Wal Mart Corporation Case Study Example | Topics and Well Written Essays - 500 words

Wal Mart Corporation - Case Study Example The first Wal-Mart store was opened in 1962, known as the Wal-Mart Discount City. Within five years twenty four more outlets were opened in the state of Arkansas touching $12.6 million in turnover. The company forayed outside the state of Arkansas for the first time in 1968 with the launch of its stores in Sikeston, Missouri and Clairemore in Oklahoma. By 1975, the company had established it's presence in most part of country, with 125 stores across different states, with a sales turnover of $340.3 million and 7500 employees. 1(Wikipedia) The company is now one of the world's top retailers. Mainly driving its growth were its diversification strategies(Wal-Mart Super centers and Neighborhood Markets),international operations and membership warehouse clubs(Sam's Club).As of June 30th 2007,the Company had a network of 1,039 Wal-Mart discount stores,2,337 Supercentres,585 Sam's Clubs and 121 Neighborhood Markets in the United States-a total of 4,082 outlets. The Company's global operations include-15 units in Argentinia,298 units in Brazil,290 units in Canada, a presence of 83 Wal-Mart units and101 Trust-Mart units in China.

Christopher Columbus Evaluation Essay Example for Free

Christopher Columbus Evaluation Essay Who was the navigator, colonizer, and explorer extraordinaire that fearlessly journeyed the seas and â€Å"discovered† the great â€Å"New World†? It was Christopher Columbus, of course! However, in reality, Columbus didn’t actually discover the Americas. Rather, he traveled to an already-inhabited land with not-so-civilized inhabitants, and expropriated both the land, and the indigenous people. By doing this, he brought settlers from Europe, who helped take over the land, causing plenty of suffering and havoc, but also completing the map and transforming life for people around the world. Some believe he was a hero, and some believe he was a monster. However, one man’s gain is another’s loss in most cases. Columbus brought change, both good and bad, through his actions, which defined his character and personality. Columbus’s journey to the Americas sowed seeds of change and revolution for people all over the world. More people came to the â€Å"New World† to settle, and natives were brought to Europe, and more exotic tastes were introduced to both hemispheres; cattle, sugar, and pigs to the West, tomatoes, potatoes, corn, and cocoa to the East. New animals, especially the horse, changed everyday life for Native Americans, and written language spread the continent, replacing either a complicated system of hieroglyphics or nothing at all. Soon, people from all over the globe began arriving in great numbers, and the continent became a successful beacon of hope for many. Of course, with the up rise of some came the downfall of others. The indigenous people of the New World could not resist the conquistadors’ most devastating weapon: disease. Millions were wiped out by smallpox alone, and many were so ill that they could not resist the European conquest. The natives were not the only ones who suffered. Back in Europe, people started suffering from syphilis with the return of the conquistadors. Tobacco, its pleasures, and its deadly secrets were even more gifts to the Old World from the New. As the local population began to shrink, a new type of foreigner began to arrive in large numbers, the Africans. As agriculture-based economy began to spread in the Americas, so did slavery, and suffering for the Africans. Thus, the seeds of racial antagonism were sowed and still affect our society today. Christopher Columbus’s character and personality have long been debatable. Depending on how you evaluate his actions, he could either be a hero or a villain to you. Young students today are present with the image of a â€Å"largerthanlife† national hero. In some ways, he is. Without him, the American citizens of today might not even be here. However, it was inevitable that an outsider would stumble across this land and introduce their people to it, and the native people to a more civilized lifestyle. At the same time, the way that Columbus went about doing that was definitely inhumane. According to a journal entry from Columbus himself, dated back to 1492, he gained their trust and friendship just so that he could convert them and turn them into slaves. Not only that, but he took over a land that was already inhabited by people, tormented the people so much that there are not even 200 of the native population left today, and claimed that he was the first to sight the land. All this shows that he was very deceiving, unscrupulous, selfish, and definitely lacking chaste. In conclusion, Columbus’s conquest to the New World brought forth change, both for the better, and for worse, while his selfish personality showed through the whole time. Whether you see him as a hero or a villain, the collision of the New and Old worlds was inevitable, and his contributions brought forth a connection and world that we should all be very thankful for.

Essay --

Hikmat berbicara tentang kekayaan. Hikmat bicara tentang kekuatan. Mungkin beberapa dari kita bertanya-tanya, â€Å"bagaimana bisa hikmat sama dengan uang? Bagaimana bisa hikmat sama dengan perhiasan? Bagaimana bisa hikmat sama dengan takhta?† Kalian benar. Mereka memang tidak sama. Justru hikmat lebih berharga daripada itu semua. Menurut saya hikmat jauh lebih berharga dari apapun, karena dengan hikmat kita bisa menghasilkan uang, meraih kekayaan dan bisa berkuasa. Maka dari itu saya lebih menghargai hikmat daripada hal yang keliatannya berharga itu. Manfaat hikmat bisa saya lihat dari hidup seorang Gusdur, Presiden Indonesia yang ke-4. Ia menggantikan posisi seorang yang luar biasa yaitu B.J. Habibie yang bisa merakit pesawat. Hal tersebut memang luar biasa, tetapi saya lebih mengagumi hikmat serta wibawa yang ada di diri Gusdur (bernama asli Abdurrahman Wahid). Ia memberi contoh yang luar biasa bagi bangsa ini. Ia membunuh rasisme, menghentikan ‘perang’ antar agama. Ia berhasil mengubah pandangan tiap suku terhadap suku lain. Lewat hal ini, ia membuat setiap orang dari setiap kalang...

Technology Essay -- essays research papers

Technology is a knowledge of using tools and machines to do tasks more efficiently. We use technology to control the world we live in. Since the art of making fire and creating handcrafted tools, our civilization has come a long way. Science and Technology are making advances at an astonishing rate. From telephones to the Internet, calculators to computers, cars to rockets and satellites, we are part of a new world of discoveries and inventions made possible by Science. Fields like Medicine and communications have changed our cultures and our lifestyles. The technology that surrounds almost everyone in the modern society, affects both work and recreational activities. Technology is one of the principal driving forces of the future; it is transforming our lives and shaping our future at incomparable rates in history. Technology is constantly changing, and advancing. Many different elements affect how satisfied we are with our lives. The impact of technology on these elements can change how safe, healthy and happy people feel. Throughout history, people have looked for better ways to meet their needs and to satisfy their expectations. Technology has improved the way people feed, clothe and shelter themselves. Technology has also changed other aspects of everyday life, such as health care, education, job satisfaction, and leisure time activities. People have used technology since they first chipped stone blades to improve their hunting. Some people call this current age the "Technological Age" because of society's dependence on technology. For the first time in human history, almost all the goods and services people use depend on technology. The products of technology are available to almost everyone in society. The economy of a country influences how the people of the county live. Technology is often considered the key to a nation's economic growth. Many economists think that if technology sparks growth in one division of the economy in the form of increased productivity, growth will also occur in other division of the economy. Jobs may be lost in one industry, such as agriculture but new jobs may emerge in other parts of the economy. There may be more jobs or, in some case, completely new kinds of jobs. Technology may also be used to solve urgent problems. Our growing population is using up infinite supplies of natural resources. Innovations in te... ...king new ones. For example, when scientists went to Africa in search of a cure for a disease, they came back with monkeys that were contaminated with the Emboli virus. Today in Russia, there are military bases where Russian scientists are creating thousands of germs and viruses to use in germ warfare. These germs and viruses are capable of killing thousands of people instantly. Technology can be used against us as well, and everyday doctors and military personnel try to come up with ways to cure or destroy human life. As technology continues to advance and society moves "forward", people continue to aspire for more. In conclusion, technology continues to advance at a rapid rate. This quest to understand the ways in which our surroundings work has led to many scientific discoveries and innovations. The more we learn and develop the faster the rate of technology is. With these advances come more technological problems that arouse a demand for more new scientific knowledge. Because of all the advances in technology that have already taken place in our past we can now explore and research new ideas, cures in medical fields, in communications, and new forms of transportation.

Romeo and Juliet Persuasive

Who Truly is to Blame? Choosing between telling the truth and keeping a secret are both hard decisions to make. In the play, Romeo and Juliet, these decisions can make or break a situation. The play is all about secrets kept and truths to be told, which end up causing the death of the star-crossed lovers. The story between the two lovers is that their affection for one another is a secret to each opposing houses. Was the secret worth keeping? As some characters helped disguise the love, others couldn’t keep it a secret.Romeo and Juliet were betrayed by a close friend who made plans that ended up fraudulent to both Romeo & Juliet, when the real job was to keep the love alive. Friar Lawrence is the definite reason for the deaths of the ill-fated lovers. Friar Lawrence was a helpful attribute to the secreted love affair. As he married Romeo & Juliet, he passionately supported their decision. â€Å"You shall not stay alone, till holy church incorporate two in one†(8 41). Friar gave true evidence to him supporting the marriage. If Friar had not thought he could keep the marriage a secret, why would he have performed the ceremony?If Friar had not supported the secret and prevented the love from occurring, the deaths of the paramours could have been prohibited. Friar Lawrence performing the ceremony just goes to show he did not put in mind what could happen to the safety of Romeo & Juliet. Friar Lawrence seemed to have a plan for Romeo to return back to his love. â€Å"Ascend to her chamber, hence and comfort her. But look thou shalt live till we can find a time to blaze you marriage, reconcile your friends, beg pardon of the prince, and call thee back with twenty hundred thousand times more joy than thou went’st forth in lamination†(863).Briefly, Friar showed his full plan for presenting Romeo & Juliet’s marriage to both the Capulet and Montague houses. In general, Friar should have either never agreed to the marriage or should have kept it a secret from everyone to prevent Romeo’s sudden banishment and Juliet’s heartbreak. Friar’s plan did not help as went planned, it damaged the situation. Therefore, Friar Lawrence contributed another reason why he is responsible for the death of Romeo & Juliet. Numerous people believe that Friar Lawrence was at the helm for the quietus of Romeo & Juliet, while others have a difference of opinion.People have confidence that Lord Capulet is to charge for the deaths. Capulet allegedly forced marriage upon Juliet causing her dejection. Also, Lord Capulet did not support Juliet’s decision to not marry Paris, being that he would disown his own pride and joy if she had chosen not to wed. Capulet’s dynamic ways made abounding people believe that he was the clue behind the deaths. However, Juliet’s father did attempt to postpone the exchange of vows to County Paris until he assumed Juliet was matured and prepared for t he burden of marriage.As stated, â€Å"My child is yet a stranger in the world, she hath not seen change for fourteen years; Let two more summers wither in their pride, ere we may think her ripe to be a bride†(769). For that matter, Capulet only tried to be a virtuous father and do what was best for his daughter, but easily letting pressure and royalty run his decisions. On the other hand, Friar Lawrence was secretive and unfaithful as a priest and close friend. Friar tried to repair every problem which in the end made nobody happy. Both the Montagues and Capulets have lost their beloveds from a far past feud.Was it all worth losing? Friar was censurable for the loss of Romeo & Juliet. To summarize, Friar Lawrence was 100% at fault for the deaths of Romeo & Juliet. Between his poorly thought out plans, the pain he caused Verona, and how untruthful he was as a priest, he, in fact, let down Romeo & Juliet. He may have wanted the best for everyone and to make all hap py, but he caused more problems than solutions. Consequently, all of the facts I have stated are tantamount to why Friar Lawrence is to blame for the unfortunate events.

The Diskless PC System in the Ashley Company

The Diskless PC System in the Ashley Company Introduction PC’s are information processing and storage systems which were purposely created to allow some professionals like doctors, engineers, lawyers and accountants among others to do business as a professionals corporation. For perfect performing of the PC’s, the Ashley Company has adopted the diskless PC system. In this diskless PC’s, a LAN (Local area network) server based file system of high-powered diskless workstations is spread in a whole company or corporation with a central mainframe whose diskless node is loaded from a server using network booting. Compared to other PC systems the diskless one is better with lesser costs and other many advantages as it shall be seen in the discussion. This discussion views purposely the threats that have been dealt with.Advertising We will write a custom assessment sample on The Diskless PC System in the Ashley Company specifically for you for only $16.05 $11/page Learn More Discussion Ad vantages of the Diskless PC System The new diskless PC system ensures that users of data can’t interfere with it since they are limited only to what is on the screen. Therefore, with essentially one OS image for a massive number of computers installing and maintaining installed software can be more efficient. Public libraries and institutions that are regarded as public areas are capable of accessing data but they cannot temper with the system since they can only control what is in the screen. Also with this diskless PC system, clients can access data from the serves once the admistrators install the software applications. Clients will therefore have simplified access to the software since each client writes on its own cache hence no client competes for any writing in a shared disk image (Piotrowski 8). The diskless PC reduces the costs by the use of central disk storage. With this central disk storage, it would be cheaper to replace damaged hard drives compared to when each computer has its own disk; hence, mechanical or even electrical failures will bring lesser losses since only one hard drive will need to be replaced. The implication here is that nodes themselves would seldom experience hardware failures that would impair with the clients’ work. With fewer expenses to run the systems, clients and administrators can have surplus capital which they can utilize purposely to install other important soft wares to make the working of computers and the system at large more efficient.Advertising Looking for assessment on computer science? Let's see if we can help you! Get your first paper with 15% OFF Learn More In addition, costs to purchase flash disks, CDs and DVDs can be avoided since the data can be viewed automatically. Depending on the nature of the application, the capacity of the network infrastructure and the number of servers can be minimized without use of local disks hence lesser costs. Other threats which can be minimized by the diskless PC are noise and amount of power consumed. This makes the environments free from noise pollutions and also less use in the power. In areas where computers are damaged or in fatal conditions this new system ensures that less is used to buy new nodes and hard wares since only the central system needs to be perfected. Also in the latter situation thin clients can be used (Piotrowski 45). Security advantages of diskless PCs system and how they outweigh potential limits The new diskless PCs system has security advantages. These security advantages can be of importance or may be have negative impact. The security advantages are that data can not be tempered with and clients have to ask for access to the data. Since data can not be interfered with, this outcomes the problem where clients and data users in public organs can hack data. Also this means that all clients will have the same kind of data requested for and that no need of comparing data from different sou rces since they are all same. Also this outweighs the in-access to data that may be caused by lack of the media storages. The data is from central servers who will simply data to clients. This means that only clients who are perfect and through will have access to the data and the limitation of data going to unsure clients will have been solved. In order to get data from a server a client will have to send his details and they have to be approved in order to get the data. Despite the limitations solved by the new system, it may be a fatal case where a server may start supplying wrong data.Advertising We will write a custom assessment sample on The Diskless PC System in the Ashley Company specifically for you for only $16.05 $11/page Learn More A server may plan to cause troubles by supplying the wrong data. Although it may seem to be a very secure system it may turn to be the start of troubles. Conclusion The new system is very good in solving threats that have been there. Lower costs will be faced hence avoiding high-capitalized works like many hard wares and media storages. Also the system will ensure secure supply of data from a server where the client’s details will be required in order to access data. Lastly the system enacts security of data in a way that it cannot t be hacked or interfered with. Work Cited Piotrowski, Christine. Professional practice for interior designers. New York: Wiley-Interscience, 2001.Print.

