Mahindra & Mahindra †Sm Essay

1. EXECUTIVE SUMMARY – INDIAN AUTOMOBILE INDUSTRY Starting its journey from the day when the first car rolled on the streets of Mumbai in 1898, the Indian automobile industry has demonstrated a phenomenal growth to this day. Today, the Indian automobile industry presents a galaxy of varieties and models meeting all possible expectations and globally established industry standards. Some of the leading names echoing in the Indian automobile industry include Maruti Suzuki, Tata Motors, Mahindra and Mahindra, Hyundai Motors, Hero Honda and Hindustan Motors in addition to a number of others. During the early stages of its development, Indian automobile industry heavily depended on foreign technologies. However, over the years, the manufacturers in India have started using their own technology evolved in the native soil. The thriving market place in the country has attracted a number of automobile manufacturers including some of the reputed global leaders to set their foot in the soil looking forward to enhance their profile and prospects to new heights. Following a temporary setback on account of the global economic recession, the Indian automobile market has once again picked up a remarkable momentum witnessing a buoyant  sale for the -first time in its history in the month of September 2009. At present, about 75 percent of India’s automobile industry is made up by small cars, with the figure ranking the nation on top of any other country on the globe. Over the next two or three years, the country is expecting the arrival of more than a dozen new brands making compact car models. Like many other nations India’s highly developed transportation system has played a very important role in the development of the country’s economy over the past to this day. One can say that the automobile industry in the country has occupied a solid space in the platform of Indian economy. Empowered by its present growth, today the automobile industry in the country can produce a diverse range of vehicles under three broad categories namely cars, two-wheelers and heavy vehicles. 1.1. Exports of Automobile Industry Today, India is among the world’s largest producers of small cars. The New York Times has rated India as a very strong engineering base with an incomparable expertise in the arena of manufacturing a number of low-cost, fuel-efficient cars has encouraged the expansion plans of the manufacturing facilities of a number of automobile leaders like Mahindra, Hyundai Motors, Nissan, Toyota, Volkswagen and Suzuki. While the automobile industry in India is the ninth largest in the world, the country emerged as the fourth largest automobiles exporter on the globe following Japan, South Korea and Thailand, in the year 2009. The automobile sector of India is the seventh largest in the world. In a year, the country manufactures about 2.6 million cars making up an identifiable chunk in the world’s annual production of about 73 million cars in a year. The country is the largest manufacturer of motorcycles and the fifth largest producer of commercial vehicles. Industry experts have visualized an unbelievably huge increase in these figures over the immediate future. The figures published by the Asia Economic Institute indicate that the Indian automobile sector is set to emerge as the global leader by 2012. In the year 2009, India rose to be the fourth largest exporter of automobiles following Japan, South Korea and Thailand. Experts state that in the year 2050, India will top the car volumes of all the nations of the world with about 611 million cars running on its roads. 1.2. Various Segments of the Indian Automobile Industry Motor cycles manufacture makes up the major share in the two-wheeler segment of the  Indian automobile industry. About 50% of the motorcycles are manufactured by Hero Honda. While Honda manufactures about 46% of the scooters, TVS produces 82% of the mopeds running on the Indian roads. About 40% of the three-wheelers manufactured in India are used for transporting goods with Piaggio manufacturing 40% of the vehicles sold in the Indian market. On the other hand, Bajaj has emerged as the leader in manufacturing three-wheelers used for passenger transport. The firm produces about 68% percent of the three wheelers used for passenger transport in India. The Indian passenger vehicle segment is dominated by cars which make up about 80% of it. Maruti Suzuki manufactures about 52% of passenger cars while the firm enjoys a complete monopoly in the manufacture of multi-purpose vehicles. In the utility vehicles segment Mahindra makes up a 42% share. Tata Motors is the leader in the Indian commercial vehicles market while it holds more than 60% share. Tata Motors also enjoys the credit of being the world’s fifth largest manufacturer of medium and heavy commercial vehicles. 1.3. Potential of Indian Automobile Industry There is a very stiff competition in the automobile industry segment in India. This has helped many to realize their dreams of driving the most luxurious cars. During the recent past, a number of overseas companies have started grabbing a big chunk of the market share in both domestic and export sales. Every new day dawns in India with some new launches by active players in the Indian automobile arena. By introducing some low cost cars, the industry had made it possible for common men to buy cars for their personal use. With some innovative strategies and by adopting some alternative remedial measures, the Indian automobile industry has successfully come unaffected out of the global financial crisis. During the current fiscal year, the Indian automobile industry rode high on the resurgence of consumer demand in the country as a result of the Government’s fiscal stimulus and attractively low interest rates. As a result the total turnover of the domestic automobile industry increased by about 27 per cent. Predictions made by Ernst and Young have estimated that the Indian passenger car market will have a growth rate of about 12 percent per annum over the next five years to reach the production of 3.75 million units by the year 2014. The analysts have further stated that the industry’s turnover will touch $155  billion by 2016. This achievement will succeed in consolidating India’s position as the seventh largest automobiles manufacturer on the globe, eventually surging forth to become the third largest by the year 2030 behind China and the US. The Automotive Mission Plan launched by the Indian government has envisaged that the country will emerge as the seventh largest car maker on the globe thereby contributing more than 10 percent to the nation’s $1.2-trillion economy. Further, industry experts believe that the nation will soon establish its stand as an automobile hub exporting about 2.75 million units and selling about a million units to be operated on the domestic roads 1. MAHINDRA & MAHINDRA – OVERVIEW Mahindra & Mahindra (M&M) is not just India’s largest utility vehicle manufacturer anymore. It is the third-largest player in the passenger vehicle segment and in a neck-and-neck race with Tata Motors. It has set its sight on challenging the domination of Maruti Suzuki and Hyundai Motors. Pawan Goenka, as president for automotive and farm equipment sectors, is the main architect of this feat Mahindra and an independent India began their rise together. In 1945, two enterprising brothers named J.C. Mahindra and K.C. Mahindra joined forces with Ghulam Mohammed and started Mahindra & Mohammed as a steel company in Mumbai. Two years later, India won its independence, Ghulam Mohammed left the company to become Pakistan’s first finance minister, and the Mahindra brothers ignited the company’s enduring growth with their decision to manufacture Willys jeeps in Mumbai. The Mahindra brothers believed that new modes of transportation could be a key to India’s prosperity, so one of their first goals was to build rugged, simple vehicles capable of tackling the Indian terrain. Early pioneers of globalization, the brothers collaborated with a wide range of international companies and before long, Mahindra’s reach extended to steel, tractors, telecom, and more. Now, after 65 years, Mahindra has grown from a humble local outfit to a US $15.4 billion corporation employing more than 144,000 people around the world. It’s been quite an adventure so far, and they’re proud of our global leadership in utility vehicles, tractors, and information technology, as  well as our significant presence in financial services, leisure and hospitality, engineering, trade, and logistics. As they accelerate into the 21st century, they’ll continue to pursue innovative ideas that enable people to rise. They’ve come a long way, but the journey has just begun. Over the past few years, M&M has expanded into new industries and geographies. They entered into the two-wheeler segment by taking over Kinetic Motors in India. M&M also has controlling stake in REVA Electric Car Company and acquired South Korea’s SsangYong Motor Company in 2011. Mahindra & Mahindra is a major automobile manufacturer of utility vehicles, passenger cars, pickups, commercial vehicles, and two wheelers. Its tractors are sold on six continents. It has acquired plants in China and the United Kingdom, and has three assembly plants in the USA. M&M has partnerships with international companies like Renault SA, France and International Truck and Engine Corporation, USA. M&M has a global presence and its products are exported to several countries. Its global subsidiaries include Mahindra Europe Srl. based in Italy, Mahindra USA Inc., Mahindra South Africa and Mahindra (China) Tractor Co. Ltd. M&M made its entry into the passenger car segment with the Logan in April 2007 under the Mahindra Renault joint venture. M&M will make its maiden entry into the heavy trucks segment with Mahindra Navistar, the joint venture with International Truck, USA. M&M’s automotive division makes a wide range of vehicles including MUVs, LCVs and three wheelers. It offers over 20 models including new generation multi-utility vehicles like the Scorpio and the Bolero. It formerly had a joint venture with Ford called Ford India Private Limited to build passenger cars. Mahindra & Mahindra has a controlling stake in Mahindra Reva Electric Vehicles. In 2011, it also gained a controlling stake in South Korea’s SsangYong Motor Company. Mahindra & Mahindra Ltd. (M&M), has launched its much awaited SUV, XUV 500, code named as W201 in September  2011. The last ‘500’ in the name is pronounced as ‘5 double-O’ (alphabet). The new SUV by Mahindra has been designed in-house and it is developed on the first global SUV platform that could be used for developing more SUVs. 2. MISSION AND OBJECTIVES Vision: * To create a fully collaborative environment in which suppliers can deliver exactly what the company needs, when it needs it, and at a competitive cost. * â€Å"We don’t have a group-wide mission statement. Our core purpose is what makes all of us want to get up and come to work in the morning† -Anand Mahindra Mission: * To create India’s largest automobile and automobile-related products distribution network by providing dealers and customers with the largest choice of unique world-class products and services. Since 1945, the Mahindra group has built the company around the core idea that people will succeed if they are just given the opportunity. Employees across the Group constantly challenge conventional thinking to create solutions that make a significant difference in the lives of their customers. That’s why everything they build—be it a tractor, financial service, solar-powered lamp, or software—is designed to empower you to reach your potential. Internally, they follow three basic tenets—accepting no limits, thinking alternatively, and driving positive change in everything they do. These brand pillars guide all their actions and business decisions from deciding whether or not to enter a new field or planning a portfolio of services. * We accept no limits, and ask the same of everyone else. In return, they work relentlessly to provide the tools, information, and inspiration to push past limitations and comfort zones. This challenger spirit galvanized us to meet the oil crisis in the 1970s by re-engineering our fuel efficient tractor engines for utility vehicles. It led us to take on the challenge of designing the Scorpio utility vehicle at a cost that many industry experts  thought was impossibly low. They’ve created completely new business models to enter areas others had written off or ignored, like our leading hospitality business and our rural financial services. And they just registered our highest ever profits despite the worst global recession since the Great Depression. This determination influences every aspect of our culture and our employees. As a result, each Mahindra business constantly pushes the envelope and raises the bar as they strive to deliver better value to our customers. * Alternative thinking means solving problems in ways no one has thought of before, by using fewer resources and entering markets thought to be unreachable. Take the Scorpio for example—they developed our best-in-class utility vehicle from the ground up using a process that put drivers’ needs first. Our Energy Solutions help businesses keep going when everyone else’s lights go out. They build two wheelers that provide affordable mobility solutions to more people. And our extensive arrays of innovative IT services are increasing productivity at some of the world’s leading companies. Thinking alternatively isn’t always easy, but it’s always worth it. * Driving Positive Change: Mahindra is a business with a conscience. Every product they make and each market they explore must make sound economic sense, but it just so happens that smart business decisions are often good for people and communities as well. They strive to spread positive impact through our products and services by greening our manufacturing process and by being a good employer. They want to be counted among the global companies that make incredible products and services, but they also wish to be recognized for creating a better world. From building green homes with the most eco-friendly materials to providing loans to rural entrepreneurs, from designing goods carriers that run on compressed natural gas (CNG) to offering educational programs and supporting Indian theatre, they strive to make a positive impact on all the lives they touch They created a tractor designed for small farming that is enabling farmers to mechanize for the first time. Our motivation to give our best every day comes from our core purpose: we will challenge conventional thinking and innovatively use all our resources to drive positive change in the lives of our stakeholders and communities across the world, to enable them to Rise. Our products and services support our customers’ ambitions to improve their living standards; our responsible business practices positively engage the communities they join through employment, education, and outreach; and our commitment to sustainable business is bringing green technology and awareness into the mainstream through our products, services, and light-footprint manufacturing processes. This commitment to sustainability—social, economic, and environmental—rests upon a set of core values. They are an amalgamation of what they have been, what they are, and what they want to be. These values are the compass that guides our actions, both personal and corporate. They are: * Good corporate citizenship: They will continue to seek long term success in alignment with the needs of the communities they serve. They will do this without compromising on ethical business standards. * Professionalism: They have always sought the best people for the job and given them the freedom and the opportunity to grow. They will continue to do so. They will support innovation and well reasoned risk taking, but will demand performance. * Customer first: They exist and prosper only because of the customer. They will respond to the changing needs and expectations of our customers speedily, courteously and effectively. * Quality focus: Quality is the key to delivering value for money to our customers. They will make quality a driving value in our work, in our products and in our interactions with others. They will do it ‘First Time Right.’ * Dignity of the individual: They will value individual dignity, uphold the right to express disagreement and respect the time and efforts of others. Through our actions, they will nurture fairness, trust, and transparency. 3. SWOT Analysis 4.1 Strengths * Mahindra has been one of the strongest brands in the Indian automobile mark. * Mahindra group give employment to over 110,000 employees. * Excellent branding and advertising, and low after sales service cost. * Sturdy SUV’s good for Indian roads and off-road terrain. * Over the years the company has emerged as one of the top players in the world in terms of number of tractors sold. This gives a clear indication that the company’s market shares one of its biggest strengths. * The company’s ability to introduce new products in the market and to generate sales from those new products is a major strength. * The reason being that this is very essential for any company, for its survival in the long run. The company has established its brand name in other countries of the world as well. * This is evident from the 40% market share that it holds in the 30-40 HP tractors market in the US. 4.2 Weakness * Mahindra’s partnership with Renault did not live up to international quality standards through their brand Logan. * The company is highly dependent on the rural sector, and the rural sector in turn is highly dependent on the monsoons. As a result, if there happen to be bad monsoons (less of rains) for two consecutive years it could have an adverse impact on the demand of tractors for the company. 4.3 Opportunity * Developing hybrid cars and fuel efficient cars for the future. * Tapping emerging markets across the world and building a global brand. * Fast growing automobile market. * Growing in the market through electric car Reva (controlling stake) and entry into two-wheeler segments. * The government has been trying to strengthen the exports of agricultural products. As a result, the quality of agricultural products necessarily has to be very high. For this, they need better rural and agricultural infrastructure. This might result in an  increase in demand for tractors. * In India, the penetration of tractors is 10 tractors per 1000 hectares of cropped area, which is much below the world average of 19 tractors for the same. Thus there is scope for the demand to increase. 4.4 Threats * Government policies for the automobile sector across the world. * Ever increasing fuel prices. * Intense competition from global automobile brands. * Substitute modes of public transport like buses, metro trains etc. * The company has a history of having invested in unrelated diversifications such as telecom, holiday and resort inns, financial services, etc. which it has hived off as subsidiaries from time to time when these turned unmanageable. * This is a cause for concern as such diversifications could divert the company’s attention from its core business. It is a dangerous tendency as it leads to destruction of shareholders value. * The entry of foreign players in the tractors segment could pose a threat to the company as these foreign players are technically more competitive than Mahindra & Mahindra. 4. ACQUISITIONS 5.1 Ssangyong Motor Company India’s Mahindra & Mahindra Ltd. completes acquisition of a majority stake in SsangYong Motor Company On March 15, 2011, Mahindra & Mahindra Ltd. (M&M), India’s leading manufacturer of utility vehicles, today announced that it has completed all formalities related to the acquisition of a majority stake in SsangYong Motor Company (SYMC) and that the company is no longer in Court Receivership. Mahindra had emerged as the preferred bidder for SsangYong in August 2010. This marks the beginning of a new journey for SYMC and will also pave the way for both Mahindra and SYMC to emerge as a strong force allied together in the global passenger vehicle industry, through their strategic partnership. Present on the occasion were Mr. Bharat Doshi, Executive Director & Group CFO, Mahindra & Mahindra Ltd. and Dr. Pawan Goenka who is President of Mahindra’s Automotive and Farm Equipment Sectors. Key officials from the Mahindra Group and SYMC were also present. For Mahindra, the biggest benefit from this partnership  will be the opportunity to harness synergies between the two companies, while protecting their respective brand identities and ensuring quality. Towards this end, a Synergy Council comprising of senior management from both companies will be established to ensure focus and delivery of synergies between the two companies. The Council will focus on various aspects such as global procurement, new car development and business strategy to penetrate international markets. Strategic plans such as the India project which involves launching the Rexton and Korando-C in India have already been kicked off. Also under discussion are opportunities for joint product and technology development and synergy in global operations and purchase. Mahindra has a strong IT system that is being reviewed for suitability for SsangYong. The company is also considering the possibility of Mahindra Finance setting up operations in Korea to enhance the sales of SsangYong vehicles. Mahindra has also proposed the following five point agenda for SsangYong: * Strengthening the product pipeline. * Harnessing synergies between the two companies. * Investing in the SYMC brand. * Building human resources. * Focusing on financial stability. SsangYong has also proposed the following investments: * In 2011, the business plan calls for a 70% investment increase in product development, as compared to last year, at over KRW 200 billion. * Over 40 billion KRW for brand building in Korea – a 60% increase over 2010 – and an increase in overseas brand investment by over four times, in 2011. Dr. Pawan Goenka, President, Automotive and Farm Equipment Sectors, Mahindra & Mahindra Ltd., mentioned that Mahindra was extremely conscious of SYMC’s Korean heritage and would only want to enhance it. SsangYong will be an independently run Korean company – with largely Korean Management – and will remain a ‘Made in Korea’ Brand. He also announced that the new CEO of SYMC will be Mr. Yoo-il Lee, while Mr. Dilip Sundaram from Mahindra will be the new CFO. He also announced the names of the new Board of Directors of SsangYong Motor Company. â€Å"This is a landmark day for all of us at Mahindra  as it marks the beginning of what I am sure will be an enduring partnership with SsangYong Motor Company. I would like to thank all the employees of SsangYong as well as the company’s creditors for the help and cooperation extended to us during this long process. As one of the country’s premier automotive companies, SsangYong brings with it a rich legacy of R&D and innovation. This legacy, coupled with the synergies between the two companies in the areas of R&D, product development and platform sharing, will make the combined entity of Mahindra and SsangYong a force to reckon with in the global utility vehicle space. They are committed to nurturing the SsangYong brand in both the Korean and global markets and returning it to its days of glory,† said Dr. Pawan Goenka. â€Å"Mahindra brings with it a great deal of passion, domain expertise and knowledge of the global UV market, as India’s leading utility vehicle (UV) manufacturer. All of us at SsangYong look forward to working closely with the Mahindra team to help develop a new product portfolio and gain momentum in overseas markets,† said Mr. Yoo-il Lee, CEO, SsangYong Motor Company. 5.2 REVA Electric Car Co Ltd. Mahindra enters high growth electric car segment acquires majority stake in REVA REVA was established in Bangalore in 1994 as a joint venture between the Maini Group of Bangalore, India and AEV LLC of California, US. Its REVA electric vehicle was first commercially available in Bangalore in 2001 and in London in 2004, under the G-Wiz brand. REVA is a technology innovator with the largest deployed fleet of electric cars in the global market today, available in 24 countries across Europe, Asia and Central and South America with more than 3,500 of its vehicles on the road and the accumulated data from more than 100 million km of user experience. Mahindra & Mahindra Ltd. Today strengthened its position in the Electric Vehicles domain with the acquisition of a majority stake in REVA Electric Car Co Ltd., Bangalore. REVA Electric Car Co Ltd. will be renamed Mahindra REVA Electric Vehicle Co Ltd. Under the new agreement which was signed today by both the companies, M&M will own 55.2% equity in Mahindra REVA by a combination of equity purchase from the promoters and a fresh equity infusion of over Rs 45 crores (approx US $10 million) into the company. The buyout makes the Mahindra group a strong global player in the electric vehicle space. Post  the buyout, the Board of Mahindra REVA has been re-constituted under the chairmanship of Dr Pawan Goenka, President Automotive & Farm Equipment Sectors, Mahindra & Mahindra. The new board includes five nominees from Mahindra & Mahindra, two from the Maini family, and one from AEV LLC, California (co-founders of REVA). An independent director will be added to the board subsequently. Mr. Chetan Maini will continue to play a leading role in Mahindra REVA as Chief of Technology & Strategy and will continue to be on the board. Under its core Sustainable Mobility initiative, Mahindra has been working for the last 10 years on developing green technologies and has demonstrated diesel hybrid technology on the Scorpio and hydrogen Alfa three wheelers. Mahindra has a pilot fleet operating with 100% bio-diesel and was the first to launch micro-hybrid technology in India with around 50,000 such micro-hybrids on the road today. In EVs, over and above the electric three-wheeler Bijlee developed in 1999, it is also currently working on an electric version of its mini-truck, Maxximo. Mahindra REVA’s EV technology will be adapted for these and other M&M vehicles. Access to strong EV technology will strengthen Mahindra’s other current sustainability initiatives. REVA is currently marketing its products in 24 countries across the world with an overall vehicle population of over 3500, arguably the largest EV fleet globally. REVA recently premiered its next generation electric car models, the NXR and NXG which received an enthusiastic response. Mahindra REVA will now have access to Mahindra’s vehicle development technology and distribution network, significantly enhancing its ability to launch a state-of-the-art electric vehicle for global markets. Speaking on the acquisition, Mr Anand Mahindra, VC&MD, Mahindra & Mahindra said, â€Å"With issues such as climate change and carbon footprint taki ng centre stage globally, eco-friendly transportation becomes the need of the hour. Mahindra already has an established sustainable mobility solutions programme and our association with REVA will only help us further expand our green footprint both in India and overseas†. Dr Pawan Goenka, President (Automotive & Farm Equipment Sectors), Mahindra & Mahindra and the newly elected Chairman of Mahindra REVA said, â€Å"This is a key strategic acquisition for Mahindra in its march towards sustainable mobility. Mahindra and REVA bring together complementary strengths. With  Mahindra’s vehicle engineering expertise, global distribution network, sourcing clout and financing support, REVA’s vehicles have the potential to significantly gain in market penetration. Mahindra will also benefit from REVA’s EV technology for its own products.† Mr Chetan Maini, Chief of Technology & Strategy, of the newly formed Mahindra REVA mentioned, â€Å"The EV market is poised to grow significantly and they concluded that in order to seize the opportunity they needed the resources and experience of a major automotive manufacturer. In Mahindra they have found a company that not only shares our vision of principled and sustainable growth but one that also has a reputation for good corporate governance. As a result of Mahindra’s investment, Mahindra REVA will be able to scale, innovate and accelerate and so to deliver better products to more customers in more places†. 