IJREM

Volume 2 Issue 3
October -2013
of Management
International Journal
Research Excellence in
1. PATTERN ON CAPITAL STRUCTURE OF SME-AN ANALYSIS AT NSIC
Dr. P. Dolly Diana, Vani.H, Prof. R Nageswar Rao
2. AN ANALYSIS OF SUPPLY CHAIN MANAGEMENT WITH REFERENCE TO MSME MACHINE TOOL UNITS, HYDERABAD.
Dr. K. Niranjan, Dr. K. Madhusudhana Rao
3. IS BUYBACK BOON TO SHAREHOLDERS?

T.Chandra Sekhara reddy, Prof. P.Dolly Diana.
4. RETAINING TALENT, A STRATEGIC PRIORITY

Dr C. Sunanda Yadav
5. SELF- CONCEPT AMONG VISUALLY CHALLENGED CHILDREN

Ms.P. Neeraja,
6. C A PECULIAR PROGRAMMING LANGUAGE

Ila Naqvi
7. A CONCEPTUAL FRAME WORK ON STRESS MANAGEMENT WHAT, WHY, HOW 8. BEHAVIORAL SKILLS OF MENTALLY RETARDED CHILDREN
P. Neeraja, B. Sreelakshmi,
Richa Saini, E.Pranavi,
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International Journal of Research Excellence in Management
ISSN:2278 7089
www.ijrem.in | 2(1) | July 2013
EDITORIAL BOARD Editor-in-Chief

Mr. Kamakshaiah Musunuru
Advisory Editorial Board

1) Dr. Surendra Gole Vice Principal, Julelal Institute of Technology, Nagpur, India. ) !r. !adhusudan "ao Datri#a $ecturer, Jig%iga &ni'ersity, (thiopia, N( )frica. *) !r. +handra Se#har "ao !usunuru ,ranch !anager, Srira- Transport .inance +o-pany $i-ited, Guntur, India. /) !r. S N V "a% 0u-ar !ar#eting !anager, +ro-pton 1 Grie'es +o-pany $i-ited, 2ydera3ad, India.
Associate Editors
1) !r. )VS! )di Seshu )ssistant Professor, Dept. of +S(., SVIST (ngg. +ollege, 0adapa, India. ) !r. V Srini'asa "ao )ssistant Professor, "S" (ngineering +ollege, Nellore, India. 4*) !r. 2i-anshu Ti5ari $ecturer, Datta !egha Institute of !anage-ent Studies, Nagpur, India. 4/) Dr. P. !alyadri Principal, Go't. Degree +ollege 46s-ania &ni'ersity), Tandur, )P, India
Reviewers
1) !r. 0 S Prana' Treasurer 1 $ecturer, !aster (ducational Society, 0a'ali, Nellore, India. ) !r. Nilesh V. Patil )ssistant Professor, Sy-3iosis +entre for Distance $earning, Pune, India. *) !r. 0 Ven#at "eddy $ecturer, &ni'ersity of )s-ara, )s-ara, (ritrea, N( )frica. 77777777777777777777777777
IJREM; Vol.2; Issue 3
PATTERN ON CAPITAL STRUCTURE OF SME - AN ANALYSIS AT NSIC
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PATTERN ON CAPITAL STRUCTURE OF SME-AN ANALYSIS AT NSIC

Dr. P. Dolly Diana Principal, St.Martins Institute of business Management 8106986661 pdollydiana2000@gmail.com Prof. R Nages ar Rao Professor an# (irector )Infrastructure*, +smania ,ni-ersit", !"#eraba#. Vani.H Assistant Manager, NSI ,!"#eraba# 996$00%&1' vanikotla16@gmail.com
Abstract
One of the most critical areas of the finance function is to make decisions about the firms capital structure. Capital is required to finance investments in plant and machinery, inventory, accounts receivable and so on. Capital structure is the part of financial structure, which represents long term sources. It is the permanent financing of the company represented primarily by shareholders funds and long term debt and excluding all short term credit. !o quote "alker, #!he term capital structure is generally defined to include only long term debt and total stockholders investment$ %"alker&. It refers to the capitali'ation of long term sources of funds such as debentures, preference share capital, long term debt and equity share capital including reserves and surplus %retained earnings&. (ccording to )ogen, #!he capital structure may consist of a single class of stock, or it may be complicated by several issues of bonds and preferred stock, the characteristics of which may vary considerably$ %)ogen, *+,-&.In other words, #capital structure refers to the composition of capitali'ation i.e., to the proportion between debt and equity that make up capitali'ation$ %.hilips&. "eston and )righam have indicated the capital structure by the following equation %"eston&/ Capital 0tructure 1 2ong term debt 3 .referred stock 4 5et worth %or& Capital 0tructure 1 !otal (ssets 3 Current 2iabilities. %"eston, *+-6& In this paper, an attempt has been made to study the #.attern of Capital 0tructure of sme at 50IC. (n analysis of long term solvency, assessment of debt equity, debt to total fund and 7ustification for the use of debt through the application of ratio analysis and statistical test has been undertaken. !he time period considered for evaluating the study is four years. Key words: 8ebt equity ratio, 8ebt to total fund ratio, Interest coverage ratio. 9:2/ ;<*
Introduction
!he financing decisions occupy a pivotal role in the overall finance function in a corporate firm which mainly concerns itself with an efficient utili'ation of the funds provided by the owners or obtained from external sources together with those retained or ploughed back out of surplus or undistributed profits.
"##$:%%s&'-'()'*.'( +
!hese decisions are mainly in the nature of planning capital structure, working capital and mechanism through which funds can be raised from the capital market whenever required. !he financing decisions explains how to plan an appropriate mix with least count, how to raise long term funds, and how to mobili'e the funds for working capital within a short span of time. 0uch a financing policy provides an
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appropriate backdrop for formulating effective policies for investment of funds as well as management of earnings. It contributes to magnifying the earnings on equity as profitability %expressed as return on equity&, to a large extent, is dependent on the degree of leverage in the capital structure. )esides, the valuation of the structure of physical assets depends fundamentally on the financing mix. !his makes it necessary for the management of a firm to pursue a well thought out of financing policy, which ought to be framed initially, incorporating, among other things, the proportion of the debt and equity, types of debts and own funds to be used and volume of the funds to be raised from each source or combination of sources, to enable the firm to have a proper capitali'ation. In the absence of this, the firm may face the problem of either over capitali'ation or under capitali'ation impeding its smooth financial functioning. It is obvious that functioning decisions are extremely important for corporate firms. 0uch decisions, in management parlance, are termed as capital structure decisions. !he term capital structure is used to describe the combination of various sources of finance employed to raise funds. It implies, in other words, that when a firm chooses to use a group of sources in certain proportions the resulting pattern is referred to as capital structure of the firm. !he sources of finance could be divided in terms of ownership of funds and duration of funds. !he former comprises owned and borrowed funds while the latter includes long, medium and short term funds. Of the two, the duration based classification is useful for preparing a plan to meet long term as well as short term capital requirements while ownership based classification is useful for selection of specified sources, determining debt equity ratio and analy'ing impact of capital structure decisions on the earnings on equity. (s the ownership based classification suggests that there are two types of sources of finance, namely owned and borrowed funds, the capital structure represents the component relationship between owned and borrowed funds. !he owned funds which are also described as equity fund may be defined as funds provided by or belonging to the share holders. (s against this, borrowed funds which are also described as debt fund may be defined as funds obtained from the outsiders as debt and repayable along with interest amount, sub7ect to the terms and conditions to the loan agreement, during the life span of the corporate firm. (ccording to popular notions, only term sources of funds constitute capital structure and short term sources of funds are excluded from its preview. In the opinion =a7want0ingh and )r
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I 7 >umar, the capital structure is made up of the long term borrowings, the preferred stock and the common stock equity including all related net worth accounts. 0imilarly ?orarka.= observes that the capital structure implies a degree of permanency and normally omits short term borrowings of less than one year but would include other intermediate and long term borrowings. !he financial institutions consider only long term sources of finance for computing the debt equity ratio of corporate firm. %0hrivallabhv.kuvalekhar, *++@& 8efinition of ACapital 0!=BC!B=: ( mix of a companyAs long term debt, specific short term debt, common equity and preferred equity. !he capital structure is how a firm finances its overall operations and growth by using different sources of funds. 8ebt comes in the form of bond issues or long term notes payable, while equity is classified as common stock, preferred stock or retained earnings. 0hort term debt such as working capital requirements is also considered to be part of the capital structure
Objectives
!he present research paper aims at endeavoring the following ob7ectives/ !o analy'e the pattern of capital structureC !o assess of long term solvencyC and !o ascertain the 7ustification for the use of debt. Capital structure means the mixture of share capital and other long term liabilities. In capital structure, we include equity share capital, preference share capital, debenture and long term debt. 0ome of companies want to become smart. !hey slowly decrease equity share capital and increases loan excessively which may be very risky because these company has to pay fixed cost of interest and has to manage repayment of loan after some time. 0ome mistake in it, may be risky for its solvency. 0o, decision relating to capital structure is very important for company. Tools of analysis !he data drawn from the annual reports of 0?: have been carefully analy'ed, tabulated and interpreted by using well established financial tools. !he analysis of data is carried out through capital structure ratios such as debt equity ratio, debt to total fund ratio and interest coverage ratio. 0tatistical tools like mean, standard deviation, coefficient of variation and
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coefficient of correlation are also applied. ;raphs and diagrams are presented to illuminate the facts and figures. Scope and coverage !he present study is confined to 0?:. !his study is restricted to assess the pattern of capital structure in 0?: with the help of the ratio analysis. !he time period considered for evaluating the study is four years Pattern of capital structure In case of new company the capital structure may be of any of the following four patterns/ Capital structure with equity shares only Capital structure with equity as well as preference shares Capital structure with equity shares and debt capital Capital structure with equity shares, preference shares and debt capital. Importance of capital structure !he term Dcapital structure refers to the relationship between the various long term forms of financing such as debenture, preference share capital and equity share capital. Einancing the firms assets is a very crucial problem in every business and as a general rule there should be a proper mix of debt and equity capital in financing the firms assets. !he use of long term fixed interest bearing debt and preference share capital along with equity shares is called financial leverage or trading on equity. %0harma, 6@@F& Approaches to establish target capital structure !he capital structure should be planned initially when a company is incorporated. !he initial capital structure should be designed very carefully. !he management of the company should set a target capital structure and the subsequent financing decisions should be made with a view to achieve the target capital structure. !he company needs funds to finance its activities continuously. :very time when funds have to be procured, the financial manager weighs the pros and cons of various sources of finance and selects the most advantageous sources keeping in view the target capital structure and financial manager deals with existing capital structure. !hus the capital structure
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decision is a continuous one and has to be taken whenever a firm needs additional finances. !hree common approaches to decide about a firms capital structure :)I! :.0 approach for analy'ing the impact of debt on shareholders return and risk. Galuation approach for determining the impact of debt on the shareholders values Cash flow analysis for analy'ing the firms ability to service debt and avoid financial distress. %.andey, 6@*@& Factors determining the capital structure !he capital structure of a concern depends upon a large number of factors such as leverage or trading on equity, growth of the company, nature and si'e of business, the idea of retaining control, flexibility of capital structure, requirements of investors, costs of flotation of new securities, timing of issue, corporate tax rate and the legal requirements. It is not possible to rank them because all such factors are of different importance and the influence of individual factors of a firm changes over a period of time. :very time the funds are need, the financial manager has to study the pros and cons of the various sources of finance so as to select the most advantageous capital structure. !he factors influencing the capital structure are discussed as follows/ 1. Financial leverage or trading on equity: the use of long term fixed interest bearing debt and preference share capital along with equity share capital is called financial leverage or trading on equity. :ffects of leverage on the shareholders return or earnings per share have already been discussed in this chapter. !he use of long term debt increases magnifies the earnings per share if the firm yields a return higher than the cost of debt. !he earnings per share also increase with the use of preference share capital but due to the fact that interest is allowed to be deducted while computing tax, the leverage impact of debt is much more. However, leverage can operate adversely also if the rate of interest on long term loans is more than the expected rate of earnings of the firm. !herefore, it needs caution to plan the capital structure of a firm. . !ro"th and stability of sales / the capital structure of a firm is highly influenced by the growth and stability of its sales. If the sales of a firm are expected to remain fairly stable, it can raise a higher level of debt. 0tability of sales ensures that the firm will not face
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any difficulty in meeting its fixed commitments of interest payment and repayments of debt. 0imilarly, the rate of growth in sales also affects the capital structure decision. Bsually greater the rate growth of sales, greater can be the use debt in the financing of firm. On the other hand, if the sales of a firm are highly fluctuating or declining, it should not employ, as far as possible, debt financing in its capital structure. #. $ost of capital: every rupee invested in a firm has a cost. Cost of capital refers to the minimum return expected by its suppliers. !he capital structure should provide for the minimum cost of capital. !he main suppliers of capital depend upon the risk they have to undertake. Bsually, debt is a cheaper source of finance compared to preference and equity capital due to %*& Eixed rate of interest on debtC %6& 2egal obligation to pay interestC %<& =epayment of loan and priority in payment at the time of winding up of the company. On the rate of other hand, the rate of dividend is not fixed on equity capital. It is not a legal obligation to pay dividend and the equity shareholders undertake the highest risk as they cannot be paid back except at the winding up of the company and that too after paying all other obligations. .reference capital is also cheaper than equity because of lesser risk involved and a fixed rate of dividend payable to preference shareholders. )ut debt is still a cheaper source of finance than even preference capital because of tax advantage due to deductibility of interest. "hile formulating a capital structure, an effort must be made to minimi'e the overall cost of capital. %. &is': there are two types of risk that are to be consider while planning the capital structure of a firm vi'C %*& )usiness risk and %6& Einancial risk. )usiness risk refers to the variability of earnings before interest and taxes. )usiness risk can be internal as well as external. Internal risk is caused due to improper product mix, non availability of raw materials, incompetence to face competition, absence of strategic management etc.environment thrust upon it. :xternal business arises due to change in operating conditions caused by conditions thrust upon the firm which are beyond its control e.g., business cycles,
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governmental controls, changes in business laws, international market conditions etc. Einancial risk refers to the risk of a firm that may not be able to cover its fixed financial costs. Einancial risk is associated with the capital structure of a company. ( company with no debt financing has no financial risk. !he extent of financial risk depends on the leverage of the firms capital structure ."hen a firm uses more and more of debts in its capital mix the financial risk of the firm increases. It may not be able to pay the fixed interest charges to the suppliers of debt and they may force to liquidate. !hus, a firm has to reach a balance between the financial risk and the risk of non employment of debt capital to increase its market value. ,. $AS( Flo" ability to service debt: a firm which shall be able to generate larger and stable cash inflows can employ more debt in its capital structure as compared to the one which has unstable and lesser ability to generate cash inflows .8ebt financing implies burden of fixed charge due to the fixed payment of interest and the principal. "henever a firm wants to raise additional funds, it should estimate, pro7ect its future cash inflows to ensure the coverage of fixed charges. Eixed charges coverage ratio and interest coverage ratio may be calculated for this purpose. ). *ature and si+e of a firm: nature and si'e of a firm also influence its capital structure. (ll public utility concern has different capital structure as compared to other manufacturing concern. .ublic utility concerns may employ more of debt because of stability and regularity of their earnings. On the other hand, a concern which cannot provide stable earnings due to the nature of its business will have to rely mainly on equity capitalC similarlyI small companies have to depend mainly upon owned capital as it is very difficult for them to raise long term loans on reasonable terms and also cannot issue equity and preference shares at ease to the public. ,. $ontrol: whenever additional funds are required by a firm, the management of the firm wants to raise the funds without any loss of control over the firm. In case the funds are raised through the issue of equity shares, the control of the existing shareholders is diluted. Hence, they might raise the additional funds by way of fixed interest bearing debt and preferences share capital. .references shareholders and debenture holders do not have the voting right. Hence, from the
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point of view of control, debt financing is recommended. )ut, depending largely upon debt financing may create other problems, such as, too many restrictions imposed upon by the lenders or suppliers of finance and ultimate bankruptcy of the firm due to heavy burden of interest and fixed charges. !his may result into even a complete loss of control by way of liquidation of the company. -. Fle.ibility: capital structure of a firm should be flexible, i.e., it should be such as to be capable of being ad7usted according to the needs of the changing conditions. It should be such as to be capable of being ad7usted according to the needs of the changing conditions. It should be possible to raise additional funds, whenever the need be, without much of difficulty and delay. ( firm should arrange its capital structure in such a manner that it can substitute one form of financing by another. =edeemable preference shares and convertible debentures may be preferred on account of flexibility. .reference shares and debentures which can be redeemed at the discretion of the firm offer the highest flexibility in the capital structure. /. &equirements of investors: the requirement of investors is another factor that influences the capital structure of a firm. It is necessary to meet the requirements of both institutional as well as private investors when debt financing is used. Investors are generally classified under three kinds, i.e. bold investors, cautious nature, and prefer capital gains and control and hence equity share capital is best suited to them. Investors who are over cautious and conservative prefer safety of investment and stability in returns and hence debentures would satisfy such overcautious investors. Investors which are less cautious in approach will prefer preferences share capital which provides stability in returns. 10. $apital mar'et conditions 1timings2: capital market conditions do not remain the same forever. 0ometimes there may be depression while at other times there may be boom in the market. !he choice of the securities is also influenced by the market conditions. If the share market is depressed and there are pessimistic business conditions, the company should not issue equity shares as investors would prefer safety. )ut in case there is boom period, it would be advisable to issue equity shares. .roper timing of issue of securities also saves in costs of raising funds.
11. Assets structure: the liquidity and the composition of assets should also be kept in mind while selecting the capital structure. If fixed assets constitute a ma7or portion of the total assets of the company, it may be possible for the company to raise more of long term debts. 1 . Purpose of Financing: If funds are required for a productive purpose, debt financing is suitable and the company should issue debentures as interest can be paid out of the profits generated from the investment. However, if the funds are required for unproductive purpose or general development on permanent basis, we should prefer equity capital. *<. Period of finance: the period for which the finances are required is also an important factor to be kept in mind while selecting an appropriate capital mix. If the finances are required for a limited period of, say, seven years, debentures should be preferred to shares. =edeemable preference shares may also be used for a limited period finance, if found suitable otherwise. However, in case funds are needed on permanent basis, equity shares capital is more appropriate. 1%. $osts of floatation: although not very significant, yet costs of floatation of various kinds of securities should also be considered while raising funds. !he cost of floating a debt is generally less than the cost of floating equity and hence it may persuade the management to raise debt financing. !he costs of floating as a percentage of total funds decrease with the increase in si'e of the issue. 13. Personal considerations: the personal considerations and abilities of the management will have the final say on the capital structure of a firm. ?anagements which are experienced and are very enterprising do not hesitate to use more of debt in their financing as compared to the less experienced and conservative management. 1). $orporate ta. rate: high rate of corporate taxes on profits compel the companies to prefer debt financing, because interest is allowed to be deducted while computing taxable profits. On the other hand, dividend on shares is not an allowable expense for that purpose. *-. 4egal requirements: the government has also issued certain guidelines for the issue of shares and debentures. !he legal restrictions are very significant
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as these lay down a framework within which capital structure decision has to be made. Eor example the controller of capital issues, now 0:)I grants his consent or capital issue when *. the debt equity ratio does not exceed 6/*%for capital intensive pro7ects a higher debt equity ratio may be allowed, Table1: Quantum and structure of total funds in lotus shields
.articulars K:(= =s. In lacs 6L.*M 0hare Capital 6<.,L =eserves N 0urplus ,*.-6 0hare holdersA funds 3 I *M@.+0ecured loans 6,.<* Bnsecured loans *FF.6+ )orrowed funds 3 II 6*L.@6 ( 2ong term funds %I4II& F*.+M Current liabilities <.+6 .rovisions F,.LF ) C 0hort term funds 6L<.LL !O!(2 EB580 %(4)& *@@ <6M.,F *@@ 6<.6@ --.6+ *.<L ,.*F *.,+ 6*.L6 -6.*6 -F.-+ 6M-.6,L.,*ML.LL L.+* <+.M6 M+.F, *@+.M, *L.66 +L.<L L.<@ 6+.@M L.+M J +.+* K:(= =s. In lacs F+.<< J
6. the ratio of preference capital to equity does not exceed */< and <. .romoters hold at least 6,J of the equity capital. %0harma, 6@@F&
K:(= =s. In lacs. LM.<< *L.6L J 6-.-+ F.@6F. @6 <<.L6 =s. In lacs <, 6<.M<
K:(= J *,.,* *@.<L
6*.<F
(G:=( ;: =s. In lacs ,M.6@ 6<.,L
<@.<*
*@6.F6
,L.M<
6,.+@
--.-+
<<.-6 *6.*M M,.L-
*@<.+* --.*@ *L@.@*
<M.6, 6,.M* ,+.FF
**<.L@ *,.*+ *6L.++
,@.MM F.-< ,-.*L
**-.@< <+.6, *,F.6+
-F.*L
6L<.FM
+<.M+
*L-.M<
L<.@L
6<M.@+
66.66
*M.,F
M.L@
<6.++
*M.F6
M,.M@
,.*F *+.-< <@<.<-
*.-@ F.,@ *@@
,.*F <L.*F 66,.,+
6.6+ *F.+* *@@
M.L, ,@.6F 6LM.<,
6<.L*
Eigures in parentheses represent common si'e percentages considering total funds for the respective years equal to hundred. It is evident that long term funds had contributed more on an average
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L6.<6 percent of total funds when compared to short term funds %*-.F- percent& during the entire period of the study.
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2ong term funds were more than the short term funds in 2otus 0hielders pvt ltd. In other words, long term funds had apportioned nearly three fourth of total funds. !he borrowed funds and short term funds are fluctuating in quantitative terms. 0hareholders funds had 7umped from =s.,*.-6 crores in 6@@+ to =s.,L.M< crores in 6@*6. =eserves and 0urplus had a slight rise in first 6 years and fall in third year and again got into the position in the Mth year. 0hareholders fund had occupied on an average 6-.<, minor chunk of the total funds when compared to the borrowed funds %,M.+F percent&. In other words, borrowed funds were more as against the shareholders funds during the entire period of study. It may be concluded that 2otus 0hielders pvt. ltd had used more borrowed funds when compared to owned funds. It may be also observed that short term funds are less relatively than borrowed funds in 2otus 0hielders pvt ltd. Assessment of long-term solvency 2everage ratios indicate the extent to which the firm has used its long term solvency by borrowing funds. !he short term creditors, like bankers and suppliers of raw material, are more concerned with the firms current debt paying ability. On the other hand, long Table 2: Debt - Equity Ratio of Lotus Shielders !t Ltd
term creditors, like debenture holders, financial institutions etc. are more concerned with the firms long term financial strength. In fact, a firm should have a strong short3term as well as long term financial position. !o 7udge the long term financial position of the firm, financial leverage, or capital structure ratios are calculated. !hese ratios indicate mix of funds provided by owners and lenders. (s a general rule, there should be an appropriate mix of debt and owners equity in financing the firms assets. !he leverage or capital structure ratio include for the purpose of analysis/ 8ebt equity ratio 8ebt to total fund ratio Interest coverage ratio 5ebt 6 equity ratio !he main ob7ect of calculating the debt equity ratio is to measure the relative interest of owners and creditors in the firm. Erom the creditors point of view, it measures the extent to which their interest is covered by owned funds. ( standard debt equity norm for all industrial units is neither desirable nor practicable. 8ifferent standard debt equity ratios are used for different industry groups. However, in less developed countries, such standards cannot be accepted. !herefore, this ratio depends upon industry, circumstances, and prevailing practices and so on. !he generally accepted standard norm of debt equity ratio is 6/*. !he ratio may be calculated in terms of the relative proportion of long term debt i.e. borrowed funds and shareholdersA equity i.e. networth. !his is a vital ratio to determine the efficiency of the financial management of business undertakings %=oy Choudhary&. 8ebt equity ratio is calculated by using the following formula/
Debt Equity Ratio = Long Term Debt / Net Worth.
K:(= 6@@+ *@ 6@*@ ** 6@** *6 6@*6 *<
2ong term 8ebt %=s. in lakhs & *FF.6+ *ML.LL *L*.@* *6L.++
5et "orth %=s. In lakhs & ,*.-6 +L.<L *6.F6 ,L.M<
=atio <.6* *.,* *.-F 6.6@
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IJREM; Vol.2; Issue 3 *,F.6+ ?ean 66.MM 0tandard 8eviation *M.<, C.G. %J&
-OLLY. VANI AN- RAO --.-+ 6F.M6 <<.+F
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Co efficient of correlation between debt and equity %r& 1 @.M* !able 6 shows 8ebt :quity ratio of 2otus 0hielders pvt ltd. !he 8ebt :quity ratio is calculated by dividing the long term debt and 5et worth. It is evident that long term debt of the company decreased remarkably from =s.*FF.6+ in 6@@+ to*6L.++ in 6@*6. 5et "orth had a gradual rise in 6@*@ of +L.<L crores and a rapid fall in 6@** by *6.F6 criers and again rises in 6@*6 of ,L.M< crores. In other words 5et "orth is fluctuating in the entire study. 8ebt :quity ratio had varied from the highest of <.6* times in 6@@+ to the lowest 6.6@ in 6@*6. !he ratio is well slight above than the standard ratio of 6/*. It means that the debt employed by the company was slight high from the point of view as the standard ratio. However, the interest of the debt holders of the company was well protected. !he mean, standard deviation and coefficient of variation %C.G& of 8ebt :quity ratio in 2otus shielders pvt ltd are 6 times, @.LM times and @.M6 times respectively. !he coefficient of correlation between debt and equity in 2otus 0hielders pvt ltd was @.M* and thereby indicating that there was a positive relation between debt and equity. 5ebt to total fund ratio 0everal debt ratios may be used to analy'e the long term solvency of a firm. !he firm may be interested in knowing the proportion of the debt in the financial structure. It may, therefore, compute debt to total fund ratio by dividing total debt by total fund. !otal debt will include short term funds plus long term debt i.e. borrowed funds. !otal fund will include total debt plus net worth. ( high ratio means that claims of creditors are greater than those of owners. ( high level of debt introduces inflexibility in the firms operations due to the increasing interference and pressures from creditors. 8ebt to total fund ratio is calculated by using the following formula/
Debt to Total Fund Ratio = Total Debt / Total Fund
Table ": Debt To Total #und Ratio $f Lotus Shielders !t Ltd

