The Poem ‘Mother To Son’ By Langston Hughes First Published

The poem ‘Mother to Son’ by Langston Hughes first published in 1922 and ‘The Road not Taken’ by Robert Frost have a number of similarities. These poems are parables in which experienced people give advice about life choices. In both poems, the personas were initially in some trouble in life but they currently have no remorse for the way they made choices and lived. Also, both poems have a moral lesson that life may not always be easy but at the end, the choices that people make will determine their destiny. However, the poems are considerably different in their writing style, diction, the point of view, tone and imagery. This essay aims to compare and contrast the two poems. Though having similarities in the theme and use of symbolism and†¦show more content†¦He, however, chose the road that was less favorable to people. This road represents a road of hard work or integrity since majority of people love short cuts to life. In the end, the speaker is not only relieved but also proud that he took that road. He says ‘I shall be telling this with a sigh’ (Frost 16). The reason for him telling the story is to give advice because he is proud of the decision that he made. Also, Hughes and Frost both use symbolism and imagery to bring out the picture about life. For Hughes, the stairs symbolize the life- life that has been lived through pressing on because of the difficulties and uncertainties involved. The mother symbolizes the old generation of people who are experienced and their role in giving advice. The old generation is familiar with life challenges that the younger generation, symbolized by the son, are undergoing. They provide hope for the young generation. The dark corners without light symbolize times of uncertainties, the corner symbolizes changes experienced in life, and the climbing symbolizes difficult situations requiring extra effort and so on. Reading through the poem a person can easily picture the life that the speaker lived. Conversely, Frost also uses symbolism in his poem. The divergent roads that emerge as the persona is traveling symbolize a dilemma in life. The persona needed to make a tough choice in life for it was impossible to live a double life.Show MoreRelatedThe Writing Style Of Langston Hughes1001 Words   |  5 Pagescollective, is one of the many legacies of Hughes, who has been called â€Å"the architect† of the black poetic tradition. He is certainly one of the world’s most universally beloved poets, read by children and teachers, scholars and poets, musicians and historians. Langston Hughes became the voice of black America in the 1920s, when his first published poems brought him more than moderate success. Throughout his lifetime, his work encompassed both popular lyrical poems, and more controversial political workRead MorePoem Analysis : Langston Hughes Poem1258 Words   |  6 Pages Research Paper and Poem Analysis: Langston Hughes Poem Analysis: Langston Hughes’ poem â€Å"Mother To Son† is a twenty line poem that seems to be from the perspective of a prudent mother that is giving her son, and possibly the readers, some helpful and supportive advice, telling them that, no matter how many adversities they may face, they can not give up. I believe that this is the main theme of the poem, perseverance. â€Å"So, boy, don’t you turn back./ Don’t you set down on the steps./ ‘Cause youRead MoreLangston Hughes: A Jazz Poet1045 Words   |  5 Pages Langston Hughes (James Mercer Langston Hughes) was a poet, columnist, dramatist, essayist, lyricist, and novelist. He was one of the earliest innovators of the literary art form called jazz poetry. Hughes, like others, was active in the Harlem Renaissance, and he had a strong sense of racial pride. Through his poem, novels, short stories, plays, and kids books, he promoted equality, condemned racism, and injustice, and celebrated African American cult ure, and humor. (Illinois). Langston HughesRead MoreJames Langston Hughes And Countee Cullen934 Words   |  4 Pages James Langston Hughes and Countee Cullen were prominent poets. These poets were at the time of the Harlem Renaissance during the 20th century. Hughes and Cullen wrote for others to understand the stories of African-Americans living in the United State. These men had differences in their writing, but one mutual objective. James Langston Hughes was born in Joplin, Missouri on February 1, 1902. Hughes began writing poetry when he lived in Lincoln, Illinois. The Weary Blues was his first book of poetryRead MoreGwendolyn Brooks As A Poet2100 Words   |  9 Pagesracial prejudice in school. The young poet found comfort in reading and writing, which her parents actively encouraged Brooks’ mother declared to her, that she is going to be a poet. Brooks published her first poem Eventide at age thirteen in American Childhood magazine. At age sixteen, she met Langston Hughes, who gave her words of encouragement after reading her poems at a poetry reading. In 1934, Brooks graduated from an integrated high school with a career at the Chicago Defender. Soon afterRead More Langston Hughes Essay1464 Words   |  6 Pages Langston Hughes   Ã‚  Ã‚  Ã‚  Ã‚  People always listen to music, watch movies or plays, and even read poetry without once even thinking what is could be that helps and artist eventually create a masterpiece. Often times, it is assumed that artists just have a â€Å"gift†, and people just do not consider the circumstances and situations that gradually mold a dormant idea into a polished reality. This seems to be the case with nearly every famous actor, writer, painter, or musician; including the ever-famousRead More The Life and Works of Langston Hughes Essay1971 Words   |  8 Pages The Life and Works of Langston Hughes nbsp;nbsp;nbsp;nbsp;nbsp;â€Å" In a deep song voice with a melancholy tone, I heard that Negro sing, that old piano moan – Ain’t got nobody all in this world, Ain’t got nobody but ma self. I’s gwine to quit ma frownin’ and put ma troubles on the shelf.† The above excerpt is from Langston Hughes prize winning poem, â€Å"The Weary Blues.† Hughes, considered to be one of the world’s outstanding authors of the twentieth century (Ruley 148), is a prolific poet, novelistRead MoreOvercoming Oppression and Exploitation - Langston Hughes Poems and James Camerons Avatar1566 Words   |  7 Pagesothers become bitter and reclusive and turn on those around them in hopes of feeling better about themselves. And many feel they are victims, rightly so. These are all completely normal reactions, but where do they lead us? Through two of Langston Hughes’s poems and James Cameron’s ‘Avatar’ I will discuss how oppressed people react to colonial conquest and exploitation, and how they become better people because of it. The painful ordeal of oppression and colonization turned the black people of AfricaRead MoreWhat Was The Overall Impact Of The Harlem Renaissance1110 Words   |  5 Pagesthe end of the Harlem Renaissance? The financial support of African Americans by rich whites came to end after the Wall Street Crash. 22. Who is the author of Their Eyes Were Watching God and when was it published? The author of Their Eyes Was Watching God is Zora Neal Hurston and was published in 1973. 23. What was the overall impact of the Harlem Renaissance? The Harlem Renaissance help to how American view African American and their culture. The integration of black and white cultures duringRead MoreLangston Hughes Research Paper25309 Words   |  102 PagesIn 1919, when Langston Hughes was seventeen years old, he spent the summer with his father, Jim Hughes, in Toluca, Mexico. Langston had not seen his father since he was a small child, and he was excited about making the trip. However, during this visit, no affectionate bond would develop between Langston and Jim. Jim Hughes was a cold, difficult man, who was driven by ambition to make money and achieve respect. He had moved to Mexico to avoid segregation and racial injustice in the United States

The Poem ‘Mother To Son’ By Langston Hughes First Published

The poem ‘Mother to Son’ by Langston Hughes first published in 1922 and ‘The Road not Taken’ by Robert Frost have a number of similarities. These poems are parables in which experienced people give advice about life choices. In both poems, the personas were initially in some trouble in life but they currently have no remorse for the way they made choices and lived. Also, both poems have a moral lesson that life may not always be easy but at the end, the choices that people make will determine their destiny. However, the poems are considerably different in their writing style, diction, the point of view, tone and imagery. This essay aims to compare and contrast the two poems. Though having similarities in the theme and use of symbolism and†¦show more content†¦He, however, chose the road that was less favorable to people. This road represents a road of hard work or integrity since majority of people love short cuts to life. In the end, the speaker is not only relieved but also proud that he took that road. He says ‘I shall be telling this with a sigh’ (Frost 16). The reason for him telling the story is to give advice because he is proud of the decision that he made. Also, Hughes and Frost both use symbolism and imagery to bring out the picture about life. For Hughes, the stairs symbolize the life- life that has been lived through pressing on because of the difficulties and uncertainties involved. The mother symbolizes the old generation of people who are experienced and their role in giving advice. The old generation is familiar with life challenges that the younger generation, symbolized by the son, are undergoing. They provide hope for the young generation. The dark corners without light symbolize times of uncertainties, the corner symbolizes changes experienced in life, and the climbing symbolizes difficult situations requiring extra effort and so on. Reading through the poem a person can easily picture the life that the speaker lived. Conversely, Frost also uses symbolism in his poem. The divergent roads that emerge as the persona is traveling symbolize a dilemma in life. The persona needed to make a tough choice in life for it was impossible to live a double life.Show MoreRelatedThe Writing Style Of Langston Hughes1001 Words   |  5 Pagescollective, is one of the many legacies of Hughes, who has been called â€Å"the architect† of the black poetic tradition. He is certainly one of the world’s most universally beloved poets, read by children and teachers, scholars and poets, musicians and historians. Langston Hughes became the voice of black America in the 1920s, when his first published poems brought him more than moderate success. Throughout his lifetime, his work encompassed both popular lyrical poems, and more controversial political workRead MorePoem Analysis : Langston Hughes Poem1258 Words   |  6 Pages Research Paper and Poem Analysis: Langston Hughes Poem Analysis: Langston Hughes’ poem â€Å"Mother To Son† is a twenty line poem that seems to be from the perspective of a prudent mother that is giving her son, and possibly the readers, some helpful and supportive advice, telling them that, no matter how many adversities they may face, they can not give up. I believe that this is the main theme of the poem, perseverance. â€Å"So, boy, don’t you turn back./ Don’t you set down on the steps./ ‘Cause youRead MoreLangston Hughes: A Jazz Poet1045 Words   |  5 Pages Langston Hughes (James Mercer Langston Hughes) was a poet, columnist, dramatist, essayist, lyricist, and novelist. He was one of the earliest innovators of the literary art form called jazz poetry. Hughes, like others, was active in the Harlem Renaissance, and he had a strong sense of racial pride. Through his poem, novels, short stories, plays, and kids books, he promoted equality, condemned racism, and injustice, and celebrated African American cult ure, and humor. (Illinois). Langston HughesRead MoreJames Langston Hughes And Countee Cullen934 Words   |  4 Pages James Langston Hughes and Countee Cullen were prominent poets. These poets were at the time of the Harlem Renaissance during the 20th century. Hughes and Cullen wrote for others to understand the stories of African-Americans living in the United State. These men had differences in their writing, but one mutual objective. James Langston Hughes was born in Joplin, Missouri on February 1, 1902. Hughes began writing poetry when he lived in Lincoln, Illinois. The Weary Blues was his first book of poetryRead MoreGwendolyn Brooks As A Poet2100 Words   |  9 Pagesracial prejudice in school. The young poet found comfort in reading and writing, which her parents actively encouraged Brooks’ mother declared to her, that she is going to be a poet. Brooks published her first poem Eventide at age thirteen in American Childhood magazine. At age sixteen, she met Langston Hughes, who gave her words of encouragement after reading her poems at a poetry reading. In 1934, Brooks graduated from an integrated high school with a career at the Chicago Defender. Soon afterRead More Langston Hughes Essay1464 Words   |  6 Pages Langston Hughes   Ã‚  Ã‚  Ã‚  Ã‚  People always listen to music, watch movies or plays, and even read poetry without once even thinking what is could be that helps and artist eventually create a masterpiece. Often times, it is assumed that artists just have a â€Å"gift†, and people just do not consider the circumstances and situations that gradually mold a dormant idea into a polished reality. This seems to be the case with nearly every famous actor, writer, painter, or musician; including the ever-famousRead More The Life and Works of Langston Hughes Essay1971 Words   |  8 Pages The Life and Works of Langston Hughes nbsp;nbsp;nbsp;nbsp;nbsp;â€Å" In a deep song voice with a melancholy tone, I heard that Negro sing, that old piano moan – Ain’t got nobody all in this world, Ain’t got nobody but ma self. I’s gwine to quit ma frownin’ and put ma troubles on the shelf.† The above excerpt is from Langston Hughes prize winning poem, â€Å"The Weary Blues.† Hughes, considered to be one of the world’s outstanding authors of the twentieth century (Ruley 148), is a prolific poet, novelistRead MoreOvercoming Oppression and Exploitation - Langston Hughes Poems and James Camerons Avatar1566 Words   |  7 Pagesothers become bitter and reclusive and turn on those around them in hopes of feeling better about themselves. And many feel they are victims, rightly so. These are all completely normal reactions, but where do they lead us? Through two of Langston Hughes’s poems and James Cameron’s ‘Avatar’ I will discuss how oppressed people react to colonial conquest and exploitation, and how they become better people because of it. The painful ordeal of oppression and colonization turned the black people of AfricaRead MoreWhat Was The Overall Impact Of The Harlem Renaissance1110 Words   |  5 Pagesthe end of the Harlem Renaissance? The financial support of African Americans by rich whites came to end after the Wall Street Crash. 22. Who is the author of Their Eyes Were Watching God and when was it published? The author of Their Eyes Was Watching God is Zora Neal Hurston and was published in 1973. 23. What was the overall impact of the Harlem Renaissance? The Harlem Renaissance help to how American view African American and their culture. The integration of black and white cultures duringRead MoreLangston Hughes Research Paper25309 Words   |  102 PagesIn 1919, when Langston Hughes was seventeen years old, he spent the summer with his father, Jim Hughes, in Toluca, Mexico. Langston had not seen his father since he was a small child, and he was excited about making the trip. However, during this visit, no affectionate bond would develop between Langston and Jim. Jim Hughes was a cold, difficult man, who was driven by ambition to make money and achieve respect. He had moved to Mexico to avoid segregation and racial injustice in the United States

