GiDa Ltd Analysis of financial performance - Free Essay Example

Sample details Pages: 5 Words: 1368 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? GiDa Ltd Analysis of financial performance Don’t waste time! Our writers will create an original "GiDa Ltd: Analysis of financial performance" essay for you Create order Table of Contents 1 Introduction 2Financial Statements and ratios 2.1Income statement 3.2Balance Sheet 3Limitations 4Overdraft reduction plan 5Conclusion Bibliography Appendix 1 GiDa Ltd Income statement Appendix 2 GiDa Ltd Balance Sheet Appendix 3KPIà ¢Ã¢â€š ¬Ã¢â€ž ¢s The following report has been produced by Drake Consultancy on behalf of GiDa Ltd, a corporation that is involved in the design and manufacture of casual and leisure clothing aimed specifically at the higher-income young persons market. GiDa has been requested by their bankers to reduce their current borrowing requirements within the next six months. The intention of this report is to analyse the financial performance of the business using the key performance indicators and ratios as indicated by Atrill and McLaney (2006) and present a plan for the business that will enable it to comply with the banks requirements. Copies of the financial statements of GiDa Ltd covering the two years to 31 December 2007 are attached within appendices 1 and 2. It should be noted at this stage that these have been prepared and presented in accordance with the current reporting standards as set by the IASB[1]. One consequence of these standards is that when measuring performance, the majority of ratios used are concentrated upon the balance sheet, although as will be seen in this case these do relate to the profitability of the business (Ryan 2004, p.145). In common with standard practice, to enable a comprehensive analysis of GiDaà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial performance, we have used six key performance indicators (Lee 2006), the details of which are included in appendix 3. Two of these relate to income statement activity and the remainder concentrate upon balance sheet performance. 2.1Income statement With regard to the income statement, two KPIà ¢Ã¢â€š ¬Ã¢â€ž ¢s can be seen to have contributed to the increase of the business overdraft during 2007. These are the inventory turnover period and the trade receivables. The results show that inventory has reduced from being turned over 3.14 times per year to 2.46 times. Similarly, the trade receivables in 2007 represent 16.71%, an increase of over 5% in the year. As is apparent from the income statement (appendix 1), there are no exception items in the accounts, therefore both of these events have directly put pressure on the business cash flow, increasing funding requirements (Atrill and McLaney 2006, p.204). 3.2Balance Sheet An analysis of the GiDa Ltd balance sheets for the two years (appendix 2) also reveals several areas of concern (Riahi-Belkaoui 2004), which might have precipitated the banks request. These concerns appear in four major areas. Return on investment The percentage return on investment has reduced to 22.09% in 2007 (25.27% 2006). Although this might be of minor concern, as GiDa is a private company, if investors are needed in the future its importance will increase. Current Ratio The current ratio tests the ability of the business to cover its short term or current liabilities. In this case 2006 showed a comfortable position where current assets were nearly twice the size of current liabilities, although this position has weakened considerably in 2007. Acid Test ratio However, of more importance in terms of performance is the acid test ratio. Here it is recognised that the business inventory does not have the same liquidity strength as other current assets, particularly in a forced sale environment (Atrill and McLaney 2006). Financial institutions are only comfortable when this ratio exceeds 1(Ryan 2004) and, as is apparent from the GiDa balance sheet in neither year has this been achieved. Even more concerning is the fact that in 2007 this ratio reduced to less than half. From the bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s viewpoint this would raise issues relating to the security of their lending (Lee 2006). Debt/equity ratio A similar result to the acid test ratio would be required from the debt/equity ration, which is designed to indicated the solvency of the business when comparing liabilities against the equity available (Schroeder et al 2005). The review of the GiDa performance shows that in 2007 this ratio, as with the previous one, has also reduced to less than half. Despite the increased and improved performance reflected in the corporationà ¢Ã¢â€š ¬Ã¢â€ž ¢s income statements, there is little doubt that the performances in the areas indicated above have been the cause of the bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s disquiet as to the future stability of the business and resulted in their requesting a reduction in current borrowings (Jones 2006 and Lee 2006). Prior to making recommendations (section 4) it should be noted that this performance analysis would have contained a more detailed appraisal had Drake Consultancy been able to access two further areas of information. The first of these is the cash flow statement, which provides future indication of continuing liquidity (Ryan 2004, p.1). In the second instance, a more detailed analysis of revenue segments might have proved useful in assessing whether performance was an issue within the male or female clothing ranges. In addition, from the information provided it has been assumed that all the profits earned by