Student Debt Is A Significant Social Problem Essay

Examining Student Debt When we think about college and a college education, it seems as though our first initial thought is the student loans and debt that can result in achieving a college degree. Looking back, student debt has risen drastically and has made it extremely stressful for students and families. Many people go through their entire life in debt, especially from being a student. Student debt has always existed; however, now, it is so extreme, almost all students who attend college find themselves deep in debt, and must continue paying off their debt many years after they graduate. For the past two decades, student debt has risen, illustrating how big this social problem has become. The reason student debt is a significant social problem is because of how much it can effect a person’s life, and their families lives, that can carry over to their future. Although there were many things that led up to and impacted the drastic student debt that is now being faced by many students around the w orld, the corporation Sallie Mae, was the essential factor in why student debt has skyrocketed to unreasonable proportions. Sallie Mae provided the first type of corporation that changed its focus from helping students, to helping themselves. The history and scope of the student debt can help us understand that the corporation, Sallie Mae, was the main cause of this problem. It is no secret that today, a college degree is essential for a majority of careers compared to how itShow MoreRelatedThe Problem Of Rising Student Loan Debt1495 Words   |  6 PagesAs a mother of four, a large number of the social problems described in the text can and does directly relate to myself, as well as, my family especially regarding the matter of education. 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Sugar Factory Project Free Essays

