The Gym Award free essay sample

The dreaded day is finally here. The mandatory mile test. My stomach is in knots, and all I can think is I do not want to do this. I stand at the starting line waiting, and Mr. Gersch yells â€Å"Go!†. I run through the cramps and the wheezing until finally I am at the last lap. I try to pick up the pace as I see those who have already finished looking as if all they did was take a short, leisurely walk. I cross the finish line, wheezing and bright red. I am proud of myself even though my best was other people’s worst. A buzz of excitement fills the dark auditorium as everyone waits for the awards to be called.The underclassmen, like me, can only receive academic awards, usually given to those with the highest grades in the class. My friends and I look out into the family section of the auditorium. We will write a custom essay sample on The Gym Award or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page â€Å"Do you see your parents?† â€Å"No, I don’t think so, wait, your parents are here!† I look out and see them waving at me, and I do a little wave back, wondering what award I will receive. My friends and I decide that the award will either be in science, art, or possibly English.Every one of the predicted awards goes by. My friends give me confused looks, and I shrug, just as confused as they are. I think there must be a mistake because what else could I get? Then Mr. Gersch walks onto the stage and calls out the recipients for the Gym Award. â€Å"Al Viglione and me.† My friends and I burst out into laughter, and I try to contain myself as I walk up to receive the award. Anyone who knows me knows I am not at all athletic. â€Å"Hey can I see your phone?† I ask one of my friends from across the room.He throws his phone across the room to me and of course I do not catch it. The phone falls to the ground, and I turn it over to see that the phone is cracked. â€Å"I am so sorry!† I say a million times to my friend who just learned a valuable lesson to never throw anything breakable at me. In little league softball, I could not hit the ball even when it was on the tee. My mom always hoped that I would be good at softball because it was her favorite sport, but sadly I am utterly horrible at anything that has to do with hand-eye coordination. So it makes sense that I am just a little confused as to why I received the gym award. At the dinner table the next night my mom said, â€Å"They gave you the award because you’re a good kid.† Although I am not athletic, I still try in gym. I never walk during the mile, I push myself to do the best I can even though my best is often someone else’s worst. I strive to do my best with athletics, character, school, and anything that comes my way and that is why I am proud that I received the gym award and not some other academic award.

South Carolina Slave Essays

South Carolina Slave Essays South Carolina Slave Essay South Carolina Slave Essay South Carolina Slave Tracy M. Farris History 110 July 31, 2011 Professor Paul Heintz South Carolina Slave South Carolina considered slavery an essential ingredient to establish their rice crop plantations to generate the most amounts of cash. . The mentality of the South was to own as many slave as possible to produce the must amount of product without the cost of labor. The slave traders discovered that Carolina planters had a very idealistic vision how a slave should look Tall, healthy, male, between the ages of 14 and 18, free of blemishes, (similar to a sacrificial lamb) and as dark as possible. The demand for slaves to fit those descriptions allow trader to charge on average, between 100 and 200 sterling – in todays economy that would amount between $11,630 and $23,200. Once the slave were traded or bought they were put to work immediately! The rice plantation had gruesome work environments. The fields were in the open fields of the South often filled with floods of muds that breed Malaria and other form of diseases that killed hundreds of slaves, for the lack of proper medical care. Proceeding to the American Revolution slavery was not a huge concern or had produces much debate, it was all about government power. But on the contrary was an issue that created problem. Traders taking slave and auction those to Christian nations apposed a problem. Ironically, trader by the time the American colonies began to grow or populate, they took the slaves from non-Christian parts of West Africa. It wasn’t an argument about slavery; it was all about church and its principles. The Constitution or the Declaration of Independence said it very clearly that all men are created equal and that people were endowed by the creator with certain inalienable rights . . . So, it made it very difficult for the formers to include slavery into the Constitution. The Articles of Confederation were not focused on individual rights and liberties. They were merely a set of rules that allowed the various States to cooperate with one another. By the same token, the Constitution makes little reference to slavery. It discreetly states that the Federal government will have the power to regulate importation of slaves after a period of time. The Articles and the Constitution did not have effect on slaves in the States. Slavery was considered a dispute to be decided by the State governments. Even though most northern states took steps to end slavery in their states around this time, South Carolina did not. The Declaration of Independence did not directly address slavery, but did speak in across-the-board terms about all men being created equal and having certain inalienable rights, including liberty. The Declaration did not have a legal force. It was an attempt to communicate to Great Britain that the American Colonies were no longer a part of the British Empire. These self-truths or moral rights within the Declaration were later used to justify for cement of States to end slavery, but if a person was a salve at the time of the Revolution, they would have been long dead from old age by the time the Civil War would have resulted in their freedom. Granted the Constitution tolerated slavery, it also brought together the States as a single nation. This union assisted in what eventually help to put to end to slavery by allowing Abolitionist movements in the South to mandate an end to southern slavery. If the people had thought of themselves as separate countries, this movement would not have had as much traction. Both of then tacitly acknowledged that slavery existed, but did little either to protect or end the practice. After reviewing the information one might say that it isn’t much improvement or rational between the two. I do not think that as slave I would be happy with either one. Yes, the Constitution says that every man is created equal but it was not directly address the issues. In either case a slave was still a slave. Once a slave was free, what could he or she do? They were still slaves to ignorance, they could not read write or spell. So must slave when freed stay with Masters because they had nowhere else to go. All that some knew was to be a slaves. Reference www. en. allexperts. com www. studentoffortune. com www. sciway. net

Free Will Essay Example | Topics and Well Written Essays - 250 words

Free Will - Essay Example So in an instance where a person is issued a threat his decision to act in a certain way need not necessarily be influenced by the threat and hence he holds moral responsibility since he was not deprived of alternatives. On the other hand, it is also possible that the person was profoundly impacted by the threat and his action was completely out of fear of dire consequences. But this impact was what compelled him to make his decision and therefore in relative terms his moral responsibility for his action still remains. Yet another possibility would be that the person’s choice of action was predetermined and any threat issued to him only coincided with his decision. Since the threat in this situation is irrelevant to the decision making process, he remains morally responsible for his action. The author’s argument is therefore a logical understanding of the principle’s plausibility and its failure as an a priori truth. His analysis concludes that there are various circumstances that could make a person morally responsible for his action with an exception being that he had done what he did only because he could not have done otherwise, even if that was what he desired to do.

Cultural Sensitivity Reflection Essay Example | Topics and Well Written Essays - 500 words

Cultural Sensitivity Reflection - Essay Example A culturally competent teacher knows perfectly well how to relate the skill of cultural awareness with his/her work which includes dealings with the students, parents, staff, and community members almost on daily basis. Acting in a culturally competent manner becomes especially important in a classroom as that is the place where a teacher has to deal with the students in a very direct manner. â€Å"Culturally responsive teaching does not incorporate traditional educational practices with respect to students of color† (Gay, 2000). Parents often have a hard time adjusting to the reality of teaching their children in a culturally sensitive environment. This is why teachers should take care to acknowledge cultural sensitivity when dealing with the parents of their students and they can do so by effectively bridging the communication gap in order to win the trust of the parents. When dealing with parents, a teacher should help them understand how he/she intends to use cultural refe rents to groom the students academically, emotionally, and intellectually in a culturally sensitive environment. A teacher can also relate cultural competency with his/her work when dealing with students in a classroom by deeply acknowledging the cultural heritages of various ethnic groups and regarding them. He/she should also stimulate the entire class to respect each other’s cultural heritages. There also exists a difference in the extent to which each student adapts to the learning process which is why a culturally competent and sensitive teacher should employ a variety of instructional strategies addressing different learning styles. Cultural sensitivity should be practiced whether a teacher teaches a multilingual or a monolingual class (Stubbs, 2011). Moreover, cultural sensitivity requires a teacher to instill the same sense and skill into other staff members as the learning process can never be controlled by a single teacher alone. It is the job of

Conflict Management and Negotiation Critical Thinking Essay - 1

Conflict Management and Negotiation Critical Thinking - Essay Example It is imperative for businesspeople to develop their negotiation skills. Investing in training and development lessons in negotiation for the marketing department workers is a very wise investment. The marketing department is directly responsible of generating sales for the company (Kotler, 2003). Sales are the engine that drives a company. The purpose of this paper is to discuss and analyze the negotiation process for a job offer with Joe Tech and Robust Routers. As a prospective employee for the company my first strategy during the initial talks of the negotiation is to establish how strong a candidate I am for the position based on my educational and work experience credentials. I would come prepare with the most recent HR data on compensation for professionals in my career. The data from a reputable source reveals that the $92,000 based salary is within the boundaries of what another professional with similar credentials receives. The overall benefits packaged on the table are very reasonable based on the industry standards. During the negotiation process I will ensure that I use good active listening. By becoming a better listener, you will improve your productivity, as well as your ability to influence, persuade and negotiate† (Mindtools., 2013). I must act confident through the entire negotiations and my mindset must be positive. There are several things and can help a person achieve a successful employment negotiation. The person applying for a job vacancy must dress in a professional manner preferably in a suit for the first interview with the human resource representative or manager of the company. A second important tip for a person in the job application process is to perform research on the firm by searching information from different sources including the corporate website of the company and its annual report. All public companies are mandated to file annual reports to the Securities and Exchange Commission. Within the content of the annual report are the financial statements of a company (Sec, 2013). Analyzing the financial performance of the company is a good topic to bring up during the conversations of the negotiation. The employer will realize that the candidate came prepared to the negotiation table which shows competence. There are different negotiation strategies that can be used to obtain a p ositive outcome that allows the parties to reach a deal. These strategies can provide outcomes that result in win-win or win-lose outcomes. â€Å"In a successful negotiation, it’s up to each side to paint a vision – based on that side’s mission and purpose – which the other side evaluates as being beneficial or not† (Camp, 2013). In the negotiation process I must persuade the other party to visualize my proposition as a win-win outcome or win for them and lose for me. I have to reflect to the employer my value as a professional and that by hiring me the firm will increase its human capital tremendously. A lot can be learned about the parties involved during the initial negotiation process. The character of the person, communication style, personality, and body language are things that influence the conversations of a negotiation. A good negotiator is able to persuade and convince others (Sfh, 2007). During the early part of the negotiation it becom es notable whether the person negotiating has good verbal communication skills. The ability to communicate well will affect the negotiation from the start until the closure of the event. Compromising the terms of the labor contract now in hopes of being able to negotiate better terms in the future is a risky strategy. The compensation that a company owes an employee is stipulated in the term of the employment contract. If an employee signs a contract with a verbal

