Personal Statement On Self Confidence - 991 Words

Self-confidence To have a positive outlook on life we all have to gain confidence physically and mentally. We can attain self-confidence overtime; we need it in order to be successful in life. Although, it is difficult in our society to attain high level self-esteem due to picture perfect images, plastic surgery, and surreal role models. Low self-esteem is not only in women it is in men; everyone has some sort of low self-esteem because as humans none of us are perfect. Technology has come a long way with the invention of Photoshop and photo editors. Individuals around the world idolize singers, actors, reality stars, and models. Looking up to celebrities as perfection, people begin to want to look like them. In Pretty Unreal the authors†¦show more content†¦In these situations confidence is masked with false images; giving people a sense of confidence, but not obtaining it. Besides Photoshop, plastic surgery is a permanent way to change any physical characteristic. There are things one can change, without having to go through any knife or injection— the way they dress, hairstyles, and working out. When it comes to our image plastic surgery has provided an easy yet dangerous solution to fix what one considers their imperfection/ flaw. It is not only adults; teens are also getting cosmetic surgery which only is deteriorating the youth. Stated in the article Pretty Unreal, â€Å"Last year in the United States, more than 300,000 teens are 18 or younger had some sort of cosmetic surgery done† (Mehta, Sparling. 288). An increasing number of teens are getting cosmetic procedures done; plastic surgery has become common with in different age groups and families. Personally in my family I know many teens and adults that have gotten plastic surgery, liposuction, nose jobs, to butt jobs. I believe that teens my age should not be worrying about getti ng procedures done because there are many risks involved. Adolescence is taken away due to constantly worrying about physical image. Many individuals risk their lives in order to change their appearance. By changing their image they can either gain confidence or lower theirShow MoreRelatedPersonal Statement : Self Confidence2002 Words   |  9 Pagesof all roles, leadership requires one to play the part. Self-confidence is a tool I have learned to use in order to facilitate relations and create opportunity for growth, as a student, a debater, and as a young professional. Without self-confidence, one limits their ability to lead effectively, because one must be self-confidence in order to instill motivation within oneself and convince others to believe in you as well. Personal Statement Relations comprise the individual, and one cannot be separateRead MorePersonal Statement On Self Confidence1099 Words   |  5 Pageslearnt at university, to plan out my vision before expressing it. This will help others buy in to my vision. 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However, as the interview continues, a pattern of more personal motivations become apparent; and from them a dualistic internal discourse develops around the ‘Self-empowerment or Path to Burnout?’ theme. From it emerges a secondary narrative, in which the participant cites both positive and negative self-talk as motivating factors for her fitness regime, leading one to question whether the participant may be pushing herself tooRead MoreCritical Appraisal And Its Impact On Nurses Essay1325 Words   |  6 Pagesintroductory leads to the statement of problem, which was not categorically stated or headlined. In the study, according to National League of Nursing (NLN) â€Å"Nursing specialty certification is evidence of a commitment to professional nursing practice and quality patient outcomes.† (Schroeter et a l., 2012. P.36). the introduction proportionately has more review on certification and its impact on patient outcome than the perceptions of nurses about certification. 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Rhetorical Analysis Of A Bamboo Grove - 1269 Words

Amongst literary works, the reader is told to contemplate numerous aspects of a particular text. Through the use of literary analysis, the reader is guided to discern information that pertains to the written work they are studying. Literary topics such as: motifs, themes, analysis and deconstruction are ways in which a reader can approach a literary text. However, in RyÃ… «nosuke Akutagawa short story collection RashÃ… mon and 17 Other Stories the reader is introduced to a multitude of conflicting ideas. Akutagawa uses stylistic writing techniques in order to illustrate the confusion that exists in both the real world, and the fictitious world he creates in his short story In a Bamboo Grove. Thus, Akutagawa further guide the reader to figure out his or her own personal truth. By contemplating the aspects of truth the reader is obliged to concentrate on their own critical reading expertise in order to discern meaning. Through critical analysis of In a Bamboo Grove the reader further expands their own critical reading prowess—ultimately strengthening their critical reading abilities. In Akutagawa’s short story collection RashÃ… mon and 17 Other Stories his short story In a Bamboo Grove further questions the idea of conflicting narrative. Through the use of seven conflicting testimonies, the reader is perplexed in which narration to actually believe. This confusion at first seems of trivial importance, but this very confusion is the main premise of the short story. The very

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

Law for Capital Maintenance Doctrine - MyAssignmenthelp.com

Question: Discuss about the Law for Capital Maintenance Doctrine. Answer: Doctrine of Capital Maintenance: This doctrine states that it is necessary that company receives proper consideration for the shares issued by company, and such capital must not be repaid to the members of the company except in some specific situations. This doctrine is considered as fundamental principle of company law. This doctrine specially focuses on fundamental duty of the companies for the purpose of retaining the capital of the company for the protection of creditors (Ewang, 2005). This doctrine provided the legal rules for some important areas such as dividend payments to shareholders and any other distributions, reduction related to share capital of the company and reserves, prohibition on provision related to financial assistance on company for purchasing its own shares, and redemption ad purchase of own shares by company. This can be understood through these sections: Section 256B of the Corporation Act 2001 states that company can only reduce its share capital by way which is authorized by law and such reduction must not affect the ability of company to pay its creditors. However, section 257 B states the valid procedure for buy back the shares for ensuring the protection of creditors of the company. Section 259A deals with the capacity of the company for directly acquiring its shares, and section 260A deals with the provision related to financial assistance by a company for acquiring shares in the company or a holding company (Corporation Act, 2001). Benefit of Doctrine: The main objective of this doctrine is to prevent fraud in the company, protect creditors of the company by reducing the share capital of the company, and to ensure the shareholders liabilities in the company. There are two reasons related to the origin of this doctrine and these reasons are firstly to provide protection to the shareholders of the company, and secondly to ensure the lawful dissipation of the assets of the company. However, courts always want to keep the capital of the company in intact form because a creditor of the company provides credit to the company (Tomasic, 2015). History of Doctrine: This doctrine is developed in England, through judicial interpretation series of company law cases. However, it must be noted that Jessel M. R., in Flitcrofts Case stated about the two aspects of this doctrine in indirect manner. They state that it is right of the creditor to ensure that capital o the company is not dissipated unlawful way and capital must not returned to the member surreptitiously. These two aspects are governed by the rule of capital reduction and company distributions. In case Trevor v Whitworth, company brought back its own shares, and at the time of liquidation of the company one of the shareholder of the company file application in Court for recovering the balance amount owned to him by the company after buyback. In this case Court of appeal stated that company should be paid to that shareholder, and as per House of Lords buy back of shares was ultra vires the company because company could not purchase its own shares (Islam, 2013). References: Tomasic, R. (2015). The Rise and Fall of the Capital Maintenance Doctrine in Australian Corporate Law. International Company and Commercial Law Review. Volume 26(5), Pp- 174-187. Islam, S. (2013). The Doctrine of Capital Maintenance and its Statutory Developments: An Analysis. The Northern University Journal of Law. Volume 4, Pp- 47-55. Ewang, N. F. (2005). The Capital Maintenance Doctrine provides essential protection to corporate creditors. University of Adelaide. Trevor v Whitworth (1887) 12 App. Cas. 409. Corporation Act 2001.