A PROJECT REPORT ON â€Å" STUDY OF EXCISE DUTY PAYMENT BY GABRIEL INDIA LTD. † AT [pic] -: Submitted By:- AVINASH CHANRDAKANT IGHE -: The Research Guide:- PRO:-D. D. We will write a custom essay sample on Sugar Factory Project or any similar topic only for you Order Now WALKE -: Affiliated To :- University of Pune N. D. M. V. P. Samaj’s Nashik [pic] Institute of Management Research and Technology (IMRT) For The Academic Year 2008 -2009 PREFACE Indirect tax is the one of the most enormous source of fund collection of the Indian government which aids to development expenses and other aspects. Central excise is one aspects of fund/revenue collection. Features of indirect taxes. Government of India needs funds for various purposes like maintenance of law and order, defence, social /health services etc. Government obtains funds from various sources out of which one main source is taxation, Justice Holmes of US Supreme Court has long ago rightly said that tax is the price which we pay for a civilized society. -view echoed in Parshuram Pottery works ltd vs. ITO (1977) 106ITR 1(sc). Taxes are conventionally broadly classified as Direct taxes and indirect taxes. As the name suggest, direct taxes are paid directly and indirect taxes paid indirectly. In the case of indirect taxes, they are paid by one person, but he recovers the same from another person. Thus, the person who actually bears the tax burden pays it indirectly through some other person, Who practically, merely acts as colleting agent of course, he is liable if fails to collect and pay the taxes. Central excise is totally whit the manufacturing company, which company Produce or manufacture excisable goods as per Central Excise Act 1944. Excisable goods indicate which goods failing under Central Excise Act 1944, And it is also must be movable and marketable and must be produce or manufacture in India. Indirect tax structure on goods. †¢ Excise duty 14%, †¢ Education cess 2%, †¢ Secondary and higher secondary education cess 1%, †¢ Vat 12. 50%. Invoice must be have 4 copy 1) Original for buyer. 2) Duplicate for transporter. 3) Third for assesses. 4) Fourth acknowledgement copy. ACKNOWLEDGEMENT It gives me immense pleasure to present this project report on study of Excise Duty Paid out by GABRIEL INDIA LTD. In partial fulfillment of post-graduate course M. B. A. No work can be carried out without the help and guidance of various persons. I am happy to take this opportunity to impress my gratitude to those who have helped me in completing this project report. At the outset, I would like to thank Mr. Kadam Head of Dept. (Excise) of ‘GABRIEL INDIA LTD’ for their valuable advice and guidance during my project completion, also Mr. Doke for timely help concerning various aspects of project. I would be failing in my duty if I do not express my deep sense of gratitude to Prof. D. D. WALKE without his guidance. It wouldn’t have been possible for me to complete this project work. Lastly I would like to thank all professors and staff at I. M. R. T. , my friends and all those persons who contributed directly or indirectly for successful completion of this project. AVINASH C. IGHE DECLARATION I, Avinash Chandrakant Ighe, student of MBA studying in Institute of Management Research Technology, Nashik solemnly declare that the project titled â€Å"STUTY OF EXCISE DUTY PAYMENT BY GABRIEL INDIA LTD. was carried out by me in partial fulfillment of the MBA program under University of Pune. This project was under taken as part of academic curriculum as per university rules and norms and by no commercial interest or motive. It is my original work and not submitted elsewhere for any other purpose earlier. PLACE: NASIK AVINASH C. IGHE DATE: INDEX |Chapter No. |Contents |Page No. | | 1 | |INTRODUCTION ABOUT THE STUDY | 1-8 | | |1. |Object of the project | 1 | | |1 . 2 |Selection of the Topic for study | 2 | | |1. 3 |Objective of the project | 3 | | |1. 4 |Research methodology | 4 | | | |Scope of the study | 5 | | |1. |Limitation of study | 6 | | |1. 7 |Revenue collection of major taxes in India | 7 | | |1. 8 |Budget changes 2008 | 8 | | | | | | | 2 | |PROFILE OF THE ORGANIZATION | 9-15 | | |2. |Introduction of the Company | 9 | | |2. 2 |Product Profile | 14 | | |2. 3 |Organizational structure | 15 | | | | | | | 3 | |ANALYSIS AND INTERPRETATION OF DATA | 16-53 | | | | | | | | | | | | | | | | | |DDDDDDDATADATA | | | |3. 1 |Topic under study | 16 | | |3. |Key analysis Data presentation | 35 | | | | | | | 4 | |EXECUTIVE SUMMARY | 54-56 | | | | | | | 5 | |CONCLUSIONS FINDING | 57-58 | | | | | | | 6 | |SUGGESTIONS RECOMMENDATIONS | 59 | | | | | | | 7 | |APPENDICES | 60-61 | | |6. 1 |Bibliography | 60 | | |6. |Glossary | 61 | | | | | | 1. Object of the Project In Master in Business Administration, theoretical knowledge is not sufficient. Practica l knowledge got by the project is very useful in our future. MBA has to play quit responsible role as a manager, so that practical knowledge is must for management student. During the project we come across different real life problems. This practical knowledge helps us in future to overcome such problems in the corporate world. The objectives of the project work are as follows: 1. To enable the MBA student to test their theoretical knowledge in practical. 2. To provide training to student by the organization, this is very useful in their future. 3. Preparation of project report is mandatory for every MBA student, that is why the primary objective of any project is fulfill the requirement of the syllabus with the grasping the knowledge. 1. 2Selection of the topic for study Topic selections the one of the important aspect of our project. As it decided the course of action, to be followed. The topic selected should be such that it helps in understanding the excise concept clearly, as was given the topic by the company itself. This topic given by project guide was â€Å"STUTY OF EXCISE DUTY PAYMENT BY GABRIEL INDIA LTD†. Covers all the things related to excise analysis provided by the company. 1. 3Objectives of the project 1. To study procedure of central excise registration. 2. To study E. R. 1 form of central excise. 3. To study applicability of the central excise. 4. To study journey of Cenvat credit. 5. To study process of Cenvat credit taken. 6. To study drawbacks of central excise. 1. 4RESEARCH METHODOLOGY Research methodology is a way to systematically solve the research problem. It may be understood as a science of studying now research is done systematically. In that various steps, those are generally adopted by a researcher in studying his problem along with the logic behind them. Data collection is important step in any project and success of any project will be largely depend upon now much accurate you will be able to collect and how much time, money and effort will be required to collect that necessary data, this is also important step. Data collection plays an important role in research work. Without proper data available for analysis you cannot do the research work accurately. There are two types of data collection methods available. 1) Primary data: – The information about the Company is gathered from the discussion with the employees/staff. 2) Secondary data:- The secondary data collected – The balance sheets as on the date of 31st Dec 2007 for the period of 1st April 2007 to 31st Dec 2007 The methodology of this study has been adopted on the following basis: Study of various Journals, Notes Books. †¢ Collection of Primary Secondary data records of the organization. †¢ Analysis of the collected data for its application. 1. 5Sco pe of the project The excise is the important tax from indirect tax. This project covers all points about excise and also cenvat credit rules and conditions. The central excise law mainly comprise of Central Excise act 1944, Central Excise rules 2002, Cenvat Credit Rule 2004. This project also comprises central excise registration procedure, assessee profile, rules related with central excise, journey of cenvat credit rule, process of cenvat credit taken and drawbacks of central excise. Central excise is source of Indian Government from collection funds. 1. 6 LIMITATIONS OF THE STUDY †¢ Generally company does not allow outsiders to conduct any study or research work in company. Therefore, get the project done in company itself was very difficult. †¢ Due to confidentiality some important information, which are important for the project, could not be collected. †¢ Some of the information lack in accuracy, due to which approximate values were used for the analysis. Hence, the results also reveal approximate values. †¢ The project is based on theoretical guidelines and as per situations prevalent at the time of practical training. Hence, it may not be apply to different situations. †¢ The time span for the project was very short which was of 2 months, which itself acts as a major constraint. Moreover, studying the guidelines and applied it practically within such short time span was a task of great pressure. 1. 7 Revenue collection of major taxes in India [pic] Note:- (1) N. A – not available. (2) Figures in crores. 1. 8 Budget changes 2008. Budget 2007-08 and Finance Bill 2008 was presented before Parliament on 29-02-2008. The changes which are effective immediately or from 1-04-2008 have been discussed at relevant places. The statutory changes and changes in duty rates are summarized in fort pages. Highlights as follows:- †¢ General rate of basic duty reduced from 16% to 14% from1-3-2008. †¢ Rule 6(3) of cenvat credit rule recast to provide for proportionate credit in case where manufacturer is manufacturing both exempted and taxable goods and service provider is providing both taxable as well as exempted services. †¢ In case of deemed manufacturer, simple repacking will be ‘Manufacture’ 1-3-2008. Till now, labeling, re-labeling and also repacking was required. †¢ Service tax on GTA to be paid by cash only. Controversy relating to cenvat credit of outward freight continues. †¢ Strips of plastics for weaving fabric eligible for SSI exemption 1-4-2008. EOU have to pay duty equal to 50% of customs duty plus excise duty 1-3-2008. †¢ NCCD of 1% imposed on mobile phones but NCCD on PFY and pan masala not containing tobacco has been withdrawn. 2. 1 Introduction of the company Gabriel India sets up its facility in Parwanoo in 1978 in collabora tion with Federal Mogul, USA world leader in thin-walled, bimetal engine bearings, the Parwanoo plant is equipped with a fully integrated facility for the manufacture of a complete range of bimetal bearing, bushes, flanges and thrust washes; including manufacturing of powder metal and bimetal strips. In 2004, Gabriel has put up a new plant in Khandsa (Haryana) for anufacture of aluminum tin bearings. Anand Engine bearing division was emerged in 2007 from Gabriel India Ltd and is now called Anand Engine Component Ltd. Anand Engine Component Ltd is a leading suppler of Engine bearings to domestic OEMS and replacement market in the automotive industry as well as other segments such Railway, Marine and power generation. Its product also being exported to several oversea markets. Name of the company: – Gabriel India limited, Address of company: – 29th milestones, Pune-Nashik Highway, Village Kuruli, Tal: Khed, Dist. Pune -410501 (India) Tel. :+91-9922908401/2/3/4 Fax: +91-2 135-261200 www. anandgroupindia. com 1. Capital Employed – $ 43 Million 2. Net Fixed Assets – $ 31 Million 3. Major Products- Shock Absorbers, Strutsand Front Forks. Engine Bearings. 4. HQ Location- Delhi 5. Established – 1961 2. 1. 1Brief history of Gabriel:- 1997 : Started Plant for OE Passenger car shocks 1998 : HMI, Tata Motors Ford India business started 1999 : Toyota Kirloskar business started (Qualis) 2000 : Acquired certification for QS 9000 by BVQI 2001 : HM business started (Lancer) 2003 : Acquired certification for ISO 14000 2003 : Acquired certification for OHSAS 18000 2003 : Maruti business started 003 : Acquired certification for TS 16949 by BVQI 2003 : Acquired certification for Ford. 2004 : GMI business started. 2. 1. 2 Mission of the Company:- The mission statement of Gabriel is:- â€Å"To champion and accelerate learning by providing world-class technical and managerial solution and act as the hub for transfer of learning throughout the group. † Basic philosophy behind that is â€Å"Increase of value contribution customer satisfaction† which means elimination of non value added activities and emphasis on value stream way of thinking rather than the traditional functional way of thinking. 2. 1. 3 Logo of the Company:- pic] 2. 1. 4 Location of the production: – Company has six branches in India. It is as follows. †¢ Pune. †¢ Dewas. †¢ Hosur. †¢ Parwnaoo (Himachal Pradesh). †¢ Nashik. †¢ Gurgoan. 2. 1. 5 Production capacity:- 1) Struts 1. 5 Million units per annum. 2) Front Forks 1. 5 Million units per annum. 3) Shock Absorbers 10. 0 Million unit per annum. 2. 1. 6 Certification of the Company:- 1:-ISO9002 – Nashik, Hosur, Parwanoo. 2:-ISO14001 – Hosur, Dewas, Pune. 3:-QS9000 – Hosur, Dewas, Nashik. 4:-ISO16949 – Hosur, Pune, Dewas. 5:-OHSAS 18001 – Hosur, Dewas, Pune. 2. 1. 7 Ride control global product range. |Twin tube shocks (gas). | |Twin tube shocks (non-gas). |Mono tube s hocks. | |Spring seat shocks (semi-strut). | |Cab suspension damper. | |Steering damper. | |Strut cartridges. | |McPherson struts. | |Self leveling shocks. | |Active suspension. | |Suspension corner module. | 2. 1. 7 Gabriel Pune [pic] 2. 2Product profile:- [pic] [pic] 2. 3 Organizational chart :- Deep C Anand Foundation Mr. S. G. Kulkarni (D. G. M finance) Mr. A. Vispute Mr. S. Das (Sr. manager) Manager) Mr. M. Dalal Mr. S. Agnihotri Mr. A. Mane Mr. T. J. Kadam (A. M) (A. M) (A. M) (A. M) Miss. Harivanda Mr. A. P. Doke (Asst. ) (Officer) Mr. R. M. Wadekar Mr. M. D. Pardeshi 3. 1 TOPIC UNDER STUDY 3. 1. 1 Theoretical background :- 1) Journey of Central Excise. 2) Central Excise Act 1944. 3) Central Excise Rules 2002. 4) Cenvat Credit Rule 2004. ) Registration procedure of central excise. 6) E. R. 1 form, analysis and format. 3. 1. 2 Journey of Central Excise. Available historical evidence on the organized forms of commodity taxation shows that duty on two commodities – salt and liquor – was levied during flourishing Mauryan period (5% to 10%). During Mughal period, tax on manufactured goods was extended to indigo, cotton, soap, edible oil, tobacco and salt. Early British Rule imposed duty on dairy products, handlooms, leather products. Iron and steel. Excise, as we understand it today, was 1st introduced on cotton yarn in 1894, mainly to check exports of Indian textiles to USA, China, Japan and Hong Kong. Subsequently, excise net was widened and it was imposed on motor spirit (1917), kerosene (1922), Silver (1930), Sugar and matches (1934). More items were covered under excise in 1943. Development of Excise Law Initially, separate Act used to be introduced for each commodity. Thus, by 1944, there were 16 each enactment. All these were consolidated and a consolidating Act was passed in 1944(which is still in force). The consolidated act included various items called Tariff Items (TI) – like Sugar (TI-1), Coffee (TI-2), Tea (TI-3) etc. More and more items were added each year, usually at the time of Budget. Finally, residual item – called Not Elsewhere specified (NES) (TI-68)-was introduced w. e. f. 1-3-1975. Thus, effectively, all items were covered. Duty on TI – 68 was 1% in the beginning, which was raised in stages to 12%. Central Excise Tariff :- Since tariff item were added from time to time, the arrangement and sequence of each was not tariff item was not scientific and logical as items were added in the Schedule to central Excise Act from time to time. In the meanwhile, International Standards were developed for classification of goods and Customs Tariff in India was revised to fall in line with International Standards for classification. Excise tariff was also revised and Central Excise Tariff Act, 1985 was brought into effect from 1-3-1986. Thus, only 15 commodities were covered in 1944, against over 1,300 commodities covered in 1994. MODVAT in 1986 :– Modvat was introduced w. e. f. 1-3-1986, to avoid cascading effect of taxation. Coverage of MODVAT was increased over a period of time and now most of the inputs (except a few), are eligible. MODVAT was extended to capital goods and petroleum products in March 94. (MODVAT was renamed as CENVAT w. e. f. 1-4-2000) Other landmarks – until 1938, excise duties were administered by provincial (Now called State) Governments. Central Excise and Salt Revenue Department was established in 1938. Changes in recent times:- Some important changes in recent times are as follows: 1-4-2000 – Basic Excise Duty will be 16%on almost on all commodities. Branded goods manufactured by SSI in rural area will be exempted from duty. 1-4-2000 – Modvat was renamed as Cenvat. New Cenvat rules 57 AK introduced Duty payment on fortnightly basic, instead of at every time before clearance. 1-7-2000 – All statutory records abolished. Department will rely on private records of assessee. New Valuation section 4 and new Valuation rules introduced. 