Business that grant guidance on entries and exits in spot forex trading are forex signal services. Buying a currency using another currency for instant sending is spot forex trading. The present is what you need to consider before the future.. The majority require 48 hours for completion.The letter S. Canadian dollar/dollar that settle in 1 day. The purpose of the Forex signal service is to guide investors as to when the best time is to make a trade. Optimally, you’ll be able to select out of forex signal services which tell you fast when to take profits.
You desire to jump in prior to the market beginning to move, and you desire the ability to figure out every trade’s risk. So you want to choose from forex signal services that gets signals to you quickly enough that you can get the orders in before the market moves, with email or SMS messages. Some forex signal services will sound an alarm on your computer when you get a signal. A thing that is simple to look over is understanding what you must do when you’re not getting signs. You may not receive signals when turbulence is minimal when speculating a particular news story. But good forex signal services will let you know why you’re not getting signals so that you’re not stuck wondering if your email or SMS system is down.
Forex trading, though exciting, is difficult. Forex signal services will use their knowledge to tell you when and how to trade. Because some service plans are limited to a set number of pairs, check to see if the signals are suited to your particular trading needs.
Chris Kunnundro is a professional stock and options trader who now trades Forex thanks to mentor Tony Lorentelli at Both have been comparing notes and systems to develop super systems, educational trading courses and services.
It is widely accepted that every successful business must have a strong working capital position. It is in this context; an attempt was made to explain the concept and various determinative factors influencing net current assets below:
Gross working capital refers to working capital as the total of current assets. That is to say, Gross working capital = Total current assets. Net working capital refers to working capital as excess of current assets over current liabilities. In other words net working capital refers to current assets financed by long term funds or capital employed of the business.
Accordingly, Net working capital = Current assets – Current liabilities
The net working capital position of the firm is an imperative contemplation, as this will determine the firm’s profitability and risk. Here the profitability refers to profits after expenses and risk refers to the probability that a firm will become technically insolvent where it will be unable to meet obligations when they become due for payment.
A finance manager has to make an appropriate financing mix, which will limit the risk and increase the profitability. Financing mix refers to the proportion of current assets financed by current liabilities and long term funds.
There are two approaches which determine the financing mix (1) Aggressive approach (2) Conservative approach.
According to aggressive approach the long term funds are used to finance only the core or fixed portion of current assets (e.g., minimum level of finished goods inventory, raw material etc) and the other portion i.e. temporary and seasonal requirements are financed by short term funds. This is of high risk and high profit financing mix.
According to conservative approach the total current assets are financed from long term sources and short term sources are used only in emergency situation i.e. when there is an unexpected cash outflow. This is of low-risk and low-profit financing mix.
As we observed two methods of financing mix, one method is of high risk high profit and other is of risk low profit. A finance manager has to trade off between these two extremes.
Operating Cycle:
As there is a time lag between and realization of receivables there is a need for sufficient working capital to deal with the problem which arises due to lack of immediate realization of cash against goods sold. The operating cycle is the length of time required for conversion of non-cash assets into cash. This operating cycle refers to the time taken for the conversion of cash into raw material, raw materials into work-in-progress, work-in-progress into finished goods, finished into receivables into cash and this cycle repeats.
The operating cycle length differs from firm to firm. If a firm has lengthy production process or a firm has liberal credit policy the length of operating cycle will be more. On the other hand, if a firm does not extent credit or the firm is not a manufacturing concern i.e. where cash will be converted into inventory directly then the length of operating cycle will be reduced to a greater extent.
The length of operating cycle is calculated based on the following:
Raw materials storage period (RMSP)
Work in process period (WIPP)
Finished goods storage period (FGP)
Debtors collection period (DCP)
Creditors Payment Period (CPP)
ThereforeLength of operating cycle = 1+2+ 3+4-5
FACTORS INFLUENCING WORKING CAPITAL NEEDS:
A firm should have neither low nor high working capital. Low working capital involves more risk and more returns, high working capital involves less risk and less returns. Risk here refers to technical insolvency while returns refer to increased profits/earnings. The amount of working capital is determined by a wide variety of factors:
Nature of Business: The working capital requirement of a firm depends on the nature of the business. For example, a firm involved in of services rather than manufacturing or a firm is allowing only cash . In the first instance, no investment is required in either raw materials or WIP or finished goods, while in the second occasion there exists no receivable as there is immediate realization of cash. Hence the requirement of working capital will be lower.
