Narcotics in the 3rd World Essay Example | Topics and Well Written Essays - 1250 words

Narcotics in the 3rd World - Essay Example It is a well known fact that Colombia is the only country in the world where the three main plant based illegal drugs are produced in significant amounts and it is involved in illegal drug production, international smuggling and marketing. In the 1980s Colombia became the largest cocaine producer in the world and in the 90s it also became the largest coca grower nation. Additionally, it is also said to produce and supply the major share of heroin consumed in the USA and exports illegal marijuana. In the past few decades illegal drug production and trafficking in Colombia has signed the country’s history. In fact it can be said that in no other country in the history of the world in this illegal market of drugs has had so dramatic social, political and economic effects. The lack of proper policy system to control this market has been a major drawback in Colombia and has contributed greatly to changes in institutions and values. This market has been used to generate funds for left and right wing armed actors of the indefinite war experienced in the country (Thoumi, 2002). These are some of the major reasons that Colombia drug system is so unstable compared to the other countries. Drug-trafficking capital continues to exercise substantial power and influence in Colombia and internationally. This is mainly because Colombia is able to meet its need for raw materials to be processed into psychoactive substances for which there is a demand in world markets (Vargas, 2000). Iran, Pakistan and Afghanistan form the Golden Cescent countries. Golden Triangle countries include Laos, Thailand and Myanmar and these are the regions responsible for the majority of opium, heroin and cocaine production. In fact though these groups financed their needs through drug production and trafficking, they cannot be compared to the Colombia market. Colombia is in the middle of an institutional crisis characterized by

India Essay Example | Topics and Well Written Essays - 1000 words

India - Essay Example Hinduism practices a diversity of beliefs. The first and major belief of Hinduism is the belief in the sacred reality, which is founded upon Brahman. Brahman is the ultimate authority on sacred reality. He is considered as the manifest basis of the entire unmanifest (Griffin, 1). This means that Brahman is the manifestation of all the Vedic gods and this makes him the creator and the creation itself. He thus considered being eternal, changeless, perfect and absolute (Griffin, 1). The effect of this belief in humanity is the foundation of the belief in a supreme being. Human beings practice religion due to the belief in a supreme being, which is seen as the source of creation and authority on earth. The Supreme Being is depicted as one that must be accorded respect and obedience to its laws and teachings. It is this belief in a Supreme Being that evidences the aspect of humanity that demands respect to be accorded to the Supreme Being. The belief on life, death and reincarnation taugh t by Brahman is an indication of the perceptions held by human beings on life after death and the origin of life. The second vision of India is founded upon the teachings of Buddha. Unlike Hinduism, Buddhism dies not believe in creation or the existence of a creator god. It instead teaches on the impermanence of all reality and the need to focus on experiencing the present. It also teaches on the absence of an entity within the human body. This means that contrary to other human religions that lay an emphasis on the human soul, Buddhism does not place any belief on the existence of the human soul. Rather, it places belief on reincarnation and the need to preserve high standards of morality. In this respect, Buddhism explains humanity as independent existence guided by faith and high moral codes (Griffin, 1). Sikhism, on the other hand, has some degree of monotheism. It places belief on all powerful, magnificent, and immanent being. As opposed to the other visions, Sikhism place beli ef on creation. It insists that the world was created by the utterance of god. This view explains the source of humanity as originating as a creation by the divine being. According to this vision, humanity arose by creation. Jainism, like Buddhism and Hinduism, does not believe in creation but rather in reincarnation as the source of humanity. However, as opposed to the other visions, it places firm belief on the law of nature. This is the law of Karma, which may be described as the human soul, and is responsible for governing human conduct through the notion that bad deeds collect on the karma making it sticky. All these visions of India, though dissimilar in some aspects, converge on the insistence of divinity arising from nature. It is this convergence in these visions that may be used to argue that these similarities form the Indian vision on humanity. 2 The views of the visions of India are different from Europe and North East countries. The ‘mother vision’ of Indi a is Hinduism that has influenced other religions in a great way. The religions affected in India are Islam, Christianity, Sikhism, Buddhism, Jainism and Baha’i. India has accepted different religions to be practiced by its citizens and has fostered on the freedom of worship, which has been the main factor that has promoted the diverse worship of religion. The vision, Hinduism refers to different types of believes and religion practices that religious individuals practices to their different

