Monthly Archives: May 2017

What Are Panchaloha Idols and How Are They Manufactured?

As one of the oldest religions in the world, Hinduism carries a broad set of traditions, rituals and worship. Hinduism in the real sense is a way of rational living and professes the unity of worship and the concept of a formless divine. But these are abstract concepts for many and the best way to help refer is through images. Over time, this was how the concept of various 'Gods' and 'idol worship' was developed, giving the free choice of worship extremely to the individual. In this regard, Panchaloha idols play a key role in this regard.

Silpa Shastra is an ancient Hindu text dealing with arts and crafts and contains various design rules and standards. All idols whether stone or of metal have to be sculpted and manufactured according to these rules and prescribed rituals have to be followed both during manufacture and installation in order to obtain the correct benefits. Panchaloha idols are traditional idols of Gods fashioned from an alloy of 5 metals (silver, gold, copper, zinc and iron). The percentages in which these metals are used in the alloy varies between different regions in India.

The idol manufacturing process involves 2 steps. The first is the construction of the mold and the second is the actual creation of the idol. Initially, an image of the deity is created in wax with all the details. This wax is prepared by mixing paraffin wax, resin from the tree Damara Orientalis , and ground nut oil. Since wax produced by this method is quite hard, softer bee's wax of high purity is mixed to make it easier to bring to life finer details.

To create a mold, the wax model is covered in layers of fresh clay and soil and then allowed to dry. Once the clay dries, it is heated to melt the wax and create a hollow mold. The melted Panchaloha metal alloy is then poorly slowly into this mold to allow air bubbles to escape. This is then allowed to cool and solidify into the idol or deity. The cooling period varied between a few hours to a few days depending on the size of the statement and is judged based on experience. Finally, the craftsmen break the clay mold starting from the head of the statue to get the preliminary image. This image is then worked on to produce the final product.

The process has remained the same since the time of ancient dynasties like the Chera and the Chola and it is heartening to note that the art continues to thrive in various corners of India even today.

The Nature and Purpose of Project Management

Project management as we know it today has evolved in order to plan, coordinate, and control the complex and diverse activities of modern industrial, commercial, and management change projects.

Clearly, man-made projects are not new; Monuments surviving from the earliest civilizations testify to the incredible achievements of our forebears and still evoke our wonder and admiration. Modern projects, for all their technological sophistication, are not unnecessarily larger in scale than some of those early mammoth works. But economic pressures of the industrialized world, military defense needs, competition between rival companies, and greater regard for the value and well-being (and hence the employment costs) of working people have all led to the development of new ideas and techniques for managing Projects.

All projects share one common characteristic – the projection of ideas and activities into new endeavors. The ever-present element of risk and uncertainty that means the events and tasks leading to completion can never be foretold with absolute accuracy. For some very complex or advanced projects even the possibility of successful completion might be in serious doubt.

The purpose of project management is to foresee or predict as many of the dangers and problems as possible and to plan, organize, and control activities so that projects are completed as successfully as possible in spite of all the risks. This process starts before any resource is committed, and must continue until all work is finished. The primary aim of the project manager is for the final result to satisfy the project sponsor or purchaser, within the promised timescale and without using more money and other resources than those that were originally set as or orudgeted.

Much of the development in project management methods took place in the second half of the twenty century, spurred by impatient project purchasers (who wanted their projects finished quickly so that their investments could be put to profitable use as soon as possible). Competition between nations for supremacy in weapons and defense systems played a significant role in the development of project management techniques, and the process has been accelerated by the wide availability of powerful, reliable, and cheap computers. Project management is more effective when it makes use of these sophisticated techniques and facilities and, in this sense, is a highly specialized branch of management.

Planning and control must, of course, be exercised over all the activities and resources involved in a project. The project manager therefore needs to understand how all the various participants operate, and to appreciate (at least in outline) their particular skills, working methods, problems, and weaknesses. This demands a fairly wide degree of general experience so that, in this practical sense, project management is akin to general management.

Project Management Effectiveness

To get the desired result from a business project, you need to know exactly what you want to achieve. It often helps to break down larger projects into smaller manageable stages to ensure effective project management. A Project Manager must see to it that the sponsor's aspirations are fulfilled while ensuring the customer satisfaction within the prescribed time limits and budgetary allocation. Outcome of a project is no doubt important but so is the journey towards it. Effective utilization of the resources on hand and balancing the risks involved all contribute to the end-result. There are the important factors for the effectiveness of project management.

Communication … project staff do not know what their tasks are, or how to accomplish them, then the entire project will grind to a halt. If you do not know what the project staff are (not) doing then you will be unable to monitor project progress. And if you are certain of what the customer expects of you, then the project will not even get off the ground. Maintaining open, regular and accurate channels of communication with all levels of project staff and stakeholders is vital to ensuring the smooth flow of instructions from customer to factory floor and sufficient warning of risks and changes to enable early assessment and preparation.

Leadership … The application of leadership and management in the project execution is usually dependent on the type of project and the life cycle stage that the project is in. For projects which are huge impact, large scale, complex and global in nature the standards to be achieved, the goals and the deliverables are constrained by the time frame, budgets and the market dynamics. These types of projects involve large and distributed project teams, comprising members from diverse disciplines. Also the implementation is going to be multi-phased. In such a situation the project success and business sustenance can be achieved only through an effective and smart leadership.

The leadership style should be flexible, sharing, and innovative so as to bring about the project success. At the same time the leader should emphasize on team building and motivation so that the divergent members can work together as a team.

Team management … Getting things right Building a good team is the single most important thing a Project Manager can do to achieve a successful project. With the right attitude, a team will almost almost any difficulty to succeed in its goals. In most projects there will be times when only the determination of the team can overcome the difficulties and carry the initiative through to success. Even when there is no pressure, the team's spirit and enthusiasm will be reflected in the quality of the solution and the amount to which other people buy-in to it.

Negotiation … negotiations are typically with providers on such issues as agreeing contracts. Informal initiatives include discussions to resolve conflict, or discussions to obtain internal resources. "In other words, if you work with people and have a decision-making role, you're going to need to know how to negotiate.

There are four keys to being a great negotiator:

* Be respectful. Getting hot-headed or dismissing coworkers' opinions is only going to take a toll on morale.

* Always be clear and considerate when dealing with your team.

* Abandon the "winner take all" mentality. In a negotiation, meeting everyone's interests is more valuable than winning.

* Establish an atmosphere for candor. It's tough to negotiate everything without knowing all the variables.

