Ethnocentrism in Todays Church - 1092 Words

ETHNOCENTRISM IN THE CHURCH TODAY Introduction Ethnocentrism is the act of seeing one’s ethnic tribe better compared to those of the others. This stereotype has with time crept into the religious foundation irrepressibly. Currently, the church is experiencing a wave of ethnocentrism which if not curbed will see a religious waiver. Overall researches locally and internationally prove that ethnocentrism is an ant to the timber-pillar supporting the church; with time it will eat into it and cause a major downfall. Discussion... Manifestation and Effects of Ethnocentrism Of foremost challenge is that ethnocentrism brings about division within the ellipsis of church organizations. The latter is propelled by the fact that ethnic†¦show more content†¦Indirectly, this vice makes the Christians fail to be the light of the world as God requires of us, consequently making us sinners. Due to division of church members and split ups over the recent past caused by ethnocentrism, there has been an impulsive opening of many churches. The split ups have brought about many mysterious religious denominations that have distorted and biased the gospel truth. The distortion of the gospel is what has instigated mushrooming of many cult churches that teach contrary to the word of God. Ethnocentrism has therefore instigated the existence of false teachings most of which are bound to transform their members into ardent devil flocks. As it is the responsibility of the church to oversee events even those that are outside the clerical premises running successfully, it’s of late failing. Henceforth, ethnocentrism of such nature keeps lagging the nation from completing the political metamorphosis it started since independence. The Pauline epistles dwell much on the issue of ethnocentrism in the church, since the vice was present in the early church. In 1st Corinthians chapter 1 - 4, Paul talks about church divisions and says that they are a mark of spiritual immaturity. Thus Christians should not be at daggers drawn with each other but be in harmony and in unity as one body of Christ. Paul goes on to condemn the Christians act ofShow MoreRelatedSociology - The Comparative Method1739 Words   |  7 Pagesalways existed, or, whether or not this is a newly constructed belief. Lets look at little more closely at the above mentioned historical comparison and see how the comparative method works with a specific example. There is no question that in todays western society there is a lot of fear and trepidation towards people who are labeled homosexual. The question we will attempt to answer however is whether or not it has always been like this and is this a universal truth. In ancient Greek societiesRead MoreAbrahamic Religions And Monotheistic Religions1658 Words   |  7 Pageshe emphasized God’s love and the obedience of the Ten Commandments to his followers. The apostles Jesus recruited believed he was the messiah that was sent to save them all. The early Christians shared common practices but there wasn’t a structured church. Christians believe that all the members were equal and that women could serve as teachers and administrators. Christians believe in a close relationship with God, and that through their belief their sins can be forgiven. They also hold a strong beliefRead MoreAnalysis Of George Orwell s The Dystopian City Of London1464 Words   |  6 Pageswherein the government constantly demands supreme authority. Civilian indoctrination or propaganda is the sword that can pierce through the principles of freedom, rights, and democracy. Yet the sword is also the ammunition, the driving force for ethnocentrism, ignorance, and domination. 1984, by George Orwell, pictured in the dystopian city of London in Oceania, follows the rebellious and perplexing life of Winston Smith. Orwell’s works are often expositions of controversial propaganda, and 1984 isRead MoreMulticulturalism in a Pluralistic Society2415 Words   |  10 Pagesmulticultural society, we must begin to envision issues from the perspective of sub-cultures rather than trying to appreciate those cultures with tainted eyes and minds better known as ethnocentrism. In a previously focused assignment, I discovered that Carrigan, Sanders, and Pourdavood (2005) defined ethnocentrism as the way we look at the world from our perspective or from our filter of meaning. It assumes that our understanding is the only valuable understanding. Unfortunately, many AmericansRead MoreSociology: the Comparative Method1929 Words   |  8 Pagesalways existed, or, whether