Gul Ahmed Textiles Business Essay Example Pdf - Free Essay Example

Sample details Pages: 17 Words: 5028 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Tags: Study Essay Did you like this example? The story of textiles in the subcontinent is the story of Gul Ahmed. The group began trading in textiles in the early 1900s. With all its know-how and experience, the group decided to enter the field of manufacturing and Gul Ahmed Textile Mills Ltd. was incorporated as a private limited company, in the year 1953. In 1972 it was subsequently listed on the Karachi Stock Exchange. Since then the company has been making rapid progress and is one of the best composite textile houses in the world. The mill is presently a composite unit with an installed capacity of 130,296 spindles, 223 wide width air jet looms, and a state of the art processing and finishing unit. In the textile field, activities start from the spinning of cotton as well as man made fibers and extend to weaving, processing and finishing of all types of cotton and blended fabrics, bed linen, home furnishings, garment manufacturing, etc. 1.2Products Gul Ahmeds fine textile products represent a uniq ue fusion of the century old traditions of the east and the latest textile technology of the west. The purest of cotton fibers, produced from the fertile lands of the Indus Valley, are spun, woven and processed into the finest quality cotton and blended products through a combination of latest technology, skills and craftsmanship of this traditional industry. 1.2.1Bed-Linen Quilt covers ,duvet covers, flat and fitted sheets, pillow covers, valance sheets, bolster case with all sorts of fancy confectioning, embroidery and embellishments, packed to buyers specific requirement. 1.2.2Curtain Ready made curtains lined, un-lined and taptop curtains, plain or fully accessorized with tiebacks, pelmets, cushion covers, in different styles of confectioning and embroidery, packed to buyers specific requirement. 1.2.3Fabric Running meter fabrics, packed to specific requirement. 1.2.4Yarn Gul Ahmed specializes in medium-to-fine-count cotton yarns and is also capable of pr oducing yarns using a wide variety of synthetic fibers including polyester, rayon and other man-made fibers. CHAPTER 2 ACCOUNTING POLICIES DISCLOSURES This is the summary of different accounting rules and procedure which is used in the preparation of financial statements by the Gul Ahmed Textile Mills. And here I also tell you how the different accounting rules affects the financial statements of the company. The financial statement of Gul Ahmad is prepared in accordance with approved accounting standards as applicable in Pakistan. The companys financial statement are prepared is Pakistani rupee. The management of Gul Ahmad exercises its judgment in the process of applying the accounting polices. Estimates and judgments are continuously evaluated and are based upon historical experience, including expectation of future events that are believed to be reasonable under the circumstances. So for this purpose I explained here each item separately which is mentioned in the fi nancial statements. 2.1 Operating Assets These are stated at cost less accumulated depreciation except leasehold land, which is stated at cost. No amortization is provided on leasehold land since the lease is renewal at the option of the lessee. Depreciation is charge on reducing balance method at specified rates. Full year depreciation is charge on additions except major additions or extensions to production facilities, which are depreciated on pro-rata basis for the period of use during the year and no depreciation is charges on the assets in the year of their disposal. Gains and losses on disposal of fixed assets are included in current year income. 2.2 Intangible Assets In tangible assets are states at cost amortization is charges over the useful life of the assets on a systematic basis to income applying the straight line method. 2.3 Investments Investments are initially measured at cost. At subsequent reporting dates, the company reconsider carrying amount of the investment to assess, whether there is any indication of impairment loss. If such indication exists, the carrying amount is reduced to recoverable amount and the difference is recognized as expense. 2.4 Investment held for trading: These are stated at fair value and changes in carrying values are included in profit and loss account of the current year. 2.4.1Investment available for sale: These are stated at fair value and changes in carrying value are recognized in equity until investments is sold or determined to be impaired at which time accumulated gain or loss previously recognized in equity in included in profit and loss account. 2.4.2Investment held to maturity: These are stated at amortized cost, less impairment loss, if any, recognized to reflect irrecoverable amounts, impairment losses are charges to profit and loss account. 2.5 Store, Spaces and loose tools: These are valued at average cost and goods in transit are stated at actual cost. 2.6 Stock in trade: Raw material are valued at average cost method finished goods are valued at lower of average manufacturing cost and net realizable value. Work in process is valued at average cost of raw material plus as proportion of the productions overheads. Wastes products are valued at net realizable value. Goods in transit are stated at actual cost. 2.7. Trade debts: Trades debts are carried at original invoice amount debts considered irrecoverable are written off and provision is made for debts consider doubtful. 2.8. Financial Assets and liabilities: All financial assets and liabilities are measured at cost, which is the fair value of the consideration given and received respectively. 2.9 Off setting of financial assets and liabilities: A financial assets and financial liability is offset and the net amount is reported at the balance sheet, if the company has a legal enforceable right to set off the recognized amount and intends either to settle on net b asis or to realize. The assets and settle in the liabilities simultaneously. 