1-7-2001- New Central Excise Rules made effective and earlier Central Excise Rules, 1944 scrapped. Many procedural simplifications made. September, 2001 – CBEC released ‘New Central Excise Manual, 2001’ and ‘Custom Manual, 2001’. Basically, these are consolidation of many previous trade notices, public notices and CBEC circulars. In addition, general information about customs and excise law is contained in these manual. 9-7-2004 – Introduction of Education Cess @ 2% of duty or tax, Textile Articles practically out of excise net. 10-9-2004 – Integration of Cenvat Credit of Excise duty on goods and service tax. Credit is inter-changeable. 1-1-2005 – Service tax on Goods Transport Agency. Tax payable by consignor/consignee paying freight. 28-2-2005 – Central Excise Tariff converted from 6 digits to 8 digits. 1-3-2006 – AED (GSI) fully exempted. SED merged with basic excise duty. 13-7-2006 – department can provisionally attach property of a person to whom show cause notice has been served (section 11DDA of CEA). Basic procedure in Central Excise As per section 6 of CEA, registration is required to be obtained by (a) every manufacturer or producer of excisable goods that is goods specified in first and second schedule to central excise tariff act (b) wholesale purchase or sale or storage of any specified goods included in first or second schedule of central excise tariff act. As per rule 9 of Central Excise Rules, every person who produces, manufacturers, carries on trade, holds private store room or warehouses or other wise uses excisable goods shall get registered. The rule also otherwise Board to issue notification (a) specifying conditions and procedures for registration and (b) grating exemption to person or class of person from provisions registration. Registration is compulsory as both section 6 of CEA and rule 9(1). It has been clarified that registration granted in earlier old rule 174 will be valued under new rules. 3. 1. 3 Central Excise act 1944 (sec 40) This is the first act which gave the power to excise officer for provision of collecting the excise or taking action of arrest, penalty, Valuation. Nature of Excise Act The basic condition for levy of Excise Duty:- 1) The duty is on goods. 2) The goods must be excisable. 3) The goods must be produced or manufactured with aid of power. 4) Such production must be in India. 5) Goods must be movable and marketable. 3. 1. 4 Central Excise Rules 2002 Rule 1:-Short title, extent and commencement. Rule 2: – Definition of. Act †¢ Assessment †¢ Assesses †¢ Board †¢ Duty †¢ Notification †¢ Tariff act †¢ Warehouse Rule 3: – Appointment and jurisdiction of central excise officer. Rule 4: – Duty payable on removal. (Molasses) Every person who produce or manufacture any excisable goods, or who store s uch goods in a warehouse, shall pay the duty livable on such goods in the manner provided in the rule 8 under any law, and no excisable goods, on which any duty is payable, shall be removed without payment of duty from any place, where they are produce or manufactured, or from a warehouse, unless otherwise provided. Rule 5: – Date for determination of duty and tariff valuation. If any excisable are used within the factory, the date of removable of such shall mean the date on which the goods are issued for such use. Rule 6: – Assessment of duty. The assessee shall himself assess the duty payable on any excisable goods. Rule 7: – Provisional assessment. The Assistant Commissioner of central excise or the deputy commissioner of central excise, as may be required for finalizing the assessment, the is available, but within a period not exceeding six months from the date of the communication of the order issued under sub rule (1). Rule 8: – Manner of payment. The duty on the goods removed from the factory or the warehouse during a month shall be paid. Rule 9:-Registration. Any person who produces, manufacture, carries on trade, holds privet store-room or warehouse or otherwise uses excisable goods, shall get registered. Rule 10:-Daily stock account. All such records shall be preserved for a period of five years Immediately after the financial year to which such records pertain. Rule 11:-Goods to be removed on invoice. No excisable goods shall be removed from a factory or a warehouse except under an invoice singed by the owner of the factory or his authorized agent and in the case of cigarettes, each such invoice shall also be countersigned by the inspector of central or the superintendent of central excise before the cigarettes are removed from the factory. Rule 12:-Return to filing Provided that an assesses manufacturing pan masala failing under tariff item 21 06 90 20 or pan masala containing tobacco failing under tariff item 24 09 99 90, shall also file, along with the return ,for the month which the said return relates, a statement summarizing Rule 13: – Export without payment of duty. †¢ Any excisable goods may be exported without payment of duty from a factory of the producer or the manufacture or any other premises, as may be approved by the commissioner. †¢ Any material may be removed without payment of duty from a factory of the producer or the any other premises, for use in the manufacture or processing of the goods which are exported, as may be approved by the commissioner. †¢ The export under sub rule (1) or sub rule (2) shall be subject to such conditions, safeguards and procedure as may be specified by notification by the Board. Rule 14: – Warehousing provision. The central government may be notification, extend the fac ility of removal of any excisable goods from the factory of production to a warehouses to another warehouses without of payment duty. †¢ The facility under sub-rule (1) shall be available subject to such condition, including penalty and interest, limitation with respect to the period for which the goods may remain in the warehouse and safeguard and procedure including in the related to the dispatch, movement, receipt, accountable and disposal of such goods may be specified by the Board. 3. 1. 5 Cenvat credit rule 2004. (rule 16) Dated 10/9/2004 amended. Government appointed Dr. Vijay Kelkar for recommending tax reforms and as part of the report. Union budget 2003-2004 clearly recommendation of Kelkar committee have been accepted. A new rule 12 A was inserted vide notification no: 19/2006, dated 30/09/2006. which deals with the procedure and facilities for large tax payer, particularly with reference to the following aspects. 1) Removal of input or capital goods by a large tax payer through a transfer challan/invoice. 2) Transfer of cenvat available with one of the units of the large taxpayer to his other registered premises through a transfer challan. Cenvat credit rule deals with as follows goods, Rules 1 :- Capital goods †¢ All goods failing under chapter 82,84,85,90 heading no 68. 02. †¢ Pollution control equipment. †¢ Component, spares and accessories of the goods. Specified (1) (2) above. †¢ Moulds and dies, jigs and fixtures. Refractory and material. †¢ Tubes and pipes and fitting. †¢ Storage tank. Note:-office equipment and appliance in an industry and hence credit cannot be valid. Rules 2 :- Inputs All goods and raw material Except light diesel oil, high speed diesel oil and motor spirit, commonly known as petrol and motor vehicles, used for providing any output service. Rule: – 3 A manufacturer or producer of final products or a provider of taxable service shall be allowed to take credit. †¢ The duty of excise of specified in the first schedule to the Excise Tariff Act, livable under the excise act. †¢ The duty of excise specified in the second schedule to the Excise Tariff Act. The education cess on excisable goods under section 91. Rule:-4 Condition for allowing CENVAT credit. The cenvat credit in respect of inputs may be taken immediately on receipt of the inputs in the factory of the manufacturer or in the premises of the provider of output service. Rule: – 5 Refund of CENVAT credit to units in specified areas. For the purposes of this rule, â€Å"duty† means the duties specified in the sub rule (1) of rule 3 of these rules. Rule: – 6 Obligation of manufacturer of dutiable and exempted goods and provider of taxable and exempted services. Rule: – 7 Distribution of credit on inputs by the office or any other premise of output service provider. A provider of output services shall be allowed to take credit on inputs and capital goods received on the basis of an invoice or a bill or a bill a challan issued by an office or premises of the said provider of output service, which receives invoice, issued in terms of the provision of the central excise rules, 2002, towards the purchase of inputs and capital goods. Rule: – 8 Storage of inputs outside the factory of the manufacturing. Rule: – 9 Documents and accounts. (1) An invoice. (2) A supplementary invoice. (3) A bill of entry. (4) A certificate issued by an appraiser of customs in respect of goods imported through a Foreign Post office. Rule: -10 Transfer of cenvat credit. Rule: – 11 Special dispensation in respect of inputs manufactured in factories located in specified areas of North East region, Kutch district of Gujarat, state of Jammu and Kashmir and state of Sikkim. Rule: – 12 Power of central government to notify goods for deemed cenvat credit. Rule: – 13 Recovery of cenvat credit wrongly taken or erroneously refunded. Where the cenvat credit has been taken or utilize wrongly or has been erroneously refunded, the same along with interest shall be recovered from the manufacturer or the provider of the output service and the provision of section 11A B of the excise act or section 73 and 75 of the finance act. Rule: – 14 Supplementary provision. Any notification, circular, instruction standing order trade notice or other order trade issued under the Cenvat Credit Rule 2002, by the Central Government, the central board of excise and customs, the chief commissioner of central excise, and in fore of the commencement of these rules, shall, to the extent it is relevant and consistent with these rules, be deemed to be valid and issued under the corresponding provision of these rules. 6. Registration procedure of Central Excise As per section 6 of CEA 1944, Registration is required to be obtained by (a) every manufacturer or producer of excisable goods that is goods specified in first and second schedule to central excise tariff act b(b) wholesale purchase or sale or storage of any specified goods included in first or second schedule of central excise tariff act. As per rule 9 of central excise rules, every person who produces, manufacturers, carries on trade, holds privet store room or warehouses or other wise uses excisable goods shall get registered. The rule also otherwise Board to issue notification (a) specifying conditions and procedures for registration and (b) grating exemption to person or class of person from provisions registration. Registration is compulsory as both section 6 of CEA and rule 9 (1) use the world shall. It has been clarified that registration granted in earlier old rule 174 will be valued under new rules. 1. Application for registration:- Before starting production of excisable goods or dealership for the purpose of issuing invoice to pass Cenvat credit, registration should be obtained. The Application Forms specified for this purpose are given in Annexure (Form A1 for all persons except certain textile processors/cheroot manufacturers). Separate Forms A2 is prescribed for registration of Power loom Weavers/Hand processors/ dealers of yarns and fabrics and manufacturers of readymade garments. Form A3 is the application for registration specified for manufacturers of hand – rolled cheroots tobacco falling under sub – heading 2402. 00 of Central Excise Tariff. The application should be submitted in duplicate to the jurisdictional Deputy/ Asst. Commissioner of Central Excise. An attested copy of permanent Account Number (PAN) allotted by Income Tax Department should be enclosed with the application. Under the New Central Excise Registration Procedure for Power loom Weavers/Hand processors/ dealers of yarns and fabrics and manufacturers of readymade garments, the C. B. E. and C. through Circular No. 708/24/2003- CX, dated 23-4-2003[2003(153) E. L. T(T63)], asked departmental officers to issue registrations even if PAN is not available. 2. Registrations Certificate:- The Registrations Certificate in prescribed format [Form RC-Annexure-2] will be issued within seven days. Normally, RC can be obtained across the table on the date of application itself. Verification of the premises will be made later. 3. Permanent nature of RC:- Registrations Certificate, once issued, is permanent except when it is suspended or revoked. RC is not required to be renewed. 4. No fee for Registration:- Registrations Certificate is issued free of charge and there is no fee prescribed for the same. 5. Same form for intimation of changes:- The same application form is to be used for intimating any change in the information furnished originally at the time of applying for Registrations Certificate. Manufacture of new or additional products need not be intimated. 6. Transfer of Business:- Excise registration is premises-specific. But it is non-transferable and hence, when the business is transferred to another person by way of sale or lease, the taking over the business (transferee) should take fresh registration in this name. 7. Change in the Constitution:- If the entity holding Central Excise Registration is a firm or company or association of persons, any change in the constitutions should be intimated to the concerned Central Excise Officer within 30 days. 8. De- Registration:- If the business is not carried, Registrations Certificate should be surrendered to the superintendent of Central Excise. A declaration specified for this purpose [Annexure-3] should be given while surrendering RC. 9. Quoting RC Number:- The PAN- based Excise registration number is required to be printed on top of all Central Excise invoices, duty challans, PLA other Forms /documents. Textile units coming into Excise fold for the first time can clear their goods and pay duty pending grand of registration. 10. Revocation or suspension of registration:- For contravention of provisions of Central Excise Act, 1944/ Central Excise Rules, 2002 and other specified offences, RC can be suspended or revoked by the deputy/Assistant Commissioner. As there are separate penal provisions to take care of various infractions, this is seldom resorted to. 3. 1. 7 Analysis and detail of Excise Return Form: – Excise Return (E. R. -1) form :- Excise Return (E. R. -1) form is the most important document of excise return. Rule 12 of the Central Excise Rules, 2002 and rule 9(7) of CENVAT Rules, 2004. Each E. R. 1 form have two copies one is original and other is duplicate this document use for return of excisable goods and availment of cenvat credit for the month. Includes details of the manufacture, clearance and duty payable also detail of goods item code, registration number, name of the company, address, quantity manufactured, and quantity cleared assessable value etc. E. R. 1 form has details about basic excise duty 14%, education cess 2% and secondary and higher education cess. Attached all detailed value, item code number, description and also detail of cenvat credit availment and utilized. E. R. 1 form has details about cenvat input goods, cenvat capital goods, and cenvat service tax. The following points are include in cenvat credit availment and utilized. †¢ Credit on manufacture invoice. †¢ Credit taken on Dealers invoices. †¢ Credit taken on capital goods. †¢ Credit taken on input services. †¢ Credit taken on imported capital goods. Credits taken from inter unit transfer of credit by a large taxpayer. E. R. 1 form include Self assessment memorandum, acknowledgment and lastly authorized signature and name. 3 . 1. 