Homeless Teens in Dallas Texas Essay Example | Topics and Well Written Essays - 750 words

Destitute Teens in Dallas Texas - Essay Example Besides, it is significant that the speculative network wellbeing support venture goes into association with well wishers who might need to put resources into the association. Jordan (2002) exhorts that these financial specialists are to fill in as investors and chiefs of the association, with the goal that these speculators can be handily joined into the organization’s deep rooted activity. On the other hand, the speculative network wellbeing backing venture must have satisfactory pool of medicinal services hardware. It is at this crossroads that gifts from well wishers are to be incredibly considered. The fittingness of this methodology as a viable is affirmed by the way that when Mayo Clinic was opened in 1889, a large portion of its gear were given by well wishers. The equivalent additionally affirms the requirement for the recently referenced association, since Mayo Clinic began under the organization of William W. Mayo, Charles H. Mayo, William J. Mayo, Christopher Graha m, Henry S. Plummer, Star Judd, Melvin Millet and Donald Balfour (Mayo Clinic, 2012). During this network wellbeing support organization’s developmental stages, it will be critical to stem high representative turnover and cost of activities. This may best be finished by having the clinical staff and the authoritative staff taking a shot at volunteership. By and by, despite the fact that volunteership makes it conceivable to have volunteers working without installment, yet it might be essential to have these volunteers expanded some compensation, to keep them inspired. Most importantly, this network wellbeing promotion venture is to go into concurrence with the administration and the tutoring framework so volunteers can be expanded prizes that are authoritative and noteworthy to the learning educational plans and the accreditation framework. For example, volunteers who have... In this article destitute youngsters from Dallas, Texas and the approaches to support them and improve their way of life through social insurance offices are depicted. This the truth is additionally underscored by the need to give Dallas young people network wellbeing administrations being a greater amount of a moral drive than a profiteering adventure. Indeed, even Ensign sees that a definitive objective behind the development of this theoretical network wellbeing backing venture isn't to collect benefit, however to assist Dallas’ destitute young people with accessing network wellbeing administrations. This article centers around the focused on gathering and right off the bat attempts to compose it. To do so the network wellbeing backing undertaking should set up, advising administrations and office. The significance of having guiding administrations and division set up is to sustain an inspirational disposition towards treatment and to conscientize the road young people on t he need to general wellbeing. Similarly, road kids who have effectively experienced treatment at the network wellbeing support venture are to have programs that can fuse them into the work routine and improve their lifes. Notwithstanding, it is essential to notice Schimmel’s notice at this point this is to be done on intentional premise so the previous road youngsters don't serve under impulse. This can be succeded through getting fused organizations into general wellbeing strategy since the legislature is as of now bearing the weight of giving social insurance administrations, expectation and reason driven life to road kids.

Rise in Corporate Debts Essay Example | Topics and Well Written Essays - 750 words

Ascend in Corporate Debts - Essay Example The persistent increment in corporate obligation impactsly affects the budgetary soundness of some random part and by expansion different segments of an economy. Organizations with a lot of obligations are helpless during monetary downturns on the grounds that their obligations can't be decreased or taken care of without any problem. Therefore, such organizations are compelled to restrict their ventures noteworthy to their going worry in the business sectors (Talley 1). This may likewise call for cutting back of its human asset causing wastefulness in tasks in both the short and the since a long time ago run. These activities would bring about a reduced by and large profitability of an organization. Besides, it would likewise contribute towards a financial downturn as capital merchandise orders diminish and laid-off specialists cut back buys. At the point when vigorously obliged organizations surrender to the monetary weights, and the budgetary emergency continues, chapter 11 sets in . this prompts conceivably huge misfortunes and expenses to leasers, workers and all partners. Also, the article expresses that the imaginable reason for the expansion in corporate obligation is driven by frail monetary records claimed by a few organizations. Moreover, frail degrees of benefit have provoked firms to get so as to support their essential activities (Talley 1). As per look into directed by worldwide financial gathering, the high return corporate issuances of credits in Europe expanded by half when contrasted with the year 2012. A portion of these advances were given to most hazardous terms corresponding to their monetary tasks. These business organizations’ monetary wellbeing can be estimated utilizing influence, liquidity and their general dissolvability. In these companies, influence is characterized as the apportion of a company’s obligation to its since a long time ago run profit limit. Organizations with high obligation levels when contrasted with their capacity to procure beneficial are powerless against the worldwide financial difficulties. L iquidity alludes to a business organization’s capacity to clear its obligation commitments comparative with their drawn out benefit. Low liquidity in a firm prompts troubles in meeting obligation reimbursement commitments. Dissolvability shows the corporate wellbeing status of a firm that incorporates capital, income, benefit, influence and liquidity. These attributes clarify explanations behind

