History islamic art Term Paper Example | Topics and Well Written Essays - 1000 words

History islamic craftsmanship - Term Paper Example In this paper we will talk about the historical backdrop of Islamic design and various styles of Islamic engineering like Persian, Azerbaijani, Turkistan, Ottoman design and so on. Islamic engineering started to spread not long after the appearance of Islam. At first mosques were required structure Muslims to implore and from that the most punctual type of Islamic design rose. The most established bit of Islamic engineering is The Dome of Rock, which is a sanctum in the Old City of Jerusalem worked in 691. The Dome of Rock is motivated by impact of Byzantine. At the point when Muslim rulers attacked Spain Islamic design extended to all edges of the world. The primary explanation behind development of Islamic engineering was working of mosques. Muslim rulers manufactured mosque any place they went so as to implore and these mosques turned into the images of Islamic Architecture. Muslim rulers recruited neighborhood specialists to assemble their mosques so shades of nearby workmanship styles can likewise be seen in Islamic design. Islamic engineering in this way sprang through the association of existing artistic expressions and Islamic culture. Calligraphy was additionally renowned in old Islamic occasions. The utilization of calligraphy can be seen on dividers of mosques and strongholds that were worked by Islamic rulers. Muslims used to compose Quranic sacred writing in various structures and from that sprang the craft of calligraphy in Islamic culture. Numerous celebrated structures, fortresses and mosques have Quranic sections composed on dividers in lovely styles. Umayyads were the first to formally present strict engineering in their time. They began to present new ideas of engineering through the assistance of existing structures. The patio and other significant structures, for reason for administration, filled in as an official beginning to Islamic engineering. In structures of this time usefulness is by all accounts a significant angle which tells that structures were not worked for masterful reasons rather they were made for performing administrations of the

Free Essays on Computers And Accounting

PCs, Society, and Accounting Dynamic In today’s innovatively disapproved of society, PCs assume an essential job in pretty much every part of business, and particularly in the field of bookkeeping. Bookkeepers are relied upon to continually be refreshing data on an opportune premise, and the superb PC permits such a procedure. Ordinary figurings that were once finished with a number cruncher and a pen and scratch pad should now be possible substantially more rapidly and precisely with a spreadsheet program. Electronic spreadsheets permit one to compute what they call â€Å"what if† numbers without messing everything up. These spreadsheet programs additionally permit you to effectively keep deal and stock records just as make diagrams which can conceivably anticipate future costs for your business. These such projects have gotten imperative to current organizations and organizations. Numerous other bookkeeping forms have likewise been streamlined with the utilization of PCs, for example, Accounts Payable, Inventory Control, and furthermore Purchasing and Receiving. Programming programs associated with the Accounts Payable viewpoint permit one to disentangle the installment dealing with and determination and furthermore will check the precision of the vendor’s receipt. The stock control will really follow the stock and decrease the interest in stock. The buying and getting module makes purchasing requests and it keeps tabs on their development. From what’s been referenced above, there are clearly numerous advantages of PC utilization in bookkeeping. The most significant would likely be the speed where the procedures are finished. Physically executing these errands would take at any rate twice as long and would possibly prompt cash misfortune. Similarly as with anything including PCs, mix-ups can without much of a stretch be made if there is an issue with the product or even an administrator imperfection. A few drawbacks to a dependence on PCs remember blunders for information passage that the PC can't get and furthermore extortion and embez... Free Essays on Computers And Accounting Free Essays on Computers And Accounting PCs, Society, and Accounting Theoretical In today’s mechanically disapproved of society, PCs assume a fundamental job in pretty much every part of business, and particularly in the field of bookkeeping. Bookkeepers are relied upon to continually be refreshing data on an auspicious premise, and the great PC permits such a procedure. Typical figurings that were once finished with an adding machine and a pen and scratch pad should now be possible substantially more rapidly and precisely with a spreadsheet program. Electronic spreadsheets permit one to figure what they call â€Å"what if† numbers without messing everything up. These spreadsheet programs additionally permit you to effectively keep deal and stock records just as make diagrams which can conceivably anticipate future costs for your business. These such projects have gotten fundamental to present day organizations and organizations. Numerous other bookkeeping forms have additionally been disentangled with the utilization of PCs, for example, Accounts Payable, Inventory Control, and furthermore Purchasing and Receiving. Programming programs engaged with the Accounts Payable viewpoint permit one to disentangle the installment dealing with and choice and furthermore will check the precision of the vendor’s receipt. The stock control will really follow the stock and lessen the interest in stock. The buying and getting module makes purchasing requests and it keeps tabs on their development. From what’s been referenced above, there are clearly numerous advantages of PC utilization in bookkeeping. The most significant would likely be the speed where the procedures are finished. Physically executing these undertakings would take in any event twice as long and would conceivably prompt cash misfortune. Likewise with anything including PCs, errors can without much of a stretch be made if there is an issue with the product or even an administrator deformity. A few hindrances to a dependence on PCs remember mistakes for information passage that the PC can't get and furthermore extortion and embez... Free Essays on Computers And Accounting PCs, Society, and Accounting Dynamic In today’s innovatively disapproved of society, PCs assume a necessary job in pretty much every part of business, and particularly in the field of bookkeeping. Bookkeepers are required to continually be refreshing data on an opportune premise, and the brilliant PC permits such a procedure. Typical figurings that were once finished with a mini-computer and a pen and scratch pad should now be possible significantly more rapidly and precisely with a spreadsheet program. Electronic spreadsheets permit one to figure what they call â€Å"what if† numbers without messing everything up. These spreadsheet programs likewise permit you to handily keep deal and stock records just as make charts which can possibly foresee future costs for your business. These such projects have gotten fundamental to present day organizations and organizations. Numerous other bookkeeping forms have additionally been improved with the utilization of PCs, for example, Accounts Payable, Inventory Control, and furthermore Purchasing and Receiving. Programming programs associated with the Accounts Payable perspective permit one to streamline the installment taking care of and determination and furthermore will check the precision of the vendor’s receipt. The stock control will really follow the stock and lessen the interest in stock. The buying and accepting module makes purchasing requests and it keeps tabs on their development. From what’s been referenced above, there are clearly numerous advantages of PC utilization in bookkeeping. The most significant would presumably be the speed where the procedures are finished. Physically executing these errands would take in any event twice as long and would conceivably prompt cash misfortune. Similarly as with anything including PCs, slip-ups can without much of a stretch be made if there is an issue with the product or even an administrator imperfection. A few weaknesses to a dependence on PCs remember blunders for information section that the PC can't get and furthermore extortion and embez...

