A Streetcar Named Desire Essay Example for Free

A Streetcar Named Desire Essay In this play there are three main characters Blanche, Stanley and Stella. The play is set in New Orleans in a place named Elysian Fields which runs between L N tracks and the river. Stella and Stanley are married and living together as man and wife in their little apartment. Blanche is Stellas sister. Blanche and Stella both used to live in Belle Reve. Blanche turns up on Stellas door step having lost Belle Reve and her job as a teacher. She has no money and no place to go. She is relying on her sister and her husband to support her. On her arrival she insulted Stellas husband and Stella herself but still expects them to look after her as if it were their duty. Blanche takes them both for granted and in scene one says Im not going to be put up at a hotel. I want to be near you. As soon as Blanche sees Stanley she finds something strangely attractive, she doesnt know why or what it is, he is distant towards her, does not pay her compliments like she is used to and she finds this attractive, he is quite a challenge to her even if he is her brother in law but there is something there that she finds irresistible, the first time they meet he is very blunt in the way he talks and brash, he has no respect for women of any kind, he does what he wants, when he wants and how he wants to do it, the first time they meet he walks in asks if she minds if he takes his top off after a long day at work but before she replies he has already removed it, he wasnt really interested in her answer it was just like a formality a moment of politeness. This is when she notices him and sees something she likes. This makes us think that Blanche may be jealous of the relationship between her sister and Stanley. Perhaps she likes the idea of this man treating her differently to the way she has been treated before, she likes him having power over her, being manly In scene two Stanley questions Blanche on the loss of Belle Reve. Blanche is secretive and tries to avoid the subject, she does not want to argue over such trivial matters and should not want to upset her sister who is listening to their discussion but Stanley can see straight through her pretty, womanly ways, he wants the truth and he knows that she is hiding something, she tries to act dumb papers, what papers she asks when Stanley asks to see the legal documents on Belle Reve. When Stanley does find papers Blanche says they are love letters and he must not touch them (changing the subject to try and distract Stanley from what he wanted to see or might find) Sister in law or not he knows something has happened that will affect Stellas inheritance and through the Napoleonic Code will effect him. Blanches flirtatious ways will not win Stanley over where this is concerned. Stanley can see straight through her womanly ways and will not be distracted.

The Life and Work of Edgar Allan Poe Essay -- essays research papers

Edgar Allan Poe was born in Boston, Massachusetts, to parents who were traveling actors. His father David Poe Jr. died probably in 1810. Elizabeth Hopkins Poe died in 1811, leaving three children. Edgar was taken into the home of a merchant from Richmond named John Allan. The remaining children were cared for by others. Poe's brother William died young and sister Rosalie later became insane. At the age of five Poe could recite passages of English poetry. Later one of his teachers in Richmond said: "While the other boys wrote mere mechanical verses, Poe wrote genuine poetry; the boy was a born poet." Poe was brought up partly in England (1815-20), where he attended Manor School at Stoke Newington. Later it became the setting for his story 'William Wilson'. Since Poe was never legally adopted, he took Allan's name for his middle name. Poe attended the University of Virginia (1826-27), but was expelled for not paying his gambling debts. His expulsion led to a quarrel with All an, who refused to pay the debts. Allan later disowned him. In 1826 Poe became engaged to Elmira Royster, but her parents broke off the engagement. During his stay at the university, Poe wrote some stories, but not much is known of his beginning works. In 1827 Poe joined the U.S. Army as a common soldier under an assumed name, Edgar A. Perry. He was sent to Sullivan's Island, South Carolina, which provided settings for his tales 'The Gold Bug' (1843) and 'The Balloon Hoax' (1844). Tamerlane and O... The Life and Work of Edgar Allan Poe Essay -- essays research papers Edgar Allan Poe was born in Boston, Massachusetts, to parents who were traveling actors. His father David Poe Jr. died probably in 1810. Elizabeth Hopkins Poe died in 1811, leaving three children. Edgar was taken into the home of a merchant from Richmond named John Allan. The remaining children were cared for by others. Poe's brother William died young and sister Rosalie later became insane. At the age of five Poe could recite passages of English poetry. Later one of his teachers in Richmond said: "While the other boys wrote mere mechanical verses, Poe wrote genuine poetry; the boy was a born poet." Poe was brought up partly in England (1815-20), where he attended Manor School at Stoke Newington. Later it became the setting for his story 'William Wilson'. Since Poe was never legally adopted, he took Allan's name for his middle name. Poe attended the University of Virginia (1826-27), but was expelled for not paying his gambling debts. His expulsion led to a quarrel with All an, who refused to pay the debts. Allan later disowned him. In 1826 Poe became engaged to Elmira Royster, but her parents broke off the engagement. During his stay at the university, Poe wrote some stories, but not much is known of his beginning works. In 1827 Poe joined the U.S. Army as a common soldier under an assumed name, Edgar A. Perry. He was sent to Sullivan's Island, South Carolina, which provided settings for his tales 'The Gold Bug' (1843) and 'The Balloon Hoax' (1844). Tamerlane and O...

