Mobile phone and Landline phone Essay

Phones are important because we rely on them to communicate with other people. Despite the cell phone cannot give you a clear, crystal clear connection as a landline phone. Landline phone is a device which we connect to the output of our homes and businesses. On the other hand, cell phones and mobile have the capacity and advanced technology. While they both perform the same basic function, there are significant differences between landline and mobile phones. There are many differences between landline and mobile phones. Convinces of having a cell phone is that you can have it on hand where ever you go. As for a landline you cannot take it with you. Cell phone have a GPS technology that can find your exact location or where you trying to go. Cell phone also can give you the chance to take live pictures or video camera whereas landline cannot. Cell phone has great features such as watch TV, MP3 players, can store all our contact information, keep track of our appointments, and important dates. The most important advantage of landlines for cell phones that 9-1-1 operators can better determine your location in an emergency. When you call 9-1-1 from a landline phone, the operator can find the exact address where the call originated. When you call 9-1-1 from a cell phone, on the other hand, the operator only receives information about your approximate latitude and longitude, which can be from 50 to 300 yards. If you are in an emergency and cannot speak to give 9-1-1 operator your location, have stationary can save your life. The similarity of landline and cell phone is the fact that they are both used for communication. One quality of the technology they are good for emergencies, for example, if you just need to call a friend or family, as the technology can do this. Both are good and reliable person depends on your needs. In conclusion, we know that cell phones are more comfortable and fashionable than landline. Phones have improved over the year; we have gone from the house phone to cell phones. Cell phones and home phones are similar in a couple of ways, but very different in many ways. Nowadays we see people on the streets with their cell phones, as many people know that it’s easier and cheaper

Project Report on Dabur Company Essay

Declaration By Candidate I wish to state that the work embodied in this project titled â€Å"Financial Modeling Of Dabur† forms my own contribution to management carried out at Vivekanand Education Society’s Institute Of Management Studies & Research Chembur, Mumbaiunder the guidance of Mr.DheerajVaidya, Director, Corporate Bridge Consultancy Pvt. Ltd. Wherever references have been made to intellectual properties of any individuals/ institute/ government/ private/ public bodies/ universities, research paper, text books, reference books, archives of newspapers, corporate, individuals, and any other source of intellectual properties viz., speeches, quotations, conference proceedings, extracts from the websites etc they have been clearly indicated, duly acknowledged and included in the Bibliography. Signature of the candidate Acknowledgment I would like to express my profound gratitude to all those who have been instrumental in the preparation of my project report. On the onset, I would like to thank the organization â€Å"Corporate Bridge Consultancy Pvt.Ltd.† for providing me the opportunity to undertake this summer internship and allowing me to explore the area of valuation and financial modeling, which was totally new for me and which would prove out to be very beneficial in my future assignments, studies and career. I wish to place on records, my deep sense of gratitude for my project guide, Mr.DheerajVaidya, director of corporate bridge consultancy pvt. Ltd. for continuous guidance and encouragement provided to me throughout my internship period. Table Of Contents SR. NO.| CONTENTS| PAGE NO.| 1| Executive Summary| | 2| About Corporate Bridge | | 3| Objective Of Study| | 4| | | 5| Industry Profile| | 6| Company Profile | | | Introduction Of Financial Modeling| | 7| Micro-Economical Factors| | 8| Understanding The Financial Statements | | 9| Research Methodology| | 10| Observations| | 11| Suggestions| | 12| Conclusion| | 13| Appendix| | 14| Bibliography| | 15| | | 16| | | 17| | | 18| | | 19| | | 20| | | | | | | | | | | | | | | | | | EXECUTIVE SUMMARY Indian economy is the fastest growing economy in the world. Indian companies are growing at faster rate in terms of revenue, expansion and global existence. Due to significant growth shareholders are benefitted by good dividend and return on investments in share market. In the last decade equity has given the best return and still the growth phase is continued. But retail investor has also lost his hard earned money due to lack of knowledge and awareness of the equity market. Without knowledge in equity market and trading on tips it become gambling instead of smart investment. Here the role of financial modeling and valuation of securities begins to find out the intrinsic value of the stock, whether it is overvalued or undervalued. Based on the research findings equity analyst recommends whether to buy, sell or hold the stock. In this report I have explained Financial Modeling of Dabur Company. This report begins with the understanding the present micro and macro-economic condition and how they affect the growth of the country. It discusses the present economic indicators and expected growth of India and FMCG industry in the future. The report further analyse financial statements of the Dabur Company. By using historical data and making some assumptions, calculations future earnings are forecasted. After that using DCF valuation we find out intrinsic value and Relative valuation used to compare Dabur with his peers. Hence, this report is an attempt to comprehensively study of Financial Modeling And Valuation Of Dabur Company. About Corporate Bridge Corporate Bridge Group is formed by graduates from leading institutes (IITs, IIMs & AIM). â€Å"Corporate Bridge† as the name suggest, helps in bridging the gap between the aspiring entrant and the corporate world. Corporate Bridge is globally recognized training firm, providing blend of instructor-led and online financial training programs along with e-learning services. With Corporate Bridge’s entrepreneurial spirit coupled with unparalleled experience (CLSA India, KPMG, YES Bank, JPMorgan, SBI Capital Markets, CRISIL etc) and comprehensive capabilities (MBA, CFA, FRM, CAs) across all industries and business functions, we commit to deliver a world class professional training and learning services that continues improving knowledge efficiency. Corporate Bridge Group; has two verticals â€Å"Educorporatebridge† and â€Å"Elearninglabz† *   EduCorporateBridge deals with Online and Instructor Lead Training Programs in various financial courses viz. Equity Research, Wealth Management, Technical Analysis Investment banking, Private Equity, Fundamental Analysis, Investment Research, Credit Research etc and preparatory courses like CFA Level I & II and FRM Level I & II, Campus Placement Trainings Elearninglabz solution portfolio consists of custom e-content development for training and learning needs in collaboration with our clients and subject matter specialist, custom Learning Management System (LMS) suite, Test & Assessment solutions. Industry Overview The Indian FMCG sector is the fourth largest in the Indian economy and has a market size of $13.1 billion. This industry primarily includes the production, distribution and marketing of consumer packaged goods, that is those categories of products which are consumed at regular intervals. The sector is growing at rapid pace with well-established distribution networks and intense competition between the organized and unorganized segments. It has a strong and competitive MNC presence across the entire value chain. The FMCG’s promising market includes middle class and the rural segments of the Indian population, and give brand makers the opportunity to convert them to branded products. It includes food and beverage, personal care, pharmaceuticals, plastic goods, paper and stationery and household products etc. India, Asia’s third largest economy, saw urban consumers spend less in calendar year 2012 due to high inflation, muted salary hikes, and slowing economic growth that affected both real wages and sentiment. During 2012, the overall slowdown in the economy has begun to affect the FMCG sector with companies posting deceleration in volume growth in the recent quarterly results. Discretionary spending has been hit severely due to the ongoing slowdown. The prevailing high inflation level is also a cause of concern for the sector. The trends seen in 2012 are likely to accelerate in 2013. Growth will come from rural dwellers that are expected to see a rise in disposable incomes due to the direct cash transfer scheme, while urban consumers will continue to be affected by the macroeconomic environment. The consumer products industry has been growing at a brisk pace in the past few years backed by robust economic growth and rising rural income. Growth drivers such as premiumization, rapid urbanization, evolving consumer lifestyles and emergence of modern trade have shielded the industry from the slowdown. The consumer products or the Fast Moving Consumer goods (FMCG) sector is valued at Rs 1.6 trillion (Source: Nielsen). The industry is urban-centric with 66% share of the goods being consumed by urban India. Metropolitan cities & small towns (population of 1-10 lakh) have been driving the FMCG consumption in urban India since 2002. In fact middle India, comprising of the small towns and consuming 20% of overall FMCG sales, has been growing the fastest across rural and urban segments. As per Nielsen, the FMCG market size of middle India is set to expand from Rs 287 bn in 2010 to over Rs 4 trillion by 2026. Rural India, where 70% of the population resides but only 34% consume FMCG goods, presents the biggest market potential for the industry. Backed by low unit packs and aggressive distribution reach, rural market size has expanded four times to Rs 564 bn since 2002. Companies such as Hindustan Unilever and Dabur which derive nearly half their sales from rural India have been increasing their reach. FMCG goods are retailed through two primary sales channels – General Trade and Modern Trade. General Trade comprising of the ubiquitous kirana stores is the largest sales channel forming 95% of overall retail sales. However, growth of consumer goods retailed through Modern Trade channel is outpacing the growth of FMCG products in General Trade. Factors such as a comfortable and modern store experience, access to a wide variety of categories and brands under a single roof and compelling value-for-money deals are attracting consumers to organized retail in a big way. But modern trade is still an urban phenomenon with 17 key metros contributing to 73% of overall modern trade in India. Product categories such as packaged rice, liquid toilet soaps, floor cleaners, breakfast cereals, air fresheners & mosquito repellent equipment have a higher penetration in modern trade channel. Despite the relatively recent performance of private label products in India, it is already close to 7% of modern trade sales. Modern Trade is expected to gain greater importance with opening up of foreign direct investment in multi-brand retail. The implementation of the Goods and Services Tax (GST) is expected to benefit the sector immensely by reducing the overall incidence of taxation. GST aims to reduce the cascading effect by replacing a multitude of indirect taxes such as central excise, service tax, VAT and inter-state sales tax with a single GST rate. Moreover, FMCG companies will be able to