being healthy. Along with being healthy, comes physical fitness and athleticism. But accomplishing these goals is no easy task. Athletes don’t wake up every day physically in top shape and able to perform their best athletically without hours on top of hours of hard work and proper dieting. Not many athletes know the ins and outs of proper training and dieting, which is why they refer to a personal trainer for the tips and advice they need to succeed. A major in Kinesiology is an excellent way to gain the proper knowledge to help athletes get to where they need to be. As a personal trainer, you have many duties related to your job. Trainers are responsible for providing various personal training services that help members maximize their workout efficiency. We will write a custom essay sample on Personal training or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page And to also improve physical fitness and wellbeing. Personal trainers demonstrate exercises. These vary, depending on his or her client’s level of fitness capability, age and weight. These demonstrated exercises could be as simple as a squat or as advanced as a power clean. It is important as a trainer to get to know your client. Such as their level of fitness, what they’re physically capable of performing. Personal trainer need to be able to determine what exercises can benefit their client or potentially harm them (California). Trainers are also responsible for creating a healthy diet plan for their client to follow, in order to help accomplish their fitness or health goals. This part of personal training is the most difficult. Diet plans can be very difficult for the average person to follow and keep track of. Just like the physical part of personal training, a diet plan very depending on client’s fitness goals, age and weight. For example, if a middle aged man is looking to lose a significant amount of weight, he would need to do a few things. First, in order to lose weight your body need to burn carbohydrates that have been consumed in the past twenty-four hours. Once your body has depleted all unused carbohydrates, it can now access your body’s stored fat source and start to burn it off. But in order to burn carbohydrates in the first place, he must engage in high intense exercises, which min in their late thirties usually don’t do. So what needs to happen is he must alter his diet to eat six times a day. The content of his diet would be low carbs and proteins. The reason for him to eat six times a day is to keep his metabolism running so he can burn fat during his daily routine. Along with a diet, comes exercise with his personal trainer. His workouts would consist of very low weight, with a high number of repetition. The reason for low weight workouts is because he would be low on carbs which would highly effect his strength. The high amount of reps will cause his muscles to fire quicker, causing him to burn carbohydrates then start burning stored fat (United). Trainers can work in many different places. For example, if a trainer has a group workout in urban areas, he could meet his clients at a local park or running trail. The most common place would be the gym, where a personal trainer can train one or more individuals. Trainers even go to clients homes for personal workouts. That’s usually the case for elderly people who would have a hard time leaving their home. Qualified trainers travel to hospitals to train rehabilitated patients who may have been injured in an accident and is in need to re-train their muscles (United). To become a trainer is not very difficult. A degree is not needed, but would be very beneficial. My personal trainer, Brodie Priestley recommended a degree in kinesiology and nutrition. Also having a background in sports and powerlifting benefit me. Even though a degree in not required, sources indicate it would do nothing but help (United States). During my interview I asked my trainer Priestley what made him choose kinesiology as his profession. â€Å"It was simple† Priestley replied. â€Å"My father was a world class power lifter, benching over five-hundred pounds as a senior in high school. So like every kid, I wanted to be just like my father. I fell in love with lifting weights and play sports. The more I lifted weights, the more results I saw and I began to feel better about myself,† Priestley explained. â€Å"I quickly got addicted to lifting weights and wanted to keep progressing. I began to educate myself more on lifting weights and ways to get bigger and stronger. My obsession with lifting weights and muscles development got to the point where I stopped playing sports to focus on powerlifting. † Priestley’s hard work was paying off as he took first place in numerous powerlifting events. â€Å"I wasn’t just winning, I was blowing my competition out of the water,† Priestley explained. Priestley worked his way up to become the number three power lifter in the nation, and later broke the world record in bench press for his weight class. â€Å"It was obvious that I was good at what I did, so I wanted to help others accomplish their physical fitness goals. So I began Personal training at a local gym. I quickly fell in love with helping others and seeing them progress. It’s a cool feeling, I couldn’t be happier with what I’m doing† Priestley explained to me. I asked Priestley what he though was the toughest part about being a personal trainer. Priestley’s response was simple, he told me that â€Å"as long as you’re doing something you love, it doesn’t really matter what you do to get there. But I guess the hardest part of being a personal trainer would be getting some clients to trust you and to buy into your system. † Priestley continued on saying that some people who may have been out of shape most of their life have a hard time believing that they can lose weight and get in shape by following my weight loss program, which makes it difficult to train that individual. Next I asked Priestley what he liked most about his job. Priestley responded by saying â€Å"The best part of my job is seeing true results in my clients. There is no better feeling as a trainer knowing that you helped someone get healthy and physically fit. In most cases that is a life changing event for people who used to be highly over weight and unhealthy. That person can now walk around proud of their appearance and have all the confidence in the world, all because of my help. To me there is no better feeling. † Even though I learned that an education is not need to become a trainer, I asked Priestley what steps he took in school to get where he is today. Priestley told me that getting his master’s degree in kinesiology, and minor degree in nutrition was the smartest thing he has ever done. â€Å"My degree helped me in every way possible, I now have an edge on a lot of trainers that might not have a degree. But not only am I more educated but my degree gets me more business which is awesome! † Researching my career choice has reassured me that becoming a personal trainer is who I am going to become. My trainer has had the biggest impact on my decision. He has helped me so much and I’ve also seen him help many others. I learned that what you get out of training someone is the ultimate prize. In conclusion kinesiology is what I have chosen as my career choice.

