Financial Performance Of Mangalore Refinery And Petrochemicals Finance Essay - Free Essay Example

INTRODUCTION Mangalore Refinery and Petrochemicals Limited (MRPL) and Reliance Petroleum Limited (RPL) were the first two refineries established by the private sector in India. In March 1992, MRPL brought out a public issue of shares, and in September 1993, RPL did the same. Both these refineries were established at a time when the administered pricing mechanism (APM)[1]was in force. APM involved full government control over the oil and natural gas sector, where only four major government owned oil companies (IOC, HPCL, BPCL and IBP) had the right to directly market petroleum products (Refer Exhibit I). The government refineries were not able to meet the increasing demand for petroleum products. Hence, opening up of the oil and natural gas sector to private companies and dismantling APM were considered as methods for reducing the demand-supply gap of petroleum products. When the Government of India (GOI) approved private sector participation in the oil refining and petroleum industry, a new investment opportunity was made available to Indian investors. Those who invested in MRPL and RPL were optimistic about the returns on shares of both these companies since reputed leading business houses such as the Aditya Birla Group (ABG)[2]and the Reliance Group[3]promoted these refinery projects. Due to the dearth of oil company stocks promoted by the private sector, the shares of both these companies were lapped up by public investors and financial institutions. Both the public issues were heavily oversubscribed. However, few investment analysts expressed their reservations about investing in stand-alone refineries like MRPL and RPL since they felt that the financial performance of companies in the refining industry was completely dependant on the crude oil prices. In March 2002 Reliance group approved the merger of RPL with Reliance Industries Ltd. (RIL)[4]. The appointed date of merger was April 2001. Once again in April 2006 Reliance Group came out with an initial public offer (IPO) for RPL. In this case an analysis of two oil refining companies viz. MRPL and RPL (2005)[Merged] for understanding risk and return involved in investment. MANGALORE REFINERY AND PETROCHEMICALS LTD. (MRPL): Mangalore Refinery and Petrochemicals Limited (MRPL) was incorporated on 7th March 1988. Company was started as joint venture of Hindustan Petroleum Corporation (HPCL)[5]and Indian Rayon Industries Limited (IRIL) Associates (AV Birla Group). MRPL has the distinction of being the only refinery in India with two CCRs which produces unleaded petrol of high octane. In the year 1993 MRPL made a public issue consisting 4,31,60,000 shares of which 16 percent was Secured Redeemable Partly Convertible Debentures (PCDs) priced at Rs 135 which fetched 582.66 crores. It also issued 2,80,00,000 shares of which 17.5 percent was Secured Redeemable Non Convertible Debentures of Rs 200 each (with Detachable Equity Warrants) fetching Rs 560 crores. In the same year MRPL also tied up with internationally reputed technology suppliers for process technologies. In March 2003 ONGC acquired the share holding of 37.39 percent which was held by AV Birla Group. Further ONGC added the capital of Rs 600 crores and made MRPL as a majority held subsidiary of ONGC. As on 31st March 2010 HPCL holds 16.96 percent (297153518 shares) and ONGC 71.63 percent (1255354097 shares) shares of MRPL. In September 1995 MRPL started a 45 MW cogeneration plant and also three million tones refinery by the end of 1995- 96 financial year. In 1999 MRPL signed deal with Chevron- Texaco for crude sourcing. The cost effective process of debottlenecking of some units resulted in enhancing the refining capacity to 12 million tones. The refining capacity was increased to 9 MMTPA in 2001. In 2006 MRPL mad an alliance with Abu Dhabi firm and also an agreement with Mauritius Company. The refinery up gradation and expansion project was undertaken at a cost of Rs 7943 crores in 2006-07. ONGC Mangalore Petrochemicals Ltd. (OMPL), a joint venture of ONGC and MRPL was incorporated for Aromatics Project worth of Rs. 4852 crore. In 2007 MRPL entered contract with State Trading Corporation (STC), Mauritius for supplying petroleum products and 4 year product supply agreement with Shell India Marketing. MRPL and Shell Aviation in 2008 entered an agreement for a joint venture to market and supply aviation fuel. FINANCIAL PERFORMANCE Table 1 shows the financial performance of MRPL for last