...Danilo; Gustavo Bueno; Jacob Broberger; Joep Laureijs; José Adriano Machado Subject: Group 2’s analysis of Managing Earnings by Manipulating Inventory: The Effects of Cost Structure and Valuation Method Introduction In this memo, we intend to analyze and breakdown Managing Earnings by Manipulating Inventory: The Effects of Cost Structure and Valuation Method by Kirsten A. Cook, Ryan Houston & Michael R. Kinney’s major faults and weak-points. The article examines how production cost structure and inventory valuation affect a company’s earning management through inventory manipulation. Its two main findings are the following: i. Firms with high fixed-cost ratios are more likely to manipulate production but make smaller abnormal inventory changes than companies with low fixed-costs ratios; ii. LIFO firms are less likely than other companies to manage earnings by using the production lever (i.e. shifting fixed costs between COGS and inventory) because they may also manage earnings by liquidating LIFO layers and releasing the LIFO reserve. Before we begin our analysis, we put together a brief rundown of the essential concepts the article’s authors go through to form their conclusions. Cost Structure Cost structure refers to the types and relative proportions of fixed and variable costs that a business incurs. Valuation methods A company can value its inventory using several methods. The two most important methods are LIFO (“last in first out”) and FIFO (“first in...
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...Managing Non-Traditional Inventories Restaurants Within the service industry, companies will typically have two types of inventory, traditional inventory and non-traditional inventory. For a restaurateur it is essential that they have certain management systems in place, which assist with the management of both types of inventory. These inventory management systems for traditional and non-traditional inventories are critical for a restaurant to be successful and profitable. When dealing with a restaurants traditional inventory, managers are focused on the challenges of dealing with a highly perishable product, food. Since the raw materials for restaurants have a limited shelf life and usually expire within the first week, restaurant managers must have active control systems that assist with food costs, the largest expense for all restaurants. If restaurants are able to successfully manage their traditional inventory, they are most likely a profitable business; however, restaurants could still be passing up opportunities if they do not manage their non-traditional inventories. The non-traditional inventories for restaurants are the “products available for sale”, which are the space for customers to sit at tables. Restaurant owners should consider each table space as their main product, because without the table space full-service restaurants will not exist. In order for a restaurant to be not only profitable, but also successful, managers should monitor their tables...
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...1 ANNUAL REPORT 2014 Table of contents ABOUT THE COMPANY Letter of Transmittal Corporate Information Milestones Board of Directors and Management Brand Values Products 3 4 5 6 -8 9 10 OPERATING RESULTS Summary of Key Operating & Financial Data 11-12 AGM & COMPANY PERFORMANCE Notice of 35th Annual General Meeting Chairman’s Message to Shareholders Report of the Board of Directors 13 14 ANNUAL REPORT 2014 15 - 19 1 Table of contents COMPLIANCE REPORT Corporate Governance Compliance Report 20 - 38 FINANCIAL RESULTS Auditors’ Report to the Shareholders Statement of Financial Position Statement of Comprehensive Income Statement of Changes in Shareholders’ Equity Statement of Cash Flows Notes to the Financial Statements Unit-wise Working Result Schedule of Non- Current Assets Certificate on Review of financial statements PROXY FORM 39 - 40 41 - 42 43 - 44 45 46 - 47 48 - 80 81 - 82 83 - 84 85 ANNUAL REPORT 2014 2 Letter of Transmittal December 6, 2014 Esteemed Shareholders Bangladesh Securities and Exchange Commission Dhaka Stock Exchange Limited Chittagong Stock Exchange Limited Registrar of Joint Stock Companies and Firms Dear Sir or Madam, Subject: Annual Report for the year ended June 30, 2014 It is our pleasure to inform you that the 35th Annual General Meeting of Olympic Industries Limited will be held on Wednesday, December 24, 2014 at 10:00 AM at our 2nd biscuit factory premises at Lolati, P.S. Sonargaon, District...
