Deer hunting is a good thing Essay Example for Free

Deer chasing is something to be thankful for Essay You’re driving home from a film with your closest companions and you’re doing around 60 on a nation street you’ve known for your entire life. Out of nowhere, out of your fringe see, you see two or three deer heading straight for your vehicles way. You hit the brake to attempt to stay away from them and barely miss. You ponder internally how fortunate you are that you didn’t hit one. What you didn’t know is the couple of deer you saw used to be a pack of 4 deer. Seven days sooner, two distinct trackers each took a deer from that group. In the event that it wasn’t for the trackers, you most likely would’ve hit at any rate one deer. Deerâ hunting isn’t as awful as it is depicted to be! Chasing controls the deer populace and alongside predator populace and the quantity of mishaps including deer decline due to great moral chasing. You would be flabbergasted at how quick deer recreate! As indicated by Steve Johnson from The Deer Hunting Guide, during early November to early December is a period called the trench. There are three times of the groove. The first is called â€Å"the pre-rut†. Bailey 2 Beginning in pre-fall or early harvest time the blood stream to a buck’s delicate prongs stop; they at that point solidify or calcify. The whitetail buck rubs little trees to evacuate the velvetâ on his prongs which is presently evaporating and starting to shed. A buck will likewise aroma stamping trees by scouring them with the pre-orbital organs situated in his brow and back legs, denoting his home region. The scouring of trees is likewise a method of reinforcing a whitetail’s neck. This sets him up for up and coming light battling meetings with different buck’s to demonstrate his position to the neighborhood deer crowd. This is the manner by which the buck will pull in does and repeat. Likewise, as indicated by LeAnn Spencer from the Chicago deer chasing magazine, it happens each year and around 1. 2 million infant deer are conceived. However, alongâ with that, it is evaluated that 1. 1 million deer are pursued each year. In the mid 1900’s, deer were pursued down to 500,000. A deer chasing boycott was put in the U. S to allow the populace to develop and today we have 20-25 million. Without chasing, deer populace rose 4,000 % in under 100 years, so it is a smart thought to begin protection. Have you at any point been in a mishap including deer? All things considered, you are unquestionably not the only one! Lin Doris stands up from animalrights. com: â€Å"In Michigan alone, $130 million is gone through a year simply fixing fender benders including deer. Alongside that, 5,000â people are executed. It is a conspicuous issue that could be handily fixed. † such huge numbers of lives and cash is lost. What's more, individuals make some intense memories acknowledging why the U. S is in such awful obligation! My point by saying this is diminishing deer populace by chasing is a decent method of deer preservation and it prompts less crashes and lives and cash lost. Bailey 3 Not numerous individuals know as much with respect to what different creatures are influenced by the deer populace developing and contracting out of nowhere. It is clarified well in the ‘Benefits of Hunting Deer’ segment on ehow. com. Looking at the situation objectively, if the deer populace builds, at that point the predators that go after deer will flourish because of good food gracefully. Significantly more mishaps happen to things that go after deer! It probably won't be so a lot, however it is as yet an unneeded thing. Likewise, expanding any animal’s populace will make it spread out to various zones for natural surroundings. One of these spots might be where individuals are all over the place. Obviously there are extremely idiots in this world and they will do moronic things to creatures. Any creature isn't hesitant to protect itself and you would be shocked at their quality. Individuals could get injured being so very close to creatures. Along these lines, diminishing deer populace likewise diminishes predator check; diminishing mishaps, cash lost, and so forth. (Chavis) It is anything but difficult to see that there are numerous positive viewpoints to deer chasing! Deer chasing doesn’t just influence the deer populace; it diminishes different animal’s populaces and holds creatures wellbeing within proper limits. Next time you barely miss a deer in a vehicle, think about a tracker. Or on the other hand, next time you kill a pleasant deer, you can return home realizing you took care of your family alongside potentially sparing an actual existence. It’s a success/win circumstance! Bailey 4 Bailey 5 Bailey 6 http://www. the-deer-chasing guide. com/techniques/chasing deer-the-groove/.

Malcolm Hendrix Essays - African-American Muslims, Black Power

Malcolm Hendrix From the beginning of time there have been numerous individuals who have stuck out and made an sway in the manner we think and understand things. During the late 1950's and mid 1960's, Malcolm X was no exemption. His aggressor sees that Western countries were characteristically supremacist and that dark individuals must consolidate to manufacture their own general public and worth framework had a significant effect on dark patriot and dark dissenter developments of the 1950s and 1960s. At the start of the film, Malcolm X was conceived Malcolm Little. He was a small kid attempting to adjust to society's changes. He was looking so hard that he fell into an inappropriate group. Malcolm caught a man named Archie who was a big deal hoodlum. Archie ran a numbers framework in the boulevards and he persuaded Malcolm to go along with him. Malcolm turned into a knave with an abhorrent manner. Malcolm's business accomplice, was a white lady by the name of Sophia. They were on drugs and even looted a house. In view of their jokes, the law was following right after them. They in the long run got and sent to jail. Malcolm was condemned to 8 years in jail while Sophia was just condemned to 2 years since she was white. This relates to the social association of capture, which propose that police capture blacks at a higher rate than whites. While Malcolm was in prison, he was notable to the monitors. Once he was approached to express his number, yet rather he said he overlooked his number. The gatekeepers beat the damnation out of him and sent him to the darkroom. In the darkroom he met Brother Baines. Baines was a man everybody regarded counting the watchmen. He was know as the genuine man and gave talks about Islam. Malcolm would not like to hear him out from the outset, yet Baines' cool style made a difference Malcolm understand that Islam is for him and that the white man is the demon. While in jail, Malcolm read broadly and built up an enthusiasm for the Nation of Islam, a Black Nationalist strict development whose individuals were known as Black Muslims. Malcolm considered the lessons of the pioneer of the Black Muslims, Elijah Muhammad, who supported a free dark state. The Nation of Islam depended on a philosophy adjusted from a few models: conventional Islamic lessons standards of Black Nationalism, and financial self improvement programs that tended to the requirements of African Americans living in urban ghettoes. Not at all like conventional Islam, which dismisses all types of bigotry, the Nation of Islam announced that whites were the fiend naturally, and that God was dark. In any case, the Black Muslims anticipated that sooner rather than later a Great War would happen in which whites would be demolished and dark individuals would run the show the world through the kindness of Allah, their maker. To plan for this new request, the Nation of Islam focused on close to home poise, restricted the utilization of medications and liquor, and composed financial self improvement ventures that inevitably included ranches, food stores, cafés, and private ventures. The Dark Muslims enrolled intensely among the least fortunate of urban blacks and in penitentiaries, where Malcolm Little was changed over to the confidence. Rather than squandering his time in jail and stumbling into more difficulty, Malcolm chose to change his way of life and devise an arrangement to better himself. He experiences a gathering stage. He started to guess what and extend him might be thinking. As he did this, a universe of information opened up to him. He additionally attempted to develop himself in different manners. He took a shot at his social abilities and his physical appearance. He chooses not to relate himself with previous companions he got in a tough situation with and frames new connections with individuals who need to roll out an improvement. One of the changed over men, Brother Johnson was in a squabble with the police. The police said he was not snappy enough to escape the way so they beat him nearly to death as a result of his race. This is another case of racial clash. Malcolm was enraged. He raced to the police headquarters to see Johnson, however the police denied Malcolm consent to see Johnson. Malcolm said that he would see Johnson and that he wasn't leaving until he did. After a long battle he got wish. While Malcolm was inside, his siblings were arranged outside the station like a military. A significant number of the police said that Malcolm had an excess of intensity. The police attempted to utilize that as purposeful publicity against Malcolm. They were attempting to persuade the individuals from Islam that

The Human Factor And String Theory

The Human Factor And String Theory Stu, Matt, Nance, Daniel and I are all down in NYC for the College Board Conference with a gazillion other admissions professionals. Things are pretty busy by day, but at night weve been heading to this sports bar that Matt discovered which is so pro-red-sox that its almost like being in Boston or Cambridge. Sortof surreal to experience that in Manhattan, but Im not complaining. Thats one of the things I love about New York you can find every single kind of person here, even Red Sox fans. This trip will conclude my fall travel season, so Ill get back to blogging more frequently in November. In the meantime, here are a couple of links to tide you over: First, The Human Factor is a video that MIT has developed for its new Campaign For Students, a big fundraising campaign that will take us through the years leading up to our 150th anniversary. The video was designed to remind alums of all the reasons they love MIT, but I thought you guys might enjoy it as well. I definitely did I think its pretty brilliant. Second, I recently came across this contest that Brian Greene put together, to see who could best explain string theory in two minutes or less. (Note that one of the people in the viewers choice winning video is wearing an MIT sweatshirt. :-) Only a few more days remain before the EA deadline. Best of luck to all of you who are finishing up your EA applications!

