Financial Ratio Analysis - Harrys Hamster Limited - Free Essay Example

Sample details Pages: 8 Words: 2334 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Financial statements are useful as they can be used to predict future indicators for a firm using the financial ratio analysis. From an investors perspective financial statement analysis aims at predicting the future profitability and viability of a company, while from the managements point of view the ratio analysis is important as it helps anticipate the future conditions in which the firm should expect to operate and facilitates strategic decision making (Brigham and Houston 2007, p. 77). Profitability analysis Harrys Hamsters Limited (HHL) experienced growth in its profitability from 2007 to 2008; however, the net income reduced significantly during 2009. The return on equity (ROE) was 4.24 percent in 2007, increased to 14.68 percent in 2008 and decreased back to 5.10 percent in 2010. Similarly, the return on assets (ROA) also initially increased and later declined in 2009; the decline was sharper compared to the decline in ROE as the ROA in 2009 of 1.73 percent is lower than 2.08 percent in 2007. The ROE comprises of two main components: the return on net operating assets (RNOA) and the return on debt (ROD). RNOA for HHL has also deteriorated during 2008 decreasing from 16.61 percent in 2008 to 5.08 percent in 2009. The RNOA is used to weigh the overall performance of the HHL management. The ROD component of the ROE has also deteriorated from 13.68 percent in 2008 to negative 3.32 percent in 2009 (Kemsley 2009, pp. 12-16). The ROCE was the highest in 2008 estimated 11.39 percent. It im plies that the capital employed by HHL yielded high returns before the expansion period and that the company was significantly profitable. A considerable decline in 2009 to 4.82 percent can be unfavourable for the investors; however, as the company has not sold its shares to the public a reduction in this ratio for a temporary period is not a major concern for the current owners. The operating profit margins for HHL initially increased from 10 percent in 2007 to 17.45 percent in 2008; however, the company reported lowered margins of 8.53 percent in 2009. The decline in the operating profit margins of HHL is largely attributed to the increase in costs associated with the expansion of the business. The operating margins are expected to recover over the next year assuming that the new operations will become profitable as sales increase. The cost of goods sold have increased in absolute terms but the overall gross profit margins for the company have improved from 35 percent in 2007 to 42.01 percent in 2009. This implies that the company is effectively managing its relations with suppliers and has kept a control over the costs attached to buying the hamsters for breeding; but the operating costs have increased due to the low sales activity in the new operations. Don’t waste time! Our writers will create an original "Financial Ratio Analysis Harrys Hamster Limited" essay for you Create order Liquidity analysis The current ratio of HHL remains above the minimum threshold of one and is currently 1.22; historically, the ratio has remained between 2.73 and 3.25 times. However, the quick ratio for the company reveals serious concerns as it has decreased from 1.67 in 2008 to 0.22 in 2009. The low quick ratio implies that a considerable portion of the current assets of the company are tied up as part of its inventory (Bragg 2007, pp. 14-16). This could also mean that HHL might be unable to sell the hamsters and sales might be suffering. The company must increase its working capital to meet its near term current liabilities and retain its solvency (Brigham and Houston 2007, pp. 42). Efficiency analysis The firms efficiency has not necessarily decreased during the last year; an analysis of the efficiency ratios suggests a trend that is different from what is seen through the profitability and liquidity ratios. The inventory turnover has slightly deteriorated from 3.00 in 2007 to 2.89 in 2009; similarly impacting the days inventory on hand from 121.67 to 126.35 during the same period. The long inventory holding period suggests that the company needs to improve its liquidity position to maintain its efficiency and aim to reduce its inventory turnover significantly (Brigham and Ehrhardt 2008, pp. 57-62). The days of accounts receivables have reduced from 45.63 in 2007 to 40.05 in 2009 and at the same time the days of accounts payables have reduced even more drastically from 40.56 to 28.08. The operating asset turnover for HHL has deteriorated considerably from 0.87 in 2007 to 0.60 in 2009, owing to a long inventory holding period and a quick payment of the accounts payables. Capital structure analysis The capital structure has significantly changed over the past two years as HHL has increased its financial leverage and is using a considerable debt to finance its expansion activities. The debt ratio of the firm has increase from 0.47 in 2007 to 0.60 in 2009; imply that HHL is now funding 60 percent of its assets through debt (Berry 2006, pp. 68-71). The interest coverage ratio of the company had improved considerably in 2008 and was 4.29, but it has