Healthy Work Environment

A Healthy Work Environment: Essential in Providing Quality Health Care Kimberly Lett DeVry University ENGL135: Advanced Composition Fall term 2010 A Healthy Work Environment: Essential in Providing Quality Health Care The delivery of healthcare has evolved and changed over the years and with the advances in science and technology, the ability to provide safe, quality care to all patients has been impacted by the changes. With the rising healthcare costs and decrease in reimbursement for care provided, organizations must look for ways of cost containment to maintain viability for the future. Fabre (2005) noted that administrators are struggling to maintain financial stability and retain competent nurses during these difficult financial times. Organizations are being evaluated and reimbursed based on their patient care outcomes; as such the nurse’s role is critical in helping to identify potential safety risks to patients and the prevention of medical errors. As hospitals have responded to financial pressure from Medicare, managed care , and other private payers, registered nurses have become increasingly dissatisfied with the working conditions in hospitals† (Fabre, 2005, p. 20). One of the many challenges in healthcare today, is the need for organizations to recognize and facilitate the improvement of the work environment. The need for competent, qualified nurses in any organization is i mperative for providing safe, quality care to the clients. For this reason the critical role that nurses have in providing patient safety should not be underestimated. The Institute of Medicine (2004) reported â€Å" research is now beginning to document what physicians, patients, other healthcare providers, and nurses themselves have long known: how well we are cared for by nurses affects our health, and sometimes can be a matter of life or death† (p. 2). The importance of a healthy work environment has been recognized as a key component in maximizing organizational performance, contributing to a decrease in the nursing shortage within an organization and is vital in providing quality care to the clients they serve. The growing concern for the nursing shortage continues to be a major issue affecting the profession and attention is being given to the stressful nature of the work environment. Several national surveys were completed in 2002 and 2004, identifying reasons for the ongoing nursing shortage, one of the major concerns centered on the work environment (Florida Center of Nursing, 2006). Organizations are looking at ways of restructuring the work environment, enabling staff nurses the opportunity to participate in decisions that impact their ability to practice. McDonald, Tullai-McGuinness, Madigan, and Shively (2010) remarked that workplaces that have a supportive work environment have noted success in recruitment and retention of their work force, citing an increase in job satisfaction and improved patient outcomes. With nurses making up the largest percentage of professionals working in a hospital setting, organizations now recognize the importance of the nurses’ role and measures to improve the workplace are being developed. Lowe (2002) noted â€Å" diagnosing the extent of work environment problems in healthcare is the first step in designing strategies to improve the quality of healthcare workplaces† (p. 49). Hospitals looking to improve on the work environment must first have an understanding of the nurses’ perception of their workplace environment. Kramer and Schmalenberg (2008) noted â€Å"the perspective of clinical nurses at the front line as to what constitutes a healthy work environment is essential if interventions to improve practice environments in hospitals are to be implemented† (p. 57). Once an organization is able to identify distinctive characteristics that have an impact on staff and their environment, they are then able to proceed in developing strategies to improve the work culture. All members of the healthcare team, including staff, management, and administrators, must be committed to the development of a healthy work environment as well as sustaining the culture through modeled behavior. Practical techniques to assist in the development of staff friendly cultures are clearly identified, with long term strategies implemented rather than short term fixes, for all members of the organization. To help facilitate and guide organizations, professional groups have designed several programs available for their use in fostering a healthy work environment (Florida Center of Nursing, 2006). The American Nurses Credentialing Center (ACNN) sponsors the Magnet Recognition Program, which focuses on the development of nursing practices and evaluates the environment where