or not this is a newly constructed belief. Lets look at little more closely at the above mentioned historical comparison and see how the comparative method works with a specific example. There is no question that in todays western society there is a lot of fear and trepidation towards people who are labeled homosexual. The question we will attempt to answer however is whether or not it has always been like this and is this a universal truth. In ancient Greek societiesRead MoreGuess Whos Coming to Dinner1696 Words   |  7 Pagesinvolved and instantly all of those dysfunctional and ethnocentrism thoughts were removed from his mind. Finally, he called everyone in the living room and informed everyone that he was willing to approve the marriage of Dr. John Wade Prentice and Joanna Drayton. In conclusion, pluralism was displayed as the family went and sat down in the dining room to eat and stared chatting, eating, laughing, and discussing the future Mr. and Mrs. Drayton. In today’s society, I assume that bi-racial marriages wouldRead MoreSociological Perspective on Religion2088 Words   |  9 PagesKarl Marx points is justified by religion. He addresses capitalism as the old saying â€Å"rich get richer and poor get poorer.† Especially, in today’s economy we find the unemployment rate rising at a fast pace resulting in homeless and hungry people. Racism also went hand in hand with religion in social inequality since the nineteenth century due to ethnocentrism. It was generally believed the white dominated over people of color. They were to be kept genuine and not integrate other races even withinRead MoreReport of Class Observations2111 Words   |  9 Pagesother student had. She was different and new, and the rest of the class saw that as well. There was a cultural difference taking place, even the minor differences in how she dresses and how she spoke had a noticeable impact. After reading about ethnocentrism and cultural rel ativism (page 41-42), I was interested to see how the class would react. I was taken off guard when the teenagers took an interest in her newness and different points of view. They shared in each other’s cultural, building off ofRead MoreCase 1 Answers4833 Words   |  20 Pagesyear we reinforce or diversity conscious as the company makes an annually potluck day, where the people get together to bring food from their countries, it is an excellent way to see how many of us belong to different places around the world. In today’s workforce, many individuals do not use all of their potential, and particularly their insight, resourcefulness, and talent. Does a lack of diversity consciousness shown by employees or their managers contribute to this situation? Explain. (page 69) Read MoreInternational Marketing Research10714 Words   |  43 Pagesguidelines to these issues can be found in the EPRG framework (Wind, Douglas, Perlmutter, 1973). This framework identifies four types of orientations towards internationalization as the company expands into international markets. They are: a. Ethnocentrism – orientation towards home country b. Polycentrism – orientation towards host country c. Regiocentrism – regional orientation and, d. Geocentrism – world orientation These attitudes reflect the goals and philosophies of the company and help in

The Rhetorical Force of Landscape Art Essay - 1502 Words

The Rhetorical Force of Landscape Art Why talk about a rhetoric of images? The most obvious answer is that we live in an image-saturated society and a relevant rhetoric must pay attention to images, that W. J. T. Mitchell is right when he suggests that the rhetorical turn is being displaced by the pictorial turn. Beyond the obvious, the answers are multiple and layered. I want to suggest some answers by looking at some old pictures: Carleton Watkins landscape photographs of Yosemite and William Henry Jacksons landscape photographs and Thomas Morans water colors and paintings of Yellowstone. At a basic level, if rhetoric is, at the very least, about persuasion in conventional politics, images merit a look and have†¦show more content†¦Moran and Jackson accompanied the U.S. Geological Survey of the Territories to Yellowstone in 1871. Their presence was not accidental. Jackson had recently become a permanent member of the expedition. Moran was sent with the backing of the Northern Pacific Railroad and Scribners to join the expedition. Ferdinand Hayden, the expeditions leader, was aware of the value of public relations and was also under orders from the Secretary of the Interior to secure as full material as possible for