Analytical Essay Sample on Lord of the Flies by William Golding

Analytical Essay Sample on Lord of the Flies by William Golding Lord of the Flies by William Golding was written just after World War II. It is the classic story of a group of boys stranded on an island attempting to build a society. The Lord of the Flies has faced its share of criticism from many writers. One such writer, R.C. Townsend, criticizes Golding’s work in â€Å"The Lord of the Flies: Fool’s Gold†. Townsend argues that children should not be reading Golding’s work because his views on the defects of human nature are ludicrous. Also, he argues that Golding contradicts his main theme in the conclusion of novel. Despite Townsend’s criticism, Lord of the Flies should be a required reading because it expresses the opinions of many people who have lived through World War II. One of Townsend’s main points was that The Lord of the Flies attempts to convert children to Golding’s way of thinking. He says about Golding, â€Å"he is†¦exploiting the thousands of students who are committed to the book† (2). Townsend truly believes that if a person is young and unwise he/she will take on the views of the author that he/she reads. In addition, he believes that the people who assign the book to students are guilty like Golding for sending out the wrong messages. He says, â€Å"teachers of literature and political science†¦have contributed greatly. It is they, after all, who assign the book and it seems that the book was first read (and still is read) as a required reading† (2). Teachers can assign the book because students should be able to analyze whether the thesis is correct or not. Townsend’s criticism fails to consider several important points. The Lord of the Flies does not necessarily cause students to have a negative view of the human race. Once one reaches a certain age he/she develops his/her own opinions. Some, like Golding, believe that one is prone to violence, while others believe that with some direction one can be naturally good. Also, Townsend fails to acknowledge that the book is not assigned to young students. It is a required reading, when one is able to comprehend the main theme of the book and determine whether it is right or wrong. Furthermore, Townsend’s point that any book or magazine brainwashes a student is ridiculous. For example history at LHS teaches us about the communist perspective. We learn that government controls production in a society that teaches group interest over self interest. A student at LHS does not necessarily support the ideals of communism after reading about it. Almost everything a person reads will mo st definitely be written in a slanted point of view. Townsend fails to see that students are vulnerable to the views of elders, which is not true. Another main point made by Townsend was that Golding’s conclusion to Lord of the Flies did not support his thesis. Golding’s thesis was that man is naturally born with defects, prone to violence and corruption. The conclusion occurrs when the savage boys, led by Jack and Roger, chase Ralph attempting to kill him while burning down the island. While Ralph runs his life he maintains a panicky feeling as his heart pumps a thousand times per second when all of a sudden, out of the blue, he runs into a naval officer. The naval officer claims to have seen the smoke from the savage fire, indicating rescue. Townsend is clearly dissatisfied with the ending. In his editorial he points out, â€Å"We are still relieved that the book ends†¦far less unhappily than it might have had Golding either carried its fable out to the conclusion that would be most natural to it or followed the implications of his thesis to the end†(3). According to Townsend, the best way for Goldin g to support his conclusion would be to carry out the ending letting Ralph die. Because Ralph continues to live, he prevents more attackings by the savages, which contradicts Golding’s thesis that man would be prone to even more violence. On this issue, Townsend makes a valid point. The conclusion does not support the thesis. In the conclusion, Ralph, a good natured boy, runs for his life against the savage boys. To his luck he runs into a British Naval officer. The conclusion raises a battle between good and evil. If good defeats evil, then further violence will be prevented. On the other hand, if evil defeats good, violence is inevitable. According to Golding’s thesis, man is naturally prone to violence. By running into the British naval officer, Ralph defeats the evil in all of the boys when they are reminded of their civilized past in Britain. Ralph prevents further violence, as his life is no longer in danger. The ending to the violence contradicts Golding’s theme that man will naturally be violent. Also the fact that a British naval officer rescues the boys and not a German naval officer coincides with this point. It is another example of how good defeats evil. The British had an alliance with the Allies, who prevented the Germans from militarily or violently conquering the world Golding could have supported his thesis in the conclusion better by showing a continuation of violence with the death of Ralph. J.C. Townsend may criticize every aspect of Golding’s book, but Golding had to do something right in his book, otherwise it would not have been a bestseller. The book maintains the reader’s attention as the novel progresses with a lot of action from the meeting to introduce the idea of the rescue fire to the power struggle between Ralph and Jack. Although Townsend feels that conclusion was dissatisfying because Golding’s thesis was not supported, what conclusion to a novel satisfies a reader? No matter how the writer ends the novel there will always be readers who want a happy ending or readers who want a realistic ending. Furthermore, Townsend points out that Golding wrote a happy ending to his novel. Golding could have wanted to end the novel on a good note without realizing he would cause much controversy. This is one reason Townsend mentions that the book should be banned from schools. On the other hand it is important to read the works of people whose views are much different than ours. Golding lived during a time of war, which could have put the world into a different perspective for him.

Admiral Frank Jack Fletcher in World War II

Admiral Frank Jack Fletcher in World War II Admiral Frank Jack Fletcher was an American naval officer who played a key role in the early battles of World War II in the Pacific. An Iowa native, he received the Medal of Honor for his actions during the occupation of Veracruz. Though he had little experience with carriers, Fletcher directed Allied forces at the Battle of the Coral Sea in May 1942 and at the Battle of Midway a month later. That August, he oversaw the invasion of Guadalcanal and was criticized for withdrawing his ships leaving the Marines ashore unprotected and under-supplied. Fletcher later commanded Allied forces in the northern Pacific in the final years of the conflict. Early Life and Career A native of Marshalltown, IA, Frank Jack Fletcher was born April 29, 1885. The nephew of a naval officer, Fletcher elected to pursue a similar career. Appointed to the US Naval Academy in 1902, his classmates included Raymond Spruance, John McCain, Sr., and Henry Kent Hewitt. Completing his class work on February 12, 1906, he proved an above average student and ranked 26th in a class of 116. Departing Annapolis, Fletcher began serving the two years at sea that were then required prior to commissioning. Initially reporting to USS Rhode Island (BB-17), he later served aboard USS Ohio (BB-12). In September 1907, Fletcher moved to the armed yacht USS Eagle. While on board, he received his commission as a ensign in February 1908. Later assigned to USS Franklin, the receiving ship at Norfolk, Fletcher oversaw drafting men for service with the Pacific Fleet. Traveling with this contingent aboard USS Tennessee (ACR-10), he arrived in at Cavite, Philippines during the fall of 1909. That November, Fletcher was assigned to the destroyer USS Chauncey. Veracruz Serving with the Asiatic Torpedo Flotilla, Fletcher received his first command in April 1910 when ordered to the destroyer USS Dale. As the ships commander, he led to a top ranking among the US Navys destroyers at that springs battle practice as well as claimed the gunnery trophy. Remaining in the Far East, he later captained Chauncey in 1912. That December, Fletcher returned to the United States and reported aboard the new battleship USS Florida (BB-30). While with the ship, he took part in the Occupation of Veracruz which began in April 1914. Part of the naval forces led by his uncle, Rear Admiral Frank Friday Fletcher, he was placed in command of the chartered mail steamer Esperanza and successfully rescued 350 refugees while under fire. Later in the campaign, Fletcher brought a number of foreign nationals out of the interior by train after a complex series of negotiations with the local Mexican authorities. Earning a formal commendation for his efforts, this was later upgraded to the Medal of Honor in 1915. Leaving Florida that July, Fletcher reported for duty as Aide and Flag Lieutenant for his uncle who was assuming command of the Atlantic Fleet. Admiral Frank Jack Fletcher Rank: AdmiralService: United States NavyNickname(s): Black JackBorn: April 29, 1885 in Marshalltown, IADied: April 25, 1973 in Bethesda, MDParents: Thomas J. and Alice FletcherSpouse: Martha RichardsConflicts: World War I, World War IIKnown For: Battle of the Coral Sea, Battle of Midway, Invasion of Guadalcanal, Battle of the Eastern Solomons World War I Remaining with his uncle until September 1915, Fletcher then departed to take an assignment at Annapolis. With the American entry into World War I in April 1917, he became the gunnery officer aboard USS Kearsarge (BB-5) Transferred that September, Fletcher, now a lieutenant commander, briefly commanded USS Margaret before sailing for Europe. Arriving in February 1918, he took command of the destroyer USS Allen before moving to USS Benham that May. Commanding Benham for most of the year, Fletcher received the Navy Cross for his actions during convoy duty in the North Atlantic. Departing that fall, he traveled to San Francisco where he oversaw the construction of vessels for the US Navy at Union Iron Works. Interwar Years Following a staff posting in Washington, Fletcher returned to sea in 1922 with a series of assignments on the Asiatic Station. These included command of the destroyer USS Whipple followed by the gunboat USS Sacramento and submarine tender USS Rainbow. In this final vessel, Fletcher also oversaw the submarine base at Cavite, Philippines. Ordered home in 1925, he saw duty at the Washington Naval Yard before joining USS Colorado (BB-45) as executive officer in 1927. After two years of duty aboard the battleship, Fletcher was selected to attend the US Naval War College at Newport, RI. Graduating, he sought additional education at the US Army War College before accepting an appointment as Chief of Staff to the Commander in Chief, US Asiatic Fleet in August 1931. Serving as chief of staff to Admiral Montgomery M. Taylor for two years with the rank of captain, Fletcher gained early insight into Japanese naval operations following their invasion of Manchuria. Ordered back to Washington after two years, he next held a post in the Office of the Chief of Naval Operations. This was followed by duty as Aide to Secretary of the Navy Claude A. Swanson. In June 1936, Fletcher assumed command of the battleship USS New Mexico (BB-40). Sailing as flagship of Battleship Division Three, he furthered the vessels reputation as an elite warship. He was aided in this by the future father of the nuclear navy, Lieutenant Hyman G. Rickover, who was New Mexicos assistant engineering officer. Fletcher remained with the vessel until December 1937 when he departed for duty in the Navy Department. Made Assistant Chief of the Bureau of Navigation in June 1938, Fletcher was promoted to rear admiral the following year. Ordered to the US Pacific Fleet in late 1939, he first commanded Cruiser Division Three and later Cruiser Division Six. While Fletcher was in the latter post, the Japanese attacked Pearl Harbor on December 7, 1941. World War II With the US entry into World War II, Fletcher received orders to take Task Force 11, centered on the carrier USS Saratoga (CV-3) to relieve Wake Island which was under attack from the Japanese. Moving towards the island, Fletcher was recalled on December 22 when leaders received reports of two Japanese carriers operating in the area. Though a surface commander, Fletcher took command of Task Force 17 on January 1, 1942. Commanding from the carrier USS Yorktown (CV-5) he learned air operations at sea while cooperating with Vice Admiral William Bull Halseys Task Force 8 in mounting raids against the Marshall and Gilbert Islands that February. A month later, Fletcher served as second in command to Vice Admiral Wilson Brown during operations against Salamaua and Lae on New Guinea. Battle of the Coral Sea With Japanese forces threatening Port Moresby, New Guinea in early May, Fletcher received orders from the Commander in Chief, US Pacific Fleet, Admiral Chester Nimitz, to intercept the enemy. Joined by aviation expert Rear Admiral Aubrey Fitch and USS Lexington (CV-2) he moved his forces into the Coral Sea. After mounting air strikes against Japanese forces on Tulagi on May 4, Fletcher received word that the Japanese invasion fleet was approaching. Though air searches failed to find the enemy the next day, efforts on May 7 proved more successful. Opening the Battle of the Coral Sea, Fletcher, with Fitchs assistance, mounted strikes which succeeded in sinking the carrier Shoho. The next day, American aircraft badly damaged the carrier Shokaku, but Japanese forces succeeded in sinking Lexington and damaging Yorktown. Battered, the Japanese elected to withdraw after the battle giving the Allies a key strategic victory. Battle of Midway Forced to return to Pearl Harbor to make repairs on Yorktown, Fletcher was in port only briefly before being dispatched by Nimitz to oversee the defense of Midway. Sailing, he joined with Spruances Task Force 16 which possessed the carriers USS Enterprise (CV-6) and USS Hornet (CV-8). Serving as the senior commander at the Battle of Midway, Fletcher mounted strikes against the Japanese fleet on June 4. Vice Admiral Frank Jack Fletcher, September 1942. US Naval History and Heritage Command The initial attacks sunk the carriers Akagi, Soryu, and Kaga. Responding, the Japanese carrier Hiryu launched two raids against Yorktown that afternoon before being sunk by American aircraft. The Japanese attacks succeeded in crippling the carrier and forced Fletcher to shift his flag to the heavy cruiser USS Astoria. Though Yorktown was later lost to a submarine attack, the battle proved a key victory for the Allies and was the turning point of the war in the Pacific. Fighting in the Solomons On July 15, Fletcher received a promotion to vice admiral. Nimitz had tried to obtain this promotion in May and June but had been blocked by Washington as some perceived Fletchers actions at the Coral Sea and Midway as being overly-cautious. Fletchers rebuttal to these claims was that he was attempting to preserve the US Navys scarce resources in the Pacific in the wake of Pearl Harbor. Given command of Task Force 61, Nimitz directed Fletcher to oversee the invasion of Guadalcanal in the Solomon Islands. Landing the 1st Marine Division on August 7, his carrier aircraft provided cover from Japanese land-based fighters and bombers. Concerned about fuel and aircraft losses, Fletcher elected to withdraw his carriers from the area on August 8. This move proved controversial it compelled the amphibious forces transports to withdraw before landing much of the 1st Marine Divisions supplies and artillery. Fletcher justified his decision based on the need to protect the carriers for use against their Japanese counterparts. Left exposed, the Marines ashore were subjected to nightly shelling from Japanese naval forces and were short on supplies. While the Marines consolidated their position, the Japanese began planning a counter-offensive to reclaim the island. Overseen by Admiral Isoroku Yamamoto, the Imperial Japanese Navy commenced Operation Ka in late August. This called for Japanese three carriers, led by Vice Admiral Chuichi Nagumo, to eliminate Fletchers ships which would permit surface forces to clear the area around Guadalcanal. This done, a large troop convoy would proceed to the island. Clashing at the Battle of the Eastern Solomons on August 24-25, Fletcher succeeded in sinking the light carrier Ryujo but had Enterprise badly damaged. Though largely inconclusive, the battle forced the Japanese convoy to turn around and compelled them to deliver supplies to Guadalcanal by destroyer or submarine. Later War Following Eastern Solomons, the Chief of Naval Operations, Admiral Ernest J. King, severely criticized Fletcher for not pursuing Japanese forces after the battle. A week after the engagement, Fletchers flagship, Saratoga, was torpedoed by I-26. The damage sustained forced the carrier to return to Pearl Harbor. Arriving, an exhausted Fletcher was given leave. On November 18, he assumed command of the 13th Naval District and Northwestern Sea Frontier with his headquarters at Seattle. In this post for the remainder of the war, Fletcher also became commander of the Alaskan Sea Frontier in April 1944. Pushing ships across the North Pacific, he mounted attacks on the Kurile Islands. With the end of the war in September 1945, Fletchers forces occupied northern Japan. Returning to the United States later that year, Fletcher joined the General Board of the Navy Department on December 17. Later chairing the board, he retired from active duty on May 1, 1947. Elevated to the rank of admiral upon leaving the service, Fletcher retired to Maryland. He later died on April 25, 1973, and was buried at Arlington National Cemetery.

