Pace Leisurewear Ltd Case Study

Pace Leisurewear Ltd Case Study An integrated approach with effective administration, adequate financing and capable human resource may lead a business organisation towards the path of goal attainment. Disintegration among these elements may lead towards its own demise sooner or later. Pace Leisurewear Ltd is a company that designs and manufactures the casual and leisure clothes aimed particularly at the younger, higher-income market. It was established by Jill Dempsey and Mike Greaves, who are the Managing Director and Production Manager of the company respectively. By observing the case study of this company, we know that the company is in trouble because the letter from the companys bank was asking it for the reduction in the overdraft. This letter from the bank has made them worried because if they cant keep up the overdraft, they will not be able to fulfil the big order by Arena, which was one of the several national chains of casual and sportswear stores that was placing substantial orders with Pace. It shows that they were facing liquidity problem. A general outlook of the case study putting aside the financial statements provides us with some other difficulties that the company was facing. Trading of the company during the recession period was a problem. Moreover, recession itself was a problem for the company. Though it was a big company, the production director Mike was looking after the financial matters. There was no one within the company who had any great financial expertise. When there was a problem, the companys auditors were normally asked for advice. The company is facing poor cash situation as conveyed by Mike Greaves which might be result of their spending on fixed assets like plant. Declaration of no further investment in the company by the largest shareholder Keeble States also came as a shock to the company when there was a hope that Keeble States would invest money and they would be able to issue overdraft. Also, an indifference of the largest shareholder in the affair of the company can be regarded as a problem. Such indifference directly affects the operation of company that ultimately, has the effect on financial situation of the company. Breaching of the overdraft limit over the past few years by the company functioned as a proof of their dishonesty. Also, we can identify that the company was running along with the conflict between the largest shareholder Keeble brothers and the other board members. The other board members were bringing forth the idea of introducing another major shareholder, which was against the wish of Keeble brothers. So, the company was facing the problem in decision making. A quick look upon the balance sheet of the company, gives us the information that there is a massive increment in the non-current assets. Though investment in the non-current assets is good for the company in the long run, it may cause problem to the company in its day to day operation. It may create an inadequacy of working capital which is necessary for daily activities. The amount of trade receivables has increased which indicates that the goods are being sold on credit. Calculation and Interpretation of Financial Ratios The income statement and balance sheet are the traditional basic financial statements of a business enterprise. They do not give all the information related to the financial operations of a firm. Still, they provide some extremely useful information to the extent that balance sheet mirrors the financial position on a particular date in terms of structures of assets, liabilities and owners equity and others and profit and loss account shows the results operations during a certain period of time in terms of revenues obtained and the cost incurred during the year. In depth analysis of financial statements is supported with ratio-analysis. It is the most widely used technique of financial statement analysis. Ratio analysis is a systematic use of ratio to interpret the financial statements so that the strengths and weaknesses of a firm as well as its historical performance and current financial condition can be determined. Ratios are relative figures reflecting the relationship between variables. A single figure by itself has no meaning but when expressed in terms of related figure, it yields significant inferences. Ratios can be divided into profitability ratio, liquidity ratio and activity ratio. To analyse the financial statement and condition of the Pace Leisurewear Ltd, the method of ratio analysis is used as a major tool. Here, return on capital employed, return on equity (shareholders fund), gross profit margin, net profit margin, inventory holding period, average collection period for trade receivables, sales to capital employed ratio, current ratio, quick assets (liquid or acid test) ratio and gearing ratio are used as major tools for the interpretation of business condition and financial statements, though there are other tools for the interpretation. Calculation and interpretation of these ratios provide us with the information about liquidity, profitability and efficiency of the company. The calculation and interpretation of the ratios can be shown as below: Calculation S.N. Description Formulas Year before last Last Year a) Return on Capital Employed =20.05% =29.60% b) Return on Equity =18.15% =32.51% c) Gross Profit Margin =46.48% =48.16% d) Net Profit Margin =14.99% =20.61% e) Inventory Holding Period =117.74 days =182.84 days f) Average Collection Period =42.10 days =60.98% g) Sales to Capital Employed =1.34 times =1.44 times h) Current Ratio =1.76 times =1.13 times i) Acid Test Ratio =.78 times =0.47 times j) Gearing Ratio =34.40% =42.30% Return on Capital Employed (ROCE) ROCE ratio tells us how much profit we earn from the investment the shareholders have made in their company. If the company has low ROCE ratio, it is using