Company Analysis: Wal-Mart Essay

Wal-mart Stores Inc is a United States based company started in 1962 in Arkansas. The company has grown exponentially to open branches in many parts of the world. It operates in three formats: United States based segment, abroad/international segment, and Sam’s Club. Through the three segments, the company owns and runs stores (retail and discount), chains of supermarkets and supercentres, and websites affiliated with the company. In those stores and supermarkets, one can buy foodstuffs, beverages, dairy products, and meat, among many other foodstuffs, electronics, accessories, cloth ware, and many other things. More than retail, the company offers financial services through banks and electronic payments. The company’s retail units are estimated to be around 10,800 all spread in about 27 countries all over the world. Wal-mart Stores Inc. has been listed in top 10 of the world’s 500 biggest companies by Forbes (Fishman 16). An analysis of the company reveals that it is growing remarkably well in spite of the turbulent economic times being experienced in America and many parts of Europe. Corporate and business strategy formulated by the company have enabled it transcend many challenges that have littered its path of progress. This paper will identify the company’s current mission and review its strategies and objectives. The financial status of the company will be analyzed by using financial rations, income data, and balanced sheet data. Additionally, internal strengths and weaknesses will be analyzed using SWOT model. External opportunities and threats will be analyzed using PESTEL and Porter’s five forces model analysis. Based on those analyses, the mission and strategies of the company will be revised. Corporate and business strategies that will enable the company achieve its mission and objectives will be developed and discussed, and appropriate recommendations made. Actions needed to implement the strategies that will be formulated will be outlined. Appropriate long term objectives in areas of marketing, human resources, finance, operations, and information systems will be developed. The results expected will be specified including pro forma financial statements. Lastly, procedural recommendations will be made for strategy review and evaluation. Specific measures to be utilized will be documented. Mission, Objectives, and Strategies Wall-mart growth in recent years has seen it overtake other companies to become the biggest retailer in the world. With a customer base exceeding 200 million customers annually and over 2. 5 million employees, the company’s sales are expected to surpass the $2 billion achieved in 2012 (Roberts, Bryan, & Natalie 14). Low prices and provision of high quality customer care service continue to be the drivers of the company’s growth. The strategies have revolved around attracting and retaining customers by low pricing and great customer care services. The low pricing is achieved by constant pressure on suppliers to lower their prices and redesign all services and products. The company’s mission is summarized in one sentence, â€Å"Save people money so they could live better† (Roberts, Bryan, & Natalie 34). Their objective is thus to lower the prices of their commodities so that customers are happy and satisfied. The low price strategy is premised on the knowledge that large volumes dispensed at a low price will compensate for the lowered price. By putting customers first, the company has survived tough economic times. Through its management strategy, transitions have been achieved efficiently. In recent years, the company has formulated a public affairs strategy that is meant to help it penetrate new markets, in the United States and Internationally. Political climate inevitably determines the success of a company. For that reason, Wall-mart has commissioned a political action committee that is tasked with the responsibility of networking with politicians that will help the company realize its goals in various places around the world. The company has short and long term objectives geared towards maintaining growth. The objectives are aligned to the strategy of low price and customer satisfaction. In the short term, Wall-mart intends to achieve a 95% level of customer satisfaction. In the long term, the company plans to stock all kind of merchandise for diverse customers retailing at low prices. In 2012, Wall-mart launched five central strategies for growth (Roberts, Bryan, & Natalie 24). The first strategy, developing our people, recognizes the supremacy of customers and empowered employees in any business venture. It aims to develop existing talent within the company by use of development programmes. The company also seeks to recruit new talents that are exceptional so as to remain competitive. Towards this strategy, the company plans to partner with Walton Institute and enhance its leadership series so as to produce the next generation of leaders for the company. There are plans to improve diversity and inclusivity in the hiring process. The company has thus committed to champion affirmative action by hiring women and other marginalized groups and investing in their career development. The second strategy is driving the productivity loop. The company aims to lower operation cost so that prices can be reduced further. The third strategy, labeled Wining in Global ecommerce seeks to harness the power of information technology in driving growth. The launch of @WalmartLabs is the precursor to this strategy and there are plans to replicate it in other countries such as Britain and Canada. With a growing online population, the company plans to expand its presence in social media so as to reach as many people as possible. The fourth strategy involves reinvigoration of the customer-centered culture. The growth of the company has been driven by the company and as indicated earlier, there is a strategy to hit a 95% customer satisfaction. The last strategy is directed towards retention of legitimacy and maintaining a good relationship with the society and community around the company’s premises and beyond. Dubbed Leading on social and environment issues, the strategy will drive Wall-marts corporate social responsibility activities. Through philanthropy, educational support, and women empowerment, the company intends to promote and maintain its corporate integrity.

Boeing Learns

Boeing Learns From 787 Mistakes: Using Technology to Create Supply Chain Success Introduction The Boeing Company is one of the largest Aerospace and Defense enterprises in the world. Presently headquartered in Chicago, Illinois; they have contributed to some of the largest breakthroughs in aviation technology † breakthroughs that greatly enhance the lives of the world's people. Boeing began as a small startup in 1916; but by the Korean War, defense efforts had grown Boeing to one of only 23 companies with $1 Billion in annual revenue.Boeing parlayed this growth into being ne of the premier designers and manufacturers of commercial aircraft. Designs such as the 707, 737, and 747 cemented their role as the leader in the industry until 2003 when Airbus first surpassed Boeing in annual sales and order backlog. (Nolan 2012) CEO Phil Condit saw Airbus making progress well prior to 2003, however. In 1996 Condit determined that the Boeing Company needed to be refocused in order to comp ete with the European conglomerate.Airbus had an advantage in innovation and manufacturing because it used collaboration amongst many suppliers to roduce quality aircraft in the most cost effective way possible. In order to continue in its global leadership position, Condit set Boeing along a path to leverage their core competencies, â€Å"with detailed customer knowledge and focus on operating lean and efficient systems. † This plan would be called the â€Å"2016 Strategy' and it would see Boeing change its relationship with suppliers from third-party contract-based to close, strategic partners. Nolan 2012) In future designs, Boeing would rely on these partners to not only build, but also design subcomponents for aircraft. Boeing knew hat it must have a way of coordinating the design process among all suppliers, which cleared the way for a powerful Enterprise Resource Management (ERP) tool. Boeing selected Exostar's Supply Chain Management Solution to coordinate the design and supply chain for the first project under the 2016 Strategy, the 787. (PRNewswire 2013) The 787 was conceived as a revolutionary design that would be a replacement for the aging 767, cost about the same, but be 2 more tuel efficient.It would accomplish this by utilizing a construction of 50% composite – something never before attempted in the commercial aviation arena. In summary, Boeing was endeavoring to build a brand new clean-sheet aircraft from materials never used, using methods never attempted, and using a supply chain more far reaching than ever experienced by the plane maker. In retrospect, it may be easy to see why the 787 has had so many problems. The problems are so large that Forbes was prompted to publish an article titled, â€Å"What Went Wrong at Boeing. (Denning 2013) Boeing has worked through most of its supply chain woes and has delivered over 60 787s to date. Boeing is now designing a next generation version of its supremely popular 777, the 777-8/9. B oeings desire to reduce costs and production time by relying risk-taking suppliers to design and produce major aircraft components has led to many failures and cost overruns in the 787 program. In order for Boeing to avoid the pitfalls of the 787 program, Boeing must take the lessons of the past in concert with good technology to ensure good management of the new 777 supply chain.Literature Review Boeing's move toward a supply chain that relied on utilizing risk-taking suppliers for the 787 was meant to reduce the design timeframe and shorten the production cycle, owever it actually placed the future competitive ability of Boeing in peril. The present paper specifically focuses on the practice of outsourcing design of the aircraft to the aforementioned suppliers and how improper oversight of the process led to delay, cost overruns, and the loss of intellectual property. The literature reviewed during this investigation is both peer-reviewed and Journalistic in nature.The following r eview is presented in a logical flow to show why Boeing chose this new strategy, some select major problems that occurred, and finally the actions that were taken to rectify those problems. Christopher S. Tang and Joshua D. Zimmerman (2009) begin their Journal article, Managing New Product Development and Supply Chain Risks: The Boeing 787 Case, by laying out the drivers for the 787 design strategy. In the 1990s, Boeing had decided that it must offer more customer value to compete with EADS' Airbus in the commercial aircraft industry.Ultimately, Boeing settled on designing a new mid-size, wide body Jet that would offer a superior passenger experience and burn 20% less fuel. To bring the Jet to market faster and cheaper, Boeing wanted to move away from its role as a manufacturer and become ore of a systems integrator. Tang, et al. say this strategy intended to save $4 billion in development cost and shave 2 years off the design period. (Tang, Zimmerman, ; Nelson, 2009) Boeing refers to these risk-sharing partners as â€Å"Global Supply Partners† (6SP).During an interview with World Trade; Steven Schaffer, then vice president of Boeing Commercial Airplanes' Global Partners, said the name change â€Å"reflect[ed] a deeper business relationship. † (Bernstein, 2006) In Chapter 8 of Cases on Supply Chain and Distribution Management: Issues and Principals, the nature of he relationship is further discussed. The suppliers are called â€Å"risk-sharing†, because they invest much of their own money into the success of the final assembled product. In fact, Boeing was able to get $4. billion of the $10 billion design budget from 6SPs around the world. These suppliers nave significant risk since they don't see any income until the aircraft are delivered. (Garg ; Gupta, 2012) In a seminal ex post analysis of the 787 outsourcing plan, Ehsan Elahi (2012) of the University of Massachusetts Boston asserts that improper monitoring and suboptimal supplier ele ction led to the appearance of many â€Å"hidden costs† and that Boeing didn't have an adequate understanding of the operational risks associated with outsourcing new product development.He concludes that these oversights led to poor stock performance, a drop it Boeings credit rating, and late delivery penalty payments for customers. The research by Elahi in the UMASS paper, along with his contribution to the Chapter in Miti Garg and Sumeet Gupta's book, lays out a great case for how too much reliance on outside design can lead to a loss of intellectual property. On pages 67-169 of the book, Elahi discusses how these partners were given the opportunity to learn how to build aircraft from composites without Boeing retaining any exclusivity rights.