deteriorated to 1.89 raising additional concerns for the banks. The ROD for the company has reduced considerably but remains positive implying that the current level of financial leverage is generating additional returns for the company. Operating cash flows (OCFs) for the company remain negative being typical of young firms experiencing a high growth rate, but the ability of HHL to raise additional financing is limited; therefore negative OCFs raise serious concerns for the bank management. Report to credit committee Analysis for reasons of results HHL avails a long-term debt facility of  £ 0.45 million and has also utilised an overdraft of about  £ 35,000 from its current facility. The company performed exceptionally well during 2008, which led to an increase in its debt facility from  £ 0.275 million to  £ 0.45 million recently. The recent financial results revealed a tightening credit position of the company during 2009, which led to concerns regarding the excess usage of the overdraft facility by the company. Recent communication with the company reveals that it is facing liquidity problems due to its ambitious expansion program; however, the problem can be solved depending on the ability of the management to realise the seriousness of the situation (Madura 2006, pp. 17-32). The company is running an overdraft without any immediate plans regarding its understanding to pay back the short-term loan. The overdraft is being utilised to fund the working capital needs of the company, which it did not anticipate during its expansion into southern England. The success or failure of the new operations is yet to be seen and the position will only be clear by next year. The current assets are largely financing the inventory requirements of the company, while the inventory cycles are long and not in a position to be liquidated on urgent need. The company needs to introduce additional capital in order to solve its working capital problems. The working capital position of HHL can also improve by increasing the days of accounts payable ratio to higher levels or by reducing the inventory cycle if possible (Myers 1984, pp. 126-128). However, both options seem unlikely leading us to prescribe alternative solutions. The company has seen deterioration in the profitability ratios, which has reduced its ability to pay the interest commitments on the outstanding loan. However, the company still maintains an interest coverage ratio of 1.89 and should be able to regain its position once the new operations become p rofitable. The efficiency ratios of the firm have remained relatively stable with a slight decrease in the inventory turnover, an improvement in the accounts receivables turnover and a significant drop in the operating assets turnover. The company maintains a high debt ratio and about 60 percent of its assets are funded using debt; however, this is typical of most firms under the initial expansion phase. The company remains committed to making profits but has not considered rising outside capital by going public in the near future; the only way to maintain its current pace of growth will be either through an injection of personal equity or through the offering of company stock to the public (Ronen and Yaari 2007). The owners have invested most of their life savings into the business and the company cannot possibly raise any further internal financing. Recommendations regarding bank arrangements The credit committee is recommended to raise concerns regarding the current liquidity position of the company and to prepare a schedule for the repayment of the overdraft amount over the next six months. The company is expected to recover from the current situation during the next year, but it is important to remain cautious until the sales position appears to improve. Also developing a degree of pressure on the management should clearly communicate the banks position to the firm (Gibson 2009, pp. 212-216). The intention is to educate the company management about the gravity of this situation and ensuring that it is able to recover smoothly from the liquidity crunch, while at the same time minimising the banks exposure to the business risk HHL is facing. The Managing Director of HHL is consistent in maintaining regular contact with the bank; therefore we need to educate him with the possible solutions for recovering from the credit crunch faced by the company. The recommended solu tions include a consolidation of the business before considering any further expansion projects, a reduction in the days inventory on hand, increase in the days accounts payables, the retention of profits into the business allowing for no dividend payments over the next quarters, an injection of equity from any other sources available, an increase in collateral to support the banks claims and a phasing out of the bank overdraft over the next six months as revenues from the sales are realised (Harvard Business School 2006, pp. 3-12). Recommendations to management about improving finances of the company Mr. Michael, Thanks for a quick response pertaining to the overdraft issue. We have analysed the situation faced by HHL based on the recent financial statements and the qualitative information that we received during our