K:(= 6@@+ *@ 6@*@ ** 6@** *6 6@*6 *< ?ean 0tandard deviation C.G %J& !otal debt %=s. In lakhs& *FL.<< *,6.M+ *LM.F6 *<6.F@ *,+.,* 66.66 *<.+< !otal fund %=s. In lakhs& 66@.@F 6,@.LL 6L-.6, *+*.@M 6<-.<@ M*.6+ *-.M@ =atio @.-F @.F@ @.FM @.F+ @.F@.,< @.L@
Coefficient of correlation of total debt and total fund%r& 1 @.L*

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*. !able < provides the debt to total fund ratio. !he financial variables considered for the competition of debt to total fund ratio include total debt and total fund. 6. It is depicted that total fund had followed a increasing trend with the exception of 6@*6 and total debt had reported a fluctuating trend in the entire study. <. !otal fund 7umped from =s.66@.@F crores in 6@@+ to =s.6L-.6, crores in 6@** and a fall in 6@*6 by *+*.@M crores. !he total fund had exceeded over the total debt during the entire period of the study. !he ratio is less than the unity. M. !he mean, standard deviation and coefficient of variation %C.G& of debt to total fund ratio in lotus shielders pvt ltd are @.F- times, @.,< times and @.L@ percent respectively. ,. !he debt to total fund ratio in lotus shielders pvt ltd had a positive relationship as the coefficient of correlation is very high i.e., @.L*. ). Interest coverage ratio
coverage for fixed interest charges is adequate. It indicates the number of times the fixed interest charges %debenture interest, interest on loans& is covered by the net profit %net profit before interest and tax&. !he interest coverage ratio shows the number of times the interest charges are covered by funds that are ordinarily available for their payment. !he lender will be interested in finding out whether the business would earn sufficient profits to pay the interest charges and interest being paid periodically. Cost of debt is the percentage of interest paid on debt. !he interest on debt, being a prior charge on profits affects profitability of a concern. !he capital structure of a firm, therefore, affects its profitability. In order to accomplish this ob7ective, the interest coverage ratio of the (=)2 is computed. !he higher the coverage, the better will be the position of debenture holders or loan creditors regarding their fixed payment of interest, the greater will be the profitability, and the better will be the position of debenture holders or loan creditors regarding their fixed payment of interest, the greater will be the profitability, and the better will be the management efficiency %.aul&. !he universal standard of Interest Coverage =atio is around - to L times. !he ratio Indicates the extent to which the earnings may fall without causing any embarrassment to the firm regarding the payment of fixed interest charges. Interest coverage ratio is calculated by using the following formula/
Interest Co erage Ratio = E!IT / Interest.
!he interest coverage ratio is used to test the firms debt servicing capacity. !he use of debt in any business undertaking is 7ustified, provided, the Table %: &nterest 'o!era(e Ratio $f Lotus Shieldres !t Ltd
K:(= 6@@+ *@ 6@*@ ** 6@** *6 6@*6 *< ?ean
:)I! %=s. in lakhs & M*.+6 M<.*L <M.<F MF.F, M*.,< ,.*-
I5!:=:0! %=s. In lakhs & 6M.<6,.<F <@.,6L.-M 6-.<< @6.L< *@.<-
=atio *.-6 *.FL *.*6 *.F6 *.,* *.L6 *.6@
0tandard 8eviation *6.MC.G. %J&
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-OLLY. VANI AN- RAO
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!his ratio is used to determine how easily a company can pay interest on outstanding debt. Interest coverage ratio is calculated by dividing the earnings before interest and taxes with interest charges. It is clear that earnings before interest and taxes and interest charges as shown an increasing trend over the study period. In other words while earnings before interest and taxes had 7umped from =s.M*.+6 crores to =s.MF.F, crores and interest charges had moved from =s.6M.<- crores to =s.6L.-M crores over the study period. !he highest interest coverage ratio was recorded at *.-6 times in 6@@+ and the lowest being *.*6 times in 6@**. !he mean, standard deviation and co efficient of variation %C.G& of interest coverage ratio in 2otus shielders pvt ltd are *.,* times, *.L6 times and *.6@ percent respectively. It may be observed that the behavior of the ratio was so erratic indicating ups and downs over the period under the reference.
Findings
It is evident that long term funds had contributed more on an average L6.<6 percent of total funds when compared to short term funds %*-.F- percent& during the entire period of the study. 2ong term funds were more than the short term funds in 2O!B0 0HI:28:=0. I observed that borrowed funds are more relatively higher than short term funds in 2O!B0 0HI:28:=0. !he share capital N reserve and surplus is following a fluctuating trend over the study period. !he current liabilities and provision showed an erratic movement over the study period of four years and there was a less current liability in 6@*<, this had an impact on the short term funds which had fallen drastically from =s. F,L.F- lakhs in 6@*@ to =s. <L*.F* lakhs in 6@*< and variation of M6.F6J. !he 2otus 0hielders pvt ltd had shown fluctuations in long term funds consisting of both shareholders funds as well as long term borrowed funds even though they provided finance for its assets requirement. !he ratio is well below than the standard ratio of 6/*. It means that the debt employed by the company was low from the point of view as the standard ratio.
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8ebt equity ratio had varied from the lowest of 6.6@ times in 6@*< to the highest <.6* of times in 6@*@.the interest of the debt holders of the company was well protected. !he mean, standard deviation and co efficient of variation %C.G& of debt equity ratio in 2otus 0hielders pvt ltd are @.LM times, @.M6 times and @.M* percent respectively.!he financial variables considered for the competition of debt to total fund ratio include total debt and total fund. It is depicted that total fund had followed a increasing trend with the exception of 6@*6 and total debt had reported a fluctuating trend in the entire study. !otal fund 7umped from =s.66@.@F crores in 6@@+ to =s.6L-.6, crores in 6@** and a fall in 6@*6 by *+*.@M crores. !he total fund had exceeded over the total debt during the entire period of the study. !he ratio is less than the unity. !he mean, standard deviation and coefficient of variation %C.G& while earnings before interest and taxes had 7umped from =s.M*.+6 crores to =s.MF.F, crores and interest charges had moved from =s.6M.<crores to =s.6L.-M crores over the study period. !he highest interest coverage ratio was recorded at *.-6 times in 6@@+ and the lowest being *.*6 times in 6@**. !he mean, standard deviation and co efficient of variation %C.G& of interest coverage ratio in 2otus shielders pvt ltd are *.,* times, *.L6 times and *.6@ percent. Suggestions 0hareholders fund had occupied on an average 6-.<, minor chunk of the total funds when compared to the borrowed funds %,M.+F percent&. It may be concluded that 2otus 0hielders pvt ltd had used more borrowed funds when compared to owned funds. It may be also observed that short term funds are less relatively than borrowed funds in 2otus 0hielders pvt ltd. It may be concluded that 2otus 0hielders pvt ltd should mobili'e the debt funds in order to reap the benefits of financial leverage. It increases the earning per share of company It may be concluded that the financial risk of the company is high. )ut the company could fail to en7oy the advantages of financial gearing. Erom the point of view of the creditors safety, the larger the coverage, greater the ability of the firm to handle fixed charges and more assured the payment of interest. In contrast, a low ratio is a danger signal indicating that firm uses excessive thereby a firm is indicating inability to honors the assured payment of interest to the creditors. Conclusion
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Eoregoing analysis reveals that long term funds had contributed more on an average L6.<6percent of total funds when compared to short term funds %*-.Fpercent& in lotus shielders pvt ltd. 2ong term funds had apportioned nearly four fifth of total funds. !he company had used owned funds on an average 6-.<, percent and used more borrowed funds %,M.+F percent&. !he 2otus shielders pvt ltd had shown fluctuations in long term funds consisting of both shareholders funds as well as long term borrowed funds. 2otus shielders pvt ltd mostly depended on borrowed funds for financing. 0o, the financial risk of the company is high. )ut the company could fail to en7oy the advantages of financial gearing. =ising of funds through debt is not cheaper than equity in terms of cost of issue and interest cost. !he company should raise its share capital rather than raising funds through borrowed funds to maximi'e the share value of the firm. It is due to the tax deductibility of the interest paid on debt. 0o, these benefits of financial leverage shall be reaped for improving the financial performance of the company. !he behavior of the
interest coverage ratio was so erratic. !he interest charges are fully covered by the earnings before interest and taxes. ( higher interest coverage ratio is desirable, but too high ratio is some of the years of the study indicate that the 2otus shielders pvt ltd is using debt, to the best advantage of the shareholders. Hence, it is suggested 2otus 0hielders pvt ltd shall tap the debt funds optimally to maintain the balanced capital structure. It may be observed that the behavior of the ratio was so erratic indicating ups and downs over the period under the reference. It is evident that the interest charges are fully covered by the earnings before interest and taxes. ( higher ratio is desirableC some of the years of the study indicate that the 2otus shielders pvt ltd is using debt to the best advantage of the shareholders. Erom the point of view of the creditors safety, the larger the coverage, greater the ability of the firm to handle fixed charges and more assured the payment of interest. In contrast, a low ratio is a danger signal indicating that firm uses excessive thereby a firm is indicating inability to honor the assured payment of interest to the creditors.
References
O*P york. )ogen, 9. %*+,-&. Einancial Hand )ook. 5ew O-P >adri cemil kyu', I. (. %(pril 6@@F&. !he financing preferences and capital structure of micro, small and medium si'ed firm owners in forest products industry in !urkey. <@* <**. OLP 2oof, H. %8ecember6@@M&. 8ynamic optimal capital structure and technical change. MM+ MFL. O+P ?ueller, :. %march 6@@L&. How does owners exposure to idiosyncratic risk influence the capital structure of private companiesQ 9ournal of :mphirical Einance , *L, *+L. O*@P .andey, I. ?. %6@*@&. Einancial ?anagement %*@th edition ed.&. vikas .ublishing House. O**P pathak, 7. %(pril 6@*@&. "hat 8etermines Capital 0tructure of 2isted Eirms in IndiaQ/ 0ome :mpirical :vidences from !he Indian Capital ?arket. * 6,. O*6P =...=ustagi. Einanacial management %!heory ,Concepts and problems@ %<rd edition ed.&. O*<P =ataporn 8eesomsak, >. .. %october december 6@@M&. !he determinants of capital structure/
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O6P chakraborty, I. %0eptember 6@*@&. Capital structure in an emerging stock market/ !he case of India. =esearch in International )usiness and Einance , 6+, <*M. O<P 8emirguc kunt, !. ). %5ovember 6@@F&. 0mall and ?edium si'e enterprises/ (ccess to finance as a growth constraint. 7ournal of )anking N Einance , 6+<* 6+M<. OMP E. Goulgaris, 8. (. %6@@M&. 0i'e and 8eterminants of Capital 0tructure in the ;reek ?anufacturing 0ector. 6M- 6F6. O,P Einancial ?anagement %!ext and .roblems& %<rd edition ed.&. %6@@+&. !ata ?c ;raw Hill .ublishing Company 2imited 5ew 8elhi. OFP 9ean 9. chen 0chool of ?anagement, B. o. %8ecember 6@@M&. 8eterminants of Capital 0tructure of Chinee listed companies. 9ournal Of )usiness =esearch , ,- %*6&, *<M* *<,*.
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evidence from the (sia .acific region. 9ournal of ?ultinational Einancial ?anagement , <L- M@,. O*MP =aviv, ?. H. %march *++*&. !he !heory of capital structure. !he 9ournal of Einance , 6+- <,,. O*,P 0harma, =. N. %6@@F&. ?anagement accounting %.rinciples and practice& %**th revised edition ed.&. kalyani publishers. O*FP 0hrivallabhv.kuvalekhar. %*++@&. ( study of Capital structure planning in .ublic :nterprises.
O*-P !eresa Hogan, :. H. %Eebruary 6@@,&. Capital 0tructure in new !echnology based firms/ :vidence from the Irish software sector. ;lobal Einance 7ournal , <F+ <L-. O*LP !he (merican Einance (ssociation. %march *+LL&. !he 8eterminants of Capital structure choice. !he 9ournal of finance , * *+. O*+P "eston, E. a. %*+-6&. ?anagerial Einance. new york/ =inehart (nd winston.
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A STUY ON SCM ON MSMES
ISSN:2278 - 7089
AN ANALYSIS OF SUPPLY CHAIN MANAGEMENT WITH REFERENCE TO MSME MACHINE TOOL UNITS, HYDERABAD.
Dr. K. Niranjan Associate Professor, Commerce and Management, K L university, Gunutr (Dt) niranjan! "university.in Dr. K. Mad#usud#ana $ao Associate Professor, Commerce and Management, K L university, Gunutr (Dt) mad#usud#anarao! "university.in
Abstract
The Micro Small and Medium Enterprises Development Institute (MSME DI) Hyderabad, formerly kno n as Small Industries Service institute ( SISI) established in the year !"#$, under the Ministry %f MSME, &overnment of India' MSME offers various services like technical consultancy in trades of chemical, mechanical, electrical ( electronics, ceramics, )lass leather, foot ear, metallur)y etc, economic and market information, apart from trainin) in technical ( mana)ement areas, vendor development etc' *nder the +ct there are t o cate)ories of enterprises namely industrial Enterprises' Service Enterprises' This paper sou)ht to e,plore and e,plain supply chain mechanism of these enterprises' Keywords- Supply chain, .ustomer value, lo)istics and Information system' /E0- 12!
Introduction
+ supply chain is a net ork of connected and interdependent or)ani3ations mutually and cooperatively orkin)s to)ether to control mana)e and improve the flo of materials and information from supplier to end user' The concept of Supply .hain Mana)ement is based on t o core ideas' The first is that practically every product that reaches an end user represents the cumulative effort of multiple or)ani3ations' These or)ani3ations are referred to collectively as the supply chain' The second idea is that hile supply chains have e,isted for a lon) time, most or)ani3ations have only paid attention to hat as happenin) ithin their 4four alls'5 6e businesses understood, much less mana)ed, the entire chain of activities that ultimately delivered products to the final customer' The result as dis7ointed and often ineffective supply chains' Supply chain mana)ement is the active mana)ement of supply chain activities to ma,imi3e customer value and achieve a sustainable competitive advanta)e' It represents a conscious effort
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by the supply chain firms to develop and run supply chains in the most effective ( efficient ays possible' Supply chain activities cover everythin) from product development, sourcin), production, and lo)istics, as ell as the information systems needed to coordinate these activities'The or)ani3ations that make up the supply chain are 4linked5 to)ether throu)h physical flo s and information flo s' 8hysical flo s involve the transformation, movement, and stora)e of )oods and materials' They are the most visible piece of the supply chain' 9ut 7ust as important are information flo s' Information flo s allo the various supply chain partners to coordinate their lon):term plans, and to control the day:to:day flo of )oods and material up and do n the supply chain'
Objectives
To study the reasons for Supply .hain performance measures and findin) possible solutions to reduce inventory maintenance cost'
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NIRANJAN + RAO
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To fulfill a re;uest from a hi)h technolo)y company to investi)ate the company<s supply chain system and propose improvements' To select the appropriate critical supply chain factors that best meet a company<s business' This study links critical performance )aps to customer re;uirements by usin) the ;uality function deployment methodolo)y hich is very different from the traditional methodolo)y and allo s performance )aps to be analy3ed and understood from the vie point of companies'
the study area to find out their chan)in) needs ( priorities and to find out the valid reasons for the rate of Supply chain performance and their application area and to find out the challen)es that are faced' Secondary Data The secondary data as collected from various published and unpublished sources like MSME:DI, MSME Tool 1oom, >SI., 6+8SI+ units' 6urther information and data collected from 1eports and Machine tools, Ma)a3ines etc,' on the chan)in) trends in Manufacturin) Industries, 8erformance ( priorities of Supply chain 8erformance'
Methodology
The Supply .hain Mana)ement Issues, of the Study the literature revie is presented based on the Information collected from various published and unpublished data articles' %vervie of the MSME, discussed Machine Tools' Supply .hain Data and its impact discussed' S.M Data Drivers Dealt on Transportation Techni;ues or Matrices Measurin) Supply .hain performance Mana)ement' Summary is presented based on analysis of data alon) ith findin)s and su))estions' Primary Data +dministerin) a comprehensive ;uestionnaire amon) the 8roduction= Maintenance = Stores E,ecutives of different Machine tool Manufacturin) companies of Figure 1: Process view
). Cus o,e# O#&e# C-.le

.ustomer arrival .ustomer order entry .ustomer order fulfilment.ustomer order receivin)
2. Re!le%$sh,e% C-.le
1etail order tri))er 1etail order entry 1etail order fulfilment1etail order receivin) ?' Manufacturin) .ycle %rder arrival 8roduction schedulin) manufacturin) and shippin)1eceivin) 2' 8rocurement .ycle Supplier = Manufacturer interface-
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Transportation has been considered for the follo in) parameters' !' 0ocation of Machine Tools , Spares to District .o:operative Societies D.S' @' D.S capacity to supply the ra material to Machine Tool *nit .luster' ?' >umber of Aehicles, Aehicles Modes and their capacity' 2' 0en)th of Trip, .ost (Trip time' #' .urrent 1oute se;uencin)
Savin)s Matri, Method is as follo s- Identified the DIST+>.E matri, and savin)s matri, +ssi)ned D.S to vehicles or routes' E,istin) 1oute Se;uence (Machine Tool *nit) Total cost B @!2?'!C 1s' Total distance B #?$ km Total time B "!Dminute 8roposed 1oute Se;uence( Machine Tool *nit) Total cost B !"#D'#C1s Total distance B #!$km Total time B ED# minute The follo in) table is the summary statement sho in) the total cost, total distance and Total time'
Analysis
Table - 1: Sho in) The Total .ost +nd Total Distance +nd Total Time %f E,istin) +nd 8roposed 1outes 1oute Se;uence E,istin) 1oute 8roposed Difference Total cost @!2? !"#D !E$ Total distance #?$ #!$ @C Total Time "!D ED# 2@
Figure -1: The Proposed And Existing Routes Di erence!
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NIRANJAN + RAO
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' +s per the above chart the follo in) inferences can be dra nThe difference in total distance sho s that the cost of supply chain can be reduced' The cost reduction due to proposed route leads to more profits and revenues' The e,istin) route of difference !E$ is led to a total savin) of a time of 2@' manpo er' Micro Industries personnel may be provided manufacturin) process ith the help of flo process chart indicatin) name of operation and machine used for that operation to avoid delay in operations' SMEs should opt for .lusterised .ommon Inventory for smooth runnin) of the %r)ani3ation' Machine tools should opt for E: collaboration throu)h information sharin), collaborative plannin) to improve the reduction in Inventory, improvement in S. operations' Fith this suppliers can reach out to lar)e number of customers at lo costs' Small customers can compete on e;ual terms ith the lar)e suppliers ith the implementation of E:business application'
Conclusions
Micro Industries should operate ith full capacity to avoid Insufficient orkin) capital and lack of sufficient orders so that they can optimi3e the usa)e of
References
G!H 0ambert, Dou)las M'Supply .hain Mana)ement- 8rocesses, 8artnerships, 8erformance, ?rd edition, @CCE' G@H Ment3er, /' T' (@CCC)' Supply .hain Mana)ement' Thousand %aks, .+- Sa)e' G?H David Simchi:0evi (@CC@) presentation at .onference on %ptimi3ation in Supply .hain Mana)ement and E:commerce, &ainesville, 6lorida The .hallen)es for Manufacturin) in the >e,t Decade (&lobal .hallen)es for MSMEs in India) The Institution of En)ineers (India) Mechanical En)ineerin) Division 9oard >ovember $:D, @CC" >e Delhi' G2H G#H 'supplychainonline'com 'manufacturin)'net
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IS BUYBACK BOON TO SHAREHOLDERS?
ISSN:22 ! " #!$