the illustration of your final report, such as sketches, photographs, etc.,(quoted in Kinsey, 1992, p. 49). As photographer Jackson recalled, No photographs had as yet been published, and Dr. Hayden was determined that the first ones should be good. A series of fine pictures would not only supplement his final report but tell the story to thousands who might never read it (1940, p. 196). Jacksons photographs and Morans watercolors and illustrations were instrumental in the successful lobbying effort to get Congress to designate Yellowstone the countrys first national park. More significantly, I contend that the landscape art of Watkins, Jackson, and Moran are not merely evidence in a conventional political argument. They are not simply representing reality or making an argument aboutShow MoreRelatedAnalysis Of The Poem Wild Swans At Coole 1004 Words   |  5 Pagesthe increasingly complex form of his poetry which challenges existing perspectives on mortality as well as philosophy on beauty and art in order to find new ways of perceiving the world. In ‘Wild Swans at Coole’ (1919), Yeats urges his readers to discover the inevitability of mortality through the guidance of his personal questioning; transience of natural beauty and art also encompasses an aspect of his search for truth. ‘Among School Children’ (1928) is a continuation of Yeats’ searching process asRead More Comparing Incidents in the Life of a Slave Girl and Our Time1278 Words   |  6 Pagesand minds of their audience.    The authors must bring middle class white readers as close to the slave plantation or the Ghetto or the prison cell as possible. For this reason, both authors refer to the reader with questions. This rhetorical device forces the reader to place herself in the situation of the main character. For example, when discussing the abuse she took from her master, Dr. flint, Jacobs asks, But where could I turn for protection?(477). Jacobs needs to make the reader understandRead MoreA Philosophical Enquiry into the Origin of Our Ideas of the Sublime and Beautiful: Edmund Burke1299 Words   |  6 PagesBeautiful and Sublime†, provide important reflections on literature and nature. These contributions and distinctions have remained in force even after the systematization of aesthetic notions that are carried out in modern times. As it can be appreciated, the history of the sublime is as ancient as philosophy. But ultimately the art is which gives life to the sublime: an art that is manifested not only in the great works but also in the phenomena of the sensible world, as well as in the proposals andRead MoreComparison Between Roman And Roman Civilization1565 Words   |  7 Pagesintelligence something could’ve been devised to limit it basic. Its irresistible dwindling of knowledge and its mindset all played a role in the effects of it. During years in pre-roman Greek republics along with local dynasties Tyrants and kings Motivated Art, literature with Science to such a degree that Civilized world that thickly dotted over with intellectual centuries. Conquest diminishes a greater part in a Psychological life. Roman Government subdued in Demoralizing in barely survived. To absenceRead MoreAmusing Ourselves to Death by Neil Postman1180 Words   |  5 Pages Neil Postman writes, Amusing Ourselves to Death to address a television-based epistemology pollutes public communication and its surrounding landscape, not that it pollutes everything. The book was produced in 1984 in a time where television was an emerging epidemic and other forms of communication that today have taken flight, didn’t exist. It is directed to people who have let television drag them away from their Focus and attention to comprehend as they have lost the ability to bring forth yourRead MoreThe Artifacts Of The Past2785 Words   |  12 Page sBecause the history of art is, for the most part, a history of theft; questions over its ownership are bound to ensue. So, how do we decide who owns art, and subsequently, history? Prevailing postcolonial ideologies, might characterise museums as imperial despoilers in which their possession of artefacts showcase the dispossession of cultural identity from the colonised, robbing the motif behind acquired objects. This works in conjunction with the idea that when an ancient work of art is removed from itsRead MoreThe Marbles : British Museum Loan3096 Words   |  13 Pagesthe topic for my major project, I realised that returning art to its country of origin, is indeed a complex issue. I felt that it was natural for nations to desire aspects of their past and