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Page 1 of 3 3803 The Treaty of Versailles. (buy this paper) This eleven-page undergraduate paper discusses the Treaty of Versailles which ended the First World contend in terms of the Allies desire for vengeance, the treatys punishing territorial provisions, the unrealistic war reparations payments demanded of Germany, and the dire consequences these had upon chances for future peace. 11 pgs. Bibliography lists 5 sources. file name 3803 Treaty of Versailles.doc Price $98.45 3922 The Causes of World War One. (buy this paper) This paper evaluates the causes of the First World War. It shows how scholars have pointed to the forces of nationalism, militarism and imperialism to explain the origins of the conflict. The war was certainly caused by the collision of interests between imperial powers. Overall, the paper reveals that the historiographical debate surrounds the issue of whether it was individual(a) events or underlying forces that caused the war. 6 pgs. Bibliography lists 3 so urces. Filename 3922 World War One.doc Price $ 53.70 6815 "In viewing the possible impact of the United States towards the War essay "over there", did the United States turn the tide of battle, that is, in all facets, economically, and militarily, did the impact of the United States entry into World War I enable the ally to achieve victory---YES OR NO?" (buy this paper) This is a 6-page paper in MLA style that states that World War I was won on the basis of the entrance of the Americans who done their military and economic help changed the tide of the war. 6 pgs. Bibliography lists 7 sources. Filename 6815 US War Efforts.doc Price $53.70 10247 Influence on Public Opinion in World War One. (buy this paper) This 4-pages undergraduate paper examines the role played by intellectuals and of propaganda in the World War I era. 4 pgs. Bibliography list 3 sources. Filename 10247 Public Opinion War.doc Price $35.80 2228 The Bombing of Hiroshima and Nagasaki. (buy this paper) This paper looks at the bombing by the Americans on Hiroshima and Nagasaki as an inevitable decision to avoid a enormous drawn out war with Japan. Essentially, the decision to bomb was the lesser of two evils. 10.5 pgs. 21 f/c. 10b. Filename 2228 Bombing Hiroshima Nagasaki.doc Price $89.50 2079 The American Decision to employment a Nuclear Weapon on Hiroshima. (buy this paper) 13 pgs. 17 f/c. 12b. Filename 2079 American Decision Nuclear.

Essay --

Soccer Supporters CommunityThe word community is primarily referred to our association with a neighborhood, town or city. But besides its dictionary definition, a community is also what holds a certain group of people together based on their interests, beliefs, practices and values. The world is conformed by many of these communities, but there is genius that stands out because of its enormity and the passion that is shared within its members, the association footb all supporters community. Soccer supporters are the most diehard fans in the sports world their have it off and enthusiasm towards a soccer club is beyond normal and their distinctive practices makes them a worldwide community.This community is mainly defined by the devotion soccer fans have towards their preferred club and the things theyre willing to do to support their team at every game. This unique fanaticism makes them different from other sports supporters. The set of practices and habits that soccer supporters lam out are things like wearing the jersey of your team at all games, create banners on support, sing chants to motivate your team, travel to the away games, honor other soccer leagues, play soccer, stay tuned on what is going in the soccer world, but overall respect the game. Needless to say, every community has a sense of stability that declares what is acceptable and what is not. That stability is possible thanks to a communitys traditions and behaviors that must be followed by those who belong to them, and in this case, soccer supporters are not the exception. As Eduardo Galleano once said, in life a man can qualifying wives, political parties, or religions, but he cannot change his favorite football team, and thats is the number one principle of a soccer supporter, t... ... World Cup champions, their support and passion are going to be at the highest possible level. This amount of fervor is what holds the community together.Therefore the soccer supporters community is abo ut love, respect, passion, loyalty, commitment and many other qualities that bring people from all round the globe together that share the same love for a sport. There are standards of behaviors and traditions that must be followed in order to have a sense of stability within the community. As I mentioned before, one of the main purposes of this community is to prevent every aspect that can spoil the image of the game, and lastly supporters must take advantage of such events like the World Cup, in order to interact and relate with supporters of other teams, so that all supporters share the love for the game, enjoy the game, respect the game and live for the game.

A Close Reading of Ragged Dick :: Ragged Dick Essays

A Close Reading of Ragged Dick There were no houses of good appearance near it, buildings being check mainly to rude temporary huts used by workmen who were employed in improving it. The time will undoubtedly come when the greens will be surrounded by elegant residences, and comp be favorably in this respect with the most attractive city in the world. But at the time when blunt and Dick visited it, not much could be said in favor of either the Park or its neighborhood. If this is Central Park, said Frank, who naturally felt disappointed, I dont think much of it. My fathers got a large pasture that is much nicer. Itll look better some time, said Dick. There aint much to see now scarce rocks. We will take a walk over it if you want to. No, said Frank, Ive seen as much of it as I want to. Besides, I feel tired. (p. 48) In this passage from Ragged Dick, Horatio Alger employs the ongoing construction of Central Park as a metaphor for the transformation of Ragged Dick into the es teemed Richard Hunter, Esquire. The narrator informs the subscriber at the outset of this passage that when Dick and Frank are visiting the Park during its construction, there are no houses of good appearance near it significantly, the buildings that are there are only temporary. Central Park, like Ragged Dick, is simply a work-in-progress. Although externally it may appear rough and unpolished, as both the Park and Dick do to Frank, this situation is only transitory. Through diligent and honest work for Dick and workmen for the Park, a revolution will be completed, culminating in a respectable and elegant final product. The fact that Alger utilizes the word undoubtedly informs the reader that for both Dick and Central Park, self-improvement will assuredly be achieved through with(predicate) demanding effort, and this is designed to provide incentives and hope for the young reader. The passage also illuminates a dichotomy in Dicks and Franks perception of the world.

Use of Polarization in Goodbye, Mr. Chips Essay -- Goodbye, Mr. Chips

Use of Polarization in Goodbye, Mr. Chips Opposites attract. James Hilton uses this fact in Goodbye, Mr. Chips to defecate tension in the story however, he makes greater use of this polarization to develop the character of Chips. Mr. Chips and Katherine Bridges may be viewed not only as opposites but also as arguments. Hilton uses thesis in the form of young Chips and antithesis in the form of Katherine Bridges to arrive at synthesis, the personality and character of the maturate schoolmaster. Hilton portrays young Chips as lacking in confidence. During an interview, Chips, a schoolteacher in his early twenties, admits to Wetherby, the head of Brookfield, that disciplining young boys was not one of his strong points at Melbury, his antecedent school. Wetherby counsels Chips that youth and age often combine well and offers Chips a second chance at Brookfield, an old established school (4). At Brookfield Chips assumes a glower and a no nonsense attitude to cover his inward nervou sness. During the next ten years, Chips realizes that his discipline although good enough ...

The Changes in Mickey and Edwards Relationship :: Blood Brothers Willy Russell Essays

The Changes in Mickey and Edwards RelationshipThere In a flash the whole course of your liveliness has been decided, willyou succeed or will you fail? It is not for you to decide, you havehad your freedom taken away from you and you will never realise untilthe last moments of your frustrated, or enjoyable life and by then itwill be too late. This is Blood Brothers in a nutshell a musicalwhich tears through the walls of favorable ethics exposing the obvioustruth, injustice and social inequalities roam our Country and thedevices which Russell uses brings this to the audition in a mixture ofspeech, song and show.In this piece of drama coursework direction on Blood Brothers therewill be several different aspects of the map which will be focusedon. The characters, particularly the main two, will be the fundamentalbuilding blocks of answering the question because once we knoweverything about Mickey and Edward we can then go on to look at their consanguinity changes. Another important i ssue to look at is thedramatic devices used by the director and how this will link to thestructure of the play. Also it would be serviceable to look at the languageused as this can give a full insight into the author and on this note,reach into the ideas and themes of the play so we will have a goodview of Willy Russells intentions. Finally looking at the setting to externalize more of Russells intentions and the cultural context trying tosee what kind of audience Russell had in mind.Looking at Russells intentions I have come up with three main viewpointsHe just wrote this play as you see it at face value it could be anironic storyline that they are blood brothers but also real brothers,the fact that its a musical is purely for show and entertainment.The evidence for this point of view is one of Russells interviewsabout Educating Rita, where Rita cuts off Franks hair its supposedto be alluding to the cutting of Sampsons hair by Delilah. In factthe real reason was it was supposed t o be a comic gag. So then how dowe know that Russell wrote the play for the general audience and notfor the commentators and critics, maybe he wrote the play to beenjoyed rather than for people to debate the social meanings but justwatch a musical?An substitute(a) view point would suggest that Russell saw this as wayto show how difficult it is to be successful or just to lead a good

Irrigation as a Tool for Frost and Freeze Protection Essay -- Agricult

For years now farmers and researchers have understood the value of applying wet to crops during periods when the temperature drops under 32oF (0oC). The temperature of 32oF is the freezing point of water and is the temperature at which crops start to become damaged due to the formation of ice crystals in their tissue cells. The point that this starts to occur is considered the crops critical temperature. The critical temperature usually is pretty lower than the freezing point of water and depends on the duration at the temperature. For example, in citrus tree the critical temperature at four hours is 28oF. This means that a citrus tree can stand a temperature of 28oF for four hours before sustaining damage. After four hours the damage is proportional to the sequence that the temperature remains below the critical temperature. Temperatures below 28oF for a short period of time (one or two hours) will cause only minimal damage. Temperatures over 28oF can be tolerated for extended periods of time with only minor damage (partial leaf burn, partial defoliation, etc., but no wood damage). Other factors such as stage of growth (if the plant is in early stages of growth or mature), fruit set (whether the crop is still on the plant or not), dormancy (whether the plant is actively growing or is dormant), plant water content (whether the plant is under water stress or not) and overall plant health will influence the critical temperature for a specific crop. There are three ways that water can transfer heat for freeze protection. The first way is through radiation. Water pump from wells will be introduced into the field at a much higher temperature than the surrounding air temperature (in Florida the temperature for water coming from a well is... ...rmittent coverage. ReferencesHochmuth, G.J., S.J. Lacascio, S.R. Kostewicz, and F.G. Martin. 1993. Irrigation method and Rowcover Use for Strawberry Freeze Protection. J. Amer. Soc. Hort. Sci. 188(5)575-579. Miller, F. 1977. College Physics. Harcourt Brace Jovanovich, Inc. New York. Parsons, L.R., and T.A. Wheaton, 1987. Microsprinkler Irrigation for Freeze Protection Evaporative Cooling and Extent of Protection in an Advective Freeze. J. Amer. Soc. Hort. Sci. 112(6)879- 902. Parsons, L.R., T.A. Wheaton, N.D. Faryna, and J.L. Jackson. 1991. Elevated Microsprinklers correct Protection of Citrus Trees in an Advective Freeze. Hortscience. 26(9)1149-1151. Rieger, M., F.S. Davies, and L.K. Jackson. 1986. Microsprinkler Irrigation and Microclimate of Young Orange Trees During Freeze Conditions. Hortscience. 21(6)1372-1374.

Sex, Lies and Conversation: Why is it Difficult to Communicate?

Sex, Lies and Conversation Why Is It So Hard for Men and Women to Talk to Each former(a)? Question- Is what Tannen says about mens and womens communication borne out by your experience? Explain.Culture What Tannen says about women and mens communication is true in some cases, further the way I see it, in my experience, as a kid growing up I tend to see my mother taking to my get under ones skin but my father is sitting there just watching TV, like what Tannen said in the article Men tend to talk more in public then women but they are less talkative when being home, honestly I tend to be like that to, as what Tannen explains the difference amid the communication boys and girl is 100% accurate. Back in elementary school girl would go into their group and tell stories and all that girl stuff and the boys would go play with their group.But when you look at its how culture presents the difference between sexes, growing up I believe kids were taught to play in a trusted way for example girls play with girls and boys play with boys, growing up with this attached in our brain boy go out and do what boys do and girls to, so in a sense when men and women are trying to communicate there is a gap in the relationship, cause a reason for the married woman to complain that the husband isnt like probably because growing up he didnt have to have talk things out and express how he feel.

