Movie Evaluation free essay sample

At this point he doesn’t really know what is actually happening. He continues in his routine grabbing a snack from the fridge and then pressing the play button on the answering machine. In this scene He listens to the first of six messages his father left as the events unfolded. He then turns on the television as the messages continue to play and witnesses what has happened and realizes his father is in the building. Just as the news camera captures the first tower falling Oscar falls to his knees, the pudding he got from the fridge spews everywhere and he begins to sob. This movie is categorized as a drama. Certain aspects should be within a drama and relating criteria should be established this includes first and foremost emotion, second would be a powerful message, also if the movie is based from real events, such as this one, realistic scenarios should take place and last but not least quality acting and effective casting, which go hand in hand. We will write a custom essay sample on Movie Evaluation or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In a beginning scene from the movie when Oscars mother Linda Schell (Sandra Bullock) gets a phone call from her husband Thomas Schell while she is at work. You can hear the sheer panic in his voice and the chaos of distraught people in the background. Linda Schell now understands how dyer the situation is because he is in the building. She panics and tries to talk him into staying on the phone with her, they get disconnected. The viewer can easily relate to Linda’s fear and helplessness. Throughout the entire movie you can feel Oscars pain of losing his father. After â€Å"the worst day† Oscar refused to step foot in his father’s closet until one day he gathers the courage to do so. He is sorting through his father’s things when he knocks a vase off of a shelf. The vase shatters and he finds a key and believes it was a last â€Å"reconicense mission† his father created for him. He deems it necessary to continue the game they played that consisted of Oscar going on â€Å"reconicense quests† that his father would develop for him so that he would face his fears of being out in society. Loud noises, lots of people and being out in public put Oscar on edge as he has Autism and he has much trouble trying to make sense out of the simplest things in life and understanding why he can’t make sense of them, but his focus of understanding turned to his father’s untimely death. This movie does have a powerful message of how an unexpected tragedy can change lives forever. We may not have answers as to why or no complete understanding of what truly happens, but we must find a way to move on. As far as depicting real scenarios I believe this movie is right on point with one exception, Oscar was released from school as things started to take place. Before these attacks happened no one felt there was a real threat to humanity, but in a real situation such as this one, school districts, in my opinion, would not have released the children off on their own. Even if no one quite knew what was happening. It is the facilities responsibility to protect and care for those children while they are under their care. This was the only scenario I didn’t agree with. It almost gives a misconception of how schools would react, I think. Last but not least a drama should have quality acting which would foresee effective casting. Someone might seem right for the part but cannot portray the character effectively, which doesn’t make it believable or relatable. If the wrong people are casted, who aren’t quality actors, it would create a different atmosphere for the movie. It may not do so well if the characters aren’t portrayed effectively. I look for actors/actresses who have been awarded for their work and those I’m familiar with because there is a good chance the movie will be worthwhile. Overall Extremely Loud and Incredibly Close is a captivating, emotional and heartfelt movie about a boy with autism whom has just lost his father and learning to cope. With its quality acting and effective casting, powerful message and real life scenarios this movie is a must see.

Art Report for Humanities essays

Art Report for Humanities essays The pictures physical qualities could be noticed more if you were to look at the painting inside the picture. The actual painting would bulge out towards your face. There are so many different events going on with in the painting. Scale - 24 inches wide and 32 inches tall. The pictures formal qualities pop out in many different ways. The paint that is used in presenting the painting seems to appear as oil paint. The shape really didnt strike my eye at all. I chose the artist not from his name, because of the art. I ignored the names and focused on the art the artist was showing to us. I had a larger variety to choose from. The whole gallery was open to me. The art falls under the curvinlinear v. rectilinear category of the shape standards. The line definition was a little confusing to understand. I dont feel that the art carried any particular line pattern. The painting as has two different halves. There is a top half and then there is a bottom half that could be mean a represent two different totally meanings but still make there own story. The were a lot of solid colors. There were pinks, yellows, blues, greens, browns, black, white, orange and purple. But then there are figures that have just black and white in them, like the horse rolling out of the waves. There is the woman in the center of the piece that dramatically centers in the whole piece. The porpoise is dark and seems to be trying to be sneaky. There are fish that look real and seem to be scattering like a school of fish would look like. The Volcano looks fake and almost looks like a cartoon. The waves are fake, colorful and hidden to the right side of the painting. And at the bottom right part of the painting there is a tortes that also seems incredible fake and childish. ...

Victor Vasarely, Leader of the Op Art Movement

Victor Vasarely, Leader of the Op Art Movement Born on April 9, 1906, in Pecs, Hungary, artist Victor Vasarely initially studied medicine but soon abandoned the field to take up painting at the Podolini-Volkmann Academy in Budapest. There, he studied with Sandor Bortniky, through which Vasarely learned about the functional artistic style taught to students at the Bauhaus art school in Germany. It was one of a variety of styles that would influence Vasarely before he became the patriarch of Op Art, an abstract form of art featuring geometric patterns, bright colors and spatial trickery. An Emerging Talent Still an emerging artist in 1930, Vasarely traveled to Paris to study optics and color, earning a living in graphic design. In addition to the artists of the Bauhaus, Vasarely admired early Abstract Expressionism. In Paris, he found a patron, Denise Rene, who helped him open up an art gallery in 1945. He exhibited his works of graphic design and painting at the gallery. Vasarely unstintingly joined together his influences- the Bauhaus style and Abstract Expressionism- to reach new levels of geometric precision and foster the Op Art movement in the 1960s. His brilliant works went mainstream in the forms of posters and fabrics. The ArtRepublic website describes Op Art as Vasarely’s â€Å"own geometric form of abstraction, which he varied to create different optical patterns with a kinetic effect. The artist makes a grid in which he arranges geometric forms in brilliant colors in such a way that the eye perceives a fluctuating movement.† The Function of Art In Vasarely’s obituary, the New York Times reported that Vasarely viewed his work as the link between the Bauhaus and a form of modern design that would spare the public â€Å"visual pollution.† The Times noted, â€Å"He thought that art would have to combine with architecture to survive, and in later years made many studies and proposals for urban design. He also devised a computer program for the designing of his art as well as a do-it-yourself kit for making Op Art paintings and left much of the actual fabrication of his work to assistants.† According to the paper, Vasarely said, It is the original idea that is unique, not the object itself. The Decline of Op Art After 1970 the popularity of Op Art, and thus Vasarely, waned. But the artist used the proceeds from his Op Art works to design and build his own museum in France, the Vasarely Museum. It closed in 1996, but there are several other museums in France and Hungary named after the artist. Vasarely died on March 19, 1997, in Annet-on-Marne, France. He was 90. Decades before his death, Hungarian native Vasarely became a naturalized French citizen. Hence, he’s referred to as a Hungarian-born French artist. His wife, the artist Claire Spinner, preceded him in death. Two sons, Andre and Jean-Pierre, and three grandchildren, survived him. Important Works Zebra, 1938Vega, 1957Alom, 1966Sinfel, 1977 Links to nytimes.com/1997/03/18/arts/victor-vasarely-op-art-patriarch-dies-at-90.html

Craft and Cadbury horizontal merger as means of company growth Essay

Craft and Cadbury horizontal merger as means of company growth - Essay Example In 2010, 21 acquisitions have taken place till now and the total value is found to be 1.5 billion dollars. One of the most talked about merger and acquisition in the recent time is the Kraft and Cadbury horizontal merger. This report is all about this merger. The report tries to find out the relationship between the Kraft and Cadbury merger and the growth of both the company. Kraft foods Inc is one of the oldest and largest food and confectionary companies in the world. The company started its journey in the year 1903. Today the products of the company are consumed by billions of people in over 150 countries in the world. The company employs more than 100,000 people. Cadbury, on the other hand is one of the most popular confectionary company. The company is renowned for three different types of confectionary – chocolate, candy and gum. It started its journey in 18th century and it has its presence in 60 countries. The company employs almost 45,000 people. After the merger between these two giants (Kraft and Cadbury) Kraft foods have become the second leading food company in the world. It has also become the number one company in confectionary sector. Its total revenue is found to be almost 50 billion dollars. There are eleven brands; value of each of these is found to be 1 billion dollar. Moreover there are more than 70 brands, each of which is a 100 million dollars brand. It is found that 34% of Kraft’s middle and senior level management is women. Furthermore 30 leaders are found to be from 10 different nationalities (Kraft Foods. Building a global powerhouse). As a result it can be said that there is a diverse global team that is running Kraft Foods Inc. after its merger with Cadbury. In September, 2009 a proposal was made from Kraft foods Inc. to the Cadbury Inc.’s board regarding the merger of two companies. According to CNN, on September