Leonardo Da Vinci free essay sample

Leonardo was conceived on April 15, 1452, in the Tuscan slope town of Vinci, in the lower valley of the Arno River in the domain of Florence. Messer Piero Fruosino di Antonio da Vinci, a Florentine legal official was his dad, and Catherina, a worker who may have been a slave from the Middle East was his mom. Leonardo had no family name in the cutting edge sense, da Vinci essentially significance of Vinci: his full original name was Leonardo di Ser Piero da Vinci, which means Leonardo, child of Ser Piero from Vinci. Little is thought about Leonardos early life. He went through his initial five years in the villa of Anchiano, and afterward lived in the family unit of his dad, grandparents and uncle, Francesco, in the modest community of Vinci. His dad had hitched a sixteen-year-old young lady named Albiera, who cherished Leonardo yet kicked the bucket youthful. One, which he viewed as a sign, was the point at which a kite dropped from the sky and drifted over his support, its tail quills brushing his face. We will compose a custom exposition test on Leonardo Da Vinci or then again any comparative theme explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page The second happened while investigating in the mountains. He found a cavern and was both unnerved that some incredible beast may prowl there, and driven by interest to discover what was inside. Instructive Background: In 1466, at fourteen years old, Leonardo was apprenticed to the best craftsmen of his day, Andrea di Cione, known as Verrocchio. Verrocchio instructed Leonardo humanities. Different renowned painters, for example, Ghirlandaio, Perugino, Botticelli, and Lorenzo di Credi were apprenticed with the workshop. Leonardo was presented to specialized and masterful aptitudes. He had the chance to pick up drafting, science, calfskin working, mechanics, carpentry, drawing, painting, chiseling and demonstrating. A great part of the painted creation of Verrocchios workshop was finished by his representatives. As indicated by Vasari, Leonardo work with Verrocchio on his Baptism of Christ, painting the youthful holy messenger holding Jesus’ robe in a way that was so far better than his lords that Verrocchio put down his brush and never painted again. Leonardo himself was the model for two works by Verrocchio, which were the bronze sculpture of David in the Bargello and the Archangel Michael in Tobias and the Angel. By 1472, at twenty years old, Leonardo qualified as an ace in the Guild of St Luke, the organization of craftsmen and octors of medication, yet considerably after his dad set him up in his own workshop, his connection to Verrocchio was to such an extent that he kept on working with him. Leonardos most punctual work was done in pen and ink on August fifth, 1473; Arno valley. Preparing: Practically nothing is thought about Leonardo’s childhood, however Vasari illuminates us that Ser Piero, intrigued with the amazing character of his son’s virtuoso, took a portion of his drawings to Andrea Del Verrocchio, a personal companion, and beseeched him genuinely to communicate a supposition on them. Verrocchio was so surprised at the force they uncovered that he prompted Ser Piero to send Leonardo to concentrate under him. Leonardo in this manner entered the studio of Andrea Del Verrocchio around 1469-1470. In the workshop of that extraordinary Florentine artist, goldsmith, and craftsman he met other specialists, metal laborers, and young painters, among whom was Botticelli, at that point of his advancement a good humored _habitue_ of the Poetical Supper Club, who had not yet given any hunches of turning into the artist, spiritualist, and visionary of later occasions. There additionally Leonardo came into contact with that unimaginative painter Lorenzo di Credi, his lesser by seven years. He likewise, almost certainly, met Perugino, whom Michelangelo called â€Å"that moron in workmanship. † The virtuoso and adaptability of the Vincian painter was, in any case, not the slightest bit dulled by intercourse with lesser specialists than himself; on the opposite he competed with one by one, and promptly overwhelmed his kindred students. Impacts: Da Vinci concentrated under Verrocchio, where Botticelli was likewise an understudy. His principle impacts were Masaccio, Donatello, Fra Filippo Lippi, Piero Della Francesca and Uccello. More youthful craftsman who were in Florence while Da Vinci was there included Michelangelo, whom he disdained, and Raphael. Leonardo was the child of an exceptionally rich and persuasive man (Yes, he was ill-conceived, however he had extremely broad instruction and was encircled by notable individuals for his entire life). Da Vinci would concentrate from the incredible individuals who preceded you. Da Vinci the researcher watched nature and deliberately recorded his perceptions. He concentrated everything about the human body by dismembering bodies. In his investigation of creatures da Vinci concentrated on the secret of flight. His extensive notes secured an immense scope of themes from the sun, moon, and stars, to fossils and flying. His works gave a base to researchers to work from for a considerable length of time. During the Renaissance, math and science went connected at the hip, on account of the Greeks. da Vinci, alongside different specialists of the day, utilized geometry to deliver another style of painting, a style that permitted the see to consider the to be as, in actuality. This formed into the idea of point of view, which utilized light and profundity recognition to portray a 3D scene on a 2D surface. Since he encapsulated the possibility of the Renaissance. The term Renaissance Man alludes to one who was equipped for exceeding expectations at a wide assortment of exercises. Leonardo was a cultivated researcher, modeler, engineer, painter, originator, physiologist, and so on. Really he was not just a man of the Renaissance; he was the model of the Renaissance Man. Character issues Subject issue: idk Life story: 452: Leonardo is brought into the world near the town of Vinci in the wide open close to Florence 1466-1469: Leonardo moves to Florence and turns into a disciple in the studio of Andrea del Verrocchio 1472: Leonardo paints one of the holy messengers in Verrocchio’s painting ‘The immersion of Christ’. He additionally completes his apprenticeship, turning into an ace craftsman and an individual from Florence’s Guild of S aint Luke 1481: Leonardo leaves Florence for Milan, where he looks for some kind of employment at the court of Duke Ludovico Sforza 1490: Leonardo takes a shot at the Sforza pony and draws the Vitruvian Man, in addition to other things. Salai joins the studio as a student. 