The Holocaust Essay Example | Topics and Well Written Essays - 3000 words

The Holocaust - Essay Example It is claimed that nearly six million Jews were massacred during these twelve years through different painful means, besides other cruelties inflicted upon the community. â€Å"Between 1941 and 1945, five to six million Jews were systematically murdered by the Nazi regime, its allies, and its surrogates in the Nazi-occupied territories. Yet despite the extraordinary scale and intensity of the genocide, its prominence in recent decades was far from preordained.† (Mayer, 1988:107) Somehow, the Nazis and pro-Nazis refute(d) the very claim by declaring it an infamous blur on the very face of their party and its leader Adolf Hitler. They are of the opinion that the Nazi government persecuted only the traitors and the supporters of the rivals of Germany in order to suppress the rebellion and revolt against the German nation at large in order to escape any further treachery within Germany against her army and leadership on the one hand, and to save the country from dividing into ethn ic, racial and religious groups and communities on the other. Since unity of a nation is vehemently necessary one during the time of war and peace, the communities challenging the unity and playing into the hands of the foes must be taught a remarkable lesson in order to avoid defeat, chaos, and turmoil in the country. Consequently, the Germans, according to the pro-Nazi claimants, did not kill the Jews en masse; on the contrary, the entire claims portraying holocaust are the product of the USA and her allies designed and planned to defame their opponent Adolf Hitler and Germany in such a nefarious manner that the future German generations would neither gather courage to raise any voice against the UK and USA altogether, nor could they seek the support from the Jewish community in order to fight war on some justified cause an issue. Hence, the Holocaust had been a burning issue as well as a moot point between pro-Jewish and pro-Nazis for the last six decades, and both the groups cla im themselves as innocent and guiltless, which had to face the conspiracies, trials, and opposition from the rivals. Additionally, since Hitler sought the domination of the great and superior German nation, he intended to kill or kick out the sick, retarded, disable and infected people from Germany, so that the German nation could have consisted of brave, talented, healthy and vigorous individuals. â€Å"Unwanted children, in the eyes of Hitler, were orphans, children in care because of emotional or behavior problems, adolescent non-conformists as well as children with physical disabilities or mental handicaps (in addition to Jewish, Gypsy, and non-white children).† (holocaust-trc.org) Before embarking upon the topic under study, it would be advisable to briefly throw light upon the historical background of the catastrophe. By critically examining the history of the world at large, it becomes evident that human beings had been at daggers drawn against one another since manâ⠂¬â„¢s arrival on the very face of the earth. Hundreds of thousands of wars had been fought and battlefields had been arranged and decorated by the groups, communities, states, and nations in order to subjugate the opponents in the name of seeking peace and justice by fighting  against the people belonging to rival clans, communities, ethnic-racial groups, and religious faiths. Hence, ethnicity, race, and religion have always played the dominant role in waging and fighting wars between the opposing forces, states and countries.

MGT Week 10 SA Essay Example | Topics and Well Written Essays - 250 words

MGT Week 10 SA - Essay Example Of importance is the business model that organizations have that gives a strategy dictates the way people respond to various situation in the environment. In combining the notion of the two paragraphs, the notion that leadership and the business model that organizations have work together to enhance the participation of employees. This implies that a combination of all the people in the organization leadership style that enhance participation of employees and a good business models within a culture that creates a conducive environment for all the members, it is possible to optimize on the productivity. The two paragraphs, however, indicate some differences in that while paragraph one indicate the importance of the leadership in enhancing participation and commitment of employees, paragraph two indicates that the a good business model helps an organization to adapt to a change and keeps the employees focused on fulfilling the goals of the company at hand (Ahmad & Gelaidan. 2011). Employee’s Affective Commitment to Change: A Case of Yemen Public Sector.Journal of Organizational Management Studies. Retrieved on August 21st, 2013, from

Transgender and Intersex Terms and Questions (responses) Assignment - 1

Transgender and Intersex Terms and Questions (responses) - Assignment Example A standout amongst the most entrancing things I found is the creators depiction of how individuals see themselves in their inner consciousness. The creator utilizes the MÃ ¶bius Strip, a level lace wound once and afterward joined end to end, which demonstrates a band and ants slithering along a topological riddle - the ground dwelling insect can ceaselessly go on this strip while never getting anyplace. Despite the fact that this book has what added up to 473 pages, the genuine perusing part is just few pages, with the rest gave to the creators careful notes, in which her grant and exploration are clear. When you wade through the exploratory and specialized language one finds that this is an intriguing and vital examination sexing of the body book in the social order. How would we think about sex and sexuality as a component of an improvement framework, and what particularly do we mean nature? Notwithstanding the extent to which we know about sex, there is still a considerable measure we do not think about our sexuality and how it forms in a singular, instead of on a widespread

Death and Dying Rituals in Islam Term Paper Example | Topics and Well Written Essays - 1500 words

Death and Dying Rituals in Islam - Term Paper Example In this paper we would be discussing about the third phase which pertains to death and afterlife. According to the Holy Koran, every person that dies would be judged by God and would receive their everlasting abode which could either be Heaven or Hell. According to Islamic traditions, after an individual’s life comes to an end, the corpse has to be buried and hence elaborate rituals involving the burying of the dead takes place when an individual is diseased. Death, according to Islam, is a passage from an earthly existence, to a pure and eternal sacred realm. (Kassis 51) Muslims believe that only God is permanent while all else perishes after a time. The Quran clearly states – â€Å"All that dwells upon the Earth is perishing, yet still abides the Face of thy Lord majestic and splendid.† (Kassis 50) According to (Chittick 126) in Islam, an individual fails to fulfill his existence on the Earth, if they follow their own desires, outside the boundary of Divine str ucture. Thus, such a failure causes a problematic condition for the human. Shedding light on this problematic condition, Streng states that â€Å"human life that does not duplicate the eternal structure of meaning and order as found in the Sacred Realm is merely a profane existence, characterized by weakness, ignorance, impurity, and meaningless.†(44).... he profane world is impure† (46) In Islam, the different customs and rituals during the burial incorporate the concept of purity and impurity of the individual’s existence. The ritual of ghusl according to Islamic culture is the preparation of the corpse for the day of resurrection. According to (Kassis 52), the corpse is washed an odd number of times to purify it from its earthly existence. During this ritual, a white shroud is wrapped around the corpse, demonstrating that though all individuals lead different lives on this earth, yet they leave this world as equals. Islamic traditions view the impure nature of the world and are emphatic about purifying the individual before entering the Sacred Realm. (Streng 46) is of the opinion that the impure nature of the person’s existence reflects the problematic condition he faces during judgment. F. Bird (35) discloses that the washing and purifying of the corpse according to the Islamic ritual in a regulative communicat ive manner symbolizes the washing ritual by the family members, to be the purification of the individual from the profane world and into eternal light. (Sacred Realm) Shedding light on the meaning of this ritual Bird states that partaking in this ceremony helps to reinforce the myths that surround it and reaffirm ‘the beliefs they embody.’ (Bird 35) According to Islamic belief man is created in the image and likeness of God and represents and reflects varying degrees of light and darkness (131) based on the quality of their existence. Human existence is provided a special place in the universe because they are created by God. Islamic traditions believe that â€Å"the structure of the universe is like a globe of infinite dimensions. The crust or outside shell is made of clay and is the visible universe

Learning jounal Essay Example | Topics and Well Written Essays - 3000 words

Learning jounal - Essay Example Team working also facilitates people with further learning related to professionalism. In professional lives, team working is very significant, as people are required to be in teams. Team working also deals with communication. Communication is a skill that accommodates people to deal with one another. With the help of communication, people learn about living and working in group and teams. With the help of communication, we are able to get information and knowledge about people’s thinking, ideas and skills. Communication is a two way process in which the speaker and listener both have to communicate in a business setting in order to facilitate further communication. Leadership’s significance cannot be devalued as it is the leader who is able to keep people in teams and who facilitates them to follow him/her as a torch bearer (Renesch 1994). A leader is one who keeps people motivated towards tasks’ performance. In organizations and companies, leadership is very persuasive aspect, as it is only because of leaders that employees accompany each other towards a single motive and objective. Therefore, while working in a team, I learnt about team working, communication and leadership, all of which are very fundamental in professional life. All of these skills are interlinked to each other. Group effectiveness is very crucial in obtainment of jobs done. For every task or performance that is to be done by a group, there are some factors that are necessary to make the group productive and effective. The key factors that influence the effectiveness of a group are the characteristics of group members such as relevant professional skills, interpersonal skills, balanced diversity and time frame, member role, group size, norms, cohesiveness, development, adjourning and virtual communication (Devine, et. al 1999). Team working is all about cooperation and collaborative working because people are not working as individuals but

Integration of Operations Management with Human Resource Activity Essay

Integration of Operations Management with Human Resource Activity - Essay Example (Nankervis, Compton & McCarthy, 1999, p.190). One of the changes is the increasingly important role of line Managers. In many organizations the people who implement the HR strategies are line managers. Line managers are often people from the lower ranks of the management hierarchy and lack formal management training. According to a study conducted by the Bath University for theChartered Institute of Personnel and Development (CIPD), these line managers carry out several HR activities like training, communication and people management, discipline and grievances and performance appraisals.(CIPD,2005) While HR managers have traditionally created job descriptions and then tried to find the right person to fit into the job, today's organizations call for integration among their components giving rise to the need for flexibility to use their staff as per the changing requirements.(Essex, Kusy, 1999) Job Analysis: In order to find the right person for the right job, HR managers need to conduct a job analysis to understand the nature of work done by the different employees holding different titles. This would involve examining the b. a. objectives of that job, b. the responsibilities involved c. relation of that job to other functions in the organization. d. the minimum academic qualification of an employee eligible for that job. (Russo.S) Once the job analysis is done, the HR person can look for a person who can take up that job. Sources for Recruitment -The selection and recruitment of 'the right person' for the various job is a laborious task. There are two basic sources HR managers usually look at - a. Internal Sources: HR managers can scout for talent within their organization in what is termed as recruitment from internal sources. b. External Sources: External recruitment on the other hand refers to recruiting personnel from sources outside the organization. Advertising, Internet recruitments, and employment agencies all play a significant role in the external recruitment process. (Bergman, 2001) Selection Process: The selection process follows many steps. These include a. Filling in application forms which must be designed to unravel the skills of the applicant and his/her eligibility for the job b. Interviews and Tests which allow the HR personnel to assess the suitability of the

Documentations strategy document Essay Example | Topics and Well Written Essays - 1000 words

Documentations strategy document - Essay Example It is without doubt that paper documents are simple to understand, move, and make use of. Also the use of a lot of documents on paper can considerably decrease efficiency and boost overheads in several ways. The Hurricanes Rita and Katrina radically demonstrated the perils for businesses that uphold records totally on the paper. Loads of businesses, together with dentist’s office, lawyer offices, colleges and schools, lost almost all their paper accounts. Comparable losses can take place during the event of thunderstorms, fires and blasts plus further natural calamities. Let’s suppose if a business would keep as backup paper copies of each document inside a different location, still, it would face the extra test of keeping a track of the exact description of the documents. For instance, the IRS calls on lots of industries to preserve paper documents for seven years and then annals or raze them. It is sometimes impossible to physically trail the age of the paper documents to fulfill these policies and their obligations. The documents are effortless to lose or misplace. These Paper documents are complex to get your hands on in a suitable manner when the client is over the phone, which implies that the Accounting department has got to suspend up, move towards the filing cabinet, recover the invoice, and then call the client back. The mislaid documents effect in longer searches. When a corporation is located in numerous locations, the admission becomes even more flexible. As an effect, the paper storeroom and recovery becomes the source of extensive manual labor and overheads, which increase as the amount of invoices amplifies. The investigation conducted by the Delphi Group (Delphi.com) denotes the extent of the test and outlay: Almost all corporations tend to use up a typical of $25,000 to fill up a classic four-drawer file cabinet; $2,000 to uphold it every year. And, over the due time line of the

International business management Assignment Example | Topics and Well Written Essays - 3000 words

