Appeal to the reader Essay

      In the poem Tennyson uses rhyme to add to the atmosphere and aid the performance. Rhyme improves the reader’s recital of the poem because rhyme adds to the poem’s rhythm and means the performer can predict the flow. They flow can be predicted because the rhyme pattern is regular which means it is the same in all the verses. If they know what is going to happen next it will improve the presentation and mean any embarrassing stumbles over words are avoided. Also rhyme keeps each line catchy and simple. The poem will flow better and could increase understanding because certain words are stressed and emphasised more than others. In the Lady of Shallot the rhyme scheme is A, A, A, A, B, C, C, C, B. Rhythm is used to keep the poem flowing and sometimes to support or boost understanding. It improves understanding because sometimes the feelings in a poem are portrayed by the way it is performed. For example if a poem is read slowly in a sad tone then the poem is likely to have a sad subject, like death or illness. The Lady of Shallot has many emotions but I think it should be read at a slow pace because it is quite complex and has quite a lot of miserable and gloomy parts. Also if you say a poem at a slower speed it creates more tension because the person listening wants to find out what is going to happen next and wants to find out more. The Lady of Shallot is a ballad so the structure is partly like a story and partly like a poem. It is in stanzas (verses), which are a property of a poem, which separates the text making it easier to process rather than having long pieces of text. The poem is separated into parts which are similar to chapters; they rise to a climax before they end. Each one develops the story further and separated the different subjects. For example, part 2 is about what she can see through her mirror, where as part 3 is about Sir Lancelot and the beginning of her escape. This could be confusing if it was one part because the action would be constant. However as it is in parts it makes more sense because the reader is almost encouraged to stop after each part and reflect of the work that they have just read. This gives the reader time to process what they have read and make sure they understand, before continuing. It may also be confusing because some parts may be similar and easy to mistake. Plus it keeps the reader interested. The Lady of Shallot has quite an individual style. It is like a story but yet it is a poem. It has chapter like sections that follow the journey of one woman. It was written in 1842 so it is quite old fashioned, not only the language, but also the general opinions of people of the time are portrayed in the poem. What I mean by this is because it was written in Victorian times; it reflects some of the common views from those times. For example some parts of it could be thought of as sexist. The points are The Lady of Shallot was expected to stay in the tower, which is similar to the expectation that a woman should stay at home.   She was expected to sew a web, similar to the expectation that women should be housewives. She was the one that died for a man, maybe a subtle way of showing that a man is better and more important that a woman. I think Tennyson uses poetic devices well in the poem, the Lady of Shallot. He uses them to imply many things and from analysing different quotes I have realised he uses many more subtle ones than first recognisable Targets: Use key vocabulary Try to explore how text informed by time and place.

Mid-Term Exam Remedial Law

Mid-Term Exam 1. Distinguish Cause of action from action SUGGESTED ANSWER: A CAUSE OF ACTION is an act or omission of one party in violation of the legal right or rights of the other (Maao Sugar Central vs. Barrios, 79 Phil. 606; Sec. 2 of new Rule 2), causing damage to another. An ACTION is an ordinary suit in a court of Justice by which one party prosecutes another for the enforcement or protection of a right, or the prevention or redress of a wrong. (Section 1 of former Rule 2). 2. What is the concept of remedial law? SUGGESTED ANSWER:The concept of Remedial Law lies at the very core of procedural due process, which means a law which hears before it condemns, which proceeds upon inquiry and renders judgment only after trial, and contemplates an opportunity to be heard before judgment is rendered (Albert v. University Publishing, G. R. No. L-19118, January 30, 1965). Remedial Law is that branch of law which prescribes the method of enforcing the rights or obtaining redress for thei r invasion (Bustos v. Lucero, G. R. No. L-2068, October 20, 1948; First Lepanto Ceramics, Inc. v. CA, G. R. No. 110571, March 10, 1994). 3.How shall the Rules of Court be construed? SUGGESTED ANSWER: The Rules of Court should be liberally construed in order to promote their objective of securing a just, speedy and inexpensive disposition of every action and proceeding. (Sec. 6, Rule 1 1997 Rules of Civil Procedure. ) ADDITIONAL ANSWER: However, strict observance of the rules is an imperative necessity when they are considered indispensable to the prevention of needless delays and to the orderly and speedy dispatch of Judicial business. (Alvero vs. Judge de la Rosa, 76 Phil. 428) 4. Distinguish between substantive law and remedial law.SUGGESTED ANSWER: SUBSTANTIVE LAW is that part of the law which creates, defines and regulates rights concerning life, liberty, or property, or the powers of agencies or instrumentalities for the administration of public affairs. This is distinguished f rom REMEDIAL LAW which prescribes the method of enforcing rights or obtaining redress for their invasion (Bustos v. Lucero, G. R. No. L-2068, October 20, 1948). 5. Distinguish jurisdiction from venue? SUGGESTED ANSWER: JURISDICTION treats of the power of the Court to decide a case on the merits, while VENUE refers to the place where the suit may be filed.In criminal actions, however, venue is jurisdictional. Jurisdiction is a matter of substantive law; venue, of procedural law. Jurisdiction may be not be conferred by consent through waiver upon a court, but venue may be waived, except in criminal cases (Nocum et al. v. Tan, G. R. No. 145022, September 23, 2005; Santos III v. Northwest Airlines, G. R. No. 101538, June 23, 1992). 6. Give the effects of the following: 1 Splitting a single cause of action: and 2 Non-joinder of a necessary party. SUGGESTED ANSWER: 1.The effect of splitting a single cause of action is found in the rule as follows: If two or more suits are instituted on th e basis of the same cause of action, the filing of one or a judgment on the merits in any one is available as a ground for the dismissal of the others. (Sec. 4 of Rule 2) 2. The effect of the non-joinder of a necessary party may be stated as follows: The court may order the inclusion of an omitted necessary party if jurisdiction over his person may be obtained. The failure to comply with the order for his inclusion without justifiable cause to a waiver of the claim against such party.The court may proceed with the action but the judgment rendered shall be without prejudice to the rights of each necessary party. (Sec. 9 of Rule 3) 7. Rolando filed a petition for declaration of the nullity of is marriage to Carmela because of the alleged psychological incapacity of the latter. After trial, the court rendered judgment dismissing the petition on the ground that Rolando failed to prove the psychological incapacity of his wife. The judgment having become final, Rolando filed another petit ion, this time on the ground that his marriage to Carmela had been celebrated without a license.Is the second action barred by the judgment in the first? Why? SUGGESTED ANSWER: No, the second action is not barred by the judgment in the first because they are different causes of action. The first is for annulment of marriage on the ground of psychological incapacity under Article 36 of the Family Code, while the second is for declaration of nullity of the marriage in view of the absence of a basic requirement, which is a marriage license. [Arts, 9 & 35(3),Family Code]. They are different causes of action because the evidence required to prove them are not the same. [Pagsisihan v. Court of Appeals, 95 SCRA 540 (1980) and other cases]. . The plaintiff sued the defendant in the RTC for damages allegedly caused by the latter’s encroachment on the plaintiff’s lot. In his answer, the defendant denied the plaintiff’s claim and alleged that it was the plaintiff who in fa ct had encroached on his (defendant’s) land. Accordingly, the defendant counterclaimed against the plaintiff for damages resulting from the alleged encroachment on his lot. The plaintiff filed an ex parte motion for extension of time to answer the defendant’s counterclaim, but the court denied the motion on the ground that it should have been set for hearing.On the defendant’s motion, therefore, the court declared the plaintiff in default on the counterclaim. Was the plaintiff validly declared in default? Why? SUGGESTED ANSWER: No, the plaintiff was not validly declared in default. A motion for extension of time to file an answer may be filed ex parte and need not be set for hearing. [Amante vs. Sunga, 64 SCRA 192 (1975)]. ALTERNATIVE ANSWER: The general rule is that a counterclaim must be answered within ten (10) days from service. (Rule 11, sec. 4). However, a counterclaim that raises issues which are deemed automatically joined by the allegations of the Compl aint need not be answered. Gojo v. Goyala, 35 SCRA 557 (1970)]. In this case, the defendant’s counterclaim is a compulsory counterclaim which arises out or is connected with the transaction and occurrence constituting the subject matter of the plaintiff’s claim. It raises the same issue of who encroached on whose land. Hence, there was no need to answer the counterclaim. 9. The plaintiff sued the defendant in the RTC to collect on a promissory note, the terms of which were stated in the complaint and a photocopy attached to the complaint as an annex.Before answering, the defendant filed a motion for an order directing the plaintiff to produce the original of the note so that the defendant could inspect it and verify his signature and the handwritten entries of the dates and amounts. 1 Should the judge grant the defendant’s motion for production and inspection of the original of the promissory note? Why? 2 Assuming that an order for production and inspection was issued but the plaintiff failed to comply with it, how should the defendant plead to the alleged execution of the note? SUGGESTED ANSWER: 1) Yes, because upon motion of any party showing good cause, the court in which the action is pending may order any party to produce and permit the inspection of designated documents. (Rule 27). The defendant has the right to inspect and verify the original of the promissory note so that he could intelligently prepare his answer. (2) The defendant is not required to deny under oath the genuineness and due execution of the promissory note, because of the non-compliance by the plaintiff with the order for production and inspection of the original thereof. (Rule 8, sec. 8). ALTERNATIVE ANSWER: 2) The defendant may file a motion to dismiss the complaint because of the refusal of the plaintiff to obey the order of the court for the production and inspection of the promissory note. [Rule 29 Sec. 3(c)]. 10. What is forum shopping? SUGGESTED ANSWER: Forum shopping is the act of a party which consists of filing multiple suits, simultaneously or successively, for the purpose of obtaining a favorable judgment (Leyson v. Office of the Ombudsman, G. R. No. 134990, April 27, 2000; Yulienco v. CA, G. R. No. 131692, June 10,1999; Chemphil Export & Import Corp. v. CA, G. R. Nos. 112438-39, December 12, 1995).

Mass communication

In a face-to-face communication, the source or the person who started talking to you expresses himself through the message in Aramaic. The encoding process involves his motor skills. These are his vocal mechanisms, the movement of his lip and tongue, his lungs, his vocal cords and the face muscles.   But what if the source had his vocal cords removed because of throat cancer? He may be able to encode his message verbally through artificial aid. But he may have difficulty doing so, nonverbally with the use of intonation, pitch and volume. That may cause the message to be encoded inappropriately or insufficiently. The channels through which you, as the receiver, receive his message are your five senses. The problem is you cannot understand the Aramaic language. Though there are channels through which people send information, there could be a possibility that it can’t be decoded. We cannot assure that you will be able to decode what the source sent, the same way he sent it.   This difference between your use of codes is an example of noise. (www.cultsock.ndirect.co.uk, 2003) An example of a distance communication is through the telephone. For instance, you have a job from a faraway place. But due to a lot of work and the other people waiting in line to use the pay phone, you only have a few minutes to call a friend, the receiver. You are the source here. You express your message through the mouthpiece of the telephone, â€Å"which transmits the signal through the telephone-wire channel†. The signal acquires static noise as it goes. This distorted signal is once again converted so it can be received at the destination or at the other end, to the receiver. Loss of information may occur, causing the message to be quite different from what you sent. The possible problem in distance communication, like in this example is, whether or not the telephone system will work properly. (Griffin,1997) In public communication, the source utilizes machines, which transmits public messages that sent to large audiences, who may be at different places at the same time. The channels are media like TV and movies. The audiences are the receivers. (University of South Florida, 2005) The Shannon-Weaver, though offering an efficient analysis, does not involve much consideration of the traces of the emotional and psychological drive of humans behind the messages they send. (Buddenhagen, 1994) Generally speaking, the model is helpful in understanding the interrelatedness of the elements in a communication process. Works Cited: Buddenhagen, E.   (1994). Communication. Retrieved August 31, 2006, from http://www.explorit.org/science/bytes/communication.html Griffin, E. (1997) Information Theory of Claude Shannon & Warren Weaver.[Electronic version] A First Look at Communication Theory.   Retrieved August 31, 2006, from http://www.afirstlook.com/archive/information.cfm?source=archther Communication: Mass, Interpersonal, and Machine-Assisted (2005). Retrieved August 31, 2006, from University of South Florida, College of arts and sciences Website: http://www.cas.usf.edu/lis/lis6260/lectures/shannon.htm The Shannon-Weaver Model. (2003). Retrieved August 31, 2006, from http://www.cultsock.ndirect.co.uk/MUHome/cshtml/introductory/sw.html               

Compare the representation of the Victorian woman in The French Essay

Compare the representation of the Victorian woman in The French Lieutenant's Woman and Dracula - Essay Example Social class structures were beginning to break down as common men were able to make fortunes in industry and landowners found it more and more difficult to keep the idyllic life they’d constructed alive. Women, too, were beginning to question their allotted place in society as more and more opportunities opened for them in the urban centers of the country, providing them with a means of supporting themselves and freeing themselves from the yoke of male domination. However, at the same time, these positions were not the equal rights positions of modern times, so it was often difficult to determine whether one wanted to sacrifice freedom for comfort or comfort for freedom. Rarely was it possible to attain both. All of these social and economical concerns can be found in the novels written during this time period. â€Å"The Victorian novel, with its emphasis on the realistic portrayal of social life, represented many Victorian issues in the stories of its characters† (Gre enblatt, 2005). Two of these novels, The French Lieutenant’s Woman by John Fowles and Dracula by Bram Stoker, portray similar tales of women, Sarah and Lucy, who deviate from the expected behavior as they compare to Ernestine and Mina, who have upheld the social norms, yet each finds drastically different conclusions partially as a result of the different perspectives offered by the authors, one having lived in the Victorian period itself and the other writing within a historical framework from a more modern world. In both novels, the reader is introduced to a similar figure in Victorian society, that of the unmarried, young, educated yet penniless woman who fits into no specific social class. Sarah Woodruff in The French Lieutenant’s Woman is quickly understood to be an ex-governess who has no independent income and depends upon others for her well-being while Mina Murray in

