Operational Readiness And Airport Transfer Programme

Operational Readiness And Airport Transfer Programme Different types of operational problems are witnessed when commissioning new facilities, especially during the first day of operations, potentially resulting in poor performance and disruptions reflecting negatively on the organization. Many organizations require carrying out a readiness assessment of the new systems and facilities An operation readiness strategy will allow airport operators to dot right and most important to do it right the first time prior to the commissioning. It is critical that on the opening day of an airport, the airport personnel is fully trained to effectively implement correct airport procedures and for all equipment to be in good working condition. The scope of work includes the safe and effective handling of passengers, efficient transfer of baggage, effective handling of the new facilities and equipment and an effective emergency plan. The New Airport Terminal King Abdul Aziz International Airport (KAIA) is one of four international gateways in the Kingdom of Saudi Arabia. It is also one of the busiest airports during Hajj and Ramadan seasons. Due to the growth in passenger numbers, the development and construction of a new terminal is essential to meet with the daily demands, and this is what GACA (General Authority of Civil Aviation) intends to do. In fact, construction work of the new terminal has already been started. And the number of necessary handovers will require a clear and reliable guidance on what aspects are to be taken into account when dealing with the handover of facilities / buildings and systems. Our project aims to ensure a seamless transfer from construction to operation, avoid any serious difficulties during the end of the construction phase and contribute to the timely completion of the overall project. The development of a clear handover process will contribute to the operational readiness and prepare a more dependable warranty process. Operational Readiness and Transfer Program The complexity of an airport operational readiness project depends predominately on the systems and equipment employed and the time available for preparedness; rather than its physical dimensions. ORAT (Operational Readiness and Airport Transfer) is the key of success to achieve the operational goals. Purpose of ORAT Coordinate and assist stakeholders including external consultants, in the implementation of a defined operational readiness program for new infrastructure or services covering Operations and Maintenance from design phase through to operational implementation within a given timeframe. Conduct design review for new infrastructure to assess its suitability to meet operations and maintenance related objectives as well as international and national standards and regulations, and additionally prior to construction, identify and assist in the resolution of any design issues which may have a negative impact upon Facilities Maintenance processes. Ensure operational readiness planning is conducted in a timely manner through the establishment of O M stakeholder groups to, identify interdependencies and resolve operational issues as well as implement operational readiness time scheduling to facilitate accurate management reporting. Facilitate communication processes between departments and subsidiaries to ensure that the implementation of the requirements, including certification of all Regulatory Authorities and other government agencies is coordinated and well integrated within operational processes. Oversee and/or assist with the development of O M related standard operational procedures as well as operational contingency procedures for new infrastructure and services, ensuring correct operational integration. Oversee the implementation of maintenance training for new infrastructure and services to ensure that all new users can meet the required service levels to ensure the safe, effective, efficient and coordinated operation of the airport by operational due date. Ensure new infrastructure maintenance practices are operationally validated where practical, through testing of all operational interfaces between facilities, systems, procedures and human resources within a given timeframe. Ensure that operational validation testing includes all relevant stakeholders both internal and external. Review and/or assist in the development and implementation of contingency plans to manage any identified operational risk prior to the introduction of new client infrastructure or services. Oversee and/or assist in the development of Transition Planning to ensure a smooth transition is effected of new maintenance related infrastructure or services. Goals of ORAT Program Involvement and commitment of all airport users Resolution of operational interface issues Successful trial operations and relocation Timely inauguration Efficient operation from Day One Higher quality and service level standard Specification and Scope of Project The objectives of ORAT include having a coordinated approach to prepare all airport stakeholders including the airport operators, airlines, ground handlers, cargo agents and various government agencies, such as Customs, Immigration and the Central Industrial Security Force for the shift of operations to the new airport. Besides, it also has to ensure that there is streamlining of procedures, each and every person involved with the airport knowing their roles and responsibilities. The development of a clear written guideline of the overall handover process with all involved parties and their respective tasks is the objective of this