Christmas Holiday Essay Example for Free

Christmas Holiday Essay This holiday it was wonderful for me because it was more fun than anothers holidays for now. I got a good time and especially it was great because i spent with my familly, i am lucky for that because i have a big familly. Usually the Christams holiday is important for me, than childrens go to carols for Christmas at houses of peoples for announcement the birth of Jesus Christ. I like to go for sining and this year i was togeter with my brother and a good friend, i maked much money and i divided in three. On Christmas Eve i decoraded tree and for both my grandparents and the parents. I spended my Christmas in Harman and for New Year i come at my grandparents with my paretns and i spended with they and with uncle, aunt and my cousins. All it was great but with one exception i dont liked because not was snow, i like when is much snow that make the to have spirit this holiday,that is so special and so beautiful,is great when see snow flakes. For night the New Year i got many fireworks and petards, i like this part,this custom and i think that liked at all peoples with exception of my grandmother,her dont like the this because is afraid of that but i think that is for their noise deafening,if it dont was that noise with sure her would like. I think the Christmas and New Year is important and special for everybody,in every year we spend this wonderful moment with all familly and we enjoy with great love.

Policies for the Prevention of Fraud and Mismanagement

Policies for the Prevention of Fraud and Mismanagement PURPOSE The Prevention of Fraud and Mismanagement Policy outlines measures taken by the Institute to prevent fraud and mismanagement. SCOPE This policy applies to all members of staff. STATEMENT Rosary Tertiary Institute is committed to dealing with fraud prevention. The Professional Conduct of Staff is the principle guide for dealing with fraud prevention. It states that staff members are required to inform themselves about fraud controls, to inform the institute if they suspect acts of fraud and that if a staff member commits an act of fraud it will be investigated. This Policy is supported by the Theft, Fraud and Corrupt Conduct Procedure, which summarises the procedures to be used once an allegation of fraud is made to a senior staff member. PROFESSIONAL CONDUCT OF STAFF Staff Responsibilities Rosary Tertiary Institute seeks to create a safe and rewarding learning and working environment based on the principles of the Catholic faith, justice, equity, harmony, tolerance and pursuit of excellence while protecting the resources of the Institute and respect for individuals, the law and the governance of the Institute. In circumstances where staff conduct does not meet the standards set out in this policy and related procedures, senior members of staff may speak with the individual concerned in an attempt to remedy the situation. In cases where the misconduct exceeds the scope of authority, the matter may be referred to the proper civil authority. Personal and Professional Behaviour Staff must uphold the values of the Institute outlined in the Prospectus. Staff must maintain a high standard of conduct and level of performance while demonstrating courtesy, equity and fairness in dealing with staff, students, contractors, visitors and members of the public. The rights, duties and aspirations of others will be respected at all times. Staff must perform their duties in a professional manner with skill, care and diligence and with a proper utilisation of their authority. Staff must treat others fairly and with respect and must not engage in any harassing, bullying or discriminatory behaviour. Staff in administrative positions will maintain, as far as possible, a safe and orderly working environment. Staff must endeavour to ensure that their actions or decisions do not harm the health, safety and well-being of themselves or others, nor affect their work performance or that of others and must comply with the STAC Occupational Health and Safety Standards. Staff in management positions must ensure that all staff have the necessary qualifications to fulfil the responsibilities of the positions they occupy. Staff must ensure that relationships with students are professional, respectful and trusting. Staff must acknowledge that they have a responsibility to protect the interests of students and to acknowledge and resolve any conflicts of interest that may arise; to respect staff-student relationships and to accept the obligations involved in their responsibilities. Institute Finances Staff will maintain the highest standards of integrity in financial matters and, particularly, will comply with the requirements relevant to financial management legislation and the Institutes financial procedures which have been taken from the rule and constitution of the Dominican Sisters of Wanganui. Protection of Institute Resources Staff must utilise and maintain Institute equipment and resources in an economical and efficient manner and exclusively for Institute purposes; Staff must secure Institute