...1.0 INTRODUCTION Every company has to do the auditing of its financial statements in every end of year in order to analyse the securities of the companies. In doing these analysis, the auditors can see whether the company is succeeding, either making profit or the other way around. The auditors can reveal many problem issues concerning the company’s financial statements and hence to clear these problems. In the case of Flat Cargo Berhad (FCB), the auditors have found some inconsistencies in the accounts of FCB. FCB is an air cargo company, which was listed in Bursa Malaysia on 15th September 2001. It was known to be one of the largest airfreight companies in Malaysia. The company was registered as an investment holding company with several subsidiaries, for which their principal activities ranging from air freight services to ground handling services. FCB was the only dedicated Intra-Asian overnight express cargo operator based in Malaysia and had exclusive excess to an international cargo complex at Sultan Abdul Aziz Shah Airport in Subang. Furthermore, as it has successfully secured the landing rights in Asia Pacific regions, FCB was in ideal niche position to serve the international integrators, freight forwarders, and major airlines within Asian region. In 2006, Mr. Chuah, an auditor from Kencana & Associates had noticed some irregularities of accounting records in FCB, which may possibly be another fraud case after Media Com and Blue Vital. These irregularities could...
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...Semester III UNIT – I STRATEGY AND PROCESS |Conceptual Framework for Strategic Management – Concept of Strategy and Strategy Formation Process – Stakeholders in Business – Vision, | |Mission and Purpose – Business Definition – Objectives and Goals – Corporate Governance – Social Responsibility | CONCEPTUAL FRAMEWORK FOR STRATEGIC MANAGEMENT Strategic management deals with decision making and actions which determine an enterprise’s ability to excel survive or die by making the best use of a firm’s resources in a dynamic environment. The main purpose of study of strategic management is to examine why some organization succeed while others fail and yet others completely change. Consider the following examples: ➢ Bharat Heavy Electricals Ltd. (BHEL) is now planning to expand its range to 800 MW supercritical power projects. ➢ LG Electronics India Ltd. (LGEIL) signed a MOU with Maharashtra government to expand manufacturing facility at Pune for Rs.900 crores. ➢ GAIL India has received an offer from China Gas Holdings for participation in a gas based petrochemical project to be set at Humor in Mangolia. ➢ The world’s largest steel conglomerate Mittal Steel Company is to become the second largest stakeholder in a Chinese Steel firm in Hunan Province. ➢ Mittal singed three MOUs with Jharkhand Government for setting up 12 million tonne Greenfield project in two phases. ➢ Maruthi Udyog slashed the price of Maruti-800 by...
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...qx 5/4/05 4:43 pm Page 33 Corporate Social Responsibility in Europe, North America and Asia 2004 Survey Results Richard Welford University of Hong Kong, China This paper builds on previous work of the author in assessing policies on corporate social responsibility (CSR) based on 20 elements. The elements are based on international conventions, codes of conduct and industry best practice. In a second survey of current priorities for CSR among large listed companies, the paper examines the written policies of companies in 15 countries in Europe, North America and Asia. The second survey demonstrates an increased emphasis on ethics, bribery and corruption and increased policies among companies on child labour compared with the first survey. It shows that one cannot assume that Asian countries are less developed than their Western counterparts and points to a growing trend of CSR in Japan, in particular. Nevertheless, it is demonstrated that there is a link between the development of CSR and the economic development of countries and that many CSR policies are based on localised issues and cultural traditions at a country level. Supply chain aspects of CSR are growing in importance, particularly among countries with a strong trading tradition. G Corporate social responsibility G Accountability G Citizenship G Europe G North America G Asia JCC 17 Spring 2005 u Corporate Environmental Governance Programme, Centre of Urban Planning and...
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...could be 40 times bigger by 2050 than its current capacity as estimated by brics. >To achieve this, India needs to implement many changes. India needs to improve its governance, control inflation, introduce Credible fiscal policy, liberalize financial markets and increase trade With its neighbors. >It also needs to significantly raise its basic educational standards, And increase the quality and quantity of its universities. >India needs to boost agricultural productivity, improve its infrastructure And environmental quality. >Delivery of all these would ensure strong, persistent, medium to long-term Growth, allowing India to reach its amazing potential. In this project, we outline ten crucial steps that we believe India must take in order to achieve its full potential. In our latest brics analysis, India scores below the Other three BRIC nations, and is currently ranked 110 out of a set of 181 Countries. If India were able to undertake the necessary reforms, it could raise its growth potential by as much as 2.8% per annum, placing it in a very strong position to deliver the impressive growth. We highlight the ten key areas where reform is needed. In a way these are the covered ones, we consider them to be the most crucial: 1. Improve governance. Without better governance, delivery systems and effective implementation, India will find it difficult to educate its citizens, build its infrastructure, increase agricultural productivity and ensure...
