Technological society Essay

Nowadays, in a highly technological society, human productivity is made more efficient through the development of electronic gadgets. Now, with the advent of such modernization in education, one way to globalize the process of research is to realize that technology is advancing at an incredibly fast pace. Computers are not confined to being used for entertainment but its role in education is also vast. In School, reading materials are stored in libraries. Library is a place in which books and related materials are kept for use but not for sale. It is also organized for use and maintained by a public body, an institution or a private individual. In addition, it is a place in which we get information in any format and from many sources. The librarian has to keep the room neat so that it is conducive for learning. The librarian is also the person who is liable for monitoring all the books that are borrowed and returned by the borrowers. The proponents will propose the Simple Library System for Benigno Aquino Jr. High School Annex located at Bagong Silang Caloocan City. The Head Librarian stated that they are currently using the Dewey Decimal Library System. They are still utilizing a manual system. The library users and the librarian still use card catalogues in searching for reading materials and use index card for the records of borrowed and returned books. The proponent’s study was what is which encounter to the Library by the user, Librarian and how the Owner or the Administrator of the said school will provide a good service to their clients to have a good feedback. The study will focus on transaction which done inside the Library like borrowing, returning of books by students, faculties and staffs. In this area, the usage of computerized library system is needed because it is more easy and obviously it saves paper compare to the manual library and it saves a lot more time. BACKGROUND OF THE STUDY The proponents choose the Benigno Aquino Jr. High School, Located at Phase 3 Bagong Silang Caloocan City. Simple Library System is a process of organizing important information, used to track items borrowed and the scheduled time of returning. This system helps users or people who responsible in recording the data appropriately, it also saves time and more convenient to use than the traditional manual recording. Lack of library system in a school can lead to chaos and troubles, and because of it the librarian is having a problem to serve each students and faculties who wish to use the library. It is extremely useful in the school to use that automated system. From this simple term paper. The librarian can easily monitor the transactions of every students. OBJECTIVES OF THE STUDY The part of documentation states the purpose or the objective of the proponents in developing their proposed system. It is divided into two parts, the General Objective, which is the objective of the study as a whole and the Specific Objectives, a much defined and detailed enumeration of the objective of the proponents. General Objectives Aside from developing an easier way of evaluating the library, this study aims to improve the system and making it more accessible for both students and faculty. Specific Objectives The following are the list of specific objectives of the proponents in developing this system: 1. To upgrade the style or method of the library they have. 2. To lessen the time consumed. 3. To provide a more reliable and effective library system. 4. To provide a faster way of their transactions.

A happy marriage is that it is much full of spouses

I guess a happy marriage is that it is much full of spouses' love and trust, and it is welcomed and congratulated by surrounding families, relatives, and others. So, I wish to express a happy marriage by three stages based on my marriage life up to now. In the beginning of marriage for two or three years after wedding, a bride and a groom are always happy with wedding itself because they completed their love and are able to   live together with their lovers permanently. And also they are happy with expecting the first baby as the result of their love. In the middle stage of marriage life from having the first baby to growing up a adult, the first baby gives the spouses the happiest marriage. When children are growing up well, they will feel happy too.  If children go to a famous university, they will be conscious of a happy marriage furthermore and be proud of them.On the other hand, they can sometimes suffer  some difficulties in this period due to the families' health, economic matters, and children's educational problems. After overcoming those matters well, a happy marriage would be maintained continuously. Finally, the spouses will be conscious of a happy marriage when their son and daughter meet good marriage partners and they succeed in the society. As getting older, all most of spouses would feel more deep love and trust each other. I wish to say that a happy marriage results in the better health of spouses physically and mentally.   

Conscientious Objection in an all Volunteer Force Essay

Conscientious Objection in an all Volunteer Force - Essay Example Religious values and beliefs are the imperative reasons that caused the army personnel to fight â€Å"war against war† or other military related activities. During World War I and II, the concern of conscientious objectors, became more acute. Many young conscripts often believe that it is immoral and unethical to carry arms and ammunition with them as it is contrary to their religious values. As a result, many young men refuse army services and decide to undertake other civilian services. Sometimes, army personnel who are already working for military services become conscientious objectors when their mind and beliefs make a paradigm shift. In many countries, there is no official permission from military services departments for military personnel to renounce their participation in war times, option to resign this post and work for civilian services. Under these situations, conscientious objectors often confront with punishments, imprisonment, discrimination, prosecution etc. I n essence, a decision to compel an individual to engage in armed combats and serve the military, hampers the integrity and dignity of human beings. However, certain human rights association realized the sensitivity of conscientious objection issue and created relevant legislations to deal with such issue. The next paragraph focuses on few legislative actions which consider the sensitivity of the issue. Military Selective Service Act states comprehensive descriptions regarding the issue of Conscientious Objection. According to the Section 6 of Military Selective Service Act, if a person is not willing to pursue his career in military service due to political, philosophical, religious or social code, he can pursue noncombatant services. He can perform civilian work by maintaining the safety, health or interest. Council of Europe (1967) had passed a resolution that defended those individuals who refused to serve the military for other honest reasons. (Parliament Assembly of the Council of Europe No 337, 1967) Discussion Many authors and practitioners believe that military personnel present opposing views and behaviors to military services not only on the basis of religion, but due to other moral values as well. The study of Milenkovic (2003) states that besides having the religious reasons, more often citizens refuse to work for army services because of political, philosophical, moral, and ethical concerns as well. Current Situation After the Second World War, Roman Catholic countries and traditions especially, Belgium, France, Spain, Italy, Austria and Portugal legally recognized conscientious objection. On the other hand, countries belonging to communism regimes did not permit the legalization of this act. After the plunge of communism, many European Countries now recognize these acts by allowing conscientious objection and further spread it to other continents and countries. End State Goals In some authors’ point of view, there should be no permission o f the idea of conscientious objection due to numbers of reasons. Every nation aims to consolidate the number of army personnel of their country as it is very constructive and crucial for the security and sovereignty of the whole nation. The larger the number of military personnel, the safer will be the sovereignty of the nation as a whole. Possible Alternate Outcomes for the Current Situation The current situation allows conscientious obj

How the eye is suited for the purpose of converting visible light into Essay - 1

How the eye is suited for the purpose of converting visible light into neural activity and how visual information is then conveyed to the visual cortex - Essay Example The paper will also highlight some of the challenges the eye faces while it performs its functions. The eye’s first adaptation to its interaction with light is referred to as the papillary light reflex. When responding to different levels of light, the rods and cons work independently but back up each other. This modus operandi espouses the eye’s adaptation to dark light.. While the rods are sensitive to light, they have the tendency to take a significant amount of time to adapt to darkness, in this case the rhodopsin, situated in the photoreceptors take full charge through photo bleaching. On the other hand, the regulation of the eye’s sensitivity eye’ s to light is espoused by the changes in the intracellular calcium ions. In order to adapt to light, the eye first adapts to the background so that it is capable of detecting and distinguishing the background objects; the entire process of adaption to light takes a period of approximately five minutes Whenever light is reflected on a surface or remitted from an object, the eye detects the light that first encounters the cornea; from here, it is then focussed to the lens. The lens in turn functions to vary the focus depending on the distance that exists between the eye and the object. The focal adjustment of the light by the lens is called accommodation. The lens alters its shape depending on the distance of the object; for objects that are distant, it elongates, flattens and pulls out whereas for objects that are close by, it only needs to assume its natural round shape for clear vision. The light first passes through the space between the cornea and the lens that is filled with fluid called aqueous humour. It consequently goes through the t pupil ‘s circular aperture that is surrounded by the iris diaphragm muscles prior to going through the lens (Jones, et al 2004). However, the quantity of light that passes through the pupil is determined by the pupil’s diameter a nd still goes ahead to be

American Perspective Short Stories Essay Example | Topics and Well Written Essays - 1250 words

American Perspective Short Stories - Essay Example To analyze the cost of Vietnam War effectively, the two warring nations need to be treated as separate entities. This is because the costs incurred by the America were not similar to those incurred by the Vietnam. During the war, American suffered heavy losses that had long-lasting effect on its citizens and economy. Firstly, America lost nearly 58,000 people to the war. The dead included American combatants and service members serving at different battalions that were deployed in Vietnam (Bennett 162). The heavy casualty suffered by American servicemen and combatants in Vietnam caused the Americans to condemn the government for its decision to send troops to Vietnam. This shows that people were feeling the pinch of the war through the death of their relatives. The US also had to sustain the war by supplying equipment and ammunition to the service men and this contributed to the cost incurred by the country. In addition, Vietnam veteran suffered adverse health effects some that resul ted from Agent Orange that was used to eliminate Vietnam forest cover. This caused massive protests from war veterans that America had to deal with as long-term effects of the war. ... Between 1969 and 1973 nearly 107, 504 Vietnamese lost their lives. These figures may be slightly lower since most of Vietnamese deaths went on unreported. These deaths include those that occurred in the frontline and those that resulted from bombs dropped in Indochina. The civilian deaths resulting from the war were estimated to be 200,000 most of who died from starvation (Bennett 92). These figures are slightly lower since most civilian deaths were not recorded. After the war, Vietnam had to cope with the aftermath, which resulted from the devastating effects of the war. The bombs used by America on Vietnam fighters had long-lasting effects on the civilian population and environment. In addition, the country lost most of its infrastructures such as bridges to the war. This is because American bombers targeted such infrastructures as part of their combat strategy. In order to defeat the Vietnamese the American divided the country into portions or territories that later became indepen dent states. This political strategy was applied by the Americans to gain advantage over Vietnamese. The resultant states included Cambodia North and South Vietnam. This segregation partly resulted due to Soviet invasion and American strategy to win the war. The modern day radical movements such as al-Qaida and Taliban that have cost the US millions of dollars also have their roots in the Vietnam War. 2. What was the Bonus Army and what were the reasons and goals behind the movement? Was it successful? The World War I had a long-lasting effect on Americans and the country’s policy makers. The bonus army was a demonstration of the effects that the war had caused on the