project. After knowing the airport system and its flow of work First, all parties working in the airport and their roles should be defined. This step involves airport, contractors and government staff to ensure and specify the job description with no overlapped responsibilities. Second, these responsibilities are written in a clear guideline. Here, the guideline can be modified many times to reach the optimum goal of the work process. Changes are due to many reasons such as, enhancing the performance, changes in laws, modifications in some areas. Finally, application of the guidelines to ensure everybody is playing his role and getting feed backs for enhancement As building maintenance engineer, building maintenance is the concern of this project to set an example and expanded later to other divisions. Fraport in Brief METHODOLOGY 2.1 CONCEPTS An operation readiness strategy will allow airport operators to dot right and most important to do it right the first time prior to the commissioning. It is critical that on the opening day of an airport, the airport personnel are fully trained to effectively implement, correct airport procedures and for all equipment to be in good working condition. The scope of work includes effective handling of the new facilities and equipment and an effective emergency plan. To achieve ORAT goals, there are prerequisites to implement it which are: Facility: Hardware such as construction, equip. Information: procedures manuals Systems: AIMS, BHS, FIDS, NAVAID Security System Human resource: organization, qualified persons. Figure : Operational Readiness prerequisites Which is sometimes referred to as FISH, and a function checking components can be listed for each prerequisite as: FACILITIES Follow up of provision of facilities in respect of time, quality and quantity. State necessary operational conditions for rooms/equipment Alignment of requirement with available facilities Develop space requirements Approval of space requirements Develop equipment requirements Approval of equipment requirements Commissioning of the Operational availability of facilities INFORMATION State who has to provide which information in whatever form. Develop a processing procedure for these informations State necessary operational conditions for exchange treatment processing and transfer of information State intra-departmental responsibilities Approval of informational treatment and responsibilities. State what will be reported to whom, in what ever form SYSTEMS Creation of a dedicated IT-application for processing data. Assessment of necessary systems. Approval of these systems requirement. Procurement and/or adaptation system if not provided or not capable Implementation of system and application. Testing of connectivity of system and application. Commissioning of system and application. HUMAN RESOURCES Assessment of manpower requirements (qualification / quantity) Approval of manpower requirement by delegate Initializing of recruitment procedure by HR-department Selection of applicable personnel Hiring of selected personnel Training of hired personnel. An airports function can be divided into the Core Processes listed below, which are necessary for the operation of a major international airport. Development of Procedure As mentioned before, the project will concentrate on the maintenance and engineering department, point of view, to give a clear job description for all employees and their respective tasks. Fraport team had already cut a long path in this procedure. Learning the techniques and ways of how Fraport develops such a system is the purpose of The Young Professional Program. Procedures are till know being changed in Fraport, and are updated due to the daily requirements. Our goal is to catch-up with changes, discover the solutions with Fraport and implement them in KAIA. Fraport ´s organization differs than KAIA, in this case, it is our responsibility to search and soothe the project to be implemented in KAIA. Working with Fraport team for three months is a great opportunity. Even though the time was short, but the knowledge was intensive. Procedure Manuals Manuals have been collected with the coordination of Fraport operation team. Here I would like to notice that the Terminal team is responsible of the operation of the terminal as well as the maintenance of the terminal. Work tasks for every employee can be found here in the manuals. Looking at the manuals, and knowing how the work should be done, a system workflow can be developed. Then, a written form of these work tasks and responsibilities can be shown for every employee. The written form also describes what and how to do to accomplish the job. Results are stored in special system and which then connected to PCs to show progress and improvements if necessary. Identifying Stakeholders Achieving and maintaining the operational readiness stage of airports depends on the readiness of the entire airport community. The objectives of ORAT include having a coordinated approach to prepare all airport stakeholders including the airport operators, airlines, ground handlers, cargo agents and various government agencies, such as Customs, Immigration and the Central Industrial Security Force for the shift of operations to the new airport. Besides, it also has to ensure that there is streamlining of procedures, each and every person involved with the airport knowing their roles and responsibilities. Operation Maintenance Role The operation and maintenance role falls in to the service of their customers. Terminals operation and maintenance team, specially, are unique because they face and deal with the main costumer of the airport.