International business management - Assignment Example 3- Socio-Cultural Factors: Majority of the organizations avoid introducing their products in the international market due to socio-cultural factors. Organizations fear that introducing any product or operating their business activities in a different culture with unusual traditions may risk their reputation and this could have an adverse affect on their potential growth. Therefore, it is important to know that it is the sound understanding of the social and cultural factors that distinguish the business operations of an international and domestic firm. Domestic firms possess better understanding of the social and cultural factors unlike an international firm which struggles hard to analyze and understand them. An international business may lose the business opportunity in the host country, if it fails to understand the local environment, behavior, attitudes and various other cultural factors. 4- Technological Factors: Technological factors play an important role in creating issues fo r an international firm to start their business activities in such a country that has little or no proper technological and communication infrastructure. This would increase the cost of producing or starting a venture in the host country. Differences between Domestic and International Strategy: Factors Domestic Conditions Global Conditions Culture Homogeneous Heterogeneous Currency Standard and uniform Different currencies and exchange rates Economy Stable and consistent Uncertain economical conditions Government Stable Unstable and uncertain Labor Easy availability of skilled workers Hard to find the skilled labors. Language Single Language Different languages with different dialects Marketing Many media, broad exposure and few restrictions. Fewer media, minimum... The paper tells that globalization has helped the economies to improve their trade, investment and how these economies can enhance their international businesses. There are different issues that a firm takes into an account before entering the global market. It is highly important for an organization to carefully analyze all the key issues and factors that can affect on the international operations before entering into global market. These key international issues are: economic forces; political and legal factors; socio-cultural factors and technological factors. Corporate social responsibility refers to the set of obligations on a firm for its approach towards social contribution in the society it operates. As we know that, multinational corporations operate in a culturally and socially diversified structure therefore, they are under more challenges to fulfill their share of corporate social responsibility in the country they are operating as compare to domestic/local firms. Multina tional corporations operate in the host country with the intention of benefiting the host country by bringing employment opportunities to them, giving boost to their economy and by introducing the latest technology in the country. However, there are certain factors that MNCs should consider while operating in any other country such as taking care of the corporate social responsibility which is an obligation to be fulfilled on all the MNCs. This is mainly due to the fact that these international businesses face more challenges as compare to domestic firms and local businesses.

Possible Implications Essay Example for Free

Possible Implications Essay Throughout the world, it is quite understandable that there are countries that place policies in order to restrict the flow of foreign programs, movies, and magazines into their territory. For example, in Canada and France, such forms of entertainment that were produced in the United States are given restrictions in terms of number; hence in a way, placing a limit upon the influences of such forms of entertainment to the local community. Understandably, the reason for such policies is so that Canadian and French culture will be maintained and locally made forms of entertainment will not be faced with additional competition. However, such policies and restrictions were apparently made for conventional forms of distributing programs, movies, and magazines. In this sense, given that distribution may now be accomplished through the web, then there is a possibility that such policies will no longer be effective. Therefore, it is important to reflect upon the possible implications of the web on such policies. First of all, the most apparent feature of the web is how freely one may be able to share and distribute multimedia content to a virtually infinite amount of individuals (Baase, 2008). In this sense, popular movies and programs may now be easily acquired or downloaded from different areas of the web. In addition, even magazines may now be distributed through cyberspace because the means to electronically reproduce written documents through scanning and file conversion are widely available. Considering that the movies, programs, and magazines transferred throughout the web are distributed as data and not actual physical objects, it is quite expected that the conventional ways in which the government may keep watch of the number of such forms of entertainment are no longer effective. To expound, while it is possible to monitor the activities of individuals through the internet, many believe that such a pursuit is quite complex and cumbersome due to complications in methods of tracking (Baase, 2008). Aside from difficulties in terms of which methods may be used to track the transfer of programs, movies, and magazines through the web, the issue of privacy adds further problems for those with interest of limiting the flow of such items into their countries. For one, aside from the innate sense of anonymity that the web provides to its users, web privacy either in law or in the form of augmentative software has already been considered by many users of the web (Baase, 2008). In this sense, effectively tracking the users of how files are being distributed has become an even more difficult task. Given that each user is entitled to a certain level of freedom in his or her activities on the web, then technically an individual may be involved in either legal or illegal acts. Having illegal means of file distribution furthers the possibility of increasing the presence of foreign programs, movies, and magazines, due to the fact that people would not need to pay for such items in order to be acquired or accessed. Hence, locally made programs, movies, and magazines which are most likely to be sold throughout different outlets are given intense competition. It is perceivable that the web is very much unlike the previous means of distributing programs, movies, and magazines. Aside from providing a sense of freedom, anonymity is also maintained at different degrees depending on the knowledge of the user of how the web functions. In addition, previous means of distributing programs, movies, and magazines, are limited in terms of the number of actual physical objects while distributing such items throughout the web allows for a massive amount of audience as well as the potential to make it endlessly reproducible (Baase, 2008). It is quite certain that the web will affect the policies regarding limitations on the number of programs, movies, and magazines being allowed into the country. Therefore, if restrictions are to be maintained, it is necessary that new and more applicable policies are formed since it is apparent that previous policies are already obsolete. Reference Baase, S. (2008). A Gift of Fire: Social, Legal, and Ethical Issues for Computing and the Internet. 3rd Edition. Upper Saddle River, NJ: Prentice Hall.

Find out the difference Essay Example for Free

Find out the difference Essay I am trying to find out the difference in flight time, of a weighted paper helicopter, on comparison to a mass of blue tack with equivalent mass. Variables Things that could be investigated are:   Wing span which would effect the air resistance of the helicopter   Mass attached to helicopter   Wing area   Increase the mass of the helicopter by adding more paper clips which I predict would effect the rate of which the helicopter would fall. Measurement and different interpretation of these variables could be made for example, increasing the amount of mass then compare it with air resistance by timing a piece of blue tact of same mass. Hypothesis What I predict will happen is, as the mass of the blue tact is increased the speed in which it falls will be increased too. Also I predict that as the mass of paperclips are added to the helicopter the faster it will fall. The reason and objects stay at rest is because the two forces on the object are equal. Things that effect the rate of which the paper clip fall are gravity and air resistance: * If an object is released above the ground it falls, because it is attracted towards the earth. This force of attraction is called gravity. As an object falls through air, it usually encounters some degree of air resistance. Air resistance is the result of collisions of the objects leading surface with air molecules. The actual amount of air resistance encountered by the object is dependent upon a variety of factors. To keep the topic simple, it can be said that the two most common factors, which have a direct effect upon the amount of air resistance, are the speed of the object and the cross-sectional area of the object. Increased speeds result in an increased amount of air resistance. Increased cross-sectional areas result in an increased amount of air resistance. I think when theres more paperclips (when the helicopter is heavier) its time of fall would decrease. I think this will happen because the force pulling the helicopter down (weight/gravity pull) is larger when its heavier whereas air resistance is the same. The reason it will fall is due to gravity acting on the mass at nearly 10meters/sec. But the reason why the ball of blue tack and the helicopter will have varying flight times is due to air resistance. A way of increasing an objects rotational momentum is to put most of its mass as far from the centre of rotation as possible as this will maximise its speed and therefore give it more momentum. If a spinning object has more momentum when its mass is far from the centre of rotation, then it must require more energy to make such an object go the same speed as one with its mass in the centre of rotation. In the preliminary tests I decided I would use medium strength sugar paper. The clock is to be started from the top of the ceiling at 2. 5metres and then stopped when the helicopter touches the floor Method. You want to find out the comparison in flight time between the blue tack and the paper helicopter; the helicopter design, which should be used, is attached. Paper helicopter must be kept to the same design each time. First the paper helicopter should be weighed with the specified amount of paper clips on an electronic scale, then the weight should be recreated with a piece of blue tack rolled into a ball. The height of the drop should be stated, then the paper helicopter and blue tack should be dropped at separate times while being timed with a stop watch and recorded. This should be repeated 3 times to make sure no mistakes occur. It is fair test because: 1. Electric scales are used to make sure the measurement are as precise as possible. 2. The test is committed inside thus avoiding wind, which would effect the experiment. 3. It is repeated 3 time in order to make sure no anomalies occur. 4. The same height of which it is dropped will be kept. Some of the variables that can be changed are the weight and design of the helicopter but those will be kept the same by simply making sure accuracy and care is performed. The clock is to be started from the top of the ceiling at 2. 5metres and then stopped when the helicopter touches the floor Risk Assessment. Well the experiment is fundamentally safe with the only danger being that of which you stand on to reach the desired height on to drop the helicopter and the ball. Diagrams Results Analysis The experiment was repeated so that we have 3 separate results for accuracy. What I found out was that although the mass are the same for both object this doesnt mean that they will have the same amount of flight time. This is due to the varying air resistance of the two objects. My results proved my hypothesis to be correct and I also found out was that the higher the mass on the helicopter the faster the helicopter span. As gravity pulls the helicopter down, air pushes up against the blades, bending them up. Because the blades are slanted slightly, some of that push becomes a sideways push. Because you have two blades that are pointed in opposite directions, the two opposing pushes of air cause the helicopter to spin. The rotation speed increases as the weight (paper clips) increases, but a point is reached where additional weight pulls down with such force that the wings move upward and the plane falls like and falling object. Air resistance is proportional to the falling bodys velocity squared. For an object to experience terminal velocity, air resistance must balance weight. An example that shows this phenomenon was the classic illustration of a rock and a feather being dropped simultaneously. In a vacuum with zero air resistance, these two objects will experience same acceleration. But this does not happen on Earth. Air resistance will equal weight more quickly for the feather than it would for the rock. The reason why the helicopter with most paper clips fell faster was due to Terminal Velocity. So a helicopter with more paperclips will experience a Terminal Velocity greater that a helicopter with less paperclips. Trends that happened in the experiment include that as the mass increased on the helicopter the time to fall was shortened and with continued tests would equal out to the same flight time of the ball of blue tack, reducing the effect of air resistance drastically. The paper helicopter initially accelerates due to the force of gravity, because the downward force due to his weight is the only force acting on him. Then it starts to experience frictional force of air resistance in the opposite direction. As the helicopter increases in speed eventually the force due to air resistance is equal to the force due to his weight. This means that the air resistant force is equal to the force due to the weight. This means that the resultant force acting on him is now zero and it continues to fall a constant speed called the terminal velocity. Conclusion What I found out was that as the mass increased on the helicopter the effect of resistance on the helicopter dropped on comparison to the blue tack ball. I found out that although two objects may be the same mass it depends on the other forces effecting it, and in this case it was air resistance acting upon it. The helicopter was better shaped to stay in the air longer, but as the mass increased the wings were unable to open. Evaluation The results did fit into a clear pattern and are as expected, as the mass was increased the rate in wish it fell was faster and as you can see by the comparison of the blue tack it was getting close to the rate of the blue tack. For one example of a slight anomaly is in experiment 1 at the weight at 2. 2g It seems out of place. The results seem reliable and follow a trend with minimal anomalies. Preliminary tests were completed and no alterations were made, as the tests were a success. In the preliminary tests I decided I would use medium strength sugar paper. Some of the reasons that could have caused the anomalies are:   The accuracy of taking the timing could have been at fault   The releasing of the helicopter Things that made the test unfair are:   Every time you put a paper clip, centre of gravity / centre of mass is different. What would have been better to get a precise reading to the falling would have been to use a laser trigger to set the stop clock off because for people to be split second accurate it would be extremely difficult if not in possible. To extend my experiment I would like to drop the helicopters with greater masses on but be able to record the timing of them accurately. References 1. The essentials of AQA science: Double Award Coordinated Physics 2. Key science by Jim Breithaupt Chris Sommers Page 1 10/05/2007.