8 CENVAT Credit Process:- (1) Cenvat credit is allowed to offset duty liability on final product services. Hence, as per rule, Cenvat credit is not allowed on quantity of inputs and input service used exclusively in the manufacturer of exempted goods/ services. If cenvat credit is availed on inputs and input services used in the manufacture or rendering of both dutiable and exempted goods or services, 10% of total price (excluding sales tax and other taxes if any paid) shall be paid. The output service provider shall utilize credit only credit only to the extent of an amount not exceeding 20% of the amount of service tax payable or taxable output service. Now sub-rule (3A) in Rule 6 Vide Notification No. 10/2008-C. E. (N. T. ), dated 1-3-2008. (w. e. f. 1-4-2008) provides for reversal of credit attributable to the input and input services used in the manufacture of exempted goods as per the prescribed in the said rule. (2) The condition of 10% payment is not applicable if separate accounts of receipt, consumption and inventory of such inputs or input service are maintained cenvat credit is taken on that quantity of inputs and input services used in the manufacture of dutiable goods/ taxable service only. In respect of certain specified services, such restriction doses not operate. Thus credit is allowed on the service tax pay without the requirement of maintaining separate accounts to consulting engineer, architect, and interior decorator, management consultant, real estate agent, commissioning and instillation service, technical inspection and certification service, commercial or industrial construction service security, security agency, scientific or technical consultancy, banking and financial services, life insurance services, technical testing and analysis service, maintenance or repair service and intellectual property service, if these or not used exclusively for providing exempted output services. In the case of general insurance service, when both taxable and exempted services are provided, an optional scheme, utilize Cenvat credit attributable to inputs/ input services used in providing taxable services, has been provided. (3) For manufactured of certain specified exempted goods manufacturer shall pay an amount equivalent to Cenvat credit attributable to inputs and input services used in or in relation to manufacture of such final products. These products are: A – Goods falling within heading No. 2207 of the First Schedule to the Tariff Act; (Ethyl alcohol and other spirits, denatured, of any strength); B – Low sulphur Heavy Stock (LSHS) used in the generation of electricity; C – Naphtha (RN) used in the manufacture of fertilizer; D -. Newsprint, in rolls and sheets, falling within heading No 48. 1 of Central excise tariff; E – Final products failing within chapters 50 to 63 Central excise tariff; F – Naphtha (RN) furnace oil used for gener ation of electricity; G – Goods supplied to defense projects or to the Ministry of Defense for official purposes, under any of the specified notifications; H – Liquefied Petroleum Gases (LPG) falling within item 27111200, 2711300 and 27111900 of the said First Schedule; I – Kerosene for ultimate sale through Public Distribution System. If the above producer is not followed the assessee will be liable not only for recovery under Rule 14 of Cenvat Credit Rule, 2004, but also for interest penalty. (4) Amount of 8% paid (now 10% under Rule 6) while clearing non-dutiable goods and realized from customers was held as not recoverable under section 11D of Central Excise Act, 1944 – Unison Metals Ltd. V. commissioner, 2006 (204) E. L. T. 323(Tri. -LB). But if the amount was collected in respect of dutiable goods, the same Larger Bench judgment says, real identity of the amount collected is not relevant for section 11D; whether the collection ‘represented duty’ of excise alone is relevant. (5) As per new condition â€Å"(d)† in Rule 6(3), the output service provider in the case of general insurance service has to intimate the option in writing to utilize Cenvat attributable to inputs and input services in providing taxable output services to the Range Superintendent, giving prescribed details. The option once exercised cannot be withdrawn during the remaining part of the financial year. (6) Credit is not admissible on capital goods used exclusively in manufacture of exempted goods/rendering of exempted services. 7) Under Rule 6 (3), no distinction is to be made between intended final product and unintended emergency of by – product – 2007 (208) E. L. T. 25(Tri. -LB) – Rallies India Ltd. v. CC E. (8) The substantive provisions of Rule 6 as contain in sub-rule (1),(2) and (3) shall not apply for exempted goods cleared either to :- ? SEZ Unit, ? 100% EOU, ? EHTP,STP unit, ? United Nations or an International Organization for their official use or supplied to projects listed in Notification No. 108/95 – C. E. , or ? For export under bond under Rule 19 of the Central Excise Rules, 2002. [ C. B. E. C. circular No. 785/18/2004 – CX. , dated 17-5-2004 – 2004 (167) E. L. T. T35] ? Gold or Silver arising in the course of manufacture of copper or zinc by smelting, or, All goods which are exempt from the basic duties of Customs and the additional duty (C. V. D. ) when imported into India and supplied against International competitive bidding in terms of Notification No. 6/2006 – C. E. 2. KEY ANALYSIS DATA PRESENTATION 3. 2. 1 EXCISE DATA OF THE COMPANY :- Financial highlight of the period 1st April 2004 to 31st March 2008 A. Value of clearance goods. |S. R. |Particulars |2004 – 2005 |2005 – 2006 |2006 – 2007 |2007 – 2008 | |1 |Domestic clearance |774200060 |1001839000 |1024535335. 87 |761355812. 0 | |2 |Scrap |2990434 |4460621 |4406276 |3947935 | | | | | | | | |3 |Export clearance |11270 |2740620 |5150444 |1958831 | |4 |Other |26581926 |29447903 |8895151. 08 |00. 00 | |5 |Total clearance |803783690 |103783690 |1042987207. 15 |767262578. 50 | B. Central excise duty. |S. R. Particulars |2004 – 2005 |2005 – 2006 |200 6 – 2007 |2007 – 2008 | |1 |Payment in PLA |48740016 |53681491 |41367098 |26186202 | | | | | | | | |2 |Payment through cenvat credit |90119634 |112750237 |169196919 |100193615 | | | | | | | | | | | | | | | |3 | Total |138859650 |166431728 |210564017 |126379817 | | | | | | | | | | | | | | | C. Cenvat credit taken. |S. R | Particulars |2004 – 2005 |2005 – 2006 |2006 – 2007 |2007 – 2008 | |1 |On capital goods |4958440 |4773122 |8147200 |7764147 | | | | | | | | |2 |On input goods |87752967 |109226355 |153488966 |86673644 | | | | | | | | |3 |On input services |165307 |311808 |4044501 |3008152 | | | | | | | | | | | | | | |4 | Total |91776714 |114311285 |165680667 |97445943 | | | | | | | | | | | | | | | Passenger cars in India- Share of Business The following chart shows market share of Gabriel India ltd. Conclusion:- The above pie chart shows Gabriel is the enormous producer in the India which produces automotive components. Gabriel covered about 63%production and other companies covered only 37%. It is indicating Gabriel very important company for the Indian automobile sector. Central excise paid by Gabriel: (Payment in PLA, payment through cenvat credit) The following chart shows payment through personal ledger account and cenvat credit. Conclusion:- The above chart shows central excise payment through personal ledger account and cenvat credit. Cenvat credit is the most important element of excise. As per above chart company paid continuously excise from personal ledger account and continuously growth in payment of duty. Total excise payment of Gabriel (from 2001 to 2008) The following pie chart shows excise payment of Gabriel India ltd. ll payment shows in parentage from 2001 – 02 to 2007 – 08 [pic] Conclusion :- The above chart shows every year increase the total value of excise clearance, that means Gabriel have incessantly growth and also paid the duty regularly. Cenvat credit taken :- The following bar graph shows cenvat credit taken by Gabriel India ltd. The following value shows Capital goods, Input goods and Input Services. [pic] Conclusion :- The above hart shows value of Capital goods, Input goods and Input Services in graphically. As per above chart input goods is one most important goods for cenvat credit and large commitment for cenvat credit. Capital goods and input services covered very small area of cenvat credit. | |[See rule 12 of the Central Excise Rules, 2002 and rule 9 (7) of CENVAT Credit Rules, 2004] | |   |   |   |   | |Large Taxpayer unit opted for (Name of City) |   | |   | |   |   |   |   |   | |   |   |   |   |   |   | |Name of the assessee | |   | 29-Mile Stone Pune – Nasik Highway |   | |   |   | |   |Village Kuruli, Pune-410501 |   | |  3. Details of the manufacture, clearance and duty payable: |   | |   |   |   |   |   | |1 |Motor Vehicle parts Accessories : Shock |8708. 00 | | 14 % | | |Absorber Struts / Kits/Tube | | | | | | | |- | | |2 |Tools Dies |8207. 00 | – |14 % | |3 |Waste Scrap of Steel |7204. 90 | – |14 % | 2. List of the principal inputs and capital goods used by the assessee. A) Inputs :- 1) MS Steel Tubes 2) Bright Bar 3) Sintered parts. B) Capital Goods: – As per Annex- G. 4. Brief details of the revenue for the list three years in the Performa given below. |Year. |Total duty paid |Total duty paid through CENVAAT | Total duty | | |PLA |Inputs Cap. Goods | | | | | |payment | | |(In Rs. ) |(In Rs. ) | | | | | |(In Rs. | | | | Inputs /Cap. Goods | | |2002-2003 |28871497 |42919868 / 3224062 | 75015427 | |2003-2004 |39091938 | 61721263 / | 104876428 | | | |4063257 | | |2004-2005 |48740016 | 86010192 / 3369064 | 138119272 | C. SUMMARY OF AUDIT RESULTS Date of preparation 22. 09. 2002 W/P No_____________ Provide an outline of all objections , which involve short/non levy/collection of Duty, amount (say under Sec. 1D), irregular availment / utilization of credit, Irregular payment of refund and non -payment of interest due. Details of objection Of technical /procedural in nature without involving revenue / credit / interest /amounts should also be mentio ned . Indicate whether the assessee has agreed to the objection and if so , has made spot payment (if so details thereof). D. PRELIMINARY OR DISK REVIEW: Date of preparationW/P No_____________ 1. Give reasons for selection of the unit for audit this time (as informed by Planning Cell) The Company has paid Central Excise Duty between 1 to 2 crores through PLA for the last three years; therefore according to the CBEC letter F. No. 598/35/2001-CX DT. 09. 11. 2001, the company has been selected for EA-2000 Audit, under new standard audit programmer 2. The auditor should check whether the Assessee Master File (refer to in Annexure A and B of New SAP) is available in IAD and whether the same is complete. If not the auditor should complete the same as for as possible from the information available in the office. Go through the information available in Assessee Master File. Identify and mention (with justifications), the areas or issues those merit verification during the conduct of audit (refer Para 3. 4. 2 of New SAP) No Assessee Master File has been maintained in IAD. However, now it is being prepared. (i) Obtain and study other documents illustrated in para 3. 4. 2 and Annexure G of New SAP and conduct examination as illustrated in Annexure D of New SAP. List Out the documents studied. 1) Balance Sheet 2) Clearances for last three years 3) Classification list 4) Modvat Declaration (ii) Identify and mention (with justifications), the areas or issues those merit Verification during the conduct of audit (refer para 3. 4. 2 of New SAP). In the balance sheet for the year 2003-04 it is observe that the company has shown Other income Rs. 50,163,700/- the detail of the same are required to be verified (See Annexure â€Å"A†) 3. Work out sum of the important financial ratios as mentioned in para 3. 4. 3 and Annexure C of New SAP. Mention the important indicators which require detailed Verification during the conduct of audit. From the balance sheet for the year 2000-01 2001-02 it is observed that the company have not taken any term loan from bank but during the year 1996-97 the company has taken term loan from ICICI, SBI Patiyala, Deutche bank for installation an of plant as well as purchase of assets. Further the company has not taken major advances from their customers. 4. Mention charges in the law and rates of duty pertaining to the products manufactured and inputs since previous audit. There is no change in rates of duty for products manufactured and inputs since last audit. 5. Mention details of Anti-evasion cases booked in recent past or are in progress and Past audit objections, which have not been settled so far by way of assessee acceptance, Adjudication, appeals etc. No anti-evasion cases booked in recent or past, Audit objections are pending related to service tax on Tech. know how and clearance to Sister Unit, Non payment of interest on rate escalation charges 6. Observation of the Auditor on any other issue emerging during Desk Review. E. GATHERING AND DOCUMENTIING SYSTEMS INFORMATION INTERVIEWS Date of preparation: 16. 09. 2 to 18. 09. 02W/P No_____________ Person (s) Interviewed, their designation and dates of interview. |Person |Designation |Date of interview | |Mr. Sanjay Agrawal |Sr. Manager, Finance | | |Mr. B. Rao |Sr. Manager Production | | Whether the assessee’s as submitted list of all documents maintained in respect of items mentioned und er Para 3. 4. 7 of New SAP. Yes the assessee has submitted the list of all documents i. e. Trial balance, Balance Sheet, profit loss account, Sales tax returns, Income tax returns, Purchase Sales ledger Give the gist of interviews especially in respect of i) related ventures , business with these ventures and annual volume of such Transactions, ii) relationships with the unit and its owners/shareholders , iii) the head office /registered office of the unit , location of its operations and location of its accounting records Head Office/Factory: Kuruli, Pune- Nasik Highway, Tal -Khed, Dist-Pune. iv) whether Company is an ancillary unit or independent unit of productions: It is an independent Unit. v) Any organizational or systems changes that has occurred since last audit CENVAT TO PLA RATIO (in 000) Year |PLA |CENVAT |Ratio | |2003-04 |39092 |65785 |37:63 | |2004-05 |4874 |89379 |35:66 | Excise Duty to Turnover Ratio (in 000) |Year |Excise duty |Turnover |Ratio | |2003-04 |104877 | | % | |2004-05 |138119 | | % | AUDIT PLAN: (Please see para 3,4,22 to 3,4,24 and Annexure J of NEW SAP) Date of preparation 14. 01. 2006 W/P No_____________ Audit Plan approved by___________ ) The Audit Plan must be based on the issues identified in the previous stops as to be verified during the conduct of audit and must be specific in the following format(also given in Annexure J of New SAP) |Srno |Subject No |Specific issue |Source Document |Field Document |Coverage Period |Selection |Verification | | | | | | | |Criteria |Paper No | |1 |Capital goods |Credit availed on |1. Invoice |1)purchase register|December, |Company | 1 | | | |capital goods | |/ |2001. |Availed | | | | |installation |2. RT 12 |order | |Credit in | | | | | | | | |Capital goods of | | | | | |3. Balnce |2) Asset | |Rs. lakhs for | | | | | |sheet |Register, | |the month of Dec. | | | | | | | | |2001. | | | | | |4. Delivery |3)Installatn | | | | | | | |Challan |certificate | | | | | | | | | | | | | | | | |5. Cenvat A/c |4)Gate | | | | | | | |Register. |register | | | | | | | | | | | | | | | | | |5) Issue slip | | | | | | | | | | | | | |2 |Credit on input|Credit availed on |1). Export |1). Purchase |November, 2001. |Company has |2 | | | |inputs of |Invoices |Register, | |availed CENVAT | | | | |utilization |2). RT 12 |2) Purchase | |Credit of | | | | | |3). Balance |order, | |Rs. 62 lakhs | | | | | |sheet |3) Gate | |On input for the| | | | | |4). CENVAT A/c |register, | |month of Nov. | | | | | |register |4). Issue slip | |2001 and March | | | | | | |5) Stock | |2002 | | | | | | |statement. | | | | |3 |Export |Export under bond |1). RT 12 |1). Purchase order,|August, 2001, |Company has | 3 | | | |/ rebate |2). ARE I |2).. Shipping | |exported | | | | | |3) Invoice |bill | |excisable product| | | | | |4). UT1. |3).. Delivery | |under UT | | | | | |5) RG1 |challan | |amounting to Rs, | | | | | | |4). Packing slip, | |30012993 | | | | | | |5). Proof of | | | | | | | | |export, | | | | | | | | |6) Sales register. | | | | |4 |Waste and scrap|Clearance of steel|1). RT 12 |1). Balance sheet. |March 2002 |Company has | 4 | | |of steel |scrap |2). Invoice, |2). Sales register,| |cleared maximum | | | | | |3). Delivery |3).. Tender copy, | |steel scrap in | | | | | |challan, |4). Weight | |March 2002 | | | | | |4). RG1 |slip, | | | | | | | |5) Prodn. Clearance |5) Gate register | | | | | | | |Statement for | | | | | | | | |2001-02 | | | | | |5 |Consulting |Expenditure on |1). Agreement |1). RBI Permission |1997-98 |1997-98 onwards | 5 | | |Engineer |technical know-how|2). Balance |2). Party |Onwards |to August 2002 | | | | |i. e. |Sheet |Ledger, | | | | | | |Consulting | |3) Payment | | | | | | |Engineer | |particular | | | | EXECUTIVE SUMMARY The project titled as â€Å"STUTY OF EXCISE DUTY PAYMENT BY GABRIEL INDIA LTD† Was done at Gabriel India Ltd Pune. Indirect tax is the one of the most enormous source of fund collection of the Indian government which aids to development expenses and other aspects. Central excise is one aspects of fund/revenue collection. Selection of the topic is one of the important aspects of our project. As it decided the course of action, to be followed. The topic selected should be such that it helps in understanding the excise concept clearly, as was given the topic by the company itself. The project is based on the Total excise paid by company also its registration procedure, cenvat credit taken, E. R. 1 form and various rules. The objectives of this project was – 1) To study procedure of central excise registration. 2) To study E. R. 1 form of central excise. ) To study various rule of the central excise. 4) To study journey of Cenvat credit. 5) To study process of Cenvat credit taken. 6) To the study drawbacks of central excise. The central excise tax one of the most important aspects. Every manuf act How to cite Sugar Factory Project, Papers