The Negro Speaks of Rivers by (Langston Hughes) Essay

The Negro Speaks of Rivers by (Langston Hughes) - Essay Example 7) and who "heard the singing of the Mississippi when Abe Lincoln went down to New Orleans," (l. 8) represents all Black people. Their presence and contributions to the development of civilization is ancient and timeless, like the rivers. I found this poem to be powerful and moving, and it made me feel joyous and uplifted, yet humbled by what it portrayed. I felt that Hughes was rightfully proud of his race, that he understood the importance of his ancestors and that for him, history was a testament to the strength of his people. The opening line "I've known rivers", is so simple, but when repeated and added to in the words that follow, gathers and sends a powerful message. Rivers are the lifeblood of the planet, and he links that idea to humanity with "flow of blood in human veins" (l. 3). By joining body and soul: "My soul has grown deep like the rivers" ( l. 5 and 13), he expressed the truth about all of us. We are all body and soul. But he is stating that the Black soul has withstood much and held fast to wisdom and strength. With the repetition of the words "I've known rivers/Ancient, dusky rivers, (l. 11-12) he brings to life the dark skin of his people and there is pride in the depth of his and their souls at the end of the poem.

Indigenous Studies 301-Assignment#2 Assignment Example | Topics and Well Written Essays - 500 words

Indigenous Studies 301- #2 - Assignment Example One needs to apply through listening skills, observation and first hand experiencing events- taking action. The learning system has its composition that includes learning directly, meditating, and rethinking. Facilitating is a major responsibility of teachers. There is another group of people that contribute by offering guidance and enhancing learning. These are the elders (Osburn-Bigfeather et al, 2004). Exploration of a person’s mind is the onset of practicing native science. There has to be a close connection of the mind and the heart as this facilitates effective learning. Native science perspective tries to explain the complex connection that exists between humans and the surrounding. This must be a healthy relationship in the sense that both have to tolerate each other with the aim of having a good future. The science perspective intends to show the importance of seeking knowledge appropriately so that diversity and humans never collide. The community has a role to play in educating the people on ways to live with harmony and spirituality. This is done through community-based learning whereby the societys beliefs and practices are the strongholds in learning. Thus, individuals are empowered giving the best reasoning they can offer. Through education, people intend to learn more about their culture and of others. However, there is the point whereby culture is ruined through the introduction of modern language. People need to practice their indigenous culture to learn it. By communicating through the native language, the community can understand the essence and importance of their culture. There has to be the presence of consistent terms and legislation at the time when the beliefs and practices of aboriginal ideas in classes. Understanding ones culture requires one to live it. This means that this will bring a clear understanding of people’s current, previous, and future situations. This means that education is a

Trade measures and commodities tariff and non-tariff barriers export Essay

Trade measures and commodities tariff and non-tariff barriers export taxes quantitative measures subsidies consumption taxes the - Essay Example Following is the discussion regarding the impact of measures in an in-depth manner. The aspect of tariffs and non-tariff barriers has been long noted to have a direct impact on the trade sector. In order to understand the impact of these barriers on trade; it is imperative to understand these barriers. Tariff barriers are basically inclinations of taxes which are posed on the products and articles which are imported from other regions of the world. It should be noted that over the years, government has made use of the tariff barriers to control economic activity (Hont). The impact of the tariff barriers can be noted briefly as positive and negative as well. Since these tariffs limit the amount of products to be imported in the country, it is significant for the domestic brands to get maximum reach to the consumers. This makes it easier to note the articles which are more needed in the country rather than overly filling the shelves. But the fact remains that this limit also diverges t he foreign investors to replicate their business in the region (Rawley and Behrendt). On the other hand, non-tariff barriers (NTBs) are notably more limiting when it comes to international trade. The non-tariff barriers undertake a number of generalizations including the licensing of the import, content regulation which is applied till the time it is sent to the market shelves (Klien). Also, technical barriers have also been considered as a more prominent limiting aspect of the NTBs. The trade barriers are merely applied to increase the trade, weaken the trade or restrict the trade. All the mentioned focus of the trade barriers are being observed in the international trading widely (Bowden). The biggest impact which has been noted over the years is that tariff barriers weaken not just the supply and demand pricing but also international trades between different countries. Overall, the border taxes, and other voluntary costs of the imports allows the government to keep a balance betw een the in-house domestic articles as well as international product saturation in the market (Hirschman). The major concern which has been enhanced by the international economic authorities is that the non-trade barriers have merely limit the underdeveloped countries to trade their product for economic activity since the taxes and licensing needs a lot of cost (Ransom). Also, export tax is another trade measure which has a very divergent effect on the trade which totally depends upon the market structure. It should be noted that the positive impact of the export tax on any country’s economy is in terms of domestic production (Hunt). It must be taken under account that if a country has a wider share of the international market with a respective product that it can be easier for it to reflect change on the price of the product in the international market. It is due to the aid of export taxes that these countries can exploit price of a product in the international market. Overal l, it can be said that with the help of export taxes, the export of the tax-imposing nation can be reduced by large (Dunkley). Followed by the above trade measures for limiting import, consumptions tax is just another measure which has marked a quiet

Espresso Essay Example for Free

Espresso Essay Coffee had been a part of the life of many people. From pure coffee to coffee blends, it has reached its way to the hearts of coffee lovers. According to the article of the International Coffee Organization entitled â€Å"The Coffee Story†, coffee begins with a goatherd named Kaldi. However, according to recent studies coffee was born on the plateaus of Central Ethiopia and brought for development to Yemen. In Cairo and Mecca, the beginning of coffee houses was first established. Since then, coffee became fervor rather than just refreshment. Many coffee brewing methods are developed to enjoy the real magic taste of coffee. These methods are: the use of percolator, auto-drip, French press, Moka Italian stove top and espresso. Among these methods, the espresso is the most popular and widely used method by many of the coffee brewers and coffee houses in the world. Espresso or cafe espresso is a variation of product of coffee. The term â€Å"espresso† came from the word â€Å"for express† which means that it is immediately served or made for customers. It is a concentrated coffee beverage that is brewed under very hot water using a coffee that is between tremendously fine and powder. In the early 20th century, it is developed in Milan, Italy which uses steam pressure up until the 1940’s. Spring piston lever machine is one of the inventions that made espresso a better one. According to â€Å"Espresso Coffee† of the Coffee Research Organization, espresso can attain its true and perfect taste through the perfect combination of four factors: the correct grinding of a coffee blend (Macinazione), the coffee blend or Miscela, the espresso machine (Macchina), and the skilled hand of the barista (Mano). With the proper combination of these factors, the best espresso may attain which is described as extraordinarily sweet with the real aroma of fresh ground coffee. A good coffee blend is one of the main priorities of various espresso makers to attain its perfect taste. The difference of espresso to other brewing process is the formation of the crema. Crema is the layer of bubbles that trap the aromatic compounds produced over brewing. To enjoy the aromatic taste of coffee it is essential to have an outstanding preparation of espresso blend. Many countries all over the world contribute to the perfect combination of espresso. Among those countries are Brazil, the Dominican Republic, Mexico, Peru and Panama. Coffees from these countries are used as base of coffees that gives the espresso its undeniably taste of sweetness. Certain countries like Colombia, Costa Rica, Ethiopian Harrar, and Zimbabwe also contributes to the variation of taste to add acidity, flavor, complexity and brightness. To add richness and body when blending, coffees from places of Asia like Java, Sumatra and New Guinea are considered. Roasting of coffee is definitely an important part of creating a well-tasted espresso. In this chemical process, the aroma, acids and other flavor components is being changed to enhance the acidity, flavor and aftertaste of the coffee. Minimizing the bitter taste and acidity of the coffee is the focus of many coffee-based manufacturing factories today. They replaced the sweetness lost in the process of roasting by alternatives like add up of milk or other flavors that will make an espresso based drink more delectable. This is the reason why espresso based drink is more popular that straight or solely espresso. Also in this process, it is important to observe the sweetness by minimizing the carmelization of sucrose but not overlooking the roasting which degrade the bitter taste of the coffee. A good espresso grinding can be attained through the use of an espresso burr grinder and to grind it per order. Conical burr grinder is the most advantageous burr coffee grinder that is widely-used due to its product. It produces an increase in the surface area of each particle and augments the richness of the flavor. In coffee grinding it is important to tamp or fill the espresso as fast as possible. Allotted time of activation of 15-20 seconds of the coffee grinder is required to maintain the freshly ground coffee to be used. An extraction time of 23-28 seconds is most possible to produce a ground size of a standard espresso coffee. In addition, humidity also takes part on the extraction time. The presence of moisture from the air can lengthen the extraction time. In espresso preparation, espresso tamping is frequently ignored. It is a process where a pellet of coffee is formed through the use espresso tamper and penetration of hot water uniformly. Proper espresso tamping is an important key to attain a great espresso. But aside from this, the use of a correct espresso tamper is an evident one. The correct espresso tamper should be made of aluminum or any equivalent light metal that have a diameter that will tightly fit the basket. Among the stores that have the proper product of espresso tampers is Vivace’s. They also put on the market different sizes of pistons. Recently, Vivace’s suggested the use a round bottom coffee tamper rather than the conventional traditional coffee tamping machines. The stability of temperature of the water inside the espresso machine is a relevant factor in attaining a good espresso coffee. Today, almost all of the commercial espresso machines have a proper temperature stability set-up. Use of an espresso with a large boiler tanks for brewing and steaming is an answer to the temperature stability area. However, many espresso makers believe temperature stabilizing can be practiced. Temperature stabilizing means that water inside the espresso machine is maintained at a constant temperature. Overheated water or too much water inside the boiler is the point of adjustment an espresso tamping machine should gauge. Regular running water is the key to maintain the proper temperature stability. With this temperature stability, excellent product of brew of an espresso could be achieved. Crema’s intensification in an espresso is brought about by the water pressure which is between 9 and 10 atm. Boiler pressure gauge on the other hand is the one responsible for checking the amount of water that should be integrated to the steam. Without the presence of this espresso pressure gauge, it will be impossible to attain the aromatic and well sweetness of crema. Aside from this pressure gauge, other parts of the espresso machine play a vital role in forming a well taste coffee espresso. These parts are the portafilter, steam wand, keypad, tray, and sight glass. The portafilter which is made up of metal is the overall assembly of the spouts, handle and basket. The responsible for the ejection of milk froth lies on the capacity of the steam wand. The water content that is forced through the steam is observed in the boiler sight glass. Maintaining the cleanliness of the coffee machine is a great task any espresso maker is emphasizing but is forgetting in the process of making. It is equivalently important as the other factors in espresso making like blending and grinding. Assuring that the machine is well cleaned will probably increase the quantity of espresso based drinks customers. This will also make the machine more efficient in terms of product proficiency. Moreover, the burr blades of the espresso grinder should be regularly cleaned. Yearly replacement of the burrs must be observed to assured the quality of the coffee granules that will be produced. Another factor to be considered in serving an espresso is its espresso cup. It must be pre-heated using other source aside from the espresso machine itself. If the cup is not pre-heated then the temperature of the water will be lowered thus uneven extraction of espresso might takes place. A magic hand of the barista and the passionate love in making espresso are the ones that make a good espresso coffee. The barista is the one that operates with the espresso coffee machine. It is considered as the most fundamental factor in espresso coffee making. A good barista should possess both passion and logical scientific character. If the barista loves doing the work or the job then he will probably make sure that he makes one of the best espresso coffees. In Italy and other parts of Europe, barista is considered as a profession. It is often associated with the skills and knowledge that were passed through ages. In contrast with what is the tradition in European countries, American based barista is just an employment for young people and not really a career position. The proper stiffness of the grind, exact roasting to attain the extraordinary sweetness, correct water temperature and pressure, appropriate tamping and favorable environmental factors like humidity are perfect combination of a good espresso coffee. If the barista recognized and possess all of these then a well-done espresso will be attain. With all the proper blending, roasting, grinding, quantifying and tamping the coffee, it will be more effectively extracted to attain a great espresso. Nonetheless, espresso making thus not end there. The barista is still the core of making a good and well-done espresso coffee. It is up to the barista to have a good combination of the ingredients and proper methods. However, there is still no perfect espresso. A well-done espresso making is a passion and not just a work to be able to earn money. It is for the love of coffee that man will experience to taste the perfect espresso.