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...individuals in 1994 with the main objective of taking advantage of the favorable prospects in the stock market and at the same time, to generate income for the mother company. Value turnover at the Philippine Stock Exchange slowed by 30% and lost P383 billion from P1.2 trillion in 1997 to P817 billion in 1998 due to the Asian Financial crisis. The decline in value turnover resulted to less commission income generated from broking services that caused both local and foreign brokers to leave the Philippine equities market and applied for temporary suspension, while others opted to cease operations totally. Political instability also discouraged investors in Philippine equities during the Estrada Administration. Illegal trading activities, such as frontrunning, insider trading and “kiting” resulted to the loss of investors’ confidence towards the regulatory bodies, the Securities and Exchange Commission and the Philippine Stock Exchange. This paper presents three frameworks to analyze the effectiveness of the company’s current strategy. Among the frameworks employed was PEST Analysis or Political, Economic, Social and Technological Analysis which was used to highlight the impact of economic, political, social and technological factors on the industry. In addition, the driving forces which affect the competitive landscape of the stock brokerage industry were also scrutinized, to wit, regulatory influences and government policy changes, as well as the subsequent departure...
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...Cairo & Alexandria Stock Exchanges Working Paper Series Dr. Shahira Abdel Shahid September 2001 Corporate Governance is becoming a global pursuit: what could be done in Egypt? 1 Corporate Governance is becoming a global pursuit: what could be done in Egypt? Abstract: The paper defines corporate governance and explains the reasons for its becoming an important issue pursued by many countries in the last decade. Following, the various codes of corporate governance, used as a guidance for countries, which are set by international organizations such as World Bank, IMF and OECD are summarized. Next, the paper reviews corporate governance experiences in nine diverse, countries including both developed and emerging markets. Finally, the paper assesses corporate governance practices in Egypt, identifying existing problems and proposing recommendations in order to enhance corporate governance practices in Egypt. Acknowledgements: The Research & Markets Development Department at CASE is very pleased to present its first series of research papers that addresses an issue of both local and international importance, which is broadly examined by experts and researchers in both practice and academia. The author would like first to thank Dr. Sameh El Torgoman, Chairman of CASE, for his great support and encouragement. Dr. El Torgoman insisted that corporate governance becomes the first research working series paper to be written by Research & Markets Development, given the worldwide...
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...Management Corporate Governance www.iibmindia.in Chapter 1 Corporate Governance Corporate governance refers to the system by which corporations are directed and controlled. The governance structure specifies the distribution of rights and responsibilities among different participants in the corporation (such as the board of directors, managers, shareholders, crors, auditors, regulators, and other stakeholders) and specifies the rules and procedures for making decisions in corporate affairs. Governance provides the structure through which corporations set and pursue their objectives, while reflecting the context of the social, regulatory and market environment. Governance is a mechanism for monitoring the actions, policies and decisions of corporations. Governance involves the alignment of interests among the stakeholders. There has been renewed interest in the corporate governance practices of modern corporations, particularly in relation to accountability, since the high-profile collapses of a number of large corporations during 2001–2002, most of which involved accounting fraud. Corporate scandals of various forms have maintained public and political interest in the regulation of corporate governance. In the U.S., these include Enron Corporation and MCI Inc. (formerly WorldCom). Their demise is associated with the U.S. federal government passing the Sarbanes-Oxley Act in 2002, intending to restore public confidence in corporate governance. Comparable...
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...Companies are looking to get a competitive edge * Quick returns are possible for short term profits in currency derivatives * Future growth of currency derivatives OBJECTIVES OF STUDY * OBJECTIVES OF THE STUDY The basic idea behind undertaking Currency Derivatives project to gain knowledge about currency future market. * To study the basic concept of Currency future * To study the exchange traded currency future * To understand the practical considerations and ways of considering currency future price. * To analyze different currency derivatives products. Limitations of the Study Every study is bound by limitations and as such this is no exceptions. 1. The analysis was purely based on the secondary data. So, any error in the secondary data might also affect the study undertaken. 2. The currency future is new concept and topic related book was not available in library and market. 3. Confidential matters were not disclosed by the company. 4. There were time constraints. Existing & proposed product Produts and services 1.Equity Trading The best way to amass wealth is by investing in the stock market. However, it can be a risky proposition considering the high risk-return trade off prevalent in the stock market. Therefore before investing, the clients should know how to go about it. By opening an account with Bonanza, an investor can avail additional benefits like access to various...