the business in 2006 have been withdrawn by the shareholders as dividends in 2007 as this amount has not been carried forward to the 2007 balance sheet (see appendix 2). The balance sheet for GiDa Ltd shows that the overdraft has increase to  £5.5 million in 2007 (2006  £600,000). To comply with the bankers request for a reduction in the overdraft levels within six months the reports authors would make recommendations for improvements in two main areas of the business performance, these being related to the inventory and trade receivables. Inventory If the inventory turnover level had been maintained in 2007 at the same ratio as 2006 it would have stood at  £4.588million instead of the balance sheet amount of  £5.820 million. This would have reduced the business borrowing levels in the full year by  £1,261 million Trade receivables In terms of trade receivables the extent of credit extended to customers has increased by 5% in 2997. Had this credit control been maintained at 2006 levels additional cash available to the business would have been  £1,161.55 million. It is therefore recommended that additional controls and monitoring be conducted upon these two areas to reduce the ratios back to 2006 levels as a matter of urgency. The cash flow benefit of taking this action will have the following positive cash inflow to the business over the course of one year:  £1,261 +  £1,161 =  £2,422 million Achieving this level of improvement would enable the business to provide the bank with a borrowing reduction of  £1,211 million with the six month period requested. Furthermore, these measures would also serve to improve the business key performance indicators, especially in relation to the current and acid test ratios. It is concluded from the review of the financial performance of GiDA that whilst the income performance has improved, the two areas of financial controls mentioned in section 4 have been allowed to become lax, which has caused the bank to become concerned about their lending. However, providing the corporationà ¢Ã¢â€š ¬Ã¢â€ž ¢s management implement the recommendations of this report it is considered that the business will be able to achieve a position that will enable it to comply with the banks request to reduce borrowing levels and, in addition, strengthen its balance sheet value at the same time. Atrill, P and McLaney E (2006). Accounting and Finance for Non-Specialists. Harlow: FT Prentice Hall Jones, M (2006). Financial Accounting. Chichester: John Wiley Sons Lee, T (2006). Financial Reporting and Corporate Governance. Chichester: John Wiley Sons Riahi-Belkaoui (2004). Accounting Theory. London: Thomson Learning Schroeder, R.G., Clark, M.W and Cathey, J.M (2005). Financial Accounting Theory and Analysis: Text, Readings and Cases. New York: John Wiley Sons Inc Ryan R (2004). Finance and Accounting for Business. London: Thomson Learning Income statementforGiDa Ltd. for theyearended31December 2006 2007  £000  £000  £000  £000 Revenue 14,006 22,410 Costofsales Opening inventory 2,330 3,140 Purchases 7,584 14,298 Closing inventory (2,418) (5,820) (7,496) (11,618) Grossprofit 6,510 10,792 Operatingexpenses (2,384) (3,700) Operatingprofit(beforeinterestandtaxation) 4,126 7,092 Interestpayable (432) (912) Profitbeforetaxation 3,694 6,180 Taxation (420) (780) Profitfor the year 3,274 5,400 Balance sheetforGiDa Ltd. as at 31December 2006 2007  £000  £000  £000  £000 Non-current assets 8,600 14,470 Current assets Inventory 2,418 5,820 Trade receivables 1,614 3,744 Other receivables 268 402 Cash 56 8 4,356 9,974 Current liabilities Trade payables 1,214 2,612 Other payables 248 402 Taxation 420 780 Bank overdraft 600 5,050 2,482 8,844 Net current assets 1,874 1,130 10,474 15,600 Non-current liabilities Long-term loan 3,600 6,600 Net assets 6,874 9,000 Equity Ordinary shares of  £0.50 each 3,600 3,600 Retained profit 3,274 5,400 6,874 9,000 Figure 1 Financial Ratios GiDa Ltd Financial Ratios Comparisons  £  £  £ 000s Dec-31 Dec-31 2006 2007 Inventory period Annual cost of goods sold 7,584 14,298 Inventory 2,418 5,820 Ratio 3.14 2.46 Trade receivables Revenue 14,006 22,410 Trade receivables 1,614 3,744 Percentage 11.52% 16.71% Return on Investment Total Assets 12,956 24,444 Net Profit after Taxes 3,274 5,400 Percentage 25.27% 22.09% Current Ratio Current Liabilities 2,482 8,844 Current Assets 4,356 9,974 Ratio 1.76 1.13 Acid Test Ratios Current Liabilities 2,482 8,844 Current Assets (Less inventory) 1,938 4,154 Ratio 0.78 0.47 Debt equity ratio Total Liabilities 2,482 8,844 Equity 3,600 3,600 Ratio 1.45 0.41 1 Footnotes [1] International Accounting Standards Board (2008)

Criminal Activities of the Roaring Twenties - 1119 Words

Criminal activities of the Roaring Twenties The Roaring Twenties were aptly named: they were indeed roaring with music and dance, but also with gangsters and criminals. The Great Depression having affected everybody, all were in need of money and ready to do whatever it took to get some. This is why the Roaring Twenties were a decade of bootlegging, bank robbing, and corruption. The first important criminal industry of the 1920s was bootlegging. Bootlegging consisted in illegally supplying or producing liquor. When the prohibition was enforced during the winter of 1920, its original goal was to lower crime and corruption, reduce social problems, lower taxes needed to support prisons and poorhouses, and improve health and hygiene in†¦show more content†¦No club played better in 1919, but few were paid so poorly. 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Fundamentals of Operation Management-Free-Samples for Students