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...at 3:00 p.m. N I S S A N E L G R A N D I N F I N I T I F X 3 7 R E N A U L T M E G A N E R S CONTENTS 02 03 05 09 10 14 17 25 27 28 31 Corporate Information Business Divisions Report of the Board of Directors 8 Years Financial Highlights Profile of Directors Corporate Social Responsibility Report Corporate Governance Statement Internal Control Statement Other Statements and Disclosures Audit Committee Report Daily Share Price & Volume Traded on Bursa Malaysia Securities Berhad 33 Financial Statements 133 Ten Largest Properties of the Group 134 Shareholders’ Statistics 137 Notice of Annual General Meeting Form of Proxy CORPORATE INFORMATION Directors Dato’ Tan Heng Chew Executive Deputy Chairman and Group Managing Director Dato’ Ng Mann Cheong Senior Independent Non-Executive Director Dato’ Haji Kamaruddin @ Abas bin Nordin Independent Non-Executive Director Seow Thiam Fatt Independent Non-Executive Director Siew Kah Toong Independent Non-Executive Director Dato’ Khor Swee Wah @ Koh Bee Leng Executive Director Ling Ou Long @ Ling Wuu Long Executive Director Ho Wai Ming Executive Director Audit Committee Company Secretaries Yap Bee Lee Chang Pie Hoon Registered Address 62-68 Jalan Ipoh 51200 Kuala Lumpur Telephone : (03) 4047 8888 Facsimile : (03) 4047 8636 Website : www.tanchong.com.my E-mail : tcmh@tanchong.com.my Registrars Tricor Investor Services Sdn Bhd Level 17, The Gardens North Tower Mid Valley City Lingkaran Syed Putra 59200 Kuala Lumpur...
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...INTRODUCTION: Euroland Foods S.A is a multinational producer of high quality ice cream, yogurt, bottled water and fruit juices. Its products are primarily sold throughout Scandinavia, Britain, Belgium, the Netherlands, Luxembourg, western Germany, and northern France. In early January 2001, the senior management committee of Euroland Foods S.A was called together to come up with the firm’s capital budget for the new year. There were 11 projects up for consideration that the committee was faced with and had totaled more than (euro) EUR316 million. Unfortunately the board of directors had set in place a spending limit of EUR120 million. Even with this restriction the investment at this rate would cause a major increase in the firm’s current asset base of EUR965 million. The firm’s main challenge was to allocate the funds among a range of projects to satisfy the following: new-product introduction, acquisition, market expansion, efficiency improvements, preventative maintenance, safety, and pollution control. BACKGROUND OF FIRM: Theo Verdin, a Belgium Farmer, as an offshoot of his dairy business, founded Euroland Foods S.A in the year 1924. Theo paid great attention to product development and marketing, and because of his close attention to detail the firm had grown steadily over the years. The company had gone public in 1979, and by 1993, was listed for trading on the London, Frankfurt, and Brussels exchanges. In the year 2000, Euroland Foods S.A had approximately...
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...expected capital needs of the business and strategic considerations. For 2009-10, the board has recommended a dividend of 1,500 percent higher than 1,000 percent declared in previous year and has maintained a payout ratio of 31.3 percent vis-a-vis 36.5 percent in the previous year. Further, board has also declared 4,000 percent interim dividend on the occasion of 25th year. Table Working Capital Management & Liquidity Ratios Table 2:1: Key Indicators Of Profitability 2009-10 Inventory Period Operating Cycle Cash Cycle Current Ratio Acid Test Ratio 10.6 13.3 -17.0 0.45 0.26 2008-09 11.0 16.9 -13.1 0.51 0.30 Working Capital management Hero Honda has always sought to efficiently use the various components of working capital cycle. The Company has been able to effectively control the receivable and inventories enabling it to continue to operate on negative working capital. Notes On Working Capital The average of inventory, receivables and payables has been taken for calculations of inventory period, operating and cash cycle. RISKS AND OUTLOOK Global uncertainty: While India's growth path remains clear and secure, there could some ripples on liquidity in India. The debt-related troubles within the Eurozone could slow down the pace of global economic recovery. Commodity prices: Even though the surge in commodity prices has lessened in recent months, the medium to longterm trend remains volatile. Monsoons: Even though the country as a whole may receive normal rainfall...
