Do Muslim Women Really Need Saving - 1617 Words

Lila Abu-Lughod is an American anthropologist whose work is focused around descriptive ethnography and mostly based in Egypt. Her work aims to tackled three main issues: the relationship between cultural forms and power; the politics of knowledge and representation; and the dynamics of gender and the question of women’s rights in the Middle East (Columbia). Lughod in her book Do Muslim Women Really Need Saving? sets out to get rid of stereotypes that muslim women because of frequent ‘honor killings’ and the practice of veiling need to be rescued. She coins the term for the exploration of saving muslim women ‘Islamland.’ There is the perpetuating stereotype and dominant narrative that muslim women need saving and islam is a threatening†¦show more content†¦Apart of the problem is American feminist, beyond critiques of minority exclusion, is there goal to fix these oppressive patriarchal cultures is misdirected. Many do know fully understand t he practices they are fighting against and are too quick to judge them as â€Å"wrong.† â€Å"American feminist began to focus spectacularly oppressive practices that were easy to mobilize around: female genital cutting, enforced veiling, or the honor crime† (Lughod, 8). She explains in her book how debates on the veil and discussions of honour crimes are deployed as 21st century political projects. Lughod challenges the assumptions that these countries need to be saved and critiques the west obsession of ‘culture’ as the cause for repressive regimes. Abu Lughod in Writing Against Culture raises critiques of what anthropologist are supposed to study. She raises the issue of the difference of feminism and anthropology. Lughod talks about how anthropology really came from the divide between the west and the non-west. And naturally because the west is the hegemony anthropology has be mainly dominated by western anthropological thought. Which is why Lughod su ggests anthropologist need to realize this difference and move to writing against culture (Lughod, 1). Though in more recent years the crisis of representation is beginning to get more voices from different cultures that are non-western. She challenges

Essay on We the People - 688 Words

Unit 1 Speech 2: What are the fundamental characteristics of a constitutional government?  · In what ways does constitutional government mean limited government?  · Describe at least three provisions of the Constitution that provide a means of preventing the abuse or misuse of government power. Explain how these provisions work in our system of government today. The fundamental characteristics of a constitutional government contain of a written document which establishes the rules, rights, and principles of the government. These characteristics are the establishment of individual rights, federalism, higher law, separation of powers, and checks and balances. The establishment of all these rules, rights, and principles are all an†¦show more content†¦An example of checks and balances is the two-third vote of Congress to approve a bill that the president has vetoed. Another provision of the Constitution that provides a means of preventing the abuse or misuse of governmental power is higher law which is to be obeyed by the government in the U.S. Constitution. The higher laws were established to protect individual rights. The government cannot use any of its power to take these rights away from any person without due process of law or in times of war. The last but not least provision that prevents the misuse or abuse of government al power is the Bill of Rights. The Bill of Rights was put into our Constitution to help each person receive the rights they deserve, and to limit the government’s power in order to secure people’s rights. The Constitution is the highest law in the United States, higher law is used in our government today in every aspect because we live based on the Constitution. Checks and balances is used in our system of