Googles Performance Management System

Googles Performance Management System Contents (Jump to) 1. INTRODUCTION 2. FORMULATION OF HR STRATEGY 3. IMPLEMENTATION OF PERFORMANCE MANAGEMENT: 4. EVALUATION OF PERFORMANCE MANAGEMENT REFERENCES: 1. INTRODUCTION The practice of human resource management is concerned with all aspects of how people are employed and managed in organizations. The main principle of human resource management is to make sure that the organization is able to attain success through people. HRM aims to increase organizational efficiency and ability and the capacity of an organization to achieve its goals by making the best use of the resources available to it. Human resource management mainly deals with organizational behavior, organization design and development, people resourcing, performance management, learning and development, rewarding people and employee relations. In the organizational context, performance is usually defined as the extent to which an organizational member contributes to achieving the goals of the organization. Performance management is a regular process to improve organizational performance by improving the performance of individual persons and teams. The performance management strategy is practical to be the procedure of providing the study about the performance of the employee and is consider being the important tool in the decisions taken by the human resource department. Performance management is defined as Performance management is a strategic and integrated approach to delivering sustained success to organizations by improving the performance of the people who work in them and by developing the capabilities of teams and individual contributors (Armstrong and Baron, 2004). Performance management is the method of formulating, implementing and evaluating the work performance of employees, so that the organization will achieve their goals and objectives. Successful performance management is designed to develop performance, recognize performance requirements, and provide feedback related to those requirements and help with career development. The overall aim of performance management is to establish a high performance culture in which individuals and teams take responsibility for the continuous improvement of business processes and for their own skills and contributions within a framework provided by effective leadership (Armstrong, 2006). The objectives of performance management are (Hawkes, 1998): To sustain employees to find knowledge and skills to do their job well, To encourage in the ability of improved standards of work performance of an employee. For employees to work towards definite goals. For employees to get regular feedback on performance and For employees to achieve personal growth through acquiring significant knowledge and skills and attitudes. In todays business environment, the companys bottom line is to make more profits in long term by attracting, retaining and motivating top talent people for utmost performance. The approaches of companies for attaining profits are by offering the best rewards in the industry. The company which is in that list is Google Inc. Google early years, the search engine attracted an ever growing number of trusty users, which finally lead to an initial public offering valuing Google at US$ 23 billion. After the IPO, Google under the professional leadership of CEO Eric Schmidt, has grown greatly and continuous to innovate and expand into a numberless of industries, such as communication and web applications etc. The modern environment in which Google operate is very competitive. According to Google employees and their technical knowledge is companys greatest advantage (NYU IBA, 2008). This case study will focus on performance management tool of reward and feedback system of Google. Concentrating on how reward system is influencing the employee performance? And what are the methods used to evaluate the feedback performance management? 2. FORMULATION OF HR STRATEGY 2.1 Process of Performance Management: Performance planning and agreements: This process helps people to get into action so they can achieve planned and agreed results. This process briefly focuses on the elements like what has to be done and how it should be done and what is to be achieved. And this process is equally concentrated on developing people; helping them to learn and giving them the support they need to do well. The managers and the individuals carry out performance and development plan jointly. These planning should lead to an agreement on what needs to be done by two parties. This process is concentrating on Role profiles Objective settings Measuring performance and assessment Performance planning Development planning Role profiles This section describe the function in terms of the key result areas; define what the role possessor desires to know and be able to do and how they are likely to behave in terms of behavioral competencies and maintenance the organizations core values. This process will concentrate on rising the role profiles, defining the core result areas, defining the technical competencies, defining the behavioral competencies, and core values. Objective Setting This process describes the organizational goals or objectives to achieve over a period of time by the departments and the individuals. This will give ongoing role or the work objectives, targets, tasks, behavioral expectations, values, performance improvement, learning, and integrating objectives to manager and the individuals. As per (Armstrong, 2006) most of the organizations follow SMART mnemonic to summarize the characteristics of good objectives. S (Specific) Clear, understandable and challenging. M (Measurable) quality, quantity, money and time. A (Achievable) challenging but in the reach of a experienced and committed person. R (Relevant) related to the objectives of the organization so