Neurological Effects of ART of HIV Patients

Neurological Effects of ART of HIV Patients NEUROLOGICAL  MANIFESTATIONS IN PATIENTS WITH HUMAN IMMUNODEFICIENCY VIRUS INFECTION IN THE ERA OF COMBINED ANTIRETROVIRAL THERAPY Neurological disorders are the most debilitating of manifestations seen in patients infected with HIV. The clinical profile of neurological manifestations in HIV patients has undergone a shift in recent years with opportunistic infections being controlled with combination anti retroviral therapy and the advent of drugs which have higher central nervous system penetrability. Aims and Objectives To study the clinical, investigation profile and various neurological disorders in HIV patients on anti-retroviral therapy. Materials and Methods Fifty HIV patients with neurological manifestations were studied. A complete neurological examination including neurocognitive functioning using Montreal Cognitive Assessment and HIV Dementia scale were assessed. Apart from relevant investigations, CD4 count, Computed Tomography/Magnetic Resonance Imaging brain, cerebrovascular fluid analysis was done where required. Results Neurocognitive disorders formed the largest group with 42% suffering from HIV associated Neurocognitive Disorders .Among them asymptomatic neurocognitive impairment was seen in 28%; mild neurocognitive disorder in 12%, and 2% had HIVà ¢Ã¢â€š ¬Ã‚ associated dementia. Opportunistic infections of the nervous system accounted for 32%, with meningitis being the most common. Four patients had space occupying lesions of central nervous system; four tuberculomas and one toxoplasmosis. Conclusion With the advent of highly active retroviral therapy HIV patients have longer life spans with suppression of viral load leading to decrease in opportunistic infections of the nervous system. Neurocognitive disorders are now the most common neurological dysfunction seen and thus neurocognitive assessment must be done in all patients with HIV. Keywords : cognitive dysfunction, neurological manifestations in HIV, opportunistic infections ,dementia, anti retroviral therapy INTRODUCTION Human Immunodeficiency Virus is one of the greatest challenges faced by the medical fraternity in the 21st century. The infection has become pandemic in many parts of the world and affected every corner of the globe. According to the data released by NACO Annual Report 2012-2013, the revised estimate of people with HIV as of 2011 is 2.08 million (equivalent to 0.27percent of the adult population)1. Though these figures represent a positive trend of decreased incidence of new cases, the prevalence is not changed as HIV patients are now able to live for longer time because of the advent of Highly active antiretroviral therapy (HAART). The virus has the unique ability to mutate itself constantly and conveniently integrates itself into the genome of the cells of the immune system which ironically are supposed to protect us from infections. Although many drugs are active against the virus it has so far eluded complete cure. HIV is known to affect all organ systems in the body causing a wide variety of clinical manifestations. Neurological disorders among them are considered to be among the most debilitating of manifestations seen in HIV positive patients .Opportunistic infections of the CNS were the main cause of neurological deterioration for a vast majority of these patients in the earlier times when combination anti retroviral treatment for HIV was not yet instituted. The major neurological disorders in HIV patients are opportunistic infections, immune reconstitution, HIV associated neuro-cognitive disorders (HAND), sensory neuropathies among others. As the patients are now able to have longer life spans with good viral control the clinical profile of neurological manifestations and disorders has undergone a paradigmal shift with opportunistic infections being controlled with combination ART and the advent of drugs which have higher CNS penetrability. Neurocognitive and neuropsychiatric manifestations are the new area of focus with emphasis being made on diagnosing and treating their subclinical forms. MATERIALS AND METHODS The study was done on HIV patients getting admitted in a tertiary hospital and research center in Bijapur from April 2014 to June 2014.Fifty HIV positive patients with clinical neurological manifestations during this period have been included in the study. Inclusion criteria HIV patients on combined anti retroviral therapy having signs and symptoms caused by neurological dysfunction. Exclusion criteria Patients with pre-existing neurological conditions like epilepsy, mental retardation, cerebrovascular diseases, parkinsonism, movement disorders not attributable to the HIV. Patients not on any therapy. Patients who have discontinued their treatment for duration of more than a month. An informed consent was obtained from the patients prior to their inclusion in the study. A detailed history, general physical examination with thorough neurological examination was done. The patients were also assessed for their cognitive functions as a part of neurological examination using Montreal Cognitive Assessment (MoCA)2, International HIV Dementia Scale (IHDS)3.If cognition was affected it was quantified based on the effect it had on everyday activities using Lawton scale for Instrumental Activities of Daily Living4. The tests were performed on all patients in study. Patients were classified as HAND based on the scoring and clinical judgment of impaired performance in at least two domains of MoCA and IHDS tests. MoCA was assessed on delayed recall, executive function, visuospatial function, attention, language function, abstract thought and orientation. The maximal score was 30 and patients with IHDS was scored on three variables motor speed, psychomotor speed and memory recall, the patients are scored on each of these. The maximum possible score was 12 points. A patient with a score of The patients with HAND were further subdivided into Asymptomatic Neurocognitive Impairment (ANI), Mild Neurocognitive Disorder (MND) or HIVà ¢Ã¢â€š ¬Ã‚ associated dementia (HAD) using revised research criteria for HIV associated neurocognitive disorders (HAND)5.The patients in study group not diagnosed with HAND were used as reference group for standardized neuropsychological tests and compared. Demographic, relevant clinical data and laboratory data were collected. Data included age, sex, level of education, occupation,current CD4 cell count, and antiretroviral therapy. Laboratory work up include hemogram, CSF analysis and imaging like CT/MRI when needed. Statistical analysis The data was entered in MS Excel Sheet and analysed using SPSS 18 software.Appropriate statistical test like Chi square standard deviation mean and z test were used. RESULTS The mean age of the patients was 32.3 years with all of them being between 20 to 45 years. There were 36 males and 14 females. The mean years of education of the group was 6.41 years with only 30% being employed in professional jobs and the rest either unemployed or intermittently worked as unskilled labor.(Table 1) The most common symptom in these patients was headache seen in 42% of cases followed by fever (30%) and altered sensorium(10%).Seizures were present in three of the five patients with with space occupying lesions. (Table 2) Neurocognitive dysfunction were the most common neurological disorders (42%) followed by opportunistic infections(32%). The MoCA and IHAD test results were used to diagnose the patients with HAND. These patient data were then compared with the other HIV patients who underwent these tests. ANI was present in 28% ,12% had MND and 2% were suffering from HAD. The patients with neurocognitive disorders were included in group A and the rest in group B. (Table 3) Cryptococcal meningitis was the most common infection accounting for 14% followed by tubercular meningitis with 12% of the cases. Co infection was seen in six cases. There was one case each of myelitis and toxoplasma.Space occupying lesions were found in five cases, four of which were tuberculomas and one lymphoma.(Table 4) According to WHO immunological classification for established HIV infection based on CD4 counts6 ;52% had severe disease, 24% had advanced disease , 4% had mild disease and remaining 4% did not have significant disease. Fifty six percent of patients in group A had CD4 count less than 200cells/mm3 [severe disease] and of the 21 patients in group B, 71.5% had severe disease.(Table 4) Nineteen patients underwent CT scan and/or MRI of which 13 had normal scan results ,five patients were diagnosed to be having intracranial masses,four tuberculomas and one lymphoma .Toxoplasma was suspected in one patient which was later confirmed with finding Toxoplasma- IgM antibodies in blood. One patient had features on CT suggestive of encephalomyelitis. CSF analysis was done in 17 patients of whom seven were diagnosed with cryptococcal meningitis by India ink preparations. Six patients had findings suggestive of tubercular meningitis. DISCUSSION Neurologic abnormalities are common in late stages of HIV infection and are an AIDS defining condition. Central nervous system disease occurs in 40-90% of HIV positive patients. The predominant cell types that are infected are monocytes and macrophages. Virus may enter the brain through infected monocytes and release cytokines that are toxic to neurons as well as chemotactic factors that lead to infiltration of the brain with inflammatory cells.7 Our study showed a male preponderance towards neurological manifestations in HIV with 72% of the patients being male similar results were seen in other studies. Deshpande et al reported 87.5% male patients8 and Chan LG et al had 93.3% male subjects9.This could be attributed to higher incidence of multiple sexual partners in males compared to females, except for high risk groups like commercial sex workers. In our study the most common manifestation of HIV patients with neurological disorder was headache, seen in 42% patients which corroborated with other studies. Sharma SK et al. also reported headache as the commonest neurological manifestation seen in 62.5% cases10. The neurological symptoms associated with HAND like forgetfulness, mental slowness, poor concentration, clumsiness, tremors, apathy were seen in less than six percent of people although HAND accounted for 42% cases. This data suggests the huge propensity to miss the diagnosis of cognitive dysfunction as the disease usually exists in its subclinical form with little or no symptoms. The few patients who did have these symptoms did not associate them to their disease. The approach towards neurological diseases in HIV has always been directed towards opportunistic infections. Most studies on neurological complications did not assess for neurocognitive disorders although some studies have reported on dementia. In our study the prevalence of neuro-cognitive disorders surpassed opportunistic infections of CNS in HIV patients. HAND was seen in 42% of the cases similar to study done by Chan LG et al. in Singapore where the prevalence was 22.7% .They also used the revised 2007 updated research nosology for HAND. Singh R et al. reported a 33.65% incidence of HIV associated Dementia.This study showed similar result to our study but the assessment was done using MMSE11. Deshpande AK et al reported only 6% patients with dementia.Satishchandra et al. reported dementia in only four patients out of 100 patients12. Sharma et al. did not report on neurocognitive disorders.All these studies did not employ an objective methodology for assessing the cognitive function and based their results on clinical and neurological examination findings. It is very common to assess cognitive impairment based on clinical judgement and brief bedside neurological examination, this methodology though novel severely limits the providers ability to diagnose subclinical forms of cognitive dysfunction and being subjective their results cannot be used to compare with studies were standardised tests were employed. The CD4 counts in patients with HAND are below 200 cells/mm3 in 71.4% of cases.Thus we concluded that HAND is usually seen with lower CD4 counts associated with severe form of disease. Chan LG et al. reported similar findings were HAND was seen in patients with CD4 counts less than 200cells/mm3 in 63.3% , Singh R et al. reported similar findings in 83.52% patients. Our study did have its shortcomings, our sample size was smaller and strict compartmentalization of neurological disorders into opportunistic infections and neurocognitive dysfunction may have given a lower incidence of opportunistic infections .Thus further studies need to be taken up with larger sample sizes using standardized cognitive assessment tests . With the widespread use of HAART the incidence and mortality associated with HIV is decreasing throughout the world.By keeping the of viral loads suppressed and prolonging the lifespan of HIV individuals a new profile of neurological disorders is emerging which warrants a change in approach to the management.Along with opportunistic infections emphasis must be made towards diseases caused by direct effect of the virus on the nervous system.Neurocognitive and neuropsychiatric illnesses should be thoroughly investigated using standardised mental status examination (those acceptable in updated research nosology for HAND considering resource limited contexts) 5; as they can be subclinically present severely affecting the patient’s daily activities and add to the overall burden of the disease.