nursing is practiced. This program is well recognized by organizations throughout the country, as the Magnet Journey and is considered to be one of the highest achievements that organizations can obtain (Broom, & Tilbury, 2007). Organizations that strive to achieve the Magnet designation, acknowledge the link between a healthy work environment and the development of an organization of nursing excellence. Hospitals utilizing the Magnet concept demonstrate the following characteristics; (a) authentic leadership, (b) skilled communication, (c) effective decision making, (d) quality patient care processes, (e) collaboration and teamwork among all healthcare workers, (f) professional growth and accountability, (g) clinically competent staff and (h) adequate staffing levels (Shirey, 2006). All the above components are essential and linked to the effectiveness of a quality work culture. An online survey of clinical nurses, conducted by the AACN, were asked to identify factors that had an impact on their satisfaction with nursing as well as potential reasons that might cause them to leave the profession ( Ulrich et al. , 2006). Leadership style was identified as a key component affecting nurses’ satisfaction with their job. Nursing leadership is a crucial element to the work environment of nurses, as it is the leaders who can bring about positive changes to the environment (Florida Center of Nursing, 2006). The importance of effective leadership from all levels of management in any organization is essential in developing and promoting collaboration with their employees. A manager’s ability to foster leadership growth, and recognize the importance and expertise of the nursing staff will have a major advantage in retention of competent nurses in their units. In essence, leaders who can motivate and provide opportunities for their staff, and demonstrate a high level of role model behavior, have higher levels of staff participation and commitment to the organization. Authentic leadership is characterized as one that establishes relationships which are based on trust, respect, and can be considered genuine and believable (Shirey, 2006). Leaders that demonstrate excellent management styles are participatory, coaching and mentoring, they encourage and value staff members and support staff involvement in decision making that has an impact on their work environment (Tomey, 2008). The importance of effective leadership, with staff and management working together, is noted by their ability to create a shared vision for the organization through collaboration and continuous improvement of the work environment. Shirey (2006) noted â€Å"authentic leadership was described as the glue needed to hold together a healthy work environment† (p. 256). Another influential factor in the workplace is skilled communication among all levels of the healthcare team. Key components when utilizing one’s communication skills include verbal and nonverbal interactions and enhanced listening skills, all are vital in ensuring effective communication. Because communication happens continuously in the workplace between employees, managers and customers, it plays a vital role in the development of healthy relationships. Fabre (2005) noted that nursing staff expect sincerity, trust and good communication from all levels of leadership within the organization. Communicating openly and honestly allows for individuals to deal with one another in a respectful manner, build trust and have an appreciation for each other. A healthy relationship among co-workers enhances the communication process, allowing collaboration and teamwork, which in turn leads to a decrease in medical errors and fosters a safe environment for patient care. The Joint Commission on Accreditation of Healthcare Organizations (JCAHO) remarked that the 80% of medication errors and 70% of sentinel events that occurred in delivery of patient care were directly related to ineffective communication among the care providers (Florida Center of Nursing, 2006). Interactions among nurses, physicians, patients and managers, all have a direct impact on the quality of care delivered. In order to provide optimal patient care, it becomes crucial for all members of the healthcare team to communicate effectively with one another. Interpersonal relationships and collaborative teamwork among nurses, physicians and other members of the healthcare team are crucial to the delivery of quality care to the patients (Parsons, & Cornett, 2005). Another important aspect of a healthy work environment is one where nurses are supported and feel empowered to participate in decision making. Ulrich et al. (2006) reported the Institute of Medicine advocates for frontline staff to be involved and entrusted in the decision