Why Working With Online Will Writing Services Could Be Good For You

Why Working With Online Will Writing Services Could Be Good For YouIf you are an aspiring writer and are looking for a full-time job, consider working with online will writing services. With the Internet is increasing in popularity, millions of people are searching for sites that will provide free information on wills. These sites can provide the best source of information on will as well as estate planning and how to file for a will, make an attorney available, and much more.When working with an online will writing service, you will work as an assistant to a freelance writer, who will provide articles on your behalf for a fee. The benefit to working with this type of business is that it provides you with a wonderful way to make money. While there is no salary to receive from writing for others, you will get your hours paid, be able to work from home, and find a job for yourself.Working with someone who provides free content will allow you to find the many companies that provide this type of service. If you find one that you like, it is easy to stay within budget while you learn all you can about wills and estate planning. Many companies offer writing lessons as well as training you in all aspects of writing. You will find the reviews of clients and recommendations to help you determine which is the best company for you.Being involved in writing services will help you find several advantages. Many of these businesses will provide excellent resources for people who are interested in planning and designing their own wills or for those who have made the decision to take on the task of planning their own estate. It is an exciting way to work and it can become a lucrative career if you know what you are doing.You can learn about wills and estate planning, and also to find solutions to specific problems that are unique to the individuals that are using writing services. Many of these companies will also supply this type of content as well as advice to individuals tha t are looking for simple estate planning or simple wills. They will also provide a variety of templates for people to use when they are creating wills and estate plans.When working with writing services, you will work directly with a freelance writer and be assured that all of your ideas are being used and that you have the opportunity to add your own ideas. This is important as you want your ideas to be used with and not against you as a professional writer. The great thing about this type of service is that all you will need to do is write in your own words and then submit them for consideration by clients.There are many reasons why you would want to work with such services. If you are already in a profession that involves planning or designing estates, this is an excellent way to work and make money while you learn and grow your skill set. You will also be able to gain valuable knowledge on estate planning and go much further if you choose to continue your education in this area. If you are a professional who has experience in drafting wills and estate plans, working with online will writing services can provide you with a source of income and is a wonderful way to continue your education. If you do not have any experience in drafting wills and estate plans, working with this type of company can provide you with all of the skills you need. You can choose to work in this field full-time or part-time, and have the ability to make your own hours at home.

The California Bar Essay Sample Can Help You Prepare For the Bar Exam

<h1>The California Bar Essay Sample Can Help You Prepare For the Bar Exam</h1><p>California Bar Essay Sample is a bit by bit process for groundwork for the law knowledge review. It's not important to finish all segments through and through so as to pass. A few tests have various practice areas that are a piece of the test. You can gain one of these training tests, and you may think that its accommodating to survey them.</p><p></p><p>However, since there are different practice tests you should take, ensure you know which ones to take, just as the 'most ideal' sort of inquiries to pose, and whether you need to concentrate on 'harder' questions, or ones that are increasingly relevant to your training meetings. This data will be helpful when the opportunity arrives for you to really sit for the test.</p><p></p><p>There are various things you can do to get ready for the test, albeit commonly you will simply need to skirt th e training test and step through the genuine exam, yet looking at the situation objectively, you will find that you truly needn't bother with a great deal of training before your test. You can set yourself up by considering what you'll discover on the California Bar Test, yet there is nothing very like the genuine thing.</p><p></p><p>In request to guarantee that you can finish the assessment, you should acquire an individual report direct or an investigation manage that is increasingly fit to your requirements. A large number of the aides accessible will give you thoughts, references, test practice tests, and a wide range of information.</p><p></p><p>It is fitting to acquire a California Bar Essay Sample Guide, as you won't just realize what to read for the test, however will likewise get a brief look at what number of sorts of inquiries you may experience. On the off chance that you set aside the effort to find out about your conditio n, the economy, and the various variables that will come up during the test, you'll have the option to set yourself up effectively.</p><p></p><p>You might be thinking about how you can get hold of an individual report control. The web is an astounding asset for this kind of data. At the point when you research for 'California Bar Essay' you will discover a wide range of sources, and some that are free, some that charge a little expense, and some that offer free preliminary versions.</p><p></p><p>Once you have found an investigation control, you'll have to tail it precisely as you would for a genuine test. You'll have to peruse the bearings cautiously, and you'll have to tail them totally, despite the fact that you will get a specific measure of direction en route. An investigation direct is an extraordinary method to figure out how to consider, just as an approach to get acquainted with the various parts of taking the California Bar Ex amination.</p><p></p><p>Your study guide should assist you with figuring out which books to peruse, which assets to use, and which site to visit so as to discover the data you need. This will assist you with understanding the fundamental ideas of the California Bar Examination and permit you to get ready for the test efficiently.</p>

Research Paper Topics For Cultural Anthropology

