Saturday, May 23, 2020

Maria Full of Gave-Reflection Paper on Movie - 3442 Words

Reflection Paper: Maria Full of Grace Washington Irving said once, â€Å"There is in every true womans heart, a spark of heavenly fire, which lies dormant in the broad daylight of prosperity, but which kindles up and beams and blazes in the dark hour of adversity†[1] which I feel describes the main character of Maria in the movie Maria Full of Grace (MFG); Maria lives in Columbia and due to her financial situation becomes a drug mule for money all the while pregnant at the age of seventeen. In the movie, Maria struggles with the rationale of staying true to herself of being good person and doing the right thing while still wanting to make money for her strains to survive day to day. Maria also fights with the notion of wanting a better life†¦show more content†¦In the movie MFG, the audience is shown that Maria knew she was pregnant prior to becoming a drug mule, some say that this illustrates her lack of maturity, lack of judgment and lack of responsibility by risking the health of her unborn child; howe ver, others view it as part of her survival and resiliency managing her personal and family issues problems first over her own well-being. In my opinion I feel that she is a little bit of both: reckless and responsible at the same time. Reckless in the sense that she knew she was pregnant, didn’t think about her own health, the idea that she may die from doing this if he crack packet opens in her stomach or the idea of killing or harming her unborn child. On the flip side, she was thinking about her mother working tirelessly long hours, her sister needing money for her son who was sick and her grandmothers needs and she wasn’t thinking about herself which shows she’s very responsible and cares about her family situation. Like many people Maria’s life is complicated with thoughts about her family’s well being first and her life and needs second. A term coined by Bacallao Smokowski (2007) called â€Å"familism [which] involves a deeply ingrained se nse of the individual being inextricably rooted in the family. The term encompasses attitudes, behaviors, and family structures within an extended familyShow MoreRelatedTheology I - Searching for God in the World Today6745 Words   |  27 PagesI went to Belgium to earn a doctoral degree for six years from the Catholic University of Louvain. I read so many books, which I had to read over and over again just to understand it, and many times I failed. 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Monday, May 11, 2020

The Mission Of The Fbi - 997 Words

The mission of the FBI is to protect and defend the United States against terrorist and foreign intelligence threats, to uphold and enforce the criminal laws of the United States, and to provide leadership and criminal justice services to federal, state, municipal, and international agencies and partners. It performs these responsibilities in a way that is responsive to the needs of the public and faithful to the Constitution of the United States. History of the Federal Bureau of Investigation Charles M. Smith Drury University Abstract The Federal Bureau of Investigation was established in 1908 as the Bureau of Investigation (BOI) in Washington D.C Investigation (BOI). Its name was changed to the Federal Bureau of Investigation (FBI) in 1935. The FBI is the domestic intelligence and security service of the United States. 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Wednesday, May 6, 2020

Kingfisher Case Study Free Essays

