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Addiction: Anabolic- Androgenic Steroids Anabolic steroids, technically known as anabolic-androgenic steroids, are drugs that are related to the cyclic steroid ring system and have similar effects to testosterone in the body. They increase protein within cells, especially in skeletal muscles. They address the development and maintenance of masculine characteristics such as the growth of the vocal cords, testicles and body hair. Anabolic steroids were first made in the 1930s, and are now used therapeutically in medicine to stimulate bone growth and appetite, induce male puberty and treat chronic wasting conditions; such as cancer and AIDS. The American College of Sports Medicine acknowledges that AAS, in the presence of adequate diet, can contribute to increases in body weight, often as lean mass increases and that the gains in muscular strength achieved through high-intensity exercise and proper diet can be additionally increased by the use of AAS in some individuals. Health risks can be produced by long-term use or excessive doses of anabolic steroids. These effects include harmful changes in cholesterol levels, acne, high blood pressure, liver damage, and dangerous changes in the structure of the left ventricle of the heart. Conditions pertaining to hormonal imbalances such as gynecomastia and testicular atrophy may also be caused by anabolic steroids. Ergogenic uses for anabolic steroids in sports, racing, and bodybuilding as performance-enhancing drugs are controversial because of their hostile effects and the potential to gain unfair advantage is considered cheating. Their use is referred to as doping and banned by all major sporting bodies. Mechanism of action The pharmacodynamics of anabolic steroids are unlike peptid... ...ses the production of red blood cells. Through a number of mechanisms anabolic steroids stimulate the formation of muscle cells and hence cause an increase in the size of skeletal muscles, leading to increased strength. The androgenic effects of AAS are numerous. Depending on the length of use, the side effects of the steroid can be irreversible. Processes affected include pubertal growth, sebaceous gland oil production, and sexuality. Some examples of effects are growth of the clitoris in females and the penis in male children, increased vocal cord size, increased libido, suppression of natural sex hormones, and impaired production of sperm. Effects on women include deepening of the voice, facial hair growth, and possibly a decrease in breast size. Men may develop an enlargement of breast tissue, known as gynecomastia, testicular atrophy, and a reduced sperm count.

Impact of superior leadership Essay

Introduction Leadership can be defined as â€Å"a process by which a person influences others to accomplish an objective and directs the organization in a way that makes it more cohesive and coherent. Leaders carry out this process by applying their leadership attributes, such as beliefs, values, ethics, character, knowledge, and skills†. (A good leader offers reality check, thank you – The Business Journal of the Greater Triad Area) â€Å"Leadership is concerned with intimacy, intimacy with the substance of the work and with the people you serve,† (What is Leadership?) Nowadays in the world of business, one of the most important issues that companies face is that their workforces, including executives, are incapable of wrapping their minds completely about how to think and act as a superior leader. To become a superior leader, your role in your organization should be lasting success. Besides this, superior leaders must be ambitious, hard working, broad minded, striving, caring, competent, intelligent, cooperative, loyal, dependable, supportive, forward looking, mature, self controlled and so on. Superior leadership motivates us to do more, learn more and dream more. In fact, superior leadership is an approach that unleashes your employees’ brainpower. This is due to the fact that when this brain power is completely utilized, workers and employees are motivated, innovative, creative and committed. How Good Leadership Affects Organization Obviously, we all are aware of the fact that employees are our most significant asset and the best ones are self-starter and self-motivated. Unfortunately, they are approximately only 5 to 6 percent or so naturally occurring. By using a superior leadership strategy, the management can certainly make huge number of employees highly self-motivated and self-started. And in this regard, this superior leadership strategy can be taught to newly hired and prospective managers to maintain your product quality and to provide fineness in leadership. According to Richard Hughes, R&D director for groups â€Å"Specifically, most organizations whether they are in the corporate sector or not have business strategies but have not given sufficient thought to what human capabilities are needed to implement that business strategy effectively†. (McLean, 2005) Furthermore, as a corporate leader of a firm, delivering satisfactory results to your employees, customers, organization and shareholder/investors is your responsibility. Primarily, result-based superior leadership motivates trust, energizes organizational employees and