<h1>Research Paper Topics For Cultural Anthropology</h1><p>Cultural Anthropology is a field of study that analyzes the connections among culture and human networks. It follows the starting points of culture to ancient occasions, and progresses in the direction of understanding the job of culture in the advanced world. Social human studies is a particular part of human studies, which concentrates how various societies have communicated with one another and with present day society. This can be seen in the types of craftsmanship, writing, music, move, food, music, apparel, etc.</p><p></p><p>There are numerous specialists working in this field, and they are for the most part separated into three gatherings: sociocultural anthropologists, psychoanalytic anthropologists, and personality analysts. Sociocultural anthropologists manage social structures; for instance, they inspect the presence of social chains of importance, individual relations amon g ladies, ethnic limits and sexual orientation. They likewise take a gander at connections among social and social structures, and in this field, they study such factors as family esteems, between ethnic interchanges, and conjugal status. Psychoanalytic anthropologists study these complex psychosocial forms inside the person. A few instances of their work incorporate the investigation of injury, anxiety, and the advancement of character, just as how individuals work through trauma.</p><p></p><p>Identity therapists center around mental procedures and qualities that underlie singular contrasts. In this field, they research such angles as the idea of character, and they likewise investigate the idea of gathering distinguishing proof. These analysts are attempting to respond to questions, for example, how individuals in various gatherings connect with one another, what makes a gathering durable, and how personality is formed.</p><p></p><p> The psychoanalytic social anthropologists will in general be basic. They take a gander at the idea of mental procedures in different manners. For instance, they see how culture influences knowledge, confidence, conduct, and the manner by which individuals experience sorrow. A portion of these clinicians go similarly as asserting that culture is a significant supporter of a wide range of mental illness.</p><p></p><p>Identical to the psychoanalytic social anthropologists, character therapists stress the way that culture shapes our psychological procedures. They expound widely on the manners by which culture shapes the manner by which we identify with others. One case of this is the way that societies with stable progressions will in general presentation contrasts in the manners by which individuals associate with one another, as they have various associations with the dominant.</p><p></p><p>On the other hand, the sociocultural anthropolo gists will in general be autonomous scholars. They are frequently delegated basic scholars. They center around the sociological and social contrasts between various social orders. In any case, in contrast to the psychoanalytic social anthropologists, sociocultural anthropologists don't concentrate on auxiliary factors yet rather, they distinguish the premise of various social systems.</p><p></p><p>The sociocultural anthropologists analyze the advancement of social frameworks. They break down different social orders and study how their social frameworks have created. They likewise utilize sociological speculations to clarify the various examples of improvement and social frameworks in various social orders. A case of this field of study is the investigation of indigenous societies in the Pacific region.</p><p></p><p>The two past talked about angles are normal to every social anthropologist. In any case, there are sure fields that recogn ize the territories of the investigation. Albeit numerous anthropologists have practical experience in just a single specific territory, a few anthropologists center more around a specific sort of culture, while some attention on a specific part of social anthropology.</p>

How to Write Counterargument and Refutation in an Essay

<h1>How to Write Counterargument and Refutation in an Essay</h1><p>When composing a paper, it is basic to have a decent handle of how to compose a counter contention and invalidation in an article. An exposition essentially comprises of four sections: the presentation, the body, the end and the body of the end. For the presentation of an exposition, the author may include a couple of sentences that clarify why the article is going to be composed. The body, interestingly, is a depiction of the realities and applicable data about the topic.</p><p></p><p>The best paper tests will permit the author to fill in the subtleties on the presentation and the body of the exposition. However, it ought to be noticed that occasionally, when you are composing article tests, the author will most likely be unable to give the specific subtleties that they need. This happens when there is an error between the author's thoughts and the subtleties that the instruc tor wants.</p><p></p><p>In request to cause the essayist to get precisely what they need, they can generally approach the mentor for the assistance of how to compose a counter contention and nullification in a paper tests. The benefit of utilizing these article tests is that the guide can offer the point by point information and encounters recorded as a hard copy and introducing the material for the perusers. The coach will likewise have the option to talk about the upsides and downsides with the author and can even prompt the essayist on the most proficient method to organize the material and compose better article samples.</p><p></p><p>The utilization of exposition tests will without a doubt help the understudy recorded as a hard copy a compelling paper that incorporates the components that will empower them to compose the correct sort of article. They can likewise perceive how different journalists present their paper and get the es sential thought of what they ought to do recorded as a hard copy a successful exposition. The coach can likewise control the author through the way toward composing an exposition and tell the understudy the best way to make it look more professional.</p><p></p><p>The best article tests will include a layout that has the best diagram that will be utilized as a method of managing the author through the way toward composing a paper that contains a counter contention and invalidation. The format will likewise have the best usage of the counter contention and invalidation. These models can be remembered for the presentation of the exposition, just as the body.</p><p></p><p>Some instances of how to compose a counter contention and nullification in a paper will incorporate the utilization of word blends that could without much of a stretch believer an announcement into its inverse. Different instances of how to make the correct sorts of sente nces will incorporate utilization of a passage for various kinds of sections, for example, presentation, end and body. An away from of how to utilize this format in a paper will likewise incorporate giving instances of how to utilize various techniques for making the presentation and the body.</p><p></p><p>The advantage of utilizing the online examples of how to compose a counter contention and invalidation in an exposition is that these models can be handily found by any individual who is searching for approaches to show signs of improvement comprehension of how to compose and introduce the material. It is likewise a helpful method to get thoughts for making expositions for an online educator or guide. Also, the other thing that makes them perfect is that they are very simple to utilize and they are free. The coach or the teacher can utilize them whenever without the requirement for extra explanations.</p><p></p><p>If the author has n ot considered the nuts and bolts of how to compose article tests, the guide can propose them some fundamental thoughts that would function admirably for them. For instance, the essayist could utilize the acquaintance and the body with make the diagram of the article. This will empower the author to arrange the thoughts that they are going to introduce in the article without the need to go to and fro to the guide or the instructor and investing energy composing the blueprint again.</p>