equipment and resources against misuse or theft; Staff must follow all procedures governing the use of the Institutes electronic communications systems, and avoid excessive personal use of the Institutes electronic communications systems which incurs additional cost to the Institute. Staff must ensure the protection of the privacy of others and the maintenance of appropriate confidentiality with regard to personal matters and information acquired in the course of their employment and will use information only for purposes related to work Staff must maintain the confidentiality of official and personal information for which they are responsible and take all precautions to prevent all unauthorised access to or misuse of the Institutes records and information Staff must comply with all relevant copyright and records management policies and procedures. Respect for the Law and Tertiary Institute governance Staff must comply with all laws, regulations, codes, policies and procedures. Staff may report to management any behaviour that is in violation of any law, rule or regulation or that represents improper conduct, mismanagement of resources, or is a danger to public health and safety. The Institute does not tolerate improper conduct by Institute Staff or Board members, nor the acceptance of reprisals against those who offer to disclose such conduct. The Institute recognises the value of clarity and accountability in its administrative and management activities and supports the making of disclosures that reveal corrupt and improper conduct. The Institute will take the necessary and practical steps to protect individuals who make disclosures as described above in article 5.4 from any detrimental action in response for making the disclosure. The Institute will protect the confidentiality of the disclosure and the identity of the person who made the disclosure and allow procedural fairness to all parties concerned, including the one who is subject to the disclosure. Staff will not harass or take rash action in response to actual or suspected disclosures or participation in an investigation into such a disclosure. 6. Conflict of Interest 6.1 Staff will act with best interests of the Institute in mind when carrying out the duties of their position and must not allow their private interests or the interests of others inhibit them in this obligation. 7. Gifts 7.1 All gifts to staff will be managed according to the Constitutions of the Dominican Sisters of Wanganui. 8. Academic Integrity 8.1 Staff will maintain a high ethical and academic standard according to the Constitutions of the Dominican Sisters of Wanganui. 9. Misconduct 9.1 The Institute will carry out any necessary disciplinary action for misconduct and unsatisfactory performance according to the Rule and Constitutions of the Dominican Sisters of Wanganui. 9.2 Disciplinary action will be at the discretion of the local Prioress and/ or Mother Prioress General, as per the Rule and Constitutions of the Dominican Sisters of Wanganui. 9.3 Requests for review of a disciplinary action will be managed according to the Rule and Constitutions of the Dominican Sisters of Wanganui. 10. Theft, fraud and corrupt conduct 10.1 The Institute does not tolerate fraud or corrupt activity. 10.2 All staff are required to familiarise themselves with the Rule and Constitutions of the Dominican Sisters of Wanganui and fulfil their duties in accordance with them. 10.3 All Staff are expected to report any suspected fraudulent or corrupt activity to the Director. B.   Theft, Fraud and Corrupt Conduct Procedure 1. Approach to theft, fraud and corrupt conduct 1.1 The Institute is committed to preventing occurrence of theft, fraud and corrupt conduct. This will be achieved through: Risk management strategies Prevention strategies Detection strategies Response strategies 2. Risk Management 2.1 Risk management will be carried out in accordance with RTIs Risk Management Policy. 3. Preventative controls 3.1 To prevent theft, fraud and corrupt conduct, the Institute will have internal controls to avoid this. These will include: financial delegations, lines of authority and accountabilities, segregation of duties, approval processes, etc. 3.3 The Director will inform staff of how to prevent and report suspected fraud and corrupt conduct. 3.4 Supervisors will ensure that the following staff are familiar with and comply with the Rule and Constitutions of the Dominican Sister of Wanganui: Staff delegated to make financial decisions Staff delegated to make staff appointment decisions Staff delegated to manage contracts 3.5 Staff delegated to engage external contractors or suppliers will ensure that the contractors or suppliers are financially sustainable individuals or businesses before engaging their services. 3.6 The Risk Management Team will provide staff with a risk management tool to enable staff responsible for engaging contractors and suppliers to identify the level of risk and the level of critical examination required for each procurement activity. 4. Fraud detection controls 4.1 The Director will analyse the accuracy of all transactions. 