2.10 Impairment: The carrying amount of the company assets is received at each balance sheet date to determine, whether there is an indication of impairment loss. If such indication exists, the assets recoverable amount is estimated in order to determine the extent of the impairment loss if any. Impairment loss is recognized as expense in profit and loss accounts. 2.11 Revenue recognition: Sales are recorded on the dispatch of goods to buyer return on investment is recognized on accrual basis. 2.12 Cash and cash equivalent: Cash and cash equipment are recorded in balance sheet at cost. For the purpose of cash flow statement, cash and cash equivalent comprises cash on hand, with banks on currency, saving and deposits accounts running finance under make up arrangement and short term finance. 2.13 Loans and advances: The company give different loans and advances to the employee for the purchase of cars, scooters and household equipment and house assistance in accordance with the terms of employment and repayable in monthly instatements. These loans are secured against retirement benefit and other dues of the company. 2.14 Assets Provisions Provisions are recognized in the balance sheet when the company has legal obligation as a result of past event, and it is probability that outflow of economic benefit will be required to settle the obligations. 2.15 Significant Accounting Polices: These are some significant accounting polices which the company used during 2004_2009 for the preparation of financial statements. 2.15.1 Accounting Convention: Accounts of the company have been prepared on historical cost convention. 2.15.2 Borrowing cost: Make up, interest and other changes on loans are capitalized upto the date for commissioning of the qualified assets, acquired out of the proceed of such loans. All other mark up interest, profit and other ch arges are charges to income. 2.15.3 Retirement benefits: The company operated an approved funded contributory provident fund for its eligible employees to whom equal monthly contribution is made both by the company and the employees. The company also operates an unfunded gratuity not part of the provident fund scheme. 2.15.4 Shares of the company: The company issue three types of share, ordinary share of Rs.10 each fully paid in cash Ordinary share of Rs.10 each fully paid under scheme of arrangement for amalgamation. Ordinary share of Rs. 10 each issued as fully paid bonuses share. CHAPTER 3 FINDINGS AND ANALYSIS 3.1Analysis of Income Statement In the income statement of Gul Ahmed Textile mills from 2005 till 2009 the trend shows that there is the company sales from year to year. Here the sales have increased from 2005-09. But the growth rate of sales shows that in the period of 2009 the company has a maximum growth of 6.2%. Gross profit is directly re lated to sales and this was also influenced by the external factors. The net income also shows a fluctuating trend of the company. The company s suffered a loss in 2006. Other factors which showed a low net income in 2006 is because of high level of finance cost and tax rates induced on the company. Overall the company do good to maintain its high level of sales and income from 2007-09. The income statement shows that the company is in the way of progress from year 2007-2009. 3.2 Analysis of Balance Sheet In the assets side of the balance sheet, the companys non-current assets increased from 2004-09 which was a good sign. Companys current assets increased from 2005-06 but then started decreasing because of the economic conditions and reduced sales and net income. Overall the companys total assets increased from 2005-06 but decreased from 2005 to 2006 but then again increasing from 2007-2009 which means that day by day company improve its position .The balance sheet of Gul Ahme d Textile mills shows that the issued or subscribed shares remins the same in 2004-2006 and then increases from 2007-2009 . This showed that the company expanded with more number of shareholders in 2009. The total equity of the company showed a increasing trend from 2004 to 2009. Long term loans decreased only in the year 2007 but in other years it is continuously increasing and it have reached the highest in 2009 which is not good for the company. The current liabilities of the company increased from 2004-2006 but started decreasing in 2007 because of the economics of scales factor or they planned to efficiently use the resources in such difficult economic conditions, but it is again rising in 2008-09 which is not a good indicator. Overall the total liabilities increased from 2004-06 but decreased in 2008 and this is a good sign for the company because reducing overall cost in unfavorable conditions would help the company to recover its bad debts. 3.3 Analysis of Cash Flow State ment The cash flow statement of Gul Ahmed Textile mills is divided into three parts, which shows the cash flows from operating, investing and financing activities respectively. The net cash flow from operating activities are positive in the year 2005-2009 but it is negative in year 2004 only. Currently it is positive which shows that company is performing well and is generating cash inflow from operations and its cash inflows are more than its outflows. The net cash flow from investing activities is negative from 2004-2009 which is not a good indicator for the company. The cash flow from financing activities is positive from year 2004-2009 which isa good indicator. Overall the cash and cash equivalents at the end of each 5 years are negative which tells that company is not in a good position. 3.5 Five years Growth Rate The overall growth rate of Gul Ahmed Textile Mills in Sales, Market price and the amount of total assets. We could see that growth rates of each of the compo nent for the five years is positive which indicates that company is in a very good condition and its important components like sales and total assets are increasing day by day which tells that this company is also becoming attractive for the investors. 