its resources inefficiently, even if its profit margin is high. The higher the ratio the more efficient is the use of capital employed. In context of the Pace Leisurewear Ltd, ROCE ratio was increased in the last year than the year before last. From the calculation, we got, it was 30% in the last year whereas it was 20% in the year before last. So, we can say that the company had better performance in the last year than the year before last. Return on Equity This ratio indicates the profitability to the shareholders of the firm with deduction of all expenses and taxes. In context of this company, the return on equity ratio was increased which is good for the company. It was 32.5% in the last year and 18% in the year before last. Gross Profit Margin It indicates the efficiency of operations and firms pricing policies. The larger the gross profit margin, the better for the company. It looks at how well a company controls the cost of its inventory and manufacturing of its products and subsequently pass on the cost to its customers. From the calculation we found that the gross profit margin ratio was increased. It was 46.16% in the year before last and 48.16% in the last year which is good for the company. Net Profit Margin This ratio measures the relationship between net profit and sales of a firm. A high net profit margin in ratio is an indicative of adequate return to the owners as well as enables a firm to withstand adverse economic conditions. A low net profit margin ratio has the opposite implications. From the calculation, we found that the net profit margin ratio was increased. It was 8.91% in the year before last and 13.10% in the last year. It shows that the company was selling well which is good for the company. Inventory Holding Period A high number of days inventory indicates that there is lack of demand for the product being sold whereas a low days inventory holding period may indicate that the company is not keeping enough stock on hand to meet the demands. It is known from the above calculation that the inventory holding period for the company in the year before last was 63 days and for the last year it was 95 days. So, this extension in the inventory holding period is a problem for the company which obstructs the path of cash generating. Average Collection Period of Trade Receivables This ratio indicates the speed with which debtors/accounts receivables are being collected. A short, collection period implies prompt payment by the debtors. It reduces the chance of bad debts. Similarly, a longer collection period implies too liberal and inefficient credit collection performance. From the calculation, we found that, the collection period for the debtors/accounts receivables for the year before last was 42 days whereas for the last year it was 61 days. So, it indicates that the company was inefficient in its credit collection performance. This delay in the collection of receivables, may have adverse effect in the liquidity position and also there lies possibility of accounts receivables being bad debts. Sales to Capital Employed Ratio It is the ratio which indicates the relationship between the capital employed and sales revenue. The higher the ratio the higher is the revenue, the lower the ratio the lower the revenue. From the calculation, we found that the ratio of capital employed in the year before last was 1.34 times and for the last year it was 1.44 times. It indicates that the Pace Leisurewear Ltd was generating more revenue. Current Ratio The ratio of total current assets to total liabilities is current ratio. It measures the short term solvency, that is, its ability to meet short term obligations. The higher the current ratio, the more capable the company is of paying its obligations. A ratio under 1 suggests that the company would be unable to pay off its obligations if they come due at that point. From the calculation, we found that the current ratio for Pace Leisurewear Ltd in the year before last was 1.76:1 and for the last year it was 1.44:1. This ratio indicates that the short-term solvency of the company was getting poorer. Quick Assets ( liquid or acid test) Ratio It is the ratio between quick current assets and current liabilities. It shows a firms ability to meet current liabilities with its most liquid assets. Companies with the ratio less than 1, are supposed to be in vulnerable condition. Such companies are unable to pay their current liabilities, which show the dependency of current assets on inventory. In case of this company, it was found that quick assets ratio was getting weaker. It was 0.78:1 in the year before last and 0.47:1 in the last year. It indicates that the company was in difficulty of paying current liabilities. It was even weaker in the last year than the year before last. Gearing Ratio The higher the gearing, the higher the dependence on borrowing and long term finance. The lower the gearing ratio, the higher the dependence on equity financing. Here, in case of this company, the gearing ratio for the last year was 42.3% and 34.4% for the year before last. It shows that the company had a reliance on sources of long term loan. Conclusion and Recommendation From the above calculation and interpretation of the ratio and its analysis based on the two years financial statement of the Pace Leisurewear Ltd, we came to know that the company was facing mainly a liquidity problem. In order to get rid of such financial problem, assuming myself as a member of Drake Management Consultants, would like to recommend that the company should issue the shares, increase the cash sales rather than credit sales, collect the trade receivables promptly, decrease the long term liabilities and not exceed the limit of overdraft. Beside this, it needs to employ a financial expert and develop an environment of mutual understanding and trust among the shareholders and board of directors.