5. GROWTH STRATEGY Mahindra & Mahindra Ltd (M&M) is the flagship brand of the $12.5 billion Mahindra Group, which operates with a portfolio comprising a wide spectrum of vehicles from two wheelers to heavy trucks, SUVs to school buses. M&M over the years has strengthened its position as one of the country’s premier utility vehicle (UV) and farm Equipment manufacturer with market share of over 50% in UV and 40% in tractors, respectively. It has recently entered 3-wheelers and CV segment. M&M is targeting sale of about 550,000 tractors in FY12E. 6.1 Investor’s Rationale During Q2FY12 net sales of M&M surged by 37.6% to `73,068 million from the `53,113 million in the year-ago quarter, driven by 35.9% and 35.5% growth in its automotive and farm equipment segment, respectively. Though operating margins for the current fiscal are likely to stay under pressure under tight liquidity and rising input cost scenario, they expect the revenues of M&M to reach `300-320 billion in the coming two year. At a time, when consecutive rate hikes, high inflationary data, strikes and  costlier fuel prices have crippled the Indian auto sales manufacturers, M&M has emerged as the only automotive player to have beaten the slowdown comprehensively with a growth of 21% in 2011. Considering M&M’s aggressive growth strategies to expand its global footprint with a range of new variants in the four-wheeler segment, they expect M&M to mark 11-14% rise in its FY12E sales realization. M&M complement the tag of no. 1 tractor manufacturer in the world in terms of volumes, occupying more than 40% of the domestic tractor market. With tractor demand fairly stable despite ongoing economical slowdown, the company is targeting sale of about 550,000 tractors next year. Beside, with the industry providing sufficient headroom for growth, they expect sales from the farm equipment segment of M&M to grow 17-18% by the end of FY12. M&M acquisition of SYMC Motors (SYMC) gives the UV product line of the company an extension into the premium SUV segment with an established foothold in the markets of South America, Russia etc. The management expects 50% volume growth at 113,000-114,000 units for SYMC in CY11 and aims to sell 160,000 units by 2013 and 300,000 units by 2015-16 from the unit. 6.2 High volume in tractor segment drives Q2FY12 revenue During Q2FY12, M&M net sales surged by 37.6% to `73,068 million from the `53,113 million in the year-ago quarter, driven by 35.9% and 35.5% growth in its automotive and farm equipment segment revenue, respectively. Besides, the operating expenditure of the company increased by 43% to `64,866 million mainly due to the increase in raw material cost and employee expenses by 33% and 20% respectively. The strong volume growth across the vehicle and tractors segment despite of a difficult market situation and a tight control on expenses has helped lift the EBITDA by 6.3% to `8,202 million from `7,719 million in the corresponding quarter last year. Further, owing to the sharp rise in the interest and depreciation charges, the net profit margin (NPM) dropped by 375bps to 9.7%. M&M’s standalone net profit at `7,374 million declined 2.8% from `7,585 million in the corresponding period preceding year, due to a foreign exchange loss. The company has suffered a foreign exchange net loss of `320 million, as the rupee fell 8.8% against the dollar  in the July-September quarter. Going further, they expect the revenues of M&M to reach 321 billion in the coming two year, making a contribution of 950-980 basis points to its present EBITDA margins. 6.3 Robust November sales volume, higher realizations to drive performance in FY12E M&M’s November total sales volume in the automotive segment reported a robust growth of 53% (y-o-y) at 40,722 units, with a significant contribution of 38,159 units from the domestic terrain. A high volume growth of 46% in the passenger Utility Vehicles (UVs) segment led the domestic four-wheeler sales while sales volume in the three wheeler segment grew 32% during the month. M&M’s UV and three wheeler export during the month also grew 71% at 2,563 units against 1,500 units a year ago. Meanwhile, M&M’s Farm Equipment Sector division reported a 3% fall in tractor sales to 17,527 units in November with domestic sales falling 5% to 16,175 units backed by issues related to the credit flow to the domestic farm sector. The company’s tractor export increased 33% to 1,352 units during the month against 1018 units sold to overseas market in the same period prior year. At a time, when consecutive rate hikes, high inflationary data, strikes and costlier fuel prices have badly hampered the Indian auto sales numbers; M&M has emerged as the only automotive company to have beaten the slowdown comprehensively with a growth of 21% in 2011. Backed by significant demand for M&M’s premium sports utility vehicle, XUV500, the company is aggressively working to double its production to clear its order backlog of 9,500 units by January 2012. Considering, M&M’s ability to outperform the industry numbers despite strong economic headwinds and its proposed variants in both two-wheeler and four wheeler segment, they expect M&M to mark 11-14% rise in its FY12E sales realization. 6.4 Increased focus in the tractor segment to drive M&M growth in FY13 M&M complement the tag of no. 1 tractor manufacturer in the world in terms of volumes supported by 1,300 dealers with over 2,200 service points, 7 tractor plants and 1 foundry. The tractor segment has been fairly stable during the ongoing economical slowdown and has registered a growth of 20% in the current fiscal. M&M with more than 40% share in the tractor industry of the country has gone a long way in keeping pace with the industry growth. The company is targeting sale of about 550,000 tractors next year. Market share movements have been slower with a 0.5% to 1% change in a year. However, it was successful in penetrating newer villages that accounted 10,000 units in such markets. Growing focus in the tractor division will also provide further assistance to M&M as slowdown in rural consumption has not been experienced yet. Besides, the strong replacement demand will be a key support in the near term as it accounts for 40% of sales. India’s tractor industry is well poised to register 10-12% growth in FY13 and with labor shortage driving the farm mechanization; the industry is likely to register a 20% growth in the coming three years. With the industry providing sufficient headroom for growth, they expect sales from the farm equipment segment of M&M to grow 17-18% by the end of FY12. 6.5 Macro factors- to drive the expected demand for farm equipment The quantum of tractors bought using cash payments has increased to 20-25% of sales in India, compared with 10% earlier, which reflects buoyancy in rural incomes. About 40% of the current tractor demand is from the replacement market. Though there is some concern about rural economy and consumption is slowing down, M&M has not seen any slowdown in rural consumption. Shortage in farm labour has also acted as a key catalyst for tractor demand. Tractors are no longer a luxury for the rich farmers, but a tool for better cost management. 6.6 New launches, foray into new segments to augment future growth In FY11, M&M registered domestic volumes growth of 24% led by new product launches and strong performance from existing product ranges. It launched  Gio, Xylo, Thar, Maximmo, Yuvraj, Genio and Arjun MAT, during the year which is likely to power the company’s growth in future. Besides, M&M has also lined-up new launches, which would help bring additional volumes. It is ready to enter the market with a new SUV, 4-seater electric car, re-launch of Stallio motorcycle, two new versions of Verito, one SUV with SsangYong in India, aerospace components and mine protected vehicle (MPV-I). M&M’s recently launched XUV500 SUV received remarkable response from the domestic consumers. Priced at `10.8 lakhs, the company has rightly positioned XUV500 in the market for people who desires something above `7 lakhs and below `15-20 lakhs. As a result, M&M’s the XUV500 has gone a long way to set a booking record of 8,000 units in just 10 days of being launched in 5 cities of the country. 6.7 SYMC to add value in premium UVs Acquisition of SYMC Motors (SYMC) gives the UV product line of the company an extension into the premium SUV segment. SYMC has a distribution network of over 130 dealers in Korea and 1,200 dealers in more than 90 countries. The acquisition gives M&M access to SYMC’s popular product portfolio with an established foothold in the markets of South America, Russia, Eastern and Western Europe, and Africa which bodes well for M&M‘s plans to launch a global SUV this year. The management has guided 50% volume growth at 113,000-114,000 units for SYMC in CY11, with the recent launch of Korando-C. Thus, the acquisition of Korean company SYMC augurs well for M&M in the long term, placing it on a new growth trajectory. As debt woes continue to plague one of its largest markets Europe SYMC is eyeing to enter emerging markets including India, China and Russia playing a bigger role in a bid to boost volumes in 2012 with a year-on-year volume growth of 40%. The company aims to sell 160,000 units by 2013 and 300,000 units by 2015-16. M&M-SYMC have finalised a combined future product portfolio strategy, which will see 3 new platforms and 4 new products coming in from both partners. The new sourcing strategy for M&M-SYMC is being put into  place, which will see both companies sourcing an enormous $20 billion of components over the next 5 years. This huge sourcing is expected to bring in economies of scale and reduce the cost for the duo. 6.8 Strategic growth plan for Mahindra Navistar to drive M&M future growth Mahindra Navistar Automotives Limited (MNAL), which is a 51:49 joint venture between M&M and Navistar Inc., is planning to launch at least two new models—a 49-tonne tractor trailer and a 25-tonne tipper for the mining sector in H2FY12E. Intending to establish a pan India presence, the company further intends to increase its current 48 dealership across various cities to around 100 by adding 50 new dealers by the end of FY13E. With a targeted growth of 9% in the second half of FY12E, the company is planning to see cash break-even in the next 12 months. Further, the company is planning to invest around `2.50 billion to add few more variants in the heavy-duty goods commercial vehicles segment, which in turn will help the company ramp up volumes and use its factory capacity fully in the next three years. 6.9 M&M eyes to enter larger South Asian market The largest utility vehicle maker of the country is planning to set up an assembly plant in Southeast Asia in the next few years as a part of its strategy to expand its global presence through its entry to markets in Thailand and Indonesia. Currently, M&M exports vehicles to Malaysia and is aiming to expand to other markets in ASEAN region. Over the next four to five years, M&M sees at least 15-20% of its total export volumes coming from this region. In FY11, M&M exported 17,000 units of utility vehicles and pick-ups and around 11,000 tractors. The company is aiming to double overseas revenues to more than $1 billion by 2013 and is aiming two-fold increase in volumes to 100,000 units. 6.10 M&M to launch its first compact Car in 2012 M&M is eyeing to launch its first compact car after it acquired Reva  Electric Car Company in 2001. The SUV-maker is aggressively working to launch its first compact car in the country Reva NXR by 2012. With a mileage of about 9.6 km for every `3 spent, the Reva NXR, ensures nine times the mileage generated by the country’s most fuel-efficient petrol-powered car. At a time, when petrol prices are breaking new highs M&M expects its Reva NXR to seek significant attention from the consumers who spend `7,000-8,000 every month on petrol. Beside, M&M is also establishing one of world’s biggest manufacturing bases for electric cars of 30,000 units per annum near Bangalore, which is likely to commence production in FY13. With increased demand for electric cars, M&M apart from its marketing strategy to sell its Reva NXR through an expanded network of 100 outlets in India, the company is also mulling over rolling its new electric car model in countries like Norway, which houses the highest consumer market for electric cars in the world. After M&M lead development in the electric car market of India, many other car makers are also developing concept vehicles to cater to the emerging demand for Electric vehicles in India in the years to come. Polaris India, a major multi terrain vehicle manufacturing company is planning to introduce electric cars to Indian market. Considering the rising fuel prices, the impact on power and utilities companies of the electric vehicle market is likely to attain consumer attention in medium to long term. 6. CONCLUSION AND RECOMMENDATIONS The part of Indian automotive industry in Mahindra & Mahindra Ltd comprises of a number of Indian-origin and multinational players with varying degree of presence in different segments. Today, nine of the top ten global automotive manufacturers have a presence in India which clearly points to its importance as a strategic market. Similarly, the domestic tractor market also has a mix of Indian-origin and international manufacturers and is segmented by horsepower. While the automotive segment is doing well and has already clocked an average volume growth of 28% in April and May 2012, it may face problems in the form of policy decisions. The proposal to impose a higher excise duty on diesel cars/SUVs, which is yet to be implemented, is like a Damocles sword hanging over the company. The differential in diesel pricing, which means charging less for transport trucks and more for diesel cars/SUVs, is another proposal that can make life difficult for Mahindra & Mahindra. Though the company cannot do anything about the monsoon, the management is taking several steps to revive growth in the farm segment and maintain a high growth rate in the automotive segment. With this in mind, Mahindra & Mahindra is set to launch six new products, which will cover both the segments, during 2012-13. Mahindra and Mahindra Ltd, the only manufacturer of electric cars in India, plans to introduce at least five such vehicles in the next three years to take advantage of a government plan to spend Rs. 14,000 crore to boost the popularity of electric and hybrid vehicles in the country. Therefore Mahindra is considered at the top in the automobile sector as of date. The growth strategy adopted by the company will have a colourful future for the company.

