Conjugating the French Verb Déménager (to Move House)

Conjugating the French Verb Dã ©mã ©nager (to Move House) In French, the nounâ nouvelle maisonâ means new house. When moving to that new house, the verbâ dã ©mã ©nagerâ is utilized. Truly to move, this action word must be conjugated when utilizing it before, present, or future tense.â Conjugating the French Verb Dà ©mà ©nager Dã ©mã ©nagerâ is aâ spelling change verbâ and that makes it somewhat of a test to conjugate. It follows an example found in different action words that end in - gerâ such asâ bougerâ (to move). As you will see, in certain conjugations an E is included after the G. This is to hold the delicate G sound before a consummation that starts with An or O. Other than that, conjugatingâ dã ©mã ©nagerâ is generally straightforward. To change it, pair the subject pronoun with the fitting tense. For example, I move is je dã ©mã ©nage and we will move is nous dã ©mã ©nagerons. Subject Present Future Defective je dmnage dmnagerai dmnageais tu dmnages dmnageras dmnageais il dmnage dmnagera dmnageait nous dmnageons dmnagerons dmnagions vous dmnagez dmnagerez dmnagiez ils dmnagent dmnageront dmnageaient The Present Participle of Dà ©mà ©nager Theâ present participle of dà ©mà ©nager is dà ©mà ©nageant. It isn't only an action word, yet can likewise go about as a descriptive word, ing word, or thing in certain conditions. The Past Participle and Passã © Composã © Past the blemished, theâ passã © compos㠩â is another basic method to communicate the past tense in French. To frame this, start by conjugating theâ auxiliary verbâ avoirâ to the subject pronoun. At that point, include theâ past participleâ dã ©mã ©nagã ©. For example, I moved is jai dã ©mã ©nagã © and we moved is nous avons dã ©mã ©nagã ©. More Simple Dà ©mà ©nager Conjugations to Know The most significant conjugations to contemplate are those above. There are additionally times when you should realize a couple of progressively straightforward structures ofâ dã ©mã ©nager. For example, if the activity of moving is some way or another flawed, you may utilize either the subjunctive or the contingent action word states of mind. In uncommon occasions and regularly recorded as a hard copy, you may likewise experience the passã © straightforward or the blemished subjunctive. While not crucial to most understudies French investigations, its a smart thought to have the option to perceive these. Subject Subjunctive Restrictive Pass Simple Blemished Subjunctive je dmnage dmnagerais dmnageai dmnageasse tu dmnages dmnagerais dmnageas dmnageasses il dmnage dmnagerait dmnagea dmnaget nous dmnagions dmnagerions dmnagemes dmnageassions vous dmnagiez dmnageriez dmnagetes dmnageassiez ils dmnagent dmnageraient dmnagrent dmnageassent In the basic action word form,â dã ©mã ©nagerâ can be utilized in short and regularly self-assured orders or demands. When utilizing it, skirt the subject pronoun: useâ dã ©mã ©nage instead of tu dã ©mã ©nage. Basic (tu) dmnage (nous) dmnageons (vous) dmnagez

Assess the relevance of Pages 58 – 63 in the History Boys to the rest of the play

At the point when we meet Irwin again toward the start of Act two he is a man currently very much into his forties and has proceeded onward from encouraging history in a school to shooting a TV history program on the spot. We discover that he is five years more established but then there is a sure incongruity in the way that he despite everything presents a similar mantra that he utilized with the ‘history young men's when brought in to set them up for Oxbridge passage On the off chance that you need to find out about Stalin study Henry VIII. In the event that you need to find out about Mrs Thatcher study Henry VIII In the event that you need to think about Hollywood investigation Henry VIII' It was all history. It appears that albeit more seasoned and now in a wheelchair his fundamental demeanor and approach have changed close to nothing. He is currently a ‘personality' introducing a program upon Rievaulx Abbey and life in ascetic requests which he brings down to the degree of ‘toilet courses of action's expressing that he accepts this to be the best approach to breath life into history and the Director reflects upon how he sounds a ‘tad schoolmasterly'. Irwin, for all his changed position, having been moved from an actual existence in the homeroom to before a TV camera, is as yet focussed after review things from a bizarre point of view and utilizing language to impact as when he reflects upon the various materials being utilized instead of tissue, as a result saying that it is these curios which individuals presently come to see saying of them, ‘there is an augmentation in fecal matter, so disinfected constantly and cleaned as well' so he presents a note of funniness. To be sure he says of what he sees as ‘modern day pioneers.' ‘We are contrastingly unsuspecting and our religions are not the equivalent but rather saner, more shrewd, more rational†¦' He lurches as though profoundly retained in impression of how individuals' perspectives have changed, yet he can utilize a similar methodology. We see that Irwin's way to deal with instructing and to history has not so much transformed from that which he communicated when previously brought in to set up the young men for Oxbridge passage, For Irwin history doesn't involve conviction and he urges the young men to be impartial thus separation themselves. It was maybe obvious from Irwin's first gathering with the young men that he was set up to advocate whatever was required so as to pick up the portrayed target. Irwin, the TV moderator, has held this faith in taking a gander at these parts of history which offer a progressively disputable way to deal with the subject. At first depicting the young men's work as ‘Abysmally dull' he perceived to be effective they needed to stand out by utilizing irregular techniques. His announcement, which was clear as an educator, was apparent whe n he stated, ‘The wrong finish of the stick is the correct one. An inquiry has a front entryway and a secondary passage. Go in the back or better still the side.' Peruse additionally History Quizzes To stun or shock was his expectation. He at that point continued to communicate his supposition that history was an exhibition, For Irwin, in contrast to Hector, introduction was everything and he has enthusiasm for moral truth seeing things as being diversion, so the principal look at Irwin the TV moderator was obvious even as an instructor. When alluding to Stalin, while concurring that he was a beast, he was still superbly ready to state something with all due respect. In this way, to him, the end legitimizes the methods and he delights in being unreasonable. Irwin summarizes the object of his methodology, to the man who ends up being as a matter of fact Posner, by depicting it as ‘meretricious' and when called upon to characterize the word he portrays it as ‘Eye-getting, pompous, bogus.' This final word nearly shows up as a dooming arraignment of his entire way to deal with instructing. When Posner answers by saying, ‘But you were a decent instructor' Irwin just says ‘The meretricious regularly are†¦ on TV especially.' He at that point backs this up by reflectin that ‘The wheelchair aides obviously. Incapacity carries with it a supposition of truthfulness.' We see that he was as yet arranged to utilize whatever vehicle to give him the edge and curry favor and compassion. It was an unfortunate obligation, a prop however uncovers him to be ethically shallow. So it is that we are helped to remember our underlying gathering with Irwin when, still in a wheelchair, he was tending to three or four unidentified MPs upon the most ideal method of introducing a bill before Parliament, the impacts of which would, whenever analyzed, would end up being extremely antagonistic worried, as it might have been, with the successful completion of preliminary by jury in at any rate half of the cases which precede the courts canceling with it the supposition of blamelessness. Tragically Irwin's perspectives have become significantly more ethically tainted, maybe the individual we see before the TV camera and tending to MPs is only the coherent projection of the instructor who upheld taking a totally different or dubious view to accomplish an ideal result. It is currently simply the case that his points of view are extraordinarily extended and he can stifle any ethical sentiments. He has clearly arrived at a phase where he is glad to bend begging to be proven wrong perspectives to fit in with what he wishes to accomplish. His perspectives are very much represented when he says with regards to a law change, ‘Paradox functions admirably and fogs up the windows which is helpful' We at that point come to acknowledge how Irwin the TV moderator sees what he does by saying, ‘School. That is all it is. For my situation at any rate. Class kickoff.' He truly had come to accept that history was ‘a execution. Its diversion. What's more, on the off chance that it isn't make it so.' Perhaps this last proclamation is so recounting his ability to undermine the realities and in this manner taking a contention and trying to demonstrate its inverse as he had first done as an educator who was eager to consign moral truth for impact.

My Brass Rat

My Brass Rat Brief note: I am currently in Ohio, shopping for wedding dresses. And yet I bring you this bonus blog entry. Do I love you, or do I love you? Questions from last entry will be answered when I get back to Beantown. Well, Melis has written about her 2008 Brass Rat, Mitra has written about her 2007 Brass Rat, and Matt has written briefly about the Brass Rats for the past six years, but nobodys ever written about the 2006 Brass Rat, which I humbly consider to be the most superior Brass Rat ever. (Hee.) My class ring was unveiled during a premiere at Walker Memorial, then distributed at a swanky event at Top of the Hub, a very classy restaurant at the top of Bostons Prudential Tower. (In case anybody missed the implication, Top of the Hub is not somewhere students usually have the opportunity to dine they dont serve hamburgers and fries there, you know what I mean?) Bezel The 2006 beaver is supposed to look a little more benevolent than the rough and tough beaver chosen for the 2005 ring. Hes holding a scroll to represent knowledge, and a globe to represent the way MIT graduates hold the world in our hands (cheesy, but yes). If you look closely, youll see that the beaver is also wearing a Brass Rat. At the beavers feet, there are some leaves shaped like Kresge Auditorium. Also at his feet, there are reeds in the form of the Roman numerals for 24 not for Jack Bauer, but to represent the fact that MIT majors go from 1 (civil/environmental engineering) to 24 (linguistics and philosophy). Course numbers are pretty fluid at the moment, theres no 13 (used to be ocean engineering), no 19 (technically), and no 23. Next to the reeds, there are blocks with the letters A, B, and C on them. This represents fundamentally the fact that we were the first class to have A/B/C/no record second term (all classes before ours had pass/no record all of freshman year); it takes the form of a hack which also commemorated this change. Our beaver is sitting on eight ivy leaves. Ill let you fill in the blanks on that one. Theres a tree behind the beaver; you can see IHTFP spelled out in the branches (note: this detail is not at all subtle in this picture, but its subtle on the ring itself) and a map of the Infinite scratched onto the trunk. A gnome peeks out from behind the tree, celebrating the gnome hack. My favorite part of the ring is the companion beaver in the river. He represents the idea that no one at MIT succeeds due to his or her own abilities alone, but that all of us rely on other students for academic and personal support. In the background, a double helix stands next to the symbol from the top of the MIT chapel. The symbol on the chapel is meant to represent religion, and the juxtaposition of the religious symbol and the double helix is meant to show the need for a dialogue between science and religion. Class shank This is the side that says 2006 at the top. In the sky at the top, there is a shooting star, drawn from the logo of the space shuttle Columbia. In the background, the Stata Center (opened at the beginning of my junior year at MIT) looks like a piece of abstract sculpture; if you look closely, you see the letters ILTFP hidden in it. I like the inclusion of ILTFP as well as IHTFP even though IHTFP technically has both positive and negative meanings, the negative one is usually inferred when someone uses it. Im glad our ring incorporates ILTFP as well we all have strong feelings about MIT, and its definitely possible to love the school strongly and hate it strongly at the same time. Both domes can be seen in the class shank, and the Green Building towers in the background. Four students stand in the foreground; they represent the variety of students at MIT, but unfortunately it is 1 AM and I cant remember what they are I know one of thems an artist and one is an athlete, but I forget what the other two are. Im old. Sorry. Seal shank Look for a bunch of small details on the seal shank: punt and tool in the leaves around 1861 in the center; a TEAL clicker in the pocket of the scholar; a snow shovel, representing the Presidents Day 2003 snowstorm, in the hand of the worker; a coffee cup in the workers other hand; the number 81, representing our sister class, the class of 1981, coming out of the mouth of the lamp at the top. Skylines The most notable and coolest thing about the skylines is that, if you join fists with another 06 wearing a Brass Rat, the skylines will meet and form the letters MIT. Go look at the website if you dont believe me. On the MIT skyline, there are two Greek letters, phi and theta, representing the fact that our class was the first to force all freshmen, even those who were fraternity/sorority-affiliated, to live on campus. Some non-Greek people were roundly annoyed at this, leading some people to show up at Ring Delivery with Phi Theta t-shirts on. Hackers map I have to admit, Ive always been tempted to take off my ring and point out locations to lost prefrosh when they stop me and ask for directions. I wear my Brass Rat every day. Its heavy, so it takes some getting used to, but now I feel funny if I dont wear it. After graduation, the ring is turned over 180 degrees prior to graduation, the beaver faces you, but after graduation the beaver faces the world. This is politely explained with reference to the skylines: prior to graduation you look over the river at Boston, and after graduation youre an outsider looking into Cambridge. Less politely, prior to graduation the beaver is thought to defecate on you after graduation, the beaver defecates on the world for you, because the world is your oyster now. I always heard stories about Brass Rats being recognized on planes and at job interviews, but I thought they were hyperbole until I went on my graduate school interviews. I wear my ring on my right hand, and its obvious to anyone shaking my hand I had several professors look at my ring and say, Oh, you went to MIT! The Brass Rat is not a subtle thing. Post Tagged #Brass Rat