Blood Brothers Evaluative Phase Essay Example For Students

Blood Brothers Evaluative Phase Essay During the period of the 1960s, a mother gives one of her twin sons to a woman she works for. Seven years later, the twins meet and form a friendship that is forbidden by their mothers. Ironically, due to circumstances, the families end up moving next to one another, not by choice. Predictably, the twins unite again.  Later on in the story, one twin ends up in jail, whereas the other attends University. Finally, one day, the twins discover that they are related, and tragically die on that day. The key moments of the performance were when the twins met and willfully became Blood Brothers. Another key moment was when the twins discover the shocking truth of being related and, predictably, yet tragically die on that day.  The set was very basic; however, this simplicity brought our focus on the actors and other stimuli which had more significance in the performance. Also, the set worked well showing wealth in the Lyons house and the poverty/discomfort on the black set (streets). The cast performed very well. Each actor was well absorbed into their role, managing to portray their character realistically. The characterization was the whole essence of the performance. My favorite character was Edward. I was quite humored by the lollipop, stockings, accent, and behavior. Edwards accent reminded the audience of his class. The Lyons are well-spoken, suggesting a good education. The costumes were impressive, providing strong individuality. My favorite costume was, again, Edwards. Although, it was clichà ¯Ã‚ ¿Ã‚ ½ choosing lollipops and stocking to symbolize youth and innocence, it was effective on stage because the stage was simplistic and the costumes of other actors were too, Edward provided the contrast, so every time he emerged on stage, he captured not only the audiences attention, but also major interest and humor. I noticed a lack of props. Perhaps, reason being, to keep focus on the acting, rather than lose focus by looking at props. The props used were quite symbolic, perhaps, some even used to further define a character, e.g. the podium that Edward used. It further brought his class, intellect and professionalism into reminder.  We see Mickey and Eddie playing games of gunfights (in which the props are guns), which we find more poignant as we already foresee their death-scene. Lighting, to be honest wasnt very visible due to the fact that the play was performed at day time. However, whenever the narrator appeared in the performance, an ominous red light appeared around him, which was visible on a contrasting black stage. Also, spotlights were used during important freeze frames, at the end of key scenes in the play.  Music was also used, but in crucial scenes, only two, such as the opening narrators speech and in Mickeys prison cell. The music played as the narrator spoke, combining the speech with music worked well, providing a more meaningful aspect to what the narrator is saying. Also, the significance of the music draws the audiences attention to the speech and characters importance. The script was shortened for the production due to the time limitations. Also, it contains many songs as it itself is a musical; however, songs werent used in this performance. This was a shame because the songs held a large aspect of mood, helping the audience to adapt to the moods of the characters and understand them better. The rhythm, tonality, face expression and voice all play a major part in setting a mood, atmosphere and emotions of the characters, as well as the audience. The theme of adolescence and heredity is touched while we witness the two brothers experience very different backgrounds. The contrast between the two brothers brings comedy to the performance due to their differences. When we first meet Eddie, as a child, he is very adult in his gestures and is polite. We sense that Mrs. Lyons has been protective of him and forbid him to play with other boys in anarchic, raucous games, so it is predictable that Eddie will be influenced by Mickey who is totally untamed. We see that Eddie has been raised into a well-spoken, middle-class boy, whereas Mickey remains a working-class, untamed hooligan. However, when Eddie turns to the Johnstone household; I think that fate and heredity was pulling him back to his roots. Suggesting, no matter their differences, they still grew from the same root. .u86e7d8e3003613cf6076cda42a20198e , .u86e7d8e3003613cf6076cda42a20198e .postImageUrl , .u86e7d8e3003613cf6076cda42a20198e .centered-text-area { min-height: 80px; position: relative; } .u86e7d8e3003613cf6076cda42a20198e , .u86e7d8e3003613cf6076cda42a20198e:hover , .u86e7d8e3003613cf6076cda42a20198e:visited , .u86e7d8e3003613cf6076cda42a20198e:active { border:0!important; } .u86e7d8e3003613cf6076cda42a20198e .clearfix:after { content: ""; display: table; clear: both; } .u86e7d8e3003613cf6076cda42a20198e { 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; } .u86e7d8e3003613cf6076cda42a20198e:active , .u86e7d8e3003613cf6076cda42a20198e:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u86e7d8e3003613cf6076cda42a20198e .centered-text-area { width: 100%; position: relative ; } .u86e7d8e3003613cf6076cda42a20198e .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u86e7d8e3003613cf6076cda42a20198e .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u86e7d8e3003613cf6076cda42a20198e .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; } .u86e7d8e3003613cf6076cda42a20198e:hover .ctaButton { background-color: #34495E!important; } .u86e7d8e3003613cf6076cda42a20198e .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u86e7d8e3003613cf6076cda42a20198e .u86e7d8e3003613cf6076cda42a20198e-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u86e7d8e3003613cf6076cda42a20198e:after { content: ""; display: block; clear: both; } READ: A Critical Review of Baz Luhrmann's Romeo and Juliet EssayWe also see social class as a theme. Mickey and Eddie, trying to overcome the class boundaries and protect their friendship. There are signs of class separation e.g. the use of costumes. The costumes invite us to make a judgment about each character. Eddie emerges with neat stockings Mickey emerges in rough denim. The accents were also a big aspect, again reminding us of the class division. Eddie and the Lyons are articulate; suggesting a good education; whereas the Johnstone family share a Liverpudlian accent, suggesting lack of education.  The theme of superstition is brought to attention as the narrator remind s us about the curse of the twins, once parted, dying on the same die.