Use of Supply Chain Management as a Method of Inventory Control Research Paper

Use of Supply Chain Management as a Method of Inventory Control - Research Paper Example Use of Supply Chain Management as a Method of Inventory Control The emerging role of supply chain as integral part of inventory control has become hugely relevant issue for businesses. Indeed, successful SCM not only improves productivity but also provides the business with long term sustainability in the highly competitive business environment. The fast transforming business dynamics, including rapid globalization, technology and diversity in product variety and short life span have all contributed towards tough market conditions (Lee, 2002). Thus, challenges of effective SCM, especially as a key method of inventory control, have become major issues to improve and improvise inventory management in order to optimize performance outcome and maintain competitive edge. Supply chain and its impact on inventory control Supply chain and inventory management are intrinsically linked to the wider goals and objectives of the business. Supply chain or the logistics can broadly be defined as ‘set of approaches utilized to efficiently integrate supplie rs, manufacturers, warehouses, and stores, so that merchandise is produced and distributed at the right quantities, to the right locations, and at the right time, in order to minimize system-wide costs while satisfying service level requirements’ (Simchi-Levi, Kaminsky, & Simchi-Levi, 2003, p. 1). The various imperatives of SCM are mainly designed to meet the changing needs and requirements of the customers. The SCM therefore is network of activities that encompasses supply and delivery of raw materials for manufacturing goods and delivery of the finished product to the end customers. Inventory, on the other hand is collection of raw materials and finished goods which need to be used in future. The inventory control system helps to streamline the supply and demand of the products by making available the raw material and finished good at any set time for the manufacturers and the retailers. The inventory or stock maintained at different stages of production and distribution is important element of inventory control system that helps to assess the quantity and time when products need to be replenished with fresh stock or new stock as per the demand. The cost effective analysis of stock helps to anticipate demand and supply of products, both of raw material and final products. For example, fast moving products and products with short life are stored in forward warehouse and slow moving products, risky or costly products are placed at central warehousing as shipped or moved to the destination when required. Thus, delivery of product is fast through the warehouses where the inventory is strategically placed or stored. Inventory is used as key constituent in SCM to coordinate various processes in order to meet the challenges of time with high efficiency and timeliness. Consequently, various factors like time, availability of raw material, coordination with various linkages like suppliers, distributors, warehouse, retail outlets etc. become hugely critical iss ues that need to be incorporated for higher performance. Porter (1985) strongly asserts that efficient SCM is vital ingredient of value chain that facilitates business activities to gain competitive edge. In the current dynamics of contemporary global business, goods are highly sensitive to pricing and changes. Effective SCM enhances operational efficiency within and outside the firm to meet the challenges of the fast changing requirements of the customers. Moreover, increasing efficiency and cost

Environmental Concerns and Public Policy Essay Example for Free

Environmental Concerns and Public Policy Essay Your 8 to 10 page final paper is to be a comprehensive research study on one of the following Public Policy topics: Social Security Health Care Welfare Primary and Secondary Public Education Environmental Concerns You will identify relevant material consistent with the focus of the topic using scholarly journals and professional websites with authored material (not popular Internet sites). Your analysis of the selected topic must include the following: The scope and nature of the public policy problem The evolution of public policy Evaluation of policy, the actors involved The intergovernmental structure and political concerns The approaches to policy setting The suggested policy direction that is supported by research In addition to the textbook, you must use a minimum of six resources from the Ashford Online Library Database, academic websites or professional journals and organizations in the field of Sociology. You are encouraged to analyze your findings and avoid over-use of direct quotations. Writing the Final Paper The Research Paper: Must be eight double-spaced pages in length and formatted according to APA style as outlined in the approved APA style guide. Must include a cover page that includes: Students name Course name and number Title of paper Instructors name Date submitted Must include an introductory paragraph with a succinct thesis statement. Must address the topic of the paper with critical thought. Must conclude with a restatement of the thesis and a conclusion paragraph. Must use APA style as outlined in the approved APA style guide to document all sources. Must incl To get this material copy and paste link to browser https://bitly.com/1rubRAC Going to college is an experience that will help you shape your personality and build a better future for yourself. It is important that you think about your decision carefully, compare different schools and programs and find a way to finance your education. Read this article to learn more about college. Sociology General Sociology Final Paper Your 8 to 10 page final paper is to be a comprehensive research study on one of the following Public Policy topics: Social Security Health Care Welfare Primary and Secondary Public Education Environmental Concerns You will identify relevant material consistent with the focus of the topic using scholarly journals and professional websites with authored material (not popular Internet sites). Your analysis of the selected topic must include the following: The scope and nature of the public policy problem The evolution of public policy Evaluation of policy, the actors involved The intergovernmental structure and political concerns The approaches to policy setting The suggested policy direction that is supported by research In addition to the textbook, you must use a minimum of six resources from the Ashford Online Library Database, academic websites or professional journals and organizations in the field of Sociology. You are encouraged to analyze your findings and avoid over-use of direct quotations. Writing the Final Paper The Research Paper: Must be eight double-spaced pages in length and formatted according to APA style as outlined in the approved APA style guide. Must include a cover page that includes: Students name Course name and number Title of paper Instructors name Date submitted Must include an introductory paragraph with a succinct thesis statement. Must address the topic of the paper with critical thought. Must conclude with a restatement of the thesis and a conclusion paragraph. Must use APA style as outlined in the approved APA style guide to document all sources. Must include six sources in addition to your text. Must include, on the final page, a Reference Page that is completed according to APA style as outlined in the approved APA style guide. Carefully review the Grading Rubric for th

Discovering Mortality in Once More to the Lake Essay -- Once More to t

Discovering Mortality in Once More to the Lake E. B. White's story "Once More to the Lake" is about a man who revisits a lake from his childhood to discover that his life has lost placidity.   The man remembers his childhood as he remembers the lake; peaceful and still.   Spending time at the lake as an adult has made the man realize that his life has become unsettling and restless, like the tides of the ocean.   Having brought his son to this place of the past with him, the man makes inevitable comparisons between his own son and his childhood self, and between himself as an adult and the way he remembers his father from his childhood perspective.   The man's experience at the lake with his son is the moment he discovers his own mortality.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The man had experienced adulthood, and therefore could never experience the lake as he did when he was a child.   Except for the sound of outboard motors, the lake was pretty much the same as it had been before.   "The only thing that was wrong now, really, was the sound of the place, an unfamiliar nervous sound of the outboard motors" (White 153).   This "nervous" sound suggests the nervousness of adulthood; the anxieties that sweep through the minds of people who have matured.   The noise created by the outboard motors reflects the noise inside the man's consciousness.   Instead of the "sleepy" sound of the inboard engines used when the man was a child, there were now noisy engines, which cluttered the air around the lake.   These sounds constantly reminded the man of the restlessness of his adult life.   Due to constant obstacles like the sound of the outboard motors or the internal struggles that come with adulthood, the man could only return to the lake as a guest of his own mem... ...izes his or her mortality in the same way.   Some people realize their mortality when they are young, while others realize it an instant before they die.   I am unsure if I will ever experience this sensation as the man in this story did.   However, knowing that I will one day have to face the inevitable, makes me want to create a belief for what will happen after I reach my fate.   I feel I can relate to the way the man felt because I have yet to find answers for what, if anything, will be found beyond my mortality.   The unsettling feeling that I get when I seriously think about this probably compares to the feeling the man got when he realized his own mortality.   Some people calm this feeling by putting their faith in God.   Unfortunately, I cannot escape my suspicion that God is the invention of an animal that knows it is going to die, and it sends a chill up my spine.

Multiculturalism and America’s identity Essay

I think multiculturalism strengthens America’s identity By allowing other from other countries come here, accepting them as US citizens, giving the opportunities that we have here in the US that they may not have in their own countries. Many other countries do not have a lot of the freedoms as we do, and allowing and accepting multiculturalism we are showing the world we are a fair and caring country that is open minded to giving others chances and breaks in their lives that they can get within their own country. Multiculturalism is the acceptance of multiple ethnic cultures, where people from different religious backgrounds, countries and tradition are given equitable status in schools, neighborhood, cities and nations. This has given rise to multiculturalism here in America. It has brought a change of social layers, but also made the citizen enjoy equal rights and liberty. It has given us a chance to learn things about other countries, their traditions, religious beliefs, and cultures. Multiculturalism in the US has definitely shown positive aspects and is still supporting a large number of immigrants, who have come here received great education and many have opened their businesses. The only downfalls I see are language barriers, I strongly believe if one lives in the United States they should speak English, it does create some issues in regards to communication. And that many people are not open minded enough to allow others enjoy the freedoms that we do here in the United States, there are many people that feel when people from other countries come here they take away from US citizens.