Question: Explain the Fundamentals of OM and the seamless Integration between logistics, Operations, and the Customer. Answer: Literature Review or Critique Explain the fundamentals of OM and the seamless integration between logistics, operations, and the customer - K. W.Green, R. A. Inman, L. M. Birou D. Whitten, D (2014), Total JIT (T-JIT) and its impact on supply chain competency and organizational performance.In International Journal of Production Economics,volume 147, pages 125 to 135(Green, 2014). Main Purpose of the Article Operations Management includes various administrative processes within businesses aimed at creating highest levels of efficiency within an organisation(Petrovic, 2014). The scope of the domain concerns with converting raw materials and labour into services and goods, for maximizing profits of the organisation. In an attempt to balance costs with revenue for achieving highest net operating profit, various functionalities of Operations Management integrates seamlessly with logistics, operations and customers(Alfalla-Luque R. M.-L., 2013). OM utilizes resources, employees, equipment, technology for catering to their customers. For examining integration of various concepts and key functionalities of OM, the article by K. W.Green, R. A. Inman, L. M. Birou D. Whitten, D (2014), Total JIT (T-JIT) and its impact on supply chain competency and organizational performance.In International Journal of Production Economics,volume 147, pages 125 to 135(Green, 2014). Operations, logistics and custo mers are the key drivers of OM. Thus, the scope of the current article examines such integration in accordance to the fundamental concepts of OM. Key Questions of the article The article aims to understand several diversified areas related to OM. Some key research questions that are identified in the article are; Research Question 1: What are the key domains that are encompassed by the field of Operations Management? Research Question 2: How does Operations Management deliver key functionalities and services? Research Question 3: What is the connection between OM and logistics? Research Question 4: What is the connection between OM and operations? Research Question 5: What is the connection between OM and customers? Research Question 6: How does the field of OM integrates operations, logistics and customers? Research Question 7: What ways does the field of OM impacts organisational effectiveness? Most Important Information (secondary and Primary Data) of the Article The article makes use of various primary and secondary data for the purpose of analysis. The key source of data or information is secondary data that has been collected from newspaper, journals, books, websites, company magazines and other relevant sources(Wu, 2013). Limited primary data has been collected for the purpose of analysis and for arriving at results for the article. The journal has collected data from several organisations by means of interviews, surveys and questionnaire methods in order that impact of Operations Management can be understood. Post collection of such data, seamless integration of Operations Management with operation, logistics and customers has been established(Huo, 2014). Main Interferences of the Article The article has been successful in establishing the various aspects that are related to Operations Management. It is a field of integrated functions, where each function is dependent on the other for achieving overall organisational functional effectiveness. This article explains the fundamental concepts behind OM, which includes breaking down of several responsibilities for delivering in accordance with organisational goals(Abidi, 2015). Specific areas of OM incorporates handling of strategic issues that can help assess size of manufacturing capabilities, project management structures, information technology networks and so on. Other aspects of OM includes assessing work-in-process levels, acquiring of raw materials, inventory control techniques, quality control mechanisms, material handling and so on. All processes in OM is focused on increasing efficiency and effectiveness by reducing considerable amounts of wastes. Hence, operations, logistics and customers drive the entire focus of OM techniques(Danese, 2013). Logistics is a key functionality that relates to Operations Management through inventory systems. Handling logistics in a suitable manner can provide immense competitiveness to the business as they can arrange their warehouse accordingly. As the scope of Operations Management involves understanding trends and processes in global customer demands, they arrange their logistics in a manner such that requisition of raw materials with supply of finished goods. Such logistics arrangements in turn enable to meet customer demands and expectation levels(Zhang, 2015). While logistics are arranged in manner to meet targeted inventory levels and to keep warehouse at appropriate stock levels, operations needs to be conducted in manner that allows meeting of organisational profitability. OM involves key functionalities and operations which are organized to cater to customer demands and needs. OM involves delivery of goods as well to customers, such that goods reach customers within agreed time frame. OM involves operations that ensure feedback from customers such that appropriate desired quality levels are met(Leuschner, 2014). Operations form an integral part of OM which takes in feedback from varied customers and encompasses the same for quality control mechanisms. Feedback acquired from varied customers is provided to relevant departments, who then incorporate the same for