five years (i.e. from 2005- 06 to 2009- 10). Total income has increased consistently in first four years from Rs 2,50,443.20 million in 2005- 06 to Rs 3,84,303.90 million in 2008- 09. But it declined by 15.25 percent to Rs 3,25,670.80 million in 2009- 10. Profit before depreciation and tax (PBDT) also has followed the same trend as in the case of total income, which increased in first four years before it declined by 5.14 percent in 2009- 10. Net profit increased in first three years and declined in last two years. Net profit declined by 6.26 percent in 2008- 09 in comparison with 2007- 08 and by 6.72 percent in 2009- 10 in comparison with 2008- 09. Operating profit margin (OPM) and net profit margin (NPM) have increased over the years and company has sustained it in the last three years at a higher level compared to first two years. MRPL has also sustained the level of earnings per share (EPS) and cash earnings per share (CEPS ) albeit declining marginally since 2007- 08. Depreciation has increased consistently in all five years. Even reserves also has followed the same trend. It has increased by 29.2 percent in 2009- 10 in comparison with 2008- 09. RECENT QUARTERLY PERFORMANCE Recent quarterly performance is shown in EXHIBIT V. In case of MRPL, for 4th quarter of 2009-10 financial year reported net profit of 2,530.7 million, 58.3 percent decline from corresponding quarter of the previous year (6,076.2 million). Total income increased by 35 percent as against 50 percent increase in expenditure. Operating profit margin (OPM) was 5.75 percent as against 15.42 percent whereas net profit margin (NPM) was 2.85 percent as against 9.26 percent in the corresponding quarter of the previous year. Profit for 3rd quarter of 2009-10 financial year was at Rs. 2595.4 million compared to loss of Rs. 2854.1 million in the corresponding quarter of the previous year. Operating margin was 4.8 percent and operating profits of Rs 4486.2 million as against negative 4.7 percent operating margin and loss of 3511.7 million in the corresponding quarter of the previous year. Other income increased by 43 percent (Rs. 696.6 million) and interest cost fell by 20 percent. Company also registered a marginal rise in depreciation (3 percent). These factors led to profit before tax (PBT) of Rs 2838.3 million as against loss of 4348.6 million in the corresponding quarter of the previous year. The final outcome for the company was profit of Rs. 2595.4 million as against the loss of Rs. 2854.1 million in the corresponding quarter of the previous year. RELIANCE PETROLEUM LTD. (RPL) [2005] (MERGED): Reliance Petroleum Ltd. (RPL) was incorporated in October 2005 as a subsidiary of Reliance Industries Ltd. (RIL) in the special economic zone (SEZ) at Jamnagar. The main objective behind setting up of RPL was to take advantage of the emerging opportunities in the energy sector i.e. the rising demand in the west for high quality fuels that meet stern emission rules and expanding price gap between heavy and light crude oil. In 2006, RPL made initial public offering (IPO) of 1350 million equity shares with a face value of Rs. 10. Out of it 450 million shares were offered for retail investors with a price band of Rs 57 to Rs 62. Retail investors had the option of paying Rs 16 per share on application. Shares were oversubscribed close to 50 times and finally shares were offered at Rs. 60, Rs 2 below the upper price band. RIL subscribed to an additional 900 million equity shares at Rs. 62. RIL was holding around 80 percent of stake in RPL in the post IPO period which also included the 2700 million shares subscribed at Rs. 10 before the public issue. Analysts saw positives about investing in RPL IPO mainly from the point of view of Reliance groups experience in running large capacity businesses. But they also cautioned about possible delay in commissioning of the refinery by the set deadline of December 2008. Concern was also raised about the fact that opportunity spotted by RPL was known to other MNCs as well and it may be just a matter of time before others get in to the same business. They also cautioned about the possibility of merger of new entity with RIL as they were in similar business and given the history of Reliance group of merging the subsidiaries with itself. RPL was set up in the special economic zone in Jamnagar, Gujarat, adjacent to the existing RIL refinery. The refinery had the capacity to process 580,000 barrels per day, or 27 million tonnes per annum of crude oil. The expected capital cost of the refinery was Rs. 270000 