government today because they still limit each branch and give them certain powers. The executive branch still can veto bills from the legislature, and the judicial branch still may declare a law constitutional and unconstitutional. The Bill of Rights will always be used in the life of Americans. It is used today by giving U.S. citizens the rights they should receive and limits the governments powers on their rights. We still have these rightsShow MoreRelatedWe The People882 Words   |  4 Pages We The People, such a simple quote, but very influential i n terms of how our country was intended to be governed. This quote is the bedrock in which the United States was founded. Seems today this quote is just another feel good story of how things were run in the early days of this great country. 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Vineyard Free Essays

Calaveras Vineyards Calaveras Vineyard was originally established in 1883 to make wine for the Catholic Church. They occupied 220 acres in California out of which 175 acres was occupied by the vineyard. They had now expanded into production of table wines for retailers and restaurants. We will write a custom essay sample on Vineyard or any similar topic only for you Order Now It had changed three ownerships in the last nine years. The most recent owner was Stout Plc. which was looking to sell Calaveras and the management of Calaveras was the interested party in this transaction. The main strategy from 1987 was broadening the company’s position on premium brand category and this is evident from the fact that they were now concentrating on wines in the premium and super-premium category. The five C? s analyses is an important approach to evaluate the creditworthiness of a potential client. The five metrics that will be analyzed are character, capacity, capital, conditions, and collateral. Character will translate the quality of the management team and major owners and how these major players behave related to business. Related to Lynna Martinez, she has a high level of education and is graduated from important universities in France and USA. She has done researchers in the field and has experiences as a professional in the industry, being Vice president of Calaveras Vineyard since 1987. The other partner – Peter Newsome, has a degree in Business Administration and has experience in the field in different areas of this industry, such as operating and purchasing. It is possible to say that this metric is maybe one the most important for the future of this business since both of them have strong experience in the field. Related to the capacity analysis, it is unclear, based on historical data, the ability of the company in handle a high debt level, since there no information about Calaveras Vineyards – Team No. 1 18-Feb-2013 debt from the balance sheet. However, the company has a significant position as current assets what provide quick liquidity for the business as well as a strong free cash flow in both considered scenarios to repay the loan, even though the free cash flow in 1994 is negative. The apital metrics will measure whether the company has enough capital, in this point also matter the commitment of the owners with the business. In the management leveraged buyout, the new owners will have $ 1 million invested and thus they would have invested 25% of the total demanded fund. It seems that the new owners are putting an great effort on this business since they are buying a company that they have experience in and they believe it can do better than what the previous owners were doing. The economic conditions for the wine business seems to be in a good moment, even though the alcoholic market has been stagnated, the wine market has grown by 7. 4%, new researches about the benefits of wine has driven the demand up and thus the market is being benefited. Based on the Pro Forma Historical Financial Statements, it seems that the management team is able to control the expenses and cost of goods sold as the sales increase and decrease. It is possible to see it using the decreasing trend of the COGS related to sales and the SGA related to sales that has been the same (14. 