2Seasonality of Operations:
If the product of the firm has a seasonal demand like refrigerators, the firms need high working capital in the periods of summer, as the demand for the refrigerators is more and the firm needs low working capital in the periods of winter, as the demand for the product is low.
3. Production Cycle:
The term production cycle refers to the time involved in the manufacture of goods. It covers the time span between the procurement of the raw materials and the completion of the manufacturing process leading to the production of goods. As funds are necessarily tied up during the production cycle, the production cycle has a bearing on the quantum of working capital.
The longer the time span of production cycle, the larger will be the funds tied up and therefore the larger the working capital needed and vice versa.
4.Production Policy:
The quantum of working capital is also determined by production policy. In case of the firms having seasonal demand of the products like refrigerators, air coolers etc. and the production policy of the firm determines the amount of working capital requirement. If the firm has production policy to carry production at a steady level to meet the peak demand, this will result in a large accumulation of finished goods (inventories) during the off-seasons and the abrupt during the peak season. The progressive accumulation of finished goods will naturally require an increasing amount of working capital. If the firm has production policy to produce only when there is a demand then the firm needs low working capital during the slack season and high working capital during season.
5. Credit Policy:
The level of the working capital is also determined by the credit policy, as the firm’s credit policy determines the amount of receivables. If the firm has a liberal credit policy, then the firm needs high working capital and the firm needs low working capital if the company’s credit policy does not allow it to extend credit to the buyers.
6. Market Conditions:
The working capital requirements are also determined by the market conditions. In case of the high degree of competition prevailing in the market the firm has to maintain larger inventories as customers are not inclined to wait for the product. This needs higher working capital requirements. If there is good demand for the product and the competition is weak, a firm can manage with smaller inventory of finished goods, as customers can wait for the product if it is not available in the market.
Thus, a firm can manage with low inventory and will need low working capital requirements.
7.Conditions of Supply:
The availability of raw materials and spares also determine the level of working capital. If there is ready availability of raw materials and spares, a firm can maintain minimum inventory and need less working capital. If the supply of raw materials is unpredictable, then the firm has to acquire stocks as and when they are available for ensuring continuous production.
Thus, the firm needs to maintain larger inventory average and needs larger requirementofworkingcapital.
CONCLUSION:
From the above discussion, it is made clear that the objective of financial management is to maximize the shareholders wealth. Hence, it is needed to generate sufficient profits. The profits generated depend mainly on volume. When the goods are being sold on credit as is the normal practice of business firms today to cope with increased competition the of goods cannot be converted into cash instantly because of time lag between and realization of cash. Further this is possible only through evolving effective working capital policy and better administration on current assets financing.
Dr.R.SRINIVASAN is a Post graduate in commerce and Management. He received his doctoral degree from Alagappa University in 1997. He is now Working as an ASSOCIATE PROFESSORin Post graduate and Research Department of Corporate Secretaryship at Bharathidasan Government College for Women (Autonomous), Pondicherry University, Puducherry.He currently teaches Accounting ,financial management and Research Methodology Subjects. Before Joining BGCW, he was teaching in SNR College, Coimbatore, Sindhi college, Chennai& T.S.Narayanasamy College, Chennai for eight years. He was with the industry for a short term at Salzar Electronics Pvt. Ltd, Coimbatore. He has about 20 years of teaching experience and having research experience of 15 years. His interests are in Accounting and finance, Capital Market, Quantitative Methods. He underwent the Faculty Development Programme at Indian Institute of Management Ahmedabad during 2000-01. He has presented 20 papers in national and international conferences and has published twenty papers in the areas of Finance and Human resource Management in National Journals. Co-authored a book titled, ‘Investors Protection, published by Raj Publications, New Delhi He has delivered lectures in contemporary finance topics at Pondicherry University. He is involved in consultancy projects for Godrej Saralee, Chennai in the areas of Statistical Applications. He has supervised a number of research projects in the area of corporate finance and Human Resource Management. He is the Board of examiner in corporate Secretaryship and Management for the past two decades.