Do not be afraid to bring in third parties. Whether you're having trouble with a team member or struggling with a client, there's nothing wrong with pulling in HR, the IT team lead, or another appropriate third party that can help facilitate discussion.

Personal organization … Personal organization or Self-management reiterates to an individual's ability to manage themselves in relation to the expected outcomes of their role in study or in work. Self-management is linked to planning and organizing, but also describes the ability to reflect on how we learn, who we are, and what we want.

A person with good self-management skills will have clear priorities and be able to critically review their strengths and weaknesses. As the world of work changes and employees are expected to take responsibility for their own performance, self-management skills are seen as increasingly important.

Risk management … Risk management is a continuous, forward-looking process that is an important part of business and technical management processes. Risk management should address issues that could endanger achievement of critical objectives. A continuous risk management approach is applied to effectively anticipate and mitigate the risks that have critical impact on the project.

Effective risk management includes early and aggressive risk identification through the collaboration and involvement of relevant stakeholders. Strong leadership across all relevant stakeholders is needed to establish an environment for the free and open disclosure and discussion of risk.

The Pains of Doing Online Business in Africa

Take it or leave it, Africa is a great continent. It is my beloved continent with an estimated population of 1.216 billion people.

There are about 7 billion people with unique skills, talents, knowledge, and experience. God bless humanity.

So, if you think of the right market to sell your goods or services, come to Africa.

This is the optimistic part of this story. It is good to begin 2017 on a positive, optimistic level.

Now, let us come down to reality. The world has gone digital. But, Africa is still slow in moving from analogue to digital age.

Corruption, illiteracy, poverty, lack of social amenities, lack of trust, lack of knowledge on what it takes to run a business online, are some of the factors militating against Africa and Africans.

Internet penetration is 28.7 percent in my beloved continent. Compared to North America with 89 percent penetration level, this is a far cry.

This means North America with an estimated population of 579 million people is more digital than Africa. But, Africa has the market. In fairness, businesses are striving in the continent.

Lots of Africans know little or nothing about online business and think that people who do businesses online are either fraudsters or criminals.

This is not true. There are genuine and fake business owners everywhere, internet inclusive.

Trust has also made it impossible to do business online. With the world becoming a global family, business owners do not need to meet physically to transact business. There are no restrictions in this digital age to running businesses.

Everything and anything could be sold online and money in local and foreign currencies transferred from one part of the world to the other.

But, my good friend in Lagos, Nigeria, who has masters degree from one of the oldest universities in our country know little or nothing about running an online business.

We were discussing yesterday and he told me bluntly that he knows next to nothing about online business.

So, he is comfortable moving his vehicle parts from one place to the other in search of customers.

This is the pains some of online business owners are going through through Africa with great potentials.

But, the pains of not getting enough customers from Africa for your business are a passing phase. Even as the Bible says, this will pass away.

Therefore, in 2017, I am positive that more and more business owners will gain the pains of going from analogue to digital in Africa.

I get the feeling deep down that ten years down the line, the story will change for the better and internet penetration in Africa will rise.

Why Do People Struggle With Time Management?

Time management is not just about planning your day and then trying to stick with your plan. Without the knowledge and skill of true time management, just about everyone struggles to stay focused.

Why is this so?

It's because when someone wants to get better at managing their time, they will book into a one day time management course that teaches them how to set their goals, plan activities aimed at achieving them, how to plan their week and then how to plan their Day.

They leave this course all fired up, with all of this new knowledge and time management plan, arrive at work the next day ready to implement their plan and find that by the end of the day, they have struggled to achieve anything in their plan. This keeps happening all week and by the end of the second week, the plan and the course are just a memory and they are back to their old habits.

Why does this happen?

It's because 1. Time management can not be learnt in one day. 2. It is your thought patterns and habits that needs to change and very few if any time management workshops focus on this side of time management.

There are two phases to time management training;

1. Knowledge and process development.

2. The ongoing knowledge consolidation and skill and habit forming process.

These 2 phases are comprised of 4 key components;

1. Planning

2. Time Management

3. Self-Discipline

4. People Management Skills

1. Planning

Time management is impossible if you do not have a plan. The plan determinates what activities are important to you and there before have to done first to achieve your goals in business and life. With a plan, you know where to best use your time.

Steps to building your plan

A. Why – The planning process is about understanding why you do what you do. Understanding the Why is very important to helping you do and achieve what is really important to you and to keeping you focused during the tough times.

B. Vision – The vision is the picture that you have in your head of what you want to achieve. Get it out on paper, it helps clarify and solidify what you want to achieve.

C. Goals / Goals – Your main goals come from your vision, they are the targets you are looking for to achieve your vision. You can set your goals over 1, 3, 5, 10, 20 year time frames, however, if that seems unrealistic to you, just set yourself some goals for the next 12 months and focus on building a plan to achieve then.

D. Quarterly Action Plan – This is the point where planning starts to cross into time management. In a quarterly action plan, you create a plan for the next 3 months. In this plan you set your goals for the quarter and each month of the quarter. You then set the activities that you will action in each week of the month to achieve those goals.

2. Time Management

Time Management is about setting your plans on a weekly and daily basis, determining which day and time activities will be carried out in.

A. Weekly Planning – Using your quarterly action plan and dairy system, you plan which day activities from the action plan are to be completed on. You also plan in your appointments, family, social and any other activity you intend to carry out in that week.

B. Daily Planning – is about scheduling in your activities for the day, creating a to-do list that you prioritize and then following those priorities no matter what. How you set your prioritisation of this list is very important, the way most courses teach you to prioritize is wrong and results in only today focused tasks to be completed and goals not achieved. Our method of prioritising tasks each day results in our clients obtaining more of the important activities actually completed on time.

3. Self-Discipline

Without self-discipline, creating new and better time management skills simply will not happen. The process has to start from within you.

A. Avoiding Procrastination – There are many excuses as to why we put off doing things, but the simple fact is, each time we avoid doing something that is important, we are destroying our success. We need to learn how to control the way we think about various activities and complete them in their sequence of importance.

B. Distractions – An inability to stay focused on an important activity for a pre-set amount of time advances us from achieving the success we want. Knowing ourselves to be constantly distracted by an array of things such as emails, phone calls, SMS, new apps, new technology, social media, new shinny bright things etc, etc means it just takes longer and longer to do things.

Each time you are distracted from doing something important, it takes 10 to 20 minutes to get back to presence you had before you were distracted. You need to create a methodology on how you let yourself be distracted for short periods of time in between the important activities.