How the Internet has aided criminal activity Essay

How the Internet has aided criminal activity - Essay Example codes; the creation of false bank accounts; theft of personal information and misuse of the stolen information; the virus infection created on computers that can hamper the proper software operations and damage records (Computer-Based Crime, 2011). This paper will give specific examples of criminal activities through the use of computers and the internet; will cite how yesterday’s non-digital crime, as in the case of pornography, has become today’s menacing digital crime; and will discuss some types of computer crimes, such as identity theft, phishing scam, virus and malicious software. September 11 Attack. The execution of the September 11 attack on the World Trade Center, which claimed an estimated 3, 120 lives from over 90 countries around the world, (US Department of State, 2002), is a form of cyberterrorism. Cyberterrorism is the unauthorized attack and risk against computers, networks, and the stored information purposely executed to threaten or force a government, a nation or its people to advance one’s political or social intentions. Cyberterrorist attacks demonstrate power and aggressively threaten or harm persons or property (Denning, 2000). Juvenile Computer Hacker Disabled FAA Tower at Regional Airport. In Boston, Massachusetts, a juvenile hacked the computer system of a telephone company servicing the Worcester Airport. A series of commands sent from the hacker’s computer immobilized the FAA control tower for six hours in March 1997 (US Department of Justice, 1998). Release of Computer Worm Attacked Microsoft Corporation. In September 2003, a juvenile was arrested for releasing a variant of the Blaster computer worm that directly infected computers worldwide to commence a distributed denial of service attack against the Microsoft Corporation (US Department of Justice, 2003). More than four decades ago, open, unusual or violent pornography was restricted to adult bookstores and movie houses. It could be only be viewed and circulated in

American Economic History Essay Example | Topics and Well Written Essays - 2500 words

American Economic History - Essay Example For an approximate of 230 years, the United States has expanded into an economy which is massive, integrated and industrialized. It is known to comprise of close to a quarter of the world economy. All this is attributed to extensive and unified market, substantive political and legal system, extensive farmland that is productive, immense natural resources that include timber, coal, iron, and oil and individuals commitment to invest both material and the human capital. The American economy has sustained high wages in various sectors and this has attracted several immigrants. The overall success has been boosted in America by the key roles of both the technological and the industrial factors. The white Americans viewed the economy of the Indian-American as being primitive. It involved hunting and gathering and later inclusion of farming activities. Today, scholars have highlighted the existence of harmony between the environment and the Indian-American nation’s economic life. Th ey clearly portray the significance of the advice and education provided by the Indian- American to the survival of the European settlers. The American economy during the settlement up to the revolution is considered as colonial. It is known for its provision of raw material which included; crops, iron ore, timber for ships, furs, and cotton to its mother country. Direct economic contact existed between the Great Britain and the colonies. The American colonies fell out with its mother country due to bitterness of their reliance and underlying role in the British Empire economic life. Being in thirteen colonies, the Americans demanded for their rights, they wanted to be independent so that they could be able to elect those who will govern and tax them. This idea was greatly resisted by the British. It led to the introduction of the American Revolution, which resulted in war between the British and the Americans and later independence for the United States of America. With an attempt to bring down the American economy, the British blocked all the ports. However, the American economy remained flexible mainly because majority of its population were farming and a minority being in the cities. Its economy managed to support war that took place between 1775 and 1783. Tremendous growth was witnessed in the American economy between the period of the revolution and the civil war. Though it still remained agricultural, the manufacturing and the industry development was nurtured by the economy. The development of the American politics is attributed to the existence of economic and political competition in the north, west and south sections. Gradually, the nation established an economic system which was unified. The American economic life integration was determined by various technological developments which included invention of steamboat, the railroads and the telegraph, and the growth of new economic enterprises for example telegraph and railroads systems. The railroads had a great impact on the American economy especially between 1850 and 1873. It enabled the country to experience a transition into an urban industrial nation in possession of high finance and superior managerial skills. Railroads made the remote places accessible with costs of freight movement and the

An Empirical study of determinants of capital structure of Essay - 1

An Empirical study of determinants of capital structure of non-financial companies in Egypt before and after the financial crisis - Essay Example The current financial crisis therefore has significantly affected the financial institutions of the world along with other non-financial institutions also. Due to this reason, the overall extension of credit to the non-financial institutions has been affected over the period of time. It is however, important to note that international banks specially working in developing countries have relatively limited contacts or business relationships with the international banks therefore they have not been affected the way international banks have been. In countries like China where the financial sector is mostly under the control of government, banks exposure towards toxic debt is limited therefore despite having the international presence, these banks are not fully affected by these changes. It is also however, critical to understand that there is an indirect threat faced by the international banks due to general decline in the stock prices as well as the falling housing market. Since most of the banks do not keep most of their capital in the form of cash therefore declining asset values will force them to allocate more capital to cover the potential risks. In such an environment there are chances that the overall credit extension to private sector may decline and financial institutions may require the support of their governments to keep them solvent. Theory also suggests that a reduction in the bank credit may result into a decline in the investment activity in the country and this will invariably affect the growth and may result into the creation of unemployment within a country. Since most of the emerging countries such as China, India, Korea and Japan are depending on exports as their major economic variable for growth therefore the current financial crisis may result into the substantial decline in the export business and thus may

HUMAN RESOURCE MANAGEMENT Essay Example | Topics and Well Written Essays - 1500 words

HUMAN RESOURCE MANAGEMENT - Essay Example Since the transformation is taking place increasingly in most of the organisations, the role of the HR managers also tends to change. The HR managers need to be more competent in order to deal with such kind of changes. When such kind of changes tend to trigger, it becomes increasingly important to motivate the staffs and appraise the performance on a standard basis. Employee motivation and appraisal are the most significant roles of the HR managers (Jones & George, 2009). Importance of Employee Motivation and Appraisal It is a well known fact that the recruitment and selection as well as training and development components of the human resources management system explain that the employees need to have all the necessary knowledge as well as the skills in order to perform the task of the organisation. Performance appraisal tends to complement the above mentioned components of the human resource management. The term performance appraisal seeks to gauge the job performance of the emplo yees along with their input towards the organisation. It is increasingly essential to provide the feedback as well to the employees which can be comprehended as a process whereby the information related to the performance appraisal is shared by the managers with their subordinates. The process also permits the subordinates to reflect upon their performance and thus managers can work with these subordinates to plan for the future. However, the main point to keep into mind is that the performance appraisal needs to take place prior to the performance feedback. It can be mentioned that the performance appraisal can be exercised without providing any feedback to the employees, but there are certain managers who provide their valuable feedback since it assists in motivating the staffs and thus contribute to improve their performances. The performance appraisal lets the managers to effectively manage the human resources in the organisation. It assists them in comprehending the training an d development requirement of the staffs in the organisation. In addition to this, the most useful decisions relating to the bonuses pay and perks, promotion depends upon the accurate and correct appraisal of the employees. Feedback lets the good performers understand that their efforts are being valued at the organisation while on the other side it also lets the poor performers comprehend the truth that they need to progress on the determined areas so that the overall efficiency can be increased. It has been noted that most of the managers dislike providing their valuable feedback to the employees especially at times when the feedback tends to be negative. However, the managers need to remember that providing feedback can benefit the organisation to a great degree. The performance feedback needs to be provided following certain guidelines which can contribute to the employee’s motivation and the enhancement of the employee’s performance in the organisation. It would be prudent for the managers to be specific on what they like to comment and then focus on the behaviour of the employees that can be easily corrected and is within the workers ability to improve. For instance, if the managers tell the salesperson that he is being too shy when dealing with the customers, it would do

Cyber Bullying Research Paper Example | Topics and Well Written Essays - 1250 words

Cyber Bullying - Research Paper Example With the rapid advances in technology, however, bullying evolved into a form of harassment that can be perpetuated anytime and anywhere. Specifically, the use of the Internet and mobile technologies has enabled many bullies to harass their victims even when they are at home or sleeping. Unfortunately, authorities seemed to be caught off-guard when cases of bullying online reportedly caused several suicides across America recently. This highlighted how it has become imperative to solve this issue immediately because the degree of harm of cyberbullying is clearly pervasive and fatal today. To underscore the severity of this issue, there are already several research findings that found the prevalence of the problem. For instance, a survey conducted by I-Safe America found that 37 percent of middle school students admitted to being bullied or threatened online. (Shore 2006, p. 19) Pew Internet and American Life Project supported this with their report that one in three online teens has e xperienced online harassment. (The Colorado Trust 2008) The statistics established the numbers that should alarm responsible authorities. The issue is no longer some figment of imagination or opinion of alarmists that needed to be substantiated. The facts are already there for everyone to see. The implication of the above trend is that youngsters are no longer safe from bullies. The perpetrators only need a computer, Internet access or a cellphone in order terrorize hapless victims. This is aggravated by the fact that bullying acts can be done anonymously. Almost anyone can invade someone else's life and ruin it at a click of the mouse, enabling bullies to be more vicious and consistent with their attacks. According to Shore, this is demonstrated in two ways: first, there is the argument that bullies can strike out at others with the knowledge that they will not be caught; and, secondly, â€Å"by being removed from their targets and thus not seeing the impact of their actions, cybe rbullies can delude themselves into thinking they have not really hurt anybody† effectively taking away their ability to feel empathy or remorse for their victims. (p. 20) It is easy to understand, hence, how helpless victims find it difficult not only to escape the kind of torture due to the sheer pervasiveness of the Internet and the huge number of its users but also to bear the stress of online attacks against their persons for its sheer viciousness and intensity. In the past face-to-face bullying has been difficult to quantify because victims are hesitant to report them. The case has been complicated by technology further. The anonymity that technology provides bullies has made it extra difficult for its detection. This development is already a main contributor to the growing number of suicides as evidenced by the case of Tyler Clementi, who jumped off a bridge after his sexual encounter was streamed over the web by his dormmates for everyone to see. Unfortunately, this po sting of hurtful content is just one of the many types that could significantly cause harm to young minds. Maggio listed numerous ways by which cyberbullies can attack their victims using technology. The most serious of these include the posting of abusive content against victims such as threatening and embarrassing messages that are easily accessed by

HUMAN RESOURCE MANAGEMENT Essay Example | Topics and Well Written Essays - 1500 words

HUMAN RESOURCE MANAGEMENT - Essay Example Since the transformation is taking place increasingly in most of the organisations, the role of the HR managers also tends to change. The HR managers need to be more competent in order to deal with such kind of changes. When such kind of changes tend to trigger, it becomes increasingly important to motivate the staffs and appraise the performance on a standard basis. Employee motivation and appraisal are the most significant roles of the HR managers (Jones & George, 2009). Importance of Employee Motivation and Appraisal It is a well known fact that the recruitment and selection as well as training and development components of the human resources management system explain that the employees need to have all the necessary knowledge as well as the skills in order to perform the task of the organisation. Performance appraisal tends to complement the above mentioned components of the human resource management. The term performance appraisal seeks to gauge the job performance of the emplo yees along with their input towards the organisation. It is increasingly essential to provide the feedback as well to the employees which can be comprehended as a process whereby the information related to the performance appraisal is shared by the managers with their subordinates. The process also permits the subordinates to reflect upon their performance and thus managers can work with these subordinates to plan for the future. However, the main point to keep into mind is that the performance appraisal needs to take place prior to the performance feedback. It can be mentioned that the performance appraisal can be exercised without providing any feedback to the employees, but there are certain managers who provide their valuable feedback since it assists in motivating the staffs and thus contribute to improve their performances. The performance appraisal lets the managers to effectively manage the human resources in the organisation. It assists them in comprehending the training an d development requirement of the staffs in the organisation. In addition to this, the most useful decisions relating to the bonuses pay and perks, promotion depends upon the accurate and correct appraisal of the employees. Feedback lets the good performers understand that their efforts are being valued at the organisation while on the other side it also lets the poor performers comprehend the truth that they need to progress on the determined areas so that the overall efficiency can be increased. It has been noted that most of the managers dislike providing their valuable feedback to the employees especially at times when the feedback tends to be negative. However, the managers need to remember that providing feedback can benefit the organisation to a great degree. The performance feedback needs to be provided following certain guidelines which can contribute to the employee’s motivation and the enhancement of the employee’s performance in the organisation. It would be prudent for the managers to be specific on what they like to comment and then focus on the behaviour of the employees that can be easily corrected and is within the workers ability to improve. For instance, if the managers tell the salesperson that he is being too shy when dealing with the customers, it would do