Love Quotes That Never Go Out of Fashion

What is your first reaction when you hear someone use a cheesy line? If you are a closet romantic, youd pooh-pooh the die-hard romantic  talk. You might even make disgusted faces and tell others how stupid young lovers are. But honestly, wouldnt you love it when someone used a cheesy line on you? Something happens to us when we hear cheesy love quotes. On the outside, we pretend to be squeamish. But inside, we admire the deep love that gushes out in the form of unbridled flattery. Break the Ice With Love Quotes Cheesy love quotes can be great icebreakers when you want to work your charm on someone. In fact, many couples have claimed that its the cheesy love quotes that are the deal clinchers. Many years later, they fondly remember the first time they met, often citing the pickup line that sealed their love. As the years go by, couples may fall into a comfort zone, and the expression of these kinds of love sentiments might become awkward. But rest assured romance never dies out. When your partner occasionally makes a public display of affection by using cheesy lines, you cant help feeling all romantic. Use Valentines Day as an Excuse On Valentines Day, you can pull out all the stops. Whether you are single or happily married, this is a perfect time to test the cheesy love quotes and woo your sweetheart. On Valentines Day, you can even blame the cheese on Cupid. Go the extra mile and shower love on your dearest. Cast aside your embarrassment and fear of rejection. Read some sappy romantic movie quotes for inspiration and play Romeo or Juliet. Your lover  might be embarrassed or even mortified by your sudden display of passion. But when they look back, they will treasure these memories of love. Robert BraultTo find someone who will love you for no reason, and to shower that person with reasons, that is the ultimate happiness. Dr. Felice Leonardo (Leo) Buscaglia aka Dr. Love from Speaking of LoveLove is life. And if you miss love, you miss life. Roy Croft from the poem LoveI love you, not only for what you are but for what I am when I am with you. Billy Crystal in the movie When Harry Met SallyWhen you realize you want to spend the rest of your life with somebody, you want the rest of your life to start as soon as possible. Colin Firth in the movie  Love ActuallyI love you even when youre sick and look disgusting. F. Scott Fitzgerald I love her and that’s the beginning and end of everything. Robert Fulghum from the book True LoveWere all a little weird. And life is a little weird. And when we find someone whose weirdness is compatible with ours, we join up with them and fall into mutual satisfying weirdness—and call it love—true love. Ryan Gosling in the movie Blue ValentineI dont know, I just got a feeling about her. You know when a song comes on and you just gotta dance? Anthony Hopkins in the movie Meet Joe BlackMultiply [love] it by infinity and take it to the depths of forever, and you will still have barely a glimpse of what Im talking about. Franklin P. Jones Love doesnt make the world go round. Love is what makes the ride worthwhile. Jason Jordan True love does not come by finding the perfect person, but by learning to see an imperfect person perfectly. Robert Jordan from the book The Wheel of TimeYou have made a place in my heart where I thought there was no room for anything else. You have made flowers grow where I cultivated dust and stones. John Keats from the book The Mentorï » ¿My creed is love and you are its only tenet. Heath Ledger from the movie A Knight’s TaleMay I ask your name, my lady? Or perhaps angels have no names, only beautiful faces. Sam McBratney from the book Guess How Much I Love YouI love you right up to the moon...and back. George Moore Other men have seen angels, But I have seen thee, And thou art enough. Michel de Montaigne from the book The Complete Essaysï » ¿If I am pressed to say why I loved him, I feel it can only be explained by replying: Because it was he; because it was me. Iris Murdoch [Love is] the extremely difficult realization that something other than oneself is real. Edgar Allan Poe from the short story Annabel Lee We loved with a love that was more than love. Jeremy Taylor Love is friendship set on fire. Robert Tizon I would rather have eyes that cannot see; ears that cannot hear; lips that cannot speak, than a heart that cannot love. Dr. Seuss aka Theodor Seuss GeiselYou know youre in love when you dont want to fall asleep because reality is finally better than your dreams. Swedish Proverb Love me when I least deserve it  because thats when I really need it. J.R.R. Tolkien from the book The Fellowship of the RingI would rather share one lifetime with you than face all the ages of this world alone. Mae West Love conquers all things except poverty and toothache. Oscar Wilde Who, being loved, is poor? Renee Zellweger,  in the movie Jerry MaguireYou had me at hello.

Black Women And Domestic Violence Essay - 1701 Words

Black women experience a lot of things in life differently from others, because of their intersectionality of being not only a woman, but also black. They are a double minority and they feel this double minority through many different aspects within their lives. The aspect that black women deal with differently, is domestic violence. Black women experience and deal with domestic violence differently than white women, and anyone who else experience domestic violence. Through this paper I would like to explain this difference that black women face when tackling domestic violence due to the â€Å"family secret†, but also how it effects children within the black community, how it can affect the entire community, and lastly why black women should let go of the â€Å"family secret† to not only better themselves, but to better the black community. They experience a different struggle than other victims call the â€Å"family secret†. The â€Å"family secret† is i n general, keeping the secret of domestic violence within the family because it is a family issue. The â€Å"family secret has destroyed families and caused many deaths within the population of black women. Other than these problems of holding this so called â€Å"family secret†, I want to speak on the effects this has on the black community, such as, how black women who do not speak on their issues of domestic violence continue a cycle of violence within young black girls. Black women need to speak on their issues of domestic violence, instead ofShow MoreRelatedThe Plight Of Minority Women1442 Words   |  6 PagesBattered Women The issues of domestic violence, focusing primarily on black ethnic minority women . To be able to understand the problem of domestic violence, it is vital to recognize that violence toward women is an international reality which has been recognized as a major public health issue (Shipway 2004). According to Shipway 2004, the acknowledgment of domestic violence internationally as a major public health has seen a readjustment in numbers in many areas that are dealing with domestic violenceRead MoreIntroduction. This Paper Describes The Headline Findings1409 Words   |  6 PagesINTRODUCTION This paper describes the headline findings from Crime Survey for England and Wales (CSEW) on the extent of, and trends in, domestic abuse among the black women in the United Kingdom aged 18 to 45, who are the resident in households of England and Wales. Domestic abuse includes a number of various forms of physical as well as non-physical abuse consisting of partner and family abuse, sexual assault and stalking. The abuse can be either of the victim-offender relationship or of the abuseRead MoreThe Effects Of Past And Current Domestic Violence Towards Women Essay1461 Words   |  6 PagesWomen who kill abusing husbands is a topic that can be used to shine light on some of the current issues of sexual harassment, domestic violence and even some of the laws that are put in place to protect and demean women’s rights. The purpose of this paper is to inform readers that there are many issues that lead up to a woman killing their abuser/husbands, such as the harsh history of violent used against women by their husband, involvement of church, fear for children in the home, and having limitedRead MoreGender Based Discrimination And Social Norms1233 Words   |  5 Pagescommon causes of violence against women. Theoretically, these societal norms that have been in grated to us since childhood lead us to believe that the male gender has the right to do whatever they want while at the same time restrict the female gender from doing the same or condemn or punish them if they fail to obey such stigmas. So far, efforts have only focused on responses and services for survivors; given the devastating effect violence has on women. Preventing the violence from happening inRead MoreDomestic Violence : An Individual Crisis815 Words   |  4 PagesDomestic violence is not merely an individual crisis, but a social crisis. â€Å"Domestic violence is a burden on numerous sectors of the social system and quietly, yet dramatically, affects the development of a nation. Batterers cost nations fortunes in terms of law enforcement, health care, lost labor and general progress in development. These costs do not only affect the present generation; what begins as an assault by one person on another, reverberates through the family and the community into theRead MoreDomestic Violence And Its Effects On Society1491 Words   |  6 PagesDomestic violence is a very important discussion subject, because it touches all levels of society, and it is widely spreading across a multitude of social groups. This social issue at present appears in different levels of society, and cannot be ignored by social institutions and people. The issue of domestic violence cannot be avoided because of the unfortunately high rate of abusive behavior, and more and more people being affected by abuse every day. People and social institutions cannot closeRead MoreThe Society We Currently Live In Is Infused With Aspects1451 Words   |  6 PagesExamples of social problems are educational i nequality, welfare stigma, black on black crime and last but not least, domestic abuse/ Intimate partner abuse. Though there are many important social problems that influence society, I will focus on the aspect of domestic abuse and intimate partner abuse. Domestic abuse is defined as the act of one individual controlling their spouse or intimate partner using fear, intimidation, or violence (Tina de Benedicts, Jaelline Jaffe, Jeanne Segal). Most people automaticallyRead MoreWhy Is It So Hard For See Black And Blue?1029 Words   |  5 Pageslarge blue bruise around her eye and her all too obvious busted lip. On further inspection, you see the rest of the bruises that litter her legs like a Dalmatian. The ad prominently states Why is it so hard to see black and blue?. Of course you see her amazing dress, but the violence is usually something that is never seen. She looks out to the viewer in this blank stare, as if she s begging us to help her. The background is desolate gray and bare. It is probably how she feels as a victim, mutedRead MoreHow Domestic Violence Affects Children As Well As The Mental Health Of Its Victims1744 Words   |  7 Pagesextensive overview of the research topic. This chapter will provide a historical backgrou nd on domestic violence, a historical perspective of the services provided and an overview of different forms of domestic violence. The goal of this literature review is to examine the statistical information that is presented as it relates to domestic violence. This literature review will also reveal how domestic violence affects children as well as the mental health of its victims. In addition, this chapter willRead MorePrimary, Secondary, and Tertiary Nursing Care for Domestic Violence1427 Words   |  6 PagesInterventions to Combating Domestic Violence Domestic Violence: Primary, Secondary, and Tertiary Nursing Interventions Jason Holt, RN Grand Canyon University NRS429V Diana Anderson, RN, MSNEd, CMSRN August 27, 2010 Domestic Violence: Primary, Secondary, and Tertiary Nursing Interventions Approximately 2 million American women are assaulted each year at the hands of their intimate partner and an estimated 1,200 are murdered as a result of intimate partner abuse (Black, M.C, Breiding, M.J. 2008)

Why is the Division of Labor within the Factory/Workplace so Controversial Free Essays