T.Chandra Sekhara reddy, Associate Professor. St.Martins Engineering college. Secunderabad. 90 00!!" , sai#adacsr$g%ail.co% Prof. P.&olly &iana. Princi#al. St.Martins 'nstitute (f )usiness Manage%ent. 90 00""*"9, #dollydiana+000$g%ail.co%
Abstract
The Companies (Amendment) Act 1999, permitting companies to purchase their shares from the shareholders. The provisions regulating buy back of shares are contained in ection !!A, !!AA and !!" of the Companies (Amendment) Act, 1999."uy back means the repurchase of outstanding shares by a company. The most plausible reason for the buyback seems to be that a company may like to return surplus cash, #hich it can$t put to any profitable investment, to share holders. Companies may also like to use surplus cash to buy back shares rather than pay large dividends, #hich they can$t maintain in the future. %ecently (in &'1() the )"* has tightened the norms for open market buy back of shares to prevent the misuse of a buy back through the open market. *n this article #e discussed procedure, methods, pros and cons etc., of buyback. Key words: ection !!,!!A etc, Tender offer, +utch auction, ,dd lots, #eat e-uity. .)/0 1(2
Introduction
After economic reforms in *ndia, buyback of shares have become increasingly popular in recent years. 1rior to the amendment of the 1999 companies act ( ection !!) there #as no #ay a company could buy its shares back from the shareholders #ithout a prior sanction of the court (e3cept for the preferential shares). The Companies (Amendment) Act, 1999 brought about amendments in the Companies Act, 1945 permitting companies to purchase from their shareholders. The provisions regulating buy back of shares are contained in ection !!A, !!AA and !!" of the Companies (Amendment) Act, 1999. The ecurities and )3change "oard of *ndia ( )"*) framed the )"*("uy "ack of ecurities) %egulations,1999 and the +epartment of Company Affairs framed the 1rivate /imited Company and 6nlisted 1ublic company ("uy "ack of ecurities) rules,1999 pursuant to ection !!A(&)(f) and (g) respectively. prior to the amendment the company may reduce its capital by reduction of share capital under section 1'' to 1'2, %edemption of redeemable preferential shares under section7',1urchase of shares
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of minority shareholders under the order of the company la# board under section 2'&(b). "uy back means the repurchase of outstanding shares by a company in order to reduce the number of shares on the market. Companies buy back shares either to increase the value of shares available (reducing supply), or to eliminate any threats by shareholders #ho may be looking for a controlling stake. The most plausible reason for the buyback seems to be that a company may like to return surplus cash, #hich it can$t put to any profitable investment, to share holders. Companies may also like to use surplus cash to buy back shares rather than pay large dividends, #hich they can not maintain in the future. Another reason to buy back shares is to change their capital structure. *f a company has a very lo# debt8e-uity ratio, it may like to reduce e-uity capital by repurchase of their e-uity shares to achieve a higher debt8e-uity ratio. +ue to buy back the companies earning per share ()1 ) increases and share price also increases, but 19) ratio remains unchanged. *n this article various aspects of buy back of shares have been discussed in the vie# point of a listed company.
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Procedure and conditions 1) "uy8back is authori:ed by the Articles of association of the Company. &) *f buy back is not more than 1'; of paid up capital and free reserves, a board resolution is enough to authori:e it. ,ther#ise a special resolution should be passed in the general meeting of the company authori:ing the buy8back. *n the case of a listed company, this approval is re-uired by means of a postal ballot. () 6nder section !!a (&) c no company can buy back its shares or other specified securities unless the buyback is less than &4; of its total paid up capital and free reserve of the company and that the buy8back of e-uity shares in any financial years does not e3ceed t#enty8five per cent of its total paid8up e-uity capital in that financial year. 2) The debt8e-uity ratio should not be more than t#ice the capital and its free reserves after such buy8 back. (i.e. not more than &01) Ensuring Zero default in the following 1) *n repayment of deposit and any term loan or interest payable thereon, &) %edemption of debentures, or preference shares or () 1ayment of dividend, if declared, to all shareholders #ithin the stipulated time of (' days from the date of declaration of dividend Source of Finance
Tender offer A tender offer is an offer made to shareholders by a company to buy their shares at a specific price during a specific amount of time. The price offered is usually at a premium to the market price. The common use of a tender offer is #hen a company #ishes to buy its o#n stock back in a large share repurchase plan.. Through open "ook "uilding 1rocess0 This method is also kno#n as =+utch auction>. *t specifies a price range #ithin #hich the shares #ill ultimately be purchased. A draft prospectus has to be filed #ith )"*. The prospectus should contain all the details of the offer, the price band at #hich the securities #ill be offered and is circulated among institutional buyers by a leading merchant banker acting as the book runner. At #hat price the company offers to buy back shares must be declared by passing a special resolution. The same price #ill be paid to all the share holders #hose shares have been accepted for buy back. Stock exchanges0 *n this method a company has to buy shares on the open market, ?ust like an individual investor #ould, sub?ect to various regulatory guidelines of )"*. The company has to specify ma3imum price of buy back. 1romoters and persons in control of the company are not permitted to offer their shares. This method of buy back is done only through electronic trading. Odd lots
A company can finance its buy back out of 1) *ts free reserves e3cept special reserves created for other purpose< or &) The securities premium account ( ection !7 of Companies Act, 1945 does not mention buy back of securities from securities premium, ho#ever by virtue of clause in ection !!A it is used) () The proceeds of any shares or other specified securities0 A Company cannot buyback its shares or other specified securities out of the proceeds of an earlier issue of the same kind of shares or specified securities. Methods of buyback
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An odd8lot buyback occurs #hen a company offers to purchase shares of its stock back from people #ho hold less than 1'' shares. An odd8lot buyback allo#s the company to boost the price8to8earnings ratio by reducing outstanding shares, #ithout creating bad publicity through prompting large8-uantity shareholders to sell their shares. Article @Ainners Among Companies That "uy "ack tock@ (Barch &''4), +avid Cried states that an odd lot buyback is @an enormous vote of confidence by those #ho kno# it best 8 the companyDs senior e3ecutives,@ and that @companies buy back stock #hen they are really undervalued or #hen thereDs something positive thatDs going to happen.@ Buying the shares issued to Employees
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#eat e-uity is issued only to key employees and directors. #eat )-uity hares are issued at discount or for consideration other than cash for providing kno#8ho# or making available intellectual property rights or any value additions. The company has the right to buy back these shares. Further Issue Crom the date of passing special resolution or board resolution the company must complete buy back #ithin t#elve months. After buy back the company cannot make any ne# issue of same kind of shares by #ay of public issue, rights issue up to si3 months from the date of completion of buy back e3cept for bonus issue. Declaration of Solvency A listed company #hich is going to buy back its shares must file a declaration of solvency in the prescribed form 2AEprescribed under the Companies (Central FovernmentDs) Feneral %ules and Corms, 1945G to registrar of companies before making buy back but this is not applicable to unlisted companies. Cile return after completion of buy back0 The buyback company shall file #ith the %egistrar of Companies and also #ith the )"* a return in the prescribed form 2C containing such particulars relating to buy8back #ithin (' days of such completion. egister of securities !ought !ack A company shall maintain a register of the securities9shares so bought and enter therein the follo#ing particulars 1) The consideration paid for the securities, &) The date of cancellation of securities, () The date of e3tinguishing and physically destroying of securities. Any other particulars as may be prescribed. Ahere a company buys8back its o#n securities, it shall e3tinguish and physically destroy the securities so bought8back #ithin seven days of the last date of completion of buy8back.( see recent amendments) %ecent amendments (&'1() on ,pen market "uyback by )"*. The )"* has tightened the norms for open market buy back of shares to prevent the misuse of a
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buy back through the open market. guidelines are as follo#s0
The ne#
1) The mandatory minimum buyback is no# 4'; of the offer si:e (earlier it #as &4;). Companies have forfeit up to &.4; of the money earmarked for the buy back if they fail to achieve the 4' percent mark. &) The ma3imum buy back period has been reduced to 5 months from 1& months. () An escro# account is created by the company #ith an amount e-uivalent to at least &4; of the amount earmarked for buy back. 2) The company shall not make another buyback offer #ithin one year from the date of closure of the preceding offer. 4) *f the company$s buyback offer e3ceeding 14; or more of e-uity capital and free reserves can be done only through a tender offer. 5) The promoters of the buyback company shall not be allo#ed to e3ecute any transaction, either on8market or off8market, during the buyback period. !) The companies must e3tinguish shares bought back during the month, #ithin 14 days of the succeeding month, sub?ect to the last e3tinguishment #ithin seven days of the completion of the offer. 7) The odd8lot buy back has been modified, #hich includes creation of a separate #indo# in trading system for tendering the shares and use of 1AH9Aadhaar card for verification. 9) +aily the bought back shares must be disclosed on a cumulative basis on the company #eb site and the stock e3change. At present the re-uirement is disclosure on daily, fortnightly and monthly basis. "enalty
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ISSN:22 ! " #!$
*f a company makes default in complying #ith the provisions of the company or any officer of the company #ho is in default shall be punishable #ith imprisonment for a term #hich may e3tend to t#o years, or #ith fine #hich may e3tend to fifty thousand rupees, or #ith both. The offences are, of course compoundable under ection 5&1A of the Companies Act,1945. Pros and cons of buy back Pros #igher price offer$ *n buyback of shares company offers a price higher than the market price of the share Table J 10 1articulars of buyback
(i.e. at premium). *t sends a strong positive signal across the market. *f the shares of the company are undervalued, the company itself buy its o#n shares at a higher price than the price -uoted in the stock e3change. *t is a very good offer to those #ho are #illing to sell their shares. %ncrease of E"S0 #hen the company buys back its o#n shares, it leads to a decrease in number of outstanding shares. Conse-uently, the earning per share increases ()1 I )arnings available to e-uity share holders9 Ho. of outstanding e-uity shares) because earnings available to e-uity share holders are constant. *mprovement in )1 leads to higher market value in the stock market.
1articulars 1re8buyback 1ost8buyback )arnings available to e-uity (,'',''' (,'',''' shareholders Humber of e-uity shares (',''' &4,''' )1 1' 1& The above result sho#s buyback of 4''' e-uity shares buy their o#n shares and creates an artificial lift in improves )1 due to decrease in number of e-uity their financial ratios #hich makes market observers shares. *t leads for higher market value of shares believe things are improving, even there is no #hich improves shareholders value in the long run. improvement. Achieving the re-uired capital structure0 *f shares are repurchased from cash reserves, e-uity #ould be 'anagement Earns their !onuses at the cost of reduced and gearing increased(assuming debt e3ists in shareholders$ ,ne of the biggest crime management the capital structure). Alternatively a company may could legally commit is to grant themselves massive raise debt after buyback. %eplacing e-uity #ith debt stock options at the cost of shareholders. "y reducing can reduce overall cost of capital due to ta3 advantage the number of shares outstanding, management can of debt. %educes takeover threat0 This helps to reduce almost immediately increase earnings per share, threat of a hostile takeover. A company may buy back increase return on assets and reduce 19) ratio all at the its shares to reduce availability of shares and make same time. "est of all, management #ould have takeover difficult. Baintaining proper current ratio0 earned their bonuses at the cost of shareholders Companies usually buy back their stock #ith e3cess money. cash. )3cess cash leads to high cash ratio. *f cash is distributed in the form of buyback, then the company Conclusion #ill be able to maintain proper cash ratio. The evidence sho#s that heavy buyback companies Tax savings0 *n some countries dividends are ta3able usually create less value for shareholders over time. higher than capital gains. *n such situations buyback is hare repurchases, like ac-uisitions, can create beneficial than dividend payment. Apart from buy enormous long term shareholder value if done back replacing e-uity #ith debt can also reduce properly. /ike this many finance e3perts have overall cost of capital due to ta3 advantage of debt. different opinions. 6ltimately the company management must have utmost good faith and be Cons ethical on this issue< other#ise it is mirage to share &rtificial lift$ *t is nothing but a makeup for poor holders. financial ratios at the company, because company can
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References
E1G Cinancial Banagement J * B 1anday (1'th edition) "usiness /ine Kyderabad )dition8 ?une &5th, luly 7th &'1(. %etrieved from http099###.investopedia.com9ask9ans#ers9'79odd8lot8 buyback.aspLi3::&5nh1.bc E&G n.a. n.d. http099###.investor#ords.com9172(79oddMlotMbuybac k.htmlLi3::&NcgeO)T" E(G n.a. n.d. http099###.investopedia.com9ask9ans#ers9'79odd8lot8 buyback.asp E(G n.a. n.d. http099online.#s?.com9article9 "1'''12&2'4&9!'&'(7 &29'24!!&1(791'(4512(9'.html E2G n.a. http099###.gurufocus.com9ne#s9(!!(19share8 buybacks88pros8and8cons n.d. E4G n.a. n.d. http099online.#s?.com9article9 "1'''12&2'4&9!'&'(7 &29'24!!&1(791'(4512(9'.html E5G n.a. n.d. http099tradingstockmarketfore3.blogspot.in9&'119'(9sto ck8buybacks8part8html E!G n.a. n.d. ###.allbusiness.com9company8 activities...9financial...914'91!&'81.html E7G n.a. n.d. http099###.stockopedia.co.uk9content9the8 pros8and8cons8of8share8buybacks8557'19 E9G n.a. n.d. http099en.#ikipedia.org9#iki9 hareMrepurchase http099###.legalserviceindia.com9articles9shares.htm
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RETAINING TALENT, A STRATEGIC PRIORITY
ISSN:2278 - 7 8!