optimize logistics and distribution costs in the GST era. The resulting cost savings by the companies can be passed on to the final consumer thereby boosting demand. However the implementation of GST has currently been put on the backburner by the government. FMCG Industry size (India) * Of the entire FMCG sector, Food is 52%, Non-Food at 45% and OTC 3% * Growth being driven by increasing consumption led by rise in incomes, changing lifestyles and favourable demographics. * FMCG industry expected  to grow in mid to high teens going ahead. * In the last decade the FMCG sector has grown at an average of 11% a year; in the last five years, annual growth accelerated to 17%. * FMCGs are slowly and gradually positioning and deeply penetrating in the fast growing rural market. The Rural mind set is open to consumption of newer, more contemporary food categories and as a result, drive consistent growth. FMCG industry to be Rs.4000-6000 billion industry by 2020. * Indian rural market currently worth US$ 9 bn is expected to become a US$ 100 bn opportunity by 2025. * By 2025, total consumption is likely to quadruple making India the 5th largest consumer market. * The FMCG sector in India continues on a strong growth path with both urban and rural India contributing to its growth. Rural India contributes one third of FMCG sales in India. * Growth driven by increasing consumption led by rise in incomes, changing lifestyles and favourable demographics. * Rural India accounts for more than 700 Million consumers or 70% of the Indian population andaccounts for 40% of the total FMCG market. * The Rural market is a large market space with very low organized player penetration. Across the globe, the Indian rural market is probably the single largest â€Å"unit† of opportunity also with changing lifestyle and increasing consumer demand, the Indian FMCG market is expected to cross $80 billion by 2026 in towns with population of up to 10 lakhs. * The sector has a tremendous opportunity for growth in India, with the growing population, the rising incomes, education and urbanization, the advent of modern retail, and a consumption driven society. Source: credit suisse * According to credit suisse report, FMCG growth was 14% in the rural market and 16% in the urban market during the quarter ended December 2011; for the quarter ended March 2013, while growth in the urban market improved to 17%, it rose even higher, to 18%, in the rural market. Industry Classification and Performance Three well-identified sets of players operate within a highly developed and intenselycompetitive landscape of the Indian FMCG market. 1. Foreign players who are present through their subsidiaries such as Unilever, P&G, Nestle and PepsiCo 2. Strong Indian players with established national presence such as Marico, Dabur and Godrej Consumer Products. 3. Regional or small domestic players, such as Ajanta, Anchor, CavinKare etc., who are presentin a few regions of the country apart from these, there are regional and small-scale FMCG players such as small teaproducers and organic food producers, who mainly compete by offering low-priced products withsimilar looks or packaging compared to the bigger brands, to the ‘right consumers’ typicallybased in rural areas or in small towns. These players with lower corporate overheads andclear focus on specific consumer requirements have a competitive edge over larger FMCG players. Growth Drivers Government Policies and Regulatory Framework * Investment Approval: Automatic investment approval up to 100 per cent foreign equity forNRI and overseas corporate bodies. These investments are allowed in food processingsegments such as coffee and tea. * FDI in organized retail: India currently allows 100 per cent FDI in Cash & Carry segment and51% in single-brand retail, which is expected to be further increased to 100%. India is also expected to allow 51% FDI in multi-brand retail, which will boost the nascent organized retail market in the country. * Priority Sector: The Government of India recognizes food processing and agro industries aspriority sectors. * Relaxation of license rules: Industrial licenses are not required for almost all food and agro-processing industries, barring certain items such as beer, potable alcohol and wines, cane sugar, and hydrogenated animal fats and oils as well as items reserved for exclusive manufacturing in the small-scale sector. * Statutory Minimum Price: In October 2009, the government amended the Sugarcane ControlOrder, 1966, and replaced the Statutory Minimum Price (SMP) of  sugarcane with Fair andRemunerative Price (FRP) and the State- Advised Price (SAP). Opportunities in the FMCG Sector: Segment Overview: Segment Overview: Household Care * The detergents segment dominates the household care segment and has been growing at an annual growth rate of 10- 11% in the past five years. * The Household care segment is plagued by intense competition and high level of penetration. With rapid urbanization, emergence of small pack sizes and sachets is picking up * Local and unorganized players account for a major share of the total volume ofthe detergent market. Segment Overview: Personal Care Local and unorganised players account for a major share of the total volume ofthe detergent market The detergent segment dominates the household care segment and has been growing at an annual growth rate of 10-11% in the past five years. The Household care segment is plaguedby intense competition and high level ofpenetration. With rapid urbanization,emergence of small pack sizes andsachets is picking up. Segment Overview: Food and Beverages The Food and Beverages segment comprises of the food processingindustry,health beverage industry, breadand biscuits, chocolates & confectionery,Mineral Water and ice creams. The three largest consumed categories ofpackaged foods are packed tea biscuitsand soft drinks. The Indian hot beverage market isdominated by tea and the major share ofthe tea market is dominated byunorganized players. Dabur India Limited overview * Established in 1884 – more than 127 years of Trust & Excellence * Among top 4 FMCG companies in India * World’s largest in Ayurveda and natural healthcare * Revenue of r US$1 Billion (Rs 5,283 Crore) and Market Capitalisation of US$4 Billion (Rs 20,000 Crore) * Wide distribution network covering 3.4 million retailers across the country * 23 world class manufacturing plants catering to needs of diverse markets * Strong overseas presence with 30% contribution to consolidated sales * Dabur India is also a world leader in Ayurveda with a portfolio of over 250 Herbal/Ayurvedic products. * Headquarters: Kaushambi Ghaziabad – 201010 Uttar Pradesh, India * Top management: Dr. AnandBurman (Chairman) Mr.AmitBurman (Vice-Chairman) Mr. Sunil Duggal (CEO) * Employees approximately 3000 Key players at FMCG: Company| Key categories| Hindustan Unilever Ltd| Soaps, Detergents, Personal Care, Foods| Nestle India Ltd| Food, Beverages, Infant Nutrition| Dabur India Ltd| Personal, Health &Homecare, Foods| Godrej Consumer| Hair Care, Soaps| Colgate Palmolive Ltd| Oral Care & Toiletries| GlaxoSmithkline Consumer| Consumer Health Care| Marico Ltd.| Hair care, Food, Skincare| Procter & Gamble | Feminine Hygiene personal care| Britannia Industries Ltd| Biscuits| PEST Analysis Political * Stable political government. * Restrictions in import policies. * Rise in customs duty on petrol & diesel. * Partial withdrawal of stimulus packages Economical * Inflation rate * Decreased GDP * Increase in disposable income. * Indian FMCG Recorded 16% Sales Growth in last fiscal. The FMCG sector is the4thlargest sector of Indian economy with market size of more than 60,000crore Social * Rising rural India. * Consumerism. * Demography Technological * Research and development intensity * Information technology COMPETITOR ANALYSIS The key competitors are KeoKarpin, Emami, Bajaj, Marico, HLL which together with Dabur have about 64% of India’s domestic market. Emami: HimaniNavratan oil and Himani Oil. Emami has taken Madhuri Dixit as brand ambassador for emami oil and Amitabh Bachchan for Himami Navratan Oil. Overall it has a share of 4% in hair oil market. Bajaj: Bajaj Brahmi Amla and Bajaj Almond Drops currently have a value share of 19 per cent and 12 per cent in their respective oil categories as per ORG-Marg. Besides, the company has also decided to enhance its retail presence by nearly 20 per cent from the existing 5 lakh retail outlets in an attempt to reach the rural parts. Maricos: Parachute is premium edible grade oil, a  market leader in its category. Synonymous with pure coconut oil in the market, Parachute is positioned on the platform of purity. In fact over time it has become the gold standard for purity. Parachute’s primary target has been women of all ages. The brand has a huge loyalty, not only in the urban sections of India but also in the rural sector. It has a market share of 28%. HUL It has two products, Clinic plus Hair Oil and All Clear Clinic Hair Oil. Overall it has a 3%share in hair oil market. The key competitors of Dabur in the Chyawanprash segment are Baidyanath, Zandu andHimani, which together with Dabur have about 85% of India’s domestic market. DaburChyawanprash (herbal honey) has a market share of 61%.We have tried to analyse the competition for Dabur in the Chyawanprash segment as follows: SWOT Analysis STRENGTH * Strong presence in well defined niches( like value added Hair Oil and Ayurveda specialties) * Core knowledge of Ayurveda * Strong Brand Image * Distribution Network, Extensive Supply Chain, IT Initiatives and R & D| WEAKNESS * Seasonal demand like chyawanprash in winter * High price Vatika * Limited differentiation in some products like vatika| OPPORTUNITIES * Export opportunities * Increasing demand by people * Market development| THREATS * Existing competition like Zandu, Himani, Baidyanath * New entrant threats from substitutes like Bryllcream for vatika hair oil| Dabur: Strong Presence in FMCG Categories Category| Position| Market share| Key Brands| Hair Care| 3| 12%| DaburAmla hair Oil, Vatika hair oil &Vatika Shampoos| Oral Care| 3| 13%| Red toothpaste, Babool, Meswak, Red toothpowder| Skin Care| 3| 7%| DaburGulabari, Fem| AyurvedicTonics| 1| 67%| DaburChyawanprash| Digestives| 1| 56%| Hajmola| Fruit Juices| 1| 52%| Real Fruit Juices, Real Activ| Honey| 1| 50%| Dabur Honey| Glucose| 2| 25%| Dabur Glucose| Segment wise Market share of Dabur International business * Focus markets: * Egypt * Nigeria * Turkey * Bangladesh * Nepal * U.S. * Leveraging the â€Å"Natural† preference among local consumers to increase share in personal care categories * High level of localization of manufacturing and sales and marketing * Sustained investments in brand building and marketing â€Å"Domestic FMCG companies such as Godrej Consumer Products (GCPL), Marico and Dabur have grown at a robust pace of 20% average annual growth over the last five years. In a bid to expand their businesses further, these companies acquired several foreign brands and companies. Consequently, the share of the international sales to their total revenue has increased. The chart of the day shows that between FY06 and FY12, the contribution of international sales has increased substantially for most FMCG companies. However, the benefit at the top line has failed to percolate at the bottom line. Sometimes, acquired brands take a long time to break-even. Hair-styling brand Code 10 acquired by Marico in 2010 and Dabur’s Namaste acquisition in 2011 continue to remain in red. However, GCPL has seen reasonable success with several acquisitions such as Megasari in Indonesia, Darling Group in Africa and Cosmetica National. This may be on account of the fact that GCPL has focused on product acquisitions in which it has a strong core presence. â€Å" Growth Strategy: Three Growth Strategies Acquire Innovate Expand Expand * Strengthening presence in existing categories and markets as well entering new geographies * Maintain dominant share in categories where we are category builders like Health Supplements, Honey etc. and expand market shares in other categories * Calibrated international expansion – local manufacturing pp y y g and supply chain to enhance flexibility/ reduce response time to change in market demands Innovate * Strong focus on innovation. Have rolled out new variants & products which have contributed to around 5-6% of our growth p.a. * Renovation of existing products to respond to changing demands (Toothpowder to Toothpaste) Acquire * Acquisitions critical for building scale in existing categories & markets * Should be synergistic and make a good strategic fit * Target opportunities in our focus markets Acquisitions of Hobi Group, Turkey * Acquisition of Hobi Group, Turkey for a total consideration of US$ 69 Million completed on October 7, 2010 * Hobi manufactures and markets hair, skin and body care products under the brands Hobby and New Era * Product range of the company is complementary to our product range * Acquisition provides an entry into another attractive emerging market and a good platform to leverage this across the region Acquisitions of Namaste Laboratories * Dabur India Limited through its subsidiary Dabur International Limited acquired 100% stake in Namaste Laboratories LLC for $100 million, in an all-cash deal on January 1, 2011 * Namaste is a leading ethnic hair care products company, having products for women of colour, with revenues of $95 million from US, Europe, Middle East and African markets * The company markets a portfolio of hair care products under the brand ‘Organic Root Stimulator’ and has a strong presence in ethnic hair care market for women of colour. * Acquisition to enable entry into Ethnic Hair Care products market valued at more than US$1.5 billion and tap into significant market opportunity in the fast growing * At an acquisition price of $100 million, the deal value is at 1.1x Sales and 8.3x EBITDA Porters Industry Analysis: Supply:| Abundant supply through a distribution network of over 8 m stores across the country. Distribution networks are being beefed up to penetrate the rural areas. HUL has tripled rural network in 2011 and Dabur wants to double rural reach by FY13.| Demand:| Being items of daily consumption, demand is least impacted by economic slowdown.| Barriers to entry:| Huge investments in setting up distribution networks and promoting brands and competition from established companies.| Bargaining power of suppliers:| Inputs being mostly agri-commodities, the suppliers are numerous and lack scale to wield bargaining power. Companies like ITC that are integrated backwards have lower dependence on suppliers. | Bargaining power of customers:| Customer does not have bargaining power in case of branded products but intense competition within the FMCG companies results in value for money deals for consumers. | Competition:| Competition is faced from domestic unorganized players and established MNC’s. Price wars are a common phenomenon. Private labels offered by retailers at a discount to mainframe brands act as competition to undifferentiated and weak brands.| | Financial year 2013-2014 | With consumer spending remaining healthy, value growth in FMCG sales were over 18% in 2012-13 (Source: Nielsen). All the frontline FMCG companies registered double-digit sales growth during the year. Companies like Dabur, Godrej Consumer Products and Marico posted over 25% topline growth aided by brisk rise in overseas revenues. | | The rural markets continued to lead demand in personal care and oral care products. According to Nielsen’s data, rural sales in washing powder, hair oil and shampoo each contributed more than a third of the overall category sales in FY2012-13. Sales growth in rural markets surpassed that in urban markets in more than 50% of the FMCG categories. Nielsen has projected the size of the rural market to grow ten folds to $ 100 bn by 2025. | | In FY2012-13, margins of FMCG companies were hit by unprecedented increase in price of crude and other commodities. As crude price spiralled above $100 a barrel, price of input crude-derivatives, transportation/freight and packaging costs increased sharply. Advertisement and promotional spends remained high on account of heightened competitive activity. The companies effected judicious price increases and also reduced the packet sizes and stock-keeping units (SKUs). Hence the growth seen by FMCG companies was mostly volume led. The reduction in surcharge from 7.5% to 5% and hike in the base MAT kept effective tax rates unchanged during the year.| | Prospects| | | Household spending on FMCG goods has not witnessed any pressure so far. But going forward, a deficient monsoon is likely to impact farm income and thereby rural spending in the short term. Even in urban India, discretionary spending can get impacted by lower salary hikes and food inflation re-surfacing on poor rainfall. This is more likely to result in down-trading by consumers. | | FMCG companies have been reaping the benefit of waning inflation and series of price-hikes taken earlier. But with the ‘New Standard Packaging’ rules coming into effect in November 2012, the companies will no longer be able to hold prices by reducing the grammage sold. High base-effect in price levels and fears of hurting demand is likely to prevent companies from raising prices substantially. Apart from absorbing higher input costs, FMCG companies may have to bear expenses to bring their  products in line with the new packaging rules. Additionally, even rising competition is expected to keep brand investments by companies high through increased ad-spends and promotional expenses. Therefore, profitability of FMCG companies may witness short-term pain. | | But long term demand potential of FMCG goods remains robust. According to International Labour Organisation, India will have the highest working age population in the world by 2020. The National Council of Applied Economic Research projects the proportion of middle class population to swell from 13.1% at present to 37.2% by 2025-26. Increase in working-age population and rising middle class will translate into higher purchasing power & boost consumerism. Higher penetration and evolution in consumption pattern will drive rural demand. The FMCG sector is expected to reach market size of $ 74 bn by 2018 (Source: FICCI).| | Introduction Of Financial ModelingFinancial modeling refers to the process through which a company builds up a financial representation of some, or even all aspects of the company or the given security. The financial model is generally featured by performing calculations, and making recommendations on the basis of that information. Moreover, the model might also prà ©cis specific events for the end user in addition to providing direction regarding possible alternatives or actions.Theoretically, a financial model is a set of assumptions about future business conditions that drive projections of a company’s revenue, earnings, cash flows and balance sheet accounts. In practice, a financial model is a spreadsheet (usually in Microsoft’s Excel software) that analysts use to forecast a company’s future financial performance. Properly projecting earnings and cash flows into the future is important since the intrinsic value of a stock depends largely on the outlook for financial performance of the issuing company. A financial model spreadsheet usually looks like a table of financial data organized into fiscal quarters and/or years. Each column of the table represents the balance sheet, income statement and cash flow statement of a  future quarter or year. The rows of the table represent all the line items of the company’s financial statements, such as revenue, expenses, share count, capital expenditures and balance sheet accounts. Like financial statements, one generally reads the model from the top to the bottom, or revenue through earnings and cash flows. History as a Guide When trying to predict the future, a good place to start is the past. Therefore, a good first step in building a model is to fully analyze a set of historical financial data and link projections to the historical data as a base for the model. If a company has generated gross margins in the 40% to 45% range for the past ten years, then it might be acceptable to assume that, with other things being equal, a margin of this level is sustainable into the future. Consequently, the historical track record of gross margin can become somewhat of a basis for a future income projection. Analysts are always smart to examine and analyze historical trends in revenue growth, expenses, capital expenditures and other financial metrics before attempting to project financial results into the future. For this reason, financial model spreadsheets usually incorporate a set of historical financial data and related analytical measures from which analysts derive assumptions and projections.Macro-economical Factors: 1. Mid-Quarter Monetary Policy Review: June 2013Monetary and Liquidity MeasuresOn the basis of an assessment of the current macroeconomic situation, RBI has been decided to: * keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent of their net demand and time liabilities; and * keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 7.25 per cent.Consequently, the reverse repo rate under the LAF wi ll remain unchanged at 6.25 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 8.25 per cent.2. The above monetary policy stance has been informed by the evolving growth-inflation dynamic, the balance of risks as well as recent developments in the external sector.3. Since the Reserve Bank’s Annual Policy statement in May, global economic activity has slowed and risks remain elevated, most recently on account of uncertainty over policies of systemic central banks. On the domestic front, macroeconomic conditions remain weak, hamstrung by infrastructure bottlenecks, supply constraints, lacklustre domestic demand and subdued investment sentiment. Inflation has  moderated as projected. However, upside pressures on the way forward from the pass-through of rupee depreciation, recent increases in administered prices and persisting imbalances, especially relating to food, pose risks of second-round effects. As recent experience has shown, shifts in global market sentiment can trigger sudden stop and reversal of capital from a broad swath of emerging economies, swiftly amplifying risks to the outlook. India is not an exception.Global Economy4. Global growth has been patchy and uneven. Among advanced economies (AEs), during Q1 of 2013, growth in US and Japan improved while that in the euro area contracted. Growth in most emerging and developing economies (EDEs) has been relatively resilient, although in some large emerging economies, sluggish external demand and stalled domestic investment are dragging down economic activity. Inflation has been easing in the AEs due to weak demand conditions. EDEs, however, present a mixed picture: inflation remains elevated in the BRICS except China. Commodity prices, other than the price of crude, have generally softened in recent months.Domestic EconomyGrowth In May, the Central Statistics Office (CSO) reported India’s GDP growth in Q4 of 2012-13 of 4.8 per cent, a marginal improvement over the previous quarter. During the current financial year, the growth of industrial production decelerated to 2.3 per cent in April after picking up in the preceding month. All constituent categories of industry have slowed, with a persistent contraction in mining activity. The sharp weakening in the growth of capital goods production points