makes performance measurement easier for an organization. Nobody can deny the statement that your company’s overall performance depends upon the fact that how your management plans certain things and applies them in business activities. And with respect of this, a strategic leader should make a caring plan that gives assurance of your company’s goodwill and future business. And to achieve the aforementioned things, the management and the leaders should treat team members as partners instead of employees. In addition to this, a successful leader builds a strong communication connection inside and outside the organization, and understands your stake holders’ and investors’ mutual expectations. Moreover, in order to understand a company’s goals and objectives productively, a workforce should mutually understand and practice its strategy because of the fact that overall success of a company depends upon good leadership. A responsible team leader or manager should apply the aforementioned points. In today’s globalized world of business, many corporations are facing economic, social, political and climatic changes. Hence, a good leader is one who can cope with day to day changing political and social situations. Certainly, true leadership provides business to organizations in any circumstances whatsoever. However, the business environment can have impacts on the style of leadership â€Å"Successful leaders of change may not always be successful leaders of stability, consolidation, continuity, or thriving leaders in periods of massive disruption, such as 9/11. These different conditions require a different style of leadership, which may not necessarily be found in the existing senior management†. (emcc – Transforming organisations – the importance of leadership and culture in managing change) If a strong leadership culture is not present in any type of organization, employees do not contribute a common vision to the organization’s future and would disagree on what the most significant priorities are. In this regard, one would believe that such indicators are influenced according to an organization’s size or in other ways like in which responsibilities are distributed in an organization. In this regard, Marvin Lieberman, Lawrence Lau and Mark Williams conducted a study which is considered a most classy study in the automobile industry. These researchers estimated the productivity equation in order to ascertain the growth in both labor and capital outputs in six companies over a period of forty years. They found that â€Å"effects of top management on all of the companies except Toyota (because it had a system that made performance robust and largely independent of who occupied senior leadership positions) and that these effects were significant† (Pfeffer and Sutton, 2000) Furthermore, there is evidence that leadership results are modest because of the fact that employees who are allowed to keep and hold leadership positions are similar to each other. Practically speaking, leaders are selected for similarity in outlook and education. Consequently, in most of the organizations, leaders who appear to be successful are highly sought after and are likely to take bit positions. Another theorist described his views about leadership and its impacts on your organization as â€Å"building your superior confidence in you requires giving them your confidence. Once you and they have established in both ways, your organization may have an unbeatable competitive advantage, whatever the battlefield†. (Hinders, 2005). Generally, it has been observed that bad leadership has adverse effects on organizational performance and work output. For instance, organizations without proper project management miss milestones. Projects in such organizations cost more than the estimated amount and do not deliver the desired results. Certainly, leadership plays a tremendous role in every aspect of the organization. For example, most of the US financial companies systematically hired the best world talent regardless of the market size and shifted these leaders through every critical and non critical aspect of its operation. Because of the leadership fact, human assets pay off handsomely in today’s global world of business. And in this regard, the world’s best economists also weigh the fact that in today’s business world, it is very difficult to run your business operations economically without having a good leader who has the ability to cope with different problems and solve problems economically and excel among business competitors. Tsun-yan Hsieh and Sara Yik, in an article while emphasizing the leadership importance for an organization stated that, â€Å"â€Å"what do we mean by â€Å"leadership†? Whereas good managers deliver predictable results as promised, as well as occasional incremental improvements, leaders generate breakthroughs in performance. They create something that wasn’t there before by launching a new product, by entering a new market, or by more quickly attaining better operational performance at lower cost, for example. A company’s leadership reaches well beyond a few good men and women at the top. It typically includes the 3 to 5 percent of employees throughout the organization who can deliver breakthroughs in performance†. (Hsieh and Yik).