Cold as Ice vs. Hot as Hell Essay

â€Å"Cold as Ice vs. hot as hell† is a metaphor that is applied to our daily lives. At times we are not in its control. The following metaphors described, â€Å"Cold as ice vs. hot as hell† as a characteristic or personality. Allow me to explain the differences between both of the following metaphors meanings. It is with in our nature to remain either calm or peaceful, yet at times we have the most complex mental personalities. This metaphor would be an alteration of â€Å"cold as ice vs. hot as hell of types of personalities and characteristics in them. For example: anger, temper, serenity and tranquility. The outcome of these traits would be a â€Å"cold as ice vs. hot as hell† defining two metaphors in our daily lives struggles. â€Å"Cold as Ice† is a metaphor that is practically in people that remain calm at all times. There are those who experience depression and still remain in a calm state of mind. Imagine your daily routine, and then suddenly something catastrophic occurs, everyone becomes temperamental and violent. These individuals remain calm, focus and open minded to thoughts and opinions. This enables people to think outside of the box and undertake various mental explorations. Being aware there are no limits to our thinking process. The hypothesis result is being successful in life as long you put your mind to it in an environment surrounded of positive people. When you hear or observe positive reinforcement we tend to rationalize, resulting to be more conscious of our surroundings, allowing us to maintain a calm state of mind. â€Å"Optimism is the faith that leads to achievement. Nothing can be done without hope and confidence.† (Helen Keller) A negative characteristic is someone that was raised in a different perspective in life, violence, hate and no love. Being around angry people, full of resentment are negative qualities of a pessimistic person. Is it possible this could be someone who lives by the metaphor, â€Å"hot as hell† always on a short fuse? Could this be a form of adversity to keep them from being happy with him or herself, and other people? For example those people who are going through depression, suicidal thoughts, and many ups and downs in day-to-day activities, which can be difficult. The inability to communicate with others and on a constant hot temper may think that life is not worth living. A constant frustration and pressure will not allow them to be happy. One moment they are happy and another they are on a fuse waiting to explode. Most people that are angry get caught up with an overwhelming of emotions. We are so engaged in anger our reasoning will not work. When anger is responded with an ger it will only make the problem escalate. A wise man said the following â€Å"Pessimist one who, when he has the choice of two evils, chooses both.† (Oscar Wilde) Many individuals are brought up with different perception in life. As infants we demonstrate our personality through love and always wanting attention. Through parental guidance we leave our mothers womb not knowing what is to come of our beliefs and manners. We are also informed that life is to be cherished and to not take life for granted. Honestly we all have same level of â€Å"cold as ice vs. hot as hell†. We all have our moments of struggles to remain calm. Some may come as fighting a profound addiction of serenity. From the day that we are born till the day we pass, everyone will always have to face the struggles and in the process we encounter these metaphors. Lets all maintain peace on earth and tranquility among humanity. World peace is produced to make the world a better place to live in; this phrase must be cherished forever. REFERENCES Keller, H. ( Optimism is the faith: Para 2. Retrieved October 27, 2012 http://bibleversesbytopic.com/quotes/optimism..html Wilde, O. Pessimist Para 3 Retrieved October 27, 2012 http://wisdomquotes.com/quote/oscar-wilde-5.html