connections to their ancestors returned. However, some of these nations had either long neglected their culture or honestly did not possess proper resources to look after these objects if restored. However, after researching be neath the surface of art repatriation and looking at each object on a case to case basisRead MoreCritical Metaphor Analysis Approach7941 Words   |  32 PagesTO 1987 CONSERVATIVE PARTY CONFERENCE IN BLACKPOOL V. CONCLUSION VI. REFERENCES VII. APPENDIX I I. ------------------------------------------------- INTRODUCTION Rhetoric is the art of persuading others. Persuation is an interactive communicative process in which a message sender aims to influence the beliefs, attitudes and behaviour of the message receiver( cf. Jowettamp; O’Donnell 1992:21-26) Persuation involves exploitingRead MoreContemporary American Poetry and Its Public Worlds Essay8159 Words   |  33 Pagesinadequate because the poets face a world in which the very gesture of seeking private space seems heavily mediated by the forces of therapeutic culture and the fantasies proposed in various kinds of advertising. For poetry to achieve cultural currency, in both senses of that term, it may have to find ways of reconciling the energies of romantic lyricism to overtly rhetorical ambitions and strategies. It will take me a long time to get to those ambitions because I first have to clarify plausibleRead MoreEssay on Happiness and Drought2705 Words   |  11 Pagesconversational and lyrical narrative. In the first two lines we are given the stage in which the dead man’s story is to be told. â€Å"The earth keeps some vibration going There in your heart, and that is you.† (ll. 1-2) This portrayal of Earth as a natural force can be read in two ways. On one hand, the Earth can be viewed as a natural source that produces the life of a human. But one cannot ignore the fact that Masters deliberately placed the words your and you in these lines. With these words Masters sets

Performance of McMillan Shakespeare Limitedâ€Myassignmenthelp.com

Question: Analysis and interpretation of the performance of McMillan Shakespeare Limited? Answer: Introduction Background of the company For this purpose of this assignment, McMillan Shakespeare Limited (MMS) is the business organization that has been undertaken for the purpose of financial performance and financial position analysis. McMillan Shakespeare Limited (MMS) is engaged in providing services of salary packaging and motor vehicle leasing services. McMillan Shakespeare Limited has started its business operations in 1988 and since then they are engaged in providing services of salary packaging and notated leasing services. McMillan Shakespeare Limited is listed in Australian stock exchange and has been reported in top 200 ASX listed companies. Apart from their primary business operations, they are also are also engaged in the business of asset management, fleet financing and management services. McMillan Shakespeare Limited has wide spread business operations and they has 21 subsidiary companies under. Purpose of the group assignment Purpose of this assignment is to understand and analysis ratios and financial statements analysis technique. How to assess and analyse financial position and financial performance of the business organisation is the outcome of this assignment. In this assignment, ratio analysis of five years has been done i.e. from 2011 to 2015 (Salo and Punkka, 2011). Main purpose of this assignment is to develop skills among students of analysing and reading financial statements of any business entity. In order to complete course successfully development of analysis skill is required and therefore main purpose of this assignment is to develop analytical skills. Purpose of this assignment includes development of skills of students in terms of making conclusion. Trend and cross-sectional financial analysis Trend analysis and cross sectional financial analysis of McMillan Shakespeare Limited has been undertaken in this sections. Ratio analysis has been used technique for the same and various ratios has been calculated and analyzed. Profitability ratio, solvency ratio, efficiency ratio and liquidity ratios are calculated and analyzed in this section of report. Ratio calculation Profitability ratios Gross profit ratio = Gross profit / Sales revenue * 100 Operating profit ratio = Operating profit / Sales revenue * 100 Net profit ratio = Net profit / Sales revenue * 100 Ratio 2015 2014 2013 2012 2011 Gross profit ratio 75.14% 76.68% 77.51% 78.26% 79.60% Net profit ratio 17.32% 22.80% 26.93% 