9%) for the last 4 years. The company has as collateral, the Accounts Receivables and fixed assets. In 1993 the company had $316,782 as receivables, $2,332,241 as inventories and $4,487,193 as gross fixed assets. In case of liquidation, the Receivables may be sold at 85% of the face value, or $292,264; Inventory can be sold at 75% of its face value or $1,749,180. The fixed cost can be sold by 40% of the book value that is $1,794,877. This liquidation would provide a total of $3,836,321 which is more than Calaveras Vineyards – Team No. 1 8-Feb-2013 the total loan provided in 1994 ($3,122,000). It provides a good standard for the potential creditor of this company. Moody’s SGL framework can also be used to assess the creditworthiness of Calaveras Vineyards. The rating system gives a score ranging from SGL-1 to SGL-4, where one represents companies with very good liquidity and four represents companies with weak liquidity. There are several characteristics that are evaluated in rating a company using this framework. The first point is the capacity for financing capital expenditures and net working capital internally. Calaveras has an expected negative free cash flow in 1994 based on Anne Clemen’s projection (Exhibit 3), so it will not be able to fund internally. However, the company still has the flexibility of drawing money from its revolving credit line since the borrowing base has sufficient amount. Exhibit 3 also shows that the negative cash flow is due to a significant addition to net working capital. The addition is larger than average because the company is increasing its sales to the same level of 1992. The company is projected to have positive free cash flows starting in 1995 and will be able to finance internally. The EBIT/(interest and principal) ratio is moderate in 1994 but projected to increase throughout the years (Exhibit 3) and has an average of two. The second characteristic that needs to be analyzed is the flexibility of the company in generating cash from selling its assets in times of distress. Anne Clemen expected that Calaveras’ accounts receivable would able to generate 80% of book value and inventory for 85% of book value, while land, plant and equipment would only generate 40%. However, these assets are crucial to the operations of Calaveras and cannot be sold. Thus, the company has no flexibility in generating additional cash flow. Additionally, the assets mentioned before are used as collateral for both the term loan and the revolving credit. This relates to the final characteristic that is the extent Calaveras Vineyards – Team No. 1 18-Feb-2013 in which the company’s assets are encumbered. Calaveras is expected to secure its term loan through land, plant and equipment, and its revolver’s borrowing base is equal to 85% of receivables and 75% of inventories. In other words, most of Calaveras’ assets are encumbered and this limits the financial flexibility. After analyzing Calaveras’ through the SGL framework, we believed that the company should receive a score of SGL-3. The increase in the size of the wine market is an opportunity for Calaveras to increase their market share especially in the premium and super-premium category where the company has secure brand position and stable relationships with the distributors. It is heavily dependant on two dealers who account for 50% of their sales. It might bode well for them to increase their dealership base. Financial ratio analysis: To better understand Calaveras Vineyards’ financial ondition, we analyzed those financial ratios that Anne prepared. EBIT coverage ratio and current ratio in 1994 were already larger than 1 and was increasing from 1994 to 1998, indicating this company was profitable enough to pay off its interest expense and short-term obligation. Although current ratio was not so good compared