3.6 Analysis of Common-size of Income Statement It shows us the percentage of income statement components with respect to sales. In case of Gul Ahmed Textile Mills the Cost of goods sold have almost stable from 2005 to 2008 and then a slight decrease in 2009 has been seen in year 2009 which is also higher percentage of sales value i.e 83.19%. (refer to table #3) This increase can be considered due to increasing inflation and production costs. The Gross Profit of the company has been maximum in 2009 where it was at the level of 16.85% of sales and from the year of 2005-2008 the company has seen a decrease in GP as the cost of production was rising during the periods. The increase in expenses especially in distribution costs is due to the increased production capacity by the company and this has increased from 1.95% of sales in 2006 to 3.25 of sales in 2009. Other expenses have remained stable which shows that company is efficient in managing its expenses. The success of company lies in cutting down its administrative expenses in financial crunch conditions. Thus resulting in fewer burdens on company. Profits from operations have increased considering the current financial conditions. The company has incurred increasing finance costs as the cost of borrowing funds have increased due to increased markups and interest rates with time. So Finance Costs have increased from a level of 4% of sales in 2007 to 7% of sales in 2009 The taxation has remained stable with time and the increasing sales of the company throughout 5 years as the ratio of earnings to taxes in nearly same. The Net Income of the company shows a fluctuation trend from 2005 -2009. And in 2009 it is decreased from 1.67 level of sales to 0.57 % of sales. But it is still good as the company has increased its production and with that increase in production costs and expenses have resulted in reduction of Net Income. 3.7 Analysis of Common-size of Balance Sheet It shows how the company averages of assets and liabilities Owner Equity with respect to its Total Assets and Liabilities Owner Equity respectively. The common size Balance Sheet of the Gul Ahmed Textile Mills shows that the companys total current assets are decrease from 2004-2008 and then increases in 2009 .It decreases from 60.5% in 2004 to 51.8% in 2008 and then increases to 54% in 2009 with respect to its total assets.(refer to table # 2) We know that the company has increased its sales and production capacity, the cash and bank balances of the company have increased from 2007-2009 considering the increase in production and sales. Stock in trade shows that company is efficiently using its inventory for production. Companys Account receivables have decrea sed slightly with increase in sales which is not a good sign for the company. The increase in Property plants ratio from 2004-2008 with respect to total assets is also good for the company and we can see an increasing share of investments in total assets of company. Liabilities includes major chunk of short term borrowing cost which have decreased by minor extent from last year. Interest markup on loans has also increased with respect to total liabilities owner equity from previous years which was obvious. The companys total liabilities ratio is more than owners equity which is not a healthy sign for its share holders and investors as 1:1 ratio of liabilities to owner equity is ideal. 3.8Trend Analysis The cash and cash equivalents of Gul Ahmed Textile Mills show a fluctuation trend from 2005 to 2009 setting 2005 as the base year. Account receivables, inventory and current assets also showed a decreasing trend from 2006-09. Current liabilities showed an increasing trend from year 2006 to 2009. (refer to table #4)Working capital, net plant asset and other assets also showed a decreasing trend in all years setting 2005 as the base year. Long term debt and total liabilities also showed an increasing trend, share owners equity and net sales showed a decreasing trend. Total cost and expenses showed an increasing trend and the net income of Gul Ahmed Textile mills showed a increasing trend from 2007-2009 and it is negative in 2006. 3.9Ratio Analysis (All the figures and calculation related to ratios of the company is mentioned in table no.1 in appendix.) 3.9.1Current Ratio: It is always considered that the current ratio lies between 1 and 2 are the ideal for any business to operate. The current ratio of the company is decreasing from 1.045 to 0.95 which is also less than industry average of 2.15. This shows that company current assets are less to cover its current liabilities as compared to its industry. The current ratio shows the level of risk a ssociated with the company. 3.9.2Acid Test Ratio: The acid test ratio is a more stringent test of liquidity. This is similar to current ratio but is a better measure to analyze the liquidity position of the company. The higher it is the better it is. The acid-test ratio trend shows that the liquidity condition of Gul Ahmed Textile Mills is less than industry average of 1.10 and is at a level of 0.39 3.9.3Accounts Receivable Turn Over: There is a minor increase in the account receivable turnover which shows that the company is doing more and more credit business and it is taking time for the company to collect its receivables. But this minor increase is due to increasing production in 2009. But still the companys turnover is lesser than industry average of 54.91 which shows the strength of company with its receivables. 3.9.4Inventory Turn Over: The ratio measures the ability of company to use and dispose inventory and the liquidity of inventory component in current assets. The higher the ratio, the better it is for the company. The inventory turnover has increased over the past 5 years showing that the movement of stock in and out of the company is higher in 2009 as compared to the industry. 