17.98% 16.02% (El-Dalabeeh, 2013) Analysis: Above two ratios is used to analyse profitability of the business organisation and in this case McMillan Shakespeare Limited has been tested on such basis. Gross profit reflects ability and capabilities of business organization in terms of primary business operations (Wunsch, Gruber and Claupein, 2012). McMillan Shakespeare Limited had shown great operational efficiency as reflected in their gross profit ratio. In all 5 years they had maintained higher operational efficiency. On the other hand, net profit ratio is used to analyse cost management and real profit earning capacity of the business organization (Entwistle, 2015). As compared to industry average, McMillan Shakespeare Limited has shown great efficiency in generating profits for their internal stakeholders in terms of net profit. Their net profit ratio in all 5 years has been at higher side but results shows high fluctuations. It can be concluded that overall profitability position of McMillan Shakespeare Limited i s attractive and increasing financial performance has been observed (Erik and Kerstin, 2013). Because of great profitability ratios (gross and net profit), McMillan Shakespeare Limited has been able to maintain higher cash availability in business operations. Profitability of McMillan Shakespeare Limited has also impacted liquidity of the McMillan Shakespeare Limited as by earning more profits, McMillan Shakespeare Limited is able to save more cash for business operations. Operating efficiency Accounts Receivable Turnover = Revenue / (Average Accounts Receivable) Inventory Turnover = (Cost of Sales) / (Inventory) Accounts Payable Turnover = (Cost of Sales) / (Accounts Payable) Total Asset Turnover = (Revenue) / (Total Assets) Ratio 2015 2014 2013 2012 2011 Accounts receivable turnover period 8.30 days 11.91 days 18.15 days 15.97 days 19.34 days Inventory turnover period 13.52 days 15.07 days 15.33 days 33.17 days 37.47 days Accounts payable turnover period 1.52 days 1.53 days 1.82 days 1.14 days 1.22 days Cash conversion cycle 20.30 days 25.45 days 31.66 days 48 days 55.46 days Total Asset Turnover 50.13% 66.23% 73.80% 77.20% 90.28% (Olesen and Podinovski., 2017) Analysis: Operation efficiency ratios are used to analyse effectiveness in business operations of the business organisation. Accounts receivables ratio reflects efficiency of business organisation in terms of their ability of collecting cash from its debtors in normal course of business. It shall be kept at as low as possible and in case of McMillan Shakespeare Limited, receivables period is effective and improvement can be observed from 2011 to 2015. Another efficiency ratio is inventory turnover period, this ratio reflects turnaround period of stock i.e. days from inventories held in store till the date of sales (Kadzinski and Napieraj, 2017). Cost of sales or cost of goods sold is the base for analysing inventory turnover. In case of McMillan Shakespeare Limited, great improvement has been seen from 2013 as there is great reduction in their inventory turnover period. Accounts payable turnover is another efficiency ratio that is used to analyse payable period of the business organi zation i.e. within which creditors are required to be paid. It can be observed that payable period of McMillan Shakespeare Limited is at adverse side in all 5 years under consideration as they payable period is very low. Cash conversion cycle is the overall effect of business operational efficiency that can be used for analysis of overall operational efficiency (Kaushal and Muthusamy., 2014). In case of McMillan Shakespeare Limited, it shows acceptable level of efficiency. According to cash conversion cycle of McMillan Shakespeare Limited, they will be at strong position in terms of liquidity in the operations. At last, total asset turnover ratio has been used to analyze efficiency of assets in terms of its utilization in generating sales revenue for the period under consideration. In case of assets, assets utilization ratio has shown positive or efficiency in generating sales revenue during all 5 years under consideration (Olesen and Podinovski., 2015). Liquidity ratios Current ratio = Current assets / current liabilities Quick ratio= Current assets (Inventories + Prepaid expenses) / current liabilities Ratio 2015 2014 2013 2012 2011 Current ratio 1.72 times 1.41 times 1.28 times 1.26 times 0.61 times Quick ratio 1.59 times 1.27 times 1.15 times 1.19 times 0.56 times (Fenyves and Tarnoczi, 2011) Analysis: Liquidity ratio can be defined as the ratios which