Dr C. Sunanda Yadav Department of Management Abhinav Hi-tech College of Engineering , Hyderabad unandayadav!yahoo.com
Abstract
Employees are a valuable asset to any organization. It is essential to protect this vital resource as talented and motivated employees play a crucial role in overall growth and success of the organization. Focusing on employee retention techniques can positively impact the organization as it increases employee productivity, performance, quality of work, profits, and reduces turnover and absenteeism. In fact, many companies are now offering employees health, wellness and green incentives, improved vacation allowances, gym memberships, pro-bono opportunities and family friendly policies are ust some of the changes that are becoming vital in an increasingly competitive and dynamic market of retaining legal talent. !etention of key employees is critical to the long-term health and success of any organization. "ompanies big and small are increasingly realizing that fostering #uman !esources can be in line with their long-term business ob ectives. $ome of these initiatives can cost businesses very little, but they can also have a big impact on branding, and more important, recruiting and retaining talent. %his paper puts forward the reasons for employee turnover, the challenges in retaining talent and the strategies applied by the corporate world to overcome this phenomena. Keywords: !etailing, %alent, $trategy, &riority 'E() (*+
Introduction
In present day knowledge economy, #! heads of organizations keep promoting the idea of employee as their biggest asset and source of their competitive advantage. "ontrary to this assertion, many of their initiatives and processes to retain their best talent remain totally out of sync with e,pectations of the target segment within the organization due to their inability to identify and address the root causes of the issues faced by their best talent. In the pre-internet era ma ority of the talent within the organization was safe from poaching by competitors due to high cost of acquisition in terms of sourcing and the long duration spent to hunt talent from outside. #iring of talent was also limited by geographical reach and cultural constraints. -lso many of the employees were content with their ob and many times were simply unaware of the opportunities available for their niche skill and the premium attached to their skill globally.
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In the globalized flat world the sheer volume of information has shifted the balance of power in favor of employees compared to employer. %he employee has now become aware of global employers, their best practices in retaining talent and perception about companies and their culture through media and social networking sites. %he constraints faced by employees to change the ob, due to lack of awareness on opportunities, no longer e,ist. #! managers while promoting initiatives to retain their best talent need to factor these new changes. %his paper puts forward the reasons for employee turnover, the challenges in retaining talent and the strategies applied by the corporate world to overcome this phenomena. What Is Turnover, Exactly? Employees leave organizations for all sorts of reasons. $ome find a different ob, some go back to studying,
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and some follow a spouse who has been transferred out of town. .thers retire, get angry about something and quit on impulse, or never intended to keep working after earning a certain amount of money. $till others get fired or laid off, or they come into money /a lottery win, an inheritance0 and decide they no longer need a ob. -ll of these e,amples represent turnover, but they don1t all have the same organizational implications. %o distinguish their implications, we need to define types of turnover. %he first important distinction in turnover is between voluntary and involuntary. 2oluntary turnover is initiated by the employee3 for e,ample, a worker quits to take another ob. Involuntary turnover is initiated by the organization3 for instance, a company dismisses an employee due to poor performance or an organizational restructuring. 2oluntary and involuntary turnover require markedly different management techniques. %his research focuses on voluntary turnover. %o manage voluntary turnover in an organization, you need an in-depth understanding of why employees leave or stay with organizations in general, as well as strategies for managing turnover among valued workers in the company. -nother important distinction is between functional and dysfunctional voluntary turnover. 4ysfunctional turnover is harmful to the organization and can take numerous forms, including the e,it of high performers and employees with hard-to-replace skills, departures of women or minority group members that erode the diversity of the company1s workforce, and turnover rates that lead to high replacement costs. 5y contrast, functional turnover does not hurt an organization. E,amples of this type of turnover include the e,it of poor performers or employees whose talents are easy to replace. %his distinction between functional and dysfunctional turnover is relative. 6hat makes an employee valuable and difficult to replace will vary by ob, organization, industry, and other factors. %o illustrate, a high turnover rate may be more dysfunctional in an industry characterized by skills that are in rare supply. 7oreover, the question of whether the benefits of retaining a valued worker are worth the costs may generate a different answer in some companies than in others, depending on the organization1s strategy and the current labor market. "ould an organization retain all its valued employees if it wanted to8 %he answer is no. Even if one invested heavily in keeping every key employee on board, some of those individuals would still leave. %his
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brings up another important distinction) $ome voluntary turnover is avoidable and some is unavoidable. -voidable turnover stems from causes that the organization may be able to influence. For e,ample, if employees are leaving because of low ob satisfaction, the company could improve the situation by redesigning obs to offer more challenge or more opportunities for people to develop their skills. 9navoidable turnover stems from causes over which the organization has little or no control. For instance, if employees leave because of health problems or a desire to return to school, there may be little the organization can do to keep them. Why Turnover Matters 4oes turnover matter8 -bsolutely:even during times when the ob market is tight and people are strongly motivated to stay with their current employer. -t such times, it would be shortsighted to ignore retention management. %hat1s because even high unemployment rates have little impact on the turnover of topperforming employees or those with in-demand skills. %hus, organizations that ignore retention may inadvertently plant the seeds for losing these highly marketable workers. 7oreover, businesses everywhere are facing impending shortages of overall talent as well as a dearth of employees with the specialized competencies companies need to stay ahead of the competition. .rganizations that systematically manage retention:in good times and bad:will stand a greater chance of weathering such shortages. %urnover matters for three key reasons) /+0 it is costly3 /;0 it affects a business1s performance3 /<0 it may become increasingly difficult to manage. 7ore and more observers agree that a talent scarcity is looming:and that this shortage will make finding and keeping the right people with the right skills increasingly challenging for organizations. In a $#!7/$trategic #uman !esource 7anagement0 survey of #! professionals, =;> of the respondents reported already having difficulty hiring workers with the skills essential for a ;+st century workforce. 7any business leaders worry that this problem will worsen with important demographic shifts /such as waves of retirements among aging workers0. Inadequate educational systems, increasingly mobile employees, and even generational differences in perceptions about the nature of work and careers will all likely aggravate matters further. #! professionals who take time now to create strategies for dealing with these
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developments will put their organizations at a competitive advantage. Implications %he problems due to complaining employees is not a new phenomenon but in the internet era have assumed different dimensions and managing them have become more comple, for the #! managers. %he ability of disgruntled employee to do damage to organization image is much more not ust within four walls of the organization, which is easier to handle, but beyond through the wired world using blogs, Facebook, twitter and others. -ny amount of assertions by #! managers about their talent retention and employee oriented strategy fails to cut much ice with e,isting talent, compared to relatively fewer negative messages but within targeted network by unhappy employees. %he primary concern for ma ority of organizations is the fear of their top talent leaving them for greener pastures or to their home country, due increasing global nature of the talent war and similar compensation or even better in some cases. %his has been largely facilitated by hiring practices shifting from traditional news paper to specialized ob portals and lately to social networking sites thus easing ob seekers look for global opportunities. $econdly the opportunity that e,ists in emerging technologies to start entrepreneurial activities with minimum seed capital also acts as a trigger for top talent to venture out. %he top talent having spent more than a decade in foreign countries have the necessary cash to dabble their hand in the emerging technologies which require very little seed capital. %his trend is also seen in large government entities and banks where the local talent that has emerged is fast replacing this e,patriate talent. %his trend is however not witnessed in $7Es where individuals have more freedom to innovate and take risks and don1t feel any threat to their obs. %hirdly senior management in many businesses is more involved in direct business issues and talent management is of low priority in their radar. 7any a times the management is unable to fathom the technological upheaval which is leading to talent becoming the key ingredient for success of future businesses. 7anagement considers all resignations with same yard stick.
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(astly, many organizations especially in countries such as India and 7iddle East have failed to recognize the talent management issues as part of the business strategy and at best consider it as a passing phenomenon in their business cycle. %his problem is more so in the traditional industrial sectors where management consider the talent shortage as phenomenon arisen due to growth of Information %echnology industry and e,pect corrections in I% sector to arrest their industries1 talent attrition. -ny such hopes are farfetched as the growth of I% is all pervasive and flight of best talent to I% will continue unless other industries also address the issue employee aspirations. Role of HR in retaining talent #! specialists need to break the "hinese wall. ?o longer can they limit themselves to recruitment, training, compensation, and performance management. %hey need to assist the management in getting the right talent so that the business strategy can be e,ecuted flawlessly. .nly they can guide the management in locating and hiring the best talent anywhere in the globe. 9nfortunately, the credibility, influence and talent of #! e,ecutives have declined since the @A1s after the e,plosion of I% industry. ?o longer are the best talents attracted to #! function. %hese departments have become dumping house for people who are not passionate about the #! role. #! departments in large organizations have become synonymous with recruitment function as they are called to hire more and more people to keep pace with growth in business at one level and high level of flight of talent seen at other level. %he #! e,ecutives have failed to develop capabilities that are important for them to fight the talent war. E,ceptions like Infosys where an active board member moved to head #! function is rare. #! needs to widen their focus beyond the senior management and address the needs and aspirations of younger lot who are fast replacing the older staff. It needs to be active in social media to catch the latest signals emerging from there, which is frequented by the younger generation. #! manager1s presence in the social media will be critical as these will be the hunting ground to pouch not only their future talent but also understand the aspirations and common traits of the younger generation that is very much visible in the social media. Why Employees Stay
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- great deal of turnover research focuses on people who leave, on the assumption that understanding why people depart will help organizations determine how to retain them. .f course, it is also valuable to understand why employees stay. $ome recent studies have e,amined the ways in which employees become embedded in their obs and their communities. -s employees participate in their professional and community life, they develop a web of connections and relationships on and off the ob. (eaving a ob would require severing or rearranging these connections. Employees who have many connections are more embedded, and thus have numerous reasons to stay in an organization. %here are three types of connections that foster embeddedness) /+0 Blinks,C /;0 Bfit,C and /<0 sacrifice.C Each of these types may be related to the organization or the surrounding community. (inks are connections with other people, groups, or organizations. E,amples include relationships with coTable 1: Embedding employees Embedding Dour Employees In your organization %o build and strengthen linksE.
workers, work groups, mentors, friends, relatives, church groups, and so forth. Employees with numerous links to others in their organization and community are more embedded and would find it more difficult to leave. Fit represents the e,tent to which employees see themselves as compatible with their ob, organization, and community. For e,ample, an employee who relishes outdoor activities and lives in a community that offers e,cellent outdoor opportunities would find it more difficult to leave his or her ob if doing so required moving to another community that did not provide such opportunities. $acrifice represents forms of value a person would have to give up if he or she left a ob. $acrifices include financial rewards based on tenure, a positive work environment, promotional opportunities, status in the community, and so forth. Employees who would have to sacrifice more are more embedded and therefore more likely to stay.
In the surrounding community E,change F support community involvement for e.g through community service organizations F recreational leagues. !ecruit locally when feasible &rovide relocating employees e,tensive information about the community during recruitment F selection. 5uild ties between your company F the community e.g by sponsoring local events. Encourage home ownership /home buying assistance0 4evelop career paths that do not require relocation.
&rovide mentors 4esign work in teams Foster team cohesiveness Encourage employee referrals
%o build and strengthen fit E..
&rovide realistic information about the ob F company during recruitment. Incorporate ob F organizational fit into employee selection. &rovide clear socialization F communicate about the enterprise1s values F culture %ie financial incentives to tenure &rovide unique incentives that might be hard to find elsewhere
%o build and strengthen sacrifice
Initiatives taken by the corporate world)
%he 6omen in (eadership /6I((0 forum, set up in ;AAG by a +,AAA women professionals across +HA companies, found that home-grown companies had H=> more women in senior positions /over +H yearsI
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e,perience0 in ;AA@ compared to ;AA*, while Indian 7?"s such as &epsi"o, J&7K, "itigroup, KE, &fizersaw an increase of +H-;A>.6ith the pool having shrunk, there arenIt too many high performers left to manage the top levels. 6ipro conducted a survey in ;AA* which suggested most women who left and did not return were in the H-+A yearsI e,perience bracket. %hat was after they got married and relocated, had children and were deeply engaged in their personal lives. L-t least GA> of women are stuck in the middle bracket. %his is where we need to work and remove the backlog,L says &oonam 5arua, convenor of the 6I(( forum. "ompanies have taken many measures to retain women. %hese include adoption leave, which enables employees to avail of three monthsI paid leave when they adopt a child. %hey are also increasingly offering employees the opportunity to work part time or from home under special circumstances. .ther options are telecommuting, which allows staffers to work for one or two days a week from home, a special rela,ation room, lactation room and car parking for moms-to-be. -t Mensar, such initiatives saw a marked increase in the percentage of women who returned after maternity leave : the number went up to *@> from +H> in the past three years. %"$ does not break the service record of women who discontinue work due to family commitments and return at a later stage. %he company also allows fle,ibility of roles through ob rotations across businesses, practices and functions. L%"$ encourages women to be part of its global workforce. From ;N> women in FDA=, they have scaled up to <A> women today on an increasing employee base. -ltogether ++> of senior management comprises women,L says %"$ global #! head - oy 7ukher ee. %he company has launched 4-6? /4iversity and 6omenIs ?etwork0, which offers a framework for the professional growth of women associates, focused on encouraging diversity and inclusion in the workforce. "iti India has redesigned its performance management strategies, in addition to introducing new career planning interventions and employee assistance programmes. 5esides assessments of regular training sessions and workshops for managers, "iti made their online training programmes more robust. It also introduced initiatives like Icareer weekI and a Ileaderteach-leaderI series whereby senior e,ecutives coach employees through e,periential learning e,ercises.
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L6e continued to invest in our leadership curriculum and also have created a reward strategy based on longterm goal achievements,L says -nuran ita Jumar, country human resources officer, "iti India. (ast year, Infosys introduced an initiative called &athfinder ?e,t, an internal internship programme. Employees work on internal assignments that enable them to have access to opportunities across technology, business domains, service lines and support functions, choose opportunities that suit their career interests and have a platform to innovate and build new skills. L%he focus was on enhancing resource efficiencies and bridging skill gaps,L says !ichard (obo, -2& and head - employee relations at Infosys. %he re-skilling of employees has enabled companies to reduce cost and dependency on e,ternal hiring. "ompanies have implemented most of these measures over the past one to two years, even though the strategizing has taken place over a period of time to address needs emerging out of the prolonged slowdown that started in ;AA*. L%he rigour in framing these policies and managing people went up manifold during the period starting ;AA@, because the penalty of making a mistake was much higher compared with the gain in being successful,L says ?ischae $uri, head, people and change practice, J&7K India. "ompanies like Essar have consciously started using mentoring and reverse mentoring to address the needs of a multi-generation workforce of the future. L"reating a burning desire in minds of the young where they believe they have something significant remaining to be achieved, really makes people go for their goals,L says -dil 7alia, group president /#!0, Essar Kroup.
Conclusion
%argeting retention measures at the right people using a tailored mi, of financial and nonfinancial incentives is crucial for managing organizational transitions that achieve long term business success, it1s also likely to save money. 5est practice approaches are build on continuous attention and timely communication at every step to help employees make sense of the uncertainty inherent in organizational change. 9ltimately, what many employees want most of all is clarity about their future with the company. "reating that clarity requires significant hands-on effort from managers, including the ongoing work of tracking
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progress so that companies can quickly intervene when problems arise.
References
O+P Kriffeth, !.6. F #om, !etaining 2alued Employees. $age. &.6. /;AA+0. #ow to keep your best employees) 4eveloping an effective retention policy. -cademy of 7anagement E,ecutive, +H, @=-+A*. ONP 5att, !. /;AA;0. 7anaging "ustomer $ervices) #uman !esource &ractices, Quit !ates, and $ales Krowth. -cademy of 7anagement 'ournal, NH, H.*G-H@G. #uselid, 7. +@@H. %he impact of human resource management on practices, on turnover, productivity, and corporate financial performance. -cademy of 7anagement 'ournal, <*, ;@+-<+<.
O;P %revor, "... /;AA+0. Interactions among actual ease of movement determinants and ob satisfaction in the prediction of voluntary turnover. -cademy of 7anagement 'ournal, NN, =;+-=<*. O<P "ascio, 6.F. /;AA=0. 7anaging #uman !esources) &roductivity, Quality of 6ork (ife, &rofits /Gth ed.0. 5urr !idge, I() IrwinR7cKraw-#ill. 7itchell,%.!., #oltom, 5."., F (ee, %.6. /;AA+0.
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SELF- CONCEPT AMONG VISUALLY CHALLENGED CHILDREN
ISSN 22!" - !#"$

Ms.P. Neeraja , Ph.D Research scholar, Dept of Home Science, S.V.University, Tirupati. neeraja.purini !mail.com
Abstract Self-concept is the internal compass which directs a persons physical and metaphysical outlook, beliefs and attitudes and human relationship. Self-concept forms an essential determinant in the holistic development of a childs personality in general and for the differently abled children it is very much essential to cope up with the disability and improve standard of living. Research on self-concept of physically challenged children has centered mainly on comparative studies between people with or without impairment, and they showed mixed results. The present study is an attempt to study the self concept of children with physical challenge. The samples were ! children "#$ boys and #$ girls% who were attending to S.&.'eaf School, tirupati. Tennessee Self(oncept Scale revised by &asundara 'evi "#)$*% was used to assess the self concept of children with physically challenged. The scale has $ domains vi+., ,hysical self, -amily-self, Social-self, ,ersonal-self, .dentity, /ehaviour and self-satisfaction, 0oral-self and 1thical-self. The reliability and validity of the scale given by &asundara 'evi "#)$*% were satisfactory. The results showed that none of the &isually challenged children had high self-concept and nearly two thirds of boys "*2 per cent% and *3 per cent of girls showed low self- concept. 4 need was felt to develop self concept among children with physical challenges.
Keywords: Self concept, personality, physical challenge
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Introduction
The self is ones inner world. .t results from evaluation interaction with others, becoming the consistent personal perception of 8.9 and 8me9. .n the development of human personality, behavior and social interactions, self-concept plays a vital role. Self-concept is the internal compass which directs a persons physical and metaphysical outlook, beliefs and attitudes and human relationship. .n the development of human personality, behavior and social interactions, self concept plays a vital role. Self concept is the internal compass which directs a persons, physical and metaphysical outlook, beliefs and attitudes and human relationships. :sually various aspects of selfhood vi+. self consciousness, self-reali+ation, self-preservation, selfassertion, self dependence and self esteem are used to describe self of a person. Rodri;ue+ (ao "#)) %,
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defined self-concept as 8the perception one has of oneself with regard to different facts of that perceptions "i.e. cognitive and emotional%, that vary in importance during the persons life "the evaluational and temporal facts%, influenced by social interaction which, in turn, is conditioned by the fact that the person belongs to certain social groups "the importance of the social structure%9. 'uring early life the childs self-evaluation is heavily dependent on the ways in which others accept him, specially his parents and other family members. Research on self-concept of physically challenged children has centered mainly on comparative studies between people with or with out impairment, and the showed mixed results. 4 good number of studies showed that self-concept scores were lower for physically challenged children, when compared to normal controls "<eighan, #$=#, /eaty, #))#, obiakas > style, #))3, 'ial-4guado et al., #))*, ?anvy and @reenway, #)$A. and <ervue shanmas et al., !33A%. .n contradictory to this the study by
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&enkatesh et al., "#))=%, reported that there was no significant difference between the self-concept of blind and normal subBects. SuBatha and Singhal "!333%, reported that learning impairment students possessed low self-esteem and academic performance. Self-concept also includes social-self which reflects a persons sense of ade;uacy and worth in his social interaction, participation is social functions etc. 4ccording to 'orner "#)=2%, participation in certain activities may be restricted as a conse;uence of physical disability, possibly resulting in social impoverishment and isolation. Thomas and /u+ "!33#% stated that physically challenged children experience more severe social difficulties than did an able bodys comparison group. Self-concept forms an essential determinant in the holistic development of a childs personality and as the reported studies showed diverse results a need was felt to study variations of self-concept, especially in children with physically challenge.
The study sample was selected from children attending for <avageevan /lind School, Tiruchanuru road, Tirupati. :sing Random sampling techni;ue. The samples were selected age wise and gender wise. #2 children in the age range of ##-#! years "$ boys and $ girls% and #2 children in the age range of # -#A years "$ boys and $ girls%, were selected for the study using Random sampling techni;ue. @eneral information Schedule Self-(oncept Scale the tools used were Tennessee self-concept scale revised by &asundara 'evi "#)$*% was used to assess the self concept of children with physically challenged. The scale has $ domains vi+., ,hysical self, -amily-self, Social-self, ,ersonal-self, .dentity, /ehaviour >self-satisfaction, 0oral-self and 1thical-self. The reliability and validity of given by here satisfactory. Table # in appendix shows distribution of the samples of visually challenged children. -rom table no.# it can be known that e;ual number of boys and girls were selected from age group of ##-#! years and # -#A years to enable comparison. Table ! shows the distribution of sample according to type of family. -rom table ! it is evident that ) .=* per cent hailed from nuclear families while 2.!* per cent was from Boint family. Chich shows the current trend of family situation in .ndia. Table Shows the distribution of sample according to gender and self-concept. Table discloses the gender wise levels of self-concept as observed in visually challenged children. The sample consists of a total of ! visually challenged children comprising #2 boys and #2 girls. *2D of boys and *3D of girls had low self-concept while AAD of boys and *3D of girls had moderate self-concept. <one of the children had high self-concept. .t can be inferred that comparatively more boys had low self-concept and more girls had moderate self-concept. The exclusion of high self-concept may be related to the extreme degree of disability. 4s compared to girls more boys reported low self-concept which may probably be due to the wider circle of ac;uaintance boys prefer and more negative acceptance they are faced with. Table A Shows the distribution of sample according to 4ge and self-concept. Table * mentions the age-wise level of self-concept in visually challenged children. 1xamining the sample age-wise
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Objectives
The following are the obBectives of the study #% To study the self-concept of visually challenged children. !% To study whether self-concept of children with physically challenge differ depending on the age. % To study whether self-concept of children with physically challenge differ depending on the gender. A% To study whether self-concept of children with physically challenge differ depending their type of family. /ased on the obBectives the following hypothesis were framed
Hypothesis
#% Self-concept of children with physically challenge did not differ significantly according to age. !% Self-concept of children with physically challenge did not differ significantly according to gender. % Self-concept of children with physically challenge did not differ significantly according to type of family.
Methodology
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in ##- #! years age group 2$D of children had moderate self-concept and !D had low self-concept. .n # -#A age group =*D had low self-concept and !*D has moderate self-concept. This indicates the regression of self-concept with increasing age. The difference in the development of self-concept over the two age groups may be due to the fact that the early adolescents "# - #A years% may become more conscious of their disability and probably more vulnerable to negative aspects of social interaction. Table * 0ean scores of dimensions of self-concept among visually challenged (hildren Table * ,ortrays the mean scores of dimensions of self- concept in visually challenged children in terms of gender and age- group. .n the age group of ##-#! years boys recorded highest score for Efamily-self and Ebehavior and self-satisfaction "0ean scores of !2.$ each%. This may mirror the wider social interaction among boys and the effect of family upbringing. .n girls the top score was for Ephysical self "0ean score A.2% which may reflect the grater preoccupation with physical appearance in girls, the second highest score was for Esocial-self "0ean score !.$% probably indicating the need for constant acceptance and support from within the childs social circle. The least mean scores were described for identity "0ean score !#. % in boys and for Eethical-self in girls "mean score !#.$% the hindering influence of visual challenge may be responsible for the inaccurate assessment of self in boys and for restricted social acceptance in girls. .n
# -#A age-group 8physical-self9 dominated the mean scores "!*.A in boys and !$.2 in girls% which is probably a manifestation of self assertion and evaluation. 8Self identity9 recorded the second highest mean score in boys "mean score F !A.2% and in girls it was 8social-self9 "mean scores F !2. %. The reason probably is the evolving individualistic traits in boys and more cohesion in the social milieu among girls. The least mean scores were for 8moral Gself9 in boys "mean scores F !#% and 8ethical-self9 in girls "man scoreF#=.)% likely due to impediment of the visual challenge in unbiased evaluation of abstract values. The increasing social distance and the need for physical dependence may compound the effect of their disability in the maturation of proper self-concept.
Conclusion
-rom the above discussion it can be concluded that none of the visually challenged children had 8high self- concept9 and visually challenged children comparatively more boys "*2D% had low self-concept and more girls "*3D% had moderate self-concept. .n visually challenged children compared age-wise more children "=*D% of # -#A age group had low selfconcept than children in the ##-#! years age-group. 4mong visually challenged children boys of ##-#! years recorded highest score for 8family-self9 and 8behaviour and self-satisfaction9 "mean score F !2.$ each%. .n girls of ##-#! years the top score was for 8physical-self9 "mean scoreF A.2% and the total group scored least in moral-self and ethical-self.
References
H#I 4lice crow and 6ester '.(row "#)2!%. (hild evelopment and adBustments. The 0achillan (ompany. (anda 6td. H!I 4shok and J. Shivakumar "#)$2%. Self-concept among institutionali+ed and normal school children. 5ournal of psychology. &ol "!3%. ,pK A- 2 H I /each "#))*%. Self-esteem and independent living skills of adBustments with visual impairment. 5ournal of visual impairment and blindness. &olK $)"2%. ,pK* #-*A3. HAI /haradwaB R "##)*%. ,ersonality factors among handicapped and non- handicapped children. .ndian Bournal of disabilities and impairments. Annexe H%%& ''s()-)*+),.)* .2! - .3# H*I 5eannetee -ieischner "#))2%. 1ffects of program placement on the self-concept of students with visually disabilities. www.google.com. H2I Jenneth C.Sewell "#)))%. Self-concept children with visual impairment. www.google.com. of
H=I &enkatesh Jumar . @. "#))=%. Self concept of blind and normal adolescent children. 5ournal of psychological students. &ol. A!"#%. ,p 7*).
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Table - 1: Distribution of the sample According to age and gender 4ge and @ender /oys ##-#! years # -#A years @irls ##-#! years # -#A years Total Table 2: Demographic profile of the sample &ariables @ender /oys @irls Type of family <uclear family 5oint family 1xtended family 4ge ##-#! years # -#A years <umber #2 #2 3 ! #2 #2 ,er cent *3.33 *3.33 ) .=* 2.!* *3.33 *3.33 <umber $ $ $ $ ! ,er cent !* !* !* !* #33
Table 3: Distribution of sample according to gender and self-concept @ender /oys @irls 6evels of self-concept 6ow self concept 0oderate self-concept <umber D <umber D ) *2 = AA $ *3 $ *3 ?igh self-concept <umber D Total <umber D #2 #33 #2 #33
Table 4: Distribution of sample according to Age and self-concept 4ge in years ##-#! # -#A 6evels of self-concept 6ow self concept 0oderate self-concept <umber D <umber D * ! ## 2$ #! =* A !* ?igh self-concept <umber D Total <umber D #2 #33 #2 #33
Table 5: Mean scores of dimensions of self-concept among isuall! challenged "hildren &isually challenged children ##-#! years # -#A years 0ean 0ean scores S' scores S' <F$ <F$ !2.* !.2) !*.A . * !2.$ 2.3A !!.$ A.3* !2.# 2.3$ !A.3 .! !*.$ .)= !A. A.22 !#. .2 !A.2 A.3) !2.$ !*.) *.)# *.3A ! .) !#.# !.$* !.2) ##-#! years 0ean scores <F$ A.2 !$.) !.$ !).3 !=.3 !=.* !!.2 S' .= #.=2 !.) #. ! .$= .=) A.*$ # -#A years 0eans Scores <F$ !$.2 !A.$ !2. !!.) !#.) !#.# #).* S' .3$ A.2 .$ .$) !.*= !.!2 3.= .2! - .3#
'imensions ,hysical-self -amily-self Social-self ,ersonal-self .dentity /ehaviour and selfsatisfaction 0oral-self H%%& ''s()-)*+),.)*
IJREM; Vol.2; Issue 3 1thical-self
SELF- CONCEPT AMONG VISUALLY CHALLENGED CHILDREN !!.2 !.A! !#.2 .3A !#.$
A. !
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C A PECULIAR PROGRAMMING LANGUAGE