Effect of WCM on Firm Profitability in Pakistan Textiles

Effect of WCM on Firm Profitability in Pakistan Textiles This research examines the effect of Working Capital Management (WCM) on profitability of firms in the textile sector of Pakistan. I also used cost of production and fixed assets cost as control variable to investigate their effect on profitability of textile companies. I have selected a sample size of 55 textile companies of Pakistan for a period of six years from 2003 to 2008. Regression and coefficient of correlation are used for analysis. The SPSS result R=0.77 shows the strong correlation between the model which helps me understand the relationship between working capital, cost of production, fixed assets and profitability. OBJECTIVES This research is focusing on working capital management and its effects on profitability of textile companies in Pakistan. The main objectives are: To determine the relationship between the efficiency of Working Capital Management (WCM) and Profitability over a period of 6 years for 55 Textile firms of Pakistan. To analyze the relationship between cost of production and profitability of textile companies. To find out the effect of fixed assets cost on profitability of textile companies. To draw conclusion about the relationship between efficiency of working capital management and profitability of textile firms in Pakistan. To suggest some measures for improvement in working capital management of textile sector in Pakistan. LIMITATIONS Due to the time frame and choice of the subject there were number of limitation faced by the researcher during the thesis. The first and the foremost limitation to this research is the shortage of time which created many hurdles in collecting data and completion of report; Researcher was unable to find many research on his topic within the scenario of Pakistan. So therefore researches were unable to compare its finding with other researches; Very few studies have been made in relation to Working Capital Management (WCM) especially in the textile sector in Pakistan. Therefore, the present study is a maiden attempt to analyze the relationship between WCM efficiency, cost of production, fixed assets cost and Profit in the textile sector in Pakistan. Its was very difficult for research to collect financial data of 55 textile companies in a very short span of time allotted to complete the research. Chapter 1: INTRODUCTION 1.1 Textile Sector: Textile products are a basic human requirement next only to food. Backbone of industrial sector which plays a vital role in the national economy it give support to GDP, exports, employment, foreign exchange earnings, investment and contribution to value added industry by providing employment to largely utilized workforce. So to boost the economy and to reduce the poverty in the country the performance of all industrial sectors is very important and textile sector is one of the major sectors of all developing countries. 1.2 Performance of Textile Sector in Pakistan: The performance of textile sector has strong relationship with the cost incurred by textile sector and effective management of net working capital. Pakistan is a developing country which lack in most of the industrial resources same as the case with textile sector in Pakistan we have to import most of the technical machinery used in textile sector from other developed countries which increases the overall cost of textile sector in Pakistan as well as lack of working capital, increase in fuel prices, electricity shortage, high import duties, high cost of debt, taxation and all other factors together bring negativity in the performance of textile sector. However, Pakistans textile industry has again started to invest in the textile machinery and the imports of textile machinery for the month of February, 2010 were $23.1 million, an increase of 190% as compared to the imports of machinery in February, 2009 of $7.99 million. From July 09 to February 10 the total imports of machinery reco rded 3.1% increase, from $158.89 million to $163.844 million for the same period last year. Although the textiles sector cost has increased by purchase of these new machineries but this technology placed the positive impact on performance of textile industries because this not only increase productivity ultimately profit but also it helps to compete in the international market. The increased in labor cost is also one of factor effecting the textile sector in Pakistan because the major portion of textile production depends upon the labor used for production purposes due to the lack of technology. As the enhancement of minimum wages for textile sector is announced which proposed increase in minimum wages from Rs.4, 600/= to Rs.6, 000/= per Month (over 30%) for unskilled workers will have a devastating effect on industry. Besides the financial impact will also have to be borne towards payment of gratuity, provident fund, EOBI, social security excluding overtime etc. which if worked out will come to Rs.8, 322. In addition to the above, proportionate increase will also have to be given to the skilled cadre of workers as for instance; an operator will refuse to work at the same rate of salary being paid to a doffer. This will make textile sector survival more difficult in current scenario. The growth of textile sector depends on its productivity and mainly depend s on the cost and profitability. The textile sector is the largest sector of Pakistans economy which has the major shares in exports of the country but the major financing of this industry depends upon the bank loan. To purchase heavy machineries on cash or to lease them, the textile sector required huge amount of investment and to meet daily expenditures they need net working capital and for all that they have to borrow from bank by paying interest (i.e. cost debt) which increases the overall cost of textile sector in Pakistan. The textile sector of Pakistan is divided in many small firms which have small capital structure most of them are mainly dependent on loans due to unavailability of funds, continuous increase in cost of production. All these factors have a cumulative effect on the cost and profitability of textile sector as the increase in double digit inflation the survival of textile sector become more difficult. Although the textile sector of Pakistan is backed by the government with their greatest intere st in textile sector. They have arrange different types of investment policies and funds for textile sector but the improvement in textile sector due to other factors is still less then the requirement. Importance Of Textile Industry In Pakistans Economy 1.3 Effect of Working Capital and Other Factors on Textile Sector: Working capital management is a very important component of finance because it directly affects the profitability and liquidity of any organization especially in developing countries like Pakistan. It comprises funds invested in Current Assets, which in the ordinary course of business can be turned into cash within a short period without undergoing diminishing in value and without interruption of the organization. Current Liabilities are those which are projected to be paid in the ordinary course of business within a short time. Every company has to make arrangements for adequate funds to meet the day-to-day expenditure apart from investment in Fixed Assets. However, Pakistan textile sector is on decline just because of the additional cost due to lack of working capital which can have impact of profitability and liquidity and increase in inflation also effect textiles production badly. In this research, I have discussed and analyzed the relationship between the efficiency level of working capital management and profitability of textile sector in Pakistan as it is the major sector which contribute in Pakistan economy and generate foreign revenue by exporting textile products to international markets but the increase in cost, debt and improper management of working capital in this sector make its a declining sector in terms of profitability and liquidity. The textile industries come under the SMEs (Small Medium Enterprises) which does not bear the continuous increase of cost. According to APTMA, textile exports of Pakistan have declined by about 20% in 2008. The industry is bracing for more trouble ahead with continuing crises of electrici ty and gas, international market access, global economic slowdown, lack of capital and adverse travel advisories. Chapter 2: LITERATURE REVIEW 2.1 Concept of Working Capital: Gross Working Capital: It represents the total current assets and is also referred to as circulating capital because current capital as current assets, are circulating in nature. Net Working Capital: It is a measure of liquidity and it can be defined in two ways. The most usually implied definition of net working capital is that it represents the difference between current assets and current liabilities. Some people also define it as excess of current assets over the current liabilities. It is that portion of the firms current assets, which is financed by long-term funds. 2.2 Objectives of Working Capital Management: The main objective is to ensure the maintenance of satisfactory level of working capital in such a way that it is neither inadequate nor excessive. It should not only be sufficient to cover the current liabilities but ensure a reasonable margin of safety also. To minimize the amount of capital employed in financing the current assets. This also leads to an improvement in the à ¢Ã¢â€š ¬Ã…“Return of Capital Employedà ¢Ã¢â€š ¬?. To manage the current assets in such a way that the marginal return on investment in these assets is not less than the cost of capital acquired to finance them. This will ensure the maximization of the value of the business unit. To maintain the proper balance between the amount of current assets and the current liabilities in such a way that the firm is always able to meet its financial obligations, whenever due. This will ensure the smooth working of the unit without any production held ups due to paucity of funds. 2.3 Nature Importance of Working Capital: Working capital is the most important concepts that a company should understand as how working capital and financing helps them to survive and competitive in business world. Working capital fulfills the short-term financial requirements of any business organization including textile companies especially in developing countries like Pakistan. It is regarded as operating capital needed to meets daily cash requirement of the organization and can not be retained in the business for a longer period of time in a particular form. The money invested in working capital changes its form and substance during the normal course of any business operations and the need and importance for maintaining an adequate working capital in any industry including textile sector can not be neglected in any way. Just as human body can not survive without the circulation of blood in the body, the organization also requires sufficient flow of funds within the organization. If it becomes weak, the business can har dly survive, prosper and generate profit. In developing countries like Pakistan, working capital starvation is generally accredited as one of the most important reason which causes the decline of any industry. According to Rafuse, (1996), Working capital starvation is generally credited as a major cause if not the major cause of small business failure in many developed and developing countries. There are several problems that create starvation of cash in any business which include poor financial management and improper planning of cash management. Jarvis et al, (1996) said that the cash flow problems of many small businesses are exacerbated by poor financial management and in particular the lack of planning cash requirements. For the financial strength of the business, a company should have and will prefer to have a positive working capital rather than a negative working capital. Some of the best ways to acquire short-term working capital financing are equity, trade credit and short-term loans. 