are used to analyse liquidity position of the business organisation. Liquidity position means position of working capital or relationship between current assets and current liabilities. Liquidity ratios are used to analyse level of cash and cash equivalent present in the business organisation i.e. in its business operations. Current ratio and quick ratio are two effective tools of liquidity ratio that are used to measure level of liquidity in the business operations (Gomaa and Shaw, 2011). Current ratio establishes relationship between current assets available for meeting current obligation of the business organisation and in short term. In case of McMillan Shakespeare Limited, their current ratio reflects adequate level of current assets i.e. they has adequate level of current assets for meeting their current obligations. In all 5 years, McMillan Shakespeare Limited has maintained adequate level of current assets and this shows greater efficiency in terms of liquidity position (Pandya, 2014). Another ratio that is used to analyst deeper liquidity position is quick ratio. Quick ratio does not use those current assets in which cash is already incurred or cash is blocked. Inventories and prepaid expenses are two current assets that is not included in calculation of quick asset (Khatik and Varghese, 2015). In case of McMillan Shakespeare Limited, their liquidity position in terms of quick ratio shows positive results. Solvency ratios Debt Equity ratio = Total debt / total equity Interest coverage ratio = EBIT / Interest or Finance cost Equity ratio = Total equity / total assets Ratio 2015 2014 2013 2012 2011 Debt Equity ratio 1.44 times 1.34 times 1.29 times 1.33 times 1.62 times Interest coverage ratio 9.65 times 6.29 times 7.05 times 6.45 times 4.51 times Equity ratio 0.41 times 0.43 times 0.44 times 0.43 times 0.38 times Analysis: Solvency ratios are those ratios which can b used to analyse solvency position of the business organisation. Solvency position can be defined as the position which defies level of risk present in terms of capital structure of the business organisation (Lewis and Tan., 2016). In terms of investors, solvency position of business organisation is very much important and in order to analyse financial position solvency ratios are also very important. In case of McMillan Shakespeare Limited, three solvency ratios are used for the solvency analysis i.e. debt equity ratio, interest coverage ratio and equity ratio (Piatti, 2014). Debt equity ratio is used to analyse level of debt and equity utilised in the business operations i.e. propionate debt and equity utilisation. It can be analysed that, in all 5 years i.e. from 2011 to 2016 capital structure is at risk. They had utilised more as compared to internal funds i.e. equity (including reserves). Financial leverage of McMillan Shak espeare Limited is at higher side and denotes higher level of risk in capital structure management and level (Ribera, Zargari, Chapman and Joshi, 2016). On the other hand from the investors point of their solvency position is at great side according to interest coverage ratio. In all 5 years they show good results in terms of their ability in terms of paying interest or financial cost. Market performance Earnings per share = Net earnings for shareholders / No of equity shares Book value per share = Total Equity / No of equity shares Ratio 2015 2014 2013 2012 2011 Earnings per share $ 4.51 $ 7.1 $ 6.56 $ 5.59 $ 4.61 Book value per share $ 18.08 $ 18.64 $ 18.82 $ 20.69 $ 16.98 (Schmidlin, 2014) Analysis: It can be analysed that McMillan Shakespeare Limited is able to generate consistent EPS in all 5 years. As compared to industry average, McMillan Shakespeare Limited has been able to generate the same and is able to attract more investors (Faezinia, Ohadi and Janani, 2012). Book value per share is the theoretical framework that is used to assess market position by dividing book value of equity funds with no of equity shares lying with the entity. Both ratios show adequate level of market efficiency of McMillan Shakespeare Limited. Reasons for change in financial position and performance From the above ratio analysis, it can be observed that results or financial performance and position of McMillan Shakespeare Limited in 2011 has been drastically changed till 2015. Following are some reasons for the same: Competition: It can be observed that from 2011 to 2015 there is increase in competition for McMillan Shakespeare Limited. Although McMillan Shakespeare Limited has been operating business operations which is quite