Crumb Rubber Particles as an Alternative Aggregate

Crumb Rubber Particles as an Alternative Aggregate EXPERIMENTAL STUDY OF CRUMB RUBBER PARTICLES AS AN ALTERNATIVE AGGREGATE IN ROLLER COMPACTED CONCRETE Abstract Several research works have been evaluated potential of the fresh concrete and hardened concrete properties of crumb rubber concrete (CRC). Technical characteristics (porosity, ductility, cracking resistance performance) can be improved by using rubber particles (Meddah et all., 2014). The aim of this present study is to elaborate the performance of different size crumb rubbers in roller compacted concrete (RCC). This study investigates experimentally the effect of using four particle size of crumb rubber (CR) (0.5-1mm, dust crumb), (1-3mm), (3-5mm), and combination of all of them in RCC by replacing with 0%, 10% aggregates 7, 14 and 28 days. Tests conducted on the fresh and hardened concrete include unit weight, toughness, modulus of elasticity, porosity, compressive strength, tensile strength are investigated respect with crumb rubber in RCC mix. Key words: Sustainability, Recycling, Concrete Technology, CR, CRC, RCC. Background Industrial and manufacturing wastes lead serious and ongoing threats in the environment. Sustainable development principles and environmental protection regulations help to conserve natural resources and reduce the amount of waste without jeopardizing the future. Therefore, recycling has been providing a significant environmental awareness related with construction. Sustainable structural engineering has become increasingly important subject for researchers.   Recycling and application of waste materials in concrete has been increasing to improve material properties of the concrete when decreasing costs of concrete in the past three decades (Ataei,2015). Relating to this principle, different environmental friendly solutions have been searched by improving material properties of the concrete. Reusing the demolished materials helps to prevent environmental pollution, keep the natural sources and use eco-friendly materials. Integrating environmental-friendly construction solutions is a highly focus field infrastructure or new construction projects by using polymer materials. Concrete additives producing from waste materials such as cellulose, wood lignin, bottom ash, fly ash and silica fume have been considered as viable or beneficial (Toutanji,1996). Rubber has attracted a great research attention because of the enormous quantities of waste rubber around the world and its potential in the construction. Many civil engineering applications have been carried out the utilization of rubber for the production materials in the construction industry. Rubber is one of the three main polymer material groups; the annual consumption of natural rubber is more than 15 million tons, and the output of rubber products is more than 31 million tons worldwide [1]. Accumulation of discarded waste tire has been a major concern because waste rubber is not easily biodegradable even after a long period of landfill treatment [2]. The storage of wastes in landfills represents environmental and public health hazards of increasingly relevant. The landfills with rubber waste are responsible for a grave risk in the ecology and the threat is always present. Even after long-period of landfill treatment, unmanaged waste tire poses environmental health risk throug h fire hazard and as a breading ground for disease carrying mosquitoes. Therefore, utilization of crumb rubber (CR) from this scrap tires for the production building materials in the construction industry would help to reserve natural resources and also maintain the ecological balance [3,4]. Crumb rubber concrete (CRC) has been previously investigated to determine the fresh and hardened properties in several research works such as waterproofing, asphalt pavement, membrane lines. Previous works show that unit weight of CRC decreases as the percentage of the CR replacement increases due to the low specific gravity of CR particles. The strengths (compressive, flexural, splitting and modulus) of CRC decrease as the partial replacement of fine aggregate with CR aggregates. CRC exhibits high capacity for absorbing plastic energy under both compression and tension loading which also possesses higher toughness. Partial replacement of the fine aggregate by CR will improve workability of CRC [5,6,7,8]. RCC is a dry (zero-slump) conventional concrete which has been made by vibrating rollers (Neville and Brooks, 1990). RCC has same ingredients with ordinary concrete (aggregates, cement, water and admixtures), lower cost and easier implementation (Meddah et all.,2014). So, RCC properties which is the subjected matter of this study is considered its advantages with CR. Aim and Objectives The main objective of this research is to improve performance of RCC by mixing with CR. Based on this research, five mixes are prepared RCC without CR, RCC with CR (maximum size of 1, 3, and 5) by using coarse and fine aggregate, cement, water and additive. There are 15% cement, 30% aggregate, 55 % sand. Crumb rubber is used to replace with fine aggregate (sand) at 10%. In particular, technical objectives can be described as follow. To define contents of RCC, cement and water contents are prepared related to ASTM D1557 standards (Standard Test Methods for Laboratory Compaction Characteristics of Soil Using Modified Effort) by using soil mechanics procedure (Marchand et al.,1997; Meddah et all, 2014). To understand density and workability, according to ASTM C1170 (Standard Test Method for Determining Consistency and Density of Roller-Compacted Concrete Using a Vibrating Table), mechanical tests of fresh concrete (VeBe test and density of fresh concrete) can be measured for each sample. To evaluate mechanical tests of hardened concrete (Compressive Strength Test, Splitting Tensile Strength Test and Bending Test are measured at 7, 14, 27 days related to ASTM C39, ASTM C78 and ASTM C496. Each test consists of 3 samples to each rubber contents. The arithmetic mean of three value is investigated for all experiments. Cylinder and cube specimens (150 x 300mm) and (100 x 100 x 100 mm) are prepared for compressive strength test, beam specimens (100 x 100 x 500 mm) are made for bending strength test and cylinder specimens (150 x 300 mm) are used for splitting tensile strength test. To determine static modulus of elasticity and poisons ratio of concrete in compression, ASTM C469 is used at 28 days. Number of Samples Compressive Strength Bending Strength Splitting Tensile Strength Rubber Size Cylindric (150300 mm) Cube(100x100x100mm) Prismatic(100x100x500mm) Cylindric (150 x300mm) 0 3 3 3 3 0.5-1mm 3 3 3 3 1-3mm 3 3 3 3 3-5mm 3 3 3 3 0.5-5mm 3 3 3 3 Total number of sample is 60.

The Tempest Essay -- Shakespeare

Everyone has lost something. One of my earliest memories is a car ride through the desert of Arizona. We had just stopped at a gas station, and after we had gotten back on the road I realized that I had left behind a small toy I had gotten at McDonald's earlier that day. Even at seven years old I knew that I would forget about the toy in a day or two, but for some reason I could not help but ardently entreat my parents to return for it. It was only after I had lost the toy that I realized how much I wanted it. Shakespeare’s characters have lost something as well: their freedom. The idea of a â€Å"puppet master† is not an uncommon one in classic literature. In Shakespeare’s Macbeth we sense the subtle manipulations of the three witches in their treatment of Macbeth, and in â€Å"The Final Problem† by Sir Arthur Conan Doyle we see Sherlock Holmes struggle to free himself from the the works of criminal mastermind James Moriarty. We even see it in childrenâ €™s literature through â€Å"The Wonderful Wizard of Oz† by L. Frank Baum. Yet The Tempest is unique as the mastermind has lost his own freedom as well. It is like seeing the puppets dance, looking behind the curtain, and seeing only more strings. Through reading The Tempest you come to understand that almost every character, even if that character is seemingly in control of their own destiny, is trapped by something or someone, and it is only as they struggle to regain their freedom that each individual realizes how much it was taken for granted. The most obvious loss of freedom is felt by the ruling party consisting of Alonso, Sebastian, Antonio, and Gonzalo. Their first goal is to return to Naples, but that voyage is halted by Prospero's storm and their subsequent wreck on the island (1.2.205... ...e to regain control of both Milan and Naples. But in the end The ruling party is spared, Antonio regains his son while Prospero regains his kingdom, Ariel is freed, and even Caliban takes some small ownership in his actions, â€Å"Ay, that I will; and I'll be wise hereafter / And seek for grace. What a thrice-double ass / Was I, to take this drunkard for a god / And worship this dull fool!† (5.1.332-335) It is that sense of rediscovery that Shakespeare leaves us with, the sense that the characters have struggled against fate without even knowing it and are just now realizing what they have gained as a result. The future is uncertain and relationships are still being recreated, but every character leaves the island with a deeper appreciation of the importance of freedom. Works Cited Shakespeare, William. The Tempest. Paperback. New York: Modern Library, 2008. Print.

Hamlet’s Minor Characters :: GCSE Coursework Shakespeare Hamlet

Hamlet’s Minor Characters Hamlet It is reasonable to wonder what Shakespeare had in mind while writing Hamlet. After all, Shakespeare wasn't a philosopher or historian, or even a literary critic. He was a playwright. He didn't leave us critical essays examining his work. It is left to us to examine his work and decide for ourselves, if we care to, what Shakespeare was thinking. Did he know that he was writing a drama of deep psychological significance, a play which would eventually be viewed and read the world over, produced many times over hundreds of years, taught in schools, and thought of as one of the world's greatest plays? I, for one, imagine him crossing the "t" in the last word of the play, putting down his pen, and saying "I hope it runs a year." Yet Hamlet is an extremely complex play. To appreciate the imagination which went into the creation of this tragedy, let's first delve into what is putatively Shakespeare's most complex tragedy, King Lear. Lear has three daughters: Cordelia, who is faithful and unappreciated by Lear, and Regan and Goneril who receive everything at his hands and betray him. These themes of misplaced love and filial betrayal are mirrored in the subplot of the play, the relationship between the Earl of Gloster and his two sons, Edmund, who is supported and approved by Gloster and betrays him, and Edgar, who unjustly becomes a fugitive from his father's wrath. The mirror is whole. In it we view Cordelia's reflection and see Edgar, while Regan's and Goneril's reflections, which are of one face, show us Edmund. In the main plot of Hamlet, Hamlet's father has been murdered. Hamlet swears revenge, but feign's madness and delays. In the subplot, the chamberlain, Polonius, is murdered by Hamlet. One of Polonius's children, Laertes, swears revenge, while the other, his daughter Ophelia, goes mad. Here, the mirror is cracked. Hamlet's reflection is splintered. We see one part of him, his revenge motive, in Laertes' action, and we see his pretended madness in Ophelia's piteous condition. More than this, Hamlet's image is dimmed compared to those of his counterparts. Hamlet speaks of revenge, but procrastinates; Laertes instantly raises and army and attacks the kingdom, but he must be satisfied over his father's murder. Hamlet only acts mad; Ophelia's madness is too real. Besides production, full-house ticket sales, and royalties-the playwright's typical goals, what was Shakespeare reaching for?