string(46) " Kingfisher airlines for non-payment of dues\." EISSN 2277-4955 THE KING WITHOUT FISHES†¦!!! [CASE ON CRISIS OF KINGFISHER AIRLINES] Prof. Bhavik M. Panchasara Marwadi Education Foundation’s Group of Institutions, RajKot, bhavikpanchasara@gmail. We will write a custom essay sample on Kingfisher Case Study or any similar topic only for you Order Now com ABSTRACT Indian Aviation Industry is one of the fastest growing markets in the world. But nowadays it is in the news due to different reason. And that is the failure of one of the leading aviation player – Kingfisher Airlines. The airline has been facing financial issues for many years. Till December 2011; Kingfisher Airlines had the second largest share in India’s domestic air travel market. However due to the severe financial crisis faced by the airline, it has the fifth largest market share currently. Even the company have no funds to pay the salaries to the employees and is facing several other issues like fuel dues; aircraft lease rental dues, service tax dues and bank arrears. This case outlines the financial turmoil of the Kingfisher in detail. Keywords: Aviation industry, Kingfisher Airlines, financial turmoil, financial issues, crisis and debt restructuring INTRODUCTION: Kingfisher Airlines is an airline group based in India. Its head office is The Qube in Andheri (East), Mumbai; and Registered Office in UB City, Bangalore. Kingfisher Airlines was established in 2003. It is owned by the Bengaluru based United Breweries Group. Kingfisher Airlines, through its parent company United Breweries Group, has a 50% stake in low-cost carrier Kingfisher Red. The airline started commercial operations in 9 May 2005 with a fleet of four new Airbus A320-200s operating a flight from Mumbai to Delhi. It started its international operations on 3 September 2008 by connecting Bengaluru with London. The airline has been facing financial issues for many years. Till December 2011; Kingfisher Airlines had the second largest share in India’s domestic air travel market. However due to the severe financial crisis faced by the airline, it has the fifth largest market share currently, only above Go Air. Kingfisher Airlines is one of the only seven airlines awarded 5star rating by Skytrax along with Cathay Pacific, Qatar Airways, Asiana Airlines, Malaysia Airlines, Singapore Airlines, and Hainan Airlines. Kingfisher operates 250 daily flights with regional and long-haul international services. In May 2009, Kingfisher Airlines carried more than 1 million passengers, giving it the highest market share among airlines in India. Kingfisher also owns the Skytrax award for India’s best airline of the year 2011. BAUDDHIK VOLUME 3, NO. -1, JAN-APRIL-2012 84 EISSN 2277-4955 STARTING OF THE CRISES: Ever since the airline commenced operations in 2005, the company is reporting the losses. But the situation became more horrible after acquiring the Air Deccan in 2007. After acquiring the Air Deccan, the company suffered a loss of over Rs. 1,000 crore for three executive years. By early 2012, the airline accumulated the losses of over Rs. ,000 crore with half of its fleet grounded and several members of its staff going on strike. Following table 1 highlights losses of the company since inception: Table 1: Net Reported Losses and debts since inception (Rs. In Crores) Year Loss Secured Loans Unsecured Loans Mar-11 -1027. 4 5,184. 53 1,872. 55 Mar-10 -1646. 22 4,842. 43 3,080. 17 Mar- 09 -1608. 83 2,622. 52 3,043. 04 Mar-08 -188. 14 592. 38 342. 00 Jun-07 -419. 58 716. 71 200. 00 Jun-06 -340. 55 448. 16 3. 50 Mar-05 -16. 79 159. 42 125. 06 DEBT RESTRUCTURING: In the situation of loss and tough financial condition, the company went for more loans. Table 1 shows the portion of secured and unsecured loans taken by the company. Due to heavy burden of debt and interest, in November 2010, the company adopted the way of debt restructuring and under that total 18 leading lenders, those have landed total Rs. 8,000 crores, agreed to cut interest rates and convert part of loans to equity. As per the contract, lenders have converted Rs. 650 crores debt into preference shares which will be converted into equity when the company lists the on the Luxembourg Stock Exchange by selling global depositary receipts (GDR). Shares