Harlem poet Essay Example | Topics and Well Written Essays - 750 words

Harlem poet - Essay Example Claude McKay, a Jamaican-American poet, expressed concern over the heightened tension that emanated from racism that existed in the 1920s. His role during the Harlem Renaissance had outstanding impacts on a number of readers of poems. Some of his poems were quite militant with the core objective of challenging the brutal leadership experienced by the blacks. He was of key contribution in condemning the leadership while expressing the challenges faced by the blacks to cope with the racial tension at that time. He is iconic for advocating for the consideration of humanity and fair treatment of the oppressed. The celebration of the traditions and heritage of blacks was a key characteristic of the Harlem Renaissance. One of McKay’s most celebrated pieces of literature include If We Must Die poem. The piece of work was a justification of the rights of the blacks, who at the time experienced serious exclusion and segregation (Marshall Cavendish Corporation, 2003). In the poem, he stated that blacks were confident to wage against the forces of tyranny given their resilience. He writes, in the poem, that blacks intend to â€Å"fight back† (Shmoop, 2010) even when facing death. The major theme that is evident is prejudice and abuse. He expressed the plight of the blacks and the brutal leadership that they experienced. Langston Hughes wrote inspirational poems during the period of the 1920s. He is prominent for his role in spearheading the upcoming literary appreciation during Harlem Renaissance. Through the poems, he encouraged the pleasure of the traditions of the blacks and their heritage. Among his inspirational poetic works was the poem, The Weary Blues. The theme of art and culture of the Negro is evident through the poem. He describes the relationship between art and culture as confusing and initiates weariness. The theme of race is evident from the poem, as well. The African

Finance Planning Assignment Example | Topics and Well Written Essays - 750 words

Finance Planning - Assignment Example Their monthly expenditure on insurance for their properties is high and does not comprehensively cover their assets since some assets such their stereo is not insured. The critical issues raised above should be addressed in their order of priority. Recommendation for the emergency fund would be to sum up Mark’s 401(k) contribution and bank savings as previously intended, since they are available. Then the Lanes should top up the remaining amount from reductions in their expenditure and by that their emergency fund objective will have been met. Recommendation for the second and middle term objective would be to make a fixed income investment and channel the proceeds to a child education fund. The long term goal of purchasing a house should be met by freeing up money that was used to pay debts and once these are cleared they can channel the income towards payment of a mortgage. They have a short fall of $18,877.5- $3,070= $15,807.5 Recommendation for funding the shortfall includes implementing the proposed debt management plan so as to reduce debt expenses such as payment of credit card interests. The proceeds realized can then be channeled to the emergency fund. The Lanes have been having a poor debt management plan as they have a negative balance sheet and a negative cash flow balance. They should consider implementing the proposed debt management plan as it will assist them clear their debts systematically from the smallest to the largest debt. In order to save a monthly amount for retirement at the age of 55, both Mark and Ava should cut down on their expenditure and reduce their insurance expenditure. In order to do this, they can consider the emergency fund as a form of self-insurance then save the amounts used to pay insurance premiums to save for retirement. The Lanes should not sell any of their investments to

Extranet Infrastructure For Hospital Chains Information Technology Essay

Extranet Infrastructure For Hospital Chains Information Technology Essay Networking and Internet has revolutionized the means of communication and has made this world a small family. Many businesses have developed on the basis of Internet and have attained huge success by adopting to advanced technology in sensible manner. This assignment deals with network infrastructure implementation in a chain of hospitals. This assignment is divided into different sections starting from implementation of type of network with OSI TCP/IP implementation at different layers of infrastructure. Then it also includes the type of hardware / software required for implementation and also the most important part i.e. implementation of security policy. 1.0 Type of Network Type of network required to be chosen is a tedious task. Different types of network designs, are categorized based on their scope or scale. Network industry referes to each type of design as some kind of area network. Choosing an area network requires in-depth requirement analysis and cost analysis. There are different types of network available such as: LAN : Local Area Network MAN: Metropolitan Area Network WAN: Wide Area Network SAN: Storage Area Network WLAN: Wireless Local Area Network. CAN: Campus Area Network PAN: Personal Area Network DAN: Desk Area Network These all types of network are chosen in different types of situations. Considering the scenario of the chain of hospitals having 25 computers different types of options are available: If the hospitals are situated in a city then MAN can be implemented that can be used to connect different hospitals and LAN for connection inside each hospital. If the hospitals are dispersed in different cities or countries then WAN is required to connect two different hospitals and again LAN can be used for connection inside each hospital. SAN can be used to transfer large amounts of data between computer and storage elements. Justification: Since PAN and DAN are networks of short distances, it is not used to implement in this kind of scenario. CAN spans all LANs and since this is a matter of only 25 computers it is not a wise decision to implement CAN and neither cost effective. WLAN can be implemented but as communication become wireless there also comes into account security concerns which becomes costly. Since the hospital deals with lot of patients and huge amounts of data it is necessary to implement SAN since it will make data transfer more secure and robust. Topology for LAN connection: Now since the connection between hospitals is decided, next point of concern is the connection inside each hospital. The computers in a LAN can be connected in several ways. These different ways of connection is referred to as topology. There are several topologies such as: Bus Star Tree Ring Mesh Source: (GeoSig, 2009) Each and every topology has its own advantages and disadvantages. Sometimes there is also mixed topology called HYBRID topology that is used, which is the implementation of two or more topologies. Here in this scenario, the best configuration to use is mesh topology or ring topology. Justification: Mesh topology ensures robust and secure data communication since each all computers are attached by dedicated links. Also its secure since the message sent to the intended recipient only sees it. Hence mesh topology is ideal for secure and effective communication. The only disadvantage being amount of cabling causing an increase in number of I/O ports. In order to be cost effective ring topology is also advisable. Since in case of ring topology there is point to point line configuration only and hence amount of cabling is reduced. Also it is very easy to reinstall and reconfigure. Fault isolation is also achieved because in a ring there is a signal that is circulating every time. Hence if a device does not receive signal for a certain amount of time it can issue an alarm which can alert the networker to the problem and location. The only disadvantage is that break in the ring such as a disabled station causes the entire network to become disable. Although this disadvantage can be overcome by using dual ring or switch that is capable of closing this break. Other types of topologies are not taken into account for following reasons: In case of bus topology the cable length is limited to few number of computers and also modification in number of computers, fault isolation and reconfiguration is tedious task. In case of Star topology the failure of central hub caused the whole network to fail which is a very serious disadvantage. Tree topology is very much like the Star topology. It has two types of hubs instead of one as in star. But failure of any one type of hub results in failure of that whole network. Therefore the recommended network type for implementation is to adopt WAN or MAN for wider communication and LAN and Mesh/Ring topology for local communication. A basic LAN consists of the following components. Two or more computers. Network Interface card or LAN Card in each PC. Ethernet cable (Cat5, UTP/SPT) cable to connect the two computers. A hub, switch or router to route or direct the network traffic. Software for the communication/computer networking. The alternate technologies to Ethernet are Token Ring, which is used in the Ring Topologies networks. Token Ring is designed by the IBM and ATM. In ATM networking, devices are connected with each other over a very large distance (thus forms the WAN), and behaves like LANs. 2.0 OSI and TCP/IP Layer Implementation OSI an abbreviation for Open System Interconnection model was developed by ISO for facilitating communication across all types of computer systems. The purpose of OSI model is to facilitate communication regardless of their underlying architecture i.e. without requirement of changing the logic of underlying hardware and software. It is built of seven layers as follows: Physical : Layer 1 Data Link : Layer 2 Network : Layer 3 Transport : Layer 4 Session : Layer 5 Presentation : Layer 6 Application : Layer 7 TCP/IP is an abbreviation for Transmission Control Protocol/ Internetworking Protocol. The TCP/IP protocol suite was developed before the development of OSI model. Therefore the layers are not an exact match with the OSI model. The suite is made up of 5 layers: Physical : Layer 1 Data Link : Layer 2 Network : Layer 3 Transport : Layer 4 Application : Layer 5 OSI layer: Recommended hardware and software Hardware: Physical Layer: It defines all the components such as electrical, mechanical and all types of hardware for sending and receiving data, all physical aspects.such as fibre optic cables (since SAN is used), cards etc. The bit stream is conveyed at electrical and mechanical level. The characteristics defined by the physical layer are: Voltage levels Timing of impulses Physical data rates Max transmission distance Physical connectors. The implementation of physical layer can be classified as either LAN or WAN specifications. Data Link Layer The data link layer is responsible to define the format of the data and ensure its reliable transfer. It facilitates frame synchronization, protocol management, flow control and also handles all errors in physical layer. There are 2 sublayers: MAC: Media Access Control LLC: Logical Link Control MAC is responsible for two devices to uniquely identify each other while LLC is responsible for managing communication over a single link of network. The hardware that operate at this layer are Hubs and Switches. Network Layer: Network layer provides facility of switching, congestion control, routing and error handling. The protocol operating at this layer is called IP i.e. Internetworking Protocol and it defines the the way of determining route selection systematically. In order to facilitate thi, Routers operate at this layer that determines the way of forwarding packets. Transport Layer At the transport layer data is segmented into packets for transferring across the network. The function of this layer is to provide flow control, error checking and recovery and multiplexing.This layer makes use of protocols such as TCP i.e Transport Control Protocol and UDP i.e. User Datagram Protocol. Session Layer Session layer is responsible for dealing with session and connectin co-ordination. Its function is to establish, manage and terminate communication session. The protocols functioning in this layer are Remote Procedure Call (RPC), Zone Information Protocol (ZIP), Appletalk, Session Control Protocol (SCP). Presentation This layer is responsible for coding and conversion of data from application to network format. It makes sure that the data of application layer is readable by the application layer of other system. It contains software used for encryption of data and thereby providing compatibility between systems. Application Layer This layer is completely responsible for the software applications. The main function is to identify the communication partners and determine the availability of resources and also synchronizing communication. It provides end user services such as e-mails, file transfer, virtual terminal access and network management.The softwares required to be implemented is discussed after the TCP/IP network model. Some of the examples implemented in application layer are File Transfer Protocol(FTP), Telnet and Simple Mail Transfer Protocol (SMTP). TCP/IP Network Model The physical and data link layer performs similar to OSI model. Physical and Data link It defines all drivers and NIC (Network Interface Card) Network Layer It handles basic communication and protocols operating at this layer are IP, ARP, IGMP and ICMP. Transport Layer Handles the flow of data and segments data into packets over network. TCP and UDP operate in this layer. Application Layer: It handles data of end user applications. Frequently used TCP/IP applications includes Telnet, SMTP, SNMP, DNS, NTP, Traceroute, RIP and NFS. Recommended Softwares: The softwares required for communication over intranet are: Windows 7 OS UnixWare Remote Desktop connnection Lan Messenger Justification: The OS recommended is Windows 7 since it is the latest and fastest OS as compared to previous versions of Microsoft. Remote Desktop connection is required to be establised in order to connect the computer over LAN or WAN. UnixWare provides facility of data communication over WAN. It establishes point to point links thereby facilitating fast transfer. SAN network also requires fast and efficient data communication that also can be achieved by usage of this software. Lan Messenger or a system that is uniformly implemented on all computers should be purchased. 