Learn the Law. Question the Law :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Throughout the course of human history, people have advanced technology and educated minds in ways that once would not have seemed impossible. From caves drawings to televisions and from the bow and arrow to the machine gun, humans have continually improved their standard of living over the years. Although we now have all sorts of things people could only dream of a thousand years ago, we still live like cavemen in many ways. One of these ways is our contempt refusal to tolerate severe injustice at many levels of society. Just like most problems, injustice starts at the top, and often starts with the people that are supposed to be preventing it.   Ã‚  Ã‚  Ã‚  Ã‚  Corrupt police officers and law agencies have been sifting through the sieve of true justice for years, and continue to do so today. From Hitler’s horrifying Gestapo police of the 1940’s to the more recent beating of Rodney King, police officers have abused their powers like a broken record. Police have engaged in unjustified shootings, severe beatings, fatal chokings, and unnecessarily rough treatment of citizens in rural and urban areas from New York to Los Angeles. Just as the founders of our great nation stood to face the British in the 18th century, and just as our forefathers fought to free us from the shackles of slavery, we must now fight to ensure that our democracy is not tainted by the practice of unjust or discriminatory law.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Drunk Ohio Cop Found Passed Out (Drunk) In Burger King Drive-Thru.† This was a headline on CNN.com on February 21, 2005. This kind of story serves as an example that not all of our police officers are as moral as they claim to be. The most disturbing part of this story wasn’t that this police veteran was found intoxicated in his dispatch car, it’s that this man had the power of our law behind him for years before this happened. Many of the thousands of laws that help police officers do things like pull you over for no legitimate reason, or come into your house without probable cause, were constructed for just these purposes. This fact goes hand in hand with a quote from Tacitus, a famous Roman historian and philosopher, â€Å"the more corrupt the state, the more numerous the laws.†   Ã‚  Ã‚  Ã‚  Ã‚  Police officers sometimes lack a crucial prerequisite for their job, common sense. Instead of getting drug dealers and other dangerous criminals off the streets, they are often seen in packs of three to five â€Å"investigating† events like fireworks in the dorms, or streakers.

Equity Research Report Hul

EQUITY RESEARCH REPORT (HUL) FMCG SECTOR INDIA OUTLOOK The burgeoning middle class Indian population, as well as the rural sector, present a huge potential for this sector. The FMCG sector in India is at present, the fourth largest sector with a total market size in excess of USD 13 billion as of 2012. This sector is expected to grow to a USD 33 billion industry by 2015 and to a whooping USD 100 billion by the year 2025. This sector is characterized by strong MNC presence and a well established distribution network. In India the easy availability of raw materials as well as cheap labour makes it an ideal destination for this sector.There is also intense competition between the organised and unorganised segments and the fight to keep operational costs low. CHALLENGES TO FMCG SECTOR * Increasing rate of inflation, which is likely to lead to higher cost of raw materials. * The standardization of packaging norms that is likely to be implemented by the Government by Jan 2013 is expected t o increase cost of beverages, cereals, edible oil, detergent, flour, salt, aerated drinks and mineral water. * Steadily rising fuel costs, leading to increased distribution costs. The present slow-down in the economy may lower demand of FMCG products, particularly in the premium sector, leading to reduced volumes. * The declining value of rupee against other currencies may reduce margins of many companies, as Marico, Godrej Consumer Products, Colgate, Dabur, etc who import raw materials. HIGH GROWTH DRIVING FACTOR * Increasing rate of urbanization, expected to see major growth in coming years. * Rise in disposable incomes, resulting in premium brands having faster growth and deeper penetration. * Innovative and stronger channels of distribution to the rural segment, leading to deeper penetration into this segment. Increase in rural non-agricultural income and benefits from government welfare programmes. * Investment in stock markets of FMCG companies, which are expected to grow cons tantly. This sector will continue to see growth as it depends on an ever-increasing internal market for consumption, and demand for these goods remains more or less constant, irrespective of recession or inflation. Hence this sector will grow, though it may not be a smooth growth path, due to the present world-wide economic slowdown, rising inflation and fall of the rupee.This sector will see good growth in the long run and hiring will continue to remain robust DEMAND FOR FMCG SECTOR Confidence of consumer product makers is waning as a delayed  monsoon  and lingering weakness in the economy threaten to subdue revenue growth for the sector in the next two quarters. Several marketers, including Dabur, Marico,  Godrej Consumer Products Ltd  (GCPL),  ITC  and  Emami, fear pressure on premium products and rural demand – two important growth drivers – in the coming months as sustained high  inflation  and a hold-up in monsoon could prompt buyers to tighten purse strings. While the high-end, super-premium segment does not get impacted by inflation, demand in the mass premium segment could contract if overall economic sentiment does not improve,† said Sunil Duggal, CEO ofDabur India, the maker of Real juices and Vatika shampoo. ABOUT HUL HUL is the market leader in Indian consumer products with presence in over 20 consumer categories such as soaps, tea, detergents and shampoos amongst others with over 700 million Indian consumers using its products. Seventeen of HUL’s brands featured in the  ACNielsen  Brand Equity list of 100 Most Trusted Brands Annual Survey (2011).The company also happens to have the highest number of brands in this list, with six brands featuring in the top 15 list. The company has a distribution channel of 6. 3 million outlets and owns 35 major Indian brands. Its brands include LABOR COST IN INDIA IS THE LOWEST AMONG THE EMERGING ASIAN COUNTRIES HUL RATIOS RATIO| 2012| 2011| 2010| 2009| 2008| Curre nt Ratio| 0. 8954| 0. 9000| 0. 81268| 0. 9834| 0. 65823| Quick Ratio| 0. 4978| 0. 4711| 0. 48604| 0. 5436| 0. 27253| Cash Flow Liquidity ratio| 0. 6038| 0. 5519| 0. 80573| 0. 6679| 0. 38392| Average Collection Period| 13. 343| 17. 560| 14. 0918| 10. 01| 12. 2710| Days Inventory Held| 48. 957| 59. 526| 53. 1215| 51. 365| 60. 4530| Days Payable Outstanding| 73. 481| 81. 979| 104. 886| 66. 724| 87. 8556| Account Receivable turnover| 27. 355| 20. 785| 25. 9014| 36. 494| 29. 7448| Accounts Payable Turnover| 3. 6017| 3. 0947| 2. 43856| 3. 9712| 3. 01573| Inventory Turnover| 5. 4059| 4. 2619| 4. 81485| 5. 1589| 4. 38272| Fixed assets turnover| 10. 36| 9. 01| 8. 01| 12. 34| 8. 87| Total Assets Turnover| 4. 9807| 5. 4970| 6. 59332| 7. 9313| 8. 55871| Debt Ratio| 0| 0| 0. 00402| 0. 1683| 0. 06321| LONG TERM DEBT TO CAPITAL EMPLOYED| 0| 0| 0. 00402| 0. 683| 0. 06321| gross profit ratio| 16. 449| 40. 107| 41. 4842| 49. 423| 51. 688| Operating Profit Ratio| 16. 456| 15. 911| 16. 8758| 15. 909| 1 8. 0540| Net Profit Ratio| 11. 947| 11. 520| 12. 2033| 12. 268| 13. 8754| Return on Investments| 59. 509| 63. 326| 80. 4618| 97. 307| 118. 755| Return on Equity| 76. 068| 84. 339| 81. 1040| 117. 42| 127. 232| Cash Return on Assets| 0. 4351| 0. 5281| 1. 29341| 0. 7963| 1. 07195| Price to Earning| 18. 569| 26. 227| 30. 0113| 37. 728| 56. 8245| Peer comparison s. no. | Name | Market capitalisation| Sales turnover| Net profit | Total assets| 1| GODREJ| 22933. 3| 2980. 08| 604. 39| 2761. 43| 2| DABUR| 22448. 83| 3759. 33| 463. 24| 1576. 54| 3| MARICO| 13361. 56| 2970. 30| 336. 58| 1677. 27| 4| EMAMI| 9101. 40| 1389. 82| 256. 81| 804. 23| 5| P&G| 8103. 50| 1297. 41| 181. 29| 600. 62| 6| GILLETTE| 7130. 13| 1232. 90| 75. 73| 600. 33| 7| JYOTHY LABS| 2860. 82| 662. 97| 83. 52| 1226. 42| 8| BAJAJ CORP. | 2926. 40| 473. 31| 120. 09| 427. 86| 9| HUL| 118139| 22116. 37| 2691. 40| 3512. 93| BALANCE SHEET OF HUL| ——————- in Rs. Cr. —— Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€-| | Mar '12| Mar '11| Mar '10| Mar '09| Dec '07| | | 12 mths| 12 mths| 12 mths| 15 mths| 12 mths| | | | | | |Sources Of Funds| | | | | | | | | | Total Share Capital| 216. 15| 215. 95| 218. 17| 217. 99| | | | | | | Equity Share Capital| 216. 15| 215. 95| 218. 17| 217. 99| 217. 75| | | | | | Share Application Money| 0. 00| 0. 00| 0. 00| 0. 00| 0. 00| | | | | | Preference Share Capital| 0. 00| 0. 00| 0. 00| 0. 00| | | | | | | Reserves| 3,296. 11| 2,417. 30| 2,364. 68| 1,842. 85| 217. 75| | | | | | Revaluation Reserves| 0. 67| 0. 67| 0. 67| 0. 67| 0. 67| | | | | | Networth| 3,512. 93| 2,633. 92| 2,583. 52| 2,061. 51| 1,439. 24| | | | | | Secured Loans| 0. 00| 0. 00| 0. 00| 144. 65| 25. 2| | | | | | Unsecured Loans| 0. 00| 0. 00| 0. 00| 277. 30| 63. 01| | | | | | Total Debt| 0. 00| 0. 00| 0. 00| 421. 95| 88. 53| | | | | | Total Liabilities| 3,512. 93| 2,633. 92| 2,583. 52| 2,483. 46| 1,527. 77| | | | | | | Mar '12| Mar '11| Mar '10| Mar '09| Dec '07| | | | | | | | 12 mths| 12 mths| 12 mths| 15 mths| 12 mths| | | | | | | Application Of Funds| | | | | | | | | | Gross Block| 3,574. 67| 3,759. 62| 3,581. 96| 2,881. 73| 2,669. 08| | | | | | Less: Accum. Depreciation| 1,416. 88| 1,590. 46| 1,419. 85| 1,274. 95| 1,146. 57| | | | | | Net Block| 2,157. 79| 2,169. 16| 2,162. 11| 1,606. 8| 1,522. 51| | | | | | Capital Work in Progress| 210. 89| 299. 08| 273. 96| 472. 07| 185. 64| | | | | | Investments| 2,438. 21| 1,260. 68| 1,264. 08| 332. 62| 1,440. 81| | | | | | Inventories| 2,516. 65| 2,811. 26| 2,179. 93| 2,528. 86| 1,953. 60| | | | | | Sundry Debtors| 678. 99| 943. 20| 678. 44| 536. 89| 443. 37| | | | | | Cash and Bank Balance| 510. 05| 281. 91| 231. 37| 190. 59| 200. 11| | | | | | Total Current Assets| 3,705. 69| 4,036. 37| 3,089. 74| 3,256. 34| 2,597. 08| | | | | | Loans and Advances| 1,314. 72| 1,099. 72| 1,068. 31| 1,196. 95| 1,083. 28| | | | | | Fixed Deposits| 1,319. 9| 1,358. 10| 1,660. 84| 1,586. 76| 0. 75| | | | | | Total CA, Loans & Ad vances| 6,340. 40| 6,494. 19| 5,818. 89| 6,040. 05| 3,681. 11| | | | | | Deffered Credit| 0. 00| 0. 00| 0. 00| 0. 00| 0. 00| | | | | | Current Liabilities| 5,688. 44| 6,264. 21| 5,493. 97| 4,440. 08| 4,028. 41| | | | | | Provisions| 1,945. 92| 1,324. 98| 1,441. 55| 1,527. 98| 1,273. 90| | | | | | Total CL & Provisions| 7,634. 36| 7,589. 19| 6,935. 52| 5,968. 06| 5,302. 31| | | | | | Net Current Assets| -1,293. 96| -1,095. 00| -1,116. 63| 71. 99| -1,621. 20| | | | | | Miscellaneous Expenses| 0. 00| 0. 00| 0. 00| 0. 0| 0. 00| | | | | | Total Assets| 3,512. 93| 2,633. 92| 2,583. 52| 2,483. 46| 1,527. 76| | | | | | CAPITAL ASSET PRICING METHOD 1. REQUIRED RATE OF RETURN = Risk free return +? (Risk premium) Ri = Rf + ? (Rm – Rf) = 8. 1 +0. 27 (6. 5) Ri = 9. 855% 2. ZERO GROWTH MODEL Where, dividend = Rs. 7. 5 Po = d/r = 7. 5/9. 855% Po = 76. 10 3. CONSTANT GROWTH MODEL (GORDON MODEL) PO = DO(1+g) r-g d1 r-g Where , growth rate = historical growth of average dividend paid of last 5 years g = 6. 75% = 7. 5(1+6. 75%) (9. 855-6. 75)% PO = 258. 266 4. Implicit growth P0 = d1 R – g Where, po = 534. 25, d1=8. 006 , r= 9. 855% P0 = d1 R – g 534. 25= 8. 006/ (0. 098-g) G= 0. 083 or 8. 3% Cash flow model Ri = 9. 855% Calculation of growth rate of cash flows =(1. 69*1. 51*. 54)1/3 -1 = . 1128 =11. 28% Assuming the abnormal growth of (11. 8%) is for 2 years, and after this the company is back to normal growth trajectory of 6% growth rate Cash flow from operation = 2884. 24 crore Vc = 2884. 24(1+. 1128)/(1+. 09) + 2884. 24(1+. 1128)2/(1+. 09)2 + 2884. 24(1+. 1128)2(1+. 06) (9. 855-6)% (1. 09)2 Vc = 88605 Vp = 0 Vd = 1000 Therefore, Ve = Vc – Vp – Vd = 88605-1000 = 85605 crore Total no. of shares outstanding = 216. 15 crore Po = Ve Total no. of shares outstanding = 85605/216. 15 Po = 396. 04 MULTIPLE MODEL p/e of company=32. 95 p/e of industry = 44. 0 price of company’s share = 534. 25 earnings for the company’s stock = price o f co. stock p/e of the co. =534. 25/32. 95 Earnings for the company’s stock = 16. 21 Po = Earning’s of company*P/E of industry =16. 21*44. 50 Po = 721. 345 Analysis: The current market price of the stock is Rs.. 534. 25 , as per the valuation of stock under distinct method , it is assessed that the stock is overvalued therefore new buyers should not invest at this point, whereas, those who are invested in share are advised to sell the share and enjoy the profits Performance of stock in last 1 year