4.2 The Director will ensure that those staff with delegated financial duties will analyse transactions for approval of the following: Validity Accuracy Invoice coding Invoices addressed to Rosary Tertiary Institute Goods and services tax (GST) calculations 4.3 The Director will give a monthly account of her receipts and expenditure to the local Prioress and conduct an annual internal financial audit, as per the Constitutions of the Dominican Sisters of Wanganui. 5. Reporting of theft, fraud and corrupt conduct 5.1 A staff member who suspects that an act of theft, fraud or corrupt conduct may be about to occur, is occurring or has occurred must report such suspicions to their head of department, the Director, the local Prioress or the Mother Prioress General. 5.2 On receiving a report of suspected theft, fraud or corrupt conduct, the head of department or Director will: Record the time, date and details of the report made Refer the report (including anonymous reports where there is adequate supporting information) to the local Prioress or Prioress General immediately and before any investigation of such allegations is undertaken. 5.3 Where a report of suspected theft, fraud or corrupt conduct made involves a senior officer of the Institute, the Director will refer the report to the local Prioress or, in case of her unavailability, the Prioress General. 5.4 The Institutes public information will inform individuals who are not staff or students of the Institute how to file a complaint regarding improper conduct, detrimental action or other corrupt conduct or misconduct by the Institute, its staff and its officers. 5.5 Where the local Prioress or Prioress General determine that an allegation as a deliberate false allegation of fraud, theft, or corrupt conduct, the staff member who made the allegation will be dealt with according to the Rule and Constitutions of the Dominican Sisters of Wanganui. 6. Investigation 6.1 The Director will assess whether a report of suspected fraud, theft or corrupt conduct warrants further investigation. 6.2 Where a preliminary investigation of allegations of theft, fraud or corrupt conduct by a staff member is required, the Director will appoint investigation officers and provide them with reference terms. The investigation officers will conduct all investigations according to the Rule and Constitutions of the Dominican Sisters of Wanganui. 6.3 Where an external contractor to the Institute is involved in suspected theft, fraud or corrupt conduct, the Director will notify all departments who have engaged the external contractor and all other relevant areas of the Institute. At the conclusion of the preliminary investigation, the Director may: Take no further action Refer the matter to Legal Services Conduct a full investigation On the advice of the Mother Prioress General, report the theft, fraud or corrupt conduct to the police for further action where evidence of theft or fraud is found to be of a serious nature and a prima facie case has been established. 7. Insurance cover 7.1 The Director is responsible for ensuring that the Institutes management liability insurance coverage is current and will cover the Institute for the risk of loss incurred from theft, fraud or corrupt activity and externally instigated fraud. 8. Statutory reporting requirements 8.1 Where alleged theft, fraud or corrupt conduct have been found to involve the embezzlement of money, stores or property, the Director will report the matter to the Victorian Minister of Tertiary Education and Auditor-General of Victoria as required under the Financial Management Act 1994 (Vic). 9. Review of procedures and controls 9.1 The Director will review internal controls relating to theft, fraud and corrupt conduct. 9.2 The Director will follow up with management responsible for the area affected by theft, fraud or corrupt conduct to ensure that recommendations have been carried out within appropriate timeline. 9.3 In all instances where there is a report of theft, fraud or corrupt conduct, the Director will review the procedures and controls in operation within the department and advise the Director of this review, including any action taken to address any inadequacies discovered. 10. Records 10.1 The Administrator will retain the records of all theft, fraud and corrupt conduct investigations. 11. Confidentiality 11.1 A staff member who is involved in or becomes aware of theft, fraud or corrupt conduct investigation will retain the details and investigation results confidential, subject to the needs of the Institute, the Director and the police during their investigation. 11.2 Staff will not discuss or report any suspected or proven occurrence of theft, fraud or corrupt conduct to the media. PRIVACY POLICY Policy Number Version Number Policy Developer #34 #1 Administrator Approving Body Date of Approval Last Amendment Date RTI Board of Governors 4th March, 2017 4th March, 2017 Last Review Date Next Review Date Status 4th March, 2017 4th March, 2020 Filed This policy has been benchmarked with the Privacy Policy of Eastern College Australia