Alive Book Report

Alive Book Report Piers Paul Read's ALIVE book has several themes, but there are two themes. These two themes are survival and cooperation. Survival plays an important role throughout the story. Most cooling parts of the story were forced to cut to take place to Fairchild, the remaining 28 passengers, where they could survive because they ate friends and families who died. This intense action has caused controversy for a long time. The group ate only a small piece of chocolate and kept eating for two weeks before considering their alternative food source. After all, the words of civil rights leader and Howard Thurman are: Do not ask what the world needs, because the world needs to have a man active ... make you what comes alive Please check. This is my book Material Girl, Mysterious Excerpts from the next chapter titled Your Law, Restoring Your Karma , such as the topics explored in the world in detail . In this book, there are also a variety of tools that will help you find a job bo rn in this process, entering the Dharma path. The story of the public is definitely not my problem, this is the reason. No matter how much I am, when I issue something meaningful to me (I want to talk about thinking, thinking about the majority of the content), my voice breaks the collapse of my face. I start to cry Alive has become a winner of this year 's Accio Books event. Thank you for those who organize book drives and send books to life. Affect the lives of many children in San Diego County, with the time, effort and participation of accio books, they will get through the book and support their literacy development. Thank you, happy reading! Books sent to living languages ​​through the Accio Books event will help to tackle the lack of ownership of books in San Diego's service deficient communities. Many of our children's classes do not have their own books. The donation donated by Accio Books gives personal home libraries, perhaps they will have the opportunity t o start the book collection first. Words Alive also planned Mirage Library (we donated a book of activities to distribute in the community) as a way of summer slide at local schools to prevent moon to raise awareness. This tendency is more complicated due to the lack of ownership of the same book and its cause as low income households, its reason is that past students will lose their accomplishments throughout the school during the summer. According to research, accessing books in the summer can prevent reading skills from becoming 'summer slides' Alive Book Report Alive Book Report Piers Paul Read's ALIVE book has several themes, but there are two themes. These two themes are survival and cooperation. Survival plays an important role throughout the story. Most cooling parts of the story were forced to cut to take place to Fairchild, the remaining 28 passengers, where they could survive because they ate friends and families who died. This intense action has caused controversy for a long time. The group ate only a small piece of chocolate and kept eating for two weeks before considering their alternative food source. After all, the words of civil rights leader and Howard Thurman are: Do not ask what the world needs, because the world needs to have a man active ... make you what comes alive Please check. This is my book Material Girl, Mysterious Excerpts from the next chapter titled Your Law, Restoring Your Karma , such as the topics explored in the world in detail . In this book, there are also a variety of tools that will help you find a job bo rn in this process, entering the Dharma path. The story of the public is definitely not my problem, this is the reason. No matter how much I am, when I issue something meaningful to me (I want to talk about thinking, thinking about the majority of the content), my voice breaks the collapse of my face. I start to cry Alive has become a winner of this year 's Accio Books event. Thank you for those who organize book drives and send books to life. Affect the lives of many children in San Diego County, with the time, effort and participation of accio books, they will get through the book and support their literacy development. Thank you, happy reading! Books sent to living languages ​​through the Accio Books event will help to tackle the lack of ownership of books in San Diego's service deficient communities. Many of our children's classes do not have their own books. The donation donated by Accio Books gives personal home libraries, perhaps they will have the opportunity t o start the book collection first. Words Alive also planned Mirage Library (we donated a book of activities to distribute in the community) as a way of summer slide at local schools to prevent moon to raise awareness. This tendency is more complicated due to the lack of ownership of the same book and its cause as low income households, its reason is that past students will lose their accomplishments throughout the school during the summer. According to research, accessing books in the summer can prevent reading skills from becoming 'summer slides'

BU6602 ENT Assignment 1 April 2014 Task 1 Essay

BU6602 ENT Assignment 1 April 2014 Task 1 - Essay Example The small businesses have gained popularity in this modern day context due to their effective utilisation of operational modes that often acted as saviours of economies at the time of economic turmoil. However, it can be affirmed that entrepreneurs are linked with a small business, as they are involved in the tasks of promoting innovation and preparing themselves for addressing along with mitigating underlying risks that might occur while performing varied operational functions (Pearson Education, Inc., 2014). Considering the fact that the small business enterprises often possess limited resources, the entrepreneurs have to be much more efficient in organising and developing the available resources so that the maximum amount of benefits can be reaped. Moreover, the entrepreneurs must possess the characteristics of making effective decisions, having high energy level, identifying the risks and adopting measures to mitigate such risks among others in order to fulfil the aforesaid objective (Pearson Education, Inc., 2014). It has been apparently observed that the entrepreneurs or the owners who possess effective leadership qualities and displays innovative skills are successful in developing their respective small businesses (Stokes & Wilson, 2010). With this concern, the essay tends to critically discuss the provided statement â€Å"sometimes the manager of the small business does not have the capacity to operate it successfully. The owner lacks the leadership ability and knowledge necessary to make the business work† (Scarborough, 2012). Various significant aspects like an entrepreneurs’ role in developing a small business and the necessary skills that require by the managers or the owners would also be taken into concern while discussing the aforesaid statement. As discussed by Mazzarol (2004), strategic management is a term, which is broadly connected with large, medium as well as small-sized businesses that are normally

Presumed Innocent by Scott Turow Case Study Example | Topics and Well Written Essays - 1250 words

Presumed Innocent by Scott Turow - Case Study Example The judiciary system is also viewed as inefficient in handling crucial cases as a serious murder case involving their own prosecutor, is lower to grudges. Instead of the prosecutors trying to get the real culprit behind Carolyne’s murder, they instead turn it into a selfless affair and a fight towards key positions (Switz 6). The prosecutor, Molto at the time of the case, had been interested in the chief deputy prosecutor job since it would give him a better place to carry out his evil deeds. Indeed, Molto got the opportunity and framed his fellow prosecutor on charges that he had earlier called the deceased on the night of the murder plus his fingerprints were on the deceased glass (Peter 7). Sabich realized his arrest was a setup and tried to find the cause, only to find the true killer of Carolyne. Rusty’s decision in taking the job assigned to him by his boss, Horgan was a good idea, though the situation at that time was really messed up. First, a few months earlier before the murder of Carolyne, he was in an affair with her despite being married. Secondly, her wife, Barbara knew about his extramarital affair and brought hell on earth when such an issue came about. Again, taking a case of his ex-lover was really a clever thing (Bergman & Asimow 30). Rusty’s decision of accepting to take the murder case eventually led him to the culprit and also under covered some evil deed taking place in the courtroom. Rusty later in the story, he learns that one of his friends killed Carolyne to cover up some corruption deals (Maslin 8). He also discovered that his arrest had much more in it after he was whispered by someone that Molto was after his job. In the end, Sabich is viewed as looking for evidence that links up to the murder and also tries to his innocence. The movie In the movie Presumed Innocent, the director, Alan J. Pakula copies the plot of the novel Presumed Innocent written by Scott Turow. In this film, Harrison Ford plays the role of a prosecutor, Rusty Sabich. In the movie, Rusty is forced to undertake a murder case of, Caroline, a fellow prosecutor that had found murdered as the movie starts in her apartment. In a flashback, Caroline is viewed as a conniving mantrap that uses her wile to prosper in her career (Alan 3). In the movie, Sabich is assigned by his boss, Raymond Horgan (Dennehy), to handle the murder case. On the hand, though Sabich tries to take the case, he is forced by his boss to take in. At that moment, Sabich is faced by a decision whether to take the case or not since he once used to be a lover of the deceased. Twists in the movie unfold after Horgan loses his seat for Nico Della. Sabich is then arrested after evidence was found linked to the murder. Sabich then appoints Sandy Stem to be his lawyer (Alan 97).

Research For Marketing Practitioners Assignment

Research For Marketing Practitioners - Assignment Example About half of the dishes are made up of ethnic dishes, for instance Chinese and Indian, indicating an interest in exotic tastes, but some of the recipes are made up of Continental recipes, such as Italian. Italian ready meals are made up of pasta which has a healthy image and attractive to children and students. The vegetable-based ready meals sector is also growing and attractive to students. This is followed by the fish-based and then the meat-based. Considered health foods are primarily made up of vegetables and fish. The UK has been hailed as the most developed market in Europe when it comes to chilled ready meals. (Dennis and Stringer 2000, p. 14) In 1994, chilled ready meals had a per capita consumption of 1 kg., compared to Germany’s 0.3 kg, France’s 0.2 kg and Spain’s .1 kg. In other words, the potential for chilled ready meals is great in the UK and if this is reflected in Europe, it has great future potential for business venture. (Dennis and Stringer 2 000, p. 14) Pizza sales registered a high growth of 10% during the period 1994-97. Manufacturers wanted to stimulate more demands for pizzas by introducing various flavours and in exploiting consumer’s growing love for exotic tastes. ... Mixed salads with new varieties of leaves have also been introduced to the craving palates of students. Manufacturers have introduced sandwiches, a favorite feature of student snacks. The British Sandwich Association released statistics stating that sandwiches have been hailed as the most popular fast food in the UK. It has a market of ?3.25 billion and fast growing at a rate of 13% annually. Sandwiches have been reported to represent 41% of the fast food sector, while burgers only represent 18%, and fish and chips only represent 12%. Sandwiches are a favorite snacks meal for the British, with the UK having the world’s highest per capita consumption of sandwiches. And this is true for men, women and children. (Dennis and Stringer 2000, p. 15) This paper is a proposal to outline a research programme to test a range of meals amongst the student population in the UK. The client is focusing on selling low value/medium quality product ranges, and is particularly interested in the m arket for consumers on limited incomes.  Ã‚   Their product consists of a range of nutritious, but reasonably priced ready meals – individual and paired servings – and is targeted on the UK student population.  Ã‚   2.0 Research Objective The purpose of this paper is to determine the growing demand of ready meals from the UK student population and to determine what particular dishes they require for snacks, lunch and dinner. For this company to meet its goals, it is essential that the food shall be tested by the students in a specific university which has been identified by the client. The university is a popular institution of higher learning with a very large population and can represent the student population in London. This research will determine

Analytical Comparison and Contrast Coursework Example | Topics and Well Written Essays - 1250 words

Analytical Comparison and Contrast - Coursework Example The analysis of the artworks ‘The Blue Boy’( See appendix -1) by Thomas Gainsborough, and ‘Pinkie’( See Appendix -2), by Thomas Lawrence, is based on the following factors like the artists, assessment as a viewer, and other related facts in history or society, and strictly based on similarities and differences. One can easily identify a number of similarities between Thomas Gainsborough and Thomas Lawrence. The following are some important similarities. First of all, the first names of the artists (Thomas Gainsborough and Thomas Lawrence) are similar. Besides, both the artists made use of the same medium to express their creativity (say, oil and canvas). Both the artists were British citizens, who primarily focused on portrait painting. Within their lifetime, they were considered as noteworthy portrait painters in Europe. As pointed out, they made use of oil and canvas as their medium, which was most suitable for portrait painting. Both the artists transformed their personal interest (say, drawing/painting) into their career as painters. There exist a number of differences between Thomas Gainsborough and Thomas Lawrence. The following are some important differences. Thomas Gainsborough was born in Sudbury. On the other side, Thomas Lawrence was born in Bristol. Thomas Gainsborough’s father was a weaver by profession, but Thomas Lawrence’s father was an innkeeper. Before becoming a landscape painter, Thomas Gainsborough was a landscape painter. James Ernest Thorpe states that â€Å"The Blue Boy was often thought of as Gainsborough’s greatest painting† (435). Later, he turned to portrait painting. But Thomas Lawrence was genuinely interested in portrait painting. Thomas Gainsborough completed the painting ‘The Blue Boy’ in the year 1770, but the portrait ‘Pinkie’ by Thomas Lawrence was completed in the year 1794.