3.9.5 Days Sale in Receivables: This shows the time company is taking to convert its receivables to sales. Gul Ahmed Textile Mills has proved to be really efficient in collecting its receivables. Its receivables time period is 26 days which is less than industry average of 34 days. 3.9.6Days Sales in Inventory: The average days sales in inventory is a lot higher than Gul Ahmed Textile Mills days sales of 34 days. This means that company is really efficient in converting its inventory to 3.910Approximate Conversion Period: This ratio shows the average time company required to convert is receivables to sales and inventory to sales, which is strong in case of Gul Ahmed as the company is in covering its receivables and inventory in approximat ely 45 days. 3.9.11Cash to Current Assets: This ratio shows the proportion of cash in total current assets. The higher the ratio, the better it is for the company. High ratio shows that the firm has more near cash assets and there is a minimal damage or loss in liquidation. The ratio of company in 2009 is nearly the same of industry average showing the companys strong cash position in the industry. 3.9.12Cash to Current Liabilities: This ratio shows the availability of cash with the company to pay off its current liabilities. It is a lot less than industry average in case of Gul Ahmed Textile Mills. This shows that company has less cash to cover its liabilities which is not safe for the company. 3.9.13 Liquidity Index: The liquidity index represents that an increases in the index signify deterioration in liquidity, while a decrease in the value of index signify improved liquidity position. The companys liquidity index decreases over the past five years showing that companys liquidity position improves over the period. 3.9.14Working Capital: It measures the excess of current assets over current liabilities. This ratio is important as measuring the liquid reserve available to meet contingencies and the uncertainties surroundings a company. The companys position in working capital is although not satisfactory but still its a lot less than industry average. This shows that company is managing to maintain its working capital in such severe industry conditions. 3.9.15Cash Reinvestment Ratio: The cash reinvestment ratio tells us about the prospects of companys ability to reinvest its cash flows in businesses for growing its business. The cash reinvestment ratio of company has shown an increasing trend from 2005 which shows that company. In 2009 cash reinvestment ratio has doubled in case of Gul Ahmed Textile Mills as it has reached to a level of 45% where as industry average lies at only around 8%. This shows the strong commitment of own ers of company for growing their businesses. 3.9.16 Capital Structure and Solvency Ratios: A measure of a companys financial leverage calculated by dividing  its total liabilities  by  stockholders equity. It indicates what proportion of equity and debt the company is using to finance its assets. A high debt/equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense. The debt to equity ratio of Gul Ahmed is lower than the industry average which shows that company is managing its proportion of equity and debt in financing its assets quite well. Total Debt ratio gives an idea to the leverage of the company along with the potential risks the company faces in terms of its debt load. In this case the debt ratio although increasing from previous years is still below the industry. The Debt Ratio measures the percentage of Short-Term Debt to Long-Term Debt, a useful way to uncover a companys reliance on short term or long term debt. The long term debt to equity ratio shows that company has increasing long term debt from last years and even more than industry with respect to its equity capital. Adjusted long term debt to equity ratio is a more accurate measure of long term debt with respect to equity which is also in same proportion as in case of long term debt. Equity to total debt ratio is important for investors point of view as every dollar of debt is backed up by calculated amount of equity. Lower equity to debt ratio shows that either the debt is increasing or equity is decreasing which is less favorable for investors and share holders and means company is more leveraged than the industry. Less fixed capital to equity ratio than industry is also more concerning factor for company as it has less fixed assets for each dollar of equity. Current liabilities are less in total liabilities than industry average, which is good for company but increasing long term liabilities have increased the fixed charges for the company at the other end. Earning to fixed charges is quite less than industry which is good for the company; this means that company is generating earnings from operations to cover its finance costs. The cash flow generated from operations is greater for the company to cover its finance costs, which is good for the company with less liquidity concerns. 3.9.17Return on Invested Capital: Return on invested capital shows us that how much the company is earning from its invested capitals which are in form of assets, equity, long term debt e.t.c. the return on assets shows that how much the company is generating its income from its assets. It is the share of net income generated from its assets. The companys return on assets is quite higher than industry which is also higher by a marginal factor from last years. Although it is not enough still its good for the company with respect to its industry. Return on common equity shows how much the investor and shareholders are getting for their invested capital in the company. As far as Gul Ahmed return on equity is concerned it remained at higher level till 2009. Its ROE is still higher than industry which is a positive sign for investors. In case of long term debt and equity the company is generating enough income from the equity capital and financing is done mostly internally. Its return is higher than industry as well which is a good sign for company. Financial leverage index shows that how well company is using its debt. An index of greater than 1 show that company is managing its debt well and returns on equity is larger than its return on assets. 