Free Essays - A lack of Respect in To Build a Fire :: London To Build a Fire Essays

A lack of Respect   Ã¢â‚¬Å"To Build a Fire† by Jack London is a short story about a man traveling along the Yukon River in the bitter winter weather.   While warned against traveling alone in the frigid cold, he ventures out to meet his companions at a remote camp many miles away, with only his dog.   Overcome by nature’s power, he eventually perishes along the way, leaving his four-legged partner to complete the journey alone.   The story displays how the forces of nature can surprisingly overwhelm even the most confident of men.   The traveler, or also referred to as a chechaquo, is the main character of London’s tale.  Ã‚   He is a quick and alert man, yet lacks imagination to see things in the big picture.   We know that he knows the ways of the arctic environment, but it becomes obvious that he has never experienced a situation like this.  Ã‚   The man is observant and quite resourceful, exemplified when he coaxes the dog to walk ahead of him across the ice, in case of soft spots.   A combination of arrogance and confidence are apparent with almost every thought he has.   Even when faced with his own immortality, the man fights to contain himself and remain calm.   London uses the dog traveling with the man to support some of the less obvious points in the story.   We know from the dog’s thoughts that the climate is not simply cold, but closer to unbearable.     The central conflict in the story is the Traveler vs. Nature.   He displays a total lack of respect for the environment in which he has chosen to travel.   From the beginning, the reader understands that the man is undertaking a task where most would wait for more suitable conditions.   His trip begins well enough, yet soon becomes disastrous when he breaks through the ice and wets himself up to the waist.   He is more angry than worried as he begins to build a fire to dry his wet boots and socks.   His arrogance shows when he thinks to himself, â€Å"Those old-timers were rather womanish.†Ã‚   Due to a grave mistake on his part of building the fire under a tree branch overburdened with fresh snow, his fire is doused out when the heat collapses the branch.   His extremities are already numb from the cold and he lacks the dexterity to light another fire so begins to run in an effort to get to his companions camp as well as increase his circulation enough to warm up.

Labour party Essay

‘To what extent is the Labour party still committed to its original principles?’ The Labour party has often been referred to as a ‘socialist’ party. However, this is misleading. For most of its life – dating back to the eighteenth century, the Labour party has always had less ‘radical’ ideologies than socialism and British ‘socialism’ has always been more moderate than elsewhere in Europe. However, the Labour party abandoned a number of its previous principles in favour of new ones, in order to move to the centre ground and enable the party to compete with the Conservatives. It seems that this was ultimately, a successful strategy as it resulted in Labour winning three general elections and beating the Conservatives. Some people are now of the opinion that the Conservatives have, in fact, moved closer to the centre-ground in order to compete with the New Labour party. Within true socialism, there is the idea that the economy should be based upon ‘production for use’; everything produced is just enough to satisfy human need and demand. Socialism also works to reduce or remove hierarchy. The most radical form of Socialism has been ‘Marxism’. Marxists hold the desire to completely destroy capitalism and its political system. It has been said that Marxism is more like communism than socialism. Although Labour has never been revolutionary, it has always argued that its version of socialism can be achieved in a peaceful way, through parliamentary means. All but the more moderate socialists have viewed social class as a crucial aspect of society. Some socialists assume that the majority of people define their position in society in terms of their social class. This was referred to as ‘class consciousness’ by Karl Marx and the idea is that people tend to develop common interests and purpose with fellow members of their class. For example, a number of people within the middle classes feel they need to protect private property interests, as well as feeling the need to promote and protect business and to keep tax as low as reasonably as possible. The working classes, however, are more concerned with issues such as the welfare state, industrial relations, fair wages, good working conditions and policies that promote equality. In most cases, business classes oppose higher wages, mainly due to the fact this conflicts with the need to make profits and generate funds for further investment. Until about the 1930’s, the British Labour party adopted this ‘class position’ as the Labour has always been forced to consider interests of all the classes in British society, in all of its policies, not just those of the working class. To some extent, the reason for this is the need of electoral support the party has always needed. For a large part of the twentieth century, approximately one third of the British public voted conservative and this meant that, electoral reckoning determined, the Labour party could not win by gaining votes of the other two thirds of the working class alone. Collectivism refers to two main ideas – the first being that people tend to prefer to achieve goals collectively as opposed to independently and secondly, action is more likely to be taken by people in organised groups than a sum of many different individual actions. Collectivism is the political principle of centralized social and economic control. One main example of collectivism practised by the British Labour party in the 1940’s was the nationalisation of several large British industries. These industries included the railways, coal, steel, electricity and gas, as well as telecommunications. Nationalisation was a collectivist enterprise and its purpose was to, firstly, prevent the industrial muscle of private industries exploiting its workers, and secondly, ensuring the industries were run in the interests of the community rather than just the owner. After 1997, for the majority of the time, Labour followed the principles of the ‘Third Way’. Yet, today, many argue that it has gradually shifted towards a ‘New Right position’ – that is, even further away from its original socialist values. The term ‘new’ Labour tends to be used to describe the change in Labour party policies, ideas and goals that occurred as a result of the modernisation process. This was started in the late 1980’s and was accelerated under Tony Blair, in opposition and in government. The differences between ‘new’ Labour and ‘old’ Labour tend to be defined by vital policy movements. This includes the abandonment of nationalisation and the recognition of the ‘rolled back’ state, which was inherited from the conservatives. An emphasis on low inflation, for example, demonstrated the wider role. Since 1997, the Bank of England has started setting interest rates; cuts in income tax and have started to refuse to return to the more ‘sharply progressive’ income tax rates of the 1970’s; cuts in some benefits and eagerness to push forward with market reforms of the welfare state. ‘New’ Labour can also be distinguished from ‘old’ Labour in terms of a weaker association with the trade union movement and a reduced reliability on working class votes. During its early years, New Labour was a party very much dedicated to reforming and modernising, but it was not a fundamental one. It did not make any significant changes to the policies put forward but the Conservatives, however, it did seek to improve the way in which policy was executed and it has also attempted to make government action more susceptible to the needs of the disadvantaged and minorities in society. Its principle reforms, therefore, have been to the public services and to the welfare state. Over time, the party seems to have turned rapidly to consolidation rather than reform. New Labour tends to focus now on improving the delivery of the policies it has already implemented.