Marijuana research paper Essay

In today’s society there are a list of many banned drugs which in coincidence are the five most used drugs by most individuals. These drugs are methamphetmine, cocaine heroine, ecstasy and marijuana, out of all five of these drugs one that I believe to be the most scrutinized is marijuana, known also as cannabis. I believe this drug is the most harmless illegal substance in the world, especially when compared to its counterparts. Marijuana not only has the least negative side effects to your body but it is also the only drug that is used in a social, musical, medical and cultural manner. The most popular of all recreational drugs, Cannabis, or Marijuana, Grass, Hemp, Weed, Pot, Hash, Dope or a variety of regional names has been cultivated for thousands of years. Derived in various forms from the Cannabis plants, Cannabis Indica or Cannabis Sativa, is native to central Asia but its cultivation and use is global. It is a Psychoactive and a Psychedelic. It can be smoked as leaves or flower buds, it can be ground down to isolate the crystallized sap and then pressed into a solid, or the resin extracted by collection via contact with the sticky plant parts.(http://listverse.com) This excerpt from listverse.com explains why marijuana use is so commonly used not only in America but across the globe. What makes this drug adorn by many of it users are also the proclaimed â€Å"negative† side effects, constant smoking or overdosing on marijuana results in â€Å"being forgetful, over sleeping, not getting things done, concentration difficulties, neglecting work or duties, loss of balance or dizziness, problems with performing tasks, and nausea (Hammersley, R. and V. Leon, 2006).† These side effects may not be looked too as negative by on the user, especially when compared to its counterparts. An overdose of methamphetamine, cocaine and heroine will almost always lead to â€Å"seizures, coma, and loss of a life† (http://mental-health.emedtv.com) Marijuana is acclaimed by many of its users as the â€Å"ultimate stress reliever† and what better place relieve stress than at college, a place where for four to five days out of the week students are overwhelmed with the stresses that come from the many classes they take. This explains why college is a perfect example of marijuana being used in a social setting where one can obtain the drug in a calm environment with little authority from parents or the police. Through my college experience I have met students who enter college deciding they will never smoke a day in their life, I have also met students who admit they were peer pressured into at least trying the substance and I have met students who have said they tried marijuana out of straight curiosity. In an interview held with a female Old Westbury student, who’s name is preferred not to be mentioned, I asked the student â€Å"how long have you been smoking marijuana?† student replied â€Å"I would consider myself a newcomer to smoking pot, I started this semester.† I then asked â€Å"why did you choose marijuana out of all illegal drugs to use?† she replied â€Å" I honestly choose marijuana because all of my friends were doing it, I saw after smoking many of them would go from uptight to calm and funny, not having a care in the world, I wanted to feel for myself what the â€Å"hype† was and depending on how I reacted to pot would determine if I would continue smoking or not†. My last question before ending the interview was the big one, â€Å"Do you still continue to smoke marijuana†, with a smirk on her face she said â€Å"yes I do, not often like my friends but on Thursday after a long week of homework and classes I smoke one to ease my mind and forget about my tough week, plus it puts me to bed (laughing)†. Marijuana use has and still continues to be a cultivating driving force in the music industry, specifically hip hop. During the 80’s and 90’s many of the great hip hop legends; Dr. Dre, Tupac Shakur and Notorious Biggie Smalls all have been known for there outstanding musical abilities but also for their public habit of smoking or as the street term calls it â€Å"getting high.† Many individuals look at these artist and automatically assume ignorance when in fact when under the influence of marijuana these artist have said some of the most prolific lines in hip hop. Tupac Shakur is quoted saying I believe that everything that you do bad comes back to you. So everything that I do that’s bad, I’m going to suffer from it. But in my mind, I believe what I’m doing is right. So I feel like I’m going to heaven. This quote spoke meant allot to me and I’m sure to many young adults that are just like me who live a life of violence and chaos. Often as teenagers we feel that since we are not living the supposedly â€Å"Godly† way that includes attending church regularly, helping other and praying at night that we ourselves don’t hold a place in heaven, that we are the scums of the earth. Lines such as these mentally help us make it through our days and allow us to understand that they are other people out there who are going or have went through our daily struggles. Hearing words like that from your icon, you can only imagine the relief that boy’s and girl’s feel knowing someone who made it out a bad situation was going through exactly what you were, simple words can really make an outstanding difference to an individual. Marijuana in the music industry is not only used through the rappers who say the lyrics but it is used also by the producer’s who come up with the beat and flow, the core of the song that sometimes allows you to feel the music in a way that no rapper may be able to get