A Horses Tale by Mark Twain and Chapter Description Free Essay Example, 1750 words

The chapter narrates the feelings of Cathy being written to her aunt, Mercedes. She explained the charm and beauty of the valleys, plains, and mountains along with signifying her relationship with horses, dogs, eagles, and birds. Her illustration of rabbits as big as dogs and horses taking her for the ride stated his fondness and likeliness for animals. Overall, the chapter concluded that Cathy was enjoying her stay in the company of animals and the relationship shared with animals made her happy and content. It also helped her to be emphatic. The chapter narrates the penning of General Alison to Mercedes where he stated that Cathy became the Corporal General of the Seventh Cavalry and how she was felicitated by the army and other ranks. He also narrated the incidents of her training where she was trained under the strict guidance of Buffalo Bill. She was trained in every aspect by being exposed to different situations in order to extract the best out of her. Overall, there was only one significant relationship being stated between Cathy and the horse that of the teacher and student embedded with the elements of learning. We will write a custom essay sample on A Horses Tale by Mark Twain and Chapter Description or any topic specifically for you Only $17.96 $11.86/page

Rwt1 Research Paper - 2304 Words

Business Research Report Compensation Strategies Presented to: Management Assessment Code: RWT1 Table of Contents Executive Summary 3 Introduction 4 Research Findings 5 Performance Based Pay 5 Salary 6 Longevity Pay 7 Recommendations 8 Conclusion 8 References 9 Executive Summary This report examines 3 different compensation systems that our company can develop and enforce within our company for our employees. Compensation is the most important and rewarding factor for employees, so a thorough and thoughtful approach should be taken as we think about changing the way in which this company rewards its employees for the work they do for us each and every day. Performance†¦show more content†¦An understanding of the different methods is necessary in order to be profitable and to inspire quality production. Research Findings From extensive research, using a variety of relevant and credible resources, there are three compensation systems that should be considered: Performance Based Pay Salary Longevity Pay 1 Performance Based Pay A Performance-Based Pay system is an increasingly popular compensation method used by organizations to increase productivity. A goal for all companies is to try and remain competitive and control costs, this is a reason for performance-based pay systems becoming more popular. This type of system attempts to link compensation to performance. (Gena Richter, 2002) These systems are directly tied to organization or individual performance and are most effective when based on objective measures of quantity or quality of performance. If we wish to have a direct impact on work motivation, it must be linked directly to the performance of desired behaviors. In order for to put this type of system into place, performance evaluations must be conducted regularly , as well as training and development for those with performance that isnt quite up to par. These additional resources will be necessary for our organization if we implement a performance based pay system. (William B. Bernathy, Ph. D., 2 004) Pay for performance compensation plans are widelyShow MoreRelatedRwt1 Research Paper2173 Words   |  9 PagesBusiness Research Report New product line recommendations Table of Contents Executive Summary 3 Introduction 4 Research Findings 4 Finding Number 1 4 Finding Number 2 5 Finding Number 3 5 Recommendations 5 Conclusion 6 References 7 Executive Summary The company has recently decided to expand its product line to include a product that is a deviation from our traditional offerings. The expansion presents two potential outcomes. Outcome one has a potential for profit, incrementalRead MoreCitation and Business Report Essay661 Words   |  3 PagesSUBDOMAIN 318.2 - COMMUNICATION Competency 318.2.2: Business Research and Presentation - The graduate conducts business research and develops business-related presentations appropriate to specific tasks. Competency 318.2.3: Organizational Communication - The graduate can determine appropriate uses for specified types of organizational communication. 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Brands and businessesRead MoreCorporate Ethical and Social Responsibility2423 Words   |  10 PagesBusiness Research Report Corporate Ethical and Social responsibility Presented to: Western Governors University Assessment Code: RWT1 – Competency 318.2.2 Student Name: Richard P. Shields Student ID: 92502 Date: August 7, 2009 Mentor Name: Rungrudee Suetorsak, Ph.D. Table of Contents Executive Summary 3 Introduction 4 Research Findings 5 1. Organization Environmental responsibilities: 5 2. Organizational image: 5 3. Organization Increase profits: 6 Recommendations 7 ConclusionRead MoreRwt1 Compensation Strategy Essay2773 Words   |  12 PagesBusiness Research Report Compensation Strategies ABC Manufacturing Presented to: Western Governors University Assessment Code: RWT1 Table of Contents Executive Summary 3 Introduction 4 Research Findings 5 Market Based Pay Structure 5 Traditional vs. Broadband Strategies 6 Total Rewards Strategy 7 Recommendations 8 Conclusion 9 References

Routine Communication Free Essays

What kinds of tasks fall into each quadrant? Therefore, what kinds of communications norms do we need? routine/autonomous To the extent team members are working autonomously on tasks which remain static, there is little need for a lot of cross-team communications. Communications should be: Minimalist. Local. We will write a custom essay sample on Routine Communication or any similar topic only for you Order Now Compliance oriented where necessary. Automated whenever possible. The danger for virtual teams is that the â€Å"disconnected† feeling of a distributed team sometimes leads to over-reporting as a strategy to give people the feeling of â€Å"knowing what’s going on. Sometime team members generate a lot of reporting in order to make sure the team leader â€Å"knows† that they are working. This kind of communication creates sludge in the team’s arteries. It is a common cause of information overload which can sometimes result in team members avoiding engaging in the communications which actually are important to the team. The team needs to agree on a strategy to defend itself against communication sludge! Be on the lookout for what can be eliminated. 2 of 5routine/interdependent. Team members need to provide enough information to each other about areas where their routine work is interdependent to enable them to coordinate. Communications should be: Standardized. Organized. Easy. â€Å"Pull† v. â€Å"Push† (You go get what you need when you need it rather than having it pushed at you automatically). The danger for virtual teams is that because we have technology which allows us to exchange and store large amounts of information, we do it because we can without really addressing whether doing it adds value. The team needs to agree on a strategy to manage and coordinate this communication. Choose a few, processes for exchanging critical information and make a commitment to sticking to agreements about when and what will be produced by each member of the team. emerging/autonomous When individuals (or sub groups) on the team notice changes emerging in the work they have been doing, it’s critical to make this â€Å"intelligence† available to the team as a whole. Communications should be: Timely (it can’t wait for the next face-to-face meeting). â€Å"Push† v. â€Å"Pull† (to make sure that nobody misses a key indicator). The danger for distributed teams is that a weak communications strategy results in missing signals where something new happening in one place is a bell weather for something that will sooner or later have an effect on other parts of the system. A team that doesn’t share this kind of intelligence is less than the sum of its parts. The team needs a strategy for scanning, scouting the environment within which they are operating, noticing pattern changes to make sure that important things get up on the team’s radar screen soon enough when something which has been static starts changing. But it’s not enough to simply report the information, it’s critical that the whole team have an opportunity to discuss its meaning. How to cite Routine Communication, Papers

Burger King vs Mcdonalds free essay sample

The battle of the battle of creating a better burger has been going on since businesses began to sell hamburgers and compete with other businesses selling the same product. To create the better burger is the goal of any business that sells burgers since having the best will draw in customers, increase sales, and help to establish repeat business. It seems that in the past couple of decades there has been a battle of the burgers with two worldwide established fast food restaurants between the McDonalds franchise verses the Burger King franchise. These two companies have been competing in marketing and product sales for more than the past thirty years. Both McDonalds and Burger King have their own signature burger for which the different franchises are known for; the Big Mac to represent McDonald’s whereas the Whopper represents Burger King. So goes the battle of the burger between McDonald’s and Burger King, Big Mac in opposition to the Whopper which one will draw in the customers and help the franchise to corner the burger market. We will write a custom essay sample on Burger King vs Mcdonalds or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Both franchises offer fast and friendly service, with the options to dine in the restaurant or chose the drive thru. When considering two options of a quick burger while on the go, the Big Mac sandwich from McDonalds or the Whopper sandwich from Burger King, I feel that the Whopper is a better choice. Even though the calories are high in both the Big Mac and the Whopper I think that the Whopper is a healthier as well as better tasting choice of the two different burgers.

Importance Of Conservation And Preservation In Malaysia Tourism Essay Essay Example