The Sewerage System In Malaysia Construction Essay

The Sewerage System In Malaysia Construction Essay Sewerage systems are one of the most important infrastructures in construction of residential, industrial or commercial project as it determines the quality of life enjoyed by a community. It consists of a network of underground sewer pipes, pump stations, sewage treatment plants and sludge treatment facilities. This system usually operates based on by gravity due to the slope of the pipe which reduces the high cost required for pumping. Sewers are further classified into a few categories, which depend on the type of wastewater that each of it carries. For example, storm sewers are designed to carry stormwater from roofs, paved areas, pavements and roads; industrial sewers are designed to carry wastewater generate from the industry; sanitary sewers are designed to carry the waste water from cooking and washing and the wastes from toilets. There is another type of sewer which is known as combined sewers. These types of sewers are designed to carry stormwater, industrial wastes, and domestic sewage. In Malaysia, many towns and cities use the separate sewer system. The wastewater is transported in separate pipes from storm sewers, industrial sewers and sanitary sewers. This system will not experience CSOs (Combine Sewer Overflows) which usually happen to combined sewer. The flooding will cause by stormwater only. Sewerage system is very important as it helps people to transport the wastes or sewage away from their places. Therefore, the system must be functioning well because improper functioning system will lead to pollution and contamination of various aspects of our surrounding which affect human life and health. Hence, regular maintenance must be done to the existing sewerage system and appropriate design must be applied to the new sewerage systems to ensure the sewerage systems are in good condition. The efficiency of the sewerage system is affected by the flow of the wastewater. In designing a sewerage system, the type and size of the pipe to be used must be able to accommodate the peak flow. The peak flow is based on the population equivalent which is a direct measurement of the population in an area. When designing the sewerage, there is a standard and criteria that should be followed. The standard code of practice for sewerage design in Malaysia (MS 1228:1991) was adopted from British Standard; BS 8005:1987. However, British Standard may not be as applicable to Malaysia due to the season and climate factor which have direct effect on the peak flow. This is the main reason of doing this research to find out whether the standard is suitable to be used in Malaysia. Problem Statement Any sewerage system will be designed to carry a certain amount of sewage based on the population equivalent (PE). In sewerage design, the per capita flow and the peak flow rate (Qpeak) are important parameters. Based on British Standard, the per capita flow is 225L/day/person and the peak flow factor, K is 4.7. However, a previous study indicated lower per capita flow and peak flow factor in the sewerage system in Malaysia although no conclusive results were obtained (Dayalan, 2007). A lower peak flow factor will result in smaller pipes which will incur lower cost. Therefore, further research is needed to study the suitability of current design criteria for sewerage system located in tropical climates. 1.3Research Objectives The objectives of the study are: To obtain flow data from pre-determined sewer tributary area. To evaluate the parameter in the peak flow factor equation for medium scale sewerage catchment system. To determine the relationship between population of an area to the peak flow of sewerage system. 1.4 Scope of Research To collect relevant information of sewerage design from selected literatures. To find out relevant formula provided in selected codes for sewerage design. To study the peak flow factor in sewer line that serve the PE value of 1000-10000. To measure flow characteristics by using flow meter with build-in sensor in manholes at Tropicana Indah. To compare the results obtained with the formula in the standard code. To make recommendation on the feasibility of the code formula to tropical climate. CHAPTER 2: LITERATURE REVIEW 2.1 Sewerage System in Malaysia The sewerage system is designed to collect wastewater or foul sewage generated from residential, industrial and commercial areas through sewer pipes and discharges it to the treatment plants or facilities to ensure the sewage is released to the natural water bodies in an appropriate condition and quality (Geoffrey, 2004). In Malaysia, sewerage systems range from simple toilet with little or no treatment provided to modern sewage treatment plants that treat the sewage to the desired quality accordance to environment standard. There are two main types of sewerage system in Malaysia. A premise sewerage system is either connected to a public sewage treatment plant or an individual septic tank. Indah Water Konsortium (IWK) is responsible to provide service and maintenance to public sewage treatment plants and all the underground pipes and also provide desludging services to individual septic tanks (Abd Aziz, 2006). IWK decided to divide the underground pipe into two sections, public pipe and private pipe (Figure 2.1) to make sure that all underground pipes operate without any problem. Public pipe is under the responsibility of IWK and the private pipe is under individual responsibility. An individual have to pay for the IWK services when the private pipe need for servicing. (Abd Aziz, 2006). http://www.usj23.com/planet_free/sewage_system/Sewage%20System.jpg Figure 2.1 Flow of wastewater from private pipe to public pipe (USJ 23 Residence 2.2 Transportation of Wastewater Wastewater is usually transported through sewer pipes that are connected to the sewer mains by clay, cast-iron, or polyvinyl chloride (PVC) pipes that range from 80-100mm diameter. The large sewer mains can be located about 1.8m deep or more than that along the centerline of a street or pathway. The small and large sewer pipes are made by different material, in which the smaller sewer pipes are made of clay, concrete, or asbestos cement, and the large sewer pipes are made of reinforced concrete construction. The flow of wastewater is different from water-supply system. The water supply is transported to each house by the application of pressure. However, the wastewater from each house is flows through sewer pipes by gravity. Therefore, the sewer pipe must laid on slope surface to allow the wastewater to flow at a velocity of at least 0.8m/s and not more than 4m/s. (MS1228:1991). If the wastewater flows at velocity lower than 0.8m/s, the solid material tends to settle in the pipe whic h will lead to blockage. Storm-water mains have similar structure as sanitary sewers but they have a much larger diameter than sanitary sewers. In certain places, the urban sewer mains are connected to interceptor sewers, which can then join to form a trunk line. The trunk line will then discharge the wastewater into the wastewater-treatment plant. This transportation process is shown in Figure 2.2. As the interceptors and trunk lines will carry the wastewater discharge from sewer main, they are usually made of brick or reinforced concrete which can carry more load than the other pipe. Sometimes, they are large enough for a truck to pass through them. (Norhan Abd Rahman et.al, 2007) http://techalive.mtu.edu/meec/module21/images/CombinedSewer.jpg Figure 2.2 Transportation of Wastewater (Michigan Environmental Education Curriculum, Wastewater Treatment) 2.3 Concept Theory In designing a sewerage pipe network, the pump stations and sewage treatment plants are required to carry and pump volumetric flow rate. The flow rates are usually measured in cubic meter per second (m3/s) and need to be calculated for both existing land use and for expected future development. There are two parameters that are used to calculate expected flow rates. One of the parameters is per capita flow. This per capita flow of 225L/person/day is an average daily flow, which means a person will produce 225 liters of sewage in a day. Another design parameter named population equivalent (PE) of a catchment can also be used to calculate the flow rate. PE is not a measure of population. However, it is used to measure the estimated number of people that use the sewage facilities. In residential areas, the PE is a direct measurement of the population in an area which is calculated as five per dwelling. The PE has a different method of measurement in commercial area. It is calculated fro m the floor area and this PE value is considered to be proportional to the number of people using a premise during the day which does not reflect the population living in an area. 2.4 Quantity for Wastewater 2.4.1 Tributary Area Tributary area is an area from where the wastewater is being transported to a particular sewer section. The types of activities in that area determine the quantity of wastewater being collected by a particular section. A survey has to be done when there is no information available on existing areas in order to determine the number and classification of persons and the types of industries. (Guyer, 2010) Table 2.1 shows the method of calculating the PE. Table 2.1 Equivalent Population, PE (MS1228:1991) No. Type of Premises/Establishment Population Equivalent (recommended) 1 Residential 5 per unit 2 Commercial: (include entertainment/recreational centres, restaurants, cafeteria, theatres) 3 per 100m gross area 3 School/Educational Institutions: Day schools/institutions 0.2 per student Full residential 1 per student Partial residential 0.2 per student for non-residential student and 1 per student for residential student 4 Hospitals 4 per bed 5 Hotels (with dining and laundry facilities) 4 per room 6 Factories (excluding process wastes) 0.3 per staff 7 Market (Wet Type) 3 per stall 8 Petrol kiosks/Service stations 18 per service bay 9 Bus terminal 4 per bus bay 2.4.2 Sanitary/Domestic Wastes 2.4.2.1 Contributing Population In designing the flow, the population to be used depends on the location of the sewer. The design population in a residential area is based on the number of houses served. However, the design population for an industrial area is the maximum number of staff ever employed. The design population for sewers that serve both residential and industrial areas include residents and non-residents. Designing of these sewers denote that no person should be counted more than once. Allowances should be made for future population changes caused by master planning projections and facility personnel requirements. (Guyer, 2010) 2.4.2.2 Average Daily Flow The average daily flow is counted by multiplying the population equivalent from resident and non-resident with the appropriate per capita flow and adding the two flows generated from both resident and non-resident. The average daily flow shows the total volume of waste generated over a 24-hour period. It cannot be used for wastes that were generated over shorter periods of 8, 10, 12 hours, etc. Therefore, it can only be used for designing sewers that generate wastewater over a 24-hour period (e.g. residential area). In Malaysia, the average daily flow for residential area is usually taken as 225L/person/day. In industrial areas, the average daily flow is taken as 115L/person/day as non-resident personnel and employees is working for 8-hour shifts. These quantities are usually used in designing wastewater treatment facilities. However, they are also used for sizing interceptors, trunk sewers and pumping stations serving large portions of the installation. (Guyer, 2010) 2.4.2.3 Average Hourly Flow Rate Average hourly flow rate is used for designing sewers that serve small areas of the installation (e.g. industrial area), where most of the wastewater is generated by non-residents or other short term occupants. The average hourly flow rate is counted based on the actual period of waste generation. For example, 1000 non-residents with an average daily flow of 115L/person/day would generate 115,000 liters in 8 hours which is equivalent to an average hourly flow rate of 14,375 L/h or 345,000 L/d. However, the average daily flow would still be 115,000 L/d. Therefore, the sewer must be designed hydraulically to carry 115,000 liters of waste in 8 hours instead of 24 hours (Guyer, 2010). If the sewer is designed to carry a waste of 115,000 liters in 24 hours, then the sewer pipe will not be able to transport the wastes as the actual volume of wastes generated is more than the design waste. This will lead to the blockage of sewer pipes and overflow in the toilet. 2.5 Design Wastewater Flow The design flow of wastewater must be determined for any section of a proposed sewer. The design flow is not only based on sanitary sewage; industrial flows, inflow and infiltration must also be taken into account. The following shows the equation to determine the peak flow factor and the factor to be considered in sewerage design. 2.5.1 Design Equations The peak flow required to design sewers, pumping station and treatment facilities are calculated by the following equation: Peak flow factor = 4.7 x p-0.11 p Estimated equivalent population, in thousand. The sewers are designed based on peak flow to ensure that the sewer pipes would be able to accommodate the wastewater generated at any time. 2.5.2 Factors Affecting Sewer Design In designing sewers, there are a few factors as stated in MS1228:1991 that must be taken into consideration: Economy in the design The sewers should be kept as short as possible and avoid unproductive lengths. Shallow rider sewers can be laid under highways having expensive foundations and surfaces to receive the local house connection, and to connect the riders at convenient points into the main sewers. Location of sewers The sewers should be placed within streets or right-of-way to ease the maintenance work. If topography dictates, the sewer is to be located within private properties, and provide adequate access for maintenance purposes. Location or the position of other existing or proposed service lines, building foundation, etc for maintenance purposes. A minimum at 3 m horizontal and 1m vertical separation from the water main should be provided to avoid the sewage from entering the water main. The impact of sewer construction and subsequent maintenance activities towards road users. Hydraulic Design The sewers should be laid at such gradients to produce adequate velocities to convey the solid matter. The gradient should produce a minimum velocity of not less than 0.8 m/s and a maximum velocity of not more than 4.0 m/s to avoid scouring of sewer by erosion action of suspended solid. Structural Design The depth of sewers must be adequate to accommodate the sewage from existing and future properties. The minimum depth should be 1.2 m. The minimum size of the sewer should be 200 mm in diameter in order to convey raw sewage. Straight alignment and uniform gradient between consecutive manholes should be laid for sewers of 600 mm or less in internal diameter while curves can be laid for sewers of larger than 600 mm internal diameter. Flexible type and watertight joints should be provided between sewers, sewer manhole or other appurtenance structure to avoid infiltration and breakage due to differential settlement. The foundation should be able to maintain the pipe in proper alignment and carry the weight of soil above the sewer and any other superimposed load. Service Connection The diameter of the connection must be adequate enough to prevent blockage problems. The sewer must have a minimum gradient of 2%. The minimum size of the connection should be 150 mm. Tee junction should be used to connect service connection to the main sewer. 2.5.2.1 Gravity Sewer Design Sewers are designed to convey the wastewater flows as required. Generally, it is not recommended to design the sewers for full flow, even at peak rates as the chances for problem arising are high. The flows that cover above 90% to 95% of full depths are considered unstable which may lead to sudden loss of carrying capacity with surcharging at manholes as shown in Figure 2.2 (Guyer, 2010). Surcharging means that the pipe that is designed to flow full or partly full, is now transporting the flow under pressure. When the flow exceeds the design capacity, there will be surcharge in the manholes (David and John, 2011). Besides that, large trunk and interceptor sewers laid on flat slopes experience less fluctuation in flow. If it is designed to flow full, the sewers may lack sufficient air space above the liquid for proper ventilation. Ventilation in sewer is important in preventing the buildup of explosive, corrosive or odorous gases, and for reducing the formation of hydrogen sulfide. Th us, the depth of design flow for trunk and interceptor sewers should not exceed 90% of full depth; laterals and main sewers, 80%; and building connections, 70%. Regardless of flow and depth, the minimum sizes of sewer pipes to be used are 150 mm for service connections and 200 mm for all other sewer types. The sewer pipes for service connections are usually smaller than 150 mm as they only convey liquids with little or no solids (e.g. condensate lines). A condensate line of more than 100 mm is recommended for most situations. Same design criteria as sanitary sewers can be applied to industrial application except pipe material that is resistant to the waste are to be specified. (Guyer, 2010) Figure 2.2 (a) Part-full pipe flow without surcharge (b) Pipe flow with surcharge (David and John, 2011) 2.6 Pipe Materials for Gravity Sewer There are many types of material which can be used for sewerage construction. However, the type of materials that we choose must depend on its life expectancy, previous local experience, roughness coefficient, structural strength and local availability. Table 2.2 shows the common materials that are suitable for sanitary sewers. Sewer pipes made by different material have different diameters and lengths. Table 2.2 Pipe Materials for Gravity Sewer Types of Pipe Material Length (m) Diameter (mm) Pipe Joints Vitrified clay pipe (VCP) 0.6 1.0 100 300 Flexible Reinforced concrete pipe 1.83 150 3000 Spigot socket type with rubber rings > 375mm diameter 3.05 Fabricated steel with sulphates resistance cement lining 9 100 1500 Spigot socket, flange and mechanical > 750mm diameter Welded joints Cast iron 3.66 Vary Flange and spigot socket type Asbestos cement pipe 4 100 600 Plastic pipe 6 110 630 Spigot end and socket type with rubber seals, jointing by flanges, welding and solvent cementing Other material CHAPTER 3: RESEARCH METHODOLOGY 3.1 Introduction In this research, a field work will be conducted to get the information that will be used to reach the objectives of this research. 3.2 Preliminary Works This is the initial works that has to be done before conducting the field work at site. It includes information gathering on the topic of sewerage design and self-study on similar and related topics in order to learn more. 3.2.1 Information Gathering A series of books, articles and online information has to be studied to obtain information on the topic of sewerage design. Sources for sewerage design mostly come from abroad. However, the information on the method to evaluate the design criteria is obtained from related research by a local university. 3.2.2 Standard Code of Practice for Design and Installation of Sewerage Systems (MS1228:1991) With the reference to this code book, the design criteria and the factors to be considered for sewerage design is obtained. The equations to calculate the peak flow which depend on the population equivalent are all available in this standard code of practice. 3.3 Site Work A site has been identified for the field work data collection. The location of this site is in Tropicana Indah. Approval is still pending from IWK for access to their manholes. 3.3.1 Flow Characteristics Measurement The flow characteristic of a section of sewerage pipe systems can be measured by using a flow meter. This flow meter is provided with sensor which will automatically record the flow, velocity and water height at a specific time interval, which in this case is 5 minutes. Once the measurement is completed, the data from the flow meter will be linked to a computer that has Flowlink4 software. This software would aid the plotting of graphs for the 3 parameters (flow, velocity and height) as well as transfer of data to other software. From the data, the maximum and minimum hourly flow rate can be obtained. The average flow rate can be used to calculate per capita flow. Flow per capita = Average daily flow (m3/day) / Total population equivalent (PE) = m3/day/person The evaluation of peak factor and per capita flow for sewerage can also be done through the data obtained from field experiment. The equations that are used for sewerage design are as follow: a. Peak flow factor = 4.7 ÃÆ'- p-0.11 b. Average daily flow = Flow per capita ÃÆ'- PE = m3/day c. Peak domestic flow = Peak flow factor ÃÆ'- Average daily flow = 4.7 ÃÆ'- p-0.11 ÃÆ'- Flow per capita ÃÆ'- PE = m3/day From MS 1228:1991, the p value is an estimated PE in thousands and the average flow per capita is 225 L/day/person.