will be converted into ordinary equity at the price at which the GDRs are sold to investors. Besides the 1,400 crore debt which will be 800 crore converted into preference shares, another CRISIS TILL CONTINUE: Debt restructuring also couldn’t change the game. By restructuring, company had reduced the interest charges by Rs. 500 crores every year, but due to the high leverage condition and increase in cost, the company started to face the liquidity problem. The company had no funds in hand and it created the following payment problems. DELAYED SALARY: Kingfisher Airline has staff strength of 6,000 and spends 58 crore on salaries a month. According 173. 66 to the first quarter financial results, it has increased from crore under the employees cost head, which has 163. 40 crore during the same quarter last year. Kingfisher Airlines delayed salaries of its employees in August 2011, and for four months in succession from October 2011 to January 2012. Kingfisher also defaulted on paying the Tax Deducted at Source from the employee income to the tax department. debt has been converted into redeemable shares for 12 years. Due to debt restructuring, the company able to down the average interest rate to 11% and to save Rs. 500 crores every year in interest cost. BAUDDHIK VOLUME 3, NO. -1, JAN-APRIL-2012 85 EISSN 2277-4955 FUEL DUES: In the past several years, Kingfisher airlines had trouble paying their fuel bills. Due non-payment, several Kingfisher’s vendors had filed winding up petition with the High Court. As on Nov 2011, winding up petition of seven creditors was pending before the Bangalore High Court. In the past Lufthansa Technik Bharat Petroleum Corporation Limited (BPCL) had also filed winding up petition against Kingfisher Airlines. Here are some cases: ? ? HPCL: In Jul 2011, Hindustan Petroleum Corporation Limited (HPCL) stopped the fuel (ATF) supplies for about two hours to Kingfisher airlines owing to the non-payment of dues. Situation was later resolved. ? BPCL: Bharat Petroleum Corporation in 2009 had filed a case against Kingfisher airlines for non-payment of dues. You read "Kingfisher Case Study" in category "Essay examples" High court in an order said that the entire amount 245 crore had to be paid by Nov 2010 and the airline paid it in instalments. AIRCRAFT LEASE RENTAL DUES: Since 2008, it has been reported that Kingfisher Airlines has been unable to pay the aircraft lease rentals on time. Due to that, the Kingfisher Airlines has grounded 15 out of 66 aircraft in its fleet as it was unable to meet the maintenance and overhaul expenses. Here are the some major issues with: ? GECAS: In Nov 2008, GE Commercial Aviation Services threatened to repossess 04 leased planes in lieu of default. Kingfisher Airlines initially BAUDDHIK On 9 December 2011, S. K. Goel, chairman, Central Board of Excise and Customs (CBEC) announced that CBEC is considering legal action against Kingfisher for not paying service tax. As on 10th Jan 2012, Kingfisher Airlines has service tax arrears of 70 crore. The Ministry of Finance has given a concession to Kingfisher and instructed them to pay the dues by 31st Mar 2012. In Jan 2012, SERVICE TAX: Kingfisher received a notice from the Airports Authority of India on February 2012 regarding accumulated dues of 255. 06 crore. The airline was operating on a cash and carry basis for the last six months, with daily payments amounting to 0. 8 crore. AAI REPORTS: DVB: In Jul 2010, DVB Aviation Finance Asia Ltd (a lessor from Singapore), sued Kingfisher Airlines for lease rental default. Case was filed in a UK court on Jul 16, 2010 after Kingfisher did not pay for three month lease rental for A320 aircraft it leased from DVB. denied that it missed the payments. GECAS had filed a complaint with DGCA saying Kingfisher had defaulted on rentals for four A320 aircraft, and sought repossession of the planes. In Jan 2009, The Karnataka High Court rejected petition by Kingfisher Airlines to restrain GECAS from taking any step to deregister and repossess the 04 aircraft in dispute. As a result, Kingfisher had to return the A320 aircraft to GECAS. VOLUME 3, NO. -1, JAN-APRIL-2012 87 EISSN 2277-4955 Kingfisher paid 20 crore towards its dues for operational by February 20. With this, Kingfisher’s market share clearly dropped to 11. 