Working Capital Management Relevant In The 21st Century Finance Essay - Free Essay Example

In these contemporary days, all businesses trying to keep their working capital management at high level and also trying to get with 21th century .Up to date, the main aim for all business are to survive, to exist and to struggle each other; so this requires keeping a proper working capital management against unexpected events resulting from the future. Two companies, Arà §elik a.ÃÆ'†¦Ãƒâ€¦Ã‚ ¸. which was established at 1955 by Rahmi Koà § , has 22,000 workers and 14 facility around world and 8,4 billion Tl revenue within ; Vestel a.ÃÆ'†¦Ãƒâ€¦Ã‚ ¸. which was established at 1953 by Mehmet Zorlu that wants to become worldwide company continued export oriented growth strategy and has 15 000 workers , were chosen for this case study. Quality racing and competition of last 10 years helped home appliance industry has in large degree in Turkey. Immediately after, beginning of consumer awareness led businesses into competition.Thus, among the companies which are operating in the same sector, Arà §elika.ÃÆ'†¦Ãƒâ€¦Ã‚ ¸. And Vestel A.S. should have the right working capital management mechanism to survive. Moreover, by checking of Arà §elik and Vestel working capital management, it can be said that which kind of problems they will face and will affect on the market. For example, DSO , DPO , DIO and CCC have to be low and also CCC must close to shortest(smallest) level which is company reach , minimum level of CCC represent effective operation and cash management for companies ,so after analysis which will be made , the right comments can be made about Arà §elik and Vestel. In the end, depending on the results and problems, the right recommends can be mentioned. 2. Introduction It can be said that 3 phases in business life; First one is introduction part for investors ideas and plans, Second phase is that the investment which is decided to be made by investors and turning out of the company. In the last phase, going into operation of a company, meaning that, providing of all equipments, labor force, starting to produce and to sell of all products. Importance of working capital management arises. Working capital management is the most important component of business activities, and focuses on short term investments and investment decision of companies success of company depends on having enough of net working capital and being of good quality. This is Due to the success of a company related with power of paying its debts. , capable of finding new credits and also having a good net work ing capital. At the first instance this easily explains why working capital management is so important for progress. Whether an international company or a domestic company, all principles of working capital are the same for all institutions. Thus, companies decide that how much amount of investment will be made and how to finance them by taking into consideration of risks and stability. Companies try to raise their values with decisions in working capital management. However; international businesses encounter with difficulties as international financing and investment opportunity as well as fluctuations in value of money, the potential foreign exchange controls, a large number of tax applications. As its seen, working capital management is not only the component of working capital; it also includes decisions about how working capital will be funded for future beings. Nonetheless, Current assets and current liabilities play an important value for balance sheet of businesses; a lso ensure continuity of businesses, which are components that deeply related with working capital management. Lastly , Working capital company work at full capacity, production must continue, uninterrupted , for positive business volume, broaden, and thus reducing the risk to meet its obligations to increase the credit worthiness, financial distress in times of crisis, and not live to carry out the profitable activity and efficient manner is of great importance. 3. Is Working Capital Management relevant in the 21st century? It is strongly seen that working capital is most important case in the 21st century. Working capital finances the cash flow cycle. When working capital is negative, and then means company has no funds from its day to day operations. Working capital answers that how much funding a business needs to operate? Short term funding is very necessary for companies; because to make the way in long term, it is needed cash in short term to survive against go ba nkrupt. Later on, net working capital will be positive means that current asses excesses current liabilities. From companies looking, excess of working capital operating inefficient. Because it shows that customers still owe to the company, there is no money return and cannot be used for company obligations. This can be observed by comparing working capital structure of the companys time to time. If there is slow collection, this can give signal of incoming problems. The main goal of working capital management is to obtain the balance of each working capital components. Therefore; the main is, convert funds held in banks to cash thereby maximizing the interest earned. In recent years, dynamic discounting method is used on customers to maximize working capital. This will provide early payment to companies, more cash inflow to be used for obtaining proper operating in working capital management. At the present day, necessity of working capital may vary according to departments. Each component must be placed on the right department to be used. Because, whilst some departments need significant levels of inventory; the others need little. The necessity of working capital management must be taken into account in relation to other aspects of departments. 