million. Company made considerable progress in 2007-08 in implementing the refinery project. Directors report on March 2008 claimed that it completed around 90 percent of the implementation of the project. It was one of the largest and most efficient refineries in the world with good synergies. In December 2008 it started the refining activity and announced that it will attain the full capacity shortly. With the completion RPL refinery, Jamnagar became the largest refining complex with an aggregate refining capacity of 1.24 million barrels of oil per day in any single location in the world. RECENT QUARTERLY PERFORMANCE RPL reported the income of Rs 76390 million from operations for the quarter ended in June 2009 and net profit was at Rs. 1050 million. Gross refining margin was $5.4 per barrel. 4.04 million tonnes of crude oil was processed in the quarter which included 20 types of crude oils. Total export was at 2.5 million tonnes of refined products to 26 countries. Company was successful in commissioning all key processing units in that quarter. RPL reported income of 36780 million for the year ended March 2009 and profit stood at 2270 million. Operating profit margin was 6.2 percent. MERGER On February 27, 2009 it was announced that RIL and RPL will be merged. Board meeting of RPL and RIL on March 2nd 2009 finalized the modalities of merging RPL with RIL. Swap ratio was fixed at one RIL share for 16 RPL shares (1:16). Decision of merger did not come as a surprise for market participants given the track record of Reliance group in the last three decades. Reliance group is a combination of several companies which were floated for executing specific projects and subsequently merged with it. (For e.g. Reliance Petrochemicals Ltd., Reliance Polyethylene Ltd. and Reliance Polypropylene Ltd.). Market observers argued that the strategy of Reliance group was to start large capital intensive projects in the balance sheet of a new company and once project is operational, merging them with the RIL. Benefit for RIL is that it is protected from risk of project execution as well as its balance sheet will not be affected by equity or debt burden. Different views have been expressed by analysts. It was argued that there was no business synergy in the merger of RPL with RIL. At least in the first merger of RPL and RIL in 2002, RPL was supplying refinery by- products to RIL. But in second merger in 2009, there was no difference between the refineries of RIL and RPL except for the technological superiority of RPLs refinery. The main reason for setting up of separate company (i.e. RPL) was to reap the benefits of special economic zone since such benefits were not available for expansion plans of the existing companies (Srinivasan, R. 2009). PTI reported that, it is an action replay after seven years. Announcement time as well as negative market reaction following merger announcement were common factors in both the mergers. Merger announcement timing was criticized on the ground that it did not provide any arbitrage opportunity for traders. Merger decision was first announced on Friday (27th February, 2009) after the market close and swap ratio (1RIL: 16RPL) was fixed before the market open next Monday (2nd March, 2009). Swap ratio was same as the ratio of the closing price of the stocks on the announcement day. Traders were not able to adopt strategies according to their analysis of the companies and speculation on swap ratio. On March 3rd, 2009, Economic Times reported that swap ratio of 1 RIL: 16 RPL was positive for RPL share holders and disappointing to RIL share holders. It was expressed by 3.1 percent fall in the RIL price and 1.4 percent fall in RPL price following the merger announcement. On same day The Hindu reported that merger was attractive for both RPL and RIL share holders. Merger helps RIL to consolidate its position since it acquired a world class refinery with minimum project risk; on the other hand, it helps RPL by reducing volatility in earnings. FUTURE PROSPECTS IN REFINING SECTOR: India has achieved impressive growth in refining sector since independence. It started with 0.25 million tonnes per annum at Digboi oil refinery, only refinery of independent India. As on December 2009, there are 20 refineries (17 in public sector and 3 in the private sector) with capacity of 179.956 MMTPA. India is not only self sufficient in refining oil for domestic consumption but also exports the petroleum products. Demand for petroleum products are directly linked to the energy requirements of the