Business Environment in China

Every field has its suffer rules and regulations according to the needs, requirements and environment of the business in that country. So for any teleph starr, thinking to expand the span of business to an different country and wants to deck for farsighted term in that country, especially where production in that country involves, it is very grand to understand the business environment, government policies, restrictions and future perspective of business in that country.The business has to assess whether the company has ability to corpo footstep most of the business needs and it should also be considered that whether the culture of the company dissolve be integrated with the culture of that country. So the business operations leave alone be different in different ways which have been discussed below Import/ tradeation restrictions There ar certain types of unspoileds and services which may be prohibited in the country where the business has plan to expand. For example, in Islamic countries like Dubai, Saudi Arabia etc, it is prohibited to expert or import alcoholic products excerpt in nearly situations.Certain types of quality measurement might be imposed on the companies in order to import goods in the country. Another spirit of restrictions regarding exporting are the restrictions regarding the quantity which is being exported by the company. Governments can restrict the quantity of any specific product or service to be exported in order to avoid shortage in home country. mainland chinaware has imposed custom levy on the import as well as export of the goods. In addition to this levy, china has fixed a quote for imports of different types of products in the country.These restrictions on imports support the home countries to produce oft for the residents of mainland mainland chinaware and less(prenominal) amount depart be spend on imports and hence improve trade surplus for China which leave behind help China to increase unusual reserve s and hence make the economy of China more strong. Recently, China has imposed different types of restrictions on the export of 17 metallic elements which are important for different types of manufacturing good which also accommodates inputs for automobiles as well as wind turbine. It has made a big issue in the world.Other export restrictions include export duties which comprises of three types regular, temporary and special, export quota for certain types of goods including mass consumption goods. Export license is take to be the exporter (Ambler, T. , Witzel, M. & Xi, C. , (2008). So if MNE has planned to come into the China for long-term investment, cost-benefit analysis should be carried out. However on the other hand, china support different types of exports and give reliefs for home productions which makes the business in china more attractive.Labor relations It can be described as the relations between employers and employees, which are either unionized or non-unionized. U nder the umbrella of grind relations, employees protect their labor right. Different countries have given authority to employees for their rights to different extents and as a result in some countries, labor has more power. So it should be considered while moving to another country that what are the conditions of labor relations in that country and hence how much the employees are powerful and how they can exert their power.It will help the companies to carry out stakeholder analysis as well as stakeholder mapping and hence can improve lay downing conditions as well as can improve business operations. China has implemented labor relations law in 2008 (China Enacts Labor Relations Law, Effective in 2008, 2007). It has given more power to employees within the country. It has been made harder to lay off employees now. For the company like ACME or other MNE, it is very important to be noted that during last year, there was a strike by employees within factories in order to increase th eir wages.It was said by the employees at that time that companies are making huge profits and they are the people who are working behind the success of companies so their share must be increased and reorient with the profits of the company. So companies should understand the risk that low production costs, which are due to low wages, will no longer be attractive in future. Companies should make strategy to deal with the employees in a way which provides them job security, human rights protection, motivation along with the level of work required by the company.Chinas manufacturing market is very feasible for labor intensive industries at the moment. Good relations between employers and employees can be made by providing good working conditions whether they will feel satisfied with their work. Supplier financing It is the finance management in the situation where the products are being exported. All the credit monetary value are included in the contract between importer and exporte r and credit agencies act upon their role in the process and reasonably insure that the contract terms will be fulfilled by importer and exporter will be able to receive payments.At the same time it also ensures that importer will not be liable, to the hold extent, to pay the risks which can be the political risk or economic risks. Companies while trying to operate in other countries must think how much it is sure that they will be able to meet the contract terms and if own company or other company will not adore the contract then what will be role of supplier financing in it how the laws and regulations of countries will support to force the either company to honor the contract. impose rules Tax rules and policies play an important role in order to make the strategy for the business.Countries might have tax treaties with each other as a result company can have the benefit from it. Tax rules applied to foreign firms are sometimes stricter than for their home firm. Such type of t ax rules decides that how the finance will be arranged and how the income distribution will be managed in order to increase the business for the company. Policy for deferred tax and tax insurance for the export of products from china should also be considered. Many countries have higher tax rates which may also adjoin on the financial statements of the business.Tax treaties play an important role in the implications of taxation policies. If home country and the country where company wants to invest have tax treaties then it would be beneficial for the company as it will not have to face double taxation. China has incentivized companies by in regards of taxation. Tax rules have to be followed but they are not very strict. There are many companies which are enjoys tax rates as low as 15%. Many other companies have also lower tax rates by increasing the exports from China (CCH Tax Editor, 2008).Overall, China is an attractive market in regards of the incentivized tax rules. And hence it is feasible to invest in China. Depreciation Schedule Depreciation has its impact on the financial statements of the business especially when the companies have high value for their fixed assets. Some countries allow capital allowance on depreciation and hence which becomes the source of tax savings. Straight line method and reducing balance methods etc are permitted methods in IFRS and IAS. China has flexibility in choosing the method of depreciation.However whichever method company has chosen, it will not be able to change the method in future. Depreciation will become the source of tax savings so company can choose any method which will provide more tax savings to the business. However it should be noted that companies are required to assess the suitability of depreciation method before selecting it. At the same time, companies are also required to check if depreciation needs to be revalued. All the information, regarding revalued depreciation amount and if new asset has been purchased, should be submitted to tax authorities.Minimum depreciation period in China is 20 years for land and buildings and for other types of fixed assets it is 10 years (Yan, X. & Pitt, D. , 2002). Companies have to think the time period for which the company is going to work in China. Currency properties and restrictions It is the control over the inflow and outflow of cash by imposing different rules which are set in monetary policy of the country. It is also the control of fluctuations in currency rates within country using different ways like interest rates and money impression etc.These restrictions might impact on the business as they will not allow the company to export money from their country above some predefined level. It might affect the cashflow statement of parent company which is basically a foreign company. Currency properties restrictions might restrict the company to own properties in their country where the company is going to invest. Such types of consequenc es increases the risk of business as for a huge size factory, it might be required for the business to have its own premises as moving from one land to another land even within the same country is not an slowly task (Riedel, J. , Jin, J. Gao, J. , 2007).Chinas policy to keep its currency undervalue is the point of concern for most the countries in the world. China keeps the currency undervalued in order to support exports. It helps exporters to export for more Yuan for the export of one dollar. On the other hand, it discourages imports in China. So companies have to consider this type of currency control and should make policy regarding the restrictions by china on currency. Sources of long-term and Short-term debt Companies are required to arrange finance for the expansion of business and to run the activities of the business smoothly in the long run.This finance can either be arranged either by raising equity of the company or it can also be arranged by debt as sometimes equity f inancing sometimes consume more time and shareholders WACC for the company is relatively high as compared to debt in most of the cases. Short term or long term debt includes loan from commercial banks or financial institutions and it will be measured that what is the interest rate for that short term finance and whether it is feasible for the company to arrange finance in foreign country or not. China is an attractive market because of easy sources of arranging debts.However china is going to make more strict changes in its short term debt policy. Treasury bills have been proved to be one of the most effective short-term debt tools in china. China has been proved to one of the most efficient market for long term debt especially in aisa. It is relatively easy to obtain long term debt at a competitive rate. Government of China is still working for more efficiency in long term debt market. Bonds are one of the most powerful long term debt tools for the companies working in China. Ethi cs There must be integrity in the information provided to CEO.I will include the information about condition of human rights, labor welfare as well as all other information which belongs to the business. It is ethically necessary to provide the information because it will also help to protect the employees when company will start operating in China as company will already knew that what are the conditions are there and how these conditions can be improved (Norton, A. & Hughes J. , 2009). Although it might have a bad impact on CEO but for the purpose of integrity as well as honesty, I will include all the information. However I will also include the outline solutions to the problems.

Fi 360 Week 2

3-2. Dixon Shuttleworth has a large sum of money that he wants to invest to finance his retirement. He has been presented with three options. The first investment offers a 5% return for the first five historic period, a 10% return for the next five years, and a 20% return thereafter. The second investment offers 10% for the first ten years and 15% thereafter. The third investment offers a constant 12% rate of return. Determine which of these investments the best for Dixon is if he plans to retire in the following number of years. a. ifteen years b. twenty years c. thirty years 3-4. You have a trust fund that will pay $1 billion exactly ten years from today. You want cash now, so you are considering an opportunity to shit the right to the trust fund to an investor. a. What is the least you will sell your claim for if you could earn the following rates of return on similar risk investments during the ten-year period? a. 6% b. 9% c. 12% b. Rework part (A) at a lower place the assump tion that the $1 million payment will be received in fifteen rather than ten years. c.Based on your findings in parts (a) and (b), discuss the effect of both the size of the rate of return and the time until receipt of payment on the present value of future sum. 3-5. You have saved $10,000 toward a down payment on a home. The money is invested in an account earning 7% interest. You will be ready to purchase the new home erst your savings account grows to $25,000. d. Approximately how many years will it take for the account to reach $25,000? e. If the interest rate doubles to 14%, how many years will pass before you reach your $25,000 target? 3-10.Liliana Alvarezs employer offers its workers a two-month paid sabbatical leave every seven years. Liliana, who just started working for the firm, plans to spend her sabbatical touring Europe at an estimated cost of $25,000. To finance her trip, Liliana plans to make six annual end-of-year deposits of $2,500 each, starting this year, into an investment account earning 8% interest. d. Will Lilianas account sense of poise at the end of seven years be enough to pay for her trip? e. Suppose Liliana increases her annual contribution to $3,150. How large will her account balance be at the end of seven years?

Comparison Contrast of Death of a Salesman and Glengarry Ross

Sasha Schmidt Midterm Essay Question 4 Jeannine Russell 10/28/12 The True Criminal Being a salesman has always carried a negative stigma since the early 1900s. Being seen as pushy, high pressure, deceitful slew the dreaded activity of purchasing some car or bare-ass appliance has haunted everyone at some point or another. Many rowing have come to describe salesman such as sharks, cons, thieves etc. , and these words have stuck with the profession by means ofout the century. Two very realistic depictions of such phonies potty be seen in Death of A Salesman by Arthur Miller and Glengarry Glen Ross by David Mamet.They depict the styles of two salesmen who have very similar change techniques, but at the same time can be contrastingly different. Willy Loman, the protagonist of Death of a Salesman, is oft regarded as a tragic figure with whom the audience feels sympathetic. At the same time, his deceitful, dishonest, adulterous ways be despised. In addition to this, his over confid ent attitude seems supercilious and creates more of a disdain for the character as can be seen when he says Goddammit, I could sell them (Miller 1071). The same can be said as Mamets character, Shelly Levene, starts declaring how great of a seller he was.Basking in his own light he boldly exclaims that his success as a salesman is due not to his luck but his skill( Mamet 1419). Both characters a lot times talk about how back in the day they were great assets of the company averaging a hundred and seventy dollars a week in commissions (p. 1089) and snappy c altogethering. Nothing. Sixty-five, when we were there (Mamet 1419). Both characters meet their tragic ends as they realize that their deceitful and deceptive nature, the facade of great selling they lived behind, is a shattered reality. All some(prenominal) of them want is a chance and to live like they did in the old days and both are denied the chance.While their characters mimic each other, the selling techniques of these two are completely different. Willys approach is to go in making natural conversation and the client feel as if they are human. Much to his chagrin is the new reality he is facing, where its all cut and dried, and theres no chance for bringing friendship to bear(Miller 1089). In contrast, Levene takes on the economic consumption of cut and dried sales techniques, often using his other associates as pretend clients in order to just make the sell, whether or not hes arting extorting money out of his clients.Right from the beginning, he is trying to con leads out of Williamson, his supervisor. I need the leads, he boldly tells Williamson who reluctantly begins to make him a carry (Mamet 1418). Right from the get go, Leven is already using the manipulation techniques he uses day in and day out on his co-workers even. Loman pushes his honest, integrity, and personality traits as the key to selling success, though we see an obvious decline in his selling abilities compared to the othe rs. That being said, both characters are still very flawed with illusions of owning their own companies and waiting for the mature client to come along.They both still have some nasty personality traits and are still putting on a facade to trick people however, Willy Loman is tricking his family while Shelly Levene is tricking his consumers. Hard selling is a selling technique in which the salesman manipulates the psychological state of the consumer in order to achieve a sale, whether or not the sale is good (Baron & Branscombe). There is little concern for the consumer at all, in fact, often times the seller k straightways that the consumer is going to be placed into a bad situation, but they specifically rely on the ego-depletion of these buyers.They use a variation of techniques such as door-in-the-face and foot-in-the door just to name a some (Baron & Branscombe). Miller and Mamet depict this from the salesmans side. They place this psychologically demanding technique at fault of the company, who requires them to sell a goal amount or face enclosure from the job. Such fear could incite higher pressure selling techniques, which actually make the consumer and the seller feel uncomfortable.Mamet and Miller criticize such deceptive techniques through their plays, highlighting the negative effects (the destruction of the central unit) and exacerbating the flaws of the technique. The role of a salesman has been part of America since the very beginning. With its recent revolution in the 1900s, it has now been associated with a negative stereotype often depicted by movies, literature, and plays. While there might be individual differences in the selling techniques, sellers are all perceived the same dishonest, deceitful, and as con artists.Such a stigma created by their lack of concern after the sell has been made often reconfirms this stereotype. These prejudices notwithstanding, society often places a high demand on consumerism to help the economy and pushing the achievement of the American dream. Miller and Mamet uncover the treacheries of the salesman industry leaving the question as to whom the true criminal is society or the salesman. Works Cited Jacobus, Lee A. The Bedford Introduction to Drama. Boston Bedford/St. Martins, 2009. Print. Baron, Robert A. , and Nyla R. Branscombe. Social Psychology. Boston Pearson, 2012. Print.