A critical review of the literature on the nursing management of type

A critical of the on the nursing management of type 2 adult diabetec patients - Literature review Example This research paper will aim to review the literature on the use of nursing interventions to improve compliance It is argued that for the better management of diabetes and for the eradication of non-compliance behaviour, effective nursing intervention can be resourceful. A literature review was therefore conducted on the compliance of patients with diabetes type 2 and the role of nursing interventions in improving compliance. The databases searched were CINAHL, British Nursing Index, ASSIA and The Cochrane Library. The results showed three main themes which have been discussed in the paper. The themes have been analyzed in the context of the research topic and implications for clinical practice have been highlighted. The studies are both qualitative as well as quantitative and have used several study designs such as randomized control trials, reviews, systematic literature review and correlational studies. The nursing-led interventions have not been studied taking a large sample and the study designs are at times not very reliable. This necessitates more researches to be done to reinforce the results of the previous studies. On a general note, the studies have suggested that nursing interventions aimed at providing more education, awareness and advice to the patients have positive effects on encouraging self-care and increasing compliance to control regimes. More researches need to be done on larger samples so that the results can be generalized to the entire population. The study helps to identify that implications for health care professionals from various departments exist; interprofessional team work from nurses, general practitioners, volunteers and social workers can collectively be focused on the better implementation of interventions and empowering diabetic patients. Keywords: â€Å"compliance†, â€Å"diabetes type 2†, â€Å"nursing interventions† 1. Introduction Diabetes is taken from the Greek verb diabainein, meaning to stand wit h the legs open as one does in urination. Diabetes is a fast-growing disease and is characteristic of polyruria. There are two main types of diabetes i.e. diabetes mellitus and diabetes insipidus. Diabetes mellitus is related to the hyperglycemia or intolerance to glucose in contrast to diabetes insipidus which occurs because of the lack of production of anti-diuretic hormone. Type 2 diabetes is a subclass of diabetes mellitus with typical symptoms of hyperglycemia due to insulin resistance and/or insulin deficiency (King & Brucker 2009). It is noted that obesity and diabetes type 2 have a strong correlation. According to Joslin and Kahn (2005) obesity worsens the insulin resistance and patients with diabetes type 2 develop an increased risk for a range of diseases such as macrovascular and microvascular problems. This paper aims to highlight nursing management practices with respect to the care of patients with type 2 diabetes. Nursing management entails the â€Å"use of personnel , supplies, equipment, clinical knowledge, and skills to give nursing care to clients within varying environments† (Roussel & Swansburg 2006). Nursing management brings together a number of principles such as planning, effective use of time, decision-making, formulation of goals, organization, leadership and working as knowledge workers. Type 2 diabetes is the most common form of diabetes and patients typically have a large store of abdominal fat (Plotnick & Henderson 1998). Diabetes is growing rapidly in the UK with more than 2.6 million people diagnosed with the condition in 2009. It was also documented that in 2009, there were a further 0.5 million people who had type 2 diabetes but were not aware of it (Diabetes UK 2009). There are several treatment options available to patients, of which weight reduction and administration of oral agents are proven to be effective. Aschenbrenner and Venable (2008) assert

Midland Bank Call Center Installation Essay Example | Topics and Well Written Essays - 1750 words

Midland Bank Call Center Installation - Essay Example Irrespective of the problems that are faced at site, the deadline needs to be maintained and the client was a prestigious one. Major part of the installation exercise was to make sure that all the nodes get connected appropriately and configure all the users in the unit with clear rights to work on their areas.I was the project leader. I lead a team of five engineers who were specifically allotted to install and execute the project. I managed the project, in addition to managing the issues with the people. I mobilized additional resources when needed and pruned unwanted manpower when not in need. When there was a shortage of technological manpower, I never hesitated to step in and get the work completed. Four of the five engineers could not join me, due to personal reasons, resulting in just one engineer at site with me to complete the entire 30 man days project in the ten man days. My immense experience in network technology helped me to complete the job, on my own along with the av ailable engineer.Server and client installation: The implementation of this project was planned for five days at an important client location. Server and client installation knowledge, including lining up with an existing network, create operating domains and allocating users to them for seamless operation, all require extensive technological and network management capabilities.

New York Project Essay Example | Topics and Well Written Essays - 750 words - 3

New York Project - Essay Example For the four shows that we intend to watch, we will spend a total of $428 with other meals and form of entertainment, since we intend to enjoy the nightlife of the city, amounting to $800. We estimate the cost of our flights to be about $800 with the total cost of our adventure being around $3,000. A visit to the theaters could not be complete without watching a play written by William Shakespeare, one of the greatest poet, playwright, and thespian of all time. Hence, we plan to watch a play written by Shakespeare titled Measure for Measure, which is a play directed by Noah Brody and Ben Steinfeld with the play showcasing at New 42nd Street Theatre - New Victory Theater. Described by Ben Brantley of the New York Times as â€Å"a study of what happens when stringent morality is brought to bear on a decadent society,† the show presents a Shakespearean theme of coupling opposites that make it interesting for individuals with an interest in Shakespeare plays. More important is the fact that a ticket for the show is between $14-38, which is easily affordable. We intend to watch this Shakespearean play on Saturday 8th March at 1PM. I first came across the musical After Midnight, when a friend told me that it featured one of my favorite winners of the reality show American Idol, Fantasia Borrino. This explains one of my rationales for the choice to watch the musical. Conceived by Jack Viertel, directed and choreographed by Warren Carlyle, the musical celebrates the legendary Cotton Club of Harlem with the shows appearing on Broadway at the Brooks Atkinson Theater. Tickets for the show range between $60 and $142 although there are premium tickets going for almost $200. Nonetheless, Charles Isherwood of the Ney York Times indicates that although â€Å"dancing is rarely showcased on Broadway these days, the abundance on view here is a particular treat.† These sentiments were shared by a fan called Akiinu whose review of the

International Perspectives on Managing Human Resources Essay

International Perspectives on Managing Human Resources - Essay Example A further discussion will include the assessment of the job opportunities concerning the hiring system. The Chinese Government focuses on the Small and medium enterprises as this constitutes to the country’s income and revenues. The enterprises range from local establishment to international exporting industries. As such, the government formulates rigid investment policies that target to safe guard the interest of the large labor force. The government of China manages to regulate the minimal wage expectation through defined employer memorandum signed before company establishment. As a follow-up to the understanding, existing government institutions monitor company performance with intent to access the payment systems. This precedes an annual review of the memorandum terms through bills and policies enacted through specific industrial sectors. The Chinese government focuses on the employee treatment rather than investment returns among different companies. As such, the employee welfare dominates a given industrial establishment (Warner, 211). China’s HRM operates on a scale of governmental enterprises and multinational firms. China also pioneered an open door structure in the year 1978, that later gave rise the operating labor laws enacted in the 1995. The historical development reformed the Chinese human resource economy through an establishment of management customs. As such, the Chinese government selects the preferred business managers. The labor agency determines responsibility allocation within the different industrial sectors. This structural performance enables the governmental institution to regulate wage allocations and individual performance standards. As such, the Chinese government is a central unit monitoring the human resource management with intent to support the Chinese progress (Warner, 189).

Toy Central-Accounting Issues Essay Example | Topics and Well Written Essays - 1000 words

Toy Central-Accounting Issues - Essay Example The researcher states that the presentation of financial statements should disclose transactions for related parties, accounting policies of the organization, and conflicts of interest between Troy Central Corporation and the transacting parties. The periodic financial statements need to be reviewed to ascertain adherence and enable the necessary revisions in the organization with respect to corporate requirements. Capitalized costs or licensing fees of Toy Central Corporation should be expensed when incurred considering the fact that assets are used up. Expenses are considered as money flowing out and liabilities are being incurred. The costs are incurred in the process of manufacturing toys, carrying out other company’s activities that involve the ongoing central operations and offering other related services. Amortization of costs over the life of a contract is appropriate, since Toy Central Corporation is an ongoing business. It is only acceptable for a period of not more than sixty months after the commencement of the business, the period of investigation of the probability for a new business that is being started. With regard to general business rules for expense deductions, it is not allowable to deduct the expenses of a new company, since expenses are assumed to be incurred prior the company’s birth. It is outlined that only expenses for a company that has been in operation for a long time can be deducted. It is however appropriate to amortize the capitalization costs of a new company if start up expenditure results in an operational entity and the equal installments deductions are started within first month of the business (Stickney, Weil, Schipper and Francis, 2009, p. 426-430) This process enables new companies to deduct the business investigating creation costs and the costs incurred in creating and starting up the business. It is important to note that the businesses can only deduct those costs that are deductible by business that exi sted and those that qualify for election. Expenses incurred in investigating business opportunities are deducted over the period of 60 months and are inclusive of expenses that relate to general and specific business situations like marketing, research, and development to determine the viability of the business opportunity. Other costs such as site identification and selection costs are included in amortizable costs. Amortizable costs of developing a new business may include costs such as advertising costs, consultancy fees, licensing fees and salaries. Costs that do not qualify for amortization include incorporation costs; start up costs for interests, experimental costs and property acquisition costs subject to depreciation (Carmichael and Graham, 2010, p.126). Delgo Movies accounting issues arise from Hollywood accounting, which is rather inconsistent with the generally accepted accounting principles. Delgo Movies use Hollywood accounting to budget and keep records of film produc tion financial gains. The issue of concern in Hollywood accounting is that expenditures of film production are often inflated to significantly reduce profits of the productions to decrease the burden of profit sharing agreements with respect

Final exam Essay Example | Topics and Well Written Essays - 2000 words - 4

Final exam - Essay Example On the subject of externality there is the aspect of Negative Externality and it involves both the consumer and the producer who collectively neglect the environment and what implications their activities have on the environment. It could also involve one of the two parties leaving the other out of consideration; for example when a producer releases a harmful product into the market and it results into the death of a consumer. This is one scenario that has been satisfied by the tobacco company. The health effects (lung cancer) of smoking to both the active and passive smokers cannot be over emphasized. The medical bills that the smoker incurs in the course of treatment is substantial and then there is the pain endured during ones illness and the ultimate price is the loss of life. Regardless of these hazardous effects, the cigarette industry continues to thrive over financial gains from the sale of its product. In the United States, the Food and Drug Administration (FDA) has controlled the tobacco company through the regulation of their products. It has done this by: restricting the advertising and promotion of tobacco products and this has worked to promote healthy living since the public is less aware of the existence of the product. It has banned all tobacco products which are flavored like fruits and candy and this has made them less attractive to minors and individuals with refined tastes. The companies are barred from purporting any reduced risk products and this has played the role of reducing the number of new smokers or prospective ones. It requires the companies to fully disclose the health effects of their product, the contents and any changes they might have made; with this knowledge in the public eye, the consumers are empowered with information. The disadvantage that comes with these legislations is that the sale of the product is still legal so long as the relevant companies abide by them. The

Viewing the Globe in 2006 and 2056 Essay Example | Topics and Well Written Essays - 500 words

Viewing the Globe in 2006 and 2056 - Essay Example Entertainment-wise, everything is done locally. There are scheduled local dances and events at particularly planned days. The greatest worry one possesses is the thought of growing too old and not being able to provide for my family. They all look upon me for assistance. Concepts of Globalization Globalization is defined as the process through which regional economies, societies and culture have become incorporated through a global network politically through communication. This is basically the transnational circulation of ideas and language. Globalised culture is basically the integration pattern of human knowledge, belief and behavior associated with globalization. Such a town is known as a globalised village (Marques, 2005). Differentiating between Americanization and Globalization, Americanization is the process through which different cultures around the world learn the American cultures and hence try to act like them introducing imperialism. Globalization does not introduce th e idea of imperialism but actually brings together different cultures through one network. Some of the selected cultural norms include fine arts and humanities. Different people tried to perfect their culture by practicing fine art. Developing the art means developing a philosophical soul and is considered as one of the highest possible ideal concepts of human development.

A Study on Impact of Fdi on Service Sector Essay Example for Free

A Study on Impact of Fdi on Service Sector Essay The study aims to analyze the growth dynamics of the FDI. It intends to see whether the growth in FDI has any significant impact on the service sector growth and also investigates whether a growth in this sector causes the GDP to grow, also analyzes the significance of the FDI Inflows in Indian service sector. The study also looks into the sub-sectoral dynamics and indicates towards the fact that the trade, hotels and restaurants, transport. storage and communications sub-sector contributes the most in the growth of Indian service sector. FDI to developing countries in the 1990s was the leading source of external financing. It is one of the most important component of national development strategies for most of the countries in the world and an important source of non-debt inflows for attaining competitive efficiency by creating a meaningful network of global interconnections. FDI provide opportunities to host countries to enhance their economic development and opens new opportunities to home countries to optimize their earnings by employing their ideal resources. India ranks fifteenth in the services output and it provides employment to around 23% of the total workforce in the country. The various sectors under the Services Sector in India are construction, trade, hotels, transport, restaurant, communication and storage, social and personal services, community, insurance, financing, business services, and real estate. Meaning: FDI stands for Foreign Direct Investment, a component of a countrys national financial accounts. Foreign direct investment is investment of foreign assets into domestic structures, equipment, and organizations. It does not include foreign investment into the stock markets. Foreign direct investment is thought to be more useful to a country than investments in the equity of its companies because equity investments are potentially hot money which can leave at the first sign of trouble, whereas FDI is durable and generally useful whether things go well or badly. Classifications of Foreign Direct Investment FDI is classified depending on the direction of flow of money. * Outward FDI:Any investment made by a country in other countries will account for outward FDI. Where as, all the FDIs invested by other countries in that country is called inward FDI. Outward FDI, also referred to as direct investment abroad, is backed by the government against all associated risk. * Inward FDI : Inward FDI occurs when foreign capital is invested in local resources. The factors propelling the growth of inward FDI include tax breaks, low interest rates and grants. FDI is classified depending on how the subsidiary company works in par with the parent investors. * Vertical: Vertical FDIs happen when a corporation owns some share of the foreign enterprise. The local enterprise could either be supplying the input or selling finished goods to the parent corporation. The subsidiary here helps the parent company to grow more. * Horizontal: When the MNCs kick off similar business operations in different countries it becomes horizontal Foreign Direct Investment. It is actually a cloning that is happening here. Both the countries enjoy the same share of growth. FDI IN INDIA After getting independence in 1947, the government of India envisioned a socialist approach based on the USSR system to developing the country’s economy. The last decade of the 20th century witnessed a drastic increase in foreign direct investment (FDI), accompanied by a marked change in the attitude of most developing countries towards inward investment. FDI flows have grown in importance relative to other forms of international capital flows, and the resulting production has increased as a share of world output.. FDI in India has in a lot of ways enabled India to achieve a certain degree of financial stability, growth and development during recession. This money has allowed India to focus on the areas that may have needed economic attention and address various problems that continue to challenge the country. The factors that attracted investment in India are stable economic policies, availability of cheap and quality human resources, and opportunities of new unexplored markets. Mostly FDI are flowing in service sector and manufacturing sector recorded very low investments. The investments in service sector enhanced the benefit of flow of funds to the home country. Presently India is contributing about 17% of world total population but the share of GDP to world GDP is 2%. India has been ranked at the second place in global foreign direct investments in 2010 and will continue to remain among the top five attractive destinations for international investors during 2010-12 period, according to United Nations Conference on Trade and Development (UNCTAD) in a report on world investment prospects titled, World Investment Prospects Survey 2009-2012. According to the fact sheet on foreign direct investment dated October 2010. Mauritius is the highest FDI investment in equity inflows with 42% of the total inflow followed by Singapore, USA, UK and Netherlands with 9%, 7%, 5% and 4% respectively. Service sector is the highest FDI attracting inflows with 21% of the total inflows, followed by computer software and hardware, telecommunication and housing and real estate with 9%, 8%, 7% and 7% inflows respectively. A report released in February 2010 by Leeds University Business School, commissioned by UK Trade ;amp; Investment (UKTI), ranks India among the top three countries where British companies can do better business during 2012-14. According to Ernst and Youngs 2010 European Attractiveness Survey, India is ranked as the fourth most attractive foreign direct investment destination in 2010.