to still damped investment demand whereas a pick-up in consumer non-durables could be indicative of a fragile return of consumer confidence. On the other hand, the services sector purchasing managers’ index rose in May on order flows. The onset of the south-west monsoon has been strong and on time.InflationHeadline WPI inflation eased for three months in succession with the May reading at 4.7 per cent, down from an average of 7.4 per cent in 2012-13. All constituent categories, barring food, have moderated. In the fuel category, coal and mineral oil prices declined, partly offsetting the upward revision in administered prices of electricity. Non-food manufactured products inflation too ebbed, driven by metal prices which fell for the eighth successive month in response to softening of global prices. Still ele vated food inflation, particularly in respect of cereals and vegetables, sustained upside pressures on overall  inflation. Retail inflation, as measured by the new combined (rural and urban) CPI, edged down from an average of 10.2 per cent last fiscal year to 9.3 per cent in May.Liquidity Conditions Net average daily borrowings under the LAF have declined gradually, from ` 1.2 trillion in March 2013 to ` 0.7 trillion in June 2013 so far (up to June 14) reflecting the sizable injection of primary liquidity through the reduction in the cash reserve ratio (CRR) in January, open market operations (OMO) purchases during Q4 of 2012-13, a significant reduction in the government’s cash balances with the Reserve Bank as well as two OMOs of ` 0.2 trillion in the current financial year so far. External Factors: The most significant development in the external sector has been the movement in the exchange rate. The rupee depreciated by 5.8 per cent against the US dollar during the current financial year up to June 14. It fell by 6.6 per cent during May 22-June 11 due to sell-off by foreign institutional investors, reflecting risk-off sentiment triggered by apprehensions of possible tapering off of quantitative easing by the US Fed. While the trade deficit has widened sharply due to a surge in festival-related/seasonal gold imports, available evidence suggests that a moderation in gold imports could be underway in June. Capital flows, which met the external financing requirement during April-May, moderated in June.Outlook At the global level, the International Monetary Fund (IMF) has warned of non-trivial risks of the global economy encountering a soft patch in the months ahead. On the domestic front, last year’s robust rabi production and the monsoon performance so fa r augur well for growth prospects. The spatial and temporal distribution of rainfall over the next three months will be crucial in determining the performance of agriculture. The continuing weakness in manufacturing activity needs to be urgently reversed. Key to reinvigorating growth is accelerating investment by creating a conducive environment for private investment, improving project clearance and implementation and leveraging on the crowding-in role of public investment. On the inflation front, easing commodity prices at the global level and weaker pricing power of corporates at the domestic level are having a softening influence. Given that food inflation remains high, the inflation outlook will be influenced by concerted efforts to break food inflation persistence. The inflation outlook going forward will be determined by suppressed inflation being released through revisions in  administered prices, including the minimum support prices (MSP) as well as the recent depreciation of the rupee. Softer global commodity prices and recent measures to dampen gold imports are expected to moderate the CAD in 2013-14 from its level last year. The main challenge is to reduce the CAD to a sustainable level; the near-term challenge is to finance it through stable flows. The most recent number on the Centre’s fiscal deficit, at 4.9 per cent of GDP for 2012-13, has turned out better than expected and instils confidence in the Government’s commitment to contain the fiscal deficit for 2013-14 at 4.8 per cent. Perseverance with this consolidation should help in mitigating the twin deficit risks to the outlook. These positive developments, which have been acknowledged by international credit rating agencies, should have a favourable impact on invest or confidence.Current Account Deficit (CAD) woes: The Reserve Bank of India (RBI) in its monetary policy cut the cash-reserve ratio (CRR) and repo rates by 25 basis points (0.25%). But at the same time it made very clear the various risks that the Indian economy faces. While inflation is certainly one of the key risks, the other equally worrying factor is the current account deficit (CAD). Indeed, in the above chart shows, CAD (as a % of GDP) has been continuously increasing over five consecutive quarters from July-September 2011 (2QFY12) to July-September 2012 (2QFY13). This is bound to have an adverse impact on the stability of the country’s exchange rate at a time when domestic growth has also been slowing down. What is more, the rise in imports has largely been on account of fuel and gold imports. This is of more worrying to the RBI, than had the high CAD been on account of import of capital goods. | Understanding Financial StatementIncome StatementAn income statement (US English) or profit and loss account (UK English) (also referred to as a profit and loss statement (P&L), revenue statement,statement of financial performance, earnings statement, operating statement, or statement of operations) is one of the financial statementsof a company and shows the company’s revenuesand expenses during a particular period.It indicates how the revenues (money received from the sale of products and services before expenses are taken out, also known as the â€Å"top line†) are transformed into the net income(the result after all revenues and expenses have been accounted for, also known as â€Å"net profit† or the â€Å"bottom line†). It displays the revenues recognized for a specific period, and  the costand expenses charged against these revenues, including write-offs (e.g., depreciation and amortization of various assets) and taxes.The purpose of the income statement is to show managers and investors whether the company made or lost money during the period being reported. The important thing to remember about an income statement is that it represents a period of time. This contrasts with the balance sheet, which represents a single moment in time.Balance SheetIn financial accounting, a balance sheet or statement of financial position is a summary of the financial balances of a sole proprietorship, abusiness partnership, a corporation or other business organization, such as an LLC or an LLP. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a â€Å"snapshot of a company’s financial condition†. Of the four basic financial statements, the balance sheet is the only statement which applies to a single point in time of a business’ calendar year.A standard company balance sheet has three parts: assets, liabilities and ownership equity. The main categories of assets are usually listed first and typically in order of liquidity.Assets are f ollowed by the liabilities. The difference between the assets and the liabilities is known as equity or the net assetsor the net worth or capital of the company and according to the accounting equation, net worth must equal assets minus liabilities.Another way to look at the same equation is that assets equal liabilities plus owner’s equity. Looking at the equation in this way shows how assets were financed: either by borrowing money (liability) or by using the owner’s money (owner’s equity). Balance sheets are usually presented with assets in one section and liabilities and net worth in the other section with the two sections â€Å"balancing†.Cash Flow StatementIn financial accounting, a cash flow statement, also known as statement of cash flows, is a financial statementthat shows how changes inbalance sheetaccounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing, and financing activities. Essentially, the cash flow statement is concerned with the flow of cash in and out of the business. The statement captures both the current operating results and the accompanying changes in the balance sheet. As an analytical tool, the statement of cash flows is useful in determining the short-term viability of a company,  particularly its ability to pay bills. International Accounting Standard 7 (IAS 7), is the International Accounting Standardthat deals with cash flow statements.People and groups interested in cash flow statements include: * Accounting personnel, who need to know whether the organization will be able to cover payroll and other immediate expenses * Potential lendersor creditors, who want a clear picture of a company’s ability to repay * Potential investors, who need to judge whether the company is financially sound * Potential employees or contractors, who need to know whether the company will be able to afford compensation * Shareholders of the business.Th e cash flow statement is intended to 1. provide information on a firm’s liquidity and solvency and its ability to change cash flows in future circumstances 2. provide additional information for evaluating changes in assets, liabilities and equity 3. improve the comparability of different firms’ operating performance by eliminating the effects of different accounting methods 4. It indicates the amount, timing and probability of future cash flows.Working CapitalWorking capital (abbreviated WC) is a financial metric which represents operating liquidity available to a business, organization or other entity, including governmental entity. Along with fixed assets such as plant and equipment, working capital is considered a part of operating capital. Net working capital is calculated as current assets minus current liabilities. It is a derivation of working capital that is commonly used in valuation techniques such as DCFs (Discounted cash flows). If current assets are less than current liabilities, an entity has a working capital deficiency, also called a working capital deficit.A company can be endowed with assets and profitability but short of liquidity if its assets cannot readily be converted into cash. Positive working capital is required to ensure that a firm is able to continue its operations and that it has sufficient funds to satisfy both maturing short-term debt and upcoming operational expenses. The management of working capital involves managing inventories, accounts receivable and payable, and cash.Horizontal AnalysisA procedure in fundamental analysis in which an analyst compares ratios or line items in a company’s financial statements over a certain period of time. The analyst will use his or her discretion when choosing a particular timeline; however, the decision is often based on the investing time horizon  under consideration.Formula,= current year-base yearbase year| Vertical AnalysisVertical analysis of financial statements is a technique in which the relationship between items in the same financial statement is identified by expressing all amounts as a percentage a total amount. This method compares different items to a single item in the same accounting p eriod. The financial statements prepared by using this technique are known as common size financial statements.Trend AnalysisTrend Analysis is the practice of collecting information and attempting to spot a pattern, or trend, in the information. Although trend analysis is often used to predict future events, it could be used to estimate uncertain events in the past, such as how many ancient kings probably ruled between two dates, based on data such as the average years which other known kings reigned.