Fire Safety Case Analysis

TO Mike Carey Vice President of Marketing FROM Cristian Oana Marketing Consultant DATE 28/01/2001 way out Pricing strategy of future FSI product line. Purpose and Overview Please review the following sections based on your current set strategy and foodstuff explore as well as future recommendations. The report contains a SWOT analysis that will highlight the need for a switch in determine strategy from the current Value Based determine to Price leadership. FSI is the only manufacturer of the HERO line product having only one competitor ( defender) which shortly holds a market share of 42%.This fact underlines our company standing as an Oligopoly and allows us to lead the way in harm determination. Summary of foregone and Current Situations Self-contained breathing apparatus systems are worn by awake and rescue personnel in hazardous situations where smoke, poisonous gas or low levels of oxygen inhibit search and rescue operations. FSI has been the leading provider of the d igital breathing apparatus system since 1990 holding a consistent price of 1485$ per unit. Almost 100% of FSIs business is conducted with U.S. fire and rescue departments that belong to regional purchasing organizations. Contracts are one year in length with the exclusion of the California Region. In 2001 FSI appendd the price by 5% to increase revenue. In 1995 Guardian introduced their own product line-up and managed to capture up to 42% market share. Their current cost is 1500$/unit. The challenges FSI currently faces is weather a further increase in price will keep its current market share contempt aspiration and maximise revenues for the future.An appropriate pricing strategy must be chosen to ensure the HERO lines life cycle. Based on the items highlighted in see-through in the following SWOT analysis, a price leadership strategy is recommended. SWOT Analysis STRENGTHS * Unique product line that uses reliable digital equipment. * preempt Safety Inc. has a very well cerem onious brand unwrap in the domestic market * Fire Safety Inc. provides the highest quality equipment at an low-priced 1560$/ unit. * Increased sales despite 5% price increase * Since Fire Safety Inc. s very successful in the domestic market it launch financial resources to possibly expand to foreign markets * Current market situations indicate an Oligopolistic environment * Product is familiar to US consumers identified need for future equipment as stated by law WEAKNESSES * The established ten year market perception for the price of the product. * No significant product line changes or updates which the ambition may take advantage of. * No patent protection which may yield more emerging competition in the future. * HERO brand name is not well known outside the domestic market. Companys variable cost per unit of $560 may be high. OPPORTUNITIES * New standards require fire and rescue departments to convert to digital technology. * Opportunities for gaining market further shar e and profit maximization. * Opportunities to achieve higher level of profit * New product innovations that can be incorporated into existing product line * Opportunity to expand to other foreign markets * Extending contracts to 3 years across the US to guarantee constant sales. THREATS * Guardian has a manufacturing cost advantage compared to FSI that resulting from sophisticated production equipment.. FSI may experience loss of market share due to only one year contracts. * sack of profitability due to increased prices. * Difficulty in gaining market share from competitors. * Guardian is offering a very similar product at a similar price Assumptions on Which the Strategy is Based a. The market will remain an oligopoly. b. FSI will remain the leader of digital breathing apparatus systems. c. The guinea pig Institute of Occupational Safety and Health will not change legislation regarding safety in the near future. d. Guardian may increase pricing as well due to FSIs price increas e. e.The state of limited competition will be retained for the following year. f. Proven reliability and results may capture further market share despite price increase. Pricing Strategies That Emerge From SWOT Fire Safety Inc. has a very well established brand name in the domestic market holding a leading market share of 58%. FSI estimates that the market will grow by 44% in 2002. For the past 11 years, the HERO lineup has enjoyed increased sales year to year by providing top of the line Digital existent Apparatus Systems. Currently, FSI is the leading manufacturer and distributor of these systems.Despite the 5% increase in price for 2001, sales have increased showing no signs of market response. Our competition has their product line set at a slightly lower price (1500$/unit) which indicates a clear weakness in an established market conduct by our company. Price leadership An observation made of oligopolistic business behaviour in which one company, usually the dominant competit or among several, leads the way in find out prices, the others soon following. The context is a state of limited competition, in which a market is shared by a small number of producers or sellers. This pricing strategy is perfect for FSI, having only one competitor and a successful sales record. Summary and Request for Action A further price increase is recommended for 2002 taking into account the above highlighted facts. There is no reason to believe that FSIs market share will drop and based on the prior years sales adding $3,548,625 to the bottom line it is a clear indication that a Price Leadership strategy is crucial to the companys success. In an Oligopolistic environment, it is the ideal choice.

Then and Now

and then and at once use the following form to describe your dally rounds onwards you were a college student versus a typical years routine now that you are a college student. Using the form as a reference, answer the questions that follow in at least 50 words each. perfunctory Routine Form Day Before college After college Sunday fire up up, eat, take care of the kids, erect roughly and just remited up, eat, take care of the kids, see movies with them,and solely relax, and some eras make for certain I did finish all my take survive Monday Wake up, renovate eat for the kids institute my aught ready for school drop her off, go to work am-pm, pick up my daughter, larn can home, feed the kids, ladder with them, watch TV, scram dinner, get them ready for bed Wake up, fix breakfast for the kids and me, take my daughter to school do 2 minutes of school work, flu eat get dress go to work 3-11 pm get back home make sure the kids are k and sleeping do 1 hour of school wat ch TV and go to sleep Tuesday Wake up, fix breakfast for the kids get my daughter ready for school drop her off, go to work am-pm, pick up my daughter, get back home, feed the kids, play with them, watch v, fix dinner, get them ready for bed Wake up, fix breakfast for the kids and me, take my daughter to school do 2 hours of school work, fix eat get dress go to work 3-11 pm get back home make sure the kids are k and sleeping do 1 hour of school watch TV and go to sleep Wednesday Wake up, fix breakfast for the kids get my daughter ready for school drop her off, pick up my daughter, get back home, feed the kids, play with them, watch TV, fix dinner, get them ready for bed Wake up, fix breakfast for the kids and me, take my daughter to school do 2 hours of school work, ix lunch get dress go to work 3-11 pm get back home make sure the kids are k and sleeping do 1 hour of school watch TV and go to sleep Thursday Wake up, fix breakfast for the kids get my daughter ready for school drop h er off, go to work take my daughter to school, fix lunch, pick my daughter up from school, feed the kids, play with them, fix dinner, get them ready for bed.Friday Wake up, fix breakfast for the kids get my daughter ready for school drop her off, go to work am-pm, pick up my daughter, get back home, feed the kids, play with them, watch TV, fix dinner, get hem ready for bed Wake up, fix breakfast for the kids and me, take my daughter to school do 2 hours of school work, fix lunch get dress go to work 3-11 pm get back home make sure the kids are k and sleeping do 1 hour of school watch TV and go to sleep Saturday Wake up, fix breakfast for the kids, go to work am-pm, get back home, feed the kids, play with them, watch TV, fix dinner, get them ready for bed Wake feed the kids, play with them, fix dinner, get them ready for bed. Daily Routine Questions 1. What are the major differences in your daily routine now that you are in school? The major differences in my daily routine now that IM in school and before are.When I wasnt in school I use to work the morning shift, and after work I had pretty much the rest of the day to retributory cook and play with the kids or Just waste cadence, now I work the night shift 3-11 pm I use my morning fourth dimension to make sure the kids are taken care of and as part of my routine I incorporated date for school in the morning as well as at nights after I get back from work 2. Do you gift an good balance in the use of your time and your priorities? Why or why not? I believe I have a pretty effective balance on the used of my time and my priorities cause so far so good , I havent had any problems or issues Just yet, I always been to turn my assignments on time, and be sufficient to expend time with my kids, and not neglect them any involvement 3. Describe your biggest obstacle to complementary projects or assignments and how you will overcome it? Although o have a pretty effective balance of my time I would have to say my biggest obstacle to recognize projects or assignments on time would be managing time.Up until now Vive been pretty good at it, but having two kids, working full time and being back in school can get a little crazy and feverous especially when my kids get sick, Ill just have to have a backup broadcast for unexpected events such as them acquire sick or me getting sick. 4. What are some time-management strategies you have learned this week that you can implement immediately? How will you use them? Some of the time management strategies I have learn this week is retaining a time log, this is a helpful way to determine how you are using your time, use a planning tool, get organized and schedule your time appropriately by Develop blocks of study time effectively manage my time by organizing and proportioning lying-ins such as schoolwork,Then and NowThen and Now use the following form to describe your daily routines before you were a college student versus a typical days routine now t hat you are a college student. Using the form as a reference, answer the questions that follow in at least 50 words each. wanton away Routine Form Day Before college After college Sunday I would lounge virtually In my pajamas all day and Just watch TV with my sister and family. I get up every morning and mark on the progression of my assignments that re usually due and I work to complete them as well as make sure I have posted for participation for the week.I overly spend quality time with my husband, lounging around and watching TV and playing video games. Monday I would go to the lake and exercise (Running) then go home and spend the day doing various things ranging from watching TV to planning dinner to doing laundry and help my sister with her homework. I usually get up before 5 to help my husband to get ready for work then send him off. Then I am up cleaning the house and completing horses as well as running errands for the household, and my husband as well as looking at my assignments fir the week and writing them down in my planner and posting reminders in my visit and computer.I also check my grades for the week and have check ins with my readjustment advisor, Ashley, and we go over my progress in my courses and she gives feedback on my grades and what I can and should do better In regards to my grades. Tuesday I would wake up and exercise In a different location such as the forest behind my house. Then I would run around all day with my aunt and uncle getting things make such as paying bills, grocery shopping, and searching for schools for me to go to.I basically do the same thing I do Monday, but I am also making lists of things my husband and I need for the household, work, and school. I am also checking on my school work and completing my chapter readings for my courses. Wednesday I usually get up and exercise that morning, then I lounge around afterwards until 6 p. M. And then I attend bible study with my aunt and sister until 9 p. M. Then I am In bed by midnight. I am up with my husband before 6 a. M. Making sure he is ready for work then I send him off. I usually try to relax on these days and rest my body.Thursday I stay in bed on these days and just sleep or eat all day. Just like the days before I am up with my husband before 6 a. M. And helping him to shopping for shoes or anything that catches my eye. Friday I am up early to get in a workout before 8 a. M. Then I am relaxing and doing school searches and making phone calls asking about various schools and programs. These days are decided on whether or not my husband has it off. If he has the day off we are change of location the Island and exploring and eating out and going to the beach. If he does not have the day off we are up before 6 a. . Getting our day started. Saturday I wake up and go spend the day with my family playing games and making meals together. I sleep in and spend the day in bed with my husband. Daily Routine Questions 1 . What are the major differences in your daily routine now that you are in school? I spend more time helping my husband get ready for work and making sure that he has everything he take for the day. I am also checking in with my enrollment advisor and teachers to make sure I am where I need to be in school and that I am in rack with assignments and participation.I also noticed that I start my days around or before 6 a. M. And I am constantly running errands or doing chores to make sure things are done for the household, my husband, and myself. 2. Do you have an effective balance in the use of your time and your priorities? Why or why not? Yes I do. Now that I am a wife and college student at the same time, I make sure that I know ahead of time what needs to be done for my household and husband as well as what assignments are due, what they consist of, and what course they are for.I also make sure to plan out what days I am doing certain things and what days I can afford to take time for myself and Jus t relax. 3. Describe your biggest obstacle to completing projects or assignments and how you will overcome it? My biggest obstacle that hinders me from completing projects or assignments would have to be time management and procrastination. I can plan out my days hence but sometimes I can get very busy with certain things and become side tracked. I now try to keep track of time and make sure that I am in the right place at the right time to omelet my tasks.I usually conk when I am feeling lazy or I am under the weather. When this happens I will push myself to get up and get it done because it has to be done. 4. What are some time-management strategies you have learned this week that you can implement immediately? How will you use them? I learned to plan accordingly and make sure that you do not overwhelm yourself ahead of time and make sure that I have time between each task so that I can rest and give my brain a break as well as not doing more than 3 tasks a day so that I can rem ain stress free.

Recipe for a Perfect Party

So you need to plan a party. Where do you begin? Party planning involves m whatsoever steps and is essential to being a good host or hostess. Parties can vary from theme, to size, to guests meeting. Three major steps in any perfect party is choosing a date, creating a menu, and pose the atmosphere. Choosing a date is the first step in planning a party. For example, if you are planning a Christmas party, chances are your guests will have other parties to attend this condemnation of year and you wont desire this to interfere with your party.This is besides crucial as you need to make your invitations and RSVPs to know when your guests will or will not be likely to attend. Ask your potential guests when would be the best term for them. This not scarcely gathers information for your party but also relieves the stress in not knowing how much metre you have to prepare, including creating a menu. The second step in planning a party is choosing and creating a menu. This can tie into the theme or main reason for your party I. e. Christmas/New Years Eve, Birthday, Wedding etc.If your theme is Christmas/New Years you may want to go all out and have an expensive menu as opposed to a Birthday party where you may only want to have pot luck. Creating a menu also includes drinks- both hot and cold, desserts and finger foods. Often a key ingredient in parties, drinking allows your guests to socialize and get more acquainted with each other. Make things interesting by having a dessert table served buffet style. You may also want to ingestion this serving style for serving finger foods, or drinks. This way guests can help themselves which may alleviate stress of serving food or beverages at specific times.Such foods/beverages that may be served buffet style may include Do-it-yourself cocktails, fresh fruits and vegetables- suitable for dips, cheese and crackers, or even a chocolate fountain. This is a simple but effective way in making your party a pleasant experienc e and can also be used in a variety of parties. The second element is whether you will be making the food yourself or hiring a caterer. If you are making the food yourself, take into consideration any dietary requirements of your guests. Are there any guests allergic to anything?Are any guests vegetarian? The last thing you want is someone getting sick or not having anything to eat thus leaving your guest(s) hungry. Also, recognize what time of day your party will be held in relation to the time the food will be served. For instance, if your party is to be held at 200pm you are not likely to serve a complete 3 pipeline meal. The third step but not necessarily the final step in planning a perfect party is the creating your atmosphere. This is often the most time consuming step as it involves a variety of things, but can also be the most fun.Creativity is key in setting the perfect atmosphere. Location, medication and decorations are covered in this step. Select a location that can be tied into your theme. For example if you are having a winter or Christmas themed party, you may want to host your event at a skating rink. When selecting your location, ask if there are any features- which may be beneficial to your party, such as a sound/light system, dance floor or kitchen area. Most locations that are commonly used for this type of entertaining have some of these features.Music- a key component in parties- can set the mood for a memorable party. Keep things inexpensive by using your own CDs or songs. This saves funds on renting a DJ or other music service and you also know what your getting which will help avoid disappointment. throw a song list that relates to your theme. If you are having a New Years Eve party, you may want to include the traditional Auld Lang Syne or other holiday related songs. You may also want to ask your guests which genre of music or artists they like.Be sure to include both fast and averse music- perfect for dancing Decorations whi ch are the finishing touch on any party, are a great way in showing off your creative thinking and ideas. These can vary both big and small, expensive or inexpensive. One easy way to decorate is making your own homemade decorations. For a Christmas party, use a Christmas ornament with your guests name on it as a place card. This doubles as a party favour. Other decorating ideas may include mathematical group together unscented candles of different heights and colors that suit your theme.This is perfect for some ambiance lighting, and its also effective for those who have allergies-because there are no flowers or strong perfumes involved. If your party takes you outside, decorate the outside using simple but attractive white lights. Lights of any color, can be used any time of year and easily adds that festive feel. Among other decorations, offer your guests an area for photo opportunities such as a backdrop that may include a cutting off to sit on, a festive scene or, if available , something as simple as the scenery. This will allow for others to look back and appreciate your party long by and by it has ended.As you can see, party planning involves many details, options and time, and can be overwhelming, but it doesnt have to be. Every party is different and there is no skillful or wrong way to plan but starting with these three simple steps, you are on your way to planning the perfect party of any theme or type, perfectly. You chose your date, created your menu, and decorated your venue. Also one of (if not) the most important steps in planning a perfect party is to do fairish that. Party Have fun, relax and enjoy yourself P. S- Leave the cleanup for tomorrow, you deserve it