Analysis of Child Feeding and Care Practices in Certain Area

Analysis of Child Feeding and Care Practices in Certain Area INFANT AND YOUNG CHILD FEEDING AND CARE PRACTICES OF CAREGIVERS IN THE PROVINCE OF ALBAY, PHILIPPINES Joyce Louise Cruz Ignacio, RND Registered Nutritionist-Dietitian Summary of the present status of the study Description of the status of the research work The study has two basic objectives: 1) To assess the caregivers’ current Infant and Young Child Feeding (IYCF) and care practices; and 2) To assess the nutritional status of the 0-24 month-old children in the province of Albay. As stated in the proposal, the study is composed of two phases. phase executed the process to meet the first objective of the study, whereas the second phase involved a carefully-designed capacity-building program for the community health and nutrition workers. The survey component of Phase 1 was conducted in the province of Albay from March 2014 to June 2014. It covered six of Albay’s municipalities Daraga, Camalig, Guinobatan, Oas, Libon, Malilipot, and Tiwi and three of its component cities Legazpi, Ligao and Tabaco – altogether creating a scope of 24 different barangays. 280 caregivers, all of whom were randomly selected via systematic sampling, participated in a two-day survey that used a pretested questionnaire to obtain the household and caregivers’ socio-economic and demographic information. That information included age, educational attainment, occupation, household income, household size and their hygiene and sanitation practices. Also recorded about infants and young children were their participation in health and nutrition programs, their access to health and medical services (e.g. immunization, deworming, micronutrient supplementation), their two non-consecutive 24-hour food recalls, the frequency and duration of their breastfeeding sessions, and their anthropometric measurements that were taken using a calibrated salter weighing scale and head board. Furthermore, six (6) Focus Group Discussions (FGDs), three for disaster-prone areas and three for non-disaster-prone areas in Albay, were conducted using a structured set of questions as a guide. Topics included in the FGDs were generally focused on the IYCF and care practices and their coping mechanisms during emergencies. Phase 1 of the study, now in its final component, is undergoing analysis of the following variables: socio-economic and demographic characteristics of the households and caregivers, hygiene and sanitation practices, participation in health and nutrition programs, access to health services, and dietary intake of children. It also evaluated their relationship with each other, and their impact on both existing IYCF and care practices and the nutritional status of 0-24 month-old children in the community. Respondents who either failed to complete the two-day data collection or have incomplete data and/or answers to the questionnaires administered will be excluded from the analysis of the study. The results of Phase 1 will serve as the empirical basis for the planning and implementation of Phase 2. Phase 2, the capacity-building component of the project, will render substantial inputs for the local government of Albay. This will not only aid in their development of appropriate programs, b ut also, through the advocacy of proper IYCF and care practices of caregivers, facilitate interventions on malnutrition in young children. The National Nutrition Council in the Bicol region (NNC-Bicol) and the local government of Albay have expressed great support and enthusiasm in the study. During the development of the study, they provided substantial insights and suggestions, all of which were incorporated in the final design of the study. They also helped in the planning and implementation of the data collection in the field. They directed me in the proper channels which made the facilitation of the data collection more effective and efficient. NNC-Bicol and the local government of Albay are continuously providing all the necessary assistance that will help in better understanding and analyzing gathered data. They have also been very committed all throughout the project and worked closely with me during the capacity building phase of my study. As originally proposed, the capacity building component of this study will supplement the existing guidelines and recommendations of the local government in Albay. Based on the initial communication with the regional and provincial nutrition office, there were several training sessions for the community health and nutrition workers, all of which focused on IYCF. However, there is a high turnover rate of community health and nutrition workers which can be attributed to several factors: 1) Community health and nutrition workers serve as volunteers so they spend a lot of their time with the community; 2) They have no salaries since the source of funds is unsustainable, and the idea of it destroys the spirit of volunteerism; and 3) Community health and nutrition workers, though mandated by law to be non-partisan, tend to be affiliated to specific political parties, which is why their posts may be filled by other volunteers when there are changes in political leadership in the community. Yet despite their selflessness in service, they are often taken for granted and underappreciated which lead them to leave their posts. High turnover rates of community health and nutrition workers often lead to the disruption of the co-worker’s relationships with the community and each other. When these workers leave their posts, the opportunity to build on their experience and further develop their skills through refresher training is lost. Due to these circumstances, the recommended course of action is to have a consultative meeting with the key persons in Albay in order to address the problem in sustaining said workers. However, realigning the concept and purpose of community health and nutrition workers is necessary before conducting any form of training. A strategic and concrete plan of action is also needed to answer questions hindering the sustainability of community health and nutrition workers. These may include about the most efficient way to monitor these workers, how turnover rates can successfully be reduced, and what incentive system should be used to ensure that community health and nutrition workers are properly motivated. Furthermore, training and retraining are recommended for the health and nutrition workers of the barangays covered in Phase 1. Continuous training has been known to be an essential prerequisite in effective community health and nutrition work, and is an important factor in retaining the motivation of workers. This latter part is crucial, especially in light of the short training periods available and the low levels of education of most workers. Retraining allows them to learn and develop new skills, take on new challenges, and interact with peers, keeping the job interesting as well as promoting personal development. Upon completion of Phase 1, strengths and weaknesses of the current IYCF will be identified, and incorporating findings of the study in the capacity building component can further strengthen the technical capacity of health and nutrition workers in the community. Firsthand knowledge and experience on the field will make them more equipped in planning, service delivery, and monitoring of existing IYCF programs. Publications No publication has been published based from this research study. Upon the completion of the project, I intend to submit a scientific journal article to publishers with international reputation for greater reach. Summary of the expenses during the report period Summary of the financial statement from the Administrative Offices of the University / Institution Enclosed in this first intermediary report is the Financial Statement as of August 22, 2014 from the University of the Philippines Los Banos Foundation, Inc. (UPLBFI, Inc.), which is certified corrected by the Accounting Supervisor Ms. Marilou C. Atanante and signed by Dr. Cecilio R. Arboleda, Director of UPLBFI, Inc. Gross salaries Breakdown of positions and salaries for the report period Breakdown of major equipment for the report period Breakdown of operating expenses during the report period 4.6 Breakdown of travel expenses for the report period Cont. 4.6 Breakdown of travel expenses for the report period Summary of budget for the report period (In the preferred currency and US $ for the total) GRAND TOTAL: PhP 425,658.19 / US $ 10,134.71 Intermediary to the Nestlà © Foundationpage 1

Flirting And Its Importance To Interpersonal Relationshios English Language Essay

Flirting And Its Importance To Interpersonal Relationshios English Language Essay Interpersonal relationships are an essential part of society and have been ever since the beginning of civilization. In a hostile world, our ancestors formed relationships to guarantee the survival, and as a result passed on the need for camaraderie as a vital part of our physical and emotional structure. One way humans express the need for camaraderie is through flirting. What is flirting? I decided to ask a few college students their definition of flirting. Some of the responses from women include: Expressing interest or attraction to someone in the form of flattery, teasing, or body language., Using natural charm to attract attention from another. A playful way of showing interest., Trying to let someone know that you like them without outright saying it., I think if a guy is talking to you a lot, compliments you a lot, and tries to make himself look good, hes flirting, I would define flirting as a technique used to either show attraction or to make someone more attracted to you.. Here are some of the responses from men: Talking and joking to get to know the other person and subtly commenting on the other persons attractiveness in hopes that the other person will like you either start some kind of relationship or just have fun for a night., Flirting is when someone actively attempts to demonstrate an interest in someone else. It is often misinterpreted and used in order to get things., I would say playfully talking to the other sex trying to attract them to yourself. Reading through the responses you notice common themes about what flirting is and its purpose. To summarize, flirting is letting someone know you are attracted to them (in a sexual matter) by expressing interest through a variety of ways. Looking at the responses, you notice that both genders use flirting with the goal of having the opposite gender feel an attraction towards them. The main focus of this is work is to understand how gender affects the way in which a person expresses and responds to flirting. Literary Review Do a quick Google search on flirting and you will find numerous tips and techniques on how to flirt. A popular mens website, Askmen.com, commonly provides information regarding flirting and how a man is supposed to behave in order to become a success flirt. David Deangelo is a popular correspondent on the website. In article titled, How to flirt with a woman and more ¸ Deangelo responds to a letter from a man who has had some success using the techniques David advocates but still gets a cold shoulder from many women. The man enjoys going to see live bands and this kind of scene is where he frequently attempts to flirt and pick up women. He tells David about a common interaction his has with women at a bar. It goes as follows; man: This band really sucks. woman: Hey, I like this band. man: Oh, Im sorry not for saying that, but because you like this band. The writer is using a technique David is a big proponent of called cocky and funny. Cocky and funny (CF) is a phrased coined by D avid Deangelo and is defined as a mindset or frame a man uses to try to gain attraction from a woman. The idea is for the individual using the method is to act cocky, but yet in a funny way in to increase attraction. In the article, David tells the man that he is doing an ok job with the CF method, but can amplify attraction and stop rejection by following his advice. Deangelo says that saying this band sucks to a total stranger is not funny and can be kind of creepy. He suggests that the man tries this approach instead; man says: Hey, do you like this band?, woman says: Yeah., man says Doesnt surprise me. What, are you the guitar players sister? (askmen) Basically, David is teaching guys what he believes is the best way to flirt and to attract women. He contributes to the socializing of guys by teaching to behave a certain way as it relates to flirting with women. Socialization is the process through individual take on gendered qualities and characteristics and acquire a sense of s elf. (textbook) Cosmopolitan is a popular womens website and magazine. Numerous articles give wisdom and advice to women across world about issues including, relationships and sex, health, careers, self-improvement, celebrities, as well as fashion and beauty. Cosmo also teaches women how to flirt and be successful with any man out there. An article on the website reveals five tips about flirting for all ladies out there. The first tip listed is to put out the vibe, which means for women to show a man she is interested by giving him a sign. According to the article a sign can things like making eye contact and flashing the guy a go ahead, make your move smile. The second tip is to challenge him, which means to be competitive (in a playful way) with man you are going for. Men enjoy being competitive and find it attractive when a girl can be just as competitive. The articles third tip for flirting is to be sort of there for him. Being sort of there for him means not giving him all your time. The articl e says that guys love the thrill of chasing what they think that cant have and argues that its best to treat the amount of time you give your crush like cell phone minutes: use in moderation at first and hell want more (cosmo). The fourth tip is to duck, duck, goose him! This tip says its a good idea to be childish with your crush, punch him and his inner child will be forced to respond. The finally tip is places to meet guys. The places include concerts, gas stations, volunteering, amusement parks, and waiting lines. As with men, women use websites like cosmo as a means of socialization. The previous two paragraphs give a pop culture perspective on flirting. Based on the pop culture view on flirting there are similarities between genders on how a person flirts. However, there are still yet differences as well. One similarity is that men and women alike use flirting to portray a more playful, fun, and attractive self to the person they are interested in. A difference is that men are socialized to take a more active role in initiating flirting. Men are taught to approach women and start the conversation. Women are socialized to use more none verbal cues to initiate flirting, as illustrated in the Cosmo article were the author tells women to flash him a go ahead, make your move smile smile. Over the past 30 years attraction and interpersonal relationships has been studied numerous. A publication by Antonia Abbey in 1982 brought awareness to the idea that men generally interpret the world in more sexual terms then women. Men are more likely to misperceive a womens friendliness while flirting as the women being interested sexually. This can lead to potentially catastrophic consequences. Abbeys researched looked at the role of several nonverbal cues in the perceptions about flirting including: distance, eye contact, touch, and clothing. Most of the research confirmed that men were more likely to perceive an interaction with women in more sexual terms. In 1988, Shotland and Craig looked at whether men and women could distinguish between friendly versus sexual behavior, as well as whether men were more likely to attribute sexual intent then females. Flirting can be defined as both friendly and sexual behavior. The research is relevant to understanding how gender affects the way a person flirts. The pair found that, not only could men and women differentiate between the two types of behaviors, but in addition corresponded with the Abbeys research regarding male perceptions of sexual intent. Pamela Kalbfleisch states beliefs about flirting represent key aspects of an individuals mental model concerning male and female relations and sexual encounters. Little research has been done on the topic on flirting, however Kalbfeisch believes there are three commonly held cultural beliefs about flirting. The first belief is flirting as a common fun. This is the type of flirting that is overwhelmingly represented throughout pop culture. The second belief is flirting as reflecting uncontrollable sexual urges. Kalbfleisch states that this is the kind of flirting that is reflected in pornography. The final belief is flirting as invitation. Kalbfleisch statest that this type is reflected in sexists beliefs that men should be the gender who takes action when they believe women are flirting with them. In addition, this includes the belief that women simply want men to sweep them off their feet, and so on. According to Kalbfleish, friendly (normal behavior interactions), flirtatious, and seductive behaviors are closely associated with nonverbal behavioral cues (body language). The nonverbal cues are kinesics (movement), haptics (touch), proxemics (distance), oculesics (eye movement), and vocalic (voice). Kinesics includes the study of the body movements such as smiling and body postures and are gestures seen as indicators of flirtatious behaviors, as well as friendly and seductive behaviors. Medium to large amounts of smiling is associated with flirtatious behaviors. In addition, flirting behavior is described by the use of childlike expressions, like open mouth pouting and head tilting. Haptics includes the study of the use of touch as a means of communication, particularly by indicating the nature of the relationship. According to Kalbfleish, moderates amount of touch indicates a flirtatious interaction. To compare, friendly behaviors have little to no touch and behaviors like touching the hand or leg represents seductive behavior. Proxemics includes the study of amount of personal distance between individuals and also varies depending on the kind of interaction. Generally, people who lean toward each other and are at a similar body angle are seen as being more seductive than those people who lean away from one another. Flirtatious behavior is described as individuals crossing their legs toward each other and having more face to face contact. Oculesics includes the study of the amount and type of eye contact and movements a person displays during an interaction with someone. Flirtatious behavior is characterized as using moderate degrees of eye contact. In addition, flirtatious behaviors include shy looks downward. Vocalics includes the study of the use of voice as being one the biggest indicators of the kind of interaction. Flirtatious behaviors use animated speech (Muehlenhard et al., 1986), as well as moderate amounts of laughter (Coker and Burgoon, 1987; Perper and Weis, 1987), reduced silences and increased warmth and interest (Coker and Burgoon, 1987). The research on nonverbal behavior cues stated above is important to understanding how gender affects the way a person expresses and responds to flirting. Because men and women interpret interactions with one another differently, body language will help me determine the type of interaction that is taking place during my observations.