Competition :: English Literature Essays

Competition Schools vary greatly in their competitive natures. Sixty-three percent of the students from John Hopkins University School of Medicine, for example, feel their classmates are extremely competitive, and most say they study very hard. On the opposite end, Yale University School of Medicine has a unique evaluation system in which there are no grades. This system produces an extremely non-competitive atmosphere. It is up to us to decide whether competition is healthy or unhealthy. However, there is a difference between trying to do our best and trying to do better than everyone else. There’s nothing wrong with setting high goals and working to achieve them, but strong competitive feelings often produce unnecessary stress and anxiety which can get in the way of success. Even worse, competition can also cause death or even create serious problems in our society. Competitive games are detrimental to children’s learning. A warm, friendly, relaxed, and safe environment is the best environment to encourage children to acquire language. Yes, competitive games can motivate able children, but they also discourage those with less ability. In the classrooms, children are eager to play games, but once a child feels there is no chance of winning, he or she â€Å"switches off†. If the child begins to mess around with the game equipment (card, dice, etc) or use it in a laborious or exaggerated fashion, then that is indication that the child is not focused on the activity. And if the child is not focused, then the value of the activity is nil. However, the desire to win games can also make children much more interested in learning. In the worst cases, victory in games can become a horrible one-upmanship. English is not enjoyed for its own sake but becomes a means to put down others. In his essay, â€Å"Stop Trying to Beat Your Competitorsâ € , Oren Harari says: â€Å"Attitude implies that the competition is leading the market, and that the only possible solution is to eliminate that competitor† (1). By definition, competition is working for a goal in such a way as to prevent others from reaching their goals; however, in our society, we simply put it this way: I win by making sure that you lose. At a Cyber Internet Cafà © (CIC) place last year, death actually occurred because of competition. Counter-Strike is a very popular game for teens; since most of them don’t have fast computer and internet connections at home, they usually go to Cyber Cafe and pay two dollars for an hour to play games with their friends or other people online. Competition :: English Literature Essays Competition Schools vary greatly in their competitive natures. Sixty-three percent of the students from John Hopkins University School of Medicine, for example, feel their classmates are extremely competitive, and most say they study very hard. On the opposite end, Yale University School of Medicine has a unique evaluation system in which there are no grades. This system produces an extremely non-competitive atmosphere. It is up to us to decide whether competition is healthy or unhealthy. However, there is a difference between trying to do our best and trying to do better than everyone else. There’s nothing wrong with setting high goals and working to achieve them, but strong competitive feelings often produce unnecessary stress and anxiety which can get in the way of success. Even worse, competition can also cause death or even create serious problems in our society. Competitive games are detrimental to children’s learning. A warm, friendly, relaxed, and safe environment is the best environment to encourage children to acquire language. Yes, competitive games can motivate able children, but they also discourage those with less ability. In the classrooms, children are eager to play games, but once a child feels there is no chance of winning, he or she â€Å"switches off†. If the child begins to mess around with the game equipment (card, dice, etc) or use it in a laborious or exaggerated fashion, then that is indication that the child is not focused on the activity. And if the child is not focused, then the value of the activity is nil. However, the desire to win games can also make children much more interested in learning. In the worst cases, victory in games can become a horrible one-upmanship. English is not enjoyed for its own sake but becomes a means to put down others. In his essay, â€Å"Stop Trying to Beat Your Competitorsâ € , Oren Harari says: â€Å"Attitude implies that the competition is leading the market, and that the only possible solution is to eliminate that competitor† (1). By definition, competition is working for a goal in such a way as to prevent others from reaching their goals; however, in our society, we simply put it this way: I win by making sure that you lose. At a Cyber Internet Cafà © (CIC) place last year, death actually occurred because of competition. Counter-Strike is a very popular game for teens; since most of them don’t have fast computer and internet connections at home, they usually go to Cyber Cafe and pay two dollars for an hour to play games with their friends or other people online.