with comparable companies, it was improving through years. The debt rat io was less than 1 and reduced quickly from 1994 to 1998, which was a good signal to investor and creditors that the risk of this company was decreasing. In addition, its decreasing assets/equity ratio indicated the quick increase of equity, which was the result of quick increase of net income. The return on sales and return on assets were much higher than the comparable companies and were increasing from 1994 to 1998, indicating this Calaveras Vineyards – Team No. 1 18-Feb-2013 company had good profitability in the industry. Its increasing sales/assets ratio showed an improvement of its ability to generate sales revenue from each dollar of asset, indicating this company operated more and more efficiently. Through analysis, we found these ratios looked good and some of them were even better than the industry level. The ratio analysis showed Calaveras Vineyards was a healthy company and had an optimistic future. New Scenario A new scenario was drawn in order to assess how the financial health of the company would be if the COGS and SGA were higher than the predicted by the company initially. In this situation, it is possible to see that the company is still able to operate under the conveants imposed by Goldengate Capital. Additional consideration and recommendation: We based our analysis on the ratio analysis done by Anne Clemen. The ratio analysis shows us favourable trend about financials about this company. The leverage ratio goes on reducing and the times interest earned as well as Profit margin show favourable forecasts. Based on our current analysis, we think Calaveras had good profitability and has enough ability to service the debt, and we agreed that Anne Clemens should participate in the loan. However, there are still some factors that can influence our evaluation of Calaveras. For example, if the price of its wine decreased quickly because of intensive competition or there was a big drop in the production of grape due to some catastrophe, the sales revenue will decreased dramatically, which would result in a shrunken free cash flow and influence its ability to pay back the loan. In Calaveras Vineyards – Team No. 1 18-Feb-2013 addition, if the cost of goods sold increased quickly because of a sudden increase of material price or the SGA soared up for expanding marketing and advertising to compete with competitors, the free cash flow would also decreased dramatically. So we suggested Anne to keep monitoring these unstable factors carefully to see whether Calaveras would have a credit risk. Additionally, to decrease the default risk, Anne could also make covenants with Calaveras to regulate its financial ratios and make part of its assets as collaterals. Calaveras Vineyards – Team No. 1 18-Feb-2013 Exhibit 2 Calaveras Vineyards – Team No. 1 18-Feb-2013 Calaveras Vineyards – Team No. 1 18-Feb-2013 Exhibit 7 – New Forecasted Income Statement 1994 1% Sales Revenue Cost of Goods Sold Estates Selected Chardonnay California Generic Special Accts. Winery TOTAL Gross Profit Selling, General and Admin. Amortization of Organizational Costs EBIT Interest Expense (avg. balance) Profit Before Taxes Tax Expense Net Income Dividends to Common Shareholders Retentions to Equity $ $ $ $ $ $ $ 448,180 272,027 432,977 179,934 224,371 655,916 90,130 $ $ $ $ $ $ $ 594,307 325,923 535,400 121,580 233,639 683,012 93,853 $ $ $ $ $ $ $ 678,342 383,808 645,546 126,603 243,291 711,228 97,730 $ $ $ $ $ $ $ 706,365 399,663 733,324 131,833 253,341 740,608 101,767 $ $ $ $ $ $ $ $ 31,406 416,173 763,618 137,279 263,807 771,203 105,971 2,081,995 (966,861) (60) 1,115,074 (134,514) 980,559 362,807 617,752 617,752 $ 3,707,423 1995 1% $ 4,199,960 1996 1% $ 4,693,764 1997 1% $ 4,984,664 $ 1998 1% 5,371,451 $ (2,303,533) $ (2,587,715) $ (2,886,547) $ (3,066,901) $ (3,289,456) $ 1,403,889 $ 1,612,246 $ 1,807,216 $ 1,917,763 $ (667,336) $ (755,993) $ (844,877) $ (897,239) $ $ $ (60) $ 736,493 $ (60) $ 856,193 $ (60) $ 962,279 (60) $ $ $ 1,020,463 (109,625) $ (2 14,987) $ (198,101) $ (170,752) $ $ $ $ $ $ 626,869 231,941 394,927 394,927 $ $ $ $ $ 641,206 237,246 403,960 403,960 $ $ $ $ $ 764,178 282,746 481,432 481,432 $ $ $ $ $ 849,711 314,393 535,318 535,318 $ $ $ $ $ Calaveras Vineyards – Team No. 1 18-Feb-2013 Exhibit 8 – Forecasted Balance Sheets (At Closing) Cash Accounts Receivable Inventory Organization Costs-Current Total Current Assets Land Plant and Equipment Gross PPE Accum. Depreciation Net PPE Organization Costs-Noncurrent Total Assets Payables Accruals Debt-Current Portion LTD Revolving Line of Credit Total Current Liabs. Debt, non-current Total Liabilities Common Stock Retained Earnings Total Equity Total Liabilities Equity Memorandum: Borrowing base (85% AR, 75%Inv) Revolver $ $ $ $ 2,255,917 2,304,288 $ $ 2,521,907 2,218,955 $ $ 2,699,146 1,949,595 $ $ 2,890,789 1,643,991 $ $ 3,025,581 1,187,490 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 1,124 60 1,184 1,124 582 1,706 1,706 240 3,130 130 400 530 1,600 2,130 1,000 1,000 3,130 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 1994 50 370,742 2,587,715 60 2,958,567 1,124 832 1,956 116 1,840 180 2,960,587 258,771 400 2,304,288 2,563,459 1,200 2,564,659 1,000 394,927 395,927 2,960,587 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 1995 50 419,996 2,886,547 60 3,306,654 1,124 1,082 2,206 283 1,923 120 3,308,697 288,655 400 2,218,955 2,508,010 800 2,508,810 1,000 798,887 799,887 3,308,697 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 1996 50 469,376 3,066,901 60 3,536,387 1,124 1,332 2,456 499 1,957 60 3,538,404 306,690 400 1,949,595 2,256,685 400 2,257,085 1,000 1,280,319 1,281,319 3,538,404 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 1997 50 498,466 3,289,456 60 3,788,033 1,124 1,582 2,706 766 1,940 3,789,973 328,946 400 1,643,991 1,973,337 1,973,337 1,000 1,815,637 1,816,637 3,789,973 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 1998 50 537,145 3,425,344 3,962,539 1,124 1,832 2,956 1,082 1,874 3,964,413 342,534 1,187,490 1,530,024 1,530,024 1,000 2,433,389 2,434,389 3,964,413 Calaveras Vineyards – Team No. 1 18-Feb-2013 Exhibit 9 – Forecast Assumptions Key Assumptions: Case Sales $/Case Gross Margins Estates Select-other Chardonnay California Generic Special Accts Winery Dividend Payout: Now-1996 1997After 0 0 0. 47 0. 35 0. 37 0. 35 0. 26 0. 35 0. 46 Exhibit 11 Exhibit 11 Cash Minimum (m) AR/Sales INV(T)/COGS(T+1) CL(T)/COGS(T+1) SGA/Sales Depreciation Capital Expenditures Interest Rate Tax Rate Inflation Rate Real Price Growth 50 0. 1 1 0. 1 0. 18 5-yr, S-L 250 0. 095 0. 37 0. 031 0. 01 Amortiz. Organization Costs: 5 years. Calaveras Vineyards – Team No. 1 18-Feb-2013 Exhibit 10 Solvency ratio EBIT/ (Interest and Principal) Current ratio Debt ratio Assets/Equity Efficiency ratio Sales/Assets Profitability ratio Return on sales Return on assets Return on equity 1994 1. 32 1. 24 0. 67 3. 6 0. 75 11% 8% 28% Anne Clemen’s Ratio Analysis 1995 1996 1997 1. 53 1. 8 2. 05 1. 24 1. 33 1. 48 0. 59 0. 5 0. 39 2. 82 2. 22 1. 8 0. 79 12% 9% 26% 0. 85 13% 11% 24% 0. 88 14% 12% 21% 1998 2. 4 8 2. 16 0. 25 1. 45 0. 94 15% 14% 20% Comparables ratio Upper Quartile Median Lower Quartile 5. 5 0. 97 2. 5 0. 99 1. 5 0. 995 1. 04 7. 30% 8. 10% 16. 60% 0. 73 2. 80% 2. 30% 7. 70% 0. 35 -0. 20% -0. 10% 1. 10% Calaveras Vineyards – Team No. 1 18-Feb-2013 Exhibit 11 Cash Flow Components Cumulative Surplus or Deficit Cash Flow Cash Flow Components Cumulative Surplus or Deficit Cash Flow Cash Flow Items Initial Inputs Net Results Initial Inputs Net Results Operating Inflows (Net Sales) Operating Outflows COGS – Depreciation SGA Exp Taxes Other Total Operating Outflows Total Net Operating Cash Flow (NOF) Changes in Working Capital Receivables (AR) Inventory (INV) Other Current Assets (OCA) Accounts Payable (AP) Other Current Liabilities (OCL) Total Changes in Net Working Capital (NWC) Surplus or Deficit Cash Flow after Working Capital Investment Capital Investment Change in Net Fixed Assets Depreciation Net Investment Flow Free Cash Flow to Firm Surplus or Deficit (FCFF) Interest Income (II) Fixed Coverage Expenditures (Interest) (FCE) Surplus or Deficit Cash Flow Avaiable for Dividends Dividends (DIV) $ 2,836,062. 