Ila Naqvi MCA TMIMT, Moradabad naqviila92@gmail.com
Abstract
C language is a general purpose high-level language that was developed by Dennis Ritchie in 1972. It was developed to facilitate the progra portability fro one achine to another . !C" was initially used for syste develop ent wor# but as it gained popularity$ it overtoo# the I% ar#et and beca e the ost widely used progra ing language of all ti es. %his article highlights those features of !C" language$ that a#es it a uni&ue language in the era of '(I enabled languages li#e Dot )et$ *ava etc. Keywords+ C language$ Reasons of popularity of C language$ *,-+ C.. Dennis Ritchie$ at /% 0 % 1ell labs$ developed a progra ing language in 1972 that derived its features fro an early language !1"$ developed by 2en %ho pson. -ater$ this new language was na ed as !C" language and Dennis Ritchie gained popularity as %he 3ather of C -anguage. %he ain reason behind the develop ent of !C" was that Dennis wanted to a#e a language that could be used to port (ni4 to any other co puter$ and so that progra es written on one platfor could be easily transferred to another. 5riginally$ the (ni4 #ernel was written in asse bly language. Dennis Ritchie and 2en %ho pson wanted to develop so e language that would give the ore control over the data that spanned the 56. %hen the develop ent of !C" too# place using the features of %ho pson7s !1" language. 8hen !C" was developed no one thought that it would gain so uch popularity in such a little ti e. %he revolution began in 1979 when Dennis Ritchie published his research paper on the language. !C" oved out of the boundaries of 1ell labs to various co panies and universities in the world. It has been about :; years since !C" was developed< a large nu ber of progra ing languages have been created since then$ any of which gained a re ar#able popularity in the ar#et due to their '(Is and easy to develop properties$ still we see a huge de and of !C" progra ers and developers in the
http://sri-india.in |
ar#et of C language.
ar#et. 8hy== %he reasons are any. 5ne can be that the !C" language is considered as the foundation of the odern infor ation technology and Co puter 6cience. >any of the progra ing languages$ those developed later$ have borrowed the concepts and features of C -anguage - directly or indirectly e.g. C?$ *ava$ *ava6cript$ -i bo$ -@C$ @erl$ @A@$ @yt hon$ and (ni4Bs C shell. / person who #nows !C" can learn any of the progra ing languages easily. 6o we can say that !C" is the base of all the progra ing languages. >any principles of Infor ation %echnology and Co puter 6cience$ such as progra ing languages$ co puter architectures$ operating syste s$ database$ graphical user interface C'(ID$ graphics$ networ# co unications$ parallel processing$ i age processing$ ulti-threading$ real-ti e syste s$ device drivers$ algorith s$ nu erical analysis$ and co puter ga es are based on the functionalities and features of !C". / person who has the e4pertise in !C" understands the wor#ing principles of all these i portant concepts clearly and has good s#ills and #nowledge that are the pri ary needs of an e ployer. C is one of the ost widely used progra ing languages of all ti e. In this conte4t Dennis Ritchie
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&uoted that$ !CEE and *ava$ say$ are presu ably growing faster than plain C$ but I bet C will still be around." >ore than 9; per cent of the applications that we are using today are written in !C" language. 8hether it is operating syste s and e- ail clients or 8eb browsers and word processors$ or various device drivers$ all are written in C or CEE. ,ven of the presence of a nu ber of odern progra ing languages !C" is being used for the develop ent of 5perating 6yste s. %his eans !C" has so ething very special in it and that no other language is able to replace it even today. /bout this there is another &uote of Dennis Ritchie$ !3or infrastructure technology$ C will be hard to displace." 1esides of the 6yste software$ !C" is constantly being used in the develop ent of the various application softwares. >ost ga ing softwares are also written in !C". !C" language is also used as a hardware interface language. It is used in developing e bedded softwares$ fir wares for various electronics$ industrial and co unications software products which use icro-controllers. It is also used in developing verification software$ test code$ si ulators etc. for various applications and hardware products.
%hings that you can do in C$ you cannot do in any other language. %hin# of #ernel progra ing or e bedded syste s$ in the e bedded progra ing or #ernel progra ing$ C is still ensconced. !C" is a uni&ue language. It has been a long ti e since !C" was developed. >any languages have been introduced since then$ so e have been adopted$ and so e haven7t been. 5ut of those which have been adopted$ only few got popularity but the position of !C" is the sa e as it was or we can say that it has shown an increase and is continuously increasing. C is peculiar in a lot of ways$ but it$ li#e any other successful things$ has a certain unity of approach that ste s fro develop ent in a s all group. 'irish Fen#atachala is a ()IG hac#er with ore than a decade of networ#ing and crypto progra ing e4perience. Ae says$ !%he C progra ing language is uni&ue. It is special. It is s all. It is great and it is filled with ()IG genius. %he C language is s all but it is the ost challenging progra ing s#ill to ac&uire today. C is deep. C is painful$ but it is fun since there is no co parison."
References
H1I Ritchie$ Dennis >. !%he Develop ent of the C -anguage". /% 0 % 1ell -aboratories$ /pril$ 1999. H2I 6a et$ *ean ,. !@rogra ing -anguages+ Aistory and 3uture". C/C> 1JC7D+K;1-K1;$ *ul 1972. H9I 8e4elblat$ Richard -. Aistory of @rogra ing -anguages$ Fol. 1$ /cad. @ress$ 19.1. H:I Fen#atachala $ 'irish. !%he C @rogra ing -anguage and Its I portance". /. @. -awrence. 6ep. 27$ 2;;9. HJIhttp+LLwww.brainy&uote.co L&uotesLauthorsLdLdenn isMritchie.ht l HKIhttp+LLen.wi#ipedia.orgLwi#iLCMCprogra uageD ingMlang
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BEHAVIORAL SKILLS OF MENTALLY RETARDED CHILDREN
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P. Neeraja, Department of Home Science, S.V.University, Tirupati. neeraja.purini@gmail.com B. Sreela s!mi, Stu"ent , Department of Home Science, S.V.University, Tirupati
Abstract A child is a young human, depending on context it may mean someone who is not yet an adult or someone who has not yet reached puberty. Mental retardation is an impaired mental ability. A retarded child learns more slowly and at maturity his capacity to understand will be significantly less than normal. According to American Association of Mental Retardation (AAMR, 1992 ! Mental retardation refers to significantly sub!a"erage general intellectual functioning with concurrent deficits adapti"e beha"ior and manifested during the de"elopmental period. #he sample of the study consisted of $% mentally retarded children. &n this sample 2 ma'or groups were di"ided (period of training( (under 1 year training and more than 2 years training and (age group( ()!9 years age group and 9!12 years of age group children . #he findings of the study clearly indicate the beha"ioural s*ills of mentally retarded children. +ause for mental retardation was the genetic factor and most of the mothers and fathers of mentally retarded children were illiterates and were from middle income group. Mildly retarded children performed better than thee moderately retarded children on all domains, which is acceptable from hypothesi,ed criterion. )!9 years of age group children with more than 2 years of training performed better in aspects li*e motor, grooming, reading and number acti"ities than the mentally retarded children with less than 1 year of training. 9! 12 years of age group children with more than 2 years of training performed better in some aspects li*e dressing, language s*ills, reading and writing s*ills and money s*ills than the mentally retarded children of the same age group with less than 1 year of training. &rrespecti"e of age group, children who had recei"ed nearly 2 years of training performed better in all aspects than the children who had gained less than 1 year of training. Keywords- .eha"ioral s*ills, Mental retardation, &ntellectual functioning, Adapti"e beha"ior. /01- &12 Introduction A child is a young human, depending on context it may mean someone who is not yet an adult or someone who has not yet reached puberty. &n &ndia in case of inability of the family to ta*e care of a child in his own family, the 'oint family, the caste system and the community pro"ide much support for the child. .ut with the wea*ening of these social institutions some outside agency has to pro"ide the necessary care for children.
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Mental retardation is an impaired mental ability. A retarded child learns more slowly and at maturity his capacity to understand will be significantly less than normal. Mental retardation is not 'ust confined to intellectual retardation. &t may influence all aspects of human functioning including speech, language de"elopment, hearing and "isual functioning as well as muscular co!ordination. According to American Association of Mental Retardation (AAMR, 1992 !
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Mental retardation refers to significantly sub!a"erage general intellectual functioning with concurrent deficits adapti"e beha"ior and manifested during the de"elopmental period. Alfred .inet (19%$ de"eloped some tests to measure intelligence of reasoning and problem sol"ing rather than motor s*ills. According to the .inet test the mentally retarded children(s &2 was classified following 3 headings3 $ 4 ) 1. Mild Mental Retardation (&2 45!$2 Moderate Mental Retardation (&2 $1!64 7e"ere Mental Retardation (&2 6$!2% 8rofound Mental Retardation (&2 below 2% Mild Mental Retardation
#he mildly retarded constitute 5$9 of the total population of retarded persons. #hey approach the low a"erage in terms of physical characteristics. #hey are usually slow in de"eloping, wal*ing, tal*ing, feeding themsel"es and toilet training. #hey are educable within limits and are usually termed as 0ducable Mentally Retarded (0MR . 2. Moderate Mental Retardation
deafness, epilepsy and gross impairment of physical coordination. #hey need constant care and super"ision and they are highly dependent on others for the satisfaction of their needs. Mental retardation may be caused due to many factors. #he causes of retardation lie in genetic abnormalities, brain damage during the gestation period or at birth, nutritional deficiencies or se"ere en"ironmental impo"erishment during early childhood. Retardation may also result from certain infectious diseases such as rubella or <erman measels, encephalitis and syphilis to the mother during pregnancy. Retardation may also be caused due to premature birth, prolonged state of hypoxia, low birth weight, blood incompatibility, prolonged labour, abnormal position of the foetus and se"ere 'aundice in the new born due to "arious causes. 8oisoning and consanguinity are also some of the causes of mental retardation. <enerally, in most causes, the onset of retardation may be by birth and in few cases, the onset may be after birth due to the attac* of brain fe"er, brain in'ury, poisoning etc. According to American Association of Mental Retardation (2%%1 , the child shows concurrent deficient=s in the adapti"e s*ills expected for his age and by his cultural group in at least following areas+ommunication, 7elf care, >ome li"ing, 7ocial s*ills, 7elf direction, Academic s*ills, ?or*, 1eisure, >ealth and 7afety. #he child with mental retardation will ha"e a generali,ed delay in all the areas of de"elopment li*e motor, cogniti"e, social, language etc. >ence, the children with de"elopmental delay in the areas may not perform the s*ills well. About 5%9 of the persons with mental retardation ha"e problems in communication. #he range of communication problems include, (a complete inability to spea* (b difficulty in ma*ing ordinary word sounds, resulting, for example is :slurred: speech, poor pronounciation (c problems in understanding other(s speech and (d difficulty in putting words together. @ne of the salient beha"ioural characteristics of indi"iduals with Aown syndrome is difficulty with language (.uc*ley 1992, +hapman 199$ . #heir language difficulties are typically in the realm of expression (Braser and /ee"as 1951 .7tudies ha"e indicated that retarded children are one or more years behind the norms in both gross and fine motor coordination (Brancis and Raric* 195$ .
#he moderately retarded present less complicated neurophysiologic conditions as compared to the profoundly and e"ery retarded. #hey are capable of profiting from speciali,ed training aimed at the de"elopment of self!help s*ills and social awareness. #hey are also termed as :#rainable Mentally Retarded (#MR :. 3. Severe Mental Retardation
&n a large number of cases there is a considerable damage to the central ner"ous system as well as organi,ed brain pathology and other handicapping conditions. Motor de"elopment, speech and language are retarded. #hey are depended on others but not completely and many of them re;uire medical and nursing care. 4. Profound Mental Retardation
#he profoundly retarded usually ha"e considerable central ner"ous system impairment and organic pathology is present to an unusually extent. Many present other types of handicapping conditions in additions to mental retardation such as blindness
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Objectives #he ob'ecti"es of the present study are #o assess the performance s*ills of mentally retarded children. #o study the influence of period of training programme on the performance le"el of mentally retarded children. ?ith the e"ident of many of researches in the field of mental retardation, the present study was aimed to plan and to assess the basic s*ills of mentally retarded children. Bor this aim rele"ant apt admissible re"iew of literature on basic s*ills of mentally retarded children. <lo"er et al, (195$ studied the relationship between language and sensor motor de"elopment of Aown syndrome and non!retarded children. 7ub'ects were 15 Aown syndrome and 15 non!retarded children with an age range of 11!14 yrs. #he .ayley and the C,giris >unt 7cale and the Recepti"e and 0xpressi"e 0mergent 1anguage (R001 scale were used. Results indicated that down syndrome children were delayed in their language de"elopment compared to non! retarded children. #his delay appears to be related to deficiencies in "ocal imitation s*ills but not related to general sensor motor functioning. 8eter (195$ examined the short!term memory of mentally retarded and non!retarded persons. 7ub'ects were 12 retarded and 12 non retarded sub'ects with mean age of 1) yrs. #he test materials include 12% coloured pictures of common ob'ects and the word referents of the ob'ects pictured. #he retarded sub'ects were shown the cards and were as*ed to read all words. Retarded children experienced greatest difficulty with "erbal materials. Retarded children fail to de"elop an effecti"e symbolic system and continue to depend on!codes that are more isomorphic to the physical stimulus. .racey et al., (195$ e"aluated teaching arithmetic s*ills to moderately mentally retarded children using direct "erbal instruction. A highly structured, tas* analy,ed arithmetic program was used together with beha"ioural techni;ues to teach arithmetic s*ills to a group of six institutionali,ed moderately mentally retarded children. #he aim of the study was to determine if the children made significant gains in four types of arithmetical s*ills, i.e., ob'ect counting, ma*ing lines from numerals, the meaning of plus and increment additions. #he results re"ealed significant impro"ement in each of the s*ills areas under consideration. +hannabasa"anna et al., (1954 examined the attitudes of parents towards the
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management of mentally retarded children. A comparati"e study between experimental and control group ta*ing the sample of 2$ parents of mentally retarded children in"ol"ing both the mothers and fathers. 8arental attitude scale was used (.hatti, 19)$ . #o assess the &2 of the child 7eguin Borm .oard, .inet *amat(s "erbal test and "ineland social maturity scale for social competence were used. #he results showed that degree of mental retardation, socio!economic "ariables, and the sex of the child do not influence the attitude of parents towards the management of the mentally retarded children. &t was also found that it is the concept of mental retardation, which is primarily responsible for the attitude formation, which can be changed through positi"e counseling. Institutions A*shaya Dshetram Residential &nstitute for the Mentally Retarded +hildren Ei*as Eihar Aay 7chool for the Mentally Retarded +hildren Sample 8urposi"e sampling method was used for data collection.#he sample of the study consisted of $% mentally retarded children. &n this sample 2 ma'or groups were di"ided (period of training( (under 1 year training and more than 2 years training and (age group( ()!9 years age group and 9!12 years of age group children . #able!1 shows the distribution of sample according to age and period of training. #he total number of under 1 year trained mentally retarded children were 2%, in this 11 children belonged to )!9 years age group and remaining 9 children belonged to 9!12 years of age group. #he total number of children who had recei"ed more than 2 years training were 6%, in this 12 mentally retarded children belonged to )!9 years, remaining 15 children belonged to 9!12 years age group. Tools and Materials As the main purpose of the present study was to assess the .eha"ioural s*ills of the mentally retarded children, the following tools were used. 1 2 <eneral &nformation 7chedule .A7&+!MR (8art!A (.eha"ioural