Extacy the Drug Essay examples -- essays research papers

In the past 20 years, chemically made drugs have been increasing in popularity among drug users all around the world. Although "old" drugs like marijuana and cocaine are still used among addicts, chemically prepared drugs like Extacy and Angel Dust are becoming more common and desired by drugs users today. It is also true that these drugs contain a much larger percentage of life threatening substances. Although Extacy is a dangerous drug, it has been excessively rumored by the media to be the "Killer Drug from Hell". This is unfair though, because the statistics show that deaths due to Extacy are rare and can usually be prevented by the user. Over the past years, it has adapted many other names including E, XTC, X, Ecstasy, MDMA, MDA, Dove, Love, and Adam. (1) Extacy is 3,4 methylenedioxymethylamphetamine, (MDMA). It was invented in 1912 to help in medical science, but was used very rarely. In the 1970?s, it was also said to have been introduced as helping in psychotherapy. It was first used as a street and illicit drug in the mid 1980?s. MDMA is a part of the phenethylamines family of drugs. It is very similar to another drug in this family known as MDA (3,4 methylenedioxyamphetamine). MDA is basically a heavier form of MDMA, where the effects of the drug can last longer, and the symptoms can get more severe. MDMA is also close to MDEA (3,4 methylenedioxyethylamphetamine) which is basically a lighter form of MDMA, where the effects last less and the symptoms are less powerful. It is proven to be extremely dangerous to those suffering from asthma, epilepsy, diabetes, hypertension, glaucoma and pregnant women. (1,3) Extacy is a powerful mood changer, which lets the user act the way he/she wants without having to... ...om the dancing is recommended for the heart to give itself a break. For the body to recover from Extacy, lots of Vitamin C and Calcium are needed. Also, sleeping and eating is another way of recovery, since a lot of energy is lost from the dancing and being hyper while at the peak. (1,3,4,7) Extacy has been one of the drugs most desired by the public in the past decade. It is known to carry a risk factor along with it, but this factor seems to have become exaggerated by the media to certain levels. Although it is no "Killer Drug", Extacy has caused some deaths. Most of these deaths could have been prevented if the users had been careful. After saying all this, I must state again that Extacy is among the Class A group of drugs. This group contains the most dangerous drugs, and that is why all people are recommended to stay far away from this drug as possible.