4. People Management Skills

One of the largest road barriers to achieving good time management skills and habits, is interruptions from other people. Team members, customers, suppliers, family etc. It's important that you identify what interrupts you during your day, and create an action plan to eliminate those interruptions.

There is a lot to learn about managing people, however from a time management perspective, there are some key things you need to learn that will help you get back hours in your day.

A. Learn to teach your employee's how to solve their own problems and make the decision you pay them to make, instead of coming to you all of the time. If you are someone that requires employees to come to for decisions and not make them themselves, you will always struggle with time management. It is not a good management style.

B. Learn how to communicate with people effectively . Everyone has a primary behavioral style and a primary learning modality. When you learn to communicate with someone based on their primary behavior style and learning modality, the communication is significantly more effective saving you enormous amounts of time.

Recommendation

As you can see, learning how to create better time management skills is not a one day event. Gaining the base knowledge in each of these 4 areas can be done quickly, actually building a thorough knowledge and turning them into valuable skills takes much longer.

The way to implement the development of your time management skills, is to incorporate into your goals and activity planning, the skills you identify need to be developed in the Self-Discipline and People Management Skills areas.

I also recommend you have someone you meet with on a regular basis (at least monthly) who can help you further develop your knowledge and skills and keep you accountable for implementing your quarterly action plans

A Compaq Guide About Business Setup in Dubai

Dubai is the one of the fastest growing business hub with the state of the art facilities available for local and international business. Dubai is an integral part of business world and is leading with innovation. Dubai is politically stable and has strong economic culture and government of Dubai offer friendly business regulations which attracts the investors from around the world. This article will provide you a Compaq guide regarding business setup in Dubai. Before you start your business in a unbeaten economy like Dubai first you need to under the culture of it. Dubai being an international city is a multi-cultural city, people from all around the world are present in Dubai. After familiarizing yourself with the cultural you must learn about the rules and regulations and kind of the business you can start.

Legal structure of business setup in Dubai is according to UAE Federal Law No. 8 of 1984, and after the amendment in Federal Law No. 13 of 1988 – the Commercial Companies Law, and its by-laws regulate the function of foreign business in Dubai, United Arab Emirates. In wide terms the requirements of these regulations are: The Federal Law requires a total local equity of not less than 51% in any commercial business and describes seven categories of business organizations which can be established in the UAE. This regulation explains the requirements in terms of shareholders, directors, minimum capital requirements and business incorporation processes. This law further lays down the requirements of governing conversion, merger and dissolution of companies and businesses.

In Dubai, you are given plenty of opportunities; You get benefits of best economy based on strong administrative foundations. Authorities of Dubai have divided the city in different economic jurisdictions. You can start different types of businesses in Dubai bases on type of business and location; Types are divided in three main categories which are Mainland, Free Zones and Offshore. Another thing to remember is that Dubai welcomes foreign investment but there are rules and regulations that must be followed. In order for you to enter in Dubai, UAE you need to have sponsor, a sponsor will take your responsibility. Importance of a sponsor can be determined by the fact that for any purpose if it is business or you are just visiting you must have a sponsor. When it comes to start a business in Dubai you are required having a sponsor, any kind of business needs a sponsor or service agent. In mainland a local resident or a of United Arab Emirates based company act as a sponsor, for professional service you need service agent as sponsor and for setting up a free zone business you also need a sponsor, in this case free zone acts as your sponsor .

Business setup in Dubai mainland requires you to have a valid license issued by the administrative authority. The name of the authority is Dubai Economic Development (DED); It is a government agency responsible for issuing the business licenses. Renewal of the license, cancellation and up-gradation are also handled by Dubai Economic Development (DED). To facilitate the investors Dubai Economic Development (DED) operates for different locales, thought scrutiny process of the application is strict but department ensures the quick application processing. In Dubai mainland, Dubai Economic Development (DED) issues four types of licenses, commercial, professional service, branch office and industrial license.

To setup your business in Dubai mainland under commercial license you are by law mandated to have the help from local UAE resident which is also called local sponsor. Local sponsor is by law hold the 51% shares of your business and you will hold only 49% of shares. However you are given full administrative rights. You can draw contracts with local sponsor and allocate a yearly fee for being a sponsor. Local sponsor sometimes work as silent partners. Local sponsor can be an individual or it can be a UAE based company or group.

However, if you are setting up a business which involve professional services you do not need to have a local sponsor, in that case you only need a service agent. Service agent works on your behalf and helps you deal with the local administrative authorities to start your business. You are allowed to hold 100% of your professional business and service agent will only be paid once for the service he offered.

Free zones are special economic zones in Dubai which are specifically designed to attract the foreign investment. Free zone based business are fully owned by the investor and there are plenty of options to choose with. Every free zone in Dubai has a governing authority or free zone authority. For business setup in Dubai you would need deal with the free zone authority. You may be asked by the authority to provide different legal documents before you finally give the go ahead in form of license by that authority.

Free zone offers different attractive options for foreign investors such as you are given 100% of ownership of your business. There are many options free of tax you can avail like no personal income tax, corporate tax exemptions. There are different types of business setup options in Dubai free zones like you can start of your business enterprise as a limited liability company or service provider organizations, there are different licensing options. Business setups in free zones are allowed to perform international trades. When time comes you can easily wind your business. There is less paper work involved when it comes to end your business from a free zone.

Offshore is another type of business setup offered in Dubai and has been very famous. Offshore means a business entity setup outside of the resident country in an offshore jurisdiction. Dubai offshore jurisdiction provides a number of benefits to your business in terms of asset protection, tax optimization and business expansion. Businesses setup in Dubai offshore jurisdiction must abide the offshore companies rules and regulations and is not allowed to trade inside the offshore jurisdiction.

To sum up, after making a decision with the kind of business you are willing to start in Dubai you need to deal with the concerned authority. The best way is to hire a professional help. You will be able to find number of consulting firms who are willing to help you deal with the paper work and the authorizations. You will be asked by regulating permissions to provide different documents and submit paper work.

Here are few steps you may follow, first of all do research and decide the type of business you are willing to embark, choose jurisdiction and follow through. It is recommended to get the help from a professional when it comes to business setup in Dubai. Ready your paper work for the licensing and get a guide on licensing terms and conditions as there are certain activities you are allowed and certain activities you are not allowed to perform. There are license you can choose which allows multiple business activities.