Finance report on Engro Corporation (Pakistan) Essay

Finance report on Engro Corporation (Pakistan) - Essay Example The overall per capita income is approximately $1250 with low literacy rates and high population growth rates. Pakistan is considered as a developing country due to different factors such as higher mortality rates, low literacy ratio, high population growth rates, higher levels of poverty, lack of health care facilities, poor education system etc. It is however, important to note that Pakistan’s economy has suffered a lot in recent times due to war on terror which has created significant law and order situation. (CIA The World Factbook 2011) Pakistan has its own Institute of Chartered Accountants which is also affiliated with the major international accountancy bodies. Over the period of time, accountancy as a profession has evolved in the country and Pakistan also exports its accountants to GCC countries especially due to overall quality and strength of its accountancy profession. Engro Corporation is a diversified company engaged in fertilizer, food as well as energy sector. The primary markets of the firm are Pakistan where it mostly sells its output however, it also plans to expand its food business in North America also. (Najeeb 2011). Major competitors of firm include Fauji Fertilizer Limited, Nestle Limited, and Unilever Pakistan etc. Company Industry Assets Market Cap Employees Engro Corp Conglomerate 132,105M 55748.035M2 32023 Pak Packages Food, Beverage 39,625.0M 8.800Bn4 300 Unilever 5Pakistan FMCG 13,554.00M 75.2Bn NA Fauji Fertilizer6 Fertilizer 74,016.94M 131.8Bn 100-500 PSO7 Oil Marketing 202,247.7M 40.90Bn 2000 Lotte Pak8 Chemical 22,896.00M 16.80Bn 2279 The above data about the companies are present on the official website of the Karachi Stock Exchange where all these firms are listed. 2(a) Engro Corp is required to publish its annual audited report in compliance of various domestic as well as international legislation requirements. It prepares following financial statements10: 1. Balance Sheet 2. Profit and Loss Account ( along with statement of comprehensive income) 3. Cash flow statement 4. Statement of changes in equity The first three notes to the accounts discuss following: Legal Status and Operations: In this note the firm has discussed its legal status and operations while at the same time giving a bifurcation of its balance sheet to outline different segments of its business. Note 2 provides the summary of the significant accounting policies adapted by the firm and discusses different policies such as basis of preparation of the accounts, application and interpretation of different accounting standards etc. Note 3 provides critical accounting estimates and judgments and provides a comprehensive understanding of firm’s policies regarding depreciation, impairments, income taxes, fair values of employees investments etc. Appendix Attached 2(b) The basis of preparation of the accounts are the historical cost c onvention however, firm has disclosed that it also records some financial assets and financial liabilities based on their fair value. It is also to be noted that the financial statements have been prepared in accordance with the approved

COP Essay Example | Topics and Well Written Essays - 250 words

COP - Essay Example More importantly, COPS serves as the vehicle for the shift of law enforcement from its traditional form to a more proactive form known as community policing, which focuses more on crime prevention by putting police officers on beats where they can mingle and interact more with the members of the communities (Myers, 19). The community partnership component of community policing is an acknowledgment that law enforcers alone cannot prevent crimes, but need the involvement of the community and other stakeholders. Thus, community partnership aims at the â€Å"collaborative partnerships† between the law enforcement agents and members of the community such as the community members and groups, other government agencies, providers of services and non-profit organizations, private businesses and the media. Other government agencies may refer to federal and state legislatures and other law-making bodies, prosecutors, probation and parole boards and officers, public works departments, law enforcement agencies of neighboring communities, health and human services, child support services, ordinance enforcement schools. Community members and groups, on the other hand, refer to the residents within the law enforcer’s area as well as visitors or tourists to that area and commuters, which law enforcers can meet during town hall meetings, neighborhood association meetings and beat assignments. Nonprofit/service providers are those who provide services to the residents and other persons in the area for free, while businesses are those engaged in profit-earning enterprises in the area such as the members of the local chamber of commerce (COPS 2009, pp. 5-6). Partnerships appreciate that the police cannot be able to face crime without the involvement of the public, and it encourages relationships among the different stakeholders to fight crime. Collaborative partnerships between law enforcement agencies, organizations and individuals will increase the levels of trust

A History of the Popes Essay Example | Topics and Well Written Essays - 250 words

A History of the Popes - Essay Example The church that was established at the site of the burial place of Peter seems to be insinuated in the film, â€Å"A History of the Popes, Saints and Sinners: Upon This Rock† as the fulfillment of the words of Jesus saying upon Peter, he will build his church. This seemed to have even been strengthened during the time of Pope Leo who very articulately explained the humaneness and divinity of Jesus, making people declare that Peter has spoken to him. The next episode of the film entitled â€Å"Between Two Empires† reflects the fight for power between the political and religious empires in Rome. The religious empire ruled by a pope, decides on what is to be rightfully implemented by the political empire headed by an emperor. However, absolute power has been quite coveted by emperors. On the contrary, popes did not like to give full authority to emperors. Therefore, a long history of contentions between the two empires has been documented. In addition, personal interests played a great role in the historical facts created by emperors and popes. Interestingly, it was not only the emperors who did not play fair for power. Instead, the popes also showed some vicious acts such as murder like the death of John VIII, Leo V and John

Women in the Labour Force Essay Example for Free

Women in the Labour Force Essay Available evidence suggests that countries with low levels of income and difficult social settings have the greatest barriers restricting female participation in higher education that contributes to growth advancement within the labour force. Countries in Asia such as Pakistan, Nepal and Bangladesh and much of Sub-Saharan Africa [8]fall into this category (K. Subbarao, etal, 1994: 53). The demand for womens higher education is very low due to factors such as cultural restrictions of womens participation in education and labour force[9]. sabir4u, please do not redistribute this cours. We work very hard to create this website, and we trust our visitors to respect it for the good of other students. Please, do not circulate this cours elsewhere on the internet. Anybody found doing so will be permanently banned. According to Khoury (1995) a major problem to the study of women in the labour force is that women are not represented as does the men. In practice most women work in rural areas and their labour is subsumed under the family' labour and thus excluded form labour statistic (87). Consequently, women contribute enormously to the work force even though they are ill represented and their labour not included in statistics. A survey of womens work in rural areas shows that women do 70 to 75% of agricultural work. (88). Marx oppressed sabir4us marxism idea. Pacey who wrote The Culture of Technology (1996) argues that womens values are not valued and recognized in society. He demonstrates that this has been so through history. Pacey asserts that in Africa women are responsible for three-quarter of the food that is consumed yet they are un appreciated and not recognized for their labour, while the one-quarter of the men who help grow the crops are revered and recognized (98-99). pg4RB0Gia from pg4RB0Gia coursewrok pg4RB0Gia work pg4RB0Gia info pg4RB0Gia Agricultural Labour: The Business of Women  Apart from the different roles that women play as mothers, wives and members of a community, their roles in agricultural production merits special attention. Statistics compiled by Food and Agriculture of the United Nations (FAO) on the role of women in agriculture showed that in 1985 they represented forty-two percent of the economically active population in Africa, eleven percent in Latin America, forty-six percent in Asia and thirty-seven percent in the developing countries overall (L. Chelebowska, 1990: 24). As noted by Chelebowska, these figures do not reflect the true picture and there is sometimes a wide difference between official statistics and reality (25). AM9B81 Visit coursework bb in bb fo bb for bb more work bb Do bb not bb redistribute AM9B81 Bisilliat who wrote Women of the Third World (1987) emphasizes that women who are wage labourers in agriculture belong to the underprivileged social strata of the peasantry found in both Asia and Latin America (21). It is believed that these women who compromise the largest agricultural group does not work on big plantations, but belong to rural families without land. According to her, work of women are time consuming, repetitive, meticulous tasks, neither enhancing nor appreciated; temporary work; low pay; lower pay than that received by men for identical work. She also clearly states that women have to work double day (22) which evidently means that a woman assumes responsibilities not only as a bread-earner but that of a housewife.coeg egr seegegw oreg egk ineg foeg eg; Since she has to assume her functions as housewife and wage earner, women hire themselves out as day workers in the fields of the medium and large landowners at the time of sowing, planting, weeding and harvesting (22).cobd bdr sebdbdw orbd bdk inbd fobd bd:  For those women who would rather earn their wages else where the factory system is another option though the work and its environment is more stringent. This writing from www.academicdb.com Women in Factories Industries in the third world employ a large proportion of women between the ages of fourteen to twenty-four and this proportion run as high as seventy percent in other developing countries (J. Bisilliat, 1987: 23). In Philippines, women work in factories without contracts and are paid by the piece. A woman can earn somewhere between $54- $67, while her expenses for food and transportation takes up most or if not all her salary. The average pay for unskilled workers is somewhere at $37.50. Added to these miserable salaries are the working conditions where there are no fringe benefits and if there is any, they are extremely low (J. Bisilliat, etal: 1987: 68). Marx obfuscated sabir4us structuralism hypothesis. Working conditions are dangerous which attest to many accidents occurring. In 1970-76 disability cases multiplied by 2.7% (69). According to Bisilliat:cogg ggr seggggw orgg ggk ingg fogg gg:  In Philippines, 61% of the declared accidents led to temporary total disabilitythose who work in the textile industry suffer from backache and varicose veins. Those using microscopes in electronics ruin their eyesight in two or three years [Grossman 1978]. Others were exposed to skin diseaseand exposure to acid fumes and solvents (J. Bisilliat, etal, 1987: 69). NhT from NhT coursewrok NhT work NhT info NhT  Though many women are willing to deal with the harsh work environment as wage earners they could still get dismissed for other reasons like pregnancy. Bisilliat points out that, as for maternity leave a woman need not worry, for pregnancy is a cause for dismissal (69).coed edr seededw ored edk ined foed ed. By drawing your attention to the many factors that leads to womens under-development which is due in part to not receiving an education, which also in turn results in many not being recognized for playing their part in the labour force, one has to realize that some of these women who were not given the tool that would have equipped them to become prosperous members in their society -EDUCATION. This word seems to affect their daily lives. One could argue that it is the way they were socialized or it is the ways of their cultures and customs. Yet still, with the 21st century upon us, the discrimination still persists in some countries. There has been governmental involvement in alleviating the problems so that women will thus have an EDUCATION, still, with all the structural adjustment programs, various workshops and formation of womens group, this problem will continue. For as solutions are put into place to stop this trend, only one thing remains: it is the decision of parents and grandparents to decide whether girls get an EDUCATION and if so, will it be too time consuming when there are chores to be done as a womans place is in the home!cobd bdr sebdbdw orbd bdk inbd fobd bd: In concluding, this essay has tried to answer and point out some of the constraints of literacy that affects women in developing countries. Numerous of these constraints keep women form becoming literate members in their society. Finally, education does influences womens progression in the society and for most women a lack of education has profounding effects upon their development process. Durkheim denied sabir4us postmodernism .