Industry Analysis of Pharmaceutical Industry in Bangladesh

Industry Analysis of Pharmaceutical Industry in Bangladesh In Bangladesh the pharmaceutical sector is one of the most developed hi-tech sectors which is contributing in the country's economy. After the promulgation of Drug Control Ordinance – 1982, the development of this sector was accelerated. The professional knowledge, thoughts and innovative ideas of the pharmaceutical professionals working in this sector are the key factors for these developments. Due to recent development of this sector it is exporting medicines to global market including European market.This sector is also providing 97% of the total medicine requirement of the local market. Leading pharmaceutical companies are expanding their business with the aim to expand export market. Recently few new industries have been established with high tech equipments and professionals which will enhance the strength of this sector. Two organizations, one government (Directorate of Drug Administration) and one semi-governme nt (Pharmacy Council of Bangladesh) control pharmacy practice in Bangladesh.The Bangladesh Pharmaceutical Society is affiliated with international organizations International Pharmaceutical Fede The Bangladesh pharmaceutical market in 2004 stood at approximately US $ 560 million, which is very small when compared to the population base of the country, which currently stands at about 140 million. To put this number on a proper perspective, the total global pharmaceutical sale in 2004 was $430 billion. This is expected to grow at 8. 1% to about $530 billion in 2005.Of course the majority of the sale in 2004 was in brand products, the market segment where Bangladesh does demonstrate safety and efficacy through clinical trials, rather they would have to demonstrate that the drug products that they are filing are therapeutically equivalent to the Reference Listed Drug. One of the major barriers that pharmaceutical companies must overcome to enter the regulated market is to be fully compl iant with current Good Manufacturing Practices (cGMPs).Although many of the firms are ISO certified, it is a fact that virtually none of the pharmaceutical manufacturing plants that are currently in operation in Bangladesh fully complies with cGMP regulations as described in the US Code of Federal Register (CFR). FDA inspections of manufacturing operations are meant to evaluate a firm's cGMPs, and to verify documents, data and manufacturing records submitted in the ANDA. This inspection is a critical part of the drug application approval process.The firms must demonstrate substantial compliance to the satisfaction of the FDA investigators if they are to avoid receiving FDA observations (483's) and approval of their ANDAs. Ration and Commonwealth Pharmaceutical Association. Cross sectional Analysis Pharmaceutical industries are an important means of bringing drug information to health care professionals (1). Their primary goal is to convince clinicians to prescribe their products. Th ese ads often cite external documents in support of their claims (2).Pharmaceutical companies worldwide are heavily involved in aggressive drug promotions through advertisements. But the scientific claims made for drugs are often inaccurate and not based on proper scientific evidences (2, 3, 4). As with many countries worldwide, drug promotion and marketing make up a very large part of the activities of pharmaceutical companies in Bangladesh. It is generally believed that overstatements and misinformation are common promotional activities of drug companies in Bangladesh (5).In a study, drug promotion through industry in promotional brochures showed 50 per cent of claims were based on debatable scientific evidence, while 12 per cent were fake (6). The MediMedia Index of Medical Specialities (MIMS) Bangladesh is an index of important information of available drugs in Bangladesh, mostly used by physicians as a practical reference for daily prescribing. It is a widely available commerci al source published two times a year by MediMedia, Singapore. Beside drug information, each issue of MIMS Bangladesh contains a large number of advertisements, mostly on drugs and medical devices.The extent and types of these advertisements vary in content and size. We conducted a descriptive study to investigate the sources of drug information or claims presented in the advertisements of MIMS Bangladesh. * Materials and methods We selected a convenience sample of the MIMS Bangladesh second issue (2006) for this descriptive study. At first, advertisements on all drugs were separated on the basis of their allocation in the pages. Advertisements containing at least one medical or pharmaceutical claim were considered for evaluation.Other pharmaceutical advertisements containing only drug and company names with no medical or pharmaceutical claims were excluded. Also, some industry on herbal medicines was excluded as well. The competent industry was analyzed for the sources of informatio n provided in support of their claims. The relevant extracted data were presented in the predesigned data forms in a personal computer. Descriptive statistical analyses were performed using Microsoft Excel 2002 on Windows XP Professional. * Results This descriptive study was conducted to measure the sources of information in drug in industry Bangladesh.Advertisements containing at least one medical or pharmaceutical claim were extracted from a convenience sample of the second issue of MediMedia Index of Medical Specialities (MIMS) Bangladesh in 2006. Descriptive statistical analyses including frequency distribution and percentage were performed for data analysis. Of the total 112 industry about 82 per cent did not provide any references in support of their claims. Only 17. 9 per cent did; of which 65 per cent of the references included journal articles, which was followed by â€Å"data on file† in 25 per cent of cases.Superlative claims were commonly used without any scientif ic evidence. The study reported that medical or pharmaceutical claims made in the drug industry in MIMS Bangladesh are mostly not supported by scientific evidence. * Discussion Our study reported a high number of industries with no scientific evidence to substantiate promotional claims. Journal articles were found to be most cited sources of drug information in the advertisements, which was followed by â€Å"data on file†. Books and other sources are rarely used.Extreme claims were frequently used in most of the advertisements, which were not substantiated by proper scientific evidence. In an analytical study, 62. 1 per cent pharmaceutical industry did not cite references for their claims (7). Villanueva and colleagues showed about 44 per cent unsubstantiated claims in Spanish medical journals’ advertisements (8). The most striking report of unsubstantiated pharmaceutical advertisements was found in Germany where 94 per cent of the industry materials were reported to h ave no scientific evidence (9).A cross-sectional study reported the figure for the US to be 61 per cent (10). Drug advertisements in Russian medical journals showed quite a small number (2 per cent) with references (11). We also found quite a large number of advertisements in MIMS with no scientific basis to support their claims. Journal articles are the major source of drug information in pharmaceutical industry. In an Indian study journal articles accounted for 76 per cent of the sources, whereas books and â€Å"data on file† accounted for 15 and 2 per cent respectively (7).Another similar study from Canada showed figures of 98 per cent for journal articles, 86 per cent for books, and 20 per cent for â€Å"data on file† as references (2). This study also reports journal articles as the most cited sources of drug information. In contrast to others, the use of books as references was found insignificant in our study. We also report significant use of â€Å"data on fil e† information as major evidence of information. Besides unsubstantiated information, unnecessary adjectives were commonly used in the advertisements without proper scientific basis.Major players of the world pharmaceutical industry The pharmaceutical industry is characterized by a high level of concentration with fifteen multinational companies dominating the industry. Table 1. 1 contains information about these major pharmaceutical companies that are sorted in the order of their 2004 revenues from the sales of pharmaceutical products. Numbers provided in this table include sales of all subsidiaries and affiliated companies that are consolidated in annual reports of the corresponding companies.In order to facilitate a comparison of different companies revenues of all of them are shown in US dollars; financial data of the companies with headquarters outside of the U. S. was converted to US dollars using average 2004 . Table 1. 2. Company| Revenue of pharmaceutical segment, (tk . 000)| Total sales, (Tk. 000)| Beximco Pharmaceutical Ltd| 46,133| 52,516| Square Pharmaceutical Ltd| 31,434| 37,324| Aristo Pharmaceutical Ltd| 22,190| 47,348| Glaxco Pharmaceutical Ltd| 21,494| 22,939| Opsonim Pharmaceutical Ltd| 21,426| 21,426| Acme Pharmaceutical Ltd| 18,497| 28,247| ACI Pharmaceutical Ltd| 17,861| 18,711|Key Challenges The main challenges for drug companies come from four areas. First, they must deal with competition from within and without. Second, they must manage within a world of price controls that dictate a wide range of prices from place to place. Third, companies must be constantly on guard for patent violations and seek legal protection in new and growing global markets. Finally, they must manage their product pipelines so that patent expirations do not leave them without protection for their investment. * Competition The pharmaceutical industry currently represents a highly competitive environment.One can distinguish three layers of competition for à ¢â‚¬Å"Big Pharma† companies: First, obviously, â€Å"Big Pharma† companies compete among themselves. Although not all leading pharmaceutical companies cover all segments of pharmaceutical market, almost all of them are active in R;D and production of drugs in the segments with the highest potential – such as treatment of infectious, cardiovascular, psychiatric or oncology diseases. Secondly, â€Å"Big Pharma† companies experience significant profit losses due to competition from the generic drug manufacturers.Opposite to the research-oriented pharmaceutical companies, which invest significant financial resources and time to develop new medicines, generic drug manufacturers spend minimum resources on R;D, and start manufacturing already developed by other companies drugs after their patent expiration. Because generic drug manufacturers do not have to recoup high R;D costs, prices of their products are usually much lower then those of major pharmaceutical co mpanies; as the result, after patent expiration, generic drugs manufacturers capture significant market share, dramatically decreasing revenues of the â€Å"Big Pharma† companies.Finally, the whole pharmaceutical industry competes with other health care industries. In this case, pharmaceutical companies should not only demonstrate high efficiency of their products, but also provide obvious proof of cost advantages in comparison with other forms of care. * Protection of patents Generic drugs manufacturers represent a significant threat to research-based pharmaceutical companies. Moreover, generic drugs manufacturers sometimes start production of patent-protected drug analogues even before a patent expires. Although research-oriented companies in many cases are able to rotect their patents, they do suffer from lost revenues. Therefore, protection of patents is one of the key conditions necessary for further development of the pharmaceutical industry. At the same time, non-effic ient legislation that does not provide the necessary level of patent protection is one of the factors that hamper expansion of â€Å"Big Pharma† companies to the developing countries. * Drugs portfolio management Drug portfolio management is one of the most important determinants of long-term prosperity of research-oriented pharmaceutical companies.First, it takes an extremely long time to develop a new drug, and only a very small portion of all projects is successful. Projects that the company starts today will determine its financial performance 10-15 years