that the goal of the employees is associated to corporate goals. T (Time framed) objective is to be completed within a timescale. Measuring performance and assessment This process is a significant model in performance management. It is the main finding for providing and generating feedback, it identify where things are going well and where things are not going well, so that necessary action to be taken. The criteria for measuring the performance should be (Armstrong, 2006) linked to the strategic goals Focusing on inputs, outputs and outcomes, and behaviors. Point out the data or evidence that will be available as the source for measurement. Be as specific as possible in accordance with the purpose of the measurement and the accessibility of data. Give a sound basis for advice and action. Be comprehensive, covering all the main aspects of performance. The CIPD surveys of performance management in 2004 discovered that, in order of significance, the following performance measures were used by the respondents (Armstrong, 2006). Attainment of objectives Capability Quality Contribution to team Customer care Working relationships Output Flexibility Skills/learning targets Aligning personal objectives with organizational goals Business awareness Financial awareness Performance planning The performance planning is part of the performance management chain, which involves contract between the manager and the person on what presently needs to do to achieve objectives, move up standards, improve performance and develop the required competencies. It also establishes priorities the key aspects of the job to which attention have to be given. The aim is to make sure that the meaning of the purpose, performance standards and competencies as they apply to everyday work is understood. Agreement is also reached at this phase on how performance will be measured and the proof that will be used to begin levels of competence. It is important that these procedures and evidence requirements should be known and fully approved now because they will be used by persons and managers to check and demonstrate achievements (Armstrong, 2009). Personal development planning Personal development plans provide a learning action plan for which employees are responsible with the support of their managers and the organization. It may contain official training but, more importantly, it will include a wider set of learning and development actions such as self managed learning, training, mentoring, project work, job improvement and job enrichment. It is likely to focus on development in the existing job, and to improve the capability to make it well and to enable individuals to take on bigger responsibilities, extending their ability to accept a broader role. This plan therefore contributes to the success of a policy of continuous development that is predicated on the belief that everyone is able of learning more and doing better in their jobs. The plan will also give to enhancing the likely of persons to carry out higher level jobs (Armstrong, 2009). Managing performance throughout the year: Managing performance is that it is a continuous process that reflects normal good management practices of setting direction, monitoring and measuring performance and taking action accordingly. Performance management should not be imposed on managers as something special they have to do. It should instead be treated as a natural function that all good managers carry out. This approach contracts with that used in conventional performance appraisal systems, which were usually built around an annual event, the formal review, which tended to do well on the past. This was carried out at the behest of the personnel department. Managers proceeded to manage without any further references to the outcome of the review and the appraisal form was buried in the personnel record system (Armstrong, 2009). Performance review and assessment: Performance management is a permanent process it is compulsory to have an official review once or twice a year. This will give an idea on the key performance and development issues. There are mainly five performance management elements for review meetings; they are agreement, feedback, measurement, positive reinforcement and dialogue. These elements will leads to the end of the performance management cycle by informing performance and development agreements (Armstrong, 2009). The criteria for the performance review are Achievements with respect to objectives The level of skills and knowledge possessed and applied (Technical competencies) Performance is getting effected in job by the behavior (Competencies) Day-to-day effectiveness 2.2 Learning and Development: Employee development is the main method followed by most of the organizations to develop organization performance, which in turn requires a perceptive of the processes and techniques of organization, team and individual learning. Performance reviews can be regarded as learning events, in which employees can be encouraged to think about how and in which ways they want to develop. Development programs are reflecting the needs of sequence plans and looking for to promote leadership skills (CIPD, 2010). In a successful organization, employee developmental needs are addressed. Developing in this case means increasing the ability to make through giving training, develop new skills or by giving more responsibilities. Introducing the processes of performance management provides an outstanding opportunity to identify developmental needs. During the planning and monitoring of work, deficiencies in performance become clear and can be addressed. Areas for improving good performance also show up and action can be taken to help successful employees progress even better (OPM, 2010). 