The Poem ‘Mother To Son’ By Langston Hughes First Published

The poem ‘Mother to Son’ by Langston Hughes first published in 1922 and ‘The Road not Taken’ by Robert Frost have a number of similarities. These poems are parables in which experienced people give advice about life choices. In both poems, the personas were initially in some trouble in life but they currently have no remorse for the way they made choices and lived. Also, both poems have a moral lesson that life may not always be easy but at the end, the choices that people make will determine their destiny. However, the poems are considerably different in their writing style, diction, the point of view, tone and imagery. This essay aims to compare and contrast the two poems. Though having similarities in the theme and use of symbolism and†¦show more content†¦He, however, chose the road that was less favorable to people. This road represents a road of hard work or integrity since majority of people love short cuts to life. In the end, the speaker is not only relieved but also proud that he took that road. He says ‘I shall be telling this with a sigh’ (Frost 16). The reason for him telling the story is to give advice because he is proud of the decision that he made. Also, Hughes and Frost both use symbolism and imagery to bring out the picture about life. For Hughes, the stairs symbolize the life- life that has been lived through pressing on because of the difficulties and uncertainties involved. The mother symbolizes the old generation of people who are experienced and their role in giving advice. The old generation is familiar with life challenges that the younger generation, symbolized by the son, are undergoing. They provide hope for the young generation. The dark corners without light symbolize times of uncertainties, the corner symbolizes changes experienced in life, and the climbing symbolizes difficult situations requiring extra effort and so on. Reading through the poem a person can easily picture the life that the speaker lived. Conversely, Frost also uses symbolism in his poem. The divergent roads that emerge as the persona is traveling symbolize a dilemma in life. The persona needed to make a tough choice in life for it was impossible to live a double life.Show MoreRelatedThe Writing Style Of Langston Hughes1001 Words   |  5 Pagescollective, is one of the many legacies of Hughes, who has been called â€Å"the architect† of the black poetic tradition. He is certainly one of the world’s most universally beloved poets, read by children and teachers, scholars and poets, musicians and historians. Langston Hughes became the voice of black America in the 1920s, when his first published poems brought him more than moderate success. Throughout his lifetime, his work encompassed both popular lyrical poems, and more controversial political workRead MorePoem Analysis : Langston Hughes Poem1258 Words   |  6 Pages Research Paper and Poem Analysis: Langston Hughes Poem Analysis: Langston Hughes’ poem â€Å"Mother To Son† is a twenty line poem that seems to be from the perspective of a prudent mother that is giving her son, and possibly the readers, some helpful and supportive advice, telling them that, no matter how many adversities they may face, they can not give up. I believe that this is the main theme of the poem, perseverance. â€Å"So, boy, don’t you turn back./ Don’t you set down on the steps./ ‘Cause youRead MoreLangston Hughes: A Jazz Poet1045 Words   |  5 Pages Langston Hughes (James Mercer Langston Hughes) was a poet, columnist, dramatist, essayist, lyricist, and novelist. He was one of the earliest innovators of the literary art form called jazz poetry. Hughes, like others, was active in the Harlem Renaissance, and he had a strong sense of racial pride. Through his poem, novels, short stories, plays, and kids books, he promoted equality, condemned racism, and injustice, and celebrated African American cult ure, and humor. (Illinois). Langston HughesRead MoreJames Langston Hughes And Countee Cullen934 Words   |  4 Pages James Langston Hughes and Countee Cullen were prominent poets. These poets were at the time of the Harlem Renaissance during the 20th century. Hughes and Cullen wrote for others to understand the stories of African-Americans living in the United State. These men had differences in their writing, but one mutual objective. James Langston Hughes was born in Joplin, Missouri on February 1, 1902. Hughes began writing poetry when he lived in Lincoln, Illinois. The Weary Blues was his first book of poetryRead MoreGwendolyn Brooks As A Poet2100 Words   |  9 Pagesracial prejudice in school. The young poet found comfort in reading and writing, which her parents actively encouraged Brooks’ mother declared to her, that she is going to be a poet. Brooks published her first poem Eventide at age thirteen in American Childhood magazine. At age sixteen, she met Langston Hughes, who gave her words of encouragement after reading her poems at a poetry reading. In 1934, Brooks graduated from an integrated high school with a career at the Chicago Defender. Soon afterRead More Langston Hughes Essay1464 Words   |  6 Pages Langston Hughes   Ã‚  Ã‚  Ã‚  Ã‚  People always listen to music, watch movies or plays, and even read poetry without once even thinking what is could be that helps and artist eventually create a masterpiece. Often times, it is assumed that artists just have a â€Å"gift†, and people just do not consider the circumstances and situations that gradually mold a dormant idea into a polished reality. This seems to be the case with nearly every famous actor, writer, painter, or musician; including the ever-famousRead More The Life and Works of Langston Hughes Essay1971 Words   |  8 Pages The Life and Works of Langston Hughes nbsp;nbsp;nbsp;nbsp;nbsp;â€Å" In a deep song voice with a melancholy tone, I heard that Negro sing, that old piano moan – Ain’t got nobody all in this world, Ain’t got nobody but ma self. I’s gwine to quit ma frownin’ and put ma troubles on the shelf.† The above excerpt is from Langston Hughes prize winning poem, â€Å"The Weary Blues.† Hughes, considered to be one of the world’s outstanding authors of the twentieth century (Ruley 148), is a prolific poet, novelistRead MoreOvercoming Oppression and Exploitation - Langston Hughes Poems and James Camerons Avatar1566 Words   |  7 Pagesothers become bitter and reclusive and turn on those around them in hopes of feeling better about themselves. And many feel they are victims, rightly so. These are all completely normal reactions, but where do they lead us? Through two of Langston Hughes’s poems and James Cameron’s ‘Avatar’ I will discuss how oppressed people react to colonial conquest and exploitation, and how they become better people because of it. The painful ordeal of oppression and colonization turned the black people of AfricaRead MoreWhat Was The Overall Impact Of The Harlem Renaissance1110 Words   |  5 Pagesthe end of the Harlem Renaissance? The financial support of African Americans by rich whites came to end after the Wall Street Crash. 22. Who is the author of Their Eyes Were Watching God and when was it published? The author of Their Eyes Was Watching God is Zora Neal Hurston and was published in 1973. 23. What was the overall impact of the Harlem Renaissance? The Harlem Renaissance help to how American view African American and their culture. The integration of black and white cultures duringRead MoreLangston Hughes Research Paper25309 Words   |  102 PagesIn 1919, when Langston Hughes was seventeen years old, he spent the summer with his father, Jim Hughes, in Toluca, Mexico. Langston had not seen his father since he was a small child, and he was excited about making the trip. However, during this visit, no affectionate bond would develop between Langston and Jim. Jim Hughes was a cold, difficult man, who was driven by ambition to make money and achieve respect. He had moved to Mexico to avoid segregation and racial injustice in the United States

What Everybody Else Does When It Comes to Essay Samples about Myself and What You Should Be Doing Different

What Everybody Else Does When It Comes to Essay Samples about Myself and What You Should Be Doing Different The Fight Against Essay Samples about Myself Drafting and planning together with researching should be done in order to have a simple writing. You want to finish your analysis before you start writing otherwise you can't achieve success to complete excellent work. Keep in mind that, a great essay takes an excellent grip and comprehension of the writing process. After that, a well-written essay demands an excellent grasp and comprehension of the writing process. The samples will provide you with ideas on the way you answer the questions provided to you. At times, it's possible to just get up and leave. Shipping a few of items, especially from another nation, is much pricier than making the bigger shipments bricks-and-mortar retailers order. The school you've been dreaming of for your entire life is only an essay away. Some individuals have the capacity of great wri ting but find it problematic to work on confusing topics so it's much better to request assistance from a specialist. One of the absolute most important things I've learned throughout the last few years is that important questions are supposed to be asked over and over again. Make sure you have specific topic in your thoughts because general subject area isn't going to help you. The usage of persuasive essay examples is a great way to prepare to compose a successful essay. It is preferable to look at the guidelines for drawn-out essay as you get advice on what you want to prevent. So far as essay structure goes, a 4 or 5 paragraph essay based on the number of points you may wish to argue is a great start. The wording has to be clear and concise. A great essay should have essential points. If writing is essential for you when you read, you can begin with an outline draft first where you mention the most crucial points. Don't pitch an investigative piece in case you don't f ind out how to start reporting it. If you wish to receive a high score in your essay, do your very best to present new suggestions and support your opinions. Details of Essay Samples about Myself Any company which you are evaluating should supply you with adequate samples of their writing history. The strict guidelines and structure make common language in addition to common means of thinking between different researchers that makes it simpler for others to make their paper, whether it's extended essay, article or research paper. Make certain that it is error-free one of the most typical explanations for why an application is rejected is since it is poorly written. What you should do is to explore the topic. Review what you've been requested to address in your essay Sometimes educational institutions wish to find out more than just your career targets. You need to make sure that your thesis isn't difficult to identify. Students should be quite thorough in their research in order to spot the most suitable essay writing firms. Finding a perspective student seeking to college application essays ought to be a college application essay. In the end, make certain you properly cite you sources. Paraphrasing implies retelling some points from the original source in your words, you've got to demonstrate that you understood the material and not simply copy the info you hear or read. Another thing to think about regarding sample essay is that if you're fortunate enough to find one which is in the subject range that you're targeting, you can look at it not just for its structure but also for its content. The essay will test the student wisdom and ability in answering the questions together with analyzing the situation. Using Essay Samples about Myself Keep in mind, all type of activities you're speaking about in the essay must be associated with the scholarship program. Within the body, you have to have three to four ideas. There are lots of students who are having a difficult time on it not only since they will need to fulfill the strict guidelines, but they have to make sure that they limit their creativity. You don't need to be stress with the essay as you can complete it on the most suitable moment.