How Many Tragedies Did William Shakespeare Write

Widely deemed as the best writer of all time, William Shakespeare is known as much for his  tragedies  as he is for his comedies, but can you name his top three? This overview of Shakespeares most heartbreaking works not only lists his tragedies but also  explains which of these works are considered his best and why.   A List of Shakespeares Tragedies A prolific writer, Shakespeare wrote 10 tragedies in total. They include the following, most of which youve likely heard of, even if you havent had the opportunity to read them or see these dramas performed.   Antony and CleopatraIn this play, Mark Antony, one of three rulers of the Roman Empire, is in Egypt enjoying a love affair with the enchanting Queen Cleopatra. Before long, however, he learns that his wife has died and a rival is threatening to usurp power from the triumvirate. Mark Antony decides to return to Rome.CoriolanusThis drama chronicles Martius, whose heroic deeds help the Roman Empire seize the Italian city Corioles. For his impressive efforts, he receives the name Coriolanus.Hamlet This tragedy follows Prince Hamlet, who is not only grieving his fathers death but is furious to learn that his mother has married his fathers brother shortly afterwards.Julius CaesarJulius Caesar arrives back home after besting the sons of Pompey the Great in battle. The Roman people celebrate him upon his return, but the powers-that-be fear that his popularity will result in him having absolute power over Rome, so they plot against him.King LearThe ageing King Lear is faced with giving up the throne and having his three daughters rule over his kingdom in ancient Britain.MacbethA Scottish general thirsts for power after three witches tell him that he will one day be king of Scotland. This leads Macbeth to murder King Duncan and assume power, but he is consumed with worry over  his misdeeds.OthelloIn this tragedy, the villain Iago schemes  with Roderigo against Othello, the Moor. Roderigo desires Othellos wife, Desdemona, while Iago seeks to drive Othello mad with jealousy by suggesting that Desdemona has been unfaithful, even though she has not.Romeo and JulietBad blood between the Montagues and Capulets wreak havoc upon the city of Verona and lead to tragedy for the young couple Romeo and Juliet, each a member of the feuding families.Timon of AthensA wealthy Athenian, Timon gives away all of his money to friends and hardship cases. This leads to his demise.Titus AndronicusPerhaps the bloodiest of Shakespeares plays, this drama unfolds as the two sons of a recently d eparted Roman Emperor fight about who should succeed him. The people decide that Titus Andronicus should be their new ruler, but he has other plans. Unfortunately, they make him a target of vengeance, Why Hamlet Stands Out Shakespeares tragedies are among his most famous and well-read plays, but of these,  he is probably best known for  Macbeth,  Romeo and Juliet  and Hamlet. In fact, critics widely agree that Hamlet  is  the  best play ever written.  Ã‚  What makes Hamlet so tragic?  For one, Shakespeare reportedly was inspired to write the play after the death of his only son, Hamnet, at age 11, on Aug. 11, 1596. Hamnet likely died of bubonic plague.   While Shakespeare wrote comedies immediately following his sons death, a few years later he would write a number of tragedies. Perhaps in the few years that followed the boys death, he had time to truly process the depth of his grief and pour them into his masterful dramas.

5 Classic Celebrities Who Passed For White in Hollywood

The Necklace by Guy De Maupassant - 1367 Words

â€Å"Being Honest is Always Best† Telling the truth will always prevent future conflicts. Author Guy De Maupassant who lived from 1850 to 1893 proves in the story of â€Å"The Necklace,† that no matter how bad a situation is, speaking with the truth is always best. Now, this author does not prove this theme directly. Instead, throughout various situations in the story the main characters are faced with a long-term conflict because decisions were not made with honesty. Mathilde and Loisel who is her husband, who works as a clerk at the Ministry of Public Instructions, were both faced with a conflict that could have been prevented. For instance, Mathilde asked her friend Mme. Forestier if she could borrow a beautiful piece of jewelry for a ball†¦show more content†¦Wishing to have someone else’s lifestyle is a sin according to the Ten Commandments in the bible. Nevertheless, Mathilde does not seem to care much about that and is constantly comparing her l ifestyle with the high-class society. Even though she and Loisel were considered to be of middle-class, she was unsatisfied with her life. Author Guy De Maupassant in the beginning of the story shows how Mathilde expresses her feelings towards not being wealthy. He writes, â€Å"She suffered ceaselessly, feeling herself born for all the delicacies and all the luxuries. She suffered from the poverty of her dwelling, from the wretched looked of the walls, from the worn-out chairs, from the ugliness of the curtains, all those things, of which another woman of her rank would never even have been conscious, tortured her and made her angry.