Importance Of Conservation And Preservation In Malaysia Tourism Essay Essay Introduction Conservation and environmental protection are really of import in Malaysia. Environment stabilisation and keeping to guarantee that Malaysia create protection country for zoology and vegetations such as constitution of national Parkss. It is because input from natures resources are of import to economic. While environmental quality on the other manus is productive plus for society. Tropical natures are one of the of import assets to tourism sector of a state. As a state with equator clime, Malaysia has alone natures and island row. Recently, Malaysia started move frontward to go a developed state. Assorted sectors which become function theoretical account in order in development schemes for illustration industrial sector, agribusiness and touristry. Through touristry sector, Malaysia have introduced some natural topographic point which become focal point point for tourer as their diversion topographic point for the intent to kill their clip and for gratifying activities for illustration at national park, forest modesty and islands. Therefore, Malaysia afford make touristry sector as a major beginning of returns if the natures beauty can be ever maintained. At the same clip, touristry industry has betterment and turning clearly show that Malaysia has alone attraction. Besides that, multi racial people with different cultural stay peace in one state do Malaysia g o more alone and more attract outside tourer reaching and this is a beginning of net income for the state. Therefore cultural diverseness and humanistic disciplines is cardinal determiner in attract tourers. Table 1.1: Number of arrival harmonizing to nationality Sarawak Year Nationality 2004 2005 We will write a custom essay sample on Importance Of Conservation And Preservation In Malaysia Tourism Essay specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Importance Of Conservation And Preservation In Malaysia Tourism Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Importance Of Conservation And Preservation In Malaysia Tourism Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Malaya 2,092,704 2,248,829 Singapore 40,329 42,912 Australia and New Zealand 30,403 28,066 Canada 11,310 9.062 Hong Kong 1,100 593 India 12,924 12,426 United Kingdom and Ireland 44,267 42,136 Brunei 1,280,135 1,354,148 America 10,973 11,207 China 11,768 11,207 West Europe 19,268 18,729 East Europe 992 1,355 Filipina 104,341 101,521 Dutch east indies 379,477 449,327 Japan 10,245 9,142 Taiwan 8,283 7,472 Siam 17,189 17,994 Others 258,183 198,704 Entire 4,333,891 4,577,489 ( Beginning: Immigration Department, Sarawak ) Table 1.2: Number of arrival harmonizing to province Sarawak Tahun State 2004 2005 Kuching 779,135 859,320 Sibu 127,454 166,018 Abor 311,445 332,669 Bintulu 41,032 73,167 Limbang 243,762 238,465 Entire 4,333,891 1,669,639 ( Beginning: Immigration Department, Sarawak ) Apart from that, substructure installations is one of the factor of tourer reaching. It is because tourers will necessitate comfort and seek consolation when visit to a state. For illustration, many tourers who come to the Malaysia is to bask scenic beauty of the natures and the unique of cultural diverseness. So the comfortable of adjustment such as hotel, chalet and so on as a factor to pull tourist reaching. Accommodation installation drama of import function cause this will be a factor to find whether tourer will remain long or otherwise. Sarawak is the biggest province in Malaysia which celebrated with rich of assorted cultural groups of civilization and rich in history and heritage and besides known as Land of Hornbills. Sarawak non merely the largest province in Malaysia, it besides was the province that divide to a batch country and contain longest river in Malaysia, largest flower in the universe, largest moth in the universe, widen cave in the universe, oldest tropical rain forest and the first individual emerge in Southeast Asian available in Sarawak. This had show that Sarawak is alone and typical. Diversion topographic point in Sarawak consist of natural position country and cultural centres such as Sarawak Cultural Village. Sarawak Cultural Village popular with natural beauty among local and oversea tourers. The rich of ecology, biological and tradition in Sarawak Cultural Village truly astonishing. Therefore, attempts was being improved towards preserve ecology diverseness, biological and tradition in Cultural Village. It is because cultural diverseness and tradition of the local people able to pull a batch of tourers visit to this land of hornbills. Sarawak province so rich with assorted type of civilization and cultural such as Malay dance, Chinese and others ethnic in Sarawak which able to entertain tourer particularly those tourer that like to see community life in Sarawak. Since cultural small town started unfastened to see, so indirectly exist harm and pollution hazard to the natures and beauty scene. Therefore, cultural small town have to be preserve scenic beauty and traditional abode from threatened by homo. Sarawak Cultural Village Background Sarawak Cultural Village located at Damai Beach Santubong and about 35km from the province capital Kuching town and dubbed as life museum in Sarawak. Sarawak Cultural Village besides become a finish must be visited for those who first measure to Land of Hornbills. This life museum officially opened since February 1990. This life museum consists seven hectares broad and about 150 people populating in the small town which include seven cultural group viz. Bidayuh, Iban, Orang Ulu, Penan, Melanau, Malay and Chinese. And each ethnic have their ain life style and traditional civilizations for illustration the edifice of each cultural is different, longhouse of the Iban, Bidayuh and Orang Ulu, Melanau live at tall house while Chinese is farm house. Apart from that, the entryway fees to Sarawak Cultural Village show as Table 1.3. Table 1.3: Entrance Fees Entrance fees Class Sarawak citizen Not Sarawak Citizen Adult RM25 RM60 Children ( between 6-12 of age ) RM18 RM30 Student RM15 RM15 ( Beginning: Sarawak Cultural Village ) Figure1.1: Sarawak Cultural Village Location ( Sumber: Malaxi Damai Beach ) Cultural Bidayuh known as Dayak Darat achieve 8.4 per centums out of entire population in Sarawak. Majority cultural Bidayug stay in long house that located nearby incline of mountain and besides nearby river. Their house are made from board and bamboo with sago thenar roof. Tourists can bask long house life style when visit to this topographic point. Iban tribesman known as Laut Dayak which their long house construct built up with big life room and several bed room. This cultural most of import hoarded wealth courage. Every soldier able to kill enemy, will acquire grasp as warrior and greeted with usage dances. Hence, Penan life style is nomad manner means that disfavor stay in a topographic point with long clip. Therefore, their abode size besides rather little size. Apart from that, Orang Ulu like to construct house scattered in upland and river bank. While Melanau house is the most alone among other Sarawak ethnic, it is because their house is build up 40 pess tall from land, chief intent is to forestall onslaught by enemy and inundation. At the same clip, local cultural dance public presentation including Ngajat Lesong and Ngajat Pahlawan, cultural musical public presentation show in Theater Sarawak Cultural Village start from 11.30 oclock in the forenoon to 4.00 oclock in the afternoon, and every public presentation take 45 proceedingss long. Figure 1.2: Entire population with cultural Sarawak 2005 ( Beginning: Jabatan Penduduk dan Perumahan Malaysia ) 1.3 The Important of Conservation and Preservation natural resource and cultural in Malaya Tourist industry depends extremely on natural resources and cultural diverseness which has potency to advance and pull tourer reaching. Natures is one plus that used to pull tourers arrival to see beauty and feel new experience. Awareness on the of import of preserve natures in assorted degree ( authorities sector, private sector and society ) for constitution of several protected country. Establish Sarawak Cultural Village is one of the attack that used to do certain the topographic point that rich of ecology diverseness, biological and cultural heritage preserved and preserve for future coevals cause by clip base on balls. Since Sarawak Cultural Village unfastened visit to tourist in twelvemonth 1990, cultural small town record around 70,000 people visit per twelvemonth. Tourists get benefit while visit to cultural small town including position natures scenic, cultural heritage and handcraft and do assorted diversion activities and every bit good as research and acquisition besides. So their entry capable addition economic growing and besides Kuching capital development from the return of the cultural small town. Indirectly, cultural small town set up economic chances to society such as occupation chance, income degree and others Fieldss. At the same clip, touristry growing in Sarawak due to act upon development at that country. Therefore society nearby can bask high quality of substructure and installations. 1.4 Problem Statement General know that the beauty of natural scenic and rich of assorted tradition cultural drama different of import function and map. Conservation and keeping cultural small town concept need betterment but it involves high cost. Therefore, entrepreneur cultural small town enforce a entrance payment rate around RM60 for grownup non Sarawak citizen for the preservation and keeping intent. Harmonizing to policy shapers particularly authorities, whatever determination on resource use require information related cost and benefit. For illustration, preservation and keeping attempt, authorities require information about cost and benefit to do a determination whether executable or non. So, the issue is the benefit value from preservation and keeping could non be valued in finance signifier. That is, benefit value from the preservation and keeping merely can gauge in quantitative with utilizing construct Willingness To Pay ( WTP ) . The value of WTP on entryway fees to cultural small town typified their willingness pay apart from purpose enjoy recreational installation but besides preservation and keeping plan. Evaluation preservation and keeping plan divide to two facet viz. direct usage value and indirect usage value. Direct use value consists goods and services such as natural scenery and traditional dances of assorted tribesman. Indirect use value could non be valued in market in fact it more focus on ecology and biological science, tribesman abode and diversion protection. Therefore, preservation and keeping create indirect usage value to human and besides natures every bit good. Aim To analyze and gauge WTP value for the intent of preservation and saving Sarawak Cultural Village. To place those factor influence WTP for the cost of saving for air quality, scenic position. Tradition edifice in Sarawak Cultural Village. To analysis the of import of Sarawak Cultural Village to society s tradition Sarawak. To develop scheme to guarantee that keeping convey optimal benefit to society Sarawak. 1.6 Research Scope Data aggregation in this survey is refer to research design which primary informations collected through questionnaire method. Sampling point focal point at country Damai Beach, Santubong, country Sarawak Cultural Village. Entire respondent in this survey around one hundred and will utilize interview method based on nonsubjective survey. Respondent class chosen is single that has worked. Statistical Package for the School Science ( SPSS ) package will be used to reinforced consequence of the survey by looking relationship among each variables. 1.7 The Important of Research Since 1984, touristry industry show possible returns to economic growing. Hence, authorities had develop several program to better and enlargement touristry industry by set up a ministry particularly for cultural touristry able addition this industry by Tourism Development Company to advance and enlarge touristry market, installation betterment has been given for investing in this touristry industry. Investing for adjustment undertakings such as hotel and motel and substructure such as diversion centre and other installations were given innovator position or revenue enhancement inducement to authorities. Indirectly those inducements give growing to the state. Government recommend small town touristry was one of the new effectual option which this development merchandise is based on the natural resources and usage of different cultural. Nowadays, assorted schemes generated by authorities to advance natural touristry and the unique of usage as a new attractive force tourers. Therefore, tourers today more involvement with nature touristry, so authorities drama of import function in preserve and keep the quality of the diversion centre and nature in Malaysia can convey positive growing and give benefit to society every bit good. Besides can advance cultural small town which rich of natural environment, society indirectly besides can acquire the benefit and impact from this touristry scheme. From this surveies, preservation and keeping plan were of import to environment in Malaysia. Environment stabilisation or known as environmental sustainability encourage Malaysia develop more protection country to continue vegetations and zoologies in a certain park or forest. It is because input from natures is of import beginning to economic. While environmental quality on the other manus is productive plus to society. 1.8 Research Organization This undertaking paper will split to five chapters: Chapter 1 discuss about the of import of preservation and saving of the cultural country in Malaysia. Therefore, this survey will publish nonsubjective to accomplish the preservation survey. Apart from that, research range and methodological analysis besides be explained clearly in this chapter. Chapter 2 is portion to increase cognition in the capable country. Besides that, aggregation old surveies from others economic expert research worker as a mentions to place information and thoughts that relevant to this research. Chapter 3 focal points on depicting the associated methodological analysis in the analysis of the contingent rating for preservation and keeping of the Sarawak Cultural Village. Method that will be used is Contingent Valuation Method ( CVM ) . Furthermore, Statistical Package for the School Science ( SPSS ) package will be used to reinforced consequence of the survey by looking relationship among each variables. Besides, assorted trial will be run for the independent and dependent variables. Model will be use in this survey will be explained clearly in this chapter. Type of informations aggregation in this survey is primary informations through questionnaire method. Therefore, trying point focal point at country Damai Beach, Santubong, country Sarawak Cultural Village. Entire respondent in this survey around one hundred and will utilize interview method based on nonsubjective survey. Chapter 4 presents the information analysis consequence of the survey with different trial. Every determination will be elaborated clearly and executing in graph signifier and agenda. Interpretation of consequence will be stated in this subdivision. Chapter 5 is the last chapter in this survey. This chapter would be sum up the survey been discussed and provides information to develop policies and schemes to guarantee preservation and keeping plan on cultural small town continuously so that future coevals have opportunity to bask the benefit and economic value from this preservation.