Corporate Financial Management Tertiary Sector

Questions: 1.What are the important factors that should be considered by tertiary sector employees when they are deciding whether to place their superannuation contributions in the Defined Benefit Plan or the Investment Choice Plan? What issues relating to the concept of the time value of money may be important in this decision-making process? 2.If the efficient-market hypothesis is true, the pension fund manager might as well select a portfolio with a pin. Explain why this is not the case? Answers: 1. Tertiary sector employees are those employees which are involved in providing services i.e. main employment area is of service. There are three types of sector and tertiary sector or service sector; employees are required to make their own superannuation funds as they are not working under any employer. In terms of maintaining superannuation funds for employees, there are two major plans that employee can select for their superannuation contribution and they are defined benefit plan or investment choice plan. There are various factors that shall be considered while selecting superannuation plan between defined benefit plan and investment choice plan. In order to understand different factors, first we need to understand these two plans and then decision of selection of plan will be taken. Defined benefit plan: Under defined benefit plan what amount is required to be received by employee is defined at the initial stage or at the starting of the defined benefit plan. Defined benefit plan is based onrequirement of employee in terms of amount that employee wants to receive at the age of superannuation or at the time of retirement. In defined benefit plan, both employee and employer contribute specified amount of contribution. This contribution is based onemployees earning (salary), age of employee, tenure of service in terms of no of years served by employee in the service or will be serving. Ddefined benefit plan can be used by employers as tool for increment of employees pay or cost to company (Basu, and Drew, 2010). Final salary plan in defined benefit plan is the most common plan for superannuation which calculates pension of employees by using three important variables and they are as follows: Pensionable service i.e. no of years of which pension is required to be paid to employee Pensionable earnings i.e. this is the estimation of salary that employee will be drawing at time of retirement or superannuation Accrual rate i.e. this is the portion of the earning that employee will be receiving at the year end under the selected scheme (Stockton, 2017). Therefore following is the formula of calculating pension income of employee under defined benefit plan: Number of years worked * Salary at the time of retirement or superannuation * Accrual rate It can be analysed that pension fund or funds that employee in tertiary sector will be getting largely depends on salary, no of years of service and accrual rate that employee belongs to (Defined-benefit plan inside a 401(k), 2012). But in this type of superannuation fund, employees are able to set their contribution in the fund and will get pension at the time of superannuation accordingly. Benefits available to employees from the plan can be available at the time of creating this plan. There are some tax incentives also available on this plan therefore this plan can suit tertiary sector employees (Schreiber, 2016). Unfunded defined benefit plan: While selecting defined benefit plan, employees are required to select one plan out of funded defined benefit plan or unfunded defined benefit plan. In case of unfunded defined benefit plan, there is no asset or investment is created for investing in the same. On the other hand, in case of funded defined benefit plan, there is one or two asset or investment created. All contributions of employee and employer shall be invested in that asset or assets (Most and Wadia, 2015). At the time of payment of pension or other retirement benefits i.e. superannuation time, asset or investment created will be sell-off and funds will be transferred to employee. Major drawback of funded defined benefit plan is that; amount that will be received at the time of maturity is not known in advance. Investment choice plan Under investment choice plan of superannuation plan, individual investment account will be opened with the investment company and these investments can range from any amount. In case of investment choice plan, employer contribution and employee contribution and any gain or interest or units earned during the year or period will be invested altogether in the single or multiple investments. In case of investment choice plan, employees have the power or option of changing their investment in any form of option based on some factors. Major advantage of investment choice plan is that employee will be able to manage their superannuation funds. In other words under investment choice plan, employees cam make choice of funds that they want to investment into. Another advantage of investment choice plan is that employee in of tertiary sector can make portfolio of investment or assets that they want to invest in. There are some strategies that employee can adopt for the purpose of using investm ent choice plan. Secured fund, shares fund, trustees selection fund, stable fund and many other finds are some example of investment choice funds. Factors that should be considered by tertiary sector employees for deciding superannuation contributions in the Defined Benefit Plan or the Investment Choice Plan are as follows Risk profile: Major consideration that employees of tertiary sector shall consider is of level of risk that they are willing to take. Both the superannuation funds and contribution is different from each other. Defined benefit plan is less risky as compared to investment choice plan. Defined benefit plan is not linked with market; therefore there is less risk in this plan. On the other hand, investment choice plan there are large no of investments or options there. Some of them can be equity or market linked (Building super on a fair foundation: Reform of the taxation of superannuation contributions, 2012). Therefore risk is the major factor that tertiary sector employees shall consider. Inflation rate: Inflation is the rate at which dearness or cost living increases as the inflation rate increases and vice-versa. In order to take decision related to deciding superannuation contributions shall be considered. In case of defined benefit plan, inflation rate plays very important role as this is long term plan. Under defined benefit plan, investments are for longer period and in this case value of money decreases year by year. Therefore