† (p.64) The author makes it very clear to the reader that Mathilde was upset because she had not been born into the rich, or because she hadn’t married a â€Å"rich and distinguished man,† (p.64) Now, even though the necklace is the main theme of this story, this factor plays a major role into making the necklace an important part of the story. The necklace would have never gotten lost in the first place if Mathilde hadn’t been so obsessed with the idea of being rich. She should have accepted the fact she was a middle class person in the 19th century with a wonderful husband who was willing to do anything for herShow MoreRelatedThe Necklace By Guy De Maupassant863 Words   |  4 PagesThe short story â€Å"The Necklace† written by Guy De Maupassant, tells the story of a married couple who live an average lifestyle together in France—when one day everything in their lives changes due to a simple decision. The author aims to show the reader the power of decision making when faced to decide between needs, wants, honesty and untruthfulness and how every decision we choose to make affect our lives in ways we never thought possible. In the first few lines of the story, the narrator introducesRead MoreThe Necklace by Guy de Maupassant1034 Words   |  5 Pagesregret which Guy de Maupassant depicts throughout â€Å"The Necklace.† Guy de Maupassant, a French writer, born in 1850, was considered one of France’s greatest short-story writers. His writings were mostly influenced by the divorce of his parents when he was thirteen years old and by great writers such as Shakespeare, Schopenhauer, and Flauber. His parent’s divorce caused his stories to depict unhappiness of matrimony, deceit, miscommunication, and a profound misunderstanding (Maupassant, Guy de, 1850-1893)Read MoreThe Necklace, by Guy de Maupassant791 Words   |  4 Pagescharacterized by other people. In â€Å"The Necklace† Mme. Loisel is a beautiful woman with a decent life, and a husband that loves her, and only wants to make her happy. She is not rich but she makes it along, she insists of a better, wealthier life. When her husband gets her invited to a ball, she feels the need for a brand new fancy dress and tons of jewelry. When the couple realizes they cannot afford jewelry as well, they search out to borrow her friend, Mme. Forestiers’ necklace. She comes to notice she noRead MoreThe Necklace, By Guy De Maupassant966 Words   |  4 PagesIn Guy De Maupassant’s â€Å"The Necklace,† Mathilde is a 19th century French woman who desires a wealthier lifestyle than she can acquire. She is completely indulged in the material possessions of life and is focused on the items she does not have rather than what she owns. It seems her happiness is entirely dependent on wealth and status. She neglects her husband and is never content with what he can offer. Eventually, Mathilde’s struggles of envy, selfishness, and materialism drive her to poverty.Read MoreThe Necklace By Guy De Maupassant934 Words   |  4 Pagesduring this time period was Guy de Maupassant, who wrote one of th e most influential short stories of this century. â€Å"The Necklace†, written by Guy de Maupassant, illustrates elements of fiction such as the symbolism of the necklace because of Mme. Loisel’s desire to be rich, irony due to the twist ending, and a powerful theme. Firstly, the necklace Mme. Loisel borrows and her perspective symbolizes the desire she has towards being wealthy and important in society. Maupassant describes effectively theRead MoreThe Necklace By Guy De Maupassant1381 Words   |  6 Pagesstories are â€Å"The Necklace† by Guy de Maupassant and â€Å"The Secret Life of Walter Mitty† by James Thurber. â€Å"The Necklace† was about a materialistic woman who faced consequences because of her envious personality and â€Å"The Secret Life of Walter Mitty† was about a man who experienced daydreams randomly throughout the day. Although both short stories used literary elements, Guy de Maupassant utilized them for readers to understand and enjoy the story more than James Thurber. â€Å"The Necklace† was a short storyRead MoreThe Necklace By Guy De Maupassant1093 Words   |  5 PagesThroughout the short story titled â€Å"The Necklace† by Guy de Maupassant, it is clear that the main themes being stressed are pride versus greed, and that things are not quite what they appear. Each of these things are represented throughout the story in some way, whether it be using animated language or symbolism. It is also clear that background information clearly aided the development of the themes Maupassant incorporated throughout the passage. It is seen throughout the story that the main characterRead MoreThe Necklace, By Guy De Maupassant999 Words   |  4 PagesIn Guy de Maupassant’s â€Å"The Necklace,† readers experience Mathilde Loisel’s life-changing event. Coming from nobility, de Maupassant tells the story of luxurious desire through the eyes of the middle class woman Mathilde. Mathilde constantly dreams of living the life of the upper class, and this prohibits her from acting in reality. Mathilde’s internal struggle for a sense of social royalty shows readers how quickly selfish pride destroys a person’s life. Throughout the course of â€Å"The NecklaceRead MoreThe Necklace By Guy De Maupassant1019 