Dominant Position of a Company

According to the European competition case law, a dominant position is defined as â€Å"the power of a firm to behave to an appreciable extent independently of its competitors, customers and consumers†. It is obvious that a firm or several firms which hold a dominant position can determine price, the amount of production, supply and this is because these firms can act independently of their competitors and customers.As a result, dominant position can lead to the market power and in this situation a firm or several firms have an ability to individually make a big influence on the price and total quantity produced which could result to the market failure. But does this definition make an economic sense and how it should be interpreted in monopoly and oligopoly? Firstly, we need to understand exactly the actual meaning of a dominant position.It is a situation when a firm has an ability to behave independently of its competitors, customers and ultimately the final consumer. A well known example of monopolistic dominance is Microsoft’s market in PC operating systems. In monopoly some members in a market can gain market power allowing them to stop other important gains from trades and this can make the allocation of recourses inefficient due to imperfect competition. As going back to my example, Microsoft illegally used its market power by bundling its web browser with its operating system.In economics, market power is the ability of a firm to independently determine the market price and the production of a good or a service, of course, in perfectly competitive markets – market power vanishes. From this example we actually see that Microsoft has an ability to make a big influence on the price or other outcomes in the market by using its dominant position because that kind of a firm can raise price, outcomes without worrying of losing its customers.On the other hand, not only one firm can hold a dominant position, but also a dominant position can be held among several firms and this is called oligopolistic dominance. For example: in 2008 Verizon, AT&T, Sprint, Nextel and T-Mobile together controlled approximately 89 % of the United States cellular phone market. In this situation sometimes firms can decide to make some secret agreements in order, for example, to raise prices of cellular phones leading to the profit maximization, knowing that they still are not going to lose their costumers.Of course, there is opinion that oligopoly is better than monopoly, because oligopolistic dominance (several firms who have a dominant position) could help to stabilize unstable markets, for example dominant firms could set some kind of prices which could help other producers to survive in the certain market and this is called a price leadership, however the welfare of economics in oligopoly is not easy to analyze and to determine if it is going to have a positive reaction.Furthermore, now we know that the definition of dominant position ma kes an economic sense, because when a firm has a power to behave independently and can make a big influence on the welfare of the economics (prices, total quantity produced, efficiency in allocating the resources), market power and later market failure could occur. We also know that a market failure is a situation when the allocation of recourses is inefficient due to imperfect competition when not all sellers and buyers can be satisfied.In order to prevent market failure, each government imposes some policies such as subsidies, taxes, minimum wage, some price controls, however sometimes happens that these policies also create inefficiency in allocating the recourses and it is called government failure. Going back to the original topic, dominant position is not an exception.According to the European competition case law, dominant positions are not forbidden but in order for firms not to abuse that position they have a special responsibility: dominant firms must not allow their strat egic decisions to make a negative influence on competition in the market, in other words, dominant firms cannot intentionally prevent or eliminate competition. Moreover, in order to determine the definition of dominant position in monopoly, at first we need to understand the basic aspects of it.Monopoly is a situation when a certain agent is the only one who supplies a particular good, of course, it is obvious that this market has a lack of economic competition. In monopoly a company has a much bigger profit than it could expect in competitive market, because that only firm regulates all the prices and services for that certain good. As a result, it can raise the price and maximize its profit without worrying of losing its customers. So, the dominant position in monopoly is a market with a single agent which has a power to operate independently and has an ability to make a big influence on the prices and production.Finally, to do the same in oligopoly we also need to understand the basic aspects of it. Oligopoly is the market share of several firms which together make a big influence to the price or other outcomes of a certain market, however the difference between monopoly and oligopoly is that in oligopoly firms do not operate independently, because then they could lose some of their customers to their competitors. That is why several dominant firms always try to cooperate together and sometimes they even make some secret agreements in order to maximize their profits.So, the dominant position in oligopoly is the market share of several dominant firms who have an ability to make big influence on the prices and production. To sum up, we actually see that a dominant position can be defined variously in different areas but still all definitions will have the same meaning: a dominant position creates a market power which evidence to the inefficiency of allocating the resources in economic markets and sometimes leading to the market failure, but in some cases domi nant position is the key of stabilizing unstable markets.