later. Therefore, careful planning of R;D projects is very important for the long-term stability of the company. Second, insofar as patents keep exclusivity of drugs only during a limited time, and soon after the expiration of the patent the sales of the drug sharply go down, the company has to carefully monitor its patent expiration dates, and insure that new products become available by that date.Definitely, planning e rrors or rapidly changing demand in the industry can be corrected by acquisition of smaller research companies or patents from competitors, but in any of these cases the company will have to pay a premium price, thus reducing its profitability. Bangladesh in the World Market for Pharmaceuticals In 2004 Bangladesh’s Pharmaceutical exports reached $971 million. That made it Indiana’s sixth largest export industry – accounting for about 5% of all Indiana exports.Between 2002 and 2004, BANGLDESHI Pharmaceutical exports increased by $425 million – an increase of 78%. The key components are described as medications, hormones, and antibiotics. Bangladesh exports most of these products to Europe – the leading destinations in 2004 were France, Spain, the UK, and Germany. Those four countries took almost 59% of bangladeshi’s Pharmaceutical exports that year. The remaining top 10 destinations were Canada, the Netherlands, Switzerland, Ireland, Mexico, and Austria.Indiana’s Pharmaceutical export profile is very similar to the nations – the United States and Indiana are almost totally focused on NAFTA partners and Europe. Who buys the world’s Pharmaceutical products? The United Nation’s Statistics Division publishes annual values for Pharmaceutical imports and exports for most countries. The key world importers include the United States and Europe. Below we report statistics for 2003 for these two areas as well as for other key areas and countries. There are several things to note from this table.First, the United States is the largest importer of Pharmaceutical products followed by EU15 (the fifteen countries that comprised the European Union before the recent expansion to 25 countries) and Switzerland. Japan and Canada are important destinations but each import less than Switzerland. China imported less than $2 billion in 2003 but remains an interesting destination because of its remarkable growth and development. Table 1. 3. Pharmaceutical industry – international trade Importer| 2003 imports, thousands| Exporter|USA| 31,739,624| 79% from Europe; 13% from Asia; 7% from North America| EU15| 28,351,731| 52% from North American; 35% from Europe| Switzerland| 9,718,628| 88% from Europe; 10% from North American| Japan| 6,193,127| 69% from Europe; 23% from North America| Canada| 6,064,628| 49% from Europe; 48% from North America| China| 1,705,632| 65% from Europe;8% from North America| Table note: These data refer to Standard Industrial Trade Classification (SITC Rev: 3) data for codes 54. 1 and 54. 2. These two codes cover what is traditionally thought of as Pharmaceutical products.EU15 refers to the 15 members of the European Union – those that were members before the increase to 25 members. Europe refers to a very large and wide definition of countries in western and east/central Europe. Switzerland is part of Europe but is not a member of the EU. The data is in thous ands of dollars. The next table shows the largest changes that occurred in Pharmaceutical imports between 1995 and 2003. The largest change was the almost $22 billion increase of imports to the United States from Europe. The United States also received large inflows of Pharmaceutical products from Asia ($3. 5 billion) and North America ($1. billion). EU15 also shows up three times in the table with a total of about $28 billion – from N. America, Europe, and Asia. Canada has two entries showing increased Pharmaceutical imports from Europe ($2. 5 billion) and the N. America ($2 billion). Switzerland, Japan, and China’s largest imports came from Europe. Table 1. 4. Changes in pharmaceutical imports between 1995 and 2003, dollar change Imports to| Imports from| Dollar Change In thousands, 1995 to 2003| USA| Europe| 21,968,851| EU15| N. America| 14,786,491| EU15| Europe| 10,041,165| Switzerland| Europe| 6,853,882| USA| Asia| 3,518,057|EU15| Asia| 3,024,816| Canada| Europe| 2,465,464| Canada| N. America| 1,969,847| USA| N. America| 1,904,983| Japan| Europe| 1,601,565| China| Europe| 859,540| While the above table shows where most of the goods are going, the next one features the hot flows – those that have grown the fastest between 1995 and 2003. Notice that this list is a lot different from the one above. Japanese imports from Africa showed huge percentage growth, as did China’s imports from Central ; South America and Africa. The United States is listed four times with triple digit import growth from Europe, North America, Asia, and Oceana.It is interesting that Europe15 is not on this list. Switzerland is mentioned once with rapidly growing imports from Asia. A look at the second column is instructive. Africa shows up three times – suggesting that Africa is becoming a more important exporter of Pharmaceutical products. Africa has had good luck selling to Japan, China, and Canada. Asia is also included with strong exports  œ primarily to the U. S. and Switzerland. Table 1. 5. Changes in pharmaceutical imports between 1995 and 2003, percent change Importer| Exporter| Percent Change, 1995 to 2003| Japan| Africa| 270,477| China| C;S America| 16,370|China| Africa| 11,256| Canada| Africa| 1,036| USA| Europe| 487| USA| N. America| 431| USA| Asia| 395| China| N. America| 386| Switzerland| Asia| 382| USA| Oceana| 367| The Business Cycle and Industry Sectors Economic trends can and do affect industry performance. By identifying and monitoring key assumptions and variables, we can monitor the economy and gauge the implications of new information on our economic outlook and industry analysis. Cyclical changes in the economy arise from the ups and downs of the business cycle. Structure changes occur when the economy undergoes a major change in organization or how it functions.Rotation strategy is when one switches from one industry group to another over the course of a business cycle. Economic Variables and Diffe rent Industries are:- * Inflation: Higher inflation causes a negative impact for pharmaceutical industries because it increases the market interest rate and uncertainty of future costs. It reduces the purchasing power of the buyers. * Interest Rates: The higher bank interest rate causes a adverse effect on the borrowing of the pharmaceutical industry. * International Economics: To some extend the ups and downs of international economics effects the pharmaceutical industry. Consumer Sentiment: Now a day’s consumer sentiments also make a great impact on the pharmaceutical industry. As a result they introducing herbal products to meet the huge demand Environmental Analysis (PEST) Technological advancements, tighter regulatory-compliance overheads, rafts of patent expiries and volatile investor confidence have made the modern pharmaceutical industry an increasingly tough and competitive environment. Below is an analysis of the structure of the pharmaceutical industry using the PE ST (political, economic, social and technological) model? Economic Value Added:In the decade to 2003 the pharmaceutical industry witnessed high value mergers and acquisitions7. With a projected stock value growth rate of 10. 5% (2003-2010) and Health Care growth rate of 12. 5% (2003-2010), the audited value of the global pharmaceutical market is estimated to reach a huge 500 billion dollars by 2004. Only information technology has a higher expected growth rate of 12. 6%. Majority of pharmaceutical sales originate in the US, EU and Japanese markets. Nine geographic markets account for over 80% of global pharmaceutical sales these are, US, Japan, France, Germany, UK, Italy, Canada, Brazil and Spain.Of these markets, the US is the fastest growing market and since 1995 it has accounted for close to 60% of global sales. In 2000 alone the US market grew by 16% to $133 billion dollars making it a key strategic market for pharmaceuticals. Structural Economic Changes and Alternative Industri es: Structural Economic Changes and Alternative Industries is influenced by the factors: * Demographics * Lifestyles * Technology * Politics and regulations But our pharmaceutical Industry of Bangladesh is only affected by demographic and technological forces, which we discuss in the below. Demographic Growing health awareness among the population has also had an influence on market expansion. Unlike in other markets, the Bangladesh pharmaceutical distribution network tends to be more retail-orientated and the bulk of distribution is done by the companies themselves. However, despite the country possessing huge manufacturing capabilities which supply 96% of domestic need, the complete lack of R;D in domestic companies could cause the market to stagnate, especially if companies have not evolved by the time the TRIPS agreement comes into effect.Multinationals should view Bangladesh as a possible manufacturing base. The balance of pharmaceutical trade remains negative, but it is diffic ult to project how the balance will change throughout the forecast period. * Technology While a particular new technology may either increase or decrease health care spending, researchers generally agree that, taken together, advances in medical technology have contributed to rising overall Bangladesh health care spending. Whether a particular new technology will increase or reduce total health expenditures depends on several factors.One is its impact on the cost of treating an individual patient. Does the new technology supplement existing treatment, or is it a full or partial substitute for current approaches? Do these changes result in higher or lower health spending for each patient treated? In looking at the impact on cost per patient, consideration needs to be given to whether the direct costs of the new technology include any effect on the use or cost of other health care services such as hospital days or physician office visits.It is not possible to directly measure the impa ct of new medical technology on total health care spending; innovation in the health care sector occurs continuously, and the impacts of different changes interrelate. The size of the health sector (16% of gross domestic product in 2005) and its diversity (thousands of procedures, products, and interventions) also render direct measurement impractical. Economists have used indirect approaches to try to estimate the impact of new technology on the cost of health care.    