Free Essays on ATMs For Free

This is the 90’s. Well, not for long, but that’s supposed to mean we have progressed, things are better than they used to be, more â€Å"modern†, more convenient. One of the boons of today is that people almost never have to go to a bank anymore. We have electronic transfers and automatic deposits, and when we need our money quickly (which is always) we have the convenience of using ATMs. Of course, there is a price for this convenience. When using an ATM that is owned by a bank other than your own, one can expect to pay a fee, usually between one and two dollars. That’s outrageous! How can a bank charge a customer to withdraw his own money? Well, they are doing a service to their non-customers where, in the most grand of economic terms, the ATM customer hasn’t done anything for them. Sure, the fee is annoying, but the bottom line is people still use ATMs with full warning of the fee and therefore have no right to object to paying for services rende red. In the past few months city legislatures in Santa Monica and San Francisco, CA felt that the people of their cities should not have to pay service charges at ATMs where they did not have an account. The people voted to ban these fees. It is unclear what they think should be illegal about the ATM fees. The main contention seems to be that it is just unfair. Well, after hearing that they can longer charge non-customers for the use of their machines and will be expected to offer a service that costs them money for nothing, it is the banks that are crying â€Å"unfair.† â€Å"There are so many non-customers using a banks ATM, if you didn’t charge these fees it would start to get cost-prohibitive to provide this convenience,† said Harris Bank spokesperson Pam Kasser. (Rackl 23). In retaliation, two national banks, Wells Fargo and Bank of America are refusing transactions to non-customers in Santa Monica. They feel the people have no right to force them to offer free withdraws. So far... Free Essays on ATM's For Free Free Essays on ATM's For Free This is the 90’s. Well, not for long, but that’s supposed to mean we have progressed, things are better than they used to be, more â€Å"modern†, more convenient. One of the boons of today is that people almost never have to go to a bank anymore. We have electronic transfers and automatic deposits, and when we need our money quickly (which is always) we have the convenience of using ATMs. Of course, there is a price for this convenience. When using an ATM that is owned by a bank other than your own, one can expect to pay a fee, usually between one and two dollars. That’s outrageous! How can a bank charge a customer to withdraw his own money? Well, they are doing a service to their non-customers where, in the most grand of economic terms, the ATM customer hasn’t done anything for them. Sure, the fee is annoying, but the bottom line is people still use ATMs with full warning of the fee and therefore have no right to object to paying for services rende red. In the past few months city legislatures in Santa Monica and San Francisco, CA felt that the people of their cities should not have to pay service charges at ATMs where they did not have an account. The people voted to ban these fees. It is unclear what they think should be illegal about the ATM fees. The main contention seems to be that it is just unfair. Well, after hearing that they can longer charge non-customers for the use of their machines and will be expected to offer a service that costs them money for nothing, it is the banks that are crying â€Å"unfair.† â€Å"There are so many non-customers using a banks ATM, if you didn’t charge these fees it would start to get cost-prohibitive to provide this convenience,† said Harris Bank spokesperson Pam Kasser. (Rackl 23). In retaliation, two national banks, Wells Fargo and Bank of America are refusing transactions to non-customers in Santa Monica. They feel the people have no right to force them to offer free withdraws. So far...

Consumer behavior a strategic approach Essay Example | Topics and Well Written Essays - 3500 words

Consumer behavior a strategic approach - Essay Example Opportunities The increased environmental awareness of the individuals has augmented the demand for eco friendly and organic products. Moreover, the new range of skin care products available for men has helped to boost the overall revenue of the company. This has also helped to increase the sales of the company (Spangler, 2008). Threats Though the company aims to sell eco-friendly cosmetics, the suppliers of the raw materials do not seem to adhere to the standards of eco friendliness. The biggest drawback of the company that can be a threat to its market position in future is the lack of an advertising and marketing department in the company (Muller, 2005). Companies like MAC, Make up Forever etc are now following the footsteps of The Body Shop by improving on the scale of their scope of social responsibility in business. The PESTLE analysis is given in the Appendix. The present market for the cosmetics industry is highly competitive in nature. At this juncture, the lack of proper ad vertising and marketing of the products of the Body Shop can substantially detrimental to its brand value and strength of the customers. The business of Body Shop is well known in the market for its ethical standpoint. The company strictly opposes to the testing new products on animals. But L’Oreal is blamed for this practice in the market. In 2008, the Animal Rights group have sternly warned the company to abolish such practices. As the ownership of Body Shop has been undertaken by L’Oreal since 2006 with an amount of $1.14 billion, the ethical standpoint of the company is now doubted by its stakeholders (Pitman, 2006). The fall in the disposable income of the individuals due to the soaring price levels have considerably... The key stakeholders and the target publics of the Body Shop are likely to be affected by the three main issues faced by the company. †¢Ã‚  Mergers of the company: the merger of the company would affect the existing shareholders and the employees of the organization. The shareholders would be suspicious about the performance of the company in the new merged position in the market. Rather the working culture of the organization would also change with the merger, this would affect the employees. The consumers would also doubt the ethical virtues of the company after the merger as LO real is known to not follow ethical issues in business. †¢Ã‚  The recession in the world economy: the crisis of finance in the global economies can force the company cut down some jobs, this would affect the employees. Rather the fall in the disposable income levels would hamper the purchasing power capabilities of the consumers. The suppliers would also be reluctant to provide raw materials at lo wer prices. †¢Ã‚  The ethical virtues of other cosmetics companies: this would directly affect the decisions of the consumers in the market. They might reduce the demand for the products of The Body Shop. Considering the initial business analysis, it can be stated that any change made in the business operations of The Body Shop would surely affect its stakeholders. Figure 1 and 2 in the Appendix, shows the stakeholders map for the Body. The most important stakeholders of the company are the customers and the shareholders.

Assessment item Business report on tourism services for local Essay

Assessment item Business report on tourism services for local consumers - Essay Example is internationally acclaimed says â€Å"Tourism comprises the activities of persons travelling to and staying places outside their usual environment for not more than one consecutive year for leisure, business and other purposes† (House of Commons, 23 June 2000). Tourism industry is one of the most important industries for the economy of any country. Huge number of job opportunities has been created by this industry in almost every part in the world. This paper focuses on the tourism industry in Hong Kong and a special tourism operation in the region. Hong Kong Disney land has been chosen as the special tourism operation. The paper include an in depth service marketing analysis which include analysis of 7’Ps of service marketing. It is needless to say that this analysis has been done in the context of Hong Kong Disney land. Like any other economy tourism industry is also an important pillar of Hong Kong economy. Almost 3.4 percent country’s GDP is contributed by this industry. More than 190,000 people are employed in tourism industry of Hong Kong and this is almost 5.6 percent of country’s total employment. But recent global financial turmoil has greatly affected the industry. It has been found that tourist arrivals in the first half of the last year were down by almost 3.4 percent. Still there were approximately 8.3 million tourist arrivals in the mainland of Hong Kong in the first six months of 2009. There are 158 hotels with more than 57588 rooms in Hong Kong. Number of total hotel room has increased by 9.5% from previous year. It is quite expected that Hong Kong government would promote tourism industry as it is a major contributor to the country’s GDP. There is tourism commission that was set up in 1999 with purpose of providing leadership and policy support to tourism develop ment in the region. Main objective of this commission is to promote and establish Hong Kong as a premier destination to the business and leisure visitors. There is Hong Kong

An Ethical Evaluation of Product Placement

An Ethical Evaluation of Product Placement Product placement is the way in which brands are placed into non-advertising media like computer games, books, popular songs and stage plays for e.g. sponsored animations for the promotion of Cadburys chocolate placed in the UK TV soap Coronation Street after the opening titles and after and before the commercial breaks; this is affecting the children and luring them to buy the Cadbury chocolate because small children cannot differentiate that this is an add. It is a growing phenomenon in market, which has received relatively little attention from business ethicists. In marketing at the macro level, there are issues of sustainability and waste of resources through overconsumption by fostering greed and materialism. Marketing operates at the hub of wealth creation; it attracts a lot of the general criticism directed at capitalism concerning the erosion of natural resources and the destruction of the environment. At micro level, it attracts a lot of criticisms for specific cases of dec eit or cheating, such as misleading/inappropriate food labels or differential price advertising. There is widespread criticism of marketing practices promoting products that are harmful to health, like high-fat and high-salt foods, cigarettes and alcohol. UK has made Ofcom(Office of Communication) to make the laws regarding product placement in a way described above.The code includes a section on Commercial references and other matters. Within this section, three principles are specified (under Section 10): (1) broadcasters must maintain full editorial control over programmed content, (2)editorial and advertising must be clearly separated, and (3) product placement is prohibited (http://www.ofcom.org.uk/tv/ifi/codes/bcode/commercial/). Product placement and conventional marketing ethics Ethical evaluation of marketing practices has generally used three major strands of moral philosophy, utilitarianism, deontology and virtue ethics (Robin Reidenbach 1987). We are discussing 2 of them. A utilitarian evaluation of marketing is mainly to focus on its usefulness to society, the fact that at a micro level, it aids mutual exchanges between producers and consumers, while at a macro level, it enables the society to enjoy the benefits of the division of labor. The ethical concerns of consumers regarding product placement fit into this category product placement of guns and cigarettes, for example, may be seen as unethical by some consumers. A utilitarian evaluation may well come to the conclusion that product placement is indeed, an ethical practice. This is under the reasoning that the increased sales are the signs of customer satisfaction as can be reasonably assumed at least for cases of explicit product placement. On the other hand, there is the risk that increased product placement might, undermine the quality of mediated entertainment and information,, thus reducing social, utility even when it increases economic utility. Virtue ethics may provide the greatest critique of product placement because it focuses on the intentions and the character of the person initiating the action rather than the ethical status of the act itself. By evaluating the virtual ethics in product placement ome points which can be drawn are in marketing, legality must be the main criterion for judging the ethical status of the motive.A marketing campaign done for the consumers who are well informed and who know that this is a type of advertisement differs in ethical terms from advertising to children who cannot distinguish between TV programs, games, songs and advertising. If many consumers are aware about the technique of product placement, then it will have very less effect ethically. Many young consumers indeed know about the nature and extent of product placement as it occurs in movies, TV shows and other entertainment products. But the extent to which even an intelligent audience is aware of a product placement communication while they are just enjoying the dramatic entertainment is very difficult to establish. Many consumers will say that they are not influenced by advertising, but this claim seems no more credible than the claim of knowing about product placement as a marketing technique, it does not immune one to deception. Hence, there is a need for an ethical analysis that deals with product placement, which again can apply a utilitarian, a deontological and a virtue ethics perspective; except this it also needs to consider situation-specific factors that arise from the nature of the product, the degree of consumer knowledge, the implication of, market segmentation strategies, the intention, of the marketer and, the intrinsic honesty of, the method of persuasion used.