2.3 360 Degree feedback: 360 Degree feedback recognizes the difficulty of management and the value of input from a range of sources. The feedback is frequently unspecified and may be presented to the employee to the manager or to both employee and manager. Some organizations do not arrange for feedback to be mysterious. Whether or not feedback is anonymous depends on the organizations culture (Armstrong, 2009). The main advantages of having feedback are Individuals get a broader viewpoint of how they seem by others. It gives people a broad view of their performance Increased awareness by senior management. The main disadvantages of having feedback are Employees or managers do not always give honest feedback People may feel stress in receiving or providing feedback Too much official procedure (bureaucracy) In organizations they do not have a practice of open feedback; it is likely that 360 Degree feedback will be seen with greater levels of distrust. 2.4 Reward: Reward management is concerned with the formulation and implementation of strategies and policies in order to reward people fairly, equally and consistently in agreement with their value to the organization (Armstrong, 2009). The aims of reward management are Reward people as per the organization want to pay for. Reward people for the value they creating. Build up a performance culture Motivate people and obtain their commitment. Help to attract and keep the high quality people the organization desires. Operate fairly Operate transparently 2.5 Rating performance: Rating scales can be defined alphabetically, or numerically. Initials are sometimes used in an attempt to disguise the hierarchical nature of the scale. The alphabetical or numerical points scale points may be described adjectivally, for example, a= excellent, b= good, c= satisfactory and d= dissatisfactory. 2.6 Advantages and concerns of performance management: The advantages of performance management are Performance management focuses on results instead of behaviors and activities. Aligns organization activities, and processes to the goals of the organization. Explains long term views of the organization Provides specificity in commitments and resources Provides specificity for comparisons, directions and planning. The concerns expressed about performance management are that it seems extraordinarily difficult and often unreliable to measure phenomena as complex as performance. People point out that todays organizations are rapidly changing, thus results and measures quickly became obsolete. They add that translating human desires and interactions to measurements is impersonal even heavy handed. 2.7 Role of line managers and HR managers in performance management: Human Resource division at any organization has unique challenges, it has to make sure that the employees are motivated and dedicated to the organization with complete reliability and honesty. However, at the same time, the Human resource division has to make sure that the market dynamics are not badly affected by the total volumes of investment involved in the process. And also line managers are crucial to the success of performance management. But there can be problems with their commitment and skills and it is necessary to involve them in developing the process, provide training and guidance, gain top management support, keep the process simple, emphasize that performance reviews provide for quality time with their staff and need not be stressful if conducted properly. The main objective to the success at Google Inc. is simple work procedure apart from the incredible perks and compensations. There are a few fundamental rewards existing at Google like, there is no real hierarchical structure in the company, and it works in small groups it will give an opportunity to maximize the performance and this follows a flat structure. The ideas getting at the work place which are shared within the groups. Even though they work in smaller groups, they will have a project manager to look over the development of the committees. The company treats the small groups and teams as individual start-ups (NYU IBA, 2008). 3. IMPLEMENTATION OF PERFORMANCE MANAGEMENT: 3.1 Methods of performance management: There are number of methods we can use for managing performance. Below table shows some information on a number of official methods of performance management that may be used (Department of Economic Development, Tourism and the arts, 2010). Process What is this method? Where is this method used? 360 Degree appraisal This method gives a valuable approaching into how the persons work and behavior. This method is often used for managers and supervisors. While the values of this method are very useful, it can be administratively good method for small businesses. This method is used when funding and time is available. Where it is important to get quite a few perspectives on a persons performance, for example in the customer service roles or where the person is working across teams. Self assessment Just the name suggests, the individual assesses their own performance to set criteria. This is a good method for identifying where the businesses opinion of performance and the individuals opinions are different. Where there is an interview based performance management process Competency based assessments In this method they will access skills and capabilities. Ability can be harder to define in jobs with a high level of vagueness or where outcomes are not clearly express, such as managing relationships with staff. Where there are task oriented jobs with little or no ambiguity or decision making responsibility. Management by objectives A collaborative method, the MBO defines goals and future targets by consultation. Future tasks, behavior and productivity, for example, are discussed and a SMART plan is created so that the manager and staff member are aware of what needs to be achieved, to what standard and by when. Where the business uses formal processes to manage performance and where outcomes can be measured