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Assessment 7cale for &ndian children with Mental Retardation . #able!2 manifested that $39 of the mentally retarded children were between the age group of 9!12 years and 349 were between the age group of )!9 years. #he table clearly present that the present study comprises of 6%9 of girls and )%9 of boys. &t is "iewed from the data that more boys were found in the institutions than girls. #he possible reason came into that the parents were not allowing their daughters to be benefited from the special schools. 8ertaining to the ordinal position of the children it is seen that $29 of mentally retarded children were born as second child in the family and less percent (139 of children were born as third child in the family. Regarding the type of birth of the child, 4%9 of children were born normally, 239 of children were caesarian born babies and less percentage 49 of children were born by breech birth. ?e loo*ed in to the distribution of sample under the categori,ation as mild and moderate retarded children as indicated in the table and the results show that 359 of children were moderately retarded and ma'ority of children i.e., $29 were mildly retarded children. ?hen attended to the causes of mental retardation it was found clearly mental retardation due to consanguineous marriages, 239 of the children were affected because of forceps deli"ery, 129 of children were mentally retarded because of chromosomal abnormalities and only a least percent i.e., 39 of children became mentally deficient due to in'uries. 7chmid(s (1955 study also supplemented the results of the present study i.e., the factors!genetic, medical and psychosocial are the possible causes of mental retardation. As far as onset of retardation is concerned, it can be strictly said from the collected data that high percentage i.e., 559 of children had mental retardation by birth itself and only 129 of the children became mentally retarded after their birth (i.e., between the age group 6!9 years . #he profile of the parents of the mentally retarded children is presented in table !6. Regarding the educational status of the parents it is "isible from the table that, 6 39of mothers of mentally retarded children were literates and a high percentage of 449 were illiterate mothers. 7ame trend is noticed in the case of fathers also i.e., 359 of fathers were literates and $29 which were highest percentage, were illiterates fathers. Relating to the income groups of
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families of retarded children it is clear from the data that 639 of families were low income families, 329 of families were middle income families and the 239 of families were high income families. #he table!3 clearly re"eals the results of family health profile of the mentally retarded children. ?hile percei"ing the family health status of the mentally retarded children 1%%9 of the parents i.e., both mothers and fathers were found to be normal. ?hen "iewed into the health status of the siblings of the mentally retarded children, it was found that 1%%9 of the siblings were normal. ?hen the health status of other family members of mentally retarded children was examined, on paternal side 939 were found to be normal and 49 were found to be mentally retarded and on maternal side 549 were found to be normal and 139 were found to be mentally retarded. #he results are presented in the table.#he performance s*ills of the mentally retarded children on Motor s*ills with "ariance of age and period of training. #he present tool consisted acti"ities with regard to three age groups i.e., $!) yrs, )!9 yrs and 9F yrs. #he in"estigator used only )!9 yrs and 9F yrs for her con"enience. #he table!$ presents the Motor s*ills of the mentally retarded children. &t is seen from the table that 1%%9 of children, irrespecti"e of the period of training played ring games. #he other acti"ities namely threading and stri*ing lights or match stic* were performed by 569 of children who ha"e recei"ed training for 2 years. ?ith regard to 9!12 yrs of age group children, it is obser"ed that s*ipping was performed by all the children who recei"ed training more than 2 years. #he other acti"ity namely riding a bicycle was performed by 4)9 of children who recei"ed training more than 2 years. ?hen "iewed into the motor s*ills performed by the mentally retarded children who had below 1 yrs training lac* of experience, associated beha"iour problem li*e attention deficit, hyperacti"ity, disorder did not allow them to perform the acti"ities, li*e threading needle, stri*es and lights a match stic*. +hildren who had more than 2yrs training gained experience, better understanding and motor!coordination and showed better performance. 7chmidt (1999 stated that the mentally retarded children re;uire the concept of trails an practice, which is the most important issue in learning motor s*ills, which is in support with the present discussion.
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#he table!4 indicates daily li"ing acti"ities of the mentally retarded children on dressing and grooming. #he table re"eals the acti"ities of daily li"ing of the mentally retarded children on dressing and grooming. &t is seen that the )!9 yrs of age group children with abo"e 2 yrs training proclaimed high percentage (1%%9 in acti"ity of (oils hair(, than the percentage (439 proclaimed by the )!9 yrs of age group children who recei"ed training with less than 1 year. &t is also seen that 669 of the children who had the opportunity of recei"ing training for 2 yrs were able to (cut nails with nail cutterG but none of the children of less than 1 year of training performed this acti"ity. #he performance of mentally retarded children belonging to 9!12 yrs of age group were also presented in the table. #he children categori,ed under more than 2 yrs training performed better than the children of less than 1 year of training in plaits hair (1%%9 as against 4)9 of children . &t is also seen that 259 of the children who recei"es more than 2 yrs of training were able to (loo* after menstrual hygiene( but none of the children of less than 1 year of training performed this acti"ity. Brom the table it is clearly understood that abo"e 2 yrs trained children gained highest percentage than below 1 year trained children on acti"ities of daily li"ing. ?hen percentages were compared of children who had below 1 year trained and abo"e 2 yrs training, they had poor performance regarding experience to learn. >ence it is necessary to consider that their performance mainly depend on the length of training as some of the acti"ities li*e ties *nots, puts an wrist watch, oils hair etc., re;uires lot of time and learning experience. 7till some parents especially the parents of moderately retarded children expressed that they were finding "ery difficult to manage their children especially with regard to self help s*ills. &nstead of learning of acti"ities regarding dressing and grooming at home they were first taught at the institution as the main aim of the institute is to train the mentally retarded children regarding acti"ities of daily li"ing. Csha Rani(s (1999 study is in support with the present study results that parental in"ol"ement plays a ma'or role in their children(s performance. #he table ) re"eals the recepti"e and expressi"e langue s*ills of the mentally retarded children. #he mentally retarded children of )!9 yrs with more than two years of training were better performed in all the
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acti"ities of recepti"e language s*ills i.e., 929 of children were able to :follow the 6 step directions: where as this acti"ity was completed by 529 of children who had below 1 year of training. &t is also seen that 2$9 of the children recei"ed training for maximum period of 2 yrs were able to narrate simple 'o*es, but none of the children of less than 1 year of training performed this acti"ity belongs to expressi"e language s*ills. ?ith regard to 9!12 yrs of age group of children, it is recorded that all the children with more than 2 yrs of training reported good performance (1%%9 in acti"ity of :carry as simple con"ersation: belongs to expressi"e language s*ills than the percentage ()59 belonging to the 9!12 years of group who ha"e undergone 1 year of training. &t is also seen that 699 of the more trained children were able to (follow "oting rights(, but none of the children of less than 1 year of training had idea about this. #he results thrown into light some compatible reasons that children who gained below 1 year training ha"e associated problems li*e Aown(s syndrome with de"elopmental delay in language ac;uisition and autism which pre"ented them to attain good language s*ills. #hese children found trouble some in following :follows "oting rights, narrates simple 'o*es, follows three step directions li*e stand up, open the boo* and mo"e the chair. #hese children performed some acti"ities well which include (follows left, right(, (follows the concept of whole part(, (carrier on simple con"ersation(. <ood understanding capacity of children with abo"e 2 year training pro"ed their mettle to be the best percentage in performing recepti"e language s*ills. &t can be suggested that the combined action of parents and teachers is necessary to plan a program to impro"e the children(s caliber to some extent in achie"ing their language s*ills. #he in"estigator obser"ed the children and was able to reason. #he mildly retarded children(s better memory strategies than moderately retarded children helped them to perform expressi"e language s*ills. #hough some of the mildly retarded children ha"e associated problems li*e speech impairment, they tried their best to fulfill the tas*s gi"en. #his is not so, in the case of moderately retarded children because the se"erity of the associated problems li*e hair lip, auditory problem obstructed them to perform the acti"ities. &n this acti"ities irrespecti"e of age, children who had abo"e 2 yrs training obtained higher percentage than the children who ha"e recei"ed the training since a year. 7o they need more experience, and opportunity to
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express their language. #he table!5 indicates reading s*ills of the mentally retarded children. #he mentally retarded children of )! 9 yrs with more than two years of training were better in the reading s*ills i.e., 929 of children were able to (read names of family member(sHfriends( whereas this acti"ity was completed by 649 of children who had below 1 year of training. &t is also seen that 2$9 of the children with 2 yrs of school training were found to be good in (read sign board( but none of the children who recei"ed less than 1 year of training performed this acti"ity. #he performance of mentally retarded children belonging to 9!12 yrs of age group are also presented in the table. #he children categori,ed in (more than 2 yrs training( performed better than the children categori,ed under less than 1 year of training in the tas* (read medium si,ed hand written paragraph( ($49 as against 669 of children . &t is also seen that 229 of the children that ha"e recei"ed training for nearly 2 yrs were able to (read short news item from news papers(, but none of the children of less than 1 year of training performed this acti"ity. #he s*ills where in retarded children found difficulty were, reads short sentences, reads small, paragraphs, reads short news item from news papers, reads sign boards etc. #hey performed "ery well in acti"ities of reads name of parents, reads own address and reads names of family members, irrespecti"e of age and period of training. #hey did not expose to news papers because of this reason the mentally retarded children cannot
perform the few acti"ities related to news papers. #he results found by in"estigator to put forth the rational factors mat, the sub!a"erage intellectual functioning and the less memory strategies, learning disability of the retarded children as the most exposed facts which depri"ed them to learn reading s*ills. .esides this, the teaching of the reading s*ills was not be satisfactory. Conclusion #he findings of the study clearly indicate the beha"ioural s*ills of mentally retarded children. +ause for mental retardation was the genetic factor and most of the mothers and fathers of mentally retarded children were illiterates and were from middle income group. Mildly retarded children performed better than thee moderately retarded children on all domains, which is acceptable from hypothesi,ed criterion. )!9 years of age group children with more than 2 years of training performed better in aspects li*e motor, grooming, reading and number acti"ities than the mentally retarded children with less than 1 year of training. 9!12 years of age group children with more than 2 years of training performed better in some aspects li*e dressing, language s*ills, reading and writing s*ills and money s*ills than the mentally retarded children of the same age group with less than 1 year of training. &rrespecti"e of age group, children who had recei"ed nearly 2 years of training performed better in all aspects than the children who had gained less than 1 year of training.
References I1J +hannabasa"anna 7. M. Rabir 7. .. (1954 . (2 , 314!32%. A study of attitudes of parents towards the management of mentally retarded children. +hild I3J 7heila. 0. K et al. (195$ 8erformance of 8sychiatry 2uarterly. Eol. 15, 33!3). mentally retarded children and mentally retarded with down syndrome children on the <ratts!<ross!Motor I2J 8eter 7. 1ancioni. (1999 . #eaching #est, American /ournal of mental Aeficiency, Eol. 5, moderately mental retardation children basic reading (2 , 314!32%. s*ills. Research Ae"elopment Aisability. Eol. 1%, (9 , 1!1%. I$J Anita .. (1994 . #he effecti"eness of cogniti"e s*ills training on performance in dressing in I6J 7heila. 0. K et al. (195$ . 8erformance of the mentally retarded children, &ndian /ournal of mentally retarded children and mentally retarded with @ccupational #herapy. Eol. 66 (2 , 626!661 down syndrome children on the <ratts!<ross!Motor #est. American /ournal of mental Aeficiency. Eol. 5, Annexure Table-1: Distribution of sample
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Period of training Cnder 1 year training More than 2 years training 11 12
Age of the mentally retarded 7-9 years
Source- data from sample study Table -2 : Profile of the mentally retarded children Category Age- )!9 years 9!12 years 7ex- .oys <irls @rdinal position of the child Birst child 7econd child #hird child Lormal +aesarian Borcep .reech 1e"el of retardation Mild Moderate +auses of retardation Borceps deli"ery +hromosomal abnormalities &n'uries @nset .y birth After birth 33 4 Source- data from sample study Table - 3 : Profile of the parents of mentally retarded children 55 12 12 4 2. 23 12 3 24 23 $2 35 1) 24 ) 6% 12 $ 6 63 $2 13 4% 23 1% 4 26 2) 6$ 1$ Number 34 $3 )% 6% Percentage
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Category 0ducational status of parents Mothers 1iterates &lliterates Bathers 1iterates &lliterates &ncome of the family 1ow income group (2,%%%!$,%%% Middle income group ($,%%%!1%,%%% >igh income group (1%,%%%!abo"e
Number
Percentage
1) 66
63 44
23 24
35 $2
1) 21 12
63 32 23
Source- data from sample study Table - 4 : Family health profile of the mentally retarded children +ategory 8arents Lormal Abnormal 7iblings Lormal Mentally retarded @ther family members a. 8aternal side Lormal 3) 93 $% % 1%% % $% % 1%% % Lumber 8ercentage
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Mentally retarded b. Maternal side Lormal Mentally retarded Source- data from sample study Table - 5: otor s!ills of the mentally retarded children" Motor skills (M) Age grou 7-9 yrs
36 )
54 13
Activities
Period riod of training !elo" # year n-## % 1%% 2) 3$ 9 $4 4) Above $ years n-#$ 12 1% 1% n!15 12 15
1. 2. 6.
8lays ring games #hreads needle 7tri*es and lights on match stic* 9!12 yrs
11 6 $ n!9 $ 4
1. 2.
Rides a bicycle 7*ips
Table-#: Daily li$in% acti$ities of the mentally retarded children &dressin% and %roomin%' Activities Activities of daily living (A&') Age grou Period of training !elo" # year Aressing 1. #ies *nots <rooming 2. 6.
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Above $ year years n!12 5
)!9 yrs
n!11 4
9 $$
@ils hair +uts nails with nail cutter