making and delivery of the patient care provided. When nurses are given the opportunity to participate in clinical and organizational decisions and receive support for their efforts, it fosters personal accountability and autonomy for all staff involved. Empowerment of the nursing staff establishes the groundwork for a positive workplace with collaboration and meaningful communication, enabling professional development and growth within the organization (Parsons, & Cornett, 2005). Organizations that promote staff involvement in the development of policies and procedures, fosters support for the nurses’ ability to use their critical thinking skills in determining what is the best plan of care for their patients. Nurses need to feel safe and secure in their work environment to be effective in utilizing their critical thinking skills. Kouzes (as cited by Fabre, 2005) remarked â€Å"the key to unleashing the organization’s potential to excel is putting that power in the hands of the people who perform the work (p. 7). When staff members are engaged and feel valued as member of the team, a true sense of autonomy is present in their daily care of patients. Fabre (2005) remarked it is extremely important for nurses to be autonomous, allowing them the ability to make decisions about direct patient care in their daily practice. One such method for getting staff members involved is through the use of shared governance committees within their units. Direct care nurses participating on these councils, are involved with decision making regarding positive patient care models as well as nursing satisfaction and retention (Florida Center of Nursing, 2006). Nurses working in positive work environments demonstrate mutual respect for one another, show consistent professional collaboration among all team members and function as high performance team members in their organizations. Vollers, Hill, Roberts, Dambaugh, and Brenner (2009) noted â€Å"nurses affect patients’ outcomes by their direct actions and their influence over the actions of other† (p. 24). It becomes easier for employees to recognize and accept the need for change, problem solve and decrease stress in their workplace. Another important aspect relating to nursing satisfaction is the importance of professional development. Organizations that are recognized for their high standard of patient care acknowledge the importance of their nursing staff and provide opportunities for personal and professional growth. Successful organizations offer various learning avenues for their employees. Emphasis is placed on orientation for new staff members, in-service education, continuing education as well as formal education and career development (Tomey, 2008). Nurses recognize that continuing education and competency go hand and hand and is imperative for professional development as well as patient safety. Individuals, who are given the opportunity to grow and develop their skills and abilities within an organization, will be happier and more productive at work. Another avenue of development for nursing is certification in their specialty. A certified nurse provides a level of expertise at the bedside when caring for his/her patients. Ulrich et al. (2006) noted the correlation between certified nurses and improved patient care; nurses were able to quickly identify the problem and intervene appropriately to the issue at hand. Nurses who embrace the idea of lifelong learning are able to adjust to the ever changing needs in healthcare and are much more satisfied in their job roles. Personal and professional growth is valued in organizations, where managers are committed to providing time and resources for staff learning and educational opportunities (Institute of Medicine, 2004). A shift in management thinking, from controlling to guiding staff, becomes an important step for staff development which in turn improves quality of nursing care. A common concern that nurses have with their current work environment is one of inadequate staffing levels. Hospitals that employ the concepts of magnet empower their nurses to make decisions about appropriate staffing levels. Management and staff nurses work together to build safe staffing strategies to meet the needs of the individual units. This collaboration between staff and management, builds trust, empowers the nursing staff and enables nurses to feel they have personal accountability for the success of their organization (Fabre, 2005). Organizations have struggled with trying to determine the number of nurses needed to provide safe, quality patient care and do so in a cost effective manner. The Institute of Medicine (2004) remarked that experts have recognized that healthcare organizations need to be aware, that overemphasis