country and India being second fastest growing country in the world, shows positive signs for the refining sector. Report of the Working Group on Petroleum and Natural Gas for the XI Plan (2007 2012) states that refinery sector in Asia is turning attractive due to no substantial capacity addition in Europe. With only marginal capacity addition in US and in Central Asia refineries being old require large investment. Only Middle East, China and India have seen significant growth in refining sector. As Asia in general being projected as the growth centre for coming decades provides an excellent opportunity for Asian countries in general and India in particular. The feasible way would be establishing refineries which meet the world fuel standards and accessing world markets by exporting the surplus products. Report also stated that the target of 10th Five Years Plan (2002-2007) has been adequately met. 11th plan (2007- 2012) has fixed the target of 91.99 MMTPA capacity addition, however it states that actual capacity addition depends on various factors like domestic demand, tariff, refining margin and export potential. Plan expects the refining capacity to be around 190 to 200 MMTPA with the scope of export of 45 to 55 MMTPA by 2012. 11th plan has also given projection for the 12th plan period as well. An approximate assessment puts the capacity addition of 67.24 MMTPA (43.30 MMTPA in public sector and 23.94 MMTPA in private sector) is expected. But it depends on the commercial viability of the projects as well as demand for petroleum products during the 11th plan period. THE STOCK MARKET PERSPECTIVE According to stock market analysts, the share price of a company usually provided a true reflection of the companys present and expected financial performance. The stock price usually reflected various risks associated with the company, which could be broadly categorized as systematic and unsystematic risks (Refer Exhibit V). An analysis of the stock price performance of MRPL and RPL would help investors analyze the quantum of returns offered to them and identify the extent of risks associated with these companies over a specified period of time. The quarterly share prices of MRPL and RPL from January 2005 to May 2010 are provided in Table III to help measure the risks and returns of these two companies.

How a School Administrator Becomes an Effective Leader

Great leadership is the key to success in any school. The best schools will have an effective school leader or group of leaders. Leadership not only sets the stage for long-term achievement, but it ensures that there will be sustainability long after theyre gone. In a school setting, a leader must be multifaceted as they deal with other administrators, teachers, support staff, students, and parents on a daily basis. This is not an easy job, but many administrators are experts at leading the various subgroups. They can effectively work with and support every person at the school. How does a school administrator become an effective school leader? There is not a single answer to this question but a blend of qualities and characteristics that yield an effective leader. An administrators actions over the course of time also help them to become a true school leader. Lead by Example A leader understands that others are continuously watching what they are doing and how they respond to certain situations. They arrive early and stay late. A leader remains calm in times where there may be chaos. A leader volunteers to help and assist in areas where they are needed. They carry themselves inside and outside of the school with professionalism and dignity. They do their best to make informed decisions that will benefit their school. They can admit when a mistake is made. Have a Shared Vision A leader has a continuous vision for improvement that guides how they operate. They are never satisfied and always believe they can do more. They are passionate about what they do. They are able to get those around them to buy into their vision and to become as enthusiastic about it as they are. A leader is not afraid to expand or to scale back their vision when appropriate. They actively seek input from those around them. A leader has both a short-term vision to meet immediate needs, and a long-term vision to meet future needs. Be Well Respected A leader understands that respect is something that is earned naturally over time. They do not force others around them to respect them. Instead, they earn others respect by giving respect. Leaders give others around them the