Introduction The phenomenon of division of labor pertains to the specialization of interdependent and cooperative labor in particular tasks to achieve the highest level of overall efficiency. Although this phenomenon has been prevalent through the human history, its prominence in management themes in the recent times is associated with industrialization and the subsequent growth of trade and capitalism. Division of labor is often view as a controversial practice since it leads to unequal distribution of rewards against labor. We will write a custom essay sample on Why is the Division of Labor within the Factory/Workplace so Controversial? or any similar topic only for you Order Now However, this practice has also made it possible for the society at large to achieve a high level of efficiency. Thus it is worthwhile to explore various perspectives regarding division of labor to assess why this theme sparks so much controversy among academics. This essay explores various viewpoints associated with the controversy behind the issue of the division of labor in management practices. The essay will base its critical analysis upon theories of Frederick Winslow Taylor, Adam Smith, and Karl Marx regarding division of labor. Understanding Division of Labor According to Adam Smith, division of labor is the most important improvement towards achieving the productive power of labor (Smith, pg. 11). He contends that the value of division of labor can be clearly understood by applying its phenomenon in practice. He employs an example of a pin-making trade; wherein an uneducated, skilled labor can hardly make a single pin in an entire day even after putting his best efforts; let alone twenty. However, this labor of manufacturing a pin, if divided into different tasks, can be much more industrious. If, the whole work is divided into a number of branches, for instance drawing out wire; straightening; cutting; pointing and grinding it at the top to receive the head, and each distinct operation is performed by distinct but highly specialized hands, the total number of pins produced by such a collective effort of labor could be enormously higher. Smith recalls a factory where he saw a group of 10 men, with each performing distinct specialized tas ks, collectively making around 48 thousand pins each day. Smith asserts that had these 10 men worked separately and independently, they would not have made more than 20 pins each at best (Smith, pg. 11). Division of Labor and its Impact upon Productivity Smith contends that â€Å"in every other art and manufacture, the effects of division of labor are similar to what they are in this very trifling one†¦Ã¢â‚¬  (Referring to the example of pin manufacturing) (Smith, pg. 12). He mentions that the increased productivity achieved through division of labor owes to three circumstances. One, to the increased dexterity of workers in performing specific tasks; second, to the timed saved which is otherwise lost in shifting from one type of work to another; and third to the utilization of machines that facilitate and abridge labor (Smith, pg. 13). The proponents of division of labor are of view that it occasions a proportional increase in the productive powers of labor in every art and work. They adhere to Smith’s line of thinking that the increased productivity of labor through its division affects both the quality and quantity of production at much greater extent in case of manufacture of finished goods than in the production of raw materials (Smith, pg. 13). Therefore, the industrialized nations, which are heavily involved in manufacturing of finished goods, reap the greatest benefit of implementing division of labor. It is through this practice that they are able to sustain their economic superiority and the overall wealth of nation. Adversarial Impact of Division of Labor Frederick Taylor, who is widely acknowledged for his scientific approach towards management, regards that the principle objective of management is to ensure the highest level of productivity, with creates maximum prosperity for the employer and subsequently the employee. Taylor states that â€Å"maximum prosperity can exist only as a result of maximum productivity† (Taylor, pg. 9). Considering the generic contention derived from Adam Smith’s assertion that division of labor increases the productivity and efficiency of labor manifolds in a manufacturing setup, this practice should be deemed as the best approach towards utilizing of human capital per se. However, there are several underlying concerns associated with division of labor that make this practice controversial. Deskilling of Labor The most adversarial impact of division of labor pertains to the deskilling of labor. Although specialization of employees increases their efficiency for a specific skill, it renders them less skillful overall. This viewpoint was first proposed by Karl Marx. He described this phenomenon as alienation of employees in which employees become more specialized for a specific task through repetitiousness while being constantly deskilled at others. Marx criticizes the practice of division of labor for it depresses a worker both mentally and physically, lowering him/her to a status of machine (Fine and Saad-Filho, 2003). According to Marx, production efficiency through division of labor should only be employed as a temporary necessary evil for human liberation. However, Marx drew a sharp distinction between social and technical division of labor. He acknowledged that technical division of labor was inevitable in that both pleasant and unpleasant jobs had to be performed by a group of people; however, he opposed the social construct of division of labor wherein functions were determined by class and hierarchy (Fine and Saad-Filho, 2003). Adam Smith adds to the criticism of the tendency of division of labor in deskilling workers. Smith proclaims in his work ‘the wealth of nation’ that â€Å"the man whose whole life is spent in performing a few simple operations, of which the effects too are, perhaps always the same, or very nearly the same, has no occasion to exert his understanding, or to exercise his in finding out expedients for removing difficulties which never occur. He naturally loses, therefore, the habit of such exertion, and generally becomes as stupid and ignorant as it is possible for a human creature to become. The torpor of this mind renders him, not only incapable of relishing or bearing a part in any rational conversation, but of conceiving any generous, noble or tender sentiment, and consequently of forming any just judgment concerning many even of the ordinary duties of private life† (Smith, pg. 51). By strictly continuing a repetitious set of tasks each and every day with the sam e results, a worker fails to experience new situations, and thereby face new challenges/problems which would require him/her to utilize his/her cognitive and problem solving skills. In order words, a worker would be never pushed out of his very limited comfort zone. Turning the worker to become as â€Å"stupid† and â€Å"ignorant as it is possible for a human creature† is similarly cruel and ignorant as suppressing him/her to the condition of a machine. In this, the dexterity of a working in a specific task is achieved at the expense of his/her social, intellectual and personal virtues (Smith, pg. 782). This in turn serves the vested interest of those who believe in dominating others by suppressing their capabilities. Commoditization of Workers Another aspect of criticism related to the practice of division of labor pertains to the commoditization of workers. Commoditization of workers is similarly controversial and demeaning consequence of the division of labor in that it turns human labor into a quantifiable skill. When division of labor is put into practice, each individual is set to carry out a small, particular task that enables the creation of the final product after each worker has placed his input. Taylor, who was one of the first to seek industrial efficiency and look at management from a scientific, empirical approach, emphasized that â€Å"highest state of efficiency† of a man is when he is â€Å"turning out his largest daily output† (Taylor, pg. 11). However, achieving the highest level of efficiency through division of labor raises a great concern in that the division of labor does not place a man’s skill at the highest of value but rather, his level of output. In a sense, it matters not wh at he is doing but rather, how much of it he is doing. Adversarial Impact of Division of Labor upon Motivation of Smart Workers Taylor even goes on to state that division of labor is in fact adversarial for achieving the highest level of productivity, a purpose for which it was put into place. In his view, the managerial approach of division of labor fails to sustain the motivation of high performing workers. Contrarily, it spurs a ‘take it easy’ approach among highly potent, energetic and smart workers. This is mainly because the management usually needs to hire men to perform relatively similar work, at relatively the same rate, with relatively the same pay. In doing so, it successfully eliminates the smart working practices of skillful workers and demeans their energy and motivating for over-performing. If the work is to be broken down into the same basic, redundant routine that any one man can easily adapt to, at the same pay, working the same number of hours, the practice itself turns workers to give relatively the same level of output. For instance, Taylor presents a scenario of an energeti c smart employee working alongside a lazy one. Taylor states that even if the energetic and smart man puts in all his effort at the beginning of his work, after working for some time next to the lazy one, the energetic man eventually begins to adapt the ‘take it easy’ approach, as he realizes that his energy and work ethic has no more recognition nor financial rewards than that of the lazy worker since the overall output of a manufacture is affected by the input of all. The energetic man eventually adopts a mentality that questions why he is putting in extra effort when the lazy worker is putting in minimal and receiving the same pay and recognition as he is (Taylor, pg. 20). The smart and energetic is de-motivated by the fact that he/she has placed himself in the same position as all the other workers, thus making him irrelevant and worst of all, dispensable. Here lies one of the central issues to the problems of the division of labor in the modern day business environment wherein the knowledge based industries especially in the service sector are highly dependent upon skills of its employees and any adversarial impact upon their motivation level can have devastating impact for organizations. Division of labor associates a human’s value based on the wealth he/she is able to generate, deeming his/her natural skills and character immaterial. In such a society, human beings become dependent on their work and their value is placed simply by the wealth they are able to generate for their employers. In such, government and society places the working class or the proletariat in not only a subordinate position but also where they are kept under social and economical control simply through their dependency on the limited wealth they are in need of obtaining. As Smith states that â€Å"in free countries, where the safety of government depends upon very much the favorable judgment which the people may form of its conduct, it must surely be of the highest importance that they should not be disposed to judge rashly or capriciously concerning it† (Smith, pg. 788). This contention captures the objective of autocratic governments and dominating corporations whose main objec tive is often to remain in power and keep the people under control. In the case of modern societies, maintaining control is not exerted through intimidation or violence, but rather, on the workers dependency on wealth as they know that their value depends on it. Here lies that main issue of labor commoditization. Conclusion Division of labor is conceptually an ideal approach towards increasing the productivity of the labor in that it is more efficient in terms of time, reduces dexterity of employees, and allows the utilization of machines and modern technologies. However, this practice can render the overall productivity of an organization and a nation at large as stagnant in long-term. That is due to its tendency of causing increased dependence and lack of flexibility. Moreover, it can have adversarial affect upon the motivation of smart and high performing employees. Therefore, organization and nations aiming to sustain productivity and foster innovation and creativity in long-term should try to achieve a critical balance between short term labor productivity and flexible and smart human resource development practices. References Fine, B. and Saad-Filho, A (2003) Marx’s, Capital. Pluto Press Smith, A (1977). An Inquiry into the Nature and Causes of the Wealth of Nations. University of Chicago Press, Taylor, F. (2003) Early Sociology of Management and Organizations: Scientific Management. Routledge, How to cite Why is the Division of Labor within the Factory/Workplace so Controversial?, Essay examples

McEthics in Europe and Asia should McDonald’s extend its response to ethical criticism in Europe free essay sample

Introduction The â€Å"McEthics† case describes how Mc Donald’s, the fast food industry’s market leader, faces charges concerning growing health problems in Europe and Asia. 1) Set out the main criticisms that have been leveled at Mc Donald’s in Europe. To what extent are these criticisms likely to be replicated in Asia? What differences can be predicted? There are four main areas of critique that have been leveled at Mc Donald’s in Europe. First, the products are said to be fat and unhealthy, which fosters health problems, especially obesity and diabetes. Secondly, the labor conditions are heavily criticized. Mc Donald’s has been accused of paying too little wages and being ‘strongly antipathetic’ to unions. Harsh criticism also arose concerning the companies advertising. These accusations are based on the belief that Mc Donald’s ‘exploits children’ and uses ‘false advertisement of its food as nutritious’. The last point of criticism is the firms ‘culpable responsibility’ for animal cruelty. We will write a custom essay sample on McEthics in Europe and Asia: should McDonald’s extend its response to ethical criticism in Europe? or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Additionally, in France a whole wave of an anti–American sentiment aggravates the negative image of Mc Donald’s. In Asia the main point of criticism that is replicated is health issues. The fat foods and emerging fast food culture is especially dangerous to children’s health. In Europe traditions of protests and rebellions may help people change and the freedom of speech. Moreover, governments have a great interest in a healthy population because offering an expensive welfare and health care system. From our point of view these factors have led to a strong resistance against Mc Donald’s which would never emerge in Asia in such an extent. 2) Describe and evaluate the tactics used by McDonald’s in responding to their critics in Europe? Will these work to the same degree in Asia? According to the case, Mc Donald’s quickly reacted to criticism in Europe and started various campaigns in order to improve its image. For instance, they developed a healthier menu, introducing salads and fruit packages or launched sport initiatives and awareness campaigns. By contrast, in Asia Mc Donald’s is reacting very slowly, not answering to the peoples concern. One possible explanation for Mc Donald’s actions in Europe could be that European governments started taxing the fast food industry. In the meantime, Asian governments seem to show now interest in such measures. This observation is also a strong indicator that Mc Donald’s campaigns in Europe are not truly altruistic. It rather seems that Mc Donald’s is merely after profit and stakeholders satisfaction rather than providing healthy food. 3) Should Mc Donald’s offer healthy alternatives to the same extent in all the countries in which it operates, or just those where it has been criticized in the past, or is it expecting further regulation? What if customers overseas do not want healthy options? Mc Donald’s should offer healthy alternatives in every country as long as customers accept and buy them. If customers do not want healthy options, Mc Donald’s should offer other alternatives such like sport programs or simple information packages. Scientific research clearly proofs that fast food, consumed on a regular basis, is extremely unhealthy. Mc Donald’s could be said to have an ethical responsibility to educate its customers about fast food and healthy alternatives. 4) How could Mc Donald’s seek to avoid further criticism in the future? Can the company realistically present itself as an ethical corporation? Only if Mc Donald’s operated as a truly altruistic company, benefitting the community, could they avoid further criticism. As of now, Mc Donald’s is only known to be vastly successful in the economic perspective of the triple bottom line. Mc Donald’s is also committed to social and environmental perspectives. The Ronald McDonald House Charities for example provide healthcare etc. to children in need. Furthermore Mc Donald’s 2009 Corporate Responsibility Report clearly states how Mc Donald’s tackles the environmental issues and provides examples of Mc Donald’s sustainable supply chain. However this is not what comes to mind when we think about this fast food chain. The solution to Mc Donald’s problem is already in place. The catch is however that no one knows about the corporations’ environmental and social efforts. Through proper marketing strategies Mc Donald’s could earn a much better reputation with very little effort. 5) How sustainable is the fast food industry from the point of the triple bottom line? The triple bottom line combines the three factors of environmental, economic and social sustainability. The economic sustainability in the fast food sector has been proven in the past by Mc Donald’s balance sheets. Concerning the environmental angle, one can argue that there is room for improvement. For instance in Austria Mc Donald’s is starting to use local products and has sorted rubbish for several years. There are programs in place to aid Farmers become more sustainable, bringing Mc Donald’s supply chain to a high standard of environmental responsibility. Concerning social sustainability, the fast food industry is lacking vision. They are providing healthcare to people in need but why not tackle the cause of these children’s health problems? If the fast food industry could find a successful shift to truly healthy fast food, social sustainability could prove to be a contributing factor to the fast food industries profits.