accurately. Google feedback program Google implements formal and informal feedback system to evaluate their employees. At Google, an employees manager report and individual reports are considered for the evaluation process. Its formal system of evaluation uses 360 Degrees review method. The employee will also selects three or more officials to review his performance. These reviews are made twice a year and this will reflect on the performance review with an employees bonus. Anyways, there is nothing surprise because regular checking of the performance is a form of informal feedback system and they are more comprehensive than a formal review which is performed twice a year (NYU IBA, 2008). Google reward program Google reward system extensively makes use of these formal and informal feedbacks, where the bonuses are based on the combined performance of the corporate, team and an individual. It got a complex structure of promotions and stock options within the organization. In addition, there is a strong clan society within the organization and comparatively flat organizational structure, making the company more a fusion of the two reward system. One of the Googles most exhilarating employee rewards is its capability to offer stock options. Stock options are typically to exercising the option and purchasing stock at a given date or not, however Google has decided to take a more innovative approach to its reward. Transferable stock options are a compensation program that Google developed for the purpose of allowing employees to trade their options off to a bidder. In this way, Google not only increases the value of every stock option given to its employees but also enhance its options valuations (NYU IBA, 2008). 4. EVALUATION OF PERFORMANCE MANAGEMENT Google feedback program By considering all the above statements, we can say that Google has room to improve upon its feedback system in terms of making it more stabilized and prearranged. In addition, one-on-one interaction should be encourages as much as possible. The informal feedback should come in some sort of format that helps employees more than hurts them, and gives beneficial analysis rather than negative and strange feedback (NYU IBA, 2008). Google reward program What is Googles incentive in giving out these perks and rewards?. Well it is becoming increasingly important to attract and keep top talent in an increasingly competitive job market. With competition from technology giants like Microsoft and Yahoo! Google is offering US$2000 to the current employees, if they refer a friend to work at Google. At the same time these perks and rewards help differentiate Google from its competitors that have expanded their own benefits program in recent years. Despite the seemingly phenomenal environment at Google, we believe the company should consider the system of perks to ensure a stable employee base in the future. In the future, an overemphasis on perks may not build sufficient employee commitment, especially if competitors can imitate Googles programs. Thus, it is better Google slowly merge the perks with the rewards system. Increasing employee rewards, rather than merely offering interesting perks will in the long run help increase employee productivity and loyalty (NYU IBA, 2008). REFERENCES: Armstrong, M. and Baron, A. (2004). Managing performance: performance management in action. London: Chartered Institute of Personal and Development. Armstrong, M. (2006). Performance Management: Key Strategies and Practical Guidelines. 3rd Ed. London: Chartered Institute of Personal and Development.

Nine Tomorrows - Will Computers Control the Future? :: Nine Tomorrows Essays

Nine Tomorrows   - Will Computers Control the Future?   Ã‚  Ã‚  Ã‚   People always tend to seek the easy way out looking for something that would make their lives easier.   Machines and tools have given us the ability to do more in less time giving us, at the same time, more comfort. As the technology advances, computers become faster and more powerful. These new machines are enabling us to do more in less time making our lives easier. The increased use of computers in the future, however, might have negative results and impact on our lives.   In the novel Nine Tomorrows Isaac Asimov often criticizes our reliance on computers by portraying a futuristic world where computers control humans.   Ã‚  Ã‚  Ã‚   One of the images which Asimov describes in the book is that humans might become too dependent on computers.   In one of the stories, Profession, Asimov writes about people being educated by computer programs designed to educate effortlessly a person. According to the Profession story people would no longer read books to learn and improve their knowledge.   People would rely on the computers rather than "try to memorize enough to match someone else who knows" (Nine Tomorrows, Profession 55). People would not chose to study, they would only want to be educated by computer tapes.   Putting in knowledge would take less time than reading books and memorizing something that would take almost no time using a computer in the futuristic world that Asimov describes.   Humans might began to rely on computers and allow them to control themselves by letting computers educate people. Computers would start teaching humans what computers tell them without having any choice of creativity.   Computers would start to control humans' lives and make humans become too dependent on the computers.   Ã‚  Ã‚  Ã‚   Another point that is criticized by Asimov is the fact that people might take their knowledge for granted allowing computers to take over and control their lives.   In a story called The Feeling of Power, Asimov portrays how people started using computers to do even simple mathematical calculations.   Over a long period of time people became so reliable on computers that they forgot the simplest multiplication and division rules.

