Poorly Written Report Free Essays

Case of a Poorly Written Report â€Å"Loose Bolts? † February 30, 1973 The film â€Å"Loose Bolts? † is an investigation of what got known as the Lordstown disorder by business week magazine. Meetings with laborers, foremen, and association authorities in this film show how an exhausted and disappointed functions turns out vehicles (Chevy Vega’s) with significant blemishes. I prescribe this film to anybody inspired by the investigation of specialist mentalities. We will compose a custom exposition test on Ineffectively Written Report or then again any comparable subject just for you Request Now †Paul Marshall, Professor of Management, Harvard Business School The movie producer is handy and discerning in depicting the fatigue and sadness of the men in this manufacturing plant. † †Roberta Peterson This case includes embeddings ourselves at the butt level of the executives who direct around numerous specialists on a mechanical production system at the Lordstown, Ohio, GM plant in 1972. We will likely think of some important contrasts we could have made as a foremen in improving representative administration relations around then. Our essential objective is to improve specialist the board connections. From Loose Bolts, â€Å"The perfect foreman couldn't let the individuals he oversaw realize he is in concurrence with them. In the event that he is in compassion for the individuals, he is dead as a foreman or as a director. He’s lost the ballgame to the extent directing his activity acceptably as an individual from the board. † If we read this cite and have faith in it, our investigation should stop directly here, it ain’t worth burning through our time no more†¦. be that as it may, we accept their are a few things foremen could have been done to improve parcels and bunches of things in the plant. High administration frequently alluded to sequential construction system laborers as blockheads. Regardless of this, it was redundant for a foreman to proceed with this conduct and treat and allude to his subordinates as â€Å"idiots†, or treat them like douche bags. It ain’t that difficult to treat individuals with a little r-e-s-p-e-k-t. Laborers had recommendations about how to improve work execution on the mechanical production system, yet the insane foremen never passed them along to upper administration. Another statement from â€Å"Loose Bolts? â€Å", â€Å"The entire plant runs on dread. Everybody’s frightened, starting from the top. † â€Å"General Motors imported foremen from existing GM plants. General Motors subsequently incidentally diverted the energies and feelings of aggressive youthful laborers from the organization and into association activism. From the earliest starting point, the plant was a site of work the executives struggle. † (Joseph A. Field, â€Å"The Little Car that Did Nothing Right: the 1972 Lordstown Assembly Strike, the Chevrolet Vega, and the Unraveling of Growth Economics†) Lee Iacoocoo CEO, Chrysler Motors The most effective method to refer to Poorly Written Report, Essay models

Finger Print Recognition and Image Enhancement Using Matlab free essay sample

Instrumentation Engineering by the BPUT, ODISHA during the scholarly year 2011 †2012. It is ensured that all rectifications/recommendations showed for inside evaluation have been fused in the report. The venture report has been affirmed as it fulfills the scholastic prerequisites in regard of undertaking work endorsed for the above degree. Task Incharge Head of Department  â€Å"He who gets an advantage ought to always remember it† Behind each accomplishment there lies an ace hand which makes focus, devotion, support, eagerness and happiness. Low quality unique finger impression picture, twisting, the fractional picture issues, huge finger impression databases are for the most part significant regions of research expected to improve the exactness of ebb and flow frameworks. 1. 2 What is a unique mark? Fingerprints are the examples shaped on the epidermis of the fingertip. The fingerprints are of three kinds: curve, circle and whorl. The unique mark is made out of edges and valleys. The interleaved example of edges and valleys are the most obvious basic attribute of a unique mark. There are three fundamental unique mark includes a) Global Ridge Pattern ) Local Ridge Detail [pic] Fig 1. 