Lexicogrammar Essay

Modality refers to the expression of speakers’ opinion or attitude towards the proposition that the sentence expresses or the situation that the proposition describes, or the speakers’ judgment of the likelihood of the proposition being true. While modal auxiliaries are â€Å"helping words†, functioning as helpers to make up verb phrases, they are prohibited from being used independently. The present study attempts to conduct a corpus-based study on three modal auxiliaries should, ought to and must with regard to their collocations, colligations, as well as semantic features in Chinese learners’ oral productions. This study reveals that Chinese learners overused should and must a great deal as compared against the native speaker data, while they used ought to much less frequently than native speakers. As for collocations, the observed frequencies of the collocates of these three modal auxiliaries, as shown in the two corpora, are different, but those frequently co-occurring words of the three modal verbs, as have appeared in the two sets of dataï ¼Å'are more or less the same. Key Words: Deontic modal meaning, Epistemic modal meaning, Contrastive Interlanguage Analysis, Colligation, Semantic features, nativelikenessï ¼Å'modal auxiliaries Introduction Medals, known as small words, perform particular functions in both written and oral communication. This thesis is devoted to an analysis of three modal auxiliaries, namely should, ought to and must. It aims to find out how Chinese learners use these three medals and their differences from native speakers in four aspects: frequency, collocation, colligation and semantic features. Significance: Modal auxiliaries belong to a group of small words yet performing particular functions. Present study may be of some help in two ways. Firstly, it may help students notice their shortcomings in using those modal auxiliaries compared with native speakers and think over the reasons, thus to help them improve their communication ability. Secondly, it may provide teachers with some implications for language teaching, raising their awareness of the importance of natural and authentic language resources in teaching and research, and encouraging them to use more effective teaching methods to help students with their English learning. It is also hoped that the results of this study will shed some light on the common problems of the use of modality in EFL speaking environment. Purpose: English modal auxiliaries play an important role in language communicationï ¼Å'as well as in second language acquisition. The study aims to provide some useful information for English learning, teaching and research. We will investigate and describe the characteristics of the collocations, colligations and semantic features. This study also aims to find out some causes of the differences between the two target groups of English-users’ uses of three chosen modals in their speeches. It is hoped that the findings of this study will give a deep understanding of how frequently the three modal auxiliaries are used by Chinese EFL speakers and contribute to the teaching and teaching reforms in the future. This thesis will probe into these issues through Contrastive Intedanguage Analysis. In the whole study, the following major questions are to be addressed: 1. Is there nativelikeness shown in the speakers’ representation of the four modal auxiliaries will would, shall and should, their related chunks with not, have and of their related tenses and subjunctive mood by EFL speakers and L2 speakers? 2. What are the problems found in Chinese EFL speakers in their learning the four modal auxiliaries will would, hall, and should, their related chunks with notï ¼Å'have and of their related tenses and subjunctive mood as a result of the comparison with those of L2 speakers and native speakers from a quantitative perspective? If anyï ¼Å'what are the possible causes of the found problems? 3. What is the tense and subjunctive mood distribution of the four modal auxiliaries used by Chinese EFL speakers in contrast with native speakers as a result of the qualitative analysis? Structure: The present dissertation falls into 5 chapters focusing on the listed research questions: 1. Introduction: significance, purpose, questions to be answered, how the idea is originated, sketches out the outline 2. Definitions of key terms to describing the theoretical foundations, reviews, set up the main framework 3. depicts research design (data and instruments), methodology, procedures 4. main body, negative forms, affirmative forms, contracted forms, original forms, future tenses and subjunctive mood, results(quality and quantity) 5. conclusion, major findings presents pedagogical implications and limitations of the study, suggestions

Role of Icb in the Development of Capital Market in Bangladesh: a Performance Evaluation of Icb Sponsored Mutual Funds