In an often-cited article, New house estimates the impact of medical technology on health care spending by first estimating the impact of factors that can reasonably be accounted for (e. g. , spread of insurance, increasing per capita income, aging of the population, supplier-induced demand, low medical sector productivity gains). The continuing flow of new medical technology results from other factors including the desire by professionals to find better ways to treat their patients and the level of investment in b asic science and research.Direct providers of care may incorporate new technology because they want to improve the care they offer their patients, but they also may feel the need to offer the â€Å"latest and best† as they compete with other providers for patients. Health care professionals, like people in other occupations, also may be motivated by professional goals (e. g. , peer recognition, tenure, prestige) to find ways to improve practice. Commercial interests (such as pharmaceutical companies and medical device makers) are willing to invest large amounts in research and evelopment because they have found strong consumer interest in, and financial reimbursement for, many of the new products they produce. In addition, public and private investments in basic science research lead directly and indirectly to advancements in medical practice; these investments in basic science are not necessarily motivated by an interest in creating new products but by the desire to increase human understanding. Industry Life Cycle Life cycle models are not just a phenomenon of the life sciences. Industries experience a similar cycle of life.Just as a person is born, grows, matures, and eventually experiences decline and ultimately death, so too do industries. The stages are the same for all industries, yet industries cycle through the stages in various lengths of time. Even within the same industry, various firms may be at different life cycle stages. Strategies of a firm as well as of competitors vary depending on the stage of the life cycle. Some industries even find new uses for declining products, thus extending the life cycle. Others send products abroad in hopes of extending their life. The growth of an industry's sales over time is used to chart the life cycle.The distinct stages of an industry life cycle are: introduction, growth, maturity, and decline. Sales typically begin slowly at the introduction phase, and then take off rapidly during the growth phase. A fter leveling out at maturity, sales then begin a gradual decline. In contrast, profits generally continue to increase throughout the life cycle, as companies in an industry take advantage of expertise and economies of scale and scope to reduce unit costs over time. Industry life cycle has five stages : * Pioneering development * Rapidly accelerating industry growth Mature industry growth * Stabilization and market maturity * Deceleration of growth and decline Our pharmaceutical industry in Bangladesh is in Rapidly Accelerating Industry Growth Stage in industry life cycle. * Rapidly accelerating industry growth This stage starts when the product of the industry is accepted by the market. Further demand increases rapidly. The number of firms in the industry is limited at this stage and hence the firms can experience substantial backlogs of orders. Hence prices can be increased or discounts can be decreased and therefore profit margins are high.The capacity utilization goes up and eve n though productive capacity is increased, sales increase more rapidly. Hence high profit margins occur simultaneously with high sales growth. Profits explode. Sales growth can be high up to even 50 percent year and profits can grow over 100 percent a year as a result of the low earnings base and high profit margins and increasing efficiency of the firms. The growth potential of pharmaceutical industry is enormous. As urban population is increasing and people are getting educated, they are now more concerned about healthcare.So the demands of medical products are rising. In Bangladesh unhygienic conditions and poor health maintenance plans provide vast scope for the pharmaceutical firms to sell their products. On the other hand, the constant natural disasters provide opportunities to pharmaceutical companies to boost its sales. The industry is growing the protection of national Drug Policy 1982. But after the GATT regulation, changes are bound to take place. Furthermore, the trend & growth of this industry tends to be positive as the demand of medicines is rising, which have mentioned earlier.Analysis of Industry Competition Competition and Expected Industry Returns, Porter’s concept of competitive strategy is described as the search by a firm for a favorable competitive position in an industry * To create a profitable competitive strategy, a firm must first examine the basic competitive structure of its industry * The potential profitability of a firm is heavily influenced by the profitability of its industry * Porter's five forces Porter's five forces is a framework for the industry analysis and business strategy development developed by Michael E.Porter of Harvard Business School in 1979. It uses concepts developing, Industrial Organization (IO) economics to derive five forces that determine the competitive intensity and therefore attractiveness of a market. Attractiveness in this context refers to the overall industry profitability. An â€Å"unattr active† industry is one where the combination of forces acts to drive down overall profitability. A very unattractive industry would be one approaching â€Å"pure competition†. For our pharmaceutical Industry Competition we use porters five forces model in the below: Threats of new entrants is low because- Capital requirement is high. * Hard to have access to the distribution channels of excising companies. Bargaining power of buyer is low because- * Undifferentiated or standard product offering competitive price * No potential threats of backward integration by buyer * Customers are fewer prices sensitive. Bargaining power of supplier is high because- * There is little number of suppliers who regulate the market according to their own association. * Lack of substitute product (raw materials) * Credible threats of forward integration by suppliers Threats of substitute are low because- There is minimum substitute product such as herbal products. Industry rivalry is high because- * The market is large. * Industry is growing at a slow rate and yet to attain its best so supply gap is evident. * Fixed costs are high which make it hard for exiting from the market. * Strong capital based and technologically company is in operation and grabbing major market shares. Growth & Trends: The growth potential of pharmaceutical industry is enormous. As urban population is increasing and people are getting educated, they are now more concerned about healthcare.So the demands of medical products are rising. In Bangladesh unhygienic conditions and poor health maintenance plans provide vast scope for the pharmaceutical firms to sell their products. On the other hand, the constant natural disasters provide opportunities to pharmaceutical companies to boost its sales. The industry is growing the protection of national Drug Policy 1982. But after the GATT regulation, changes are bound to take place. Furthermore, the trend & growth of this industry tends to be positive a s the demand of medicines is rising, which have mentioned earlier.Company Analysis Libara Infution Ltd Libra Infusions Ltd – At a Glance Board of Directors: †¢Ã‚  Begum Shamsun Nahar Ahsanullah – Chairperson | | †¢Ã‚  Dr. Roushon Alam – Director & Founder | | †¢ Begum Ayesha Alam – Managing Director| | †¢ Saira Mariam Alam – Director| | †¢ Monami Alam – Director| | Company Secretary: †¢Ã‚  M. A. Rashid | | Auditors: M/s. Muhammad Shaheeddullah & Co. | | Chartered Accountants | | 19 Bangabandhu Avenue | | Dhaka House (2nd Floor)| | Dhaka-1000. | | Bankers: Agrani Bank | Amin Court Branch | 62-63 Motijheel C/A, | Company ProfileThere was always a scarcity of Intravenous (I. V. ) Fluid in the market as Govt. could not manufacture enough to fulfill the local demand. Before 1985, the major portion of the local demand was being covered by the imported I. V. Fluid. To overcome this situation LIBRA made its debut in Feb ruary 1985 under the strong leadership of Dr. Roushon Alam with a view to provide quality products. The company is situated on approx. 2 acres of land at Mirpur I/E, Dhaka . The factory is housed in a centrally Air Conditioning modern building having all necessary facilities. I. V.Fluid, the product of the company is a life saving and a basic medical necessity used in all medical situations involving diarrhoeal disease, surgical operation, loss of blood, weakness and hospitalization in general. LIBRA's I. V. Fluid being a quality product has a tremendous demand in the market. The technology has been supplied by M/S Vifor S. A. , Geneva , Switzerland under a Technical Collaboration Agreement. In addition, implementation of ISO 9001 Quality Management System has ensured customer satisfaction by guaranteeing good design, reliable product quality, safe performance, prompt delivery and efficient service.LIBRA employed a team of highly qualified and motivated staff. Since LIBRA came first in this segment of pharmaceuticals, the company had to struggle with a lot of adverse situations. But today, LIBRA is known to the medical profession and general public as the best and largest manufacturer of I. V. Fluid in Bangladesh. Quality Policy | We at â€Å"LIBRA† are committed to provide total customer satisfaction for all products formulated ; processed. This is achieved by: †¢ Implementing defined quality management system Continuous up gradation of technology †¢ Creating quality awareness ;active participation of   Ã‚  Ã‚  employees at all levels | | Manufacturing Technology | Libra always uses modern technology for manufacturing I. V. Fluid a life saving product. The production is based on imported raw ; packing materials our Quality Assurance System ensure full quality control testing in accordance with product requirements Technical support including LAL test, validation and stability studies are available as a part of our commitment to quality. | | Human Resource |Libra has a experienced dedicated staff members which included pharmacists, chemists, doctors, engineers, accountants and other professionals. Libra’s success depends on sincerity, hard labor and team efforts of employees at all levels. Libra invests in personal and professional development of its employees through training and workshop. | Vision  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   All of our activities should benefit the society to take health care. We strongly believe that in the final analysis we are accountable to our employees, our customers, citizen of our country and shareholders. | Mission To attain Vision will devote its resources to m manufacture world class products using modern technology. | | Commitment * Committed manufacturing world class Quality Products using modern technology. * Committed maintaining Quality Management System (QMS) through documentation of all ac tivities of the Company complying with International standard require ment of ISO 9001 through developing employees at all levels by regular training participation. *   Committed customer satisfaction through service upto their level of expectation. Libra reviews activities and performance of its operation to ensure compliance with commitment| SWOT Analysis: This section identifies the main strengths, weaknesses, opportunities, and threats associated with the Libra Pharmaceutical Company LTD. It involves monitoring the internal (strengths ; weaknesses) and external (opportunities ; threats) marketing environment. Strength The main strengths of Libra Pharmaceutical Co. LTD are: * Higher quality product with lower price. * Focused on the Customer’s satisfaction. * To meet the required specification it maintain the standard and quality. Using modern technology * To enrich the systems they appoint a huge experienced, motivated professionals * It is already been recognized by WH O and ISO 9001 certified as world class manufacturer of I. V. fluid. * To increased sales thy introduced new product every year. * To ensure high quality control facilities they has installed state of art equipment. * The company continuously focusing on expanding sales networks to meet the demand. Weakness The main weaknesses of Libra Pharmaceutical Co. LTD are: * High risk of facing losses, in case of purchasing raw materials in advance, as price is unstable. They can not increase the selling price as the cost of product increased. * Supplier has ultimate control over the material market * Government initiative or incentive in this sector is very insufficient. * The increase of bank interest rate. * The cot of fuel and oil, promotional expenses, transportation expenses are increasing day by day. * Law and order restrictions are quit alarming. Broad environmental analysis Competitive analysis Internal organizational analysis Strengths ; weaknesses of an organization Opportunities f or ; to an organization Need for strategic actionOrganizational long-range objectives Opportunities: The main opportunities faced by Libra Pharmaceutical Co. LTD are: * Company can introduced new product line or improved quality product. * Available customers. * Demand is huge and increasing day by day. * Profit percentage is high. * Company can invest their rest of retain earnings in other projects. * International trading scope is increasing specially in Middle East. * Expand their activities to the root level of the county Threats: The main threats faced by Libra Pharmaceutical Co. LTD are: * Change in technology (i. e. quipments, sharing and cutting machine change). * Threat of new entrance. * Political unrest. * Labor problem * Increasing Tax rate * Increasing cost of product * Increasing bank interest rate * Lower competitive power Market Condition Libra Infusions Ltd Price Change % Change Open High Low Business Segment LIBRAINFU Financial Performance Year| Earning per share | Net Asset Value Per Share   | Net Profit After Tax (mn)  | Price Earning Ratio   | % Dividend   | % Dividend Yield   | 2009| 34. 