Cloning11 Essay Example For Students

Cloning11 Essay I choose this article to comprehend the abilities which bioethics gives us. Through generations, technology has advanced immensely. Though cloning is a new technology to the public, it has been around since 1978 The birth of Louise Brown, the first test-tube baby, whom generated great controversy. Society has a great concern toward the particular medicine known as cloning. Scientists claim, Through discoveries of disease-related genes, the Human Genome Project has brought hope that human suffering inflicted by inherited diseases might be alleviated. This statement proves the fact that science can eliminate disease, but at the same time I believe that humans creating life is inappropriate. My views about cloning are mutual with the Catholic Church. Pope John Paul II understands cloning to be a sin in the eyes of the Catholic Church, and giving life should be left to God alone. The latest break through in cloning was a sheep named Dolly, she had been cloned through here mothers genes. It took Roslin, (a team of scientists) years of research and preparation before Dollys birth became possible. Cloning is an enormous step for man in the scientific world. With knowledge such as this, scientists have massive power. Cloning duplicates a living organism exactly, discarding as to how its brain functions. People thought of cloning as to be a great tool in our world today. One example I came across one day in the Toronto Star, was imagine having a team full of Micheal Jordans What the population failed to understand, was that a clone of something carries all attributes of the original except for the mental characteristics. Looking back at the statement the team would be identical physically, but mentally they may not play as well as the original Micheal Jordan. One more factor is regarding whether cloning is ethical or not in our society. Many of the issues generated by advancements in the biological and medical sciences aid in practical matters, sometimes needing consent from government figures. Not all medicine or biological practices are good, for example nuclear technology. Which includes such things as building bombs that can destroy half of the planet. A second scary detail is that there are not many skilled scientists and they are scattered all around the world, some not having any control over what they create. If a scientist cannot control his or her own creation, how are we the society supposed to defend ourselves from such formations. In conclusion cloning is not the most ethical thing to do. Sure science is placed ahead in its studies, but the practices may not be suitable for the rest of society. Numerous of occasions new technology like this is introduced for the simple fact of giving a good name to technology, without conside ring the affect it may have on the great population. I just hope that the more intelligent and advanced we become through the next generations, we keep a sense of control and not let things get out of hand. Bibliography:

Mncs in India free essay sample

MNCs in India By A V Vedpuriswar[1] Introduction With a GDP growth of almost 7 percent1, India is one of the most promising and fastest-growing economies in the world. But despite the huge potential of the country, the performance of Multinational Corporations (MNCs) in India has been decidedly mixed. Many MNCs which have succeeded remarkably elsewhere in the world have yet to make a significant impact in India. The market entry and penetration strategies that have worked so well for these companies in other countries have been for less successful in India. Many MNCs have struggled to understand Indian customers and come up with suitable products and services. At the same time, some MNCs have done pretty well for themselves. Why have some MNCs done so well where others have failed? This article is an attempt to provide an intuitive explanation of what determines success in the Indian market place. Background Today, virtually all the big MNCs in the world have operations in India. We will write a custom essay sample on Mncs in India or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page These include Unilever, BAT, Colgate Palmolive, Procter Gamble, General Electric, General Motors, Ford, Pepsi, IBM, Intel, Texas Instruments, Microsoft, Oracle and Coca-Cola. India is now considered by many MNCs to be a strategically important market. Historically, the main reason for the entry of MNCs into India was to jump the tariff wall. High import duties made it difficult if not impossible to export finished goods from the home country to India. On the other hand, once they entered the country and set up operations, the countrys high tariffs guaranteed adequate protection. In some cases, the need to customise products necessitated a strong local presence. Unilever set up its Indian subsidiary, Hindustan Lever and gave it full freedom to develop various products to suit local tastes and usage conditions. This would obviously not have been possible if Unilever had only been exporting its products to India. In recent times, other reasons have made India an attractive destination for MNCs. India has emerged as a low cost back office, manufacturing and research base, thanks to its skilled but relatively cheap manpower. In the computer software industry, many MNCs are establishing offshore development centres to tap local manpower. IBM, Accenture, EDS and Computer Associates have all been strengthening their presence in the country. Not only are Indian software workers among the best in the world, when it comes to technical skills but they are also more comfortable with English, compared to their counterparts in countries such as China. Dell and Deloitte have major back office operations in the country. General Electric (GE) is looking at India as an important R base which can contribute to their global knowledge pool. GEs local outfit has filed for several patents in the last couple of years. Nokia has set up three RD centres that work on next-generation packet-switched mobile technologies and communications solutions. Texas Instruments is also doing cutting edge RD work in the country. Varying degrees of success While several MNCs have entered India, not all of them are doing well. This is evident when performances are compared across industries. However, even within a given industry, some MNCs seem to be doing better than the others. Consider the automobile industry. Here, Suzuki and Hyundai are way ahead of formidable rivals such as General Motors, Honda and Ford. Similarly in the FMCG sector, even after allowing for its relative late entry, Procter Gamble (PG) remains a marginal player compared to Hindustan Lever. In some industries, the MNCs have been left high and dry by the local players. In the paint industry, the local player, Asian Paints has beaten the MNCs by a huge margin. Then, there is also the unique case of an MNC, Indian Aluminium (Indal), actually being taken over by an Indian company, Hindustan Aluminium. One must be careful while explaining the good performance of some MNCs and the poor performance of others. An important point to note here is that different MNCs have entered India at different points in time and responded to the needs of the environment accordingly. For example, MNCs which entered India since the 1990s have in general been more aggressive and proactive in a liberalised business environment, than those which began operations during the license Raj. Hyundai, Samsung and LG are good examples. The older MNCs like Bata have also been handicapped by the baggage accumulated over a period of time. Such companies are often at a disadvantage due to their bloated manpower and inefficient manufacturing facilities. Of the 50-plus[2] MNCs with a significant presence in India, the nine market leaders, including British American Tobacco (BAT), Hyundai Motor, Suzuki Motor, and Unilever, have an average return on capital employed of around 48 percent. Even the next 26 have an average ROCE of 36 percent. The most successful MNCs in India have some common characteristics. Resisting the instinct to transplant to India the best practices of other countries, they have treated the country as a strategic market. These companies have also taken a long term view. They have invested time and resources to understand local consumers and business conditions. They have understood that the price points that matter in India are different from those in other countries. In a country where the middle and lower-end segments are critically important, affordability is a crucial factor. At the same time, some of the successful MNCs have also realised that price is not the only factor driving purchase decisions. Value conscious consumers, will pay a premium if the benefits of superior features and quality are seen to far outweigh their cost. LG for example, has reengineered its TV product specifications in order to develop three offerings specifically for India, including a no-frills one to expand the market at the low end and a premium 21-inch flat TV for the middle segment. By keeping the price of the premium offering to within 10 percent of the price of TVs with conventional screens, LG has persuaded many consumers to buy it. These innovations have helped the company to establish a very strong competitive position in the countrys consumer durable-goods and electronics appliances market. The story of Unilever, Bata and Alcan Consider three of the earliest entrants into the Indian market Unilever, Bata and Alcan (India’s parent). The company which demonstrated the highest degree of early commitment to the Indian market was obviously Bata. The shoe major invested in a fairly elaborate distribution network with company owned retail shops in even small towns. Bata also took the bold step of targeting the mass markets instead of just milking the premium segments. It targeted middle class Indians with value-for-money products. Indeed, many Indians do not know that Bata is an MNC. In targeting up-market segments, however, Bata began to deviate from this strategy in the late 1980s. And even as it struggled to deal with the labour problems in its Calcutta factory, Bata saw its market share being rapidly eroded by nimble footed local players such as Liberty. Like Bata, Hindustan Lever Ltd (HLL) also displayed a clear intention from early on to take the Indian markets seriously. It set up a huge distribution network and developed a wide product range. HLL’s efforts to penetrate the rural markets have only taken off in recent times. Compared to local competitors like Nirma and Cavinkare, some of its products look overpriced. Yet, HLL has a strong presence in India that has inspired the awe of other MNCs. Despite struggling to grow in recent years, HLL dominates most of the product categories in which it competes. To give a comparative perspective, global rival Procter Gamble is way behind. HLL also continues to attract the best talent in the country. Today, HLL finds itself at a cross roads. To generate further growth, HLL will have to design from scratch, value-for-money products for the rural markets and further strengthen its rural marketing efforts. But there are signs that under new chairman, Harish Manwani and a new expatriate CEO, Douglas Baillie, HLL is poised for a rebound. Growth is back on top of the agenda. The case of Alcan is even more interesting. Unlike Bata and HLL, Alcan showed little inclination to invest and build its business in India. Essentially, Alcan looked at India as a cheap source of bauxite, the main raw material used in the manufacture of aluminium. It did not build captive power plants, despite being fully aware of the pitfalls involved in depending heavily on the countrys poorly managed State Electricity Boards. Alcan depended heavily on outsourced aluminium metal, having decided not to invest adequately in smelters and power plants, the heart of any aluminium manufacturing process. No wonder Hindustan Aluminium, the leading private sector player in the Indian aluminum industry, through its vertical integration strategy was not only able to maintain its competitiveness but even managed to take over Alcan. Today, HLL, despite its recent growth problems is one of India’s best managed MNCs and one of the star performers in the Unilever group. However, it is facing a distinct threat from cheaper brands. On . the other hand, Bata is attempting a turnaround, trying to regain its focus on the mass markets. This is a major correction from the misplaced strategies of the late 1980s and early 1990s. And Indal, no longer exists, having been taken over by Hindalco. The story of the three MNCs offers useful lessons which we shall summarise at the end of the article. Hyundai’s success If Unilever, Bata and Alcan represent the story of MNCs which entered India very early on, the Koreans symbolize the picture in case of companies which have entered the country in the post reforms era. Take the case of Hyundai, which chose to enter the Indian market, with a small car (Santro) which offers value for money to the countrys price sensitive consumers. Hyundai has also made very heavy investments in manufacturing facilities. After its initial success, Hyundai has started to widen its product range. Hyundai is one of the few MNCs to have established meaningful volumes in India in quick time. The company is among the top three car manufacturers in the country and is now emerging as a real threat to the market leader, Maruti in which Suzuki of Japan has a major stake. There are many lessons to be learnt from Hyundai. The company spent several months customizing Santro. Realising that Indian consumers attach much importance to lifetime ownership costs, Hyundai reduced the engine output of the Santro to keep its fuel efficiency high, priced its spare parts reasonably, and made various changes to the product specifications to suit Indian market conditions. In contrast, other global automakers have entered the market with vehicles with low gas mileage and high repair rates and after-sales service costs. Unlike many of the global auto manufacturers in India which source only about 60 to 70 percent of their components locally, Hyundai buys 90 percent. Hyundai has also plans to make India a global manufacturing hub that can serve other countries as the local market matures. Contrast Hyundai with players like Honda and Ford who have been very tentative about setting up full-fledged manufacturing facilities. The importance of commitment Commitment is important while competing in India. Commitment is often reflected in the entry strategy. Multinationals entering emerging markets often form joint ventures with local partners for a variety of reasons. These include their ability to influence public policy, to leverage existing products as well as marketing and sales capabilities, and to comply with regulatory requirements when foreign participation is restricted to less than 50 percent of a business. While joint ventures can facilitate quick access to important assets, especially in â€Å"strategic† industries like metals and mining and oil and gas, they often run into problems, down the line. As a recent McKinsey article[3] has mentioned, of the 25 major joint ventures established from 1993 to 2003, only 3 survive. Most ran into problems because the local partner couldnt invest enough resources to expand the business as quickly as the multinational had hoped. As a result, most of the multinationals that initially entered the market through joint ventures have disbanded them and pursued independent operations. The Korean multinationals, such as Hyundai and LG, have bypassed joint ventures entirely. They have retained management control and closely monitored the operations, making bold investments when the situation has demanded. By being on its own, LG has been able to move at a fast pace. After starting its operations, within a space of five months, it was able to complete its nationwide launch. Almost all companies took up to two years to complete their all-India launch. LG has the support of its parent not only for technology, but also for financial help. For instance, a substantial portion of the bill for sponsoring the 1999 World Cup cricket tournament was picked up by the parent company. The second aspect of commitment is the investments MNCs make in manufacturing facilities and other infrastructure such as distribution. LG has not hesitated to pump in money. By early 2000, it had invested almost $300 million with plans for investing another $100 million. In recent times, LG has been increasing its production capacity in India, for most products including colour televisions, washing machines, air conditioners, microwave ovens and refrigerators. Nokia is another MNC which has shown strong commitment to the Indian market by making necessary investments. From setting up a manufacturing base for handsets in India to creating financing options for cellphones, to working with cellular operators to reduce airtime costs, Nokia has launched various initiatives to lower the cost of owning and using a mobile phone. Nokia has also established a formidable distribution network that reaches over 25,000 dealers, a network that is about three times the size of Samsungs, six times that of Sony-Ericssons and one-fourth of Hindustan Lever’s (India’s largest fast moving consumer goods company). Nokia has built up this network from scratch by focusing on dealers of fast moving consumer goods (FMCGs) and consumer durables. Many of Nokia’s regional distributors are former FMCG middlemen who find the margins in the mobile phones business more attractive. In the infrastructure business, Nokia Networks has become a key supplier to all five GSM operators in the country; Bharti, BSNL, BPL, Hutchison, and IDEA. Nokia works closely with the operators to lower the total cost of ownership and usage for consumers. A third aspect of commitment is the amount of time and effort spent on understanding Indian consumers and then meeting their needs. LG has worked hard to understand Indian customers and identify features which appeal to Indian customers. LG televisions incorporate golden eye[4] technology and multilingual on-screen displays; refrigerators use preserve nutrition technology and washing machines the chaos punch plus three†[5] technology. LGs commitment to the Indian market can also be judged from its wide product range. In the case of washing machines, LG has been offering 6-kg equipment instead of its usual 4. kg models, to take into account the requirements of large Indian households. Such efforts have paid rich dividends for LG. The company ended 2004 with market shares of 24 % for color televisions, 33 % for washing machines, 41 % for microwave ovens, 26 % for refrigerators and 35 % for air conditioners[6]. With such high market shares, the company looks well placed to consoli date its presence in the country. A vast segment of India’s population resides in rural areas. So understanding the needs of rural customers is a huge issue. This argument is especially applicable to companies marketing consumer goods. But serving rural markets requires plenty of commitment in terms of understanding customer needs, developing products from the ground up and putting in place the necessary infrastructure especially distribution. LG is trying to build on its early success by aggressively penetrating the rural markets and by offering more value for money items. For the rural market, LG has launched a stripped down range of television sets called Sampoorna. Another company which has taken the rural markets seriously is Coca Cola. In the rural areas, Coca Cola has used a three-tier hub-and-spoke distribution model to ensure deeper penetration. The company depot supplies twice a week to large distributors who act as hubs. These distributors in turn supply goods to smaller distributors in adjoining areas. Large trucks are used to move stocks from the bottling plant to the â€Å"hubs†. Medium commercial vehicles are used to move stocks from the hub to the spokes. The small distributors have their own low-cost means like auto rickshaws and cycles, to reach the product to every nook and corner. Coca Cola provides retailers thermo-cool boxes while others with power connections have been offered cold storage facilities under an ‘own-your-asset’ scheme. The company has negotiated big discounts from refrigerator manufacturers and supplied 2. 5 lakh refrigerators to retail outlets in 2003. Finally, commitment is also reflected in the way MNCs deal with local government regulation. In emerging markets like India, where deregulation is still in progress in many industries and the regulatory authorities are themselves often not clear about what needs to be done, companies must be flexible and patient. Regulations governing the India mobile-telephony sector, for example, have been amended several times since 1994. The government had two licensed operators per region back then and now has as many as six. Although most multinationals left the sector when the regulations changed, Hutchison Whampoa continued to invest in India. Today, Hutchison Essar is one of the top three mobile services companies in the country in terms of market share. The most successful MNCs have invested much time and energy to identify and understand the key policy makers and even to suggest regulatory changes. They have resisted the temptation to appoint agents or joint venture partners to liaison with the bureaucrats involved in policy making. Conclusion The above experiences clearly bring home the point that success in the Indian market depends crucially on commitment. This implies a willingness to set up a fully owned subsidiary as opposed to a joint venture, in full fledged manufacturing facilities as opposed to the assembly of completely knocked down kits, in a widespread distribution network as opposed to a limited presence in the major cities and in customised products as opposed to standard offerings from the parent companys product range. It also implies an ability to work patiently within the constraints of the local regulatory framework. Commitment must be backed by flexibility. MNCs must keep fine-tuning their strategy till they have a winning formula in place. It is MNCs which show both commitment and flexibility that are most likely to succeed in India. References 1. â€Å"Hyundai Motors launches multifunctional small car ‘Santro,’ www. ipan. com, 13 January 1998. Mukerjea, BDN. â€Å"The GE  Juggernaut,† www. businessworldindia. com, 22 March 1999. 2. Chhaya; Radhika Dhawan, â€Å"Levers Millennium Project,† Business Today, 7 August 1999, pp. 59-71. 3. Gupta, Indrajit. â€Å"Price of Success,† Business World, 31 January 2000, pp. 20-26. 4. Bhandari, Bhupesh, â€Å"LG pumps up the volume,† www. businessworldindia. com, 6 March 2000. 5. Karmali Naazeen, â€Å" Keki’s legacy,† Business India, 6th March 2000 – 19 March 2000. pp. 85-87. 6. Narayan Sanjay; Jayakar Roshini, â€Å"Lever’s new adventure,† Business Today, 7 June 2000 – 21 June 2000. pp. 72-79. 7. â€Å"Hyundai to invest $ 400 million in India, to unveil Sonata next year,† www. expressindia. com, 9 August 2000. 8. Narayan Sanjay and Jayakar Roshni, Levers new adventure, Business Today, June 7-21, 2000, pp 72-79. 9. Chowdhary Paroma Roy, â€Å"The Unbottling of Coke,† Business Today, January 6, 2001, pp 66-67. 0. Dubey Rajeev and Surendar T, â€Å"The Coca Cola blood bath,† Business World, February 12, 2001, pp 38-41. 11. Lalitha, Srinivasan. â€Å"Hyundai Motors rolls out multi-media ad blitz to relaunch Santro,† www. financialexpress. com, 14 August 2001. 12. â€Å"LG to expand manufac turing capacity in India,† www. prdomain. com, 7 November 2001. 13. Carvalho, Brian. â€Å"Lever – Has Chairman Vindi Banga brought it back on track? † Business Today, 25 November 2001, pp. 50-56. 14. Butler Charlotte and Ghoshal Sumantra, â€Å"Hindustan Lever Limited – Levers for change,† INSEAD case, 2002. 15. LG sees rural markets as thrust areas,† www. blonnet. com, 15 February 2002. 16. Jacob, Anil G. â€Å"Picking rural pockets,† www. business-standard. com, 22 April 2003. 17. Basu, Indrajit. â€Å"Coke bubbles after a decade in India,† www. atimes. com, 26 April 2003. 18. â€Å"Hyundai rolls out Santro Xing — Eyes more exports with `global car,† www. blonnet. com, 23 May 2003. 19. Sengupta Snigdha and Singh Shelly, â€Å"GE India: Captive No More,† www. businessworldindia. com, 29 September 2003. 20. Karmali Nazneen, â€Å"GEs Indian marathon,† Business India, 29 February 2004, 63-38. 21. Swami Parthasarathi, â€Å"In high places,† Business India, 26 April 2004 – 9 May 2004, pp. 44-50. 22. Lancelot Joseph, â€Å"LG No. 1,† Business India, 18 July 2004. 23. Charubala Annuncio; Srinivas Alam,. â€Å"Levers to Rescue Goliath,† Outlook, 13 September 2004, pp. 50-53. 24. â€Å"LG targets Rs. 9000 crore revenue in ’05,† www. economictimesindiatimes. com,5 January 2005. 25. Kohli, Khandekar Vanita, â€Å"The Big Finn,† Businessworld, 7 March 2005, pp. 36 – 42. 26. â€Å"Hyundai to make India production base for Getz,† www. finance. indiainfo. com, 15 May 2005. Mitra, Arnab and Rahul Sachitanand, â€Å"GEs Indian Summer,† www. usiness-todaycom, 5 June 2005. 27. Archna, Shukla. â€Å"The LG juggernaut,† Business Today, 6 November 2005, p- 92. [1] Asst. Vice President (Knowledge Management), Satyam Computer Services. [2] Kuldeep P. Jain, Nigel A. S. Manson and Shirish Sankhe. â€Å"The Right Passage to India,† The McKinsey Quarterly, March  08,  2005. [3] Kuldeep P. Jain, Nigel A. S. Manson and Shirish Sankhe. â€Å"The Right Passage to India,† The McKinsey Quarterly, March  08,  2005. [4] Golden eye technology is meant to reduce the strain on the eye. [5] To facilitate more vigorous agitation. [6] According to ORG GFK data.

How to Cook an Egg With Alcohol

How to Cook an Egg With Alcohol Did you know you dont actually need heat in order to cook an egg? Cooking occurs when proteins are denatured, so any process that produces a chemical change in protein can cook food. Heres a simple science project that demonstrates you can cook an egg in alcohol. Materials raw eggalcohol (vodka, rubbing alcohol if its high percent alcohol, any other high-proof alcohol) If you use vodka or other ethanol, technically the egg will be edible, but it probably wont taste all that great. You cant eat the egg if you cook it using  denatured alcohol, rubbing alcohol, isopropyl alcohol, or methanol. The egg cooks more quickly if the percentage of alcohol is as high as possible. Ideally, use 90% alcohol or higher. Procedure What could be easier? Pour alcohol into a glass or other small container.Crack the egg and place it in the alcohol.Wait for the egg to cook. Now, the egg would cook a lot more quickly if you boiled it the regular way because you have to wait for the alcohol to work its way into the egg. The reaction takes an hour or more to reach completion. The Science of What Happens The egg white consists mostly of the protein albumin. Within a few minutes of adding the egg to the alcohol, you should start to see the translucent egg white turn cloudy. The alcohol is causing a chemical reaction, denaturing, or changing the conformation of the protein molecules so they can form new linkages with each other. As the alcohol diffuses into the egg white, the reaction proceeds. The egg yolk contains some protein, but also a lot of fat, which will not be as affected by the alcohol. Within 1 to 3 hours (depending mainly on alcohol concentration) the egg white will be white and solid and the egg yolk will feel firm. You can ​also ​cook an egg in vinegar.