Microsoft And Monopoly Essays - Competition Law,

Microsoft And Monopoly America's century-old antitrust law is increasingly irrelevant to our modern global information technology market. This law is obsolete, in accordance to the current Microsoft situation, because in the past there wasn't technology as there is now. Recently the government has been accusing Microsoft as being a monopoly. "Techno-Optimists" claim that "efforts by government to promote competition by restraining high-tech firms that acquire market power will only stifle competition." Some analysts disagree. They concede that dynamic technology makes it tough to sustain market power. Still, consumers will want compatible equipment, which will lead them to buy whatever product other consumers are using, even if the product is inferior. Hence, is Microsoft a monopoly or not? The range of views extends from the optimists who think that changing technology removes the need for antitrust, to "middle-of-the-roaders" who think that antitrust has always been and still is an important weapon in the government's arsenal. Microsoft is not a monopoly. Our world of telecommunications and information technology has brought about many changes in many fields but new technology has neither extinguished nor revitalized the reason for antitrust. There are monopolies that the government ought to control. Those are the very monopolies that the government created itself. It is government that creates monopoly power by erecting and maintaining barriers to market entry. In the most recent dispute between Microsoft and the Department of Justice (DOJ), Microsoft is accused of "tying-in" an Internet browser into Windows. Microsoft's "tie-in" of its browser (Internet Explorer) with its operating system (Windows 95) is a tie-in that shows no greater threat to competition than the packaging of tires with cars, cream with coffee, laces with shoes, even left gloves with right gloves. In actuality, tying arrangements is pro-competitive. Consumers will buy the product that is more appealing to their needs. Seven years ago the Federal Trade Commission began its investigation of Microsoft's market power in the sale of operating systems for personal computers. That investigation was later joined by the DOJ and pursued vigorously by Anne Bingaman, then head of the Antitrust Division. The DOJ uncovered one practice it deemed worthy of challenge. Microsoft licensed its Windows software for multi-year periods on a "per processor" basis. Which means that, Microsoft, to help prevent software piracy, insisted that computer makers pay a royalty to Microsoft for each computer they shipped, whether or not Windows was installed as the operating system. DOJ was not persuaded by Microsoft's argument that physical machines can more easily be counted than intangible copies of computer software. Nor was DOJ convinced that customers might actually favor long-term contracts to guard against unpredictable price increases and other uncertainties. This arose the question; did Microsoft exploit its dominant market position by "insisting" on "unfair" licensing arrangements? Of course not. Consider that Windows became the industry standard because PC-makers thought it was a "superior" product. An assessment that surely took into account the entire set of product features. Not only technical features but also ease of use, quality, price, service, and contract terms. Just like any other product in the competitive market. Consider that there were no barriers that would prevent another competitor from driving Windows out as being the market leader. These are simple conditions that exist in an economic market. Those considerations, apparently, did not impress the DOJ's Antitrust Division. After a five-year investigation costing millions of dollars, the Antitrust Division found little that could be characterized as anti-competitive. But that did not stop the government. Not only did DOJ file an antitrust suit that caused Microsoft to cancel its planned release of Intuit (a manufacturer of a popular personal finance program) it also threatened to halt the release of Windows 95 (Microsoft's upgraded operating system). The head of the Antitrust Division, Bingaman, was reportedly concerned about the link between Windows 95 and the Microsoft Network (MSN), an Internet service provider intended to compete against America Online (AOL). Whenever a user started a Windows 95 system, an MSN icon appeared. Then one click of the mouse connected the user with the MSN service. That packaging, according to DOJ, gave MSN an unsporting edge over its online rivals. But a few more mouse clicks enabled any Windows 95 user to bring up an AOL icon, which would appear automatically thereafter, at the same time as the MSN icon. Satisfied with its discovery that MSN's edge could be neutralized, the Antitrust Division abandoned its threat to block Windows 95. In result, MSN now loses an estimated $200 million annually providing service to fewer than 3 million customers. On the other hand, AOL, has 9

Financial Institutions Example

Financial Institutions Example Financial Institutions – Coursework Example Credit Risk Credit Risk Credit risk is a risk that arises following a potential that a borrower will fail to honor their obligation to repay the loan as per the agreed time and terms. For banks, loans that they give to customers are the main source of credit risk. There is usually the risk that customers might default in paying the loans. Other sources might be off as well as on balance sheet. Off balance sheet causes may include commitments on loans, letters of unfunded credit and lines of credit. A reduction in required rate of return (RRR) may be used as a way of preventing credit risk. This has been indicated by Bloomberg news concerning the Peoples Bank of China (PBOC), showing their system-wide wide cut in RRR since May 2012, as a way of preventing credit risks, following a decreasing debt ratio of China as decreasing from 209 percent to 125 percent by end of 2008 (Bloomberg 2014).The news shows RRR as being flexible in that it can be reduced in one month and increased in the n ext month, lowering it in sections and holding it constant in other sections. PBOC is seen to have reduced RRR in the banks in rural areas and thus lowering the ratio for small renders and injecting liquidity into some other banks using other new financial tools like facility for medium-term lending and pledged supplementary lending (Bloomberg 2014). However, there is a danger of the easier credit flowing to areas that are economically less productive, that arises out of reducing RRR across the board.Reference:Bloomberg. (2014). PBOC balance sheet surge gives room to ease on bank reserves. Retrieved on February 27 2015 from: bloomberg.com/news/articles/2014-12- 09/pboc-balancesheet-surge-offers-scope-to-ease-on-bank-reserves

How To Write Headlines That Drive Traffic, Shares, and SEO

How To Write Headlines That Drive Traffic, Shares, and SEO This isnt the first time youve read a post about How To Write The Best  Headlines. Heck, weve even written multiple posts on the subject  ourselves (and plan to write more): Recommended Reading: Why Headlines Came To Rule The Content Marketing World Proof That Emotional Headlines Get Shared More On Social Media We Analyzed Nearly 1 Million Headlines. Here’s What We Learned Here Are The 101 Catchy Blog Title Formulas That Will Boost Traffic By 438% 43 Data-Driven Headline Ideas From 1,000 Of The Most Popular Posts Thats why were not going to waste your time talking  about how important it is to write great  headlines. Its pretty obvious: You want more traffic. Thats why you want more people to find you with search engines. And you want your customers to find your content so valuable that they share it with their networks. And to get technical, you want all that traffic to convert into paying customers. After all, thats the goal of content marketing, isnt it? Writing great  headlines  is one of the best ways to  make your content shareable, get found on search engines, and grow your traffic. Since writing awesome headlines is so important,  we thought a tool to help you write the best  headlines would be right up your alley. How To Write #Headlines That Drive Traffic, Shares, and Search ResultsWrite Better Headlines With 's  Free Headline Analyzer The  headline analyzer is one of the most popular tools we've built. If you've never used it before,  try giving it a shot. Now, for anyone who wants to learn the science behind writing the best  headlines, here's how to  do it. We've put a lot of time into researching what makes an awesome headline. The headline analyzer combines all of that research to scrutinize  your headlines for quality metrics that will most likely result in more  social shares, SEO value, and traffic. All you have to do is type your headline into the headline analyzer, hit "Analyze Now", and the tool provides  a report with those  quality metrics. This Headline Analyzer Makes My Headlines Awesome:  http://.com/headline-analyzerHow Good Are Your Headlines? We recently heard a  Chief Financial Officer speak about setting goals. One  takeaway stuck with us: "What's your number?" He asked,  "If you prioritized  one metric to make a true impact, what would it be?" The headline analyzer does exactly this for your headlines. You get to see your overall headline score (on a scale from 0–100). Your "number" to shoot for is anything above a score of 70. That's how you can gauge how good your headline is. Once you know your headline's score- especially if you're a bit short from your goal of 70 or more- you can use the headline analyzer  to understand areas where you're doing really well or discover the parts you can improve. Incorporate  Keywords To Write The Best  Headlines A big part of content marketing is creating content that is valuable enough to be sought out by your audience. To help your  audience find your content, you need to make sure your headlines use the words those folks are  searching for. Create Content Valuable Enough To Be Sought Out By Your AudienceEvery great  headline focuses on  a keyword. Heck, the long tail keyword for this post is "how to write headlines." The headline analyzer will show you the main keywords it assumes your content is  about. If your keywords aren't quite what you need them to be, this is an opportunity to improve. Use that keyword in your URL slug, meta description, subheads, images, graphics, first sentence, last sentence, and body copy. Using your  keyword throughout the content- combined with your headline- lets search engines know that your headline really does cover the content in the article. Pro tip: Avoid click bait headlines (that don't necessarily include a keyword in  your content) to get click-throughs. If you want your content to be found in search engines like Google, be honest and use a solid keyword that covers the main points of your content. What Types Of Blog Post Headlines Are The Best? There are a ton of different types of headlines you could write. Some get more traction than others as far as shares, SEO juice, and traffic. The headline analyzer helps you categorize your headline ideas: List Post Headlines List post headlines provide ambiguity about the post itself, while arousing your audience's curiosity. You've seen these everywhere. And for good reason. List posts work.  Buzzsumo teamed up with OkDork to share data that basically says list posts get the most social shares after infographics. These headlines give your readers the chance to skim your subheads to see if they'd like to dive in further. Pro tip: If you can outline your blog posts as lists, use list post headlines to get the most social shares from your content. "How To" Headlines Like list posts, you've seen a lot of "how to" headlines. That's because... well, they work. When your audience searches for information, it could be because they want to know how to do something better. That's where you can step in and provide helpful content to position your business as a source of relevant and useful information. Brian Clark from Copyblogger has some awesome things to say about "how to" headlines: It's no secret that 'how to' articles ...  are some of the most sought after, linked to, and bookmarked content online. - Brian Clark I couldn't have said it better. Pro tip:  "How to"  headlines are an obvious choice if you're writing educational content that helps your audience do something. Question Headlines Question headlines  focus on an audience's needs and imply an answer if they  just click through to read your content. These  headlines  are super helpful and relate to how people naturally search for answers: "I have a question. I should ask someone to get the answer." The thing is, instead of asking a person, people are turning to search engines like Google. So figuring out exactly how your audience is  asking their questions- then using those keywords in your headline- might be a great way to get the traffic you're looking for. Of course, there are multiple ways to use questions in your headlines- not just the problem and solution method. You could imply a "yes" or "no" response, or one that draws on emotions. Pro tip: Be careful when using question headlines. At least tease the answer to the question in your introduction to keep readers interested. Generic Headlines If list post, "how to", and question headlines are among the best types of headlines, generic post headlines are a warning that you might be able to improve. If you have a generic headline, the headline analyzer will let you know. This is an opportunity to change the structure of your headline to improve your headline score. Pro tip: Avoid generic headlines whenever you can. List post, "how to", and question headlines have a better opportunity to get social shares, traffic, and overall SEO value. Review Your Word Balance To Write The Best  Headlines For any post, you'll want a nice balance among common, uncommon, emotional, and power words. A structure like this helps your post remain readable while commanding attention from your audience. Just type your headline into the headline analyzer to see the categories in which  your words fall. After you modify your headline a few times, you'll get a feel for which words fall into the four categories. But just to give you some background, here's how your word balance  works: Common Words Should Make Up  20–30% Of Your Headline Common words are ones you use all the time. Common words  pull your headlines together in a way that makes sense for readability. Since commonly occurring words provide  the basic structure of your headlines, they should make up about 20–30% of the words in your headlines. Uncommon Words Should Be About 10–20% Of Your Headline Uncommon words are unique enough to grab your readers' attention. These words provide substance in your headline. A mix of 10–20% uncommon words in your headlines should do the trick. Emotional Words Make A  Good Headline At 10–15% Density Emotional words in your headlines entice your audience to click through to read your post. And once they're reading your posts with emotional headlines, your readers are more likely to share them. You have a good headline if 10–15% of the words in your headline are emotional. Power Words: Use At Least One In Your Headline Like emotional words, power words are usually phrases that are well-known for inciting action. Power words  are uniquely different than emotional  words because they are a bit out of the ordinary. These words inspire an emotion or call to action without a lot of context. Power words are typically rarely used words or phrases that almost guarantee some clicks through to your blog posts. Great headlines have at least one power word in them. Find The Best Length For Your Blog Post Headlines Optimal Character Length + Google = Most Click-Throughs Did you know headlines that are 55 characters long get the highest number of click-throughs? You probably  already look at your word count, but characters matter, too. The headline analyzer also shows you how your post will look in a typical Google search. Keep in mind that Google also recently updated the maximum length of title tags. While they were previously limited to a width of 512 pixels (roughly 50-55 characters), the world's most popular search engine now displays up to 70 characters in SERPs. Are You Using Headlines As Email Subject Lines? You get 20 characters before the average email subject line  is cut off. If you can revise your headline, use your keyword in the first 20 characters to help your audience understand what the email is about. According to the old journalism idiom: Don't bury the lede. It's more important in subject lines than anywhere else to make sure your keyword is in the first 20 characters. Amount Of Words Headlines with 6–7 words typically get the best results. However, different sources say  different things about how many words to use in your headlines. A fairly standard best practice is to let 10 words be the maximum you'd ever want to use in a headline. That said, there are six words that matter the most in every blog post headline: the first three and the last three. Most readers tend to read the first three and the last three words of a headline. This is just another reason to get your keyword within the first 20 characters of your headline. Sunshine And Rainbows Make Fantastic Headlines Is your headline positive or negative? Research proves  that positive headlines that convey stronger emotions tend to perform better than negative sentiment. When we researched the emotional marketing value of headlines, we  looked at Dr. Hakim Chishti's work. He found that emotional language creates a very predictable response. Headlines that affect very strong emotions- whether positive or negative- often get the best results. If your headline falls in the middle of these extremes, it'll probably get less traction. To connect that research with your headline: Strongly positive emotions tend to get shared more  than anything else. You can go negative, but it can be difficult to nail perfectly. Headlines With Strongly Positive Emotions Get Shared MoreThe headline analyzer points this out so you can modify your headline from the get-go. Write Better Blog Post Headlines To Get Better Results We know from Copyblogger that eight of ten people- a staggering 80% of your audience- will only see your headlines and nothing else. Only two of those ten- 20%- will read your article. Your headline exists to entice your readers to dig deeper into your content. As they dig deeper, your traffic grows. If your audience really enjoys what you have to say, they'll share it with their networks. And once that happens, you should get more traffic- and therefore rise in the ranks of the search engines. It all begins with a few simple words, right? So if you spend your time writing an awesome post, you should pay attention to the science of making the headline awesome, too.