3.9.18Asset Utilization Ratios: Cash and cash equivalents represent the total cash assets company has. In case of Gul Ahmed Textile Mills the company has shown a consistent trend of converting its sales to cash and cash equivalents till 2009. This shows that company a lthough increasing its sales in 2009 has not been able to convert its sales to cash in 2009. Sales percentage of accounts receivables has also decreased in 2009 and it is lesser than industry average which shows that Gul Ahmed Textile Mills is good with its credit policy and accounts receivables are converting into sales more frequently. Sale to inventory has consistently shown an increasing trend as the company has more inventories with respect to its increasing sales. It is also more than industry average as Gul Ahmed is showing consistency in its inventories. Working capital of company has decreased drastically in current year from previous years and it is also less than industry average. This shows that company has more current liabilities than its current assets. Sales to fixed assets ratio for Gul Ahmed is increasing from last years and it is more than industry. This shows that company has more fixed assets than its current assets. Company is generating fewer sales from its ot her assets which is less than industry although it is increasing from last years. Gul Ahmed is generating more sales from its total assets than its industry which shows that company is managing its assets well. 3.9.19Analysis of Profit Margin Ratios: Gross profit margin for the company is increasing from 2007s value although it is a lot less than industry average which is a major concern for the company. This means that company is facing difficulties in case of higher costs of production. Operating profit margin for the company is increasing from last year and is somewhat higher than industry average which shoes that company will be able to gain higher profit after paying its fixed costs like interests. Net Operating margin for the company is decreasing from last years but still its exactly the same of industrys operating margin which is although not much but still good enough for company to say that it is earning profits. 3.10.Dupont Analysis:- Dupont analysis is dea ls with the return on equity. The return on equity ratio is further divided into four ratio i-e tax management efficiency, expense control efficiency, asset management efficiency and fund management efficiency. A slight variation in the ROE tells us for diagnosing problem in the related four areas which is mentioned above. I n case of Gul Ahmed the value of the ROE is highest in the year of 2007 which is 5.19% because of the company has highest net income in this year and lower distribution cost. In the year of 2009 the company ROE ratio is 2.57% because in this year the company expands its business and the cost is increase due to expansion that is why the net income is decreases of the company. CHAPTER 4 COST OF CAPITAL VALUATION 4.1Valuation Method To measure the value of the company I used constant growth model t o see either the company value increase or decrease with year after year. The values of the company show that the value of the company is increasing with th e passage of time i.e. it increases from Rs.1467218.01 in 2005 to Rs. 20452534.2 in 2009. The actual vale of share in 2009 is Rs. 32 which is less then the market value and in 2008 the market value of Gul Ahmed is high as compared to actual value it means that the stock price of the company is overpriced so the investor, want to invest in the company when the stock is underpriced . 4.2Free Cash Flow Of Gul Ahmed Free cash flow means the extra cash available for the company which the company invests in other securities or sometimes the company invests in the company for the expansion purpose. So higher the amount of free cash flow is the better for the company. Because the company invest and gain income from the investment. In the case of Gul Ahmed Textile Mills the free cash flow is increasing from 2007-2009 from the amount of Rs. 222837 to Rs. 468826 which is the good indicator for the company. (It is mentioned in table no. 9 of appendix) 4.3Application of CAPM Model CA PM model is basically used to find out the required rate of return on the investment by the investor point of view. If the actual rate is greater than the required rate then the investor buy the stock and it is beneficent to the investor. So the required rate of Gul Ahmed is by using the CAPM model is find as :- Kr =K rf + (Km-Krf)ÃÆ'Ã… ½Ãƒâ€šÃ‚ ² =12.54% +(20% 12.54%)1.5 =23.73% So if the companys actual rate is greater than 23.73% then the investor is willing to buy the share of the company. 4.4 Weighted Average Cost of Capital Of Gul Ahmed Weighted average cost of capital is the cost which the company bears against the total amount of capital raised for the operation of the business. Its include the cost of debt as well as the cost of equity. The lower the cost of capital the better is for the company but in case of Gul Ahmed the WACC of the company shows the fluctuation trend because of the increase rate or the effect of the inflation .Here the WACC is increa sing from 2006-2009 from the amount of 14.40% to 15.1% . ( It is mentioned in table no. 11 in appendix) CHAPTER 5 PERSPECTIVE ANALYSIS AND CONCLUSION After the detail analysis of Gul Ahmed textile mills for the five years which include year to year analysis, common size analysis, ratio analysis, dupont analysis of income statement, balance sheet, cash flow statement, and statement of retained earning I come to the point that the Gul Ahmed is a good company which is on the way of progress, the market value of Gul Ahmed share is increasing year after year, the asset of the company increases. The major finding of the analysis are Companys current liquidity position is satisfactory. Companys major source of financing is debt. Company short term financing is major part of liabilities. Companys cost of sales is increasing much more relative to its sales. Companys market value is fluctuate over the years. Company give only one time dividend in the last six years. Different ratios are not satisfactory like EPS,P/E ratio and current ratio. Company needs to review its taxation, expense control and asset management policy. Investors and creditors should be cautious while investing or giving loans in/to this company. Company must review its debt to equity mix and its financing policy So I recommend that it is a better option to purchase the share of Gul Ahmed Textile mills. Don’t waste time! Our writers will create an original "Gul Ahmed Textiles Business Essay Example Pdf" essay for you Create order