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Key West FL is the southernmost city in the Continental United States. Key West is a city and an island by the same name near the southernmost tip of the Florida Keys and encompasses the namesake island, the part of Stock Island north of US 1, Sigsbee Park and Sunset Key.
Many passenger cruise ships utilize Key West as a seaport. Key West International Airport also serves the area. Naval Air Station Key West offers a training site for Naval Aviation.
Key West is officially known for having the nation’s first and oldest continuous gay and lesbian chamber of commerce. Thus the city’s motto “One Human Family”
Kay West was inhabited by ancient peoples known as the Calusa People in Pre-Columbian times. Juan Ponce De Leon was the first European to visit the area and the island was known as Cayo Hueso. It was established as a fishing and salvage village with a small fort to protect the Spanish colony.
Cayo Hueso literally means “bone key” as it is said that the island is littered with the bones from an Indian battlefield or burial ground. It is thought that the name changed to Key West is an Anglicization of the word “Hueso” that could mean west in English. Many businesses on the island use the name.
Great Britain took control of Florida in the late 1700′s and relocated the Spaniards and Indians to Havana. Florida passed back to the Spanish 20 years later but they did not formally resettle. The island was used by fishermen from Cuba and joined by fishermen from the United States.
The island was deeded to Juan Pablo Salis in 1815 but when Florida was transferred to the United States Salas was eager to sell the island. First he sold it for a sloop valued at $575 and then to a US businessman named Simonton for about $2,000. The sloop trader sold it to a man named Geddes who could not secure rights to the property because Simonton had help from influential friends in Washington and gained clear title. Simonton bought the island because he had learned of the opportunities presented by the strategic location. Simonton’s friend John Whitehead, once stranded on the islands by a shipwreck had seen the deep harbor.
Lying 90 in a strategic location on the deep shipping lane Straits of Florida the harbor was considered the “Gibraltar of the West”. Matthew Perry said into the harbor in 1822 and physically planted the US flag to claim it as US property. He reported on the piracy problems and renamed it “Thompson’s Island” and named the harbor “Port Rodgers”. Neither name stuck. In 1823 Commodore David Porter took charge and tried to rule the island as a military dictator under martial law.
Simonton soon subdivided the island into plots and sold 3 undivided quarters of each plot to private individuals. Simonton spent the winter in Key West and then the summer in Washington to lobby for development of the island and for the establishment of a naval base. Among other first founders are Pardon Green who moved there permanently and became a prominent businessman. John Whitehead lived there for 8 years and partnered with Greene in the firm of “P.C. Greene and Company”. He left the island for good in 1832 returning only once during the Civil War. John Fleeming, active in the mercantile business in Alabama was a friend of Simonton. He spent only a few months in Key West before leaving to marry in Massachusetts. He returned to Key West intending to develop the slat manufacturing of the island but died soon after. The names of these founding fathers of modern Key West used as names for the main arteries of the island.
Many residents of Key West emigrated from the Bahamas. They were known as Counch. They arrived in ever increasing numbers after 1830. Sons and daughters of Loyalists fled to the nearest British soil during the American Revelation. Many of residents of Key West refer to themselves as Conchs and the term is now generally applied to all residents of Key West. The term “Fresh Water Counch” refers to a resident not “native born” but who has lived there for more than seven years. The name is derived from the tradition of placing a conch shell on a pole at the home of a new born baby.
“Bahama Village” is an area of Old town next to the Truman Annex largely inhabited by Bahaman immigrants.