Veterans Day Sayings Reveal the Harsh Realities of War

Veterans Day Sayings Reveal the Harsh Realities of War Each day brings us new hope, new ideas, and new inspiration. The past is history, but the present is our treasure. We cannot hope to improve our future without learning from the past. That is why we commemorate Veterans Day. On Veterans Day, we can raise issues that concern the whole world. Are wars necessary? Can we do something to avoid them? Can the world not come together for peace and harmony? Here are some soul-stirring Veterans Day sayings that will pump enthusiasm into every patriots heart. On Veterans Day, you can use these powerful sayings to remind others that greatness is born out of true passion. Henry Ward Beecher Are they dead that yet speak louder than we can speak, and a more universal language? Are they dead that yet act? Are they dead that yet move upon society and inspire the people with nobler motives and more heroic patriotism? Gary Hart I think there is one higher office than president and I would call that patriot. Douglas MacArthur Old soldiers never die; they just fade away. William G.T. Shedd A ship is safe in harbor, but thats not what ships are for. Donald Trump Sometimes by losing a battle you find a new way to win the war. Chinese Proverb When eating bamboo sprouts, remember the man who planted them. Norman Schwarzkopf It doesnt take a hero to order men into battle. It takes a hero to be one of those men who goes into battle. Sebastian Junger, War War is life multiplied by some number that no one has ever heard of. Lisa Kleypas, Love in the Afternoon I’ll tell you what I’m fighting for. Not for England, nor her allies, nor any patriotic cause. It’s all come down to the hope of being with you. Oliver Wendell Holmes Lord, bid wars trumpet cease; Fold the whole earth in peace. Lise Hand That’s what it takes to be a hero, a little gem of innocence inside you that makes you want to believe that there still exists a right and wrong, that decency will somehow triumph in the end. Albert Camus In the depth of winter, I finally learned that within me there lay an invincible summer. Lucius Annaeus Seneca Brave men rejoice in adversity, just as brave soldiers triumph in war. Robert Frost Freedom lies in being bold. Curt Weldon How can faceless bureaucrats in an intelligence agency deny brave soldiers a chance to tell the truth? Winston Churchill Success is not final, failure is not fatal: it is the courage to continue that counts. Never give in - never, never, never, never, in nothing great or small, large or petty, never give in except to convictions of honor and good sense. Never yield to force; never yield to the apparently overwhelming might of the enemy. Dan Lipinski On this Veterans Day, let us remember the service of our veterans, and let us renew our national promise to fulfill our sacred obligations to our veterans and their families who have sacrificed so much so that we can live free. Erich Maria Remarque No soldier outlives a thousand chances. But every soldier believes in Chance and trusts his luck. Billy Graham Courage is contagious. When a brave man takes a stand, the spines of others are often stiffened. Thucydides The bravest are surely those who have the clearest vision of what is before them, glory and danger alike, and yet notwithstanding, go out to meet it. Mark Twain Courage is resistance to fear, mastery of fear - not absence of fear. In the beginning of a change, the patriot is a scarce man, and brave, and hated and scorned. When his cause succeeds, the timid join him, for then it costs nothing to be a patriot. George Henry Boker Fold him in his countrys stars. Roll the drum and fire the volley! What to him are all our wars, what but death bemocking folly? G. K. Chesterton Courage is almost a contradiction in terms. It means a strong desire to live taking the form of readiness to die. Thomas Dunn English But the freedom that they fought for, and the country grand they wrought for, Is their monument to-day, and for aye. Josà © Narosky In war, there are no unwounded soldiers. Elmer Davis This nation will remain the land of the free only so long as it is the home of the brave. Joseph Campbell As we express our gratitude, we must never forget that the highest appreciation is not to utter words, but to live by them. John F. Kennedy Let every nation know, whether it wishes us well or ill, that we shall pay any price, bear any burden, meet any hardship, support any friend, oppose any foe to assure the survival and the success of liberty. Valor is stability, not of legs and arms, but of courage and the soul.

Questionaire design Essay Example | Topics and Well Written Essays - 1000 words

Questionaire design - Essay Example The second and third pages constitute the actual questions which are 30 in total. A correct answer gets 2 score. Answer next to correct gets one. The other two answers get zero score. (Example, if correct answer is 3: a) '0' gets no score, b) '1' gets no score, c) '2' gets 1 score, and d) gets 2 score. Correct Answers 1-3, 2-0, 3-0, 4-3, 5-3, 6-3, 7-0, 8-3, 9-0, 10-3, 11-0, 12-3, 13-0, 14-3, 15-0, 16-3, 17-0, 18-3, 19-3, 20-3, 21-0, 22-3, 23-0, 24-0, 25-3, 26-0, 27-3, 28-3, 29-0, 30-3. Scoring 46-60. Maximum zone. Person knows a credible deal about the WTO, and understands its policies and issues to an expert level. 31-45. Above-average. Person has reasonable understanding of WTO concerns, however there are issues of which he is oblivious. 16-30. Below-average. The person ceases to have an optimal awareness about the WTO. Has some idea, but is devoid of in depth information. 0-15. Minimum zone. The person knows about the WTO to an adequate level. The information is incorrect, and a dearth of insight into the organization is there. WTO Name: Date: Please read each statement and circle a number 0, 1, 2 or 3 which indicates how much the statement applies to you. Kindly do not spend too much time on any statement. The rating scale is as follows: 0 No 1 Possibly incorrect 2 Possibly correct 3 Yes 1 WTO is an international, multilateral organization, which sets the rules for the global trading system 0 1 2 3 2 There are 169 members of the WTO 0 1 2 3 3 WTO was founded in 1992 0 1 2 3 4 WTO has been a major focus for protests by civil society groups in many countries 0 1 2 3 5 GATT was an element of ITO 0 1 2 3 6 The Uruguay round lead to the formation of WTO 0 1 2 3 7 The WTO states that its aims are to decrease international trade by promoting lower trade barriers 0 1 2 3 8 A trading system should tend toward greater competition 0 1 2 3 9 Most of the WTO's decisions are made in informal meetings, often called 'Red Room' meetings 0 1 2 3 10 The topmost decision-making body of the WTO is the Ministerial Conference, which has to meet at least every two years 0 1 2 3 11 The General Council is the WTO's highest-level decision-making body in New York 0 1 2 3 12 The Trade Policy Review Body (TPRB) is open to all WTO Members 0 1 2 3 13 Doha Round was the 5th ministerial conference 0 1 2 3 14 One of the principal functions of the WTO is to act as an arbiter of disputes between member states 0 1 2 3 15 The Dispute Settlement Panel is usually made up of five trade officials 0 1 2 3 Please turn the page Reminder of rating scale: 0 No 1 Possibly incorrect 2 Possibly correct 3 Yes 16 Member countries must sign and ratify all WTO agreements upon their accession 0 1 2 3 17 The Agreement on Agriculture is criticised for increasing tariff protections for small farmers 0 1 2

Features of Employment Relations Systems and their Impact on the Essay

Features of Employment Relations Systems and their Impact on the Position of Women in Labour Markets - Essay Example Reduced levels of unemployment indicated that few households lacked a working adult. During this period, most of those working in different institutions were high school drop-outs with an estimated one third of the total population of the United Kingdom working in the manufacturing and agricultural industries. However, the 21st century has seen none of the above features in still existence in many economies across the globe. Most, if not all jobs are now evenly distributed across all genders with a host of households in each country having more than one member in the labour force. On the contrary, the steady rise in unemployment rates is an indicator that there are a number of families in which no member is employed or has a definite job. An increase in education and improved formal structures for learning has seen a rise in the number of high school graduates and college/university graduates as well; hence an increased mass of human resources available to the market. In addition, th e emergence of other fields and or industries, for instance, finance, business services as well as property management, building and construction services has resulted in the creation of more stable jobs than the manufacturing and agricultural sector could provide. ... The Employment Relationship An employee relations system can be referred to as a legal concept used by organizations and or institutions in different countries worldwide to refer to the relationship between an employer and their employees for whom the employees perform certain activities (work) under defined procedures and conditions but in return for salary and or wages. Employee relations help the employer and the employee to come up or develop obligations and rights to govern the performance of both the employee and the employer towards the success of their respective organizations and or institutions. Over period, this tool has acted as a medium through which employees gain access to various benefits, obligations and rights that are related to employment with respect to social security and laws of labour. According to Verma (2003), â€Å"an employee relations system is the key point of reference for determining the nature and extent of employers’ rights and obligations to wards their employees.† (p. 519). Today, intense changes are taking place in the contemporary world of work with particular concern on the labour market. These changes have led to subsequent emergence of new types or rather forms of employment relationships. As a result, market flexibility has been increased as well as an increase in the number of employees uncertain of their status of employment and thus falling out of the normal protection scope of employment relationships. This is a challenge that is described by the International Labour Office’s Director as follows: â€Å"The State has a key role to play in creating an enabling institutional framework to balance the need for flexibility for enterprises and security for workers in meeting the changing demands of a global economy. At