2.4 Determinants of Working Capital: Working capital management is an indispensable functional area of management. However the large number of factors influences the total working capital requirements of the firm. It may however be added that these factors affect differently to the different units and these keep varying from time to time. In general, the determinants of working capital, which are common to all organizations, can be summarized as under: Nature and Size of Business Production Cycle Business Cycle Production Policy Credit Policy Growth Expansion Proper availability of raw materials Profit level Inflation Operating Efficiency 2.5 Sources of Working Capital: The working capital necessary and what constitutes working capital have been analyzed in depth. Now we look out what are the ways we can generate working capital. Trade Credits Bank Credit Current provisions and non-bank short term borrowings: and Long term sources i.e., equity share capital, preference share capital and other long term borrowings. 2.6 The Management of Working Capital According to Van Horne (1977), working capital management is the management of current assets such as cash, marketable securities, receivables, and inventories. Osisioma (1997) described working capital management as the regulation, adjustment, and management of balance between current assets and current liabilities of a firm such that maturing obligations are met, and the fixed assets are properly serviced. In order to manage working capital efficiently, two elements must exist as necessary components and desirable quantities. Osisioma (1997) explained that efficient working capital management must guarantee an adequate relationship between the different components of a organizations working capital so as to make an efficient mix, which will guarantee capital adequacy. Thus, working capital management should ensure that the desirable quantities of each component of the working capital are available for organization. However, the question arises that à ¢Ã¢â€š ¬Ã…“What determines n ecessary components of an organizations working capital and how much of such necessary components can be considered as adequate or desirable?à ¢Ã¢â€š ¬? Each organization working capitals necessary components depend on the type of business and industry. Cash, accounts payables, accounts receivables, marketable securities, inventories, and redeemable futures can be recognized as the common components of firms working capital. However, the question is to recognize the factors that determine the adequacy of working capital based on growth, size, operating cash flow, etc. The inability to understand the determining factors and measurement of adequate amounts of working capital will lead an organization to bankruptcy. The altitude of performance levels businesses have traditionally been attributed to many general managerial factors such as manufacturing cost, marketing strategies and operations. Working capital management may have a consequent impact on business survival and growth (Kargar and Blumenthal, 1994). The proper management of working capital is very vital for the financial health of businesses of all sizes. It is often observed that the amounts invested in working capital are high in percentage to the total assets employed. Therefore, it is imperative that these amounts should be used in an efficient and effective manner. However, there is substantiation that manufacturing sector which include textile industry as well are not very good at managing their working capital. Reasons for that are many small businesses suffer from undercapitalization, increase cost of production, increase fixed asset cost and lots of other factors. According to V MARIAPPAN, K CHIDAMBARAM) (2003), Productivity does not only mean the increase in production but it relates to the cost reduction and efficiency in the process of production. Therefore, the importance of exerting tight control over working capital investment, cost of production and cost of fixed assets can not be neglected. An organization can be highly profitable, but if it fails to translate this into cash from operations within the same operating period, the organization would require borrowing to support its continued working capital requirements. Hence, the dual objectives of profitability and liquidity must be synchronized and one should not impinge on the other for long. Investments by any business in current assets are inevitable to ensure delivery of goods or services to the ultimate customers and a proper management of same should create the desired impact on either profitability or liquidity. If different resources are blocked at the various phases of the supply chain, this will lengthen the cash operating cycle. However, profitability might increase due to increase sales but it may also adversely affect the profitability if the costs tied up in working capital surpass the benefits of carrying more inventories and/or allowing more trade credit to customers. (Padachi, Kesseven, Oct 2006) 2.7 Production Cost Profit: Production cost is the cost of materials and labor necessary to produce goods and there are two types of profit that is generated from a business. The first is gross profit which is the difference of the total revenue generated after the sale of each item by the production cost for that item. Second is net profit which is calculated once the company pays taxes, rent, and other expenses that might come with running and owning the business. However lack of technology, increase labor and material cost, higher cost of debt and other factors increases production cost and decrease profit but if production increases, businesses are able to purchase more materials at a discounted rate, which can help them to reduce the production cost. 2.8 Textile Sector Cost of Production: The relationship of cost of production with profit of any sector is the key element used to evaluate the productivity of that particular sector including textile sector. Productivity is often mixed with increased production. However, higher production does not always mean higher productivity. Higher productivity can be achieved only by better utilization of resources and reduction of cost. So the importance of production cost can not be neglected and is closely related to the increase productivity of industrial sector on any economy. According to the Michael porter of the Harvard University says the competitiveness of any sector is totally depend on the productivity of its industrial sector. Productivity does not only mean the increase in production but it relates to the cost reduction and efficiency in the process of production (V MARIAPPAN, K CHIDAMBARAM) (2003). The competition from international market has been increased due to the continuous innovation on technology used in the industrial sector of textile which ultimately increases the cost. The protection from international competition of the earlier semi-insular phase has given rise to high cost manufacturing, which is inhibiting both the expansion of the domestic market and more rapid development of exports [India, 1985:16].(Aug 29 1989). However, the intense competition in international market leads to the high domestic growth with increased in the level of exports. Productivity is getting drained mainly due to under- utilization of machines, inefficient working, poor machinery maintenance, over- spinning, lack of modernization, power shortage and unhealthy labor and management relations [Gulrajani 1982]. (2003) with reference to above saying the same situation is related to the Pakistans textile sector the machines used in the textile sector is either underutilized or very old which became the hurdle in productivity of the sector and the labor related with this textile sector is also effected due to strong labor unions in the country which increase cost and decrease productivity and eventually profit of the textile sector. The government policies related to the investment on technological innovation also effect textile sector Government policies in these sectors, it is argued, have been biased against fresh investments; and import restrictions on capital goods and advanced technology have condemned entire industries to obsolete technologies (1989). The restriction on the imports and other obligations imposed by the Government on the purchase of machinery from outside country force the entire industry to obsolete technologies as well the continuous capital requirement for the expansion of production and other raw material cost force the textile sector to borrow money from bank to inject working capital. One of the most important concepts that a new business owner should know is how working capital and financing helps them survive and grow in a competitive world. The difference between current assets and current liabilities is known as à ¢Ã¢â€š ¬Ã…“net working capital (Jonathan Keith Gober). The data of textile sector used in this research shows that most of the companies have negative working capital which means the current liabilities of the textile sector is more than the asset which again increase the cost of the textile sector of Pakistan. 2.9 Textile Sector Cost of Fixed Assets: With increasing global competition, the survival of any industry is getting difficult day by day especially in developing countries like Pakistan. Textile sector or any other sector of all developing countries used machineries and fixed assets which are obsolete and outmoded which increases their cost of production and decline productivity, efficiency and profitability. According to V. Mariappan and K. Chidambaram (2003), proper machine utilizations, the effective cost management and quality of material supplies are the three vital factors that determine the operating efficiency of a textile mill. Developing countries lack in most of the industrial resources same as the case with textile sector in Pakistan we have to import most of the technical machinery and equipment used in textile sector from other developed countries and this increases the overall cost of textile sector in Pakistan. Although the cost of textile sector increases with purchase of new machineries and equipment but this advancement in technology create the positive impact on performance of textile sector because this not only increase productivity, efficiency and profitability but also it helps textile firms to compete in the global market. Increase productivity of the textile sector is not only the outcome of advancement in the level technological development but other factors such as relative cost of labour and equipment, the cost of material, effective management of working capital and other resources also create an impact on it. Thus, higher productivity is not an accident. It is the result of effective p lanning and the judicious use of resources, V. Mariappan and K. Chidambaram (2003). Chapter 3: METHODOLOGY 3.1 Statement of Problem: What is the impact of working capital, cost of production and fixed assets cost on profitability of textile sector in Pakistan? 3.2 Hypotheses: H1: Increase in working capital negatively affect the profitability of textile sector by increase in short term liabilities. H2: Investment in technological instruments (Fixed Assets) has the positive impact on the profitability of textile sector: H3: High production cost has a negative impact on the development of textile sector. 