The Role of Government Essay Example | Topics and Well Written Essays - 2500 words

The Role of Government - Essay Example mited by the government, Democracy a government where power is held by the people, Dictatorship a government where the ruler holds all the power, Monarchy where power is inherited and passed on to the ruler’s heir and many more there are governments within the world that adopted hybrid systems of government that are a combination of a number of types of governments, examples are modern Iran whose hybrid government is a combination of theocratic institutions and democracy and the Netherlands whose government is a combination of democracy and monarchy (Adler, 1996). A government’s fundamental role is to maintain basic security and social order within its framework. In the words of the philosopher Thomas Hobbes people tend to prefer submission to a government dominated by a sovereign rather than a system where there is no government, a system also known as anarchy therefore people in a community will submit to a government to create for themselves a system security and social order. We can see that states or nations whose populations live under a state of anarchy there is a distinct condition of turmoil and confusion amongst them since each and every one of them has to fend for themselves and there is no provision of basic social amenities by a defined body hence it is important to have a central governing body be it political, religious or hierarchical and which is charged through its machinery to uphold the rule of law and ensure that every member of society under its governance is able to access the basic social amenities that is education, affordable health care and a shelter to live in (Schulze, 1994). It’s the role of the government to protect its citizens from its neighbors or potential non neighbors from any threat that they may pose from outside the countrys borders. This necessitates the need of a military through which defense can be enhanced. In the medieval times families relied on strong family members to protect them, their crops in the

The rise of mass society in the U.S Essay Example | Topics and Well Written Essays - 1000 words

The rise of mass society in the U.S - Essay Example The mass society led to prosperity and a system of government, which weakened the tradition societal tie. The first two decades of the 20th century was the time of intense and rapid changes that stretched to the capacity of imagination. This is because of increased technology advancement; contributing to varied developments in the arts and many other aspects. Thus, the essay focuses on the major developments that took place due to modernity in the first two decades of the 20th century. The mass society led to major developments in varied aspects including arts and cultural aspects. The science and technologies grew rapidly in pervasiveness, scale and time; thus transformed the natural world into created human control; for instance, many artists started implementing unique artifacts including unique interior and exterior of the buildings, renaissance paintings and many others. The technology that comprised this new era included computer technology that enabled the society to make vari ed changes through interaction process. For instance, the Internet and social media services enabled the societies to culturally interact and learn one another’s cultural behaviors through a common sharing of language; thus creating a global village. 2Duiker and Jackson (2011, 86) argue that the two decades of 20th century saw their tasks through making sense of the great transformation and understanding the new culture and societies being created. Modernity refers to the Enlightenment period and movement from traditional to modern era, which is linked to the increased capitalism in the society. The term modernity in the Enlighten era reflected varied changes that took place including new construction of buildings, new way of painting artifacts including sculptures and many others. Modernity reflected the new wave from the traditional aspects to new era, which is associated with movement in arts, cultural movements and other varied transformations to western society. 3Radclif f (2004, 92) argues that modernity in the 20th century reflects new movements and transformation of varied things from traditional to current ones. The term can be coined with westernization to include changes and progression era from traditional to current due to influence from the westerners. Additionally, modernity is viewed from cultural changes in social, political and economic structures. However, scholars focus this term from a far perspective to include changes in modern science, arts and many other aspects. Modernity demands deeper and more radical changes in order to create a better world. According to 4Rosati (2013, 56) and Scott, modernity takes place through rapid rationalization, which is linked to actions of mankind to create resourceful order of means to meet their demanding desires. Therefore, modernity in the 20th century period took into consideration significant changes in the society such as new political power, social changes and economic changes. This was aide d by industrialization period that was rampart due to increased technological advancement; thus, innovation became the primary fact of life. Realism became principal in literature in the U.S during the earlier 20th century. Realism attempts to present things the way they are; hence, it tries to reveal the truth of things. For instance in art, realism approach was manifested in numerous ways; thus, it was mostly used to describe certain art objects. The term implies a

Filipino Values Essay Example for Free

Filipino Values Essay †¢Close Kinship a Filipino considers family as an important social structure that they must love and care. Close family ties results to the family still being intact regardless that the children are old and with families of their own. †¢Respect for Elders the use of â€Å"po† and â€Å"opo† in conversing or addressing older people is a sign of a Filipino’s respect for the elders. Filipinos do not send their elders to nursing homes because they still value the worth and presence of the elders at home. †¢Hospitality – the Filipino community are very warm and hospitable. They even give â€Å"PASALUBONG† (WELCOME GIFTS) AND â€Å"PABAON† (FAREWELL GIFTS) TO GUESTS. AT TIMES, THEY SACRIFICE THEIR OWN COMFORT TO ACCOMMODATE THEIR GUESTS VERY WELL. †¢Strong Faith in God their faith in God keeps them united to overcome all the problems and challenges of life. †¢Flexibility / Adaptability / Resiliency the Filipinos have the trait to laugh at themselves and THEIR MISFORTUNES OR FAILURES. THIS IS A COPING MECHANISM TO BALANCE EMOTIONAL STRESS AND TO BOOST THE CAPACITY TO SURVIVE. THEY CAN SMILE IN MIDST OF PROBLEMS AND HARDSHIPS. THEY CAN STILL CRACK JOKES DESPITE THE STRESSES OF THEIR DAILY LIVES AND DURING CALAMITIES. THEY ARE STRONG AND CHEERFUL PEOPLE. †¢Ingenuity and Creativity they are good inventors. They often improvise and make productive use of available resources. †¢Patience and Self-sacrifice a remarkable quality of a Filipino is his capacity to endure difficulties and hardships. Maybe related to the long suffering they endured during the many colonization in Philippine history. They are patient enough to wait for their turn to be blessed with greener pastures as long as they do what is right and good. †¢Hard work and Industry Filipinos are globally recognized for their excellent performance in any physical and technical tasks. Maybe visible due to the desire for economic security and advancement for one’s self and family. †¢Readiness to Share and Help – they’ re always ready to lend a hand, not only in times of need (CALAMITIES OR DISASTERS) BUT ALSO IN FESTIVE OCCASIONS (â€Å"FIESTAS†, BAPTISMS AND WEDDINGS). THE â€Å"BAYANIHAN† SPIRIT, OR GIVING HELP WITHOUT EXPECTING SOMETHING IN RETURN, OF A FILIPINO IS WIDELY ADMIRED. NEGATIVE VALUES †¢ Fairness and Justice – they always show concern for the well-being of others. They uphold the humanity of all people and regard everyone with respect and empathy. They are keen on interpersonal relationships, their primary source of security and happiness. Fairness Justice – Equality – Social Justice – Development Progress. †¢Ã¢â‚¬Å"Ningas Kugon† – â€Å"kugon† is a kind of grass that burns easily when dry but extinguished easily as well. Like the cogon grass, Filipinos start things with great enthusiasm but at the first sign of difficulty, the enthusiasm is consumed as fast as it has ignited. †¢Colonial Mentality – Filipinos prefer foreign-made products instead of patronizing Philippine-made ones. This result to higher gains for foreign businessmen than local businessmen. Thus, it motivates Filipino businessmen to improve the quality of their products to make it more competitive against foreign ones. †¢Ã¢â‚¬Å"Mamaya Na† or â€Å"Bukas Na Lang† Habit a poor habit, a sign of laziness, of leaving for a later time what can be done at the moment or today. Thus resulting to stacked workload to be done and then complain about it. †¢Crab Mentality a troublesome trait evident in a Filipino where when one sees the progress of a comrade, the other becomes resentful rather than happy for the achievement. Rather than to praise, he would highlight everything negative about that person in an effort to bring him down or destroy his reputation. They would focus on other’s own faults rather their own inadequacies. †¢Ã¢â‚¬Å"Patigasan† most Filipinos find it hard to say â€Å"I’m sorry† or â€Å"pasensya na†. Their precious pride always gets the best of them. †¢Ã¢â‚¬Å"Kanya kanya† a trait which shows self-centeredness and lack of regard for others. There are Filipinos who give priority to what they and their families could have, rather than what they can do to share their wealth and serve others better. This trait shows poor signs of patriotism, loyalty to community, and concern for the needs of others.

How Can I Get Him to Do His Homework? :: Essays Papers

How Can I Get Him to Do His Homework? "The choices you make today determine the choices you get to make tomorrow." When determining the best way to get Student N to complete his homework on a nightly basis rather than putting it off altogether, I inquired about what would get him motivated quickly. Student N rarely did his homework and so his grades were being affected. When I first came to his classroom I immediately noticed Student N was extremely engaged in the lessons and was an active participant in classroom discussions, but when it came to homework there was absolutely no enthusiasm. I took it upon myself to determine the reasoning behind Student N’s anti-interest in after school work. My research was completely discrete and extremely casual. I simply wanted to find out what kept Student N from doing any homework and what steps we could take to get his grades back on track. Homework, for any grade or subject is extremely important. Homework is a way to bring parents into the school setting and enhance learning that took place during the day. Homework is vital to any student as they are reinforcing the information they learned throughout the day. As a beginning teacher I feel strongly about the effects of homework and don’t feel that it should be overlooked by students, parents or even teachers. Although a student should have adequate time to spend with family and friends, it is important that they realize learning doesn’t end when the bell rings for dismissal. Literature Review In order to increase the amount of homework Student N does a variety of approaches and techniques must be considered before prescribing the appropriate anecdote. Student choice is understood to boost student motivation thus improving aspects of their classroom performance. Hess and Cluck found that student motivation could be increased through multiple intelligences—and they have a plan! â€Å"The lack of motivation became evident as observed in incomplete assignments, low-test scores, and disinterest in subject matter. A review of the literature indicated motivation to learn is a problem nationwide. Students need to be self-motivated since extrinsic rewards may be counter-productive.† (Hess et al.) Both my methods and idea for this imparticular inquiry came from Hess and Cluck’s findings. Motivation could be increased through multiple intelligences and thus I set off on my research.