Living As If God Does Not Exist Essay Example for Free

Living As If God Does Not Exist Essay Since ancient times, alongside society’s development is the widespread proliferation of the religious consciousness of mankind. Although primitive small-scale societies had always been depicted as animists and polytheists, the concept of the High God is a common theme that has already been discovered. Studies of ancient societies have revealed in the belief of a Supreme Being, although this was also coupled with worship of lesser spiritual entities since the Supreme God seems distant and uninvolved in daily concerns of men. Compared with modern men, people of the ancient past were mainly agricultural communities. They are basically more aware of their natural surroundings and the different forces which affect his sustenance and survival. Many of these forces are beyond his control and understanding. Early man was therefore more inclined to acknowledge the existence of a Great Being who is responsible for the existence of the world and the one who is in complete control over all. Worship, whether to God or lesser spirits, has often been closely associated with receiving favour and positive results, or to ward off negative conditions like sickness. But current mode of attitudes and perspectives that pervade modern men has increasingly being held under the spell of beliefs that exclude God and the invisible world from the realm of reality and day to day living. Such an approach to life however, is not entirely exclusive in modern times. This was already present in the distant past where there were critics of religious beliefs for instance among some of the ancient Greek philosophers and the Roman Lucretius; in India, where most see it as a rich place of religious practices, materialism has already flourished at the time of the Buddha and for many centuries afterward which basically rejected all belief in a transcendent world; and in China, rationalist Confucianism often involved a rejection of religious doctrine. But these protests against the existence of and reliance of a Supreme Being or of spirituality in general, are only sporadic and never gained majority allegiance during its time. But this is now greatly pronounced in the modern period than ever before, since the powerful restatements of atheism and agnosticism have found a wide success in acceptance and following. The rise of the scientific discoveries and inventions, as well as the increase of intellectuals has made it more ideal to reject the existence of God and other religious values. Man sees himself as the ultimate controller of his destiny, as he experiences more control of the things that affect him. As greater understanding of the world around him is achieved, man sees a greater lack of importance in relying on an unseen and somewhat ‘distant’ God. Modern man is also pressed with many concerns. The large masses of manual workers that were born of out of industrialization in the big cities of northern Europe have caused them to become largely alienated from the faith of their fathers. It is both the social and intellectual forces which have thus combined to promote a widespread practical atheism. There are mainly anti-religious ideologies of modern man which has come to influence modern day thinking. First, was the growth of liberal humanism that principally influenced the western world. This philosophy is rooted in the scepticism of the eighteenth century; it received a greater momentum from the religious controversies of the nineteenth century. Second, was the spread of German type of atheism which were popularized by the writings of Feuerbach, Marx, and Nietzsche. Nietzsche even pronounced the death of God in one of his writings. He announced the death of God, as man is ‘awakened’ to the ‘reality’ that God is only a creation of the human mind. Today’s society is very much influenced, although mostly indirectly, by the banner of humanism that fiercely denounces the existence of God and His requirements. Humanism passionately proclaims that the acknowledgement of God is a declaration of war against life, against nature, against the will to live; and that Christianity is the formula for every slander against this present world and guilty of proliferation of ‘lies’ of a world beyond or afterlife. Out of this, came the atheistic Communist ideologies, which for some time in the past, has pronouncedly divided the world. Then, there were also the philosophical movement known as Existentialism, which ironically had Christian origins through the work of Kierkegaard, has nurtured within it a newer type of atheism, popular since the Second World War. Such a deluge of assault on the Christian faith would seem overwhelming and puzzling to those who profess faith in it. God and Christianity seem to have often called down upon strong denunciations. But it is not entirely out of reason. There has been the spectacle of inter-denominational strife, the growing cynicism towards the authenticity of those who were key figures of the Christian faith as against their extravagant lifestyles, memory of persecutions, and the political conservatism of many Christians all these must be taken into consideration. However, what could be considered a more major reason for rejection is because of the more common association of Christianity with Puritanism. There have, indeed, always been pronounced ascetic elements in the Christian experience, although they are considerably less than in most other of the world religions. It can be said though, that Puritanism and ascetism obviously have important place in certain kinds and phases of different religions. Puritanism demands the population at large to conform to it. Central to the Christian belief is the submission to the Supreme Being, and His instructions. The world, as symbolized by Nietzsche, continuous to express a strong reaction against such beliefs. God and his laws are often received as restrictive, since man’s experience show that he possess desires and instincts which often goes in conflict to what God approves, and must therefore contend with it for most of his time. For most men, this seems to constitute a kind of conspiracy to confine human self-expression and freedom. It is not surprising then, to see an abundance of decay in wide areas of society, since unwillingness to submit to God’s authority is more appealing in order to gratify the self. God is therefore seen as an enemy against the fulfilment of the desires and plans of the self. In addition to this, many simply suspect that those â€Å"kill-joy† Christians, do make those impositions on others condemning jollification and gaiety, as an unconscious repressions and anxieties which stems from Freudian influence. The rejection of the divine and supernatural is not just a mere intellectual scepticism about the truth of God and Christian beliefs; it has also been an emotional rebellion as well. Social factors have contributed. As we have seen, the dislocations caused by industrialism in many Western countries, have produced the alienation of much of the working masses from Christianity. In addition, social forces have brought a distrust of the older forms of authoritarianism. This was already demonstrated between the World Wars, the rejection of being ruled by a higher force. Moreover, this has been heightened after the war where many younger folks have opportunities of work and spending that often creates a sense of being relatively independent. This new found independence rewards man’s desire to be the sole controller of his own life. Such an attitude was already displayed since man’s creation. Self-rule, the rebellion against God’s authority has become the norm. With this development, the traditional forms of Christian teaching and preaching and the presentation of the ethical side of Christianity as something fixed and God-given have not had a widespread effectiveness. What is more popular in many folks of today’s generation is the adherence to anti-authoritarianism and which continuous to stimulate anti-Church feeling, even to the political level. Various advocacies that are being presented with much militancy and following today (i. e. same sex-marriage) run in complete opposition to God- declared laws. It is therefore not an unexpected condition that those who support such advocacies will reject God’s authority and existence. God’s ‘in-existence’ would mean that man can do whatever seems right in his own eyes. Truth and right is therefore relative. Also, aside from the agnostics and anti-religious atheism, are those within the so-called Christian societies, are a large number of people who simply do not attend church or religious ceremonies (Smart, pp. 558-573). They are not necessarily lacking in religious belief, but nevertheless they do not feel themselves called upon to belong to any religious organization. They are people who live in a large, gentle twilight zone between religiousness and agnosticism. They have inherited much of the humanist movement, but they do not share the intellectual presuppositions. They include many, therefore, who, when asked, profess belief in God or more vaguely in a Power which controls the cosmos. But they are not convinced of actively participating in worship of such a Being as something essential of one’s existence. They are not inclined to pray, seek God, read the Bible, though they might possibly do so in times of stress or great danger. They are, for the most part, alienated from the fellowship with God and the fellow believers. They are aware of the differences of teachings in different denominations, and are thus mistrustful of dogma. They have no wish to deny God’s existence outwardly, but they do not desire to seek and know Him. They have reverence for a Creator; but they feel that God is distant and detached. They respect Christian moral values, but they reject Puritanism. They do not have much sense of sin, but they admire saintliness. They are worried by death, and they hope to live for a better afterlife. But the division between heaven and hell they do not feel. Such people far outnumber the committed atheists and the explicit agnostics. For many members of society today, science possess greater prestige derived from the practical benefits of technology and the awesome mumbo-jumbo surrounding the expert, has superseded that of religion. The current civilization can be depicted in such a state. Although the blatant atheists and agnostics have been relatively few, the influence of their thinking has been formidable. Despite the ‘advancement’ in knowledge, man has generally been ignorant of God and His ways. What is generally esteemed as ‘wise’, those who reject God, does not see the pointlessness of their argument. Creation itself speaks as a witness to His superiority and existence. What is evident in creation is the presupposition of a Creator. If the world and the universe came out of chaos, scientific discoveries show that everything in it has a purpose and held with much order, which could not basically flow in congruence with the ‘accident’ theory. Also, the amazing functions of the human body, also defy such a premise that man was created by chance. For man to reject his Creator and His authority is one of the most miserable and worse thing that has occurred to man. Man indeed is very much in need of redemption from the futility of his own way of thinking. Reference: Smart, Ninian. (1984). Contemporary Religious Experience. The Religious Experience of Mankind. New York: Charles Scribner’s Sons

Two Characters from J.B.Priestley’s play, An Inspector Calls :: English Literature

Choose two characters from the play. With careful analysis of relevant sections of An Inspector Calls, show how Priestley wants us to react to them in different ways, and give reasons for these differences Priestley’s socialist views are reflected in his play-written in 1945 but set in 1912- just before the first of many imperative and decisive events such as World War 1, World War 2 and who could forget , the sinking of the not so resilient cruise liner; Titanic- â€Å"An Inspector Calls†. Priestley wants everyone to work together and have no boundaries between them any longer. Believing that we are all responsible for each others actions and that we should learn from lapses in the past and act upon them is a key element in Priestley’s socialist beliefs. By learning these mistakes it would create a superior and more established hope for the future. â€Å"An Inspector Calls† is a moralizing glance at the site and situation of one family, the Birlings. Priestley uses his play as a vehicle to express his moral and social concerns; that if we do not begin taking responsibility for each others actions, there will be no hope, no foundation and most importantly no future. The characteristics of this family are chosen carefully and accurately. The â€Å"older generation†, Mr Birling is described as a â€Å"prosperous manufacturer† who believes that â€Å"a man has to mind his own business and look after himself† and should not get involved in â€Å"community and all that nonsense†. He is a very pretentious, egotistical and typical man of 1912. The moment in time when Priestley decided to write the play couldn’t have been more perfect, and is where he uses Mr Birling to express the naà ¯ve and pugnacious capitalist views in his rather long and â€Å"portentous† speeches. His speeches consist of how none of these things will ever happen. â€Å"†¦I say there isn’t a chance of war† and the Titanic is â€Å"†¦unsinkable, absolutely unsinkable† and not to overlook that the world would have â€Å"forgotten all these Capital versus Labour agitations†, which are obvious signs of dramatic irony. Whereas Sheila, the â€Å"younger generation† is rather â€Å"pleased with life†, which shows her vulnerability to be easily divorced from her engagement festivity. Because she is young and still learning new and â€Å"squiffy† terms, Priestley chooses her to change and develop, in hope that people will become more socialist in the near future. Sheila is a more compatible person who eventually changes her views as the play progresses. In the beginning of the play â€Å"the general effect is substantial and heavily comfortable, but not cosy and homelike†. We are made to feel that this is an environment with an array of surprises lying ahead.