Information Technology and Textile Industry

Today, Information technology (IT) plays a vital role in the field of textile industry. Any manufacturing unit employs four Ms that is, Men, Material, Machine and of course Money. To get organizational success, managers need to focus on synchronizing all these factors and developing synergies with in and outside organizational operations. With the increased competition, companies are taking support of IT to enhance its Supply Chain Management (SCM) and using it as a competitive edge. In short, many textile companies are leveraging the technological power to adding value to their business.

Supply Chain Management includes: sourcing, procuring, converting, and all the logistic activities. It seeks to increase the transaction speed by exchanging data in real-time, reduce inventory, and increased sales volume by fulfilling customer requirements more efficiently and effectively.

Why Textile Industries Need IT Support?

Lack of information on demand and supply aspects

Most of the decisions a manager takes are related to demand and supply issues. But unfortunately very few are able to get it, as a result decisions taken carries risk and uncertainty. Excess inventory is one of the most common problems faced by managers which further results in long cycle-time, outdated stock, poor sale, low rates, and reduction in order visibility and finally leads to customer dissatisfaction.

Long procurement time

In a traditional textile industry, procurement process takes a much longer time. So, the retailers need to forecast demand and identify consumer trends at a much earlier stage. Lack of clarity about future can either result in early stock out, delay or overstock.

Supply chain in-competency

With the urge for getting global, apparel and textiles are facing hurdles of inefficiency in carrying out various processes involved right from designing, developing samples, getting approval, manufacturing, dispatching to payment procedures. The total time taken can get extended to one year or even longer. If we calculate, production actually accounts for just ten to twenty percent of the total time. Rest of the time is taken for the information processing from one end to the other.

The trajectory of development of Information Technology has intersected every application in textile industry. From enhancing performance of textile manufacturing and tighter process control, IT has inserted intelligence at every node of textile supply chain.

Step into the global trade

It is a fact that a company going global is opened with lots of opportunities as well as threats in terms of competition, changing trends, and other environmental changes. It necessitates managing every kind of information efficiently and at much faster speed.

Interaction of Information Technology with Textile Supply Chain

Sharing of Information

Proper flow of information along supply chain member is very critical. Such flow of information can influence the performance of overall supply chain operations. It includes data about customers and their demand, inventory status, production and promotion plan, shipment schedules, payment details, etc. Bar coding and Electronic data interchange are the two information technology tools which can facilitate information integration.
Bar coding facilitates recording of detailed data by converting it to electronic form and can be easily shared among members through EDI system. EDI with its high efficiency is able to replace the traditional ways of transmission like telephone, mail and even fax. EDI enables managers to analyze and apply it in their business decisions. It also helps in expediting order cycle that reduces investment in inventory. EDI based network enables Company to maintain quick response and closure relationships with suppliers and customers, who are geographically dispersed. Manufacturers and retailers can share even new designs developed through CAD / CAM.

Supports planning and execution operations

Planning and coordination are very important issues in supply chain management. The next step after sharing information is planning which includes joint design and implementation for product introduction, demand forecasting and replenishment. Supply chain members decide their roles and responsibility which is coordinated through the IT system.

Various software tools like MRP, MRP-II, APSS facilitates planning and coordination between different functional areas within the organization.

Material Requirements Planning (MRP): It helps in managing manufacturing processes based on production planning and inventory control system. Proper implementation of MRP ensures availability of material for production and product for consumption at right time optimizes the level of inventory and helps in scheduling various activities. MRP system uses computer databases to store lead times and order quantity. MRP includes mainly three steps: first assessing the requirement of how many units of components is required to produce a final product; Here it applies logic to implement Bill of Material (BOM) explosions. Second step includes deducting the stock in hand from gross to find out net requirement. Finally, scheduling manufacturing activities such that finished goods are available when required, assuming the lead time.

Manufacturing Resource Planning (MRPII) system is a logical extension of MRP system which covers the entire manufacturing function. This typically includes machine loading, scheduling, feedback and Software extension programs in addition to material requirement planning. It provides the mechanism to evaluate the feasibility of a production schedule under a given set of constitutions.

A textile company which has multipoint manufacturing and engaged in global business necessitates something more than MRP and MRP-II like Distribution Requirement Planning (DRP), it has the ability to solve both capacity and material constraints and quickly propagates the effects of problems in both backward and Forward direction through the supply chain.

The Advance Planning and Scheduling (APSS) system includes both material focus of MRP and rapid response scheduling power of MRP-II.

Coordination of logistics flows

Workflow coordination can include activities such as procurement, order execution, implementing changes, design optimization, and financial changes which results in cost and time efficiency. The results are cost-effective, speedy and reliable supply chain operations.

IT contributions towards maximizing the value of textile supply chain through integrating supply chain operations within and outside the organization and collaborating the acts of vendors and customers based on shared forecasts. Internet adds to IT contribution towards supply chain management through coordination, integration and even automation of critical business processes. New system of the supply chain game emerges as a result of business innovation fueled by the Internet.

Many supplying companies maintain demand data by style, size, fabric and color to replenish inventory at retail outlet. Level of replenishing is predetermined by both parties after reviewing history of sales by product and buying behavior of the community.
New Business Models:

Data mining and data warehousing

Data mining is the process of analyzing data from different viewpoints and summarizing it into useful information that can be used as a basis of monitoring and control, enabling companies to focus on the most important aspects of their business. It allows users to analyze data from many different dimensions, categorize it, and summarize the relationships identified. In short it is the process of finding correlations or relationship among dozens of fields in large relational databases.
Data warehousing is the repository of data and can be defined as a process of centralized data management and retrieval. Centralization of data maximizes user access and analysis.

E-commerce

E-commerce can be B2B (Business To Business) and B2C (Business To Customer). B2C commerce is the direct selling to consumers through Internet. While B2B marketplace can be defined as neutral Internet-based intermediaries that focus on specific business processes, host electronic marketplaces, and use various market-making mechanisms to mediate transactions among businesses. B2B appears to be more prospective than B2C.

E-retailing

The textile-retail giants are adding an Internet shopping-component to their offering. It has affected their distribution and warehousing infrastructure. As a result of going online, retailers have changed their supply chain strategy. High volume products with stable demand are stocked in local stores, while low-volume products are stock centrally for online purchasing.

Companies prefer a direct route to consumers by closely scrutinizing individual customer's tastes, preferences, habits, and buying patterns. Instead of waiting for consumers to visit their stores, retailers simply send them e-mails with offers. Internet has facilitated quick response system. With the use of web-enabled technology it is possible to have automatic customer replenishment system.