Law and Social Order. Criminal justice in Canada Essay

Law and Social Order. Criminal justice in Canada - Essay Example Law and Social Order. Criminal justice in Canada In Canada, the criminal justice system stabilizes the objectives of crime control, prevention and protection of citizens’ rights (Grossman & Roberts, 15). The general justice system consists of three branches; legislative, adjudications, and finally corrections. The above three branches are very important in the criminal justice system, the legislative branch deals with the process of making laws that govern the country and assist In the implementation, of justice, in the country. While the adjudications part is where judgments are passed, and justice is accomplished, the corrections include jails and other probation facilities. Offenders are taken to the places whenever they are found guilty, one stays in the correctional facilities depending on the magnitude of one’s case. The police enhance the activities of criminal justice systems; they are the first individuals who are contacted when citizens have any problems. The courts serve as avenues where disputes are settle d and whomever, the judge in this case passes judgment and has the final say in the court.The criminal justice system is obliged to main functions, which all aim at protecting the society. It aims at controlling crime, preventing criminal activities from occurring now and then and finally maintaining justice In line with the laid down rules or the constitution (Klein, 695). The society makes it task of the institutions of the criminal justice system to control, prevent crime and maintenance of justice; law enforcement, courts and corrections. The police are responsible for law enforcement at both local and state levels. Discretion is judgment and judgment is exercised by applying ethics and values to facts. Actors in the criminal justice system substitute their judgments for formal statutory punishments in order to influence criminal justice system by the means. It allows judges to create their own judgments depending on their own views even if these judgments are not in line with t he rule of law. Criminal trials in Canada are done either before the judge alone or before the judge and jury. Although discretion is especially important in the criminal justice system, it can be abused. Some judgments are made wrongly, and the victims end up being charged for the crimes they did not commit. This is very common in the many courts where the judge makes a judgment without proper evidence and from hearsays. The police can abuse discretion by arresting a suspected criminal and putting them in jail for a crime not committed (Canadian Bar Association, 5). Although they are aimed at protecting the people of the community, they should have good evidence before making a claim. Law enforcers sometimes term investigations as a waste of time and money and the suspects are pushed to courts to be punished. The criminal justice system utilizes discretion to lessen the pressures they have in their system. The agencies are allowed to make decisions depending on the weight of the cr ime convicted; most of them are placed on home correction in order to avoid the congestion of jails and other correctional facilities. Therefore, most of the times discretionary decisions are based on the limitation of resources. However, not all discretionary decisions are based on this; they can also be based on politics, for example, police crackdown activities in search of something. Some people, however, argue that the use of discretion in the criminal justice system is not fair as some cases are withdrawn without a proper basis. They say that equality should be observed in the passing of judgments and that all cases should be treated in the same manner. This should not be the case because one cannot compare drunkenness while driving and a person who has been

Healthy Grief Essay Example for Free

Healthy Grief Essay The loss of a family member and/or loved one can put someone on an emotional roller coaster. Whether it is an expected or unexpected loss, the emotional process of dealing with the grief could be the same. With an expected loss, loved ones are able to prepare themselves for what is to come. An unexpected loss could bring more emotions into the grieving process. This paper will discuss the grieving process by Kubler-Ross, the story of Job, and the way Muslims deal with death and dying. While some people focus on the sadness of losing a loved one, others try and find the positive in the any situation. To grieve the loss of a loved one, many would say that they feel a lot of different indescribable emotions. Shock, disbelief, emotional pain, anger, and sadness are all some emotions that people feel while grieving. Kubler-Ross developed a five step grieving process that one should experience and move through so they can move on to a happy life (Lecture 5 Notes). The process itself is: denial, anger, bargaining, depression, and acceptance (Lecture 5 Notes). It is easy for a person to not believe that a loved one has passed on as begin the grieving process (Lecture 5 Notes). Once the denial has processed and the loss has become a reality, it is normal to get angry and ask ‘why did this happen?’ Bargaining with God is the next step in the grieving process. Trying to make a deal with God to try and bring back a loved one gives a person hope that their loved one will come back. Once reality has set in, depression is the next step (Lecture 5 Notes). This is when the feelings of hopelessness set in, making it difficult for a person to pass this stage (Lecture 5 Notes). The last stage of the grieving process is acceptance (Lecture 5 Notes). This is the stage that helps a person emotionally move on from grieving the loss of a loved one. Life goes becomes a new type of normal with the memory of the loved one instead of the having the loved one there (Lecture 5 Notes). In the book of Job, Satan challenges Job’s faith and love for God, with God’s permission (Study Bible-NLT, 2008). Satan does everything in his power to get Job to not only doubt God, but to curse him as well (Study Bible-NLT, 2008). Satan killed his ten children and destroyed his livestock and servants (Study Bible-NLT, 2008). Job focused more on God and praised him as he mourned loss of his children and wealth (Study Bible-NLT, 2008). Satan then tried one last time by filling Job’s body with sores (Study Bible-NLT, 2008). The doubt of his wife and the negativity of his colleagues never gave him a change of heart. Job remained faithful to God, never doubted Him (he doubted himself at times), and still praised Him (Study Bible-NLT, 2008). God eventually replenished Job’s wealth and blessed him with more children (Study Bible-NLT, 2008). Job grieved in a very healthy way. He did not blame others and he did not curse God. He tried to find the good in every ba d situation. One religion that differs from Christianity and western civilization’s way of grieving the loss of a loved one is the Islamic religion. With death and dying, Muslims believe that there is life after death (Ross, 2001). It is believed that believers of the religion must practice the five pillars of Islam and live a righteous life on earth in order to have a different afterlife than those ‘unbelievers’ (Ross, 2001). People of the Islamic religion must mourn as they prepare for a quick burial (Ross, 2001). A loved one should be buried the day of death or the day after, not any later (Ross, 2001). In public, it is not of their norm for women to show any emotion at a time like this (Ross, 2001). Finding joy in the midst of losing a loved one can be trying. But like Job in the Bible, joy could come quicker if faith is not lost. Grieving is a challenging time to stay positive. Making the attempt to stay positive helps push one through the grieving process without getting stuck in one of the stages for too long. A good way to find joy is to continue to praise God and not to lose faith in Him. In closing, re-reading the book of Job in the Holy Bible has reminded me of how important it is to praise God in the midst of a storm. The loss of a loved one is tragic for anyone and grieving is a natural process in life. But if the focus stays on praising God and not losing faith, that grieving process can turn into a healing process and it is possible to find peace in the midst of grieving. God always has a rainbow waiting at the end of each storm, it just depends how long it takes for you to play in the rain before you get there.

The relationship between occupation and health

The relationship between occupation and health Discuss the relationship between occupation and health, and recognise factors which facilitate occupational performance. In the context of this essay â€Å"occupation† is taken to encompass care of self, leisure and employment (American Occupational Therapy Association: Uniform Terminology, 1994) whereby the person interacts with the environment. These areas are not mutually exclusive. It is the â€Å"ordinary and familiar things that people do every day† (American Occupational Therapy Association Commission on Practice Home Health Task Force: Guidelines, 1995). Performance components include the necessary skills for the task and the temporal and environmental performance context. Occupational performance is important; people identify who they are by what they do. Relation between occupation and healthOccupation is important in maintaining health but certain occupations may actually cause ill health. Ill health may lower occupational performance. The relationship is further complicated by poor performance contributing to ill health which further lowers performance. An example would be someone performing poorly in paid employment and becoming depressed as an indirect result (perhaps because of redeployment) and performing even more poorly as a result of the depression. A goal of occupational therapy is to use appropriate occupation therapeutically to counteract the effects of disability and to promote well being. The effect of some disease processes on performance will now be explored. Certain pathological conditions will have a typical effect on performance for instance a cerebrovascular accident, a not uncommon cause of occupational dysfunction, will affect sensation and motor skills in a fairly predictable way. The degree of impairment is variable depending on the aetiology, severity and location of the cerebral injury. The effects may be profound. Laterality is important since one side of the brain has a major impact on language and the other motor skills. Which side of the brain is dominant for various functions depends on whether or not the individual is right handed. Occupational performance is affected by sensorimotor deficit and subsequent musculosketal affects for instance significant sensorimotor deficit commonly affects the shoulder joint with its innate dependence on good muscular tone of the rotator cuff from which the joint largely derives its stability. Disruption of cognitive function and emotional liability are factors commonly involved in severe cerebrovascular accidents to the further detriment of performance. Of the musculoskeletal group of disorders Rheumatoid arthritis is important since it is so common. In addition to affecting movement by joint deformity, sensorineural and neuromuscular effects the individual may suffer psychological effects such as depression further limiting performance (Deyo 1982). Temporal effects are important in this condition, typically the symptoms and performance being significantly worse in the morning and improving as the day progresses. Schizophrenia is an example of a psychiatric illness which can become chronic and disabling. The effects on occupational performance can get really complex here. Not only are there varying manifestations of the illness with exacerbations sometimes accompanied by ultimate deterioration over time but there is often effects of the medication, substance abuse and disordered living arrangements. Chronic pain may affect occupational performance by limitation of physical components of the activity in question. Some conditions appear resistant to clear diagnosis. For instance following accidents such as whiplash or back pain following lifting during paid employment there may be long drawn out background litigation and this coupled with difficulties returning to work may have significant effects on occupational performance. Because affected individuals may be young, in paid employment and with families to look after despite the fact that the physical disability may be relatively minor there may be major effects on the activities of daily living, leisure and employment. Factors facilitating performanceOccupational performance can be split into a number of components: sensorimotor, cognitive integration, cognitive, psychosocial and psychological. In addition the performance cannot be taken out of context. The individual’s personal characteristics will affect quality of performance. There must be a good fit between the individual’s knowledge, skills and attitudes, the task must be appropriate, contributing to well-being and the environment must be conducive with regard to physical, cultural and social aspects; (Hagedorn, 2001). Context is important (Dunn 1994) for instance it is easy to speak with friends but public speaking is another matter entirely performance nearly always suffering substantially and yet the basics of the task are the same. The following factors are associated with occupational dysfunction (Hogedorn, 2001) thus their avoidance may enhance performance: Deprivation of occupation Occupation alienation (the task seeming pointless) Occupational imbalance focussing on one aspect to the exclusion of others Difficulties with relationships and participation Lack of resources Negative self-image; expectation or fear of failure Poor ability to adapt to different roles The performance itself may be adequate in its component parts but be poor overall since it takes too long to complete. Ottenbacher describes in Crepeau, 2003 to optimise performance requires an appreciation of the dicstinctions between body systems, impairment, activity and participation defined by the WHO 2001. To facilitate performance various compensation mechanisms can be utilised. Training in compensatory movements can occur alongside provision of adaptative equipment and environmental adaptation. An enhancing factor is the purpose and meaning of the task for the participant. This is to the extent that intervention will be more effective in achieving the desired improvement or other goal if the individual is active in setting the goal at the onset. Goal directed action and pure exercise showed the advantage of the former for retaraining movement following stroke (Trombly, 1999). Full utilisation can be made of the inherent adaptatbility of human beharioural (both physical and psychological) mechanisms. The ability to learn and improve occupational performance is improved by practice, repitition and feedback at an appropriate rate. In providing occupational therapy care it is important to appreciate the state at which the individual is at; acute and not stabilised, inpatient, outpatient, extended (Crepeau, 2003). It is important to look at the overall task and its purpose before concentration on the components of the activity. Evidence base is accumulating and should guide the interventional approach chosen. ConclusionOccupational health promotes well-being from engaging individuals in relevant occupation. Improving the underlying capacities of sensorimotor skills, memory and mental outlook is only part of the whole process of facilitation of occupational performance. Bibliography BooksCrepeau E, Cohn E Schell B 2003 Willard Spackman’s Occupational therapy. 10th edition. Lippincott, weilliams Wilkins London Hagedorn R 2001 Foundations for Practice in Occupational Therapy. London. 3rd edition. Churchill Livingstone. Hansen RA Atchison 2000 Conditions in Occupational Therapy Effect on occupational performance 2nd edition Lippincott Williams Wilkins Baltimore Pedretti LW Early M B Occupational therapy Prcatice skills for Physical Dysfunction 5th Edition. Mosby. Missouri ArticlesAmerican Occupational Therapy Association: Uniform terminology, 1994 ed 3 Am J Occup Ther 48 1047-1054, 1994 American Occupational Therapy Association: Position Paper: occupation, Am J Occup Ther 49:1015-1018, 1995 Deyo RA et al 1982 Physical and psychosocial function in rheumatoid arthritis. Arch intern Med 142:879-82. Dunn W Brown C McGuigan A 1994 Ecology of human performance: A framework for considering the effect of context. Am J Occup Ther 48(7):95-607 Trombly CA Wu C (1999) Effect of rehabilitation tasks on organisation of movement after stroke. American Journal of Occupational Therapy 53 333-4. Other resources World health Organization (2001) International classification of functioning, disability and health (ICF) Geneva.

Duty-Based Person Essay -- essays research papers fc

Duty-based document Abstract A duty based is a person that has structure and guidance. A duty-based person is a person that has respect for leadership and the knowledge to be a leader. The writer will discuss her point of views of a duty-based person. She will also give her insight on people lying to and for one another. According to the Oxford English Dictionary, duty is† the action and conduct due to a superior, homage, submission; due respect, reverence; an _expression of submission, deference, or respect. The writer feels that a duty based would not lye to another person or lye for another person the writer feels that if someone thought you were lying to him or her, you cannot be trusted. When you start out lying about something you have to keep on lying to cover up the first lye you started out with. Most people that lye are scared of getting in to trouble. Other peoples that lye just like telling stories. Some people can look you right in the face and they will be lying to you. You can make things worse if you lie for someone, for them and for yourself. They can wound up getting in to trouble for lying. The person for whom they are lying can say they have no clue what that person is talking about. They can say they never asked anyone to lye for them. If you lye for someone else, you are j ust as guilty as the person you are lying for. If someone asks you to lye for them, you should ask yourself why are they not telling the truth. The writer feels that you shou...