Analysis of “The Tide Rises, the Tide Falls” & “Nature”

Longfellows Eloquent Approach to final stage analytic thinking of Death in Two Poems Death is an uneasy topic to talk closely and ca rehearses nearly e precise wizard to have negative feelings for it. Although it is fateful and likewise an important part of intent, wad try to avoid the topic in altogether beca engagement it gives them discomfort. Because it is such an important subject, one mustiness break the awkward silence and consultation the topic. Longfellow crystallises destruction calculate like a natural thing which must stimulate to in all reenforcement things through his abstruse equivalences to personality and ordinary feeling.In The course Rises, The run Falls he comp ares the continuous move up and falling of feeds to a nameless traveller, and in his poem, temper he compares personality and human raceness as the relationship surrounded by a strict contract and her child. In Longfellows poem, The Tide Rises, The Tide Falls he fluently ar ticulates the differences between tides and a nameless traveler. Symbolically, the tides trifle the continuous round of golf of life and the traveler just represents every single human being in the world.The emphasis on The Tide Rises, The Tide Falls at the finis of each stanza shows that no issue what happens in an individuals life, life in ecumenic and the tides are just going to go on without a single business concern some the world (5). Additionally, Longfellow gives the traveler no descriptive identity and only labels him as The Traveler (4). Because of the word choice, it further shows how vain a single person is in the grand scheme of things. Furthermore, there is a distinctive contrasting detail passim the poem.In many places, Longfellow incorporates jobless and dark settings into the poem. For example, when phantasm settles, the sea in the darkness cross off _or_ out the footprints in the spines (7-9). The footprints that were in the sand were left by the travel er, and by in effect removing them, it clearly shows that the travelers presence is forever forgotten at the beach. Additionally because the traveler nevermore returns to the land, it is impossible for him to retrace his journey and impression his footsteps once again.In essence, the traveler is dead and the tide continues on its duty with disregard for the travelers absence. In contrast, Longfellow makes the connection between life and light. For example, later the tide erases the travelers footsteps, The morning breaksthe steed in their stable Stamp and neigh as the ostler calls (11-12). Because it is morning again, life ensues and the daily activities of a nonher(prenominal) nameless human being starts the cycle all over again since solar day and night alternate.Basically, Longfellow uses the seemingly peaceful comparison between the tide and traveler to show that conclusion is inevitable and that one must accept it because the world will not stop rotating just because o f a death of a human. The second poem is called Nature and it involves the role play of death and life as a strict let and her child. The poems comparison sheds light on the harsh reality that all public will inevitably have their end someday. Symbolically, the mother represents mother personality and the child is any type of living thing.The poem starts off by stating the mother is hard to get her child to go to sleep with a certain storey of difficulty. The child is half willing, half indisposed(p) to be led and is unwilling to bury his broken playthings on the floor (3-4). From these both lines of the poem, it is evident that the child is conflicted because it is unsure whether to stupefy with his materialistic comforts or to be led by his mother to go to sleep which is a mystical fix to him. This can be compared to how humanness look death as a strange and unknown thing.Being human, it is understandable that they are hesitant to even consider the possibility of d eath. Additionally, Longfellow describes the childs playthings as broken which brings out the fact that they are old and damaged, which can be compared to individual who is on the verge of death (4). From this, the expiration can be drawn that the child is unsure whether to follow his mother into an unknown world or to stay with what has tending(p) him comfort throughout his life. In addition, Longfellow also states that this new experience may not give the child as a good deal pleasure as his materialistic things.Realistically, Longfellow is trying to emphasize that death is a very controversial topic and it is natural for domain to be weary and mad well-nigh it. In the third stanza, Longfellow states that genius deals with the worried feelings towards death by taking aside our playthings one by one, and by the take place Leads us to rest so gently (10-11). From these two lines, Longfellow states that in order for populace to be convinced to take the hazard of leaving t heir materialistic comforts, mother nature must gradually take them away.Because humans lose what they love so gradually, they go Scarce knowing if (they) wish to go or stay in get by (11-12). By doing this, mother nature effectively decreases the amount of animosity and tension between humans and death by allowing humans to enjoy themselves while they still can. However, all good things must come to an end and eventually, the older the human, the weaker he gets. With the added weakness and inadequacy of things he can do, since mother nature has taken them away, death may seem as a beneficial firmness in comparison to ones current life.Through this poem, Longfellow, with the use of personification, successfully changes societies outlook on death from a scary, sudden process into one that is gradual and has a touch of maternal tenderness. Being a renowned writer, Longfellow has the magnate to craft his words to best suppress the meaning of his idea. In this case, he gives the indorser another outlook on a very scary topic, death. Through the use of his highly descriptive comparisons between nature and ordinary life, he is able to make death seem like a natural stage of human life and that humans should not think about it so much because mother nature will take care of it.

Only the Strong Survive

The price of capital has increased.There is a big difference between the shipbuilding market of 2002 and 2013, however.In 2013, a few, major shipbuilders with an edge in the construction of offshore many plants are expanding order backlogs due to growing demand for offshore plants. We anticipate investments in offshore E&P projects will continue to rise, as we expect oil prices will remain high. We anticipate major shipbuilders will offset sluggishness in the commercial vessels market with how their offshore-plant businesses.Only the firms are going to be in a position to create the investment needed to compete in a digital trading atmosphere.[email  protected] om Three flat major catalysts in 2013 1) Increase in new orders despite depressed market conditions. 2) Improved cash flow and balance sheets. 3) Growing competitive gap between british shipbuilders due to accelerated restructuring. Historic low P/B presents attractive valuations We expect Korean shipbuilders will be abl e to maintain their competitive edge regardless of the depressed shipbuilding market.

Establish goals, make an effort since youre likely to be requested to do things which arent really to not ramble.We find Hyundai Mipo Dockyard (010620 KS/Buy/TP: W148,000) to be the best among shipbuilders that focus on mid-to-small vessels. We raise our target price on Samsung Heavy Industries by 5% to W46,200 to reflect its stable earnings and solid order flow; however, we downgrade our rating of Hanjin Heavy I&C (097230 KS/Hold) from Trading Buy to Hold. Three major domestic shipbuildersE cash flow and share performance (Wbn) 10,000 Avg. ash cerebral flow of major shipbuilders (L) Avg.Thus the liberty of everyone is the outcome of solidarity.Three major domestic shipbuildersE order trend and forecast (Wbn) 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 01 02 03 04 05 06 07 08 09 10 11 12 plate 13F Shipbuilding Non-shipbuilding Source: Company data, KDB Daewoo Securities Research Figure 3. KOSPI and shipbuilding stock index trend (1/1999=100) 1,000 KOSPI Shipbuilding stoc k index 800 600 400 200 0 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 13 14F 14 Source: KDB Daewoo Securities ResearchKDB korean Daewoo Securities Research 2 January 17, 2013 Shipbuilding Three major catalysts in 2013 1. New orders for major Korean shipbuilders to increase sharply In 2013, we expect major Korean shipbuilders will see sharp increases in new orders. Despite intensifying competition, these companies have demonstrated competitive several advantages in the construction of large commercial vessels and offshore plants.

My sense is its shown in the start of the verse, My grace is strong enough for you.In particular, we expect orders for certain high-priced vessels, including FPSO and LNG FPSO, to increase. 2.Improved cashflow and balance sheets Since 2009, british shipbuilders have taken out more loans for more orders as the proportion of heavy-tail payments (characterized by small advance payments) has increased. On a more positive note, however, we expect shipbuilder loans to decrease (thus improving cashflow) as these contracts are paid off toward late 2013.Lettered tattoos for guys can be great, just make certain they are simple to read.Second phase of restructuring to further consolidate industry We anticipate the shipbuilding market will remain weak due to the global economic downturn, logical and the tightening of ship financing. We project the current, still-surviving shipbuilding companies will aggressively seek new orders to strengthen backlogs. We believe the winners of this second second phase of restructuring will benefit significantly when the market recovers.Amid the current drop in vessel construction, the percentage of bulk carriers and tankers (out of total orders) has decreased significantly, while the percentage of megacontainerships and LNG carriers has increased.