00 $ 1,899,853. 00 $ 528,456. 00 $ $ $ 2,428,309. 00 $ 407,753. 00 $ 43,356. 00 $ 654,835. 00 $ (7,012. 00) $ (121,880. 00) $ $ 569,299. 00 $ 977,052. 00 $ 4,193,000. 00 $ 2,294,000. 00 $ 587,000. 00 $ 287,000. 00 $ $ 3,168,000. 00 $ 1,025,000. 00 $ (49,000. 00) $ (281,000. 00) $ $ 28,000. 00 $ $ (302,000. 00) $ 723,00 0. 00 $ 268,332. 00 $ (394,512. 00) $ (126,180. 00) $ 850,872. 00 $ $ – $ (83,000. 00) $ (167,000. 00) $ (250,000. 00) $ 473,000. 00 $ – $ (308,000. 00) $ 165,000. 00 $ – $ 850,872. 00 $ – Calaveras Vineyards – Team No. 1 18-Feb-2013 Cash Flow Statements – Contd. Surplus or Deficit Cash Flow Avaiable for Dividends Dividends (DIV) Management’s Discretionary Cash Flow Surplus Financial Cash Flow Change in Long-Term Debt Change in Short-Term Borrowing Change in Preffered Stock Change in Common Stock Change in Other Total Change in Net Finncial Cash Flow (NFF) Goodwill/Other Assets Other Liabilities Change in Goodwill Other Asset Change in Other Liabilities Change in GwillOAssets Other Liabilities Surplus or Deficit Cash Flow (Sum of 13 Cash Flow Components) Change in Cash (Cash) Surplus or Deficit after all Cash Flows $ $ 45,006. 00 13,241. 00 $ 850,872. 00 $ $ 850,872. 00 $ $ $ $ (729,402. 00) $ $ (729,402. 00) $ (400,000. 00) $ 236,000. 00 $ $ $ $ (164,000. 00) $ 165,000. 00 $ $ 165,000. 00 $ (153,235. 00) $ $ (153,235. 00) $ (31,765. 00) $ $ $ $ $ $ 1,000. 00 1,000. 00 Calaveras Vineyards – CASH FLOW STATEMENT 1000 Dec-96 Cash Flow Items Initial Inputs Net Results Cash Flow Components Cumulative Surplus or Deficit Cash Flow I nitial Inputs Dec-97 Net Results Cash Flow Components Cumulative Surplus or Deficit Cash Flow Operating Inflows (Net Sales) Operating Outflows COGS – Depreciation SGA Exp Taxes Other Total Operating Outflows Total Net Operating Cash Flow (NOF) Changes in Working Capital Receivables (AR) Inventory (INV) Other Current Assets (OCA) Accounts Payable (AP) Other Current Liabilities (OCL) Total Changes in Net Working Capital (NWC) Surplus or Deficit Cash Flow after Working Capital Investment Capital Investment Change in Net Fixed Assets Depreciation Net Investment Flow Free Cash Flow to Firm Surplus or Deficit (FCFF) Interest Income (II) Fixed Coverage Expenditures (Interest) (FCE) $ 4,681,000. 00 $ $ 2,526,000. 00 $ 655,000. 00 $ 349,000. 00 $ $ 3,530,000. 00 $ 1,151,000. 00 $ (49,000. 00) $ (169,000. 00) $ $ 17,000. 00 $ $ (201,000. 00) $ 950,000. 00 $ 4,967,000. 00 $ $ 2,644,000. 00 $ 695,000. 00 $ 394,000. 00 $ $ 3,733,000. 00 $ 1,234,000. 00 $ (29,000. 00) $ (208,000. 00) $ $ 21,000. 00 $ $ (216,000. 00) $ 1,018,000. 00 $ (34,000. 00) $ (216,000. 00) $ (250,000. 00) $ 70 0,000. 00 $ $ $ (280,000. 00) $ 17,000. 00 $ (267,000. 00) $ (250,000. 00) $ 768,000. 00 $ $ $ (235,000. 00) Calaveras Vineyards – Cash Flow Statements – Contd. Surplus or Deficit Cash Flow Avaiable for Dividends Dividends (DIV) Management’s Discretionary Cash Flow Surplus Financial Cash Flow Change in Long-Term Debt Change in Short-Term Borrowing Change in Preffered Stock Change in Common Stock Change in Other Total Change in Net Finncial Cash Flow (NFF) Goodwill/Other Assets Other Liabilities Change in Goodwill Other Asset Change in Other Liabilities Change in Gwill Other Liabilities Surplus or Deficit Cash Flow (Sum of 13 Cash Flow Components) Change in Cash (Cash) Surplus or Deficit after all Cash Flows $ $ $ 420,000. 00 $ $ 420,000. 00 $ (400,000. 00) $ (20,000. 00) $ $ $ $ (420,000. 00) $ (400,000. 00) $ (132,000. 00) $ $ $ $ (532,000. 00) $ 533,000. 00 $ $ 533,000. 00 $ $ $ $ – $ $ $ $ $ $ 1,000. 00 1,000. 