Fairwood Annual Report

Contents Corporate Information Highlights and Financial Calendar Chairman’s Statement Financial Review Pro? le of Directors Report of the Directors Corporate Governance Report Independent Auditor’s Report Consolidated Income Statement Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Cash Flow Statement Notes to the Financial Statements Principal Subsidiaries Five-Year Group Financial Summary Investment Properties Held by the Group 2 4 6 12 15 18 33 41 43 44 45 47 48 49 51 131 134 136Corporate Information BOARD OF DIRECTORS Executive Directors Dennis Lo Hoi Yeung (Executive Chairman) Chan Chee Shing (Chief Executive Of? cer) Mak Yee Mei Non-executive Director Ng Chi Keung Independent Non-executive Directors Joseph Chan Kai Nin Peter Lau Kwok Kuen Tony Tsoi Tong Hoo Peter Wan Kam To AUDIT COMMITTEE Peter Wan Kam To (Chairman) Ng Chi Keung Jos eph Chan Kai Nin Tony Tsoi Tong Hoo REMUNERATION COMMITTEE Joseph Chan Kai Nin (Chairman) Ng Chi Keung Peter Lau Kwok Kuen NOMINATION COMMITTEE Dennis Lo Hoi Yeung (Chairman) Peter Lau Kwok Kuen Peter Wan Kam To COMPANY SECRETARYMak Yee Mei AUDITOR KPMG SOLICITORS Mayer Brown JSM Reed Smith Richards Butler 2 FAIRWOOD HOLDINGS LIMITED PUBLIC RELATIONS CONSULTANT Strategic Financial Relations Limited Unit A, 29/F, Admiralty Centre 1 18 Harcourt Road, Hong Kong A PRINCIPAL BANKERS Standard Chartered Bank (Hong Kong) Limited The Bank of East Asia, Limited DBS Bank (Hong Kong) Limited The Hongkong and Shanghai Banking Corporation Limited The Bank of Tokyo-Mitsubishi UFJ, Limited Hang Seng Bank Limited Nanyang Commercial Bank, Limited Chong Hing Bank Limited Bank of China (Hong Kong) Limited UBS AG UFJ UBS AG REGISTERED OFFICECanon’s Court, 22 Victoria Street Hamilton HM12, Bermuda Canon’s Court, 22 Victoria Street Hamilton HM12, Bermuda HEAD OFFICE AND PRINCIPAL PLACE OF BU SINESS 2/F, TRP Commercial Centre 18 Tanner Road, North Point, Hong Kong PRINCIPAL REGISTRAR AND TRANSFER OFFICE HSBC Securities Services (Bermuda) Limited 6 Front Street, Hamilton HM11 Bermuda HSBC Securities Services (Bermuda) Limited 6 Front Street, Hamilton HM11 Bermuda HONG KONG BRANCH REGISTRAR AND TRANSFER OFFICE Computershare Hong Kong Investor Services Limited Rooms 1712-6, 17/F, Hopewell Centre 183 Queen’s Road East, Hong Kong WEBSITE www. fairwood. om. hk www. fairwood. com. hk STOCK CODE 52 52 3 Highlights and Financial Calendar HIGHLIGHTS 18. 295 9. 8% 1. 306 5. 4% 38. 0 40. 0 39% 100. 0 72. 0 16. 659 1. 238 Turnover was HK$1,829. 5 million (2011: HK$1,665. 9 million), up 9. 8% Pro? t was HK$130. 6 million (2011: HK$123. 8 million), up 5. 4% Proposed final dividend of HK38. 0 cents per share and a special final dividend of HK40. 0 cents per share to commemorate the 40th anniversary, representing a total dividend per share for the year increased by 39% to HK100. 0 cents (2011: HK72. 0 cents) Gross pro? t margin was 13. 4% (2011: 14. 5%) 24. 6% 98. 5 Return on average equity1 was 24. 1% (2011: 24. 6%) Basic earnings per share were HK104. 45 cents (2011: HK98. 55 cents) The year 2012 marked the 40th anniversary of Fairwood, our efforts had been recognised and obtained a number of awards related to brand, service and human resources management during the year 1 Note 1: Return on average equity is de? ned as pro? t for the year attributable to equity shareholders of the Company excluding the compensation received for surrender of a tenancy lease and the gain on disposal of non-current assets held for sale against the average total equity at the beginning and the end of the year 3. 4% 1 14. 5% 24. 1% 104. 45 FINANCIAL CALENDAR Interim results announcement Paid date of the interim dividend Annual results announcement 29 November 2011 23 December 2011 27 June 2012 Closure of register of members – Annual general meeting – Proposed fina l and special final dividends 7 September 2012 to 11 September 2012 (both days inclusive) 18 September 2012 to 20 September 2012 (both days inclusive) 11 September 2012 On or before 3 October 2012 Annual general meeting Payable date of the final and special final dividends 4 FAIRWOOD HOLDINGS LIMITED TURNOVER (HK$’m)PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS (HK$’m) 2,100 1,800 6% GR CA 1,665 1,665. 9 1,665. 9 ,665 1,562. 3 ,56 160 1,829. 5 1,829. 5 ,829. 5 140 120 100 101. 0 101. 0 0 0 % R7 AG C 130. 6 123 8 123. 8 1,500 1,200 1,433. 5 1,465. 5 1,465. 5 , ,465 93. 3 80. 0 80 900 60 600 300 0 40 20 0 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 CAGR: Compound Annual Growth Rate BASIC EARNINGS PER SHARE (HK cents) NET ASSETS (HK$’m) 100 98. 55 104. 45 104. 45 500 467. 7 503. 7 80 79. 02 74. 21 450 412. 6 63. 56 400 370. 0 374. 9 60 350 40 300 20 250 0 2008 2009 2010 2011 2012 200 2008 2009 2010 011 2012 5 Chairman’s Statement TO OUR SHAREHOLDERS On be half of the Board of Directors (the â€Å"Board†), I am pleased to present the annual results of Fairwood Holdings Limited (the â€Å"Company†) and its subsidiaries (collectively referred to as the â€Å"Group†) for the year ended 31 March 2012. FINANCIAL RESULTS 9. 8% 16. 659 1. 306 5. 4% 1,350 1,560 8. 2% 1. 082 18. 295 13. 4% 14. 5% 1. 238 During the year under review, the Group recorded a turnover of HK$1,829. 5 million, up 9. 8% over the previous year (2011: HK$1,665. 9 million). Gross pro? t margin registered a slight decrease to 13. % (2011: 14. 5%). Pro? t attributable to equity shareholders was HK$130. 6 million (2011: HK$123. 8 million), representing a rise of 5. 4%. Excluding the compensation received for surrender of a tenancy lease of HK$13. 5 million and the gain of HK$15. 6 million on property disposal last year, pro? t from core operating activities registered a year-on-year increase of 8. 2% to HK$117. 1 million (2011: HK$108. 2 million). Basic earnings per share were HK104. 45 cents (2011: HK98. 55 cents). 1. 171 104. 45 98. 55 DIVIDENDS 38. 0 32. 0 12. 0 22. 0 20. 0 100. 0 72. 0 95% 8. 40. 0 The Board recommends to pay a ? nal dividend of HK38. 0 cents (2011: HK32. 0 cents) per share and a special ? nal dividend of HK40. 0 cents (2011: HK12. 0 cents) per share for the year ended 31 March 2012. Together with the interim dividend of HK22. 0 cents (2011: HK20. 0 cents and a special interim dividend of HK8. 0 cents) per share paid during the year, the total dividend for the year ended 31 March 2012 amounts to HK100. 0 cents (2011: HK72. 0 cents) per share, representing a total distribution of approximately 95% of the Group’s pro? t for the year.The proposed ? nal and special ? nal dividends will be paid on or before Wednesday, 3 October 2012 to shareholders whose names appear on the Register of Members of the Company at the close of business on Thursday, 20 September 2012. 6 FAIRWOOD HOLDINGS LIMITED BUSINESS REVIEW H ong Kong The Hong Kong market continued to deliver satisfactory results in the 2011/12 ? nancial year, with both turnover and same store sales achieving pleasing growth, contributed by our higher value innovative products, astute pricing strategy, and well-planned network expansion. The operating nvironment was challenging partially due to the minimum wage legislation coming into effect, along with a continuous rise of food costs and rental levels. However, we are delighted that we managed to overcome the hurdles and maintained a solid gross pro? t margin. Over the years, our visionary management team has evaluated a variety of means to improve competitiveness. The central food processing plant, the SAP Enterprise Resources Planning System, and the ? exible scheduling shift were measures that enabled us to stand out from our peers and sustain bottom-line growth despite changes in the market environment.Our central food processing plant in Tai Po is now in full operation, standardisi ng food quality and delivering an assured supply of safe, high-quality products at competitive prices. Through continuous efforts in improving ef? ciency and economies of scale, we have been able to lower both food and labour costs further. In addition to our core fast food business, we have developed more specialty restaurant brands targeting different consumer segments. Kenting Tea House, Buddies Cafe and Curry Factory have been in operation in the Hong Kong market.Our plan is to introduce these specialty restaurants to Mainland China when the business models are strengthened. SAP 7 Chairman’s Statement 19. 1% Mainland China Fairwood has adopted an expansion strategy in Mainland China during the year. Recognised for our quality, our stores are highly popular among the locals, and we have also extended our network of restaurants to major northern cities such as Beijing and Tianjin. Over the years, we have made headway in understanding the market by conducting market research which has enabled us to successfully capture local consumers’ palates and preferences.The results of our efforts have been positive with an excellent sales growth of 19. 1% recorded for the past year. We will continue to expand our business and to strengthen the pillars of our brand in Mainland China. Network During the year under review, the Group opened 10 new fast food stores including 6 in Hong Kong and 4 in Mainland China. As at 31 March 2012, the Group has a total of 108 stores in operation in Hong Kong, including 101 fast food stores, 2 Buddies Cafes and 5 specialty restaurants.In Mainland China, the Group operates 19 fast food stores. Corporate Recognition We believe that people and customers should always come ? rst, and thus have continuously strived to satisfy the needs of customers through the quality of both the food and the dining experience to deliver the pledge of our brand. The management is delighted to see its efforts acknowledged by the business community through various accolades received during the year. The Group has been honoured with awards in three main sectors – Brand, Service, and Human Resources Management.Our efforts have been recognised in the brand-related awards that we have garnered as follows during the year: 8 FAIRWOOD HOLDINGS LIMITED – 2011 – â€Å"Hong Kong Top Service Brand Awards 2011† by The Chinese Manufacturers’ Association of Hong Kong and Hong Kong Brand Development Council â€Å"Hong Kong Proud Brands Award† by The Chinese University of Hong Kong and Ming Pao Newspapers Limited Excellent service can enhance customer loyalty through offering a comfortable and enjoyable dining experience.Our commitment has been rewarded by the following service-related awards we received during the year: 2011 – â€Å"2011 Hong Kong Awards for Industries: Customer Service Grand Award† by the Hong Kong Retail Management Association â€Å"Service & Courtesy Award† b y the Hong Kong Retail Management Association â€Å"Customer Service Excellence Award† by the Hong Kong Association for Customer Service Excellence â€Å"Hong Kong International Airport Customer Service Excellence Programme: Team Award and Individual Award† by The Airport Authority Hong Kong â€Å"2011 Total QualityService Regime: Quality Service Award in the General Retail – Food and Beverage (Self-serve) Category† by MTR Corporation – – – 2011 – By adhering to our motto: â€Å"Enjoy Great Food, Live a Great Life†, we care for our employees as well as our customers.We are pleased that our efforts in implementing family-friendly employment policies and practices within and beyond the working environment have been acknowledged in the following citations and awards: 2011 ERB – – – â€Å"2011 Distinguished Family-Friendly Employer† by the Family Council â€Å"ERB Manpower Development Scheme Awar d† by the Employees Retraining Board â€Å"Catering Industry Safety Awards† by the Labour Department and Occupational Safety & Health Council 9 Chairman’s Statement PROSPECTS , , , , , As we embark on our 40th year of operation, we will continue to step up our efforts in gaining insights into consumer preferences while closely monitoring the market situation in Hong Kong and Mainland China so that we could align our strategies to achieve the optimal performance. We are optimistic that we can advance our business forward in this year of historical significance for the Group. At the same time, we will remain committed to our stakeholders and the community. In particular, we will further strengthen our relationships with our consumers, suppliers, employees and shareholders.Our efforts have earned us continuous support from customers over the course of four decades. Our first priority has always been to deliver a consistently excellent dining experience by pro viding quality food and service at an affordable price. Innovative delicious products, exciting marketing promotions and creative advertising campaigns are also planned for the coming year to attract more customers. Underpinning all of our efforts is our unwavering commitment to soliciting our customers’ opinions and endeavouring our best to improve our menu and products to meet their preference and maintain their loyalty.At Fairwood, our suppliers are important to our success and we treat them as our long term partners. We will continue to adopt a global procurement strategy to source authentic and quality raw materials and to proactively control food costs. Furthermore, it is highly essential for us to maintain good relationships while closely monitoring both our new and existing vendors to ensure an uninterrupted supply of tasty food that our customers have come to expect. , ?, , ,? , ,? ?, , , , , ,? , , , 10 FAIRWOOD HOLDINGS LIMITED One of the most impor tant factors behind our success is our highly experienced and loyal employees. Our employees are treated as members of a big family; their job satisfaction is thus one of our key concerns. Towards this end, the management encourages work-life balance by introducing internal and external activities for colleagues’ bene? and enjoyment. Moreover, we continue to provide comprehensive on-the-job training and reward our top performing employees accordingly. Last but not least, we believe ongoing communication and operational transparency are the keys to sustaining our relationship with our shareholders. As always, we will pay attention to our shareholders’ advice, strengthen our business model, improve our competitiveness, and achieve satisfactory returns in appreciation of their loyalty and support. APPRECIATIONStepping into Fairwood’s 40th anniversary, I would like to once again express my deepest appreciation to our dedicated staff and management team. It has not b een easy tackling the various challenges over the years, yet hand-in-hand we have managed to weather through good and bad times. I also wish to extend my gratitude to our customers, fellow directors, business partners and shareholders, for their valuable contributions and support down through the years. I am proud to be part of the Fairwood family, and we look forward to celebrating more decades of success together.Dennis Lo Hoi Yeung Executive Chairman Hong Kong, 27 June 2012 11 Financial Review Liquidity and Financial Resources 8. 068 8,400 3. 559 3. 346 2. 506 1. 5 5. 037 4. 677 The Group ? nances its business with internally generated cash ? ows and available banking facilities. At 31 March 2012, the Group had bank deposits and cash amounting to HK$265. 3 million (2011: HK$253. 7 million), representing an increase of 4. 6% from 2011. Most bank deposits and cash were denominated in Hong Kong dollars, United States dollars and Renminbi. At 31 March 2012, the Group had total bank l oans of HK$31. million denominated in Hong Kong dollars (2011: HK$41. 