3.0 IT Policy Main purpose of the IT policy stated is to define a framework on how to protect the Hospitals computer systems, network and all data contained within, or accessible on or via these systems from all threats whether internal, external, deliberate or accidental. It is the policy of institution is to ensure that: All central computer systems and information contained within them will be protected against any unauthorised access or use. Information kept in these systems is managed securely, should comply with  relevant data protection laws in a professional and proper way. All members of the hospital are aware that it is the part of their duty to abide by this policy. All employees (computer users ) accept total responsibility adhering to and implementing this policy within their service areas. The integrity and confidentiality of all central computer systems; accessible on or via these systems is the responsibility of Computing Services. All regulatory and legislative requirements regarding computer security and information confidentiality and integrity will be met by Computing Services and the hospital regulatory bodies. All breaches of security will be reported to and investigated by a nominated security coordinator usually within Computing Services and hospital regulatory bodies. The primary role of the Hospital function regarding medication and research is not hindered. 2. Statement of Authority, Scope and Responsibilities In addition all users have a responsibility to report promptly (to Computing Services or Hospitals regulatory bodies) any incidents which may have a security significance to the Hospital. 3. The Computing Environment Computing Services(under the guidance of hospital regulatory bodies) plan, maintain and operate a range of central computing servers, core network switches, edge network switches, backup systems, and the overall network infrastructure interconnecting these systems. The computing environment is defined as all central computing resources and network infrastructure managed and overseen by Computing Services and all computing devices that can physically connect, and have been authorised to connect, to this environment. All are covered by this policy, including computing hardware and software, any Hospital related data residing on these machines or accessible from these machines within the campus network environment and any media such as CD-ROMs, DVD-ROMs and backup tapes that may at times be accessible.. Computing Services also considers all temporary and permanent connections via the Hospital network, casual laptop docking points, the Wireless network, the Virtual Private Network and the RAS modem pools to be subject to the provisions of this policy. Computing resources not owned by the Hospital may be connected to the Hospitals network. However, all such resources must function in accordance with Hospitals regulations governing the use of computing resources. Computing Services reserves the right to monitor, log, collect and analyze the content of all transmissions on networks maintained by both Computing Services and individual departments and organisations at any time deemed necessary for performance and fault diagnostic purposes. Any network monitoring will be performed in accordance with the Computer Systems Scanning and Monitoring Policy. It is the right of computing service to check or monitor any employees login without prior content. 4. Physical Security Computing Services provides a secure machine room with protected power arrangements and climate controlled environment. Primarily for the provision of central computing and network facilities individual departments and, if appropriate, individuals are encouraged to make use of the facility for applicable teaching or research projects. Any computer equipment in general office environment should be within physically secure rooms outside of general office hours. Desktop machines in public areas should contain a device or mechanism for securing and protecting the main components and contents of the computer from theft. The above is in accordance with The Hospitals insurance policy . 5. Access to Systems Computer and network systems access is only via individual user accounts. Please refer to the user accounts policy for further details and account eligibility. 5.1 Email Accounts provide access to email facilities. Use of email is governed by Computing Services email policy. 5.2 File Storage All users have access to the centrally managed file storage. Use of the file storage is governed by Computing User file storage policy, It should be appreciated for most applications the security of files on the server is considered to be adequate. However files held on a Network File Server (NFS) should never be considered completely secure. For this reason Computing Services do not recommend that you hold sensitive information such as exam papers or results on the central server (or on any NFS file server for that matter). 5.3 The Web All users have the right to publish their own web pages under the appropriate subdomain of bath.ac.uk. Individual users will be responsible for content in these areas and the Hospital reserves the right to remove access to any material which it deems inappropriate, illegal or offensive. Users should not in any way use their personal web space for commercial purposes. Users shall not in any way use personal web space to publish material which deliberately undermines IT security at the Hospital or elsewhere. Users shall not publish any information regarding open accounts, passwords, PINs, illegally obtained software licenses, hacking tools, common security exploits or similar unless there are specific and legitimate reasons to do so. E.G in order to demonstrate a problem to enable a fix, or similar. 5.4 Internet Access The campus network is connected to the Internet via SWERN and JANET. Computing Services operate and maintain a firewall with the aim of protecting the campus network and Computer systems from unauthorised or illegal access or attack from the external environment. 5.5 Campus Network Individuals must seek permission from local support representatives before connecting any machine to the LAN. Particular attention must be paid to the Host connection and IP Address Allocation policy before any connection is made. Computing Services may disconnect any unauthorised host from the network without warning if discovered. 6. Remote Access to Systems Remote access is defined as accessing systems from a physically separate network. This may include: Connections direct across the Internet VPN Connections Direct dial connections to the RAS (Remote Access Service) Any user with a valid Hospital computer account may access systems as appropriate. Remote access is allowed via secure methods only. Remote connections to any campus IT services are subject to the same rules and regulations, policies and practices just as if they were physically on the campus. Computing Services shall provide the only VPN and dial-in service that can be used. All connections via these services will be logged. No other remote access service shall be installed or set up, including single modems connected to servers or workstations. Any active dial-in services found to be in existence will be removed from the network. 7. Data Security The Hospital holds a variety of sensitive data including personal information  about students and staff. If you have been given access to this information, you  are reminded of your responsibilities under data protection law. You should only take a copy of data outside the Universitys systems if absolutely necessary, and you should exhaust all other options before doing so. This includes putting sensitive data onto laptops, memory sticks, cds/dvds or  into emails. If you do need to  take data outside the University, this should only be with the authorisation of the Universitys data protection officer. As part of this you should perform a risk assessment on the implications of it falling into the wrong hands, and take appropriate steps to mitigate against this. This will almost certainly include encrypting the information, and checking the data protection statements of any recipients of the data. There are a variety of methods of remote access to systems available (in particular using VPN and remote desktop or terminal services) which  allow you to work on data in-situ rather than taking it outside the University, and these should always be used in preference to taking data off-site. Computing Services  offers a variety of  information and support to help you keep data secure.  If  you are uncertain about any aspect of data security, you must contact us for advice. 8. Anti-Virus Security Computing Services will provide means by which all users can download and install current versions of site-licensed virus protection software. Users must ensure that they are running with adequate and up-to-date anti-virus software at all times. If any user suspects viral infection on their machine, a complete virus scan should be performed. If Computing Services detect a machine behaving abnormally due to a possible viral infection it will disconnected from the network until deemed safe. Reconnection will usually be after liaison with the

A Closer Look at Life at Camelot :: Essays Papers

A Closer Look at Life at Camelot GRAPH Mounted Knight with the Arms of Jean de Daillon. Tapestry, southern Netherlands, Tournai, about 1483. Moutacute House, Yeovil (Somerset); The National Trust. Today when asked about tapestries, most will imagine glorious wall decorations, with fantastic scenes and vibrant colors hanging on museum walls. In the Middle Ages however, tapestries were not only used as wall hangings, but because of their warm and durable fabric, as covers for beds tables, and furniture. Although wealthy burghers could afford to purchase several tapestries, the medieval tapestry industry was mostly supported by nobles who owned several houses. Since the interiors of these houses were minimally furnished when the owner was away, there was a need for something quick and easy to transform the barren house into a home when the owner came there. Tapestries provided the perfect solution, since they were easy to move, store and gave any room an instant makeover. Some tapestries were made to order by requests; the majority, however, were woven after existing designs. The tapestry shown above was ordered from Wuillaume Desreumaulx of Tournai by Jean de Daillon, seigneur de Lude. He, however, never got to see it, because he died in 1481 and the tapestry was delivered to his widow in 1483. This piece is the only one known to have survived from a series of wall hangings it belonged to. In the tapestry a mounted knight can be seen, with arms of Jean de Daillon. The colors are bright and vibrant perhaps symbolizing the knight's strength and victory in battle. To learn about different aspects of a knight's life, you can click on various parts of the tapestry above. GRAPH Knighthood - Although the concept of knighthood existed before the eleventh century, it wasn't until the Norman Conquest, which occurred in 1066, that being a knight become a profession. William the Conqueror organized his cavalry into a group of knights, and as a result a knight's services, majority of which included fighting battles, became an essential part of life in the Middle Ages.