4. Definition of working capital management Working capital is all assets convertible to money and all expenses are done, in order to be used for starting into operation of a company as well as to carry these all activities on. Current assets are gross working capital. So, what is net working capital? It is the result of: Current assets -short term liabilities = Net working capital Therefore, all current assets defined as: 1-liquid assets 2-securities 3-receivables 4-stocks 5-prepaid expenses for future months 6-income accruals All components of current assets are really important case for business to provide a good lead in working capital management to avoid from current risks in this current century. In accordance with all of these informations, a successful working capital management has to bear these points below: 1-divisible capability 2-Short-term and liquid 3-all components are moving and interrelated each other 4-working capital decisions can be revised as soon as possible 5-Investments have limited effect on the degree of business risk CASE STUDY -ARÇELÃÆ'„ °K 5.1Company Profile Vision Statement: -Providing of profitable, long-termed and sustainable growth -To maintain with positive growth, increasing of target market share threshold -Innovative, reaching more consumers with the products and implements -To see the future with institutional consciousness -Being a global group; providing of integration of all components and optimization Mission Statement: Adding value of human life by providing innovative, protector of nature, authentic, technologically developed products to create value for the customers. Objectives: They change their objectives due to the changing on new vision and Core operation goals pegged in line with its new vision describe three aspects of sustainability in economical, environmentally and socio-cultural. Targeting participate in solution within the profile of perpetuity approach, Arà §elik. sustains its efforts targeted towards change in climate and safe keeping of scarce natural resources. 5.2 Company s business segments and Market share Arà §elik growth %8 in 2010 in 6 products, Arà §elik A.ÃÆ'†¦Ãƒâ€¦Ã‚ ¾. is the leader of the consumer durables sector in Turkey and Romania, the second place in UK market. The first five place in all Europe .Worlds top ten consumer durables brands in nine main product segments,  leader in consumer durables market  and in fridge, freezer and oven product groups in UK. Second brand in the fridge market in Belgium, In Poland, the second exporter in washing machine market and third exporter in freezer markets, In Lithuania, first brand in all white goods market  and in washing machine and fridge product groups. Business segment produce in durable consumer goods industry, marketing and after-sales services. .White Goods .Consumer Electronics .Other Market size 6.5 million unit Market value 4.5 billion Tl %20 of Eastern Europe and Russia 5.3 Business performance EBIT and ROCE EBIT: Firstly, lets look at the EBIT, which is illustrated by graph below. We can see that amount of EBIT tl mn was changing year by year. The exact amount of each year is follows: EBIT 2009: 686 EBIT 2010: 638 EBIT 2011: 646 EBIT 2012E: 846 The graph is showing us general vision of the company, which provides assumption how much cash get into the company from their core business before the interest and taxes. Moreover, it presents operating profit after the global crisis in 2009 when the company increases their operating profit. However, after 20 09 the operating profit tends to reduce due to the euro crisis in EU zone. When we look forward at the Arà §elik global operating network, we can notice that 10 countries from EU zone fit in decreasing profits (Romania, France, Slovakia, Germany, Czech Republic, Spain, Italy, Slovakia and Poland). In result disposable income reduced in EU zone and the costs of raw material and unfinished goods accrued. In spite of that from 2010 to 2012 the operating profit tends to increase due to crisis effect decrease. ROCE: Indicates the efficiency and profitability, which are coming from companys capital investments. ROCE should always be higher than companys borrowings, because high borrowing rates cause less shareholders earnings a good ROCE is greater than borrowing rates. The formula is: EBIT / (Total Assets-Current Liabilities) ROCE2009: 686/3246:0.2113=%21.13 ROCE 2010:638/4979: 0.1281=%12.81 ROCE2011:646/5667: 0.1139=%11.22 Change, which has place from 2009 to 2010, h as got two causes. First one is total asset, the company increased their total assets for investing, total assets getting narrowed within net capital working, which reflected liquidity problem. Furthermore, from 2009 to 2010 they reduced their current liabilities and this was the reasons, which affected ROCE in 2011 increasing total assets continued. Firm faced to liquidity problem, but in the other hand, when we are looking at credit note from Fitch Ratings is AA. Thats why quality of companies is in bit higher risk than AAA and this position makes AAA the best credit note, which is stable and at minimum risk. 6.1 Companys Profile ( Vestel ) -Vestel focusing on the core business activities of the production of high-quality consumer products constantly under the control of both revenue and profitability development aims to achieve. -Europe will be remaining as the main target of Vestel, to respond new trends and add new products; its portfolio aims to be close the market. -In order to maintain its position in the market, Vestel, aims to invest more in research and development. -Internal market of the company will continue to play a pivotal role in all business activities. -The main target areas are electronic products and white goods; Vestel also expects to improve its efficiency both domestic area and abroad. 6.2. Business Segments and Market Share Vestel continued to be the leading choice of customers a total of 15 million units in 2008 with the production of the main export market in Europe. Vestel serves its customers as produce TVs, white goods and digital goods. Vestel that exporting to 131 countries worldwide offers leading-edge product to consumers. Accounting of %76 of sales, which is 2.8 billion dollars composing of %86 total exports were to Europe. The target countries are Germany, Switzerland, Australia, Denmark, Spain, Italy and Portugal .Vestel carried out export LCD TV as by %82 in 2010.Vestel has hold the title of Turke y export champion in the electronics industry for over 13 years; also Vestel won the second prize among 500 most exporting companies. Vestel is not satisfying with being export champion of its sector also it wants to be a champion in Turkeys market thanks to module production. 