on efficiency and productivity may have a negative impact on patient safety. With the added stress of providing care for sicker patients with fewer nurses at the bedside, less time is available for nurses to meet all the physical, mental and psychosocial needs of the patients. Morgan and Lynn (2009) remarked â€Å"being pressed for time and energy, nurses describe their work in terms of survival; the luxuries of meaningful care interactions with patients are forgone† (p. 07). Often nurses feel they have time to only perform the minimum amount of basic care; and patient education, basic comforting and advocating for the patient is omitted. The lack of resources in staffing as well as a poor working environment is extremely dissatisfying to the nursing staff and impacts patient outcomes. â€Å"Research indicates that nurse staffing has a defin ite and measurable impact on patient outcomes, medical errors, length of stay, nurse turnover, and organizational outcomes† (Florida Center of Nursing, 2006, p. 5). There is no single action that guarantees a foolproof solution to patient safety during one’s hospitalization, but consideration of staffing levels has played a critical role in providing that safe care. Buchan and Aiken (2008) noted an association between higher nurse staffing ratios and a decrease in medical complications and patient mortality. Staff nurses recognize high risk situations and patient safety concerns, when understaffed they are often times unable to prevent these catastrophic incidents. Safety is a patient’s right and they deserve the nurse’s best efforts. Fabre (2005) noted that the success of nurses as well the healthcare organization is dependent on a positive healthy work environment. Patient safety needs to be the most important goal for any organization. Culture does matters and a healthy work environment makes the difference in an organization’s performance. The importance of promoting health, through the use of wellness programs, as well as prevention of illness for employees in an organization should not be overlooked. Staff should be supported and encouraged to participate in their own health management. Burton (2008) remarked â€Å"it is intuitively obvious that unhealthy, stressed employees will cost a company something in terms of absenteeism and decreased productivity† (p. 3). A positive work environment fosters healthy lifestyles, behaviors and enables individuals to develop coping skills to deal with stress on a daily basis. The financial benefits versus the cost of creating a healthy work environment can be cost neutral. Many of the magnet concepts, if developed in the workplace, are done with no direct costs to the hospitals. Changes in leadership styles, supportive and respectful behavior towards staff and empowering nurses in the decision making does not cost the organization money (Burton, 2008). All these factors will have a significant impact on the work environment; improving the physical and mental wellbeing of staff members. Patients trust and recommend hospitals because of the nursing care they receive. Fabre (2005) noted an important reminder to hospitals; patients tell their family, friends and neighbors about the care, good or bad, they received while a patient in their organization. Excellent patient care coupled with patient satisfaction is what attracts people to an organization. Healthcare organizations that demonstrate and promote healthy work environments will become the employer of choice in their communities. Burton (2008) noted that administrators of an organization cannot argue the fact that their reputation is extremely important in the community in relation to the success of their facility. Patients do notice the difference and when hospitals are able to recruit and retain the best nurses in the community; this nursing excellence has the ability to drive the success of the organization. Whether an organization chooses to seek Magnet designation or not, the concepts can still be utilized in any organization towards the development of a healthy work environment. It is important that organizations recognize the need for development of strategies that foster a healthy work environment, where staff are valued and acknowledged for their contributions and have a desire to work in their facilities. The association between a healthy work environment and the health and wellbeing of the nursing staff correlates to the impact on the quality of care provided to the patients they serve. It is evident that the continuity of patient care, recruitment and retention of competent nursing staff and organizational viability are all greatly impacted by the nurses’ work environment. Maintaining a healthy workplace remains a challenge in healthcare and must be seen