Where Does Wastewater Come From?

Wastewater is water that has come into contact with any of a variety of contaminants and is not fit for human consumption. Most often, wastewater has its source in domestic settings, commercial operations, industry and agriculture. Groundwater becomes contaminated from many sources. "Point" sources include municipal landfills, leaking gasoline storage tanks, leaking septic tanks, accidental spills and industrial waste disposal sites. "Non-point" sources include runoff and seepage from agricultural lands containing pesticides and fertilizers.

Blackwater refers to wastewater that contains human waste, usually from lavatories. This also becomes sewage, when it empties into a municipal sewer system. Greywater is that water that contains contaminants from washing; Laundry, bath, shower, dishes. Stormwater is the runoff after a rainstorm, and most often runs into a municipal sewer system. Otherwise, it flows into creeks, rivers and oceans.

Domestic- source wastewater contains food, cooking oils, drinks, pesticides, paint, cleaning fluids, rainfall from roofs, which contain oils, fuels and litter. Wastewater from roads also is contaminated from fuels, salt, rubber residue, animal excrement and litter. Industrial sources of wastewater contain contaminants including oils, chemical residues, pharmaceuticals, pesticides, silt, cooling compounds, metal plating, and a variety of other by-products of manufacturing processes.

Water that has been used for cooling in a manufacturing process becomes wastewater after if has warmed. Other industrial processes require de-ionized water. When this water has been used in that process, it becomes wastewater.

One drop of oil can make twenty-five liters of water unfit for drinking and one gram of a common household herbicide can make ten million liters of water unfit for drinking. Only one gram of PCB can contaminate one billion liters of water, making it unfit for aquatic life. One gram of lead in 20,000 liters of water renders it unfit for drinking.

Oil and gas drilling is a worrisome source of wastewater, as more requests are proceeding to find local sources of these fuels. The contaminants resulting from these operations contain cadmium and benzene, both carcinogenic elements. They are released into the massive amounts of water injected under pressure to force gas out of the ground. A more dangerous contaminant resulting from drilling is the grit, called Totally Dissolved Solids (TDS) that is dredged from deep underground. TDS contains minerals and salts in such concentrations that the wastewater resulting from pollution by TDS is five times as salty as seawater. It alters the taste of groundwater, but more dangerously clogs rivers and streams and affects the health of those waters. With increased drilling, the bio-systems are becoming overwhelmed in their capacity to neutralize these contaminants.

Wastewater is primarily treated at municipal water treatment plants in North America. These plants separate solid and liquid waste. The liquids are typically sent off to further filtering and treatment by bacteria and chlorine, while the solid wastes are often treated with micro-organisms that are able to break down the sludge and absorb and neutralize contaminants. Septic systems use gravel, sand or reed beds to hold and filter the liquids, while the solids are contained and physically removed when the tank is full.

Forensic Accounting – a New Paradigm For Niche Consulting

OBJECTIVES OF WRITING THIS ARTICLE: Forensic accounting (FA) has come into limelight due to rapid increase in financial frauds and white-collar crimes. But it is a large untrodden area in India.The integration of accounting, auditing and investigative skills creates the speciality know as FAThe opportunities for the Forensic Accountants are growing fast; they are being engaged in public practice and are being employed by insurance companies, banks, Police forces, government agencies etc. This article seeks to examine the meaning and nature, activities and services rendered, core knowledge and personal skills required for forensic accounting as a specialized field in accountancy profession. Indeed there is a future in FA as a separate niche consulting.

The lack of respect and belief in India's law enforcement agencies and the rate at which white-collar crimes have increased has prompted the development of Forensic Accounting in India. The fraud detecting agencies seems to lack time and emotion needed for detecting and prevention of errors and fraud. According to a large global accounting firm, the market is sufficiently big enough to maintain an unit devoted towards "forensic accounting". Many large as well as small accounting firms as well as the tiny firms have inculcated or rather developed separate forensic accounting departments.

We were of the belief that detection and prevention of frauds or white-collar crimes is part of conventional accounting function. It was thought that the frauds, both internal as well as external has been to be detected by the auditors through their periodic audit. Now it is crystal clear that auditors can only check for the compliance of a company's books to generally accepted accounting principles, auditing standards and company policies. Here the need was felt to detect the frauds in companies that are suspected to be engaged in fraudulent transactions. This field of accounting is known as "forensic accounting".

The litmus test of investigation, first introduced by the ever great Sherlock-Homes (considered by many as the father of Forensic Accounting) is perhaps the first ever application of forensic accounting. Although, the contribution of the other few great historians to the field of forensic accounting can not be overlooked. They used various tricks to investigate various crimes.

FA is a specialized a area of ​​accounting practice that describes engagements which result from actual or anticipated disputes or litigation. The word "forensic" means "suitable for use in court". The forensic accountants have to keep in mind this statement while they have to work or chalk out their program. The FA work is tailor made according to the situation and need. The gathering of information and evidences is done according to the need and situation. We can say, it is customized according to the situation. The Forensic-accountants give expert evidence at the ultimate trial. All the modern medium-sized as well as the large-sized accounting firms have specialized forensic accounting departments. Within these firms there may be specialized forensic accounting departments. Within these groups their may be further sub-specializations. Various sub-specializations include insurance claims, personal injury claims, fraud detection, construction or fraud audit. Nearly 40 percent of the top 100 US accounting firms are expanding their forensic and fraud services, according to Accounting Today. Now if we consider this data as significant then we can say that the total contribution of forensic accounting to the total revenue of the CA firms would be very significant in the years to come. Under rising instances of frauds and litigation and flourishing businesses these services are considered to be very significant as they are rendered at a very competitive price.

The forensic accountants utilize the various information relating to the business, utilizes financial reporting systems, various accounting and auditing standards and procedures, investigative techniques and litigation processes and procedure to perform their work. By acting as advisers to audit committees and assisting in investment analysis research, they are playing more "proactive" risk reduction roles.This is possible by designing and performing extended procedures as part of the statutory audit. The objectives of such an accounting include measurement of losses caused by an auditor due to his negligence, to look into the matter where their has been any embezzlement of cash, the amount, necessity of criminal proceedings, computation of asset values ​​in a divorced proceeding.

The primary approach technique of forensic accounting is explanatory analysis (cause and effect) of the phenomena-including the discovery of deception (if any), and its effects -introduced into an accounting system field. The primary methodology employed by the forensic accountants is the verification of the objective. They are trained to deal with real world business and do have the sufficient expertise to look beyond (behind) the numbers. The scope of the forensic accountants are growing at a rapid pace. The increase in their work opportunities have been accelerated due to the fall of the Enron corporation and the collapse of the American Twin Towers.