1497: Work on ‘The last supper’ in under way. 1498: Ludovico Sforza gives Leonardo a vineyard in Milan, yet there isn't a lot of time for him to appreciates it, as in the fall of 1499, French soldiers attack the city and Leonardo leaves 1500-1505: Leonardo works in Florence once more, alongside his extraordinary adversary, the craftsman and stone worker Michelangelo 1503: Leonardo starts chip away at his most well known artistic creation the ‘Mona Lisa’. In 1506-1513, he is back in Milan-the city is presently governed by French 1513: Leonardo moves to Rome, where he lives and works at the Vatican court(the pope’s central command). 516: Leonardo moves to France to work for the lord, Francis I. Salai is one of his mates. In 1519, Leonardo passes on, at 67 years old, in Amboise, France. Level of progress: Today, there are records of just not many Da Vinci works of art, and 20 scratch pad. Fortunately, these works have been safeguarded over the a long time since Leonardos time, and keeping in mind that his works are dissipated in various territories of the globe, everybody can appreciate Da Vinci through the various books specifying his life, or through any of the numerous Da Vinci banners that have been printed. A notable ace throughout the entire existence of workmanship, Leonard Da Vinci is fame by individuals everywhere, and those of us who can't make a trip to see the genuine works that the virtuoso made can at any rate bring home a bit of him when we purchase Da Vinci banners or prints. His most well known artworks are among the most compelling works at any point made. Inheritance, Impact: Leonardos enormity lies in the decent variety of his insight. His profundity of comprehension over a wide scope of orders puts him beside his peers. Indeed, even by todays principles it is hard to locate a person who grasped Anatomy, Biology, Engineering, Architecture, and Science notwithstanding being perhaps the best painter ever. The catastrophe is that quite a bit of his logical work was not distributed in the course of his life, and was just re-found numerous years after his passing when science had grasped a significant number of his thoughts. There is little uncertainty that had his work been plugged in the Renaissance period it would have propelled the information on the time. His left given mirror-composing additionally caused issues. It made a code that required breaking before his unpunctuated original copies could be comprehended. Additionally a significant number of his logical papers have been lost or harmed and are scattered all through the world. As a craftsman it is all around concurred that Leonardos marriage of workmanship and science was critical for the progression of painting procedures. He was well known for being an extraordinary painter some time before his logical work was recognized and acknowledged. So the premise of his virtuoso lies in his creative accomplishments. The logical inconsistency is that he structured weapons of war and, simultaneously, wondered about the magnificence of nature that these gadgets could at last wreck. Some chronicled characters stride like monsters through the pages of history, consider Newton, Einstein, and Aristotle, Leonardo is surely thrown in a similar form. In the event that craftsmanship is about an enthusiastic reaction, at that point Leonardo da Vinci conveys at the most elevated level. I have been advantaged to see various Leonardos works of art in the substance; at the Louver in Paris and furthermore at the National Gallery in London. On 21st February 2009 I headed out to Manchester to see 10 of his drawings from the Royal Windsor assortment. Obviously these little works overflowed quality. In a general public were popularity is momentary and big name is frequently gained efficiently, it is invigorating that a craftsman, who kicked the bucket 500 years back, can make a line structure, holding up in line to see his work. Well known works: Mona Lisa, the last dinner, St. John th

Quantitative Decision Making Essay Example | Topics and Well Written Essays - 250 words

Quantitative Decision Making - Essay Example Choice examination likewise settles on chiefs know which choices are agreeable to their organizations and which can conflict with the advantages of the organizations. â€Å"An viable dynamic procedure decreases the chance of wrong decisions or failures† (Ilyas). Let us take a model identified with my expert field. I am a project lead at an equipment organization. The organization offers a wide range of equipment items to the clients. A couple of months prior, I chose to supplant all old style items with most recent ones so as to accomplish significant levels of benefits and to make the organization style arranged. I had in my brain that the company’s deals could be expanded by giving the clients new and most recent styles rather than old ones. Notwithstanding, I didn't consider the proportion of high-pay individuals to low-pay individuals while taking the choice. Also, I didn't utilize six stages remembered for the procedure of quantitative dynamic. In this way, the cho ice didn't bring about kindness of the organization and we endured significant abatement in the benefits. I figure I ought to have done a review of the market before taking the choice. Alongside that, I ought to have recorded every single imaginable option with respect to the choice. I ought to likewise have determined the normal benefit of every blend of choices and results.