9 million denominated in Hong Kong dollars and Renminbi). All of the Group’s bank borrowings were subject to the ? oating rate basis and the maturity of borrowings are up to 2019. The unutilised banking facilities were HK$271. 1 million (2011: HK$270. 6 million). The gearing ratio of the Group dropped to 6. 2% (2011: 9. 0%), which was calculated based on the total bank loans over total equity. 1. 3 2. 444 7. 809 1. 115 At 31 March 2012, the Group had total assets of HK$806. 8 million (2011: HK$780. 9 million).The Group’s working capital was HK$111. 5 million (2011: HK$84. 0 million), represented by total current assets of HK$355. 9 million (2011: HK$334. 6 million) against total current liabilities of HK$244. 4 million (2011: HK$250. 6 million). Current ratio, being the proportion of total current assets against total current liabilities, was 1. 5 (2011: 1. 3). Total equity was HK$503. 7 million (201 1: HK$467. 7 million). 2. 653 4. 6% 2. 537 3,100 4,190 2. 711 9. 0% 2. 706 6. 2% Pro? tability 24. 1% 24. 6% Return on average equity was 24. 1% (2011: 24. 6%), being pro? s attributable to equity shareholders of the Company excluding the compensation received for surrender of a tenancy lease and the gain on disposal of non-current assets held for sale against the average total equity at the beginning and the end of the year. 12 FAIRWOOD HOLDINGS LIMITED Capital Expenditure 6,840 6,650 During the year, the capital expenditure was approximately HK$68. 4 million (2011: HK$66. 5 million) and these amounts were mainly used for new and existing shops renovation. Financial Risk Management The Group’s receipts and expenditures were mainly denominated in Hong Kong dollars and Renminbi.The impact of the ? uctuation in exchange rate is immaterial to the Group’s ? nancial position. The Group is exposed to foreign currency risk primarily through cash at bank that are denominated i n a currency other than the functional currency of the operations to which they relate. The currencies giving rise to this risk are primarily United States dollars and Renminbi. As United States dollar is pegged to Hong Kong dollar, the Group does not expect any signi? cant movements in the United States dollar/Hong Kong dollar exchange rate.The Group ensures that the net exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates where necessary to address short term imbalances. For the purpose of offsetting the exposure of the interest rate ? uctuation, the Group had entered certain forward interest rate swaps with ? nancial institutions. The swaps were arranged to match the maturity of the repayment schedule of certain bank loans with the maturity over the next 4. 5 years and had the ? xed swap rates ranging from 2. 63% to 2. 74%. 4. 5 2. 74% 2. 63% Charges on Group’s AssetsAt 31 March 2012, the net book value of properties pledged as secu rity for banking facilities granted to certain subsidiaries of the Group amounted to HK$48. 3 million (2011: HK$48. 3 million) and no bank deposits and cash was used to pledge any loans or banking facilities. 4,830 4,830 Commitments 4,570 4,140 2,020 2,370 The Group’s capital commitments outstanding at 31 March 2012 were HK$45. 7 million (2011: HK$41. 4 million). Included in capital commitment outstanding at 31 March 2012 was an amount of HK$20. 2 million (2011: HK$23. 7 million) for the future development of the central food processing plant.In addition, the Group had other outstanding commitments of HK$0. 9 million at 31 March 2012 (2011: HK$8. 6 million) in respect of the contracting fee for operation of a fast food restaurant not provided for in the ? nancial statements. 90 860 13 Financial Review Contingent Liabilities At 31 March 2012, guarantees are given to banks by the Company in respect of mortgage loans and other banking facilities extended to certain wholly-owned subsidiaries. As at the end of the reporting period, the Directors do not consider it probable that a claim will be made against the Company under the guarantee arrangements.The maximum liability of the Company at the end of the reporting period under the guarantee is the amount of the facilities drawn down by all the subsidiaries that are covered by the guarantees, being HK$77. 6 million (2011: HK$84. 0 million). The Company has not recognised any deferred income in respect of the guarantee as its fair value cannot be reliably measured and there is no transaction price. 7,760 8,400 Employee Information 4,600 4. 434 4,600 5. 061 At 31 March 2012, the total number of employees of the Group was approximately 4,600 (2011: 4,600).Staff costs for the year were approximately HK$506. 1 million (2011: HK$443. 4 million). Employees’ remuneration is commensurate with their job nature, quali? cations and experience. Salaries and wages are normally reviewed annually based on performance appraisals and other relevant factors. The Group continues to offer competitive remuneration packages, share options and bonus to eligible staff, based on the performance of the Group and the individual employees. Also, the Group has committed to provide related training programme to improve the quality, competence and skills of all staff. 14FAIRWOOD HOLDINGS LIMITED Pro? le of Directors Executive Directors ^ Neblett Investments Limited XV Mr Dennis Lo Hoi Yeung^, aged 60, is the Executive Chairman of the Company. He graduated from the Parsons School of Design with a Bachelor Degree in Fine Arts and also attended a course on food and beverage management at New York University. After completion of his studies in the U. S. A. in 1977, Mr Lo returned to Hong Kong and obtained a Master Degree in Business Administration. In 1981, Mr Lo joined Fairwood Fast Food Limited. In 1991, he played a major role in the listing of the Company.Mr Lo was the Managing Director of the Company from 1991 to 1999. He was appointed the Chairman and Chief Executive of the Company in January 2000. On 1 January 2009, Mr Lo relinquished his role as Chief Executive but remained as the Executive Chairman of the Company. He is also a director of various subsidiaries of the Company. Mr Lo is a director of Neblett Investments Limited which has discloseable interests in the shares of the Company under the provisions of Part XV of the Securities and Futures Ordinance. Mr Chan Chee Shing, aged 58, is the Chief Executive Of? er of the Company. He received a Bachelor of Arts Degree in Economics from the University of Manitoba, Canada in 1977 and a Master of Business Administration Degree from the University of East Asia, Macau in 1987. Mr Chan has over 30 years’ experience in marketing. Prior to joining the Group, he worked as a senior executive for a restaurant group which is listed on The Stock Exchange of Hong Kong Limited (the â€Å"Stock Exchange†). Mr Chan joined the Group in 19 95. He was appointed a Director of the Company in January 1998 and was appointed Chief Executive Of? er of the Company on 1 January 2009. Mr Chan is also a director of various subsidiaries of the Company. Ms Mak Yee Mei, aged 45, is the Executive Director of the Company. She holds a Bachelor of Science Degree in Economics, a Master of Science Degree in Finance and a Master Degree in Business Administration. She is an Associate Member of the Institute of Chartered Accountants in England and Wales and the Chartered Institute of Management Accountants as well as a Fellow Member of the Association of Chartered Certi? ed Accountants and the Hong Kong Institute of Certi? d Public Accountants. Ms Mak has extensive experience in auditing, accounting and ? nancial management. Prior to joining the Company, she had held senior management positions in several companies the securities of which are listed on the Stock Exchange. Ms Mak joined the Company in 2004 and was appointed Executive Directo r, Company Secretary and Authorized Representative of the Company on 1 January 2010. She is also a director of various subsidiaries of the Company. 15 Pro? le of Directors Non-executive Director *# Mr Ng Chi Keung*#, aged 63, is the Non-executive Director of the Company.He holds a Master Degree in Business Administration. He is an Associate Member of the Institute of Chartered Accountants in England and Wales, the Hong Kong Institute of Certi? ed Public Accountants and the Chartered Institute of Management Accountants. Mr Ng has over 30 years’ experience in ? nance and management. Prior to joining the Group, he held senior management positions with a number of well-known local and overseas multinational companies. Mr Ng joined the Group in 1994 and was appointed a Director of the Company in November 1995.He was re-designated as a Non-executive Director of the Company from 1 January 2010 following his retirement from the Group. At the same time, Mr Ng was also appointed as a m ember of the Audit Committee and remains as a member of the Remuneration Committee of the Company. Mr Ng is an Independent Nonexecutive Director of Soundwill Holdings Limited which is listed on the main board of the Stock Exchange. Independent Non-executive Directors *# Mr Joseph Chan Kai Nin*#, aged 64, was appointed an Independent Non-executive Director in 1991.He graduated from The University of Hong Kong, the University of Strathclyde and The Chinese University of Hong Kong. He holds a Bachelor of Arts Degree, a Diploma in Social Work, a Master of Business Administration Degree and a Master of Education Degree. He is a Fellow Member of the Institute of Human Resources Management. Mr Chan has over 30 years’ experience in human resources development in public, commercial and educational sectors. He is currently Director of the Student Development Services, City University of Hong Kong.Dr Peter Lau Kwok Kuen#^, aged 59, was appointed an Independent Non-executive Director in September 2000. He holds a Doctorate Degree in Business Administration from The Hong Kong Polytechnic University, an MBA Degree from the University of Calgary in Canada and a Master of Buddhist Studies from The University of Hong Kong. He is a member of The Canadian Institute of Chartered Accountants and the Society of Certi? ed Management Accountants of Canada. Dr Lau had over 12 years of management and accounting experience in the private and public sectors in Canada prior to returning to Hong Kong in 1987.Dr Lau is currently the Chairman and Chief Executive of Giordano International Limited and was an Independent Non-executive Director of Hsin Chong Construction Group Limited from 2002 to 2010, both of which are listed on the main board of the Stock Exchange. He also serves as an ex-of? cio member of the Faculty Advisory Committee of the Faculty of Business at The Hong Kong Polytechnic University as well as Adjunct Professor of Marketing at City University of Hong Kong. #^ 16 FAI RWOOD HOLDINGS LIMITED * Data Modul AG Mr Tony Tsoi Tong Hoo*, aged 47, was appointed an Independent Non-executive Director in November 2008.He graduated from the University of Western Ontario, Canada with an Honours Degree in Business Administration in 1986. Mr Tsoi is an Executive Director and the Chief Executive Of? cer of Varitronix International Limited, an Executive Director of ReOrient Group Limited, a Nonexecutive Director of China WindPower Group Limited and Zhidao International (Holdings) Limited (formerly known as â€Å"Ocean Grand Holdings Limited†), all of which are listed on the main board of the Stock Exchange. He is also the Deputy Chairman of the supervisory board of Data Modul AG, which is listed on the Frankfurt Stock Exchange.Mr Peter Wan Kam To*^, aged 59, was appointed an Independent Non-executive Director of the Company and the Chairman of the Company’s Audit Committee in September 2009. He is a Fellow Member of Hong Kong Institute of Certi? ed P ublic Accountants and the Association of Chartered Certi? ed Accountants. Mr Wan was a former partner of PricewaterhouseCoopers Hong Kong and China ? rm. He has been a practicing accountant in Hong Kong for over 30 years and has extensive experience in auditing, ? nance, advisory and management.Mr Wan is currently an Independent Director of Mindray Medical International Limited (a company listed on the New York Stock Exchange, USA) and RDA Microelectronics, Inc. (a company listed on the NASDAQ). Mr Wan is also an Independent Non-executive Director of several companies listed on the Stock Exchange, namely China Resources Land Limited, Dalian Port (PDA) Company Limited, GreaterChina Professional Services Limited and Huaneng Renewables Corporation Limited. He was formerly an Independent Non-executive Director of Real Gold Mining Limited, which is listed on the main board of the Stock Exchange. # ^ *^ * # ^ Member of the Audit Committee Member of the Remuneration Committee Member of the Nomination Committee 17 Report of the Directors The Board of Directors (the â€Å"Board†) of Fairwood Holdings Limited (the â€Å"Company†) has pleasure in submitting their annual report together with the audited ? nancial statements of the Company and its subsidiaries (collectively referred to as the â€Å"Group†) for the year ended 31 March 2012. Principal Place of Business Canon’s Court, 22 Victoria Street, Hamilton HM12, Bermuda The Company is incorporated in Bermuda. Its registered of? e is situated at Canon’s Court, 22 Victoria Street, Hamilton HM12, Bermuda and principal place of business is situated at 2/F, TRP Commercial Centre, 18 Tanner Road, North Point, Hong Kong. Principal Activities The principal activity of the Company is investment holding. The Group is principally engaged in the operation of fast food restaurants and property investments. The principal activities and other particulars of the principal subsidiaries are set out on pages 131 to 133 to the ? nancial statements. The analysis of the principal activities and geographical locations of the operations of the Group during the ? ancial year are set out in note 3(b) to the ? nancial statements. 131 133 3(b) Major Customers and Suppliers For the year ended 31 March 2012, the aggregate amount of turnover and purchases attributable to the Group’s ? ve largest customers and suppliers represent less than 30% (2011: less than 30%) of the Group’s total turnover and purchases respectively. 30% 30% Financial Statements The pro? t of the Group for the year ended 31 March 2012 and the state of the Company’s and the Group’s affairs as at that date are set out in the ? nancial statements on pages 43 to 133. 43 33 Transfer to Reserves 130,567,000 123,842,000 Pro? t attributable to equity shareholders, before dividends, of HK$130,567,000 (2011: HK$123,842,000) has been transferred to reserves. Other movements in reserves are set out in the consolidated statement of changes in equity. An interim dividend of HK22. 0 cents (2011: an interim dividend of HK20. 0 cents and a special interim dividend of HK8. 0 cents) per share was paid on 23 December 2011. The Board now recommends the payment of a ? nal dividend of HK38. 0 cents and a special ? nal dividend of HK40. 0 cents (2011: a ? al dividend of HK32. 0 cents and a special ? nal dividend of HK12. 0 cents) per share in respect of the year ended 31 March 2012. 22. 0 20. 0 38. 0 40. 0 32. 0 12. 0 8. 