How Plastic Surgery Affects Society Essay

Often viewed as controversial; plastic surgery has the capability to change lives of various individuals from diverse socioeconomic levels. Plastic surgery covers a broad spectrum of services which are included in reconstructive surgery, as well as, the popular aesthetic appeal of cosmetic surgery. Plastic surgery affects society both physically, psychologically, and emotionally. From Operation Smile to botox, accident victims to breast augmentation, and Little Baby Face Foundation to facelifts; plastic surgery can give hope and confidence to many people. Plastic surgery can be delineated as the branch of surgery concerned with therapeutic or cosmetic repair or re-formation of missing, injured, or malformed tissues or parts. (â€Å"Plastic Surgery† dictionary.com) There is written medical evidence that some of the first plastic surgery procedures are dated back more than 4,000 years ago (â€Å"ASAPS†). â€Å"Physicians in ancient India were utilizing skin grafts for reconstructive work as early as 800 B.C† (â€Å"ASAPS†). In 1827, Dr. John Peter Mettauer performed the first cleft palate operation (â€Å"ASAPS†). This shows that plastic surgery has always had a very powerful impact on society. Even though plastic surgery is glamorized by the public eye there are a vast amount of instances where it is to truly help someone that needs it. Operation Smile is a prime example of how plastic surgery can improve the life of someone. They are an organization that helps children worldwide. Operation smile trea ts facial deformities such as cleft palates and cleft lips for free. â€Å"They have provided reconstructive plastic surgery to over 150,000 children and young adults in more than 60 countries† (â€Å"Plastic Surgery). Regardless of how much the media popularizes plastic surgery, you must not focus on that effect, but on the effect foundations like these have on society. If a woman were to be diagnosed with breast cancer there is a possibility that she will need surgery. At this time a mastectomy (removal of the breast) in order to keep the cancer from spreading (â€Å"Breast Cancer and Breast Reconstructive Surgery†). There are many different alterations in which there could be a portion of the breast taken away or even all of the breast ( â€Å"Breast Cancer and Breast Reconstructive Surgery†). This affects society in many different ways. This could strongly damage self-esteem as well as do much mental damage. Even though you are doing this procedure it could possibly be a life saving one. Another wonderful opportunity that plastic surgery can offer someone is repairing any damage done to a veteran while they were in active duty. Many hospitals will actually perform cosmetic surgery free of charge. Whether it was from a gunshot wound or grenade shrapnel effecting the face or body of a soldier, many â€Å"training† hospitals will pay for all the charges that would be given to the patient. There are various programs that offer free procedures that will help injured veterans attempt to continue their lives without embarrassing scars on their bodies. Plastic surgery has a very positive impact on the world. Although plastic surgery has much negative exposure, it still has a large portion of positive effects that are not often heard about. â€Å"Many of these benefits include confidence, health safety, post-accidental reconstruction and age-defiance, respectively (â€Å"What Are the Pos itive Effects of Cosmetic Surgery†). There are many different factors that contribute to a person’s happiness (â€Å"What Are the Positive Effects of Cosmetic Surgery†). If someone has something wrong with their body that they believe can be improved then he/she will be able to fix it which will in turn lead to a happier person with a better quality of life. However there are many health risks that can be fixed by plastic surgery. If someone were to be dangerously overweight then they could get liposuction or another procedure that would keep them from getting diseases such as heart disease, a higher blood pressure among other problems (â€Å"What Are the Positive Effects of Cosmetic Surgery†). There are even many instances where a tragic