Perception paper

In these two stories you see both women being stereotyped. Christa Kilvington being stereotyped for being on government well fare. I can see why people would use that stereotype on her. A lot of the people see using the well fare system are dead beats so to speak, people that are too lazy or on drugs to go find a decent job. With Carol Paik she keeps getting the Asian stereotype where people think she looks like other Asians. I also can understand how people can make this mistake; I think every single one of us will admit that all Asian people look kind of similar and that we’ve each made the same mistake as the people in this story are making with Carol. I personally have made this mistake, even carol made it and she used to complain about people doing the same thing to her.The major factors that affect the selection of information by the people who see Christa are that she is on the welfare system and that she’s a 4.0 student. The people at grocery stores or the welfa re office see her as a lazy person who wont go get a job and make her own money. Her classmates see her as the hardworking dedicated 4.0 student. The two are very different after reading the story I see Christa more on the side of hardworking and dedicated. The major factor affecting Carol is her race. The fact that she’s Asian is the biggest reason people perceive her as someone else.The people who meet Christa organize the information they are given into two different groups. People out in public see her as the single mom that is on government welfare, from that they assume that she is a worthless, lazy woman who is coasting on government funds. People who meet Christa around college see her as the exceptional student. It would be interesting to see what her classmates would say if they knew about her being on welfare and if people out in public knew that she is a 4.0 student. People who meet Carol organize her into one category. People who meet carol confuse her with other women because the general stereotype is that all Asians look alike.The cultural views are big in theses two stories. Generally in our, or American culture, we don’t usually see 4.0 students on government welfare, we’re just not used to seeing that combination of traits from somebody. We also see in our culture that we mix up Asian people with each other. I don’t believe it’s because we are racist I think it’s that we are not raised around a lot of Asians usually so its kind of hard for us to distinguish between them sometimes.To minimize the perception problems people could use perception checking. â€Å"Perception checking is a tool for helping you understand others accurately instead of assuming that your first interpretation is correct. Because its goal is mutual understanding, perception checking is a cooperative approach to communication (Alder/Proctor II, 105).† Perception checking has three parts, description, interpretations, and a request of clarification. In this situation a request for clarification would help out both these women greatly.

Angel Broking Ltd.

ORGANISATION STUDY ON Angel Broking Ltd. Sigra, Varanasi, Uttar Pradesh By Ashish Om (PB1104) & Jeswin George (PA1114) Group No. 53 Submitted to: UNIVERSITY OF MYSORE II SEMESTER INTERNSHIP – ORGANIZATIONAL STUDY BATCH OF 2011 – 2013 Through Contents Company Letter3 CERTIFICATE FROM THE GUIDE5 CERTIFICATE FROM THE GUIDE6 ACKNOWLEDGEMENTS8 Chapter 19 Industry Profile9 CHAPTER 213 COMPANY PROFILE13 Business Branches of Angel Broking16 Angel Group Consists of:16 Our Vision20 Our Motto20 Our CRM Policy: Customer is King20 Business Philosophy @ Angel Broking20Quality Assurance Policy @ Angel Broking20 CHAPTER 321 ORGANISATIONAL HEIRARCHY21 CHAPTER 425 STUDY OF FUNCTIONAL DEPARTMENTS25 4. 1 HUMAN RESOURCE DEPARTMENT26 4. 2 IT and Media29 4. 3 Marketing Department30 4. 4 Finance Department31 CHAPTER 544 SWOT ANALYSIS44 CHAPTER 647 CONCLUSION & SUGGESTIONS47 CHAPTER 753 BIBLIOGRAPHY53 Company Letter Company Letter CERTIFICATE FROM THE GUIDE This is to certify that this Internsh ip Report on Organizational Study at Angel Broking Limited is a bonafide study of Ashish Om, carried out under my guidance and supervision. PLACE: BANGALORE DATE:Prof. Y.Poornima CERTIFICATE FROM THE GUIDE This is to certify that this Internship Report on Organizational Study at Angel Broking Limited is a bonafide study of Jeswin George, carried out under my guidance and supervision. PLACE: BANGALORE DATE:Prof. Y. Poornima DECLARATION We hereby declare that this Internship Report on Organizational Study at ANGEL BROKING LIMITED submitted in partial fulfilment of the requirement for II Semester MBA Degree examinations 2012 of University of Mysore through Ramaiah Institute of Management Studies is our original work and not submitted to any other university.This work has been done under the supervision of Dr Y. Poornima in Ramaiah Institute of Management Studies, Bangalore. Place: Bangalore Date: Ashish Om (11MB50 ) Jeswin George (11MB5071) ACKNOWLEDGEMENTS First of all, we would like to thank the Almighty God for blessing us with the strength, aptitude and patience for successfully completing my internship and this report. I would like to thank my Faculty Guide, Prof. Y. Poornima for giving me the opportunity to work with her during my period of internship.I have been able to compile and complete this report in a comprehensive manner due to the guidance, support and counselling that she has provided me with during this period. I have tried my best to implement her constructive suggestions while doing my report. I would also like to take this opportunity to thank the management of Angel Broking. Ltd for providing the support to do this Internship. My sincere gratitude goes to Mr. G. N. Chowdry: Manager and Consultant Mines, Mr. Haroon Ahmed: In charge Mines, Mr. Arshad Ahmad: Deputy Chief Chemist, Mr.Farooq Ahmed: Electric Engineer and to Mr. Shakeel Ahmed: In Charge Cement Mill for giving me time from their busy schedule, providing me with information that was r equired to complete the report, and for guiding me properly throughout the period of my internship. I would also like to thank all the employees of Saifco Cements Pvt. Ltd. who have supported me and co-operated with me during my internship period. Finally my sincere thanks go to each and everyone who has helped and supported me significantly in different stages during the period of my internship. Chapter 1 Industry ProfileTo understand the equity market and maintain and cope up with the growing competition from the various online trading providers, Broking Company needs to find potential customer and also target the new investors. The project is being done to train the people about the whole procedure essential to open an online trading account couple with demat account. The project will help in exploring the area where there is the feasibility of acquiring more new investors. It would also help in knowing the various competitors of the industry and exploring the areas through which competitive advantage could be obtained. . 1 What is a Stock Market? A stock market or equity market is a public entity (a loose network of economic transactions, not a physical facility or discrete entity) for the trading of company stock (shares) and derivatives at an agreed price; these are securities listed on a stock exchange as well as those only traded privately. The size of the world stock market was estimated at about $36. 6  trillion at the beginning of October 2008. The total world derivatives market has been estimated at about $791  trillion face or nominal value, 11 times the size of the entire world economy.The value of the derivatives market, because it is stated in terms of notional values, cannot be directly compared to a stock or a fixed income security, which traditionally refers to an actual value. Moreover, the vast majority of derivatives ‘cancel' each other out (i. e. , a derivative ‘bet' on an event occurring is offset by a comparable derivat ive ‘bet' on the event not occurring). Many such relatively illiquid securities are valued as marked to model, rather than an actual market price.The stocks are listed and traded on stock exchanges which are entities of a corporation or mutual organization specialized in the business of bringing buyers and sellers of the organizations to a listing of stocks and securities together. The largest stock market in the United States, by market capitalization, is the New York Stock Exchange (NYSE). In Canada, the largest stock market is the Toronto Stock Exchange. Major European examples of stock exchanges include the Amsterdam Stock Exchange, London Stock Exchange, Paris Bourse, and the Deutsche Borse (Frankfurt Stock Exchange).In Africa, examples include Nigerian Stock Exchange, JSE Limited, etc. Asian examples include the Singapore Exchange, the Tokyo Stock Exchange, the Hong Kong Stock Exchange, the Shanghai Stock Exchange, and the Bombay Stock Exchange. In Latin America, there a re such exchanges as the BM&F Bovespa and the BMV. Market participants include individual retail investors, institutional investors such as mutual funds, banks, insurance companies and hedge funds, and also publicly traded corporations trading in their own shares.Some studies have suggested that institutional investors and corporations trading in their own shares generally receive higher risk-adjusted returns than retail investors. 1. 2 What is Stock Broking? The process of investing in the share market, either individually or through a broker is known as stock broking, in simple terms. This is primarily done by opening a Demat account. If done through a broker, he opens an account, helping you to operate through online stock broking facility. Going ahead the broker suggests investment ideas and strategies suiting individual requirements and based on his objective of investment.Tenure of investment, the selected financial instruments and their respective companies, the schemes, the risk taking ability, the sum available for investment, all are considered while forming investment choices. After the amount is invested, the broker tracks and monitors the investments, changes or reinvests depending on the performance and generates reports for them. This entire process is known as stock broking. To understand the equity market and maintain and cope up with the growing competition from the various online trading providers, Broking company needs to find potential customer and also target the new investors.The project is being done to train the people about the whole procedure essential to open an online trading account couple with demat account. The project will help in exploring the area where there is the feasibility of acquiring more new investors. It would also help in knowing the various competitors of the industry and exploring the areas through which competitive advantage could be obtained. 