History of Kitchen Appliance Inventions

History of Kitchen Appliance Inventions By definition, the kitchen is a room used for food preparation that is typically equipped with a stove, a sink for cleaning food and dish-washing, and cabinets and refrigerators for storing food and equipment. Kitchens have been around for centuries, however, it was not until post-civil war period that the majority of kitchen appliances were invented. The reason was that most people no longer had servants and housewives working alone in the kitchen needed culinary help. The advent of ​electricity greatly advanced the technology of labor-saving kitchen appliances. History of Large Kitchen Appliances Dishwasher:  In 1850, Joel Houghton patented a wooden machine with a hand-turned wheel that splashed water on dishes, it was hardly a workable machine, but it was the first patent.Garbage Disposer:  Architect, inventor John W. Hammes built his wife the worlds first kitchen garbage disposer in 1927. After 10  years of design improvement, Hammes went into business selling his appliance to the public. His company was called the In-Sink-Erator Manufacturing Company.Ovens or Stoves:  The first historical record of a stove refers to a device built in 1490 in Alsace, France.Microwave Ovens: The microwave oven was invented by Percy L. Spencer.Refrigerator: Before mechanical refrigeration systems were introduced, people cooled their food with ice and snow, either found locally or brought down from the mountains. History of Small Kitchen Appliances Apple Parer: On February 14, 1803, the apple parer was patented by Moses Coates.Blender:  In 1922, Stephen Poplawski invented the blender.Cheese-Slicer:  The cheese-slicer is a Norwegian invention.Corkscrews:  Corkscrew inventors were inspired by a tool called the bulletscrew or gun worm, a device that extracted stuck bullets from rifles.Cuisinart  Food Processor:  Carl Sontheimer invented the Cuisinart food processor.Green Garbage Bags:  The familiar green plastic garbage bag (made from polyethylene) was invented by Harry Wasylyk in 1950.Electric Kettle:  Arthur Leslie Large invented the electric kettle in 1922. General Electric introduced the electric kettle with an automatic cut-out in 1930.Weber Kettle Grill:  George Stephen invented the original Weber Kettle Grill in 1951.Mason Jar:  John Mason patented the screw neck bottle or the Mason Jar on November 30, 1858.Electric Mixers:  The first patent that can claim to be for an electric mixer was issued on Novemb er 17, 1885, to Rufus M. Eastman. Lillian Moller Gilbreth (1878-1972), the mother of 12 children, also patented an electric food mixer (at a later date). Mixmaster:  Ivar Jepson invented Sunbeam Mixmaster, which he patented in 1928, and first mass-marketed in 1930.Paper Towels:  The Scott Paper Company was founded in Philadelphia by Irvin and Clarence Scott in 1879. Brothers Seymour and Irvin Scott ran a paper commission business for twelve years, but the poor economy in the 1870s forced them out of business. Irvin and his younger brother, Clarence, then decided to form their own company out of the remains of the first. Irvin reportedly borrowed $2,000 from his father-in-law and added it to the $300 the two brothers had to form the capital of Scott Paper Company. In 1907, Scott Paper introduced the Sani-Towels paper towel, the first paper towels. They were invented for use in Philadelphia classrooms to help prevent the spread of the common cold from child to child.Peelers:  The nineteenth-century created numerous kitchen use inventions: toasters, potato mashers, apple/potato peelers, food choppers, and sausage stuffers were all invented. Over 185 patents for coffee grinders and over 500 patents for apple/potato peelers were patented in the 1800s. Early peelers were made of iron and the patent number and other information were included in the casting. Peelers ranged from the familiar and simple round swiveling rod with a knife blade that peeled skin, to contraptions full of gears and wheels that could peel, core, slice, and section. There were separate peelers designed for different fruits and vegetables; there were even peelers that removed the kernels from ears of corn. Pressure Cooker:  In 1679, French physicist Denis Papin invented the pressure cooker, called Papins Digester, this airtight cooker produced hot steam that cooked food more quickly while preserving nutrients.Saran Wrap:  Saran polyvinylidene chloride or Saran resins and films (called PVDC) have been wrapping products for more than 50 years.Soap and Detergents: The history of soaps and detergents as we know them today date back to the 1800s.Squeegee:  The single-blade window cleaning squeegee was invented by Ettore Sceccone in 1936.Toaster: Toasting bread began as a method of prolonging the life of bread. It was a common activity in Roman times, tostum is the Latin word for scorching or burning.Tupperware: Tupperware, plastic containers with airtight lids, was invented by Earl Silas Tupper.Waffle Iron: The waffle iron was patented on August 24, 1869, invented by Cornelius Swarthout of Troy, New York. The patent described the invention as a device to bake waffles.

Dont Be Despondent Over Slough and Slew

Dont Be Despondent Over Slough and Slew Don’t Be Despondent Over Slough and Slew Don’t Be Despondent Over Slough and Slew By Maeve Maddox The spelling slough represents two meanings and two distinct pronunciations. 1. slough (rhymes with now) noun: soft, miry, muddy ground. This is the kind of slough that John Bunyan describes in his allegory, The Pilgrim’s Progress: Now I saw in my dream, that, just as they [Christian and Pliable] had ended this talk, they drew nigh to a very miry Slough that was in the midst of the plain; and they, being heedless, did both fall suddenly into the bog; the name of the Slough was Despond. Here, therefore, they wallowed for a time, being grievously bedaubed with the dirt; and Christian, because of the burden that was on his back, began to sink in the mire. 2. slough (rhymes with muff) noun: of a serpent or similar reptile, the cast-off skin. verb: to cast or shed the skin. Often used figuratively: Putin, like Yeltsin, is constantly looking for ways to  slough off responsibility  for  his  decisions and their consequences- RussiaLost in Transition, by Liliia Fedorovna Shevtsova. Slew, sometimes spelled slue, has more than one meaning. The verb slew originated as a nautical term meaning â€Å"to turn a thing round upon its own axis, or without shifting it from its place. Slewed became nautical slang for â€Å"drunk† and a slew-foot was â€Å"a clumsy person who walks with feet turned out.† In Texas folklore, Pecos Bill marries a woman named â€Å"Slue-Foot Sue.† The usual modern meaning of slew as a verb is â€Å"to turn a thing around on its own axis.† Here’s an example from fiction: Near the top of the ramp a motorist in a gray Toyota panicked, slamming into the car behind it. Chrome and plastic hanging from its front, it  slewed around  blocking both lanes, effectively cutting off the Aviator. Robert Ludlums (TM) The Bourne Betrayal, Eric Van Lustbader. As a noun, slew means â€Å"a very large number† or â€Å"a great amount.† For example: Baltimore City legislators  prepare  for new Annapolis session with  a slew of  bills.  City Paper, Baltimore. A less common use of slew (also spelled slue) is in reference to â€Å"a marshy or reedy pool, pond, small lake, backwater, or inlet,† as in this description of a journey along the upper Mississippi River: A continual variation of scene now opened to the view, marred only by an occasional ungraceful slew or marsh Some American speakers conflate the spelling and pronunciation of the words slough (miry ground) and slew (wetlands). They take their cue from Merriam-Webster whose entry for slough lumps the following definitions together: 1a. a place of deep mud or mire. 1b. a small marshy place. 1c. also slew or slue, a side channel or inlet I’ll give the last word on the spelling and pronunciation of these words to The Chicago Manual of Style: slew; slough; slue Slew is an informal word equivalent to many or lots (you have a slew of cattle). It is sometimes misspelled slough (a legitimate noun meaning â€Å"a grimy swamp† and pronounced to rhyme with now) or slue (a legitimate verb meaning â€Å"to swing around†). The phrase slough of despond (from Bunyan’s Pilgrim’s Progress [1678]) means a state of depression. This is etymologically different from slough (/slÉ™f/), meaning â€Å"to discard† (slough off dry skin). Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:20 Computer Terms You Should KnowEmpathy "With" or Empathy "For"?Types of Plots

Website portal creation report Assignment Example | Topics and Well Written Essays - 1250 words