Fishing, salt production and ocean salvage were major industries in the early 19th century. The salvage operations made Key West the largest and richest city in Florida and residents had a high concentration of fine furniture and fancy chandeliers which the locals used in their homes after taking them from shipwrecks on the Florida reefs.
During the Civil War Fort Zachary Taylor was established in Key West after Florida seceded and joined the confederate States of America. It was an important outpost and now contains the largest collection of Civil War cannons ever discovered in a single location.
In 1912 Key West was connected to the Florida mainland via the Overseas Railway extension. The railway created a landfill at Trumbon Point for rail yards. In 1935 the Labor Day Hurricane destroyed much of the railroad and hilled hundreds. About 400 World War I veterans living in camps there working on federal road projects and mosquito control projects in the Middle Keys were also killed. It was too expensive to restore the railroad. In 1938 The Federal Government rebuilt the rail lines as an automobile highway. Completed in 1938 it became an extension of the US Highway 1. The portion of US 1 running though the Keys is called the Overseas Highway.
Numerous artists and writers have come to the Keys but the two most associated with the island are Ernest Hemmingway and Tennessee Williams. Hemmingway reportedly wrote 2 novels “A Farewell to Arms” and “To Have and Have Not” while living in the Keys. The Ernest Hemingway House and Sloppy Joes Bar have become important tourist’s attractions. The Hemingway House is currently inhabited by six or seven toed polydactyl cats descended form Hemingway’s original pert named “Snowball”. The cats live on the grounds and are cared for by the Hemingway House even though the USDA complains about the number of them housed there. The Key West City Commission exempted the house from a law prohibiting more than four domestic animals per household.
Tennessee Williams is said to have written the first draft of “A Streetcar Named Desire” while staying at the La Concha Hotel. He bought a permanent house and listed Key West as his permanent residence. Williams’ home in the “unfashionable” New Town neighborhood is quite the contrast to the elegant Hemingway house. It is a very modest bungalow. The house is privately owned and is not open to the public. The Tenn4essee Williams Theatre is located on the campus of Florida Keys Community College on Stock Island.
Key West is much closer to Havana than to Miami. In 1890 it had a population of nearly 18,800 which made it the richest and biggest city in Florida. The population was nearly half Cuban descent and the city had a succession of Cuban mayors. Cubans were reportedly active in nearly 200 factories in town producing cigars.
The Battleship Maine was blown up after sailing from Key West to Havana which ignited the Spanish American War.
Pan American Airlines was founded in Key West to fly visitors to Havana.
John Kennedy used the phrase “90 miles to Cuba” in his speeches against Fidel Castro.
There were regular ferry and airplane services between Key West and Havana until the revelation in 1959. Refugees flooded into Key West during the Mariel Boatlift and continue to come across the dangerous stretch of waters.
In 1982 Key West and the rest of the Keys tried to declare independence and become the “Conch Republic” in a protest over US Border Patrol blockades. The blockade was set up in response to the Mariel Boatlift. This blockade created a 17 mile traffic jam when the Border Patrol stopped every car to search for illegal immigrants. The Florida Keys were virtually paralyzed as tourism nearly ground to a halt. Couch Republic flags and T shirts are still popular souvenirs for visitors. The Counch Republic Independence Celebration is celebrated each April 23.
Key West was always an important military post. At the beginning of World War II the Navy built the first water line extending the length of the Keys to serve the Naval Air Station. The main facility on Boca Chica is where the navy trains pilots. There are 3400 civilians and 16oo active duty military personnel along with family members. The area next to the old For Taylor became a submarine pen and was used for the Fleet Sonar School.
It is explicit that the enactments like Companies Act, 1956, Securities Contracts (Regulation) Act, 1956 and SEBI Act, 1992 contain provisions to protect the interests of investors. However, they have not served the purpose fully. Hence, the investors must be aware of the other measures available for their protection.
It is a known fact that, the capital market in India has grown manifold in the last five to seven years. However, when compared to the western countries, it is still in its infant stage. The experts in the capital market predict a faster growth of the market coupled with a substantial increase in the number of investors. The investors’ grievances must be redressed and they should be assured of prompt, efficient and reliable services to protect their interests.