across. Famous producers such Pharell and rap mogul Dr. Dre are both Grammy winners who make their music while under the influence, the drug puts them in a calming place were their mind can roam and listen to each instruments and bring them together in harmony, yes this task can be done sober but these two producers have made some of the beast beats in the world, it only goes to show once again marijuana is not as self destruction drug as it rivals cocaine or heroine . Medical Cannabis refers to the use of the drug cannabis as a physician-recommended herbal therapy, most notably as an antiemetic. Cannabis has been used for medicinal purposes for approximately 4,000 years. Writings from ancient India confirm that its psychoactive properties were recognized, and doctors used it for a variety of illnesses and ailments. These included a whole host of gastrointestinal disorders, insomnia,  headaches and as a pain reliever frequently used in childbirth.In the 1970s, a synthetic version of THC, the primary active ingredient in cannabis, was synthesized to make the drug Marinol. (Why Is Smoking Cigarettes Bad For You? | LIVESTRONG.COM) Marijuana is yet again used as a beneficial part of our society but instead of the individual users who use it for leisure or to have fun, marijuana is used for the sick and impaired. Known by its correct term as medical marijuana, the drug is used to relieve muscle spams, chronic pain,glaucoma, weight loss(in smoking marijuana one of the few side effect is called â€Å"the munches† during this time the user will crave to want food. People who don’t often eat will more than likely have a good portion plate of food or a snack) Aids and Cancer. Having a grandmother who was prescribed marijuana for her excessive swollen feet conditon I personally saw the positive effects the drug had her. Marijuana allowed my grandmother to relax and focus less attention on her feet, being under the influence put my grandmother in a happy place where her pain no longer bothered her as much as it would if she was sober. What she always enjoyed about marijuana was that she could smoke it, coming from the Caribbean’s smoking marijuana was a normal thing, something she had grown accustomed too. She much rather smoke instead of swallowing pills, being old fashioned she thought the side effects of pills would be detrimental to her health. Smoking marijuana has had an impact on the lives of those who suffer from depression and low self esteem. Joan Bello, author of The Benefits of Marijuana: Physical, Psychological & Spiritual, is quoted saying; Marijuana will not tolerate repression. Tranquilizers and depressants relax the body and release tension, but the state of mind associated with these drugs is â€Å"unconsciousness† whereby we escape rather than resolve our dilemmas. Alcoholism is an extreme need of both the body and personality sometimes to release the nervousness that has accumulated and continues to build up to an unbearable degree. It serves the same function for the collective personality for the society, as well A culture in which alcohol and tranquilizers are the prevalent form of release prefers not to witness  internal confusion and actually choose to act without conscious participation, maintaining a semi-numb condition. Mr. Bello not only speaks about the positive of marijuana use but he also speaks on how smoking puts you at a better state than one of its many counterparts alcohol, who when under the influence liquor individuals tend to act angry or in rage, marijuana users are always put in a calm statement, which is reason to why after smoking one side effect the user may feel is tiredness. Marijuana usage has not been secluded too only America, it has made a huge cultural impact on the tropical island community, specifically Jamaica. Jamaicans have a subset group of people on the island that participate in a religion known as Rastafri, as Catholics partake in the Eucharist and Muslims participate in Ramadan, the Rastafarian lifestyle usually includes ritual use of marijuana, avoidance of alcohol, the wearing of one’s hair in dreadlocks, and vegetarianism. Rastafrains look at marijuana as the hold plant and have scriptures in the bible to prove that they aren’t making it up, Psalm 104:14: â€Å"He causeth the grass for the cattle and herb for the service of man.† The marijuana or as they call it gangja is also used for social and medical purposes. Marijuana is used primarily during the two main Rastafari rituals: reasonings and nyabingi. The reasoning is an informal gathering at which a small group of Rastas smoke ganja and engage in discussion. The ritual begins when one person lights the pipe, or â€Å"chalice,† and recites a short prayer while all other participants bow their heads. The pipe is then passed around the circle until all of the people have smoked. The reasoning ends when the participants depart one by one. Rasta’s do not condone any other drug beside marijuana because it is the only God given plant, it is not tainted with any human contact unlike alcohol methamphetamine cocaine or heroine. These rastas normally live long healthy lives, which only proves that the drug does not do serious damage to your body. So far they are eighteen legalized marijuana states in the United states. Regardless what the majority may say I believe marijuana has made a positive impact on the world. . The amount of deaths that occur from smoking cigarets or drinking alcohol is in the millions and yet it is still being used, marijuana has had zero deaths in its history. The next time you see someone high or in the act of smoking think about the pros and cons and then make your decision.