This has led to increase in the demand for American forensic accountants. So as far far India is concerned, formation of Serious Fraud Investigation Office (SIFO) is a landmark creation so far as forensic accountants are concerned. Failure of regulators to track security scams, increasing cyber crimes, chain of cooperative banks bursting -all point to the ever increasing need for forensic accountants. Our understanding of the need for forensic accountants is immaterial here. In India due to the growing number of frauds the need for forensic accountants is ever increasing. The regulatory and administrative agencies will put pressure for greater demand of forensic practices. This has been initiated due to the changing nature of Indian and International accounting.Auditing and assurance standards also confirm this. A change in the curriculum can be initiated if the written exams and practical industrial training are boosted to show the "new knowledge base and skill-set" required by the professional accountants in the new era. It is there recommended that the "forensic accounting and auditing" be introduced as a paper in the various professional examinations conducted by the various accounting bodies in India. Unfortunately forensic accounting is a large unexplored area as far as India is concerned. The chartered accountants (CAs) deal with such cases in an irregular fashion. In the western counter-part (countries), the Lawyers, police, insurance companies, government and regulatory bodies, banks, courts and business communities are increasingly utilizing the services of the forensic accountants.The accountants and the auditors must have the skills and expertise To venture into the emerging field of forensic accounting.

What Is Forensic Accounting? The growing needs of corporations has changed the definition of forensic accounting. As per Bologna and Indquist, "the application of financial skills and an investigative mentality to unresolved issues, conducted within the context of rules of evidence.It is a new emerging field that encompasss financial expertise, fraud knowledge, and a sound knowledge and understanding of Business reality and the working of the legal system. "It means that the forensic accounting should be skilled not only in financial accounting but also internal control systems, the legal matters, other institutional requirements, investigative blend of mind and interpersonal skills.

According to AICPA: "Forensic accounting is the application of accounting principles, theories, and discipline to facts or hypotheses at issues in a legal dispute and encompasses every branch of accounting knowledge: 'Similarly, forensic accounting is defined by Horty as:
"The science that deals with the relationship and application of finance, accounting, tax and auditing knowledge to analyze, investigate, inquire, test and examine matters in civil law, criminal law and jurisprudence in an attempt to obtain the truth from which to render an Expert opinion. "
In simple words, forensic accounting includes the use of accounting, auditing as well as investigative skills to assist in legal matters.It consists of two major components: litigation services, that recognizes the role of an accountant as an expert consultant and investigative services, that Uses a forensic accountant, s skills and may require possible court-room testimony.
Investigation of theft and defalcation of corporate and individual assets are part of legal matters.They use their education as well as experience to discuss the facts, patterns of the theft or misappropriation.Business accounting systems are reviewed by the forensic accountants.They suggest ways and Means to solve and improve the internal control and internal accounting system.This is adopted to prevent theft and fraud. Because of their expert knowledge and educational background and experience their (forensic accountants) work is elevated to a new height.

Forensic accountants do not contest in cases.They act as fact finding devices, try trt to seek the real truth from the hidden facts.They conduct their work in an unbiased and objective manner. They need legal knowledge, expertise, training and experience to perform Their work in an effective and real manner.Extensive knowledge in the field of commerce, legal, accounting as well an investigative blend of mind is needed to perform the work in a proper fashion.Expertise in litigation support and testimony in courts of law are also Prerequisites of the forensic accountants.This is due to the fact that their work would many times be used in a court of law.The valuation of damages due to criminal and civil wrong-doings need to be done with perfection and for that reason knowledge of Business valuation theory is the most essential.

What exactly do the Forensic Accountants perform? Answer: They are trained to deal with real life business situations and are trained to look beyond the numbers.
Analysis, interpretation and summarization of complex financial and business related issues are prominent characteristics of this accounting / auditing profession. Familiarity with legal concepts and procedures is a must.Insurance companies, public practice, banks, police forces and government agencies are major employers of forensic accountants.
The various field of work encompassing the arena of a forensic accountant can be stated in points format as follows:

1) Financial evidence investigation and analysis.
2) Development of computerized software to help in the analysis and presentation of financial evidence.
3) Sharing their findings in the form of reports, slide shows or exhibits and documents grouped.
4) To support trial evidence they prepare visual slides, assist in legal proceedings, including testifying in courts as an expert witness.
If we want to say or rather point out the role performed by the forensic accountants in a nutshell, we can say as follows:

Measurement or to quantify the impact of lost earnings. Such as construction delays, stolen trade secrets, insurance disputes, damage / loss estimates, malpractice claims, employee theft, loss of profit, financial solvency reports, disturbance damages, loss of goodwill, compensation losses suffered in expropriation determination, assessment of the potential business Compensation costs and providing consultation on business defalcation minimization. Lease default damages, breach of contract, business interruptions, breaches of shareholding and partnership agreements, reconstruction of accounting records,
Investigation of misappropriation, assistance in establishing ownership and division of assets, commercial damages, professional negligence cases, partnership disputes, expert evidence, fair value or fair market value and personal injury damages are included in commercial damages. Tax advocacy, compliance and review of financial statements, tax reporting and tax planning in such areas as income as estate matters are included in tax matters. Analysis, interpretation, summarization, presentation of complex financial and issues relating to the business for investigation is the role of a forensic accountant.
They carry out investigative accounting and provide litigation support.

The services rendered by the forensic accountants are in great demand in the following areas:

1) Fraud detection where employees commit Fraud:
Where the employee indulges in fraudulent activities:
Where the employees are used to have committed fraud the forensic accountant tries to locate any assets created by them out of the funds defalcated, then try interrogate them and try to find out the hidden truth.

2) Criminal Investigation: Matters relating to financial implications the services of the forensic accountants are availed of. The report of the accountants are considered in preparation and presentation as evidence.

3) Outgoing Partner's settlement:
If the outgoing partner is not happy about his settlement he can employ a forensic accountant who will correctly assess his dues (assets) as well as his liabilities correctly.
4) Cases relating to professional negligence:
Professional negligence cases are taken up by the forensic accountants.
Non-conformation to Generally Accepted Accounting Standards (GAAS) or non compliance to auditing practices or ethical codes of any profession that are required to measure the loss due to such professional negligence or shortage in services.