00 Calaveras Vineyards – Team No. 1 18-Feb-2013 CASH FLOW STATEMENT Dec-98 Cash Flow Items Initial Inputs Net Results Cash Flow Components Cumulative Surplus or Deficit Cash Flow Operating Inflows (Net Sales) Operating Outflows COGS – Depreciation SGA Exp Taxes Other Total Operating Outflows Total Net Operating Cash Flow (NOF) Changes in Working Capital Receivables (AR) Inventory (INV) Other Current Assets (OCA) Accounts Payable (AP) Other Current Liabilities (OCL) Total Changes in Net Working Capital (NWC) Surplus or Deficit Cash Flow after Working Capital Investment Capital Investment Change in Net Fixed Assets Depreciation Net Investment Flow Free Cash Flow to Firm Surplus or Deficit (FCFF) Interest Income (II) $ 5,348,000. 00 $ 2,803,000. 00 $ 749,000. 00 $ 461,000. 00 $ $ 4,013,000. 00 $ 1,335,000. 00 $ (38,000. 00) $ (126,000. 00) $ $ 12,000. 00 $ (400,000. 00) $ (552,000. 00) $ 783,000. 00 $ 66,000. 00 $ (316,000. 00) $ (250,000. 00) $ 533,000. 00 $ – Calaveras Vineyards – Team No. 1 18-Feb-2013 Net Investment Flow Free Cash Flow to Firm Surplus or Deficit (FCFF) Interest Income (II) Fixed Coverage Expenditures (Interest) (FCE) Surplus or Deficit Cash Flow Avaiable for Dividends Dividends (DIV) Management’s Discretionary Cash Flow Surplus Financial Cash Flow Change in Long-Term Debt Change in Short-Term Borrowing Change in Preffered Stock Change in Common Stock Change in Other Total Change in Net Finncial Cash Flow (NFF) Goodwill/Other Assets Other Liabilities Change in Goodwill Other Asset Change in Other Liabilities Change in GwillOAssets Other Liabilities Surplus or Deficit Cash Flow (Sum of 13 Cash Flow Components) Change in Cash (Cash) Surplus or Deficit after all Cash Flows $ $ $ $ (250,000. 00) $ 533,000. 00 $ (173,000. 00) $ 360,000. 00 $ $ 360,000. 00 $ $ (360,000. 00) $ $ $ $ (360,000. 00) $ $ $ $ – How to cite Vineyard, Papers

Then Accra Beach Hotel free essay sample

The Board wanted to book a large block of rooms more than six months ahead,during several of the hotel’s busiest times,and was asking for discount. In return,it promised to promote the Accra Beach in all advertising materials and television broadcasts as the host hotel for the upcoming West Indies Cricket Series,an important international sporting event. The Accra Beach Hotel and Resort had a prime beachfront location on the south coast of Barbados,just a short distance from the airport and the capital city of Bridgetown. Located on acres of tropical landscape and facing one of the best beach on Barbados, the hotel featured rooms offering panoramic view of the ocean, pool or island. The centerpiece of its lush gardens was the large swimming pool, which gad a shallow bank for lounging plus a swimup bar. In addition, there was a squash court and a fully equipped gym. Golf was also available only 15 minutes away at the Barbados Golf Club,with which the hotel was affiliated. The Accra Beach had two restaurants and two bars, as well as extensive banquet and conference facilities. It offered state-of-the-art conference facilities to local. Regional and international corporate clientele and had hosted a number of large summits in recent years. Three conference rooms,which could be configured in number of way, served as the setting for large corporate meeting,training seminars, product dispalys, dinners, and wedding receptions. A business center provided guest with Internet access, faxing capabilities,and photocopying service. The hotel’s 122 standard rooms were categorized into three groups and there are also 13 island view Junior Suite, anf six Penthouse Suites, each decorated in tropical pastel prints and handcrafted furniture, All rooms were equipped with cable TV,air-conditioning,ceiling fans,hair-dryer,coffee percolartor,telephone,hath-tub/shower and a balcony. Standrd rooms were configured with either a king-size bed or two twin beds in the Island and Ocean View categories,while the Pool Vuews had two double beds. The six Penthouse Suites,which all offered ocean views,contained all the features listed for the standard rooms plus added comforts. They were built on two levels,featuring a living room with a bar area on the third floor of the hotel and a bedroom