0 18 FAIRWOOD HOLDINGS LIMITED Charitable Donations 8,000 66,000 Charitable donations made by the Group during the year amounted to HK$8,000 (2011: HK$66,000). Fixed Assets 11 Movements in ? xed assets during the year are set out in note 11 to the ? nancial statements. Share Capital During the year, the Company purchased shares of the Company on The Stock Exchange of Hong Kong Limited (the â€Å"Stock Exchange†).Shares were repurchased during the year to reduce the diluti ve effect of granting share options. Details of movements in share capital of the Company during the year are set out in note 24(d) to the ? nancial statements. 24(d)(ii) Save as set out in note 24(d)(ii) to the ? nancial statements, there were no other purchases, sales or redemptions of the Company’s listed securities by the Company or any of its subsidiaries during the year. 24(d) Directors The Directors of the Company (the â€Å"Directors†) during the ? nancial year and up to the date of this report were:Executive Directors Dennis Lo Hoi Yeung (Executive Chairman) Chan Chee Shing (Chief Executive Of? cer) Mak Yee Mei Non-executive Director Ng Chi Keung Independent Non-executive Directors Joseph Chan Kai Nin Peter Lau Kwok Kuen Tony Tsoi Tong Hoo Peter Wan Kam To 109 189(viii) In accordance with Bye-laws 109 and 189(viii) of the Company, Mr Tony Tsoi Tong Hoo and Mr Peter Wan Kam To shall retire by rotation at the forthcoming annual general meeting and Mr Tony Tsoi T ong Hoo and Mr Peter Wan Kam To, being eligible, will offer themselves for re-election at the forthcoming annual general eeting. Independent Non-executive Directors are appointed for a ? xed term of three years and are subject to retirement by rotation and re-election at the annual general meeting of the Company in accordance with the Bye-laws of the Company. 19 Report of the DirectorsDirectors’ and Chief Executives’ Interests and Short Positions in Shares, Underlying Shares and Debentures 352 As at 31 March 2012, the interests or short positions of the Directors and chief executives of the Company and their associates in the shares, underlying shares and debentures of the Company and its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (the â€Å"SFO†)) as recorded in the register required to be kept by the Company pursuant to Section 352 of the SFO, or as otherwise noti? d to the Company and the Stock Exchange purs uant to the Model Code for Securities Transactions by Directors of Listed Issuers (the â€Å"Model Code†) were as follows: XV (a) (a) Interests in the Company 1 Ordinary shares of HK$1 each Number of underlying shares pursuant Personal interests Dennis Lo Hoi Yeung 109,000 Family interests – Corporate interests – Other interests 55,435,384 1 (Note 1) Chan Chee Shing Mak Yee Mei 15,000 680,000 – – – – – – 1,000,000 320,000 1,015,000 1,000,000 0. 2% 0. 80% to Share Options – Total 55,544,384 Percentage of total issued shares 44. 61% 1 Limited Limited Neblett Investments Neblett CFJ Holdings CFJ Neblett CFJ Note 1: These shares were held by Neblett Investments Limited (â€Å"Neblett†) and CFJ Holdings Limited (â€Å"CFJ†). The companies are bene? cially owned by two separate trusts of which Mr Dennis Lo Hoi Yeung is a discretionary object.Mr Dennis Lo Hoi Yeung, by virtue of his interest in the trusts a s a discretionary object and as the Executive Chairman of the Company, was deemed to be interested in the shares held by Neblett and CFJ. 20 FAIRWOOD HOLDINGS LIMITED Directors’ and Chief Executives’ Interests and Short Positions in Shares, Underlying Shares and Debentures (continued) (b) (b) Interests in Fairwood Fast Food Limited (â€Å"FFFL†) 10 Non-voting deferred shares of HK$10 each Personal interests Dennis Lo Hoi Yeung 11,500 Family interests – Corporate interests –Other interests 279,357 2 (Note 2) Total 290,857 2: Limited Pengto International Pengto Pengto Note 2: These shares were held by Pengto International Limited (â€Å"Pengto†), a company bene? cially owned by a trust of which Mr Dennis Lo Hoi Yeung is a discretionary object. Mr Dennis Lo Hoi Yeung, by virtue of his interest in the trust as a discretionary object and as the Executive Chairman of the Company, was deemed to be interested in the shares held by Pengto. All the in terests stated above represent long positions.Apart from the foregoing and those disclosed under the section â€Å"Share Option Scheme† below, as at 31 March 2012, none of the Directors or chief executives of the Company or any of their spouses or children under eighteen years of age had any other interests or short positions in the shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) which had been entered in the register kept by the Company pursuant to Section 352 of the SFO or as otherwise noti? d to the Company and the Stock Exchange pursuant to the Model Code. Details of Directors’ and chief executives’ interests under the Company’s share option scheme are also set out in the section â€Å"Share Option Scheme† below. 352 XV 21 Report of the Directors Share Option Scheme On 7 September 2011, the Company terminated its then share option scheme that was adopted on 18 September 2002 (the â€Å"2002 Option Scheme†) and adopted a new share option scheme (the â€Å"2011 Option Scheme†) on the same date.As a result of the termination, no further options may be granted under the 2002 Option Scheme but the options that have been granted and remained outstanding as of that date under the 2002 Option Scheme remain effective. A summary of the 2002 Option Scheme and 2011 Option Scheme is set out below: (a) a) 2002 Option Scheme The purpose of the 2002 Option Scheme was to attract and retain the best quality personnel for the development of the Company’s businesses; to provide additional incentives to any employee of the Company or its subsidiaries or any consultant, agent, representative, adviser, supplier of goods or services, customer, contractor, business ally and joint venture partner (the â€Å"2002 Option Scheme Qualifying Grantee†) and to promote the long term ? nancial success of the Company by aligning the interests of option holders to shareholders of the Company.Under the 2002 Option Scheme, Directors were authorised, at their discretion, to invite any Director (including Non-executive Director and Independent Non-executive Director) or any of the 2002 Option Scheme Qualifying Grantee to take up options to subscribe for shares in the Company at a price which shall not be less than the highest of (i) the closing price of the shares as stated in the daily quotation sheet of the Stock Exchange on the date of offer; (ii) the average closing price of the shares as stated in the daily quotation sheets of the Stock Exchange for the 5 business days immediately preceding the date of offer and (iii) the nominal value of a share. As at 7 September 2011 (being the date of termination), the maximum number of shares in respect of which options granted under the 2002 Option Scheme is 12,660,828 shares, being 10% of the issued share capital of the Company as at 23 August 2006, the date on which the refreshme nt of the mandate limit under the 2002 Option Scheme was approved by the shareholders of the Company.The maximum entitlement for any one participant under the 2002 Option Scheme shall not in any 12 months period up to the date of grant exceed 1% of the Company’s shares in issue. (i) (ii) (iii) 12,660,828 10% 1% 22 FAIRWOOD HOLDINGS LIMITED Share Option Scheme (continued) (b) (b) 2011 Option Scheme The purpose of the 2011 Option Scheme is to attract and retain the best quality personnel for the development of the Company’s businesses; to provide incentives or rewards to any employee, Director (including Non-executive Director and Independent Non-executive Director) or of? cer of any member of the Group or any related trust or company (the â€Å"2011 Option Scheme Qualifying Grantee†) and to promote the long term ? ancial success of the Company by aligning the interests of option holders to shareholders of the Company. Under the 2011 Option Scheme, Directors were authorised, at their discretion, to invite any of the 2011 Option Scheme Qualifying Grantee to take up options to subscribe for shares in the Company at a price which shall not be less than whichever is the highest of (i) the closing price of the shares as stated in the daily quotation sheet of the Stock Exchange on the date of offer; (ii) the average closing price of the shares as stated in the daily quotation sheets of the Stock Exchange for the 5 business days immediately preceding the date of offer and (iii) the nominal value of a share.As at 31 March 2012, the maximum number of shares in respect of which options may be granted under the 2011 Option Scheme is 12,563,528 shares being 10% of the issued share capital of the Company as at 7 September 2011. The maximum entitlement for any one participant under the 2011 Option Scheme shall not in any 12 months period up to the date of grant exceed 1% of the Company’s shares in issue. (i) (ii) (iii) 12,563,528 10% 1% The life of the 2011 Option Scheme is 10 years commencing on 7 September 2011 and expiring on 6 September 2021. During the year ended 31 March 2012, (i) (i) No option was granted under the 2011 Option Scheme; and 23 Report of the Directors Share Option Scheme (continued) (ii) 1 12. 58 11. 0 1 1 (ii) the Directors and employees of the Company had the following interests in options to subscribe for shares of the Company (market value per share at 31 March 2012 was HK$12. 58 (2011: HK$11. 10)) granted for HK$1 consideration under the 2002 Option Scheme. The options are unlisted. Each option gives the holder the right to subscribe for one ordinary share of HK$1 each of the Company. Number of options outstanding at 1 April 2011 1,000,000 Chan Chee Shing (Director) Number of options granted during the year – Date granted Number of options lapsed Exercisable during period the year – Number of options exercised during the year – Number of options outstanding at 31 March 2012 1,000 ,000 Exercise price per share 6. 26 HK$6. 26Closing price per share immediately before date of grant of options 6. 28 HK$6. 28 Weighted average price of closing price per share immediately before date of exercise of options – 8 April 2009 20% Exercisable in ? ve tranches of 20% during the period from 1 April 2010 to 31 March 2016 400,000 Mak Yee Mei (Director) 1 March 2010 20% Exercisable in ? ve tranches of 20% during the period from 1 January 2011 to 31 December 2016 800,000 Employee 6 April 2009 20% Exercisable in ? ve tranches of 20% during the period from 5 April 2010 to 4 April 2017 – (480,000) (320,000) – 6. 30 HK$6. 30 6. 23 HK$6. 23 11. 68 HK$11. 68 – – (80,000) 320,000 8. 08 HK$8. 08 8. 07 HK$8. 7 11. 68 HK$11. 68 24 FAIRWOOD HOLDINGS LIMITED Share Option Scheme (continued) Number of options outstanding at 1 April 2011 2,358,000 Employees Number of options granted during the year – Date granted Number of options lapsed Exercisable during period the year (78,000) Number of options exercised during the year (600,000) Number of options outstanding at 31 March 2012 1,680,000 Exercise price per share 6. 26 HK$6. 26 Closing price per share immediately before date of grant of options 6. 28 HK$6. 28 Weighted average price of closing price per share immediately before date of exercise of options 11. 10 HK$11. 10 8 April 2009 20% Exercisable in ? e tranches of 20% during the period from 1 April 2010 to 31 March 2016 95,000 Employee 4 May 2009 20% Exercisable in ? ve tranches of 20% during the period from 1 April 2010 to 31 March 2016 90,000 Employee 10 July 2009 20% Exercisable in ? ve tranches of 20% during the period from 1 July 2010 to 30 June 2016 50,000 Employee 17 December 2010 20% Exercisable in ? ve tranches of 20% during the period from 17 December 2011 to 16 November 2018 – – – 50,000 10. 96 HK$10. 96 10. 60 HK$10. 60 – – – (30,000) 60,000 7. 69 HK$7. 69 7. 30 HK$7. 3 0 11. 46 HK$11. 46 – (60,000) (35,000) – 6. 29 HK$6. 29 6. 18 HK$6. 18 10. 78 HK$10. 78 25 Report of the DirectorsShare Option Scheme (continued) Number of options outstanding at 1 April 2011 100,000 Employee Number of options granted during the year – Date granted Number of options lapsed Exercisable during period the year – Number of options exercised during the year – Number of options outstanding at 31 March 2012 100,000 Exercise price per share 10. 90 HK$10. 90 Closing price per share immediately before date of grant of options 10. 92 HK$10. 92 Weighted average price of closing before date of exercise of options – 16 February 2011 20% Exercisable in ? ve tranches of 20% during the period from 16 February 2012 to 15 February 2017 – Employee 28 April 2011 20% Exercisable in ? e tranches of 20% during the period from 28 April 2012 to 27 May 2019 – Employee 28 April 2011 20% Exercisable in ? ve tranches of 20% during the perio d from 1 July 2011 to 30 June 2016 – Employee 9 May 2011 20% Exercisable in ? ve tranches of 20% during the period from 9 May 2012 to 8 May 2019 800,000 – – 800,000 10. 88 HK$10. 88 10. 82 HK$10. 82 – 100,000 (80,000) (20,000) – 10. 91 HK$10. 91 10. 84 HK$10. 84 11. 76 HK$11. 76 800,000 – – 800,000 10. 91 HK$10. 91 10. 84 HK$10. 84 – 26 FAIRWOOD HOLDINGS LIMITED Share Option Scheme (continued) Information on the accounting policy for share options granted and the weighted average value per option is provided in note 1(p)(ii) and note 21 to the ? nancial statements respectively.Apart from the foregoing, at no time during the year was the Company or any of its subsidiaries a party to any arrangement to enable the Directors or chief executives of the Company or any of their spouses or children under eighteen years of age to acquire bene? ts by means of acquisition of shares in or debentures of the Company or any of its associated corporations within the meaning of the SFO. 1(p)(ii) 21 Substantial Interests in the Share Capital of the Company 336 As at 31 March 2012, the interests or short positions of every person, other than the Directors and chief executives of the Company, in the shares and underlying shares of the Company as recorded in the register required to be kept by the Company under Section 336 of the SFO, or as otherwise noti? d to the Company, were as follows: Shares directly and/or indirectly held (i) Neblett (ii) CFJ 2 1 1 2 1 (i) Neblett (Note 1) (ii) CFJ (Note 2) (iii) Winning Spirit International Corporation (Note 1) (iv) HSBC International Trustee Limited (Note 1) (v) HSBC Trustee (Cook Islands) Limited (Note 2) (vi) Allard Partners Limited 12,632,500 6,660,000 48,775,384 48,775,384 6,660,000 48,775,384 Percentage of total issued shares 39. 18% 5. 35% 39. 18% 39. 18% 5. 35% 10. 15% (iii) Winning Spirit International Corporation Limited Limited (iv) HSBC International Trustee (v) HSBC Trust ee (Cook Islands) (vi) Allard Partners Limited 27 Report of the DirectorsSubstantial Interests in the Share Capital of the Company (continued) 1 Neblett Winning Spirit International Corporation Neblett 100% Neblett HSBC International Trustee Limited Winning Spirit International Corporation 100% Neblett Note 1: These interests represented the same block of shares directly held by Neblett. Winning Spirit International Corporation owned 100% interest in Neblett and was therefore deemed to be interested in the shares directly held by Neblett. HSBC International Trustee Limited, in its capacity as a trustee of a trust of which Mr Dennis Lo Hoi Yeung is a discretionary object, owned 100% interest in Winning Spirit International Corporation and was therefore deemed to be interested in the shares directly held by Neblett; and 2 CFJ HSBC Trustee (Cook Islands) Limited CFJ CFJ 100% Note 2: these interests represented the same block of shares directly held by CFJ. HSBC Trustee (Cook Islands) L imited, in its capacity as a trustee of a rust of which Mr Dennis Lo Hoi Yeung is a discretionary object, owned 100% interest in CFJ and was therefore deemed to be interested in the shares directly held by CFJ. All the interests stated above represent long positions. Save as disclosed above, no other interest or short position in the shares or underlying shares of the Company were recorded in the register required to be kept under Section 336 of the SFO as at 31 March 2012. 