Halfords business analysis | Free essay | Management essays

Halfords business analysis | Free essay | Management essays Introduction Halfords is the UKs leading retailer, on the basis of turnover, in each of the key product markets in which it operates, being, car maintenance, car enhancement and leisure (including cycles and cycle accessories and roof boxes etc. Founded as a local hardware store in Birmingham in1892by F W Rushbrooke, Halfords has since grown to establish its position as the leading retailer of car parts, car enhancement, cycles and travel solutions in the UK. In this report the value of the company is evaluated on the basis of its current statutory accounts. In this report the alternative sources of finance available for the company are also discussed. The areas of corporate risk when raising finance, paying particular attention to funds available to the company are also discussed. Business valuation: A formal assessment of the value of a business using pre-determined and generally agreed upon formulas. Theres a range of ways to value a business. Valuations based on multiples of future earnings and the capitalisations of future cashflows are the most common. There are a number of common valuation methods: Asset based business valuation methods total up all the investments in the business. Asset-based business valuations can be done on a going concern or on a liquidation basis. Agoing concern asset-based approachdetermines the business net balance sheet value of its assets and subtracts the value of its liabilities. Aliquidation asset-based approachrepresents the net cash that would be received if all assets were sold and liabilities paid off. Earning value approaches Earning value business valuation methods are predicated on the idea that a businesss true value lies in its ability to produce wealth in the future. The most common earning value approach is about Capitalizing Past Earning. With this approach, a valuator determines an expected level of cash flow for the company using a companys record of past earnings, normalizes them for unusual revenue or expenses, and multiplies the expected normalized cash flows by a capitalization factor. The capitalization factor is a reflection of what rate of return a reasonable purchaser would expect on the investment, as well as a measure of the risk that the expected earnings will not be achieved. Discounted Future Earningsis another earning value approach to business valuation where instead of an average of past earnings, an average of the trend of predicted future earnings is used and divided by the capitalization factor. Market value approaches Market value approaches to business valuation attempt to establish the value of the business by comparing the business to similar businesses that have recently sold. Obviously, this method is only going to work well if there are a sufficient number of similar businesses to compare. Valuation of Halfords Using the Market Value approach: In the report the Halfords Company is going to be evaluated using the market value approach. Valuation Multiple A value, typically expressed as a factor, used to multiply a business economic benefit to arrive at the business value. Market-derived business valuation multiples Valuation multiplesderived from similar business sales are often used to estimate the likely selling price of a business. These multiples are calculated as ratios which relate some measure of business financial performance to its potential selling price. The most popularmultiplesare: Currant finance structure: Treasury policy The Groups Treasury Policy is structured to ensure that adequate financial resources are available for the development of its business whilst managing its currency, interest rate and counterparty credit risks. The Groups treasury strategy, policy and controls are approved by the Board. The main elements of treasury activity and associated risk are outlined below: Funding The treasury function arranges sufficient secure financial resources to enable the Group to meet its medium-term business objectives, whilst arranging facility maturities appropriate to its projected needs. The Group has a syndicated five-year term facility, maturing with a bullet repayment in July 2011, totalling  £300m of committed bank facilities, comprising a non-amortising term loan of  £180m and a revolving credit facility of  £120m, which, together with cash surpluses, provide adequate funding for the Groups operations. Counterparty credit risk The Group actively manages its relationships with a panel of high quality financial institutions. Credit risk is controlled by the treasury function setting counterparty credit limits by reference to published rating agency credit ratings and the Corporate Default Swap market. All such counterparties, which constitute the syndicated bank group, held at least an A credit rating at the time of the facility agreement. The Treasury Policy recognises that an exposure to a counterparty arises in relation to investments, derivatives and financial instruments. The Groups treasury departments main responsibilities are to: Ensure adequate funding and liquidity for the Group; Manage the interest risk of the Groups debt; Invest surplus cash; Manage the clearing bank operations of the Group; and Manage the foreign exchange risk on its non-sterling cash flows. The Groups debt management policy is to provide an appropriate level of funding to finance the Business