3.3 Data Collection: There are two major sources of data collection use by the researchers for research purposes. They are: Primary Data: Primary data is used for the first through questionnaires, interviews and service and this is not published anywhere before. Secondary data: Secondary data is used for the researches which are based on already published in different newspapers, research journals and yearly companies reports. Chapter 4: STATISTICAL ANALYSIS In the model summary table he capital à ¢Ã¢â€š ¬Ã…“Rà ¢Ã¢â€š ¬? in this table is coefficient of correlation which is .775 which shows that there is high correlation(relationship) between dependent (net income) and independent variables (fixed assets, working capital and cost of good sold) the second column which shows R Square (coefficient of determination or regression coefficient) which shows that 60% Of variation in net income amount is caused by predictors third column is Adjusted R square 59.7% variation is caused by predictors considering number of observations and the number of predicted variables. The ANOVA table tests the model acceptability and how model fits the first row which shows regression displays information about the variation accounted for by your model and the second row of Residual shows information about the variation is not accounted by your model the significance value of F is .000 which is less than 0.05 so it means than model is acceptable and the variation explained by the model is not due to chance. The coefficients table the first row shows constant which is second column of first row -38.373 shows that when all predictors (cogs, working capital and fixed assets) are held to zero the amount of net income is -38.373 and the constant is also significant P0.05, p=0.641 which means that change in fixed assets will not bring any change in net income On the basis of correlation matrix fixed assets is again rejected of being related to net income R=0.309 which is very low correlation it is also insignificant as shown in coefficient table. Chapter 5: CONCLUSION RECOMMENDATIONS: 5.1 Conclusion: After evaluating the whole textile sector I reached to a point that cost is greatly affect the productivity, efficiency and profitability of every sector same as the case with textile sector. In Pakistan, the textile sector is considered the most important investment sector which greatly push Gross Domestic Product (GDP) and National Income (NI) of the country. So to study such an important sector these variables help me in evaluating the relationship of cost with the performance of textile sector. The hypothesis used in conducting this research shows the impact of fixed assets, working capital, cost of production with the net income of the sector my finding shows that there is no impact of fixed asset cost on net income of the textile sector so my hypothesis is rejected which shows that increase in the investment of technology and equipment improve the efficiency and productivity of textile sector. Secondly, the research contain other variable relationship with the development of textile sector in which the working capital plays an important role my research results clearly shows the impact of working capital with net income because the increase in current assets help this sector to better maintain its current liabilities which ultimately reduces the addition cost incurred by the sector. In Pakistan textile sector needs continuous short term investment which forced the sector to increase it short term debt by borrowing from bank to meet its short term expenses. So the sample size taken in the research shows that both of them are highly correlated but they have inverse relationship increase in working capital decreases the net income as vise a versa. So my hypothesis for the working capital is accepted and it is proved that independent variable is explained by dependent variable. The third and last variable is the cost of production which incorporate all costs incurred while production of the textile items. It include the prices for all raw materials which are essential for the production process fuel, oil inventories, transportation, cotton prices, yarn prices which bring significant changes in the profitability of textile sector . The hypothesis used for the cost of production shows that there is inverse relationship on cost of production and profitability as cost for producing the textile items is increasing the profitability becomes falling and in result the development of textile sector faced hurdles in growing. The overall analysis shows that we cannot considered the increase in production only until or unless the cost structure is not clearly defined although the production of textile sector is increased in last few years but simultaneously the cost is increased with greater extend which reduces the profit margins with very less proportion which does not support the economy of Pakistan which has the major share in growth of the Pakistans economy. 5.2 Recommendations: Pakistan is a one of the leading country producing raw yarn, cotton, and fabrics. If we focus on the value added products like garments, hosiery, knitwear and other textile products, the production volume of textiles can be enhanced by tremendously. In this respect top priority should be given to cost reduction, easy availability of working capital and employment creation. The Government of Pakistan has created a special Textile Board for the promotion of Textile Industry as predicted in Textile Vision 2005 but unfortunately its performance and productivity is still below expectation of the government of Pakistan. So the guess is that government should establish a Ministry of Textile to meet the demand of private sector.   Whole economy of Pakistan is suffering due to energy crisis. Therefore, the increase in double digit inflation causes great discrepancy in the production of textile industry which forces most of the textile firms to wind up their business and to set up their business in other countries in our region. Therefore, my suggestion for government is that the government should take concrete steps on priority basis to resolve energy crisis and control inflation in Pakistan. The government of Pakistan has recently imposed tax of the import of thread from other countries which is severely affecting the productivity and profitability of the textile sector and tremendously increases the cost of production of textile industry. To resolve this issue, the government needs to seriously look into this matter and try to find a solution to it to boost the textile industry in Pakistan. Government should either set up joint ventures in textile related areas or should provide subsidized credit to textile manufacturers to upgrade their technology and capacity building through à ¢Ã¢â€š ¬Ã‹Å"Technology Upgradation Fund. (TUF). It is also suggested that smaller units of power looms (up to 50 looms) should be upgraded to auto looms and power loom units larger than 50 looms into air jet looms. At present cost of doing business in Pakistan is higher as compared to the regional countries, which has resulted in bitter competitiveness to Pakistani Products in Foreign Markets. China and India are the bigger co Effect of WCM on Firm Profitability in Pakistan Textiles Effect of WCM on Firm Profitability in Pakistan Textiles This research examines the effect of Working Capital Management (WCM) on profitability of firms in the textile sector of Pakistan. I also used cost of production and fixed assets cost as control variable to investigate their effect on profitability of textile companies. I have selected a sample size of 55 textile companies of Pakistan for a period of six years from 2003 to 2008. Regression and coefficient of correlation are used for analysis. The SPSS result R=0.77 shows the strong correlation between the model which helps me understand the relationship between working capital, cost of production, fixed assets and profitability. OBJECTIVES This research is focusing on working capital management and its effects on profitability of textile companies in Pakistan. The main objectives are: To determine the relationship between the efficiency of Working Capital Management (WCM) and Profitability over a period of 6 years for 55 Textile firms of Pakistan. To analyze the relationship between cost of production and profitability of textile companies. To find out the effect of fixed assets cost on profitability of textile companies. To draw conclusion about the relationship between efficiency of working capital management and profitability of textile firms in Pakistan. To suggest some measures for improvement in working capital management of textile sector in Pakistan. LIMITATIONS Due to the time frame and choice of the subject there were number of limitation faced by the researcher during the thesis. The first and the foremost limitation to this research is the shortage of time which created many hurdles in collecting data and completion of report; Researcher was unable to find many research on his topic within the scenario of Pakistan. So therefore researches were unable to compare its finding with other researches; Very few studies have been made in relation to Working Capital Management (WCM) especially in the textile sector in Pakistan. Therefore, the present study is a maiden attempt to analyze the relationship between WCM efficiency, cost of production, fixed assets cost and Profit in the textile sector in Pakistan. Its was very difficult for research to collect financial data of 55 textile companies in a very short span of time allotted to complete the research. Chapter 1: INTRODUCTION 1.1 Textile Sector: Textile products are a basic human requirement next only to food. Backbone of industrial sector which plays a vital role in the national economy it give support to GDP, exports, employment, foreign exchange earnings, investment and contribution to value added industry by providing employment to largely utilized workforce. So to boost the economy and to reduce the poverty in the country the performance of all industrial sectors is very important and textile sector is one of the major sectors of all developing countries. 1.2 Performance of Textile Sector in Pakistan: The performance of textile sector has strong relationship with the cost incurred by textile sector and effective management of net working capital. Pakistan is a developing country which lack in most of the industrial resources same as the case with textile sector in Pakistan we have to import most of the technical machinery used in textile sector from other developed countries which increases the overall cost of textile sector in Pakistan as well as lack of working capital, increase in fuel prices, electricity shortage, high import duties, high cost of debt, taxation and all other factors together bring negativity in the performance of textile sector. However, Pakistans textile industry has again started to invest in the textile machinery and the imports of textile machinery for the month of February, 2010 were $23.1 million, an increase of 190% as compared to the imports of machinery in February, 2009 of $7.99 million. From July 09 to February 10 the total imports of machinery reco rded 3.1% increase, from $158.89 million to $163.844 million for the same period last year. Although the textiles sector cost has increased by purchase of these new machineries but this technology placed the positive impact on performance of textile industries because this not only increase productivity ultimately profit but also it helps to compete in the international market. The increased in labor cost is also one of factor effecting the textile sector in Pakistan because the major portion of textile production depends upon the labor used for production purposes due to the lack of technology. As the enhancement of minimum wages for textile sector is announced which proposed increase in minimum wages from Rs.4, 600/= to Rs.6, 000/= per Month (over 30%) for unskilled workers will have a devastating effect on industry. Besides the financial impact will also have to be borne towards payment of gratuity, provident fund, EOBI, social security excluding overtime etc. which if worked out will come to Rs.8, 322. In addition to the above, proportionate increase will also have to be given to the skilled cadre of workers as for instance; an operator will refuse to work at the same rate of salary being paid to a doffer. This will make textile sector survival more difficult in current scenario. The growth of textile sector depends on its productivity and mainly depend s on the cost and profitability. The textile sector is the largest sector of Pakistans economy which has the major shares in exports of the country but the major financing of this industry depends upon the bank loan. To purchase heavy machineries on cash or to lease them, the textile sector required huge amount of investment and to meet daily expenditures they need net working capital and for all that they have to borrow from bank by paying interest (i.e. cost debt) which increases the overall cost of textile sector in Pakistan. The textile sector of Pakistan is divided in many small firms which have small capital structure most of them are mainly dependent on loans due to unavailability of funds, continuous increase in cost of production. All these factors have a cumulative