Applebees Monopolistic Competition

Market structure influences how an organization behaves according to pricing, supply, barriers to entry, efficiency and competition. More specifically, Applebees, a nation-wide casual eat restaurant chain, is an organization whose structure is considered to be monopolistic competition. Monopolistic competition is a structure that has many another(prenominal) another(prenominal) buyers and sellers who sell products that are similar but not identical. Hence, instead of being a price taker, Applebees has a downward sloping demand curve.Applebees is almost like a tiny monopoly because of the specialism in the products that they sell. Moreover, Applebees has some control over their prices but competition tends to dictate the price cast off for food and beverages. In addition, its relatively easy to enter and exit this market without restrictions. Chilis, T. G. I. Fridays, carmine Lobster, Outback Steakhouse, Olive Garden and Ruby Tuesdays are Applebees main competitors. In grasp ma rket share and maximizing profits, advertising plays significant role in monopolistic competition.All of these organizations die millions of dollars in advertising but why? Plain and simple, advertising leads to higher profits. One of the commercials that have Applebees has is a 550 calorie meal. In todays society, consumer are becoming more health painstaking and showing a delicious shrimp and pasta meal for under 550 calories appeals to the consumers eye. Now without that commercial, how many people would actually know about this? Definitely, not as many.In continuing on how advertising plays a hugh role in monopolistic, consider yourself driving down the road with a friend and you pauperism to grab a bite to eat. Are you more inclined to stop at Applebees, a unaccented safe and economical eating environment or a place you never even comprehend of such as Jim Bobs diner with the sign out in front of the structure falling down who has a short order cook that looks like a guy that should be in ZZ Top? Odds are you would be more inclined to stop at the headspring known Applebees because you are familiar with this organization because of advertising.Now that Applebees has you in the door, think of the trim revenue that is accrued from ordering drinks? If a restaurant buys a bottle of vodka for $10 and is able to wedge 22 drinks out of that bottle for $3/drink that would make a $56 approximate profit. If you maintain the math, millions of dollars are made because it started out with advertising. References Applebees. (2010 March). Retrieved March 25, 2010, from Applebees website http//applebees. com

Historical Theory Essay

What is breast feeding Science? harmonise to Barnett, care for accomplishment is an identifiable with distinct experience that comprise of frameworks, theory and paradigms. In order to meet treat science, I willing discuss the historical development and explain the relationship between nursing profession and nursing science. Also, I will discuss how other disciplines can influence nursing science. This will help understand how theoretical thinking has evolved.Theory development and theory thinking was first intiated by Florence Nightingale. She presented the first nursing theory, the environmental theory. Her theory focused on the physical environment such as air, light, and warmth to restore the individuals health (George, 2011). Her work directed nursing normal for over a coulomb and fifty geezerhood.As we jumped to the 1950s, graduates from Columbia University developed the first concept of nursing theory. Theorists such as Hildegard E. Peplau, Faye Abdellah, and Lydia hall are one of many theorists who used the biomedical model. This model focuses on what nurses do and their functional bureau (George, 2011). Hildegard Peplau focused on the professional relationship between the patient and nurse by focusing on the patients needs, feelings, problems and ideas. Faye Abdellah, however, focused on patient-centered sustenance (George, 2011). While Lydia Hall uses the company of care, core and cure. She uses the three circles to involve nurses and patients to care for illness.In the 1960s, theorists such as, Virginia Henderson, Ida denim Orlando, and Ernestine Widenbach focused on nurse-patient relationship. Their theories focused on what nurses do and how patients perceives them (Walker and Avant, 2011). In 1965 the American Nurses Association (ANA) recommended two levels of education, the baccalaureate degree (the professional nurse), and the associated degree (the technical nurse). As a endpoint of this, doctored prepared nurses became the next wave of nursing theorists (Walker and Avant, 2011).As we look into the 1970s, this was an era were many theorists were firstpresented, including Dorethea Orem, Jean Watson, and Patricia Benner. During this time, the understanding of research and knowledge of development increased. There was an understanding that research and theory together were necessary to produce nursing science. In the mid 1970s, the National League for breast feeding (NLN) required all nursing schools to meet the accreditation standards by chosing, developing and implementing a conceptual framework. (George, 2011). This allowed students to apply theory to his/her nursing education (Walker and Avant, 2011). Towards the tardy 1970s, the first published journal, Advances in Nursing Science focuses on theory building, analysis and theory application. This journal was used as a forum for debate and discussion about theoretical thinking in nursing (Walker and Avant, 2011). This journal gave awareness of the need f or concept and theory development.In the 1980s many theories were organism reviewed and expanded. This was a period of major developments in nursing theory from the pre-paradigm to the paradigm period. To further the development of nursing, paradigms (models) postd perspectives in nursing practice, administration, and research (Alligod, 2011). This includes the work of Patricia Benner, Madeline Leininger, and Martha Rogers. There theories focused on the body of theoretical thought in nursing.As we get to the 1990s numerous nursing theories expaned and research studies were being tested. Middle-range theories guides clinical practice, while the circle of theory-research-practice provides the foundation of evidence-based and best practices(George, 2011). Theorists such as Martha Rogers, Ida King, and Patricia Benner, made revisions and refinements of their theories to implicate practice, research, education and the future.Now in the twenty-first century, nursing theory became more di verse. Diversity is now being accepted and embraced after many years of struggling with theories (George, 2011). The discipline of nursing now focuses on the humans, health, illness, relationships, therapeutics, caring, interactions, ethics and diversity, to provide a fertile underfur for the development of research and evidence-based and research practices (George, 2011).Now that I have discussed the historical perspectives in nursing science, there is a relationship between nursing science and the profession. The aim of nursing science is to gain knowledge about human experiences through creative conceptualization and research. By applying nursing framework and theories will provide the foundation for professional nursing practice (George, 2011). It guides nurses in procedures, interpersonal engagement and value of professional practice. Also, Nursing theories will implement the critical thinking structures to direct clinical decision making for professional nursing and nursing practices (George, 2011). As we discussed the relationship between nursing science and the profession, theorists are influenced by other disciplines. Disciplines that theorist used are anthropology, philosophy, religion, education, social sciences and psychology.Madeline Leiniger used anthropology, philosophy, social science, religion and education to develop a discipline in transcultural nursing also known as culture care theory. Sister Callista Roy and Betty Neuman provided conceptual framework for nursing education and science (Eun-Ok,&Ju, 2012). In psychology, Nola Pender developed the Health Promotion model with the goal of achieving outcomes of health promoting behavior (George, 2011) By adapting these disciplines it allows theorists to build theories and framework in order to enhance nursing practice (George, 2011). I have explained the historical development of nursing science and the relationship between nursing science and the procession. As well as, the influences of ant hropology, philosophy, psychology, social science, religion and education on nursing science to provide us and guide us in nursing practice.

Oedipus/Antigone Response

Annie February 19, 2013 Oedipus / Antigone Response 1. What factors contributed to Antigones downf whole, and does the end of the exemplify satisfy the audiences demands for justice? There are different factors that contribute to the downfall of Antigone. Firstly, the fact that two of her brothers have been chip to death for the throne has had a negative impact on her life. She has mixed-up both of her brothers at the equal time. Secondly, Antigone believed that her decision was pastime elysian justice. For example, she once said to Creon Your order was outrageous. And lastly, she has been arrested and put into a cave for following her guts of justice has led to the downfall of Antigone. Despite the fact that Creon has taken back his words and procure what he did, everyone has died and hence, the audiences demand for justice is not satisfied. 2. Referring to at least three tragic elements, determine whether Creon or Antigone is the more tragic hero(ine). According to in one c ase upon a Greek gift, we green goddess determine that Creon is definitely the more tragic hero than Antigone via some elements hamartia, hubris and catharsis.First, hamartia is basically when Creon suffered greatly be typeface of his actions. That caused the lost of his family and the support of his country. Next, the tragedy concept of hubris is largely demonstrated through Creon. For instance, as the king of Thebes, the people all looked to him for the answer. This made him believed that he was always right and everything had to go in the way he wanted to I am King of Thebes, Antigone. I have a duty as a monarch. Moreover, he besides believed that his decision was right in the punishing of Antigone, despite that fact that she was engaged to Haemon, Creons son. A downcast law is a broken law, and lawbreakers must be punished. Antigone will be no exception. In this case, his find of pride was the tragic flaw that led him to his downfall. At the end, Creon finally realized tha t his pride has brought everything down, and also was the cause of his familys death. Comparing to Antigone, in the end of the story, she still did not realize her faults and thought everything she did was following divine justice.About Creon, he was able to realize his mistakes at least, and this showed the tragedy of catharsis. The moment when he lost his wife and his son, it responded the sense of pity. Not only that, the sense of divine justice performed when he announced burying Polynices. Eventually, the conflict of the play developed him to be the more tragic hero than Antigone. 3. What universal truth is discussed within the play Once upon a Greek stage, and what implications result from this message? The play once upon a Greek stage contains a couple of universal truths.The fight between two blood brothers for the throne points out that family whitethorn not always support each other. Furthermore, Creon, uncle of Antigone, has acted cruelly to Antigone and Polynices once ag ain justify the truth above. some(prenominal) Polynices and Eteocles have done wrong but only Eteocles was buried. It points out the universal truth that life is not always fair. It implies that sometimes, you might not get what you deserved, and that luck plays a vital role in life. In conclusion, Drama is a fine way of teaching a universal truth. Aristotle.

Level Operations

Level Operations, small company located in Pennsylvania, manufacturers a variety of security devices and safes. Several different models of safes (S7-S8-S9-S1-S2) are available for purchase and due to increased guide the production facility has been enlarged to accommodate the additional production needs. Production manager Stephanie Cole essential determine the best production cadence per cycle for each day of the week. She understands that partially completed safes are not permitted (each cycle must turn out finished cycles). Stephanie consulted the engineering department they have contumacious the best production sequence is S7-S8-S9-S1-S2.Stephanie must comprehend the large picture of production demand in order to ensure the product availability to meet the needed demand. The ultimate goal should be a balanced operation system. One that makes the process time as short as possible, eradicate disruptions and extirpate waste (excess inventory)(Stevenson,2012). Stephanie was gi ven weekly quantity demands she must first break those numbers down to nonchalant production demands, determine the number of cycles to run daily, and how many of each safe model to produce in any given cycles as shown in Figure 1. The cycle time should be set to equalise the takt time.Takt time is defined as the cycle time needed to match customer demand for last-place products (Stevenson, 2012). By only running three cycles per day, the company is producing fewer inventories. Additionally, the company is practicing lean production techniques by not allowing work-in-process inventory (reducing carry costs and space requirements) and lot sizes are small yielding the correspondent benefits but also exhibiting better quality control and minimal inspection time if errors do arise. Stephanie has obdurate the best production quantity per cycle for each day of the week (Figure 2).Figure 3 forecasts the quantity demanded versus the quantity supplied over the five week time frame. Mode l S8 and S9 are showing excessive inventories. However, by development a lean flexible production system Stephanie has the ability to decrease the units made during each cycle. By waiting to decrease the units per cycle till the later weeks in the production timeline Stephanie is eliminating waste, and reducing the possibility of bottlenecks effect in the starting days of production. All other models are meeting their target numbers creating set excessive inventories.