The Road To Growth For Financial Institutions

Expansion of banks and financial acquisitions in the U. S. generally occur in two ways: by organic growth or by mergers and acquisitions. Organic growth is the rate of business expansion that an organization can achieve through increasing output and enhancing sales. This form of business expansion excludes any profits or growths gained from mergers, acquisitions, and take-overs.This represents the true growth for the core of a company and is a good indicator on how well the organization’s management has used its own internal resources to expand profits. This type of business expansion also helps to identify whether managers have used their skills to improve the business (Investopedia 2006a; Wikipedia 2006a). On the other hand, acquisitions, mergers and take-overs do not bring about profits generated within a company, and are thus not considered organic growth.Historically, investment banks (which are defined as intermediaries which assist companies in selling ownership of them selves as stock or borrowing money directly from investors in the form of bonds) have been closely associated with the activity of merger and acquisitions since it represents a sales opportunity for the investment bank. For a bank to merge with another financial institution, it needs to attain a fair market value for its shares to swap with shares from the other entity.A popular formula in describing mergers and acquisitions is â€Å"one plus one makes three† – the key principle behind buying a company is to create shareholder value over and above that of the sum of the two principal companies involved (Investopedia 2006a; Investopedia 2006b; Wikipedia 2006b; Investopedia 2006c). In other words, two companies together are deemed more valuable than two separate companies. Strong companies buy other companies to create a more competitive, cost-efficient organization and to gain a greater market share.Target or weaker companies in turn often agree to being purchased by th ese stronger companies when they know they cannot survive alone in a competitive market (Investopedia 2006a; Investopedia 2006b; Wikipedia 2006b; Investopedia 2006c). Most major financial institutions in the US have gone through some form of merger and all of these institutions inevitably monitor their organic growth. The benefits that each type of business expansion offers are unique, and there are certain advantages and disadvantages in each type.The relevance of studying mergers and acquisitions involving financial institutions is that these activities can dictate the fortunes of the companies involved for years to come, and have considerable impact on investors involved as well as within the organizations themselves. Likewise, organic growth helps to strengthen an organization internally and places it on a stronger market position if done effectively and successfully. The significance of this research study is to compare these two types of business expansion.The objectives of th is study are to analyze these two types of business expansion as to their strengths and weaknesses, benefits and potential threats or disadvantages to the banking sector, and to provide an overview of the history of the banking sector in terms of both organic growth and mergers and acquisitions activities and endeavors. The research is helpful in that it will provide valuable research data and hopefully some helpful insights to help financial institutions, large or small, to evaluate their present business expansion activities.Small companies which are limited to organic growth, and may wish to venture into mergers or acquisitions, may be able to use the data provided here. Larger institutions which practice both organic growth and mergers and acquisitions, on the other hand, may be able to use this research to evaluate the strengths and weaknesses of both activities. The rest of the paper is organized as follows. Section I as presented here provides for the introduction to the stud y, definition of terms, objectives, the research topic, and the significance of the research.Section II provides for a literature review on both organic growth in the banking sector and mergers and acquisitions of financial institutions. Section III discusses the data gathering process for this study, the methodology used, and the research framework followed for this study. Section IV will provide for the analysis of the results and findings as gathered from the literature and related work reviewed. Section V presents the summary and conclusions of the study based on the analysis provided for in Section IV. Finally, Section VI will describe future directions this study might take.II. Literature Review According to the results of an annual study conducted by A. T. Kearney, one of the world’s largest management consulting firms, investment management firms are outperforming retail banks in the highly competitive race to grow profitably and to gain market share. A. T. Kearney co nducted an Annual Organic Growth Index (OGI) for 2006 for measuring growth in investment and retail banks. The study was based on data collected online by Harris Interactive? of more than 4500 banking customers in the 20 largest US metro markets.Seven out of the ten top-scoring financial institutions included in the OGI based on their capability to grow organically were investment management firms, with Ameriprise with the top score for the second consecutive year, outperforming most banks and other investment firms such as Edward Jones, A. G. Edwards, Vanguard, Charles Schwab, and Merrill Lynch. Wachovia, on the other hand, outperformed many of its retail bank counterparts, also for the second year in a row since A. T. Kearney started conducting this study in 2005 (A. T. Kearney 2006). A. T.Kearney’s study is significant for this research since it provides insight into which financial institutions are most capable of achieving and sustaining organic growth. The index connect s customer attitudes and actions with their wallet allocation decisions. The OGI looks at the performance of financial institutions based on their ability to achieve both Customer and Wallet Momentum. Customer Momentum measures an institution’s ability to attract and retain customers, forge long-lasting customer relationships, and instill advocacy among their customers. For the A. T.Kearney survey, the following components were involved in measuring Customer Momentum: advocacy, primary financial institution identification, propensity to switch institutions, and lack of errors. Wallet Momentum on the other hand measures an institution’s ability to expand the number of products and drive greater penetration per product with its customers. Components involved are: intent to add accounts, intent to increase equity account value, share of wallet with primary financial institution, and average number of products per customer (A. T. Kearney 2006). According to the results of the A.T. Kearney study (2006), investment management firms performed better overall than retail banks by scoring high in both Customer and Wallet Momentum. Retail banks on the other hand score higher on Customer Momentum than Wallet Momentum. However, the study concludes that no single type of financial institution dominates in either performance matrix. Most financial institutions strive to become their customers’ Primary Financial Institution (PFI), and have generally been successful at increasing the average number of accounts per individual within the last year (A.T. Kearney 2006). However, the study indicated that investment management firms have more difficult relationships with customers, and that being designated as customers’ PFI does not necessarily ensure success for retail banks. The study also showed that customers who experience two service errors or account problems within one year were 35 percent more likely than the industry average to leave such finan cial institution. This attrition rate doubled after three errors were experienced in one year (A. T. Kearney 2006).The study provides for the following suggestions in order to improve organic growth in financial institutions (A. T. Kearney 2006): ? Institutions with leading Customer Momentum scores have opportunities to cross-sell new products and services, and should determine how to recognize and reward people for selling a â€Å"bundled† set of products when most organizations are organized to measure and reward for selling specific products. ? Products and services to be added or cross-sold must be determined in relation to margins on core products, and the total portfolio, to ensure profitable growth.Cross-selling is less costly than adding new customers, but the mix or products and services is equally important when considering impact on profit. ? Product complexity and product variation makes it difficult for customers to understand a value proposition and for employee s to explain it. This affects both service delivery and transaction effectiveness, and also increases the potential for errors. A financial institution should thus improve its ability to manage product complexity, as a way of improving service quality and overall customer satisfaction.A similar study conducted by Daniel Cox and James Bossert (2005) involved the analysis of the 2004 American Customer Satisfaction Index, which indicate that organic growth for banks have been hampered by the fact that the financial services industry has some of the lowest customer satisfaction ratings of any single industry. According to the study, customers view banks and other financial institutions as a commodity, with no unique reason for forming a business relationship with one particular bank.The study by Cox and Bossert (2005) studied in-depth the strategies employed by Bank of America in 2001 to improve customer satisfaction as one of its driving force to expand its organic growth. Bank of Amer ica started to focus on its organic growth in 2001, which meant increasing its customer base while becoming more efficient by improving processes. It developed a new strategy which relied heavily on voice of the customer (VoC) and tied all its planning efforts to factors that would drive customer satisfaction and loyalty (Cox and Bossert 2005).In other words, Bank of America recognized customer satisfaction as the core component of organic growth. With approximately 28 million customers at the time, the bank encountered approximately 200 customer interactions per second. To improve the overall customer experience, the bank implemented an associate training program called Bank of America Spirit, which was initially modeled to mirror the associate behavior of Disney employees. It re-evaluated its business model and the model’s performance by comparing them to other Fortune 500 companies that focused on customer service.It focused on the following model for improvement as seen i n Figure 1 in the next page: Bank of America regularly surveyed their customers to gather VoC, and used these survey results in turn when developing new products and services. Paying close attention to such customer needs turned out to be instrumental in increasing its revenues and in improving its organic growth (Cox and Bossert 2005). Accenture, another leading management consultancy firm, conducted a global survey of strategies and programs for organic growth in retail banks.In its survey, Accenture examined more than 100 retail-bank executives’ strategies. The firm also provided for an industrialization concept critical for growth in the banking sector – â€Å"Differentiation on the Outside, Simplification on the Inside, Execution Mastery. † The research showed that pure cost-cutting strategies previously adapted by financial institutions produced diminished return. The emphasis on growth, and mainly organic growth, while managing costs as the same time, wou ld produce the best results for a financial organization (Accenture 2006).The study showed that 87 percent of the executives surveyed indicated that increasing revenues is still top priority, mainly driven by the need to satisfy investor expectations. 73 percent also cited the achievement of cost-efficient scale. Fewer than one in ten believed that market growth will exceed 15 percent, while more than 20 percent believed their own banks will grow at a higher rate. To drive significant organic growth, respondents in the Accenture survey emphasized the need for excellence in marketing and product management, distribution and service and fulfillment (Accenture 2006).The study further recommended that to achieve growth targets in an increasingly competitive market, banks must industrialize their marketing, sales and service capabilities to maximize cross-selling. Similar to the findings and recommendations in the study by Cox and Bossert (2005) on Bank of America, the Accenture study in dicated that cross-selling must focus on gaining and retaining profitable customers. Key capabilities necessary to achieve this would involve transformation in areas such as customer segmentation, which should include customer segmentation, product design, and price/value equation (Accenture 2006).The staff study by Rhoades (2000) for the Board of Governors of the Federal Reserve System examined and analyzed bank mergers and banking structure in the US from 1980 to 1998. The study provided that 200 banks failed annually from 1987 to 1989 in the US, due to problem loans in petroleum, agriculture, commercial real estates, and loans to less-developed countries. These factors may have created some good buying opportunities for banks that were performing relatively well (Rhoades 2000). According to the study, the US banking industry experienced an unprecedented merger movement since 1980, with nearly 8000 mergers and about $2.4 trillion in acquired assets as of 2000 alone. The banking in dustry has been restructured in response to the removal of legal restrictions on intrastate and interstate banking throughout 1980-1998. The number of banks in the US decreased from 14407 to 8697 and the number of banking organizations decreased from 12342 to 6839 (Rhoades 2000). In his study on mergers in the US banking industry, Rhoades (2000) provided for the following conclusions: ? The number of banking offices continued to grow in the US throughout the 1990s despite the burgeoning of ATMs and ATM transactions.? Concentration of control over aggregate US bank deposits among the largest banks increased substantially, with the share of the 100 largest rising from about 47 percent to 71 percent, and the share of the 10 largest rising from 19 percent to 37 percent; the latter rise occurred mostly after 1990. ? Concentration increased substantially in many local banking markets, especially in large metropolitan areas. ? The number of bank mergers reached the highest level for the pe riod in the mid-1980s, when industry profit rates and stock prices were very low (Rhoades 2000).But what exactly motivates firms to merge and how do these mergers affect competition and the economy? According to Moore and Siems (2006), there are two primary factors that affect the need for financial institutions to remain competitive: deregulation and technology. Deregulation has significantly changed how and where banks do business. Relaxation of restrictions on banks’ securities activities has blurred the traditional distinction with investment banking while the elimination of branching restrictions has created vast geographic expansion possibilities.Continued consolidation is estimated to eventually result in about 3000 banking organizations, with a handful of â€Å"super banks† competing simultaneously with many smaller community banks. Advancements in technology have also created incentives to merge due to decline in costs in information dissemination, allowing fo r far-flung operations created through mergers. In other words, technology and deregulation have blurred accepted boundaries as to time, geography, language, enterprises and regulations in the banking industry (Moore and Siems 2006).Thus, one advantage for mergers is that customers can receive one-stop financial services. This allows for greater efficiencies through better information flows and lower transaction costs for the financial institutions involved. However, studies show that major upside for earnings and stocks through mergers is if the economy continues to show stronger-than-expected growth, which in turn could increase demand for commercial lending. If the economy slows down, stock prices become pretty full, and takeovers are less likely to benefit the banks involved (LaMonica 2003).The data used for this research study were gathered from related database found online and from case studies and academic papers. The case studies were conducted by management consultancy fir ms such as Accenture and A. T. Kearney, whereas the working papers were collected from organizations such as the Board of Governors of the Federal Reserve System and the American Society for Quality. Results and findings from surveys and empirical analysis conducted by these research individuals and organizations were used for this paper.News articles from sources such as CNNMoney and other pertinent websites were also used. B. The Sample The data used are primarily case studies gathered from related literature. These were survey results and findings from studies conducted by research individuals and organizations such as Accenture (2006), A. T. Kierney (2006), and Cox and Bossert (2005). The findings analyzed for this paper were conclusions and results from the empirical data from surveys conducted in 2005 and 2006 from the various existing case studies reviewed. C. Research DesignThe research question for this paper is â€Å"Whether US banks should focus on organic growth or merg ers and acquisitions in order to expand their business? † The hypothesis is that â€Å"Customer satisfaction, through focusing on VoC, is the key component to organic growth which is the recommended business expansion activity for financial institutions over mergers and acquisitions. † The hypothesis will be answered based on the analysis of the findings and insights gleaned from case studies and related literature. The study will make use of Qualitative Research Methodology.Numerical and statistical data were not gathered due to time constraint and physical limitations on conducting surveys in the financial institutions throughout the US. Based on qualitative analysis, the research paper thus approaches the study by providing a complete, and detailed description of organic growth and mergers and acquisitions in the banking sector based on a study of related literature. Based on the qualitative research approach, the researcher is the data-gathering instrument, and the data herein provided is in the form of words and pictures, as indicated in Figure 1 (Neil 2006).IV. Analysis of Results and Findings Results from the analysis of the case studies provided indicated that many financial institutions recognize the need for growth, whether it be through organic growth, mergers and acquisitions, or both. Many financial institutions are also aiming for annual organic growth rates of at least 10 percent or higher, but often, they fall short due to a variety of factors (A. T. Kearney 2006). An examination of the data provided would show that organic growth and mergers and acquisitions benefit two different groups.The organic growth of a company would benefit the bank itself, but more than anything, it will result in a greater advantage and benefit to the customers. The reason behind this is that studies have indicated that successful organic growth is premised on customer satisfaction as its most important component. To achieve high performance, increase re venue, and exceed their average growth rate, financial institutions must finds ways to harvest relationships with existing and new customers. Cross-selling will help increase share-of-wallet from both existing and new customers.However, cross-selling efforts must be accompanied with managing product complexity since customers have become increasingly aware of the range of banking and financial services available. Less than adequate products or poor service will cause the customers to shop around and switch service providers, especially since banks are treated more as commodities rather than business partners by their banking clientele. Thus, cross-selling must be utilized to gain and retain profitable customers (Cox and Bossert 2005; Accenture 2006; A.T. Kearney 2006). Banks would necessarily have to improve their marketing, sales, and service capabilities to maximize cross-selling. To achieve this, customer segmentation, product design, and price/value equations should be closely m onitored in relation to customer relationship management. Gathering of customer data will help management to ascertain customer needs and to adjust and improve market and product management, distribution, service and fulfillment accordingly.Full integration of customer data provides for an accurate and complete view of the customer, and will allow for an empowered and better-trained sales force to turn customer insight into profitable and satisfying interactions (Cox and Bossert 2005; Accenture 2006; A. T. Kearney 2006). A model for a successful venture into improving customer satisfaction to increase its organic growth is the case of Bank of America.By establishing a customer satisfaction goal, which provides for a measurement process to evaluate current performance and to acquire analytical capability to improve performance in a targeted way, Bank of America was able to streamline its products and services to effectively retain and increase its customer base. By relying on VoC, an d tying all its planning efforts to factors that would drive customer satisfaction and loyalty, Bank of America improved its organic growth (Cox and Bossert 2005).Focusing on organic growth will result now only improve customer satisfaction, increase customer base and profit, but will also drive wealth creation for shareholders (A. T. Kearney 2006). On the other hand, mergers and acquisitions provide a greater advantage to the financial institutions themselves. A company with financial problems will benefit from merging with a stronger company. The latter, in turn, would gain a greater market share and reduce competition in the industry by acquiring smaller or similarly situated institutions.Advancements in technology and less legal barriers regarding financial transactions have also allowed financial institutions to cover wider geographical areas. This in turn benefits the customer as well since the bank becomes a one-stop-shop for banking transactions, available wherever the custo mer may be. Deregulation and technology have been key factors in the drive for mergers, and have lead to significant cost-cutting measures for the firms involved. It has also provided for greater efficiencies and information dissemination to the financial institutions, which in turn provides for greater flexibility and convenience for its customers.One safeguard for baking institutions which opt for mergers and acquisitions to expand its growth is Rule 155 under the Securities Act, also known as the â€Å"Integration of Abandoned Offerings† which was passed by the Securities and Exchange Commission (SEC). SEC amended Rule 152 of the Securities Act of 1933 in response to the challenges under previous securities regulations and the changing market conditions. Rule 155 became effective on March 7, 2001, and has had significant impact on companies seeking alternative financing in light of a weakened securities market.It provides for a flexible framework in which companies can con vert their private offerings to registered offerings and the other way around, minus the usual risk of integration. The rule provides non-exclusive safe harbors from the integration between registered and private offerings, and allows issuers to move more quickly if market conditions change rapidly (Marek and Seo 2001). Before Rule 155 was enacted, a financial institution with a failed registered offering was limited in the choices it subsequently had to raise capital.It could either withdraw or abandon a registered offering, but would encounter difficulty in quickly obtaining alternative funding due to unclear regulations on integration. A company that started a private offering may have found sufficient investor interest to justify making a registered offering, but was faced with making offers of registered securities prior to filing a registration statement. Before Rule 155, there were thus no clear guidelines as to how a company can insulate itself from the risk of mergers and a cquisitions.SEC’s prior guidelines in this area were limited to suggesting a six-month â€Å"cooling off† period as well as a traditional five-part test involving consideration of whether two or more offerings (Marek and Seo 2001): ? Are part of a single plan of financing; ? Have the same general purpose; ? Involves the same class of security; ? Are made at or about the same time; and ? Involve securities sold for the same type of consideration. The adoption of the new Rule 155 provides for reliefs for financial institutions (and other institutions in different industries) who opt to participate in mergers, acquisitions, or take-overs.The new Rule 155 does not change the traditional five-factor analysis approach of SEC but clarifies the implication of integration in two specific types of transactions (Marek and Seo 2001). Rule 155 creates integration safe harbors for two types of common transactions: 1) a registered offering following an abandoned private offering; and 2) a private offering following an abandoned registration offering. The term â€Å"private offering† is specifically defined to include only the offerings that qualify for one of the following exemptions: (i) Section 4(2) of the Securities Act, for transactions not involving a public offering;(ii) Section 4(6) of the Securities Act, for transactions that do not exceed $5 million and involve offers and sales only to â€Å"accredited investors†. Or (iii) Rule 506 of Regulation D, for transactions involving offers and sales to an unlimited number of â€Å"accredited investors† and no more than 35 purchasers who, although not accredited, are â€Å"sophisticated† (Marek and Seo 2001). Thus, safe harbors in Rule 155 sets forth clear guidelines under which a company may change its offering between registered and private offerings without the risk of integration.It provides greater flexibility to companies such as financial institutions in this case which seek f inancing in this changing market (Marek and Seo 2001). V. Summary and Conclusions The case study on Bank of America is a model on how focusing on customer satisfaction can further enhance organic growth for a financial institutions. By establishing a customer satisfaction goal, a financial institution can set up a measurement process in order to evaluate current performance and acquire analytical capability to improve performance in a targeted way (Cox and Bossert 2005).Gathering information about the customers will allow a company to streamline its products and services to meet customer needs. This also allows for greater opportunity for more effective cross-selling which will help increase share-of-wallet from both existing and new customers. Institutions with high levels of customer satisfaction, or customer momentum, need to look at products and services through the eyes of the customer and should simultaneously listen to the VoC.There is a need to recognize and reward people fo r selling â€Å"bundled† sets of products rather than merely focusing on measuring and rewarding sales associates for selling specific products only (A. T. Kearney 2006). A financial institution must also take note that products and services to be added or cross-sold must be determined in relation to margins on core products to ensure profitable growth. The mix of products and services offered to customers is equally important when considering their impact on profit.Many financial institutions have limited insight into the true profitability of specific products which makes the development of an economically-attractive bundle (whether from the customers’ or the institutions’ perspective) problematic (A. T. Kearney 2006). As such, managing product complexity is also important. To better serve their customers, sales associates must understand their products, and when a bank has too many products and services on its platter, its employees tend to be less knowledgea ble about what to offer or cross-sell to their customers.Managing product complexity will allow for improvement in the product cost/price relationship and will help customers understand a value proposition. It can help improve both service delivery, transaction effectiveness, and decrease the potential for errors within the financial institution (A. T. Kearney 2006). Thus, effective organic growth should focus on customer satisfaction or VoC as its key component. Mergers and acquisitions however provide for opportunities for financial institutions to gain a greater market share, improve cost-cutting measures, increase profit, and eliminate competition.Ailing financial organizations also have a better chance for survival by being merged with stronger banking counterparts, while the latter gain a stronger foothold in the market through such acquisitions. .The new Rule 155 adopted by the SEC in provides for safeguards for financial institutions in case of such mergers, acquisitions and take-overs. It provides for non-exclusive safe harbors from the integration between registered and private offerings, and allows issuers to move more quickly in case market conditions change quickly.The rule provides for clear guidelines in which a financial institution may change its offering between registered and private offerings without the risks normally associated with integration (Marek and Seo 2001). Deregulation, such as through adoption of the new Rule 155, and technology have been identified as two of the driving forces why banking institutions merge. Technology on the other hand has literally allowed banks to cross borders, and have made limitations as to time, geography, and boundaries practically non-existent.Information dissemination through the speed of technology has allowed mergers across continents, and for such financial institutions to grab a large slice of the market share. It has also provided for flexibility and convenience to customers. However, one threat to this form of business expansion is the formation of â€Å"super banks†, similar to what is happening in the retail sector wherein only a small number of key players dominate the industry. This may potentially affect customer needs, as the competitive edge remains with a select set of power players in the banking sector.The lack of boundaries, such as having branches in different parts of the globe, may also hinder optimum customer satisfaction, as a financial institution’s operating procedure remains uniform and standard, but customer needs always differ per area, region, or continent. Institutions will use both organic growth and mergers and acquisitions to grow and expand their businesses. But what can be concluded is that those financial institutions with business models that push for strong organic growth make more successful acquirers (A. T.Kearney 2006). Since they understand the needs of their clients better, the services and products they offer tend to be m ore appropriate and thus more cost-effective and profitable. By knowing their customers, and ultimately the strengths of their organizations, then institutions with strong organic growth models are better capable of acquiring and merging with other banking institutions in the future. VI. Future Research The preliminary research in this data indicated case studies from surveys conducted on the banking sector for 2005 and 2006.Trends with regard to organic growth and mergers and acquisitions in the financial sector were analyzed. Future research in relation to this study could include analysis of empirical data from major banking institutions and a comparison of their profit rates from their organic growth and mergers and acquisitions. Sample sizes may include banks which focus on both organic growth and mergers and acquisitions, and banks which monitor organic growth alone and do not participate in mergers. Such data may be gathered from interviews, surveys, and requests for financia l reports from respondent banks.WORKS CITED Cox, Daniel and Bossert, James. Driving Organic Growth at Bank of America. American Society for Quality. Feb. 2005. 28 Nov. 2006. http://www. asq. org/financial/bank-of-america-case-study. html Investment Firms Improve, Retail Banks Slip in A. T. Kearney’s Annual Organic Growth Index for Financial Institutions. A. T. Kearney. 12 Sept. 2006. 28 Nov. 2006. http://www. atkearney. com/main. taf? p=1,5,1,177 LaMonica, Paul R. Bank merger mania is back. CNNMoney. com. 27 Oct. 2003. 28 Nov. 2006. http://money. cnn.com/2003/10/27/markets/banks/ Mergers and acquisitions. Wikipedia, The Free Encyclopedia. 2006b. 28 Nov. 2006. http://en. wikipedia. org/wiki/Merger Mergers and Acquisitions: Introduction. Investopedia. 2006c. 28 Nov. 2006. http://www. investopedia. com/university/mergers/ Mergers and Acquisitions: Definition. Investopedia. 2006b. 28 Nov. 2006. http://www. investopedia. com/university/mergers/mergers1. asp Moore, Robert and Siems , Thomas. What’s Driving Bank Mergers. Federal Bank of Dallas. 2006. 28 Nov. 2006. http://www. dallasfed.org/eyi/money/9905. html Neill, James. Qualitative versus Quantitative Research: Key Points in a Classic Debate. Wilderdom. 5 Jul. 2006. 28 Nov. 2006. http://www. wilderdom. com/research/QualitativeVersusQuantitativeResearch. html Organic Growth. Investopedia. 2006a. 28 Nov. 2006. http://www. investopedia. com/terms/o/organicgrowth. asp Organic growth. Wikipedia, The Free Encyclopedia. 2006a. 28 Nov. 2006. http://en. wikipedia. org/wiki/Organic_growth Organic Growth in Retail Banking: A Global Survey of Strategies and Programs.Accenture. 2006. 28 Nov. 2006. http://www. accenture. com/Global/Services/By_Industry/Financial_Services/Banking/R_and_I/GlobalSurveyStrategies. htm Rhoades, Stephen A. Bank Mergers and Banking Structure in the United States, 1980-98. Board of Governors of the Federal Reserve System. Staff Study 174. Aug. 2000. Marek, Thomas R. and Seo, Deborah. Rule 155 Provides New Integration Safe Harbors. Oppenheimer Wolff & Donnelly LLP. 27 Apr. 2001. 28 Nov. 2006. http://www. oppenheimer. com/news/content/rule_155. htm