Website portal creation report - Assignment Example In recent times,website portal development has set a new platform for new patterns of interaction and communication:new user requirements,goals and behaviors have emerged.In development,eliciting user’s needs must rely on a thorough understanding of the multi-faced context of how users perform their activities This is in order to establish usability requirements and design scenarios for future web portal s (Robertson and James 106). The created webportal is an information source. It is providing an integrated solution for International students where they can get information on accommodation, living environment, courses etc. Basically, it is aiming at equipping a student or guardian with enough information to make the decision to study. For instance, the VISA application procedures are links on the web portal. A desired functionality in a web portal is that it be effective to use. This goal focuses on the ability of the web portal to produce the intended result. Another usabil ity requirement is web portal that is easy to learn and remember how to use. The goal for this is to have a web portal that is easy to use on first hit and one that the users can reestablish proficiency. In addition, a web portal should have good utility and safe to use. The goal here would be to evaluate if the web portal has what the users wants. Web Portal Design The webportal has been designed as an online application and is accessed by use of a browser. It is compatible with Mozilla 3.5, Internet Explorer 7.0, Opera browser, Apple safari and later versions. It has a functionality that it provides and for this it provides pages with the concept of user interaction. The portal offers information to students, international and deals with all student affairs such as accommodation and living. The website has been developed using several supporting technologies, such as HTML and CSS. Choice of color brought harmony to the content displayed. In addition, there were concept graphics th at represented different ideas on student programs and how they could obtain information. The intuitive design guided by user interface principles aimed at giving the user little to think about and make everything appear usual. The portal’s success depends on a clear, concise and balanced arrangement of the information using the basic tools of design: editorial format, typography and programming technique. Using a simple visual design which clearly states what the organization is about is important to the browsers visiting the site. The website is pleasing in the sense that colors complement one another. This website intent and purpose provides information to the users. The first requirement is a visually attractive site that creates a good first impression. This has a memorable URL, full view of the home screen, contacts and short download time. Additionally, this website should demonstrate use of technology by having advanced functionality that can allow user interaction an d overall design experience. The navigation and structure of the website should be simple and straight forward with neat content organization. I recommend including attractors in the website, this will keep the user coming back to the website. The attractors are features like newsletters, career options, polls etc. Evaluation Techniques: Justification of the interface choice There are a number of evaluation techniques that can be applied to test usability and functionality of the web portal. These techniques evaluate the design and implementation and the goal is to access the extent of the web portal functionality (Bevan 15). They also access the interface effect on the specific problem. For this web portal, I would

Assignment2 economics Essay Example | Topics and Well Written Essays - 1250 words

Assignment2 economics - Essay Example The product is target at middle income earners so a higher mark up can scare them away will raise mark up gradually based on demand. b) A new technology you have developed and recently patented. The market has been awaiting this product and its purchase by a customer will yield a tremendous competitive advantage. The only users will be very large Fortune 200 companies who have deep pockets and are anxious for the competitive advantage your product yields. Reason: The product is based on a new technology so there are currently no competitors. Patent rights prevents the entry of competition hence 80% of mark up. Besides the buyers are affordable Fortune 200 companies waiting to double their returns based on this product. Besides the tremendous expected demand. c) You own a railroad company. You are about to junk some old boxcars. However, there is a surprisingly tremendous demand for boxcars to be used as suites, just like the ones at Bryce Memorial Stadium at the University South Carolina. Reason: The 30 % mark up due to the demand for the product. But the product is not patented and there is competition from other railroad companies hence only 30% will raise or lower to offer a competitive price as the boxcars will be junked if not. f) Your company owns a 5-acre tract of land on a hill. ... product is not patented and there is competition from other railroad companies hence only 30% will raise or lower to offer a competitive price as the boxcars will be junked if not. f) Your company owns a 5-acre tract of land on a hill. You do not plan to use the land, but rather to keep it as 'greenspace' for your employees. You have been approached by a cellular company who wishes to place a tower on your site. They have begun discussions with another company who has a less attractive site. This company will try to negotiate for $8,000 per year. Price of the 5 - acre tract - $8000 (or more attractive for the cellular company) Reason: The company achieves its aim in keeping the area green as well as will receive revenue of $ 8000 as rent without any maintenance for the tower unlike a building rented. g) You own a start up cellular company and are considering how to price your basic, standard phones if customers will sign a contract to keep your service for a year. Price of the service will be - 10% lower than the market price Reason: The product is new and needs market penetration among existing players. Besides the signing of contract by the customers for a year will reduce attrition and salvage the cost Question 2: Discuss the differences in how each market type prices its product to maximize profit. Products in different market types are priced differently. Find below a closer look at various market types, buyer and seller ratios, pricing strategies, and the impact of advertising. Entry into and exit from markets, Price leadership and price differentiation. Types of Markets 4 Market with Perfect competition: In a market with perfect competition, a large number of sellers and buyers

Cognizable And Non Cognizable Offences Law Essay

Cognizable And Non Cognizable Offences Law Essay Cognizable offences have been defined under Section 2 (c) of the Criminal Procedure Code as follows; cognizable offence means an offence for which, and cognizable case means a case in which, a police officer may, in accordance with the First Schedule or under any other law for the time being in force, arrest without warrant. A non-cognizable offence has been defined under Section 2 (l) of the Criminal Procedure Code as follows, non-cognizable offence means an offence for which, and non-cognizable case means a case in which, a police officer has no authority to arrest without warrant. Now which offence falls under the category of cognizable offences and which falls under the category of non-cognizable offences can be determined as per the classification given in the First Schedule of the Criminal Procedure Code. The First Schedule has classified all acts punishable under the Indian Penal Code, 1860 into Cognizable and non-cognizable offences. Although the Code in itself does not give any reasoning as to this classification, certain patterns can be traced if the First schedule is studied carefully. All offences which have a punishment of more than 3 years under the Indian Penal Code are considered to be cognizable offences and all offences which have a punishment of less than 3 years are non-cognizable offences. Subsequently, it can be deduced that non-cognizable offences are relatively less serious in nature than cognizable offences. Consequently, in case of cognizable offences, the police officers can arrest the accused person without any warrant or authority issued by a magistrate. They can initiate investigation on their own accord and they neednt wait for the prior permission of a magistrate. In fact, they have a legal duty to initiate investigations. This duty has been endowed upon them by Section 156(1) of the Criminal Procedure code which reads; Any officer in charge of a police station may, without the order of a Magistrate, investigate any cognizable case which a Court having jurisdiction over the local area within the limits of such station would have power to inquire into or try under the provisions of Chapter XIII. Section 156 (2) further reads, No proceeding of a police officer in any such case shall at any stage be called in question on the ground that the case was one which such officer was not empowered under this section to investigate. On the other hand, police officers necessarily need prior permission of a magistrate to initiate investigations in cases of non-cognizable offences. Non cognizable offences are considered more in the nature of private wrongs and therefore the collection of evidence and the prosecution of offender are left to the initiative and efforts of private citizens. Bailable and Non-bailable offences Section 2 (a) of the Criminal Procedure Code defines bailable and non-bailable offences as an offence which is shown as bailable in the First Schedule, or which is made bailable by any other law for the time being in force; and non-bailable offence means any other offence In here too, the code does not give any reason as to on what criteria has such classification been based upon. It just lays down a seemingly arbitrary classification of the same. However, it can be logically deduced that all serious offences are non-bailable whereas all less serious offences are bailable. Similarly, all offences which have a punishment of more than 3 years under the Indian Penal Code are considered to be non-bailable offences and all offences which have a punishment of less than 3 years are bailable offences. This too is subject to the exception of existence of a contrary law. If a person accused of a bailable offence is arrested or detained without warrant he has a right to be released on bail. In case he is accused of a non-bailable offence, then his bail is subject to the discretion by the authorities. Warrant case and Summons Case According to Section 2 (x) of the Criminal Procedure Code, a warrant-case means a case relating to an offence punishable with death, imprisonment for life or imprisonment for a term exceeding two years. According to Section 2 (w) of the Criminal Procedure Code, a summons case means a case relating to an offence, not being a warrant case. This classification helps to determine the type of trial procedure to be adopted in the case. Naturally, the trial procedure in case of a warrant case is much more elaborate than that of a summons case. This classification is also useful at the stage of issuing process to the accused person in the first instance. CHAPTER II NEED FOR RECLASSIFICATION OF OFFENCES The current classification of offences has been a major cause for the high incidence of arbitrary and unnecessary arrest in our country. The scheme of classification is outdated and redundant. There is a serious need for revaluation for the classification between cognizable and non-cognizable and bailable and non-bailable offences. The nature and quantum of punishment attached to these offences also needs to be revaluated. It is not that the idea for reclassification has never come up before, but given the present situation of our judicial system, it becomes all the more relevant that it be done now. For instance, many minor offences against property are still classified as non-bailable, whereas it is evident that classifying them as compoundable offences and relying on methods such as plea-bargaining may be more effective and agreeable to address the injury caused by the same  [1]  . Also, it has been noted that the major portion of the backlog cases in the courts consists of regulatory offences such as dishonour of cheques, traffic violations, etc. Now, these acts were made offences under special laws whereby the legislature had felt that in lieu of public policy, these acts were better off classified as criminal even though they are more akin to civil wrongs. However, the fact that they will create a maximum backlog was envisaged by neither party. Hence, there is a need for an informed study and revaluation of criminal laws. It has been suggested that the offences be classified into a) The Social Welfare Code, b) The Correctional Code, c) The Criminal code and d) the Economic and other offences code. This approach of classifying the offences as per their nature is considered to be far more useful than a blanket categorization of offences. This re-classification is proposed to be done on the basis of the gravity of the offences, appropriate procedures for investigation and dispute-resolution as well as the proportionate nature and quantum of fines and punishments. CHAPTER III RECOMMENDATIONS OF THE MALIMATH COMMITTEE Considering the need for reclassification of offences, the Malimath committee gave the following recommendations for the same. Its primary recommendation was to remove the distinction between cognizable and non-cognizable offences and make it obligatory on the Police to investigate all offences in respect of which a complaint is made. However, this is not a very practical option as it will lead to a further backlog of cases and will increase the burden on the police. Section 262 of the Criminal Procedure Code provides for the procedure for summary trials, Section 263 provides for the record in summary trials and Section 264 provides for judgement in cases tried summarily. The Malimath committee recommended increasing the number of cases falling within the category of cases trialable by following the summary procedure presented by Sections 262 to 264. It also recommended increasing the number of offences that fall under the category of Petty Offences which can be dealt with by following the procedure prescribed by Section 206 of the Code. Section 206 reads If, in the opinion of a Magistrate taking cognizance of a petty offence, the case may be summarily disposed of under section 260, the Magistrate shall, except where he is, for reasons to be recorded in writing of a contrary opinion, issue summons to the accused requiring him either to appear in person or by pleader before the Magistrate on a specified date, or if he desires to plead guilty to the charge without appearing before the Magistrate, to transmit before the specified date, by post or by messenger to the Magistrate, the said plea in writing and the amount of fine specified in the summons or if he desires to appear by pleader and to plead guilty to the charge through such pleader, to authorise, in writing, the pleader to plead guilty to the charge on his behalf and to pay the fine through such pleader: Provided that the amount of the fine specified in such summons shall not exceed one hundred rupees. (2)   For the purposes of this section, petty offence means any offence punishable only with fine not exceeding one thousand rupees, but does not include any offence so punishable under the Motor Vehicles Act, 1939, (4 of 1939) or under any other law which provides for convicting the accused person in his absence on a plea of guilty. It advocated increasing the number of offences, for which an arrest neednt be made and increasing the number of offences where arrest can be made only with the order of the court and reducing the number of cases where arrest can be made without an order or warrant form the Magistrate. The Malimath committee further recommended increasing the number of offences which are bailable and reducing the number of offences which are not bailable. A compoundable offence is one in which the trial court can compound the offence and dispose the case without trial. A non-compoundable offence is an offence in which the court cannot compound the case without trial. A compoundable offence is always a lesser degree offence punishable with a shorter jail term or fine. The Malimath Committee recommended increasing the number of offences that can be brought within the category of compoundable offences, to encourage settlements without trials. CONCLUSION