INTERNSHIP REPORT Dept. of Business Administration Shah Jalal University of Science and Technology, Sylhet. INTERNSHIP REPORT Role of ICB in the Development of Capital Market in Bangladesh: A Performance Evaluation of ICB Sponsored Mutual Funds Supervisor Ms. Nafsaniath Fathemaf Lecturer Department of Business Administration Shah Jalal University of Science and Technology, Sylhet. Submitted By Muhamad Abul Lyse 4th Year 2nd Semester (2nd Batch) Reg No: 0099730014 Dept of Business Administration Shah Jalal University of Science and Technology, Sylhet Date of submission: July 06, 2006 Date July 06, 2006 It is an immense pleasure for me to certify that this internship report entitled â€Å" Role of ICB in the Development of Capital Market in Bangladesh: A performance evaluation of ICB sponsored mutual funds† submitted to the department of Business Administration, Shah Jalal University of Science and Technology, Sylhet is an original work done by Muhammad Abul Lyse, a student of BBA 2nd Batch of Department of Business Administration, bearing the Registration number 0099730014. He has successfully completed the internship program at Investment Corporation of Bangladesh (ICB) and prepared this report on the aforesaid title under my supervision. I wish him every success in his endeavors. Signature: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Ms Nafsaniath Fathema Lecturer, Dept. of Business Administration Shah Jalal University of Science and Technology Sylhet-3114. July 06, 2006 Ms Nafsaniath Fathema Lecturer, Dept. of Business Administration Shah Jalal University of Science and Technology Sylhet-3114. Sub: Submission of internship report Dear Madam, Have the pleasure in submitting my internship report titled â€Å"Role of ICB in the Development of Capital Market in Bangladesh: A Performance Evaluation of ICB Sponsored Mutual Funds . As an integral part of my BBA degree, I have been assigned to work on the topic, with a view to well integrate the theoretical knowledge I have learned throughout my four years of study and thus to fine tune these knowledge with practical work experience in a financial institution like ICB, the pioneer and largest Investment Bank of the country. The Internship Program was very much valuable as it helped me to gain a real life experience working in a professional environment. I tried my best to get an in depth coverage of the topic and emphasized on using authentic data I am grateful to you for your kind suggestion and helpful advice in preparing this report. Once again, thank you very much indeed for giving me the opportunity to work under your kind supervision. Yours Sincerely Muhammad Abul Lyse Reg. NO: 0099730014 Department of Business Administration (2nd Batch) Shah Jalal University of Science and Technology, Sylhet. Contents part one Chapter one : iNTRODUCTION CHAPTER TWO: icb and ITS FUNTIONS CHAPTER tHREE: role OF ICB IN THE CAPITAL MARKET OF BANGLADESH CHAPTER FOUR: PERFORMANCE OF icb CHAPTER FIVE: SUBSIDIARY COMPANIES OF ICB part two CHAPTER ONE: ICB SPONSORED MUTUAL FUNDS CHAPTER TWO: findings and recommendations of an actiOn an PLAN Detailed contents pART ONE CHAPTER 1: iNTRODUCTION 1. Objective of the Study1 2. Scope of the Study1 3. Methodology of the Study2 4. Limitations of the Study4 CHAPTER TWO: ICB AND ITS FUNCTION 1. Background of the ICB5 2. Objectives5 3. Functions of ICB6 4. Business Policy7 5. Capital Structure7 6. Share Price of ICB8 7. Share holding Position of ICB9 8. Products of ICB11 9. ICB at a Glance14 10. Investors Scheme of ICB16 11. Organization Structure of ICB20 12. ICB Mutual Funds22 13. ICB Unit Funds23 14. Development Activities of ICB27 CHAPTER THREE: ROLE OF ICB IN THE CAPITAL MARKET OF BANGLADESH 3. 1 Capital Market28 3. 1. 1 Role of Capital Market in the Economic Development of a Country28 3. 1. 2 Investment Process29 3. 2 Financial Market30 3. 2. 1 Objective of the securities Market30 3. 2. 2 The Role of Government30 3. 3 Financial Market of Bangladesh31 3. 3. 1 Money Market32 3. 3. 2 The non-Securities segment of the Capital Market32 3. 3. 3 The Securities-segment of the Capital Market32 3. 4 The Elements of Security Market33 3. 5 Creating a Supply of Good Securities in Market333. 6 The Origin and development of Capital Market in Bangladesh33 . 7 The Present Scenario of Bangladesh Capital Market35 CHAPTER FOUR: PERFORMANCE OF ICB 4. 1 Role of ICB in the Capital Market of Bangladesh36 4. 2 Operational Activities of ICB41 4. 2. 1 Consideration of Applications41 4. 2. 2 Commitment42 4. 2. 3 Disbursement 46 4. 2. 4 Loan Portfolio47 4. 2. 5 Trustee, Custodian, and Issue Manager48 4. 2. 6 Lease Financing49 4. 3 Portf olio Management50 4. 4 Other Operational Activities51 4. 4. 1 Advance against ICB unit and Mutual Fund certificates Scheme51 4. 4. 2 Consumer Credit Scheme52 4. 4. 3 Merchandising Operations52 4. 4. 4 ICB Mutual Fund52 4. 4. Transaction of Securities53 4. 5 Participation in International Activities53 4. 5. 1 ICB’s involvement with South Asian Development Fund (SADF)53 4. 5. 2 Investment in South Asia Regional Fund (SARF)54 4. 6 Financial Result of ICB 55 4. 6. 1 Total Expenditure56 4. 6. 2 Net Income56 4. 6. 3 Dividend57 4. 6. 4 Some Key Financial Ratios58 CHAPTER FIVE: THREE SUBSIDIARY COMPANIES OF ICB 5. 1 Subsidiary Companies of ICB595. 2 ICB Capital Management Limited (ICML)59 5. 2. 1 Background of ICML 5. 2. 2 Vision of the Company59 5. 2. 3 Mission of the Company60 5. 2. 4 Some Salient Features of ICML investors’ Scheme60 5. . 5 Advantages of ICML Investors’ Scheme61 5. 2. 6 Margin Loan61 5. 2. 7 Financial Performance of ICML63 5. 3 ICB Asset Management Li mited (AMCL)63 5. 3 ICB Securities Trading Company Limited (ISTCL)66 PART TWO CHAPTER ONE: ICB SPONSORED MUTUAL FUNDS 1. Some key issues of Mutual funds 68 1. Definition of Mutual Funds 68 2. Types of Mutual funds 68 2. ICB Mutual Funds 69 1. Nature of Business 70 2. How to buy existing Mutual funds 70 3. Management of the funds 70 4. Assets of ICB Mutual funds 70 5. Management fee, Charge etc. 71 6. Declaration of Dividend 71 3. Operational Highlights of ICB Mutual Funds 72 4. Financial Statement Analysis of ICB’s Mutual Funds 76 1. Earnings Per Share (EPS) 76 2. Dividend Per Share 78 3. Dividend Payout Ratio 79 4. Earning Yield Ratio 80 5. Dividend Yield Ratio 81 6. Price Earning Ratio 82 CHAPTER TWO: FINDINGS AND recommendation 1. Finding about The Capital market of Bangladesh83 2. 1. 1 Lack of Confidence83 2. 1. 2 Frequent Monetary Change83 2. 1. 3 Liquidity Crisis84 2. 1. 4 Volatile Market Situation84 2. 1. 5 Absence of good Securities85 2. 1. 6 Absence of Government initiative85 2. 1. 7 Market Maker85 2. 1. 8 Awareness85 2. 1. 9 Lack of knowledge85 2. 1. 10 Mass Participation86 . 2 Findings about Investment Corporation of Bangladesh86 2. 2. 1 Services stopped by ICB86 2. 2. 2 Unfair dividend Policy of Mutual funds86 2. 2. 3 Irredeemable Mutual funds87 2. 2. 4 Absence of efficiency in Portfolio management of MF87 2. 2. 5 Lengthy Processing87 2. 3 Recommendation of an Action Plan88 2. 4 Conclusion 90 Bibliography 92 Acronym and Appendices I. Appendix : Or anagram of ICB II. Appendix: Balance Sheet and Income Statement of ICB Executive Summary Investment Corporation of Bangladesh (ICB), established in 1976, is virtually the only Investment Bank in Bangladesh. In a broader sense, ICB is both an investment Bank and Development Financial Institution. (DFI). ICB plays a pivotal role to encourage and broaden the base of investment and thereby to help to develop a vibrant capital market in Bangladesh. ICB caters to the need of institutional support to meet the equity gap of emerging new companies. ICB works with a view to mobilise savings of general public and inspires small and medium savers for investment in securities. As s single entity, Government of Bangladesh holds majority shares of ICB (i. e. 27%). With diverse functions, ICB operates on commercial basis, provides financial assistance to projects subject to their economic and commercial viability and arranges equity and loans singly or through consortium of financial institution. Functions of ICB include; purchasing of shares and debentures including placement and direct participation, managing existing mutual funds and investment accounts, providing investment counseling to investors and helping government to its divestment programs. The following report titled â€Å"The Role of ICB in the development of Capital Market in Bangladesh: A Performance Evaluation of ICB Sponsored Mutual Funds† contains a comprehensive overview of ICB with special emphasis on ICB’s role in the development of capital market in Bangladesh. Likewise, an analysis of ICB sponsored Mutual funds is made with detail financial analysis as ICB since its inception, have been performing a pioneering role in the capital market of Bangladesh by managing the portfolios of ICB’s eight mutual funds. Since 1980, ICB floated a total of eight mutual funds with paid up capital of Tk 17. 0 crore. After taken a restructuring program of ICB under Capital Market Development Program (CMDP) initiated by the government of Bangladesh and the Asian Development Bank (ADB) and in terms of power conferred in the ICB ordinance three subsidiary companies, namely (1) ICB Capital Management Limited (2) ICB Asset Management Company Limited and (3) ICB Securities Trading Company Limited have been created and made operational to carry out merchant banking, mutual fund operations and stock brokerage functions respectively. The report is divided mainly into two parts. Part One contains a comprehensive coverage of ICB with its role in the development of capital market in Bangladesh and Part Two establishes part one by analyzing the ICB sponsored Mutual funds as ICB plays a central role in the capital market of Bangladesh by managing its eight mutual funds. Part One consists of Four Chapters. Chapter One includes the objective, scope, methodology and limitations of the study. Chapter Two describes historical background, objectives, business policies, functions, capital structure and products of ICB. Chapter Three explain the financial market and various segments of financial market of Bangladesh. The chapter also establishes the role of ICB in the development of Capital Market in Bangladesh. Chapter Four illustrates the performance of ICB. Chapter Five includes a description of three subsidiary companies of ICB. Part Two consists of two chapters. Chapter one evaluates the ICB sponsored mutual funds. This chapter initially deals with some theoretical concepts of mutual funds and then an in-depth financial performance of ICB mutual funds. Chapter two includes some findings of the study with recommendation of an action plan. The report ends with a bibliography and an appendix. Acknowledgments I would like to express my gratitude to Dr. Md. Nazrul Islam, Head and Associate professor of the Department of Business Administration of Shah Jalal University of Science and Technology, Sylhet and All of the Teachers of the Department especially to my supervisor Ms Nafsaniath Fathema who constantly inspired, supervised, and encouraged me with valuable advice and cooperation through the whole period of my internship Program. I would also like to express my special regards to Ms Nasreen Sultana, AGM of the Personnel Department, who allowed and gave me the opportunity to work in Investment Corporation of Bangladesh, the pioneer Investment Bank of the country. I am also highly grateful to the authority of ICB and all the AGMs of various departments who helped me a lot and cooperated me during my internship period. I am in pleasure to the express my gratitude to the internship and placement committee of the Department of Business Administration especially to the oordinator of the committee, Mohammad Imtiaz Ferdous, also the Assistant Professor of the Department of Business Administration. I would like to extend my special thanks to Ms Sharmin, Senior Principal Officer of Personnel Department, Subashis Chakrabarti, Assistant librarian of the ICB and all the respective officers of ICB for their cordial cooperation and helpful advice. As the first work of my life, I would bear this fond memory of ICB for the re st of my life. | | | | | | | | | | | | | | | | | | |PART ONE | | | | | | | | |CHAPTER ONE | | | | | |INTRODUCTIONS | | | | | | | | | | | | | | | | | | | | | | 1. 1 Objective of the Study Learning by doing is an effective way of acquiring knowledge. To have a real life exposure, each student of Department of Business Administration, of Shah Jalal University of Science and Technology has to carry out an internship program as an integral part of his/her BBA degree. Since, only the theoretical knowledge can not make one fit for increasing competitive situation of the world, the internship placement committee had placed me at ICB for a period of three months. Other objective of this study is as follows: ? To relate academic knowledge with real life business world. ? To have an overall idea about the role of ICB in the capital market of Bangladesh with a special emphasis on ICB sponsored Mutual Funds[1]. ? To analyse the profitability of ICB sponsored mutual funds. ? To find out prevailing drawback and lacking of ICB, if there is any, and recommend an action plan. 1. 2 Scope of the Study The scope of this report is only one organisation i. e. Investment Corporation of Bangladesh (ICB) and specially the Mutual Funds as it is the focus area of this report. It has been mentioned earlier, the main objective of the study is to analyse the role of ICB in the development of Capital market in Bangladesh with an emphasis on ICB sponsored mutual funds. The report gives an overview of ICB followed by a part on financial involvement of ICB. The report establishes the theoretical and conceptual framework comparing with which the capital market will be judged. There is one elaborate part that deals with the ICB sponsored mutual funds. The study will also present some problems of ICB observed during the internship coupled with some recommended action plan. 1. Methodology of the Study Methodology can be referred as underlying principles and rules of organization or the philosophical systems that work at the backdrop of any study. It clarifies the problems involving the research in a very ordered and systematic fashion. Strategies are det ermined at this stage for future implementation. In conducting any formal survey and preparing any research paper two kinds of data i. e. Primary Data and Secondary Data, are used. I tried my best to collect both types of data and information and have firm intention to emphasis on primary data as it is often up-to-date and more useful than any published information. Initially we collected raw data from departments of ICB and then sort out useful information relevant to my paper. Approaches and methods that have been used to prepare this report are as follows. 1. Personal interview: ICB has 25 departments and three subsidiary companies so far. I personally interviewed almost all AGMs of all departments and talked with the senior Principal Officer, principal Officer and other officer of concerned departments. 2. Briefing Session: Division heads (DGMs[2]) and department heads (AGMs) or their approved officials gave briefs about their respective departments. Information gathered from these sessions has been used in the report. 3. Published reports: a large amount of data are taken from the published sources such as ICB’s annual reports of previous years, Annual reports ICB Mutual Funds, Monthly review of Dhaka and Chittagong Stock Exchange. 