Analysing Financial Statement of Gul Ahmed Textile Mill LTD Essay

OBJECTIVE: Objective of our analysis is that we are a bank and we will provide loan to Gul Ahmed because Gul Ahmed has applied for a loan, so we are going to check the credit worthiness of Gul Ahmed by analyzing their financial statements in detail to see whether providing loan to Gul Ahmed will be appropriate or not. COMPANY PROFILE: Gul Ahmed is one of the largest home textile manufacturing companies in Pakistan. Since its inception in 1953, the company has been a trend-setter in the Pakistani textile industry and has serviced a diverse range of customers across the globe. Gul-Ahmed is a completely vertical textile mill comprising of  state-of-the-art spinning, weaving, yarn-dyeing, piece-dyeing, printing (pigment and reactive on rotary as well as flat bed), stitching, embroidery and quilting facilities. The vertical structure gives Gul Ahmed much better control over the quality of its products as compared to other mills. Apart from the state of the art production facilities, Gul Ahmed is also equipped with the latest effluent treatment plant, caustic recovery, steam recovery and waste heat recovery plants. This makes Gul Ahmed one of the greenest and most socially responsible textile mills in the region. Gul-Ahmed’s product range is quite diverse, and includes sheets, comforters, multi needle quilts/duvets, decorative pillows, window hangings, table & Kitchen Linen etc. Gul Ahmed also has the capability to do foam-back/black-out curtains and lining, as well as acrylic coating and flocking. TEXTILE INDUSTRIES OF PAKISTAN: The Pakistan textile industry total export is around 9.6 billion US dollars. The textile industry contributes approximately 46 percent to the total output or 8.5 percent of the country GDP. In Asia, Pakistan is the 8th largest exporter of textile products providing employment to 38 percent of the work force in the country. However, the textile industry currently faces massive challenges. The textile sector enjoys a pivotal position in the exports of Pakistan. In Asia, Pakistan is the 8th largest exporter of textile products. The contribution of this industry to the total GDP is 8.5%. It provides employment to about 15 million people, 30% of the country work force of about 49million. The annual volume of total world textile trade is US$18 trillion which is growing at 2.5 percent. Out of it, Pakistan’s share is less than one per cent. The development of the Manufacturing Sector has been given the highest priority since Pakistan’s founding with major stress on Agro-Based I ndustries. For Pakistan which was one of the leading producers of cotton in the world, the development of a Textile Industry making full use of its abundant resources of cotton has been a priority area towards industrialization. At present, there are 1,221  ginning units, 442 spinning units, 124 large spinning units and 425 small units which produce textile products. Pakistan’s textile sector earned US$5.77 billion during the 2003 year, compared with US$5.577 BILLION OF 2000-2001 indicating a growth of 0.69%. The total exports of textile sector in 2004 were US 5.7 billion which shows 2.5% growth it increase to 4% growth in 2005 as compared to 2004.The textile sector shows 8% negative growth in 2006.The negative growth continue in 2007 aslo with the value of 5%.The textile sector shows 15% growth in 2008. Now we will discuss the main reasons of crisis in textile industry step by step in detail. a. Lack of Modernize Equipment Moreover, critics argue that the textile industry has obsolete equipment and machinery. The inability to timely modernize the equipment and machinery has led to the decline of Pakistani textile competitiveness. Due to obsolete technology the cost of production is higher in pakistan as compared to other countries like India, Bangladesh & china. b. Raw material Prices Prices of cotton & other raw material used in textile industry fluctuate rapidly in Pakistan. The rapid increase in the price raw material effect the cost of production badly. The increase in raw material prices fluctuate rapidly due to double digit inflation. Sealand Logistics Solutions is helping textile oriented comanies with the help of logistics solutions in importing modern equipment and make valuable connections with reliable leading raw material provider at very competitive prices. INDUSTRY OVERVIEW Textile industry has the biggest share of Pakistan exports from raw material to finished goods in different global markets. During FY 2011-12 the country’s textile exports have drastically reduced by 10% to $12.529 billion against $13.975 billion