recent correspondence. It is understood that your company has recently gone a major expansion and the short-term impacts are apparent on the financial results in terms of lowered profitability as anticipated. The concern raised by the bank is not directly related to the profitability of your company and we remain concerned about the liquidity position of HHL in months to follow (Bissessur 2008, pp. 142-146). The understanding between the bank and the company was that the expansion will be fully funded by the increase in the loan facility. This increase in loan was to support both the fixed investment in the expansion project as well as the working capital needs of HHL. However, as it is seen the actual expansion investment has exceeded the anticipated amounts and the company is facing a severe liquidity crunch that needs to be resolved. The credit committee is concerned regarding the profitability of the expansion project and is not prepared to enhance the overdraft limit until the latest results for the company become available. HHL would have to independently solve this liquidity crunch by either an injection of equity to facilitate the increased working capital requirements or to raise additional external capital. The intention of the company to continue towards is expansion projects can be best facilitated through a public listing of the company to raise additional capital (Hill and Jones 2009, pp. 28-29). The bank would require the company to pay the entire overdraft drawn in instalments over the next six months. This payment schedule has been drafted after a careful consideration of the credit history of your firm with the bank; in usual circumstances we would have required the repayment of the whole overdraft instantly. Moreover, i t must be understood that this correction is in the best interest of your company as it serves to facilitate your understanding of the gravity of the situation faced by HHL. A large proportion of the current assets held by HHL are tied up in the inventory and the company has no cash reserves available to pay for the maturing current liabilities including the banks interest payments. It is important to understand that the company would have filed for bankruptcy if the current overdraft was not available. Therefore, it is a very serious concern which should be resolved as soon as possible (Capon 1990, p. 1145). The company can adopt some emergency measures to immediately improve its cash position, including a maximum delay in the payment to creditors that might be possible without significantly harming the supplier relations, a quicker recovery of accounts receivables without significantly harming the sales position and an immediate sale of ready inventory on a cash payment discount (David 2006; Ebert and Griffin 2005). Moreover, the company must not withdraw any retained earnings in the form of dividends until the liquidity position is resolved. Waiting for your response, Nick Cameron Bibliography Berry, A., (2006). Accounting in a business context. Brighton: Cencage Learning. Bissessur, S., (2008). Earnings quality and earnings management: The role of accounting accruals. Rosenberg Publishers. Bragg, S., (2007). Business Ratios and Formulas: A comprehensive Guide. New Jersey: John Wiley and Sons. Brigham, E., and Houston, J., (2007). Fundamentals of Financial Management. Mason: Thomson Publishing Limited. Brigham, E., and Ehrhardt, M., (2008). Financial management: Theory and practice. Mason: Thomson Higher Education. Capon, N et al., (1990). Determinants of financial performance: A Meta Analysis. Journal of Management and Sciences, Vol. 36 (10), pp. 1143-1159. David, F., (2006). Strategic management: concepts and cases, 10th ed. Hong Kong: Pearson education. Dominguez, K., (2006). Exchange rate exposure. Journal of International Economics, 68 (1), pp. 188-218. Ebert, R., and Griffin, R., (2005). Business Essentials. Prentice Hall. Finnerty, J., (2007). Project fin ancing: Asset based financial engineering. New Jersey: John Wiley and Sons Publishing. Kemsley, D., (2009). Financial Accounting Seminar: Practical Equity and Credit Analysis. New Orleans: Tulane University. Kumar, K., and Dissel, V., (1996). Sustainable collaboration: Managing conflict and cooperation in systems. Journal of Information Management, 20 (3), pp. 279-300. Gibson, C., (2009). Financial Reporting and Analysis: Using Financial Accounting Information. Mason: Cencage Learning. Harvard Business School., (2006). Essentials of strategy. Boston: Harvard Business School Press. Helfert, E., (2001). Financial Analysis: Tools and techniques, a guide to managers. New York: McGraw Hills. Hill, C., and Jones, G., (2009). Strategic management theory: an integral approach. Mason: Cencage learning. Madura, J., (2006). Introduction to business. Mason: Thomson publishing. McDonald, B., and Morris, M., (1984). The statistical validity of the ratio method in financial analysis: An em pirical examination. Journal of Business Finance and Accounting, 11 (1), pp. 89-104. Myers, S., (1984). Finance theory and finance strategy. Interfaces, 14 (1), pp. 126-137. Ronen, J., and Yaari, V., (2007). Earnings Management: Emerging insights, in theory, practice and research. New York: Springer Publishers.