6.3 Business performance EBIT and ROCE We should take into account the white good market for Vestel company by the reason of different sector. Due to this we are taking VESBE (Vestel White Good company ) as an exaple. The ebit data from 2009 to 2011: 2009-169 2010-31.4 2011-59.9 indicates that after 2009 the operating profit is significantly decreasing in Vesbe and Arà §elik EBIT, but in here the decrease is so sharply, which is the first cause of EU zone crisis due to the increasing costs. Taking further look at the balance sheet and income, in 2010 statement income from sale accures as compared to 2009, but the cost of sales are increasing as well. Another important point is that gross profit, and gross profit from business operation, decreased for about %50. Moreover, administrative and marketing expenses increased as well as RD. After all to see the core causes there is need for investigate the other ratios, but even if we compare Vestel with Arà §elik, there is one conclusion that Arà §elik managed the crisis better than Vestel Even so, in 2009 governmet encourged excise tax and companies, therefore, increased their incomes. this is very important information to understand the difference between 2009-2010. ROCE : For Vestel company ROCE now is very significant for investors due to EBIT. The formula is : EBIT /(Total Assets-Current Liabilities ) ROCE2009 : 169/647 :0.2612=%26.12 ROCE2010:31.4/596: 0.0526=%5.26 ROCE2011:59.9/567 : 0.1056=%10.56 As we can see in graph in 2009, due to the government policy, Vestel used opportunity well, but after 2009 the datas decreasing sharply and it is pointing out that this company is not stable. By the reason of t his, it is not possible to managed the risk and unexpected developments from credit rating the notes from Moodys they gave to Vestel B2 (rating) it means Judged as being risky and a great credit risk It appears to be,  its unstable and the company is not so confident in dealing with investors also the risk level maximum in this company for investors. In other words Vesbe for investors is like a dice game. 7. Working capital analysis 7.1Total revenues Price times quantity gives total revenue. For short-term analysis, production decision, its very important component for companys due to balance quantity and price to get maximum profit. We will compare Vestel and Arà §elik company with graphs (The graph shows the difference between Arà §elik and Vestel. For the first look we can notice that Arà §elik and Vestel are increasing their total revenues, which is a positive signal for countrys economy, like also important factor for development in export, by the reason o f exported goods. 2010-2011% changed total revenues for Vestel, which in consequence gave %38. It is significant increase for this company, but on the other hand for Arà §elik from 2010-2011 % change in total revenue amount %21. As the result, this two data showed us that white good sector is getting wider in internal and external market. However, important thing is that, it should be sustainable for these two companies. Below there is the other information about revenues, inventories increasing from 2009 to 2011: For Arà §elik: (ml tl) 2009: 906 2010: 987 2011: 1530 For Vestel: (ml tl) 2009: 131 2010: 162 2011: 229 For Vestel from 2010 2011 increasing from inventories was at %41 and for Arà §elik in 2010-2011 %55. Therefore, now we can understand why the operating income is decreasing from 2009 until 2011. On the one hand, these two companies should increase their Total revenue sustainable, on the other hand they have to take into consideration inv entories and cost of production, its reducing the aim of profit maximization and the last thing is Total revenues and operating income should be parallel for company s goodness. 7.2 DSO It indicates that a number of the days to get revenue by a company which has been paid after transaction .If DSO is low the company will be paid in fewer days so the account is receivable. Otherwise, high DSO shows that the company receives money in longer days, like credit to its customers. The formula of DSO Accounts receivable/Total Credit Sales x Number of Days In this graph as we can see again Vestel DSO is amazingly high in 2009. Then if we look at the Account receivable from 2009 to 2011 (2009: 347, 2010: 444, 2011: 606) Account receivable is increasing,. When we turn back the formula we can understand the reason of credit sales decreasing due to the lack of collecting receivable activity. If we look at the different perspective to this case, Vestel wanted to catch Arà §elik in Do mestic and Foreign market. In addition to this they made amazing promotions like 36 48 month installment for white goods, which reflected on 2010 EBITs reduction from 168 to 31. Moreover, due to the collecting activity 210.37 days when the company couldnt take the money from customer, the production of new products was impossible and RD department couldnt make new investment. Finally, the most important thing is the company needs liquidity for the continuation of it. However, after 2009 they changed the policy on credit sales and the DSO was going back to the balanced way like Arà §elik. Also as we can see the graph, Arà §elik is trying to defend their policy just in 2009 we can notice that government excise tax incentive. The DSO was increased due to this promotions cost too. Therefore, good advice is: If your competitor is making promotion you should make too. Nevertheless, this changing is not as significant as Vestel after 2009 by the reason they turned back the normal policy and the DSO was going to be stable, which is also very important for companies (it should be not high and stable). What is more to mention, industrial averages is very important on this topic and for White Good business generally producer is selling their product with long periods. Also we can look from the other perspective and see that the company doesnt fix on their income to DSO as the consequence the company has got strong economy. In this example Arà §elik is taking positive advantage. 7.3 DIO A financial measure indicates that how long time the companys inventory turn its inventory into sales quickly. This gives investors an idea of this process will be higher or lower. The lower DIO is the better, means that inventory quickly turn into sales and become cash; but DIO varies from one industry to another. So, decreasing days show an improvement in working capital. Here is how the DSI is calculated: Inventory/Cost of Sales x 365 DIO has got key role for working c apital management. The issues are being debated on last 5 years in whole world and DIO is able to make change in industrial perspective. For instance, for automotive sector the number can be 7.6 times or 8 times in one year. In the DIO Arà §elik company is trying to do not change their policy and again it is showing us significant role of the Arà §elik Company in this sector. Further, as we can see in this graph Arà §elik is trying to develop their working capital year by year (we will see the graph of Net working Capital) DIO mean how quickly company can turn inventories into cash and it mean Liquidity after 2009 and as the result both company decrease their DIO levels, which is good sign for both company. What is more in 2009 Vestel under the average industrial level of DIO by 155.24 days and created Liquidity problem for company. The sharply decrease from 2009-2010 explained again to us why it happened (Also we will see in DPO) In white good sector its important to keep the hi gh level of DIO, but in assumption that 40 days level can be arguable for Vestel again. 