of FY 2010-11. One of the major causes of underperformance is the persistent electricity and gas load shedding plaguing the industry which has hindered the performance and competitiveness of the textile industry. The consumer sentiments in US and EU remained bearish, causing a decline in textile related purchases. Up till March 2012,  global textile exports declined by 9.4 %. A major reason for this was excess stocks built up by the retailers and stuck up within the supply chain. It took almost a year for the supply chain to free itself from legacy stocks. Finally activity has started to pick up across large retailers in the west and we expect to see significant improvements this year. AUDITORS: The present auditor is Hyder Bhimji & Co. Chartered Accountant for Gul ahmed Textile retire and wait for other appointment, they have been winning the trust of Gul ahmed from 2009 to till today before that till 2007 were Gardezi & Co. Chartered Accountant. The Auditor statement for 2012 was as Balance sheet, P & L, Cash flow and other comprehensive income statement were in accordance with the Company Ordinance 1984, in our opinion proper books of account have been kept by the company’s ordinance, 1984. IMPORTANT KEY POINTS: Mr.Zain Basheer, Director of GAMT and son of Muhommad Ali Basheer Chairman of GAMT when found out that price of yarn was about to increase at the start of the 2012 year, realized that purchase of yarn in bulk quantity can result in big profits. So, he decided to purchase yarn in big quantity and as he planned GAMT invest a huge amount in buying yarn. But luck was not really in their favor and the price of yarn falls down with a big margin and they face a real difficult time and as a result their Cost of Sales increases which results in big losses in 2012 as compared to 2011 in which they hit the gigantic mark of 26 billion Rupee which made them the best textile in this era. Their Expenses also increase because they paid the big amount in Murabaha also in 2012. Interest Expenses and Taxation also shows the clear difference in 2012 from 2011 that also was one of the reason of losses. If you see on the vertical analysis Equity section their Capital and Reserves increase that is why the loss which fall to -1.25 from positive figure 5.23 hard to figure in overall equity section but the reserves was at the beginning of 2012, which means it was covered in 2011 and by the end of 2012 their reserves are less because of huge loss. PERFORMANCE EXPECTATIONS: Performance expectation after analyzing the financial statement of Gul ahmed is very good compared to any other textile mill. The Company’s sales amounting to Rs. 25,064 million is declined by 1.46% a compared to the corresponding year. Drop in exports have been compensated by increase in local sales. Decline in gross profit is due to the inflation without any corresponding increase in selling prices. During the fiscal year (FY) 2012 tight financial conditions, weak confidence and fiscal consolidation in various advanced economies hampered the economic progress. Many emerging economies were also hit by decreased investment and anticipated growth uncertainty, which led to equity price declines, capital outflows and currency depreciation. As perth World Economic Forum, the world GDP growth on YoY basis will drop from 4% in 2011 to about 3.5% in 2012. Domestically, GDP for FY 2012 was 3.7% (FY 2011: 3%) as per Economic Survey of Pakistan 2012. The increase was mainly due to the growth in commodity producing sectors, specially the agriculture sector in the country.Total investment and exports showed a significant contraction. The total investment, as a percentage of GDP, has fallen to 12.5% in FY 2012 (FY 2011:13.1%), which does not bode well for the future productive capacity of the economy. Inflation in June 2012 was 11.3% (June 2011: 13.1%) on YoY basis which was due to increase in energy and oil prices, supply disruptions due to heavy rains earlier at the start of the fiscal year and increased borrowings by the government. During the first half of the year 2012, State Bank of Pakistan (SBP) reduced the policy rate by 200 basis point lowering it to 12% and kept the rate unchanged during the second half. The reduction of 200 basis point was made to improve the falling private investment which is compromising the medium term productive capacity of the economy, and to control future inflation. After assessing the impact of reduction in the  first half, SBP realized that continued energy shortage is a major factor behind low demand for private credit for fixed investment. Return on Equity shows also a clear increasing trend for