Change Must Occur for Progress to Proceed in the Post-Civil essays

Change Must Occur for Progress to Proceed in the Post-Civil articles Change Must Occur for Progress to Proceed in the Post-Civil War America Numerous individuals may characterize progress as pushing ahead, progressing, or the development of an idea to benefit the individuals that it influences. The vision of progress held by Terence V. Powderly was unmistakably communicated in the record Terence V. Powderly, The Knights of Labor, 1889. Booker T. Washington likewise communicated his vision of progress in a location given in Atlanta in 1895. These men had a dream which was to join the people groups of America to move in the direction of bettering the countries economy and the working and day to day environments of its residents. All together for this advancement to happen in post-Civil War America the individuals needed to perceive how the present states of the nation, destitution, isolation and bigotry, and poor working climate were upsetting the potential advancement of the free workforce. When these issues were distinguished, a change must be acknowledged by all. Terence V. Powderly was the Grand Master Workman for the Knights of Labor in 1889. In a constitution received by the Industrial Brotherhood, he tended to his vision of what should have been accomplished for laborers to guarantee a superior life for the residents and progression of the nation. Powderly battled for reasonable, safe conditions in the work environment (diggers, producers, or developers), the authorization of an eight hour work day, and for laborers to get a legitimate portion of the cash that they procure. Likewise he battled for the denial of youngster work characterized as any specialist younger than fourteen. Powderly accepted, It was important to show the worker that it was not fundamental for him to cower in the residue at the feet of an ace so as to win his title deed to everlasting joy in the great beyond, 1 Most essentially Powderly needed to show the majority not be constrained by the powers in control without just pay and conditions for their work. Sharecropping was a typical methods for living on the South ... <!

Financial Accounting The Preparation Of A Companys Financial Reports - 2475 Words

Financial Accounting: The Preparation Of A Company's Financial Reports (Math Problem Sample) Content: Financial Accounting Student’s Name Institutional Affiliation Financial Accounting Question 1 Qualitative Characteristics Qualitative characteristics of the financial statements are imperative since they ensure that the information provided is of a higher quality and, thserefore, enabling the users to make financial decisions (IASB, 2010). One of the qualitative characteristics that apply in the case of Smart Computer is timeliness. According to IASB (2010), financial data requires timely presentation to enable the stakeholders to make resolutions. The accountant at Smart Computer prepared the annual reports in advance to enable the managers to determine whether the business is still viable. Notably, the stakeholders of Smart Company would lose their capacity to make resolutions if the information was not presented in a timely manner. Understandability is the other qualitative attribute that relates to the case of Smart Company. The management team and the accountants should classify the information in a manner that is easily understood by the users (Nobes and Stadler, 2015). It is critical to outline in the notes to the financial statements, the data regarding the number of days taken to collect the accounts receivable. Additionally, the accountant should categorize all the assets, liabilities, and capital in a model that the stakeholders of an entity can comprehend. Some of the stakeholders that would rely on the information to make decisions include the employees, suppliers, financial institutions, and the managers. The understandability of the financial reports also entails the way in which the various elements are organized. It is the role of the Smart Company’s accountant to prepare the balance sheet, cash flow statement, and the statement of earnings. Consequently, the use of graphical and tabular formats would play a significant role in enhancing the level of understandability (Hail, 2013). Charts and diagrams depicting the changes in revenues and profits over the last three years should accompany the annual reports of Smart Company to enhance the interpretation of information. Comparability is the other qualitative feature that applies to Smart Company’s annual reports. Hail (2013) posits that comparability enables the users to differentiate the financial information presented by companies. If the financial statements are comparable, then the users are capable of determining the company that records the highest profits and revenues. Notably, consistency in the standards used to prepare the annual reports is vital to the attainment of comparability (IASB, 2010). It is evident that Smart Company is not consistent in applying the accounting principles since the company’s management is planning to change the method used to record depreciation. Faithful representation is the other feature that is evident in the financial statements presented by Smart Company. The financial statements should portray neutrality, completeness, and contain least errors (Nobes and Stadler, 2015). The organization’s management can minimize the material errors by ensuring that financial reports are prepared in advance and by skilled accounting experts (Nobes and Stadler, 2013). If the reports presented by the accountant of Smart Company do not have an element of faithful representation, it is difficult for the managers to evaluate the firm’s sustainability in future. Neutrality is attained by ensuring that both the negative and positive events are clearly outlined (IASB, 2008). The financial statements of Smart Company should disclose the challenges hindering the achievement of the entity’s objectives. Relevance is the other attribute that must reflect in the financial statements prepared by the accountant of Smart Company. The information in the annual reports is considered relevant if it affects the decisions made by the users (IASB, 2010). Additionally, the data presented in the reports should enable the users to make predictive value based on the outlined historical information (Nobes and Stadler, 2013). Accounting Principles One of the principles that relate to the case of Smart Company is the revenue recognition. An organization should record the sales in the financial statements after they are earned or realized (Hermanson, Edwards, and Maher, 2011). Smart Company records the revenue when earned even if the customers have not yet paid. An organization can realize revenue by either receiving the cash or entering into a contract with the buyer