93  | 689. 13  | 4. 37  | 45. 81  | 15. 00  | 0. 94| 2008| 51. 25  | 671. 70  | 6. 41  | 28. 24  | 17. 50  | 1. 1| 2007| 48. 14  | 637. 95  | 6. 02  | 11. 00  | 17. 50  | 3. 3| 2006| 47. 36  | 589. 81  | 5. 93  | 10. 20  | 17. 50  | 4| 2005| 45. 46  | 559. 94  | 5. 69  | 12. 34  | 17. 50  | 3. 12| 2004| 43. 30  | 531. 99  | 5. 42  | 14. 81  | 17. 50  | 2. 73| 2003| 36. 33  | 550. 38  | 4. 55  | 8. 08  | 15. 00  | 5. 11| 2002| 30. 36  | 530. 55  | 3. 80  | 11. 20  | 15. 00  | 4. 41| 2001| 21. 82  | 515. 18  | . 73  | 10. 08  | 12. 50  | 5. 68| 2000| 18. 42  | 510. 86  | 2. 30  | 10. 59  | 5. 00  | 2. 56| Analysis of Financial Statement Of Libra Infusion Common-Size Statement Analysis: Common-Size Statement of Balance SheetLIBRA INFUSIONS LTD partic ular| 2007(tk in %)| 2008(tk in %)| 2009(tk in %)| Assets| Non-current assets| 62. 87| 64. 12| 66. 66| Property, plant and equipmentAt cost/ Revaluation| 96. 64| 97. 43| 91. 78| Accumulated deprecation| (33. 77)| (33. 31)| (25. 12)| Current Assets| 37. 14| 35. 89| 33. 34| Inventories| 18. 57| 17. 59| 19. 17| Account Receivables| 7. 50| 5. 68| 7. 06| Loans , Advance and Deposits| 9. 46| 10. 51| 5. 31| Cash and Cash Equivalents| 1. 61| 2. 11| 1. 80| Total Assets| 100%| 100%| 100%| Share holders Equity| 27. 97| 27. 50| 20. 31| Share Capital| 4. 38| 4. 19| 2. 95|General Revenue| -| 1. 31| 0. 94| Revaluation Reserve| 13. 03| 12. 17| 8. 76| Retain Earnings| 10. 55| 9. 93| 7. 66| Non-Current Liabilities| 26. 40| 29. 75| 31. 37| Term Borrowings| 11. 68| 14. 73| 20. 96| Due to-directors| 7. 55| 7. 97| 5. 03| Other Liabilities| 7. 17| 7. 05| 5. 38| Current Liabilities| 45. 63| 42. 74| 48. 32| Shot term Borrowing| 32. 62| 27. 53| 37. 65| Creditors and others payable| 9. 90| 11. 51| 8. 97| Taxa tion Payable| 3. 11| 3. 70| 1. 70| Total Liabilities and Shareholders Equity| 100%| 100%| 100%| LIBRA INFUSIONS LTD Common-Size Statement of Profit and Loss AccountParticular| 2007| 2008| 2009| Net Sales RevenueCost of Goods SoldGross ProfitOperating ExpensesAdministrative Exp. Selling, Marketing ; Distribution ExpProfit from OperationFinance Cost. NP before Contribution to WPPFWelfare fundsProfit Before TaxProvision for Income TaxNP After Income Tax| 100%(64. 91%)35. 08%(26. 96%) (3. 64%)(23. 32%)| 8. 12%(5. 22%)2. 90%(0. 13%)2. 77%(0. 82%)1. 95%| 100%(67. 01%)32. 99%(26. 15%) (3. 05%)(23. 10%)| 6. 84%(4. 59%)2. 25%(0. 11%)2. 14%(0. 58%)1. 56%| 100%(63. 64%)36. 36%(28. 75%) (3. 38%)(25. 37%)| 7. 61%(5. 88%)1. 73%(0. 09%)1. 64%(0. 45%)1. 19%| Ratio Analysis:A: Internal Liquidity Ratios| Liquidity refers to the ability of a firm to meet its short-term financial obligations when and as they fall due. The main concern of liquidity ratio is to measure the ability of the firms to meet th eir short-term maturing obligations. Failure to do this will result in the total failure of the business, as it would be forced into liquidation. Current Ratio The Current Ratio expresses the relationship between the firm’s current assets and its current liabilities. Current assets normally include cash, marketable securities, accounts receivable and inventories.Current liabilities consist of accounts payable, short term notes payable, short-term loans, current maturities of long term debt, accrued income taxes and other accrued expenses (wages). 2007| 2008| 2009| .79| 1. 50| 1. 41| Comments: 2007: The current ratio of . 79:1 means that for every taka of current liabilities Libra Infusions Ltd. has . 79 taka of current assets, which is unacceptable comparing to the standard 2:1. 2008: The current ratio of 1. 50:1 means that for every taka of current liabilities Libra Infusions Ltd. has 1. 50 taka of current assets, which is unacceptable comparing to the standard 2:1. 009: The current ratio of 1. 41:1 means that for every taka of current liabilities Libra Infusions Ltd. has 1. 41 taka of current assets, which is unacceptable comparing to the standard 2:1. Quick Ratio/ Acid Test Ratio Measures assets that are quickly converted into cash and they are compared with current liabilities. This ratio realizes that some of current assets are not easily convertible to cash e. g. inventories. The quick ratio, also referred to as acid test ratio, examines the ability of the business to cover its short-term obligations from its â€Å"quick† assets only (i. . it ignores stock). The quick ratio is calculated as follows Ouicke Ratio=(Cash+Marketable securites+Recivables)/ Current Libilities 2007| 2008| 2009| .20| . 18| . 18| Comment: 2007: The quick ratio in 2007 of Libra Infusions was . 20:1 which is unacceptable for the company o comparing the standard of 1:1 2008: The quick ratio in 2007 of Libra Infusions was . 18:1 which is unacceptable for the company o co mparing the standard of 1:1 2009: The quick ratio in 2007 of Libra Infusions was . 18:1 which is unacceptable for the company o comparing the standard of 1:1 Cash ratio:The most conservative liquidity ratio is the cash ratio, which related the firm’s cash and short-term marketable securities to its current liabilities as follows: Ouicke Ratio=(Cash+Marketable securites)/ Current Libilities 2007| 2008| 2009| .035| . 049| . 037| Receivable Turnover: This ratio shows the number of times accounts receivable are paid and reestablished during the accounting period. The higher the turnover, the faster the business is collecting its receivables and the more cash the client generally has on hand. The formula is: Net Annual SalesAccounts Receivable 2007| 2008| 2009| 16. 86| 21. 86| 15. 2| Average Receivable Collection Period The average collection period measures the quality of debtors since it indicates the speed of their collection. The shorter the average collection period, the bett er the quality of debtors, as a short collection period implies the prompt payment by debtors. The average collection period should be compared against the firm’s credit terms and policy to judge its credit and collection efficiency. An excessively long collection period implies a very liberal and inefficient credit and collection performance. The delay in collection of cash impairs the firm’s liquidity.On the other hand, too low a collection period is not necessarily favorable, rather it may indicate a very restrictive credit and collection policy which may curtail sales and hence adversely affect profit. The calculation is follow: Average Receivable Collection Period = (365/ average account receivable turnover) 2007| 2008| 2009| 21. 65| 17. 10| 23. 51| Comment: 2007: Average collection period of Libra Infusions Ltd. in 2007 was 21. 65 days. That means the company had to wait 21. 65 days after making a sales before it receives cash. This is comparatively lower than th e industry average of 45. 5 days. That means the customers are paying their bill in time. 2008: Average collection period of Libra Infusions Ltd. in 2007 was 17. 10 days. That means the company had to wait 17. 10 days after making a sales before it receives cash. This is comparatively lower than the industry average of 45. 45 days. That means the customers are paying their bill in time. 2009: Average collection period of Libra Infusions Ltd. in 2007 was 23. 51 days. That means the company had to wait 23. 51 days after making a sales before it receives cash. This is comparatively lower than the industry average of 45. 5 days. That means the customers are paying their bill in time. Inventory Turnover This ratio measures the stock in relation to turnover in order to determine how often the stock turns over in the business. It indicates the efficiency of the firm in selling its product. It is calculated by dividing the cost of goods sold by the average inventory. The ratio shows a relat ively high stock turnover which would seem to suggest that the business deals in fast moving consumer goods. 2007| 2008| 2009| 5. 65| 5. 16| 2. 87| Comment: 2007: Inventory turnover ratio of Libra Infusions Ltd. in 2007 was 5. 5 which are comparatively higher than the industry average 1. 26. That mean the company have maintained liquidity of its inventory and I is productive. 2008: Inventory turnover ratio of Libra Infusions Ltd. in 2007 was 5. 16 which are comparatively higher than the industry average 1. 26. That mean the company have maintained liquidity of its inventory and I is productive. 2009: Inventory turnover ratio of Libra Infusions Ltd. in 2007 was 2. 87 which are comparatively higher than the industry average 1. 26. That mean the company have maintained liquidity of its inventory and I is productive.Cash Conversion Cycle The Cash Conversion Cycle (CCC) measures how long a firm will be deprived of cash if it increases its investment in resources in order to expand custom er sales. It is thus a measure of the liquidity risk entailed by growth. However, shortening the CCC creates its own risks: while a firm could even achieve a negative CCC by collecting from customers before paying suppliers, a policy of strict collections and lax payments is not always sustainable. Payable Turnover= COGS/Average Trade Payable 2007| 2008| 2009| 12. 91| 14. 99| 10. 03| Payable Payment periodA payment period to average inventory period above 1:1 (100%) indicates that the inventory is sold before it is paid for (inventory does not need to be financed). the average inventory period is also known as the inventory holding period. . Payable payment period = 365 day / payable turnover 2007| 2008| 2009| 28. 27| 24. 35| 36. 16| B. Evaluating operational Performance| The ratios that indicate how well the management is operating the business can be divided into tow subcategories: * Operation Efficiency Ratio * Operation Profitability Ratio These two ratios are discussed in the b elow:- * Operation Efficiency Ratio Total Assets TurnoverAsset turnover is the relationship between sales and assets:- * The firm should manage its assets efficiently to maximize sales. * The total asset turnover indicates the efficiency with which the firm uses all its assets to generate sales. * It is calculated by dividing the firm’s sales by its total assets. * Generally, the higher the firm’s total asset turnover, the more efficiently its assets have been utilized. Total asset turnover = Net Sales / Total assets 2007| 2008| 2009| 1. 17| 1. 39| 1. 01| Comments 2007: Total assets turnover ratio of Libra Infusions Ld. In 2007 was 1. 17, which is higher than the industry average of 1. 5. That means the company is generating sufficient level of business. 2008: Total assets turnover ratio of Libra Infusions Ld. In 2007 was 1. 39, which is higher than the industry average of 1. 15. That means the company is generating sufficient level of business. 2009: Total assets turn over ratio of Libra Infusions Ld. In 2007 was 1. 01, which is lower than the industry average of 1. 15. That means the company is not generating sufficient level of business. Fixed Asset Turnover The fixed assets turnover ratio measures the efficiency with which the firm has been using its fixed assets to generate sales.Generally, high fixed assets turnovers are preferred since they indicate a better efficiency in fixed assets utilization. It is calculated by dividing the firm’s sales by its net fixed assets as follows: Fixed asset turnover = Net Sales / Average Net fixed asset 2007| 2008| 2009| 3. 90| 4. 92| 4. 26| Comments: 2007: Fixed assets turnover ratio f Libra Infusions Ltd. in 2007 was 3. 90, which is higher than the industry average of 3. 06. That means the company is generating sufficient level of business. 2008: Fixed assets turnover ratio f Libra Infusions Ltd. in 2007 was 4. 2, which is higher than the industry average of 3. 06. That means the company is generati ng sufficient level of business. 2009: Fixed assets turnover ratio f Libra Infusions Ltd. in 2007 was 4. 26, which is higher than the industry average of 3. 06. That means the company is generating sufficient level of business. Equity Turnover Equity Turnover is a firm's annual sales divided by its average stockholders' equity. Equity turnover is used to calculate the rate of return on common equity, and is a measure of how well a firm uses its stockholders' equity to generate revenue.The higher the ratio is, the more efficiently a firm is using its capital. Also known as capital turnover. Equity Turnover = Annual Sales / Average Equity 2007| 2008| 2009| 4. 05| 5. 