Economic Globalization and Civil War Essay

Researchers Katherine Barbieri and Rafael Reuveny attempt through their study on economic globalization and civil war to find the relation, if any, between the effects of globalization and the occurrence of civil wars in developing countries. Their hypothesis is that globalization has positive effects on developing countries, causing them to have more stability and become less likely to erupt in civil war. Using the examples of 74 civil wars spanning the years of 1970-1999, the researchers compared variables of globalization including international trade, foreign direct investment, foreign portfolio investment, and internet use against periods of civil war in corresponding countries. Their results revealed that when the globalization variables, with the exception of internet use, are more important to a country it is less likely to have a civil war. These variables produce an economic stability that makes people less inclined to interrupt the status quo. Their results showed that poor countries with large populations that were less likely to be economically equal in already dire financial straits are far more likely to see internal unrest. While globalization is unlikely to be the root cause of civil war and can help reduce the likelihood it cannot prevent it as there may be deeper forces at work such as cultural or ethnic inequalities that may be exacerbated by globalization.

Analysis of Financial Reports of Hindalco Industries Inc - Free Essay Example

Sample details Pages: 18 Words: 5474 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? The production of aluminium started in India in 1938 when the Aluminum Corporation of Indias plant was commissioned. The plant which was set up with a financial and technical collaboration with Alcan, Canada had a capacity of producing 2,500 ton per annum. Hindustan Aluminum Corporation (Hindalco) was set up in UP in the year 1959; it had a capacity of producing 20,000 ton per annum. Don’t waste time! Our writers will create an original "Analysis of Financial Reports of Hindalco Industries Inc" essay for you Create order In 1965, a public sector enterprise Malco which had a capacity of 10,000 ton per annum was commissioned; by 1987, National Aluminium Company (NALCO) was commissioned to produce aluminium. It had a capacity of producing 0.218 million ton In present scenario, aluminium Industry in India is a highly concentrated industry with the top 5 companies constituting the majority of the countrys production. With the growing demand of aluminium in India, the Indian aluminium industry is also growing at an enviable pace. In fact, the production of aluminium in India is currently outpacing the demand. India is worlds fifth largest aluminium producer with an aluminium production competence of around 2.7 million tonnes, accounting almost 5% of the total aluminium production in the world. India is also a huge reservoir of Bauxite with a Bauxite reserve of 3 billion tones. Though Indias per capita consumption of aluminium stands too low (under 1 kg) comparing to the per capita consumptions of other countries like US Europe (range from 25 to 30 kgs), Japan (15 kgs), Taiwan (10 kgs) and China (3 kgs), the demand is growing gradually. In India, the industries that require aluminium most include power (44%), consumer durables, transportation (10-12%), construction (17%) and packaging etc. The Major Players The Indian aluminium industry is dominated by four or five companies that constitute the majority of Indias aluminium production. Following are the major players in the Indian aluminium industry: Hindustan Aluminium Company (HINDALCO) National Aluminium Company (NALCO) Bharat Aluminium Company (BALCO) MALCO INDAL Indian Copper industry background and overview The Indian copper industry was opened for private sector investment in 1992. Prior to 1992, industry was dominated by HCL, a public sector undertaking (PSU). The copper industry is highly dependent on the performance of and demand for products like power and telecom cables, transformers, generators and other ancillary components. Its growth is closely linked with countrys economic growth. The Indian industry can be classified into two broad categories-manufacturers of refined copper (copper cathodes) and manufacturers of copper products. Of the three manufacturers of refined copper, HCL is the only primary producer, which mines and refines copper; Hindalco and SIL process primarily imported copper concentrate to produce end products like copper bars, rods and wires. The per capita consumption of copper in India is currently at 0.4 kg per annum, which compares poorly with Chinas per capita consumption of 3 kg per annum. However, Indias per capita consumption is unlikely to increase at the same rate as China. Chinas per capita consumption at a given income level is higher than in the other emerging markets, mainly because it has a higher share of industry in gdp. So Indian copper industry may not show the same growth rate as china. Coppers future trend will be decided by upcoming demand from housing and electrical sectors that are expected to see a boom in future. Hindalco background Established in 1958, Hindalco commissioned their aluminium facility at Renukoot in eastern Uttar Pradesh, India in 1962. Later acquisitions and mergers, with Indal, Birla Copper and the Nifty and Mt. Gordon copper mines in Australia, strengthened their position in value-added alumina, aluminium and copper products. Hindalco Industries Limited is the metals flagship company of the Aditya Birla Group and worlds largest aluminium rolling company and one of the biggest producers of primary aluminium in Asia. Its copper smelter is the worlds largest custom smelter at a single location. The acquisition of Novelis Inc. in 2007 positioned Hindalco among the top five aluminium majors worldwide and the largest vertically integrated aluminium company in India. Today they are a metals powerhouse with high-end rolling capabilities and a global footprint in 12 countries. Their consolidated turnover of USD 13 billion (60,000 crore) places them in the Fortune 500 league. Hindalcos major p roducts include standard and speciality grade aluminas and hydrates, aluminium ingots, billets, wire rods, flat rolled products, extrusions and foil. A strong presence across the value chain and synergies between operations has given them a dominant share in the value-added products market. Hindalco acquired two Australian copper mines, Nifty and Mt. Gordon, in 2003. During FY2009, Mt. Gordon produced 17,815 tonnes of copper in concentrate. Hindalcos journey has been challenging at times, but truly exhilarating. The fact file of the company in two areas covers, Worlds largest aluminium rolling company, one of the biggest producers of primary aluminium in Asia, ISO 9001:2000 and 14001 certified, One of the lowest-cost producers of aluminium in the world and Indias leading copper producer, Indias largest copper smelting and refining plant at Dahej, Gujarat, with two copper mines in Australia, ISO 9001,14001 and OSHAS 18001 certified, Smelting and refining capacity 500,000 tpa, t he largest single location smelter in the world. Domestic consumption growth for both aluminium and copper augurs well for Hindalco, which has embarked on the growth plan through low cost Greenfield projects of the company. Auditors Report SINGHI CO is the auditor for the firm. The auditor is of the opinion that the companys accounts have been properly kept by the company in accordance with the law and the Indian GAAP. The auditor also states that the final accounts prepared comply with the accounting standards Auditor agrees that The Balance Sheet, Profit Loss Account and Cash Flow Statement dealt with by the annual report are in agreement with the books of account. Auditor agrees that the Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. No material discrepancies between book record and physical inventory have been noticed. No substantial part of fixed assets has been disposed of during the year, which has bearing on the going concern assumption. The auditor has also clarified that non-monetary effects on assets or liabilities such as offering guarantees for loans, using long-term loans for short-term purposes, etc. have not occurred during the period. The auditor has given a clean or unqualified opinion for the company. The auditors have also mentioned the dues in respect of taxes, duties and cess that have not been deposited on account of disputes with the respective authorities. Disputes pending as on 31st March 2010 amounts to 288.1 crore which is 15% of the net profit reported an almost 11% of the current assets. This might look a bit significant but in our opinion this is not a major issue. This is assuming the mentioned amount is for the worst case scenario, as is generally the case. Moreover, similar pending payments arising out of disputes exist in almost all companies in india specially in metal sector (e.g for Nalco it is 23% of current assets). Auditor states again that The Company does not have any accumulated losses and has not incurred cash losses in the current financial year and in the immediately preceding financial year. The Company has not defaulted in repayment of dues to Financial In stitutions or Banks or Debenture holders. The auditor is of the opinion that the said consolidated financial statements (with subsidiaries), read together with significant accounting policies, give a true and fair view in conformity with the accounting principles generally accepted in India The auditors unqualified opinion, therefore, increases our confidence on the financial statements published by Cipla. No adjustments need to be made to the financial statements on the basis of the auditors report and our analysis of the financial statements reported, we believe, would provide us with meaningful information of the financial health of the company. Directors Report The Directors Report begins by outlining a financial summary of the companys performance in the previous financial year, and claims that downturn witnessed in the previous year was arrested and confirmed several measures taken by the Company started yielding results. Directors recommended a dividend of Rs.1.35 per share i.e. @135% per equity amounting to Rs.258.32 crore. This instils confidence in share holders and potential investors. It is also stated that the Company has decided for early adoption of Accounting Standard (AS) 30 on financial Instruments: Recognition and Measurement, in so far as it relates to derivative accounting, from 1st April, 2009. Accordingly, net loss arising on fair valuation of outstanding derivatives as on 01st April, 2009 amounting to Rs. 230.58 crore (net of deferred tax of Rs. 118.73 crore) has been adjusted against General Reserves following transitional provisions. Accounting for all derivatives from 1st April, 2009 have been done as prescrib ed under the AS 30. As a result, net loss of Rs. (236.12) crore and gain of Rs. 167.75 crore Rs. 246.09 crore for the year ended 31st March, 2010 have been included under Sales and Raw Materials Consumed Other Expenses (in Manufacturing and Other Expenses), respectively. The report also conveys that the shareholders of the Company has approved an Employee Stock Option Scheme (ESOS 2006), formulated by the Company, under which the Company may issue 3,475,000 options to its permanent employees in the management cadre. The directors raised concern over profit erosion by lowering of Rupee around Rs.750 crore. Additionally, Rs.100 crore was lost on account of the higher coal cost at Renusagar Power. Against this backdrop, the performance of both the Businesses was satisfactory. Other income at Rs.260 crore was lower by Rs.377 crore, on account of low treasury corpus, post repayment of bridge loan in November 2008, which was taken for Novelis acquisition and for higher project spe nding. Abundant liquidity kept short-term rates low. This also affected yields on the companys investments which are mostly in liquid plans. It also reduced the cost of working capital borrowing. As a result, the interest and financing charges also reduced from Rs.337crore in FY09 to Rs.278 crore in FY10. The report also states that the company is aggressively pursuing