Words   |  5 PagesIn the short story of â€Å"The Necklace†, the author Guy de Maupassant is a creative and intriguing tale which reveals a person s dreams of a luxurious lifestyle with countless materialistic possessions. He has skillfully developed the story into a mystery which reveals itself at the end. The main point in the story is that materialism can distort your view of happiness and fulfillment. It is wrong to be materialistic to the extent that you disregard what you already have and lose everything. MathildeRead MoreThe Necklace, By Guy De Maupassant823 Words   |  4 Pagesbe totally unhappy, â€Å"She was a simple person without the money to dress well, but she was as unhappy as if she had gone through bankruptcy, for a woman have neither rank nor race†(Maupassant 7). Loisel s sorrow over wealth and fancy things puts a constant pain on her husband. In Guy de Maupassant short story â€Å"The Necklace,† Mathlide Loisel goes from being a materialistic, dishonest woman to becoming an honest, hard-working woman. At the beginning of the story, Mathlide Loisel is a raging, spoiled

Ancient Greece and Ancient Rome Free Essays

Ancient Greeks and Romans Contributed Ideas on Government The first societies to experiment with ideas on government that would later influence Americans were Ancient Greece and Rome. The Ancient Greeks and Romans developed the ideas of democracy and representative government more than 2,000 years ago. We will write a custom essay sample on Ancient Greece and Ancient Rome or any similar topic only for you Order Now A Democracy in Ancient Greece. The cities of Ancient Greece were organized into city-states, or small independent nations. Athens was one such city-state. For many years, Athens was ruled by a small group of wealthy and powerful men known as the Great Council. Members of the Council passed laws that favored wealthy people like themselves. Between 750 B. C. and 550 B. C. , however, this system of rule began to change. Poorer Athenians, such as farmers and small merchants, protested the great power of the Council. They believed that the laws made by the Council harmed the interests of the middleclass and poor. Many Greeks wanted to participate directly in making laws affecting their lives. Greeks used the word â€Å"demos kratia†, to explain what they wanted. The equivalent word in English is democracy, which means government by the people. Gradually, Athenian leaders agreed that more Greeks should be allowed to participate in the Great Council’s decision-making process. They developed a political system now known as a direct democracy. In a direct democracy, people not only vote for leaders, but actually serve in the government. In order to decide who should be allowed to serve in the Great Council, Greek leaders developed the idea of citizenship. Those Athenians who were citizens had the right to participate directly in government. But how was citizenship determined? Greek leaders decided that only men who owned large plots of land were citizens. Women, slaves, and people with little or no property were not given the rights and responsibilities of Athenian citizenship. While the Ancient Greeks restricted democratic rights to a small portion of the population, the idea of democracy was born. A Republic in Ancient Rome. Ancient Rome was the first nation to create a republic. A republic is a form of government in which people elect representatives to govern them. Between 750 B. C. and 350 B. C. , the Romans established a republic. At first, only patricians – members of the Roman upper-class were allowed to vote or serve as representatives. Over several centuries, however, the right to vote was extended to plebeians – the lower class. As more Romans gained the right to vote, they used their new power to bring about other changes in the political system. About 450 B. C. Roman citizens demanded that laws governing their lives be written down. They wanted to know what the laws were and that laws could not be changed any time their leaders wanted to. Many Romans believed that codified, or written, laws would prevent Roman leaders from abusing their power. They called this the Twelve Tables and it was posted in the Roman Forum for all of Rome’s citizens to see. Ancient Greek and Roman ideas and practices concerning government eventually spread to Europe and to the United States. How to cite Ancient Greece and Ancient Rome, Papers

Finance and Accounting Business Economic Profit