1. 2 Who is a Stock Broker A stockbroker is a regulated professional i ndividual, usually associated with a brokerage firm or broker-dealer, who buys and sells shares and other ecurities for both retail and institutional clients, through a stock exchange or over the counter, in return for a fee or commission. Stockbrokers are known by numerous professional designations, depending on the license they hold, the type of securities they sell, or the services they provide. In the United States, a stockbroker must pass both the Series 7 and Series 63 exams in order to be licensed. In most English speaking venues, the two word term stock broker, like stock brokerage, normally applies to the brokerage firm, rather than to the individual. CHAPTER 2COMPANY PROFILE 2. 1 Angel Broking Limited Date of Establishment: 1987 Market Cap: Rs. 725 crore (January 27, 2006) Address: G-1, Akruti Trade Center, Road No -7, MIDC, Andheri (E), Mumbai – 400093 Branches: Andhra Pradesh, Gujarat, New Delhi, Haryana, Karnataka, Maharashtra, Madhya Pradesh, Rajasthan, Tamil Na du, Uttar Pradesh and West Bengal Angel Broking provides retail related services encompassing Ebroking, Investment Advisory, Portfolio Management Services, Wealth Management Services and Commodities Trading. It is a member of Bombay Stock Exchange and National Stock Exchange.It is also a registered depository participant with CDSL. The company has a relaxed work atmosphere which thrives upon human values, co-operation, trust and respect. It ensures career growth to its employees with ample introduction to business practices. It has employee friendly HR policies which gives security and fair promotions. 2. 2 Insight into Angel Broking Angel Broking Limited is one of the leading and professionally managed stock broking firm involved in quality services and research. Angel Broking Limited is a corporate member of The Stock Exchange, Mumbai.The membership of the company with The Stock Exchange Mumbai was originally in the name of Mukesh R. Gandhi, which was eventually turned into a corp orate membership in the name of Angel Broking Limited. Angel Broking Limited is managed by Mr. Dinesh Thakkar and he is well supported by Mr. Mukesh Gandhi, a fifteen years veteran in the market. The group is well supported by a professional and qualified research team and efficient operations and back office team, which comprises of highly dedicated and qualified individuals. Angel has an in-house, state of art research department.Angel believes in reaching out to the customer at the farthest end rather than by reaching out to them. The company in its endeavour to give its client the best has opened up several branches all over Mumbai, which are efficiently integrated with the Head Office. Angel Broking Limited is primarily into retail stock broking, with a customer base of retail investors, which has been increasing at a compounded growth rate of 100% every year. The company has huge network sub-brokers in Mumbai and other places outside Mumbai, registered with SEBI, who act as ch anel partners for the company.The company presently has a total staff strength of around 150 employees who are spread accordingly across the head office and all the branches. Angel has empowered its physical presence throughout India through various strategies which it has been adopting efficiently and effectively over a period of time, like opening up of branches at various places, tie-ups with various agencies and sales agents, buy-outs of smaller regional outfits and appointment of sub-brokers and franchisees. Moreover Angel has been tapping and including high net-worth and self-employed individuals it its vast array of clients.Angel has always strived in the direction of delivering ultimate client satisfaction and developing stronger bonds with its customers and chose partners. Angel has a vision to introduce new and innovative products and services regularly. Moreover Angel has been one among the pioneers to introduce the latest technological innovations and integrate it effici ently within its business. Angel Broking's tryst with excellence in customer relations began in 1987. It has emerged as one of the most respected Stock-Broking and Wealth Management Companies in India.With its unique retail-focused stock trading business model, Angel is committed to providing ‘Real Value for Money’ to all its clients. The Angel Group is a member of the Bombay Stock Exchange (BSE), National Stock Exchange (NSE) and the two leading Commodity Exchanges in the country: NCDEX ; MCX. Angel is also registered as a Depository Participant with CDSL. Business Branches of Angel Broking * Equity Trading * Commodities * Portfolio Management Services * Mutual Funds * Life Insurance * IPO * Depository Services * Investment AdvisoryAngel Group Consists of: * Angel Broking Ltd. * Angel Commodities Broking Ltd. * Angel Securities Ltd. 2. 3 The Management @ Angel Broking Mr. Dinesh Thakkar –  Founder Chairman ; Managing Director The Angel Group of Companies was b rought to life by Mr. Dinesh Thakkar. He ventured into stock trading with an intention to raise capital for his own independent enterprise. However, he recognized the opportunity offered by the stock market to serve individual investors. Thus India’s first retail-focused stock-broking house was established in 1987.Under his leadership, Angel became the first broking house to embrace new technology for faster, more effective and affordable services to retail investors. Mr. Thakkar is valued for his understanding of the economy and the stock-market. The print and electronic media often seek his views on the market trend as well as investment strategies. Mr. Lalit Thakkar –  Director – Research Mr. Lalit Thakkar is the motivating force behind Angel’s highly acclaimed Research team. He’s been a part of the senior management team since the Angel Group’s inception.His technical and fundamental outlook has provided impetus to Angel’s marke t research team. Research-based ; personalized advisory services are Angel’s forte, and Mr. Lalit Thakkar has undoubtedly been the brain behind it. When it comes to analyzing the market, Mr. Lalit Thakkar is truly a genius. His hands-on experience and fundamental knowledge of the market can predict the market trend early. His views on the market trend are often quoted in the print and electronic media Mr. Amit Majumdar –  Chief Strategy Officer A chartered Accountant by qualification, Mr.Amit Majumdar is a key member of Angel’s strategic decision-making process. He has been with the group since August 2004. He has handled several functions of the group like finance and operations, to name a few. He has rich experience in finance, investment banking, treasury, consultancy and advisory services. Mr. Majumdar has led many successful initiatives for the group. Before joining the Angel Group, Mr. Majumdar has been associated with Rabo India Finance, Ambit Corporate Finance and Ernst ; Young. Mr. Sachin Joshi –  Executive Director ; CFO Mr.Sachin R Joshi brings with him over 19 years of experience handling strategic positions in Business Operations ; Finance. He also has hands-on experience in Resource Raising, Strategic Planning, Business Restructuring, Public Listing (Local/ International), etc A Chartered ; a Cost Accountant by qualification, Sachin is also a post graduate in Law and has completed a one year Certificate Program (BLP II) from IIM (Kolkatta). He has been associated with reputed firms such as Navneet Group of Companies, Lupin Laboratories Ltd and Infrastructure Leasing ; Financial Services Ltd. (IL;FS).His last assignment which spanned over 11 years was with IL;FS Invest smart Group where he worked in various capacities such as Chief Financial Officer, Executive Director- Finance ; Operations and Chief Operating Officer Mr. Vinay Agrawal –  Executive Director – Equity Broking Mr. Vinay Agrawal leads th e Equity Broking business at Angel, which comprises Business Development, Operations, Product Development and E-broking initiative. He is actively involved in exploring new ways to adopt technology for business enhancement.A Chartered Accountant by qualification, Mr. Agrawal began his career with the Angel Group as Finance and Operations Consultant, and since then he’s quickly climbed up the corporate ladder. Mr. Nikhil Daxini –  Executive Director – Sales and Marketing With an MBA in finance, Mr. Nikhil Daxini has been instrumental in introducing the concept of professional marketing of broking services at Angel. His area of focus is Business Development, Risk Management and Operations. Mr. Daxini has immense experience in the marketing of financial products and services. He has been associated with HDFC Bank Ltd. n the past. Mr. Mudit Kulshreshtha –   Executive Director – Business Intelligence ; Analytics Mr. Mudit Kulshreshtha heads the adva nce analytics and strategic business intelligence division at Angel. With a Bachelor’s degree in Engineering and PhD in Economics, Mr. Mudit Kulshreshtha has more than 12 years experience in the field of strategy and business consulting. He has been associated with reputed consulting firms like Deloitte Consulting India, Ernst and Young, Arthur Andersen and WNS Global. He has advised several big clients in the U. S. and U. K.He is also a known speaker at public seminars and conferences organised by CII, NASSCOM, Indian School of Business and IIT. Mr. Santanu Syam –   Executive Director – Operations Mr. Syam brings with him over 18 years of experience in the field of Transaction Banking, Wholesale Banking, Treasury Banking, Consumer Banking and CBS. He started his career with ANZ Grindlays Bank and he was also associated with Standard Chartered Bank in India as Director Transactional Head Banking. Mr. Syam followed up his Engineering degree with an MBA. He has also attended Banking ; Technology seminars organised by SCB Singapore, BSE India ; Euro Finance. ———————————————— ————————————————- 2. 4 KEY DEVELOPMENTS FOR ANGEL BROKING LTD. Angel Broking Ltd. to Invest INR 300 Million in Financial Year 2010 Angel Broking Ltd. Announced that it is planning to invest around INR 300 million this financial year for expanding its branch network. The company is looking to invest around INR 250-300 million in this financial year for expanding its network by 50 branches. The investment is in line with expansion strategy which sees huge potential in the long term.Under its expansion plans, the company would focus on few areas in the northern and southern regions including Punjab, Haryana, New Delhi, Tamil Nadu and Karnataka. The firm is also eying to tap semi-urban pockets which have huge investment potential. Angel Broking In Talks To Raise Funds Angel Broking Ltd. plans to finalize INR 2 billion – INR 2. 