various brownfield and greenfield growth opportunities in Aluminium. The report frankly assesses the current industry problems and prospects. The future growth will partially depend on demand in post recession European market and price competition with china and other Asian countries. Swot Analysis Strengths Large upstream and midstream producer with robust project pipeline. Expansion in strategic locations such as Jharkhand and Madhya Pradesh. This facilitates Access to high quality raw material reserves. Access to relatively cheap labour. Proximity to fast growing Asian markets. Power plants located at pit head. Aggressive and innovative approaches for low cost brownfield expansions, sweating of existing assets, continuous cost reduction and optimising working capital continue to yield results despite inflationary conditions. Opportunities Acquisition of Novelis Gives access to the world market. Acquisition of Novelis provides substantive proprietary technology led operations, which is unique in Indian context. Hindalcos Greenfield plants expected to be in global best quartile for manufacturing costs. Hedging strategy should Allow Hindalco to tap into internal resources for downstream operations when market conditions are unfavourable. Weaknesses Technology is not upgraded compared to global giants in Aluminium industry. Complexity of operation. Threats The impact of foreign currency fluctuation and interest rates. Loss of sales to substitutes. Hirakud outage: Operations of the aluminium smelter at Hirakud have been affected in 2010 continuously due to bad weather with heavy rains and lightning. Revenue Recognition Policy Revenue recognition policy at Hindalco is as follows Sales revenue is recognized on transfer of significant risk and rewards of the ownership of the goods to the buyer and stated at net of trade discount and rebates. Dividend income on investments is accounted for when the right to receive the payment is established. Export incentive, certain insurance, railway and other claims where quantum of accruals cannot be ascertained with reasonable certainty, are accounted on acceptance basis. Hindalco does not recognize or disclose Contingent Assets. Changes over time Hindalco is following same Revenue recognition policy since 2000. Consistency As per Accounting Standard 9 (AS9) of Indian GAAP, Revenue can be recognized when it is certain that economic benefits will inflow, the amount of revenue can be measured reliably, goods have been transferred to the buyer with significant risks and rewards of ownership, and control over goods have been transferred to the buyer. Hindalco recognizes revenue only when goods have been transferred to the buyer with significant risk and rewards of ownership. Trade discounts and rebates are not taken into consideration. Uncertain incomes like Export incentive, certain insurance, railway and other claims are recognized only when the amount is received. Dividend income, which is to be received from investments, is recognized when company is eligible for the same. Considering the way Hindalco carries out its business, it is consistent on revenue recognition principles with AS9 of Indian GAAP. Conservatism As Hindalco is a product based company, sales revenue comes from sales of products. If accrual basis accounting is followed, then revenue should be recognized only when it is certain and ownership of goods is transferred with significant risks and rewards. As Hindalco is following similar principle, we can comment that it is only following industry rules and neither less nor more conservative. Market Comparison We have compared Hindalcos Revenue recognition principles with two other companies from metal sector, National Aluminium Co. and Hindusthan Zinc. Revenue recognition on domestic sales are similar for all the three firm. But for foreign sales, Hindalco recognizes revenue only when amount is received citing reasons for uncertainty, where as other two companies recognizes revenue on issue of bill of lading. Fixed Assets Valuation Policy Valuation policy for fixed assets at Hindalco is as follows (a) Tangible Assets are stated at cost less accumulated depreciation and impairment loss, if any. Cost comprises of purchase price and any directly attributable cost of bringing the assets to its working condition for its intended use. (b) Intangible Assets are stated at cost less accumulated amortization. Cost includes any directly attributable expenditure on making the asset ready for its intended use. (c) Machinery spares which can be used only in connection with an item of Fixed Asset and whose use is not of regular nature are written off over the estimated useful life of the relevant asset. As stated above, Hindalco records intangible assets at cost less accumulated amortization except goodwill. Goodwill is recorded at cost less impairment loss. For tangible assets, cost less accumulated depreciation and impairment loss is taken as book value. Impairment loss on fixed assets is calculated based on b elow principle An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value (being higher of value-in-use and net selling price). Value-in-use is computed at net present value of cash flow expected over the balance useful life of the assets. An impairment loss is recognized as an expense in the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been an improvement in recoverable amount except in the case of goodwill for which specific external event of an exceptional nature that caused impairment loss has actually reversed the effect of that event. Change over time There was a change in valuation policy for fixed assets at Hindalco in year 2008. In that year a below clause for machinery spares valuation has been amended Machinery spares which can be used only in connection with an item of Fixed Asset and whose use is not of regular nature are written off over the estimated useful life of the relevant asset. This change would not affect the financial statements significantly. Probably it was done to make the valuation oriented to primary assets which contribute to the business majorly. Also revaluation of fixed assets has been done in year 2007. Fixed Assets of Aluminum Business had been reinstated at its original cost in 2002-03. Consistency As per Indian GAAP, historical cost convention should be followed for valuation of tangible assets, where as for intangible assets it should be checked whether the asset will attribute to any future economic profit and whether the value of intangible asset can be measured reliably. Hindalco follows cost method for measuring fair value for both tangible and intangible assets which is consistent with Indian GAAP. Market Comparison When we compare Hindalcos valuation policy of fixed assets to that of National Aluminium Co. and Hindusthan Zinc we observed no significant difference. All of them use cost method for assessing the value and record the asset value as cost less depreciation (amortization for intangible assets) and impairment loss. Depreciation and Amortization Policy Depreciation and Amortization policy at Hindalco is as follows (a) Depreciation on Fixed Assets are provided using straight line method based on estimated useful life or on the basis of depreciation rates prescribed under respective local laws. (b) Leasehold lands (including mining rights) are amortized over the period of lease on straight line basis. (c) Intangible assets, other than Goodwill, are amortized over their estimated useful lives on straight line basis. (d) Depreciation on assets acquired under finance lease is spread over the lease term. Depreciation policy has almost remained consistent since 2000 for Hindalco. Only change has come in the year 2008 when one clause was added for goodwill. Till 2007, company did not have any intangible asset in form of goodwill. Though all other intangible assets are amortized over estimated useful lives, goodwill is estimated each year and if there is any reduction, the amount is written off in form of impairment. Consistency As per AS6 of Indian GAAP, Depreciation of fixed assets is carried out using the straight-line method at rates prescribed under Schedule XIV of the Companies Act, 1956. By looking at Hindalcos depreciation policies we can infer that it is consistent with AS6 of Indian GAAP and the way it carries out its business. Conservatism Since year 2000, Hindalco has followed straight line method of depreciation for fixed assets and depreciation rates has been estimated on basis on depreciation rates prescribed under respective local laws. So, it can be inferred that depreciation policies of Hindalco are reasonable and they are neither less nor more conservative. Market Comparison Since year 2000, Hindalco has used straight line method of depreciation for tangible assets. For intangible assets except goodwill, amortization has been done based using straight line method. When we compared depreciation policy of Hindalco to that of two other companies namely National Aluminium Co. and Hindusthan Zinc we observed the below findings. Hindusthan Zinc follows depreciation policies as per AS6 of Indian GAAP with below exceptions: Additions and disposals are reckoned on the first day and the last day of the month respectively. Individual items of plant and machinery and vehicles costing upto Rs 25,000/- are wholly depreciated. in respect of additions arising on account of Insurance spares, on additions/extentions forming an integral part of existing plants and on the revised carrying amount of the assets identified as impaired on which depreciation has been provided over residual life of the respective fixed assets. National Aluminum Co. follows below depreciation policies Depreciation on fixed assets is provided on straight-line method at the rates and manner prescribed under Schedule XIV of the Companies Act, 1956 except in case of certain assets where depreciation at higher rates is provided based on their estimated remaining useful life, evaluated on the basis of technical estimate made periodically:- Earth work portion of: a) Red mud pond at Alumina Refinery b) Ash pond at Alumina Refinery c) Ash ponds at Captive Power Plant Certain assets at Port Facilities are depreciated at rates calculated on the basis of balance lease period of land belonging to the Port Authority on which these assets are installed. Assets costing Rs.5, 000/- or less individually are depreciated fully in the year in which they are put to use. Assets on land not owned by the Company are depreciated over a period of five years. Cost of leasehold land including development expenses thereon is amortized over the period of lease. However, where lease agreement is yet to be signed, such expenses are amortized over a period of 20 years commencing from the year of commercial operation. Classification of plant and machinery into continuous and non-continuous is made on the basis of technical opinion and depreciation provided accordingly. From the above depreciation policies of the three companies, it is apparent that though on larger scale all of them have adopted similar policies, still there are company specific differences which are very specific to the operations of that company. Inventory Valuation Policy (a) Inventories of stores and spare parts are valued at or below cost after providing for cost of obsolescence and other anticipated losses, wherever considered necessary. (b) Inventories of items other than those stated above are valued At cost or Net Realizable Value, whichever is lower. Cost is generally determined on weighted average cost basis and wherever required, appropriate overheads are taken into account. Net Realizable Value is the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated costs necessary to make the sale. (c) Materials and other supplies held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost Conservatism Hindalco follows the weighted-average cost method and, hence, is more balanced in environments of increasing or decreasing prices as compared to the FIFO and LIFO methods. It also takes the lesser value of the cost and net realizable value. Therefore, Hindalco is conservative in its approach. As mentioned earlier, part changes in methods for a particular year to FIFO for some of the goods should be avoided to ensure conservatism. This