Japanese literature :: essays research papers

Vernon McCalla Japanese Literature Question #2  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  2. Individualism has been seen as a characteristic feature of the modern world. How do we see the issue of individualism being dealt with in the works we have read? Discuss examples of individualism in both modern and pre-modern texts.   Ã‚  Ã‚  Ã‚  Ã‚  In the works we have read, the characteristic of individualism has played a strong role in the lives and decisions of three characters in particular. The characters Basho, Chockichi, and Okada all display similar acts of individualism in their own stories as they depart not only from their homes but also the traditions that have helped shape their lives for many years. These characters leave behind the familial and societal values that were vastly present in Japanese tradition. With their decisions to be individuals, they obtain new attitudes and standards that relate to, money, education and security. The new values attitudes are what brought Japan into a modern way of thinking and left old values and traditions behind.   Ã‚  Ã‚  Ã‚  Ã‚  Individualism is the belief in the primary importance of the individual and the virtues of self reliance and personal dependence. Basho shows his independence by leaving his home front and traveling north. He does this in order to see new places, visit sites of earlier poets, and to spread his views. For Basho traveling is a way of life, and because he travels alone one could say that Basho is very much an independent individual. Throughout Basho’s Narrow Road it seems as if there is a lack of people he encounters on such a long journey. The reader does not know if this is because Basho chooses to leave out the people he meets from his story or because he truly does not encounter many. In any way, the lack of people in the story puts the spotlight solely on the main character, Basho. With this, Basho rejoices in his individualism by going against traditional Japanese values and the unknown. Basho can be described as a pre-modern individual. His journeys are not for money or to enhance his social status; they are for his own personal benefit in order to see more of Japan and to become inspired by nature and its beautiful surroundings. Traveling for Basho is his life, unlike many traditions of Japan where supporting a family and working are a way of life, he chooses a different path. By this Basho chooses a life that is centered around himself and based on personal dependence and happiness.

Software Patent/Copyright Issues in Peru :: Technology Computers Essays

Software Patent/Copyright Issues in Peru Software Patent/Copyright issues are a global concern. Information Technology developments in the last ten years have brought innovation in both Software and Hardware. The rise of the Internet and its users around the world is stretching the frontiers. But these advances in Information Technology came with the easy way to copy software illegally. My research will be focused on the laws that protect the intellectual property in Peru and their effect globally. I will analyze the issue from an ethical perspective in how these laws are right or wrong and my personal opinion for a solution of the problem from different approaches. Peru and the Globalization I left my country five years ago. When I came here I got my first computer. I didn’t buy one in Peru because I was scared that someone could steal it from my house. My cousin’s PC was stolen twice (each time a new PC) from her house. By 1992, after terrorism, the delinquency increased considerable in Lima, capital of Peru. A third world country faces different kinds of problems, but the top one is economical. The resources are limited and one of the most important tools for a country as for a private company is its investment in Research and Development to grow. Software Patent/Copyright laws in Peru INDECOPI Peru has a government institute, the National Institute for the Defense of Competition and the Protection of Intellectual Property (INDECOPI). The following laws are exclusive for software: Jurisprudence / Features Features upon the use of computer programs (software) 1.It is allowed to use software brought from another country with the corresponding license, but cannot be commercialized without the authorization of the holder of the right of author. The allowed user has the right to install the program on the hard disk for its effective use. Every reproduction or utilization of software without having the corresponding license granted by the holder of the right of author or his representative is considered illicit and passive for sanction administrative and/or judicial. The computers that sell itself with the software incorporated have to be delivered with the manual, respective licenses of use and backups containing the program. The software cannot be utilized in a greater number of computers that the authorized in the respective license. In the case of networks it is required to count the licenses for all the machines that utilize the software. It is illicit to rent software without the authorization of the holder of the right of author.

Conflict Is A Destructive Force In Our Lives Essay

In our lives conflict plays a huge force in our everyday activities, social events, interaction with our friends and family. But what is the real explanation of conflict? A struggle or destructive force. This description of conflict only touches the surface of what conflict really means. People encounter conflicts almost on a daily basis, whether it is self-brought upon conflict, conflict with what religion, age, gender you are. Who your family and friends are and how they contribute to your life and how their decisions impact you and the others around you. Conflict is an unavoidable thing that we will all face and have already faced conflict in one form or another throughout our lives. How we deal with conflict determines whether it destroys us or not. Conflict, as a force can either crush or build people’s strength people depending on how they deal with it and the repercussions they have to go through post-conflict. It is known to bring trauma and devastation but has also ha s the ability to bring people together and settle the differences between one another. Conflict in any form can prove to be rather hurtful and brutal, either for the individual or towards multiple groups. Conflict is a destructive force as it generates separation as a result of different ideas and opinions between different people or groups. When individuals or groups of people have social orders placed upon them, there is an inclination of trust and the idea of togetherness to be damaged. We live in a world of social structure and laws that are enforced to keep society under control. This is because the majority of conflicts that occur are destructive but they try to remain constructive. In the movie ‘A Separation’ we see many examples of conflict being encountered. The film captures the reality of city life in modern-day Iran, where a woman Razieh’s decision to take up a job that she couldn’t handle entirely set a motion of events that end in the death of her unborn child.. As the adults involved turn to legal remedies and the accusations and counter-accusations build up, the conflict becomes Termeh, the eleven year old daughter of Nader and Simin. The conflict occurred and encountered with Termeh sees her becoming more mature than what her age is due to her being  increasingly burdened by her parents’ unhappiness and the wider flaws she sees in the world that she lives in. The conflict in her life becomes a destructive force as she has to watch on as her father breaks down day by day as he can no longer deal with his own conflict that he has to deal with, which results in him being arrested and leaves Termeh in a struggle as to how she is even going to live as her mother has walked out on her for just a while. The film shows multiple variations of how conflict can be so damaging to one’s life and their being. Even though Nader’s father has no will to be even able to speak you can see his condition deteriorating as he watches the world go by him and has to see his son break down as he can no longer deal with the struggle he is put through day after day. However, the burden that Nader’s father puts on Nader impeccably shows his incapability to be able to let go of his father’s inability to live. For Nader, it is all about protecting and caring for his father who once did the same for him. He encounters conflict for the first time in the film right at the beginning when he is faced in court with the decision to leave his father and go with his wife and daughter to move out of the country. Nader is in the position where he would like to go for a better life but he simply cannot leave his father which causes his then wife Simin to get boiled over as she is beyond belief as to how Nader could not want a better life for his daughter and wife. This sets the scene for the whole film as the destructiveness continues to show from this point onwards. Conflict shows as it can be a power in our lives which can be uncontrollable in that of it can tear someone down bit by bit.

How Does Wilfred Owen Provoke Sympathy for His Protagonist in ‘Disabled Essay

Owen provokes sympathy for his main character throughout the book and in every stanza. In the opening stanza Owen connects the reader with the main character, by making the reader feel sorry for him. The boy feels as though he is ‘waiting for dark,’ this makes the reader feel pity on the boy, as he knows he is waiting to die. By connecting the reader with the protagonist they feel more sympathy for him and they feel upset when he feels lonely and isolated. ‘ Voices of play and pleasure,’ tells the reader that the boys in the park are happy and the boy in the wheeled chair probably used to be like that, but now he is in a wheeled chair he will never be able to get his youth back. This makes the reader feel sympathy as the main character will never be able to be a child again and experience his youth. Owen shows the reader that ‘sleep had mothered them from him,’ he said this to show the reader that he is some sort of monster and children need to be saved from him. This provokes sympathy in the protagonist because he is unable to be seen normally by people now he is in a wheeled chair. In the second stanza sympathy is created in a different way to the first, in the second stanza, Owen tells the reader about what the boy in the wheeled chair misses. The boy misses girls, he think he will never feel love or intimacy again, ‘never feel again how slim girls’ waists are,’ Owen uses never as a hyperbole to exaggerate the boys sadness about never being able to be with a girl. The boy feels all the ‘girls glanced lovelier,’ as he can’t have any of the girls anymore he feels as though they are all beautiful and he wants to be with all of them. ‘All of them touch him like some queer disease,’ Owen uses â€Å"all of them,† a hyperbole, is used to show that the soldier feels alienated from everyone, specifically women, who his disability repels. This makes the reader feel sorry for him because he will never be treated normally and people don’t really want to touch him especially girls, as they are the ones he m isses the most. The third stanza creates sympathy by using mainly the boy’s youth and innocence. Owen does this so the reader feels connected with the boy; people feel more sympathy for someone who lives a short life than for someone who dies living a full life. Owen says that last year he was ‘younger than his youth,’ but ‘now he is old,’ this shows sympathy for the boy as he lost his youth and life in one year. The reader feels sorry for the boy also as ‘he’s lost his colour very far from here,’ the lack of detail about his location shows the reader that the boy may not have known where he was. ‘Poured it down shell-holes till the veins ran dry,’ Owen uses this metaphor to convey the boy pouring his life a way and he uses imagery so the reader can picture in their heads what he must have gone through and feel pity towards him. When Owen says that ‘one time he liked a blood smear down his leg,’ and he was ‘carried shoulder high,’ the boy used to like being a hero and impressing people such as his teammates and girls. This makes the reader feel sorry for the boy as no-one thinks he is a hero anymore and that was probably the reason he joined, to become a hero. Owen says that the boy had ‘drunk a peg,’ and ‘thought he’d better join,’ which provokes sympathy by showing the reader he only joined due to of peer pressure and he probably felt if he hadn’t joined he would be letting the football team down. Owen provokes sympathy in the fourth stanza by portraying to the reader that it was not the protagonist’s fault that he has the injuries. Owen firstly blames women for it, he says the boy joined the army ‘to please his Meg,’ Owen uses Meg to be symbolic of all women as Meg was a common name in those times. The fact that he joined for a girl makes the reader feel sorry fort the boy because he did not know what he was getting into and he was just trying to be a hero to impress girls, but by the end girls didn’t even notice him. Owen shows anger towards women and says ‘to please the giddy jilts,’ which was very insulting to women and he basically said they are just there to be impressed by men.

Portfolio Management and Strategic Management Paper Essay

The portfolio management concept is critical to supporting an organization’s mission and goals. Portfolio management will determine which projects will be pursued when the budget or resources are limited. Organizations sometimes find that they have many projects they would like to complete but there will be times that it is not possible. Portfolio management will review the projects that not only are being worked on but also review any possible pending projects and determine if there is money and resources to continue. They will then prioritize projects and eliminate any that are determined wrong for the organization. According to Kerzner, H. (2013), portfolio management focuses attention at a more aggregate level. Its primary objective is to identify, select, finance, monitor and maintain the appropriate mix of projects and initiatives necessary to achieve organizational goals and objectives. Project management focuses on a particular project that has already been recognized by portfolio management as a project that will support the mission and goals of the organization. Portfolio management will also be looking at what financing will be available for each project and also be looking out for the right mixture of projects. It wouldn’t be in the organizations best interest to only support projects that would be geared towards one goal of the organization. They need to make sure that they are looking at every goal or mission and balancing out the projects. There can be issues with portfolio management. In project management we have discussed using the experts in the organization to help with the planning and in many cases the implementation of a project. With portfolio  management the ones making the decisions may not have the expertise, knowledge and information and therefore could decide a project isn’t a good choice when in fact it should be considered. There could be conflicts, unwillingness to share, differences in thought as well as certain department loyalties that may cause incorrect decisions. Strategic management refers to management who are goals-oriented in which the mission and planned achievements of an organization are clearly set out and all management processes are designed and monitored toward reaching the organization’ overall goals, (â€Å"What Is Strategic Management†, 2011). A mission statement within the organization will set the goals of the organization. References Kerzner, H. (2013). Project management: A systems approach to planning, scheduling, and controlling (11th ed.). Hoboken, NJ: John Wiley & Sons. What is strategic management. (2011). Retrieved from http://www.managementskillsadvisor.com/what-is-strategic-management.html

Abercrombie & Fitch Guys Stripped in Singapore Essay

Concept Branding: How A&F used branding in the new market- Singapore. Brands convey the information to customers and then induce loyalty. Good brands create distinct brand personalities and trigger emotional associations that help the customers connect with brands. This article will analyze A&F’s branding strategies Summary Abercrombie & Fitch, the brand that is well loved for its American-style, cool, casual and trendy clothing, is now aggressively expanding into Asia. Before its grand opening in Singapore, 40 muscular half-naked men stood outside the still unopened store. The alluring smiles and eyes, free hugs, and photo shoot caused a stirring riot. In addition, A&F launched the giant four-floor advertisement at a traffic-heavy shopping area, the muscular topless man wearing extremely low-slung jeans caught people’s eyes in Singapore. See more: Analysis of Starbucks coffee company employees essay It is not the first time A&F has done a marketing campaign like this. It has been a standard practice for all its flagship stores in recent years. However, these â€Å"hot guy† strategies exploded in Singapore. The Advertising Standards Authority of Singapore claimed that the ad is in contradiction of its â€Å"code of decency†, and the giant ad, which is charged as â€Å"lewd and inappropriate†, was ordered to be removed. News of the ad’s possible suspension provoked Singaporean to comment furiously. People were discussing the topics like: â€Å"Is A&F too sexy for Singapore?† â€Å"Is this ad too indecent for Orchard Road?† Eventually, since many Singaporeans supported A&F, the billboard is now safe and sound on Orchard Road. Analyze A&F is good at marketing campaigns and possesses a strong brand personality: sexy and young. A&F did the campaign like it usually does, but the promotions in Singapore had great success since it occurred different contexts and conflicts of culture. A&F triggered people’s emotion and created the special experiences that helped the company to connect to its customers. The Singaporeans who had joined the campaign were excited to share the photos and comment on social media. Those actions induced more and more people to respond and be attracted by A&F. Otherwise, the controversy of the campaign in Singapore is an opportunity for the Singaporeans who are unfamiliar with A&F to know the brand, and it provokes a desire to walk in the stores to satisfy their curiosity. However, there are so many disparities in the clothing preferences between Asian and American: physical shapes, sizes, styles and cultures. Indeed, A&F did an excellent job on catching Singaporeans’ eyes with its opening. But the question is, does masculine image really match the Asian market trend? I am concerned with how A&F maintains its sales for long term via the sexy image in the conservative market. Furthermore, the apparel competition is fierce in Singapore. Competitors for A&F included western brands which are ambitious with Asian market as well as Asian brands which are familiar with the market. Conclusion and Recommendation A&F cleverly built up its brand image and conveyed information through the controversy in Singapore. However, except for the opening campaigns, in order to enhance its brand loyalty, I suggest A&F do more events to focus on Asian customers. For example, use more Asian models on catalogues to show the customers that American style outfits are also fit and look good on Asian people’s body shape. Meanwhile, A&F should do more events to collaborate with celebrities or magazines to lead the new fashion trends in Asia. Last but not least, I suggest A&F conduct more marketing research to understand Asian purchase behaviors and fashion points. Thus, A&F can do some adjustments on the products to fit the Asian consumers’ needs. How â€Å"hot† could A&F be in Singapore? Well, definitely not only the topless hot guys, but also with the right marketing strategies.