5) Arbitration service: Forensic accountants render arbitration and mediation services for the business community, since they undergo special training in the area of ​​alternative dispute resolution.

6) Facilitating settlement regarding motor vehicle accident: As the forensic accountant is well acquainted with intricacies of laws relating to motor vehicles, and other relevant laws in force, his services become indispensable in measuring economic loss when a vehicle meets with an accident.

7) Settlement of insurance claims: Insurance companies engage forensic accountants to have an accurate assessment of claims to be settled. Similarly, policyholders seek the help of a forensic accountant when they need to challenge the claim settlement as worked out by the insurance companies. A forensic accountant handles the claims relating to consequential loss policy, property loss due to various risks, fidelity insurance and other types of insurance claims.

8) Dispute settlement: Business firms engage forensic accounts to handle contract disputes, construction claims, product liability claims, infringement of patent and trade marks cases, liability arising from breach of contracts and so on.

9) Matrimonial dispute cases: Forensic accountants entertain cases relating to matrimonial disputes wherein their role is merely bound to tracing, locating and evaluating any form of asset involved.

Core Knowledge Of Forensic Accounts:
A forensic accountant is expected to be a specialist in accounting and financial systems. Yet, as companies continue to grow in size and complexity, uncovering fraud requires a forensic accountant to become proficient in an ever- increasing number of professional skills and competencies. Here are some of the broad areas of useful expertise for a forensic accountant:

"An in-depth knowledge of financial statements and the ability to critically analyze them. These skills help forensic accountants to conceal abnormal patterns in accounting information and recognize their source.
"A thorough understanding of fraud schemes, including but not limited to asset misappropriations, money laundering, bribery, and corruption.
"The ability to comprehend the internal control systems of corporations, and to set up a control system that assesses risks, achieves management objectives, informs employees of their control responsibilities, and monitors the quality of the program so that corrections and changes can be made.
"Proficiency in computer and knowledge of network systems These skills help forensic accountants to conduct investigations in the area of ​​e-banking and computerized accounting systems.
"Knowledge of psychology in order to understand the impulses behind criminal behavior and to set up fraud prevention programs that motivate and encourage employees.
"Interpersonal and communication skills, which assist in disseminating information about the company's ethical policies and help forensic accountants to conduct interviews and obtain crucially information information.
"Thorough knowledge of company.s governance policies and the laws that regulate these policies.
"Command of criminal and civil law, as well as, of the legal system and court procedures.

Personal Skills Required:
So what does it take to become a forensic accountant? In addition to the specialized knowledge about the techniques of finding out the frauds, one needs patience and an analytical mindset. One has to look beyond the numbers and grants the substance of the situation. There is a need for the same basic accounting skills that it takes to become a good auditor plus the ability to pay attention to the smallest detail, analyze data thoroughly, think creatively, possess common business sense, be proficient with a computer, and have excellent Communication skills. A "sixth" sense that can be used to reconstruct details of past accounting transactions is also beneficial. A photographic memory helps when trying to visualise and reconstruct these past events. The forensic accountant also needs the ability to maintain his composition when detailing these events on the witness stand. Finally, a forensic accountant should be insensitive to personal attacks on his professional credibility. A fraud accountant (as forensic accountants are sometimes called) should also observe and listen carefully. By this, you can improve your ability to detect lies whenever they involve fraud or not. This is so because "not all liars are fraudsters, but all fraudsters are liars" (Wells).

According to a forensic accounting expert, "the practices of a forensic accountant could have been compared to a well-baked pizza. The base of forensic accounting is accounting knowledge. The size and the abundance of baking decision is the quality of the pizza. A dispersed knowledge of auditing, internal controls, risk assessment and fraud detection. It is like the spread of the cheese in pizza. The toppings of this pizza area basic understanding of the legal environment. The legal environment is essential in order to support the litigations. The cherry on the toppings of the pizza is a strong set of communication skills, both written and oral. It is just the beautification part. Perfect combination of the pizza base, cheese spread and good toppings makes the pizza delicious and the of company's Laws that Forensic Auditor perfects. It is a combination that will be in demand for as long as human nature exists. "

In addition to these personal characteristics, accountants must meet several additional requirements to become successful forensic accountants, say a certification, acknowledging his competency. One can learn forensic accounting by obtaining a diploma given by the Association of Certified Fraud Examiners (ACFE) in the US. Indian chapter of ACFE offers the course based on the white-collared crimes precedent in US, based on their laws. However, there is no formal body that provides formal education of the frauds in India. Beside the formal certificate, one can deepen one's knowledge and sharpen one's skills in forensic accounting by undergoing training under an experienced forensic accountant, participating in various international conferences, reading relevant journals, books and other literature on forensic accounting.

To combat the frauds effectively one needs the active support of government at every stage. There are three-four such agencies in India, which are dedicated to the mission of combating frauds. Serious Fraud Office looks into violations of Income Tax, FEMA, RBI Act, etc.; CBI (Economic Office Wing) deals with big financial frauds; Central Vigilance Commission deals with corruption. These are the major government agencies that combat frauds of different types. Unfortunately, there is no specialized education provided by any of the universities in the country. Recently, TCS has also come out with software to combat money laundering and Subex Systems to have designed software to combat the telecom frauds. Thus, combining the frauds with software has started picking up in India, with few big companies like ACL and IDEA, joining the race.

The Need For Niche Consulting:
The CPA Vision Statement states: "The CPAs are trusted professionals who enable people and organizations to shape their future. Combining insight with integrity, CPAs deliver value by: (a) communicating the total picture with clarity and objectivity, (b) translating corn plex Information into critical knowledge, (c) anticipating and creating opportunities, and (d) developing pathways that transform vision into reality1 It reflects the trend towards providing a broader range of assurance services. However, recent corporate accounting scandals and the resultant outcry for transparency and Honesty in reporting has given rise to two disparate yet logical outcomes. First, forensic accounting skills have become critical in untangling the complicated accounting manoeuvres that have obfuscated financial statements. Second, public demand for change and consequential regulatory action has transformed corporate governance Increasingly, Company officers and directors are under ethical and legal scrutiny. Both trends have the common goal of responsibly addressing investors' concerns about the financial reporting system. Indeed, there is a future in forensic accounting as a separate "niche" consulting area in India. The need to specialize, otherwise known as Niche Consulting, is imperative to practicing accountants because the fast-paced developments in business thereby demand specialized knowledge and skills. While a majority of CAs have excellent analytical skills, they need to acknowledge that 'forensic' services require 'specialized' training as well as real-life 'practical' corporate experience. There is a need for specialized information, not just audit and tax service. What clients seem to want are people with unique sets of skills and experiences. With the maturing of the audit business, and the rapid development of technology that makes existing services low cost and cheap, it appears that it is the right time now to acquire those unique skills. To help practitioners move into 'niche' consulting, some professional organizations in the US have concluded that: "Future success for the profession depends, in part, on how the public perceives the ability of CPAs. New efforts in consulting, specialization and understanding global Business practices and strategies are considered critical. We go out into the niche market, examining our strengths first. We go where the action is, only then we know we can adequately service our clients and make money doing it. " One area where 'niche' consulting is becoming the global trend is in "Forensic Accounting and Auditing 'But the major question facing the Indian accountancy profession is: Are we ready to plunge to where the challenging action is?