1 Fingerprint Image c) Intra Ridge Detail Global edge detail: There are two kinds of edge streams: the pseudo-equal edge streams and high-ebb and flow edge streams which are situated around the center point as well as delta point(s). This portrayal depends on the edge structure, worldwide tourist spots and edge design qualities. The generally utilized worldwide unique mark highlights are: i)Singular focuses †They are discontinuities in the direction field. There are two kinds of solitary focuses center and delta. A center is the highest of a bending edge, and a delta point is where three edge streams meet. They are utilized for unique mark enlistment and characterization. ii )Ridge direction map †They are neighborhood course of the edge valley structure. It is useful in characterization, picture improvement, include confirmation and sifting. iii)Ridge recurrence map †They are the complementary of the edge separation toward the path opposite to neighborhood edge direction. It is utilized for sifting of unique mark pictures. Neighborhood Ridge Detail:- This is the most broadly utilized and examined unique mark portrayal. Nearby edge subtleties are the discontinuities of neighborhood edge structure alluded to as particulars. They are utilized by scientific specialists to coordinate two fingerprints. There are around 150 unique kinds of details. Among these particulars types, edge consummation and edge bifurcation are the most usually utilized as the various sorts of details are blends of edge endings and edge bifurcations. (a)(b) (c) (d) (e)(f) Fig 1. 2 Types of details The particulars are generally steady and powerful to differentiate, picture goals, and worldwide bending when contrasted with different portrayals. Albeit the greater part of the programmed unique mark acknowledgment frameworks are intended to utilize details as their finger impression portrayals, the area data and the bearing of a minutia point alone are not adequate for accomplishing superior. Particulars inferred optional highlights are utilized as the relative separation and outspread point are invariant regarding the pivot and interpretation of the unique mark. Intra Ridge Detail On each edge of the finger epidermis, there are numerous minor perspiration pores and other changeless subtleties. Pores are particular as far as their number, position, and shape. In any case, removing pores is plausible just in high-goals unique mark pictures and with high picture quality. In this way the expense is high. Consequently, this sort of portrayal isn't received by currentautomatic unique mark distinguishing proof frameworks (AFIS). 1. 3 Fingerprint acknowledgment Fingerprint acknowledgment is one of the well known biometric strategies. It alludes to the mechanized technique for confirming a match between two unique finger impression pictures. It is essentially utilized in the recognizable proof of an individual and in criminal examinations. It is framed by the edge example of the finger. Discontinuities in the edge design are utilized for distinguishing proof. These discontinuities are known as details. For particulars extraction type, direction and area of details are separated. Two highlights of details are utilized for recognizable proof: end and bifurcation. [pic] (a) Ridge finishing (b) Bifurcation Fig 1. 3 Types of nearby edge highlights [pic] Figure 1. 4(a) two significant minutia (b) Other particulars highlights Finger print acknowledgment incorporates two sub-areas: one is unique finger impression confirmation and the other is unique finger impression distinguishing proof. Moreover, unique in relation to the manual methodology for unique mark acknowledgment by specialists, the unique mark acknowledgment here is alluded as AFRS (Automatic Fingerprint Recognition System), which is program-based. [pic] Figure 1. 5 Verification versus Recognizable proof However, in all unique mark acknowledgment issues, either verification(one to one coordinating) or identification(one to many coordinating), the underlining standards of very much characterized portrayal of a unique mark and coordinating continues as before. The benefits of unique mark acknowledgment framework are (a) They are profoundly all inclusive as lion's share of the populace have neat fingerprints. b) They are truly dependable as no two individuals (even twins) have same unique mark. (c) Fingerprints are framed in the fetal stage and remain basically unaltered all through life. (d) It is one of the most exact types of biometrics accessible. (e) Fingerprint obtaining is non meddlesome and consequentl y is a decent alternative . 1. 4 Approach There are three methodologies for unique mark acknowledgment. They are picture based methodology, surface based methodology and details based methodology. In picture based coordinating, the picture itself is utilized as the format. It requires just low goals pictures. Coordinating is finished by optical connection and is incredibly quick. It depends on the worldwide highlights of an entire unique mark picture. Anyway it requires precise arrangement of the unique mark tests and isn't great for changes in scale, direction and position. The second is the surface based methodology. It utilizes surface data for coordinating and performs well with low quality prints. Anyway like picture based coordinating it requires precise arrangement of the two prints and not invariant to interpretation, direction and non-straight bending. Details based methodology is the last methodology. Here the edge highlights called particulars are separated and put