5 billion fund raising plans between December 2009 and March 2010. Dinesh Thakkar, Angel Broking’s CMD said, â€Å"We are got active interest from the US and UK-based institutions. We are open to diluting a significant stake. He did not reveal the valuations, because discussions were still in a preliminary stage. Angel Broking Ltd. Announces Executive Appointments Angel Broking Ltd. announced four key-appointments for its domestic operations. Hitungshu Debnath has been appointed as the head of its distribution ; wealth management services while Mudit Kulshreshtha will take over as the head of strategic business intelligence and advanced analytics initiatives. The company has also named Adil Kasad as the Chief Financial Officer (CFO) and Santanu Syam as head of retail operations across all busin ess verticals. 2. Angel Broking Credentials Our Vision To provide best value for money to investors through innovative products, trading/investments strategies, state of the art technology and personalized service. Our Motto To have complete harmony between quality-in-process and continuous improvement to deliver exceptional service that will delight our Customers and Clients. Our CRM Policy: Customer is King â€Å"A Customer is the most Important Visitor on our premises. He is not dependent on us, but we are dependent on him. He is not an interruption in our work. He is the purpose of it. He is not an outsider in our business.He is part of it. We are not doing him a favour by serving him. He is doing us a favour by giving us an opportunity to do so. † – Mahatma Gandhi Business Philosophy @ Angel Broking Ethical practices ; transparency in all our dealings Customers interest above our own Always deliver what we promise Effective cost management Quality Assurance Polic y @ Angel Broking We are committed to providing world-class products and services which exceed the expectations of our customers, achieved by teamwork and a process of continuous improvement.CHAPTER 3 ORGANISATIONAL HEIRARCHY 3. 1 ORGANISATIONAL CHART 3. 2 Product Profile A product profile is an outline of the description of a product. The amount of detail contained in it varies with the style of the information sheet. It is not a specification sheet. It is a general description of the various products and services offered by a particular company or firm. This one is rather detailed, but note the difference between this and the Specifications detail. The following products are offered by Angel Broking in the process of its functioning: * Equity Trading Commodity Trading * Mutual funds promotion * Depository services * Margin Financing * NRI-Desk Management proximity to stock exchanges and banks. Equity Trading: For the first time Angel Broking investing commodity the power to be ass ociated with the elite dealing rooms and freedom to execute trade on their own. That is one may trade from their branches or trade own over the net and with that expertise and assistance. Depository Services: Angel Broking is among the few major Depository Participants holding securities worth more than Rs. 6000 crore under its management .RSL provides depository services investors as a depository participant with NSDL and CDSL. 16 Commodity Trading: Commodities are a word originated from the French word ‘commodity’ means  benefit profit. Angel commodities Limited is a member of both the exchange (MCX ; NCDEX)that allows trading in all the commodities traded at both the exchange . At  present, trading in commodities is restricted to futures contracts only. Benefits of Commodity Trading: To investors: Investors always look for alternative investments avenues where they can diversify their funds to achieve their financial goals.In financial market, commodities have ra pidly emerged as a major investment tool as they help in diversifying investments and to hedge against inflation, greatest threat to any investor. MUTUAL FUNDS SERVICES: Angel Broking is also promoting mutual funds of all companies. CORPORATE ADVISORY GROUP: Corporate advisory group provides various solutions to corporate banks and financial institutions son the management of debit, equity and investments. The service extends from advising client to earn maximum profit by investing through selected papers like MF/PMF etc.PORTFOLIO MANAGEMENT SYSTEM: Portfolio management services manage client’s wealth more efficiently reduces risk by diversifying across assets, sectors and funds, and maximizing returns at managed levels of risk . This service could also be called as â€Å"transparent collective investments†. INVESTMENT BROKING DIVISION: Angel Broking provides innovative, integrated and best – fit solutions to their  corporate customers, it is continuous endeav our to provide value enhancement through diverse financial solution on an on-going basis, through products like corporate debt , private equity , IPO, ECB, FCCB, GDR/ADR etc.CHAPTER 4 STUDY OF FUNCTIONAL DEPARTMENTS ————————————————- 4. 1 HUMAN RESOURCE DEPARTMENT Work Culture At Angel, exploring of new paths to provide the best value to all our internal and external customers is carried out. Angel Broking considers people as their biggest asset and believes in creating long term relationships by nurturing talent from within. A fast-growing, forward-looking organization like Angel, demands HR to be a key responsibility area of our core management team.The HR team constantly explores ways to enhance and augment the knowledge base and productivity of all Angels by providing various learning and development Programs. The three tier Leadership Development program helps all sta r performers to grow and develop their managerial skills to become effective mentors for their teams and thereby take on the next level of responsibility effectively. Angel’s is a winning team of highly determined, motivated, and adaptable people, all working diligently to take Angel's exciting success story forward.HR Philosophy At Angel, People come first. Along with the customers, the employees are equally vital to the organization. The Business of HR is to foster an entrepreneurial spirit – whereby Angels can operate with ownership as an entrepreneur (profit center) within the confines of their job role and earn over and above their fixed salaries. Angel believes in inculcating a sense of responsibility and ownership in all Angels which brings out the entrepreneurial zeal to explore potential within as well as beyond job boundaries.Our HR Philosophy is to engage employees at professional, emotional and material levels: * We aim to create an environment conducive to both personal and professional development of the employees, leading to a productive and happy work force * Angel believes that people impact business and therefore each and every Angel is a key resource and a valuable asset * Our business philosophy of being transparent in all our dealings with our customers, is equally applicable in dealings with employees * We encourage initiative, provide professional freedom and empower Angels based on trust Employee EngagementTeam HR at Angel works effectively to create a work environment and performance culture that fosters team spirit and enhances employee productivity through motivation and positive ambition. * Our HR team is continually working to rationalize and restructure measures to ensure better employee relationship management, employee communications and relations, recruitment and training need analysis; program design and implementation, performance evaluation and other work-life initiatives. Performance Management Core essence of Performance Management SystemsThe core essence of PMS is to build and strengthen the team member’s ‘Connect’ with Angel Broking through: * Enrolling the team member to Angel’s vision * Meaningful engagement * Meaningful dialogue * Openness to give and receive feedback * Compliment achievements * Focus on the team member’s growth to enhance performance| | The whole focus of PMS is to look for goodness in a person. The onus is on the managers to look for that goodness, identify strengths and try to create a role around strengths rather than getting bogged down with weaknesses.The Performance Management System at Angel has reduced manual intervention to a minimal level. The fully integrated online system uses sophisticated tools such as national and regional stack ranking, performance bands and rank based recommendations. All this is supported through one-on-one interactive feedback & coaching session with team. Performance credits are received for ex ceeding expected targets and there are equal opportunities for all employees to earn rewards with no upper limits. Performance credit structures have been worked out differently for various categories of employees.Career Why you should anyone work with Angel Broking? * Fast paced, enriching career with exposure to best business practices * Fair compensation & opportunities for growth / promotion based on merit * Vibrant work culture and opportunities for training, recreation and social interaction * Progressive HR policies with an open door approach and proactive processes to maintain high morale * Security of employment, subject to minimum acceptable performance Leadership Academy Learning is a continuous process at Angel Broking.We identify the strengths of employees and design training programs to build their strong points and overcome their shortcomings. We prepare our employees for future positions with training and by encouraging the learning process. This helps them to move t owards their career objectives efficiently. We also employ various people development initiatives like E-learning opportunities for functional & behavioural skills through video conferences and through our employee portal. Our E Wise – Be wise Program provides every Angel with 24Ãâ€"7 access to all relevant information about Angel.This encourages employees at all levels to upgrade their knowledge constantly and apply their learning’s in the day to day work to achieve high productivity and customer satisfaction levels. 4. 