Report on UBL Essays

Report on UBL Essays Report on UBL Essay Report on UBL Essay Executive Summary UBL is the second largest bank of Pakistan with assets of over Rs. 550 billion and a solid track record of forty six years in addition to the convenience of over 1400 branches serving its customers throughout the country and also at several overseas locations. In this 8 weeks internship program I have worked in Regional Credit Administration Departments (MIS section, Processing section, Documentation section) of this high class bank of Pakistan where I have learned about banking from experienced managers running these sections. During my internship I have found that in banking sector concentration and consistency is of utmost importance. Your little mistake can create a big problem. I have been worked in credit administration department for eight weeks, two weeks in Processing section, two weeks in Documentation section and four weeks in MIS section. This report contains the information and learning about UBL that I learnt during the 8 weeks internship period in United Bank limited. This report deals with Credit Administration Department in which I worked. Recognizing the need of Islamic banking, UBL also provided number of Islamic banking services like Islamic Deposit Schemes and Islamic Fund Based Facilities. At the end of the report, on basis of my observation during internship, financial analysis and SWOT analysis of UBL is provided. Suggestions are also recommended as per learning from analysis. This report will provide a better and brief learning about United Bank Limited. Background of Organization [pic] History of Banking â€Å"Bank is a pipeline through which currency moves into and out of circulation. Bank accepts deposits and repays cash to its customers on their demand. The Bank borrows money at a lesser rate of interest and lends it to the borrowers at a higher rate. It is thus a profit-lending concern. Bank cannot lend all the money that has been deposited with it. It has to keep a certain portion of the total deposits in cash with them in order to meet the cash requirements of the individuals and business concern. Banki ng History Word Bank is said to be derived from the words Banc us or Banque or Bank. The history of banking is traced to as early as 2000 BC. The priests in Greece used to keep money and valuables of the people in temples. These priests thus acted as financial agents. The origin of banking is also traced to early goldsmiths. They used to keep strong safes for storing the money and valuables of the people. The persons who had surplus money found it safe and convenient to deposit their valuables with them. The FIRST STAGE in the development of modern banking, thus, was the accepting of deposits of cash from those persons who had surplus money with them. The goldsmiths used to issue receipts for the money deposited with them. These receipts began to pass from hand to hand in settlement of transactions because people had confidence in the integrity and solvency of goldsmiths. When it was found that these receipts were drawn in such a way that it entitles any holder to claim the specified amount of money from goldsmiths. A depositor who is to make the payments may now get the money in cash from goldsmiths or pay over the receipt to the creditor. These receipts were the earlier bank notes. The SECOND STAGE in development of banking thus was the issue of bank notes. The goldsmiths soon discovered that all the people who had deposited money with them did not come to withdraw their funds in cash. They found that only a few persons presented the receipt for encashment during a given period of time. They also found that most of the money deposited with was lying idle. At the same time, they found that they were being constantly requested for loan on good security. They thought it profitable to lend at least some of the money deposited with them too the needy persons. This proved quite a profitable business for the goldsmiths. They instead of charging interest from the depositors began to give them interest on the money deposited with them. This was the THIRD STAGE, in the development of banking. By experience the banks came to know that they could keep a small proportion of the total deposits for meeting the demands of customers for cash and the rest they could easily lend. They allowed the depositors to draw over and above the money actually standing to their credit. In Economics terminology we can say that they allowed the overdraft facilities to their depositors. This was the FOURTH STAGE, in development of banking. When every bank issues receipts and most of them allowed the overdraft facilities, there was then too much confusion in the banking system. The banks in order to earn profits could not keep adequate reserves for meeting the demands of the customers for cash. The failures on the part of the bankers to return money caused widespread distress among the peoples. In order to create confidence among the people, steps were taken to regulate the banking organization. A conference was held in Nuremberg in 1548. It was decided that a bank should be set up by the state, which should streamline the banking organization and technique. The first central bank was formed in Geneva in 1578. Bank of England was established in 1694. The responsibility of issuing of notes is now entrusted to a central bank of each country. Commercial Banking in Pakistan At the time of partition total numbers of Banks were 38 only. Out of these Banks the Pakistani Banks were only 2, Indian Banks 29 Exchange Banks were 7. The total of deposits of Pakistani Banks was Rs. 880 Million. advances were Rs: 198 Million. According to banking companies ordinance Banks are the companies, which transacts the business of Banking in Pakistan. Commercial Banks have constituted the most important part of the intuitional credit in the economy of Pakistan. Being the largest source of credits, Banking Industry is a pivot of whole the economic activities in Pakistan. Section 37(2A) of State Bank of Pakistan Act 1965 lays down that the Banks must have paid-up capital reserve of not less then Rs: 5 Lac fulfilling certain other requirements for declaring as â€Å"Scheduled Bank†. At the time of independence Bank services was badly affected. But with the passage of time these are improving. The government of Pakistan nationalized all Banks in early 1974. This act was done to minimize control of few hands over banking. But this step was proved e futile for the Banking in Pakistan. So the Govt. had to revise its decision in1990. Two Banks (Allied Bank Of Pakistan Limited Muslim commercial Bank Of Pakistan Limited have been denationalized. Since then Banks were working well. Now slogan of the Banks is to serve their customers in the best possible manner. Professor Berton: â€Å"Banks are the guardian distributor of money â€Å". Similarly we can say that it is a pipeline thorough which currency moves into outside the circle. Banks accept deposited of money and repay it on demand. Bank borrows money at lesser rate of interest lends it at higher rate of interest. In this way Banks earn money. Bank do not lend all money they collect, they keep certain portion of it as reserve to meet the uncertain demand of the customer. [pic] Functions of a Commercial Bank In general terms the functions of a commercial bank can be classified under the following main heads. Accepting Deposits Some people have excess money and they want to deposits it to some honest man or an institution which can give them some profit. So the first function of commercial bank is to receive deposit there are three types of deposits. Demand Deposits or Current Deposits Some people deposit their excess money in the current accounts and they can withdraw their money deposited in this account at any time during the banking hours, so bank is not ready to give interest on it Fixed Deposits These deposits are fixed for a particular period. Commercial banks also pay an interest on these accounts. An important thing related to it is the varying interest rates for the different period deposits. Interest rate increases with the increase in the fixed deposit period. Saving Deposits To create the habit of savings, bank accepts the saving deposits and pays an interest on these deposits. And this rate of interest is greater than the demand deposits. Advancing Loans Bank also advances the loans to the merchants and charges the interest. It is the major source of its income. It also issues the loan for short term, medium term and for long term. And bank receives the higher interest from the borrower for the long term loans offered. Discounting of Bill Commercial banks also discount the bills and facilitate the business; for example one businessman purchases anything from another person and promises to pay after one month. The seller will write a bill to the buyer and there will be an order that after one month the buyer will pay the amount to the seller. Buyer will sign on the bill. In other words buyer will accept the responsibility of that amount. If seller is in need of money, he will take it to the bank and will receive the money by discounting the bills. The commercial bank also may rediscount it from the central bank. Cheap Medium of Exchange By issuing cheques and drafts bank provides cheap, medium of exchange. Transfer of Money The commercial bank is very helpful in transferring the money from one place to another by issuing the drafts. This is very popular concept in the modern world and widely used in the business community. Custodian of Precious Articles Banks also provide lockers for the safety of precious articles. So now everyone can secure his precious metals like gold, silver, etc. , and bank charges a very nominal charge for this facility. Agency Services Commercial Banks also perform the duty of an agent. It collects and pays on the behalf of the customers. Investment On behalf of the customers all the banks also make an investment in different companies and industries. And banks receive nominal charge from the customers. Creation of Credit It also creates and extends the volume of credit. Facilitating Trade Activities It also provides the finance to the foreign trade. Letter of credits are issued by the commercial banks for the foreign payments. Purchase and Sale of Securities The commercial bank purchases and sells the securities, for itself and sometimes on the behalf of the costumes. Acting as a Trustee If a client directs his bank to act as a trustee in the administration of a business, the bank performs this responsibility. Role of Commercial Bank in the Economic Development of Pakistan Banks play an important role in the economic development of country. If our Banking system is not in accordance to the economic requirement then how it can play a vital role in our developments. The State Bank of Pakistan is at the apex and all the commercial Banks have to follow the rules of State Bank of Pakistan. Role of the banking sector can be judged by the following facts: Saving Mobilization The commercial Banks namely United Bank Limited Pakistan, Habi Bank Ltd, Allied Bank Of Pakistan Ltd. National Bank has opened Branches in urban areas rural areas to mobilize savings of people. Financing of Development Projects Banks other financial institutions like ADBP, IDBP, and PICIC etc. Advances short medium terms loans for financing of the development projects both in the private public sectors . So they helping to accelerate the rate of progress (Economic) in the country. Enhancing Trade Activities The credit institutions collect the savings of people make them available for facilitating the trade activities both inside outside the country. Creating Climate for Capital Formation A developed baking system stimulates the growth of economy by creating favorable climate for capital formation in the Country. Help of State Bank of Pakistan in Achieving Monetary Publishes Commercial Banks under the supervision guidance of the S. B. P help in implementing achieving the objective of monetary policy, which vary from time to time. Assist In Planned Development Commercial Banks are profit-seeking enterprises. In order to maximize profit they have the incentive from S. B. P to maximize the limit of finance. An organized Banking system keeps balance between the liquidity * profitability, thus assists in the planed development of the Country. Profit Sharing Scheme Commercial Banks receive surplus balance of the households and business pay interest on the deposit of client. The depositors instead of having a fixed return on the deposit will share in the profit loss of the Bank. The profit loss scheme arrangement is the alternative to interest, under an Islamic economic system, which is since on the experimental basis in Pakistan. Introduction to United Bank Limited UBL is the second largest bank of Pakistan with assets of over Rs. 550 billion and a solid track record of forty six years in addition to the convenience of over 1400 branches serving you throughout the country and also at several overseas locations. Date Established November 7, 1959 Chairman His Highness Shaikh Nahayan Mabarak Al Nahayan Branches 1400 Domestic, 19 Overseas Branches (Ten countries) Representative Offices Tehran Subsidiary United Bank AG Zurich, Switzerland United National Bank Limited, UK (Joint venture with NBP) UBL Fund Managers Limited Associated Company Oman United Exchange Company, Muscat Offshore Banking Unit Export Processing Zone, EPZ Branch, Karachi, Pakistan Head Office State Life Insurance Corp. Building #1, I. I. Chundrigar Road, Karachi, Pakistan P. O. Box No. : 4306 Phone: (92-21) 111-825-111 Gram: UNITED Fax: (92-21) 2413492 Board of Directors ChairmanCFO Secretary Mr. Atif R. BokhariMr. Obbad Fazal Chief Executive OfficerAuditors Mr. Muhammad Ali1)KPMG Taseer Hadi co. Chartered Accountants. 2) A. F Ferguson Co. Charted Accountants Board of Directors Legal Advisor Mohsin Tayebaly CO Mr. Atif R. Bokhari Chairman/Director Mr. Mansoor KhanDirector Mr. Aameer KarachiwalaDirector Mr. Kashif ShahDirector Mr. Hassan RazaDirector Mr. Mohammad Asghar Director Mr. Ali Sameer farouquiDirector Mr. Saeed IqbalDirector Mir Muhammad AliCEO/Director Audit Committee Mr. Aameer M. Karachiwala Mr. Ali Sameer, Mr. Saeed Iqbal Hierarchy of the Management [pic] Credit Rating Credit Rating by JCR VIS Credit Rating Company Limited June 30, 08 Long Term Rating: AA +’ United Bank Limited is one of the largest Commercial Bank in Pakistan. The Banks long term rating is AA +, which denotes good credit quality. Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions. Short Term Rating A-1+ The short-term rating is A-1+, which denotes the highest certainty of timely payment. Short-term liquidity, including internal operating factors and / or access to alternative sources of funds, is outstanding and safety is just below risk free Government of Pakistans short-term obligations. Term Finance Certificate Rating TFC I: AA TFC II: AA TFC III: AA TFC IV: AA Business Operations [pic] Reorganization of Domestic Operation In 1986, the organizational structure of domestic operations of the bank was reformed and decentralized on the basis of provinces. As a result provincial headquarters were established at Karachi, Lahore, Peshawar and Quetta in order to meet the needs of sanctioning loans and other facilities to the trade, industry and agriculture of each province. Azad Kashmir was serrated from NWFP and made separate region. The quantum of work immensely increased due to the growth of economic activities and phase of industrialization and other change in Punjab and Sindh. It was also considered necessary to improve the quality of advances and to expedite the recovery process of the loans and advances. Formation of Regional Headquarters The provincial chiefs of Punjab, Sindh, NWFP, and Baluchistan are ceased to function and in their place nine regional chief executives started functioning in the nine major cities. The new segmentation of UBL’s branches on the basis of regions can be looked from the following: Province Wise Region Allocation Provinces |Regions | |Punjab |Islamabad | | |Lahore | | |Lahore East | | |Lahore West | | |Faisalabad | | |Multan | | |Karachi | |Sindh |Hyderabad | | Peshawar | |NWFP | | |Baluchistan |Quetta | | |MuzafarAbad | |Azad Kashmir | | Locations With an integrated network of over 1400 branches in Pakistan as well as Overseas, UBL gives direct access to a comprehensive range of better banking facilities to help monitor the business locally as well as internationally. [pic] Community Services UBL is committed to the welfare of Pakistan. It lends to farmers for the purchase of tractors, superior quality seed and fertilizers. UBL further fosters the individual welfare and well being of the common man by lending house building finance and loans to set up small businesses. UBL has played a leading role in the dissemination of Computer Technology in Pakistan and is dedicated to the promotion of sports. Agricultural Loans Small Business Scheme UBL Computer Training Institute Staff Colleges of UBL UBL Sports Complex Agricultural Loans UBL’s agricultural loans on easy terms and conditions to small-scale land owning farmers boost the country’s economy and yield greener harvests. UBL enables farmers to buy good quality seeds, fertilizers, pesticides and agricultural implements. Small Business Scheme Under the Small Business Scheme, UBL is providing loans on easy terms to those who wish to set up their own small-scale business. This scheme is aimed at spreading prosperity in the country by reducing unemployment. As more and more people start their own industrial units, the country will move steadily towards economic self-reliance. UBL Computer Training Institute UBL is a pioneer in the computerization of banking in Pakistan, and now plays a leading role in the dissemination of Computer Technology in Pakistan and is proud to be a part of the Government’s Computer Literacy Program aimed at preparing the younger generation to meet the challenges of tomorrow. UBL, the leading user of Computer Technology in the Banking Sector has set up most modern facilities at Muzaffarabad, Azad Kashmir, and Sheikhupura for imparting training to the educated youth under the Government’s Computer Literacy Program. These centers are equipped with state of the art hardware and audio-visual aids and are manned by experienced professionals. Staff Colleges of UBL The UBL has three staff colleges, which are generating banking trained personnel. These colleges are at Karachi, Lahore and Rawalpindi, established in 1964, 1978 and 1977 respectively. These staff colleges are providing facilities of training to the employees of the bank so as to meeting the growing need of the banking field and coping with the changing environment of the country. UBL Sports Complex In addition to providing professional banking services, the bank continued to play an important role in the promotion of sports in the country. Towards this end, the bank has already constructed a big sports complex in Karachi, where all types of facilities for sports like cricket, hockey and flood light courts for tennis and basketball have been provided. Corporate Banking Our mission is to serve all your corporate needs and ensure your full satisfaction through product innovation, personalized banking, and top notch service. The CBG department of UBL defines corporate banking in Pakistan. Amongst the local banks UBL CBG is the pioneer in providing innovative solutions to its diversified and satisfied customer base. UBL CBG is considered to be a major player in the financial market of Pakistan. The Corporate Banking Group focuses on attracting and servicing large portfolio customers. Our forte is providing exemplary customer service using the Single Window concept and product superiority. The Relationship Management team manned by highly qualified individuals from the industry has steadily expanded our customer base and continues to enhance our cordial relations with our esteemed clients. Despite the sluggish economic growth in recent years, UBL outperformed all the other local banks in the corporate banking sector primarily due to CBGs emphasis on establishing and enhancing relationships with foreign/local blue chip and middle market customer’s thereby capturing significant market share. UBLs appetite for large exposures coupled with dedicated Structured Finance Unit, and an innovative team of professionals having extensive experience of Corporate Banking gives it the right platform to succeed in todays competitive and a demanding environment. The success of CBG has been established from the fact that UBL received the No. Euro money 2000 Best Local Bank award and recognized it to have out performed all other banks. In year 2000, UBL was also voted as the best Corporate Bank by the customers of a major foreign bank in a survey. Aggressive marketing combined with professionalism has led to an increase in UBLs market share with top corporate customers and in some cases replacing Foreign Banks. Presently, its portfolio includes the quality names in the country, which were initially confined to foreign banks only. Customer Service CBG – Offers full spectrum of services |[pic] |  | Relationship Banking This forms the pillar of our strategy as it is the primary tool towards providing you full satisfaction. Relationship Banking involves: ? Assessing and understanding customer needs ? Providing you advice on your business needs ? Helping you find viable financial solutions for your business problems ? Acting as the primary contact for you Customer Service We believe in customer retention through quality service that would encourage you to continue to bank with us your loyalty. Our UNISERVICE concept strives to attain excellence in customer service. We aim to provide total customer satisfaction through UNISERVICE, which will soon be available at our full-service branches covering: ? Trade finance ? Letters of Guarantee ? Letters of Credit Funds Transfer ? Remittances ? Bill Discounting ? Export Financing ? Credit Extension Product Range When you come to UBL, you get a full range of Products and Services to choose from: Corporate Finance ? Loan Syndication ? Structured Finance ? Term Fi nance Certificates Finance/Credit Extension ? Local Currency Facilities ? Overdrafts ? Demand Finance ? Working Capital Finance ? Import Financing ? Receivable Discounting ? Pre and Post Export Financing ? LMM Funding Trade ? Documentary Letters of Credit ? Standby Letters of Credit Guarantee ? Documentary Collection ? Funds Transfer Investment/Cash Management ? Current PLS Accounts ? Foreign Currency Cash Collection ? Utility Bill Collection ? Capital Market Hybrid Products ? FX Spot, Forwards and Hedging ? Rice/Cotton Financing for Ginners Investment Banking UBL IBG is now known as UBL Fund Manager (UFM). UFM specializes in providing innovative  and unique advice to its clients to  assist them in meeting challenges in an ever-changing market UFM consists of twelve dedicated professionals supported by over 30 relationship managers in six different locations. Rich execution experience ensures  seamless deal closures currently in the process of setting up  fund management f acilities. An active player in the market Current mandates add up to over Rs. 6 billion a healthy mixture of structuring,  advisory and project finance business either leading or participating in almost all the major TFCs Greater flexibility in deal structuring due to access to UBL’s financial resources Close liaison and top-level contacts  with Ministry of Finance, Securities and Exchange Commission of Pakistan,  Karachi Stock Exchange, State Bank of  Pakistan for swift execution Services [pic] Overseas UBL, with an integrated network of over 1400 branches globally, with 19 overseas locations, gives you direct access to a comprehensive range of better banking facilities to help you monitor your business internationally. We have branches in: ? United States of America ? Qatar ? UAE ? Bahrain ? Republic of Yemen Off Shore banking Unit and subsidiaries in: o United Kingdom o Zurich Credit Administration section When the credit facilities are approved then work of credit administration department starts. It performs two functions: Pre-dispersal function (before advancing facility) Post-dispersal Function (after credit facility is dispersed) It keeps three sections named as: Processing Section Documentation Section MIS (Management Information System) Section Relationship managers (RM’s) bring cases from customers and present to RCAD. RM’s have direct contact with customers. Case first comes to Processing Officer who checks the necessary prudential requirements if so then case is forwarded to Risk Management Department (RMD) otherwise send back to ( RM) to fulfill necessary requirements. Risk Management Department (RMD) verifies attached documents and send back documents after risk analysis and mention how much loan is to issue (under SBP limitations). Documentation Officer verifies the originality of documents attached and finally DAC (disbursement authorization certificate) is issued to customer. MIS keeps record of the customer in computer. And customer account is opened in the UNI bank (it is also software which keeps record that how much loan the customer has availed). Under mentioned process flow diagram present the right picture. Process Flow Diagram of Loan Disbursement [pic] My Learning as an Internee [pic] My Learning in the bank I worked in credit departments Credit Department Deposits are the liabilities of bank while advances are the assets of the bank. To balance these two sides, bank attracts the current as well as prospective customers to deposit their savings by offering high rate of interest/ profit, while in order to increase its assets, bank attracts its customers by Corporate Banking Group (CBG). The Corporate Banking Group at United Bank Limited is dedicated to providing its clients the highest level of service possible. United Bank Limited is dedicated towards developing relationships with corporate clients to service their financial needs worldwide. The Corporate Banking Group manages a high quality asset portfolio being an active player in many sectors including textile, sugar, leather, pharmaceutical, fertilizer, petrochemical, power, automotive, telecommunications, oil and gas distribution, marketing and refining and fast moving consumer goods industries. United Bank Limited offers a full range of financial services to support any or every part of a customers’ business transaction. Each solution is tailored to meet their specific business objectives. Working Capital / Term Loan Corporate banking group works closely with customers to understand the dynamics of their business so that it can anticipate and serve short-term and long-term funding needs in the most efficient manner, drawing from the full range of its resources and capabilities. Small and Medium Enterprise Group SME Group strives to apply a unique blend of finance, industry and technological expertise to keep pace with dynamic markets and translating insights into solutions that meet diverse financial needs. Documents Required for Providing Credit facility All facilities whether long or short term in nature is reviewed annually to evaluate that how a borrower has performed during its most recent fiscal year. Such reviews are conducted based on written analysis. Such analysis communicates to the credit approving officers the information needed for arriving at a credit decision. A credit presentation package consists of the following documents: ? Credit Approval (CA) ? Obligor Risk Rating Form ? Basic Information Report ? Borrower Basic Fact Sheet ? Financial Spreads ? Financial Projections (For Term Financing) ? Credit Memorandum ? CIB Report checking ? Bank/Market checking Credit Approval Package (CA) CA form is a complete document in which RM describes true position of the company. This form once completed summarizes the aggregate credit risk being approved, description of individual credit lines, and details of security obtained against each line. Credit application has two parts, in the first part we define the facilities which we provide to the customer. Like ? NICF (Hypo) ? NICF (Pledge) ? LC (Letter of credit) ? LG (Letter of Guarantee) ? FE 25 Second part of credit application consist of ten contents which describes way we giving felicities to customer. Purpose of submission / synopsis of transaction ? Industry / Strategy ? Financial Analysis ? Security Support ? Probability of Default ? Sources of Repayment ? Key Risks along with mitigating factors ? Relationship Strategy ? Conclusion Approver’s Comments / Observations In each of above content we have to write clear description about the customer Borrower Basic Fact Sheet (BBFS) It’s the responsibility of relationship manager at credit department to collect as much information about custome r as possible at the time of initiation of a relationship. BBFS consist of true information about the customer, board of directors and their residential addresses. Basic information Report (BIR) It consists of industry information. If it is a group of companies, partnership or private limited then it consists its business code. It also provides actual business address, phone number, industry name etc. MIS officer consider BIR while putting informations in CARS (Credit Analysis and Reporting System) Obligor Risk Rating Form (ORR) This form enables to weigh all United Bank Limited credits regardless of type, nature, or location of the borrower. Risk ratings are assigned on an obligor level on a scale of 1 to 10, 1 being the highest quality risk and 10 being the lowest, classified as doubtful