Financial Analysis on Aftab Auto Essay

Chapter 1 Introduction & Methodology 1: Introduction Aftab Automobiles Limited has been our selected company, which is one of the largest automobile assembling plants in the private sector in Bangladesh. Aftab Automobiles Ltd. is in this business since 1967. In 1981 the Company registered itself as a Public Limited Company. The Company was listed with Dhaka Stock Exchange Limited and Chittagong Stock Exchange Limited in the year 1987 and 1996 respectively. The principal activities of the Company throughout the period were assembling of Toyota Land Cruiser soft top/ Pick-up, Land Cruiser Prado, Hino Bus, Hino Mini Bus / Truck Chassis with a production Capacity of 2400 units of vehicles in 3 shifts in Assembling Unit. But since inception, the Plant is running single shift considering the market demand. The Company has added four units namely Body Building Unit, Paint Unit, Battery Unit & Furniture Unit and the commercial production of which started in May 5, 1997, November 01, 1999, January 03, 2002 and May 01, 2002 respectively. Overall, it is a company with vision of maximizing shareholders’ wealth and its investors have already shown their confidence in the company. Its share price has increased over the years compared to its book value. Furthermore, it enjoys a positive signaling effect from the market and there is good news for Aftab Auto. In this report, we will try to find out few reasons behind the good news and the positive signaling effect. The main company that we are performing financial analysis is on Aftab Motors LTD. Since our major focus is to compare two companies’ financial performances over time, so we have selected Atlas Bangladesh LTD as the rival company of Aftab Motors LTD. According to the project instruction, we aimed towards rationalizing stock price through financial statement analysis, and in doing so we have seriously dealt with the book value and market value of shares. By comparing the book value and the market value of Aftab Motors LTD from the year 2005-2009, we found out following information: 2: Objectives †¢ Making a thorough analysis of the company’s financial statements over the last 5 years through ratio analysis, cash flow analysis and analysis of major components of the balance sheet and trying to identify the actual state of the company since its enlistment in Dhaka Stock Exchange (DSE). †¢ Find out the difference between book value and market value of the share price and to identify the possible reasons behind this difference, and find if there is any specific hidden discrepancy in the existing financial statements of the company. †¢ Find out the growth to make the Pro Forma Statements (The Income Statement and the Balance Sheet) and thus forecast the growth potentials of Aftab Automobiles Ltd along with the stated out the results yielding out after the 5 year long term projection (long term cumulative process)., as well as projection of stock price through financial analysis. †¢ To compare the firm’s financial status with one of its rival firm (Atlas Auto) through ratio analysis with the justification of balancing between the market price and book value of the shares. 3: Methodology: Information Source This study is based on the secondary financial data which is published in annual reports and monthly reviews of Dhaka Stock Exchange Ltd. by the respective companies. We have obtained the necessary information from the DSE (Dhaka Stock Exchange LTD), Motijjhil, Dhaka, and from the annual report of the company. Data Processing and Analysis We have calculated different ratio using sourced data from DSE, and showed the comparison between the two companies’ performances over the last five years. Here the positions of companies were compared to their previous year’s performance and then the analysis has been done between those companies current year’s situations. Period of Data We have used data of five consecutive years from 2005, 2006, 2007, 2008, 2009. Statistical Techniques We basically used two different statistical techniques. First we used the Time Series method for ratio analysis and then Cross-Sectional method for showing the comparison between Aftab Motor’s LTD and Atlas Bangladesh LTD. There is also couple of tables and charts to specifically present the data with comments. We also did the regression analysis using the Microsoft Excel. Standard of Comparison As we know that there are few competitors for Aftab Motors LTD in Bangladesh. Among them, we figured that Atlas Bangladesh LTD is one of the most challenging one for Aftab Motors in terms of market share and fiscal performance over time. 4: Limitations of the Study †¢ Due to different month of year closing date comparison may not be accurate. †¢ We faced problem while breaking down the actual balance sheet and sorting out the adjustments. †¢ Due to time constraints we could not visit the premise of Aftab Auto to  incorporate more recent information and views of the â€Å"Top Management† about the performance & position of the company. †¢ Another limitation was collecting the industry averages for the ratio analysis. No such data are readily available in context of Bangladesh. So, instead of the industry average data we have to take the best available rival data. †¢ Also we had some problem regarding what will be the future investment of the company. We had to depend on the secondary source for that. †¢ We did not find exact unit price of company’s products as it was not clearly mentioned in their annual report. †¢ Also the company’s official website is not very informative and organized through which we could collect the information about the company. †¢ Lack of technical knowledge-how in higher-level statistical techniques. †¢ Moreover, time constrains and other factors deterred us to anticipate highest concentration that we could have given to prepare this report. Chapter 2 Analysis & Interpretation 2.1: Revised Balance Sheet based on Market Value of Share Market Value & Book Value of Aftab Auto Ltd: From the Annual Report of the Aftab Automobiles ltd we calculated the Book Vale of their share from 2005 to 2009. Besides that we also collected the Market Value of the share from the library of the DSE (Dhaka Stock Exchange). The following Graph shows the Market Value and the Book Value per share of our proposed company. Figure-1: Market & Book Value of Aftab Ltd. From 2005 to 2009 From the above graph we see that in year 2005, 2008 and 2009 the market price is higher then the book value, which is really good news for us. But in 2006 and 2007 the market price is below then the market price, which indicates that the investors underestimated the company’s wealth. But as our last year in 2009, so our analysis will be based on year 2009. In year 2009, we found that the Market Value is far more then the Book value which is Taka 1,530 and taka 390.38248 respectably. This figure indicates that the investors are willing to pay more for per share for the company then the book value shows because the investors may think that the company may underestimated the company’s wealth. So we constructed a new Balance Sheet compared with the current year (2009) Balance Sheet based on the Market Value of the corporation. Revised Balance Sheet Based on the Market Value in 2009: |Aftab Automobiles Ltd | |Balance Sheet | |2009 | | |Based on Book Value | Based on Market | Increase / Decrease | | | |Value | | |Assets | |Current Assets | | |Stock And Stores (Inventory) | | | | | | | | | | | |Total Stock & Stores | 737,517,274 | 1,281,969,612 | 544,452,338 | | |Total Accounts Receivable | 993,547,199 | 993,547,199 | – | | |Income Tax Deducted at Source | 93,002,081 | 93,002,081 | – | | | | | | | | |Advance, Deposits & Prepayments | 149,320,158 | 149,320,158 | – | | |Cash & Bank Balances | 27,881,100 | 27,881,100 | – | |Total Current Assets | 2,001,267,812 | 2,545,720,150 | 544,452,338 | |Non-Current Assets | | |Property, Plant & Equipment | | | | | | |Land | 58,959,642.00 | 58,959,642 | 648,556,062 | 589,596,420 | | |Building | 169,846,130.00 | 142,270,645 | 213,405,968 | 71,135,323 | | |Shades | 2,682,800.00 | | | | | |Less: |Accumulated | 1,529,591.00 | | | | | |Depreciation till 2008 | | | | | |Tools & Equipment | 45,965,960.00 | | | | | |Less: |Accumulated | 17,743,259.00 | | | | |Depreciation till | | | | | |2008 | | | | |Office Equipment | 31,021,242.00 | | | | | |Less: |Accumulated | 7,323,987.00 | | | | |Depreciation till | | | | | |2008 | | | | |Furniture & Fixture | 16,953,271.00 | | | | | |Less: |Accumulated | 2,973,873.00 | | | | | |Depreciation till 2008 | | | | | |Less: |Accumulated | 26,595,111.00 | | | | |Depreciation till | | | | | |2008 | | | | |Investment (4109300 Share Of Navana CNG) | 33,961,309 | 796,793,270 | 762,831,961 | | |Intangible Assets | – | 1,263,853,978 | 1,263,853,978 | |Total Assets | 2,438,883,896 | 5,744,380,219 | 3,305,496,323 | |Liabilities & Owners Equity | – | – | |Current Liabilities | | | – | – | | |Short Term Loan | | 229,914,219 | 229,914,219 | – | | |Total Accrued & Other Current Liabilities | | 1,275,342,755 | 1,263,853,978 | (11,488,777) | | |Dividend Payable for Preference Share | | 1,179,500 | 1,179,500 | – | |Total Current Liabilities | 1,506,436,474 | 1,494,947,697 | (11,488,777) | |Non-Current Liabilities | | | | – | | |Loan & Deferred Liabilities | | 17,100,000 | 17,100,000 | – | | |Preference Share Capital including Premium | | 9,827,929 | 9,827,929 | – | |Total Liabilities | 1,533,364,403 | 1,521,875,626 | (11,488,777) | |Equity Attributable to Equity Holders | | |Paid up Share Capital (Ordinary Shares – 2319570 Shares) | | 231,957,000 | 3,548,942,100 | 3,316,985,100 | | |Share Premium | | 250,191,730 | 250,191,730 | – | | |Reserve | | 107,100,735 | 107,100,735 | – | | |Retained Earnings | | 316,270,028 | 316,270,028 | – | |Total Assets & Liabilities | 2,438,883,896 | 5,744,380,219 | 3,305,496,323 | Justifications: 1. Stock & Stores: The investors may think that the company underestimates the price of the finished goods. As the company use to measure the finished goods based on the Cost of Production basis. But the original market price is higher then the value written in the Annual Report. Also the market price of the Raw Materials, Store & Spares, Goods in Transit, L/C Margin, Work-In-Process is underestimated. So in Revised Balance Sheet we increase the value of the Stock & Stores. 2. Land: The Land value is underestimated as we know that the land value is calculated as per the purchase price, not as per the market value. We know that the value of the land always increases. So we increase the value of the land. 3. Buildings: The value of the Building is calculated as per the establishment cost and the current value is calculated by deducting depreciation. So in this case the investors may find the Market value of the Building is more then the value used in the annual report. The investors may find the Building in better condition and able to offer the higher price than the value calculated in the balance sheet. So we also increase the value. 4. Plant & Machinery, Tools & Equipment, and Transport Vehicle: As all of these items value is written on the basis of the purchase price and also by deducting the accumulated depreciation. So the investors may find these items in better condition and also think that the market price is higher than the written in Balance sheet. 5. Investment: This Company purchased 4,109,300 pcs of share from Navana CNG Ltd. The value written on the Balance Sheet is from the purchased price. But the Current market price of this share is taka 193.90. So we also increased the value of the investment by using the market value of the stock. 6. Intangible Assets: The market price of the share is increased. This value increased may be the reason is the value increasing of the company’s intangible assets like Patent, Trademark etc. 7. Goods Supplied Account: We are decreasing this account on the basis is that, the company may get some purchase discount from the vendors. So the value of the accounts receivable is decreasing. Overall Comments: In year 2009, we see that the Market price is much higher then the Book Value of each share. Investors are willing to pay more than the book value of each share. The major reasons of the higher market value are the underestimation of the assets, as the assets are calculated based on the purchase price; not on the basis of the market price. Besides that investment to the other shares are also calculated on the purchase price. But the market price is also higher. Moreover, Aftab Automobiles ltd enjoys a better reputation on the market. So the Intangible assets like, Patent, Trade mark should be considered. So we can say that the company’s financial position is good. 2.1: Cash Flow Analysis: Cash flows are the cash receipts and the cash disbursement of the company. Since money does not flow in and out at an equal rate, so in most of the businesses, an analysis of cash flow is important. In our case we are working with the Cash Flow Statement of Aftab Automobiles Ltd from the year 2005 to 2009. After analyzing the statements we can have an idea of the cash dealing of the company of the years under our study. |Sources |2005 |2006 |2007 |2008 |2009 | | | | | | | | |EBIT |55,369,060 |61,681,543 |43,530,063 |79,204,842 |125,312,761 | | | | | | | | |Depreciation | 26,964,852 | 26,964,852|26,964,852 |26,964,852 |26,964,852 | |Tax |-7,179,527 |-14,602,650 |-13,059,019 |-21,781,331 |-51,261,009 | |Operating cash Flow |75,154,385 |74,043,745 |57,435,896 |84,388,363 |101,016,604 | | | | | | | | |Capital Spending: | | | | | | |Ending Net Fixed Investment |30,149,974 |26,582,937 |23,015,900 | |Less Beginning Fixed Investment | |-30,531,889 |-30,531,889 |-23,666,305 |-23,666,305 | |Deprecation | |26,964,852 |26,964,852 |26,964,852 |26,964,852 | |Net Fixed Investment | |26,582,937 |23,015,900 |26,314,447 |29,612,994 | | | | | | | | |Changes In Net Working Capital: | | | | | | |Ending Net Working Capital | |425,800,770 |260,925,322 |298,947,675 |905,519,493 | |Less: Beginning Net Working Capital | |171,666,619 |425,800,770 |260,925,322 |620,450,571 | |Changes In Net Working Capital: | |254,134,151 |-164,875,448 |38,022,353 |285,068,922 | | | | | | | | |Free Cash Flow from Assets | | | | | | |Operating Cash Flow |75,154,385 |74,043,745 |57,435,896 |84,388,363 |101,016,604 | |Net Fixed Investment | |-26,582,937 |-23,015 ,900 |-26,314,447 |-29,612,994 | |Changes In Net Working Capital | |-54,134,151 |-164,875,448 |-38,022,353 |-285,068,922 | |Free Cash Flow | |-6,673,343 |-130,455,452 |20,051,563 |-213,665,312 | |Cash Flow from/to Creditors | | | | | | |Interest Paid |34,992,217 |44,619,538 |48,012,628 |54,362,263 |90,846,346 | |Less New Long Term Borrowing |17,100,000 |17,100,000 |17,100,000 |117,100,000 |26,927,929 | |Cash Flow From Creditors |17,892,217 |27,519,538 |30,912,628 |-62,737,737 |63,918,417 | | | | | | | | |Cash Flow From Investors | | | | | | |Dividend Paid |24,000,000 |12,000,000 |12,000,000 |12,000,000 |1,179,500 | |New Equity |439,792,483 |701,016,976 |685,748,820 |621,050,571 |905,519,493 | |Cash Flow To Investors |463,792,483 |713,016,976 |697,748,820 |633,050,571 |906,698,993 | †¢ As we can see from the cash flow statement that, in 2006, 2007 & 2009 the free cash flow figures are negative. This might happen because of high investment in inventory and R&D departments, means the company used more cash than they had sourced of. †¢ Also the cash flows to Investors were sufficient for the company over the years. The company had sufficient fund to pay out dividends and that would eventually maximize the value of the firm. †¢ Fixed investments were consistent and consumed huge cash over the years. Overall we see that the Sales of the company are increasing