accident could leave a person physically deformed. In this case reconstructive surgery could be the answer and return the lives of patients to some sense of normalcy. Looking younger is now a popular trend among older and sometimes even younger people. This leads to a more positive outlook on life and is also used as a preventative precaution (â€Å"What Are the Positive Effects of Cosmetic Surgery†). Whatever the reason may be, plastic surgery has proven to be one of the most effective techniques to ensure a more positive outlook on life. There was an interview conducted by SteadyHealth.com and Dr. Howard T. Bellin last year. In this interview many different questions were asked about self esteem and the appropriate age for plastic surgery. Dr. Bellin believes that a person’s self esteem can benefit significantly from plastic surgery. One of the major surgeries that he does would be the rhinoplasty. He does this operation on teens. There is a general debate about what age is appropriate to let your child have plastic surgery. Sometimes parents believe that their child may be too young or perhaps too immature to engage in surgeries that seem to be for adults only. Plastic surgery can fix some problems but is not a â⠂¬Å"cure†. Cosmetic procedures are becoming much more common among teens now a day and are helping them through everyday life and help them fit in. There will always be a debate on this situation but it is important to look out for the best interests of the patient (â€Å"An Interview with Dr. Howard T. Bellin†). There are many different mental diseases that relate to plastic surgery. These diseases do cause there to be a negative idea about surgery. â€Å"This is sometimes true, but there are some cases that this is not always a bad thing. Body Dysmorphic Disorder or (BDD) is described by the psychiatric Diagnostic and Statistical Manual of Mental Disorders as a preoccupation with an imagined defect in appearance†(â€Å"Body Dysmorphic Disorder†). Usually with this disease the person who has this disorder while mark the body excessively in one location which may cause it to become deformed. They will obviously want this to be fixed and will want to have surgery. If this go es untreated then the likelihood of suicide can increase so in order to prevent this surgeons will fix the problem which will hopefully keep the patient happy and able to continue on with life. Other times it is not that simple and they will need additional surgery to correct the â€Å"problem† that they believe is present. There have been studies conducted on patients post operation feelings. There are many emotional ties that go with getting surgery. â€Å"A study in 2005 by the American Society of Plastic Surgeons found that 75 percent of the respondents indicated that they chose plastic surgery to gain an improved appearance and a more active lifestyle†(â€Å"Emotional Changes After Plastic Surgery†). â€Å"Likewise, 70 percent sighted emotional and psychological rewards after surgery, with notable happiness and renewed self-esteem and confidence† (â€Å"Emotional Changes After Plastic Surgery†). â€Å"Equally impressive, 45 percent enjoyed the daily benefit of being more attractive†(â€Å"Emotional Changes After Plastic Surgery†). So you can see that in most cases there is an unambiguous change in a person’s perso nality after surgery. There are many benefits of cosmetic and reconstructive surgery. This is a tool used by a fair number of the population in the world. It helps keep the status quo intact and also lets some feel accepted. With all of the glamours that television promotes about plastic surgery it may be hard to fit in. This is a way to keep everyone on the same page so to speak. It may have some negative effects on society, but the positive aspects definitely outway them. It improves the emotional status of the patients after surgery and statistics show that there has even been a direct link with a person’s personality and surgery. Whether it is organizations trying to help children have a normal and prosperous life or a â€Å"training† hospital operating on a veteran for free, these procedures have proven to be a very positive thing and improve lives. The emotional and physical health of people throughout the world have been positively impacted by this. There are many advances that are being made everyday in the medical field. There are even instances where you can not even tell that someone has went â€Å"under the knife†. Plastic surgery will continue to give hope to people and will also give people the courage and strength to deal with everyday life. Works Cited â€Å"ASAPS.