Is It A Land Made By Immigrants - 1470 Words

Mai Yee Yang Professor Jennifer Stewart ENGL 1213 16 April 2017 This is a land made by Immigrants! As a multicultural nation that is the United States or America. I for one embrace the multitude of coming immigrants because I myself is an American citizen, born from immigrants. Although, this nation I live in, some have a say so. I’m taking a stance with pro-immigration with an event that unfolds daily in our lives as Americans and immigrants. Why I say it like that is cause, social and economic events between the two have been spiraling together for years now. How unjust it could be along the lines of unmorally, unfair events that can happen to most unlucky immigrants. To some American citizens, they just see those human being’s†¦show more content†¦Then talks about what our last president has had on his mind. Talking about his plans to protect undocumented immigrants. Explaining on what he is focusing to do by making the sentences smaller. Problems with politics, it touches up on what politics do to avoid or stall on a certain matter. Usually that is what happens in politics that we all know too well cause, it won’t profit in they’re benefit. Not even that, labeling ex-president Obama as I quote â€Å"Deporter in Chief.† Fitness to Stand Trial is an undocumented immigrants way learn the language and system before their court date. This law was first introduced in Canada and is something that happens in the United States also. This trial basically is a way for undocumented citizens to become legal. If they fail the procedures in court, the person shall be deported back to the country from where they came. This is a trial that is fair for most although the time frame for the learning process is six months only. It is enough time to learn the American System but, to learn it is more difficult for the trial. The hardship that immigrants put themselves through to find opportunities in America is crazy. 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Role of Human Resource Department Free Essays

The human resource department plays a major role in helping plan the system and in developing job description, job specification and performance standards. Specialists in that department may be assigned to conduct job analysis and write job descriptions in cooperation with managers, supervisors and employees. The human resource department is not involved in the actual writing of performance standards but play a diagnostic, training and monitoring role. We will write a custom essay sample on Role of Human Resource Department or any similar topic only for you Order Now JOB DESIGN Job design is a process of determining the specific tasks and responsibilities to be carried out by each member of the organization.In simple words, the logical sequence to job analysis is job design. Job analysis provides job-related data as well as the skills and knowledge expected of the incumbent to discharge the job. Job analysis, then, involves conscious efforts to organize tasks, duties and responsibilities into a unit of work to achieve certain objectives. Fig: Factors Affecting Job Design Factors Affecting Job Design Job design is affected by organizational, environmental, behavioural factors. A properly designed job will make it productive and satisfying.If a job fails on this count, the fault lies with the job designers who, based on the feedback, must redesign the job. (See Fig) Techniques of Job Design Fig: Techniques of Job Design ?Work Simplification: In this technique, the job simplified or specialized. A given job is broken down into small sub-parts and each part is assigned to one individual. ?Job Rotation: Job rotation implies movement of employees from job to job. Jobs remain unchanged, but incumbents shift. With job rotation, a given employee performs different jobs, but more or less, jobs of the same nature. Job Enlargement: Job enlargement involves expanding the number of tasks or duties assigned to a given job. Job enlargement is naturally opposite to work simplification. Adding more tasks or duties to a job does not mean that new skills and abilities are needed to perform it. ?Job Enrichment: Job enrichment seeks to improve both task efficiency and human satisfaction by building into people’s jobs, quite specifically, greater scope for personal achievement and recognition, more challenging and responsible work, and more opportunity for individual advancement and growth. Autonomous or Self-directed Teams: A self-directed work team is an intact group of employees who are responsible for a whole work process or segment that delivers a products or service