GATM, Equity is growing as it is a growing industry and in 2011 it shows a great impact in equity as it was the year which change the history for GATM they cossed the gigantic mark of 25 billion rupee then in 2012 it is slightly decreasing. Sales in Millions Lawsuits and contingencies: The Group owns and possesses a plot of land measuring 44 acres in Deh Khanto, which is appearing in the books at a cost of Rs. 64 million. The Group holds title deeds of the land which are duly registered in its name. Ownership of the land has been challenged in the Sindh High Court by some claimants who claim to be the owners, as this land was previously sold to them and subsequently resold to the Group. The claim of the alleged owners is fictitious. The Group is confident that its title to the land is secure and accordingly no provision has been made in these financial statements. The Group has filed a suit in the Sindh High Court for recovery of Rs.33.409 million (2011: Rs. 33.43 million) included in other receivables. The Group’s management and its legal counsel are of the opinion that the case will be decided in the Group’s favour and as such no provision has been made there against. The Group has filed a Petition in the Sindh High Court against order passed by the Board of Trustees, Employees’ Old-Age Benefits Institution (EOBI) for upholding the unjustified additional demand of payment raised by EOBI for accounting years 2000-01 and 2001-02 amounting to Rs. 50.827 million (2011: Rs. 50.827 million). This demand has been raised after lapse of more than two years although the records and books of the Group were verified by the EOBI to their entire satisfaction and finalization of all matters by EOBI. The Honorable Sindh High Court has already restrained EOBI from taking any action or proceedings against the Group. No provision has been made there against in these financial statements as the Group is confident of the  favorable outcome of the Petition. The Group has filed a Constitution Petition in the Sindh High Court against the City District Government of Karachi for striking down the unjustified demand of payment of Ground Rent of Rs. 10 million. The Honorable Sindh High Court has already restrained the City District Government of Karachi from taking any coercive action against the Group. No provision has been made there against in these financial statements as the Group is confident of the favourable outcome of the Petition. INVESTMENTS: By looking at the financial statements of GATM, we don’t find any unwise investment made by the company. The following information from cash flow gives a clear idea about all current cash generating from cash flows for the following year. Addition to property,plant & equipment. Would you recommend a buy/sell/hold on stock given on the current price stock prices? Why? Price targeted have been updates at GATM, if you see the present condition as investor’s overview Earning per share at year ended 2012 was (1.89) and P/E ratio was (11.17), a negative EPS numbers are usually reported as â€Å"not applicable† for quarter on which company reported  a loss. Investor buying a company with negative P/E should be aware that they are buying a share of a company that has been losing money per share of it’s stock. For now it is hard to recommend buy of stock unless it is better to hold it’s stock for some time because gulahmed past performance had been better on scale. What is Company’s secret? Gul-ahmed has always work on bringing innovation to the product development because they know the importace of being tech-savy and innovative from decades they have been working with the latest technology of that era. The installation of first full automatic wider width Air jet looms, 21 color rotatory printing machines and a modern laboratory in entering into 21st century, Another world-class idea came to our mind and retail outlet Ideas open in every part of the country. They have always been working on their U.S.P to make it better than others and it had paid off. At present they are working on high tech saving machines which is fully computerized and functions task of more than 20 men and this machine is only owned by GATM in Pakistan, this played major part in crossing gigantic mark of 25 billion rupee in 2011 which is by far the best output by any textile industry in Pakistan. Being tech-savy is the spirit implies two opposing forces of providing fast and flexible response to c ustomers, yet building efficient mechanisms and systems that are efficient and waste-free. The concept is to provide the right product and information, at the right time, in the right amount, in the