of recovery. Risk Ratings are assigned and approved when credit is initially extended and is updated annually. Risk rating is also reviewed immediately and accordingly adjusted, if necessary, whenever there is a material adverse event such as adverse classification of the credit facilities. Financial Spreads Purpose of this form is to meet financial analysis requirements. This form consists of five pages, which are developed on â€Å"Excel† system. A summary of financial statements is automatically generated which also provides key financial indicators, growth historic patterns, and ratio analysis. Relationship manager analyzes three years historic audited-financial statements, as well as the recent financial statements. Financial Projections Financial projections are prepared by customers, which forecast their performance in near future. Financial projections help credit department to determine the expected assets and liabilities position and cash generating ability to repay debts. Credit Memorandum Credit decisions are made on the basis of the contents presented in this document. Credit memorandum is prepared with precision and accuracy of information. A well-structured credit memorandum usually evolves around the following topics: Purpose of presenting the credit memorandum Relationship background of borrower with United Bank Limited Relationship profitability Relationship strategy Management assessment Financial Analysis Bank/Market checking These checking provide unbiased information about borrower, which is obtained, from his customers, competitors, and suppliers. Credit checking on borrower is also obtained by manager from his bank. CIB (Credit Information Bureau) Report Checking CIB report depicts that how much customer has availed exposure from different banks allover Pakistan. UBL is one of few banks of Pakistan which has centralized information reporting system i. e. CARS and CREAMS. Through CARS data is directly reported to State bank of Pakistan. State Bank carries informations from all of the banks in Pakistan and shows full exposure of the very customer in CIB report. Covenants Check-offs In term lending multiple covenants, financial as well as qualitative, are imposed by lenders. At the time of annual review of the term facilities it is checked that if borrower adheres to these covenants. Steps involve in Credit advancement process includes: Customer relationship (customer must open current account with the bank) Customer’s facility request Credit application Facility offer Types of Loans Basic purpose of credit department is the advancement of loans to its customers. Loans are basically of two types: Funded Facilities In funded facilities bank’s cash is physically involved. Funded facilities include: Running Finance Term Finance Finance against Bill Purchased (FBP) ? FBP (Own Acceptance Purchase) ? FAFB (Finance against Foreign Bill) ? Export Refinance Part-I SBP (pre-shipment) ? Export Refinance part-I SBP (Post-shipment) Export Refinance part-II (SBP) ? Forced Acceptance ? FIM (Finance against Imported Merchandise) ? FATR (Finance against Trust Receipt) ? Dollar Financing (Pre-shipment) Non-Funded Facility In non-funded facility bank’s cash is not physically involved. Non-Funded facilities include: o Sight L/C o Usance L/C o Acceptance o Gu arantee (L/G) Term Finance It’s a long-term finance facility, which is acquired to purchase fixed assets of a business. Customer borrows from bank a fixed amount repayable either in periodic installments or in lump sum at a fixed future time. Utilization of term finance decreases with the payment of installments. Payment tenor ? I year Over 1 year ? 1-5 years Syndicate Financing Such financing is used to finance some mega project. Equity of the firm is considered when providing this type of financing. The credit-requesting firm must maintain its 40% equity. To meet remaining capital requirements the firm signs a syndicate in which three or four banks jointly finance the project. One of these banks will be the leading bank, which contributes major portion of financing. So the leading bank has the major share in the installment amount received from the borrower. Money Market Deal It’s term finance. This type of financing is between banks. Different banks interact with on e another. If a bank has more over night funds available, which are not in use, then banks offer different rates to lend or to acquire those extra funds. Finance against Foreign Bills (FAFB) When the exporter needs finance before the payment date, he can give the bill of exchange to the negotiating bank and get the finance against that bill. In this case the bill is given as security. Ownership is not transferred to the bank. FAFB is the post -shipment finance. Foreign Bills Purchased (FBP) When the bank purchases the bills then ownership/title of security is transferred to the bank. So the bills become the property of the bank. Finance against Imported Merchandise (FIM) This type of finance is related with sight L/C. in this type of finance, the goods imported are taken by the importer’s bank as the security. As the demand for goods arise, the importer get the units of goods according to the demand from bank and pays markup and amount for that much amount of goods. Finance against Trust Receipt It is also related with sight L/C. when the goods arrive at the port, then in order to release the goods, the importer needs documents. If the importer has not yet made payments then the importer’s bank gets a Trust Receipt signed by the importer for the time period for which the bank, for releasing the goods, gives the documents to him. It’s a strong legal document. If the importer refuses to make payment after getting his goods, then the bank against him can take a strict legal action. Collateral/Securities Collateral is the amount of assets the applicant has available for use in securing the credit. The larger the amount of the available assets, the greater the chance that a bank will recover its funds if the applicant defaults, A review of the applicant’s balance sheet and any legal claims filed against the applicant’s assets can be used to evaluate the collateral. Types of Securities Pledge Pledge is the advancement of loans against the security of current assets i. e. inventory, trade receivables. In this type of security the ownership and possession of the security is with the bank. Mortgage In this type of security, the credit is given against immovable property i. e. land, building. Bank has the right to sell the property if the payment is not made. Types of Mortgage English Mortgage Equitable Mortgage Token Registered Mortgage Full Registered Mortgage English Mortgage In this type of mortgage the mortgagor (applicant) binds himself to repay the mortgage money on a certain date, and transfers the mortgage property absolutely to the bank. The banks will re-transfer both the possession and ownership of that property upon the payment of the mortgage money. Full Registered Mortgage In this type of mortgage the applicant will fully registered his property. More commission is charged in this case. Token Registered Mortgage In this type of mortgage, small portion of the property will be registered with the registrar office while the remaining will be equitable mortgage. In this way less commission will be charged. Equitable Mortgage In this type of mortgage, the bank will take all the title deeds from registrar office. A memorandum of â€Å"Deposit of title deeds† is signed by the mortgagor in whom he mentions that he is giving his property as the security to the bank. After the bank takes title deeds there will be no copy of the title deeds with the registrar. In case of equitable mortgage the ownership is with bank and possession is with customer. Bank’s Lien Lien is the banks right to withheld property until the claim on the property is paid. In lien the borrower remains the owner of the property while the possession is with the bank. Bank has no right to sell the property. Hypothecation It’s a legal transaction in which the goods may be taken as security for a debt without transferring either property or possession to the lender. It’s a security against current assets. Security is granted by means of the letter of hypothecation. Charge Charge is the right of payment out of certain property. Charge gives the right of pledge, hypothecation, mortgage and lien. Banks have to register their charge/right with SECP (Securities and Exchange Commission Pakistan). SECP maintains the records of all the companies i. e. what are the assets of companies, their board of directors. Every limited company keeps its records with SECP Charge involves ranking. Pari Passu In ranking if the customer (company) has already taken loans from other banks then SECP ranks those banks. The settlement of the loan amount will be done according to the ranking of the banks. In case of Pari Passu the bank from which the customer is going to get facility is ranked equivalent to the first/highest priority bank. in this case the priorities of other banks will decrease. For this the customer has to obtain NOC (No Objection Certificate) from other banks. Guarantees A guarantee is the promise by one person, called the guarantor, to another for answering the present or future debts of a second person called the principal debtor. Types of Guarantees UNITED BANK LIMITED issues the following types of guarantees depending on the needs of the customers: ? Tender Guarantees (Bid bonds) ? Performance Guarantees ? Advance Payment Guarantees ? Financial Guarantees Letter of Credit International trade involves numerous factors such as payment for imports in the exporter’s country, shipment of goods within the limitations prescribed and difficulties of enforcing legal rights in the foreign country etc. Therefore, to overcome these impediments a system has been enforced, this system is represented by ‘Letter of Credit. The letter of credit is today the foremost way of financing international trade. In simple words, a letter of credit (L/C) can be defined as: â€Å"A bank’s written undertaking given to the exporter for payment of a certain sum of money on behalf of the importer provided the exporter tenders to the bank, or its overseas agents, the specified documents within a specified period in accordance with the terms of the undertaking†. There are four basic parties involved in an L/C: ? Importer ? Issuing Bank ? Exporter (Beneficiary) ? Beneficiary’s Bank Advantages of an L/C Following are some of the main advantages of a letter of credit: Since a letter of credit is opened only for the importers with established credit standing, the exporter is sure of receiving the price of his commodity and there is no need to check the credibility of the importer. An exporter may obtain necessary finance immediately on shipment under a letter of credit (through negotiation, OD Buying). A letter of credit may help the importer to meet its financial difficulties. He may obtain some finances against the L/C (as FIM, FATR etc. ). Similarly, an L/C enables the exporter to obtain finances from his bank, for the operations of production even before shipment (e. g. Pre-shipment finance). Forms of a Letter of Credit Revocable L/C â€Å"A revocable letter of credit may be amended or cancelled by the issuing bank at any moment, without prior notice to the beneficiary†. This form of letter of credit gives the buyer maximum facility but it places the seller in difficult position when the goods are in transit and the credit is revoked before the documents are presented and payment has not been made on presentation which is the cause of great loss to the seller. Irrevocable L/C â€Å"An irrevocable credit constitutes a definite undertaking of the issuing bank to accept and pay the bills drawn upon it so long as the terms and conditions stipulated in the letter are fulfilled†. This form of letter of credit can be amended or cancelled only with the agreement of all parties to it. Therefore, it gives the seller complete protection. In Pakistan, all banks including united Bank are permitted to open irrevocable L/C’s only. Confirmed Unconfirmed L/C’s A confirmed credit is the one that has been confirmed by the advising bank. By confirming a credit, the bank agrees to take the liability of making payment to the seller if the issuing bank defaults for any reason. â€Å"When an issuing bank authorizes or requests another bank to confirm its irrevocable credit and the latter has added its confirmation, such confirmation constitutes a definite undertaking of such bank (the confirming bank), in addition to that of issuing bank, provided the stipulated documents are presented and that the terms and conditions of the credit are complied with. † Whereas, an unconfirmed credit is one that exclusively depends upon the issuing bank’s obligation. The parties to the present day international trade transactions prefer a confirmed irrevocable credit because it is an instrument of highest quality which ensures the payment to the seller by the advising bank while the buyer is assured of receiving the documents of title to goods, as specified in the terms of credit. Types of a Letter Of Credit There are two main types of an L/C that are being practiced. Sight L/C â€Å"If the beneficiary of a credit is to obtain payment immediately on presentation of stipulated documents, it is a Sight Credit†. In this form of credit the exporter draws a sight or demand draft (DD) payable at the counters of the advising bank or the bank specified in the letter of credit. The draft (bill of exchange) is paid on presentation provided that all the other terms of the credit have been complied with. Usance L/C When a credit stipulates payment to the beneficiary upon the maturity of a bill of exchange drawn under the terms of the credit, it is an ‘acceptance credit’, ‘terms credit’ or Usance credit†. In this form of credit the beneficiary draws a draft for a particular Usance (e. g. 30, 60 or 90 days etc. ), payable upon either the correspondent bank or the issuing bank. In normal practices, UBL opens Sight L/C’s because in Sight L/C the importer first pays the L/C amount (invoice price) to the issuing bank and then gets the possession of documents. So the bank becomes secure in this way. L. C keeps Performa invoice which keep major essentials in bullets forms. Performa Invoice Its essential elements are written as; ? Seller company name Buyer company name ? Buyer and seller company’s bank’s names ? Commodity ? Quantity ? Unit price ? Total price ? Payment procedures ? Delivery ? Port of loading ? Port of destination ? L. C beneficiary (must be seller) ? Amount and quantity with percentage of error ? L. C expiry date ? L. C opening date ? L. C must be opened before expiry date ? Vessel ( ship’s name) Qualifications for an Importer to Get an L/C Issued A Letter of Credit cannot be opened on behalf of a