away in a layout for coordinating. It is invariant to interpretation, pivot and scale changes. It is anyway mistake inclined in low quality pictures. The particulars based methodology is applied. Typically before particulars extraction, picture preprocessing is performed. In our venture we have concentrated chiefly on the preprocessing and extraction stage. Unique mark upgrades strategies are utilized to diminish the clamor and improve the lucidity of edges against valleys. The picture preprocessing comprises of the accompanying stages. They are field direction, edge recurrence estimation, picture division and picture upgrade diminishing. It is trailed by a particulars extraction calculation which extricates the principle details highlights required for coordinating of two examples.  Image Acquisition Image securing is the initial phase in the methodology. It is significant as the nature of the unique mark picture must be acceptable and liberated from any clamor. A decent unique finger impression picture is attractive for better execution of the finger impression calculations. In light of the method of securing, a unique mark picture might be delegated disconnected or live-filter. A disconnected picture is commonly gotten by spreading ink on the fingertip and making an inked impression of the fingertip on paper. A live-filter picture, then again, is gained by detecting the tip of the finger legitimately, utilizing a sensor that is fit for digitizing the unique mark on contact. Live-filter is finished utilizing sensors. There are three fundamental sorts of sensors utilized. They are:- Optical sensors Optical sensors use varieties of photodiode or phototransistor finders to change over the vitality in light occurrence on the identifier into electrical charge. The sensor bundle normally incorporates a light-discharging diode (LED) to enlighten the finger. There are two finder types utilized by optical sensors, charge-coupled-gadgets (CCD) and CMOS based optical imagers. CCD finders are touchy to low light levels and are equipped for making superb grayscale pictures. Be that as it may, CCD manufacture is moderately costly and neither one of the lows light affectability or grayscale imaging are required for unique finger impression acknowledgment. CMOS optical imagers are produced in amount and can be made with a portion of the picture preparing steps incorporated with the chip bringing about a lower cost. Optical sensors for fingerprints might be influenced by various genuine factors, for example, stray light and surface defilement, potentially even a unique finger impression left by an earlier client. Regular debases that break down picture quality incorporate oil and soil, scratches on the sensor surface, and buildup or ice. A few providers have attempted to avoid the defilement issue by straightforwardly taking a 3D picture from the outside of a finger. 3D imaging innovation is increasingly sterile however presents an entirely different arrangement of issues and was excluded from this investigation. Impostor prints are to a greater degree an issue for optical sensors than it is for different identifiers since it is moderately simple to give the scanner a persuading picture regarding a unique finger impression. Providers have thought of a few methods to approve a live finger. For instance optical sensors can be upgraded and made increasingly impervious to double dealing with Electro-Optical imaging. This works by putting a voltage over a light-producing polymer film. At the point when a finger is introduced, the edges give a ground to the polymer surface making a little present that producing light. The unique mark valleys stay dim so a high differentiation picture is produ

Idea of Destiny in Homers Odyssey Research Assignment - 3025 Words

The Idea of Destiny in Homer's Odyssey: Fate, God, Daimà ´n and Human Immortality (Essay Sample) Content: Client NameInstructor NameCourse NameDateThe Idea of Destiny in Homers Odyssey: Fate, God, Daimn and Human ImmortalityThe poetic design to interpret socio-religious beliefs transmitted through human endeavor shapes the representation of á ¼ ¶ (Destiny) in Greek archaic literature. This essay elaborates on the notion of destiny in the Homeric epic Odyssey in which the idea is often expressed through the themes of fate, relationship between Gods and men, journey, death, justice and the inevitableness of consequences. While in Iliad, Homer creates nobleness of his characters through the construct of an epical moira (Fate) in Odyssey, he posits destiny with a design of celestial, cosmic or divine purpose; and with this poetic intention, Zeus, once the source of moira, turns into a passive divine guardian, a never-ending agent who administers destiny.Of these things, Speak, Immortal One,And tell the tale once more in our time. CITATION Sta07 \p 1 \l 1033 (Lombardo 1)Th e Odyssey opens with these lines invoking divine help to retell/recreate the story