process improvements. Operations integrate seamlessly across various functions present across multiple departments such that logistics and customers can be catered to effectively. Such integration of functions results in effectiveness and efficiency of processes leading to success in overall OM(Xue, 2013). Key Concepts of the Article The article aims to cover various pertinent concepts of OM. As the field of OM concerns itself with various aspects of operations that are utilized to deliver final product or services to customers. It starts from raw materials and concerns itself with the entire process of transforming of products into finished products or services and then distribution to end customers. The article explains all pertinent functions that are connected across with the domain of OM that is used to deliver products to customers(Alfalla-Luque R. M.-G.-L., 2015). It integrates procurement, inventory, logistics, transformation processes, quality management, customers and so on. Thus, the focus of the article is to explain and integrate all facts that goes into making of a quality product or service that can satisfy customer demands. Main Assumptions of the Article Primary assumptions in the article include the following; An organisation will strive to increase its quality. Primary focus of every organisation should be on quality, quality creates customer satisfaction and thereafter repeated customer purchases for same products and services to drive operations processes(Wong, 2013). An organisation will aim to integrate its supply chain management processes with those of Operations Management to enhance efficiency. Logistics provide products or services to ultimate customers, hence it becomes integral that operations are integrated with logistics and supply chain processes. Operations needs to be aware when raw material will be required, when finished products needs to be deliver to customers. This the key underlying assumption of this journal. Customer satisfaction is the primary focus for any organisation be it service drive or product driven(Kache, 2014). Hence, all key functionalities and features of Operations Management needs to be integrated seamlessly with its customers. Systems and functionalities consisting in Operations management processes needs to be integrated such as to derive maximum amounts of effectiveness. While Operations Management conducts a variety of processes, it becomes necessary to integrate all of them such that effectiveness and efficiency can drive such processes(Stevens, 2016). Implications The journal provides a detailed insight and review of Operations Management processes and functionalities. All fundamental Operations Management processes and functionalities are directed at production of service of good that an organisation focuses on. In order to arrive at finished products there is a multitude of factors that underlie, as procuring raw materials, arranging necessary human resources, conducting processes, finishing products in factory, delivering products or services to customers. This entire range of processes requires tremendous commitments from various departments and resources. Hence, effectiveness and efficiency in Operations processes can only be entailed in case various departments are well integrated and coordinated with each other. Logistics has emerged to a key function that can drive processes concerned with operations. It can help redundancy by reduction in overall lag time, wastages by arranging for materials prior to time of production, delivering to customers as and when required(S. Tsanos, 2014). Such integrated functionalities can only take place in case there is presence of a platform where each department coordinates with the other to form integrated operations systems. All such processes in Operations Management are driven in turn by customers. Production processes and logistics can only be triggered in case customers demands so. Customer will demand products and services from the organisation only if they conform to certain quality standards. Thus, the key to all Operations processes is to attain effectiveness and efficiency in turn achieve Total Quality Management. TQM is the key process of Operations Management that is focused on quality as a means for attaining customer satisfaction levels. With rise of systematic performances it becomes integral to measure each specific standards of performance to produce high quality goods. Operations Management involves various decisions including those made for operations strategy, product design, process design, facility planning, quality management, inventory control and production planning. Each of these aspects of Operations Management are required to analyse current situations prevailing in the organisation and for improving effectiveness and efficiency of manufacturing or service related operations. There are multifarious benefits arising from integration of Operations Management processes especially those of logistics, operations and customers. These factors has been considered the key to drive revenue and innovation strategies across the organisation. A well-functioning logistics and operations processes is a key to drive sustainability within the industry(Baihaqi, 2013). Such integration allows to stay ahead of demands by positioning appropriately in the market. Globalisation has impended high demands to accommodate shorter product life cycles with fluctuating economies and emerging markets. This requires the logistics systems to be greatly responsiv e to allow for flexibility. This will benefit overall operations systems by responding to customer