effect on the cost and profitability of textile sector as the increase in double digit inflation the survival of textile sector become more difficult. Although the textile sector of Pakistan is backed by the government with their greatest intere st in textile sector. They have arrange different types of investment policies and funds for textile sector but the improvement in textile sector due to other factors is still less then the requirement. Importance Of Textile Industry In Pakistans Economy 1.3 Effect of Working Capital and Other Factors on Textile Sector: Working capital management is a very important component of finance because it directly affects the profitability and liquidity of any organization especially in developing countries like Pakistan. It comprises funds invested in Current Assets, which in the ordinary course of business can be turned into cash within a short period without undergoing diminishing in value and without interruption of the organization. Current Liabilities are those which are projected to be paid in the ordinary course of business within a short time. Every company has to make arrangements for adequate funds to meet the day-to-day expenditure apart from investment in Fixed Assets. However, Pakistan textile sector is on decline just because of the additional cost due to lack of working capital which can have impact of profitability and liquidity and increase in inflation also effect textiles production badly. In this research, I have discussed and analyzed the relationship between the efficiency level of working capital management and profitability of textile sector in Pakistan as it is the major sector which contribute in Pakistan economy and generate foreign revenue by exporting textile products to international markets but the increase in cost, debt and improper management of working capital in this sector make its a declining sector in terms of profitability and liquidity. The textile industries come under the SMEs (Small Medium Enterprises) which does not bear the continuous increase of cost. According to APTMA, textile exports of Pakistan have declined by about 20% in 2008. The industry is bracing for more trouble ahead with continuing crises of electrici ty and gas, international market access, global economic slowdown, lack of capital and adverse travel advisories. Chapter 2: LITERATURE REVIEW 2.1 Concept of Working Capital: Gross Working Capital: It represents the total current assets and is also referred to as circulating capital because current capital as current assets, are circulating in nature. Net Working Capital: It is a measure of liquidity and it can be defined in two ways. The most usually implied definition of net working capital is that it represents the difference between current assets and current liabilities. Some people also define it as excess of current assets over the current liabilities. It is that portion of the firms current assets, which is financed by long-term funds. 2.2 Objectives of Working Capital Management: The main objective is to ensure the maintenance of satisfactory level of working capital in such a way that it is neither inadequate nor excessive. It should not only be sufficient to cover the current liabilities but ensure a reasonable margin of safety also. To minimize the amount of capital employed in financing the current assets. This also leads to an improvement in the à ¢Ã¢â€š ¬Ã…“Return of Capital Employedà ¢Ã¢â€š ¬?. To manage the current assets in such a way that the marginal return on investment in these assets is not less than the cost of capital acquired to finance them. This will ensure the maximization of the value of the business unit. To maintain the proper balance between the amount of current assets and the current liabilities in such a way that the firm is always able to meet its financial obligations, whenever due. This will ensure the smooth working of the unit without any production held ups due to paucity of funds. 2.3 Nature Importance of Working Capital: Working capital is the most important concepts that a company should understand as how working capital and financing helps them to survive and competitive in business world. Working capital fulfills the short-term financial requirements of any business organization including textile companies especially in developing countries like Pakistan. It is regarded as operating capital needed to meets daily cash requirement of the organization and can not be retained in the business for a longer period of time in a particular form. The money invested in working capital changes its form and substance during the normal course of any business operations and the need and importance for maintaining an adequate working capital in any industry including textile sector can not be neglected in any way. Just as human body can not survive without the circulation of blood in the body, the organization also requires sufficient flow of funds within the organization. If it becomes weak, the business can har dly survive, prosper and generate profit. In developing countries like Pakistan, working capital starvation is generally accredited as one of the most important reason which causes the decline of any industry. According to Rafuse, (1996), Working capital starvation is generally credited as a major cause if not the major cause of small business failure in many developed and developing countries. There are several problems that create starvation of cash in any business which include poor financial management and improper planning of cash management. Jarvis et al, (1996) said that the cash flow problems of many small businesses are exacerbated by poor financial management and in particular the lack of planning cash requirements. For the financial strength of the business, a company should have and will prefer to have a positive working capital rather than a negative working capital. Some of the best ways to acquire short-term working capital financing are equity, trade credit and short-term loans. 2.4 Determinants of Working Capital: Working capital management is an indispensable functional area of management. However the large number of factors influences the total working capital requirements of the firm. It may however be added that these factors affect differently to the different units and these keep varying from time to time. In general, the determinants of working capital, which are common to all organizations, can be summarized as under: Nature and Size of Business Production Cycle Business Cycle Production Policy Credit Policy Growth Expansion Proper availability of raw materials Profit level Inflation Operating Efficiency 2.5 Sources of Working Capital: The working capital necessary and what constitutes working capital have been analyzed in depth. Now we look out what are the ways we can generate working capital. Trade Credits Bank Credit Current provisions and non-bank short term borrowings: and Long term sources i.e., equity share capital, preference share capital and other long term borrowings. 2.6 The Management of Working Capital According to Van Horne (1977), working capital management is the management of current assets such as cash, marketable securities, receivables, and inventories. Osisioma (1997) described working capital management as the regulation, adjustment, and management of balance between current assets and current liabilities of a firm such that maturing obligations are met, and the fixed assets are properly serviced. In order to manage working capital efficiently, two elements must exist as necessary components and desirable quantities. Osisioma (1997) explained that efficient working capital management must guarantee an adequate relationship between the different components of a organizations working capital so as to make an efficient mix, which will guarantee capital adequacy. Thus, working capital management should ensure that the desirable quantities of each component of the working capital are available for organization. However, the question arises that à ¢Ã¢â€š ¬Ã…“What determines n ecessary components of an organizations working capital and how much of such necessary components can be considered as adequate or desirable?à ¢Ã¢â€š ¬? Each organization working capitals necessary components depend on the type of business and industry. Cash, accounts payables, accounts receivables, marketable securities, inventories, and redeemable futures can be recognized as the common components of firms working capital. However, the question is to recognize the factors that determine the adequacy of working capital based on growth, size, operating cash flow, etc. The inability to understand the determining factors and measurement of adequate amounts of working capital will lead an organization to bankruptcy. The altitude of performance levels businesses have traditionally been attributed to many general managerial factors such as manufacturing cost, marketing strategies and operations. Working capital management may have a consequent impact on business survival and growth (Kargar and Blumenthal, 1994). The proper management of working capital is very vital for the financial health of businesses of all sizes. It is often observed that the amounts invested in working capital are high in percentage to the total assets employed. Therefore, it is imperative that these amounts should be used in an efficient and effective manner. However, there is substantiation that manufacturing sector which include textile industry as well are not very good at managing their working capital. Reasons for that are many small businesses suffer from undercapitalization, increase cost of production, increase fixed asset cost and lots of other factors. According to V MARIAPPAN, K CHIDAMBARAM) (2003), Productivity does not only mean the increase in production but it relates to the cost reduction and efficiency in the process of production. Therefore, the importance of exerting tight control over working capital investment, cost of production and cost of fixed assets can not be neglected. An organization can be highly profitable, but if it fails to translate this into cash from operations within the same operating period, the organization would require borrowing to support its continued working capital requirements. Hence, the dual objectives of profitability and liquidity must be synchronized and one should not impinge on the other for long. Investments by any business in current assets are inevitable to ensure delivery of goods or services to the ultimate customers and a proper management of same should create the desired impact on either profitability or liquidity. If different resources are blocked at the various phases of the supply chain, this will lengthen the cash operating cycle. However, profitability might increase due to increase sales but it may also adversely affect the profitability if the costs tied up in working capital surpass the benefits of carrying more inventories and/or allowing more trade credit to customers. (Padachi, Kesseven, Oct 2006) 2.7 Production Cost Profit: Production cost is the cost of materials and labor necessary to produce goods and there are two types of profit that is generated from a business. The first is gross profit which is the difference of the total revenue generated after the sale of each item by the production cost for that item. Second is net profit which is calculated once the company pays taxes, rent, and other expenses that might come with running and owning the business. However lack of technology, increase labor and material cost, higher cost of debt and other factors increases production cost and decrease profit but if production increases, businesses are able to purchase more materials at a discounted rate, which can help them to reduce the production cost. 2.8 Textile Sector Cost of Production: The relationship of cost of production with profit of any sector is the key element used to evaluate the productivity of that particular sector including textile sector. Productivity is often mixed with increased production. However, higher production does not always mean higher productivity. Higher productivity can be achieved only by better utilization of resources and reduction of cost. So the importance of production cost can not be neglected and is closely related to the increase productivity of industrial sector on any economy. According to the Michael porter of the Harvard University says the competitiveness of any sector is totally depend on the productivity of its industrial sector. Productivity does not only mean the increase in production but it relates to the cost reduction and efficiency in the process of production (V MARIAPPAN, K CHIDAMBARAM) (2003). The competition from international market has been increased due to the continuous innovation on technology used in the industrial sector of textile which ultimately increases the cost. The protection from international competition of the earlier semi-insular phase has given rise to high cost manufacturing, which is inhibiting both the expansion of the domestic market and more rapid development of exports [India, 1985:16].