Forensic Accounting In India:
It is in an infancy state in India.It is still an untrodden area in India.But due to ever increasing cases of bank & cyber-frauds growing importance can not be denied.
One immediate landmark creation is "Forensic Research Foundation". They provide support for investigation of fraud.They publish one bi-monthly journal named as "White Crimes". It relates to forensic and economic crimes. Another international organization named as KPNG has set up investigation investigation center in India .. Networks Limited, a Delhi based organization, working in the similar field, they are also trying to innovate ways and means to detect financial irregularities and crimes in India.Serious Investigation Fraud Offices (SIFO), has been established in India for the same reason, ie detection and prevention of economic irregularities and crimes. The need for such bodies and the importance of Forensic Accounts have been highlighted by LNRoy Committee.Lenin Parekh Committee has also expressed the view that one "fraud detection committee" needs to be established. The main aim of such boards should be to prevent the interest of the stoneholders.

Conclusion:
Forensic accounting in India has come to limelight only recently due to rapid increase in white-collar crimes and the belief that our law enforcement agencies do not have sufficient expertise or the time needed to ignore frauds. A large global accounting firm believes the market is sufficiently large to support an independent unit devoted to strict 'forensic' accounting. All of the larger accounting firms, as well as, many medium-sized and boutique firms have recently created forensic accounting departments.

Forensic accounting, in fact, integrating accounting, auditing, and investigative skills to conduct an examination into a company's financial statements. Broad-based knowledge (within the themes listed above) is critical to the success of entry-level forensic accountants. Because forensic accounting is relatively a new area of ​​study, a series of working definitions and sharing of corporate experiences should be ensured and encouraged to ensure a common understanding. Indeed, there is great future in forensic accounting as a separate "niche" consulting.

While the forensic accounting and auditing practice had been completed in the US as early as' 1995, the seed of this specialization has yet to take off in India. Forensic accountsants are only dealing with financial implications of the cases entrusted to them and not engaging in auditing exercise. On account of global competition, the accounting profession must convince the marketplace that it has the "best-equipped" professionals to perform such services.

Forensic accountsants are also increasingly playing more 'proactive' risk reduction roles by designing and performing extended procedures as part of the statutory audit, acting as advisers to audit committees, and assisting in investment analysis research.

While majority of CAs have excellent analytical skills, they need to acknowledge that 'forensic' services require 'specialized' training as well as real-life 'practical' corporate experience.
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References: –
1) Journal Of Forensic Accounting: Editor-In Chief: Crumble D. Larry, Publisher: Inc.Edwards. RT
2) Journal Of The Chartered Accountant 2007, Pages: 1000-1010.Dr. Madan Bhasin, The Author is Head, Accounting Department, Mazoon College, Muscat, Sultanate Of Oman.
3) Referential Notes of Prof. Dutta Kr. Uttam, Reader Deaprtment Of Commerce, Reader, University Of Burdwan.
4) Website access: http://www.wikipedia.com , accessed on 4th, February, 2008.

Ethical Issues In Inventory Management

When we speak of ethics violations we immediately think about executive management, or some sort of Wall Street scandal, and rarely do we realize that it happens more frequently than the bottom half of the work than the glass tower. Ethics violations in inventory management are committed by:

1.Knowingly giving inaccurate information to clients or prospective clients concerning pricing of storage space or other services, and the status of their inventory.

2.Favoring one vendor over another when purchasing goods or services because you have a friend that works for the preferential vendor or because of possible financial gain.

3.Cover-up of damaged products going out on a shipment.

4.Manipulating inventory figures and levels when the client questions his inventory levels or when management inquires about inventory statuses.

5.Work slowdown to gain overtime.

6. Giving preferential treatment to certain employees for possible gains in the future and friendship.

These are just a few examples and I'm quite sure that if you observed closely in your organization you can find many more. Why do these ethics violations occur? One reason is a lack of a code of ethics. Code of ethics is a specific set of professional behaviors and values ​​employees must know and must abide by, including confidentiality, accuracy, privacy, integrity. Large organizations have a code of ethics, but violations occur because the standards are not enforced or management fees the violation is not worth their time.

Medium to small organizations lack a code of ethics program because they either do not know how to develop one, it is not important to them or it's too costly in terms of finances and manpower.

Enron and Goldman Sachs are good examples of why it's important of have a company code of ethics. In the business world the bottom line is to make money and there is nothing wrong with that but, when it consumes your organization and you take an attitude of making it at any cost, then that's when the problem comes to view and people will do whatever They can be it ethical or unethical to make money.

A code of ethics will keep people within certain limits of what is acceptable in the organization in terms of behavior and business practices. Reality in the business world is that profits rule and as long as the shareholders are happy, and there is full employment in companies no one seems to care and ethics take a back seat to everything else.

With so much talk now days about morality in business and the state of the financial affairs of the world ethics is even more important today than before. Journalist are keeping an ardent eye out for the next business scandal and will unforgettable every stone to expose one, after all it sells news. Traveling and working in Asia I have found the Asian culture less sensitive to the actions of business not that that they do not care it just does not consume their every waking moment and they are not quick to judge like the Western Nations.

Operating with honest principals and ethics is no less profitable than operating in an unethical manner. LeClair, Ferrell and Fraedrich, in their book Integrity Management (1998), describe five well-known successful companies that have invested organizational resources and are making profits and operating in an ethical manner three listed below you may recognize;

1. Hershey Foods
2. Home Depot
3. Waste Management

The old myth and saying "It's not personal it's just business" is as hollow then as it is now. Business is personal especially when you take the time to build a business relationship with vendors and clients to the point where they trust you, and acting in an unethical manner will definitely destroy any confidence they had in your product or services and make it nearly impossible to Regain.