to pay at a later date. Matching principle is the other concept that requires incorporation while preparing the annual reports of Smart Company. An enterprise should match its sales against the expenditures incurred in a particular financial year (Hermanson, Edwards, and Maher, 2011). The adoption of matching principle at Smart Company would enable the firm to accurately record the profitability making the information relevant for user’ decision making purpose. Depreciation is the major expense of Smart Company, and, hence, it is imperative for the accountan t to ensure that it is precisely captured in the financial statements. The full-disclosure theory is the other element that should feature in the financial reports of Smart Company. The theory is based on the view that the management and the accountants should ensure that all the relevant information is presented in the annual statements (Hermanson, Edwards, and Maher, 2011). The accountant of Smart Company should disclose the data regarding the poor performance in the industry and the measures that the management has implemented to improve performance. Notably, the other information that the accountant of Smart Company should outline in the financial statements is the reason for changing the depreciation method from the declining approach to the straight-line basis. Assumptions One of the assumptions that should apply in the case of Smart Company is the going concern. According to Unegbu (2014), the going-concern is based on the view that an entity will continue its operations for an unforeseeable period. Most of the investors rely on the going-concern assumption since it depicts the firm’s ability to generate returns in future. One of the premises made when an enterprise adopts going-concern is that the business does not intend to dispose of its fixed assets (Unegbu, 2014). The long-term assets of an organization are considered imperative since they determine the ability to generate sales if they are efficiently utilized by the management (Hermanson, Edwards, and Maher, 2011). Additionally, when the financial statements are prepared on a going-concern basis, the presumption made is that the business is capable of meeting all the financial obligations. However, Smart Company is not a going-concern since the accountant has indicated that the entity mi ght liquidate at any time. The other premise that applies to the case of Smart Company is the monetary unit. The monetary unit presumption outlines that organizations should have a standard unit for determining the value of all the items presented in the financial statements (Hermanson, Edwards, and Maher, 2011). Additionally, all the elements in the annual reports are assumed to have similar money value irrespective of the acquisition date. However, criticisms have been raised against the monetary unit assumption since it does not take into consideration certain economic factors such as inflation and the purchasing power (Unegbu, 2014). Constraints According to Hermanson, Edwards, and Maher (2011), the constraints refer to the factors that change the results that accrue from the use of the accounting principles. One of the modifying conventions that would apply to the case of Smart Company is materiality. The accountant of Smart Company must use judgment to determine the irrelevant items that should not feature in the financial statements. A case in point, the accountant might expense some assets such as calculators since they are insignificant and would not affects the investors’ decisions when capitalized. An item is considered material if its inclusion would alter an individual’s decision (Hermanson, Edwards, and Maher, 2011). Additionally, materialism is not only concerned with the value only, but also the nature of the item. The issuance of a computer to Hazran’s son, founder of Smart Company, is significant and, therefore, there is need to account for the items that are not business-related. Another constraint that relates to the case of Smart Company is conservatism. The accountant of Smart Company must exercise caution by ensuring that the net income and the assets are not overstated. The change from the declining method to the straight-line method might lead to the understatement of Smart Company’s recently acquired assets. Additionally, conservatism enables the accountant of an entity to anticipate the possible losses in case the dismal performance in the industry continues (Hermanson, Edwards, and Maher, 2011). Consequently, Smart Company sells some of its product on credit and, hence, it is imperative for the accountant to make the necessary adjustments for the amounts that are uncollectible. Cost-benefit is the other modifying convention that applies to Smart Company’s scenario. According to Hermanson, Edwards, and Maher (2011), the preparation involves the use of the company’s resources, and, therefore, it is imperative to compare the benefits and the cost incurred. However, the main challenge for the accountant of Smart Company is estimating the benefits that arise from the disclosure of the information since it is not quantifiable in monetary terms. Question 2 a) Journal Entries Optimus Trading Journal Entries Date Account Debit Credit RM RM 1st January Cash 60,000.00 Computer 3,000.00 Capital 63,000.00 (To record Investment of cash ...

American Depository Receipts And Global Depository Receipts Finance Essay - Free Essay Example

Trade and commerce has been an important aspect of globalization. Since the 19th century, when the colonial era was at its peak, foreign markets were the reason for colonial wars since the importance of foreign markets were realized. However, towards the end of the colonial era, when newly independent countries began to build their economies from scratch they started clamping down on foreign investment and only decades later, slowly began to open up their markets after centuries of exploitation. Corporate entities, in order to ensure larger capital started looking for foreign investors. For an investor, investing in a foreign corporation would mean unnecessary hassle since it would include going through a lot of technical procedures. In order to solve the problems of both the investors and corporations seeking foreign investment, the concepts of American depository receipts and global depository receipts were introduced. Introduced to the financial markets in 1927, an American Depository Receipt (ADR) is a stock that trades in the United States but represents a specified number of shares in a foreign corporation. ADRs are bought and sold on American markets just like regular stocks, and are issued/sponsored in the U.S. by a bank or brokerage.  [1]  The ADR price is set to suit the American market, where the face value of share prices is typically higher perhaps $20-100 or more. At these levels, each ADR usually represents several foreign shares, rather than just o ne.  [2] In order to ensure that investors from different countries and not one country alone may invest in a corporate entity, it was essential to make available such stocks on an international level. A Global depository receipt (GDR) is when [a] bank certificate issued in more than one country for shares in a foreign company. The shares are held by a foreign branch of an international branch. The shares trade as domestic shares, but are offered for sale globally through the various bank branches  [3]  . Indian companies are permitted to raise equity capital in the international market through the issue of Global Depository Receipt. GDRs are designated in dollars and are not subject to any upper limit on investment.  [4] Such machinery came to be used in India much later and was introduced first in the 1990s. This system was brought about by the liberalization process of the economy which started during that time. The use of ADRs and GDRs has steadily gained popularit y in India with corporations looking towards global markets and attracting foreign investments. Numerous Indian software companies have taken advantage of these schemes  [5]  and a multitude of other schemes specifically related to information technology companies have been brought about to encourage the issuance of ADRs and GDRs by such companies. In just a few decades, India will be one of the largest economies in the world. To reach that point, companies in India will have to invest colossal sums in developing their businesses. The use of American Depository Receipts and Global Depository Receipts have become commonplace and in India they are regulated by the Securities and Exchange Board of India. The use of ADRs and GDRs has simplified the process of investing in a foreign corporation making stock trading in international companies as simple as investing in a domestic company The paper shall explain the concept of ADRs and GDRS and the highlight their importance to th e Indian economy with the help of corporate examples. It is essential to regulate such liberalized mechanisms and therefore, the researcher shall look into the SEBI schemes, rules and guidelines and also the RBI circulars. CHAPTER I AMERICAN DEPOSITORY RECEIPTS IN INDIA American depository receipts are basically stocks of companies located outside of the US that are traded on US stock exchanges.  [6]  Although the concept appears to be rather unidimensional, there arise several complications in the regulation and trading of such stock. ADRs were introduced as a result of the complexities involved in buying shares in foreign countries. Primarily the difficulties associated with trading at different prices and currency values. For this reason, U.S. banks simply purchase a bulk lot of shares from the company, bundle the shares into groups, and reissues them on either the NYSE, AMEX, or Nasdaq.  [7]  The concept of American and global depository receipts were introduced and permitted in India through the Central Government scheme, the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993  [8]  . This scheme has laid down definitions, rules and procedures with regard to ADRs and GDRs. This scheme was deemed to have come into effect from the first day of April, 1992. 1.1: ELIGIBILITY CRITERION FOR ISSUING ADRs In order to understand the concepts and the working of the ADR system, it is essential to know certain definitions connected with the procedures of this system. ADRs are traded by depositories through a certain regulation. A depository means a company formed and registered under the Companies Act, 1956 (1 of 1956) and which has been granted a certificate of registration under sub-section (1A) of section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992).  [9]  However, in order to be able to issue both ADRs and GDRs, registration with the Securities and Exchange Board of India  [10]  is not sufficient. Under the FCCB Scheme, 1993, a company eligible to issue ADRs and GDRs are known as an issuing company. An issuing company means an Indian company permitted to issue Foreign Currency Convertible Bonds  [11]  or ordinary shares of that company against Global Depository Receipts  [12]  in order to be eligible to issue Foreign Currency Convertible Bonds  [13]  or ordinary shares for the purposes of raising foreign funds, an issuing company require to obtain prior permission of the Department of Economic Affairs, Ministry of Finance, Government of India.  [14]  These issues need to conform to the rules regarding Foreign Direct Investment and the related policies and other mandatory statutory provisions.  [15] 1.2: REGULATION OF ADRs IN USA In the United States of America, ADRs are regulated by the Securities and Exchange Commission, (functioning under the Internal Revenue Services) through rules and other regulations. An ADR certificate is traded as stock and represents the underlying foreign shares, which can be obtained upon demand. The holder of an ADR is entitled to demand delivery of the underlying shares. The American bank converts dividends, interest, and principal from the foreign security into United States dollars. Once issued, an ADR certificate may be freely traded in United States dollars in the United States on the over-the-counter market. If certain SEC filings are made, it may be listed and traded on a national exchange. Taxpayer represents that any shares of domestic or foreign stock and any ADRs contributed are traded on an established securities market either within or without the United States.  [16] 1.3: INDIAN ADRs The system of ADRs allow the companies which have obtained permission to issue ADRs/GDRs to list the company in any of the stock exchanges namely the NASDAQ, NYSE or Dow Jones. The Indian companies have to comply with such regulations that have been specified by the Internal Revenue Service. Apart from these regulations, the investors can directly trade in Indian ADRs. The companies trading in ADRs include Infosys Technologies, Satyam, Dr.Reddy Laboratories Ltd, Silverline, Rediff.com Ltd., State Bank of India Ltd. etc. The trend of Indian ADRs has been rather unpredictable. Although most of the Indian companies have maintained highly satisfactory returns in the American markets, there have been certain upheavals in the market. The information technology boom was short-lived and when the tech boom had subsided, so did the craving to buy IT stocks. However, in spite of such shortcomings, the number of Indian companies with ADR issues contributed to about 80 per cent in the increa se on the number of Asian ADR issues.  [17]  Also, Infosys Technologies have seen their share prices tripling in the American market. Indian ADRs have, in all been rather successful in the US markets in spite of several limitations and are growing exponentially. CHAPTER II GLOBAL DEPOSITORY RECEIPTS IN INDIA Global depository receipts, means any instrument in the form of a depository receipt or certificate (by whatever name it is called) created by the Overseas Depository Bank outside India and issued to non-resident investors against the issue of ordinary shares or Foreign Currency Convertible Bonds of issuing company.  [18]  GDRs were also facilitated in India by the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993. GDRs are one of the most convenient methods of obtaining Foreign Direct Investment and are increasingly being used by a large number of Indian companies. 2.1: ISSUING GLOBAL DEPOSITORY RECEIPTS  [19] GDRs can be issued by companies with the requisite permission from the Department of Economic Affairs, Ministry of Finance, Government of India  [20]  . The issuance GDRs has to be done by a Domestic Custodian Bank.  [21]  The system requires the issuing company to deposit ordinary shares or bonds with the Domestic Custodian Bank and in accordance with the terms of agreement, they instruct the Overseas Depository Bank  [22]  to issue Global Depository Receipt or certificates in lieu of the shares deposited to the Domestic Custodian Bank. GDRs may be issued in any negotiable form and listed on any international stock exchanges for trade outside India. The FCCB Scheme, 1993 provides that GDRs may be listed in any Overseas Stock Exchanged, or Over the Counter Exchanges or though Book Entry Transfer Systems prevalent abroad.  [23] 2.2: LISTING GLOBAL DEPOSITARY RECIEPTS GDRs can be listed in any international stock exchange. Most of the GDRs are however listed in either Luxembourg or the London Stock Exchange and are traded from these exchanges. Indian issuers get access to all European, Asian and US investors with an interest in their shares. US investors are able freely to purchase GDRs listed on the London Stock Exchange through exemptions to US securities laws covering professional investors.  [24] Listing in international stock exchanges gives the right to the company to have foreign investor, however, the rules of that stock exchange with regard to GDRs and foreign investment has to be complied with. The London Stock Exchange has specific guidelines which have to be complied with by any foreign corporation seeking to be listed under the LSE. 2.3: IMPACT OF GDRs ON THE INDIAN ECONOMY From May 1992 onwards, Indian companies have been issuing Global Depository Receipts and Foreign Currency Convertible Bonds/Euro Currency Bonds (FCCBs/ECBs) on the Euro market on a large scale. Upto December 1995, Indian firms raised US$ 5,180 million through 64 issues of GDRs FCCBs. During 1995-96, seven Euro issues, all in the form of GDR were made which together raised $652 million. To date, 47 GDR issues have taken place, which raised $3,856 million, and 11 ECB issues which raised $998 million.  [25] GDRs have proved to be a rather efficient way for attracting foreign investment. Numerous companies ranging from Infosys to State Bank of India have started issuing GDRs in order to expand their share capital base. It is quite noteworthy that all such companies have received extraordinary response and have fared more than satisfactorily. There are now 20 Indian companies listed in London, ranging from large capitalisation companies such as GAIL and State Bank of India to smal ler technology and services companies. Another 15 Indian companies have listed elsewhere in Europe but in the absence of any trading in the location where they listed have been admitted to trading on the London Stock Exchange.  [26]  The recent inclusion in the London Stock Exchange are the UTI Bank, which raised over $250 million in March 2005, and Srei Infrastructure Finance, which came to the market with a $35 million offering in April 2005.  [27]  Vedanta Resources have till date been the most successful company trading in GDRs which raised US$ 1 billion in 2003 by an initial public offer. Amongst the latest companies intending to issue GDRs, Bharat Forge has come up with a proposal in April 2005. Bharat Forge will raise $100 million through Global Depository Receipts and $120 million through Foreign Currency Convertible Bonds (FCCBs). The GDRs represent one equity share of the paid-up value of Rs. 10 and were priced at $27.50 each, the company informed the Bombay S tock Exchange.  [28] 2.4: THE PROPOSED BHARTI MTN MERGER AND ITS IMPACT ON THE INDIAN ECONOMY The talks between the Bharti Airtel Group and MTN are very significant from the perspective of GDRs since some significant developments in this instrument were witnessed in the backdrop of the proposed merger. The deal was structured in a manner such that the Bharti Group would acquire 49% of MTN while MTN would hold 36% of Bharti. MTN itself would acquire a 25% stake in Bharti with its shareholders directly acquiring the remaining 11%. The 36% total acquired by MTN would be in the form of GDRs with voting rights. The primary issue in the proposed merger was whether the acquisition of 36% of the shares of the Bharti Group in the form of GDRs with voting rights would trigger various obligations under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.  [29]  On July 7, 2009 SEBI published its informal guidance in the matter pertaining to the proposed merger and addressed these issues. The Takeover Regulations lay two primary obligations upon the a cquirer; (i) to make an open offer to the other shareholders when the acquisition exceeds 15% of the total, and (ii) to make certain disclosures when the acquisition crosses certain threshold limits that have been predefined, e.g. 5%, 14% etc. MTN was scheduled to acquire 36% of Bharti not in the form of shares but in the form of GDRs with voting rights. SEBI opined that GDR holders would be required to make an open offer only when they converted their GDRs with voting rights into shares thereby exceeding their holding beyond 15%. There was consequently no requirement for an automatic open offer upon purchase of GDRs with voting rights in excess of 15% of the total equity of the company. SEBI quoted Reg. 3(2) of the Takeover Regulations to support its case which read: Nothing contained in Chapter III of the regulations shall apply to the acquisition of Global Depository Receipts or American Depository Receipts so long as they are not converted into shares carrying voting right s. As far as disclosures were concerned however, SEBI quoted Chapter II of the Regulations to infer that the exemption that applies to an open offer does not apply. Furthermore, Reg. 2(k) of the Takeover Regulations includes any security which would entitle the holder to receive shares with voting rights. SEBI believed that since GDRs can be converted into shares with voting rights, they would also fall within the ambit of this definition. SEBI thus concluded that all disclosure requirements that apply to shares would be applicable to GDRs as well. However, SEBI amended the Takeover Regulations on September 22, 2009 and brought ADRs/GDRs on par with domestic shares. If an entity holds 15% of a company through GDRs, then he is required to make a mandatory open offer to buy an additional 20% equity in the company. CHAPTER III REGULATION OF ADRs AND GDRs IN INDIA The Central Government, in 1993 first introduced these systems in India. In all countries which allow issue of ADRs/GDRs have some sort of regulation mechanism in place. In India, the Securities and Exchange Board of India and the Reserve Bank of India mainly through schemes, policies, rules and guidelines regulate ADRs and GDRs. FCCBs issued against GDRs are treated as foreign direct investment in the issuing company.  [30] 3.1: RESTRICTIONS AND LIMITATIONS ON ADRs AND GDRs The issuing companies have to act within certain parameters set by the central government. These limitations restrict the scope within which companies have to act; however, these guidelines are rather liberally constructed. In order to get an appropriate permission for issuing GDRs/FCCBs, companies shall require having a good track record for a period of three years.  [31]  However, this track record requirement was dispensed with subsequently.  [32]  The cumulative of foreign investment in an issuing company, both direct and indirect, cannot exceed 51% of the issued and subscribed capital of the company.  [33]  Investments in stock markets and real estate are however, not acceptable. However since GDRs/ADRs are equity instruments and there is no repayment liability on the issuing company. Unlike a commercial borrowing or a foreign currency convertible bond which carries a repayment liability on the company, GDRs/ADRs are full risk equity. It has therefore been decid ed that all end-use restrictions on GDR/ADR issue proceeds be removed.  [34] 3.2: FURTHER RELAXATION OF ADR/GDR NORMS The system of ADRs/GDRs in India are being constantly revised and reviewed. Certain technical difficulties have been restructured in order to ensure maximum flexibility in the system of such issuance. Issuing companies have lesser restrictions and are allowed to issue up to 100 percent of their share capital as ADRs/GDRs. However, foreign investors are still prohibited from investing in industries related to atomic energy, railways, mining, coal and arms and ammunitions. Certain other regulations that have been relaxed are as follows: Indian bidders allowed to raise funds through ADRs, GDRs and external commercial borrowings (ECBs) for acquiring shares of PSEs in the first stage and buying shares from the market during the open offer in the second stage. Conversion and reconversion (a.k.a. two-way conversion or fungibility) of shares of Indian companies into depository receipts listed in foreign bourses, while extending tax incentives to non-resident investors, allowed. Th e re-coversion of ADRs/GDRs would, however, be governed by the Foreign Exchange Management Act notified by the Reserve Bank of India in March 2001. Permission to retain ADR/GDR proceeds abroad for future foreign exchange requirements, removal of the existing limit of $20,000 for remittance under the employees stock option scheme (ESOP) and permitting remittance up to $ 1 million from proceeds of sales of assets here. Companies have been allowed to invest 100 per cent of the proceeds of ADR/GDR issues (as against the earlier ceiling of 50%) for acquisitions of foreign companies and direct investments in joint ventures and wholly-owned subsidiaries overseas. Any Indian company which has issued ADRs/GDRs may acquire shares of foreign companies engaged in the same area of core activity upto $100 million or an amount equivalent to ten times of their exports in a year, whichever is higher. Earlier, this facility was available only to Indian companies in certain sectors. FIIs c an invest in a company under the portfolio investment route upto 24 per cent of the paid-up capital of the company. It can be increased to 40% with approval of general body of the shareholders by a special resolution. This limit has now been increased to 49% from the present 40%. Two way fungibility in ADR/GDR issues of Indian companies has been introduced subject to sectoral caps wherever applicable. Stock brokers in India can now purchase shares and deposit these with the Indian custodian for issue of ADRs/GDRs by the overseas depository to the extent of the ADRs/GDRs that have been converted into underlying shares.  [35] CONCLUSION The Indian economy is one of the largest in the world and its growth rate is one of the highest in the group of developing nations, next only to China. The economic problems of India are multifaceted and emerge from several social, political and regional considerations. The progress made by the Indian economy averages out to be much less that the actual empirical change since the overwhelming population pressure defeats such economic progress. However, Indian industry and corporate gurus have taken India into the 21st Century with much to celebrate about. The process of liberalization of the Indian economy was acknowledged by the international community and India was instantly accepted as one of the significant players of the global markets. The pace at which the international businesses of many Indian companies are growing in some cases, far outpacing growth in India may mean for some companies that international operations can in future be financed more efficiently if they are capitalised separately from the parent company in India.  [36] Yet, there still exist some internal mechanisms which need to be modified in order to ensure a more hassle free transaction in the market. While India is opening up to foreign direct investment, individuals and institutions still have to register as foreign investors with the Securities and Exchange Board before they can buy stocks directly on Indias exchanges. Most individuals will likely find the red tape too daunting to cut; ex-pat Indians, however, have it easier because the government is encouraging such repatriation of capital.  [37] Although India has faced strong criticism from various countries regarding its internal policies and the complications in regulations, the prospect of investing in India is rather lucrative and therefore, Indian ADRs and GDRs globally have achieved a rather elevated status. India, among the European investors, is believed to be a good investment despite political uncertainty, bureaucratic hassles, shortages of power and infrastructural deficiencies. India presents a vast potential for overseas investment and is actively encouraging the entrance of foreign players into the market. No company, of any size, aspiring to be a global player can, for long ignore this country which is expected to become one of the top three emerging economies.  [38]