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...BATA INDIA LIMITED (CIN: L19201WB1931PLC007261) Board of Directors Mr. Uday Khanna Chairman and Independent Director Mr. Rajeev Gopalakrishnan Managing Director Mr. Ranjit Mathur Director Finance Mr. Kumar Nitesh Managing Director - Retail (since May 21, 2014) Mr. Jack G. N. Clemons Non-Executive Director Mr. Jorge Carbajal Non-Executive Director Mr. Akshay Chudasama Independent Director Ms. Anjali Bansal Independent Director (since May 21, 2014) Mr. Ravi Dhariwal Independent Director (since May 27, 2015) Mr. Shaibal Sinha Non-Executive Director (since May 27, 2015) Mr. Atul Singh Independent Director (upto May 21, 2014) CONTENTS Page No. Notice 3-15 Financial Highlights 16-19 Directors’ Report 20-36 Extract of Annual Return-Form No. MGT-9 37-46 Report on Corporate Governance 47-62 Secretarial Audit Report-Form No. MR-3 63-65 Auditors’ Report Balance Sheet Statement of Profit and Loss Cash Flow Statement Notes to the Financial Statements Statement regarding Subsidiary Companies Share Price Movement (1985 to 2014-15) Auditors’ Report on the Consolidated Financial Statements Notes to Consolidated Financial Statements Proxy Form 66-71 72 73 74-75 76-107 108-110 111 113 114-149 — Audit Committee Mr. Akshay Chudasama Chairman Mr. Uday Khanna Member Mr. Jack G. N. Clemons Member Mr. Jorge Carbajal Member Ms. Anjali Bansal Member (since May 21, 2014) Mr. Ravi Dhariwal Member (since May 27, 2015) Mr. ...
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...RETAIL FOOD GROUP is a leading Australian retail food brand manager, franchisor and wholesale coffee roaster. It designs, develops and manages franchise systems and is the intellectual property owner and manager of the following retail and coffee brands: Donut King, Michel’s Patisserie, Brumby’s Bakery, Esquires Coffee Houses, bb’s cafe, Evil Child, Roasted Addiqtion and Barista’s Choice. For the 6th consecutive year since Listing (in June 2006), Retail Food Group continued to deliver enhanced performance and record outcomes for stakeholders. NPAT and EPS 6 year cumulative annual growth rates (cagr) of 35.8% and 24.2% respectively, reinforces Retail Food Group as an enterprise with franchise systems, business model and revenue streams capable of significant growth. NPAT Core NPAT EPS (Basic) 30 30 25 25 20 20 15 15 10 DPS 10 5 0 5 FY07 FY08 FY09 FY10 FY11 ($m) Revenue 140 FY10 FY11 0 ($m) FY07 FY08 FY09 FY10 FY11 FY08 FY09 FY10 FY11 (cents) Net Operating Cashflows Adj. Revenue 120 25 80 20 60 15 40 Net Debt Reduction 30 100 (cents) 10 20 0 5 FY07 FY08 FY09 FY10 FY11 ($m) FY10 FY11 0 ($m) FY07 FY08 FY09 FY10 FY11 ($m) Outlets Network Sales 700 600 1200 500 1000 400 800 300 600 200 400 100 200 0 FY07 FY08 FY09 FY10 FY11 ($m) 0 FY07 FY08 FY09 FY10 FY11 FY10 FY11 ($m) ...
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...ANNUAL REPORT 2008-2009 Directors Bankers Auditors Solicitors Registered Office Works Registrar & Share Transfer Agent : : : : : : : Trilochan Singh Sahney, Chairman & Managing Director Dr. P . D.Ojha Dr. (Ms.) Kala S Pant Harshbeena S Zaveri K M Elavia Devesh S Sahney BNP Paribas Citibank N.A. Canara Bank Axis Bank Ltd. A. F. Ferguson & Co. Wadia Ghandy & Co. Dhannur, 5 Sir. P M Road, Fort, Mumbai 400 00. Tel. : 2266 460 / 2266 4998 Fax : 2266 042 Pokhran Road No.2, Majiwade, Thane-400 606. E-40, M.I.D.C. Industrial Area, Chikalthana, Aurangabad-43 00. C-6, Additional M.I.D.C. Industrial Area, Jalna-43 203 E-72, (I) & (II) M.I.D.C., Waluj, Aurangabad-43 33 A-5, Uppal Industrial Estate, Hyderabad-500 039 Plot No.33, Sector – II, SIDCUL IIE Pantnagar, Udhamsingh Nagar, Uttarakhand-263 53. Mondkar Computers Pvt. Ltd. 25, Shakil Niwas, Mahakali Caves Road, Andheri (East), Mumbai 400 093. Tel: 2836 6620, 2820 7203-05 Fax: 2836 9704, 2820 7207 CONTENTS Particulars Page No. Notice ...................................................................................................................... 3 Directors’ Report ................................................................................................... Annexure to Directors’ Report ...................