2 IT and Media The rapid innovation in the field of information and communication technology has posed serious challenges for the stock broking industry in India. The use and application of information technology in wide variety of insurer’s operations has now become strategic in the sense that it has direct impact on the productivity of resources, and a sweeping impact on reducing the case of various activities.With the arrival of private brok ers, the competition has become more intense and an important role is being played by the stock broking sector. Angel Broking has been maintaining a proper Management Information System for the proper recording of the information of all types available to them. This helps them to assess the information and analyse it for any kind of priority requirements. For any technology related problems that needs to be fixed, Angel Broking takes a time span which is dependent on the severity of the problem. It takes around a day or a week’s time to get the technology fixed if it is a small problem.Employees at the IT department get it resolved at the earliest and avoid turbulence which enhances a smooth flow of activities in the organization. At Angel Broking, the impact of Information Technology can be seen in the other departments also: Marketing department: In this department IT has facilitated the marketing executives to up sale the business and meet the business delegates with new t echnology and features of the their business. Finance Department: Angel Broking uses computerized accounting system which has reinforced the department to work with accuracy and reliability. Human resource department:The human resource department at Angel Broking also uses information technology to maintain databases of information regarding the employees working in the organization and their details. Since Angel Broking is basically a stock broking firm, they mostly concentrate on Press releases, Events and very few TV commercial Ads. 4. 3 Marketing Department The meaning of marketing has changed with the passage of time. In the modern times, the concept of marketing has been changed entirely due to cutthroat competition. Markets are no longer local but they have become national as well as international in character.In the past marketing was often referred as selling but now it has been realized that marketing is different from selling. Marketing department takes care of the market ing of all the products of the company. It helps in the increase of the business. It plays the major role in making the people aware of their product. It concentrates on making the strategies of how to increase the sales of the products. How they can segment the market to tap out its maximum potential profits. It also works on sales promotion to increase the sales of company. According to J. F.Pyle, â€Å"Marketing is that phase of business activity through which human wants are satisfied by exchange of goods and services†. Also marketing is the process of discovering and translating consumer wants into products and services specifications. Marketing differs in between products and service based organizations. As in manufacturing firms there is a product but in service-based organization the marketing has to be done of an intangible thing. In the Marketing department, we were given the opportunity to learn new things by observing and interacting with the Marketing team of   the company.I was involved with creating Product Invoice, recording and tracking the sales call from the distribution channel, analysing some sales figures of the company, and taking feedback and complaints from the customers via telephone and e-mail while working in the Customer Service Department. 4. 4 Finance Department This department keeps the proper track record of all the transactions taking place. It maintains the record of all the broking being carried out in our office. Ratio analysis of financial statements It is a systematic use of ratios to interpret/ assess the performance and status of the firm. A ratio expresses a mathematical relation between two quantities. * Ratios are tools providing us which clues and symptoms of underlying conditions. Ratios can help us to identify areas requiring further investigation. * The usefulness of ratio depends on the quality of the numbers in their calculation. That is our ability to draw useful insights and make valid intercompany co mparisons is enhanced by our skill in adjusting reported numbers prior to inclusion in these analyses. * Ratios are interpretable only in comparison with 1) Prior ratios 2) Predetermined standards. 3) Ratios of competitors.Ratio analysis of a firm’s financial statements is of interest to shareholders, creditors, and the firm’s management. Stockholders are interested in the firm’s current and future level of risk and return, which directly affect the stock price. The firm’s creditors are primarily interested in the short-term liquidity of the company and in its ability to make interest and principal payments. Internal management is concerned with all aspects of the firm’s financial performance. Therefore, they attempt to produce financial ratios that will be considered favorable to both owners and creditors.Additionally, management uses ratios to monitor the firm’s performance from period to period. Unexpected changes or variances are identif ied to isolate developing problem areas. IMPORTANCE OF RATIO ANALYSIS Ratio analysis does two things, immediately. The first thing is it allows the company to compare itself with other like companies. If management feels things aren't going well, they can help pinpoint the problem through comparing their ratios with other companies. They may have several ratios that are comparable, but a couple which are way off. That might be where the problem is.Also, ratio analysis may help by comparing your company with prior periods. If a particular ratio is declining when it would be better if it were staying the same or increasing, then again looking at the ratios are important to find out where the problem lies. Ratios are important to spot trends easily. Types of ratios: Ratios can be classified into six broad groups: 1. Liquidity ratios 2. Capital structure/ leverage ratios 3. Profitability ratios 4. Activity/ efficiency ratios 5. Integrated analysis of ratios 6. Growth ratios. 1. Liquidit y Ratios: It is the ability of a firm to satisfy its short- term obligations as they become due.The importance of adequate liquidity in the sense of the ability of a firm to meet current / short –term obligations when they become due for payment can hardly be overstressed. a) Current Ratio: Current Ratio is the ratio between Current Assets and Current Liabilities. It calculated by dividing Current Assets by Current Liabilities. Current assets include all assets, which can convert easily into near money within a year. Current assets include cash in hand, cash at bank, debtors, stock, and money at short or call notice etc. Current liabilities are the sum of all hort-term payables within a year, which include Sundry Creditors, Bills payable, Bank overdraft, Expenses outstanding etc. the current ratio of a firm measures its short term solvency that is, its ability to meet short-term obligations. As a measure of short-term current financial liquidity, it indicates the amount of cu rrent assets available for each amount of current liability. Formula for finding current ratio is given below. Current Ratio = Current Assets/Current Liabilities Current Ratio = Current Assets/Current Liabilities Significance of the ratio Current ratio provides a margin of safety to the creditors.In a sound business, a current ratio of 2:1 is considered an ideal one. Current ratio indicates firm’s ability to pay its current liabilities, i. e. day-to-day financial obligation. Current ratio is an index of the firm’s financial stability i. e. , an index of technical solvency and an index of the strength of working capital, which means excess of current assets over current liabilities. Higher ratio more than 2:1 indicates sound solvency position. Lower ratio less then 2:1 indicates inadequate working capital. b) Quick ratio: Quick ratio is also known as liquid ratio or Acid test ratio.Quick ratio shows the liquidity of the business. Quick ratio is the ratio between quick a ssets and quick liabilities. The term quick asset refers to current assets, which can be converted into, cash immediately or at a short notice without diminution of value. Quick assets comprise of all current assets minus stock and pre paid expenses. The formula to find quick ratio is as follows. Quick Assets = Current assets – (Stock + Prepaid expenses) Quick Assets = Current assets – (Stock + Prepaid expenses) Quick liabilities comprises of all current liabilities minus Bank over draft.Quick Ratio = Quick assets / Quick Liabilities Quick Ratio = Quick assets / Quick Liabilities The formula is shown below: Quick Ratio = Quick assets/Current Liabilities Quick Ratio = Quick assets/Current Liabilities Significance of the ratio It is the true test of business solvency. Generally an acid test ratio of 1:1 considered as satisfactory, by that a firm can easily meet all current claims. Higher ratio more than 1:1 indicates sound and good financial position. If the ratio is les s then 1:1, that is, liquid assets are less than current liabilities, the financial position of the concern shall be deemed to be unsound.This ratio gives a picture of firm’s ability to meet its short-term debts out of short-term assets. If less the quick ratio, higher the incidence of inventory in inflating the current ratio and higher is quick ratio, the incidence of inventory in inflating the current ratio is less. c) Net working capital: Working capital is the lifeblood of the business. Working capital refers to that part of the firm’s capital, which is used for financing short term or current assets, such as, cash, marketable securities, debtors, inventories, bills receivables etc. n a narrow sense, the term working capital refers to the net working capital. Net working capital is the excess of current assets over current liabilities. Net working capital = Current assets – Current liabilities Net working capital = Current assets – Current liabilities d) Turnover ratios: It measures the speed with which various accounts /assets are converted into sales or cash. It is concerned with measuring the efficiency in asset management. These ratios are also called efficiency ratios or asset utilization ratios. The liquidity ratios mentioned above are related to the liquidity of a firm as a whole.Another way of examining the liquidity is to determine how quickly certain current assets are converted into cash. The ratios to measure these are referred to as turnover ratio. The three relevant turnover ratios are, 1. Inventory turnover ratio: This ratio is also known as stock velocity. This ratio calculated to consider the adequacy of the quantum of capital and its justification for investing in inventory. A firm must have reasonable stock in comparison to sales. It is the ratio of cost of sales