opportunities to be their best. Highly respected leaders may not always be agreed with, but people almost always listen to them. Be a Problem Solver School administrators face unique situations every day. This ensures that the job is never boring. A leader is an efficient problem solver. They are able to find effective solutions that benefit all parties involved. They are not afraid to think outside the box. They understand that each situation is unique and that there is not a cookie-cutter approach to how to do things. A leader finds a way to make things happen when no one believes that it can be done. An Effective School Leader Is Selfless A leader puts others first. They make humble decisions that may not necessarily benefit themselves, but instead is the best decision for the majority. These decisions may instead make their job increasingly difficult. A leader sacrifices personal time to help where and when they are needed. They are not worried about how they look as long as it is benefiting their school or school community. Be an Exceptional Listener A leader has an open door policy. They do not dismiss anyone that feels that they need to talk to them. They listen to others fervently and wholeheartedly. They make them feel that they are important. They work with all parties to create a solution and keep them informed throughout the process. A leader understands that others around them have potentially brilliant ideas. They continuously solicit input and feedback from them. When someone else has a valuable idea, a leader gives them credit. Adapt to Change A leader understands that situations change and are not afraid to change with them. They quickly assess any situation and adapt appropriately. They are not afraid to change their approach when something is not working. They will make subtle adjustments or scrap a plan entirely and start from scratch. A leader uses the resources they have available and makes them work in any situation. Understand Individual Strengths and Weaknesses A leader understands that it is the individual parts in a machine that keeps the entire machine running. They know which of those parts are fine-tuned, which are in need of a little repair, and which could potentially need to be replaced. A leader knows each teacher’s individual strengths and weaknesses. They show them how to use their strengths to make an impact on and create personal development plans to improve their weaknesses. A leader also evaluates the entire faculty as a whole and provides professional development and training in areas where improvement is needed. Makes Those Around You Better A leader works hard to make every teacher better. They encourage them to grow continuously and improve. They challenge their teachers, create goals, and provide ongoing support for them. They schedule meaningful professional development and training for their staff. A leader creates an atmosphere where distractions are minimized. They encourage their teachers to be positive, fun, and spontaneous. Admit When You Make a Mistake A leader strives for perfection with the understanding that they are not perfect. They know that they are going to make mistakes. When they do make a mistake, they own up to that mistake. A leader works hard to rectify any issues that arise as a result of a mistake. The most important thing that a leader learns from their mistake is that is it should not be repeated. Hold Others Accountable A leader does not allow others to get away with mediocrity. They hold them accountable for their actions and reprimand them when necessary. Everyone including students have specific jobs to do at school. A leader will ensure that everyone understands what is expected of them while they are at school. They create specific policies that address each situation and enforce them when they are broken. An Effective School Leader Makes Difficult Decisions Leaders are always under the microscope. They are praised for their school’s successes and scrutinized for their failures. A leader will make difficult decisions that can lead to scrutiny. They understand that not every decision is the same and even cases with similarities may need to be handled differently. They evaluate each student discipline case individually and listen to all sides. A leader works hard to help a teacher improve, but when the teacher refuses to cooperate, they terminate them. They make hundreds of decisions each day. A leader evaluates each one thoroughly and makes the decision they believe will be the most beneficial for the entire school.