= Current year*100 Base yearDiscounted Cash Flow (DCF) AnalysisIn finance, discounted cash flow (DCF) analysis is a method of valuing a project, company, or asset using the concepts of the time value of money. All future cash flows are estimated and discounted to give their present values (PVs)—the sum of all future cash flows, both incoming and outgoing, is the net present value (NPV), which is taken as the value or price of the cash flows in question. Present value may also be expressed as a number of years’ purchase of the future undiscounted annual cash flows expected to arise.Using DCF analysis to compute the NPV takes as input cash flows and a discount rate and gives as output a price; the opposite process—taking cash flows and a price and inferring a discount rate, is called the yield.Discounted cash flow analysis is widely used in investment finance, real estate development, and corporate financial management.What is relative valuation? In relative valuation, the value of an asset is compared to the values assessed by the market for similar or comparable assets. To do relative valuation then, – we need to identify comparable assets and obtain market values for these assets – convert these market values into standardized values, since the absolute prices cannot be compared This process of standardizing creates price multiples. – compare the standardized value or multiple for the asset being analyzed to the standardized values for comparable asset, controlling for any differences between the firms that might affect the multiple, to judge whether the asset is under or over valuedInterpretation of DCF valuation and Relative valuation| Review of Literature Mostly financial modeling of dabur was done before by equity research analyst of various research agencies, mutual funds, investment banks and brokerage house. Generally they have done it quarterly and annually before and after the company’s financial results. Justification and Likely Benefits Why financial modelingis important? Financial modeling acts as a useful tool which enables business options and risks to be estimated in a cost-effective way against various assumptions, recognize optimal solutions in estimating financial returns and understand the effect of resource constraints thus leading to more effective business decisions. Financial modeling can be referred as an art and like any other art form, it requires constant [practice and commitment to develop expertise in this area. In the present day world, many companies are becoming globally integrated with the international economy through the way of acquiring/establishing international operations. This calls for the requirement of strong financial models which can assist in performing the evaluation of every country’s operations, reflect on multiple currencies in their model, estimate varying capacity utilizations to estimate the optimal capacity under changeable industry demand-supply scenarios and similar more cases. Scope of Financial Modeling? Financial Modelling is a key skill with application in several areas withinbanking and finance industry as well as within corporations. In financialmodelling you learn to gather historical information on companies andanalyze company / industry performance on various financialparameters. This analysis is then used to build a company’s financialmodel, which in turn is key to projecting a future financial performance.Based on this model companies investors can arrive at a suitableevaluation for the companies. Financial models are usually made for financing of a project intransactions like: PPP/PFI, Mergers & Acquisitions, Valuation ofbusinesses etc. across various industries & sectors which includes SolarPlants, Waste Management, Helicopter felt, Oil and Gas, Mining,Energy, Healthcare,  Services & Education etc to evaluate the viability ofthe project on various parameters. Key Financial of Dabur: Objectives To find out intrinsic value of dabur and take decision regarding investment in Dabur. Plan of Work and Methodology Prepared a Sector Analysis Report for the FMCG sector †¢ Performed Historical Ratio Analysis of Dabur †¢ Prepared a Financial Model for Dabur by forecasting its financials for the next five years (FY13E-FY17E) on the basis of a historical trend analysis and expected performance of the FMCG industry drivers. †¢ Estimated a Target Price for the stock of Dabur using a DCF Valuation Model as well as using Relative Valuation by peer comparison. †¢ Submitted a final Equity Research Report on Dabur with recommendations. References and Bibliography www.investopedia.com www.rbi.org.in www.moneycontrol.com www.equitymaster.com www.bloomberg.com www.bseindia.com www.dabur.com www.wikipedia.org Nielsen FMCG industry report

The Reformation Was the Rejection of the Secular Spirit of...

Contrary to the Middle Ages, when the afterlife and glorifying God was the primary focus, the Renaissance concentrated increasingly on the present day, demonstrating a more secular philosophy. Humanism developed, making human beings, and not God, the center of attention. People not longer considered their lives solely as a preparation for the afterlife, but instead gave them actual value. The churchs authority fused with that of the state, resulting in a monopolized power greatly influenced by religion. The rejection of the secular spirit of the Italian Renaissance can be seen in the varying art themes of the Reformation. The Reformation rejected the secular spirit that had developed during the Italian Renaissance and replaced it with a†¦show more content†¦Since Protestantism was not only a religion but a way of life, and since priests and other clergy members were no longer as necessary in religion, in many countries the state and the church began to fuse, and formed a sin gle, all powerful rule. As a result, many Protestant countries sole authority was at once the state and religion. Although during the Renaissance state rulers were religious, there had always remained two separate powers. By unifying the two, there was no longer a relatively secular authority. The state monopolized the power and made it a religious one. Differences between the Italian Renaissance and the Reformation can be seen in art. Renaissance art exhibited a secular spirit. Artists, for the first time since the antiquity, painted secular themes. The human body was portrayed as being beautiful in its nature and glorified humans, rather then God. Art was dynamic and vivacious, often seeming as though it was in movement. This portrayal both was a reaction to the iconographic God worshipping art of the Middle Ages, and caused a reaction in Protestants, resulting in their more conservative style. Nude bodies, often seen in Italian Renaissance paintings and sculptures, are never seen in those of the Protestants. Their religious beliefs and way of life, in many ways countering that of theShow MoreRelatedThe Rise Of The Italian Renaissance1287 Words   |  6 Pagessociety dominated by a secular, humanistic spirit. One of the most historically significant events of the Renaissance was the Reformation. Some people argue that the Reforma tion was a rejection the secular spirit of the Italian Renaissance. Others assert that the Reformation was an embracement of these secular ideas. However as with many questions, this issue cannot be given a definite answer. The events of sixteenth-century Europe shows that the Reformation rejected secular ideas in some ways andRead MoreSecular Humanism Essay1521 Words   |  7 Pagesdecision on alleged secular humanism in Holt, Rinehart, Winston textbooks illustrates the continuing controversy over that term. The term secular humanism is used today to castigate a wide spectrum of our populous. The derision with which the term is used suggests images of horrid, grotesque monsters. In reality, however, the term merely consists of two sorely misunderstood words. In combination they suggest a virus, though singly they are innocuous, if not healthy. Secular means having toRead MoreErasmus of Rotterdam in Praise of Folly Essay1130 Words   |  5 Pagesoften titled the Praise of Folly, Erasmus’s seminal pre-Reformation essay examines aspects of Church teaching as well as aspects of worship which Erasmus deems worthy of the biting satire he utilises Erasmus was unrelenting in his criticism of pedantry, sophistry and demagoguery among both clerical and secular figures. Rediscovery of Aristotle and the birth of humanism in the renaissance The influence of Erasmus on humanism during this time was so great as to ensure that Northern Renaissance humanismRead MoreThe Tragical History Of Doctor Faustus1163 Words   |  5 Pagespainted in a negative light. This reflects the disillusionment with religion that Marlowe and other Renaissance men had as a consequence of the conflict between Catholicism and Protestantism that occurred during the Protestant Reformation. Through Faustus’s lines, Marlowe was able to air some of his less-than-pleasant views about Christianity. Even in the first act, Faustus’s opinion of religion is made clear. â€Å"Philosophy is odious and obscure; both law and physic are for petty wits; divinity is theRead MoreThe Impact of Puritans on the Development of America and Its Influence on Modern Society1141 Words   |  5 PagesJonathon Winthrop was the first governor of Massachusetts and served as such for twenty years. Winthrop’s brand of Puritan theology was one of setting up communities and purifying it of all non-believers. Winthrop believed that the government should be ruled with a theocracy and imposed laws with this view in mind. Roger Williams differed in Winthrop’s in that he believed everyone should have freedom to worship as they saw fit and not just the Puritans themselves. â€Å"Williams was a spiritual or theologicalRead MoreWilliam Shakespeare s Hamlet - Morality And Religion1442 Words   |  6 Pagesthe beginning, Hamlet was contemplating suicide with the news of his father’s sudden death and the quick marriage of his mother, Gertrude and Uncle Claudius, but decides not to by virtue of being a sin. In the play â€Å"Hamlet,† Shakespeare examines the role of suicide in morality and religion providing a new perception into how they affect each other, and how both belief guide characters motives. The play was written during a significant time in England, the Elizabethan era was filled with the clashingRead MoreEssay Reveiw4144 Words   |  17 Pages17th Century Affairs 1. How did the disintegration of the medieval church and the coming of the Reformation contribute to the development of nation-states in Western Europe between 1450 and 1648? a. Thesis: Rise of absolutism came at the expense of the medieval church, absolutism laid the foundation for the modern-nation state. Supporting Info: (main body) 1. German princes: Luther’s Reformation = more power for princes. They have greater control of political affairs and national This laysRead MoreTheological Essay2849 Words   |  12 Pagesshould examine the material through a biblical view. If someone does not believe in the bible, explaining sin may sound like nonsense. Holding a certain philosophical viewpoint can cause tension when theologically analyzing in this area. Specifically, secular psychology clashes with the idea of sin. Psychology often teaches individuals to blame others for their failures in life. They teach that pressure from society, spouses, parents, and environments are the reason for life difficulties. Sure, otherRead MoreThe Effects of Blues Music on Civil Rights2432 Words   |  10 PagesAddy Phillips | Eddie James â€Å"Son† House, Jr., an American blues singer and guitarist once stated, People keep asking me where the blues started and all I can say is that when I was a boy we always was singing in the fields. Not real singing, you know, just hollerin, but we made up our songs about things that was happening to us at the time, and I think thats where the blues started (Cohn, 1993).† House, living through the development of the blues and the Civil Rights Movement, had a definiteRead MoreEssay on What role do rituals play in affirming community?2147 Words   |  9 Pagesguide the behaviour of men and women in the presence of the sacred and can appear as the legitimation of secular authority, but there are also ‘rituals of rebellion’ which will be explained later. Ritual is a word derived from the word ‘Rite’ and refers to the liturgical practices of the church. The invention of an idea of ‘ritual’ as a distinct form of activity came from the Protestant reformation. The Protestants condemned this idea; they saw the word ritual as something to describe the disreputable