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...JOURNAL OF INTERNATIONAL ACCOUNTING RESEARCH Vol. 9, No. 2 2010 pp. 21–43 American Accounting Association DOI: 10.2308/jiar.2010.9.2.21 The Effect of Institutional and Cultural Factors on the Perceptions of Earnings Management Marshall Geiger and Joyce van der Laan Smith ABSTRACT: In this study we examine the effect of stakeholder orientation versus shareholder orientation, and the level of cultural secrecy on individuals’ perceptions of earnings management practices. Examining perceptions from 1,260 participants from 13 countries indicates that individuals from stakeholder-oriented institutional backgrounds were less accepting of earnings management, including both accounting earnings management and operating earnings management activities, than participants from shareholder-oriented institutional backgrounds, and that individuals from secretive cultures were more accepting of both types of earnings management activities. Our findings provide evidence of the anticipated perceptual differences across countries with respect to earnings management and suggest the need for further research linking perceptions to reported earnings management measures. I. INTRODUCTION constant pressure in accounting and business across the globe is for companies to report stable, if not growing, financial position to stockholders, creditors, analysts, and other interested parties. With this strain comes the pressure on the firm’s financial reporting executives to “manage” the company’s reported...
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...KPMG International Survey of Corporate Responsibility Reporting 2011 kpmg.com The Definitive Snapshot of CR Reporting Welcome to The KPMG International Survey of Corporate Responsibility Reporting 2011. We believe that this report represents the largest and most comprehensive survey of CR reporting trends ever published. Thirty-four hundred companies representing the national leaders from 34 countries around the world, including the largest 250 global companies based on the Fortune Global 500 ranking, were included in our research. Since we published our first report in 1993, KPMG’s International Survey of Corporate Responsibility Reporting has provided a definitive snapshot of the evolving state of CR reporting and continues to deliver unprecedented insight into national, global and industry reporting trends. This is the first in a series of three complementary reports. Future analysis will focus on the challenges related to water, supply chain and regulatory optimization. © 2011 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved. Contents Executive Summary KPMG Corporate Reporting Quadrants The State of Global Corporate Responsibility Reporting – Corporate Responsibility Reporting Comes of Age in 2011 Measuring the Markets – Corporate Responsibility Reporting at the Country Level Ranking...
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...A Summer Training Report ON FINANCIAL ANALYSIS OF HINDUSTAN UNILEVER LIMITED & INDIAN TOBACCO COMPANY Submitted to GURUKUL KANGRI UNIVERSITY,HARIDWAR In partial fulfillment of the requirement for the two years full time post graduate degree in MASTER OF BUSINESS ADMINISTRATION(MBA) Supervised by: Dr. Bindu Arora Submitted by: Akansha Tyagi(MBA) Department of Management Studies Kanya Gurukul Mahavidyalaya, Dehradun 2nd Campus, Gurukul kangri University, Haridwar 2009-2011 ACKNOWLEDGEMENT I wish to thank Indian Tobacco Company Limited, Sidcul and its employees, who gave me their precious time to make me learn some important aspects of the Organization, its Structure, about its functioning. I express my sincere thanks to Mr. Arun Raghav(DGM - HR) for giving me an opportunity to work with them through this summer project. I am very pleased that, I got the opportunity to work under and thank Mr.Kapil(Manager in Finance & Accounts,Sidcul) for his invaluable guidance, constant encouragement & practical suggestions based on the experience to focus my efforts because of which this work has come to the presentable form. Gracious help from Dr. Surekha Rana, have contributed tremendously to the completion of this project work. I offer my sincere thanks to , Dr. Bindu Arora who guided me in the completion of the project. CONTENTS PREFACE…………………………………………………... OBJECTIVES OF STUDY…………………………………. RESEARCH METHODOLOGY……………………………. COMPANY PROFILE • The Indian FMCG sector…………………………...
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...Organizational Part 1. A. Introduction: Grameenphone is the largest mobile telecommunications operator in Bangladesh in terms of revenue, coverage and subscriber base. The company was incorporated on October 10, 1996 as a private limited company. Grameenphone converted to a public limited company on June 25, 2007. Trading of the company‘s shares started at Dhaka and Chittagong Stock Exchanges from 16 Nov. 2009. The shareholding structure comprises of mainly two sponsor Shareholders namely Telenor Mobile Communications AS (55.80%) and Grameen Telecom (34.20%). The rest 10.00% shareholding includes General public & other Institutions. Since its inception in March 1997, Grameenphone has built the largest cellular network in the country with over 12,000 base stations in more than 6000 locations. Presently, nearly 98 percent of the country's population is within the coverage area of the Grameenphone network. The company has so far invested more than BDT 15,260 crore to build the network infrastructure since its inception in 1997. Grameenphone is also one the largest taxpayers in the country, having contributed more than BDT 16,600 crore in direct and indirect taxes to the Government Exchequer over the years. Grameenphone was also the first operator to introduce the pre-paid service in September 1999. It established the first 24-hour Call Center, introduced value-added services such as VMS, SMS, fax and data transmission services, international roaming service, WAP...