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This violence has resulted in riots across the United States. The August 2014 death of Michael Brown in Ferguson, Missouri many Americans, some who are former Civil Rights activists, have spoken out against police brutality. Black Lives Matter states that the movement’s goal is to bring justice to the present unjust police killings of African Americans. Looking at prior cases of brutality and its connection to racial profiling

Business Law in Australia

Question: Discuss about the business law in Australia. Answer: Solution I My family and I run a sea food restaurant and now fish to call it the "Catch of the Day." There are various compliances that are required to be made. The main issue in the given situation is: (i) Under the Australian Law what are different compliances that have to be met for a restaurant business? For any business, it is necessary that it abides by the laws and compliances that regulate it. The compliance procedure in the first place requires the identification of the law and regulations that apply to the business and areas where there is a risk that a breach of these regulations may occur. The various laws those are applicable to the business of restaurant which are; (i) contract law; (ii) fair trading, consumer protection and trade practice; (iii) anti-discriminatory, employment and privacy; (iv) licensing, industry code and standards. There are regulatory compliances which are imposed externally by law and the enforcement and administration of which are done by government, industry association, regulator and any other such bodies that are outside the company. The company other then this has to comply with its own internal management rules and contract. There are various proactive investigations and fining which is made due to the breach of compliances by the Australian Securities and Invest Commission (ASIC) and Australian Competition Commission (ACC). Compliance by the restaurant shall ensure that there is the minimization of risk of breaking the law, and the corresponding penalty that is attached to it can be avoided. There is heavy fine that is paid by the organizations which ignore or avoid compliance. Two examples where the company failed to comply with the regulations are (i) In the case ACCC v Singtel Optus Pty. Ltd. (ACCC v Singtel Optus Pty. Ltd, [2011]) The court opined that the campaign "Think Big" in relation to broad band, and internet services that were launched by it were in nature misleading, and thus a fine was imposed on them; and (ii) in the case of ACCC v. Visy (ACCC v Visy Industries Holdings Pty Limited, [2007]) the court had opined that though the companys corporate culture was in compliance with the Trade Practice Act (now Competition and Consumer Act 2010) however the Trade Practice could have been in Sanskrit for all the notice that was given to it. one of the compliance was under the Sale of Goods Act, and Australian Consumer Law, and the other was under the Competition and Consumer Act 2010. Thus, the restaurant has to ensure that there is no breach of compliance and one of the breaches that need to be avoided is misleading or deceptive conduct under Sale of Goods Act and Australian Consumer Law. In the case of ACCC v. Coles Supermarkets Australia Pty Ltd. the federal court had opined that the bread that the Coles were selling as freshly baked was actually par-baked outside the Supermarket and frozen, and some of it was even done abroad. However, the bread was advertised as "Baked Today, Sold Today" and "Freshly Baked in Store," this was considered to be misleading, and the company was fine (Australian Competition and Consumer Commission v Coles Supermarkets Australia Pty Ltd, [2015]). Thus to ensure that such cost is avoided toward payment of penalty there should be compliance to both the Sale of Goods Act and the Australian Consumer Law. Establishment of the business in the first place requires the business name's registration with ASCI, industrial agreements, and tax registration. Thus, the name of the restaurant has to be registered in the first place. The brand name of the company can be registered as a trademark as well though the same is not compulsory there is significant protection which is provided by the registration of the name of the business. There is exclusive right which the business obtains at the registration as the trademark. Under the classification of 45 numbers of services restaurant, the business can be registered under 43 classifications. Thus in order to ensure that there is no other business in the Australia with the same name only registration of the company is sufficient however trademark ensures the exclusive right to the business. Another compliance that needs to be ensured is with respect to property, at the time of buying or leasing a property ascertaining the fixtures and chattels of the property need to be determined. Though it may seem to be an easy determination however the same can get very complicated for the court to decide in the case of Australian Provincial Assurance Co Ltd v Coroneo(Australian Provincial Assurance Co Ltd v Coroneo, [2016]) the New South Wales Supreme Court opined with respect to the seats that were bolted to the floor whether they were fixtures or chattels. It was ultimately held by the court that these were not fixtures but chattels, and test that was laid down was that determination was whether the fixture was for a purpose that is permanent or temporary. Solution II There is the business of pizza that Manny and Bella own in the name of Perfect Domino Pizza. The wanted a heavy duty oven which they wanted to buy from Tuscan. They made the manager of Tuscan know that they required an Oven that would bake thirty pizzas an