as an ongoing process. Healthcare organizations that are able to develop and sustain quality workplaces will be able to meet the demands of healthcare in the future by retaining competent nursing staff and meeting the health needs of their communities. . References Broom, C. , & Tilbury, M. S. (2007). Magnet Status: A journey, not a destination. Journal of Nursing Care Quality, 22(2), 113-118 Buchan, J. , & Aiken, L. (2008). Solving nursing shortages: a common priority. Journal of Clinical Nursing, 17, 3262-3268. Burton, J. (2008). The business case for a healthy workplace. Retrieved January 24, 2011 from: http://www. iapa. ca/pdf/fd_business_case_healthy_workplace. pdf Fabre, J. (2005). Smart nursing: How to create a positive work environment that empowers and retains nurses. New York, New York: Springer Publishing Company, Inc. Florida Center of Nursing. (2006). The value of a healthy work environment. 1-20. Retrieved January 28, 2011 from http://www. flcenterfornursing. org/files/healthworkenv. pdf Institute of Medicine of the Nation Academies. (2004). Keeping patients safe: Transforming the work environment. Washington, D. C. : The National Academies Press. Kramer, M. , & Schmalenberg, C. (2008). Confirmation of a healthy work environment. Critical Care Nurse, 28(2), 56-64. Lowe, G. S. (2002). High-Quality Healthcare Workplaces: A vision and action plan. Hospital Quarterly Summer, 49-56. McDonald, S. F. , Tullai-McGuinness, S. , Madigan, E. A. , & Shively, M. (2010). Relationships between staff nurse involvement in organizational structures and perception of empowerment. Critical Care Nursing Quarterly, 33(2), 148-162. Morgan, J. C. , & Lynn, M. R. (2007). Satisfaction in nursing in the context of shortage. Journal of Nursing Management, 17, 401-410. References Parsons, M. L. , & Cornett, P. A. (2005). A healthy emergency department workplace; the staff describe it. Topics in Emergency Medicine, 27(3), 198-205. Shirey, M. R. (2006). Authentic leaders creating healthy work environments for nursing practice. American Journal of Critical Care, 15(3), 256-267. Tomey, A. M. (2009). Nursing leadership and management effects work environments. Journal of Nursing Management, 17, 15-25. Ulrich, B. T. , Lavandero, R. , Hart, K. A. , Woods, D. , Leggett, J. , & Taylor, D. (2006). Critical care nurses’ work environments: a baseline status report. Critical Care Nurse, 26(5), 46-57. Vollers, D. , Hill, E. , Roberts, C. , Dambaugh, L. , & Brenner, Z. R. (2009). AACN’s healthy work environment standards and empowering nurse advancement system. Critical Care Nurse, 26(6), 20-27.

A Look At Murugappa Group Finance Essay - Free Essay Example

Sample details Pages: 6 Words: 1739 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Some of the well known Brands from the house of Murugappa are ; BSA and Hercules for bicycles , Ajax and ballmaster are known for abrasives , Parryware is a market leader in sanitaryware , gromor and framos are known for fertilizers .One of their product , neem Azal (made from neem) is a market leader in bio-fertilizers . they have some very high profile international tie ups like ; Morgan Crucibles of the UK , Mitsui Sumitomo Insurance of Japan , Wendt of Germany and BorgWarner of the USA . There 8 companies are listed on Bombay stock exchange and national stock exchange and are frequently traded . they also have 43 patents on there name for production innovation. It also has been at the forefront of safety in all the manufacturing facilities, promoting awareness and caring for the Health of its employees and protecting the environment. Almost all the manufacturing facilities of the group companies have been awarded the highest and contemporary certifications for Quality and Environment protection. Because of absence of consolidated financial data for the whole group and its 8 listed companies ,therefore to understand the financial history of the group we will focus on the flagship company of the group , which is Tube investments of India Limited . Tube Investments : Tube investments is the flagship company of the murugappa group with a contribution of Rs. 2440 crores towards the revenue of the group . TI was setup in year 1949 .they were indias first integrated biccle manufacturers of that time . TI has business of : bicycles and electri scooters , Engineering business, metal forming business. From plain steel tubes they have emerged as a primary point of reference for precision tubular solutions in the automotive industry . now foray in power transmission , mobility and infrastructure also , automotive and industrial chains . FINANCIAL REVIEW Profits Profitability With largely stable price of commodities, steel and o il, the strong focus on improving operating efficiencies, control