person unless he fulfills the following requirements: ? The person must be an account holder of UBL. ? No person can be an importer without first being registered with EPB. So the person must have valid import registration with Export Promotion Bureau (EPB) of Pakistan. This registration is not necessary for those who have been exempted from it. ? The person must process a valid membership certificate of Trade Organization, licensed and recognized by Federal Government like a Chamber of Commerce. ? The person must possess a valid NTN (National Tax No. ) certificate. ? The person must have the Sales Tax Registration Certificate. ? Obtaining of Import License is no more required. Stock Reports Stock reports are sent by the external auditors which are registered evaluators to UBL. They evaluate stock of the company lying in the godowns. They give final words whether these following essentials are up-to-date. Fire extinguishers ? Stock replacement ? Godown condition ? Guard residence permanent or not ? Stock condition ? Tagging over the stock ? Evaluation of stock in terms of million rupee ? Insurance against fire and burglary MIS officer check these report s and inspect whether these amounts mentioned in the stock reports are according to the security issued. If above mentioned any thing is not up-to-date. Then the stock report is considered unsatisfactory and debit is blocked till the company corrects its unsatisfactory items. I separated the reports which keep the unsatisfactory items. CREAMS (Credit Risk Environment’s Administration Management System) UBL is from few Pakistani Banks which keeps centralized information system. CREAMS is one of them. CREAM is highly customizable and parameterizes able software. CREAM is developed with the ideology that it can operate in all parts of the world. Certainly there are different operational, monitoring and regulatory requirements depending upon the region where the bank is operating. Further more; a single bank may operate in more than one region of the world. Parameterization lets CREAM behave according to the requirement of the region. This customization is a one time initiative and once CREAM has the requisite information, it will behave according to the bank’s requirement. This section will explain the all CREAM setup screens one by one. It must be noted the once the Parameterization phase is completed by bank then bank must lock this section. That is only authorized person (Mostly Credit Head) can enter to this section, not every one who is using CREAM application. All the Screens below have some common buttons which is going to be explaining here once with their short cut keys. Action Buttons Add Button (Alt + A): Used to add a new record Edit Button (Alt + E): Used to edit an existing record. Delete Button (Alt + D): Used to delete a record Cancel Button (Alt + C): Used to cancel a ongoing action of add, edit. Navigation Buttons First Button (Alt+F): Used to see First record. Next Button (Alt+N): Used to see the next record of the existing opened record Previous Button (Alt+P): Used to see the previous record of existing opened record. Last Button (Alt+L): Used to see the last record. Print Button: Exit (Alt+X): Used to exit from the current screen. If any one of action buttons (ADD / Edit / Delete) is disable on any screen then it means that the user don’t have a right of that action. Working of CREAMS Its working is mainly divided into three parts ? Part-1(Setup( Parameterization) Section ? Part-II( Post Granting Section ? Part-III( Transaction Section Part-1(Setup (Parameterization) Section) This part consist of many set ups but most prominent are country, region, branch, currency, about credit policy, Collateral setup etc. About Document Linkage Screen Path: Setup(Documentation(Document Linkage Screen It is the main screen we define that against which entity (like Facility, collateral) which document we require. It depends on the bank’s policy and varies from bank to bank. For example if a bank says that for the facility â€Å"FE-25, they require the document â€Å"Dollar Demand Promissory Note†. For this We Use the following screen to link the Document Dollar Demand Promissory note† against the Facility â€Å"FE-25†. This Screen is used to Link a Document against the Following entities. ? Legal Status (Also Called Customer Type) ? Facility ? Collateral ? General [pic] Field Name |Description | |Document Name |Not Given by user here. Populated here from Document Setup | | |(Setup(Documentation Setup(Document Setup. ). select the document fro m the | | |list | |Critical |If the disbursement is not possible without receiving this document then | | |marks it as a critical here. |Legal status |If a document required against the legal status (Customer type like | | |Public Limited company) of a customer then select the type as Legal | | |status. When we select the legal Status then it will show the entire type| | |name on the right. So from there the user have to select the type name. | |Facility |If a document required against the Facility then select the type as | | |Facility. When we select the Facility then it will show the all | | |facilities on the right. So from there the user have to select the | | |Facility name | |Collateral |If a document required against the Collateral then select the type as | | |Collateral. When we select the Facility then it will show the all | | |Collaterals on the right. So from there the user have to select the | | |Collateral name | |General |If there is a general type of document then select it as general. | |Linkage Action(insertion |It means the document is required only once. | |Linkage Action(renewal |Do you u need this document on renewal of customer if yes then also | | |select it. |Linkage Action(Enhanced |Do you need this document on Enhancement if yes then select it also | |Linkage-(Manual Insertion |Tick this check box of if you want manually insert this document | |Linkage Action (OTT |Do you need any document on OTT if yes then also select it. | About Collateral Set up: Path: Setup( Parameters (Collateral( Collateral Type Screen Here we can add a new collateral accordingly banks requirement. Collateral is an extra comfort obtained by a bank from its customers requesting funded or unfounded facility from a bank. Collaterals are usually valued asset which the customer hands over to the Bank as an assurance for the Bank in case of a ny default. [pic] [pic] Part-II( Post Granting Section This section contains much more setup but two more important are customer setup and facility set up. Which are as follow: Path: Post Granting( Customer Setup [pic] Path: Post granting ( Approval Package ( Approved Facilities [pic] Part-III( Transaction Section When the User will select the action of Extension or Extending Current Expiry of an Approval Effects of this Action Current Expiry in Approval Record screen will be changed to New Expiry which you will enter using this screen. [pic] |Field |Description | |Action Taken |Extension | |Approval Authority |Selection of the Name of Approval Authority | |Action Date |Date on which Approval Action is performed on this Approval | |Approval Action Code |Its an informative field | |Action Description |User can provide any extra information related to this transaction | |Approval Current Expiry] Old Expiry |CREAM will retrieve its Current Expiry from the database | |New Expiry Date |User will provide new expiry date | View of the Screen When Action is blocked [pic] Field |Description | |Action On Facility |Select the action from the drop down menu list as â€Å" Blocked† | |Action Date |The date of action. | |Action Description |Give description if any about this action | |Customer Facility Action Code |An informative field | |Facility Name Description |An informative Filed. It will show the Name of Facility and its | | |Description . Comes here from Customer Facility Screen. | About Document Transaction Screen Path: Transaction ( General ( Documentation Transaction User can do the following actions against the documents which we have already defined against the entities Customer type, Collateral Type, Facility General [pic] CREAMS is very wide software and can’t be explained in short with full understanding. These snap shots show its major features. CARS (Credit Analysis Reporting System) Consumer blue forms are generated for individual and sole proprietorship accounts. I worked in CARS (business software). At initial stage, I worked over consumer blue forms and entered consumer record in the software. I was assigned work to enter record of various customers in the software and I fulfilled my duty diligently. Following details should be entered in the software. If single of them is missing, blue form is considered incomplete keeping insufficient data; ? New and old NIC ? Gender ? Customer and his/her father/husband name ? Date of birth ? Home address ? Business name and address ? Security which is to be pledged Account Tagging Account tagging is also a part of CARS. Parties which have availed loan facility from UBL are tagged in CARS with their specific accounts. In UBL indiviual and sole proprietor account is tagged with 6160777. While partnership, public and private limited accounts are tagged with State Bank of Pakistan (SBP) provided group and subgroup codes. Templates are provided by UBL from which we could check whether the account comes under indiviual or private limited option. After confirming from templates account is tagged under their respective heads. RM’s (Relationship Managers) when record informations of customers, they wrongly put the account numbers of the customers as; ? Tagged with tetra eight ? Tagged without tetra eight ? Wrongly tagged ? Indiviual ? Final tagged RM’s (Relationship Managers) some times due to negligence mention account numbers in above mentioned ways. The above mentioned account’s informations are as Tagging with Tetra eight As RM’s (Relationship Managers) by negligence, some times tag the accounts with tetra eight i. e. account number is shown as (8888). It is counted as wrongly tagged by CAR’S (Business software). Tagging without Tetra eight RM’s (Relationship Managers) sometimes mentiuon account without tetra eight (8888) and keep them blank or untagged. It is counted as wrongly tagged by CAR’S (Business software). Wrongly Tagged: RM’s (Relationship Managers) sometimes wrongly tag the account. It is counted as wrongly tagged by CAR’S (Business software). Indiviual RM’s (Relationship Managers) mention the account by individual’s account which is tagged by (6160777) in UBL. It is to tag indiviual and sole proprietorships by 6160777. It is counted as wrongly tagged by CAR’S (Business software). Final Tag When the account is tagged, it is final account and confirmed. There is no need to review but it may be that mistake is made in tagging. FRN Tagging FRN is a number which is made by joining branch number with account number. i. e. if account number is 3457896 and account is opened in branch number 28 then its FRN number will be 283457896. Each customer is also tagged with FRN number. Report Viewing CARS have also option to view many reports like account tagging summary, blue form, central liability report etc. Most common report is blue form. After construction of blue form its report is viewed and prints out is taken for record. Product, Solutions and Services [pic] [pic] [pic] [pic] [pic] [pic] UBL Wallet [pic] UBL Wallet ATM / Debit Card is all the convenience security you desire and the quality you deserve. This Wallet holds all the cash in your bank account. With UBL Wallet you can withdraw cash at ATMs any time, or make cashless purchases at outlets through the Debit Card facility. With no joining fee and an accompanying complimentary cardholder for your convenience, UBL Wallet has been designed to exhibit the best in features and facilities, as well as look feel. Because at UBL, you come first UBLs dedicated staff is at your service 24 hours a day, 7 days a week. You can call our contact centre at 0800-11-825 (Toll-Free), or you can simply pick up the telephone placed next to every UBL ATM and be instantly connected to our customer service representative via a hotline Online Banking [pic] With UBL’s state of the art online banking, you can access your account from more than 350 branches located in 71 cities across Pakistan. Your account gets to travel with you and can be accessed throughout Pakistan, Now UBL enables you to do all the following Transactions in minutes through designated online branches. Salient features of online banking are: ? Cash Deposit ? Cheques Encashment ? Stop Payment ? Account Statement ? Funds Transfer (Account to account / IBCA) UBL Credit Card UBL Credit Card Features Welcome to the world of UBL Credit Cards. Pakistan’s 1st Chip Credit Card that guarantees you both enjoyment and high value. It assures you global acceptability in more than 22 million establishments worldwide in 130 countries and in more than 12, 000 outlets within Pakistan The UBL Credit Card †¦.. Mazay Mein Raho. ? This unique high tech CHIP guarantees your security while conducting transactions within Pakistan and around the world. CHIP based credit cards have proven to be the most secure way of conducting credit card transactions globally. ? No more tedious points to accumulate or boring catalogues to redeem from. Win your prizes instantly! ? Visit selected UBL Chip Reward outlets and get exciting gifts on the spot. The more you visit, the more you get. All you do is dip the Chip to win free meals, free household goods, free electronic items, free clothes and a lot more. ? A Choice of Rewards Along with exciting Chip Rewards you has a choice between Free Road Miles and Free Talk Time. ? Spend Rs 5000 anywher e on your UBL Credit Card and get guaranteed 3 liters petrol free from any PSO outlet nationwide. If you spend more, you get more. So keep driving, keep smiling. [pic] Spend Rs 5000 anywhere on your UBL Credit Card and get guaranteed 30 minutes free. What’s more, you get a free Mobilink Postpaid Connection with your UBL Credit Card. If you spend more, you get more minutes. So talk freely, stay connected. [pic] UBL Business Partner [pic] UBL Business partner†¦ a complete solution to all your Business Financing needs, With UBL Business Financing facility, you can now take your business to greater and newer heights, and achieve the level of success that you truly deserve. UBL Business partner is a running Finance facility that not only provides funds for growth but also enables you to capitalize on profitable opportunities. With UBL Business partner, now you will surely say: Ab Hui †¦ Kamiyaabi Meri Manzill. What is Business partner? â€Å"It is a ‘Credit Line/ OD Facility’ against Residential Property. It is an evergreen credit line that the customer can use for his/her business expansion† TezRaftaar [pic] Free Doorstep Remitta