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...iosrjournals.org Corporate Social Responsibility: A Case Study Of TATA Group Amit Kumar Srivastava1, Gayatri Negi2, Vipul Mishra3, Shraddha Pandey4 ( 1,4 ( 2 ,3 Shri Ram Murti Smarak College of Engineering & Technology, Bareilly, U P/India ) Career Degree College, kakori, Lucknow /U P / University of Lucknow / India) Abstract: Starting from the times of barter system to today’s modern era of plastic money, the mankind has trodden a remarkably long path. Undoubtedly “profitability” has always been the driving force and an undercurrent behind all this development; but as every coin has two facets; growing cut throat competition and business rivalries started taking heavy toll on the quality, transparency, environment and the society in general endangering the peaceful coexistence of business and society. The businesses houses started realizing that they would have to rise over and above the profitability and take care of all those associated with their survival in the society directly or indirectly. This realization resulted into the concept of Corporate Social Responsibility (CSR). This research paper moves around developing an understanding about the corporate social responsibility (CSR), delving into its concept and finding out its scope taking the case study of the TATA Group under Mr. Ratan Tata who has exemplified the sense of responsibility towards the upliftment of common masses and protection of the environment and development of the nation. Keywords: Corporate citizenship...
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...Ombudsman Institution in Asia Improving Accountability in Public Service Delivery through the Ombudsman About the Asian Development Bank ADB’s vision is an Asia and Pacific region free of poverty. Its mission is to help its developing member countries reduce poverty and improve the quality of life of their people. Despite the region’s many successes, it remains home to two-thirds of the world’s poor: 1.8 billion people who live on less than $2 a day, with 903 million struggling on less than $1.25 a day. ADB is committed to reducing poverty through inclusive economic growth, environmentally sustainable growth, and regional integration. Based in Manila, ADB is owned by 67 members, including 48 from the region. Its main instruments for helping its developing member countries are policy dialogue, loans, equity investments, guarantees, grants, and technical assistance. Strengthening the Ombudsman Institution in Asia Accountability is essential for good governance, and in many Asian countries the ombudsman is the key accountability institution. Originating in the West, the concept of the ombudsman arrived relatively late in Asia. Yet more and more ombudsman offices are being established in Asia, and they play a critical role in the fight against incompetence and injustice on the part of government officials. This report presents in-depth research on Asian ombudsmen, with a focus on best practices and emerging issues, especially in the context of the new public management...
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...CORPORATE SOCIAL RESPONSIBILITY SUMMARY REPORT 2010 1 2 UMW HOLDINGS BERHAD CORPORATE SOCIAL RESPONSIBILITY SUMMARY REPORT 2010 3 CONTENT 02 04 - 05 06 - 07 08 09 - 11 12 - 14 15 - 18 19 - 21 22 - 23 24 - 26 27 - 31 32 RATIONALE PRESIDENT'S STATEMENT UMW STRUCTURE OUR ECONOMIC FOOTPRINT AWARDS RECEIVED WORKPLACE MARKETPLACE ENVIRONMENT COMMUNITY PERFORMANCE DATA PROFILE DISCLOSURE FEEDBACK AND COMMENTS ABOUT THIS REPORT UMW’s Corporate Social Responsibility Report supplements our other publications, including the Group Annual Report, our internal staff magazine “U”, regular media releases and investor updates, as well as our Group and divisional websites. This report is also a follow-up to the Group’s maiden CSR report, launched in 2008. The report brings together the Group’s economic, social and environmental performance from 2007 to 2009. We have also included some information for 2010 which was available before the collection deadline. The report covers the entire UMW Group, and those subsidiaries that are included in Group consolidated financial statements. In the Environment section of this report, we have particularly concentrated on our Automotive Division, as it is the Group’s largest profit contributor and accounts for around 60% of our physical assets and 70% of our workforce. We have also included relevant environmental data from our other divisions, to provide a more complete picture of the Group’s environmental initiatives and performance. "Corporate Responsibility...
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