demands. Integrated processes allows for elimination of wastes to maintain sustainability within the industry. Waste is known to considerably increase costs associated with in production and also increasing inefficiency within systems. Eliminating wastes will also allow for higher profit margins. Conclusion From the above analysis of the journal and criticism, it can be established that OM is an integral domain of study. Organisations for attaining sustainability needs to aim at integrating key processes of Operations Management such as to drive its profitability. Any efforts at integrating such processes will allow the organisation establish core competency in the market and attain quality in its overall processes. The scope of this journal provides various relevant insights regarding similar processes of Operations Management. However, while integrating such functionalities organisations needs to take that there is no overemphasis in the same leading to further increasing in costs. Costs management endeavors should be primary focus within organisations aiming to attain sustainability and reducing redundancies. While an organisation strives to attain excellence in its overall processes, key to attaining success within its industry lies in having adequate control over its operations and processes. As field of Operations Management is extremely diverse it can be managed only through an integrated approach to overcome challenges in regards to the same. Reference Lists Abidi, H. d. (2015). The value of fourth-party logistics services in the humanitarian supply chain. Journal of Humanitarian Logistics and Supply Chain Management, 35-60. Alfalla-Luque, R. M.-G.-L. (2015). An analysis of the direct and mediated effects of employee commitment and supply chain integration on organisational performance. International Journal of Production Economics, 242-257. Alfalla-Luque, R. M.-L. (2013). Supply chain integration framework using literature review. Production Planning Control, 800-817. Baihaqi, I. . (2013). The impact of information sharing in supply chains on organisational performance: an empirical study. . Production Planning Control, 743-758. Danese, P. R. (2013). The impact of supply chain integration on responsiveness: The moderating effect of using an international supplier network. Transportation Research Part E: Logistics and Transportation Review, 125-140. Green, K. W. (2014). Total JIT (T-JIT) and its impact on supply chain competency and organizational performance. . International Journal of Production Economics, 125-135. Huo, B. Q. (2014). The impact of supply chain integration on firm performance: The moderating role of competitive strategy. . Supply Chain Management: An International Journal, 369-384. Kache, F. . (2014). Linking collaboration and integration to risk and performance in supply chains via a review of literature reviews. Supply Chain Management: An International Journal, 664-682. Leuschner, R. C. (2014). Leuschner, R., Carter, C. R., Goldsby, T. J., Rogers, Z. S. . Journal of Supply Chain Management, Journal of Supply Chain Management. Petrovic, O. H. (2014). Research on mobile communication systems in last-mile logistics to create an end-to-end information flow. International Journal of Services and Operations Management, 172-190. Tsanos, C. G. (2014). Developing a conceptual model for examining the supply chain relationships between behavioural antecedents of collaboration, integration and performance. The International Journal of Logistics Management, 418-462. Stevens, G. C. (2016). Integrating the supply chain 25 years on. . International Journal of Physical Distribution Logistics Management, 19-42. Wong, C. W. (2013). Leveraging environmental information integration to enable environmental management capability and performance. Journal of Supply Chain Management, 114-136. Wu, G. C. (2013). The influence of green supply chain integration and environmental uncertainty on green innovation in Taiwan's IT industry. . Supply Chain Management: An International Journal, 539-552. Xue, L. R. (2013). The impact of supply-side electronic integration on customer service performance. . Journal of Operations Management, 363-375. Zhang, C. G. (2015). A comprehensive model for supply chain integration. Benchmarking: An International Journal, 1141-1157.

One of a Kind by G-Dragon free essay sample

G-Dragon- One of a Kind If you’re tired of not hype music that don’t fit you, you should try the solo effort of the international artist G-Dragon. â€Å"One of a kind† is a hip-hop and rap kind of music. It’s a kind of music that will hype you up to make you dance with the song. The song is interesting even you don’t know the language of the song. I love the part in the lyric he said (â€Å"Yes sir, I’m one of a kind†) it will make you feel upbeat and do what you do. G-Dragon, who wrote and produce this song, this song length was organize by Choice37. With this song, G-Dragon also has express who he is as an artist and he shows making music you have to be you. The first single, â€Å"Heartbreaker,† release in 2009. Produced by G-Dragon and Jimmy Thornfelt, it was the amazing debut of G-Dragon as a solo. We will write a custom essay sample on One of a Kind by G-Dragon or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This song wasn’t as good as â€Å"One of a kind† because G-Dragon put more of who he is in the song than â€Å"Heartbreaker† and it is more upbeat song for people who like loud and exciting. G-Dragon is an amazing artist, who writes his on music and produce it to. I can’t wait to see what’s next in his journey of becoming a sensation throughout the world.