How Does Network Security Work - 2835 Words

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Leadership Analysis in the New Era

Question: Discuss about theLeadership Analysis in the New Era. Answer: Introduction Leadership is a concept and not a term and hence the perception may differ from thinker to thinker. But going by what is taught in the course, what I have understood is that, leadership is a trait of a person known as Leader. Where, Leader is any person who influences individuals and groups within an organization, helps them in the establishment of goals, and guides them toward achievement of those goals, thereby allowing them to be effective. So there are many facets that are linked with this analysis that is a leadership qualities comprises of influencing, group management, learner, people management and goal orientation. All these aspects are expected to be in place and ensured to be a good leadership traits. Leadership is an amalgamation of many other traits and not just a quality in itself. In all these aspects the achievement of the goal is the prime achievement and is expected to be in place(Sellwood, 2008). Learnings of Leadership for the Organization: I am from an organization where everyone is expected to lead and showcase an entrepreneurial approach towards the work. The Leadership Traits are a kind of a mandate that is needed to be put in place by a person in order to succeed. The concept of Goal Achievement and Influential characteristics is the main learning for me in person as far as requirements of my company goes(Maxwell, 2010). The Goal is something that I have to define for every new season in a new way, the concept of SMART Goals learned here is pretty fascinating and it gives a lot of weightage to the quality of the daily chores in the life of professional aggregation. The team management is another major skill that is learned for the organization by me in this course, they ensured that setting of goals and communication is one thing, if the management is poor, then the execution is also poor(Vojta, 2010). Implication on Future: Two major implications that I can foresee today, while assessing the learning from this course, they are as follows: Uncertainty Management: The uncertainty in the professional environment is a given thing that the dynamics will always be different. Coping up with these uncertainty is something that will be the differentiator between a good and a bad leader. The uncertainty management is some key analysis that how I should be differentiating the learned leadership style all the time and adjust as per the demand of the situation(Woodruff, 2012). Culture Management: Every company I have seen carries an inherent culture and these cultural pillars defines the philosophy of the companys assessment and management. As a leader it is a duty to ensure that the same culture is permeated in the entire organization and the working philosophy of the people remains in the defined direction only(Hoekstra, 2011). This is a core leadership lesson that is learned by me in this course and it will really help me in the upcoming professional days. Future Steps towards Learning: Practice the Ethics: Ethics is not just about being right, it is more to do with being righteous all the time. The utilitarian and deontological principles have to be merged together to form the best base for leadership as per the learnings gained form the course(Hayes, 2013). I feel that utilitarian process will ensure that I will think about the harmony of the most of the people, of course I cannot make everyone happy. But it is not to be forgotten that duty is to ensure that the organization is on the successful acclivity, hence the ethics of duty is equally important. This Ethical principle is a self-defined one and I believe if followed diligently, will never let me down in the professional environment(Kramar, 2014). The leader has to be cordial, but at the same time he has to be up for the work demand always and this principle will ensure that for me. Amalgamate Leadership Mentorship Management: I learnt that Leadership is just one side of attaining the leadership qualities, there are many other facets as well and basing an analogy for the business environment or organization that I am associated with, I can gauge that Leadership has to be mixed with Mentorship and Management. The mentorship angel comes in here, because till the time my people dont see me as a good guide there is no ways that he will listen to me and my demands. The management will hence automatically follow. Ones I am sure that people see me as a good mentor and a leader, they will follow my leadership style without much issues and they will be of an opinion that whatever direction I am taking the department to is the best for the company, people and the department overall(Edwards JC, 2002). There are seldom situations when there is a need to change the perspective and this amalgamation will open doorways for this development only. Developing the Self-Leadership Style: Situational Leadership: Situation is like a synonym of dynamism in the corporate world and I learned in this course that dynamic leadership style is the way forward for todays corporate world. The situation can demand a specific type of leadership in a new form all the time. This is to be understood well that seldom may an autocratic style be needed to set a new team and seldom has a leader to be complete laissez faire. All these are situations as per me and I duly acknowledge that understanding and setting up my behavior as per these situation will form a huge part of my development as a leader and whatever may come in between, I have to stick with a uniform code of leadership with all the followers, so that I am not in the podium for any discriminatory charges or allegation(Oracle, 2012). I believe leader must always be seen as an idol. Ethical Leadership: Ethics and leadership as per my experience are followed rarely by people in the top