(Aug 29 1989). However, the intense competition in international market leads to the high domestic growth with increased in the level of exports. Productivity is getting drained mainly due to under- utilization of machines, inefficient working, poor machinery maintenance, over- spinning, lack of modernization, power shortage and unhealthy labor and management relations [Gulrajani 1982]. (2003) with reference to above saying the same situation is related to the Pakistans textile sector the machines used in the textile sector is either underutilized or very old which became the hurdle in productivity of the sector and the labor related with this textile sector is also effected due to strong labor unions in the country which increase cost and decrease productivity and eventually profit of the textile sector. The government policies related to the investment on technological innovation also effect textile sector Government policies in these sectors, it is argued, have been biased against fresh investments; and import restrictions on capital goods and advanced technology have condemned entire industries to obsolete technologies (1989). The restriction on the imports and other obligations imposed by the Government on the purchase of machinery from outside country force the entire industry to obsolete technologies as well the continuous capital requirement for the expansion of production and other raw material cost force the textile sector to borrow money from bank to inject working capital. One of the most important concepts that a new business owner should know is how working capital and financing helps them survive and grow in a competitive world. The difference between current assets and current liabilities is known as à ¢Ã¢â€š ¬Ã…“net working capital (Jonathan Keith Gober). The data of textile sector used in this research shows that most of the companies have negative working capital which means the current liabilities of the textile sector is more than the asset which again increase the cost of the textile sector of Pakistan. 2.9 Textile Sector Cost of Fixed Assets: With increasing global competition, the survival of any industry is getting difficult day by day especially in developing countries like Pakistan. Textile sector or any other sector of all developing countries used machineries and fixed assets which are obsolete and outmoded which increases their cost of production and decline productivity, efficiency and profitability. According to V. Mariappan and K. Chidambaram (2003), proper machine utilizations, the effective cost management and quality of material supplies are the three vital factors that determine the operating efficiency of a textile mill. Developing countries lack in most of the industrial resources same as the case with textile sector in Pakistan we have to import most of the technical machinery and equipment used in textile sector from other developed countries and this increases the overall cost of textile sector in Pakistan. Although the cost of textile sector increases with purchase of new machineries and equipment but this advancement in technology create the positive impact on performance of textile sector because this not only increase productivity, efficiency and profitability but also it helps textile firms to compete in the global market. Increase productivity of the textile sector is not only the outcome of advancement in the level technological development but other factors such as relative cost of labour and equipment, the cost of material, effective management of working capital and other resources also create an impact on it. Thus, higher productivity is not an accident. It is the result of effective p lanning and the judicious use of resources, V. Mariappan and K. Chidambaram (2003). Chapter 3: METHODOLOGY 3.1 Statement of Problem: What is the impact of working capital, cost of production and fixed assets cost on profitability of textile sector in Pakistan? 3.2 Hypotheses: H1: Increase in working capital negatively affect the profitability of textile sector by increase in short term liabilities. H2: Investment in technological instruments (Fixed Assets) has the positive impact on the profitability of textile sector: H3: High production cost has a negative impact on the development of textile sector. 3.3 Data Collection: There are two major sources of data collection use by the researchers for research purposes. They are: Primary Data: Primary data is used for the first through questionnaires, interviews and service and this is not published anywhere before. Secondary data: Secondary data is used for the researches which are based on already published in different newspapers, research journals and yearly companies reports. Chapter 4: STATISTICAL ANALYSIS In the model summary table he capital à ¢Ã¢â€š ¬Ã…“Rà ¢Ã¢â€š ¬? in this table is coefficient of correlation which is .775 which shows that there is high correlation(relationship) between dependent (net income) and independent variables (fixed assets, working capital and cost of good sold) the second column which shows R Square (coefficient of determination or regression coefficient) which shows that 60% Of variation in net income amount is caused by predictors third column is Adjusted R square 59.7% variation is caused by predictors considering number of observations and the number of predicted variables. The ANOVA table tests the model acceptability and how model fits the first row which shows regression displays information about the variation accounted for by your model and the second row of Residual shows information about the variation is not accounted by your model the significance value of F is .000 which is less than 0.05 so it means than model is acceptable and the variation explained by the model is not due to chance. The coefficients table the first row shows constant which is second column of first row -38.373 shows that when all predictors (cogs, working capital and fixed assets) are held to zero the amount of net income is -38.373 and the constant is also significant P0.05, p=0.641 which means that change in fixed assets will not bring any change in net income On the basis of correlation matrix fixed assets is again rejected of being related to net income R=0.309 which is very low correlation it is also insignificant as shown in coefficient table. Chapter 5: CONCLUSION RECOMMENDATIONS: 5.1 Conclusion: After evaluating the whole textile sector I reached to a point that cost is greatly affect the productivity, efficiency and profitability of every sector same as the case with textile sector. In Pakistan, the textile sector is considered the most important investment sector which greatly push Gross Domestic Product (GDP) and National Income (NI) of the country. So to study such an important sector these variables help me in evaluating the relationship of cost with the performance of textile sector. The hypothesis used in conducting this research shows the impact of fixed assets, working capital, cost of production with the net income of the sector my finding shows that there is no impact of fixed asset cost on net income of the textile sector so my hypothesis is rejected which shows that increase in the investment of technology and equipment improve the efficiency and productivity of textile sector. Secondly, the research contain other variable relationship with the development of textile sector in which the working capital plays an important role my research results clearly shows the impact of working capital with net income because the increase in current assets help this sector to better maintain its current liabilities which ultimately reduces the addition cost incurred by the sector. In Pakistan textile sector needs continuous short term investment which forced the sector to increase it short term debt by borrowing from bank to meet its short term expenses. So the sample size taken in the research shows that both of them are highly correlated but they have inverse relationship increase in working capital decreases the net income as vise a versa. So my hypothesis for the working capital is accepted and it is proved that independent variable is explained by dependent variable. The third and last variable is the cost of production which incorporate all costs incurred while production of the textile items. It include the prices for all raw materials which are essential for the production process fuel, oil inventories, transportation, cotton prices, yarn prices which bring significant changes in the profitability of textile sector . The hypothesis used for the cost of production shows that there is inverse relationship on cost of production and profitability as cost for producing the textile items is increasing the profitability becomes falling and in result the development of textile sector faced hurdles in growing. The overall analysis shows that we cannot considered the increase in production only until or unless the cost structure is not clearly defined although the production of textile sector is increased in last few years but simultaneously the cost is increased with greater extend which reduces the profit margins with very less proportion which does not support the economy of Pakistan which has the major share in growth of the Pakistans economy. 5.2 Recommendations: Pakistan is a one of the leading country producing raw yarn, cotton, and fabrics. If we focus on the value added products like garments, hosiery, knitwear and other textile products, the production volume of textiles can be enhanced by tremendously. In this respect top priority should be given to cost reduction, easy availability of working capital and employment creation. The Government of Pakistan has created a special Textile Board for the promotion of Textile Industry as predicted in Textile Vision 2005 but unfortunately its performance and productivity is still below expectation of the government of Pakistan. So the guess is that government should establish a Ministry of Textile to meet the demand of private sector.   Whole economy of Pakistan is suffering due to energy crisis. Therefore, the increase in double digit inflation causes great discrepancy in the production of textile industry which forces most of the textile firms to wind up their business and to set up their business in other countries in our region. Therefore, my suggestion for government is that the government should take concrete steps on priority basis to resolve energy crisis and control inflation in Pakistan. The government of Pakistan has recently imposed tax of the import of thread from other countries which is severely affecting the productivity and profitability of the textile sector and tremendously increases the cost of production of textile industry. To resolve this issue, the government needs to seriously look into this matter and try to find a solution to it to boost the textile industry in Pakistan. Government should either set up joint ventures in textile related areas or should provide subsidized credit to textile manufacturers to upgrade their technology and capacity building through à ¢Ã¢â€š ¬Ã‹Å"Technology Upgradation Fund. (TUF). It is also suggested that smaller units of power looms (up to 50 looms) should be upgraded to auto looms and power loom units larger than 50 looms into air jet looms. At present cost of doing business in Pakistan is higher as compared to the regional countries, which has resulted in bitter competitiveness to Pakistani Products in Foreign Markets. China and India are the bigger co