right manner, while maintaining high standards of efficiency and cost control. IMC practices this contradictory idea in our daily activities to control their capital locked in inventory and to maintain a healthy customer relationship. Q7: Is it a growing/declining industry? It is a growing industy because if you see their progress from when they start they have reached the top of textile industry and serving it’s customer from more than last 50 years, they have always come up with new technology and innovative ideas. One of the current creative idea is, a 136.17 MW private power plant at Korangi Industrial Area of Karachi. The  project is a joint venture of Gul Ahmed Group, Toyoda Tsusho Corporation of Japan, International Finance Corporation (IFC) and Wartsila Diesel Oy of Finland. Gul Ahmed Energy Limited is backed by â€Å"GUL AHMED GROUP† which is one of Pakistan’s leading industrialist / business group since 1948 with a much diversified portfolio of trade, manufacturing, banking, industries, businesses and investments. Business ventures range from Finance, Energy, Beverages, Real Estate, Information Technology and Textile (the Group’s main forte) The Group is involved in the manufacturing of cotton yarns, grey and fini shed cloth and textile made ups and is one of the leading exporters of textile products from Pakistan Some of the companies forming part of the Group are provided below: Interpretation: Earnings per share is that amount you earn on every single ratio gulahmed is order to grab them and organization like gulahmed tries to maintain their goodwill with investor rather than giving them extra incentives and in 2012 they are negative, which is imposible for EPS because no one can pay negative value. CONCLUSION & FINDINGS: We as a Bank have walked upon a decision that we should gave the loan to Gul-ahmed after studying their financial statements they are a very growing organization. If we see their present condition in 2012, they are in loss but this was due to one bad decision by Director of GAMT which was made to amazed the world once again after 2011 gigantic mark sales in 2012 but it did not paid off. Financial ratios shows a slight change except R.O.E, E.P.S and P/E Ratios which are negative in 2012 as GAMT was in loss in present year. Before that E.P.S was growing and in 2011 it was 9.42 which is a very healthy earning per share.

The Bible Tell Us And The Beginning Of The World - 2583 Words

There was a time when Adam enjoyed a relationship with God, without sin. The time is unspecified, but for a time, he was close to and talked with God in perfection, uninhibited, freely communicating with him, free of fear, no sin, no sickness, no evil and no distractions. Genesis 3 states that Eve ate the fruit first, but Romans 5 states that Adam caused sin to enter the world. This has led many people throughout history and even in our modern times to believe that Eve was solely responsible for the original sin. If Eve was the sinner, then should Adam be responsible for her actions and ruin God and Adam’s relationship, however, the bible tells us, disobeying God by eating of the tree of knowledge of good and evil is a thing that a†¦show more content†¦With any of these relationships, love can play a factor, and I also think there are two different kinds of love. I consider worldly love or relationships to be more about self, Worldly love is always self-focused, self-centered. People often give the reason why they love someone because of the way he or she makes them feel. This is a worldly love because it is about â€Å"SELF.† A man who says he â€Å"loves† his car, home, or job does so because he is usually thinking about all the benefits he derives from them. The world always values people and things based on their usability. Worldly love causes people to control and manipulate others so they meet your needs. It envies what others have, is rooted in pride, and causes division and separation between people. Then there s one that is called an agape love/ relationships and it s from the bible. In the bible, it mean’s God s relationship with all of us. It is the agape kind of love which God has for us, and for which we are commanded to have for one another. Even our expression of agape love is but a pale example of God’s agape love for us. Let us look at how this agape love is portrayed in the New Testament, Agape it is a translation of the Greek word ‘Love/relationships’. Agape love is a thinking, rational, kind of deliberate love that is motivated by what is holy and good. It is an unselfish, unfailing and sacrificial love. It is always about the other pers on, what is in their best