management. I personally want to change this taboo and want to establish an inspiration for the people that you can be both ethical and a motivational or transformational leader at the same time. It may not be an easy thing to achieve, but again the situational leadership development that I have set as a plan for myself along with the Ethical practice plan that I have designed, if these things are mixed well, they will form a pretty potent mixture. This may sounds like a confused scientist, but I will still love to furbish this point and develop it to a level, that forms a model to be admired and followed by all the followers in the company or organization(Goleman, 2012). The Ethical Leadership is still not accepted by many as a solution, but my learnings prompts me the other way and I am adamant to achieve that. People Management: I believe that people must idolize their leader and for that a leader must always be up to take care of their followers. People management is the skill that develops the people from the scratch and ensuring that their career plan is developed, managed and executed by a good leader in a managed and controlled manner(Notar, 2008). Then people will also like to stick with me for their career enhancement and this way I will always have a pool of people, who are there with me for long and I can rely on them. They are also happy with me since I always take care of their professional needs and upgrades. People management is important because I feel that at the end of the day Leaders would have followers and followers are real people. Their management is like managing my followers and that is the reason I am able to assess the importance of the people management. Keeping the Learning up to Date: There are some new theories, research papers, conferences, meetings and philosophies that researchers keep publishing based on their live research that is capable of capturing the essence of the changing times effectively. This I have seen is missing in mainly all the leaders and that is why their leadership becomes ineffective with the changing times. Leadership is a learning journey and I have to learner throughout the journey. That is why I want to be upbeat in that parse always and to be sure that whatever may be the case I will always bring in the best practice for the people that is recommended as the latest best practice by the philosophers and researchers(Folkman, 2014). The new released paper will tell me what the changing needs of the people are so that I may incubate them in the management style that I am following and ensuring that people always feel happy and secured with me. Development Opportunities: Learnings: Not just self-learning, here I am trying to focus on the learning of the followers that I am leading in the company. The people must also understand the criticality that a leader will bring for them. How being a good follower is an important things and how can a good leader ensure them for a good career and advancement in the professional life for sure(Gates, 2010). The management for me just dont stop with people or the company. I ties a knot of relation with both and that association will stay forever, if I am the part of the company or not for that time. For me leadership excellence is not a fluke or learned thing, it should eventually become a habit and that can only be managed by proper learning and that is exactly what is mentioned in the point by me. I will design the sessions for leadership, organization behavior and goal implementation so that people are well on course as me. Reading: Reading is something that I personally give a lot of weightage, since there is so much of research going around the area of leadership and new recommended styles of leadership that is able to map to the most of the youth generation of any particular era. I fully comply with the fact that the type of people I will be leading will never be of the same type always. In order to ensure that I am able to tap a match with all of them there is a need to be an extremely well read leader in the form of psychology, philosophy and anthropology. This will teach me the way a conduct should be with a particular type of people and how they expect me to behave under certain conditions more effectively and am still able to manage the issues in the most ethical manner(Jennifer Deal, 2010). These things are evolving hence learning and reading as per me in a mandate to be followed properly. People Management: People management always remains a core challenge and in case it is not followed in the due compliance will lead to a downfall of the leader, no matter how intelligent, well read and thoroughly principled the leader is. It is to be well understood here that the people management as understood by me is not to do things which people feel is right for them(Horton, 2011). It is more to do with realizing the people that what I am doing with them is the only right thing for them. This will only come if I am extremely good with people management, the entire career trajectory of the follower or the junior will be with me and for that I have to be a good visionary and manager to be able to see what is best of them and then come up with the best proposition for them(Blanchard, 2012). The people management is more of an art than a skill that can be learned or relearned. Conclusion: As the concluding remarks for this report, that only thing that I would like to mention is that the course has been very enriching and that gave me a very new dimensional analysis of what is the meaning of good leadership, how leadership is an amalgamation of so many different aspects and how it has to be evolved and managed. How reading and keeping my knowledge upbeat will help me to flourish as a good leader and why I will be lacking in effectiveness if I am not maintaining a due diligence check over my people management and support skills. References: Blanchard, K. (2012). 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