could have been used to overstate the profits and inventory for the point of view of certain stakeholders like directors of the company whose bonuses might be based on the profits. Clear description for the change in approach should be mentioned, otherwise. Impact of Clause 49 The broad requirements or issues of clause 49 in the Listing Agreement are as follows: Definition of independent director Definition of independent director Institutional directors Remuneration paid to non-executive directors Requirements related to audit committees Meeting of Audit Committee Role of the audit committee The impact of the all the issues mentioned above have been incorporated by Hindalco in its annual report. The details of which are as follows: GOVERNANCE PHILOSOPHY The Company is committed to the adoption of best governance practices and its adherence in the true spirit, at all times. At a macro level, the governance philosophy rests on five basic tenets viz., Board accountability to the Company and shareholders, strategic guidance and effective monitoring by the Board, protection of minority interests and rights, equitable treatment of all shareholders as well as superior transparency and timely disclosure. Report on Corporate Governance Guidelines The Company is fully compliant with the requirements of the prevailing and applicable Corporate Governance Code. Board of Directors Your Companys Board comprises of 9 Nonexecutive Directors with considerable experience in their respective fields. Of these, 6 Directors are independent Directors. Clause 49 of the Listing Agreement as amended in April 2008 requires that if the Non-executive Chairman of the Company is the promoter then at least half of the Board of Directors of such Company should consist of independent Directors and the company is in compliance with the above requirement of Clause 49 of the Listing Agreement. The composition of the board is disclosed as on 29th May, 2009. Number of meetings held and their dates are disclosed. Audit Committee Date of constitution and the details of chairperson and members of the committee are disclosed. The number of meetings of the committee and their dates are also published. Shareholders Grievances Committee The Company has a Shareholders Grievances Committee, which is headed by an independent Non-Executive Director. The details of the meetings held are disclosed Remuneration to Directors The details of the remuneration paid to the Director during the year FY 2009-10 are disclosed. Along with this the payments to the Non-Executive Directors is also disclosed. Other Disclosures Code of Conduct including Prevention of Insider Trading, CEO/CFO Certification, Report of Corporate Governance, General Body Meetings, Means of Communication and General Shareholder Information details are also provided according to the Clause 49 of the listing agreement. Thus we can see that the Company makes significant disclosures in order to be in compliance with Clause 49 of the Listing Agreement. It provides a great platform for the company to showcase its high corporate governance initiatives before its shareholders. It certainly enhances the image of the company in the eyes of the public and especially potential shareholders. Cash Flow Statement Analysis: Below is the condensed version of consolidated cash flow statement for Hindalco for the Last 2 years from its annual report dated mar-2010.  10-Mar 9-Mar 8-Mar 7-Mar Cash Flow Summary     Cash and Cash Equivalents at Beginning of the year 2183.12 1709.21 1010.14 1075.75 Net Cash from Operating Activities 1717.28 3170.39 5399.93 3425.96 Net Cash Used in Investing Activities (4074.59) (5773.42) -17615.4 -6394.69 Net Cash Used in Financing Activities 1653.97 3298.83 12914.53 2903.12 Net Inc/(Dec) in Cash and Cash Equivalent (703.34) 695.80 699.07 -65.61 Cash and Cash Equivalents at End of the year 2186.9 2183.12 1709.21 1010.14 Observations from the Cash Flow Statements: The Cash Flow Statement has been prepared under the indirect method (operations cash flow) as set out in Accounting Standard (AS) 3 Cash flow Statement as specified in the Companies (Accounting Standard) Rule 2006. The Cash flow from operating activities has been positive in the last 2 years. The cash at the end of the year has been higher than that at the start of the period. Whether this implies the company is better off at the yearend that at the start of the year will have to be determined. If the cash is generated as a result of cash generations from operations, it will be deemed positive. The revenue from operations is 2183.12 and is not sufficient to pay the depreciation and dividend for that year (3,041.41). The cash flow of the company is not fully healthy. But considering the company is spending huge amount in investment activities its future cash flow from might improve based on the returns from the investments. It is to be noted in the last four years the company had to raise cash through financing activities to meet its investment requirements. The sources of funds is mainly through an increase in share holder funds (equity). RATIO ANALYSIS: LIQUIDITY RATIOS: Current Ratio Quick Ratio The quick ratio is an indicator of a companys short-term liquidity.  The quick ratio  measures  a companys  ability to meet  its short-term obligations with  its most liquid assets. The quick ratio  is calculated as:  It is also known as the acid-test ratio or the quick assets  ratio. LIQUIDITY RATIOS Year Latest 2009 2008 Current Ratio 1.39 1.32 1.38 Quick ratio 0.39 0.88 0.53 Trend Analysis of the Liquidity Ratios: The companys liquidity ratios indicate the company has a strong financial health and that it has the ability to service all its debt in future. The current ratio is steady at around 1.4, while the long term debt has increased over the years in consideration. This is attributable to the acquisition of Novelis in 2007-08. Yet from the cash flow statement for financial activities, we are able to infer the company generates enough revenues to payoff the debts and improve its chances of remaining solvent. EFFICIENCY RATIOS: These ratios indicate efficiency based on the turnover rates. Average Collection Period Average Collection Period is the approximate amount of time that it takes for a business to receive payments owed, in terms of receivables, from its customers and clients. Days Days Inventory Days It is also known as days inventory outstanding (DIO). The Cost of Sales includes the Cost of Services and Cost of equipment sales. Days payable Days Payable is a companys average payable period. It is calculated as: Average  accounts payable  x 365 à ·Ãƒâ€šÃ‚  cost of sales. DPO is an indicator of how long a company is taking to pay its trade creditors. Efficiency Ratios of Hindalco is calculated and plotted for the last four financial years. EFFICIENCY RATIOS Year 2010 2009 2008 Fixed Assets Turnover Ratios 0.89 1.07 1.19 Inventory Turnover Ratios 4.87 5.06 5.27 Debtors Turnover Ratios 16.62 18.03 17.18 Trend Analysis of Efficiency Ratio: From the graphs, it can be seen that the average collection period has increased from 4.22 days to 7.19 days over four years however we should note the decline in the last year from 11.54 to 7.19 days which tells us that company is consciously taking steps to improve. A low collection period signifies that cash flow for company is quite good and most of the sales are paid for within a weeks time. Also the Days inventory values have been in the range of 33 to 76, but again there is a marked improved of 28 days in the last year indicating the effective inventory management policies, the number is fairly decent compared to its peers in the industry. SOLVENCY RATIOS: Debt-equity ratio It indicates what proportion of equity and debt that the company is using to finance its assets. It is calculated as Debt-Equity Ratio = Total Debt / Shareholders Equity % The debt includes the Short Term borrowings and current portion of long term debt and the Long term debt. Long Term Debt-Equity Ratio Solvency Ratio of Hindalco is calculated for the last four financial years Trend Analysis for Solvency Ratio: The debt-equity ratio ranges from between 0.3 to 0.4. A high debt/equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense, and the earnings have to increase by a value greater than that of the cost of the debt, in the interests of the company. At the same time an overtly low D/E ratio tells that the company is not properly leveraging its value in the market and sees lesser chances of growth in the industry. Even in the peak of the crisis, Hindalco has beenable to raise debt to finance its huge Novelis acquisition and since then, it has been paying off its long term debt obligations out of its revenues generated from operations. PROFITABILITY RATIOS: The primary profitability indicator is ROE. The ROE when broken by the Dupont formula Profitability Asset Turnover Leverage The Dupont model breaks down the ROE into net profit margin (how much profit the company gets out of its revenues), Asset Turnover (how effectively the company makes use of its assets), and equity multiplier (a measure of how much the company is leveraged). The Three-Step  DuPont Calculation % = (Net profit margin) * (Asset Turnover) * (Equity Multiplier) Profitability Ratio of Hindalco is calculated for the last 4 financial years Du Pont Analysis 2010 2009 2008 2007   PBIDT/Sales(%) 15.71 18.78 18.78 21.82   Sales/Net Assets 0.6 0.61 0.8 1   PBDIT/Net Assets 0.09 0.11 0.15 0.22   PAT/PBIDT(%) 59.6 60.74 73.47 59.64   Net Assets/Net Worth 1.23 1.35 1.48 1.59   ROE(%) 7.41 10.83 19.17 23.28 Trend Analysis of Profitability Ratio: The Return On common Equity (ROE) value has been consistently falling over the years from an about 23% to about 7.5% over the last 4 years. From the du pont analysis, it is evident that all the three ratio components of the ROE, namely Net profit margin, Asset Turnover and Equity Multiplier have fallen over the years. This could be partially explained by the recent economic crisis and hence the fall in metal prices. This impacted the margins. The fall in demand forced the company to operate at reduced capacity levels causing the fall in asset turn over ratio over the years. But the synergy benefits resulting from acquisition of Novelis have just started to appear and with the economic scenario also improving, the ROE might improve in the next few years over the current levels. Comparison of performance with Competitor and industry average: We have compared the performance and certain key ratios of Hindalco with its competitors namely NALCO and MALCO and also with the industry average figures. For the calculation of the industry averages, apart from the above mentioned companies, Bharat Aluminium, Apollo Metalex, Indian Aluminium, Karshni Alumini, Alliance Alloys and Utkal Alumina were also considered. Summary of Comparison data: Industry Average Hindalco Inds. Madras Aluminium Natl. Aluminium 201003 201003 200903 Key Ratios     Debt-Equity Ratio 0.4 0.28 0.01 0 Long Term Debt-Equity Ratio 0.38 0.21 0 0 Current Ratio 1.39 1.09 1.13 2.03      Turnover Ratios     Fixed Assets 0.89 1.5 0.85 0.58 Inventory 4.87 4.09 15.66 7.25 Debtors 16.62 16.28 12.22 127.23 ROCE (%) 24.48 7.66 41.64 21.55 RONW (%) 22.89 7.41 32.42 13.65 From the comparison of the key ratios, we can see that Hindalco lags its industry peers in most of the parameters. Its Debt to equity is better than the industry average. So the company can take more debt to improve its way below average ROCE, if it believes it can grow at a rate above the prevailing interest rates. But this strategy might not work in the near future as the current inflation and interest rates are very high. Its current ratio is also poor compared to its peers but their higher current ratio comes with huge inventory levels. Hindalcos inventory levels are in tune with the industry averages and hence its short term liquidity excluding inventory should be at par with the industry average. Further the asset base of Hindalco is better compared with its peers. This might help its performance when demand for the metals increases, at which time, it can seek economies of scale. Divyas part Our opinion about the disclosure level s of the co, financial status and performance and our recommendations for the equity investor.