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Implications for Social Work Practice - Essay Example Human services have been defined by different scholars but there is a general guideline that it refers to jobs whose aim is to provide a particular service to society and in particular during the time of a crisis. It is a service provided to people so as to help in their stability on life as well as get self-sufficiency usually by counseling, guidance, treating and providing their basic needs (Woodside & McClam, 2011). Human services usually refer to a wide variety of services such as education, social welfare and healthcare such as mental services. These are services rendered to individuals or groups in society. These services are provided in order to meet their basic needs since all humans have needs but others are in more need than others due to their health status. Human services addresses the needs and problems that people have either as individual or collectively as a group. These services facilitate the daily lives of the needy groups such as the sick, poor and the elderly by enabling them to function and cope with life. Human services have programs as well as facilities that aim at meeting basic welfare of society. These services have been categorized as health, personal social services, education, housing, income transfer and employment training (Neukrug, 2002). Human services are disseminated through programs and policies. Their delivery is through a system which involves laws and regulations. As Woodside & McClam (2011) states, human services will address the problems people are having with either society at large for instance deviance, in organizations such as poverty and unemployment, with primary groups for instance divorce and difficulties amongst individuals themselves be it mental or emotional.

What is Democracy Essay Example | Topics and Well Written Essays - 1250 words

What is Democracy - Essay Example By way of a constitution, or a set of regulations and guidelines formulated by the input of the citizens, a democracy can moderate what the government has a right to do when they govern. For example, that the government in power must allow the people the right to have an election every few years to choose whom they want to govern them. Actively including others in the decision-making processes, by way of debate, discourse and other communications, establishes the social contract. Within a democracy it is the citizen’s responsibility to choose a government, and to participate in constitutional discussions, for example, by way of a referendum or voting. Although democracy aims primarily to include people, rather than exclude them, some ‘extreme’ groups tend to be ignored as to their participation. For example, the homeless, minority groups, the very poor, the disabled and the very elderly. These excluded groups are often paid lip service by the majority, who while aware of their plight, discriminated status, and lack of input, tend not to be interested in making the issues of the socially excluded a priority, as it does not serve the immediate interests of the majority. By virtue of its inclusive principles, and the responsibilities placed on citizens to determine what comprises a constitution and government, a democracy can be considered a more favorable form of government. The form of democracy first developed by the Ancient Greeks is not so very different to the present day democracy as exists in North America. Both forms of democracy required that the citizens had a right to vote, and that the balance of power of a government as a body was determined by citizens.