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...eportDutch Lady Milk Industries Berhad Laporan Tahunan 2011 Annual Report Dutch Lady Milk Industries Berhad is a subsidiary of Royal FrieslandCampina NV. www.frieslandcampina.com This Annual Report is printed on 100% recycled paper BLUE VALUES Believe in Growth Look Forward Unite as One Team Excel in Execution contents Notice of Annual General Meeting Corporate Information Chairman’s Statement Corporate Governance Statement Directors’ Profile Audit Committee Report Corporate Social Responsibility Statement of Internal Control Directors’ Report Statement of Financial Position Statement of Comprehensive Income Statement of Changes in Equity Statement of Cash Flows Notes to the Financial Statements Statement by Directors Statutory Declaration Independent Auditors’ Report Financial Highlights Additional Compliance Information Other Information Proxy Form • • • • • • • • • • • • • • • • • • • • • 1 3 6 8 14 16 20 24 28 30 31 32 33 34 59 59 60 61 62 63 65 notice of annual general meeting 1 NOTICE IS HEREBY GIVEN that the Forty-Ninth Annual General Meeting of the Company will be held at Hotel Armada, Lorong Utara C, Section 52, 46200 Petaling Jaya, Selangor Darul Ehsan, on Wednesday, 13 June 2012 at 10.00 a.m. for the purpose of transacting the following business: AGENDA AS ORDINARY BUSINESS Ordinary Resolution 1 1 To receive the Audited Financial Statements for the financial year ended 31 December 2011, together with the Reports of the Directors...
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...Management and Internal Control 41 Board Committees 51 Corporate Social Responsibility Financial Statements 56 114 116 120 122 123 126 127 • Financial Statements Additional Information Particulars of Group’s Properties Plantation Statistics Share Buy-Backs Summary Analysis of Shareholdings Directors’ Shareholdings Notice of Annual General Meeting Proxy Form Hap Seng Plantations Holdings Berhad | Annual Report 2014 Corporate Information BOARD OF DIRECTORS Tan Sri Ahmad Bin Mohd Don Independent Non-Executive Chairman Datuk Simon Shim Kong Yip, JP Non-Independent Non-Executive Deputy Chairman Tan Sri Abdul Hamid Egoh Non-Independent Non-Executive Director Datuk Edward Lee Ming Foo, Managing Director Wong Yuen Kuai, Lucien Independent Non-Executive Director JP Lee Wee Yong Executive Director Au Yong Siew Fah Executive Director 2 Company Secretaries Cheah Yee Leng (LS 0009398) Lim Guan Nee (MAICSA 7009321) Registered Office 21st Floor, Menara Hap Seng Jalan P Ramlee . 50250 Kuala Lumpur Tel : 603-2172 5228 Fax : 603-2172 5286 Website : www.hapsengplantations.com.my E-mail : inquiry@hapsengplantations.com.my Plantation Headquarters Off 40KM, Jalan Jeroco Lahad Datu, Sabah Place of Incorporation Malaysia Dato’ Jorgen Bornhoft Independent Non-Executive Director Tuan Haji...
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...Annual Report CONTENTS 02 05 07 08 10 11 14 19 21 26 71 74 76 Notice of Annual General Meeting Chairman’s Statement Corporate Structure Group Financial Highlights Corporate Information Profile of The Board of Directors Statement of Corporate Governance Statement on Internal Control Audit Committee Report Financial Statements Analysis of Shareholdings List of Properties Other Information Proxy Form 2 NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the 14th Annual General Meeting of Oriental Food Industries Holdings Berhad will be convened and held at Tiara Banquet Hall, Tiara Melaka Golf and Country Club, Jalan Gapam, Bukit Katil, 75760 Melaka on Wednesday, 18 August 2010 at 2.00 p.m. to transact the following businesses :AGENDA ORDINARY BUSINESS 1. To receive and adopt the statutory financial statements for the year ended 31 March 2010 together with the Directors’ and Auditors’ Reports thereon. To declare the following final dividends for the year ended 31 March 2010 : (a) Tax exempt dividend of RM0.02 per share amounting to RM1,200,000 on 60,000,000 ordinary shares of RM1.00 each ; and Franked dividend of RM0.02 per share less 25% tax at a total net amount of RM900,000 on 60,000,000 ordinary shares of RM1.00 each. (Resolution 1) (Resolution 2) 2. (b) 3. To approve the payment of directors’ fees of RM200,000/- for the year ended 31 March 2010. To re-elect Mr Son Chen Chuan who retires in accordance with Article 75 of the Company’s Articles...