Implications for Marketing Organizations Essay Example for Free

Implications for Marketing Organizations Essay Among these, the shift in the nature and growth rates of the world population has perhaps drawn much more attention of the business leaders because demographic variables reflect changes in consumer patterns and behaviors (Martins Brooks 2009) which can impact their business practices. This report will examine the main trends in age structure of the global population and their implications to business strategies of marketing organizations throughout the world. The increase in ageing population is an important trend in many parts of the world, especially in developed countries (Madalina 2010), resulting mainly from the decline of fertility and increase in life expectancies (United Nations, 2011). After World War II, there was a sudden rise in the population which was termed as Baby Boom (Tombs Seamons, 2010). They form an important target group for marketers. However, Tombs and Seamons (2010) pointed out that following the baby boom, the birth rate declined significantly in several nations such as Australia and New Zealand and a low fertility rate has existed since the mid 1970s. According to United Nations (2011), the aged population in the developed world is increasing rapidly and the number of old people will probably have outnumbered the young for the first time by 2050. People now prefer smaller families and this has led to a sharp fall in the birth rate. The improvement in living standards has a contributed to an increase in life expectancies. These factors have caused major changes in market patterns as well as in the type of goods being bought. For example, Gumbel (2008) demonstrated that the generation of Japanese women aged in their twenties who drove the growth in luxury fashion groups in most of the 1990s have mostly settled down to start families and buy apartments. As a result, the sales of luxury goods in Japan have fallen sharply. The age brackets which make up different proportions in the demography as a result of the changing age structure, have influenced the targeted markets and marketing strategy of companies (Tombs Seamons 2010). The authors distinguish 6 different age groups within the Australian population, wherein each one has specific growth rates. The first category consisting of children below the age of five accounted for 6. 2% of the population in 2007. It is a promising market for companies who provide childcare services and children-related products. The population in the second group consisting of 10 to 19 year olds had declined at the beginning of the 1990s, but is gradually rising. This bracket is a targeted market for education, garment products, and entertainment. Post-teenagers and young adults aged 20 34 years constitute the grown-up category which was affected by the low fertility rate during the 1970s, causing its reduction through the 1990s. This group with a high disposable income purchase a variety of technologically advanced electronics along with branded garments. The fourth group of early middle aged people consisted of 13% of Australian population in 2007 and is predicted to increase to 23-25% by 2056 (Chandler 2008, cited by Tomb Seamons 2010). The subsequent category is ‘Late middle age’ (Tomb Seamons 2010, p. 161). Both these segments will have more importance for companies in the coming years as its share of the total population will grow gradually and consume a variety of high-priced luxury products. The last group comprising of senior citizens will also have a positive growth rate during the coming years similar to the two previous groups. These aged people are more interested in health care services, travelling and relaxation as opposed to the younger population which is easily attracted by technological commodities providing a positive social experience, creativity, innovation and uniqueness (Cuddeford 2012). A very important methodology behind television advertisements while targeting the middle aged groups is portraying celebrities in middle aged characters in order to please them by creating a sense of familiarity and thus, affinity (Diaz 2012). This is especially effective when several marketing ploys propagate youth culture. This approach is targeted towards expanding this segment which is attractive not only because of its increasing growth rate as the world population is ageing, but also because their exhibition of a loyalty related to service industry is considerably higher compared to the younger age groups (Paul Patterson 2007).

Pros and Cons of budgeting in modern environment

Pros and Cons of budgeting in modern environment Budgets are recognized as time-honored tools for planning and setting organizations goals, for communicating among corporate constituencies, and for providing basis for operating results review as well as performance evaluation. While it is difficult for firms to have perfect budgets that make use of all functions equally well, differential emphasis on the respective uses of budgets reflects the environment variation and contracting needs. The modern economic environment is associated with a rapidly changing environment, flexible manufacturing, short product life cycles and highly customized products and services (Abdullah N.B. 2008). The keys to survive is flexibility and rapid response whereby companies are able to move quickly to exploit opportunities as they arise and does not operate according to elaborate business plans (Abdullah N.B. 2008). We were being overtaken by events. Traditional planning and budgeting strategy had to give. Senior vice-president in Fujitsu Computer Products of America, Kevin T. Parker said that, department managers budgeted at the detail level before the company had agreed on strategic objectives. (Banham, R. 2000.) Fujitsu were long on process and short on valuable information to run the business. Department managers would forecast product availability and customer expectations independent of one another, then negotiate with top management for few times until they were final. This circuitous routine took two months, an exceptionally long period of time in the fast-paced computer industry. (Banham, R. 2000.) Most organizations recognize budgets as a key element in their management control systems, but the usefulness of budgets has generated intense discussion and debate. Budgets have been proven by some of the researches that budgets are less useful in todays highly challenging business environment. Traditional budgeting, budget planning is a top-down process which will not support the types of extreme decentralization and employee empowerment initiatives that are required for firms to be competitive today (Libby T., and Lindsay M., 2007). Budgets are no longer useful in the current environment Budgets constraint responsiveness and flexibility and are often a barrier to change. Traditional budgeting is focused on the achievement of the specific plan or budget and this resulted in organizations eyesight to constantly focus on how to achieve and beat the budget. But indeed, the objectives of a company should not be to beat the budget but to beat the competition. (Leone, A.J and Rock, S. 2000) Whereas, in traditional budgeting there is rarely an opportunity to amend, change or update the budget once it has been approved, should there be any changes in the environment or assumptions employed (Abdullah N.B. 2008). Thus, managers only can decision within the budget, but the particular decision that he make, might not be the perfect solution; managers are tended to abandon best solution due to not exceed the budget, and thus inhibits management response to change. This focus can act as a constraint, decreasing the firms flexibility and ability to adapt and deal with new opportunit ies, threats or changes in customers requirements (Abdullah N.B. 2008).Traditional budgets prevent empowerment and the opportunity for employees to contribute to the achievement of strategic objectives. It is blocking employee initiatives and demotivated employees, where employee initiative and motivation are needed in todays highly challenging environment, which can make a marked improvement in performance and productivity, thus it is a barrier to continuous improvement and success, because, less focus is given on how to maximize the organizations potential. According to the Shastri K. and Stout D.E., many segment-level employees1 than corporate-level employees felt that budgets had negative behavioral consequences in terms of employee initiatives, motivating short-term decision making, and pressure to achieve targets. Budgets encourage gaming and dysfunctional behavior. (Abdullah N.B. 2008). Libby T., and Lindsay M., (2007) explicitly addressed the issue of budget gaming. Majority of the respondents surveyed indicated that three gaming phenomena occur at least occasionally: spending money at year-end to avoid losing it the old-age use it or lose it syndrome, deferring necessary expenditures and negotiating easy targets the Segment-level was defined variously as a subsidiary, division, department, or product level. sandbagging syndrome (Libby T., and Lindsay M., 2007).This is especially the case when meeting the budget is directly linked with rewards and incentive payments to individuals and/or team. Indeed, many organizations incorporate budgetary performance subjectively into the overall performance evaluation of managers (Libby T., and Lindsay M., 2007). Moreover, managerial compensation plans, including incentive compensation formulas, incorporate achievement of specified budget objectives for financial performance measures. (Shastri K. and Stout D.E. 2008) The dual roles of budgeting gives rise to agency problems in the budget-setting process and affect the accuracy of budgets. Majority of participants seek to maximize their personal gain during the process of setting budgets. Once, goal congruence is not achievable, there are conflicts of interest between company and employees, and this is where the agency problems are occurred. Tying budget targets to compensation contracts encourages ma nagers to game the budgeting system to increase the probability they will receive positive performance evaluations and, therefore, any related bonus (Libby T., and Lindsay M., 2007). Budget gaming is when managers are use to receive positive performance. For examples, when companies are using budget integrated with incentive program, managers will try they best to show a good performance but gaming the budgets. Managers might defer necessary expenditures (such as, maintenance of machine, advertising cost, research and development) to meet current period budget targets, which will affect effectiveness and efficiency of company. Besides that, managers will take big bath when budget targets could not be attained, which mean the effort of producing the budget is not appreciated. Using budget as the tools of evaluating performance will lead to negative behavioral consequences. Budgets can still be useful in the current environment Budget should use as the basic for performance evaluation but not the only means to evaluate performance. As mentioned above, solely focus on budget as the only way to evaluate performance and compensate managers will result in agency problems. Agency problems will lead to company underperformance. Budget can be useful once, the incentive program is not mostly depending on it. In order to measure performance, budget is not the only option; companies should design an effective performance measurement system by integrated financial2 and non-financial3 indicators as tools of measuring efficiency or performance. Moreover, companies should design an effective system which can link to strategy and goals of the organization to encourage goal congruence, recognize controllability and emphasize on employees empowerment. By designing a system besides budget to measure performance can solve agency problem. Measure performance of managers based on controllability and responsibility, which mean t op management should back out non-controllable variances before comparing actual to budget. For instance, companies such as Allstate, Fujitsu, Nationwide Financial Services, Owens Corning, Sprint and Texaco, are compensating the managers for achieving measurable results (Banham, R. 2000). For example, when evaluate performance of production managers should back out the machine breakdown hours, because it was not under his controllability but is engineers responsibility. Besides that, provide incentive to managers who manage to generate an accurate budget, managers will tend to provide secret information to the budget, thus, it make the budget more accurate. In addition, Hope and Fraser propose a new management model to take the place of budgeting for control purposes. This new model is based on employee empowerment and alternative methods of performance management, which to suit the requirement of todays highly challenging environment (Libby T., and Lindsay M., 2007). Financial indicator such as, return on investment (ROI), residual income (RI) and economic value added (EVA). Non-financial indicator such as, benchmarking, balance-score card, customer satisfaction measures, defect measures, product quality measures, accident measures, machine downtime measures, delivery time measures and etc. Moreover, there is a new model which known as Beyond Budgeting was developed by two consultants, Jeremy Hope and Robin Fraser, in order to find and develop alternative tools to the planning and budgeting process (Abdullah N.B. 2008).This new model is based on employee empowerment and alternative methods of performance management (Libby T., and Lindsay M., 2007). Most of the organizations which are high profile companies, have abandoned the major annual budget preparation, the Beyond Budgeting Round Table (BBRT4) members realized that attempts to make incremental changes to improve the budgeting system by introducing zero-based, activity-based or faster budgeting are not solving the problems caused by the fast-changing business world (Abdullah N.B. 2008), but to change the underlying culture of contract, compliance and control embedded in the traditional budgeting. Beyond Budgeting model, BBRT have developed a generic model that is based on 12 principles to create a flexible a responsive management model with an underlying culture of responsibility, enterprise and learning. Companies that operate in a business environment that is market led, highly competitive and unpredictable, and in which intellectual capital is the key strategic resource; and which have already successfully implemented various management tools like the Balanced Scorecard, Activity-Based Management and Rolling Forecast, should be the ideal candidate for the Beyond Budgeting model. The BBRT is the combination of a new concept (beyond budgeting) and a community (round table). The BBRT community is an independent research collaborative that shares its knowledge across its global network through conferences and workshops. Source: Abdullah N.B. 2008. Chapter 3: Scenario of Corporate Planning and Budgeting in a rapidly changing environment. These 6 principles (Table 1.a) concern creating a flexible organizational structure in which authority is devolved to employees. The following 6 principles (Table 1.b) deal with designing an adaptive management process for a flexible organizational structure. Table 1.b: The 12 Beyond Budgeting Principles and Practices Source: Abdullah N.B. 2008. Chapter 3: Scenario of Corporate Planning and Budgeting in a rapidly changing environment. Conclusion Budgeting, despite being proven to effectively act as one of the building blocks of management control system, was commonly viewed as a restriction of companies flexibility and competitive ability. Yet, despite various criticisms, budgets are in fact alive and well, rather than becoming obsolete, most organizations use a traditional budget because they are easy to put together and simplify coordination of budget assumptions across different departments. This is the simplest method of budgeting. But, indeed, with a traditional budgeting, company might be underperformance. In order to be more competitive in today challenging world, adopting advanced budgeting approaches is needed as it is focus on empowerment employees as well as responsibility.