Diabetes Diabetes And Diabetes - 919 Words

Insulin Resistance: Diabetes Diabetes mellitus is most commonly known as diabetes. Diabetes is formally a Greek word that translates to, â€Å"the making of lots of urine with sugar in it or making sweet urine† Brawley. This disease is due to a metabolic dysfunction. Diabetes is caused due to the fact that insufficient insulin is being produced in the pancreas. Sometimes this disease can even be caused because the cells are not being responsive to the insulin being produced. Unfortunately diabetes is not just one single strand but it comes in Type 1, Type 2 and gestational diabetes. To begin with, diabetes is not specified to just one group age or gender it can strike anyone from any age in life. According to the distinguished, What is Diabetes?, article, in the past years the amount of diabetes cases has increased dramatically by 50 percent making it be 29 million people suffering from this disease. Occasionally diabetes symptoms can go unnoticed but if not treated properly it can lead to serious complications. In a healthy person, the pancreas (an organ behind the stomach) releases insulin to help the body store and use the sugar from the food you eat. Nevertheless, the symptoms to such disease are â€Å"urinating often, feel of thirstiness, feeling very hungry - even though you are eating, extreme fatigue, blurry vision, cuts and bruises that are slow to heal, weight loss - even though you are eating more (type 1) and Tingling, pain, or numbness in the hands/feet in type 2†Show MoreRelatedDiabetes : Diabetes And Diabetes3153 Words   |  13 PagesPeople all around the world might know someone with diabetes, but might have never realized how did they get diabetes, what will happen with them, what do they go through, what makes them change their lives, or what is there everyday basis when someone has diabetes? It may not be your problem, but to show respect and care for the one who may have diabetes can help them and benefit yourself to know more about it and have a better understanding of it. It can impact a person s personal life to knowRead MoreDiabetes : The Growth Of Knowledge On Diabetes1018 Words   |  5 PagesDiabetes The research focused on explaining the meaning of diabetes and how literary some concepts can be used to control the situation. Diabetes is a defect in the body that results from the inability to convert glucose to energy. In the medical terms, glucose is the primary source of energy that enables the body to execute its functions effectively. The types of foods that affect the blood sugars are called carbohydrates. We can find carbohydrates in foods such as potatoes, corn, fruit, rice andRead MoreDiabetes And Its Effects On Diabetes1408 Words   |  6 Pagesgo hand in hand with diabetes. Everyone who has diabetes goes through different events or problems each and every day. However, there is more than just one type of diabetes that corresponds with these things; there are two distinct types. It is unsure how Diabetes was discovered but now there are much simpler ways to detect if someone is diabetic. As time has gone on, it is greatly apparent that the technology and all that scien tists know about diabetes has changed. Diabetes is a disease in whichRead MoreDiabetes : Diabetes And Diabetes1433 Words   |  6 Pages Diabetes mellitus (sometimes called sugar diabetes) is a condition that occurs when the body can t use glucose (a type of sugar) normally. Glucose is the main source of energy for the body s cells. The levels of glucose in the blood are controlled by a hormone called insulin, which is made by the pancreas. Insulin helps glucose enter the cells. In diabetes, the pancreas does not make enough insulin (type 1 diabetes) or the body can t respond normally to the insulin that is made (type 2 diabetes)Read MoreDiabetes : Diabetes And Diabetes Essay1172 Words   |  5 Pages Diabetes refers to clinically and heterogenous group of disorders described by abnormal high levels blood glucose. Diabetes is ranked as 6th leading cause of death. It direct annual medical costs is approximately over $ 92 billion, and another $ 40 billion indirect cost. It affects approximately 18.2 million people in the USA (Arcangelo Peterson, 2013). Explain the differences between types of diabetes including type 1, type 2, gestational, and juvenile diabetes. There are three major classificationRead MoreDiabetes : Diabetes And Diabetes1193 Words   |  5 Pagesthe family has diabetes. Her husband, your grandfather, is at risk for diabetes. Your father has diabetes. Your mother is at risk for diabetes. Your half-sister on your father’s side of the family was recently tested for diabetes. What kind of future regarding diabetes does that leave you with? This may not be you, but this is me. This is my diabetic and at risk family. What is the difference between the types of diabetes? What are the possible problems I can have because of diabetes? How can I treatRead MoreDiabetes : Diabetes And Diabetes1371 Words   |  6 PagesDiabetes For my health project topic I chose Diabetes. One of my aunts has type one diabetes, and that is partially why I chose to do this topic. Diabetes is a group of metabolic diseases in which the person has high blood glucose (blood sugar) because of varying reasons. Some of these reasons include insulin production is inadequate or because the body’s cells don’t respond properly to insulin, or both. Insulin is a hormone produced in the pancreas that regulates the amount of glucose in theRead MoreDiabetes : Diabetes And Diabetes851 Words   |  4 Pages Diabetes comes in multiple forms: type 1, or diabetes insipidus; type 2, or diabetes mellitus; or gestational, which occurs during pregnancy and may be either type 1 or type 2. Diabetes is a metabolic disease where the person has high blood glucose. (Blood glucose is also know was blood sugar.) When the person has high blood sugar it’s either because the insulin result is insufficient, or the body’s cells don’t respond to the insulin like it should, or both can happen. There are different typesRead MoreDiabetes Is An Illness Of Diabetes2273 Words   |  10 Pages INTRODUCTION Diabetes is an illness that’s been raising for many years and yet there hasn’t been a cure found for it. Diabetes is diagnosed when you have too much glucose also known as sugar in your blood, where the pancreas isn’t able to make enough insulin to pass the sugar in use for energy to the different cells in your body. Glucose in the bloodstreams comes from the carbohydrate foods which are changed into sugar after we have eaten them or the glucose that’s been stored in the liver thatRead MoreWhat Is Diabetes? Types Of Diabetes Essay911 Words   |  4 PagesWhat Is Diabetes? Types Of Diabetes By Harshad Jethra | Submitted On June 05, 2015 Recommend Article Article Comments Print Article Share this article on Facebook Share this article on Twitter Share this article on Google+ Share this article on Linkedin Share this article on StumbleUpon Share this article on Delicious Share this article on Digg Share this article on Reddit Share this article on Pinterest Expert Author Harshad Jethra Diabetes is also referred to as diabetes mellitus, and may

The British And Indian War - 1387 Words

During the mid-1700’s, British American Colonists were questioning their place under the British crown. The Colonists were proud to be part of the British Empire, especially after the recent victories of the French and Indian war, which gave the colonist a sense of pride and patriotism. However, British Parliament began to pass legislation that had laid a burden on the Colonists, as well as oppression. The Colonists began to question the power of the Crown, whether the idea of a Monarchy was a primitive style of government. They believed officers passing/enforcing laws were neglecting the authority of the King, which lead some radical Whigs to accuse the King of being an incompetent enforcer of human rights. Bridges built between the colonist and the mother country were beginning to deteriorate as colonist began to realize that the King was not concerned about the interests and concerns of the colonies. This would eventually lead to protests and a movement to establish a gover nment that was influenced by the people of the colonies and not by civilians of the mother country. In the colonies there was a split in how the Colonists viewed the king. Some believed King George was a just King, he was willing to listen to the needs of his subjects and assist the colonist whom had helped bring victory to the mother country after the French and Indian war. However, some of the Colonists believed that the King was not aware of the current state of the Colonists. The legislationShow MoreRelatedThe British And Indian War913 Words   |  4 PagesThe first successful British settlement, motivated for economic gain, in the New World was in Jamestown, Virginia in 1607. Religious persecution in England, due to the Protestant Reformation, encouraged the settlement of the Plymouth and Massachusetts Bay Colony. The popularity for economic and religious opportunity sparked exoduses such as the The Great Migration. The British westward expansion led to land claim disputes wit h the French on the Ohio River Valley and the Northeast fisheries. TheseRead MoreThe British And Indian War930 Words   |  4 Pagesstart of it all in 1763 when the French and Indian war also known as the seven years’ war ended and that is extremely important because it led to very unhappy colonists because the British were broke. The French and Indian war was fought between the British and French on American soil and the British felt the colonists should pay them back for protecting them, The colonists majority of them being British were more than happy to assist in paying for the war but it was important that they be representedRead MoreThe British And Indian War1207 Words   |  5 Pagesevent that shaped distain for the British was the French and Indian war (1756-1763). Before the French and Indian war the colonist under the British rule had been left alone to govern themselves. Directly after the war is when the British to force political and economic control on the col onies. There was great debate over who should pay off the war debt. Britain was forcing the colonist to pay, even though they felt that it was not their war. In result the British passed taxation acts on goods theseRead MorePerceptions Of The British And Indian War860 Words   |  4 Pageshistory; haven wars, such as the French and Indian war altered the perception of the American people. These events and people were some of the many facilitated with the defiance against the British. This essay will show how these altercations turned the People of the newly formed Americas against the British. During the time of 1763-1775 one of the occurrences that happened to affect the colonist’s perception of the British was the French and Indian War. The amazing thing is that the war itself wasRead MoreThe British Of The French And Indian