Buffalo Bill’s Defunct

â€Å" Buffalo Bill’s Defunct† Joey Willoughby ENG 125 Introduction to Literature Instructor: Katie Newbanks 5/16/2011 Buffalo Bill’s Defunct E. E. Cumming’s,† Buffalo Bill’s Defunct† is a somewhat difficult poem to interpret. The poem displays peculiarities of sound structure, as well as line and stanza. What we don’t see, in this poem, is as vital to our understanding of the poem, as what we do see. â€Å" Buffalo Bill’s Defunct† is an extremely short poetic piece consisting of only eleven lines and is a free verse, open form classification of poetry in reference to mortality.The poem can also be considered as onomatopoeia in nature due to the utilization of words to represent sound. The nature of the poem is also based on a centralized protestation of death of an individual that provided enjoyment to the lives of others. Example: how do you like your blueeyed boy Mister Death. Cummings sarcastically refers to â₠¬Å"blueeyed boy† as simply another deceased person, as opposed to his earlier depiction of Buffalo Bill’s appearance as a â€Å"handsome man† with many accomplishments in life.My interpretation of the poem is that he appears to be saying to Mister Death †You took him, but you’re not going to get any enjoyment from doing so. † Cummings is essentially blaming Mister Death and insinuates to him that he will give Buffalo Bill new life. There were many composites of this particular poem that captured my attention at the very beginning of the analysis. The particular style of wording of the poem (structurally) suggests to me an arrowhead. This is significant as in life Buffalo Bill, a frontier scout was associated with Native Americans and was a wild west outlaw.The unconventional syntax, style of language, and lack of punctuation also attracted my attention to the poem. Cummings also uses eccentric topography and word arrangement in his work. Exampl e: The word Defunct, (line 2) is an eye catching word as it dwells in a space where one would expect to visualize the word â€Å"dead† or â€Å"deceased. † (Clugston, R. W. ) Single words are presented to the reader as complete lines. Example: (line 1) Buffalo Bill’s, (line 2) Defunct, (line 7) Jesus, and (line 11) Mister Death.The only capitalization of words are (line 7) Jesus, (line 1) Buffalo Bill’s and (line 11) Mister Death. â€Å"Buffalo Bill and Mr. Death enclose the poetic material and â€Å"Jesus† is set apart by itself, to the furthermost right extremes of the poem. Example: (line 1) the beginning – Buffalo Bill’s and (line 11) Mister Death at the poem’s end. (Clugston, R. W. ) The word arrangement also attracted my attention. Example: (line 6) â€Å"onetwothreefour pigeons† and (line 6) â€Å"justlikethat. †This presentation of words is known as neologisms, which is defined as a new usage of a word.Th ese visual effects are intended to assist in the translation of what we read. Example: ( eye;gt;voice;gt;ear) so that we recognize the stress in each instance. For example, in (line 6) â€Å"onetwothreefour pigeons† one can almost hear the short, sharp sounds of the gunshots in the rapid fire shooting of the clay pigeons. I believe that poetry is meant to be heard. â€Å"Buffalo Bill’s Defunct† definitely provided this sensory effect, as I could almost hear the gunshots via reading the words of the poem.This type of word arrangement could also be an indication that Cummings possessed a great admiration for Buffalo Bill’s shooting prowess and is a direct reference also, to the â€Å"Wild West Show† circa (1890) where Buffalo Bill performed in his later years. In (line 7) of â€Å"Buffalo Bill’s Defunct,† Cummings uses the single word â€Å"Jesus† which was quite baffling to me. I came to the conclusion that this provided a contr ast between â€Å"Jesus† who is typically referred to in the light of love and peace, while Buffalo Bill was notorious for fights and etc.In comparison of Buffalo Bill and Jesus both are noted to have an association with the death process. (Clugston, R. W. ) Metaphorically speaking, Cummings utilized two very opposing characters in his poem, Buffalo Bill and Jesus. The metaphoric process is very unique in the fact that it sets objects which are unlike together and hones in on getting the reader to acknowledge the resemblance between the two. In (lines 4 -5), Buffalo Bill’s horse is an excellent sensory image, as one can almost visualize the gray-colored, sleek steed with Buffalo Bill as rider galloping across the plains.This signifies that the poem possesses aesthetic merit, as we envision the beauty of this mighty stallion. (Clugston, R. W. ) The differences between speech and poetic form affected my experience of the poem by allowing me to put myself in Cummingâ€⠄¢s position and actually feel what he was feeling as he wrote the poem. Cummings is saying, Okay, Buffalo Bill is dead, but he will forever be remembered as he was when he was living. â€Å"You can’t take that away, Mister Death!Perhaps the final rhetoric question