hour and this they informed the manager. The manager informed Bella and Manny that the Tuscan XX will be able to fulfill this required. Manny and Bella even before receiving this order advertised it as the MB Oven for their restaurant. The after installation discovered that it was only 12 pizzas that the oven could deliver in an hour, and there was no reliability. There was the loss of the company profit due to this, and when they went to Tuscan, they refused to listen to them. The issues that arise in this case are whether (i) there has been a breach under the Sale of Goods Act?, (ii) any misleading or deceptive conduct by the seller?; (iii) is there a case against Bella and Manny for (a) trademark infringement and (b) misleading conduct. Solution Various statutory obligations have been provided under the Australian Consumer Law, which has been imposed upon the supplier and manufacturer of goods with respect to advertising and marketing(Merrilees and Cotman, 1976), liability towards product, guarantee related to the quality and safety of the product. The guarantee consumer protection has been made available to the consumer who either purchase, lease or hire service or goods the cost of which is $40 000 or less or which the consumer has acquired for purposes that are for domestic, household or personal use (Anderman, 2007). The Section of the Australian Consumer Law prohibits the conduct that is either deceptive or misleading in nature. This section is designed for the protection of the rights of the consumer. When an individual makes another make an error through his conduct then it would be misleading or deceptive (Miller (2010) 241 CLR 357 at 368 [15] per French CJ and Kiefel JR Google Inc (2013) 249 CLR 435 at 465 [92] per Hayne J.). Along with section 18, there is also a breach under section 29 for misleading or false representation for which Manny and Bella can sue. There has been misrepresentation by the Company through its Manager stating that the oven could perform whereas in reality the oven was underperforming thus Manny and Bella would receive compensation for this misrepresentation as well. There can also lie a case against Bella and Manny for misrepresentation as the oven that they bought from Tuscan XX was advertised by them as MB Oven. It has been stated under the Sale of Goods Act that the purpose of which the goods have been brought it should be fit reasonably for it. Three essential requirements that are observed are (Merrilees and Cotman, 1976): (i) the buyer had informed the seller the particular purpose for which the good was being bought; (ii) the skill and judgment of the seller was relied upon, and (iii) the type of product is one which the seller supplies usually. Since Bella and Manny had already informed the manager of Tuscan there requirements and then placed reliance on the knowledge and skill. The ovens were a product that the store usually dealt it. Therefore, there has been a breach by the seller for the product's reasonable fitness (Jain, n.d.). The Sale of Goods Act also further states that where the sale of goods has commenced post discussion with the seller, then it is required that the product should match the description. Even if there was an inspection of goods by the buyer, there is still a claim for damages that exists (Beale v. Taylor, [1967]). Also, it has been stated that there shall be a breach of the products merchantable quality and fitness when it is on the recommendation of the seller that the purchase of the product has been made. (David Jones v. Willis, [1934]). The Trade Mark Act Section 17 (Anderson and Gallini, 1998) states that trade mark is a sign that a service of good uses to distinguish itself. The companies intellectual property right is protected the moment the name of the business is registered, and this provides a protection across Australia. Infringement of trademark would when a deceptively similar sign is used which is similar to the registered trademark of belonging to another with respect to goods that are similar or identical to each other (Banerji, 2011). Manny and Bella have named their restaurant as "Perfect Domino Pizza", and this name has an uncanny similarity to the pizza giants "Dominoes" and both are selling products that are identical hence a case for breach of the trade mark can be bought against them. Reference ACCC v Singtel Optus Pty. Ltd [2011]FCA 87. ACCC v Visy Industries Holdings Pty Limited [2007]FCA 1617. Anderman, S. (2007).The interface between intellectual property rights and competition policy. Singapore: IP Academy. Anderson, R. and Gallini, N. (1998).Competition policy and intellectual property rights in the knowledge-based economy. Calgary: University of Calgary Press. Australian Competition and Consumer Commission v Coles Supermarkets Australia Pty Ltd [2015]FCA 330. Australian Provincial Assurance Co Ltd v Coroneo [2016]38 SR (NSW) 700 a. Banerji, M. (2011).Raising the bar: trade mark oppositions in Australia.Journal of Intellectual Property Law Practice, 6(12), pp.850-852. Beale v. Taylor [1967]1 WLR 1193 (Court of Appeal) Seller - BTC - 1110. Corones, S. (2011). The Australian consumer law.Rozelle, N.S.W.: Thomson Reuters (Professional) Australia. David Jones v. Willis [1934]HCA 47 - 52 CLR 110. Intellectual property law.(2005). Commonwealth Law Bulletin, 31(4), pp.163-167. Jain, S. (n.d.). Contracts of Sale: Terms, Conditions and Warranties with Special Reference to Sale of Goods Act, 1930. SSRN Electronic Journal. Merrilees, B. and Cotman, N. (1976).An Economic Analysis of Consumer Protection Law.The Australian Quarterly, 48(1), p.79. Miller, R. (2011). Miller's Australian Competition and Consumer Law annotated. Pyrmont, N.S.W.: Thomson Reuters (Professional) Australia. Nottage, L. (2010). The New Australian Consumer Law: What About Consumer ADR?.QUT Law Review, 9(2). Ventose, E. (2015). Patent protection for isolated genes in Australia.Journal of Intellectual Property Law Practice, 10(3), pp.148-150. YEUNG, K. (2005). Does the Australian Competition and Consumer Commission Engage in "Trial by Media"?*. Law Policy, 27(4), pp.549-577.