† News Releases. N.p., n.d. Web. 10 Dec. 2012. â€Å"Body Dysmorphic Disorder.† Body Dysmorphic Disorder. N.p., n.d. Web. 01 Jan. 2013. â€Å"Breast Cancer and Breast Reconstructive Surgery.† WebMD. WebMD, n.d. Web. 01 Jan. 2013. â€Å"Emotional Changes After Plastic Surgery: What You Need to Know.† Emotional Changes After Plastic Surgery. N.p., n.d. Web. 01 Jan. 2013. â€Å"An Interview with Dr. Howard T. Bellin – A Plastic Surgeon, Inventor, and Director of CosMedica.† SteadyHealth.com. N.p., n.d. Web. 01 Jan. 2013. â€Å"Plastic Surgery.† Dictionary.com. Dictionary.com, n.d. Web. 31 Dec. 2012. â€Å"Plastic Surgery.† Wikipedia. Wikimedia Foundation, 22 Jan. 2013. Web. 25 Jan. 2013. â€Å"What Are the Positive Effects of Cosmetic Surgery?† HubPages. N.p., n.d. Web. 01 Jan. 2013.

Inequality in British Schools - 2111 Words

Is there a problem of Inequality in British schools? The educational system is one of the most influential institutions in society as it provides young people with a vast amount of knowledge, attitudes and skills. These are acquired formally through set lessons or informally through the ‘hidden curriculum’ which provides the unofficial and unplanned consequences of school experience. Social Inequality is one of the major preoccupations of sociology. The relationship between inequality and education has been studied for many years. Although it seems obvious that educational success is simply down to an individual’s capabilities and motivation, sociological research shows that the inequalities in social class, gender and race and ethnicity†¦show more content†¦On the other hand if the teacher labels a pupil as ‘un co-operative’ or from a ‘poor’ background, this can cause low self-esteem and the pupil will be likely to fail to achieve much success. The Neo Marxist’s perspective on class stratification in Britain claims that schools create a ‘false class consciousness’ so it seems that they promote equal opportunities for all, but they really reproduce a capitalist division of labour, preparing young people for class-determined careers in the labour market. Willis (1977) accepts the Marxist’s view on education being closely linked to the needs of the capitalist’s system; however he does not agree with the idea of there being a direct link between education and the economy. (Macionis. J, Plummer.K, 2008) His study found that â€Å"poorer children often grow up in environments where people see little hope of upward social mobility and rebel against the system rather than trying to conform with in. In such an environment adults often discourage rather than encourage success at school.† (Macionis. J, Plummer.K, 2008) Social class is not the only inequality in Britain’s schooling. Sociologists have also found a link between gender and academic success. Until the late 1980’s there was high concern about the underachievement of girls. Societies had been structured to consider schooling more important for males than for females. Although the gap in genderShow MoreRelatedProblems with Ethnicity and Race in the Classroom855 Words   |  3 PagesEDUC 1104: Ethnicity and Race remain significant problems in today’s British education system. Discuss. In today’s British education system there still are significant problems regarding ethnicity and race. The problems include the idea that specific races are not doing as well as their counterparts even though they may be taught in the same way yet there are suggestions to say that the education system is institutionally racist. Can this explain why some races do better than other races? EthnicityRead MoreEthnicity Creates Inequality in the Labor Market1267 Words   |  5 Pagescreates some inequality in labour market and health. 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