o an internal or external customer. ?High-Performance Work Design: It is a means of improving performance in an environment where positive and demanding goals are set. Role of Human Resource Department The human resources department’s role in job design is usually indirect, although job design influences almost every aspect of human resources management.The department diagnoses organizati onal problems that suggest job redesign, incorporate information on job design in training and management development programs, and help plan job redesign programs to ensure that sound human resources policies and practices are developed. Further, the department is needed to prepare to modify job descriptions and job specifications and to modify recruitment, selection, training, compensation and other practices to be consistent with any job redesign program. How to cite Role of Human Resource Department, Papers

Ken Kesey Essay Example For Students

Ken Kesey Essay During the course of the last fifty years, society has changed significantly. Inmodern society a great emphasis is placed on individualism and diversity withina society. It is rare that an individual would be ridiculed or forced to changesimply for not complying with what society views as normal. This hasnot always been the case though. The nineteen fifties were much different. Thiswas an era of social conformity. The members of society who were intent onmaintaining this social state ostracized individuals who were consideredabnormal. Such abnormal individuals just simply acceptedthe fact that they were not part of this normal society. Because of societysinfluence, these people sought help in psychiatric wards in attempts to betterthemselves and thus fit into society. By doing so, they let society conform andmold them into what was thought as normal. Ken Kesey was a man inthis era that did not believe in social conformity. Kesey, along with hisfollowers set off on a mission to open t he minds of people who were focused onmaintaining this status quo. Ken Keseys journey led him to write One Flew OverThe Cuckoos Nest. This novel focuses on the struggle between individuals whoare intent on keeping things the same with those who are considereddifferent. Harding is a character in the novel that is limited byopposing forces of society and who in turn, seeks refuge in hopes to beaccepted. With the influence of McMurphy, Harding changes from an apprehensiverabbit to a self-assured man. This change illustrates Keseys viewthat an individual can realize the worth of their life through self-acceptanceand reliance on ones self rather than conforming to social norms. Harding admitshimself in the psychiatric hospital because he is abnormal in asociety that highly values normality. discovered at an early age that wasdifferent? indulged in certain practices thatsocietyregards as shameful(pg. 294). Admitting himself in the hospital isHardings way of succumbing to the forces of s ociety. He simply accepts the factthat without help he will never fit in the real world. Harding knowsthat This world belongs to the strong(pg.62). For this reason hefelt that is why he belonged in the hospital. The hospital is a place where good strong wolf like the Nurse teach place(pg.62). Initially with no self-esteem, Harding lets the Nurse andthe other hospital staff tell him how to live. When initially questioned of hisabnormal life by the other patients and the staff, Harding his thinshoulders folded nearly together around himselfhis hands trapped between hiskneestrying to look calm-but hes chewing his cheeksnot calm at all(pg.54). Harding is a nervous man who finds it difficult to deal with hisdifferences and simply follows societys commands in order to keep things easy. Hardings views and behaviors start to change slowly as he associates more withRandle McMurphy. McMurphy enters the ward involuntarily and has a much differentoutlook on life than the other patients. McMurphy places a great influence onbeing an individual and goes to great extents to be just that. He is a leaderand not a follower. His straightforward tactics and self-confidence allow him tofreely express his values. Along with these attributes, McMurphy also treats theother patients normal and does not treat them how society does. By treating themas equals and by instilling into them his views and ethics, they are able to seethe world differently. McMurphys concern with the music that dulls thesenses shows another side of him as well. It shows his concern andconsideration for his peers. A more important feature of McMurphy is that heshows no shame. This shows the patients, including Harding, that there is