Plan over the medium term at a competitive cost and ensure flexibility to meet the changing needs of the Group. The Group has a syndicated five-year term facility totalling  £300m that provides the Group with committed bank facilities until July 2011. The key risks that the Group faces from a treasury perspective are as follows: Financial risk The Business Plan and cash flow forecasts are subject to key assumptions such as interest rates and the significance of these risks is dependent upon the level of earnings before interest, tax, depreciation and amortisation and the strength of the balance sheet. Interest rate risk The Groups policy aims to manage the interest cost of the Group within the constraints of the Business Plan and its financial covenants. The Groups borrowings are currently subject to floating rate and the Group will continue to monitor movements in the swap market. Foreign currency risk The Group has a significant transaction exposure with increasing, direct source purchases of its supplies from the Far East, with most of the trade being in US dollars. The Groups policy is to manage the foreign exchange transaction exposures of the business to ensure the actual costs do not exceed the budget costs by 10% (excluding increases in the base cost of the product). The Group does not hedge either economic exposure or the translation exposure arising from the profits, assets and liabilities of non-sterling businesses whilst they remain immaterial. During the 53 weeks to 3 April 2009, the foreign exchange management policy was to hedge between 75% and 80% of the material foreign exchange transaction exposures on a rolling 15-18 month basis. Hedging is performed through the use of foreign currency bank accounts, spot rates and forward foreign exchange contracts. Credit risk The Groups policy is to minimise the risk that foreign exchange and interest rate derivative counterparties, the holders of surplus cash and the providers of debt will be unable to fulfil their obligations and also, in the case of lenders, unwilling to extend the loan facilities when they expire. The Group ensured that such counterparties used for credit transactions held at least an A credit rating at the time of syndication (July 2006). Ancillary business, in the main, is directed to the eight banks within the syndicated group. The Treasurer is responsible for determining creditworthiness of each counterparty, based on the overall financial strength of the counterparty. The counterparty credit risk is reviewed in the Treasury report, which is forwarded to the Treasury Committee and the Treasurer reviews credit exposure on a daily basis. Conclusion: Depending on the financial data provided by the Halfords Company the current financial stability of the company is successfully analyzed. References Annual report: Halfords PLC http://www.halfordscompany.com/hal/ir/fininfo/reports/ http://www.valuadder.com/glossary/valuation-multiplier.html http://financial-dictionary.thefreedictionary.com http://www.investopedia.com/terms/c/costofcapital.asp http://www.lse.co.uk/shareprice.asp?shareprice=THTshare=thorntons_plc_ord_10p

`Examine the role in the witches in “Macbeth” Essay

In Shakespearian England witches were said to be in league with the devil. Shakespearian audience believed that witches were always up to no good and people thought they were wicked and devious. Old, Single or widowed women (who often kept pets for a companion) were often blamed as being witches and their pets were kept as servants. In those times people blamed any unexplained happenings such as bad weather, gone off food, deadly diseases, deaths of livestock and even murders. Despite this people were still fascinated by witchcraft they went to see horrifying plays just like we in modern days go to the cinema to watch horror films. Shakespeare wrote a play about witches to please King James 1, he was on the throne at the time when the play was written. King James wrote a book about witchcraft called Demonology because he was fascinated about witchcraft. Shakespeare knew he would win the king over by making a play like this. The witches were only in 3 scenes in Macbeth but they influence the atmosphere across the whole play. In the opening scene the audience would be thrilled because the witches created a theatrical atmosphere. The atmosphere was very negative because there was terrible weather â€Å"thunder and lightning† this would make the scene very frightening because of the loud noises of the lightning. The witches speak in riddles this unnerves the audience by their chants and riddles for example†fair is foul and foul is fair hover through the fog and filthy air†. The audience would find Macbeth is daunting because of the eerie atmospheres of the scenes and the spooky witches. At the beginning of act 1 scene 3 the three witches are talking about the things they have done to other people. Shakespeare does this because he shows what the witches are capable of. â€Å"I will drain him dry as hay† the first witch said this because she wanted to show what she could do. The three witches meet Macbeth and Banquo â€Å"upon the heath†. Meanwhile the witches predict that Macbeth and Banquo’ sons will be kings in the future. They say two facts that Macbeth is going to be thane of Cawdor and thane of Glamis. The witches do not tell Banquo or Macbeth what to do. Macbeth thought that it’s because the witches predict he is going to be thane of Cawdor. â€Å"Do you not hope that your children shall be kings, when these that gave the thane of Cawdor to me promised no less to them?