War1247 Words   |  5 PagesPage 1 of 5 It’s 1763, and the British just signed a treaty with France to mark the end of the French/Indian War (1756-1763). The British were very happy with themselves, they just won the war! They had a right to feel victorious. The British colonies in North America were in that same happy, victorious state. But all that happiness and victory came at a price. The price was the immense debt that Britain faced after the war. The British needed money fast to pay off their debt. But tensions aroseRead MoreImpact Of The French And Indian War On The British Government941 Words   |  4 PagesIV.The Impact on the British The impact of the French and Indian War on the British government was a positive move toward the dominance of Europe after the defeat of the French in terms of the colonization of North America. During this time, the British had incurred a massive military debt, which had to be paid over the long-term. To ensure that the British government did not take full responsibility for the debt, the British colonists were expected to pay back the debt burden through extremelyRead MoreBritish Imperialism During The First War Of Indian Independence1502 Words   |  7 Pages British Imperialism in India Indian Independence The first war of Indian independence, also known as the 1857 Indian Rebellion, was not the first challenge to British authority, but it was the first to feature widespread coordination with increased levels of intensity. It began with discontent within the sepoy army. Initially, the soldiers were well-paid to keep their loyalty, but the EIC failed to increase pay to match the inflation rate. Moreover, they received the impression that the CompanyRead MoreCompare and Contrast He American and British Views Regarding the French and Indian War.604 Words   |  3 PagesThe French and Indian War, was a war fought between France and Britain. The war was the product of an imperial struggle, a clash between the French and English over colonial territory and wealth. Great Britain claimed that the French provoked war by building forts along the Ohio River Valley. Virginia’s governor sent a militia to the French and Native American allies. The war started out badly for Great Britain, a bout 2,000 British and colonial troops were defeated by the French and Native AmericansRead MoreFrench and Indian War in the Colonies Essay1657 Words   |  7 Pagesinternal peace. The Iroquois Confederacy had a great impact in the war of the French and Indian war. The Seven Years War (called the French and Indian War in the colonies) lasted from 1756 to 1763, forming a chapter in the imperial struggle between Britain and France called the Second Hundred Years War. In the early 1750s, Frances expansion into the Ohio River valley repeatedly brought it into conflict with the claims of the British colonies, especially Virginia. When Robert Dinwiddie, LieutenantRead MoreThe Causes And Effect Of The French And Indian War1146 Words   |  5 Pages 7 Years of War â€Å"French and Indian war† What were the causes and effect of the war? Ana Rodriguez 6th period 03/10/15 What were the causes and effect of the French and Indian war? â€Å"The last and most destructive of the four Anglo-French Colonial wars, was the French and Indian war.† Took place on 1754-1763, and together with its European counterpart, the seven years war. Start with England declaring war on France, and ending with the Treaty of

The International Staffing Policy

Questions: Your task is to design a comprehensive expatriates-related program, which includes the following major areas:recruitment and selectiontraining and developmentperformance managementreward and compensation.You need to prepare a report regarding the expatriation programs.In the report, you have to:Select two of the above mentioned areas to focus in the report.Provide detailed programs and use academic references to justify your choice. You can also use existing industry examples to back up your reasoning.Discuss the potential challenges for proposing the new programs.Explain what benefits the program can bring to the organisation. Answers: Introduction The international Staffing Policy depends mainly of the Managing Director or the CEO of the company. The company need to adopt the policy which will best suited according to the structure, budget, and the duration of the international assignment or the project. The mangers nationality would be one of the important factors in the determination of the compensation. The study shows of appointing the employees in the managerial and the in managerial background. The senior managers are responsible for selecting and the employees and accordingly give them training. The ethnocentric staffing has the most successful selection and the recruitment criteria. The employee with the global mindset can entrust with the international recruitment policy (Hussain and Murthy 2013). The polycentric staffing policy depends on the appointment and the presence of the host company of the government of the host country for imposing foreign hiring barriers. The geocentric staffing includes the appointment of the staff regardless of their nation and could even include from the third country nationals. While the regiocentric employees are transferred accordingly with the regional basis (Osland et al. 2014). Selection Program The selection criteria are one of the most important for choosing the right candidate for the company. The company needs to adopt various plans for initiating the selection program (Scheiblea 2015). Technical competency It is the most important criteria as the employee need to be hire for the contraction and the mini g company in a distant location. The employees need to know and understand about all the technological adoption for the position. The criteria of the selection should be according to technical consultation and need that arise for it. He expatriate need to competent on the technological field. They can handle the issues related with it. The company needs to take a technological test as their selection criteria. The technological test need to verbal as well as through written test (Kataria and Sethi 2013). (Source: Blog.soa.org, 2010) Personal traits The selection criteria for this field need to access through the understanding of the diverse background. The selection criteria need to access through ethnic background and adoptability to work with different culture of people. In other words the candidate needs to possess certain number of cultural toughness. The past work experience with the diverse culture. For the selection of the people in the managerial background thee candidate should have travel history and knowledge of the host country. The qualification for the mangers needs to be MBA. The mangers need take into consideration with the knowledge of solving the problems in the host country (Townley 2014). Accordingly both the employees of the managerial as well non managerial need to undergo through the second round of selection process in personal traits. The selection of this round will be through interview (Mischel 2013). Environmental variables The candidates for both for the managerial and the non managerial roles need to understand the context of the domestic in terms of analyzing the PESTLE. The expatriate needs to understand the macro environment of the host country which is political, economic, social, technological, legal, environment. The analysis of the PESTLE in selecting the candidate will not help to understand the international assignment but also the effective strategy formulation of the host country. So, selecting the candidate through the understanding o the environmental variables will include in the second round along with the personal traits (Treurnicht et al. 2016). Understanding of Cultural Diversity Training would be given on cultural diversity. However, the person needs to have the ability to adopt with the culture of China. They need to understand the difference of culture and act accordingly. The interviewer needs to conduct to understand it in the interviews. They need to make questions on their adaptability of other culture. They need to even ask questions on how frequently they used to visit other countries. The opinion about the culture of those countries is important. It would clear the interviewer to understand the mental stability in terms of establishing into other country (Osland et al. 2014). Leadership Ability The selection on this field needs to access through the selection criteria of both the managerial and the non managerial staff. Though, it should be more important for the managerial positioned employees. The candidates need to undergo through the written and the interview round for initiating the ability of the leadership quality (Barbusse 2015). (Source: SERIES, 2015) The company plans need to access through the proper training and development of the candidates. They need to undergo through a vigorous training so that they can adopt with the culture and the work of China. The company need organize training to a program of 14 days. The main focus are on the training should be on the language. Cultural mores such as the food, dress and the observance of the holidays should include into it. The observance area should also include the understanding of the currency and the exchange rates. The final consideration would be on the professional expectations such as the interactions with the high-level staff (Bhatia and Kaur 2014). Language Training The candidate needs to provide with the training on the language of China. Though, it is difficult for the candidate to learn a different language within a short period of time. but, they need to at least understand the languages that is used by the people of China. The training need to given trough expertise of language. The candidates need to be fast learner and adopter. They need to adopt with the language in a fast pace (Scheiblea 2015). (Source: LUNA360.com, 2016) Cultural Diversity They need to understand the cultural diversity for the people. They need to develop and understand the culture of China. They need to adopt with the ways of their dress and food. They understanding of the cultural diversity would enable them to perform in a much better way. They can understand the culture and can easily adopt with it. Cultural diversity would make them aware about the culture for China. The training and development need to understand them the importance of it (Scheiblea 2015). Knowledge Management Process Knowledge Management would enable them repetitive occurrence of issues of the construction company in China. Effective way to give training is though the case studies. The case study would contain a problematic situation that Construction Company of China generally faces. Expatriaye need to solve those case studies proving effective solution. It would enable them to take decisions in the problematic situation of China (Hussain and Murthy 2013. There are four steps that are involved with the knowledge management process. They are as follows: The creation of knowledge in the day-day activities of the trade, the companies create a large amount of data. It is mainly essential for a company to have a system that helps to manage newly created information that in turn helps to solve the new problems. The codification of knowledge in order to turn the data into a useful knowledge, it is important to collect and analyze the data. At this stage the tactic knowledge is converted into explicit knowledge which is in turn very crucial for success of both transfer and application. The application of knowledge the utilization of knowledge will be facilitated if the assets of the knowledge are documented and shared. At this particular stage of the knowledge management, the creation of value is delivered. The