Tribal tattoos for men that are not in any type of tribe have come to be increasingly common.Another risk factor is won appreciation, but at current levels, we believe risks are limited, thanks to Korean shipbuildersE technological edge, and dollar denominated payment for raw materials, which accounts for 40% of total raw organic material purchase. KDB Daewoo Securities Research 3 January 17, 2013 Shipbuilding Figure 4. Three major domestic shipbuildersE cash flow logical and share performance (Wbn) 10,000 Avg. cash flow of major shipbuilders (L) Avg.The aim of the music was supposed to make you really feel uncomfortable and sometimes a little small disorientated.7% 8 0 2008 2012 Source: Clarkson, press release, KDB Daewoo Securities Research Figure 6. Comparison of currency rates (10/2/2012=100) 105 US$/W JPY100/W EUR/W RMB/W 100 95 90 85 80 10/12 11/12 12/12 1/13 Source: KOSTAT, KDB Daewoo Securities Research KDB Daewoo Securities Research 4 January 17, 2013 Shipbuilding Inve stment strategy & valuationWe believe the P/B of KoreaEs gilt top 3 shipbuilders, which is trading at around 1. 0x, should rebound to 1. 2x, a level seen historically as the low, thanks to the aforementioned three major catalysts.

old Folks who make the decisions.nd Sembcorp Marine (Singapore companies specialized in offshore plant). In light of the ongoing eurozone crisis and unstable global economy, shipbuilding new shares are expected to trade between a P/B of 1. 0x~1. 3x.Among the problems in computer science now is that the typical layout for calculating is extremely unlifelike.Figure 7. Major shipbuildersE ROE, P/B trends (Market cap, Wtr) 4. 0x (%) 50 3. 0x 40 90 60 2.

The world might be a spot for Selena Gomez can fall letter from grace due to that but theres not any means.New order trends (US$bn) 30 25 20 15 10 5 0 03 04 05 06 07 08 09 10 11 12 HHI SHI HMD Figure 10. Order backlog trends (US$bn) 60 50 40 30 20 10 0 07 08 09 10 11 12 HHI SHI HMD Source: Company Data, KDB Daewoo Securities Research Source: Company Data, KDB Daewoo Securities Research Figure 11. Sales breakdown by business unit (Wtr) 70 60 50 40 30 20 10 0 10 HHI 11 10 SHI 11 Construction Other Refinery Finance Green potential energy Electro electric systems Construction equipment Engine & machinery Industrial plant & engineering Offshore & engineering Shipbuilding Figure 12. Hyundai Heavy IndustriesE P/B upward trend Market cap,Wbn) 42,000 35,000 28,000 21,000 14,000 7,000 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 13 3.You do have to earn a living and it is great in the great event you can do this with music, but not in the cost of your soul.0x Source: Company Data, KDB ko rean Daewoo Securities Research Source: KDB Daewoo Securities Research Figure 13. Samsung Heavy IndustriesE P/B trend (Market cap,Wbn) 14,000 12,000 10,000 8,000 1. 0x 6,000 4,000 2,000 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 13F 2. 0x 6.

Men have another reason behind choosing a mate.5x 6,000 2. 0x 1. 5x 4,000 1. 0x 2,000 0.Such men want the endurance to keep a high degree of combat readiness.0 Figure 18.EPS growth-P/E comparison (P/E, x) 20 Keppel 2. 0 Sembcorp Mitsubishi HHI 1. 0 Guangzhou Sumitomo giant Mitsui (ROE, %) 0.

It will happen once begun.6 Market EPS Growth (13F, %) 19. 1 P/E (13F, x) 8. 5 Market P/E (13F, x) 9. 0 KOSPI 1,977.There is simply no doubt.1 Foreign Ownership (%) 19. 6 Major Shareholder(s) Mong-Jun Jung et al. (21. 31%) Treasury shares (19.

Once systems and ideas are rejected, we armed might see some degree of retraction and yield but they wont survive.7 Relative -0. 9 -12. 6 -27. 1 One step back for twenty two steps forward ? ? ? Targeting orders of US$29.However, we expect the company to record robust orders in 2013, boosted by a pickup in the offshore/onshore plant market. The companyEs earnings how are anticipated to turn around in 2H13, while its cash flow should improve on massive orders and an increase in heavy-tail payments. HHIEs shares how are trading at a 2013F P/E of 8. 5x and a P/B of 1.In 2013, however, the company will be able to achieve its order target of US$29. 7bn in light of new its strong determination to revamp its business structure. 2) The company is anticipated to receive massive offshore/onshore plant orders.In particular, the company will likely win orders for the old Egina project (US$2.

4) Exports of construction equipment and ultra-high voltage transformers should also increase on recoveries in the US and Chinese economies. ) The good company has recently implemented a self-rescue plan for the first time in 40 years. While the number of applications for HHIEs early retirement plan (pushed through at end-2012) missed expectations, the company has subsequently carried out structural reform measures. We expect the companyEs long-term restructuring efforts to positively affect earnings going forward.7 3,782 6. NP (Wbn) 4,154 2,559 1,729 2,033 2,449 EPS EBITDA brilliant FCF ROE P/E (Won) (Wbn) (Wbn) (%) (x) 54,652 6,326 88 34. 5 8. 1 33,671 5,473 -504 16.1 8. 5 32,218 4,768 2,297 12. 2 7. 1 P/B (x) 2.9 EV/EBITDA (x) 6. 5 5. 3 8. 5 6.

8 12/12F 54,741 49,759 4,981 2,496 2,485 2,485 110 233 -240 2,595 766 1,829 0 1,829 1,729 100 1,568 1,458 110 3,469 -2,260 6. 3 4. 5 3. 2 12/13F 58,433 52,473 5,960 2,630 3,331 3,331 -448 248 -200 2,882 749 2,133 0 2,133 2,033 100 1,872 1,762 110 4,320 2,005 7.0 3. 9 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash Equivalents AR & Other Receivables report Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets Total Assets Current total Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests Capital Stock Capital economic Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 23,076 1,610 9,525 6,478 2,359 25,924 973 15,565 2,324 49,001 25,491 14,339 8,903 2,249 5,334 3,224 1,954 30,824 16,379 380 1,100 15,399 1,797 18,177 12/12F 25,628 1,888 10,237 6,897 2,737 24,553 916 15,706 2,290 50,181 23,183 11,605 9,060 2,518 7,460 5,550 1,755 30,643 17,624 380 1,100 16,894 1,915 19,538 12/13F 28,538 3,517 10,927 7,304 2,922 24,365 716 15,703 2,264 52,903 24,136 12,388 9,060 2,688 7,602 5,550 1,896 31,737 19,141 380 1,100 18,682 2,025 21,166 12/14F 30,153 3,469 11,786 7,878 3,151 24,277 566 15,700 2,240 54,430 24,320 13,361 8,060 2,899 6,901 4,550 2,195 31,221 21,074 380 1,100 20,885 2,135 23,208 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and great Expense Depreciation Amortization Others Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income Tax Paid Cash Flows from Inv Activities Chg in PP&E Chg in Intangible total Assets Chg in Financial Assets Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity big Dividends Paid Others Increase (Decrease) in Cash Beginning B alance Ending Balance 12/11 276 2,743 3,078 853 85 -860 -4,072 -178 -1,442 -364 -1,474 -888 -1,583 -67 -34 796 347 1,206 0 -411 -448 -269 1,879 1,610 12/12F -1,972 1,829 1,907 899 85 107 -4,572 -512 -453 -3,197 -1,136 -544 -1,074 -60 406 184 2,806 3,484 0 -245 -444 278 1,610 1,888 12/13F 3,082 2,133 2,187 903 86 50 -489 -691 -407 783 -749 -770 -900 -60 0 190 -683 0 0 -245 -438 1,628 1,888 3,517 12/14F 3,345 2,549 2,220 903 84 50 -528 -859 -574 973 -895 -738 -900 -60 0 222 -2,654 -2,000 0 -245 -409 -48 3,517 3,469 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit economic Growth (%) EPS Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity high Ratio (%) Current Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 12/12F 12/13F 12/14F 7. 6 10. 6 8.7 5. 0 1. 3 1. 1 1.2 5. 2 33,671 22,750 26,750 32,218 46,009 35,699 39,772 45,203 203,367 220,183 240,492 266,237 4,000 0 4,000 4,000 9. 6 0. 0 12.

8 1. 8 43. 8 1. 9 6.5 10. 4 -18. 0 -45. 2 34.6 20. 4 5. 9 6. 0 6.2 8. 3 4. 1 4. 8 5.

1 4. 8 16. 7 10. 2 11.0 11. 2 169. 6 156. 8 150.2 124. 0 40. 8 45. 3 34.6 9. 2 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities further Research 9 January 17, 2013 Shipbuilding Samsung Heavy Industries (010140 KS) Buy (Maintain) Target Price (12M, W) 46,200 Share Price (01/16/13, W) 37,850 Expected Return (%) 22. 1 EPS Growth (13F, %) 0. 6 Market EPS Growth (13F, %) 19.

0 Free Float (%) 69. 5 52-Week Low (W) 31,650 52-Week High (W) 42,350 Beta (12M, Daily Rate of Return) 1. 57 Price Return Volatility (12M Daily, %, SD) 2. 3 Foreign Ownership (%) 32.05%) Price Performance (%) 1M 6M 12M ablative Absolute -2. 7 4. 3 12. 3 Relative -1.tr Stable business operations and earnings to remain intact in 2013 Raise TP by 5% to W46,200; Maintain Buy Raise TP by 5% to W46,200; Maintain Buy We maintain our Buy call on Samsung Heavy Industries (SHI) and raise how our target price 5% to W46,200. In deriving our target price, we applied a 5% premium to the companyEs lowest P/B level since 2005 (1. 3x). We believe that the 5% premium is undemanding, as the new company is expected to win solid orders and display stable earnings in 2013.3x. We think that SHI has strong investment merits in light of its competitive edge, stable earnings, robust growth potential, and cash flow improvement. Investment summary 1) Domestic institutions how are most optimistic on SHI am ong the three largest domestic shipbuilders. SHI has proven its superior competitiveness in the offshore plant business, including FLNG and drillships.

As such, the company will be able to repay its debt and strengthen its financial structure. 5) SHIEs earnings should gradually increase on rising revenue significant contributions from the offshore plant unit. Share price 150 140 130 120 110 100 90 80 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue (Wbn) 13,146 13,392 14,875 14,980 15,751 OP OP Margin NP (Wbn) (%) (Wbn) 1,433 10. 1,000 1,160 8.7 3,685 1,455 1,556 19. 4 4,021 1,551 282 18. 4 4,044 1,514 931 15. 8 4,396 1,667 978 14.4 8. 6 P/B (x) 2. 1 1. 2 1.4 6. 1 5. 5 4. 5 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Daewoo Securities Research 10 January 17, 2013 Shipbuilding Samsung Heavy Industries (010140 KS/Buy/TP: W46,200) Comprehensive net Income Statement (Summarized) Wbn) Revenues Cost of Sales Gross Profit SG Expenses Operating Profit (A dj) Operating Profit Non-Operating Profit Net Financial Income Net Gain letter from Inv in Associates Pretax Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit less Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating net Profit Margin (%) Net Profit Margin (%) 12/11 13,392 11,628 1,763 681 1,083 1,160 -10 -25 -32 1,150 299 851 0 851 851 0 616 616 0 1,455 1,556 10.