The JFK Assassination Essays (1438 words) -

The JFK Assassination: Conspiracy or Single-gunman? Adolf Hitler, the Nazi dictator of Germany during World War II, once said, "The bigger the lie, the more people will believe it." Although this may sound ludicrous, we can see many example of this in the world's history. One example would have to be the John Fitzgerald Kennedy assassination. For over thirty years the people of the United States were led to believe that a single gunman shot and killed Kennedy in Dallas on November 22, 1963, at 12:30 p.m... However, in this paper, I will dispute the ancient analization of the facts that show a single gunman was involved, and try to show that a conspiracy must have been present. According to the old facts regarding the case of the JFK assassination, Kennedy was killed by a single gunman. On November 22, 1963, at 12:30 p.m. CST (Central Standard Time), Kennedy was riding in an open limousine through Dallas, Texas. At this time, Kennedy was shot in the head and neck by a sniper. He was then taken to Parkland Memorial Hospital, where he was pronounced dead. Later, police arrested Lee Harvey Oswald, a former U.S. Marine, at a nearby theater. By the next morning, Oswald was booked for the murder of President John F. Kennedy. Two days later, Oswald was killed by Jack Ruby, a Dallas nightclub owner, while he was being moved from the city to the county jail. At a glance, the above story sounds as if this should be an open-and-shut case. After all, according to the facts above, Oswald must have killed Kennedy. However, you must take a deeper look into this case. Many people who witnessed the murder of John F. Kennedy dispute the facts above, saying that they heard shots from places besides the book depository, and other things that may contradict what is stated above. One of these Marino, 2 witnesses, Abraham Zapruder, captured the entire assassination on his Bell and Howell eight millimeter movie camera. This movie, cleverly called the Zapruder Film, is the single best piece of visual evidence in this case. In order to more clearly understand the Zapruder Film, it is necessary to break it down into frames. The particular Bell and Howell movie camera that Zapruder was using ran at eighteen and three-hundredths (18.3) frames per second. When using this frame system, you must remember that all shots were actually fired several frames before the number that is assigned to them. For example, the fatal heard wound, called Z313, was probably fired at Z310, since it took 2-3 frames at 18.3 frames per second for the bullet to reach the victim. Also, you must remember that sound travels at about one thousand-one hundred (1,100) feet per second, or a little over half as fast as the Mannlicher Carcano's bullets. When keeping this in mind, it is expected that witnesses heard the shot at some point after the bullet passed. The following shows a break down of the frames of the Zapruder film: - The Presidential limousine first comes into view at frame 133 (the starting point of this timeline.) - The first shot at (or just before) Z187 would have passed through both Governor Connally and the President. Marino, 3 - The second shot, which passed above the limousine at Z284, missed the President and hit the curb near witness James Tague. This caused his minor would. - At Z313, the fatal shot occurs, which blew out major portions of the Presidents brain and skull. - A fourth shot occurred at Z323 (slightly 1/2 second after the fatal wound at Z313). Due to the proximity of this report to the one at Z313, as well as it's more distant origin, most witnesses were unable to hear this shot. Thus, the above is when the bullets hit either Kennedy or Connally, or passed through the frames of the Zapruder film (in the case of the second shot). Of the one-hundred seventy-eight (178) witnesses at Dealey Plaza, one-hundred thirty-two (132) said that they hear exactly three shots. If Oswald was a single gunman, it would have taken him at least 2.3 seconds to reload his Mannlicher Carcano rifle. However, the general consensus of the witnesses is that they