336 Suf? ciency of Public Float Based on the information that is publicly available to the Company and within the knowledge of the Directors as at the date of this annual report, the Company has maintained the prescribed public ? oat under the Rules Governing the Listing of Securities on the Stock Exchange (the â€Å"Listing Rules†). 28FAIRWOOD HOLDINGS LIMITED Continuing Connected Transactions 14A The particulars of the following continuing connected transactions of the Group are set out below in complian ce with the reporting requirements of Chapter 14A of the Listing Rules: (a) 28(b) (a) Tenancy agreement with New Champion International Limited (â€Å"New Champion†) As detailed in note 28(b) to the ? nancial statements, FFFL, a subsidiary of the Company, leased a property from New Champion with a lease term of three years from 10 April 2009 to 9 April 2012 for the operation of a fast food restaurant. On 31 October 2011, such lease was renewed for a further three years from 10 April 2012.As New Champion is an associate of Mr Dennis Lo Hoi Yeung (a Director of the Company), the entering into the lease constituted continuing connected transaction for the Company. Details of rent and deposits paid by FFFL relating to the property for the above transaction are as follows: 2012 HK$’000 Rent for the year Rental deposits at 31 March 1,440 360 2011 HK$’000 1,440 360 (b) 28(c) (b) Tenancy agreement with Hibony Limited (â€Å"Hibony†) As detailed in note 28(c) to t he ? nancial statements, FFFL leased a property from Hibony for three years from 1 March 2012 for the operation of a fast food restaurant that had to be relocated due to urban renewal.As Hibony is an associate of Mr Dennis Lo Hoi Yeung (a Director of the Company), the entering into the lease constituted continuing connected transaction for the Company. Details of rent and deposits paid by FFFL relating to the property for the above transaction are as follows: 2012 HK$’000 Rent for the year Rental deposits at 31 March 208 660 2011 HK$’000 – – 29 Report of the Directors Continuing Connected Transactions (continued) 14A In compliance with Chapter 14A of the Listing Rules in connection with the above continuing connected transactions, the Independent Non-executive Directors have reviewed and con? rmed that the transactions with New Champion nd Hibony (the â€Å"Transactions†) have been entered into: (i) in the ordinary and usual course of business; (ii ) either on normal commercial terms or on terms no less favourable than those available to or from independent third parties; (iii) in accordance with the terms of agreements governing the Transactions on terms that are fair and reasonable and in the interests of the shareholders of the Company as a whole; and (iv) the aggregate value of the Transactions for the year ended 31 March 2012 has not exceeded the maximum aggregate annual value. The Company’s auditor was engaged to report on the Group’s continuing connected transactions in accordance with Hong Kong Standard on Assurance Engagements 3000 â€Å"Assurance Engagements Other Than Audits or Reviews of Historical Financial Information† and with reference to Practice Note 740 â€Å"Auditor’s Letter on Continuing Connected Transactions under the Hong Kong Listing Rules† issued by the Hong Kong Institute of Certi? ed Public Accountants. The auditors have issued their unquali? ed letter containing t heir ? dings and conclusions in respect of the continuing connected transactions in accordance with Rule 14A. 38 of the Listing Rules. A copy of the auditor’s letter has been provided by the Company to the Stock Exchange. (i) (ii) (iii) (iv) 3000 740 14A. 38 Directors’ Interests in Contracts Save as the transactions disclosed in the section headed â€Å"Continuing Connected Transactions†, no contract of signi? cance to the Group’s business to which the Company or any of its subsidiaries was a party and in which a Director had a material interest, whether directly or indirectly, subsisted at the end of the year or at any time during the year. 30 FAIRWOOD HOLDINGS LIMITED Directors’ Service ContractsNo Director proposed for re-election at the forthcoming annual general meeting has an unexpired service contract which is not determinable by the Company or any of its subsidiaries within one year without payment of compensation, other than normal statuto ry compensation. Pre-emptive Rights There is no provision for pre-emptive rights under the Company’s Bye-laws and the laws in Bermuda. Bank Loans 19 Particulars of bank loans of the Group at 31 March 2012 are set out in note 19 to the ? nancial statements. Five-Year Group Financial Summary 134 135 A summary of the results and of the assets and liabilities of the Group for the last ? ve ? nancial years is set out on pages 134 and 135 of the annual report. Investment Properties 136 Particulars of the investment properties of the Group are shown on page 136 of the annual report. Retirement SchemeThe Group operates a Mandatory Provident Fund Scheme (the â€Å"MPF Scheme†) under the Hong Kong Mandatory Provident Fund Schemes Ordinance for employees in Hong Kong under the jurisdiction of the Hong Kong Employment Ordinance. Particulars of the MPF Scheme are set out in note 20 to the ? nancial statements. Employees engaged by the Group outside Hong Kong are covered by appropri ate local de? ned contribution retirement schemes pursuant to the local labour rules and regulations. 20 Con? rmation of Independence 3. 13 The Company has received from each of the Independent Nonexecutive Directors an annual con? rmation of independence pursuant to Rule 3. 13 of the Listing Rules and considers all the Independent Non-executive Directors to be independent. 31 Report of the Directors Auditor KPMG retire and, being eligible, offer themselves for re-appointment.A resolution for the re-appointment of KPMG as auditor of the Company is to be proposed at the forthcoming annual general meeting. By order of the Board Dennis Lo Hoi Yeung Executive Chairman Hong Kong, 27 June 2012 32 FAIRWOOD HOLDINGS LIMITED Corporate Governance Report The Board of Directors (the â€Å"Board†) of Fairwood Holdings Limited (the â€Å"Company†) is committed to achieving high standards of corporate governance practices to safeguard the interests of shareholders and to enhance corp orate value and accountability. The Company has complied with the code provisions as set out in the Code on Corporate Governance Practices (the â€Å"CG Code†) contained in Appendix 14 of the Rules Governing the Listing ofSecurities on The Stock Exchange of Hong Kong Limited (the â€Å"Listing Rules†) throughout the year ended 31 March 2012, save and except that the Chairman and/or Managing Director of the Company are not subject to retirement by rotation, details of which and the reasons for the deviation are stated below. Following the announcement of consultation conclusion on the review of the CG Code and associated Listing Rules in October 2011, The Stock Exchange of Hong Kong Limited (â€Å"Stock Exchange†) introduced a number of amendments to the CG Code and associated Listing Rules that are to be effective in 2012 (â€Å"Revised Code†). This report also describes the number of requirements under the Revised Code that the Company has adopted. Model Code for Securities TransactionsThe Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the â€Å"Model Code†) as set out in Appendix 10 of the Listing Rules for securities transactions by the Directors of the Company (the â€Å"Directors†). Following speci? c enquiry by the Company, all Directors con? rmed their compliance with the required standards set out in the Model Code throughout the year ended 31 March 2012. Board of Directors The overall management of the Company’s business is vested in the Board, which assumes the responsibility for leadership and control of the Company and is collectively responsible for promoting the success of the Company by directing and supervising its affairs. All Directors have taken decisions objectively in the interests of the Company and its shareholders at all times.The Board recognizes that corporate governance should be the collective responsibility of all Directors, as such, it adopted terms of reference for corporate governance functions that are in line with the Revised Code. 33 Corporate Governance Report Board of Directors (continued) The Board undertakes responsibility for decision making in major matters of the Company, including the approval and monitoring of all policy matters, overall strategies and budgets, internal controls, ? nancial information, appointment of directors and other signi? cant ? nancial and operational matters. All Directors have been consulted on all major and material matters of the Company.With the advice and services of the Company Secretary, the Executive Chairman seeks to ensure that all Directors are properly briefed on issues arising at Board meetings and receive adequate and reliable information in a timely manner. Directors may choose to take independent professional advice in appropriate circumstances at the Company’s expenses, upon making request to the Board. The day-to-day management, administration and ope ration of the Company are delegated to the Executive Committee which comprises the three Executive Directors and the senior management of the Company. The delegated functions and work tasks are periodically reviewed. Approval has to be obtained from the Board prior to any signi? ant transactions entered into by the abovementioned of? cers. As at the date of this report, the Board comprises the following Directors:– Executive Directors Dennis Lo Hoi Yeung (Executive Chairman) Chan Chee Shing (Chief Executive Of? cer) Mak Yee Mei Non-executive Director Ng Chi Keung Independent Non-executive Directors (â€Å"INED(s)†) Joseph Chan Kai Nin Peter Lau Kwok Kuen Tony Tsoi Tong Hoo Peter Wan Kam To 34 FAIRWOOD HOLDINGS LIMITED Board of Directors (continued) During the year ended 31 March 2012, the Board at all times met the requirements of the Listing Rules relating to the appointment of at least three INEDs with at least one INED possessing appropriate professional quali? atio ns or accounting or related ? nancial management expertise. The representation of INEDs is more than one third of the Board. A list containing the names of the Directors with their roles and functions has been published on the websites of the Company and the Stock Exchange. Biographical details of all Directors are set out on pages 15 to 17 of this annual report. There is no relationship among Directors of the Board and in particular, between the Executive Chairman and the Chief Executive Of? cer. The Company has received from each of the INED an annual con? rmation in writing of his independence pursuant to Rule 3. 13 of the Listing Rules.Furthermore, the Board is not aware of any relationship or circumstances which would interfere with the exercise of the independent judgment of the INEDs. Accordingly, the Company considers that all the INEDs are independent. Four full Board meetings were held during the year ended 31 March 2012 and attendance record of each Director is set out be low:– 15 17 3. 13 No. of meetings attended/held Executive Directors Dennis Lo Hoi Yeung (Executive Chairman) Chan Chee Shing (Chief Executive Of? cer) Mak Yee Mei Non-executive Director Ng Chi Keung Independent Non-executive Directors Joseph Chan Kai Nin Peter Lau Kwok Kuen Tony Tsoi Tong Hoo Peter Wan Kam To 4/4 4/4 3/4 4/4 3/4 4/4 4/4 4/4 35Corporate Governance Report Board of Directors (continued) All Directors well understand their responsibilities to present a balanced, clear and understandable assessment of annual and interim reports, price-sensitive announcements and other disclosures required under the Listing Rules and other regulatory requirements. The Directors acknowledge their responsibility for preparing ? nancial statements which give a true and fair view of the state of affairs of the Group. The statement of the auditor of the Company about their reporting responsibilities on the ? nancial statements of the Company is set out on pages 41 and 42 in the independ ent auditor’s report.The Directors, having made appropriate enquiries, con? rm that there are no material uncertainties relating to events or conditions that may cast doubt upon the Company’s ability to continue as a going concern. 41 42 Appointment and Re-election of Directors On 11 January 2012, the Board established the Nomination Committee with written terms of reference which are in line with the Revised Code and are posted on the websites of the Company and the Stock Exchange and are available to shareholders upon request. The Nomination Committee comprises two INEDs, Dr Peter Lau Kwok Kuen and Mr Peter Wan Kam To. Mr Dennis Lo Hoi Yeung is the chairman of the Nomination Committee.The Nomination Committee reviews the structure, size and composition of the Board, identi? es and recommends to the Board suitable candidate(s) to stand for election by shareholders at annual general meeting, or when necessary, to ? ll vacancies on the Board. The Board is empowered unde r the Bye-laws of the Company (the â€Å"Bye-laws†) to appoint any person as a director of the Company either to ? ll a casual vacancy or as an addition to the Board. For procedures for shareholders to propose a person for election as a director, please refer to the procedures posted on the Company’s website. 36 FAIRWOOD HOLDINGS LIMITED Appointment and Re-election of Directors (continued) i) (ii) According to the Bye-laws, (i) new Directors appointed by the Board during the year shall hold of? ce until the ? rst annual general meeting after their appointment and shall then be eligible for reelection; and (ii) at each annual general meeting, one-third of the Directors (other than any Director holding of? ce as Chairman or Managing Director) for the time being or, if their number is not three or a multiple of three, then the number nearest to but not less than one-third, shall retire from of? ce provided that each Director (other than any Director holding of? ce as Chai rman or Managing Director) including those appointed for a speci? c term shall be subject to retirement by rotation at least once every three years.A copy of an up-to-date consolidated version of the Company’s Memorandum of Association and Bye-laws are available at the websites of the Company and the Stock Exchange. Currently, all Non-executive Directors are appointed for a speci? c term of three years, subject to retirement by rotation and re-election by the shareholders in accordance with the Bye-laws. Chairman and Chief Executive Of? cer The Chairman and Chief Executive Of? cer of the Company are Messrs Dennis Lo Hoi Yeung and Chan Chee Shing respectively whose roles are segregated and are not exercised by the same individual. A. 4. 2 Code provision A. 4. 2 of the CG Code stipulates that every director, including those appointed for a speci? term, should be subject to retirement by ro