3%. The cancellation of the flights was accompanied by a BANK ARREARS: Kingfisher Airlines had not paid some bankers (Lenders) as per the Debt Recast Package (DRP) with lending banks. Till the end of Dec 2011, the arrears were estimated to be 260 crore to 280 crore. Lenders hence had told Kingfisher Airlines to clear its dues before they can release any more money sought by the Airline. Ravi Nedungadi, chief financial officer of UB Group however said that the arrears were 180 crore. State Bank of India (SBI) on 5th Jan 2012 declared Kingfisher Airlines a NPA. SBI is largest creditor and the leader of the consortium of banks in the DRP (Debt Recast Package) and has an exposure of NPA by following banks: State Bank of India Bank of Baroda Punjab National Bank IDBI Central bank of India Bank of India Corporation Bank THE CRISIS CONTINUE: During late February, 2012, Kingfisher Airlines started to sink into a fresh crisis. Several flights were cancelled and aircraft were grounded. The airline shut down most international short-haul operations and also temporarily closed bookings. Out of the 64 aircraft, only 22 were known to be 1,457. 78 crore. Thus, by Feb 2012, Kingfisher has been declared 13. 5% drop in the stocks of the company on 20 February 2012. The CEO of the airlines, Sanjay Agarwal was summoned by the Directorate General of Civil Aviation to explain the disruptions of the operations. The State Bank of India, which is the lead lender to Kingfisher airlines said that they would not consider giving any more loans to Kingfisher unless and until it comes up with a new equity by itself. Political activists also claimed that bailing or helping a private airline would lead to problems within the Government. By February 27, Kingfisher operated only above 150 out of its 400 flights and only 28 aircraft were functional. Reuters reported that if Kingfisher were to shutdown, it would be the biggest failure in the History of Indian Aviation. It was announced that the direct flights to the smaller airports of Jaipur, Thiruvananthapuram, Nagpur and also to Hyderabad’s Rajiv Gandhi International Airport were all shut down and only one/two-stop flights from its main hubs of Delhi and Mumbai would operate. In response to a situation as bad as bankruptcy, Vijay Mallya announced that he had organized funds to pay all the employees’ overdue salaries. With bank accounts frozen and huge debts due, it is unknown so as from where he arranged the money. But he apologized to his workers and said that he would pay them immediately. By this time, kingfisher had accumulated losses of 444 crore during the third quarter of the fiscal year 2011-12. December 2011 and part of the arrears. BAUDDHIK VOLUME 3, NO. -1, JAN-APRIL-2012 88 EISSN 2277-4955 FROZEN BANK ACCOUNTS: On March 3, 2012, The Central Board of Excise Customs of India froze many more Kingfisher accounts as it was unable to pay all the dues as per schedule. Kingfisher was meant to pay 1 crore per working day. Aviation minister Ajit Singh warned the airline about the temporary suspension of the license until the crisis was sorted out. He announced that the rest of the airline’s fleet would be grounded and all flights cancelled until the crisis came to an end. This would be only one step from permanently closing the airline. IATA SUSPENSION: On March 7, 2012 IATA suspended ticket sales of Kingfisher airlines citing non-payment of dues as the primary reason, and they said that sales services will only be restored once Kingfisher settles ICH (IATA Clearing