7.4 DPO It indicates the average number of days a company pays to its suppliers. The formula is: (Account payables/cost of Sales)*365 Days payable outstanding is the activity how a good a company managing its account payable. The lower ratio, the quickest time the company has to pay the liabilities, the higher ratio means better credit ratio term the company gets from the suppliers. So increasing in DPO is improvement, decreasing in DPO is distortion. In 2009, as we can see in the graph, Vestel is paying their supplier more than 1 year 371.84 days and after 1 year they decreased to 64.61 days and the DPO making it longer. The DPO is positive affect to our company, but on the one hand when we will make this time longer our suppliers will affect from this negatively and for next year it will affect our net profit, operation profit etc. In addition, one more time we can understand the sharply decreased in 2009-2010 of Vestel company in this example. On the other hand, for Arà §elik DPO is very small for 2009 34.9 days and this is good for our retailers, but for our company C2C cycle it will affect negatively. According to this information Arà §elik increased and we can assume that made it longer DPO period 34.96 day to 64.90 days. 7.5 Cash Conversion Cycle The length of time, in terms of days, that takes for a company to convert its resources into cash flows. This amount of time the inventory is needed to be sold, to collected receivables and the time the company is capable of paying its bills. Company obtains inventory on credit, results that accounts payables. And also company can sell products on credit, results that in account receivables. So, cash conversion cycle measures the time between cash outflow and cash inflow. The cycle is important for especially retailer, accordance with in short term importance. The shorter cycle, the less time capital i s attached to business process, and so the better for the company profit line. The formula is : CCC:DIO+DSO-DPO In Cash conversion cycle we will understand better other indicators too. Now we should look at 2009 for both companies. Vestel has negative CCC, which means that they are not paying their supplier and concentrate at the DPO Vestel DPO we will see that is 371.84. By the reason of that it represents that they are not paying and it is affecting CCC. What is more there is explanation of sharply decreasing in 2009-2010 and increase of CCC after 2009. The result of this is change in the policy of DPO (they are bringing it to balance). Arà §elik decrease their CCC, which made a positive effect for company and after 2009 they brought it up to the steady line. Moreover, for Arà §elik we cant suggest the same fluctuation is going on 2009 to 2010, because of increasing from 2010 to 2011 decreasing. Therefore, period from 2010 to 2011 provided to as suggestion that Vestel is t rying to fix their company structure. In contrast to that from 2009 to 2010 for investors Vestel is like risky game, but in general perspective Arà §elik is trying to do their vision statement of Sustainable growth and they are not dice. On the other hand, Vestel is taking a big risk for their company. Further, we can look at the other companies for White good market in graph below. The Electrolux CCC from 2009 to 2010 is decreasing and after one year increased a bit, but we can assume that the graph looks like Arà §elik graph, so also Electrolux looks like Arà §elik, of course there is a difference from amount, but Arà §elik has got 2 problems in CCC. First one is about low DPO and the second one is about high DSO. When Arà §elik reduces DSO 40-60 days level, and also when the DPO level move to 60 days, the CCC will come to 50-60 days level. In the consequence the company will be more efficient than before. Furthermore some people do not support this analysis by the reas on of misleading information for Investors. To understand whole financial structure of companies we should analyses all indicators. Net Working Capital for Arà §elik A.ÃÆ'†¦Ãƒâ€¦Ã‚ ¸ Mn TL 2009 2010 2011 Account Receivable 2,233 2,325 3,181 Inventory 907 988 1530 Account Payable (762) (969) (1250) Net Working Capital 2378 2344 3461 Net Working Capital for Vestel A.ÃÆ'†¦Ãƒâ€¦Ã‚ ¸ Mn TL 2009 2010 2011 Account Receivable 347 444 606 Inventory 131 162 230 Account Payable (196) (271) (442) Net Working Capital 282 335 394 After that this two firms in the last 3 years are increasing their Nwc. However, when we look at the 2008 the crisis term we will notice that VESBE has got -80(mn TL) and Arà §elik has got 3241(mn Tl) Nwc. This repercusion is giving us a suspicious perspective for analysis again. Yet, the other ratios Vesbe doesnt stabilize their economical background and becoming insecure for Investors, but from 2009 to 2011 they improved their capital working and it is the reason why they will try to fix their economic structure. ÃÆ'„ °t appears to be that more analysis for this matter are needed, but the scale show Arà §elik again, which probably will help to understand better why they are leaders in this sector .In this tables we can see the Market Capitalization and Industrial avarage for our 2 companies additionaly Financial ratios for Investors and general view on our companies. C:UsersuserDesktopsektà ¶r.png                       8. Debtor Management and Cash Flow ARÇELÃÆ'„ °K 2009 2010 2011 Net Financial Debt/Equity %44 %22 %31 Current Ratio 1.31 2.03 1.99 Financial Leverage Ratio 0.57 0.53 0.54 VESTEL 2009 2010 2011 Net Financial Debt/Equity %238 %250 %248 Current Ratio 1.1 1.2 1.1 Liquidity Ratio 0.8 0.8 0.9 Its the strategy improved to help debtors to manage their debts. This strategy is usually enforced by an outside company or organization for debtors. Because debtors are not capable of manage the debts by their own, due to lack of knowledge and to be full of business. To minimize the loss due to taking money from debtors is the main goal of debtor management. 8.1. Analysis for Arà §elik A.ÃÆ'†¦Ãƒâ€¦Ã‚ ¾. Arà §elik, especially in the second and the third quarters led to a significant improvement in the performance and profit margin. The amount of net financial debt decreased by more than 60% thanks to generation of a positive cash flow during year. Merger between Arà §elik and Grundig was completed in the middle of 2009, contributed the process management and profitability. Arà §elik, which is one of the most profitable companies have continued to increase between competitors in 2009.Arà §elik reduced its freedom from debts to 740 billion dollars due to successful working capital management in 2009.At the end of the first quarter 2011, net freedom from debts of the company in the current period reached 1 billion TL in order to having capital requirements. Last month, Finch increased the credit ratings of Arà §elik A.ÃÆ'†¦Ãƒâ€¦Ã‚ ¾. from stable to positive. Thus, the company may borrow money at the lower interest rates. So the companys freedom from debts may decrease even more. (DPO 2009: 34.96, 2010: 64.90, 2011: 68.66). DPO rating is increasing per year; this can be said that Arà §elik A.ÃÆ'†¦Ãƒâ€¦Ã‚ ¾. catches the ideal rate of DPO. 8.2. Analysis for Vestel First of all, paying outstanding for Vestel A.ÃÆ'†¦Ãƒâ€¦Ã‚ ¾. is 367 days so at this situation it is more than 1 year. This naturally decreases Vestels credit notes ; but after due to good policy making the credit note increased to B2 ( days of payable debts decreased from 367 to 321 ).Other hand , when it is compared with Arà §elik,Vestel has bad credit rating, judged as being risky and great credit risk, so in the short-term debts are being more credit risk. Buy backing of its 225 m outstanding bonds , Vestel got a significant chance to refinance the risks and had a better position in 2011.Fitch also has affirmed the senior unsecured rating of Vestel Electronics Finance A.