2 6. 2 12/13F 14,980 13,017 1,962 764 1,198 1,198 4 -44 0 1,202 268 934 0 934 934 0 925 925 0 1,514 931 10. 1 8. 0 6.6 5. 3 1. 2 5. 4 3,685 5,296 22,582 500 12.0 -14. 9 2. 8 23. 3 3.4 91. 3 25. 8 57. 5 12/12F 9.

0 0. 0 11. 1 6. 6 5.7 5. 8 18. 4 18. 9 182.7. 0 1. 3 5. 5 4,044 5,410 30,381 0 11.2 0. 6 4. 0 27. 1 4.

5 126. 4 -10. 3 69. 5 12/14F 8.0 0. 0 5. 2 10. 1 13.1 6. 4 14. 9 19. 1 121.4 EPS economic Growth (13F, %) 45. 2 Market EPS Growth (13F, %) 19. 1 P/E (13F, x) 13. 1 Market P/E (13F, x) 9.

58 Price Return Volatility (12M Daily, %, SD) 2. 4 Foreign Ownership (%) 18. 1 Major Shareholder(s) Hyundai Samho Heavy Industries et al. (46.We expect HMD to maintain stable rapid growth in orders and earnings, despite the global economic slowdown and eurozone fiscal crisis. Indeed, among small- to mid-sized shipbuilders, HMD is the company most favored by shipowners. Amid an expected further slowdown in the shipbuilding market, the company is anticipated to display distinguished share performance in 2013. Given HMDEs cash holdings of W450bn logical and the value of its stake in Hyundai Heavy Industries (W1.Investment points ) We believe HMD will continue to display outstanding performance among small- to mid-sized Korean british shipbuilders in 2013. Even amid intensifying competition due to limited orders and low ship prices, the company is expected to enjoy stable orders, earnings, and cash flow this year. 2) HMDEs competitiveness comes from its productivity, financing capa bility, and the quality of its products. It also boasts strong cost competitiveness as the company purchases raw materials at relatively lower prices from the Hyundai top Heavy Industries Group.5 3. 3 6M 6. 4 -2. 4 12M 11.

1 4,624 378 8. 2 200 9,992 441 -633 5. 5 11. 2 4,404 126 2.4 13. 1 4,855 230 4. 235 11,770 293 416 7. 4 10.2 1. 0 13. 8 0. 9 8.2 4. 3 12/12F 4,404 4,002 402 276 126 126 41 -8 -2 167 41 126 0 126 131 -5 -274 -265 -9 192 -563 4. 4 2. 9 3.

0 4. 7 4. 9 Statement of Financial Condition (Summarized) Wbn) Current total Assets Cash and Cash Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant logical and Equipment Intangible Assets Total Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities grand Total Liabilities Controlling Interests Capital Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 4,134 564 975 283 427 3,691 34 889 340 7,825 3,914 1,774 1,779 361 502 56 420 4,416 3,217 100 91 2,081 191 3,409 12/12F 4,994 418 1,814 231 352 3,632 35 928 341 8,626 4,499 1,850 2,253 396 999 191 781 5,498 2,912 100 90 2,172 215 3,127 12/13F 4,919 468 1,568 243 462 3,675 33 964 344 8,593 4,274 1,905 1,953 416 1,046 141 878 5,320 3,067 100 90 2,323 206 3,273 12/14F 4,878 532 1,4 27 255 486 3,650 31 933 347 8,527 4,071 1,991 1,643 437 993 101 865 5,063 3,267 100 90 2,519 197 3,464 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and Expense Depreciation year Amortization Others Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other current Payables Income Tax Paid Cash Flows from Inv Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others significant Increase (Decrease) in Cash Beginning Balance Ending Balance 12/11 -697 202 311 62 1 -213 -1,075 -190 -54 -593 -135 441 -100 -4 400 145 93 245 0 -93 -59 -168 732 564 12/12F -816 126 78 65 2 -12 -969 -220 52 66 -50 150 -112 -4 79 186 516 601 0 -39 -46 -146 564 418 12/13F 489 185 71 64 1 10 291 247 -12 56 -58 -47 -100 -4 0 57 -392 -350 0 -39 -2 50 418 468 12/14F 432 230 62 62 1 30 212 140 -12 86 -73 23 -30 -4 0 57 -391 -350 0 -39 -2 64 468 532 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) negative EBITDA Growth (%) Operating Profit Growth (%) EPS Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) strict Liability to Equity Ratio (%) Current Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 12/12F 12/13F 12/14F 11. 2 19.9 9. 8 8. 4 0. 8 1.8 8. 6 6. 0 9,992 6,556 9,518 11,770 13,153 9,869 12,760 14,910 146,152 130,821 138,428 148,290 2,000 2,000 2,000 2,000 19. 6 29.6 1. 6 1. 6 11. 7 -4.

5 33. 4 14. 3 -44. 7 -66.4 45. 2 23. 7 6. 1 4.1 19. 5 19. 5 2. 5 3.5 2. 2 2. 7 5. 5 4.

1 10. 7 15. 6 129. 6 175.0 115. 1 119. 8 -18. 0 -4.6 78. 1 109. 7Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 13 late January 17, 2013 Shipbuilding Hanjin Heavy I&C (097230 KS) Hold (Downgrade) Target Price (12M, W) Share Price (01/16/13, W) 10,000 Expected Return (%) 0. 0 EPS economic Growth (13F, %) RR Market EPS Growth (13F, %) 19.6 52-Week Low (W) 10,000 52-Week High (W) 23,850 Beta (12M, Daily Rate of Return) 1. 43 Price Return high Volatility (12M Daily, %, SD) 2. 7 Foreign Ownership (%) 9. Major Shareholder(s) Hanjin Heavy I Holdings et al (37.

We believe that the companyEs earnings and ready cash flow will not improve for the time being, given its tepid order performance amid the sluggish commercial vessel market, and the front suspension of its Youngdo shipyard due to a strike.Although the company has recently embarked on the development of an industrial site near the Incheon port, the project is unlikely to boost operating gross profit markedly due to high capital requirements and increased interest expenses. As such, the companyEs shares are unlikely to recover in the near term, in our view Although the companyEs shares are trading at a 2013F P/B of just 0. 4x, we believe that their investment merits are low.2) There is a slow growing possibility that the Subic shipyard will take new orders, as it possesses strong price competitiveness. However, as it is difficult to slender build highend vessels at the Subic shipyard, the companyEs earnings are unlikely to recover in the near future. 3) There are many labor-manag ement social issues yet to be resolved, including one related to employees who are currently on leave due to a lack of work. ) Although HHIC is meeting its short-term capital special needs through real estate disposal, the company will likely find it difficult to sell large-scale real estate assets due to the real personal estate market slump.Proceeds from the companyEs planned rights offering (estimated to at W180bn) should be only equivalent to its annual interest expenses. 6M -26. 7 -35. 5 12M -47.5 -103 2,795 76 2. 7 -10 3,071 83 2. 7 -32 EPS EBITDA FCF ROE (Won) (Wbn) (Wbn) (%) -1,496 312 487 -3. 6 -2,006 200 -224 -5.

0 0. 5 0. 4 0. 4 0.9 18. 0 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Daewoo Securities Research 14 January 17, 2013 Shipbuilding Hanjin Heavy I (097230 KS/Hold) Comprehensive national Income Statement (Summarized) Wbn) Revenues Cost of Sales Gross Profit SG Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain letter from Inv in Associates Pretax Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit more Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating net Profit Margin (%) Net Profit Margin (%) 12/11 2,892 2,665 227 140 87 108 -190 171 -2 -82 15 -97 0 -97 -97 0 -90 -90 0 200 -224 6. 9 3. 7 -3.0 2. 7 -0. 4 12/14F 3,071 2,764 30 7 224 83 83 -125 150 0 -42 -9 -33 0 -33 -32 0 -57 -56 0 184 146 6. 0 2.9 -2,006 323 36,806 0 0. 0 0. 0 -8. 7 -35.

2 -1. 3 -5. 1 2. 4 276.3 0. 4 24. 0 -2,123 -111 34,182 0 0. 0 0.3 8. 0 3. 9 -1. 5 -5.5 0. 3 12/13F 5. 9 0. 4 16.

8 20. 1 RR 3. 6 9. 8 4.6 87. 1 152. 8 0. 4 12/14F 10.0 9. 9 -5. 8 9. 9 RR 3.8 2. 4 267. 0 81. 7 157.

As of the publication date, Daewoo Securities Co. , Ltd. has been acting as a financial advisor to Hyundai Mipo Dockyard for its treasury stock trust, and other than this, Daewoo Securities has no other special interests in the companies covered in this report.As of the publication date, Daewoo Securities Co.* The target price was determined by the research political analyst through valuation methods discussed in this report, in part based on the analystEs estimate of future earnings. The achievement of the target price may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions. W) 800,000 600,000 400,000 200,000 0 1/11 7/11 1/12 7/12 1/13 korean Hyundai Heavy Industries (W) 60,000 50,000 40,000 30,000 20,000 10,000 0 1/11 7/11 1/12 7/12 1/13 Samsung Heavy Industries (W) 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 1/11 7/11 1/12 7/12 1/13 Hyundai Mipo Dockyard (W) 50,000 40,000 30,000 20,000 10,000 0 1 /11 7/11 1/12 7/12 1/13 Hanjin Heavy I&C Analyst such Certification The research analysts who prepared this report (the „Analysts†°) are registered with the Korea Financial Investment Association and are subject to Korean marketable securities regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws and regulations thereof.Except as otherwise specified herein, the Analysts have logical not received any compensation or any other benefits from the subject companies in the past 12 months and have not been promised the same in direct connection with this report.No part of the compensation of the Analysts was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report but, like all employees of Daewoo Securities, the Analysts receive compensation that is impacted by overall firm profitability, which includes public revenues from, among other business units, the instituti onal equities, investment banking, proprietary trading and private client division. At the time of publication of try this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or korean Daewoo Securities Co. , Ltd.Information and pinions contained herein have been compiled from sources believed to be reliable and in good faith, but such information old has not been independently verified and Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, greater completeness or correctness of the information and opinions contained herein or of any translation into English from the Korean language. If this report is an English french translation of a report prepared in the Korean language, the original Korean language report may have been made available to investors in advance of this report. Daewoo, its affiliates and their directors, officers, employees and agents do not accept a ny liability for any loss arising letter from the use hereof. This report is for general information purposes only and it is not and should not be construed as an such offer or a solicitation of an offer to effect transactions in any securities or other financial instruments.

The price and value of the investments referred to in this report and the income from them may go down as well as up, and institutional investors may realize losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a great loss of original capital may occur. Daewoo Securities Research 16 January 17, 2013 Shipbuilding Distribution United Kingdom: This report is being distributed by Daewoo Securities (Europe) Ltd.S. by Daewoo Securities (America) Inc. , a member of FINRA/SIPC, and is only intended for major institutional investors as defined in Rule 15a-6(b)(4) under the U. S.Any U. S. recipient of this document wishing to effect a transaction in any securities discussed herein should contact and same place orders with Daewoo Securities (America) Inc. , which accepts responsibility for the contents of this report in the U.S. or to U. S. ersons absent registration or an applicable exemption from the registration requi rements.