of Odysseus. Homer represents his bard as moved by the god CITATION Sta07 \p 59 \l 1033 (Lombardo 59) and divine CITATION Sta07 \p "60, 148, 240" \n \l 1033 (60, 148, 240) to whom god has bestowed on his inspiration. Thus, the dawn of Greek poetic tradition starting in hands of Homer presents its poetic vision as inspired by the divine. For this purpose, the poet casts Muses who as a godly power possess the omniscient memory and their presence in the text confirm the authenticity of retold stories of historical events and heroes. But, Homer, the master of poetic craft, creates an uncertainty between the divine origin of his stories and its merely resembling the actual events of god. In Book-22, Phemius, the Homeric bard of Ithaca, refers to the human (self-taught) and divine attribution of his ability to sing:By your knees, Odysseus, respect meAnd pity me. You will regret it somedayIf you kill a bard me who sings for gods and men.I am self-taught, and a god has planted in my heartAll sorts of songs and stories, and I can sing to youAs to a god. CITATION Sta07 \p 209 \l 1033 (Lombardo 209)These lines of Phemius can sum up the process of how stories were formulated to be retold and it announces a new orientation to individuality of the poet, the relative autonomy of the poet as a point of liberation from the total dependence on divine inspiration. The Odyssey revolves its narrative on this theme where human versus divine can occur simultaneously creating different degrees of the same thing.Evidently enough, an orally transmitted composition sets the context for Homeric heroes and their fates. Homeric epics employ certain words, their derivatives and phrases to denote the idea of fate. Words such as á ¿â€", á ¼ ¶, ÏÅ', ÃŽ ¯, ÏÅ', with their etymological source and their evolutionized meanings found in later Greek literary tradition, suggest the connotations of part, share due measure death the share of death CITATION Liu10 \p 12 \l 1033 (Liu 12)... The tall pillars that keep earth and heaven apart .. CITATION Sta07 \p 3 \l 1033 (Lombardo 3)As Jacqueline de Romilly puts it, the blend of Hellenic and pre-Hellenic elements find space in Homeric religion. This religion imagines mount Olympus or simply the heaven up in the sky as the home for gods. The Odyssey names almost every natural phenomena such as thunder, Moon, storm, cloud, the Dawn, wind, snow, mist, frost, lightning, Sun, rain, the stars etc. The epic poem gives instances where mortals get afraid of such phenomenon. Sometimes humans are terrified by the mere perception of such natural sights, as they believe these are all heavenly phenomena occurred in response to some unholy act of mortals.Coming to Romilly again though Zeus is their king, father or father-like figure each god has his / her own distinctive personality, attitude, mood and likeness. Inter-personal relationship am ong gods, as Homer depicts it, finds analogy to mortal human life. Zeus wife, Hera, sometimes challenges him, sometimes deceives him formulating through scenes some of which are almost comic in nature CITATION Jac85 \p 13 \n \l 1033 (13). Other gods tries to influence Zeus or disobey him. In Book-5 of the Odyssey when Calypso came to know about Zeus order to free Odysseus she rebuked Hermes condemning male gods and their hypocrisy. She continues citing examples where male gods have enjoyed privileges taking mortal women as lovers and where they have frustrated female gods for doing the same. Like men, Gods have their king and assemblies. An occurrence of one such assembly opens Book-1 of the Odyssey. Like men, passions can be found in gods that are not always very legitimate. Demodocus, in Book-8 of the Odyssey, sings the Ares-Aphrodite story of adulterous love CITATION Sta07 \p 54 \l 1033 (Lombardo 54). The birth of Achilles reminds that Homeric gods, in real or in disguise, passionately mingle with mortals. Gods, too, have their friends, preferences and rivals.Thus, Homer has made his gods not merely anthropomorphic, but also human with all the imperfections the word may convey. However, being god they enjoy privileges of immortality and superhuman powers, which make them fundamentally different from mortals. The Odyssey gives examples of thunderbolt, wielded by Zeus, and storms, raised by Poseidon, and the transformation of men in to pigs by Circe. In Homeric world, man is constantly afraid of gods for they could thwart him. In Odyssey, divinity is, as Homeric man often speaks of it, referred to as an abstract daimn, a divine principle, the will of heaven CITATION Jas14 \p 9 \l 1033 (Binder 9). The term, as used by Telemachus in Book-16 when he was in great distrust that his father Odysseus is standing in front of him, he disbelievingly states: You must be some spirit, enchanting me CITATION Sta07 \p 147 \l 1033 (Lombardo 147). Hence, Telemachus, not sure about any specific god to be involved yet he is convinced of some divine (theos) intervention, is