House) account. IATA also immediately directed all travel agents to stop booking tickets for Kingfisher. This would affect Kingfisher’s business by around 30%. Kingfisher claimed that frozen bank accounts was the main cause of being unable to pay the IATA, and the airline started making alternate arrangements for the sale of tickets. Soon it became difficult for the airline to follow the much smaller schedule that it earlier released as even more pilots began to go on strike. UNCERTAINTY AHEAD: After analysing the entire scenario, there are strong possibilities of more difficult situation in the last month of fiscal year 2011-12. The company is in dilemma of finding help, but from where? 2. TEACHING NOTES 1. The purpose of the case is to make the students aware about the situation of financial crisis in any organisation. The issues involved in the case are about the financial turmoil and its effects on the business and market share of the company. 3. 4. 2. 1. Is the Problem of Kingfisher Airlines Industry Specific or Company Specific? What is the Impact of High Level of Debt on the operating performance of company? Should Government bailout Kingfisher Airlines? According to you, what are the possible ways for the company to overcome this situation? QUESTION FOR DISCUSSION: Government has refused for bailing and all the lenders and bankers have no more trust. The employees are also not able to tolerate the salary crisis and the slipping market share leads the more difficulties. Promoter Vijay Malya has to decide the way ahead. Whether is it possible to save the company? There are very few alternatives. As per the previous news, Etihad Airways was interested in investing in Kingfisher by providing equity in exchange for a stake in the airline. Also involved in the talks was the International Airlines Group, owner of British flag carrier British Airways and Spanish flag carrier Iberia. But the question is the permission by Government. So at present there is very tough situation for Vijay Malya and for the company. Will new fiscal year bring any solution for the company? Let’s wait and watch. BAUDDHIK VOLUME 3, NO. -1, JAN-APRIL-2012 89 EISSN 2277-4955 3. The case would be first given for individual reading for 15 min and then for 15 min the case can be discussed in groups of 4-5 students. 4. The case can be taught along with the concepts like ways to overcome the crisis and surviving strategies required to save the organisation keeping in mind the possible different options available. 5. The students can come prepared with topics of prevailing crisis in Indian aviation industry and REFERENCES: 6. other factors related to the aviation industry in detail. Cross reference can be made taking into account the strategies used by the local, market of the falling organisation. national and international players to capture the slipping http://www. flykingfisher. com/mediacenter/press-releases/kingfisher-airlinesannouncement. aspx http://in. finance. yahoo. com/news/kingfisherairlines-q3-loss-widens-033419822. html http://timesofindia. indiatimes. com/india/Kingfi sher†¦ /12258986. cms http://articles. economictimes. ndiatimes. com/2 011-12-08/news/30490358_1_pilots-industrialaction-kingfisher airlines http://profit. ndtv. com/News/Article/aai-warnskingfisher-airlines-to-settle-dues-297284 http://articles. economictimes. indiatimes. com/2 010-09-26/news/27585421_1_cash-and-carrymode-bpcl-s chairman-kingfisher-airlines http://timesofindia. indiatimes. com/business/indiabus iness/Kingfisher-may-have-to-weather-pilotstorm-next/articleshow/12214372. cms Annexure 1: Market share of Kingfisher Airlines as on January 2012 in the domestic Aviation Airline/Company Jet Airways (Including Jet Lite) Indigo Air India Spice Jet Kingfisher Go Air Share 28. 8% 20. 8% 17. 1% 16. 3% 11. 3% 5. 