† This shows that Macbeth trusts the witches by everything they predicted and he thinks that the witches gave him the role of being the king. Macbeth doesn’t believe he is the thane of Cawdor at first but eventually he learns he is. Banquo was really frightened about what the witches claimed but Macbeth was really excited. â€Å"two truths are told as happy prologues to the swelling act of the imperial theme† this shows Macbeth like what the witches tell him particularly that he is going to be king however, he has mixed feelings. â€Å"Why do I yield to that suggestion whose horrid image doth unfix my hair and make my seated heart knock at my ribs (against the youth of nature)?† this shows Macbeths reaction changes. In act 2 scene 3 Shakespeare makes the atmosphere dark and terrifying. â€Å"There’s husbandry in heaven their candles are all out† the dark represents evil and negativity which could be seen as a warning of trouble to come (foreshadowing). Macbeth’s original fear is demonstrated in his hallucinations after his immoral act of murdering. Macbeth shows signs of possessions â€Å"me thought I heard a voice say sleep no more† He says I thought I heard voices†. Macbeth shows he feels guilty by saying â€Å"amen stuck in my throat† he says this to show how he felt and whether he was regretting of the crime he just commit. The witches powers were demonstrated by strange happenings for example â€Å"tis’ said they eat each other† this was said because horses started eating each other which was very unusual and peculiar. This information was in the play to horrify the audience. Act 4 scene 1 begins with the witches chanting this reminds me of a spell. The witches always use trochaic tetrameter the effect of that makes it sound like a chant. The ingredients have unpleasant things in common for example animal parts and poisons. The most horrible point in the spell was â€Å"finger of a birthstrangled babe, ditch deliver’d by a slab† this means a baby born in a ditch from a prostitute strangled at birth. The Shakespearian audience would be horrified at the contents of the charm. In act 4 scene 1 Shakespeare included the spell in the scene to portray real witches and to show they made wicked spells considered associated with evil. The rhythm used is called trochaic tetrameter the effect of it makes it sound like a chant; trochaic tetrameter is always 4 beats per line. The witches added body parts of a Christian, Shakespeare knew it would affect the scene because people in those times didn’t trust non Christians and thought they were up to no good. Macbeth believes when he goes back to see the witches that they will tell him what to do. The witches make three prophecies, the first one warns†beware Macduff: beware the thane of fife† Macbeth thought to himself when this was shown I don’t believe Macduff anyway. The second one warns â€Å"a bloody chid† â€Å"for none of women born shall harm Macbeth† Macbeth felt he was invincible and decides to get Macduff and his family killed anyway. The third prophecy warns â€Å"Macbeth shall never vanquish’d be until Great Birnam wood to high Dunsinare hill shall come against him† this was meant by Macbeth will never be defeated until great Birnam wood comes and lives in his castle. Macbeth felt very pleased and assertive. The witches realise that Macbeth is now evil through the words they use just before he comes in â€Å"By the pricking of my thumbs something wicked this way comes† Macbeth asks the witches if Banquo’s sons will be kings. The witches reply†seek to know no more† they try to tell the truth and are warning him he doesn’t want to know. Macbeth realises he is evil and under the witches spell we know this because he says â€Å"infect’d be to air where on they rides and damn’d all those that trust them!†. â€Å"Macduff was from his mothers womb untimely ripped† At that point Macbeth realises the witches were deceiving him all along. One of the main reasons that Shakespeare included the witches in the play was because they influence the theme of deception across the whole play. The witches introduce the theme of deception in the opening scene act 1 scene 1 where they say â€Å"fair is foul and foul is fair† this affects not only Macbeth but all the characters this is shown when lady Macbeth says â€Å"look like the innocent flower but be the serpent under it†. Later on Macbeth realises he has to be deceitful in order to succeed he says â€Å"false face must hide what the false heart doth know†. The witches talk in riddles when they say â€Å"Macbeth shall never vanquish’d be until Great Birnam to high dunsinare hill shall come against him† Macbeth misunderstands this he thought this was impossible that the forest will come to his castle but the soldiers cut down the trees and bring the forest to the castle Macbeth is dumbfounded. Shakespeare creates typical witches to scare the audience the type of witches that fly, induce nightmares and stop people from sleeping. The witches predict the future but Macbeth thinks they are telling him what to do he then shows demonic possessions â€Å"I had almost forgot the taste of fear† Macbeth showed lack of fear. Shakespearian audience would go to see Macbeth to get a thrill for entertainment just like we nowadays go to the cinema to watch a horror film. The witches create an atmosphere of evil throughout the whole play.