Financial Statement Analysis of Bata Pakistan from 2005-2010

Running head: Financial Statement Analysis of Bata Pakistan â€Å"Bata Pakistan†; Financial Statement Analysis From 2005 to 2010 Anum Fatima BSc. IV Section: B Lahore School of Economics This report is submitted as partial requirement for Financial Statement Analysis of Pakistani Companies to Dr Farooq Chaudhry Abstract This paper does an in depth analysis of Bata Pakistan Limited. It includes a brief summary of accounting policies and standards of the company. The analysis revolves around financial statements, their horizontal and vertical analysis.It also includes a detailed analysis of different financial ratios to measure different aspects of the company’s performance. Weighted average cost of capital is calculated on the basis of which intrinsic value of the stock is calculated. It also includes analysis of economic value added and Du Pont. Introduction Bata Pakistan is a public limited company and it is listed on Lahore and Karachi stock exchange. The main office of the company is at Batapur, Lahore. This company manufactures all kinds of footwear with accessories sells them at its outlets.Sales are both local and export The parent company is Bafin B. V. , Netherlands whereas above it is Compass Limited, Bermuda. The financial data disclosed in the annual report has been prepared in accordance with IFRS (International Financial Reporting Standards) stated by International Accounting Standards Board. These standards are applied under the Companies Ordinance of 1984. The company made some amendments to account standards; some of them are effective whereas some of them will be effective in the near future.According the company’s opinion, these amendments didn’t have a significant effect on their financial statements. The financial statements follow the principle of historical cost rather than the fair value concept except some employee benefits whose details will be discussed later. All statements except the statement of cash flow are recorded at accrual basis. After giving a brief summary of accounting policies there is an in depth analysis of company’s financial statements, company’s valuation and then recommendations based on that analysis. Accounting PoliciesEmployee benefits are calculated through the defined benefit plan. A defined benefit plan basically involves a determined amount of gratuity dependent on factors like age, years of service, compensation etc. the company has an unfunded gratuity scheme for all employee excepting management. The provision for employees which are also the member of provident fund is calculated on the basis on 3 weeks basic salary for every year of service whereas for employees which are not the members of the provident fund it is calculated on the basis of 30 days gross highest salaries/wages.The actuarial gains and losses are recognized as per defined in IAS 19 over the expected average remaining working life of the employee. The company also operates pro vident fund scheme in which equal monthly contributions by the company and the employee at the rates of 8% and 10% are made to the employee and managerial staff respectively. The current taxation is calculated on the taxable income from local sales at the present tax rate after accounting for the tax credits, rebates or exemptions if any. Deferred tax is calculated by using balance sheet liability method for all temporary differences between tax bases of assets and liabilities.The carrying amount of deferred income tax asset is revised at each balance sheet date. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the liability is calculated on the basis of tax rates applicable on the balance sheet dates. Revenues, expenses and assets are recognized net of sales except when sales tax is recognized as part of cost of acquisition of asset and when receivables and payables include the amount of tax. Property plant and equipmen t are reported at cost minus depreciation and impairment losses which are accumulated but land is stated at cost.The method used to calculate depreciation is the reducing balance method. Recognized expenditures, related to an item of property plant and equipment, are added to the carrying amount of asset when future economic benefits are expected. To measure the impairment of non financial assets, at each balance sheet date the carrying amount of assets id revised to check for any impairment loss. If such is the case then recoverable amount of the asset is calculated. Recoverable amount is higher of an asset’s fair value less cost to sell and value in use.The company’s rubber factory represents assets that are leased out under the operating lease and that has been leased out to a third party for processing products and is included in the fixed assets of the company. Their depreciation is calculated in the same way as done for the other assets. Intangible assets are cal culated on initial recognition at cost. After that they are carried at cost minus any amortization and impairment losses that are accumulated. If such assets have finite lives then they are amortized over that life and assessed for impairment if any. The amortization mechanism is reviewed at least once every financial year.This expense is recognized in the income statement. Gain and loss from intangible assets are measures as the difference between net disposal proceeds and carrying amount of asset and recognized in the profit and loss account. The investments of the company have fixed maturity and the company intends to hold till maturity. These investments are first recognized at cost including transaction costs and then carried at the amortized cost. Stores and spares which are purchased are valued at weighted average cost whereas in transit stores and spares are valued at actual costs.Stock in trade is valued at lower of cost and net realizable value. Raw materials that is own p roduction and purchased are valued at weighted average cost whereas in transit are valued at actual cost. Work in progress is valued at the production cost. Finished goods that own production are valued at production cost on FIFO basis, purchased are valued at actual cost on FIFO basis whereas in transit are valued at the actual cost. Cost is calculated on the basis of cost of material, labor and production overheads. Net realizable value is based on estimated selling price minus estimated cost to completion and estimated cost to make sale.Provision for doubtful debts and other receivables are decided by management’s assessment of customer’s creditworthiness. It is recognized in the profit and loss account. Contingencies and commitments are also important. Contingent liabilities are disclosed when there is a possible obligation from the past due to any future event not within control of the company or when there is a present obligation from the past events but the amou nt of that obligation cannot be measured in a reliable manner. Borrowings are recognized at fair value net of transaction costs then they are carried at amortized cost.Any difference between proceeds and redemption value is recognized in the P and L account using effective interest rate method. Provisions are recognized when there is an obligation from past events and it can be estimated in a reliable manner. This amount is the best estimate while taking into account the risks. When the amount required settling a provision is expected to be recovered from a third party then a receivable is recognized if it is certain and estimate is reliable. Revenue recognition is done as stated below. The revenue from wholesale is recognized when company has delivered the product to the wholesaler.Retail sales are recognized when product is sold to the customer by cash or by credit. Customer loyalty card sales are recognized as revenue over the period that the award credits are redeemed. Profit on investment is recognized on accrual basis by using effective interest method. Profit on bank deposits is recognized on accrual basis whereas rental income is recognized on accrual basis over the duration of lease agreement. Cash and cash equivalents include cash in hand, deposits with banks, other short term investments with original maturities of three months or less and bank drafts.In cash flow statement, it is cash in hand; cash in transit, bank balances and short term investments. Recognition and measurement of financial instruments is done at times when company enters the contract. Al financial assets and liabilities are measured at fair value. Major categories of assets are investments, advances, deposits, trade debts, other receivables and cash and bank balances. Financial liabilities are creditors, accrued expense and other payables. Any gain or loss is recognized in the P and L account for the period.Offsetting of financial assets and liabilities is done and the net amount is reported in the balance sheet if the company has a legal right to set off. Corresponding income and charge are also off set. The amount of loss is the difference between asset’s carrying amount and present value of the estimated future cash flows discounted at effective interest rate. Related party transactions are conducted at arm’s length just as with the third party using comparable uncontrolled price method whereas related parties are those who are able to influence the operating and financial decisions of the company.Dividends and other appropriations to reserves are recognized when these are approved. Operating segments are reported in a manner consistent with the internal reporting. Board of Directors is the chief operating decision maker that makes strategic decisions. Significant changes observed during the 6 year period under consideration are discussed below. In 2006, stores and spares and stock trade didn’t use FIFO or LIFO, rather purchased unit s were valued at lower of moving average cost and net realizable value. In 2007 same method was used whereas in 2008 FIFO was used for similar valuation of inventory.This change of method has been effective since. When this method was used there was a remarkable increase in the amount of stock in trade as well as cost of sales and gross profits from the previous years. Other than that no significant policy changes are observed except some minor changes in standards which according to the company’s opinion had no significant effect on financial statements, Analysis of Financial Statements First of all we will be analyzing the financial statements indirectly through financial ratios divided in feasible groups. Liquidity RatiosThe working capital of the company has shown healthy growth over the year. Working capital is useful in evaluating company’s ability to meet currently maturing liabilities. The working capital of the company is not only positive but it is growing at an average rate of 44. 46%. It also means that current assets are growing at a rate faster than current liabilities. Working capital took a jump in 2007 which proved to be a prosperous year for the company due to favorable economic conditions and the company used this opportunity in an efficient manner to gain from the situation.This shows that current assets are always in access of current liabilities which is a good indicator. Comparing working capital with the industry is not very useful because it depends on the size and scope of the company. The Current ratio is basically another way of expressing the relationship between current liabilities and current assets. Minimum it should be equal to 1 meaning that current liabilities are exactly matched with current liabilities. The company is showing good performance in this regards as the current ratio is greater than 1 and increasing steadily over the years from 1. 1 in 2006 to reach 2. 66 in 2010. This again points to the fact that current assets are covering current liabilities effectively. Inventory and accounts receivables are forming major part of current assets. It still remains to be seen that whether this growth in current assets is solely due to increasing accounts receivables and inventory and then whether accounts receivables are being collected of inventory being sold in time. The current ratio was a little behind the industry averages in 2006 but it soon caught up and is growing side by side the industry averages.Quick ratio is calculated by excluding inventory from current assets as they are considered to be least liquid assets. It is a better measure of liquidity. Quick ratio shows a significant decline from current ratio owing to the fact that inventory is a major part of the current assets. It caught u with the industry average in 2009 when it went from 0. 51 to 1. 15. This also points to the fact that low quick ratio is not an indicator of less liquidity rather it points to the nature of the business and its dependence on inventory because it is in line with industry averages.Collection period measures the length of time after which the company expects to realize cash from its accounts receivables. Company has improved from 2006 to 2010 remarkably. In 2006 it was 30 days which reduced to 11 days in 2010. A major change was in 2007 as collection period fell by 10 days. They caught up with industry averages in 2009 which is 10 days. It shows that company’s accounts receivables are enforceable and not resulting in defaults. Days to Sell Inventory is the length of time after which company realizes sales from its inventory.They have improved from 2006 to 2010, falling from 131 to 101. They are in line with industry averages of 113 days. Major improvement was again seen in 2007 when days fell from 131 to 116. This is a good achievement as inventory has increased over time. Looking at all these indicators there isn’t any cause of concern for the company in terms of liquidity. Capital Structure and Solvency Ratios Solvency means the ability of the firm to meet its long term obligations which also involves analysis of capital structure of the company that is the debt and equity mix.The debt to equity ratio of 0. 52 means that for each one rupee of equity, 0. 52 is provided by creditors. This ratio is very low showing high percentage of equity. This is in line with industry average and has decreased over the 5 year period. This ratio should be typically low for a manufacturing company which is the case for Bata. This means that the company is in good position to meet its long term obligations. The long term debt to equity ratio is even lower meaning the company is relying very little on long term debt. it is less than 1 and decreases from 0. 13 to 0. 05.It has shown a slight decrease over the years and is in line with the industry averages. Times Interest Earned measures the times for which the amount of interest can be paid out of income befo re tax. This ratio was low in 2006 but it rose from 8 to 24 times in 2007 which is a big improvement. After that it came in line with industry average of 29 times. This also points to the fact that the interest charges of the company are very low and are only less than 1% of total sales. These set of ratio indicate that the debt equity mix of the company is satisfactory. Less reliance on debt means lower risk of default.So the company is in a great position to manage its long term liabilities which are meager in quantity as compared to equity. Return on Investment Ratios Return on assets determines the amount of return when 1 Rupee is invested in assets. In 2006 it was 18. 18% which later rose sharply in 2007 to 34. 79% and maintained the position till 2010 with slight variations. Industry average has been slightly higher that is 35% but in any case the performance of company’s assets is a satisfactory and generating good return. Another side is the return on common equity be cause shareholders are interested in the returns on equity.Return on equity shows the same pattern as return on assets. It was 16. 66% in 2006, rose sharply to 43% in 2007 and then maintained steady levels until 37% in 2010. Industry average has been almost 36% so company is earning good returns as per industry. Operating Performances This set of ratio link income statement line items with sales. These basically measures profit margins in different forms. Gross profit measures the relationship of cost and sales. Gross profit margin has maintained a steady well and increased from 37% in 2006 to 41% in 2007. The usual impact of 2007 boom is not very much apparent here.Then it maintained a steady level till 2010 of 40%. This is in line with industry average of 41%. Industry averages also doesn’t show much variation over the 5 years. Operating profit margin was initially 9% in 2006 but improved to 14% in 2007 and maintained the level till 2010. Industry average has remained more or less around 14% so compared to the industry company is doing fine and generating good returns. Net profit margin was 3. 67% but improved greatly in 2007 to 9. 05%. It has improved to 10. 46% in 2010. The industry average is around 9% according to which net profit margin of the company is satisfactory.Overall operating performance shows a good picture. Asset Utilization Ratios Asset utilization relates sales to different assets and their importance lies in the fact that they are important determinants of return on investment. Cash Turnover is the firm’s efficiency in its use of cash for generation of sales revenue. This ratio shows a volatile trend. The value in 2006 is 36 fell to 16 in 2007, rose to 57. 4 in 2008 and then maintained 13% to 15% from 2009 to 2010. This can be explained by rather volatile cash and bank balances portraying varying liquidity requirement each year.Accounts receivable turnover is an indicator of how many times company has collected its receivable s in a year. This has increased steadily from 2006 to 2008 and shows a sharp rise in 2009 due to high sales and 31 in 2010. This is almost in line with industry average which is 35. this shows that the company is not having any significant problem in receivable collection. Inventory turnover is steady over the years from 2. 74 to 3. 