05| 4. 31| Comments: 2007: Equity turnover ratio of Libra Infusions Ltd. In 2007 was 4. 05. Which is lower than the industry average of 6. 88. that means the company not efficiently using its capital. 2008: Equity turnover ratio of Libra Infusions Ltd. In 2007 was 5. 05. Which is lower than the industry average of 6. 88. t hat means the company not efficiently using its capital. 009: Equity turnover ratio of Libra Infusions Ltd. In 2007 was 4. 31 which is lower than the industry average of 6. 88. that means the company not efficiently using its capital. * Operation Profitability Ratio Gross Profit Margin * Normally the gross profit has to rise proportionately with sales. * It can also be useful to compare the gross profit margin across similar businesses although there will often be good reasons for any disparity. Gross profit Margin=Gross profit/ Net Sales 2007| 2008| 2009| 35. 09%| 35. 36| 32. 98%| Comments: 2007: Gross profit margin of Libra Infusions Ltd in 2007 is 35. 9% which is lower than the industry average 55. 75%. That means the firm is not profitable. 2008: Gross profit margin of Libra Infusions Ltd in 2007 is 35. 36% which is lower than the industry average 55. 75%. That means the firm is not profitable. 2009: Gross profit margin of Libra Infusions Ltd in 2007 is 32. 98% which is lower th an the industry average 55. 75%. That means the firm is not profitable Operating profit Margin ratio Analysis The operating profit margin indicates how much profit a company makes after paying for variable costs of production such as wages, raw materials, etc.It shows the efficiency of a company controlling the costs and expenses associated with its business operations. Operating profit margin = Operating income ? Net sales 2007| 2008| 2009| 8. 13%| 6. 84%| 7. 60%| Comments: 2007: Operating profit margin of Libra Infusions Ltd in 2007 is 8. 13% which is lower than the industry average 11. 02%. That means the firm is not satisfactory at all. 2008: Operating profit margin of Libra Infusions Ltd in 2007 is 6. 84% which is lower than the industry average 11. 02%. That means the firm is not satisfactory at all. 009: Operating profit margin of Libra Infusions Ltd in 2007 is 7. 60% which is lower than the industry average 11. 02%. That means the firm is not satisfactory at all. Net Profit Margin This is a widely used measure of performance and is comparable across companies in similar industries. The fact that a business works on a very low margin need not cause alarm because there are some sectors in the industry that work on a basis of high turnover and low margins, for examples supermarkets and motorcar dealers. What is more important in any trend is the margin and whether it compares well with similar businesses.Net profit Margin= Net Income/Net Sales 2007| 2008| 2009| 1. 93%| 1. 55%| 1. 19%| Comments: 2007: Net profit margin of Libra Infusions Ltd in 2007 is 1. 93% which is lower than the industry average 8. 30%. That means the firm is not profitable. 2008: Net profit margin of Libra Infusions Ltd in 2007 is 1. 55% which is lower than the industry average 8. 30%. That means the firm is not profitable. 2009: Net profit margin of Libra Infusions Ltd in 2007 is 1. 19% which is lower than the industry average 8. 30%. That means the firm is not profitable. Return on paid up capitalThis ratio shows the profit attributable to the amount invested by the owners of the business. It also shows potential investors into the business what they might hope to receive as a return. The stockholders’ equity includes share capital, share premium, distributable and non-distributable reserves. The ratio is calculated as follows: Return on paid up capital =Net Income+Gross InterestAverage Total Capital 2007| 2008| 2009| 48. 10| 51. 25| 34. 93| Risk Analysis of Libra Infusion: * Risk analysis examines the uncertainty of income for the firm and for an investor * Total firm risks can be decomposed into two basic sources: Business risk: The uncertainty in a firm’s operating income, highly influenced by industry factors * Financial risk: The added uncertainty in a firm’s net income resulting from a firm’s financing decisions (primarily through employing leverage). * liquidity Risk : it considers another aspect of risk from an investor†™s Business Risk Variability of the firm’s operating income over time. It can be measured by calculating the standard deviation of operating income over time or the coefficient of variation. In addition to measuring business risk, we want to explain its determining factors.Two primary determinants of business risk: * Sales variability * The main determinant of earnings variability * Cost Variability and Operating leverage * Production has fixed and variable costs * Greater fixed production costs cause greater profit volatility with changes in sales * Fixed costs represent operating leverage Greater operating leverage is good when sales are high and increasing, but bad when sales fall. Business risk =( cofficient of variiation of operating earning) =( OE-OE)2/nOE/N ( OE-OE)2/n| 3636504| OE/N| 25498574| ( OE-OE)2/nOE/N| 14. 26%| Operating leverage= %? oe%? sn %? e%? s| 2. 08739| n| 3| %? oe%? sn| . 70| Financial Risk Interest payments are deducted before we get to net income, these are fixed obligations. Similar to fixed production costs, these lead to larger earnings during good times, and lower earnings during a business decline, fixed financing costs are called financial leverage. The use of debt financing increases financial risk and possibility of default while increasing profitability when sales are high. Two sets of financial ratios help measure financial risk * Balance sheet ratios * Earnings or cash flow available to pay fixed financial chargesAcceptable levels of financial risk depend on business risk. A firm with considerable business risk should likely avoid lots of debt financing. * Proportion of debt (balance sheet) ratios: Long-term debt can be related to Equity (L-t D/Equity) how much debt does the firm employ in relation to its use of equity? And Total Capital [L-t D/ (L-t D +Equity)] How much debt does the firm employ in relation to all long-term sources of funds? Debt to Equity Ratio =Total long term debttotal eqity 2007| 2008| 2009| .94| 1. 08| 1. 54| * Total debt Ratio : Total debt ratio refers to Assessment of overall debt load, including short-term.The formula of calculation is: Debt to Equity Ratio =current Liabilities+Total Long term debtTotal Debt-Total equity 2007| 2008| 2009| .720| . 725| . 975| Comments: 2007: We analyze debt ratio of company from its balance sheet and found that year 2007 company’s debt ratio is 72% this value indicates that the company has financed more than half of is assets with debt. The higher this ratio greater he firms degree of indebtedness and the more finance leverage it has. 2008: We analyze debt ratio of company from its balance sheet and found that year 2007 company’s debt ratio is 72. % this value indicates that the company has financed more than half of is assets with debt. The higher this ratio greater he firms degree of indebtedness and the more finance leverage it has 2009: We analyze debt ratio of company from its balance sheet and found that year 2007 company’s debt ratio is 97. 5% this value indicates that the company has financed more than half of is assets with debt. The higher this ratio greater he firms degree of indebtedness and the more finance leverage it has. * Earnings or Cash Flow Ratios It is Relate operating income (EBIT) to fixed payments required from debt obligations, higher ratio means lower risk.Interest Coverage or Times Interest Earned Ratio Measures the number of times Interest payments are â€Å"covered† by EBIT Interest Coverage = EBIT/Interest Expense. May also want to calculated coverage ratios that reflect other fixed charges Lease obligations (Fixed charge coverage). Interest Coverage =EBITDebt Interest Change 2007| 2008| 2009| 1. 53| 1. 47| 1. 28| * Cash flow ratios Fixed financing costs such as interest payments must be paid in cash, so these ratios use cash flow rather than EBIT to assess the ability to meet these obligations, Relate the flow of cash available from operations to: * Int erest expense Total fixed charges * The face value of outstanding debt Cash flow coverage of fixed financial cost=Net cash flow provided by operating activities+Interest Expense+Estimated Lease Inertest ExpenseInertest Expense+Estimated lease Interest expense 2007| 2008| 2009| 1. 51| 2. 49| 2. 29| Comments: Cash flow is used o determine whether a borrower is going to be able to service interest payment on a loan. Generally lender prefers a cash flow ratio more than 1. Here we can see that the cash flow ratio of Libra Infusion Ltd. in 2007 was 1. 51 and it increases 2. 9 in 2008. and decrease in 2009 at 2. 29. Liquidity Risk Market Liquidity is the ability to buy or sell an asset quickly with little price change from a prior transaction assuming no new information. External market liquidity is a source of risk to investors. The most important factor of external market liquidity is the dollar value of shares traded. This can be estimated from the total market value of outstanding secu rities. It will be affected by the number of security owners. Numerous buyers and sellers provide liquidity. Analysis of Growth Potential:Want to determine sustainable growth potential Important to both creditors and owners, * Creditors interested in ability to pay future obligations, * For owners, the value of a firm depends on its future growth in earnings, cash flow, and dividends. Determinants of Growth * Sustainable Growth Model: Suggests that the sustainable growth rate is a function of two variables: * What is the rate of return on equity (which gives the maximum possible growth)? * How much of that growth is put to work through earnings retention (rather than being paid out in dividends)? g = Percentage of Retain earning * Return on Equity|Formula: year| Percentage of Retain earning=1-Dividend DeclearedOperating earnig After Tax| ROE=Net Income After TaxShareholdres Equity| g = Percentage of Retain earning Return on Equity| 2007| . 64| 7. 55| 4. 83| 2008| . 66| 7. 57| 4. 50| 2009| . 57| 5. 10| 2. 91| DuPont Analysis DuPont Analysis is A method of performance measurement that was started by the DuPont Corporation in the 1920s. With this method, assets are measured at their gross book value rather than at net book value in order to produce a higher return on equity (ROE). It is also known as â€Å"DuPont identity†.DuPont analysis  tells us that ROE is affected by  three things: – Operating efficiency, which is  measured by profit margin – Asset use efficiency, which is measured by total asset turnover – Financial leverage, which is  measured by the equity multiplier year| EBIT/Sales (%)| Sales/ Total Assets (Times)| EBIT/ Total Assets (%)| Interest Expense/ Total Assets (%)| NBT/ Total Equity (%)| Total Assets/ Common Stock Equity (times)| NBT/ Common Stock Equity(%)| Tax Retention Rate| Return On Equity (ROE)| 2007| 8. 13| 1. 09| 8. 86| 5. 85| 3. 01| 3. 58| 1078| 0. 70| 7. 55| 2008| 6. 84| 1. 35| 9. 23| 6. 34| 2. 89| 3. 64| 10. 52| 0. 72| 7. 7| 2009| 7. 60| 0. 07| . 53| (. 89)| 1. 42| 4. 92| 6. 99| 0. 73| 5. 10| It is believed that measuring assets at gross book value removes the incentive to avoid investing in new assets. New asset avoidance can occur as financial accounting depreciation methods artificially produce lower ROEs in the initial years that an asset is placed into service. If ROE is unsatisfactory, the DuPont  analysis helps locate  the part of the business that  is underperforming. Comparative analysis Ratio| Formula| Years| IndustryAverage| Evaluation| | | 2007| 2008| 2009| | Cross Section| Time Series| Overall| Current Ratio| Current assets/ current liabilities| . 9| 1. 50| 1. 41| 1. 11| Poor| Ok| Ok| Quick Ratio| (Cash+Marketable securites+Recivables)/ Current Libilities| . 20| . 18| . 18| 0. 56| Poor| Poor| Poor| Cash ratio| Cash+Marketable securites)/ Current Libilities| . 035| . 049| . 037| 0. 12| Poor| Poor| Poor| Receivable turnover| Net Annual Sales/ Accounts Receiva ble| 16. 89| 21. 35| 15. 52| 13. 42| Good| Good| Good| Average Receivable Collection Period| 365/Average A/R collection period| 21. 65| 17. 10| 23. 51| 45. 45| Poor| Poor| Poor| Inventory Turnover| cost of goods sold /average inventory| 5. 65| 5. 16| 2. 87| 1. 6| Good| Good| Good| Cash Conversion Cycle | COGS/Average Tra