Process Validation Protocol and Report - 1461 Words

Process validation Protocol and Report Chapter-1: Introduction In today’s highly regulated environment for development and manufacturing of Pharmaceutical /biopharmaceutical Drugs and medical devices there is a heavy requirement imposed by the regulatory bodies, for the manufactures of drug products to provide an appropriate amount of assurance that critical processes employed in producing a drug substance or drug product can be shown to be both doing the right job, and doing the job right is often referred to as Validation. FDA defines validation as. â€Å"Validation is a documented program which provides a high degree of assurance that a specific process will consistently and repeatedly produce a product meeting its predetermined†¦show more content†¦The validation report should contain the following. 1. Approved validation protocol. 2. Tabulated or graphical results, process monitoring (forms), and all analytical results of the validation batches. 3. A copy of the batch records and raw material releases. 4. The presentation of data should be done in the report and be easily understood and neat. 5. Special investigations or additional tests or retests to be explained in the report. 6. Change controls and Deviations to be reported. 7. The validation report should have a conclusion. 8. Recommendations may also be made in the report History of validation protocol and report: Why validation and the associated validation protocol and report gained importance, below mentioned is the brief history of the validation and its associated system Prior to 1978 the pharmaceutical manufacturing was highly regulated, drug product quality and sterility testing was based solely on finished product testing i.e. it was tested only at the final stage of the release drug product this was clearly a major setback. For Sterile products – USP Sterility Testing was the sole criteria for releasing the drug product in to the market. 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Aviation Competition Law in India - Free Essay Example

Sample details Pages: 5 Words: 1464 Downloads: 1 Date added: 2017/06/26 Category Law Essay Type Analytical essay Tags: Act Essay India Essay Did you like this example? Conclusion Competition Law is a complex mixture of a countrys law, economics and administrative action intended to favour competition in the economy. Since competition is seen as critical to economic development, competition law seeks to protect this competitiveness in the economy. The underlying theory behind competition law is the positive effect of competition in an economys market, acting as a safeguard against misuse of economic power. The operation of competition law by prevention of anti-competitive agreements, prohibiting abuse of dominant position by firms and regulation of combinations which might adversely affect competition in the economy, is crucial for India. It is therefore keeping that in mind that the Indian Parliament enacted the Competition Act, 2002. The preamble and the statement of objects and reasons of the Act, also evidence that the broad economic development objectives were a consideration to adopting the Act. The Indian Competition Act, 2002 (The Act) prohibits those agreements which can have an appreciable adverse effect on the competition. The Act recognizes positive synergies that emanate from agreements between the enterprises. If an agreement does not have an appreciable adverse effect on competition, then it will remain out of the purview of the provision of the Competition Act, 2002. The Indian aviation sector has witnessed tremendous growth in the recent years driven by a combination of macroeconomic; demographic; government reforms and market lead dynamics. Ever since 2003, growth had witnessed tremendous increase post arrival of Low Cost Carrierà ¢Ã¢â€š ¬Ã¢â€ž ¢s. Hence if the current growth trajectory is to be preserved, it is very important that competitive forces must continue to operate in the system. The year 2007 was the year of MA in the Indian Skies. Post consolidation Indian Airlines-Air India; Jet-Sahara; Kingfisher-Deccan, these top three players had pocketed 80% of the Market Shar e. While many favoured these mergers as it was believed that these mergers would benefit the bleeding industry. It was believed that the consolidation would help in bringing some rationalization in the routes and help carriers focus on other routes. All three mergers came under the lens of Competition Commission of India. The merger between Indian Airlines and Air India did not pose much problem to the competition in the market as Air India mainly operated in International routes and Indian Airlines in Domestic routes. However the airline had the exclusive right to fly to Gulf, which was unfair for other domestic carriers as it was depriving them of important revenue. The Jet-Sahara Deal materialized in 2007 when Jet signed and agreed to take over 100% stakes in its arch rival. With the takeover of Sahara by Jet, some important issues over competitive concerns need to be addressed. Jet and Sahara had peak slots available on all major metropolitan airports at peak timings. Ther e were talks that DGCA should redistribute Air Saharaà ¢Ã¢â€š ¬Ã¢â€ž ¢s slots to all the airlines to prevent Jet Airways from attaining a dominant position in the market. Another important issue that cropped was that post Jet-Sahara Deal and Indian Airlinesà ¢Ã¢â€š ¬Ã¢â‚¬Å"Air India deal, the number of players serving the International Routes had reduced to half as no other domestic player was eligible for flying internationally as per the current regulatory framework. The Kingfisher-Deccan Deal was plagued with a lot of hue and cry coming from various industry groups post consolidation as the consumers felt vulnerable and expected that fares may rise in future. Kingfisher and Deccan had over lapping route networks they essentially catered to different set of consumers. There are certain