Question: Discuss about the Finance and Accounting for Business Economic Profit. Answer: This report analyses the various ratios trend for AEFFE and finds out the companys economic profit. Further, a capital budgeting project is evaluated for the case company. Finally, a review is presented of the work received from the three fellow students. Step 1: Ratio analysis and economic profit Ratio analysis: It is the analysis of financial statement data such as income statement, trading account, cash flow and balance sheet. Ratio analysis finds the companys profitability, liquidity, efficiency, financial structure, and companys solvency. The ratio analyses of the AEFFE are as followed. AEFFE RATIOS Years ended 31 December 2015 2014 2013 2012 Profitability Ratios Net Profit Margin Net profit after tax/sales 1% 1.59% -0.78% -1.27% Return on Assets Net profit after tax/total assets 0.5% 1.1% -0.5% -0.9% Efficiency (or Asset Management) Ratios Days of Inventory Inventory/av.daily cost of goods sold 60.06% 57.96% 52.06% 54.12% Total Asset Turnover Ratio Sales/total assets 0.71 1.55 0.69 0.68 Liquidity Ratios Current Ratio Current assets/current liabilities 1.12 1.06 1.01 0.95 Financial Structure Ratios Debt/Equity Ratio Debt/equity 152.3% 97.8% 155.2% 153.5% Equity Ratio Equity/total assets 39.6% 39.6% 39.2% 39.4% Market Ratios Earnings per Share (EPS) Net profit after tax/number of issued ordinary shares 0.16 0.38 (0.19) (0.31) Dividends per Share (DPS) Dividends/number of issued ordinary shares 0.00 0.00 0.00 0.00 Price Earnings Ratio Market price per share/earnings per share 187.00 26.33 (22.33) (20.67) Ratios Based on Reformulated Financial Statements Return on Equity (ROE) Comprehensive Income/shareholders' equity 0.0007% 0.0027% -0.0014% -0.0020% Return on Net Operating Assets (RNOA) Operating income after tax (OI)/net operating assets (NOA) 0.71% 1.13% -0.57% -0.90% Net Borrowing Cost (NBC) Net fin. expenses after tax/net financial obligations 1.80% 3.65% 4.99% 2.56% Profit Margin (PM) Operating income after tax (OI)/sales 0.64% 1.59% -0.78% -1.27% Asset Turnover (ATO) Sales/net operating assets (NOA) 1.12 1.07 1.06 1.04 Economic profit (RNOA - cost of capital) x net operating assets (NOA) (2,680,580.0) (2,859,300.0) (2,332,640.0) (3,007,770.0) Profitability ratio: profitability ratio shows the profitability and earning capability of the organization. The major ratios that include in this are net profit margin and return on asset ratio (Tracy, 2012). The AEFFE net profit margin in year2012, 2013, 2014, 2015 are -1.27%, -.78%, 1.59% and 1%. It shows that the net profit of the company is in positive in last 2 years; only in year 2012, 2013 it was in negative. The return on assets of the AEFFE in the year 2012, 2013, 2014 and 2015 are -.09%, -.05%, 1.1%, .5%. These all ratio indicates that the companies earning was not good in the year 2012 and 2013 but now it is good in last two years. Efficiency Ratio: The efficiency ratio shows how efficient organization is to do the productive work. The efficiency ratio includes the various ratios such as days of inventory, total asset turnover ratio (Edmonds et al, 2015). The day of inventory ratio of the AEFFE is increasing consistently. In year 2012, 2013, 2014, 2015 day of inventory ratio is 153.5%, 155.2%, 97.8% and 152.3%. This all data shows that only in year 2014 there is the dip, otherwise it consistently increasing. It shows that in every year, there is a hike, which is good for the company. Along with this, the total asset turnover ratio, which shows the efficiency of the sales over total asset are .68, .69, 1.55 and .71 between year 2012 to 2015.The efficiency ratio of the company shows that the overall business efficiency of the company is average. Liquidity ratio The liquidity ratio shows the companys total liquidity and represents the companys ability to meet short-term obligations. Every company wants that there liquidity position should be good. The major ratio that includes in the liquidity ratio is current ratio and the quick ratio. The current ratio shows the current liquidity position of the company, it shows that presently how much liquidity company have and is they able to do the current day to day operations smoothly (Warren et al, 2013). The current ratio of the AEFFE in year 2012, 2013, 2014 and 2015 is 0.95, 1.01, 1.6 and 1.12. This data shows that AEFFE current liquidity position is good, it has a sustainable growth in the last four years. Therefore, the liquidity position of the company is good; company is able to meet all the obligations perfectly. Financial Structure Ratios financial structure ratios are one of the main ratios that shows the financial structures strength. The ratio that includes in the financial structure ratio are debt/ equity ratio and equity ratio (Edmonds et al, 2015). The debt equity ratio shows the relationship between debts and equities. The companys debt equity ratio between years 2012 to 2015 are 152.3%, 97.8%, 155.20% and 153.50%. Along with this, the equity ratio shows the relationship between equity and total assets. The equity ratio of the company is 39.4%, 39.2%, 39.6% and 39.6% between year 2012 to 2015.The financial structure ratio of the company shows that in year 2014 and 2015, the conditions improved. Market ratio Market ratio shows the market condition of the company. This ratio includes earning per share, dividend per share and price earnings ratio. The earrings per share ratio shows the total earnings of the shareholder, means what are the earnings on shares that they get. The earnings per share ratio of the AEFFE in year 2012, 2013, 2014 and 2015 is -.31, -.19, .38 and .16. In the year 2012 and 2013 the company shareholder had not get any earnings but in year 2014 and 2015 shareholders get sufficient amount of returns (Yahoo finance, 2016). Along with this, the price earnings ratio that show the relationship between the market per share and the earning per share are -20.67, -22.33, 26.33 and 187 between year 2012 and 2015. Ratios