Financial Analysis on Aftab Auto Essay

Chapter 1Introduction & orderological compend1 IntroductionAftab automobilemobiles Limited has been our selected partnership, which is iodine of the largest automobile assembling plants in the private sector in Bangladesh. Aftab Automobiles Ltd. is in this business since 1967. In 1981 the apiece(prenominal)iance registered itself as a Public Limited everyiance. The Comp any(prenominal) was listed with Dhaka linage Exchange Limited and Chittagong product line Exchange Limited in the grade 1987 and 1996 respectively. The principal activities of the Company through surface the period were assembling of Toyota cut down Cruiser soft top/ Pick-up, region Cruiser Prado, Hino Bus, Hino Mini Bus / Truck Chassis with a production Capacity of 2400 units of vehicles in 3 shifts in Assembling whole. But since inception, the Plant is cultivatening play unity shift considering the securities patience demand. The Company has added four units namely Body Building Unit, Paint Unit, Battery Unit & Furniture Unit and the commercial production of which started in May 5, 1997, November 01, 1999, January 03, 2002 and May 01, 2002 respectively.Over every(prenominal), it is a party with spate of maximizing bundleholders wealth and its fit outors nominate already shown their confidence in the caller-out. Its character look upon has accessiond oer the geezerhood compared to its book think of. Furtherto a greater extent, it enjoys a decreed signaling effect from the commercialise and there is best watchword for Aftab Auto. In this report, we allow try to find out few reasons behind(predicate) the near risings and the positive signaling effect.The main gild that we are performing m one(a)tary analysis is on Aftab Motors LTD. Since our major accent is to compare two companies financial performances over epoch, so we conf use of uncorrupteds and services selected book of maps Bangladesh LTD as the rival phoner of Aftab Motors LTD. According to the rove instruction, we aimed towards proportionnalizing rail line expense through financial story analysis, and in doing so we fuck off seriously dealt with the book lever and grocery hold dear of divides. By equivalence the book respect and the trade appraise ofAftab Motors LTD from the grade 2005-2009, we found out fol broken ining schooling2 Objectives Making a thoroughgoing analysis of the governmental partys financial statements over the last 5 old age through symmetry analysis, hard currency liquefy analysis and analysis of major components of the balance sheet and trying to identify the verit equal state of the companionship since its enlistment in Dhaka Stock Exchange (DSE). regulate out the battle between book take account and trade value of the shell out monetary value and to identify the possible reasons behind this difference, and find if there is any specific hidden discrepancy in the existing financial statements of the participation. Find out the development to make the Pro Forma Statements (The Income Statement and the poise Sheet) and and so forecast the issue potentials of Aftab Automobiles Ltd along with the stated out the results yielding out later the 5 year long line acoustic projection (long call cumulative process)., as considerably as projection of sway value through financial analysis. To compare the stanchs financial status with one of its rival truehearted ( atlas vertebra Auto) through proportionality analysis with the justification of balancing between the food market footing and book value of the shares.3 MethodologyInformation consultationThis study is found on the secondary financial data which is published in annual reports and monthly reviews of Dhaka Stock Exchange Ltd. by the respective companies. We commit obtained the necessary information from the DSE (Dhaka Stock Exchange LTD), Motijjhil, Dhaka, and from the annual report of the company.Data Processing and summaryW e have compute distinguishable dimension utilise sourced data from DSE, and showed the comparison between the two companies performances over the last five historic period. here the positions of companies were compared to their previous years performance and and so the analysis has been done between those companies original years situations.Period of DataWe have employ data of five consecutive age from 2005, 2006, 2007, 2008, 2009.statistical TechniquesWe basically used two different statistical techniques. First we used the cartridge holder serial method for dimension analysis and because(prenominal) cross sectional method for showing the comparison between Aftab Motors LTD and atlas Bangladesh LTD. There is likewise couple of tables and charts to specifically present the data with comments. We in like manner did the regression analysis utilize the Microsoft Excel.Standard of ComparisonAs we know that there are few competitors for Aftab Motors LTD in Bangladesh. Among them, we figure that Atlas Bangladesh LTD is one of the most challenging one for Aftab Motors in terms of market share and financial performance over time.4 Limitations of the Study Due to different month of year closing project comparison whitethorn non be accu sum up. We face up problem while breaking down the actual balance sheet and sorting out the adjustments. Due to time constraints we could not visit the premise of Aftab Auto toincorpo judge more recent information and views of the Top Management about the performance & position of the company. somewhat opposite limitation was collecting the industry middlings for the proportionality analysis. No such data are readily uncommitted in context of Bangladesh. So, instead of the industry average data we have to discern the best addressable rival data. similarly we had some problem regarding what allow for be the early enthronement of the company. We had to depend on the secondary source for that. We did no t find exact unit footing of companys products as it was not clearly mentioned in their annual report. Also the companys official website is not real informative and organized through which we could collect the information about the company. Lack of technical knowledge-how in gamey-level statistical techniques. Moreover, time constrains and former(a) factors deterred us to anticipate racyest concent dimensionn that we could have given to prepare this report.Chapter 2 analysis & Interpretation2.1 Revised Balance Sheet establish on trade Value of Share marketplace Value & arrest Value of Aftab Auto LtdFrom the Annual Report of the Aftab Automobiles ltd we lookd the Book Vale of their share from 2005 to 2009. Besides that we also collected the Market Value of the share from the library of the DSE (Dhaka Stock Exchange). The fol number 1ing chart shows the Market Value and the Book Value per share of our proposed company.Figure-1 Market & Book Value of Aftab Ltd. From 2005 to 2 009From the high up chart we down that in year 2005, 2008 and 2009 the market cost is higher thusly the book value, which is really well-grounded news for us. But in 2006 and 2007 the market worth is be first-class honours degree then the market price, which indicates that the investors underestimated the companys wealth. But as our last year in 2009, so our analysis pull up stakes be ground on year 2009.In year 2009, we found that the Market Value is far more then the Book value which is Taka 1,530 and taka 390.38248 respectably. This figure indicates that the investors are willing to even up more for per share for the company then the book value shows because the investors may think that the company may underestimated the companys wealth. So we constructed a new Balance Sheet compared with the new year (2009) Balance Sheet based on the Market Value of the corpo proportionalityn.Revised Balance Sheet Based on the Market Value in 2009Aftab Automobiles Ltd Balance Sheet 2009 Based on Book Value Based on Market Increase / strike Value summations online summations Stock And Stores (Inventory) bestow Stock & Stores 737,517,274 1,281,969,612 544,452,338 add up Accounts Receivable 993,547,199 993,547,199 Income evaluate Deducted at Source 93,002,081 93,002,081 Advance, Deposits & Prepayments 149,320,158 149,320,158 specie & Bank Balances 27,881,100 27,881,100 Total rate of liquefy Assets 2,001,267,812 2,545,720,150 544,452,338 Non- menstruation Assets Property, Plant & Equipment Land 58,959,642.00 58,959,642 648,556,062 589,596,420 Building 169,846,130.00 142,270,645 213,405,968 71,135,323 Shades 2,682,800.00 Less collect 1,529,591.00 disparagement work 2008 Tools & Equipment 45,965,960.00 Less Accumulated 17,743,259.00 dispraise coin bank 2008 Office Equipment 31,021,242.00 Less Accumulated 7,323,987.00 Deprecia tion till 2008 Furniture & Fixture 16,953,271.00 Less Accumulated 2,973,873.00 Depreciation till 2008 Less Accumulated 26,595,111.00 Depreciation till 2008 enthronisation (4109300 Share Of Navana CNG) 33,961,309 796,793,270 762,831,961 Intangible Assets 1,263,853,978 1,263,853,978 Total Assets 2,438,883,896 5,744,380,219 3,305,496,323 Liabilities & Owners justness Current Liabilities Short Term bestow 229,914,219 229,914,219 Total Accrued & Other Current Liabilities 1,275,342,755 1,263,853,978 (11,488,777) Dividend Payable for Preference Share 1,179,500 1,179,500 Total Current Liabilities 1,506,436,474 1,494,947,697 (11,488,777) Non-Current Liabilities lend & Deferred Liabilities 17,100,000 17,100,000 Preference Share Capital including Premium 9,827,929 9,827,929 Total Liabilities 1,533,364,403 1,521,875,626 (11,488,777) Equity Attri besidesable to Equity Holders Pa id up Share Capital (Ordinary Shares 2319570 Shares) 231,957,000 3,548,942,100 3,316,985,100 Share Premium 250,191,730 250,191,730 Reserve 107,100,735 107,100,735 checked Earnings 316,270,028 316,270,028 Total Assets & Liabilities 2,438,883,896 5,744,380,219 3,305,496,323 Justifications1. Stock & Stores The investors may think that the company underestimatesthe price of the finished goods. As the company use to measure the finished goods based on the woo of Production basis. But the original market price is higher then the value written in the Annual Report. Also the market price of the Raw Materials, Store & Spares, Goods in Transit, L/C moulding, Work-In-Process is underestimated. So in Revised Balance Sheet we improver the value of the Stock & Stores.2. Land The Land value is underestimated as we know that the land value is cipherd as per the corrupt price, not as per the market value. We know that the value of the land always subjoins. So we increase the value of the land.3. Buildings The value of the Building is deliberate as per the establishment cost and the genuine value is calculated by deducting depreciation. So in this facial expression the investors may find the Market value of the Building is more then the value used in the annual report. The investors may find the Building in better check into and able to offer the higher price than the value calculated in the balance sheet. So we also increase the value.4. Plant & Machinery, Tools & Equipment, and Transport Vehicle As all of these items value is written on the basis of the purchase price and also by deducting the accumulated depreciation. So the investors may find these items in better condition and also think that the market price is higher than the written in Balance sheet.5. coronation funds This Company purchased 4,109,300 pcs of share from Navana CNG Ltd. The value written on the Balance Sheet is from the purchased price. But the Current market pric e of this share is taka 193.90. So we also increased the value of the investment funds by use the market value of the stock.6. Intangible Assets The market price of the share is increased. This value increased may be the reason is the value increase of the companys intangible assets like Patent, Trademark etc.7. Goods Supplied Account We are fall this account on the basis is that, the company may get some purchase discount from the vendors. So the value of the accounts receivable is decreasing.Overall rumourmongersIn year 2009, we analyze that the Market price is much higher then the Book Value of each share. Investors are willing to pay more than the book value of each share. The major reasons of the higher market value are the underestimation of the assets, as the assets are calculated based on the purchase price not on the basis of the market price. Besides that investment to the other shares are also calculated on the purchase price. But the market price is also higher. More over, Aftab Automobiles ltd enjoys a better reputation on the market. So the Intangible assets like, Patent, Trade mark should be considered. So we washbowl say that the companys financial position is good.2.1 money time period digestCash flows are the funds receipts and the bullion disbursement of the company. Since money does not flow in and out at an equal rate, so in most of the businesses, an analysis of cash flow is important. In our case we are working with the Cash shine Statement of Aftab Automobiles Ltd from the year 2005 to 2009. subsequently analyzing the statements we shadower have an motif of the cash dealing of the company of the historic period under our study.Sources 2005 2006 2007 2008 2009 EBIT 55,369,060 61,681,543 43,530,063 79,204,842 125,312,761 Depreciation 26,964,852 26,964,85226,964,852 26,964,852 26,964,852 Tax-7,179,527 -14,602,650 -13,059,019 -21,781,331 -51,261,009 in operation(p) cash Flow 75,154,385 74,043,745 57,435,89 6 84,388,363 101,016,604 Capital Spending Ending bread Fixed Investment 30,149,974 26,582,937 23,015,900 Less Beginning Fixed Investment -30,531,889 -30,531,889 -23,666,305 -23,666,305 Deprecation 26,964,852 26,964,852 26,964,852 26,964,852 make Fixed Investment 26,582,937 23,015,900 26,314,447 29,612,994 Changes In solve works Capital Ending Net Working Capital 425,800,770 260,925,322 298,947,675 905,519,493 Less Beginning Net Working Capital 171,666,619 425,800,770 260,925,322 620,450,571 Changes In Net Working Capital 254,134,151 -164,875,448 38,022,353 285,068,922 Free Cash Flow from Assets Operating Cash Flow 75,154,385 74,043,745 57,435,896 84,388,363 101,016,604 Net Fixed Investment -26,582,937 -23,015,900 -26,314,447 -29,612,994 Changes In Net Working Capital -54,134,151-164,875,448 -38,022,353 -285,068,922 Free Cash Flow -6,673,343 -130,455,452 20,051,563 -213,665,312 Cash Flow from/to Creditors quest Pai d 34,992,217 44,619,538 48,012,628 54,362,263 90,846,346 Less New Long Term Borrowing 17,100,000 17,100,000 17,100,000 117,100,000 26,927,929 Cash Flow From Creditors 17,892,217 27,519,538 30,912,628 -62,737,737 63,918,417 Cash Flow From Investors Dividend Paid 24,000,000 12,000,000 12,000,000 12,000,000 1,179,500 New Equity 439,792,483 701,016,976 685,748,820 621,050,571 905,519,493 Cash Flow To Investors 463,792,483 713,016,976 697,748,820 633,050,571 906,698,993 As we contributenister suck up from the cash flow statement that, in 2006, 2007 & 2009 the free cash flow figures are negative. This might pass along because of high investment in inventory and R&D departments, path the company used more cash than they had sourced of. Also the cash flows to Investors were sufficient for the company over the years. The company had sufficient fund to pay out dividends and that would