which is a good sign. Besides that the company is investing heavily on the fixed assets, which may used to generate more revenue for the company. They are also offering cash dividend each year and also the company paid its short term load and also taking short term loans, which indicates that the company is enjoying a favorable environment in terms of the short term credit situation. So, we can conclude that the Aftab Automobiles Ltd is financially sound based on the Cash Flow analysis. Ratio Analysis and Interpretations To evaluate a firm’s financial condition and performance, the financial analyst usually performs analyses on various aspects to find out the financial health of the firm; among which ratio analysis is one of the most important and commonly used methods. Ratio analysis is a tool frequently used during the analysis to relate two pieces of financial data by dividing one quality by the other. In this study various ratio analyses will be done to understand the financial condition of the company and to compare this condition with its rival firm to get a clear picture. The analysis of financial ratios involves two types of comparison: ↠ Time–Series Analysis: First, the analyst compares a present ratio with past and expected future ratios for the same company. The current ratio (the ratio of current assets to current liabilities) for the present year could be compared with the current ratio for the previous year-end. When financial ratios are arranged over a period of years, the analyst can study the composition of change and determine whether there has been an improvement or deterioration in the firm’s financial condition and performance over time. Here we will conduct time series only on the Aftab Auto Ltd. ↠ Cross-Section Analysis: The second method of comparison involves comparing the ratios of one with those of similar firms or with industry averages at the same point in time. Such a comparison gives insight into the relative financial condition and performance of the firm. It also helps us identify any significant deviation from any applicable industry average (or standard). Here we will discuss and calculate different types of ratios. Then we will  compare the ratios between Aftab Auto Ltd. and Atlas Auto Ltd. The reason for doing this is that the industry average is not available in perspective of Bangladesh. ââ€" ª Liquidity Condition Analysis: Ratios that show the relationship of a firm’s cash and other current assets to its current liabilities are known as liquidity ratios. Different types of liquidity ratios are discussed below. Current Ratio: The ratio that relates current assets to current liabilities is the current ratio. The current ratio indicates the ability of a company to pay its current liabilities from current assets and shows the strength of the company’s working capital position. [pic]s Figure-1: The Current Ratios of Aftab and Atlas for the years 2005-2009 Time Series Analysis: Current ratio for Aftab is higher than 1 and it is consistent for all five years. In 2006 it has increased a lot from the previous year but in 2007 it dropped for two consecutive years but again in 2009 it has increased again and is in a good satisfactory condition. Cross-Section Analysis: However, comparing to the ratios of Atlas, we see significant difference the two companies’ ratios. Aftab’s ratios seem to be much weaker than Atlas’s. None of the years it has made the benchmark of 2. However, the last 3 years results are not satisfactory at all because none of them is showing benchmark of 2 or the increasing manner. So, we can conclude that Aftab is showing poor trend in its quick ratio. Quick Ratio: Inventories typically are the least liquid of a firm’s current assets – they are the assets on which losses are most likely to occur in the event of liquidation. Therefore, it is important to measure the firm’s ability to pay off short term obligations without having to rely on the sale of inventories. This is why quick ratio is used. [pic] Figure-2: The Quick Ratios of Aftab and Atlas for the years 2005-2009 Time Series Analysis: Quick ratio of Aftab is less than 1 which means it has piled up inventories as its current assets. The trend of quick ratio of Aftab shows that the ratio had been increasing from 2005 to 2006 but then suddenly fell significantly in year 2007 and 2008. Then it has increased in 2009. So, we can conclude that Aftab is showing low quick ration but increasing trend in its quick ratio. Cross-Section Analysis: Comparing with Atlas, Aftab has a very poor quick ratio even though it has increased but its running with risky conditions in terms its quick ratio. Cash Ratio: It is another measure of liquidity of the firm. It shows cash solvency of the firm. Figur-3: The Cash Ratios of Aftab and Atlas for the years 2005-2009 Time Series Analysis: Aftab’s cash ratio has seen a fluctuating matter. The ratio is very low. Even though the ratio improved in 2008 than previous year, the ratio is significantly lower. Too much inventory pile up and poor credit collection policy may led to such deteriorating trend in cash ratios. Cross-Section Analysis: Comparing with Aftab, Atlas has a very high cash ratio which indicates Atals has a better credit collection policy and lower piled up inventories. Asset-Management Efficiency Analysis: A set of ratios that measure how effectively a firm manages its assets compared to its sales. These ratios are designed to find out whether the total amount of each type of asset as reported on the balance sheet appear reasonable, too high, or too low considering current and projected sales levels. Asset Management Ratio is done based on inventory turnover ratio, day’s sales outstanding and fixed asset and total asset turnover ratio Total Asset Turnover: The total asset turnover ratio is calculated by dividing sale by total assets. The total assets turnover ratio measures the turnover of all the firm’s assets. [pic] Figure-4: The Total Asset Turnover Ratios of Aftab and Atlas for the years 2005-2009 Time Series Analysis: Total turnover of Aftab is not very satisfactory which means its not generating enough revenue by using its total assets which indicates it may some inefficient assets in its stock which deteriorating the total revenue. It’s in decreasing trend till 2007 but after that it as an increasing trend which is a very good sign in fact. Cross-Section Analysis: Atlas has a very high asset turnover ratios which indicates its assets efficient enough to generate more revenues and its in increasing trend for both the firm. Fixed Asset Turnover: The fixed asset turnover ratio is calculated by dividing sale by total fixed assets. The total fixed assets turnover ratio measures the turnover of all the firm’s fixed assets. [pic] Figure-5: Fixed Asset Turnover Ratios of Aftab and Atlas for the years 2005-2009 Time Series Analysis: Fixed Asset Turnover of Aftab is very low and it’s in decreasing trend which indicates that it has very inefficient fixed assets in its stock to generate enough sales. . It means it is becoming more efficient to utilize its short term assets to generate sales and even though it’s fixed asset is generating more sales than does the short term assets Cross-Section Analysis: in terms of Fixed Assets Turnover Atlas has a very high fixed asset turnover ratio compare to Aftab which indicates Atlas is doing well in terms of using its fixed assets and generating revenue. Inventory Turnover: This ratio indicates how active the company has been. It talks about the efficiency as well as the management of the company. This ratio indicates the number of times in a trading year a firm sells the value of its stocks. [pic] Figure-6: Inventory Turnover Ratios of Aftab and Atlas for the years 2005-2009 Time Series Analysis: Inventory Turnover of Aftab is very low but it’s in increasing trend till 2006 then there was a drop in 2007 after that it increased in 20008 then again it increased in 2009. So tells us that its inventory turnover is fluctuating and it doesn’t have efficient inventory to generate sales properly. This means Aftab was suffering from poor inventory management which is also evident from the balance sheet. But, recently it improving and overcoming the situation which is a good indication. Cross-Section Analysis: comparing with Atlas Aftab has a very low inventory turnover ratio whereas Atlas’s inventory turnover is very high which indicates that Atlas is efficient in managing its inventory. But Atlas’s inventory turnover has a decreasing trend whereas as Aftab’s is in increasing trend Days Sales Outstanding (DSO): DSO indicates the average length of time it takes the firm to collect its credit sales. It is also called the average collection period, is used to evaluate the firm’s ability to collect its credit sales in a timely manner. [pic] Figure-7: DSO of Aftab and Atlas for the years 2005-2009 Time Series Analysis: From the graph it’s been seen that initially low but then there were increasing trend in DSO but after 2007 it’s again starts to decrease which us a good sign that indicates that’s they are being more efficient in collecting its receivables. Cross-Section Analysis: Comparing with Aftab, Atlas has a very low collection period which means Atlas take less time to collect its receivable. ââ€" ª Debt-Management Efficiency Analysis: This ratio measures how effectively a firm is managing its debts. Debt Management ratios include analysis of two types of ratio: debt ratio and times interest earned ratio. Debt to Asset Ratio: It measures the percentage of the firm’s assets financed by creditors. [pic] Figure-8: Debt Ratios of Aftab and Atlas for the years 2005-2009 Time Series Analysis: Debt ratio of Aftab is fluctuating trend. It has high debt ratios which indicate that they a high leveraged firm and since interest on debt enjoy tax advantage, this is evident in the gradual increment in EPS figures. This is good news for the investors. Cross-Section Analysis: Comparing with Aftab, Atlas has a very low debt ratio which indicates they have a long-term solvency and low risk but at the same time they don’t have much leverage power to generate more profit and enjoy the tax benefits. Times Interest Earned (TIE) Ratio: The TIE ratio measures the extent to which earnings before interest and taxes (EBIT), also called operating income, can decline before the firm is unable to meet its annual interest cost. Failure to meet this obligation can bring legal action by the firm’s creditor, possibly resulting in bankruptcy. It measures the ability of the firm to meet its annual interest payments [pic] Figure-09: TIE Ratios of Aftab and Atlas for the years 2005-2009 Time Series Analysis: TIE ratio of Aftab is very low which means it has low ability to meet its annual interest payments. Aftab is covering its interest charges by a low margin of safety. This affects the potentiality of raising further debt in future. Cross-Section Analysis: Compare to Atlas, Aftab has a very low TIE ratio which means Atlas has very high safety of margin to cover its interest payment. ââ€" ª Profitability Condition Analysis: A group of ratios showing the effect of liquidity, asset management, and debt management on operating results. Profitability is the net result of a number of policies and decisions. Profitability ration are of three types- Net profit margin on sales, Return on Asset (ROA) and Return on Equity (ROE). Net Profit Margin: This ratio measures how much the sales is contributing to the net profit of the company, which belongs to the shareholders. [pic] Figure-10: Net Profit Margin of Aftab and Atlas for the years 2005-2009 Time Series Analysis: Net Profit Margin of Aftab gradually decreased in the first three year then it started rising and continue to rise. This is a very good indication for the company and as well as the investors. This increasing trend in Aftab’s profit margin ratio will help to attract the investors. Cross-Section Analysis: from the figure we can see that initially Atlas net profit was higher than the Aftab but later on Aftab’s net profit gradually increased and Atlas’s started to decrease. This indicates that Aftab earning more than Atlas does. The decreasing trend in Atlas’s profit margin ratio will not help to attract the investors. Operating Profit Margin: [pic] Figure-11: Operating Profit Margin of Aftab and Atlas for the years 2005-2009 Time Series Analysis: From the graph we can see that Aftab’s operating profit is in increasing trend which is a good indication of the fact that Aftab is becoming more efficient is its operation thus it has been able to reduce the operating cost which enable for higher and increasing operating profits. Cross-Section Analysis: Comparing with Atlas, Aftab is doing well in terms of making operating profit and Afatb has an increasing trend in its operating profit margin whereas Atlas has a decreasing operating profit margin. Earnings Per Share (EPS): [pic] Figure-12: EPS of Aftab and Atlas for the years 2005-2009 Time Series Analysis: EPS of Aftab has a decreasing trend for the first three years and then it followed and increasing trend and a big jump in EPS in 2009. So Aftab is earning more per share of its then it was previously earned. Cross-Section Analysis: From the graph we can see that Aftab has higher EPS then Atlas. Thus Aftab will be able to attract more investors then Atlas as its earning more than Atlas for its per share. Return On Asset: [pic] Figure-13: ROA of Aftab and Atlas for the years 2005-2009 Time Series Analysis: From the table we can see that return on total asset of Aftab is decreasing from the very start period. But from 2007 it starts increasing and it’s a positive factor for the company and the investors’ as well Cross-Section Analysis: ROA ratio of Aftab is lower than Atlas all through the five years. Aftab has faced a severe downfall at 2007 which may be triggered by the high interest charges on its huge amount of debt. So, it is very poor compare to Atlas but its improving for the last three years. Return on Equity: ROE measures the rate of return on stockholder’s investment. [pic] Figure-14: ROE of Aftab and Atlas for the years 2005-2009 Time Series Analysis: From the table we can see that return on total equity of Aftab is decreasing from the very start period. But from 2007 it starts increasing and it’s a positive factor for the company and the investors’ as well. This improvement indicates firm’s improving liquidity position, efficient asset management and efficient use of high debt amount. Cross-Section Analysis: ROE ratio of Aftab is lower than Atlas all through the five years. Aftab has faced a severe downfall at 2007 which may be triggered by the high interest charges on its huge amount of debt. So, it is very poor compare to Atlas but its improving for the last three years. ââ€" ª Market Condition Analysis: The market value ratios represent a group of ratios that relates the firm’s stock price to its earnings and book value per share. These ratios give management an indication of what investors think of the company’s past performance and future prospect. If the firm’s liquidity, asset management, debt management, and profitability ratios are all good then market value ratios will be high which will lead to an increase in the stock price of the company. Market value ratio is of two types- Price/Earnings Ratio and Market/Book value Ratio. Market to Book Ratio: The ratio of a stock’s market price to its book value gives another suggestion of how investors regard the company. Companies with relatively high rates of return on equity generally sell at higher multiples of book value than those with low returns. [pic]Figure-15: M-B Ratio of Aftab and Atlas for the years 2005-2009 Time Series Analysis: It is noticeable that Aftab