accessed by an internal stairway on the fourth floor. these suites also had a bathroom containing a jacuzzi,shower stall, double vanity basin and a skylight. The thirteen junior suite were fitted with a double bed or two twin beds,plus a living room area with sofa that can be converyed to another bed. The accra beach enjoyed a relatively high occupancy rate,with the highest occupancy rates achieved from january through march and the lowerst generally during the summer. the hotel’s average room rates followed a similar pattern,with the highest room rates being achieved from december through march but relatively low rates during the summer months. the hotel’s RevPAR showed even more variation,with RevPARs exceeding US$140 from january though october . the rate on the pengouse suites ranged from US$310 to US$395,while those on the junior suites ranged fromUS$195 to US$235. guests had to pay barbados value-added tax of 7. percent on room charges and 15percent on meals. The accra beach had traditionally promoted itself as a resort destination,but in the last few years,it has been promoting its convenient location and had attracted many business customers. cheria works extensively with tour operators and corporate travel managers. the majority such as barbados cablewireless,and the caribbean international banking corporation. the composition of hotel guests had changed drastically had been dominated by tourists from the uk and canada,but during the past few years,the percentage of corporate customers had increased dramatically. The majority of corporate customers come for business meeting with local companies. Sometimes,guests who were on vacation (particularly during the winter months) felt uncomfortable finding themselves surrounded by business people. As one vacationer put it, â€Å"There ‘s just something weird about being on vacationer and going to the beach and then seeing suit -clad business people chatting on their cell phones. † However,the hotel achieved a higher average room rate from business guests than vacationers and had found the volume of corporate usiness to be much more stable than that from tour operators and individual guests. Cherita Howard,the hotel’s Sales Manager,had been approached by the West Indies Cricket Board (WICB) about the possibility of the Accra Beach Hotel serving as the host hotel for the following spring’s West Indies Cricket Home Series, an important international sporting event rotated among several different Caribbean nations and Barbados would be hosting the next one, which would feature visiting teams from India and New Zealand. Cherita and Jon Martineau,General Manager of the hotel,both thought that the marketing exposure associated with hosting the teams would be very beneficial for the hotel but were concerned about accepting the business because they knew from past experience that many of the desired dates were usually very busy days for the hotel. They were sure that the rate that the WICB was willing to pay would be lower than the average rate of US$140-$150 they normally achieved during these times. In contrast to regular guests,who could usually be counted upon to have a number of meals at the hotel,team members and officials would probably be less likely to dine at the hotel because they would be on a per diem budget. On average,both corporate customers and vacationers spend about US$8 per person for breakfast and vacationers spend about US$25 per person for dinner (per person including VAT). The margin on food and beverage is approximately 30percent. About 80 percent of all guests have breakfast at the hotel and approximately 30 percent of all guests dine at the hotel (there are many other attractive restaurant options nearby). Mr. Martineau thought that only about 25 percent of the cricket group would have breakfast at the hotel and maybe only about 25 percent of the cricket group would have breakfast at the hotel and maybe only about 10 percent would dine at the hotel. Also, they worried about how