Hamlet and The Lion King :: GCSE English Literature Coursework

Hamlet and The Lion King Many perceive The Lion King, Disney's most successful movie to date, as Disney's only original movie; the only movie not previously a fairy tale from one country or another. This, however, is not the case. While The Lion King seems not to be beased on a fairy tale, it is in fact strongly based on the play Hamlet by William Shakespeare. Disney writers cleverly conceal the basic character archetypes and simplified storyline in a children's tale of cute lions in Africa. To the seasoned reader, however, Hamlet comes screaming out of the screenplay as obviously as Hamlet performed onstage. The characters in The Lion King closely parallel Hamlet. Simba, the main character in The Lion King, embodies Hamlet, He is the son of the King and rightful heir to the throne. The King of the Pridelands, Mufasa, parallels Hamlet Senior, who is killed by the uncle figure. In The Lion King, the uncle is Scar, and in Hamlet, the uncle figure is Claudius. Laertes, the henchman and right-hand man of Claudius, becomes, in the movie, the Hyenas, Bansai, Shenzi, and Ed. The Hyenas collectively act as hero-worshippers to Scar, loyal subjects, and fellow doers-in-evil. They support Scar completely, just as Laertes supports Claudius. Rosencrantz and Guildenstern are the comic reliefs of Hamlet, and in The Lion King, this role is fulfilled by Timon and Pumbaa, who are a meercat and warthog, respectively. Both sets compliment each other, complete each other's sentences, act as caretakers to Hamlet/Simba, and are comical to the point of being farcical. The role of Horatio, Hamlet's right-hand man, is fulfilled in The Lion King by Nala. Nala concentrates on the aspect that Simba is the rightful King and that it is his responsibility to ascend to the throne. She is his best friend and someone whom he trusts. Just as Horatio loyally follows Hamlet, Nala is completely loyal to Simba. Not only are there ties of friendship, but there is also an element of respect and reverence in both friendships. Horatio and Nala both know that they are friends and loyal followers of the rightful king. In The Lion King, the plot mirrors the plot of Hamlet as well. In the very beginning, Hamlet Senior is poisoned by Claudius, who then ascends to the throne and marries Hamlet's mother Gertrude. Similarly, Mufasa is thrown to his death by Scar, who goes on to become King of the Pridelands and leader of the pack, thus "marrying" Simba's mother, Sarobi.

Comparing Poems First Love, Amen and Porphyrias Lover :: English Literature

Comparing Poems First Love, Amen and Porphyrias Lover First love is a poem describing when a man falls in love for the first time. This poem is very well worded, with similes and adjectives. It describes how love takes over everything; your mind, your body, your soul. It hits you like a bullet, and stops you dead. â€Å"I ne’er was stuck before that hour with love so sudden and so sweet.† The poet describes at the beginning how he first noticed the woman’s beauty, and how at each second he gazed at her, the more mesmerising she became. â€Å"Her face it bloomed like a sweet flower and stole my heart away complete.† In a way, I think that the poet is trying to convince us that love is capable at first sight. He uses clever words and phrasing to make sure we are convinced. Still in the first stanza, he describes how the sighed of this woman froze him in his tracks. His muscles tensed, and his face lost colour. â€Å"My face turned pale as deadly pale, my legs refused to walk away.† Love drew him to a stop. In a way, that’s what I think the poet is trying to do. He’s trying to draw a picture of the uncomfortable feelings etc. I also think he’s done a good job. In the second stanza, it explains what happened after he looked away. He described it as he could not see anything, as the love had covered his eyes. He also explains how the blood suddenly rushes back into his face. â€Å"And then my blood rushed to my face and I took my sight away. The trees and bushed round the place seemed midnight at noonday.† In the second half of the second stanza, he talks of the joy he experienced from this sudden rush of love. He makes it that his heart began to sing. â€Å"I could not see a single thing, words from my heart did start; they spoke as chords do from the string and blood burnt around my heart.† In the last stanza, he talks about how he left his heart with her on that last day, and it never returned. â€Å"Amen† can be compared to â€Å"First Love† as more confusing and not as romantic. It is written in a different style, with different wording. Each verse starts with a question: â€Å"It is over. What is over?† â€Å"It is finished. What is finished?† â€Å"It suffices. What suffices?† It is hard to say whether this poem is about love itself, or her love for something, or even a love that she’s lost. Reading the first stanza three times made me realise the poem is about

Security of the United States Essay -- Argumentative Terrorist 9/11

Security of the United States   Ã‚  Ã‚  Ã‚  Ã‚  Over the last several years the United States has suffered several losses and devastating events. Most of these could have and should have been at a minimal level if the government would have done its job correctly. Terrorist attacks on the United States have shown the rest of the world our weakness.   Ã‚  Ã‚  Ã‚  Ã‚  In a recent newspaper article there was information that the governmental agencies that are supposed to provide the top security for the nation have failed. Several years before the September 11th attacks the CIA and the FBI received intelligence reports of terrorist plans to attack the United States. Even with these reports the government did not take the threats serious. Some reports stated that the terrorist planned on using airplanes and striking targets in New York and Washington. At one time the director of central intelligence issued a ?declaration of war? on AL Queda, a terrorist organization. This statement was only circulated through the security agencies of the United States. After the September 11th attacks several FBI and other agency employees were asked about the memo and most had no idea it had ever been issued.   Ã‚  Ã‚  Ã‚  Ã‚  During this few years, the United States had only the minimal number of analysts on the terrorist organizations. On September 10th they intercepted two cripted communications that the following day was the big day. The agencies did not translate the messages until the day after the attacks.   Ã‚  Ã‚  Ã‚  Ã‚  Wh...