has an increasing trend in its M/B ratio after 2005 which is good indicator. This indicates investors are gaining confidence on Aftab’s share and are now ready to pay more for Aftab’s book value of its share. Cross-Section Analysis: Even though there are increasing trend in the M/B ratio of Aftab it is much lower than the Atlas’s. It indicates that Atlas is gaining more investor’s trust over the years then Aftab. This justifies the high riskiness of Aftab’s securities due to its huge debts. But its M/B is increasing which means investors are gaining the confidence which is a good indicator to compete with Atlas Price-Earnings Ratio: This is the ratio of the price per share to earnings per share. It shows the dollar amount investors will pay for $1 of current earnings. It is computed by market price per share and earnings per share (EPS). [pic] Figure-16: P/E Ratio of Aftab and Atlas for the years 2005-2009 Time Series Analysis: P/E ratio of Aftab was decreasing trend for the first two years then it experienced a rise in 2007 which indicates the firm’s high growth potential. After that it starts to decrease. This shows firm’s huge riskiness which we have already seen by its increasing debt financing and overall poor management and other ratios. This indicates that investors are now willing to pay less for 1taka of current earnings. Cross-Section Analysis: Aftab has a lower P/E ratio then Atlas but both the company has the same decreasing trend in its P/E ratio. So both the company is losing investors’ confidence and investors are now willing to pay less for 1taka of current earnings. Summary of all the Ratio Calculation: The calculation of the following ratios has been done following the particular formulas. In the Appendix section we have attached the calculation procedures in details. Aftab Automobiles Limited |Type of Ratios |2005 |2006 |2007 |2008 |2009 | |Liquidity Ratio | |Current Ratio |1.19 |1.39 |1.20 |1.20 |1.33 | |Quick Ratio |0.39 |0.83 |0.79 |0.78 |0.84 | |Cash Ratio |0.027 |0.014 |0.019 |0.020 |0.019 | |Asset-Management Efficiency Ratio | |Total Asset Turnover |1.03 |0.86 |0.65 |0.83 |0.87 | |Fixed Asset Turnover |5.00 |5.31 |2.95 |4.22 |4.86 | |Inventory Turnover |1.7 |2.0 |1.9 |2.7 |2.5 | |DSO |38.3 |135 |210 |178.2 |128 | |Debt Management Ratio | |Debt-Asset Ratio |68.13 |61.22 |66.09 |72.23 |62.87 | |Time Interest Earned |2.5 |2.7 |2.0 |2.6 |2.4 | |Profitability Ratio | |Net Profit Margin |3.38 |3.03 |2.33 |3.10 |14.90 | |Operating Profit |6.19 |6.17 |6.37 |6.95 |10.30 | |Earnings per Share |28.58 |27.91 |18.06 |24.76 |136.50 | |Return on Assets |3.5 |2.6 |1.5 |2.6 |13.0 | |Return on Equity |11.0 |6.7 |4.4 |9.2 |35.0 | |Market Ratio | |Price Earning Ratio |14.8 |10.9 |20.3 |15.8 |11.6 | |Market/Book Ratio |1.62 |0.73 |0.90 |1.46 |4.07 | Atlas Bangladesh Limited |Type of Ratios |2005 |2006 |2007 |2008 |2009 | |Liquidity Ratio | |Current Ratio |2.46 |2.45 |2.55 |2.12 |1.86 | |Quick Ratio |2.07 |1.82 |1.86 |1.33 |1.11 | |Cash Ratio |1.08 |0.77 |0.94 |0.55 |0.40 | |Asset-Management Efficiency Ratio | |Total Asset Turnover |2.22 |2.53 |2.73 |3.34 |3.31 | |Fixed Asset Turnover |114.72 |121.53 |111.04 |170.57 |237.08 | |Inventory Turnover |11.0 |12.1 |10.0 |10.6 |9.4 | |DSO |4.08 |6.20 |2.87 |2.16 |3.32 | |Debt Management Ratio | |Debt-Asset Ratio |46.50 |46.59 |44.46 |51.69 |56.85 | |Time Interest Earned |1510.2 |539.6 |3477.4 |363.4 |827.3 | |Profitability Ratio | |Net Profit Margin |4.60 |3.84 |4.69 |3.21 |5.22 | |Operating Profit |4.73 |5.93 |3.95 |6.94 |4.73 | |Earnings per Share |17.33 |11.97 |12.63 |9.69 |22.39 | |Return on Assets |10.2 |9.7 |12.8 |10.7 |17.3 | |Return on Equity |19.1 |18.2 |23.0 |22.2 |40.0 | |Market Ratio | |Price Earning Ratio |19.5 |16.8 |24.4 |37.7 |21.3 | |Market/Book Ratio |3.72 |3.06 |5.62 |8.37 |8.54 | Chapter 3 Enquiry into Stock Price Movement In this chapter we will consider only the stock price movement of the year 2005-2009. Daily stock price is affected due to various factors that can be a macroeconomic variable as well as company specific variable. But in this section we will consider only the corporate decision factors. Variables can be some the following ones: 1. Dividend declaration 2. AGM Share Price Movement for the year of 2009: Figure-17: Stock Price fluctuation of Aftab for the year 2009 Comment: We can see that the price of Aftab Auto rose continuously throughout the year till the middle of May. DSE inquiry tells us that there was no sensitive price information that was undisclosed for the price hike that we see. Then there were drop in the stock price but after that we can see a significant rise from around beginning of the September. We can only conclude that dividend declaration on 31st August may contribute to this price hike. Again after the AGM took place in 6th December, the stock price started to fall. But at the end of the year, the company experienced a slight increase in the share price. Calculation of Beta: Average Market return (RM) = 1.884658331 Covariance (Ri,RM) = 0.00543901 Variance = 0.01175511849 ÃŽ ²i = 0.462692922 Comment: Beta measures the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. As beta of Aftab Auto is less than 1 that is 0.463 which means that the security will be less volatile than the market. Dividend declaration & Stock Price Movement: We will now take a functional approach to the matter of dividend declaration for the year. We have taken the dividend declaration on 31/08/2009 an important factor which affected the stock price during that period. A regression analysis is done using dummy variable. The regression output summary follows: SUMMARY OUTPUT OF REGRESSION |R Square |0.549260989 | | | |Cost of Capital |15% | | | |Year |10 | | | |Investment | |1,500,000,000.00 | | |Quantity |200 | |200.00 | |Price |10,000,000.00 | |10,000,000.00 | |Revenue | | |2,000,000,000.00 | |VC |70% | |1,400,000,000.00 | |FC |3.50% | |70,000,000.00 | |Depreciation | | |150,000,000.00 | |EBIT | | |380,000,000.00 | |Tax |27.50% | |104,500,000.00 | |Net Income | | |275,500,000.00 | |Cash flow | | |425,500,000.00 | So, project NPV at 2010 is, NPV2010 = -1,500,000,000 + (425,500,000.00 X PVIFAn=10, i=15%) NPV2010 = -1,500,000,000 + 425,500,000.00 * 5.018768626 = 635,486,050.36 Taka So the NPV of the Project is 635,486,050.36 Taka which is positive. So the company may go for this project based on the assumptions we took to calculate the NPV. Sensitivity Analysis: Now we would like to test the sensitivity of NPV to various inputs of the project. Because we need to know what happens to NPV if some inputs change. This helps give us better understanding of the projects situation to sustain the NPV. |Particulars |Amount in Taka |Amount in Taka |Change | |Revenue |2,000,000,000.00 |1,600,000,000.00 |(0.20) | |VC |1,400,000,000.00 |1,120,000,000.00 |(0.20) | |FC |70,000,000.00 |70,000,000.00 |- | |Depreciation |150,000,000.00 |150,000,000.00 |- | |EBIT |380,000,000.00 |260,000,000.00 |(0.32) | |Tax |104,500,000.00 |71,500,000.00 |(0.32) | |Net Income |275,500,000.00 |188,500,000.00 |(0.32) | |Cash flow |425,500,000.00 |338,500,000.00 |(0.20) | |NPV |635,486,050.36 |198,853,179.90 |(0.69) | |Relative Change | | |3.44 | Here we see that, %∆in Revenue= -20% %∆in NPV = -69% And Relative Change = 3.44 So from the above analysis we can see that NPV is very sensitive to change in revenue. For 20% decrease of Revenue, NPV is decreased by 69%. Besides that, 1% change of revenue; NPV is changed for 3.44%. New Share Price with the project: New share price= (current capitalization + NPV of the project) / shares outstanding = (market price per share on the last day of 2009 * shares outstanding +NPV) / shares outstanding = (2,048.75 * 2,319,570+ 635,486,050.36) / 2,319,570 = 2,322.72 Taka/ share Scenario Analysis For scenario analysis we took three cases 1. Pessimistic 2. Expected 3. Optimistic situation We will assume that only sales are taken for the scenario analysis. The whole income statement is vertical size statement. Then after calculating the NPV for three scenarios of sales we will find the share price. We took that in pessimistic scenario sales will drop by 20% and in optimistic scenario sales will increase by 20%. |Particulars |Pessimistic |Normal |Optimistic | |Quantity |160.00 |200.00 |240.00 | |Price |10,000,000.00 |10,000,000.00 |10,000,000.00 | |Revenue |1,600,000,000.00 |2,000,000,000.00 |2,400,000,000.00 | |VC |1,120,000,000.00 |1,400,000,000.00 |1,680,000,000.00 | |FC |70,000,000.00 |70,000,000.00 |70,000,000.00 | |Depreciation |150,000,000.00 |150,000,000.00 |150,000,000.00 | |EBIT |260,000,000.00 |380,000,000.00 |500,000,000.00 | |Tax |71,500,000.00 |104,500,000.00 |137,500,000.00 | |Net Income |188,500,000.00 |275,500,000.00 |362,500,000.00 | |Cash flow |338,500,000.00 |425,500,000.00 |512,500,000.00 | |NPV |198,853,179.90 |635,486,050.36 |1,072,118,920.83 | Now we can calculate the future stock price for these three scenarios using the new share price finding process shown earlier in this chapter. |Description |Pessimistic |Normal |Optimistic | |MKT Price |2,048.75 |2,048.75 |2,048.75 | |No. Of Share Outstanding |2,319,570.00 |2,319,570.00 |2,319,570.00 | |Current Capitalization (A) |4,752,219,037.50 |4,752,219,037.50 |4,752,219,037.50 | |NPV (B) |198,853,179.90 |635,486,050.36 |1,072,118,920.83 | |(A + B) |4,951,072,217.40 |5,387,705,087.86 |5,824,337,958.33 | |New Share Price With Project |2,134.48 |2,322.72 |2,510.96 | We can see that according to NPV the future market price of the company changes. Breakeven Quantity Based on NPV: |PVIFAn=10, i=15% |5.019 | |Initial Investment |1,500,000,000.000 | |EAC |298,878,093.768 | |Fixed Cost |70,000,000.000 | |VC |7,000,000.000 | |Price |10,000,000.000 | |Tax |0.275 | |1-Tc |0.725 | |Depreciation |150,000,000.000 | |After Tax Fixed Charge |308,378,093.768 | |After Tax Contribution |2,175,000.000 | |BEP Quantity |141.783 | |Particulars |Year (2011-2021) | |Investment |1,500,000,000.000 | |Quantity |141.78 | |Price |10,000,000.00 | |Revenue |1,417,830,316.17 | |VC |992,481,221.32 | |FC |70,000,000.00 | |Depreciation |150,000,000.00 | |EBIT |205,349,094.85 | |Tax |56,471,001.08 | |Net Income |148,878,093.77 | |Cash flow |298,878,093.77 | So, project NPV at 2010 is, NPV2010 = -1,500,000,000 +(298,878,093.77 X PVIFAn=10, i=15%) NPV = -1,500,000,000 + 298,878,093.77 * 5.018768626 = 0.00 Taka. Breakeven Price Based on NPV: |Particulars |Amount in Taka | |Revenue | 1,825,349,094.85 | | VC | 1,400,000,000.00 | | FC | 70,000,000.00 | | Depreciation | 150,000,000.00 | | EBIT | 205,349,094.85 | | Tax | 56,471,001.08 | | Net Income | 148,878,093.77 | | Cash flow | 298,878,093.77 | We know, Revenue = Price X Quantity Price = Revenue / Quantity Price = 1,825,349,094.85 / 200 Break-Even Price = 9,126,745.47 Chapter 5 Prospective Analysis With the different factors positively contribute to the growth of the stock price of Aftab Automobiles, we have analyzed the trend of different variables from the five year financial statement and detected the growth or reduction of every item. After that we have selected few components which show a growing trend and positively contribute to the growth of Stock Price. As we found that for Aftab Automobiles ltd, Market price movement is mostly similar with company’s financial performance as like sales growth & profit growth. |Growth Rates (%) |2009-2008 |2008-2007 |2007-2006 |2006-2005 |GEOMEAN | |Sales |14.74% |41.81% |-15.92% |8.95% |17.67% | |Net Profit/Loss |28.96% |88.45% |-35.28% |-2.36% |50.61% | |Operating Profit/Loss |69.27% |26.14% |47.34% |7.64% |28.45% | |EBIT |58.21% |81.95% |-29.43% |11.35% |37.83% | From the income statement we can concentrate on growth rates of sales revenue, operating profit, EBT and Net income. We are concentrating on average of last 4 years growth performance. From here we will use average sales growth of 17.67% for forecasting future market price. As growth rate of operating profit, EBT and Net income is close in figure, we are going to use average net income growth of 50.61% for forecast the market price trend. As the world economy is experiencing the recession and the impact of recession is also started affecting our economy, so it will be a highly optimistic choice if we expect that the company will grow at the rate of 17.67% or 50.61%. On the other hand, the other growth rates that have been calculated also give us the indication that we cannot consider them as company growth rate given GDP growth of Bangladesh is 5.5% and world economy is in recession. We can assume that average growth rate for forecasting the share price & value of the company. Growth Rate: Scenario -1 Assuming growth rate of 17.67% as average of last 4 years growth of Sales | |Current |5 Year Projection | |Year |2009 |2010 |2011 |2012 |2013 |2014 | |Growth Rate | |17.67% |17.67% |17.67% |17.67% |17.67% | |Sales |2,124,637,706 |2,500,061,189 |2,941,822,001 |3,461,641,948 |4,073,314,080 |4,793,068,678 | |Net Income |316,616,692 |372,562,861 |438,394,719 |515,859,066 |607,011,363 |714,270,271 | |Dividend |47,570,900 |55,976,678 |65,867,757 |77,506,590 |91,202,004 |107,317,398 | |Addition to Retain Earnings|269,045,792 |316,586,183 |372,526,962 |438,352,476 |515,809,359 |606,952,873 | |Total Asset |2,438,883,896 |2,869,834,680 |3,376,934,468 |3,973,638,789 |4,675,780,763 |5,501,991,224 | |Total Debt |1,533,364,403 |1,804,309,893 |2,123,131,451 |2,498,288,779 |2,939,736,406 |3,459,187,829 | |Common Stock |589,249,465 |589,249,465 |589,249,465 |589,249,465 |589,249,465 |589,249,465 | |Retained Earnings |316,270,028 |632,856,211 |1,005,383,174 |1,443,735,650 |1,959,545,009 |2,566,497,881 | |Total Financing |2,438,883,896 |3,026,415,569 |3,717,764,090 |4,531,27 3,893 |5,488,530,879 |6,614,935,175 | |Funds Needed |- |(156,580,889) |(340,829,621) |(557,635,104) |(812,750,116) |(1,112,943,951) | |Debt: Equity Ratio |1.69 |1.48 |1.33 |1.23 |1.15 |1.10 | |Sustainable Growth Rate |42.27% |34.96% |30.48% |27.49% |25.37% |23.81% | |EPS |136.50 |160.62 |189.00 |222.39 |261.69 |307.93 | |Price |2,048.75 |2,410.76 |2,836.75 |3,338.00 |3,927.82 |4,621.87 | Assuming 17.67% growth rate, it has been found that the company has excess fund, which can be financed distributed to payoff long term debt and reduce the obligations of interest expenses. The projection says that assuming 17.67% growth rate, after 5 years in 2014 EPS of the company would be 307.93 as well as considering current P/E ratio as constant factor, in year 2014 share price would be Taka 4,621.87. Growth Rate: Scenario -2 Assuming growth rate of 50.61% as average of last 4 years growth of Net income | |Current |5 Year Projection | |Year |2009 |2010 |2011 |2012 |2013 |2014 | |Growth Rate | |50.61% |50.61% |50.61% |50.61% |50.61% | |Sales |2,124,637,706 |3,199,916,849 |4,819,394,766 |7,258,490,458 |10,932,012,478 |16,464,703,993 | |Net Income |316,616,692 |476,856,400 |718,193,424 |1,081,671,116 |1,629,104,867 |2,453,594,840 | |Dividend |47,570,900 |71,646,532 |107,906,843 |162,518,496 |244,769,106 |368,646,751 | |Addition to Retain Earnings |269,045,792 |405,209,867 |610,286,581 |919,152,620 |1,384,335,761 |2,084,948,089 | |Total Asset |2,438,883,896 |3,673,203,036 |5,532,211,092 |8,332,063,126 |12,548,920,274 |18,899,928,825 | |Total Debt |1,533,364,403 |2,309,400,127 |3,478,187,532 |5,238,498,242 |7,889,702,202 |11,882,680,486 | |Common Stock |589,249,465 |589,249,465 |589,249,465 |589,249,465 |589,249,465 |589,249,465 | |Retained Earnings |316,270,028 |721,479,895 |1,331,766,477 |2,250,919,096 |3,635,254,857 |5,720,202,947 | |Total Financing |2,438,883,896 |3,620,129,488 |5,399,203,473 |8,078,666,803 |12,114,206,524 |18,192,132,898 | |Funds Needed |- |53,073,548 |133,007,619 |253,396,323 |434,713,750 |707,795,927 | |Debt: Equity Ratio |1.69 |1.76 |1.81 |1.84 |1.87 |1.88 | |Sustainable Growth Rate |42.27% |44.75% |46.56% |47.85% |48.74% |49.35% | |Price |2,048.75 |3,085.62 |4,647.26 |6,999.23 |10,541.54 |15,876.62 | Assuming 50.61% growth rate, it has been found that the company required additional fund to run to sustain the business in this growth rate. The projection says that assuming 50.61% growth rate, after 5 years in 2014 EPS of the company would be 1057.78 as well as considering current P/E ratio as constant factor, in year 2014 share price would be Taka 15,876.62. Growth Rate: Scenario -3 Assuming growth rate of 42.27% as sustainable growth rate Sustainable Growth Rate = [pic] = [pic] = 42.27% | |Current |5 Year Projection | |Year |2009 |2010 |2011 |2012 |2013 |2014 | |Growth Rate | |42.27% |42.27% |42.27% |42.27% |42.27% | |Sales |2,124,637,706 |3,022,749,966 |4,300,506,074 |6,118,386,469 |8,704,708,779 |12,384,303,496 | |Net Income |316,616,692 |450,454,726 |640,867,854 |911,771,112 |1,297,188,735 |1,845,527,449 | |Dividend |47,570,900 |67,679,744 |96,288,861 |136,991,427 |194,899,502 |277,286,081 | |Addition to Retain Earnings |269,045,792 |382,774,982 |544,578,993 |774,779,685 |1,102,289,233 |1,568,241,368 | |Total Asset |2,438,883,896 |3,469,832,148 |4,936,575,765 |7,023,331,171 |9,992,185,492 |14,216,013,523 | |Total Debt |1,533,364,403 |2,181,537,673 |3,103,702,297 |4,415,678,018 |6,282,243,106 |8,937,829,769 | |Common Stock |589,249,465 |589,249,465 |589,249,465 |589,249,465 |589,249,465 |589,249,465 | |Retained Earnings |316,270,028 |699,045,010 |1,243,624,003 |2,018,403,688 |3,120,692,921 |4,688,934,289 | |Total Financing |2,438,883,896 |3,469,832,148 |4,936,575, 765 |7,023,331,171 |9,992,185,492 |14,216,013,523 | |Funds Needed |- |- |- |- |- |- | |Debt: Equity Ratio |1.69 |1.69 |1.69 |1.69 |1.69 |1.69 | |Sustainable Growth Rate |42.27% |42.27% |42.27% |42.27% |42.27% |42.27% | |EPS |136.50 |194.20 |276.29 |393.08 |559.24 |795.63 | |Price |2,048.75 |2,914.78 |4,146.90 |5,899.85 |8,393.79 |11,941.96 | Assuming 42.27% growth rate, it has been found that the company has no excess fund or no deficit. The projection says that assuming 42.27% growth rate, after 5 years in 2014 EPS of the company would be 795.63 as well as considering current P/E ratio as constant factor, in year 2013 share price would be Taka 11,941.96. Growth Rate: Scenario -4 Assuming growth rate of 5.5% as GDP growth rate | |Current |5 Year Projection | |Year |2009 |2010 |2011 |2012 |2013 |2014 | |Growth Rate | |5.50% |5.50% |5.50% |5.50% |5.50% | |Sales |2,124,637,706 |2,241,492,780 |2,364,774,883 |2,494,837,501 |2,632,053,564 |2,776,816,510 | |Net Income |316,616,692 |334,030,610 |352,402,294 |371,784,420 |392,232,563 |413,805,354 | |Dividend |47,570,900 |50,187,300 |52,947,601 |55,859,719 |58,932,004 |62,173,264 | |Addition to Retain |269,045,792 |283,843,311 |299,454,693 |315,924,701 |333,300,559 |351,632,090 | |Earnings | | | | | | | |Total Asset |2,438,883,896 |2,573,022,510 |2,714,538,748 |2,863,838,380 |3,021,349,490 |3,187,523,712 | |Total Debt |1,533,364,403 |1,617,699,445 |1,706,672,915 |1,800,539,925 |1,899,569,621 |2,004,045,950 | |Common Stock |589,249,465 |589,249,465 |589,249,465 |589,249,465 |589,249,465 |589,249,465 | |Retained Earnings |316,270,028 |600,113,339 |899,568,031 |1,215,492,732 |1,548,793,291 |1,900,425,381 | |Total Financing |2,438,883,896 |2,807,062,249 |3,195,490,411 |3,605,282,122 |4,037,612,377 |4,493,720,796 | |Funds Needed |- |(234,039,738) |(480,951,663) |(741,443,742) |(1,016,262,887) |(1,306,197,084) | |Debt: Equity Ratio |1.69 |1.36 |1.15 |1.00 |0.89 |0.80 | |Sustainable Growth Rate |42% |31% |25% |21% |18% |16% | |EPS |136.50 |144.01 |151.93 |160.28 |169.10 |178.40 | |Price |2,048.75 |2,161.43 |2,280.31 |2,405.73 |2,538.04 |2,677.63 | Assuming realistic one 5.5% growth rate, it has been found that the company has excess fund, which can be financed distributed to payoff long term debt and reduce the obligations of interest expenses. The projection says that assuming 5.5% growth rate, after 5 years in 2014 EPS of the company would be 178.40 as well as considering current P/E ratio as constant factor, in year 2014 share price would be taka 2,677.63. Calculating Expected Return of Aftab Auto using CAPM: The general idea behind CAPM is that investors need to be compensated in two ways: time value of money and risk. The time value of money is represented by the risk-free (Rf) rate in the formula and compensates the investors for placing money in any investment over a period of time. The other half of the formula represents risk and calculates the amount of compensation the investor needs for taking on additional risk or risk premium. This is calculated by taking a risk measure (beta) that compares the returns of the asset to the market over a period of time and to the market premium (Rm-Rf). [pic] [pic] = 7.25% + 0.463 (1.88% – 7.25%) [pic] = 4.915% We have determined market return Rm for year 2009 taking the monthly change in DSE Index. The average market return in 2009 has been found to be 1.88% and beta for the company is 0.46. If we post all the values in the above equation (considering Rf=7.5) we get the expected return [pic] to be 4.915%. This is lower than the risk free rate. This is the outcome of low market return. As such the expected return derived from CAPM can not be used for stock valuation. Future Stock Price Valuation under Gordon Model : In this section we shall make a projection of market stock price of Aftab Auto. It has a security specific beta risk of 0.46 and the expected return for the company is 4.915%. But the expected return 4.915% is based on market return 1.88%. This phenomenon may be due to the fact that in 2009 due to the political situation & anti corruption activity of the government, a lot of money has been invested in DSE. As a result the price of stocks increased. It is vivid from the below graph. [pic]Figure-20: DSE General Index for the 2009 As the Expected Return derived from CAPM is too low (4.915%), we shall use another formula for expected rate of return. ks=(D1/P0)+g Growth rate, g=Retention Rate*ROE Retention Rate = 0.85g= (0.85*0.35) =29.71% ROE = 35% D1= D0 (1+g) =20.51*1.2975=26.50 ks = (26.61/ 2048.75)+0.2975 = 31.01% From this formula we get the Expected Return (ks) 31.01%. Using the above information we can forecast expected stock value for Aftab Auto using the Gordon Model (Dividend Valuation Model). We assume that dividends will grow at a constant rate, g, forever. Since future cash flows grow at a constant rate forever, the value of a constant growth stock is the present value of a growing perpetuity: [pic]Where, [pic] We assume g=29.71% & k=37.12%. From all the above information we can forecast the future stock price for 2009. So the stock price for 1st January, 2010 would be BDT 459.64 But the real average stock price for first three months in 2010 was BDT 298.43. The average stock price is 54% lower than our forecasted price. This indicates the price of Aftab share is undervalued in the market. The explanation for lower market price may be due to decreasing trend in the General Index in 2010. Fig-21: DSE General Index in 2010 |Year |Dividend |Projected Price of Stock(using Gordon Model) | |2009 (Actual) |Do |20.51 |2,048.75 | |2010 (projected) |D1 |26.60388 |2048.75 | |2011 (projected) |D2 |34.50836 |2657.469714 | |2012 (projected) |D3 |44.76141 |3447.050776 | |2013 (projected) |D4 |58.06081 |4471.230282 | |2014 (projected) |D5 |75.3117 |5799.711558 | |2015 (Projected) |D6 |97.68813 | | Future Market Price projection in different growth Rate: [pic] |Growth Rate |2006 |2007 | |Sales |2,124,637,706 |2,500,061,189 | |Cost |1,808,021,014 |2,127,498,327 | |Net Income |316,616,692 |372,562,861.48 | |Asset |2,438,883,896 |2,869,834,680.42 | |Debt |1,533,364,403 |1,804,309,893.01 | |Equity |905,519,493.00 |1,065,524,787.41 | |Total |2,438,883,896.00 |2,869,834,680.42 | |Debt : Equity Ratio |1.69 |1.69 | Here the plug variable is Dividend distribution of taka 212,557,567 and thus the Debt : Equity ratio becomes unchanged. Scenario 2: |Particulars |2,009.00 |17.67% Growth Rate | |Sales |2,124,637,706 |2,500,061,189 | |Cost |1,808,021,014 |2,127,498,327 | |Net Income |316,616,692 |372,562,861.48 | |Asset |2,438,883,896 |2,869,834,680.42 | |Debt |1,533,364,403 |1,591,752,325.95 | |Equity |905,519,493.00 |1,278,082,354.48 | |Total |2,438,883,896.00 |2,869,834,680.42 | |Debt:Equity Ratio |1.69 |1.25 | In this case, no Dividend is paid. So Equity increases for the Net income and thus Debt goes down. So in this case, plug variable is the Debt: Equity ratio. Scenario Analysis: In this case study, the growth rate of 5.5% has been selected as the constant growth rate and the pro forma statement has been generated based on this growth rate. For scenario analysis, both optimistic and pessimistic scenarios are being considered. | |Current |Scenario Analysis of 2009 Pro-forma | |Year |2009 |Pessimistic |Normal |Optimistic | |Growth Rate | |2.50% |5.50% |8.50% | |Sales |2,124,637,706 |2,177,753,649 |2,241,492,780 |2,305,231,911 | |Net Income |316,616,692 |324,532,109 |334,030,610 |343,529,111 | |Dividend |47,570,900 |48,760,173 |50,187,300 |51,614,427 | |Addition to Retain Earnings |269,045,792 |275,771,937 |283,843,311 |291,914,684 | |Total Asset |2,438,883,896 |2,499,855,993 |2,573,022,510 |2,646,189,027 | |Total Debt |1,533,364,403 |1,571,698,513 |1,617,699,445 |1,663,700,377 | |Common Stock |589,249,465 |589,249,465 |589,249,465 |589,249,465 | |Retained Earnings |316,270,028 |592,041,965 |600,113,339 |608,184,712 | |Total Financing |2,438,883,896 |2,752,989,943 |2,807,062,249 |2,861,134,555 | |Funds Needed |- |(253,133,949) |(234,039,738) |(214,945,527) | |Debt: Equity Ratio |1.69 |1.33 |1.36 |1.39 | |Sustainable Growth Rate |42.27% |30.45% |31.35% |32.24% | |EPS |136.50 |139.91 |144.01 |148.10 | |Price |2,048.75 |2,099.97 |2,161.43 |2,222.89 | In the above scenario analysis, we have taken the 5.5% growth rate in normal situation. If we want to be optimistic enough to predict that the economy will have a high growth and the company will also able to grow at 8.50%. On the other hand, the situation can also be worse enough to have a growth lower than the normal and the company may face a growth of 2.50%. After analyzing the scenario of different situation we can say that the projected growth rate is appropriate for the company which will help the company to operate in the market even if the situation is worse. It gives a positive indication towards the company and increases the shareholders confidence to invest in the company’s share. Chapter 6 Findings & Conclusion: At the end we can say that, in year 2009, we see that the Market price is much higher then the Book Value of each share. Investors are willing to pay more than the book value of each share. The major reasons of the higher market value are the underestimation of the assets, as the assets are calculated based on the purchase price; not on the basis of the market price. Besides that investment to the other shares are also calculated on the purchase price. But the market price is also higher. Moreover, Aftab Automobiles ltd enjoys a better reputation on the market. So the Intangible assets like, Patent, Trade mark should be considered. So we can say that the company’s financial position is good. Based on market price if we re-construct the balance sheet, we have to introduce ‘Goodwill’ as intangible asset for Aftab Auto. This goodwill basically shows the confidence of the shareholders & investors on Aftab Auto backed by some positive news. Overall we see that the Sales of the company are increasing which is a good sign. Besides that the company is investing heavily on the fixed assets,  which may used to generate more revenue for the company. They are also offering cash dividend each year and also the company paid its short term load and also taking short term loans, which indicates that the company is enjoying a favorable environment in terms of the short term credit situation. So, we can conclude that the Aftab Automobiles Ltd is financially sound based on the Cash Flow analysis. Profit margin, operating profit, EPS, market-book value of the Aftab is increasing which indicates that the company is becoming more efficient in terms of its operations and also gaining investors confidence. So we can say that after experiencing some downfall Aftab Auto is now experiencing efficiency in its performance and also investors’ confidence. From the cash flow statement we can see that, in 2006, 2007 & 2009 the free cash flow figures are negative. This might happen because of high investment in inventory and R&D departments, means the company used more cash than they had sourced of. . Also the cash flows to Investors were sufficient for the company over the years. The company had sufficient fund to pay out dividends and that would eventually maximize the value of the firm. Fixed investments were consistent and consumed huge cash over the years. Using dummy variable to find effects of Dividend declaration was a success in 2009. We have seen that dividend declaration had a significant effect on the share price of Aftab Auto in the year 2009. Price fluctuated after the dividend was declared. Price increased significantly after the dividend was declared. Using dummy variable to find effects of AGM on Stock Price was a success in 2009. We have seen that AGM declaration also had a significant effect on the share price of Aftab Auto in the year 2009. Price fluctuated after the AGM took place. Price fell enormously after the AGM. We assumed a hypothetical situation of capital investment for Aftab Auto. The project turned out to have a positive NPV of 635,486,050.36 Taka. So it’s a project that adds value to the company. Incorporating the value of the project in the share price result is a share price of 2322.72 taka. This is higher than the market price of 2048.75 taka in the last trading day of 2009. This shows that the project adds value to the wealth of the shareholders. From the sensitivity analysis, we can see that NPV is very sensitive to change in revenue. For 20% decrease of Revenue, NPV is decreased by 69%. Besides that, 1% change of revenue; NPV is changed for 3.44%. The scenario analysis shows that under pessimistic scenario of sales variable NPV becomes 198,853,179.90 taka and the future share price becomes 2134.48 taka. And optimistic scenario of sales variable results in a NPV of 1,072,118,920.83 taka and future price of share becomes 2510.96 taka. This shows how changes in sales in different situation can affect the project, its NPV and the future market price per share. But in this case it is satisfactory that sales change doesn’t affect the share price of the company to a great extent. This can mean that the company has a diversified way to do their business that a single project is not that much strong to affect the company’s price per share. Break-Even Quantity for the new investment is 142 units if the selling price is 10,000,000 per unit. On the other hand, Break-Even Price is 9,126,745.47 if the selling quantity is 200 units. In projecting future market price, assuming realistic one 5.5% growth rate, it has been found that the company has excess fund, which can be financed distributed to payoff long term debt and reduce the obligations of interest expenses. The projection says that assuming 5.5% growth rate, after 5 years in 2014 EPS of the company would be 144.01 as well as considering current P/E ratio as constant factor, in year 2013 share price would be 2,677.63 Initially we assumed many growth variables, but considering current world wide economic condition, Bangladesh GDP growth rate of 5.5% as an assumption would be most appropriate, as due to recession period it would be very optimistic to assume higher growth rate