8% Source: http://in. finance. yahoo. com/news/kingfisher-airlines-q3-loss-widens-033419822. html BAUDDHIK VOLUME 3, NO. -1, JAN-APRIL-2012 90 EISSN 2277-4955 Annexure 2: Price Movement and Performance Charts of Kingfisher Airlines Annexure 3: Index Comparison and Ownership Pattern of Kingfisher Airlines Source:http://www. bseindia. com/bseplus/StockReach/AdvanceStockReach. aspx? scripcode=532747 Annexure 4: Comparative Balance Sheet of Kingfisher Airlines [Rs. In crores] Sources Of Funds Total Share Capital Equity Share Capital Share Appl. Money Pref. Share Capital Reserves Net worth Mar ’11 1,050. 88 497. 78 2. 95 553. 10 -4,005. 02 -2,951. 19 Mar ’10 362. 91 265. 91 7. 48 97. 00 -4,268. 84 -3,898. 45 Mar ’09 362. 91 265. 91 8. 11 97. 00 -2,496. 36 -2,125. 34 Mar ’08 135. 80 135. 80 10. 09 0. 00 52. 99 198. 88 Jun ’07 135. 47 135. 47 0. 00 0. 00 249. 23 384. 70 Jun ’06 98. 18 98. 18 0. 00 0. 00 125. 95 224. 13 Mar’05 16. 20 16. 20 0. 00 0. 00 -2. 54 13. 66 BAUDDHIK VOLUME 3, NO. -1, JAN-APRIL-2012 85 EISSN 2277-4955 Secured Loans Unsecured Loans Total Debt Total Liabilities Application Of Funds Gross Block Less: Accum. Dep. Net Block Capital WIP Investments Inventories Sundry Debtors Cash Bank Bal. Total CA Loans Adv. FDs CA, Loans Adv. Current Liabilities Provisions Total CL Prov. Net Current Assets Misc. Expenses Total Assets 2,254. 26 682. 37 1,571. 89 673. 35 0. 05 187. 65 440. 53 88. 18 716. 36 5,380. 19 164. 18 6,260. 73 4,463. 86 62. 11 4,525. 97 1,734. 76 125. 84 4,105. 89 2,048. 14 493. 62 1,554. 52 980. 61 0. 05 164. 88 322. 49 50. 91 538. 28 4,604. 31 155. 56 5,298. 15 3,908. 03 46. 77 3,954. 80 1,343. 35 145. 64 4,024. 17 1,891. 80 316. 29 1,575. 51 1,630. 95 0. 05 147. 5 229. 84 49. 41 426. 50 3,640. 42 122. 45 4,189. 37 3,814. 63 45. 55 3,860. 18 329. 19 4. 51 3,540. 21 322. 33 43. 55 278. 78 346. 25 0. 00 48. 64 27. 16 5. 84 81. 64 832. 49 274. 29 1,188. 42 687. 31 9. 52 696. 83 491. 59 16. 64 1,133. 26 340. 77 33. 74 307. 03 357. 62 0. 41 61. 62 35. 24 422. 05 518. 91 149. 77 395. 00 1,063. 68 449. 15 6. 94 456. 09 607. 59 28. 75 1,301. 40 247. 33 16. 40 230. 93 286. 53 0. 41 57 . 26 13. 06 181. 17 251. 49 232. 03 75. 31 558. 83 434. 05 5. 93 439. 98 118. 85 39. 08 675. 80 55. 25 4. 52 50. 73 153. 09 0. 45 36. 40 8. 27 47. 08 91. 75 47. 8 35. 85 174. 88 108. 77 1. 07 109. 84 65. 04 28. 83 298. 14 5,184. 53 1,872. 55 7,057. 08 4,105. 89 4,842. 43 3,080. 17 7,922. 60 4,024. 15 2,622. 52 3,043. 04 5,665. 56 3,540. 22 592. 38 342. 00 934. 38 1,133. 26 716. 71 200. 00 916. 71 1,301. 41 448. 16 3. 50 451. 66 657. 79 159. 42 125. 06 284. 48 298. 14 Source:http://www. moneycontrol. com/financials/kingfisherairlines/balancesheet/KA02#KA02 Annexure 5: Comparative P A/c of Kingfisher Airlines [Rs. In crores] Income Net Sales Other Income Total Income Expenditure Raw Materials Power Fuel Cost Employee Cost Other Manu. Exp. Sell. Admn Exp. 56. 69 2,274. 03 680. 54 1,192. 80 997. 34 40. 89 1,802. 99 689. 38 1,108. 82 996. 85 51. 19 2,602. 62 825. 42 1,112. 85 1,062. 74 43. 79 889. 30 244. 96 408. 21 180. 39 45. 94 979. 50 247. 72 617. 56 146. 78 36. 73 625. 45 163. 04 425. 48 114. 38 5. 77 92. 98 31. 76 104. 78 29. 13 Mar ’11 6,233. 38 81. 58 6,314. 96 Mar ’10 5,067. 92 -333. 30 4,734. 62 Mar ’09 5,269. 17 598. 90 5,868. 07 Mar ’08 1,456. 28 113. 62 1,569. 90 Jun ’07 1,800. 21 342. 10 2,142. 31 Jun’06 1285. 42 59. 64 1345. 06 Mar’05 305. 55 14. 73 320. 28 BAUDDHIK VOLUME 3, NO. 1, JAN-APRIL-2012 86 EISSN 2277-4955 Misc. Exp. Total Expenses PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items Tax Reported Net Profit Shares in issue (lakhs) EPS (Rs) Equity Dividend (%) Book Value (Rs) Per share data (annualised) 4,977. 79 -20. 64 0. 00 -70. 46 2,659. 09 -61. 95 0. 00 -150. 54 2,659. 09 -60. 50 0. 00 -83. 88 1,357. 9 9 -13. 85 0. 00 13. 90 1,354. 70 -30. 97 0. 00 28. 40 981. 82 -34. 69 0. 00 22. 83 31. 06 -54. 05 0. 00 43. 96 87. 94 5,289. 34 1,025. 62 2,340. 32 -1,314. 70 203. 02 38. 01 -1,555. 73 72. 99 -455. 35 How to cite Kingfisher Case Study, Free Case study samples