noneed to fell shame for being who they are. Amongst these things, McMurphyteach es the patients the power of trying and believing in ones self. McMurphyattempts to lift the panel in order to try to escape and he fails. Even thoughhe failed in the end, he still had enough confidence to try. The lesson islearnt that it is far better to try and fail than to never even try. Looking atMcMurphys actions and values shows that he is perceptive and sensitive toothers. He is able to see the mens weaknesses and attempts to build them up. Hehopes that in the end they will see Big Nurses strategy and be able to stand ontheir own feet and fight her ways. It is with McMurphys lead and stronginfluence that Harding is able to see that there is nothing to be afraid of. .uc2af2988e2f41068c98ad4be3bc27620 , .uc2af2988e2f41068c98ad4be3bc27620 .postImageUrl , .uc2af2988e2f41068c98ad4be3bc27620 .centered-text-area { min-height: 80px; position: relative; } .uc2af2988e2f41068c98ad4be3bc27620 , .uc2af2988e2f41068c98ad4be3bc27620:hover , .uc2af2988e2f41068c98ad4be3bc27620:visited , .uc2af2988e2f41068c98ad4be3bc27620:active { border:0!important; } .uc2af2988e2f41068c98ad4be3bc27620 .clearfix:after { content: ""; display: table; clear: both; } .uc2af2988e2f41068c98ad4be3bc27620 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uc2af2988e2f41068c98ad4be3bc27620:active , .uc2af2988e2f41068c98ad4be3bc27620:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uc2af2988e2f41068c98ad4be3bc27620 .centered-text-area { width: 100%; position: relative ; } .uc2af2988e2f41068c98ad4be3bc27620 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uc2af2988e2f41068c98ad4be3bc27620 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uc2af2988e2f41068c98ad4be3bc27620 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uc2af2988e2f41068c98ad4be3bc27620:hover .ctaButton { background-color: #34495E!important; } .uc2af2988e2f41068c98ad4be3bc27620 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uc2af2988e2f41068c98ad4be3bc27620 .uc2af2988e2f41068c98ad4be3bc27620-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uc2af2988e2f41068c98ad4be3bc27620:after { content: ""; display: block; clear: both; } READ: My Family Essay SummaryHarding slowly learns from McMurphy and makes realizations about himself. Fromthese realizations he starts to change his ways and fight the powers of society. When the patients are told by Big Nurse that they cant watch the baseball gameHarding shuts off the buffer. and goes pulls him a chair up alongsideMcMurphy(pg.138). Instead of obeying the Nurse as usual, Harding beginsto think and act for himself. When McMurphy arranges a fishing trip Harding iseager to go along. His nervous and apprehensive ways have begun to change. Thefishing trip is significant because it shows Hardings independence and hisinitial ability to act without McMurphy. When the boys fish are biting Hardingtakes charge for the first time. Harding finally saw that McMurphy wasntgoing to do anything, he got the gaff and jerked fish into the boat with aclean, graceful motion like hes been boating all his life(pg.236). Forthe first time without McMurphy by his side, Harding sees that he is able todepend on himself in the real world. When Harding returns from the fishing tripthings begin to change even more. Candy and Sandra sneak into the ward and theyall have a party. Har ding knows the consequences of the party will be great andhe begins to make plans as to what must be done. He makes plans for McMurphysescape and thinks of every aspect of what must be said and done. Harding wouldnever have thought of this type of action before McMurphy came along. Hardingsintricate plans and clever defense of McMurphy show that he is no longer afollower. His confidence and new outlook on life have changed his waysdrastically. Once a timid nervous man, who simply accepted his so-calledabnormality, Harding is now able to depend on himself and accept who he is. Oncethought of by Harding as the strong wolf, he now sees the Nurse asnothing more than . full of so much bull*censored*(pg.307). Harding fought against the Nurse and left the hospital with his wife afterMcMurphy opened his eyes as to what life was about. For the first time in hislife Harding rejected the status quo. One Flew Over The Cuckoos Nest is apowerful novel that has a deep meaning. It does not simply tell the story of apsychiatric ward. The novel goes further to explore the importance ofself-esteem and self-reliance. It focuses on the power of individualism in anera when such a thing was shunned. The changes in Hardings attitude reflectKeseys personal rebellion against social conformity.