at long last maximize the value of the firm. Fixed investments were consistent and c onsumed huge cash over the years.Overall we see that the gross revenue of the company are increasing which is a good sign. Besides that the company is investing heavily on the resolved assets,which may used to stupefy more revenue for the company. They are also offering cash dividend each year and also the company paying its petty term load and also pickings short term loans, which indicates that the company is enjoying a palmy environment in terms of the short term credit situation. So, we can conclude that the Aftab Automobiles Ltd is financially well based on the Cash Flow analysis. symmetry abbreviation and InterpretationsTo evaluate a firms financial condition and performance, the financial analyst commonly performs analyses on various aspects to find out the financial health of the firm among which ratio analysis is one of the most important and commonly used methods. ratio analysis is a tool frequently used during the analysis to relate two pieces of financial data b y dividing one quality by the other. In this study various ratio analyses will be done to understand the financial condition of the company and to compare this condition with its rival firm to get a clear picture. The analysis of financial ratios involves two types of comparison termSeries Analysis First, the analyst compares a present ratio with past and anticipate coming(prenominal) ratios for the same company. The current ratio (the ratio of current assets to current liabilities) for the present year could be compared with the current ratio for the previous year-end. When financial ratios are arranged over a period of years, the analyst can study the composition of change and determine whether there has been an progress or deterioration in the firms financial condition and performance over time. here(predicate) we will conduct time series only on the Aftab Auto Ltd. Cross-Section Analysis The second method of comparison involves comparing the ratios of one with those of simil ar firms or with industry averages at the same point in time. Such a comparison gives insight into the relative financial condition and performance of the firm. It also helps us identify any significant deviation from any applicable industry average (or standard).Here we will discuss and calculate different types of ratios. Then we willcompare the ratios between Aftab Auto Ltd. and Atlas Auto Ltd. The reason for doing this is that the industry average is not available in perspective of Bangladesh. Liquidity status Analysis symmetrys that show the consanguinity of a firms cash and other current assets to its current liabilities are known as liquidity ratios. Different types of liquidity ratios are discussed below.Current balanceThe ratio that relates current assets to current liabilities is the current ratio. The current ratio indicates the ability of a company to pay its current liabilities from current assets and shows the strength of the companys working capital position.picsFi gure-1 The Current dimensions of Aftab and Atlas for the years 2005-2009Time Series Analysis Current ratio for Aftab is higher than 1 and it is consistent for all five years. In 2006 it has increased a grass from the previous year but in 2007 it dropped for two consecutive years but over once again in 2009 it has increased again and is in a good satisfactory condition.Cross-Section Analysis However, comparing to the ratios of Atlas, we see significant difference the two companies ratios. Aftabs ratios seem to be much weaker than Atlass. None of the years it has made the benchmark of 2. However, the last 3 years results are not satisfactory at all because none of them is showing benchmark of 2 or the increasing manner. So, we can conclude that Aftab is showing wretched trend in its quick ratio. straightaway RatioInventories typically are the least liquid of a firms current assets they are the assets on which losses are most likely to overstep in the event of liquidation. Ther efore, it is important to measure the firms ability to pay off short term obligations without having to rely on the trade of inventories. This is why quick ratio is used.picFigure-2 The Quick Ratios of Aftab and Atlas for the years 2005-2009Time Series Analysis Quick ratio of Aftab is less than 1 which means it has piled up inventories as its current assets. The trend of quick ratio of Aftab shows that the ratio had been increasing from 2005 to 2006 but then suddenly vicious significantly in year 2007 and 2008. Then it has increased in 2009. So, we can conclude that Aftab is showing low quick ration but increasing trend in its quick ratio.Cross-Section Analysis comparison with Atlas, Aftab has a real poor quick ratio even though it has increased but its running with risky conditions in terms its quick ratio.Cash RatioIt is another measure of liquidity of the firm. It shows cash solvency of the firm.Figur-3 The Cash Ratios of Aftab and Atlas for the years 2005-2009Time Series An alysis Aftabs cash ratio has seen a fluctuating matter. The ratio is very low. Even though the ratio improved in 2008 than previous year, the ratio is significantly debase. Too much inventory pile up and poor credit arrangement form _or_ system of government may led to such deteriorating trend in cash ratios.Cross-Section Analysis Comparing with Aftab, Atlas has a very high cash ratio which indicates Atals has a better credit arrangement insurance policy and declinepiled up inventories.Asset-Management Efficiency AnalysisA set of ratios that measure how effectively a firm manages its assets compared to its gross revenue. These ratios are designed to find out whether the summarise amount of each type of asset as reported on the balance sheet appear reasonable, too high, or too low considering current and projected sales levels. Asset Management Ratio is done based on inventory upset ratio, days sales large and fixed asset and total asset disturbance ratioTotal Asset turno ver rateThe total asset employee turnover ratio is calculated by dividing sale by total assets. The total assets turnover ratio measures the turnover of all the firms assets.picFigure-4 The Total Asset Turnover Ratios of Aftab and Atlas for the years 2005-2009Time Series Analysis Total turnover of Aftab is not very satisfactory which means its not generating bountiful revenue by using its total assets which indicates it may some in economic assets in its stock which deteriorating the total revenue. Its in decreasing trend till 2007 but later on that it as an increasing trend which is a very good sign in fact.Cross-Section Analysis Atlas has a very high asset turnover ratios which indicates its assets high-octane enough to generate more revenues and its in increasing trend for some(prenominal) the firm.Fixed Asset TurnoverThe fixed asset turnover ratio is calculated by dividing sale by total fixedassets. The total fixed assets turnover ratio measures the turnover of all the firm s fixed assets.picFigure-5 Fixed Asset Turnover Ratios of Aftab and Atlas for the years 2005-2009Time Series Analysis Fixed Asset Turnover of Aftab is very low and its in decreasing trend which indicates that it has very inefficient fixed assets in its stock to generate enough sales. . It means it is become more efficient to utilize its short term assets to generate sales and even though its fixed asset is generating more sales than does the short term assetsCross-Section Analysis in terms of Fixed Assets Turnover Atlas has a very high fixed asset turnover ratio compare to Aftab which indicates Atlas is doing well in terms of using its fixed assets and generating revenue.Inventory TurnoverThis ratio indicates how active the company has been. It talks about the efficiency as well as the management of the company. This ratio indicates the number of quantify in a trading year a firm sells the value of its stocks.picFigure-6 Inventory Turnover Ratios of Aftab and Atlas for the years 2 005-2009Time Series Analysis Inventory Turnover of Aftab is very low but its in increasing trend till 2006 then there was a drop in 2007 aft(prenominal) that it increased in 20008 then again it increased in 2009. So tells us that its inventory turnover is fluctuating and it doesnt have efficient inventory to generate sales properly. This means Aftab was suffering from poor inventory management which is also apparent(a) from the balance sheet. But, recently it improving and overcoming the situation which is a good indication.Cross-Section Analysis comparing with Atlas Aftab has a very low inventory turnover ratio whereas Atlass inventory turnover is very high which indicates that Atlas is efficient in managing its inventory. But Atlass inventory turnover has a decreasing trend whereas as Aftabs is in increasing trendDays gross revenue Outstanding (DSO)DSO indicates the average length of time it takes the firm to collect its credit sales. It is also called the average collection per iod, is used to evaluate the firms ability to collect its credit sales in a timely manner.picFigure-7 DSO of Aftab and Atlas for the years 2005-2009Time Series Analysis From the graph its been seen that initially low but then there were increasing trend in DSO but after 2007 its again starts to decrease which us a good sign that indicates thats they are being more efficient in collecting its receivables.Cross-Section Analysis Comparing with Aftab, Atlas has a very low collection period which means Atlas take less time to collect its receivable. Debt-Management Efficiency AnalysisThis ratio measures how effectively a firm is managing its debts. Debt Management ratios include analysis of two types of ratio debt ratio and times interest earned ratio.Debt to Asset RatioIt measures the percentage of the firms assets financed by creditors.picFigure-8 Debt Ratios of Aftab and Atlas for the years 2005-2009Time Series Analysis Debt ratio of Aftab is fluctuating trend. It has high debt ratios which indicate that they a high leveraged firm and since interest on debt enjoy tax advantage, this is evident in the gradual increment in EPS figures. This is good news for the investors.Cross-Section Analysis Comparing with Aftab, Atlas has a very low debt ratio which indicates they have a long-term solvency and low risk but at the same time they dont have much leverage power to generate more inter boodle and enjoy the tax benefits. times Interest bring in (TIE) RatioThe TIE ratio measures the extent to which earnings before interest and taxes (EBIT), also called operational income, can decline before the firm is unable to satiate its annual interest cost. blow to meet this obligation can bring legal action by the firms creditor, mayhap resulting in bankruptcy. It measures the ability of the firm to meet its annual interest paymentspicFigure-09 TIE Ratios of Aftab and Atlas for the years 2005-2009Time Series Analysis TIE ratio of Aftab is very low which means it has low abil ity to meet its annual interest payments. Aftab is covering its interest charges by a low margin of safety. This needs the potentiality of acme further debt in future.Cross-Section Analysis Compare to Atlas, Aftab has a very low TIE ratio which means Atlas has very high safety of margin to cover its interest payment. lucrativeness Condition AnalysisA group of ratios showing the effect of liquidity, asset management, and debt management on operating results. lucreability is the net result of a number of policies and decisions. goodability ration are of iii types- Net loot margin on sales, sire on Asset (ROA) and emergence on Equity ( roe).Net Profit MarginThis ratio measures how much the sales is contributing to the net winnings of the company, which belongs to the shareholders.picFigure-10 Net Profit Margin of Aftab and Atlas for the years 2005-2009Time Series Analysis Net Profit Margin of Aftab gradually rock-bottom in the first three year then it started rising and cont inue to rise. This is a very good indication for the company and as well as the investors. This increasing trend in Aftabs profit margin ratio will help to attract the investors.Cross-Section Analysis from the figure we can see that initially Atlas net profit was higher than the Aftab but later on Aftabs net profit gradually increased and Atlass started to decrease. This indicates that Aftab earning more than Atlas does. The decreasing trend in Atlass profit margin ratio will not help to attract the investors.Operating Profit MarginpicFigure-11 Operating Profit Margin of Aftab and Atlas for the years 2005-2009Time Series Analysis From the graph we can see that Aftabs operating profitis in increasing trend which is a good indication of the fact that Aftab is becoming more efficient is its operation thus it has been able to invalidate the operating cost which enable for higher and increasing operating profits.Cross-Section Analysis Comparing with Atlas, Aftab is doing well in terms o f making operating profit and Afatb has an increasing trend in its operating profit margin whereas Atlas has a decreasing operating profit margin.Earnings Per Share (EPS)picFigure-12 EPS of Aftab and Atlas for the years 2005-2009Time Series Analysis EPS of Aftab has a decreasing trend for the first three years and then it followed and increasing trend and a big jump in EPS in 2009. So Aftab is earning more per share of its then it was previously earned.Cross-Section Analysis From the graph we can see that Aftab has higher EPS then Atlas. indeed Aftab will be able to attract more investors then Atlas as its earning more than Atlas for its per share. give back On AssetpicFigure-13 ROA of Aftab and Atlas for the years 2005-2009Time Series Analysis From the table we can see that return on total asset of Aftab is decreasing from the very start period. But from 2007 it starts increasing and its a positive factor for the company and the investors as wellCross-Section Analysis ROA ratio of Aftab is lower than Atlas all through the five years. Aftab has faced a severe downfall at 2007 which may betriggered by the high interest charges on its huge amount of debt. So, it is very poor compare to Atlas but its improving for the last three years.Return on EquityROE measures the rate of return on stockholders investment.picFigure-14 ROE of Aftab and Atlas for the years 2005-2009Time Series Analysis From the table we can see that return on total equity of Aftab is decreasing from the very start period. But from 2007 it starts increasing and its a positive factor for the company and the investors as well. This improvement indicates firms improving liquidity position, efficient asset management and efficient use of high debt amount.Cross-Section Analysis ROE ratio of Aftab is lower than Atlas all through the five years. Aftab has faced a severe downfall at 2007 which may be triggered by the high interest charges on its huge amount of debt. So, it is very poor compare to Atlas but its improving for the last three years. Market Condition AnalysisThe market value ratios represent a group of ratios that relates the firms stock price to its earnings and book value per share. These ratios give management an indication of what investors think of the companys past performance and future prospect. If the firms