transfer of knowledge - Knowledge can be modified and developed through the procedures of learning and distribution. Professional expectations China the maximum focus is given on the strict schedule as in China the trade runs on a strict punctuality. It is very important that in China the individuals need to arrive at the business meetings at the exact. Giving the training on this is very important and it will helpful for the Australians. Arriving early is a significant part of assigning respect (Hasslinger et al. 2016). The training of technological adaptation of China The training given on the technological training is very important. The advancement of technology is very significant. Technology is not that advanced in Australia as it is in China (Hakansson 2014). Potential challenges The potential challenges are as follows: Culture Shock if the culture shock takes place in that case the expatriate might decide to return home if they hear of anyone falling ill in their house. This will act as a potential challenge for the firm. The expatriates will prefer to return home rather than putting the life of their relatives in risk (Furham 2012). Language barrier the language barrier is another important factor is language barrier. The individual might feel alienated due to the difficulty they might face while communicating with the local community (Buckley et al. 2013). Differences in the living condition in this case, if the individual was residing in the developed country and had been shifted to any underdeveloped country, then it might pose a difficulty in the living condition. The protection in the local environment this is one of the main challenges that the individual will face that are the protection that they will get in the local environment (Royo et al. 2014). Lack of recognition if the individual gives his best performance but he is still unrecognized in that case he might feel the lack of recognition. He might as well have a lot better recognition in the previous organization that might pose as a challenge. Isolation due to the restricted interaction the individual might face isolation. At that point he might miss his relatives as well as friends. Lacks of recognition of foreign qualifications the expatriates are most often assigned from head quarters of an enhanced country to that of the emerging underdeveloped countries. In that case he might feel the lack of the recognition of his qualifications. Benefits 1.Lower labor costs it will benefit organization in the sense if they hire the individuals from Australia in that case they have to pay less to the labors as compared to the situation if they had to hire the workers from China itself. The costs as well as the availability of labor are both intertwined. It will help to be in the budget as there will some expenditure in terms of the training given. The labor cost will in turn benefit China (Green 2013). Communication the training program will help to augment the diversity of the workforce. The training provided will help to enhance the communication skill. This in turn will benefit the organization (Fujimori et al. 2014). Diversity it is vital to provide the training in order provide the explanation regarding the diverse individuals views as well as viewpoints. This also includes the methods that value diversity. Job satisfaction the program will in turn give the job satisfaction to the expatriates. It will also provide confidence among the workers. Enhancement of the image of the company the training program which will include the training related to ethics will help to maintain the principles among the workers. Innovative technologies the program will benefit the organization by helping the workers to get adapt to the innovative technologies. This will help the organization to prosper (Davenport 2013). Quality initiatives the organization will benefit as the expatriates will be able to maintain the total quality management and will also be clear about the basic concepts of the program that will gain profits for the organization (Appelbaum 2013). Conclusion In order to expand the firm in China, it is very important to take into consideration the benefits as well as the challenges that are related to the shifting of the employees from one place to another. The benefits include the Lower labor costs that will benefit China in the sense if they hire the individuals from Australia in that case they have to pay less to the labors as compared to the situation if they had to hire the workers from China itself. There are also few challenges that are related to the training program which includes language barrier, lack of recognition as well as isolation. Reference List: (SERIES), M. (2015). MAXIMIZING YOUR LEADERSHIP ABILITY (SERIES) - Insights to Advancing Your Professional Career. Appelbaum, E., 2013. The impact of new forms of work organization on workers.Work and Employment in the High Performance Workplace,120. Barbusse, A., 2015. Multiculturalism in Leadership. Findings and Analyses of Affects. Bhatia, A. and Kaur, L., 2014. Global Training Development trends Practices: An Overview.International Journal of Emerging Research in Management Technology ISSN: 2278,9359(3), p.8. Blog.soa.org. (2010). What Does the Competency Framework Mean for You? | Actuaries Society of Actuaries Insights on risk management and its opportunities from the actuarial profession. Buckley, R., de Vasconcellos Pegas, F. and Lin-Sheng, Z., 2013. Citations: Overcome the language barrier.Nature,501(7468), pp.492-492. Davenport, T.H., 2013.Process innovation: reengineering work through information technology. Harvard Business Press. Fujimori, M., Shirai, Y., Asai, M., Kubota, K., Katsumata, N. and Uchitomi, Y., 2014. Effect of communication skills training program for oncologists based on patient preferences for communication when receiving bad news: A randomized controlled trial.Journal of Clinical Oncology,32(20), pp.2166-2172. Furham, A., 2012. Culture shock.Journal of Psychology and Education,7, pp.9-22. Green, G.P., 2013. Communities are facing new and more powerful challenges to theirsurvival. Globalization threatens the economic base of manyofthem. International markets create new competition among localities for capital investments and generate pressures to lower labor costs.....Mobilizing Communities: Asset Building as a Community Development Strategy, p.1. Hakansson, H., 2014.Corporate Technological Behaviour (Routledge Revivals): Co-opertation and Networks. Routledge. Hasslinger, J., Sirvi, S., Berggren, S., Myers, L., Flygare, O., Tammimies, K. and Blte, S., 2016. A comparative randomized controlled pragmatic trial of neurofeedback and working memory training for children with attention-deficit/hyperactivity disorder: protocol.Translational Developmental Psychiatry,4. Hussain, S.A. and Murthy, O.N., 2013. HR metrics: A benchmarking towards excellency.Journal of Business Management Social Sciences Research (JBM SSR),2(9), pp.23-27. Kataria, N. and Sethi, S., 2013. Making successful expatriates in multinational corporations.Asian Journal of Business and Economics,3(3.4). LUNA360.com. (2016). Language Training - LUNA360.com. Mischel, W., 2013.Personality and assessment. Psychology Press. Osland, J.S., Li, M. and Wang, Y., 2014. Introduction: The state of global leadership research.Advances in global leadership,8, pp.1-16. Royo, S., Yetano, A. and Acerete, B., 2014. Eà ¢Ã¢â€š ¬Ã‚ Participation and Environmental Protection: Are Local Governments Really Committed?.Public Administration Review,74(1), pp.87-98. Scheiblea, D.H., 2015. Expatriation as an Element of Diversity Management.Sociology,5(5), pp.347-353. The Conversation. (2013). What would a Chinese currency conversion deal mean for Australia?. Townley, B., 2014. Selection and appraisal: reconstituting.New Perspectives on Human Resource Management (Routledge Revivals), p.92. Treurnicht, M., Pagel, J., Esler, K.J., Schutteà ¢Ã¢â€š ¬Ã‚ Vlok, A., Nottebrock, H., Kraaij, T., Rebelo, A.G. and Schurr, F.M., 2016. Environmental drivers of demographic variation across the global geographical range of 26 plant species.Journal of Ecology,104(2), pp.331-342.

Symbolism In Strange News From Another Star Essays - Concepts

Symbolism in Strange News From Another Star Symbolism in ?Strange News From Another Star? Symbolism in ?Strange News From Another Star? ?Strange News from another Star? is found to be a story which contains numerous symbols which in many cases contain some important, abstract information. Symbolism is something which is very difficult to explain due to the fact that not everyone sees the so mentioned symbol. They don't quite see it as you, because no two minds are the same, which implies the fact that they don't react equally to something which must be internally interpreted as it is not present as mere information. On this essay I will try to back up with concise words, why I believe that something is representing something abstract, as well as with information from the author. One of the first symbols that we may find, is actually the star. A star is known as a gaseous sphere, which with nuclear fusion and fission may actually give out huge amounts of energy. Obviously a star is a inhospitable place, so I believ e that the star actually represents a planet or a country. The flowers, which have a very important part in the plot of the book are a symbol as well. They, have always, as least as far as I know, had a special message. A message of love, tranquillity, joy and they represent the harmony of nature itself. In the first stage of the book, we may see how a problem, the earthquake, has made the people in the star loose a vast amount of flowers. They lost some of the tranquillity and joy that had invaded their lives. And when they look for a messenger to go find flowers, they're talking about re-finding the tranquillity and lack of fear that they wanted. I believe that the burials, actually represent life. It may sound a bit peculiar, but in real life once you get accustomed to living a happy, joyful life, you then will not be able to live without it and so, you will need to do practically anything, as the people in the star did, to find the ?flowers?. The symbol of the de ity that the youth saw in the temple, I understand that by the way in which the story progresses the symbol is actually representing the fact that war, or trouble (the bird of prey) destroys all happiness or good hearted feelings. I think that the representation is what I mentioned above, because when the messenger ?goes? to the foreign star he sees destruction and a total lack of joy. We may find another symbol which goes from pages 55-59. It's the conversation that the youth holds with the king who's nation is in war. It's apparently a symbol because even-though it has important, concrete information for the story, there's more to the phrases themselves. They can be abstracted and that's when I see that the conversation is actually trying to explain the way in which the humanity is being erratic by trying to find happiness. To achieve happiness, you must first get rid of sadness, poverty, trouble, etc (war is the symbol used to represent all of them). It may not be found just by ignoring the others. In the king's star they weren't happy because all of the nouns mentioned above were present. A proof of that may be the fact that when trouble, the earthquake, arouse in the province of the youth then they lost the peace and tranquillity, represented by the flowers that they had had. And ultimately I will mention the symbol which the black bird represents, it's what I believe is the image of the harshness, horror and terror of war. Which may reach such levels of futility that it may apparently only be seen as a dream, or even more correct, would be to say that it's like a nightmare.