overcosts and a good product mix, the overall performance of allthe segments of the Company was very good. The earnings before Interest, Tax, Depreciation Amortisation beforeexceptional items grew from Rs. 124 Crores to Rs. 265 Crores,a growth of 114%. The Company has also improved itsoperating EBITDA margin from 5.7% to 11.3%.Capital ExpenditureIn keeping with its policy of pursuing and investing in longterm growth opportunities, the Company invested inestablishing green field facilities for manufacture of productscatering to the requirements of the Railways. A new facilityfor manufacture of doorframes is also being established atSanand, Gujarat. Apart from these facilities, the Companycontinued to invest in equipment for modernisation,enhancing productivity and improving quality. The totalinvestment in capital assets was Rs. 83 Crores. Depreciationon the assets of the Company is provided based on theirestimated use ful life, leading to a higher charge towardsdepreciation in the case of some assets of the Company.AcquisitionDuring the financial year, the Company acquired a majoritystake in the Sedis Group, manufacturers of industrial chainsin France, by acquiring 77.13% stake in Financiere C10 S.A.S(FC10) with an agreement to buy the balance shares within aperiod of three years. The cost of acquisition of the 77.13%stake was Rs. 43.6 Crores. FC10 specialises in themanufacture of customised chains for a variety of industrialuses. FC10 possesses five global patents and has a veryimpressive list of customers. The management team at FC10is very capable and experienced and have steered thecompany profitably through turbulent times in the recent past.The acquisition will provide the Companys chains businesswith access to new technologies to manufacture productsthat are currently being imported into India. In addition, thebusiness will also be able to enhance its presence in theEuropean market by leve raging the Sedis brand and itsdistribution network. Interest CostOn the back of a good performance by all the segments ofthe Company, the cash generated helped to keep theborrowings lower and consequently, the interest cost for the year was contained at around the same level as last year.The average rate of interest for the year was at 6.6% against7.3% in the previous year. As in the previous years, theCompany uses a judicious mix of long and short term funds,domestic and foreign currency borrowings and appropriatetenors to ensure the interest cost is kept at the lowest.Exchange Differences on International Trade BorrowingsThe Company has entered into forward contracts andderivatives to hedge the foreign exchange fluctuation riskarising out of exports and repayment of long term foreigncurrency borrowings.From the year 2007-08, the Company opted to account suchexposures in line with the method prescribed in AccountingStandard 30 (AS 30). Applying the criteria laid down for Hed geAccounting, an amount of Rs. 2.8 Crores has been chargedto the Profit Loss Account and a sum of Rs.4.4 Crores hasbeen taken to the Hedge Accounting Reserve. The amountin the Reserve account will be reversed when the transactionoccurs and the actual loss / gain is accounted.InvestmentsThe Company invested Rs.92.5 Crores in the rights issues ofCMSGICL. This investment will enhance the capital of the subsidiary and put it on a sound footing to grow its businessfurther.During the year, a wholly owned subsidiary was establishedin China to facilitate the operation of the e-scooters andbicycles business. The value of the investment made wasRs.1.85 Crores.The Company also acquired FC 10 in France for aconsideration of Rs. 43.6 Crores for the 77.13% holding.Subsequent to the close of the financial year, the stake ofDBS Bank Ltd, Singapore (DBS) in Cholamandalam DBSFinance Ltd (CDFL) was purchased by the Murugappa Group.Accordingly, the Company acquired 1,75,82,000 equity sharesof CDFL for a consideration of Rs. 160 Crores from DBS.Consequent to this acquisition, CDFL has become asubsidiary of the Company. The Company will also beacquiring the 1% Fully Convertible Cumulative Preference Shares issued by CDFL and currently held by New AmbadiEstates Pvt. Ltd. Having exited the personal loan businessand focusing on its core strengths of vehicle financing andhome equity, the business is expected to perform well in theyears ahead.The operations of Tubular Precision Products (Suzhou)Company Ltd were not profitable. Considering the difficultmarket conditions and the time it would take to reach thedesired profitability benchmarks of the Company, it was decided to liquidate the subsidiary. The liquidation processcommenced in December 2009 and concluded by March2010. The loss on the liquidation of the subsidiary wasRs. 