and average inventory. This ratio helps the finance manager to evaluate inventory policy.This ratio reveals the number of times finished Inventory tu rnover Ratio = Cost of sales/Average inventory Inventory turnover Ratio = Cost of sales/Average inventory 2. Debtors’ turnover ratio: Debtor’s turnover ratio is also called ‘Debtors velocity’ or ‘Receivables turnover’. A firm sells goods on credit and basis. When the firm extends its customers, book debts are created in the firms account. Debtors are expected to convert into cash over a short period, so it included in current assets. Debtors include the amount of bills receivables and book debts at the end of accounting period.It is a test to understand the reasonable quantitative relationship between outstanding receivables and sales. Financial analysts employ two ratios to judge the quality or liquidity of the Debtors turnover and Average collection period. Debtor’s turnover is found by dividing total sales by sundry debtors. Formula to find debtors turnover ratio is given below Debtors turnover = Total sales/Sundry debtors Debtors tu rnover = Total sales/Sundry debtors 3. Creditors’ turnover ratio: It is a ratio between net credit purchases and the average amount of creditors outstanding during the year.It is calculated as follows: Creditors turnover ratio= net credit purchases / average creditors Creditors turnover ratio= net credit purchases / average creditors Net credit purchases= gross credit purchases – returns to suppliers Net credit purchases= gross credit purchases – returns to suppliers Average creditors= average of creditors (including bills payable) outstanding at the beginning and at the end of the year Average creditors= average of creditors (including bills payable) outstanding at the beginning and at the end of the yearA low turnover ratio reflects liberal credit terms granted by suppliers, while a high ratio shows that accounts are to be settled rapidly. The creditor’s turnover ratio is an important tool of analysis as a firm can reduce its requirement of current asse ts by relying on supplier’s credit. The extent to which trade creditors are willing to wait for payment can be approximated by the creditor’s turnover ratio. Defensive – Interval Ratios: It is the ratio between quick assets and projected daily cash requirement. Defensive – interval ratios = Liquid assets /projected daily cash requirementDefensive – interval ratios = Liquid assets /projected daily cash requirement Projected daily cash requirement=projected cash operating expenditure/number of days in a year Projected daily cash requirement=projected cash operating expenditure/number of days in a year Cash Flow From Operations Ratio: Cash flow from operations ratio= Cash flow from operations/ current liabilities Cash flow from operations ratio= Cash flow from operations/ current liabilities This ratio measures liquidity of a firm by comparing actual cash flows from operations with current liability. It is calculated as per equationBeing a cash measur e, the ratio does not encounter the problems of actual convertibility of current assets and the need for maintaining minimum levels of these assets. In general, the higher the ratio, the better is a firm from the point of view of liquidity. 2. CAPITAL STRUCTURE /LEVERAGE RATIOS: The long term lenders/creditors would judge the soundness of a firm on the basis of the long term financial strength measured in terms of its ability to pay the interest regularly as well as repay the installment of the principal on due dates or in one lump sum at the time of maturity.The long term solvency of a firm can be examined by using leverage or capital structure ratios. It may be defined as financial ratios which throw light on the long term solvency of a firm as reflected in its ability to assure the long term lenders with regard to (1) Periodic payment of interest during the period of the loan and (2) Repayment of principal on maturity or in predetermined installments at due dates Ratios based on relationship between borrowed funds and owner’ capital: A. Debt –equity ratio:The financing of total assets of a business concern is done by owner’s equity as well as outsider’s debts. The relationship between borrowed funds and owner’s capital is a popular measure of long-term financial solvency of a firm. The relationship is shown by the debt equity ratio. This ratio indicates the relative proportions of debts and equity in financing the assets of a firm the formula we use is Total long-term debts by Shareholders fund. Total long-term debts include mortgage loans, long term loans; debentures etc. hare holders fund includes Preference share holders, Equity share holders, capital reserve, revenue reserve etc. Debt equity ratio = Total long term funds/Share holders fund Debt equity ratio = Total long term funds/Share holders fund Significance of the ratio: Acceptable norm for this ratio is considered to be 2:1. A higher debt-equity ratio is allowed in the case of capital-intensive industries, a norm of 4:1 is used for fertilizer and cement units and a norm of 6:1 is used for shipping units. A high ratio shows that the claims of creditors are greater han that of owners. A very high ratio is unfavourable from the firm’s point of view. A high debt company, also known as highly leveraged or geared, is able to borrow funds on very restrictive terms and conditions. A low debt-equity ratio implies greater claim of owners then creditors. From the point of view of creditors, it represents a satisfactory capital structure of the business since a high proportion of equity provides a larger margin of safety for them. This ratio shows the extent to which debt financing is used in the business. Debt –assets ratio:Another approach to calculating the debt to capital ratio is to relate the total debt to the total assets of the firm. The total debt of the firm comprises long- term debt plus current liabilities. The total assets co nsist of permanent capital plus current liabilities. Thus, Debt to total assets/capital ratio= total debt/ total assets Debt to total assets/capital ratio= total debt/ total assets c) Equity assets ratio: Still another variant of the debt/equity ratio is to relate the owner’s/proprietor’s funds with total assets. This is called the proprietary ratio.The ratio indicates the proportion of total assets financed by owners. Symbolically, it is equal to: Proprietary ratio = Proprietor’s funds / total assets x 100 Proprietary ratio = Proprietor’s funds / total assets x 100 Proprietary Fund to Fixed Assets Proprietary ratio relates shareholders’ funds to total assets. It is a variant of debt equity ratio. This ratio shows long term or future of the business. It calculated by dividing shareholders funds by the total assets. Proprietary ratio = shareholders funds/ Fixed assets Proprietary ratio = shareholders funds/ Fixed assets Preference share capital and equity share capital plus all reserves and surplus items are called shareholders fund. Total assets include all assets including goodwill. Significance of the ratio: The acceptable norm for the ratio is 1: 3. The ratio shows the general strength of the company. It is very important to creditors as it helps to find out the proportion of shareholders funds in the total assets used in the business. Higher ratio indicates a secured position to creditors and a low ratio indicates greater risk to creditors. Proprietary ratio is also analysis in the following manner Ratio of current assets to proprietor’s funds:It shows the relationship between current assets and Shareholders funds. The purpose of this ratio is to calculate the percentage of shareholders funds invested in current assets. It found by dividing current assets by proprietors funds. Significance of the ratio This ratio can be expressed in percentage or as a proportion. Different industries are using different norms and h ence the ratio should be carefully used. c) Coverage ratios: It measures the firm’s ability to pay certain fixed charges. These ratios are computed from information available in the profit and loss account.For a normal firm, in the ordinary course of business, the claims of creditors are not met out of the sale proceeds of the permanent assets of the firm. The obligations of a firm are normally met out of the earning or operating profits. 1. Interest coverage ratio: It measures the firm’s ability to make contractual interest payments. Interest coverage = EBIT / interest Interest coverage = EBIT / interest It is also known as ‘time-interest- earned ratio’. This ratio measures the debt servicing capacity of a firm insofar as fixed interest on long term loan is concerned.It is determined by dividing the operating profits or earnings before interest and taxes by the fixed interest charges on loans. 2. Dividend coverage ratio: It measures the ability of a firm to pay dividend on preference shares which carry a stated rate of return. This ratio is the ratio of net profits after taxes and the amount of preference dividend. Thus, Dividend coverage ratio = EAT/ PREFERENCE DIVIDEND Dividend coverage ratio = EAT/ PREFERENCE DIVIDEND 3. Total fixed charges coverage ratio: It measures the firm’s ability to meet all fixed payment obligations.The total coverage ratio has a wider scope and takes into account all the committed fixed obligations of a firm, that is, 1) Interest on loan 2) Preference dividend 3) Lease payments 4) Repayment of principal Symbolically, Total fixed charges coverage ratio = EBIT + Lease payment/ interest + lease payment + (preference dividend + installment of principal) / (1-t) Total fixed charges coverage ratio = EBIT + Lease payment/ interest + lease payment + (preference dividend + installment of principal) / (1-t) . Cash flow coverage ratio: Total cash flow coverage = EBIT+ lease payments + depreciation + non-cash expenses / lease payment + interest + (principal repayment)/(1-t) + (preference dividend)/ (1-t) Total cash flow coverage = EBIT+ lease payments + depreciation + non-cash expenses / lease payment + interest + (principal repayment)/(1-t) + (preference dividend)/ (1-t) The overall ability of a firm to service outside liabilities is truly reflected in the total cash flow coverage ratio: the higher the coverage, the better is the ability 5. Debt services coverage ratio:Debt service capability is the ability of a firm to make the contractual payments required on a scheduled basis over the life of the debt. It is considered a more comprehensive and apt measure to compute debt service capacity of a business firm. It provides the value in terms of the number of times the total debt service obligations consisting of interest and repayment of principal in installments are covered by the total operating funds available after the payment of taxes: Earnings after taxes, EAT + interest + depreci ation + other non – cash expenditure like amortization. 