this requires more contribution from employees (Modelling the macroeconomic effects of an increase in superannuation contributions, 2016). Time frame of investment: Time frame of investment plays vital role in selecting superannuation contribution plan. It shall be considered by employee whether he / she wants to invest for the longer period of time or for shorter period. Investment choice plan can provide better results in short term also. But defined benefit plan will only provide higher benefits in long terms and age of employee shall less. Therefore time frame of investment or superannuation funds shall be considered before deciding (Awad, 2009). Financial goals: Financial goal can vary individual to individual. There are some financial consideration that individual considers before deciding the superannuation to invest in. If financial goal of individual or tertiary sector employees is to gain higher profit and ready to take higher level of risk then he / she will select investment choice plan (Ingles and Richardson, , 2010). On the hand, individuals requires moderate level of pension income and at stable rate then tertiary sector employees can select defined benefit plan. Issues relating to the concept of the time value of money Time value of money is the concept which analysis or undertaken the concept of diminishing value of money as the time passes or in future period. Time value of money has the role to play in selecting or deciding superannuation contribution fund. Both defined benefit plan and investment choice plan has different treatment and mitigation procedure in terms of managing time value of money. Time value of money concept is used in the decision making process of deciding superannuation funds. For analysing present value of superannuation contribution and pension amount that will be received after the superannuation or retirement, time value of money concept is used (Brown, Gallery, Gallery and Guest, 2004). Inflation rate prevailing in the market and unpredictable market conditions are some factors that support use of time value of money concept in decision making. In this concept, net present value of the superannuation contributions and pension amount that will be received at superannuation will be calculated. Present value of contributions and amount to be received amount will be adjusted with inflation rate and thus are in real values. Therefore issue of real cash flows (inflow and outflow) of superannuation contribution and desired amount at the time of superannuation has been considered by time value of money concept (Jefferson, 2012). Recommendations: From the above definitions and explanations of defined benefit plan and investment choice plan it can be concluded that investment choice plan is highly customised superannuation plan. In order to provide, maximum flexibility in terms of designing and developing superannuation plan and cash outflows (contributions) and cash inflows (pension amount), investment choice plan shall be recommended. Another reason for selecting investment choice plan is that in defined benefit plan future or superannuation amount is certain i.e. it cannot be increased. But in case of investment choice plan, future plan can be increased according to the requirement or market situation. 2. Efficient market hypothesis Efficient-market hypothesis is the market situation in which price of commodity or stock or asset is the reflection of all available information about the business organisation. In other words, efficient-market hypothesis is the situation under which price of entitys stock or shares have been determined by incorporating all information about the company. Efficient-market hypothesis implies that asset price or stock price is already at fair value i.e. no investor can gain or loss in the stock market (Narayan, Narayan, Popp and Ali, 2015). Efficient-market hypothesis theory or situation has been opposed on the basis that there are various factors that all together made assets price. Therefore in this situation, stock or shares for the purpose of investing can be picked very easily or without applying any skills (Denis, Zoran and Velimir, 2012). In the market situation of efficient-market hypothesis, since there is no consideration of past information, trend analysis, market information , market condition and no other consideration has been put to value stock or asset price. In this situation, price of stock or asset does not move or change because of market changes or conditions. Role of pension fund managers in portfolio management Therefore in this market, role of manager or portfolio manager becomes very easy. It is possible that need of portfolio manager may comes to an end as no consideration is required to be put to any circumstances. Role of fund manager in portfolio management will also get hampered and role and importance of pension fund manager will get diluted (Jovanovic and Schinckus, 2016). As in case of efficient-market hypothesis, there is no consideration of past information and market happenings therefore role of pension fund manager will not be required any more. Pension fund manager, especially in investment choice plan, has to keep updating plan or portfolio of employee. Therefore in the situation of efficient-market hypothesis, no consideration is required. Therefore in this situation, pension fund manager will be able to manage portfolio with ease (Superannuation: How to deduct superannuation contributions by passive investment trusts, 2013). But it can be analysed that, this situation does not exists in the market or will never exists in the market as there are various factors that are to be kept in mind before making investment or select funds for superannuation contribution. Efficient-market hypothesis can never be the case in any form of market, as market forces are very strong and interaction and integration of these forces will impact value of share or asset (superannuation fund or contribution). Along with this, in case of efficient-market hypothesis, it is suggested that no investor will be able to gain higher than other. In this situation, all investors will be gaining same amount of profits therefore there is no question to hire pension fund manager for the portfolio management (Darst and Ebrary, 2013) Therefore, it can be concluded that efficient-market hypothesis is not the case, which can be exist in the market or at investment market because of its vague and unproved basis. References Awad, A. (2009, January 29). Expanding your insurance options with super. Money Management, p. 25. Basu, Drew. (2010). The appropriateness of default investment options in defined contribution plans: Australian evidence. 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