unique bit since 2011 many new business entity has entered the market (Kadan and Zach, 2012). Level of competition has influenced level of business operations, profitability and operational efficiency of McMillan Shakespeare Limited. Change in consumer preference: Since some positive results have been seen from 2011 to 2015 and reason for the same is change in consumer preference. In modern business environment, consumers are more educated and more smart, they undertaken each and every detail of business operations. Shift of consumer preference is another reason of positive change in financial position and performance (Riordan and Riordan, 2009). Customers require more stable business organisations to handle their salary package service or motor vehicle leasing services. This has been the positive influencing factor for McMillan Shakespeare Limited to attract more customers. Management decisions: Management decisions related to merger, acquisition, business transformation and introduction of new business line is another reason of positive financial performance and position (Longinidis and Georgiadis., 2011). Management of McMillan Shakespeare Limited has taken time to time decisions related to introduction of asset management business, merger with UFS, group remuneration services, etc. These decisions have contributed in increasing efficiency and effectiveness of business operations of McMillan Shakespeare Limited from 2011 to 2015 (Walther, 2016). According to annual report of McMillan Shakespeare Limited, it can be analyzed that McMillan Shakespeare Limited has undergone various integration and management buyouts so as to support business operations and to provide better services to their customers. These decisions have supported effective business operations of McMillan Shakespeare Limited and have gained much new business Conclusion After analysis of this report, it can be concluded that ratio analysis can be used for making analysis of financial performance and financial position of the business organisation. In this report, evaluation of financial performance and position of McMillan Shakespeare Limited has been undertaken. It can be summarized that, in terms of pprofitability position of McMillan Shakespeare Limited, in all 5 years they had maintained adequate level of profitability in operational (gross profit) and in administrative terms (net profit). McMillan Shakespeare Limited has been able to maintain higher level of gross and net profit margins. As compared to industry average, these results of profitability have shown greater efficiency in term of profit earning. By maintaining core business operations, McMillan Shakespeare Limited has been able to maintain higher profits. McMillan Shakespeare Limited has been able to manage their administrative and service cost in during the reporting period and this supports maintaining higher profitability. Efficiency ratio reflects adequate business operation management and efficiency. It can be concluded that efficiency ratios are used by various internal external stakeholders for decision making and are very important for the analyzing and reviewing business operations. Cash conversion cycle in all 5 years has shown effective results in term of converting cash from inventory, receivables and payable. In case of McMillan Shakespeare Limited, both accounts receivable and inventory turnover period has reflected greater efficiency. This has been the reason of maintaining liquidity in the working capital. Payable turnover period also denotes greater efficiency in terms of deferring payments to creditors and making available more cash or liquidity in the working capital management or in business operations. It can be concluded that, efficiency position is the major factor that has contributed in effective management of business operations. In terms of liquidity state of McMillan Shakespeare Limited, it can be concluded that they had maintained higher level of liquidity in the working capital. Current ratio indicates currents assets of McMillan Shakespeare Limited are in excess of current obligations. This has made them highly liquid and this is the reason of maintaining higher profitability. Quick ratio has also suggested the same and has the contributor in maintaining efficient business operations. Availability of cash or liquidity has saved McMillan Shakespeare Limited from various legal litigations and enhanced their goodwill or brand among its competitors. It can be concluded that solvency position has shown adverse situation in terms of debt and equity