4. Selection of the sample: the sample area of this study covers the head office of ICB. Since the central financial activities are done under surveillance of the Head office of ICB, so the selection of sample of this study is justifiable. Data collected from different divisions of ICB are all equally important segments of sample used in this study. ICB as a national investment institution has added a tempo in developing the capital market of Bangladesh. As a result of this importance the selection of ICB as the sample area of this study is presumably the demand of the time. 5. Time schemes: As stated earlier since the purpose of this internship program is an exposure to practical life, the ICB management has deputed me to all the division, departments, sections and cell to acquire hand-on-experience about each of them. I have visited the departments according to the following schedule. | |Name of the Departments |From |To | |   |   | |   | |1 |Personnel Department |27. 03. 2006 |28. 03. 006 | |2 |Secretary Department |29. 03. 2006 |   | |3 |Planning research and Business development Dept. |30. 04. 2006 |09. 04. 2006 | |4 |Management Information Dept. |10. 04. 2006 |12. 04. 2006 | |5 |Securities Analysis Dept. |13. 04. 2006 |16. 04. 2006 | |6 |Investor's Dept |17. 04. 2006 |19. 04. 2006 | |7 |Shares Dept. and reconciliation Cell |20. 04. 2006 |25. 04. 2006 | |8 |Unit sales Dept. |26. 04. 006 |27. 04. 2006 | |9 |Unit registration and collection Dept. |30. 04. 2006 |02. 05. 2006 | |10 |Mutual Fund Dept. |03. 05. 2006 |07. 05. 2006 | |11 |Central Acco unts Dept. |08. 05. 2006 |10. 05. 2006 | |12 | System Analysis Dept. |14. 05. 2006 |15. 05. 2006 | |13 |Programming Dept. |16. 05. 2006 |17. 05. 2006 | |14 |Loan Appraisal Dept/Lien Cell |18. 05. 2006 |21. 05. 2006 | |15 |SAARC Cell |22. 05. 006 |—- | |16 |Project Implementation Dept. |23. 05. 2006 |—- | |17 | Loan Recovery and Monitoring Dept. |24. 05. 2006 |25. 05. 2006 | |18 |Project Loan Account Dept. |28. 05. 2006 |—- | |19 |Public Issue Dept. |29. 05. 2006 |—- | |20 |Trustee Dept. |30. 05. 2006 |31. 05. 2006 | |21 |Law Dept. |01. 06. 2006 |04. 06. 2006 | |22 |Audit and Method Dept. |05. 06. 2006 |06. 06. 2006 | |23 |Department Control Dept |07. 06. 006 |—- | |24 |Establishment Dept. |08. 06. 2006 |11. 06. 2006 | |25 |public Relation Dept. |12. 06. 2006 |—- | |26 |ICB Asset Management Company Ltd |13. 06. 2006 |15. 06. 2006 | |27 |ICB Capital Management Ltd |18. 06. 2006 |20. 06. 2006 | |28 |ICB Securities Trading Ltd |21. 06. 2006 |2 6. 06. 2006 | Table 1. 1: Schedule of working at ICB 1. 4 Limitations of the Study Limitations are obvious in any study so do here. Since this is an internship report, the limitations regarding the internship programm has acted as the limitation of the study. The findings we figured out, and the recommendation we made may not be 100% accurate and may not represent the exact situation. Eventually, in completion of my study, a number of constraints and limitations I faced. These can be considered as follows: ? Performance analysis of ICB and its mutual funds may not represent the current condition of the organisation and its mutual funds as all the analysis are based on the data of June 30, 2005. Since the current year financial disclosures are not public yet, so the analysis is a little backdated. ? Officials of ICB maintain a very busy schedule. So they were not always able to provide enough time to enrich the intern students every time, even if they had the intention to do so. ? Due to security reasons and organizational privacy we didn’t have access to some core areas of ICB. ? I had to go almost every department of ICB during my three months internship programm at ICB. Three months is a very short span of time to get an in-depth knowledge about a giant organization like ICB. ? The area covered by the report â€Å"The role of ICB in the development of Capital Market in Bangladesh: A Performance Evaluation of ICB Mutual Funds† concerns a huge a number of activities and it is very difficult to sketch a total picture of the financial activities in a report of this short scale. | | | | | | | | | | | | | | | | | | | | | | | | | | | |CHAPTER TWO | | | | | |ICB AND ITS FUNCTIONS | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2. 1 Background of the ICB The investment corporation of Bangladesh (I CB) was established on 1st October 1976, under â€Å"The Investment Corporation of Bangladesh ordinance, 1976† (no XL of 1976). The establishment of ICB was a major step in a series of measures undertaken by the Government to accelerate the pace of industrialization and to develop a well organized and vibrant capital market particularly securities market in Bangladesh. ICB caters to the need of institutional support to meet the equity gap of the companies. In view of the national policy of accelerating the rate of savings and investment to foster self –reliant economy, ICB assumes an indispensable and pivotal role. Through the enactment of the Investment Corporation of Bangladesh (Amendment) Act 2000 (no 24 of 2000), reforms[3] in operational strategies and business policies have been implemented by establishing and operating subsidiary companies with ICB as the holding company. 2. 2 Objective As the country’s Pioneer Investment Bank, ICB has been working to assist the small investors in mobilizing their savings. ICB works with a view to broaden the base of the investment of the country, ensure mass participation of general people in the capital market and thus to contribute towards the GDP of Bangladesh. ? To encourage and broaden the base of investments ? To develop the capital market ? To mobilise savings ? To promote and establish subsidiary companies for business expansion. ? To provide for matters 2. 3 Functions of ICB To develop the capital market of Bangladesh, and mobilise the savings of small investors, ICB carry out a range of diversified functions. With a solid view to foster and accelerate the economic growth of the country, ICB provides all sorts of financial services to the potential sector. Ensuring equal distribution of economic benefits gained by the economy among the grass root level is one of the main objectives of ICB. Various functions of ICB can be mentioned as follows. Unlike any other financial institutions, ICB maintains a portfolio of the government comprised of different securities of listed companies and helps government advising regarding fiscal and monetary policy of the country. As a market maker it floats mutual funds, issues unit certificates, underwrites securities and manages issuance of securities. | | | |Underwriting of initial public offering of shares and debentures | | |Underwriting of right issue of shares | |Basic |Direct purchase of shares and debentures including Pre-I[4]PO placement and equity participation | |Functions |Providing lease finance to industrial machinery and other equipments singl y or by forming syndicate | |Of |Managing investors' Accounts | | |Managing Open End and Closed End Mutual Funds[5] | |ICB |Operating on the Stock Exchanges | | |Providing investment counseling to issuers and investors | | |Participating in government investment program | | |Participating in and financing of, joint-venture projects | | |Dealing in other matters related to capital market operations | | |Trusty, Custodian, Bank Guarantee | | |Consumer Credit | 2. 4 Business Policy The corporation has adopted a realistic business policy framework within which its operation is conducted. The corporation, acts on commercial consideration with due regard to the interest of industry, commerce, depositors, investors and to the public in general. | | | | |To provide financial assistance to projects subject to their economic and commercial viability. | |Business |To arrange consortium of financial institutions including merchant banks to provide equity support to | |Policy |projects and thereby spread the risk of underwriting. | |Of |To develop and encourage entrepreneurs. | |ICB |To diversify investments in securities. | |To create employment. | | |To encourage Investment in IT sector. | | |To encourage Investment in joint venture capital/project. | 2. 5 Capital Structure | Capital Structure of ICB -as on June 30, 2005 (Tk in crore) | |Authorised capital |100. 00 | |Paid up capital |50. 00 | |Reserve |84. 11 | |Retained profit |5. 6 | |Long term govt. Loan |5. 25 | |Debentures |61. 80 | |Others |24. 89 | |Total |231. 41 | Source: Drawn based on the data of ICB Annual Repo rt 2004-2005 Figure 2. 1 Capital Structure of ICB Share price of ICB Share price of for the last year was as follows: Fig 2. 2: 2. 7 Share holding Position of ICB Equity participation from a range of institution along with the government of Bangladesh has made the capital structure of ICB as a unique. Nationalised banks, Private commercial banks, Bangladesh Bank including the general public have ownership in ICB. |Shareholding position of ICB (as on June 30,2005) | |Shareholder |No. of share holder |No. of shares |Percentage | |Governments of Bangladesh |1 |1350000 |27. 00 | |Nationalised Commercial Banks |4 |1137220 |22. 4 | |Development Financial Institution |2 |681550 |13. 63 | |Insurance Companies |3 |618286 |12. 37 | |Bangladesh Bank |1 |600000 |12. 00 | |Denationalized Private Com Banks |2 |454263 |9. 08 | |Private Commercial Banks |3 |28286 |0. 7 | |Foreign Commercial Banks |2 |26531 |0. 53 | |First BSRS Mutual Fund |1 |6900 |0. 14 | |Other Institution |9 |26949 |0. 54 | |General Public |927 |70015 |1. 54 | | Total|955 |5000000 |100. 00 | Table 2. 2: Shareholding Position of ICB Source: Annual Report 2004-2005 [pic] Figure: 2. 3 Shareholding position of ICB 2. 8 Products of ICB Private Placements ICB is authorized to act as an agent of the issuers and investors for private placements of securities. Under this arrangement, ICB places securities to individuals/institutions on behalf of the issuer for which it charges fees. ICB also acquires shares/securities for its own portfolio both in pre-IPO placement and equity investment. Underwriting[6] In order to raise long term equity from the primary market, the government bodies, enterprises, corporations or companies may seek intermediary assistance from ICB in the form of underwriting. Because of its long and proven experience, reputation, asset back up and established network of regional offices, ICB is in an excellence position to attract the potential investors to the proposed issue of shares, debentures and other securities for successful flotation of IPO and placement. Custodian and Banker to the Issues To act as the custodian to the public issue of Open-end & Closed-end Mutual Funds, ICB provides professional services. It also acts as the Banker to the issues and provides similar services through the network of its branches. Fees in this regard are negotiable. Mergers and Acquisitions Companies willing to expand their business through mergers or acquisitions or o divestment projects that no longer viable into present capacity of operation can contact the Corporation. ICB provides professional services & advices in respect of shaping up the cost and financial structures to ensure best possible operational results. Besides, in case of divestment, the corporatio n, through network and established business relationship, bring buyers and sellers together, help them to negotiate final agreement and advice on the emerging corporate structure. Advance against Unit Certificates Scheme Advance against ICB Unit Certificates Scheme was introduced in 1998, especially designed for the ICB unit- holders to meet their emergency fund requirements. One can borrow maximum Tk. 5 per unit by depositing his/her unit certificates under lien arrangement from any of the ICB offices where from such unit certificates were issued. The rate of interest on the loan is reasonable and competitive. Corporate Financial Advice Government enterprises and Companies intending to go public issue often seek professional & financial advice on corporate restructuring & reengineering. ICB through its expertise provide such services through its expertise. Lease[7] Financing ICB Provides lease finance mainly for procurement of industrial machinery, equipment and transport. ICB prov ides professional advice and financial assistance to the intending clients. The period of lease, rental, charges, and other terms and conditions are determined on the basis of type of assets and the extent of assistance required by the applicants. Since introduction of this scheme in 1999, good responses have been received from the intending lessees. Trustee to the debenture and Securities assets ICB is acting as a trustee to the debenture issues and asset-backed securitised bonds. ICB acted as trustee to the issues of 17 companies of which 7 companies has been redeemed successfully. Bank Guarantee scheme ICB introduced Bank Guarantee scheme in 2002-03. ICB provides (i) Bid Bond for enabling the business people to participate in any tender or bidding; ii) Performance Bond for helping the business community to continue their business smoothly by fulfilling their obligations promised by them to their clients; and (iii) Customs Guarantee for solving different disagreements between the customs authority and the business classes at the initial stage. The maximum limit of guarantee is Tk. 2. 00 crore and would be issued against at east 20% cash and 80% easily encashable securities or against 100% cash margin. Re-guarantee from other financial institution is required for guarantee against the amount exceeding Tk. 2. 00 crore. Consumer Credit Scheme As part of business diversification program, ICB has introduced â€Å"Consumers Credit Scheme† in 2003-04 considering at the need of various household commodities of different employees of govt. , semi-govt. autonomous bodies and some established private sector organizations. Under this scheme one can enjoy minimum Tk 1. 0 lac but maximum 5 lac credit facilities. The rate of interest on the loan is reasonable and competitive which is fixed by the board of directors of ICB considering the bank rate and with the guidelines of Bangladesh Bank. 2. 9 ICB at a Glance |Particulars |Cumulative up to June 30, 2005 (Tk in Crore) | |Authorized Capital |100. 00 | |Paid up Capital |50. 0 | |Financial Assistance to projects (Commitment) | | |No of projects |431 | |Amount |536. 87 | |Disbursement of project loan | | |No of projects |308 | |Amount |114. 2 | |Trustee to debenture issue | | |No of companies |17 | |Amount |184. 15 | |Trustee to issue of bonds | | |No of companies |5 | |Amount |134. 6 | |Custodian/Trustee to issue of Mutual Funds | | |No of funds |4 | |Amount |60. 00 | |Manager to the issue | | |No of companies |41 | |Amount |104. 9 | |Lease financing | | |No of projects |34 | |Amount sanctioned |92. 93 | |Public Issue (ICB Assisted) | | |No of companies |111 | |Size of issue (General public) |368. 3 | |ICB Investors’ scheme | | |No of accounts opened |77207 | |Investment made |760. 82 | |ICB Mutual Funds | | |Number |8 | |Capital fund |17. 0 | |Total market value of investment |67. 66 | |Dividend per certificate in eight mutual funds for the year 2004-2005, ranges | | |from Tk 15 to Tk 210) | | |ICB unit fund | | |Gross sale |940. 8 | |Rate of dividend for the year 2004-05=Tk12 per certificate | | |ICB’s Transaction in the Stock Exchanges including subsidiaries | | |DSE |769. 90 | |CSE |268. 73 | Financial Results (For the year 2004-05) (Tk in crore) |Income |170. 38 | |Net profit after Tax |21. 3 | |Dividend (Tk per share) |12 | |Manpower (as on June 0,2005) |396 | |No of shareholders ( as on June 30, 2005) |955 | 2. 10 Investors Scheme of ICB Investor scheme is one of the core functions of ICB. Through investors’ scheme, ICB ensures Participation of small investors in the capital market of Bangladesh. The Investors' Scheme was introduced in 1977 with the objective of broadening the base of equity investment through mobilising savings of small and medium size savers for investment in the securities market. In addition to Head Office, Investment Accounts are also operated at the 7 branch offices of ICB located at Dhaka, Chittagong, Rajshahi, Khulna, Barisal, Sylhet, and Bogra. However in view of strategic changes in policy reform, from 01 July 2002 ICB stopped opening new accounts and ICB Capital Management Ltd. started opening and managing investment accounts. ICB will continue to provide services to its existing accounts only. Table 2. 