On their part, the companies too have taken the investors’ problem seriously so much so that they have changed their earlier stand of having a centralized department for investors’ problems in favour of giving the whole portfolio to outside specialized agencies as transfer agents. There is a growing awareness now that the handling of investors’ problems is a specialized subject and if they fail to deliver efficient services, their chances to mobilize fresh resources by way of public rights issue may be jeopardized and eventually losing sympathy of investors.
The Government of India, also appreciating the fact that good investors’ service is one of the important factors for a sound and healthy capital market, has started a service dialogue on this issue and has given powers to Securities and Exchange Board of India (SEBI) and stock exchanges for speedy redressals. In fact, both SEBI and stock exchanges have successfully launched a separate department for this kind of work. They have started publishing names of companies which have largest number of investors’ complaints and insist on solving the investors’ problems with speed. A beginning made in this field in the last two or three years is now gaining momentum.
INVESTORS’ SERVICE CENTRE
Companies with lakhs of shareholders / debentureholders have opened permanent investors’ service centres for attending to problems like change of address, non-receipt of refunds, interest or dividend warrants, non-receipt of certificates after transfer and revalidation of warrants. They also accept lodgements for transfer of shares / debentures and accordingly accept such applications, make on the spot endorsements for fully paid certificates and liaise with the company’s secretarial department to ensure faster solution to problems, however, small.
With these innovations, the work load of post offices and couriers has been considerably reduced. The investors and companies are a happy lot now. They have comparatively lower pendency of problems. The executives’ time consumed in scrutinizing transfer forms has been minimised now as they are to check only the specimen signature and prepare a list of transfers for the Board meeting. With communication facilities improving, time is not far when all formalities relating to the transfer would be completed locally, and the local centre would send only the final list of transfer application for the Board to discuss and resolve. Such service centre in India where illiteracy level is high, help in narrowing the communication gaps as also overcoming linguistic barriers. Companies headquartered in Delhi may have a shareholder from a very remote village in Kerala State who may not be good at writing complaint in Hindi*. This sometimes becomes a major impediment in prompt redressal of grievances. The Reliance Industries Limited is one company which has opened such centres at many places in the country which have fared well. Opening of temporary investors’ service centres for taking care of sudden increase in problems (especially after the closure of mega issues and their allotment) is also helpful, for instance, due to sudden spurt in the problems, it helps better understanding and faster solution of complaints. The Oswal Agro group is a company which had, at the time of mega-issue of Bindal Agro Chem. Ltd., opened such centres. Similarly, ICICI and Tata Timken Ltd., have also extended such facilities, although for a very short period, and for a very limited purpose of public issue complaints.
LODGEMENT CENTRES FOR RIGHTS ISSUE
The application forms of rights issue which, hitherto were being accepted by banks are (in some cases) now being accepted at the predesignated company’s service centre. In a few cases, the companies have decided to handle the acceptance of rights application form themselves. The bank’s job would then be reduced to clearing of cheques and maintaining the collection account in terms of funds. This procedure ensures a perfect and better investors’ assistance at the time of filling up the form, fewer rejections of forms, speedy clearing of cheques, faster remittances of funds and immediate allotment on closure of the issue. Earlier, the banks used to take longer time in processing the forms and thus the procedure of finalizing the allotment entailed undue delay. Rights issues generally remain open for a month and the forms are relatively lesser than public issues. As a consequence of this, the banks were taking their own time to finalise the processing before arriving at the final collection figure. This system was followed by TELCO, Deepak Nitrate, Procter and Gamble, Ashok Leyland, Ranbaxy, Nicholas Lab., ESAB India, Indian Organic and so forth. The indicators for future events are that the companies may resort to such arrangements in relation to collection of allotment and call money and may also consider lodgement of public issue forms at private investors’ service centres. This would, however, require clear cut legislation.