Business ratios and formulas a comprehensive guide Essay

Net profit margin of the company shows how much the profit after-tax profit made by a business for every $1 generated in revenue or sales (Bragg, 2008). A higher net profit margin is better in comparison to that of its competitors. In 2011 and 2012, Tesco was more profitable followed by Morrison’s Supermarkets PLC. However, in 2013, Morrison’s Supermarkets PLC was more profitable followed by Sainsbury.Roce This financial ratio measures the profitability and efficiency of a company with which its capital is employed (Bragg, 2008). In 2011, Tesco was more profitable than Morrison’s Supermarkets PLC and Sainsbury. The following year, it was overtaken by Morrison’s Supermarkets PLC while Sainsbury remained the least profitable. In year 2013, Morrison’s Supermarkets PLC was the most profitable company followed by Sainsbury. Return on Equity – ROE             Return on equity shows how much profit a firm earned compared to the total amount of shareholder equity as contained in the balance sheet (Horrigan, 2010). In 2011, Tesco made a higher profit than Morrison’s Supermarkets PLC and Sainsbury. It was Morrison’s Supermarkets PLC . in year 2012 Morrison’s Supermarkets PLC and Sainsbury reported a higher profit compared to the previous year while Tesco reduced it profitability. However, the three companies reported lower profit in 2013 than in 2011 and 2012. Morrison’s Supermarkets PLC was more profitable followed by Sainsbury in 2013. Gross Profit Margin             It is used to assess company’s financial health by showing the proportion of money that is left over from sales revenue after deducting the cost of goods sold. It shows the financial health of a company (Jenkinson, 2011). In 2011, Tesco had the highest financial health followed by Morrison’s Supermarkets PLC. In year 2012, all the three companies reported lower gross profit margin. Morrison’s Supermarkets PLC and Sainsbury have had a stable gross profit margin.Net asset turnover This is a financial measurement intended to measure how a company turns its assets into revenue (Horrigan, 2010). In 2011, Sainsbury was the most efficient company in turning assets into revenue compared to Morrison’s Supermarkets PLC and Tesco. Tesco was performed the least in turning assets into revenue. In 2012, all the three companies had a lower net asset turnover with Sainsbury having the higher ratio followed by Morrison’s Supermarkets PLC. In 2013, Tesco and Sainsbury increased their ratio while Morrison’s Supermarkets PLC’s ratio decreased. Sainsbury still had the highest ratio followed by Morrison’s Supermarkets PLC.Efficiency and effectiveness Ratios Asset turnover ratio             This is a ratio of a firm’s sales to its assets. It is an efficiency ratio that shows how successfully a company uses its assets to generate revenue. A comparison of asset turnover ratio for the three companies shows that in 2011 Sainsbury was the most efficient company followed by Tesco in turning assets into revenue. In 2012, Tesco showed a decrease in efficiency which the other two companies increased they’re efficient. All the three companies increased their efficiency in using assets to generate sales with Morrison’s Supermarkets PLC having the highest ratio followed by Sainsbury (Jenkinson, 2011). The debtor’s day’s ratio             It is a measure of how quickly cash is collected from debtors. Different periods are compared for the same company since it is less meaningful since results largely depend on the nature of the business. Tesco is the most efficient company in collecting cash. Morrison’s Supermarkets PLC and Sainsbury have also been decreasing the number of days with Tesco having a lower collection period (Novak, 2009). Supplier credit days This shows the number of days that a company takes to pay its suppliers (Novack, 2009). In 2011 and 2012, the numbers of days for Morrison’s Supermarkets PLC and Sainsbury has been increasing which can be a sign of financial hardship or increase confidence of suppliers on the company. Tesco has a high ratio which could be a sign of a financial crisis. Stock