ÃÆ'†¦Ãƒâ€¦Ã‚ ¸ guaranteed issue of USD225m 8.75% 2012 maturity notes at B/RR4.Debt burden is increasing because of demand contraction in Europe. However premium at Euro eases the burden in 2011.Also, inventory turnover was increased by Vestel especially after crisis in 200 8 so this is also another reason to ease the debt burden. Cash management Cash management is an essential skill for small businesses because they typically have limited access for proper credit and have a significant amount of prepayment costs they need to manage while waiting for receivables. Good managing cash provides a company to meet unseen expenses in addition to handling regularly-occurring events like payroll. One of The key ratio for measuring cash management is working capital productivity it s measures how the company will use the cash effective and productive ÃÆ'„ ±t can be formulate as Total revenue/Net working capital. When its compared Arà §elik and Vestel WCP, the results above are obtained: 2009 2010 2011(Arà §elik) 2009 2010 2011(Vestel) %19 %20 %23 %11 %14 %11 As we can see in the results Arà §elik company is managing their cash management more productive than Vestel and it s bring us a valuable result when companies are getting specialized on working capital management they made a win-win circle (customer-investor-company future) furthermore using working capital productive rescue the company from expenses, idle money, unnecessary investments and when they are improving working capital(it s come from how the company using cash)the result bring to company high level position in market like Arà §elik. When Arà §elik and Vestel are compared in terms of cash management, Arà §elik is seen more advantageous than Vestel. Being of Arà §elik is an older company than Vestel, provides to give more professional decisions; due to fluctuations in value of copper and Euro, Arà §elik is affected less than Vestel. This is the evidence of how Arà §elik uses working capital very well. The other point is that due to both companies are exporter, t hey have a direct effect on domestic market (balance of payment), using cash efficiently adds a plus the country economy. In the end, it is seen that Vestel is trying to increase its working capital, in case of this comes true they can go further. Research and development must be more cared of by Vestel. 9. Recommendations Weighing the pros and cons, I come to the conclusion that   in the whole project, working capital is the key element for companies economy and also important matter for whole economy in every country. Due to export when the countrys export rate is bigger than Import rate, the trade balance is getting fixed and this is significantly important for whole economy. Although, in country it effects directly to the GDP, and by the reason of that GDP ratio is the key ratio for understanding economical situation for country, because when our GDP is in sustainable growth position we can understand that our economy is growing and our life of quality is increasing . In this case this two companies are making the positive effect for country economy with export facilities. In addition to this, two company has to know how to use their cash and they shouldnt waste money. For example, if we go back to the analysis, due to the WCP, Vestel has lack of information about how to use their cash more effective. On the one hand, Arà §elik is using the money more efficient and its bringing the leadership for Arà §elik. On the other hand, Vestel should make rational choices, because when we are analyzing the ratios we are noticing that Vestel has got fluctuate situation due to their policies and Crisis. As I already indicated, they should focus on their policy and decisions first. Secondly the new market should be introduced to produce new goods (Undeveloped countries). Additionally, also we can mention that improve of efficiency level on operations is needed, because as we looked at the EBIT it was getting narrower day by day and it was also important re ason to understand Vestel situation. 2008 crisis and EU zone crises effected the purchasing power thats why companies should make discounts and promotions (its significant for using idle Inventory) for customers. The other problem worth to consider was that copper cost increased within 2008-2010, which also made the negative effect on the sector there. I should like to emphasise that  for minimizing the risk level (coming from outside), companies are required to improve liquidity, because when it will happen companies will be needing a cash. If they cannot find enough assets, the companies will live the bankruptcy. Also, if the companies dont want to live this situation there are 4 steps for Vestel. First, increase the WCP, then enhances the investments, after increase the RD facilities and finally the most import thing is to accrue the quality level of products (from customer comments) which makes the final decision for Vestel. So all in all I believe that from the Arà §eli k perspective they should keep the general level on company economy and for the sustainability should continue on Net Working Capital productivity. 10. Conclusion Crisis period that started in 2008 2009, affected Europe and in the end of it , working capital management become more important lastly. Cash demand, occurred in crisis time, while some companies went bankrupt, the others operated effective working capital management and survives from suffer in crisis bad effects. On behalf of two Turkish company Arà §elik and Vestel has picked up for this case study, the attracting point is that turning out of vision statements. Arà §elik stresses on sustainable growth insistently and we saw that it became real. As for Vestel, it wants to raise its profitability. The difference is, it shows that the robust strategies get companies to the solutions quickly, like Arà §elik. The point we want to attract is, mission and vision has how much important role on company and give us ge neral view because there lays fact of company strategy. DIO, DSO, DPO and CCC analysiss says that Arà §elik is more trust giving compared to Vestel. According to this result, Vestel should catch Arà §elik in terms of financial statement. This process will provide country to have two strong companies compete each other to be the leader in the sector .In fact, this is very important issue that competition creates values and get this value, companies will spend more money on their research and developments to call upon the customer satisfactions. In conclusion, the cash demand in crisis period and decreasing disposable income will continue to be as nightmare of businesses; but the companies which have strong working capital management and quick reacted to changes will stand after crisis. Thereafter, Vestel should use its cash management more efficiently to turn it as an opportunity in crisis time. As for Arà §elik, by protecting its current state, it should increase its activi ties around the world.