The question is, can a private service centre provide as good or as strong an infrastructure as a bank can? The bankers have the advantage to pool a large contingent of staff when suddenly required, it would have the necessary space also and generally speaking it can cope with a large volume of work. The private service centre may initially face problems in building up the requisite infrastructure.
LODGEMENT OF DEBENTURE CERTIFICATES OF REDEMPTION
This is smaller to lodgements to -back. The debentureholders are requested to lodge certificates along with advance stamped receipt at the predesignated centres throughout the country. The holders are then sent redemption amount by pay orders. This avoids inconvenience for the investors, ensures proper filling up of form and saves postal authorities of work.
SPECIFIC CENTRE FOR ON THE SPOT ENDORSEMENT FOR CALL MONEY PAID
A few companies have started giving on the spot endorsement (as fully paid) facility at local service centres. This process hardly takes a few minutes. It facilitates the investors in transacting on the share certificates which he is holding, thereby saving the agency of waiting for a month after sending them to the company for the endorsements.
It is time for the Government to insist on companies with very large shareholders base to open full time permanent service centres, not only in four metros in India but also at all places where stock exchanges function. One of the objectives of granting legislation to SEBI was to inspire confidence in investors and protecting their interests. The recent guidelines and code of conduct also require the stock exchange members to modernise investment services, introduce better and innovative practices in the interest of investors. In this context, it is apt to mention the SEBI’s achievement for the redressal of investors’ grievances.
REDRESSAL OF INVESTORS’ GRIEVANCES BY SEBI
In an effort to improve the quality of intermediary services available to investors, procedures have been instituted for redressal of investors’ grievances arising from the issue procedure and those related to brokers. The table given below gives the details of investors’ grievances that have been received by SEBI since its inception and their redressal rate. Constant follow up and deterrent actions have helped in redressing an increasing proportion of investors’ grievances. The large number of complaints received clearly indicates the inadequacies of the existing systems and practices in Indian securities markets. These grievances are also a reflection of the rising expectations of investors from intermediaries in the securities markets. The intermediaries in the primary and secondary markets such as brokers, sub-brokers, underwriters and merchant bankers, bankers to the issue, share transfer agents, and registrars to the issue are required to be registered with SEBI. The increasing number of investors’ grievances indicates that investors’ satisfaction and investors’ confidence area set to become central issues in the development of securities market in India.
It is essential from the point of view of promoting investors’ confidence in their investment to create a sound investment climate which needs redressing the grievances of the investors. In this regard, the services rendered by SEBI to redress the grievances of investors’ are worth to mention. However, in view of growing capital market activities, besides SEBI, investors’ service centres in private sector should also come out in large number to redress the grievances of investing community.
Dr.R.SRINIVASAN is a Post graduate in commerce and corporate secretary ship . He received his doctoral degreein the Managementfaculty from Alagappa University in 1997. He is now Working as an ASSOCIATE PROFESSORin Post graduate and Research Department of Corporate Secretaryship at Bharathidasan Government College for Women (Autonomous), Pondicherry University, Puducherry.He currently teaches Accounting ,financial management and Research Methodology Subjects. Before Joining BGCW, he was teaching in SNR College, Coimbatore, Sindhi college, Chennai& T.S.Narayanasamy College, Chennai for eight years. He was with the industry for a short term at Salzar Electronics Pvt. Ltd, Coimbatore. He has about 20 years of teaching experience and having research experience of 15 years. His interests are in Accounting and finance, Capital Market, Quantitative Methods. He underwent the Faculty Development Programme at Indian Institute of Management Ahmedabad during 2000-01. He has presented 20 papers in national and international conferences and has published twenty papers in the areas of Finance and Human resource Management in National Journals. Co-authored a book titled, ‘Investors Protection, published by Raj Publications, New Delhi He has delivered lectures in contemporary finance topics at Pondicherry University. He is involved in consultancy projects for Godrej Saralee, Chennai in the areas of Statistical Applications. He has supervised a number of research projects in the area of corporate finance and Human Resource Management. He is the Board of examiner in corporate Secretaryship and Management for the past two decades.
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