to Mister Death says it better: â€Å" how do you like your blueeyed boy† He is essentially telling Mister Death that (you have him, but you do not have in your possession what we had. )(Clugston, R. W. ) â€Å"Buffalo Bill’s Defunct,† addresses a common human experience â€Å"death† and puts emphasis on the fact that those who have passed over are gone, but not forgotten. E. E. Cummings, â€Å"Buffalo Bill’s Defunct is a somewhat difficult poem to interpret.The poem displays peculiarities of sound structure, as well as line and stanza. What we don’t see is as vital to our understanding of the poem, as what we do see. Here’s to Buffalo Bill. May he remain as alive in our lives today as when he rode his handsome stallion in the â€Å"Wild West Show† of yesteryear. References Clugston, R. W. (2010) Journey into Literature, San Diego, CA: Bridgepoint Education, Inc. http: www. content. ashford. edu Table 1 Insert Table Title Here Figure Captions Figure 1. Insert figure caption here.

Risk Management Case Studys Finance Essay - Free Essay Example

Sample details Pages: 5 Words: 1385 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? The financial statements are prepared under the historical cost convention, ongoing concern basis and in terms of the Accounting Standards. The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis to the extent measurable and where there is certainty of ultimate realization in respect of incomes. In case of foreign subsidiaries, being non-integral operations, revenue items are consolidated at the average exchange rate prevailing during the year. Don’t waste time! Our writers will create an original "Risk Management Case Studys Finance Essay" essay for you Create order All assets and liabilities are converted at the rates prevailing at the end of the year. Any exchange difference arising on consolidation is recognized in the foreign currency translation reserve. The difference between the cost of investment in the subsidiaries and joint ventures and the Companys share of net assets at the time of acquisition of shares in the subsidiaries and joint ventures is recognized in the financial statements as goodwill or capital reserve as the case may be. Risk management:- The Company has been availing various types of financial facilities from Banks, Financial Institutions, and other lenders in India and/or abroad for meeting fund requirements for implementing the projects, expansion plans and working capital. Options available in the credit market are properly assessed and sufficient cares is taken to avail these facilities at competitive terms and conditions and are appropriately secured as per terms of sanction. The borrowings are at competiti ve cost and their disbursement is linked to the project/working capital requirements. Senior managerial personnel are looking after the arrangement of funds, servicing of debts and management of internal accruals Airtel : Translation method: Foreign currency transactions are recorded in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction. Income and expense items are translated at exchange rate at the date of transaction for the year; and all resulting exchange differences are accumulated in a foreign currency translation reserve until the disposal of the net investment. Foreign currency monetary items are reported using the closing rate. Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction. Risk management: The Companys activities expose it to a variety of financial risks, including the effects of changes in foreign currency exchange rates and interest rates. The Company uses derivative financial instruments such as foreign exchange contracts, Option con tracts and interest rate swaps to manage its exposures to interest rate and foreign exchange fluctuations. Exchange differences on forward exchange contracts plain vanilla currency options for establishing the amount of reporting currency and not intended for trading speculation purposes, are recognized in the Profit Loss account in the period/year in which the exchange rate changes. Dr.Reddys Translational method The accompanying unaudited condensed consolidated interim financial statements have been prepared in Indian rupees. Solely for the convenience of the reader, the unaudited condensed consolidated interim financial statements as of and for the six months endedSeptember 30, 2008 have been translated into United States dollars at the noon buying rate in New York City on September 30, 2008 for cable transfers in Indian rupees, as certified for customs purposes by the Federal Reserve Bank of New York of U.S.