56 in 2010. It shows that how many times inventory is sold during the year. This is in line with industry average.It may seem quite low but seasonality has a big factor in shoe business as business peaks when season changes but after that it slackens until the next change. Working capital turnover is high in 2006 and 2007 but falls in 2008 till 2010. Still they isn’t any significant difference between industry average and the company’s average. Property Plant and equipment turnover maintains a steady growth profile from 9. 72 in 2006 to 13. 73 in 2010. Industry average is also steady around 12 so that show good results. Total asset turnover varies around 2 but is steady same as the industry average. Market MeasuresPrice to earnings ratio shows that how much investor is willing to pay per rupee of the profits. It was 8. 90 in 2006 but rose to 10. 23 in 2007, rose steadily in 2008 and 2009 and rose to 17% in 2010. This increase is attributed both to increasing market share price and rising earnings per share. This too is more or less around industry average and rose above industry average in 2010. Earnings yield is the reciprocal of price to earnings. It shows the percentage of each rupee invested in stock that was earned by the company. They dipped in 2007 to 2009 but then rose above industry average in 2010.Dividend yield shows how much a company pays in dividends relative to its share price. Dividend yield is not steady but 4. 24% in 2010. This means that the dividends are not stable but they are showing growth rather than decline and has risen significantly from Rs1. 50 per share in 2004 to Rs 12 per share in 2009. Dividend Payout Rate basically shows the percentage of earnings paid to the shareholders. This ratio is quite high supporting the same growth in dividends. This ratio increased considerably to 27% in 2006 but then EPS rose significantly because of which the ratio fell to 10%.This is also in line with industry average of around 10%. Price to book value of the share has increased over time significantly indication high growth in the market value of the stock. But if we look at industry average they are also quite high showing the trend in the industry of increasing stock prices. Overall the company’s stock is performing well in the market and also its dividend policy is investor friendly and ensures high and stable returns as compared to the industry in which dividends are not very common and that too every year. Bata also gave interim dividends in 2006 in addition to the usual annual dividends.Du Pont Analysis Return on common equity is disaggregated into its component to have a better look at what drives this return on common equity. Return on common equity was 13. 57% in 2005 then increased sharply in 2007 to 42. 94% then falling to 39%, 34% and 37% in 2008, 2009 and 2010 respectively. The good economic conditions in 2007 were efficiently utilized by the company. It is disaggregated in profit margin, asset turnover and leverage. Profit margin is basically net income divided by sales or net income as a percentage of sales. It measures how much a company keeps out of sales revenue as earnings.Both net income and sales of the company has increased over time. The ratio increased significantly in 2007 and after that maintained same level of around 9% which rose to 10% in 2010. Then sales divided by average assets shows a steady trend over the years which show company’s ability to generate revenues from investment. This means that the growth of sales and although higher than growth in assets but still the increase is more or less proportionate. Averag e assets over equity fall in 2007 and then maintain same level till 2010. It tells how much assets are owned by the company and how much are leveraged.A low ratio indicates that the company is strong and relies more heavily on equity rather than debt. So we can say that Net income over sales or profit margins are driving the return on common equity. This points towards the strength of the company that is a stable growth in sales and also a stable growth in net income that is ensuring good returns to the shareholders. Common size Balance Sheet Common size balance sheet means all components of balance sheets as a percentage of total assets. We will start with the analysis of current assets. In this company current assets form a major part of the total assets.In 2005, they were 74. 66% of total assets, varied slightly till 2008, increased to 78. 68% in 2009 and then 82. 82% in 2010. This is a good sign but it can be an indicator of deficient investment in long term assets or property p lant and equipment. In current assets, inventory and accounts receivables form the major component of total assets. Inventory was 44. 45% in 2005, increased to 50% in 2006, decreased to 41% in 2007, increased to 55. 97% in 2008 then started to decline till 36. 56% in 2010. Stock in trade and stores and spares determine total amount of inventory.High value of inventory may be inherent to this type of business as seasonal changes induce sales and hence inventory to sale out but in any case high inventory are required to be maintained. Next major component is account receivables or trade debt which shows the good credit policy of the company as receivables have significantly decreased over the years from 23. 27% in 2005 to 0. 53% in 2010 indicating majority of sales are in cash that solves many problems. A steady level of cash is being maintained showing slight dips in 2005, 2006 and 2008. Cash is 13% of total assets in 2010.This shows that liquidity position is very strong but it can also means that company may be holding idle cash that can be invested somewhere to generate returns. Non Current assets form a small portion of total assets which means that the company is not very ambitious and doesn’t involve in expansionary operations. In 2005 they were 25% of total assets whereas they have fallen to 17. 18% in 2010. in long term assets only property plant and equipment noteworthy and constitute almost all noncurrent assets. They have declined in conjunction with total noncurrent assets.Total equity as percentage of total equity and liabilities has increased over the years. In 2005 it was 45. 278%, showed a slightly downward trend in 2006 and 2007 but rises from 63% to 65% from 2008 to 2010. It shows that company is using more equity financing as compared to debt financing. Even in debt financing, current liabilities form a higher percentage of total liabilities and equity. It was 48% in 2005, showed a significant decrease in 2008 and then 31% in 2010. It shows that the even in liabilities the company prefers to finance its assets with current liabilities and trade payables in current liabilities.Provision for taxation has shown significant increase from 0. 24% IN 2005 to 7. 47% in 2010. The major increase was from 2009 to 2010. Noncurrent liabilities form a small portion of total liabilities and equity. It was 6. 47% in 2005 and decreased to 3. 23% in 2010. This also indicates that the company is matching its current and noncurrent assets with current and noncurrent liabilities so that there is no liquidity or solvency problem. Common size balance sheet shows good financial health of the company. Common size Income Statement Analysis Common size income statement measures all income statement components as a percentage of net sales.Cost of goods sold is a major component of net sales but it hasn’t increased significantly over time showing company is employing good cost minimization measures. It was 63% in 2006 then decreased t ill 57. 62% in 2008 then increased slightly to 60% in 2010. Managing costs is not creating problems for the country. Gross profit as a percentage of sales the opposite trend of cost increases till 2008 then falls to 40% in 2010. This is a reasonable percentage of gross profit. Interest expense of the company is very low so there remains a bigger chunk for the shareholders.Next major component is operating expenses which is the only significant expense due to the requirement of maintain international standard outlets throughout the company and hiring specialized staff. But operating expenses has shown decrease over time from 29% in 2005 to 24. 80% in 2010 with slight variation in between. Profit before taxation has shown good improvement over time. It increased from 5. 05% in 2005 to 14. 27% in 2010 with a steady increase over the year. Profit after taxation has increased over the years which is also a good sign. It was 3. 03% in 2005.There was a significant increase in 2007 due to f avorable economic conditions and then that level was maintained with slight increases over the years finally 10. 46% in 2010. Common size income statement shows that the company’s profit and loss account is in good health. Balance Sheet Horizontal Analysis (Year over Year Analysis) This analysis is useful in tracking the trends of different components of balance sheet over the years and then analyze those trends. Starting with current assets, from 2005 to 2006 current assets showed a slight decrease of 0. 51%.Within current assets the major assets of the company that is account receivables and inventory decreased by large percentages whereas cash and loans showed increases. This fall in current assets may not be harmful as it may pertain to inventory sale out or realization of accounts receivables. After that there is a consistent increasing trend. From 2006 to 2007, current assets increased by 37. 87% because all major assets showed increase. They dipped slightly from 2007 t o 2008 but gained paced later. From 2009 to 2010 they increased by 43. 58% with different components showings different inconsistent trends.Noncurrent assets increased from 2005 to 2006 by 15. 82% and kept increasing each year at an increasing rate. The trend was broken in 2008 to 2009 when the increase was only 4. 49%. Property plant and equipment shows an increasing trend till 2008. After that they are increasing but at a much lower rate. Largest increase was in 2007 to 2008 of 33% indicating expansionary phase of the company. Total equity is increasing over the years at an increasing rate. From 2005-2006 it increased by 12. 84% but in the next year it increased by 39. 49% and showing a major increase from 2008 to 2009 of 47. 5%. This is a favorable trend showing that the shareholders are putting n more and more equity and less and less debt. Current liabilities show an inconsistent trend sometime decreasing and some time decreasing. Only significant current liabilities are provis ions for taxation which show significant increases over the year. Noncurrent liabilities show an increasing trend over the years but by a small amount. The overall trend is inconsistent but not unfavorable. Income Statement Horizontal Analysis (Year over Year Analysis) Net sales show a reasonable trend.From 2005 to 2006 net sales increased by 17. 54% but the rate almost double next year when net sales increased by 32. 60% as compared to previous year. This again is the result of boom year of 2007. The rate fell to 29% next year but maintained its pace. This shows that growth of sales is healthy. Cost of goods sold increases at same rate over the years as the net sales with a slight variation. Gross profit has peaked from 2006 to 2007 at an increase of 47% and then the rate normalizes. The achievement of the company lies in the fact that gross profits have increased steadily over the years.The next important item is the operating expenses that increased over the years but the company managed to decrease the rate from 28. 09% to 16. 04 in 2009 to 2010. Operating profits have shown positive increase from year over year. From 2006 to 2007, operating profits increased by 133. 98% again showing effects of favorable economic conditions of the economy. Provisions for taxation have increased at an increasing rate over the years. Profit after taxation shows the same trend. From 2006 to 2007, profit after taxation increased by 227% which shows great performance.After that rate increase lowers down significantly but rises again from 2009 to 2010 when profit after tax increases by 48. 81%. The overall year over trend is quite favorable with no major setbacks in different measures of profit such as gross profit, profit before tax and profit after tax. Statement of Changes in Equity Statement of changes in equity also shows favorable trends. From 2006 to 2007 total equity increases by 39. 49% which is again owing to economic conditions but the good thing about the company is that they profited by this big push and maintained and even improved same levels.From 2007 to 2008 equity increased by 47. 55%. It increased by 36. 57% next year and finally increased by 39. 81% from 2009 to 2010. Dividends also show healthy growth over the years showing consistent dividend policy of the company. Cash Flow Analysis Company is generating enough cash flows from operating activities to cover its investing and financing activities. In 2005 net cash flows were coming out to be negative but combined with previous cash flows the end result was still positive. From 2006 onwards the amount became positive and showed a major increase.There is a major decrease in cash flows in 2008 because of very low cash generation from operation indicating some problem in realization of receivables or sale out of inventories. There is also an increase in loss on net change in assets and liabilities and income tax paid. But the latest year of 2010 shows a favorable situation. Growth of cash flows over the years is very inconsistent. From 2005 to 2006, cash flow from operating activities is increasing by 2584. 57% which is a huge amount. Then from 2006 to 2007, cash flows from operating activities fell by 2. 5% and fell by 80% next year. Then there is a big increase from 2008 to 2009 of 1159. 73% and a fall of 48% from 2009 to 2010. Cash flow from investing activities shows same volatile trend but on average it is positive or increasing. Cash flow from financing activities decrease at a decreasing rate till 2007 to 2008. Later it increased by 300% from 2008-09 and also from 2009-10 by 49%. Total cash flows are also increasing from year to year but from 2006 to 2007, they are showing a decrease of 64%. So the only problem in the statement is the inconsistency of cash flows.Economic Value Added Economic value added is the true economic profit of the business for the year and it is very different from the accounting profit. Its basically net operating profit after tax min us weighted average cost of capital into capital invested, where capital invested is working capital plus fixed assets. Economic value added deducts cost of all charges including equity which is basically opportunity cost of the invested equity capital. This basically measures the amount that the firm has added to shareholder’s value.Because of the way EVA accounts for the equity it is a better measure to decide upon corporate goals of the company and determining performance of the management. This number is positive for the company and also showing year over year growth. From 2006 to 2007 it is showing a growth of 227. 48%. As capital invested increased, NOPAT also increased. Company Valuation One of the most important task when analyzing a company is to gauge whether the current market price of the company’s stock shows intrinsic value of the stock or whether it is overvalued or undervalued.The first step is the calculation of weighted average cost of capital or WACC . For Bata Pakistan, WACC is calculated to be 13. 83%. Next step is to apply different techniques for determining the rate at which the company is growing. The average growth rate of sales is coming out to be 26. 89%. The average growth rate of dividends is coming out to be 60. 33% which is abnormally high due to extreme values and sharp increases in the amount of dividends paid. The last technique is that of calculating growth of free cash flows.The free cash flow is basically the amount available to the shareholders after deducting all charges. Values of free cash flows is coming out to be positive but again the average growth rate is coming to be 88. 22% which is also due to extreme values attributed to uneven and inconsistent growth in the operating cash flows used in the calculation of free cash flows. So we didn’t apply the dividend growth model. In any case WACC is coming out to be less than growth rate so we used free cash flow to equity model and assumed an average g rowth rate of 12% for the sake of simplicity.The intrinsic value of the company is coming out to be 639. 08. The stock price on 31st Dec 2010 was 660. The stock seems to be slightly overvalued but this amount is not significantly different and can easily be attributed to calculation mistakes. Recommendations * The company seems to be performing satisfactorily overall as it is making significant yearly profits. * It has sound credit and dividend policy and managing its inventory effectively. * Cash flows are inconsistent but that is not creating significant problems for the company. The company has the potential to expand if it increases its investment in long term assets. It basically means that the company needs to be a bit less conservative. * The previous points follow to the fact that going for a certain percentage of debt financing may open new opportunities for the companies. * Based on the analysis and valuation, we can positively say that even if the stock is slightly overva lued it is a good buy and a good hold for those who already have it. The stock price is not very volatile. The company is growing but still it has the potential to grow further or maintain its growth; nothing less.Apart from intrinsic value, its dividend policy is very attractive and ensures good return for its shareholders. References Wild, J. & Subramanyam, K. (2008). Financial Statement Analysis (10th ed. ). McGraw-Hill Brigham, E. & Houstan, J. (2003). Fundamentals of Financial Management (10th ed. ). South Western Publisher Arifeen, S. (2010). Financial Statement Analysis of Companies Listed at Karachi Stock Exchange (2005-2010). State Bank of Pakistan, Statistics and DWH Department www. kse. com. pk www. investopedia. com www. lse. com. pk