holding period             It refers to the period between the purchase of a product and its sale. There is a general decrease in the stock holding period for the three companies indicating an improvement in investment performance. Sainsbury have the highest holding period followed by Morrison’s Supermarkets PLC (Palmer, 2013). Liquidity and capital ratiosQuick Ratio             This determines if the company has resources to pay its short term liabilities with its liquid assets. The analysis shows that Morrison’s Supermarkets PLC has the highest ability to pay its short-term debt followed by Sainsbury (Peles, 2008). Quick ratio             It measures how a company can use its near cash or quick assets to retire its current liabilities immediately. Analysis shows that Morrison’s Supermarkets PLC has the highest ability to convert its near cash items into cash in order to pay the debt followed by Sainsbury.Gearing ratiosDebt/equity ratio It shows how a company finances its growth. Sainsbury has the highest debt in its capital structure compared to Tesco and Morrison. Tesco has the least debt ratio (Peles, 2008). Times interest covered             This ratio is a measure of number of times a business can make the interest payments with its earnings on its debt before interest and taxes. Morrison has the lowest possibility of bankruptcy followed by Sainsbury. Capital gearing ratio             It measures financial strength of a company. Tesco is a high risky investment to investors. In 2013, Morrison was second after Tesco in terms of riskiness. Investors expect a high return in the future in Sainsbury compared to Morrison and in Tesco. Dividend yield             It shows how much a company pays out the shareholders in divided relative to share price. Sainsbury have the highest dividend yield showing that investors get a lot of funds for investing in Sainsbury. When share price increases, shares with high dividend yield earn more cash. Investors who need cash prefer investing in shares that have high dividend yield. Dividend cover             This shows the number of times dividends of a company paid to shareholders can be paid out of annual profits after tax. It is an indication of the probability which shows that dividends can be maintained in the future. In 2013, Morrison had the highest divide cover followed by Sainsbury (Shimerda, 2011).Corporate strategy Morrison’s Supermarkets PLC can increase its profitability by using Tesco as a benchmark for its operations. This is because Tesco has a higher net profit margin and Return on capital employed. Morrison’s Supermarkets PLC has not been effectively in efficiently utilizing their assets in generating more revenue. It should ensure that acquisitions are attractive and that they help the company increase its return. It should also ensure that they produce better products and services in order to combat competition. Some assets should also be sold. Morrisons Supermarkets PLC should also reduce the amount of debt from their capital structure. This is because it ranks second after Tesco in terms of capital gearing ratio. Debtor’s collection period should be reduced to a minimum. References Bragg, S. M. (2008). Business ratios and formulas a comprehensive guide. Hoboken, N.J.: Wiley. Horrigan, J. O. (2010). Financial ratio analysis: an historical perspective. New York: Arno Press. Jenkinson, N. H. (2011). Investment, profitability and the valuation ratio. London: Economics Division, Bank of England. Novack, D. E. (2009). Liquidity Ratios And Recent British Monetary Experience. The Journal of Finance, 13(4), 510-526. Palmer, J. E. (2013). Financial ratio analysis. New York, N.Y.: American Institute of Certified Public Accountants. Peles, Y. C., & Schneller, M. I. (2008). Liquidity Ratios and Industry Averages-New Evidence. Abacus, 15(1), 13-22. Schmidgall, R. S., & Defranco, A. L. (2009). Ratio Analysis: Financial Benchmarks for the Club Industry. The Journal of Hospitality Financial Management , 12(1), 1-14. Shimerda, T. A. (2011). Financial ratios as predictors of profitability. Ann Arbor, Mich.: University Microfilms International. Source document