liquidity, asset management, debt management, and profitability ratios are all good then market value ratios will be high which will lead to an increase in the stock price of the company. Market value ratio is of two types- determine/Earnings Ratio and Market/Book value Ratio.Market to Book RatioThe ratio of a stocks market price to its book value gives another suggestion of how investors regard the company. Companies with relatively high evaluate of return on equity generally sell at higher multiples of book value than those with low returns.picFigure-15 M-B Ratio of Aftab and Atlas for the years 2005-2009Time Series Analysis It is noticeable that Aftab has an increasing trend in its M/B ratio after 2005 which is good indicator. This indicates investors are gaining confidence on Aftabs share and are now ready to pay more for Aftabs book value of its share.Cross-Section Analysis Even though there are increasing trend in the M/B ratio of Aftab it is much lower than the Atlass. It indicates that Atlas is gaining more investors trust over the years then Aftab. This justifies the high riskiness of Aftabs securities due to its huge debts. But its M/B is increasing which means investors are gaining the confidence which is a good indicator to compete with Atlasmonetary value-Earnings RatioThis is the ratio of the price per share to earnings per share. It shows the dollar amount investors will pay for $1 of current earnings. It is computed by market price per share and earnings per share (EPS).picFigure-16 P/E Ratio of Aftab and Atlas for the years 2005-2009Time Series Analysis P/E ratio of Aftab was decreasing trend for the first two years then it experienced a rise in 2007 which indicates the firms high appendage potential. later that it starts to decrease. This shows firms huge riskiness which we have already seen by its increasing debt financing and overall poor management and other ratios. This indicates that investors are now willing to pay less for 1taka of current earnings.Cross-Section Analysis Aftab has a lower P/E ratio then Atlas but both the company has the same decreasing trend in its P/E ratio. So both the company is losing investors confidence and investors are now willing to pay less for 1taka of current earnings.Summary of all the Ratio CalculationThe calculation of the pursuit ratios has been done following the particular formulas. In the Appendix section we have attached the calculation procedures in details.Aftab Automobiles LimitedType of Ratios 2005 2006 2007 2008 2009 Liquidity Ratio Current Ratio 1.19 1.39 1.20 1.20 1.33 Quick Ratio 0.39 0.83 0.79 0.78 0.84 Cash Ratio 0.027 0.014 0.019 0.020 0.019 Asset-Management Efficiency Ratio Total Asset Turnover 1.03 0.86 0.65 0.83 0.87 Fixed Asset Turnover 5.00 5.31 2.95 4.22 4.86 Inventory Turnover 1.7 2.0 1.9 2.7 2.5 DSO 38.3 135 210 178.2 128 Debt Management Ratio Debt-Asset Ratio 68.13 61.22 66.09 72.23 62.87 Time Interest Earned 2.5 2.7 2.0 2.6 2.4 ProfitabilityRatio Net Profit Margin 3.38 3.03 2.33 3.10 14.90 Operating Profit 6.19 6.17 6.37 6.95 10.30 Earnings per Share 28.58 27.91 18.06 24.76 136.50 Return on Assets 3.5 2.6 1.5 2.6 13.0 Return on Equity 11.0 6.7 4.4 9.2 35.0 Market Ratio Price Earning Ratio 14.8 10.9 20.3 15.8 11.6 Market/Book Ratio 1.62 0.73 0.90 1.46 4.07 Atlas Bangladesh LimitedType of Ratios 2005 2006 2007 2008 2009 Liquidity Ratio Current Ratio 2.46 2.45 2.55 2.12 1.86 Quick Ratio 2.07 1.82 1.86 1.33 1.11 Cash Ratio 1.08 0.77 0.94 0.55 0.40 Asset-Management Efficiency Ratio Total Asset Turnover 2.22 2.53 2.73 3.34 3.31 Fixed Asset Turnover 114.72 121.53 111.04 170.57 237 .08 Inventory Turnover 11.0 12.1 10.0 10.6 9.4 DSO 4.08 6.20 2.872.16 3.32 Debt Management Ratio Debt-Asset Ratio 46.50 46.59 44.46 51.69 56.85 Time Interest Earned 1510.2 539.6 3477.4 363.4 827.3 Profitability Ratio Net Profit Margin 4.60 3.84 4.69 3.21 5.22 Operating Profit 4.73 5.93 3.95 6.94 4.73 Earnings per Share 17.33 11.97 12.63 9.69 22.39 Return on Assets 10.2 9.7 12.8 10.7 17.3 Return on Equity 19.1 18.2 23.0 22.2 40.0 Market Ratio Price Earning Ratio 19.5 16.8 24.4 37.7 21.3 Market/Book Ratio 3.72 3.06 5.62 8.37 8.54 Chapter 3Enquiry into Stock Price MovementIn this chapter we will consider only the stock price movement of the year 2005-2009. Daily stock price is collide withed due to various factors that can be a macroeconomic variable as well as company specific variable. But in this section we will consider only the corporate decision factors.Variables can be some the following ones1. Dividend firmness of purpose2. AGMShare Price Movement for the year o f 2009Figure-17 Stock Price fluctuation of Aftab for the year 2009 chin-waggingWe can see that the price of Aftab Auto rose continuously throughout the year till the optic of May. DSE inquiry tells us that there was no sensitive price information that was undisclosed for the price ascension that we see. Then there were drop in the stock price but after that we can see a significant rise from around beginning of the September. We can only conclude that dividend declaration on 3 foremost August may contribute to this price hike. Again after the AGM took place in sixth December, the stock price started to fall. But at the end of the year, the company experienced a slight increase in the share price.Calculation of BetaAverage Market return (RM) = 1.884658331Covariance (Ri,RM) = 0.00543901Variance = 0.01175511849i = 0.462692922CommentBeta measures the volatility, or systematic risk, of a tribute or a portfolio in comparison to the market as a whole. As beta of Aftab Auto is less than 1 that is 0.463 which means that the security will be less volatile than the market.Dividend declaration & Stock Price MovementWe will now take a functional approach to the matter of dividend declaration for the year. We have taken the dividend declaration on 31/08/2009 an important factor which affected the stock price during that period. A regression analysis is done using dummy variable. The regression output summary followsSUMMARY OUTPUT OF REGRESSIONR Square 0.549260989 Cost of Capital 15% social class 10 Investment 1,500,000,000.00 standard 200 200.00 Price 10,000,000.00 10,000,000.00 Revenue 2,000,000,000.00 VC 70% 1,400,000,000.00 FC 3.50% 70,000,000.00 Depreciation 150,000,000.00 EBIT 380,000,000.00 Tax 27.50% 104,500,000.00 Net Income 275,500,000.00 Cash flow 425,500,000.00 So, project NPV at 2010 is, NPV2010 = -1,500,000,000 + (425,500,000.00 X PVIFAn=10, i=15%)NPV2010 = -1,500,000,000 + 425,500,000.00 * 5.018768626= 635,486,050.36 Ta kaSo the NPV of the bulge is 635,486,050.36 Taka which is positive. So the company may go for this project based on the assumptions we took to calculate the NPV.Sensitivity AnalysisNow we would like to test the sensitivity of NPV to various inputs of the project. Because we contain to know what happens to NPV if some inputs change. This helps give us better understanding of the projects situation to sustain the NPV.Particulars Amount in Taka Amount in Taka Change Revenue 2,000,000,000.00 1,600,000,000.00 (0.20) VC 1,400,000,000.00 1,120,000,000.00 (0.20) FC 70,000,000.00 70,000,000.00 - Depreciation 150,000,000.00 150,000,000.00 - EBIT 380,000,000.00 260,000,000.00 (0.32) Tax 104,500,000.00 71,500,000.00 (0.32) Net Income 275,500,000.00 188,500,000.00 (0.32) Cash flow 425,500,000.00 338,500,000.00 (0.20) NPV 635,486,050.36 198,853,179.90 (0.69) Relative Change 3.44 Here we see that,%in Revenue= -20%%in NPV = -69%And Relative Change = 3.44So from the above analysis we c an see that NPV is very sensitive to change in revenue. For 20% decrease of Revenue, NPV is change magnitude by 69%. Besides that, 1% change of revenue NPV is changed for 3.44%.New Share Price with the projectNew share price= (current capitalization + NPV of the project) / shares outstanding= (market price per share on the last day of 2009 * shares outstanding +NPV) / shares outstanding= (2,048.75 * 2,319,570+ 635,486,050.36) / 2,319,570= 2,322.72 Taka/ shareScenario AnalysisFor scenario analysis we took three cases1. Pessimistic2. Expected3. sanguine situationWe will produce that only sales are taken for the scenario analysis. The whole income statement is vertical size statement. Then after calculating the NPV for three scenarios of sales we will find the share price.We took that in pessimistic scenario sales will drop by 20% and in hopeful scenario sales will increase by 20%.Particulars Pessimistic Normal Optimistic total 160.00 200.00 240.00 Price 10,000,000.00 10,000,000 .00 10,000,000.00 Revenue 1,600,000,000.00 2,000,000,000.00 2,400,000,000.00 VC 1,120,000,000.00 1,400,000,000.00 1,680,000,000.00 FC 70,000,000.00 70,000,000.00 70,000,000.00 Depreciation 150,000,000.00 150,000,000.00 150,000,000.00 EBIT 260,000,000.00 380,000,000.00 500,000,000.00 Tax 71,500,000.00 104,500,000.00 137,500,000.00 Net Income 188,500,000.00 275,500,000.00 362,500,000.00 Cash flow 338,500,000.00 425,500,000.00 512,500,000.00 NPV 198,853,179.90 635,486,050.36 1,072,118,920.83 Now we can calculate the future stock price for these three scenarios using the new share price finding process shown earlier in this chapter.Description Pessimistic Normal Optimistic MKT Price 2,048.75 2,048.75 2,048.75 No. Of Share Outstanding 2,319,570.00 2,319,570.00 2,319,570.00 Current Capitalization (A) 4,752,219,037.50 4,752,219,037.50 4,752,219,037.50 NPV (B) 198,853,179.90 635,486,050.361,072,118,920.83 (A + B) 4,951,072,217.40 5,387,705,087.86 5,824,337,958.33 New Share Pr ice With Project 2,134.48 2,322.72 2,510.96 We can see that according to NPV the future market price of the company changes.Breakeven Quantity Based on NPVPVIFAn=10, i=15% 5.019 Initial Investment 1,500,000,000.000 EAC 298,878,093.768 Fixed Cost 70,000,000.000 VC 7,000,000.000 Price 10,000,000.000 Tax 0.275 1-Tc 0.725 Depreciation 150,000,000.000 After Tax Fixed Charge 308,378,093.768 After Tax Contribution 2,175,000.000 BEP Quantity 141.783 Particulars Year (2011-2021) Investment 1,500,000,000.000 Quantity 141.78 Price 10,000,000.00 Revenue 1,417,830,316.17 VC 992,481,221.32 FC 70,000,000.00 Depreciation 150,000,000.00 EBIT 205,349,094.85 Tax56,471,001.08 Net Income 148,878,093.77 Cash flow 298,878,093.77 So, project NPV at 2010 is, NPV2010 = -1,500,000,000 +(298,878,093.77 X PVIFAn=10, i=15%)NPV = -1,500,000,000 + 298,878,093.77 * 5.018768626= 0.00 Taka.Breakeven Price Based on NPVParticulars Amount in Taka Revenue 1,825,349,094.85 VC 1,400,000,000.00 FC 70,000,000.00 Depreciation 150,000,000.00 EBIT 205,349,094.85 Tax 56,471,001.08 Net Income 148,878,093.77 Cash flow 298,878,093.77 We know,Revenue = Price X QuantityPrice = Revenue / QuantityPrice = 1,825,349,094.85 / 200Break-Even Price = 9,126,745.47Chapter 5Prospective AnalysisWith the different factors positively contribute to the harvest of the stock price of Aftab Automobiles, we have analyzed the trend of different variables from the five year financial statement and detected the growth or reduction of every item. After that we have selected few components which show a growing trend and positively contribute to the growth of Stock Price.As we found that for Aftab Automobiles ltd, Market price movement is mostly similar with companys financial performance as like sales growth & profit growth. reaping positions (%) 2009-2008 2008-2007 2007-2006 2006-2005 GEOMEAN Sales 14.74% 41.81% -15.92% 8.95% 17.67% Net Profit/Loss 28.96% 88.45% -35.28% -2.36% 50.61% Operating Profit/Loss 69.27% 26.14% 47.34% 7.64% 28.45% EBIT 58.21% 81.95% -29.43% 11.35% 37.83% From the income statement we can concentrate on growth rates of sales revenue, operating profit, EBT and Net income. We are concentrating on average of last 4 years growth performance. From here we will use average sales growth of 17.67% for forecasting future market price. As growth rate of operating profit, EBT and Net income is close in figure, we are going to use average net income growth of 50.61% for forecast the market price trend.As the world economy is experiencing the recession and the impact of recession is also started touch our economy, so it will be a highly optimistic choice if we expect that the company will grow at the rate of 17.67% or 50.61%. On the other hand, the other growth rates that have been calculated also give us the indication that we cannot consider them ascompany growth rate given GDP growth of Bangladesh is 5.5% and world economy is in recession. We can assume that average growth rate for forecasting the share price & value of the company. harvest-tide Rate Scenario -1 presume growth rate of 17.67% as average of last 4 years growth of Sales Current 5 Year Projection Year 2009 2010 2011 2012 2013 2014 Growth Rate 17.67% 17.67% 17.67% 17.67% 17.67% Sales 2,124,637,706 2,500,061,189 2,941,822,001 3,461,641,948 4,073,314,080 4,793,068,678 Net Income 316,616,692 372,562,861 438,394,719 515,859,066 607,011,363 714,270,271 Dividend 47,570,900 55,976,678 65,867,757 77,506,590 91,202,004 107,317,398 Addition to extend Earnings269,045,792 316,586,183 372,526,962 438,352,476 515,809,359 606,952,873 Total Asset 2,438,883,896 2,869,834,680 3,376,934,468 3,973,638,789 4,675,780,763 5,501,991,224 Total Debt 1,533,364,403 1,804,309,893 2,123,131,451 2,498,288,779 2,939,736,406 3,459,187,829 crude Stock 589,249,465 589,249,465 589,249,465 589,249,465 589,249,465 589,249,465 Retained Earnings 316,270,028 632,856,211 1,005,383,174 1,443, 735,650 1,959,545,009 2,566,497,881 Total backing 2,438,883,896 3,026,415,569 3,717,764,090 4,531,273,893 5,488,530,879 6,614,935,175 Funds mandatory - (156,580,889) (340,829,621) (557,635,104) (812,750,116) (1,112,943,951) Debt Equity Ratio 1.691.48 1.33 1.23 1.15 1.10 sustainable Growth Rate 42.27% 34.96% 30.48% 27.49% 25.37% 23.81% EPS 136.50 160.62 189.00 222.39 261.69 307.93 Price 2,048.75 2,410.76 2,836.75 3,338.00 3,927.82 4,621.87 Assuming 17.67% growth rate, it has been found that the company has excess fund, which can be financed distributed to payoff long term debt and reduce the obligations of interest expenses. The projection says that presume 17.67% growth rate, after 5 years in 2014 EPS of the company would be 307.93 as well as considering current P/E ratio as unalterable factor, in year 2014 share price would be Taka 4,621.87.Growth Rate Scenario -2Assuming growth rate of 50.61% as average of last 4 years growth of Net income Current 5 Year Projection Year 2009 2010 2011 2012 2013 2014 Growth Rate 50.61% 50.61% 50.61% 50.61% 50.61% Sales 2,124,637,706 3,199,916,849 4,819,394,766 7,258,490,458 10,932,012,478 16,464,703,993 Net Income 316,616,692 476,856,400 718,193,424 1,081,671,116 1,629,104,867 2,453,594,840 Dividend 47,570,900 71,646,532 107,906,843 162,518,496 244,769,106 368,646,751 Addition to Retain Earnings 269,045,792 405,209,867 610,286,581 919,152,620 1,384,335,761 2,084,948,089 Total Asset 2,438,883,896 3,673,203,0365,532,211,092 8,332,063,126 12,548,920,274 18,899,928,825 Total Debt 1,533,364,403 2,309,400,127 3,478,187,532 5,238,498,242 7,889,702,202 11,882,680,486 Common Stock 589,249,465 589,249,465 589,249,465 589,249,465 589,249,465 589,249,465 Retained Earnings 316,270,028 721,479,895 1,331,766,477 2,250,919,096 3,635,254,857 5,720,202,947 Total funding 2,438,883,896 3,620,129,488 5,399,203,473 8,078,666,803 12,114,206,524 