Based on Reformulated Financial Statements There are some ratios, which are calculated based on reformulated financial statement. These ratios are return on equity, return on net operating asset, net borrowing cost, profit margin, and asset turnover ratio. Return on equity shows the actual return that come out from the equities and it shows the relationship between comprehensive income and the shareholder equity (Drake and Fabozzi, 2012). The return on equity of year 2012, 2013, 2014 and 2015 are.0020%, .0014%, 0027% and .0007%. The return on equity of the company is average, there is no such a big negativity as well as high positivity are there in the data. Along with this, the return on net operating asset is -.90%, -.57%, 1.13% and .71%. This shows that return on net operating asset of the company was not good in the year 2012 and 2013 but in the year 2014 and 2015, it comes positive. Additionally, the asset turnover ratio in the year 2012, 2013, 2014 and 2015 are 1.04, 1.06, 1.07 and 1.12. The asset turnover ratio shows t he net operating asset and the sales of the company. The net borrowing cost of the company in year 2012, 2013, 2014 and 2015 are 2.56%, 4.99%, 3.65% and 1.805. Moreover, the profit margin ratio shows the margin of profit. The profit margin of the company between year 2012 to year 2015 are -1.27%, -.78%, 1.59% and .64%. Economic profit The gap between the profit from sales and the opportunity cost input is term as economic profit or loss. If value comes positive then it is profit and if not then it is loss. economic profit particular 2012 2013 2014 2015 comprehensive operating income 8821 6029 12029 5884 net operating assets 356268 346220 353554 359617 return on non operating assets 2.475945075 1.741378314 3.402309124 1.636185164 less: cost of capital 10 10 10 10 -7.524054925 -8.258621686 -6.597690876 -8.363814836 multiply: net operating asset 356268 346220 353554 359617 economic profit or loss -2680580 -2859300 -2332640 -3007770 The gap between the profit from sales and the opportunity cost input is term as economic profit or loss. If value comes positive then it is profit and if not then it is loss. The AEFFE has economic loss in the year 2012, 2013, 2014 and 2015, which is -2680580, -2859300, -2332640 and -3007770. It shows that there is a big gap between the actual and the desired results. This will effect negatively on companies growth. Brief commentary: Honestly I had difficulty in calculating the economic profit because I am first time calculating the ratios and economic profit. First time I had a chance to show my knowledge as well as experience with this assignment. I had an issue in calculation of the comprehensive income that poked my nerves. However, I feel great working on this assignment that helped me to improve my knowledge and skills that will help me in my future career. Through the assignment, I have learnt the basic concept of the ratios and use of ratios in financial statement analysis. Step 2: Capital Investment Development of Capital Investments Payback period NPV IRR Project A 4.2 309009 13% Project B 3.75 530277 15% The capital investment or budgeting techniques can aid the company in identifying the best profitable amongst different investment options from two or various alternatives available before it . This shows the risk and profits associated with the investment options clearly and concisely that helps in selecting the best option (Pratt, and Grabowski, 2010). There are two-investment proposal for the AEFFE each will be assessed in terms of profitability and risk associated with them. The AEFFE proposed to invest in new fashion products to extend the product lines and market growth. The company assessed two proposals using payback period, NPV, and IRR. The assessment result of the projects given below: In the above table, the assessment findings have been shown. The payback period in recovering the investment is higher for the project A (4.2Years) but the same is lesser for the project B comparatively (3.75 Years). Along with this, the net present value of the investment in project A is 309009 that is lesser than the Project B of which net present value is 530277. Furthermore, the internal rate of return for the project A is 13% and project B is 15%. It means project B is more flexible than project A and the provide minimum return of 15% on the investment that is higher than the Project A. Recommendation: Based on the above assessment of two projects available with AEFFE, it can be recommended that the AEFFE should go with the Project B. Because the project B is providing the higher expected return as well as is having the higher net present value. Based on this rationality, the project B can be recommended to the AEFFE to invest in. Strength and weakness of analysis: Strength of analysis: The NPV considers the present value of the return to be earned in the future and represent clearly the potential of the investment in the project and it evaluates which project is having more potential to generate more revenue against other project (Riley et al, 2015). IRR indicates the minimum rate of return on the investment, which helps in selecting the best feasible project over others. The payback period states the