3.Profitability ratios: The profitability of a firm can be measured by its profitability ratio. Apart from the creditors, both short-term and long terms, also interested in the financial soundness of a firm are the owners and the management or the company itself. The management of the firm is naturally eager to measure its operating efficiency. Similarly the owners invest their funds in the expectation of reasonable returns. The operating efficiency of a firm and its ability to ensure adequate returns to its shareholders/ owners depends ultimately on the profits earned by it. a) Gross Profit Ratio:Gross profit is the result of the relationship between prices, sales volume and costs. It measures the percentage of each sales rupee remaining after the firm has paid for its goods. A change in the gross margin can be brought about by changes in any of these factors. The gross margin represents the limit beyond which fall in s ales prices are outside the tolerance limit. Further, the gross profit ratio/ margin can also be used in determining the extent of loss caused by theft, spoilage, damage, and so on in the case of these firms which follow the policy of fixed gross profit margin in pricing their products.A high ratio of gross profit to sales is a sign of good management as it implies that the cost of production of the firm is relatively low. It may also be indicative of a higher sales price without a corresponding increase in the cost of goods sold. It is also likely that cost of sales might have declined without a corresponding decline in sales price. A relatively low gross margin is definitely a danger signal, warranting and careful and detailed analysis of the factors responsible for it. Gross profit ratio= gross profit x 100 Sales Gross profit ratio= gross profit x 100Sales Net profit ratio: It measures the percentage of each sales rupee remaining after all costs and expenses including interest an d taxes have been deducted. The net profit margin is indicative of management’s ability to operate the business with sufficient success not only to recover from revenues of the period, the cost of merchandise or services, the expenses of operating the business (including depreciation) and the cost of the borrowed funds, but also to leave a margin of reasonable compensation to the owners for providing their capital at risk.The ratios of net profit (after interest and taxes) to sales essentially express the cost price effectiveness of the operation. A high net profit margin would ensures adequate return to the owners as well as enable a firm to withstand adverse economic conditions when selling price is declining, cost of production is rising and demand for the product is falling. A low net profit margin has the opposite implications. Net profit ratio = Net profit x 100 Sales Net profit ratio = Net profit x 100 Sales a. Return on capital employed: The ROCE is the second type of ROI.Here the profits are related to the total capital employed. The term capital employed refers to long- term funds supplied by the lenders and owners of the firm. It can be computed in two ways. First, it is equal to non –current liabilities (long term liabilities) plus owners’ equity. Return on capital employed= Net profit x100 Capital employed Return on capital employed= Net profit x100 Capital employed SUMMARY OF FINDINGSRatio analysis is an important tool for financial statement analysis. Here we studied various ratios relating to measurement of the financial performance such as current ratio, quick ratio, debt equity ratio, proprietary ratio, gross profit ratio etc. In the previous chapter we made a detailed analysis of the Angel Broking Limited from 2005 to 2009. The major findings are given below * The study shows there is a continuous changes in the current ratio and also it is not satisfactory when compare to actual standard of 2:1. * Current ratio in the year 2005, it is showing 1. 5% and later on it went on increasing way i. e. in 2006 – 1. 44%, 2007 – 1. 36, 2008-1. 37%. * Current ratio in past three years it was getting to meet the standard, but in the year of 2009 again it went down to 1. 07%. * The quick ratio for this company is same as mentioned in the above table. Because as there is no inventory and prepaid expenses to deduct in this company as it is insurance company we cannot find inventory. * The study shows that the net working capital in the company is Rs. 52,669,000 in 2005, Rs. 1,182,432,000 in 2006, in 2007 – Rs. ,420,039,000, in 2008 – Rs. 2,324,559,000 and in 2009 again it decreased to Rs. 614,591,000. * The study shows that the debt equity ratio is satisfactory from the creditors point of view that is in the year 2005 the percentage of ratio is 2. 65%, in 2006 – 3. 73%, in the year 2007 – 5. 50%, in 2008- 6. 33% and in 2009 it is 5. 29%. * The study shows that the propri etary ratio to fixed assets is 2005- 4. 37%, 2006- 10. 53%, 2007- 11. 36%, 2008- 9. 96%, 2009- 12. 73%. * The study shows that the proprietary ratio to current ratio is in 2005-2. 79%, 2006- 1. 64%, 2007- 1. 5%, 2008- 1. 55%, 2009- 1. 91%. * The study shows that gross profit ratio of the company was went on decreasing but it is recovering from more loss to less loss and the percentage of ratio is, in the year 2005 is -0. 13%, in 2006 it is -0. 08%, in 2007 it is -0. 04%, in 2008 it is -0. 05%, in 2009 it is -0. 09% * The study shows that the net loss was went on decreasing from the year 2005 to 2008. But in the year 2009 it has incurred more loss than 2006, 2007, and 2008 but less than 2005 (i. e. 2005 = -0. 27, 2006= -. 20, 2007= -. 16, 2008= -0. 14, 2009= -0. 2) * The study shows that the return on capital employed is not good because every year it is earning negative returns and also the percentage of negative returns went on increasing way (i. e. 2005= -58. 80%, 2006= -49. 99%, 2007= -52. 88%, 2008= -51. 90%, 2009= -64. 62%. CHAPTER 5 SWOT ANALYSIS 5. 1 Strengths * It is a pioneer in online trading with a turn over of Rs. 220. 5 billion and Over 6810 sub-Brokers ; Business Associates. * Angel Broking provides multi-channel access to all its customers through a strong online presence with www. angelbroking. om,144 share shops in all over India and a call-center based Dial-n-Trade facility. Nation-wide network of 21 Regional Hubs Presence in 124 cities. * Above 6th lakh client in all over India * 100+ member research ; advisory team comprises of experienced fundamental and technical analyst, sector specialist, derivative strategists. * Angel Broking has dedicated research teams for fundamental and technical research, which constantly track the pulse of the market and provide timely investment advice free of cost to its clients which has a strike rate of 70-80%. Angel Broking Ltd. Announced that it is planning to invest around INR 300 million this financial y ear for expanding its branch network. The company is looking to invest around INR 250-300 million in this financial year for expanding its network by 50 branches. * The company has been increasing at a compounded growth rate of 100% every year. 5. 2 Weakness * Localized presence due to insufficient investments for countrywide expansion. * Lack of awareness among customers because of non-aggressive promotional strategies (print media, newspapers, etc). Lesser emphasis on customer retention. * Focuses more on HNIs than retail investors which results in meager market-share as compared to close competitors. * Not listed in stock exchange. 5. 3 Opportunities * With the booming capital market it can successfully launch new services and raise its client’s base. * It can easily tap the retail investors with small saving through promotional channels like print media, electronic media, etc. * As interest on fixed deposits with post office and banks are all time low, more and more small investors are entering into stock market. Abolition of long-term capital gain tax on shares and reduction in short term capital gain is making stock market as hot destination for investment among small investors. * Angel Stock Broking Ltd. plans to finalize INR 2 billion – INR 2. 5 billion fund raising plans between December 2009 and March 2010. Dinesh Thakkar, Angel Broking’s CMD said, â€Å"We are got active interest from the US and UK-based institutions. We are open to diluting a significant stake. † * Increasing usage of Internet through broadband connectivity may boost a whole new breed of investors for trading in securities. . 4 Threats * Aggressive promotional strategies by close competitors may hamper Angel Broking’s acceptance by new clients. * Lack of sufficient branch-offices for speedy delivery of services. * More and more players are venturing into this domain, which can further reduce the earnings of Angel Stock Broking Ltd. CHAPTER 6 CONCL USION ; SUGGESTIONS 6. 1 Conclusion On the basis of the study it is found that Angel Broking Ltd. is better services provider than the other stockbrokers because of their timely research and personalized advice on what stocks to buy and sell.Angel Broking Ltd. provides the facility of Trade tiger as well as relationship manager facility for encouragement and protects the interest of the investors. It also provides the information through the internet and mobile alerts that what IPO’s are coming in the market and it also provides its research on the future prospect of the IPO. Study also concludes that people are not much aware of commodity market and while it’s going to be biggest market in India.From the above survey and observation it is found that most of the people who are trading in share market belongs to the employee group, next comes the business men and other class of income people. As the share market value goes on increasing day by day the investor who wants to invest in shares also increasing. But investing in shares is as risky as earning yield. Trading in online trading firm is easy as it all delivered with internet and within a few minutes the customer can buy and sell shares which save time as well as reduction of paper work.Hence trading in share market is increasing day by day and investors are ready to invest their investment in share market only. I got the knowledge about the customer’s needs and their references for having a particular product. The need of customers differs from person to person, area, locality and occupation. Customer always wants more service by paying less. They expect all the information such less rates, less brokerages, highly returns and better service level without delay. W