usage in business operations. Interest coverage ratio has shown attractive results for investors as these are at higher side in all 5 years. Interest coverage ratio is the factor that has enhanced goodwill of McMillan Shakespeare Limited and has attracted more investors in terms of investment. It can be concluded that mmanagement decisions, change in consumer preference and competition are some reasons of change in financial performance and position of McMillan Shakespeare Limited. It can be concluded that by maintaining effective solvency position in the business operations, management of McMillan Shakespeare Limited has been able to earn market goodwill. References El-Dalabeeh, A., 2013. The Role of Financial Analysis Ratio in Evaluating Performance: (Case Study: National Chlorine industry). Interdisciplinary Journal of Contemporary Research In Business, vol. 5, no 2, pp 13-28. Entwistle, Gary., 2015. Reflections on Teaching Financial Statement Analysis. Accounting Education, vol 24, no 6, pp 555-558. Erik Hofmann, Kerstin Lampe., 2013, Financial statement analysis of logistics service providers: Ways of enhancing performance. International Journal of Physical Distribution Logistics Management, vol 43, no 4, pp 321-342. Faezinia, V., Ohadi, F., Janani, M., 2012, The Quantitative Study of Effective Factors on Price-Earning Ratio in Capital Market of IRAN. Interdisciplinary Journal of Contemporary Research in Business, vol 3, no 1, pp 550-559. Fenyves Veronika, Tarnoczi Tibor., 2011, Liquidity management and corporate risk. Annals of the University of Oradea: Economic Science, vol 1, no1, pp 530-536. Gomaa, Markelevich, Shaw., 2011, Introducing XBRL through a financial statement analysis project. Journal of Accounting Education, vol 29, no 2-3, pp 153-173. Kadan, Madureira, Wang, Zach., 2012, Analysts' industry expertise. Journal of Accounting and Economics, vol 54, no 2, pp 95-120. Kadzinski, Labijak, Napieraj., 2017, Integrated framework for robustness analysis using ratio-based efficiency model with application to evaluation of Polish airports. Omega, vol 67, pp 1-18. Kaushal, Chang, Lee, Muthusamy., 2014, Using efficiency analysis and targeted intervention to improve operational performance and achieve cost savings in the endoscopy center. Gastrointestinal Endoscopy, vol 79, no 4, pp 637-645. Khatik, S., Varghese, T., 2015, Impact of Working Capital Management on Firm Profitability: An Empirical Study of ITC Ltd. International Journal of Information, Business and Management, vol 7, no 4, pp 284-305. Lewis, Tan., 2016, Debt-equity choices, RD investment and market timing. Journal of Financial Economics, vol 119, no 3, pp 599-610. Longinidis, Georgiadis., 2011, Integration of financial statement analysis in the optimal design of supply chain networks under demand uncertainty. International Journal of Production Economics, vol 129, no 2, pp 262-276. Olesen, Petersen, Podinovski., 2015, Efficiency analysis with ratio measures. European Journal of Operational Research, vol 245, no 2, pp 446-462. Olesen, Petersen, Podinovski., 2017, Efficiency measures and computational approaches for data envelopment analysis models with ratio inputs and outputs. European Journal of Operational Research. Pandya, B., 2014, Performance of Foreign Banks in India: An Empirical Analysis. Vidwat, vol 7, no 1, pp 13-17. Piatti, Domenico., 2014, Operating cash flow and creditworthiness assessment. Academy of Accounting and Financial Studies Journal, vol 18, no 2, pp 1-20. Ribera Boigues, S., Zargari, Ahmad, Chapman, Hans, Joshi, Nilesh., 2016, An Empirical Factor Analysis of Efficiency and Profitability Ratios in the U.S. Retail Industry, ProQuest Dissertations and Theses. Riordan, Diane A., Riordan, Michael P., 2009, Inflation and Financial Statement Analysis in the International Accounting Classroom. Journal of Teaching in International Business, vol 20, no 2, pp 174-187. Salo, A., Punkka, A., 2011, Ranking Intervals and Dominance Relations for Ratio-Based Efficiency Analysis. Management Science, vol 57, no 1, pp 200-214. Schmidlin, N., 2014, The Art of Company Valuation and Financial Statement Analysis A value investor's guide with real-life case studies (The Wiley Finance Series). Hoboken: Wiley. Walther, A., 2016, Jointly Optimal Regulation of Bank Capital and Liquidity. Journal of Money, Credit, and Banking, vol 48, no 2-3, pp 415-448. Wunsch, Karin, Gruber, Sabine, Claupein, Wilhelm., 2012, Profitability analysis of cropping systems for biogas production on marginal sites in southwestern Germany. Renewable Energy, vol 45, p 213.