39.95 Crores and this has been fully absorbed in theaccounts for the current financial year. The assets of the company will be relocated to the vario us plants in India tomeet the higher demand from these plants.TII Shareholding TrustArising out of the amalgamation of TIDC India Ltd (TIDC) with the Company in 2004, the TII Shareholding Trust was vestedwith 1,01,51,870 shares of the Company. Out of this,57,50,000 shares were sold in 2007-08. The balance sharesare to be disposed of before December 2010. Review of Performance The highlight of the year was the improved performance by all the business segments of the Company. Good growth in volume, largely stable prices with respect to key raw materials and focus on operating efficiencies enabled the Company to report a higher Profit before Tax at Rs.129.50 Crores against Rs. 83.02 Crores, last year, a growth of 56%. The Profit reported above is after providing Rs.39.95 Crores towards diminution in value of investments and other amounts receivable relating to the Companys subsidiary viz., Tubular Precision Products (Suzhou) Co Ltd. The operating pro fit excluding the said provision grew by 366% over the previous year. The Bicycles divisions turnover grew by 31% and the division reported a profit before interest and tax of Rs. 68.72 Crores against Rs. 29.17 Crores in the previous year. A significant growth in volume, good product mix and higher sales through the retail formats pioneered by the Company contributed to this performance. As many as 79 new models were introduced catering to the various customer segments based on consumer insights and feedback and these products have met with very good response from the market. The division continues its focused marketing efforts across all segments, from toddlers to the high-end performance bicycles, for the discerning bicycle enthusiast. The electric scooters launched by the Company last year have gained market acceptance garnering a good market share in the southern part of the country. The division has been working on improving th e performance of motors, controller and battery in line with the expectations of the consumers. The Engineering division of the Company grew its tubes business by 20% in volume terms and 5% in turnover. A significant part of the growth came through the higher sale of the value added tubes and tubular components. The profit before interest and tax grew by 415% from Rs. 16.54 Crores to Rs.85.10 Crores. This was achieved through higher volume, good product mix, focus on internal efficiencies and better utilisation of resources. The export market was affected due to the recession and consequently, exports were down by 12%. Your Company is also pursuing growth opportunities in new segments linked with the infrastructure industries that offer higher potential; this will help de-risk the revenue streams in the coming years. In the Metal Formed Products division, there was a double digit growth in volume of all segments, excluding export of industrial chain which continues to be affected by the recession. With an improvement in the sale of new models and growth in the existing models, the sale of car doorframes was higher at 31%. The new facility for manufacture of doorframes at Sanand, Gujarat is nearing completion and is expected to be commissioned in the first quarter of this financial year. In the Railways segment, there was an increase of 49% on the sale of cold rolled formed sections for wagons. The new facility at Uttarakhand for manufacture of these sections was commissioned during the year and this will help your Company to increase revenue in the current year. The facility for manufacture of side wall, end wall and roof assemblies for passenger coaches at the plant near Chennai has been commissioned and the output of this facility will contribute to the growth of this division from this financial year. During the year under review, the sale of automotive chains increased by 53%. This was possible due to the increased off-take by major customers on the back of growth in the industry. The facility established at Uttarakhand for manufacture of chains is functioning at full capacity and given the growth trends; there is a need to pursue expansion of capacities at all the plants. Management Discussion and Analysis The Management Discussion and Analysis Report, which forms part of this Annual Report, sets out an analysis of the individual businesses including the industry scenario, performance, financial analysis, investments and risk mitigation. Dividend Your Directors are pleased to recommend a dividend of Rs.1.50 per equity share of Rs.2 each. MURUGAPPA GROUP FINANCIAL HISTORY PGDMB11-06 Don’t waste time! Our writers will create an original "A Look At Murugappa Group Finance Essay" essay for you Create order