$1.00 = Rs.46.45. No representation is made that the Indian rupee amounts have been, could have been or could be converted into U.S. dollars at such a rate or any other rate. Risk management policy The Company uses foreign exchange forward contracts and options to hedge its movements in foreign exchange rates and does not use the foreign exchange forward contracts and options for trading or speculative purposes .Foreign currency transactions and balances: Foreign currency transactions are recorded using the exchange rates prevailing on the dates of the respective transactions. Exchange differences arising on foreign currency transactions settled during the year are recognized in the Profit and Loss Account Use of estimates: The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and reported amounts of revenues and expenses for the year. Actual results could differ from these estimates. Any revision to accounting estimates is recognized prospectively in the current and future periods RAYMONDs TRANSLATIONAL METHODS All transactions in foreign currency are recorded at the rates of exchange prevailing on the dates when the relevant transactions take place; Monetary items in the form of Loans, Current Assets and Current Liabilities in foreign currency, outstanding at the close of the year, are converted in Indian Currency at the appropriate rates of exchange prevailing on the date of the Balance Sheet. Resultant gain or loss is accounted during the year; In respect of Forward Exchange contracts entered into to hedge foreign currency risks, the difference between the forward rate and exchange rate at the inception of the contract is recognized as income or expense over the life of the contract. Further, the exchange differences arising on such contracts are recognized as income or expense along with the exchange differences on the underlying assets / liabilities. Further, in case of other contracts with committed exchange rates, the underlying is accounted at the ra te so committed. Profit or loss on cancellations / renewals of forward contracts is recognized during the year. In case of option contracts, the losses are accounted on mark to market basis HCL: Translation method: Foreign currency revenues, on the other hand, are short-term and unpredictable, in line with the short-term nature of forward contracts. A survey done by Marshall (2000) also points out that currency swaps are better for hedging against translation risk, while forwards are better for hedging against transaction risk. Accounting exposure, also called translation exposure, results from the need to restate foreign subsidiaries financial statements into the parents reporting currency and is the sensitivity of net income to the variation in the exchange rate between a foreign subsidiary and its parent. Risk Management: The main advantage of a forward is that it can be tailored to the specific needs of the firm and an exact hedge can be obtained. The company uses various hedging strategies like forwards, futures, swaps, and foreign debt which is used to hedge foreign exchange exposure by taking advantage of the International Fischer Effect relationship. NESTLE TRANSLATION EXPOSURE The functional currency of the Groups entities is the currency of their primary economic environment. In individual companies, transactions in foreign currencies are recorded at the rate of exchange at the date of the trans-action. Monetary assets and liabilities in foreign currencies are translated at year-end rates. Any resulting exchange differences are taken to the income statement. On consolidation, assets and liabilities of Group entities reported in their functional currencies are translated into Swiss Francs, the Groups presentation currency, at year-end exchange rates. Income and expense items are trans-lated into Swiss Francs at the annual weighted average rate of exchange or at the rate on the date of the transaction for signi ¬Ãƒâ€šÃ‚ cant items. Differences arising from the retranslation of opening net assets of Group entities, together with differences arising from the restatement of the net results for the year of Group entities, are r ecognised in other comprehensive income. The balance sheet and net results of Group entities operating in hyper in ¬Ãƒ ¢Ã¢â€š ¬Ã… ¡ationary economies are restated for the changes in the general purchasing power of the local currency, using of ¬Ãƒâ€šÃ‚ cial indices at the balance sheet date, before translation into Swiss Francs at year-end rates RISK MANAGEMENT POLICY The Group designates and documents certain derivatives as hedging instruments against changes in fair values of recognised assets and liabilities (fair value hedges), highly probable forecast transactions (cash  ¬Ãƒ ¢Ã¢â€š ¬Ã… ¡ ow hedges) and hedges of net investments in foreign operations (net investment hedges). The effectiveness of such hedges is assessed at inception and veri ¬Ãƒâ€šÃ‚ ed at regular intervals and at least on a quarterly basis, using prospective and retrospective testing. The Group uses fair value hedges to mitigate foreign currency and interest rate risks of its r ecognized assets and liabilities. The changes in fair values of hedging instruments are recognized in the income statement. Hedged items are also adjusted for the risk being hedged, with any gain or loss being recognized in the income statement.