3: Comparative operational activities of the investors’ scheme in 2004-2005 and 2003-2004 |Particulars |04-05 |03-04 |Increase/Decrease |Cum as on June 30, 2005 | | | | |(%) | | |No. f accounts opened | — | — | — |72207 | |No. of accounts closed |807 |776 |4. 26 |28327 | |No. of net operative accounts |48880 |49687 |-1. 62 |48880 | |Deposit received |22. 7 |27. 31 |-16. 62 |314. 87 | |Loans disbursed |159. 5 |58. 73 |171. 58 |707. 8 | |Investment Made |118. 26 |62. 91 |87. 98 |760. 82 | |Interest accrued |25. 09 |30. 48 |-17. 68 |— | |Interest waived |19. 06 |31. 26 |-39. 03 |55. 52 | |Recovery of margin Loans |179. 6 |103. 14 |74. 13 | —| |Fund withdrawal |40. 18 |13. 09 |206. 95 | —| Further steps were undertaken to enhance the quality and speedy service under the scheme like computerization of all activities and installation of merchandizing operation management software. This enables the management to offer better and quick service to the investors including instant supply of the financial statement, portfolio, balance of the accounts, etc. Installation of telephone banking system in Investors' Account enabling investors to collect information and operate their account over telephone was at the final stage of operations. Besides, installation of Electronic display system of DSE online trading on the floor of ICB has been set up. Through investors’ scheme ICB provides the following services. Authority of Operation An account may be operated by the account holder himself/herself or he/she may authorize to another A/c. holder of investors account of ICB by written consent in the prescribed form, some one else to operate the account on his/her behalf. In case of joint account holders, account may be operated by single or joint signatories or by authorised operator. Margin Loan Presently ICB grants loan up to two times i. e. at the ratio of 1:3 against the deposits of account holder(s) subject to a maximum of Tk. 3, 00,000. 00 to an account. However, management of ICB, at its discretion, may limit such loan. Loans are repayable as per repayment schedule given by ICB. In the event of default of loan repayment, the outstanding amount may be recovered by sale of securities held in the account. Portfolio Management The account holder may use his/her equity and the loan to buy securities which ICB keeps as collateral. Purchase and sale orders are executed by ICB within the shortest possible time, subject to the availability of fund in the account and scope of matching of buyers/sellers and securities in the stock exchanges. An account holder or his/her authorized person may place purchase/sale execution order in the prescribed form, indicating whether, the order is a limit order i. e. an specifying the max. /min. rice at which he/she is willing to buy /sale, or at a market price i. e. without any limit of price. The purchase and sale orders are valid for seven and ten days respectively, if not revalidated / cancelled otherwise by the account operator. Withdrawal of Securities/Funds All or any amount of fund or securities may be withdrawn from an accou nt subject to keeping of minimum credit balance of Tk. 5000. 00 in cash or in securities to keep the account running alive. Application against IPO All activities relating to application for securities and collection of allotment letter / refund warrant and certificates, as the case may be, against the IPO[8] are done by ICB on behalf of account holder. Collection of Securities and Benefits Right shares, bonus shares, dividends, interest, converted shares etc. accruing to an account are collected by ICB from the respective companies. Registration and custodial services Registration of shares/ securities with the company is made before the closure of the company's share / debenture transfer book, after completing all the required formalities, on behalf of the account holder. Volt and other custodial arrangement for assets of the account are provided by ICB. Counseling and data support In order to develop diversified and balanced portfolio to minimize risk and maximize profit, ICB provides professional advice to its clients. Data support in the form of securities analysis sheet, daily purchase/ sale position, statement and portfolio of each account, etc. are provided on demand and on regular interval. Income Incomes from investments by way of dividend, interest, bonus shares, capital gains etc. are credited to the respective account. Expense Interest on loan (currently-12. 5%) and brokerage (0. 5% for non CDS & 0. 5250% for CDS) on sale/ purchase of securities are charged to the respective account. To encourage the small and medium savers, ICB at present does not charge fees for most of the services rendered by ICB to its customers, including fees for management, investment advice, custodial service(for non CDS securities),etc. Closing of Account An account may be closed by written order subject to settlement of fees & dues, if any. There is no provision of revival of a closed account. Risk Management Risks of investments in the securities market are minimized through prudent & professional portfolio management. 2. 11 Organization Structure of ICB Management of ICB The head office of the corporation as per the requirement of the ordinance of ICB is located at Dhaka. The board of directors of ICB is very much rich as it consists of distinguished professional and managing director of other organization. The Board consists of 11 members including the Chairman and Managing Director. The Board of Directors consists of the following members. The Chairman and Managing Director (MD) are to be appointed by the government o The directors to be appointed by the government from among persons serving under the government. o One Director to be appointed by the Bangladesh Bank o The Managing Director of Bangladesh Shilpa Bank (BSB), ex offi ce. o The Managing Director of Bangladesh Shilpa Rin Shnagsta (BSRS) o Four other directors to be elected by the shareholders other than the government. ICB- its Divisions and Departments Investment Corporation of Bangladesh split, into 25 departments and 11 divisions in its head office. Beside that ICB has seven branches in different districts. These are situated at Dhaka (local office), Chittagong, Sylhet, Rajshahi, Khulna, Bogura and Barisal. ICB is functionally divided into two broad wings. One is operations wing and another is Administrative wing. The functions of operational wings involve the activities of project Financing, Planning Research and Business Development, Lunching Unit and Mutual Funds (launching if new funds is now stopped and currently the function is accomplished by ICB Asset Management Ltd), transaction and maintenance of Investor Accounts. The function of administrative Wing involve the activities of Account and Finance, Legal affairs, Implementation and Recovery, Project Implementation, Law and Public Issue. It is mentioned earlier, that ICB consists of 11 Divisions and 25 departments. The following table lists all the divisions and departments of ICB. An appendix at the pf the report contains the full Organ gram of ICB. Table 2. 4 |Division |Department | |A. Administration |01. Personel | | |02. Establishment | |B. Loan Appraisal |03. Loan Appraisal | | |04. Economic and Business Research | | |05. Securities Analysis | |C. Legal Affairs |06. Public Issue | | |07. Law | |D. Merchandising |08. Investors’ | | |09. Shares | | |10. Transaction | |E. Funds |11. Unit sales | | |12. Unit Registration and Procurement | | |13. Mutual Funds | |F. Computer |14. System Analysis | | |15. Programming | | |16. Management Information System | |G. Audit And Methods |17. Audit And Methods (Head Office) | | |18. Audit And Methods (Branches) | |H. Accounts and Finance |19. Central Accounts | | |20. Project Loan Accounts | |I. Implementation |21. project Implementation | | |22. Recovery and Follow-up | |J. Secretary’s |23. Secretary’s | | |24. Public Relation | |K. Branch and Subsidiaries control Division |25. Branch Control Department | 2. 11 ICB Mutual Funds It is a recognized principle that diversification of investment reduces risk. An individual may not have the time, expertise and resources to undertake such diversification. Here arises the advantage of a Mutual Fund. Mutual Funds pool the savings of a great number of investors and make investments in a wide array of securities. In Bangladesh ICB has pioneered Mutual Funds for the sake of investors and of the capital market. Mutual Funds are also known as close ended Mutual Funds. The issued capital of a Mutual Fund is limited, that is, a Mutual Fund offers a limited number of certificates for sale to the public. The amount of capital and the number of certificates of each Mutual Fund remains unchanged. ICB Mutual Funds are independent of one another. Price of Mutual Fund certificates after IPO is determined on the Stock Exchanges through interaction of supply and demand. The market price of a Mutual Fund certificates is available in Stock exchange quotations and in newspapers. An investor can purchase any of the existing eight ICB Mutual Funds certificates through the Stock Exchanges at the prevailing Market Price. The Mutual Funds are managed by ICB as fund manager for which receives commission @1%. ICB Mutual Funds Certificates holders shall have unfettered ownership in the assets of the Fund to which they are related. In case of winding up of the Corporation the assets belonging to any ICB Mutual Fund shall not be treated as the assets of the Corporation. At present management fee @ 1% on the paid up capital of the Fund is charged annually. No amount is charged on account of custodial and trust services. The net income received on investments of Funds on account of dividend, bonus, interest, capital gain etc. are distributed amongst the Certificate Holders as per decision of the Board of Directors of ICB. Board declares such income in the form of dividend at the end of July each year. Dividends declared by ICB in the past on the Mutual Funds were very attractive. A detail analysis on ICB sponsored mutual fund will be followed on the second part of the report. 2. 12 ICB Unit Fund Sponsored by the Government of Bangladesh, ICB Unit Fund was established on April 10, 1981. Its main objective is to mobilize savings through sale of its units to small investors and invest these funds in marketable securities. The scheme provides a potential source of equity and debt to industrial and commercial concerns and thus contributes to the industrial development of the country. Unit fund is an open ended Mutual Fund. It provides an opportunity to the unit holders to invest their funds in a well managed and diversified portfolio with a high degree of security of capital and reasonable yearly returns. Investment in Units is safe and ensures a continuous and regular source of income for the holders. Units are easily encashable. As such, investment in Unit is comparatively more attractive. By investing in this scheme an investor may derive personal benefit on the one hand and also contribute towards the economic development of the country on the other. ICB units are securities within the meaning of Trust Act. 1882. Issue, Transfer and Surrender of Unit Certificates (I) Units are available in 1, 5, 10, 50, 100, 500, 1000, & 5000 denominations. The names with addresses of the holders are recorded and dividends are dispatched to them accorded and dividends are dispatched to them accordingly. II) Units may be transferred through prescribed transfer form duly filled in and signed by the transferor and transferee. No stamp duty is required for such transfers. (III) Units may be encased by way of surrendering the certificates along with the prescribed surrender forms duly filled in and sig ned by the registered holders and no prior notice is required. The certificates are required to be surrendered at the prevailing Repurchase Price. Price Fixation: Changes in repurchase prices of units are notified through the newspapers and price of a Unit is fixed periodically by ICB as its fund manager. Among others, valuation of the assets of the Fund is taken into consideration while fixing price of a unit. Public Participation The Fund is divided into units which are generally known as â€Å"ICB Unit†. Each Unit bears a certain value in the assets of the Fund. The Unit holders are the owners of the fund and only they are benefited from it. Unit certificates can be purchased in single or joint name (s). At present maximum of 10,000 Units can be purchased in a single or joint name(S) at a time. Units are not sold to institutions. Professional Counseling Professional Counseling is rendered to the prospective & existing investors who are eager to purchase ICB Units through ICB offices and authorized Bank branches. Presently this scheme is operated by ICB Asset Management Company Limited. Investment by Bangladeshi Citizens Abroad The Bangladeshi citizens living abroad may invest in certificates on fulfillment of the following terms and conditions: (I) The value of Units purchased is to be remitted through bank channel, (II) The money invested in Units and benefits thereon are not allowed to be repatriated, (III) The investors must mention their local and bank addresses in Bangladesh for convenience of registration of Units. Investment by Foreigners Residing in Bangladesh The foreign nationals residing in Bangladesh may also invest in Unit Certificates, provided they produce certificates to the effect that money being invested are their own savings and is not borrowed as loan or overdraft from any bank. These certificates are to be collected from a Gazetted Officer or a Banker not below the rank or Deputy General Manager. Fund Management The responsibility of managing the fund rests on ICB for which management fee @ Tk. 1. 25 per Unit (net outstanding) is charged. The Corporation also discharges the responsibility of loading and unloading of securities in and from the portfolio in the interest of the Unit holders. It is also the custodian of all assets of the fund. Dividend The total income earned on investment/ deployment of funds, net of expenditures incurred, in a financial year is distributed among the unit holders as dividend. Dividend is normally declared at the end of July each year by the Board of Directors of ICB. Dividend Warrants are dispatched soon after declaration of dividend. Since launching of the scheme in 1981 till FY 2004-05 the rates of yearly dividend declared/ paid are as under: Figure 2. 4: dividend performance of ICB unit fund The graph shows that the fund provides an attractive cash dividend each year to the highest of 25% in 1988-89 and to the lowest of 11. 01% in 2004-2005. Figure 2. 5: Dividend yield on ICB unit fund The graph shows a dividend yield on opening price of the unit fund. Tax Benefits (I) Investment in Units enjoys the benefit of Investment Allowance under Sec. 44 of Income Tax ordinance 1984. (II) Units are treated as approved securities in accordance with the Section 2993 of the Companies Act. 1994 and Insurance Act,   1938. These are also treated as Securities as per Sec. 20 of the Trust Act, 1882. Cumulative Investment Plan (CIP) Under this scheme a holder instead of receiving dividend may reinvest such dividend income accrued for purchasing Unit at a confessional rate. In such case, Units are issued at Tk. 1. 00 less than t he opening price of the financial year. 2. 13 Development Activities of ICB Equity support through consortium arrangement ICB inve