provisions in Indiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s Civil Aviation Sector regulatory framework which limit the competition within the industry. The minimum fleet and equity requirements, with respe ct to air carrier service provider could be a way of assessing the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s viability in the market but such regulation limit not only the number of new market entrants, but also the size of firms that enter, as they should possess enough capital to fulfill these requirements. Developed countries like US, Australia and also the European Union have a minimum fleet requirement of just one aircraft and there is no equity requirement. Having such high civil aviation requirement will give the few players in the market to dictate terms and prices and the passenger is prejudiced having no choice to choose from. The Route Dispersal Guidelines issued by the Government of India forces the airlines to take planes to those routes which experience light passenger traffic. As a result the aircrafts flying to these routes may not be able to recover their cost of operations. Though this regulation was brought in to meet the social needs but it was a big disadvantage for the domest ic service providers. Unlike the European Union and the United States, who provide subsidies to commuter airlines which provide carrier services to rural destinations, the Indian Government do not provide any incentive to the airlines. The Slot Allocation guidelines issued by the Airport Authority of India allows a carrier service provider to retain a group of slots allocated by the slot coordinator if they have been utilized least 80% of the time in the preceding season. The underutilized slots tend to be at odd times and not peak hours. This creates a barrier for new entrants in the market. There are natural barriers to entry owing to the high level of investments and liquidity required to cover startup and high operational costs that limit entry and protect the functioning of a cartel. Furthermore, regulations relating to fleet and financial requirements, and slot allocations further prevent entry and could increase the likelihood of cartel behavior. Price transparency i n the system of fare declaration is both a boon as well as a bane. A bane as it enhances chances of cartelization. Parties entering a cartel find it easy to ensure cooperation as the follower will implement the price increase only after seeing the leader make the agreed changes. Suggestions There is a need to create a single civil aviation policy. This civil aviation policy should aim to reduce artificial barriers to entry such as fleet and equity requirements. It should have clear delineation between regulatory authorities that oversee activities in this sector, which would result in clear and predictable regulatory outcomes. Additionally, this policy should aim to create a more level competitive field between Indiaà ¢Ã¢â€š ¬Ã‹Å"s private, national and foreign carriers. It should also aim to introduce market mechanisms and incentives into the distribution of slots and dispersion of routes. India should follow the UK, US and the Australian model where new carrier have to disclose assets, liabilities, past and ongoing litigation, and operational insurance. Instead of having fleet and equity requirement, the new service provider can submit their financial information and illustrates how they plan on succeeding within civil aviation sector. This will enable the enable the more players to enter the market and give competition to the existing carrier service providers. The Government should consider phasing out compulsory government regulated route dispersal and put out a call for input from stakeholders for different incentive programs that will help create more air carrier traffic to smaller airports. The Indian Government can take the United States experience of de- regulation as a model of how all the routes can receive adequate services without too much of government involvement. The Essential Air Service Program provides subsidies to air carrier service providers that agree to fly to underserviced airports. Another model that the Government can consider is that of the European Union, which also provides incentives to attract carriers to routes to underserviced airports. The European Union Public Service Obligation regulation, limits the time that incentives will be provided to a participating carrier. The Indian Government should consider applying one of the models to the Indian Civil Aviation Sector as it can have significant positive social impact for the people living in the underserved areas. While no perfect government or market-based solution for an efficient slot allocation system exists, introducing a variety of market mechanisms into the process has yielded more efficient results in the United States, United Kingdom and the European Union. Indiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s civil aviation regulator should consider at UK model for slot allocation. Using the UK model would create more efficient outcomes for slot allocation, while keeping the grandfather and use it or lose it rules in accordance with the IATA slot allotment framework. Furthermore, the regulator may consider allowing the trading and auctions of underutilized slots through an independent coordinating agency. While auctions in the UK are still closed to new entrants, auctioning will spur competition between incumbent carriers, resulting in efficiency gains. India should also consider opening up funds from slot auctions to provide airport developers with partial recoup on investment in airport infrastructure, thus in centivizing operators to invest in further expanding airport infrastructure. This would lead to increased carrier service, decreased airport congestion, and growth of the civil aviation industry. Don’t waste time! Our writers will create an original "Aviation Competition Law in India" essay for you Create order