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...Contents ANNUAL REPORT 2011 2 7 8 15 16 17 20 6 14 Notice of Annual General Meeting Corporate Information Corporate Governance Statement Statement on Corporate Social Responsibility Statement on Internal Control 24 26 27 87 92 25 Chairman’s Statement Corporate Structure 86 Financial Statements 91 List of Group Properties 94 Analysis of Shareholdings Proxy Form 19 Directors’ Profile 23 Audit Committee Report 2 UMS HoLDINGS BeRHAD (74125-V) ANNUAL RePoRt 2011 notice of ANNUAL GeNeRAL MeetING NotICe IS HeReBY GIVeN that the thirtieth Annual General Meeting of the Company will be held at Lumut 1 Room, Level 1, Vistana Hotel, No. 9 Jalan Lumut, off Jalan Ipoh, 50400 Kuala Lumpur on Monday, 26 March 2012 at 10:00 a.m. to transact the following business: Agenda 1. To receive the Audited Financial statements for the financial year ended 30 september 2011 and the Reports of the Directors and Auditors thereon. To approve the payment of Directors’ fees amounting to RM134,100.00 for the financial year ended 30 september 2011 (2010 : RM128,700.00). To declare a final dividend of 6% Gross (less Malaysian income Tax @ 25%) for the financial year ended 30 september 2011. To declare a special dividend of 4% Gross (less Malaysian income Tax @ 25%) for the financial year ended 30 september 2011. To consider and if thought fit, to pass the following resolution: “That Mr. Ng siow Hwa @ Ng Kok Hwa, who retires in accordance with section 129 (6) of the Companies Act, 1965, be and is hereby...
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...LETTER OF TRANSMITTAL 7Th August, 2012 Mr. Muhammad Zia Kayani Course Instructor for Company Law(MBA-R3Y) Institute of Business Management Dear Mr. Kayani: We are pleased to submit our report on topic Directors of Company While engaging ourselves in making this report, we gained useful information related to the procedures of election of directors and also find the eligibilty criteria for the election of directors other issue related to director of company. We have worked hard in making this report. We hope that it will fully serve its purpose. We appreciate your support in making this report and we also look forward to your feedback which will be helpful for us. Please check the enclosed report. Sincerely, Syed Abid Haider Mohammed Waqas Manzoor Encl. (1) LETTER OF ACKNOWLEDGEMENT All thanks to Almighty GOD, who is most merciful, who granted and helped us to work on this report. We would like to express our gratitude towards our parents for their kind co-operation and encouragement which helped us in completion of this report. We would also like to extend our gratitude towards our faculty Mr. Muhammad Zia Kayani, who gave us an opportunity to do a research and to make a report related to our course outline. We have made a report on Directors of Company Respectfully yours, Syed Abid Haider (12784) Mohammed Waqas Manzoor (12782) TABLE OF CONTENTS 1. LETTER OF TRANSMITTAL 1 2. LETTER OF ACKNOWLEDGEMENT 2 3. TABLE OF CONTENT 3 4....
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...The cover design bears the theme, “Made For Modern Lifestyles”, which emphasizes how Farm’s Best Berhad’s products are ideal for contemporary lifestyles. Our delicious products can be cooked with speed and ease, making them ideal for today’s culinary needs. A sleek refrigerator appears on the cover to emphasize how modern our products are, and there are notes pasted on it that highlight the various types of food products that are available from us. On the whole, the cover design possesses a sophisticated aura that is inspired by our innovative corporate spirit. table of contents Notice of Annual General Meeting 02 Corporate Structure 08 Corporate Information 10 Directorsʼ Profile 11 Chairmanʼs Statement 18 Management Discussion and Analysis 22 Corporate Social Responsibilty 24 Corporate Governance Statement 27 Internal Control Statement 36 Audit Committee Report 40 Financial Statements 45 Statistics on Shareholdings 132 Statistics on Shareholdings-Warrant 135 List of Properties 138 Additional Compliance Information 144 Form of Proxy Notice of Annual General Meeting FARM’S BEST BERHAD (301653-V) 2 NOTICE IS HEREBY GIVEN THAT the Twentieth Annual General Meeting of the Company will be held at Function Room 2, Level 2, Holiday Inn Melaka, Jalan Syed Abdul Aziz, 75000, Melaka on Friday, 27 June 2014 at 11.00 a.m. for the following purposes :AGENDA ORDINARY BUSINESS:1. To receive the Audited Financial Statements for the financial year...
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