-
) ...
43 ...
12 3
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3.
8uts an wrist watch 9!1 2 yrs
$ n!9 4 ...
3$ 9 4) ...
5 n!15 15 $
1 2.
8laits hair 1oo*s after menstrual hygiene Source- data from sample study
Table-(: )ecepti$e and e*pressi$e lan%ua%e s!ills of the mentally retarded children Activities 'anguage skills (') Age grou Period of training !elo" # year Recepti"e 1. 2. 6. Bollow the concept of whole!part Bollows the 6 step directions &dentifies, first, middle, last in a group 9!1 2 yrs 1. 2. 6. 3. $. Bollows left, right Bollows sight words Arranges pictures after listening to a story Bollows traffic signs Bollows "oting rights 0xpressi"e 1. 2. Cses complex sentences Larrates simple 'o*es 9!1 2 yrs 1 +arrier simple con"ersation )!9 yrs )!9 yrs n!11 4 9 ) n!9 3 6 2 6 ... n!11 $ ... n!9 ) 9 $$ 52 43 9 33 66 22 66 M 9 3$ M 9 )5 Above $ years n!12 9 11 1% n!15 1$ 9 16 1% ) n!12 5 6 n!15 15 9 )$ 92 56 9 56 $% )2 $4 69 9 4) 2$ 9 1%%
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Source- data from sample study Table-+: )eadin% s!ills of the mentally retarded children Activities (eading skills (() Age grou Period of training !elo" # year 7-9 yrs 1. 2. 6. 3. $. 4. Reads names of parents Reads 2 word phrases Reads own address Reads names of family members H friends Reads short sentences Reads sign boards 9!1 2 yrs 1 2 6 3 Reads small paragraphs Reads large print from news papers etc. Reads medium si,ed hand written paragraphs Reads short news item from news papers n-## 4 2 $ 3 1 M n!9 2 3 6 M % $$ 15 3$ 64 9 M 9 22 33 66 ... Above $ years n-#$ 1% $ ) 11 $ 6 n!15 $ 9 1% 3
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A CONCEPTUAL FRAME WORK ON STRESS MANAGEMENT
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A CONCEPTUAL FRAME WORK ON STRESS MANAGEMENT WHAT, WHY, HOW