time under that the investment in the project is possibly recovered. It helps in determining which project has the potential to cover the investment in lesser period. Weakness of analysis: The NPV does not consider the duration, complexity of the project in the analysis. At the same time, the internal rate of return does not take the extra cost of the project into consideration while assessing the project. Any contingency or uncertainty can give the huge cost to the project that may affect the return from the project. It is not considered in the IRR assessment of the projects (lara et al, 2011). Along with this, payback period provides the information of the time span to be required in recollecting the investment amount but does not consider the time value of the money invested. Step3: Feedback Feedback to Thien Quoc Huynh: Thein, I liked your work as you have provided the basic concept of the calculation and interpretation of the ratios, economic profit, and capital investment decision. You have covered all the ratios that are able to provide the basic and important information of the performance of the company. The assignment includes the proper calculation of the ratios, and states that what they represent about the company performance. It encompasses the meaning, concepts of the ratios. The calculations of all the ratios are correct and the commentary is outstanding too. Your followed a good format in representing your ideas. Apart from this, you have well assessed the two projects for the capital investment. You genially explained your thoughts in the step 2 of the capital investment decision. You have calculated NPV, IRR, and Payback that gives the good base for selecting the project. You nicely calculated the NPV, IRR, payback period and assessed them. But you have not shown the economic profit c alculation and commentary well. You should separate it from the ratio calculation. The commentary of the economic profit is missing in the assignment. Apart from this, you should assess the strength and analysis of the capital investment techniques that will make your assignment better. Overall, you have expressed good ideas and thoughts in the assignment and concluded very well of your study that gives the brief ideas about the analysis. I think the work you have done can be recited as a great work. Feedback to Brook Todd: Brook, if I assess your work overall then it appears good about the clarity of the concepts of ratios, economic profit, and capital investment techniques and their calculations too. Your calculation of the ratios is correct and presentation seems outstanding. Nevertheless, you can make it more attractive and give it more rationality by benchmarking the ratios of CALIDA Group with other firms for its comparison. Else, you have done nice job in clearing the concept, calculation and presentation of the ration analysis in the assignment. Along with this, in economic profit you have shown your creativity and presentation skill that is truly appluadable. Moreover, one thing I would say that you could add on some commentary about your calculation and presentation of the economic profit that would brief your efforts. Lastly, your capital investment decision you provided to the CALIDA Group is correct that you have provided the assessment you made. The calculation is good and presentation too. However, you should analyze the weakness and strength of your analysis that make aware the company about the risk associated with decision that helps them in making effective decision. Overall, your performance is outstanding. Feedback to Nicole Hinton: Nicole, I think you have done good analysis of the ratios in first part but the calculation is missing that weaken your presentation. Apart from this, the economic profit and capital investment decision are missing in your assignment. You should have calculated the economic profit to shows the performance of the company. Along with this, you should have presented an investment proposal for newzulu and provide a recommendation about the best project. Overall, the several things are still missing in the assignment, which you have to put into. References: Yahoo finance (2016). historical prices. Retrieved from https://uk.finance.yahoo.com/q/hp?s=AEF.MIb=24a=06c=2007e=8d=09f=2016g=m Drake, P., and Fabozzi, F. (2012).Analysis of Financial Statements. USA: John Wiley Sons. Edmonds, T., Nair, F., Olds, P. and Edmonds, C. (2015).Fundamental Financial Accounting Concepts. USA: McGraw-Hill Higher Education. Warren, C., Reeve, J. and Duchac, J, (2013). Corporate Financial Accounting. USA: Cengage Learning. Tracy, A. (2012). Ratio Analysis Fundamentals: How 17 Financial Ratios Can Allow You to Analyse Any Business on the Planet. Australia: RatioAnalysis.net. Pratt, S. and Grabowski, R. (2010). Cost of Capital: Applications and Examples.USA: John Wiley Sons. Riley, D., Ahmed, I., Debray, T., Willis, H., Noordzij, P., Higgins, J. and Deeks, J., (2015). Summarising and validating test accuracy results across multiple studies for use in clinical practice.Statistics in medicine,34(13), pp.2081-2103. Lara, G., Osma, G. and Penalva, F.,(2011). Conditional conservatism and cost of capital.Review of Accounting Studies,16(2), pp.247-271.