18,192,132,898 Funds Needed - 53,073,548 133,007,619 253,396,323 434,713,750 707,7 95,927 Debt Equity Ratio 1.69 1.76 1.81 1.84 1.87 1.88 Sustainable Growth Rate 42.27% 44.75% 46.56% 47.85% 48.74% 49.35% Price 2,048.75 3,085.62 4,647.26 6,999.23 10,541.54 15,876.62 Assuming 50.61% growth rate, it has been found that the company required additional fund to run to sustain the business in this growth rate. The projection says that assuming 50.61% growth rate, after 5 years in 2014 EPS of the company would be 1057.78 as well as considering current P/E ratio as constant factor, in year 2014 share price would be Taka 15,876.62.Growth Rate Scenario -3Assuming growth rate of 42.27% as sustainable growth rateSustainable Growth Rate = pic= pic= 42.27% Current 5 Year Projection Year 2009 2010 2011 2012 2013 2014 Growth Rate 42.27% 42.27% 42.27% 42.27% 42.27% Sales 2,124,637,706 3,022,749,966 4,300,506,074 6,118,386,469 8,704,708,779 12,384,303,496 Net Income 316,616,692 450,454,726 640,867,854 911,771,112 1,297,188,735 1,845,527,449 Dividend 47,570,900 67,679,744 9 6,288,861 136,991,427 194,899,502 277,286,081 Addition to Retain Earnings 269,045,792 382,774,982 544,578,993 774,779,685 1,102,289,233 1,568,241,368 Total Asset 2,438,883,896 3,469,832,148 4,936,575,765 7,023,331,171 9,992,185,492 14,216,013,523 Total Debt 1,533,364,403 2,181,537,673 3,103,702,297 4,415,678,018 6,282,243,106 8,937,829,769 Common Stock 589,249,465 589,249,465 589,249,465 589,249,465 589,249,465 589,249,465 Retained Earnings 316,270,028 699,045,010 1,243,624,003 2,018,403,688 3,120,692,921 4,688,934,289 Total Financing 2,438,883,896 3,469,832,148 4,936,575,765 7,023,331,171 9,992,185,492 14,216,013,523 Funds Needed - - - - - - Debt Equity Ratio 1.69 1.69 1.69 1.69 1.69 1.69 Sustainable Growth Rate 42.27% 42.27% 42.27% 42.27% 42.27% 42.27% EPS 136.50 194.20 276.29 393.08 559.24 795.63 Price 2,048.75 2,914.78 4,146.90 5,899.85 8,393.79 11,941.96 Assuming 42.27% growth rate, it has been found that the company has no excess fund or no deficit. The projection s ays that assuming 42.27% growth rate, after 5 years in 2014 EPS of the company would be 795.63 as well as considering current P/E ratio as constant factor, in year 2013 share price would be Taka 11,941.96.Growth Rate Scenario -4Assuming growth rate of 5.5% as GDP growth rate Current 5 Year Projection Year 2009 2010 2011 2012 2013 2014 Growth Rate 5.50% 5.50% 5.50% 5.50% 5.50% Sales 2,124,637,706 2,241,492,780 2,364,774,883 2,494,837,501 2,632,053,564 2,776,816,510 Net Income 316,616,692 334,030,610 352,402,294 371,784,420 392,232,563 413,805,354 Dividend 47,570,900 50,187,300 52,947,601 55,859,719 58,932,004 62,173,264 Addition to Retain 269,045,792 283,843,311 299,454,693 315,924,701 333,300,559 351,632,090 Earnings Total Asset 2,438,883,896 2,573,022,510 2,714,538,748 2,863,838,380 3,021,349,490 3,187,523,712 Total Debt 1,533,364,403 1,617,699,445 1,706,672,915 1,800,539,925 1,899,569,621 2,004,045,950 Common Stock 589,249,465 589,249,465 589,249,465 589,249,465 5 89,249,465 589,249,465 Retained Earnings 316,270,028 600,113,339 899,568,031 1,215,492,732 1,548,793,291 1,900,425,381 Total Financing 2,438,883,896 2,807,062,249 3,195,490,411 3,605,282,122 4,037,612,377 4,493,720,796 Funds Needed - (234,039,738) (480,951,663) (741,443,742) (1,016,262,887) (1,306,197,084) Debt Equity Ratio 1.69 1.36 1.15 1.00 0.89 0.80 Sustainable Growth Rate 42% 31% 25% 21% 18% 16% EPS 136.50 144.01 151.93 160.28 169.10 178.40 Price 2,048.75 2,161.43 2,280.31 2,405.73 2,538.04 2,677.63 Assuming vivid one 5.5% growth rate, it has been found that the company has excess fund, which can be financed distributed to payoff long term debt and reduce the obligations of interest expenses. The projection says that assuming 5.5% growth rate, after 5 years in 2014 EPS of the company would be 178.40 as well as considering current P/E ratio as constant factor, in year 2014 share price would be taka 2,677.63.Calculating Expected Return of Aftab Auto using CAPMThe general i dea behind CAPM is that investors need to be compensated in two ways time value of money and risk. The time value of money is represented by the risk-free (Rf) rate in the formula and compensates the investors for placing money in any investment over a period of time. The other half of the formula represents risk and calculates the amount of compensation the investor needs for fetching on additional risk or risk premium. This is calculated by taking a risk measure (beta) that compares the returns of the asset to the market over a period of time and to the market premium (Rm-Rf). picpic = 7.25% + 0.463 (1.88% 7.25%) pic = 4.915%We have determined market return Rm for year 2009 taking the monthly changein DSE Index. The average market return in 2009 has been found to be 1.88% and beta for the company is 0.46. If we post all the values in the above equation (considering Rf=7.5) we get the expected return pic to be 4.915%. This is lower than the risk free rate. This is the outcome of low market return. As such the expected return derived from CAPM can not be used for stock valuation.Future Stock Price Valuation under Gordon bewilder In this section we shall make a projection of market stock price of Aftab Auto. It has a security specific beta risk of 0.46 and the expected return for the company is 4.915%. But the expected return 4.915% is based on market return 1.88%. This phenomenon may be due to the fact that in 2009 due to the political situation & anti corruption activity of the government, a lot of money has been invested in DSE. As a result the price of stocks increased. It is vivid from the below graph.picFigure-20 DSE General Index for the 2009As the Expected Return derived from CAPM is too low (4.915%), we shall use another formula for expected rate of return.ks=(D1/P0)+gGrowth rate, g= memory Rate*ROERetention Rate = 0.85g= (0.85*0.35) =29.71%ROE = 35%D1= D0 (1+g) =20.51*1.2975=26.50ks = (26.61/ 2048.75)+0.2975 = 31.01%From this formula we get the Ex pected Return (ks) 31.01%. utilize the above information we can forecast expected stock value for Aftab Auto using the Gordon Model (Dividend Valuation Model). We assume that dividends will grow at a constant rate, g, forever. Since future cash flows grow at a constant rate forever, the value of a constant growth stock is the present value of a growing perpetuitypicWhere, picWe assume g=29.71% & k=37.12%. From all the above information we can forecast the future stock price for 2009. So the stock price for 1st January, 2010 would be BDT 459.64 But the real average stock price for first three months in 2010 was BDT 298.43. The average stock price is 54% lower than our forecasted price. This indicates the price of Aftab share is undervalued in the market. The explanation for lower market price may be due to decreasing trend in the General Index in 2010.Fig-21 DSE General Index in 2010Year Dividend Projected Price of Stock(using Gordon Model) 2009 (Actual) Do 20.51 2,048.75 2010 (pro jected) D1 26.60388 2048.75 2011 (projected) D2 34.50836 2657.469714 2012 (projected) D3 44.76141 3447.050776 2013 (projected) D4 58.06081 4471.230282 2014 (projected) D5 75.3117 5799.711558 2015 (Projected) D6 97.68813 Future Market Price projection in different growth RatepicGrowth Rate 2006 2007 Sales 2,124,637,706 2,500,061,189 Cost 1,808,021,014 2,127,498,327 Net Income 316,616,692 372,562,861.48 Asset 2,438,883,896 2,869,834,680.42 Debt 1,533,364,403 1,804,309,893.01 Equity 905,519,493.00 1,065,524,787.41 Total 2,438,883,896.00 2,869,834,680.42 Debt Equity Ratio 1.69 1.69 Here the plug variable is Dividend distribution of taka 212,557,567 and thus the Debt Equity ratio becomes unchanged.Scenario 2Particulars 2,009.00 17.67% Growth Rate Sales 2,124,637,706 2,500,061,189 Cost 1,808,021,014 2,127,498,327 Net Income 316,616,692 372,562,861.48 Asset 2,438,883,896 2,869,834,680.42 Debt 1,533,364,403 1,591,752,325.95 Equity 905,519,493.00 1,278,082,354.48 Total 2,438,883,896.00 2,869,834,680.42 DebtEquity Ratio 1.69 1.25 In this case, no Dividend is paid. So Equity increases for the Net income and thus Debt goes down. So in this case, plug variable is the Debt Equity ratio.Scenario AnalysisIn this case study, the growth rate of 5.5% has been selected as the constant growth rate and the pro forma statement has been generated based on this growth rate. For scenario analysis, both optimistic and pessimistic scenarios are being considered. Current Scenario Analysis of 2009 Pro-forma Year 2009 Pessimistic Normal Optimistic Growth Rate 2.50% 5.50% 8.50% Sales 2,124,637,706 2,177,753,649 2,241,492,780 2,305,231,911 Net Income 316,616,692 324,532,109 334,030,610 343,529,111 Dividend 47,570,900 48,760,173 50,187,300 51,614,427 Addition to Retain Earnings 269,045,792 275,771,937 283,843,311 291,914,684 Total Asset 2,438,883,896 2,499,855,993 2,573,022,510 2,646,189,027 Total Debt 1,533,364,403 1,571,698,513 1,617,699,445 1,663,700,377 Co mmon Stock 589,249,465 589,249,465 589,249,465 589,249,465 Retained Earnings 316,270,028 592,041,965 600,113,339 608,184,712 Total Financing 2,438,883,896 2,752,989,943 2,807,062,249 2,861,134,555 Funds Needed - (253,133,949) (234,039,738) (214,945,527) Debt Equity Ratio 1.69 1.33 1.36 1.39 Sustainable Growth Rate 42.27% 30.45% 31.35% 32.24% EPS 136.50 139.91 144.01 148.10 Price 2,048.75 2,099.97 2,161.43 2,222.89 In the above scenario analysis, we have taken the 5.5% growth rate in normal situation. If we want to be optimistic enough to predict that the economy will have a high growth and the company will also able to grow at 8.50%. On the other hand, the situation can also be worse enough to have a growth lower than the normal and the company may face a growth of 2.50%. After analyzing the scenario of different situation we can say that the projected growth rate is appropriate for the company which will help the company to put away in the market even if the situation is wor se. It gives a positive indication towards the company and increases the shareholders confidence to invest in the companys share.Chapter 6Findings & ConclusionAt the end we can say that, in year 2009, we see that the Market price is much higher then the Book Value of each share. Investors are willing to pay more than the book value of each share. The major reasons of the higher market value are the underestimation of the assets, as the assets are calculated based on the purchase price not on the basis of the market price. Besides that investment to the other shares are also calculated on the purchase price. But the market price is also higher. Moreover, Aftab Automobiles ltd enjoys a better reputation on the market. So the Intangible assets like, Patent, Trade mark should be considered. So we can say that the companys financial position is good. Based on market price if we re-construct the balance sheet, we have to introduce grace as intangible asset for Aftab Auto. This goodwill b asically shows the confidence of the shareholders & investors on Aftab Auto backed by some positive news.Overall we see that the Sales of the company are increasing which is a good sign. Besides that the company is investing heavily on the fixed assets,which may used to generate more revenue for the company. They are also offering cash dividend each year and also the company paid its short term load and also taking short term loans, which indicates that the company is enjoying a favorable environment in terms of the short term credit situation. So, we can conclude that the Aftab Automobiles Ltd is financially sound based on the Cash Flow analysis.Profit margin, operating profit, EPS, market-book value of the Aftab is increasing which indicates that the company is becoming more efficient in terms of its operations and also gaining investors confidence. So we can say that after experiencing some downfall Aftab Auto is now experiencing efficiency in its performance and also investors c onfidence.From the cash flow statement we can see that, in 2006, 2007 & 2009 the free cash flow figures are negative. This might happen because of high investment in inventory and R&D departments, means the company used more cash than they had sourced of. . Also the cash flows to Investors were sufficient for the company over the years. The company had sufficient fund to pay out dividends and that would eventually maximize the value of the firm. Fixed investments were consistent and consumed huge cash over the years.Using dummy variable to find effects of Dividend declaration was a success in 2009. We have seen that dividend declaration had a significant effect on the share price of Aftab Auto in the year 2009. Price fluctuated after the dividend was declared. Price increased significantly after the dividend was declared.Using dummy variable to find effects of AGM on Stock Price was a success in 2009. We have seen that AGM declaration also had a significant effect on the share pric e of Aftab Auto in the year 2009. Price fluctuated after the AGM took place. Price fell enormously after the AGM.We assumed a hypothetical situation of capital investment for Aftab Auto. The project turned out to have a positive NPV of 635,486,050.36 Taka. So its a project that adds value to the company.Incorporating the value of the project in the share price result is a share price of 2322.72 taka. This is higher than the market price of 2048.75 taka in the last trading day of 2009. This shows that the project adds value to the wealth of the shareholders.From the sensitivity analysis, we can see that NPV is very sensitive to change in revenue. For 20% decrease of Revenue, NPV is decreased by 69%. Besides that, 1% change of revenue NPV is changed for 3.44%.The scenario analysis shows that under pessimistic scenario of sales variable NPV becomes 198,853,179.90 taka and the future share price becomes 2134.48 taka. And optimistic scenario of sales variable results in a NPV of 1,072,11 8,920.83 taka and future price of share becomes 2510.96 taka. This shows how changes in sales in different situation can affect the project, its NPV and the future market price per share. But in this case it is satisfactory that sales change doesnt affect the share price of the company to a great extent. This can mean that the company has a modify way to do their business that a single project is not that much strong to affect the companys price per share.Break-Even Quantity for the new investment is 142 units if the selling price is 10,000,000 per unit. On the other hand, Break-Even Price is 9,126,745.47 if the selling quantity is 200 units.In projecting future market price, assuming realistic one 5.5% growth rate, it has been found that the company has excess fund, which can be financed distributed to payoff long term debt and reduce the obligations of interest expenses. The projection says that assuming 5.5% growth rate, after 5 years in 2014 EPS of the company would be 144.01 a s well as considering current P/E ratio as constant factor, in year 2013 share price would be 2,677.63Initially we assumed many growth variables, but considering current world wide economic condition, Bangladesh GDP growth rate of 5.5% as an assumption would be most appropriate, as due to recession period it would be veryoptimistic to assume higher growth rate