Richa Saini Assistant Professor, St.Martins Engineering College. E.Pranavi, Assistant Professor, St.Martins Engineering College.
Abstract
The purpose behind conducting this study on Stress management is to know basically that what is stress, reasons /causes behind stress, factors which are leading to Stress, find out the methods/ Techniques to overcome stress, know the positive and negative impact of stress and To know the symptoms of stress Stress is tension or pressure exerted on ones mind due to various personal and professional reasons. This study reveals about the reasons and causes behind the stress at the same time provide solutions to those problems / areas leading stress in humans. So the purpose of the study of stress management is to know the stress management and reasons for it. Stress reduces the efficiency of a person / individual. ut at the same time if with the help of proper stress management skills / techniques the stress can be tackled leading to marvelous results on many fronts. !s, stress is not always negative only but if taken up with positive sprite and positive attitude, all negatives of stress can be converted into positive aspects and thats for sure as proved by "#ight or #light$ mechanism or response of stress. Key Words% Stress, Stress &anagement, 'epression, (oping skills, )erception. *+,% -./
Introduction
Stress is a fact of everyday life. 0hen people reach out for help, they are often dealing with circumstances, situations, and stressors in their lives that leave them feeling emotionally and physically overwhelmed. &any people feel that they have very little resources or skills to deal with the high levels of stress they are experiencing. The information in this manual has been compiled to provide information and education about stress, the effects of stress, and the most popular stress management and relaxation techniques that are being used today. This information could be helpful for people who want to learn how to react to stress in a more constructive, proactive way. The basic premise of this manual is that the bene1ts of stress reduction and relaxation techniques can be best noticed after they have been practiced regularly over a period of time. 'efinition% 'r. 2ans Selye, one of the leading authorities on the concept of stress, described stress as 3the rate of all wear and tear caused by life.3
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!lthough we all talk about stress, it often isnt clear what stress is really about. &any people consider stress to be something that happens to them, an event such as an in4ury or a 4ob loss. 5thers think that stress is what happens to our body, mind, and behavior in response to an event 6+.g. heart pounding, anxiety, or nail biting7. 0hile stress does involve events and our response to then, these are not the most important factors. 5ur thoughts about the situations in which we 1nd ourselves are the critical factor. 0hen something happens to us, we automatically evaluate the situation mentally. 0e decide if it is threatening to us, how we need to deal with the situation, and what skills we can use. -f we decide that the demands of the situation outweigh the skills we have, then we label the situation as "stressful$ and react with the classic "stress response.$ -f we decide that our coping skills outweigh the demands of the situation, then we dont see it as "stressful.$ Stress can come from any situation or thought that makes you feel frustrated, angry, or anxious. +veryone sees situations differently
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and has different coping skills. #or this reason, no two people will respond exactly the same way to a given situation. !dditionally, not all situations that are labeled "stressful$ are negative. The birth of a child, being promoted at work, or moving to a new home may not be perceived as threatening. 2owever, we may feel that situations are "stressful$ because we dont feel fully prepared to deal with them. Stress is a normal part of life. -n small quantities, stress is good8 it can motivate you and help you become more productive. 2owever, too much stress, or a strong response to stress can be harmful. 2ow we perceive a stress provoking event and how we react to it determines its impact on our health. 0e may be motivated and invigorated by the events in our lives, or we may see some as "stressful$ and respond in a manner that may have a negative effect on our physical, mental, and social well9being. -f we always respond in a negative way, our health and happiness may suffer. y understanding ourselves and our reaction to stress9provoking situations, we can learn to handle stress more effectively. -n the most accurate meaning, stress management is not about learning how to avoid or escape the pressures and turbulence of modern living8 it is about learning to appreciate how the body reacts to these pressures, and about learning how to develop skills which enhance the bodys ad4ustment. To learn stress management is to learn about the mind9body connection and to the degree to which we can control our health in a positive sense.
more energy and strength, which can be a good thing if their stress is caused by physical danger. ut this can also be a bad thing, if their stress is in response to something emotional and there is no outlet for this extra energy and strength. This class will discuss different causes of stress, how stress affects you, the difference between =good= or =positive= stress and =bad= or =negative= stress, and some common facts about how stress affects people today. 'r. 2ans Selye, one of the leading authorities on the concept of stress, described stress as 3the rate of all wear and tear caused by life.3 0e live longer than our forefathers8 but we suffer more from a thousand artificial anxieties and cares. They fatigued only the muscles, we exhaust the finer strength of the nerves. 9+dward >eorge ulwer9,ytton 2. To know the reasons /causes behind stress
Causes of work stress include: eing unhappy in your 4ob 2aving a heavy workload or too much responsibility 0orking long hours 2aving poor management, unclear expectations of your work, or no say in the decision9 making process 0orking under dangerous conditions eing insecure about your chance for advancement or risk of termination 2aving to give speeches in front of colleagues #acing discrimination or harassment at work, especially if your company isn=t supportive Life stresses can also have a big im act. !xam les of life stresses are: The death of a loved one 'ivorce ,oss of a 4ob -ncrease in financial obligations >etting married &oving to a new home (hronic illness or in4ury +motional problems 6depression, anxiety, anger, grief, guilt, low self9esteem7 Taking care of an elderly or sick family member Traumatic event, such as a natural disaster, theft, rape, or violence against you or a loved one. #ear and uncertainty.
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Objectives
.. To know what exactly the stress is /. To know the reasons /causes behind stress :. To know the symptoms of stress ;. To find out the methods/ Techniques to overcome stress <. To know the positive and negative aspects of stress 1. To know what exactly the stress is
'ictionary meaning of stress% )ressure or tension exerted on a material ob4ect. Stress is a state of mental or emotional strain or tension resulting from adverse or demanding circumstances. Stress is a normal physical response to events that make you feel threatened or upset your balance in some way. Stress is your body=s way of responding to any kind of demand. -t can be caused by both good and bad experiences. 0hen people feel stressed by something going on around them, their bodies react by releasing chemicals into the blood. These chemicals give people
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!ttitudes and perceptions. ?nrealistic expectations. (hange. !ny ma4or life change can be stressful 9 even a happy event like a wedding. &ore unpleasant events, such as a divorce, ma4or financial setback, or death in the family can be significant sources of stress. ". To know the sym toms of stress
-ncreased use of alcohol, drugs, or cigarettes.
;. To find out the methods/ Techniques to overcome stress 1( )ays to *vercome +tress .. (oncentrate only on one thing/task at a time 5ne thing at a time. (lear your distractions. /. Simplify your schedule. Simplify by reducing the number of commitments in your life to 4ust the essential ones. :. Ceep moving. 'o something each day to be active D walk, hike, play a sport, go for a run, do yoga. 2ave fun doing it. ;. 'evelop one healthy habit this month. ut do it one habit at a time. +at fruits and veggies for snacks. #loss every day. Euit smoking. (ook something healthy for dinner. 'rink water instead of soda. <. 'o something calming. #or many people, it can be the "get moving$ activity discussed above. ut it could also be taking a nap, or a bath, or reading. 5ther people are calmed by housework or yard work. F. Simplify your finances. !utomate savings and bill payments and debt payments. Spend less by going shopping 6at malls or online7 much less. #ind ways to have fun that dont involve spending money. G. 2ave a blastH 2ave fun each day, even if its 4ust for a few minutes. I. >et creative. Throwing yourself into a creative activity is another great way to de9 stress and to prevent stress. J. e early or on time. ut being late can be very stressful. Try to leave earlier by getting ready earlier, or by scheduling more space between events. .K. e cool dont be tensed. &otivate yourself whenever required. ,uick stress reduction techni-ues Stress should be a powerful driving force, not an obstacle. .. 2umor is one of the greatest and quickest devices for reducing stress. /. >o for a short quick really brisk walk outside. :. >o get a big cup or a bottle of water. ;. Take a quick nap. -t is nature=s way of recharging and re9energiBing.
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+motional symptoms of stress include% ecoming easily agitated, frustrated, and moody #eeling overwhelmed, like you are losing control or need to take control 2aving difficulty relaxing and quieting your mind #eeling bad about yourself 6low self9esteem7, lonely, worthless, and depressed !voiding others #. $hysical sym toms of stress include:
,ow energy 2eadaches ?pset stomach, including diarrhea, constipation, and nausea !ches, pains, and tense muscles (hest pain and rapid heartbeat -nsomnia #requent colds and infections @ervousness and shaking, ringing in the ear, cold or sweaty hands and feet 'ry mouth and difficulty swallowing (lenched 4aw and grinding teeth %. Cognitive sym toms of stress include: side (onstant worrying Aacing thoughts #orgetfulness and disorganiBation -nability to focus )oor 4udgment eing pessimistic or seeing only the negative
&. 'ehavioral sym toms of stress include: (hanges in appetite 99 either not eating or eating too much )rocrastinating and avoiding responsibilities
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<. %. stress
!ny tea will do, but a flavored cup of tea is even better. To know the ositive and negative as ects of
the brain and body in ways that can be destructive to physical and mental health.
Conclusion
-n this contemporary era nobody is free from stress, starting from school going kids to corporate going people to house wives everybody knowingly or unknowingly has become the victim of stress. !s, the life styles has changed to a large extent and as the technology has advanced it has 4ust not made our lives easy but also has led to many problems leading to stress. -ts been observed if one is using proper stress management skills they can easily overcome the negative impact of stress on their lives which can lead them to attain their personal and professional goals without facing any problems.
2ere are some examples of negative self9talk and how you can apply a positive thinking twist to them. Stress is neutral L it is a person=s perception of the event that determines their response. Stress is positive when the person feels stimulated and able to manage the situation. This positive response prepares the body for action and activates the higher thinking centers of the brain. ! positive response to stress can provide the energy to handle emergencies, meet challenges, and excel. Stress is negative when a person feels threatened and not in control of the situation. These feelings instigate a powerful reaction L affecting both
References
M.N (siksBentmihalyi, &, .JJ., #low% The )sychology of 5ptimal +xperience, 2arper(ollins, @ew Oork M/N >oldberger, ,, reBnitB, S 6+ds7, .JJ:, The 2andbook of Stress, #ree )ress, @ew Oork &andler, >., PThought, &emory and ,earning% +ffects of +motional Stress, The 2andbook of Stress, M:N >oldberger, ,, )ress, @ew Oork communication reBnitB, S 6+ds7, .JJ:, #ree Auss 'ewey, personal M<N Taylor, S.+., .JJJ, 2ealth )sychology 6#ourth +dition7, &c>raw92ill, Singapore MFN Aichard S ,aBarus, 0hy 0e Should Think of Stress as a Subset of +motion, in the 2andbook of Stress 6+d ,eo >olderberger and Shlomo reBnitB7, .JJ:, The #ree )ress, @ew Oork, ?S! MGN ertha Seipp, $!nxiety and !cademic )erformance, ! &eta9analysis$, !nxiety Aesearch ;,. 6.JJ.7, cited in +motional -ntelligence, 'aniel MIN >oleman, .JJF, ,ondon, ?C loomsbury )ublishing,
M;N Steptoe, !, .JJG, Stress and 'isease, The (ambridge 2andbook of )sychology, 2ealth and &edicine, (ambridge ?niversity )ress, (ambridge, ?C.
Appendix
@egative self9talk -=ve never done it before. -t=s too complicated. - don=t have the resources. -=m too laBy to get this done. There=s no way it will work. -t=s too radical a change. @o one bothers to communicate with me. -=m not going to get any better at this.
$%%&:''s()!)*+),.)*
)ositive thinking -t=s an opportunity to learn something new. -=ll tackle it from a different angle. @ecessity is the mother of invention. - wasn=t able to fit it into my schedule but can re9examine some priorities. - can try to make it work. ,et=s take a chance. -=ll see if - can open the channels of communication. -=ll give it another try.
.32 ! .3/
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Volume 2 Issue 3

3. IS BUYBACK BOON TO SHAREHOLDERS?

4. RETAINING TALENT, A STRATEGIC PRIORITY

5. SELF- CONCEPT AMONG VISUALLY CHALLENGED CHILDREN

6. C A PECULIAR PROGRAMMING LANGUAGE

Richa Saini, E.Pranavi,

International Journal of Research Excellence in Management

www.ijrem.in | 2(1) | July 2013

EDITORIAL BOARD Editor-in-Chief

Advisory Editorial Board

IJREM; Vol.2; Issue 3

PATTERN ON CAPITAL STRUCTURE OF SME - AN ANALYSIS AT NSIC

PATTERN ON CAPITAL STRUCTURE OF SME-AN ANALYSIS AT NSIC

IJREM; Vol.2; Issue 3

-OLLY. VANI AN- RAO

IJREM; Vol.2; Issue 3

PATTERN ON CAPITAL STRUCTURE OF SME - AN ANALYSIS AT NSIC

IJREM; Vol.2; Issue 3

-OLLY. VANI AN- RAO

IJREM; Vol.2; Issue 3

PATTERN ON CAPITAL STRUCTURE OF SME - AN ANALYSIS AT NSIC

IJREM; Vol.2; Issue 3

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IJREM; Vol.2; Issue 3

-OLLY. VANI AN- RAO

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IJREM; Vol.2; Issue 3

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