referring to an unstipulated nature of mysterious supernatural power by using the term spirit, originally used as daimn in Homeric Greek CITATION Jas14 \p 10 \l 1033 (Binder 10). In Book-8 Alcinous uses the term to describe the same nameless abstract divinity, asserting collectively as gods, when he says: .. (gods) spun that fate CITATION Sta07 \p 81 \l 1033 (Lombardo 81). Instances like this where daimn is used to mention the involvement of some unspecified divine agent can also be found at Book-1 when invoking the muse the poet says: the gods spun the thread / For Odysseus to return home to Ithaca CITATION Sta07 \p 1 \l 1033 (Lombardo 1) and in Book-11 where Odysseus asserts: ..as the gods have spun it CITATION Sta07 \p 99 \l 1033 (Lombardo 99).However, there are also occasions where daimn is used in association with some specific god. In Book-4, Menelaus emphasizes: Its easy to spot a man for whom Zeus / Has spun out happiness / As Nestor CITATION Sta07 \p 17 \l 1033 (Lombardo 17). In the eleventh book of the Odyssey, Elpenor explicates Odysseus: an evil á ¼ ¶ (destiny) of / from daimn and vast amounts of wine destroyed me CITATION Jas14 \p 11 \l 1033 (Binder 11). Hence, we are exposed to the idea of individual fate related to daimn and daimn combined with á ¼ ¶ connotes the later formulation of the term daimn as a particular dispenser who mediates between an individuals fortune (in positive sense) and fate (in negative sense). If Menelaus and Telemachus refer to some unknown disruptor the account of Elpenor relates the term with some allotter or dispenser who, being superior, controls the destiny of mortals. Homer utilizes the term to convey a more personalized disposition when his daimn associates Zeus as the allocator of fate, Poseidon as the dispenser of Odysseus misfortune. Daimn, divine interventions, the gods, á ¼ ¶, moira are in tertwined with Odysseus travel, homecoming and glory.Homers use of the term daimn suggests that in his vision Zeus, fate, gods and even destiny are not altogether different in meaning having their own extended connotation beyond which they are not similar either. As a derivative of daimn these words, in phrases and descriptions, mean to cause fortune/misfortune which mortals cannot decide/modify. However, used as the referents of daimn they all denote multiple significations showing the existence of a systematic theology.The will of the everlasting gods is not turned suddenly CITATION Shm17 \l 1033 (Shmoop)In Homers Odyssey, the frequent interventions of Gods in human life, their existence coming together with mortals lead to an obvious affectionate familiarity. While the anger of Poseidon creates troubles for Odysseus, Athena always advocates for his success. In Book-13 of Odyssey, there could be found few charming scenes between Odysseus and Athena which depict the extent of cl oseness a God can have with a mortal, whose existence is not ultimately dependent on him (at least the Homeric men think th...

Essay on Changes

Essay on Changes Introduction Change is ever present aspect of human life. The dynamic nature of the society and the environment means that people cannot afford to stay in the same position and must adapt their lifestyles, attitude and behavior occasionally in order to fit in. This description is fitting to the involuntary type of change. On the other hand, change can be voluntary especially when it is motivated by personal convictions such as the desire for success. Change is a theme that appears in many literature publications. â€Å"Young Goodman Brown† and â€Å"Sweat’ are two famous short stories that feature characters going through change. This paper aims to explore the changes that occur in two of the characters in these stories and the implications of this change. The two characters are Delia Jones from ‘Sweat† and Goodman Brown from â€Å"Young Goodman Brown†. The paper aims to show that the consequences of change can  be  either negative or positive in regards to the status of one’s life. Delia Sweat is the main character in â€Å"Sweat†. At the beginning the story, Delia is a sensitive, likable and hardworking woman who is, unfortunately, under constant abuse from her cruel and controlling husband, Sykes. She is depicted as an all-round character with a variety of different emotions but who is also familiar with almost all facets of life. She is very proud of her work that involves washing clothes for the white people. He husband who on the other hand does not work constantly abuses and despises her in spite of the fact that she is the one who pays for the house they live and buys the food that they eat. Perhaps even more surprising the fact that her husband acts so horribly towards her while he is very sweet and polite to his mistress. However, the day arrives when Delia decides she has had enough, and this is where her transformation or change commences. Outraged by her husband’s constant condescension and despise, she screams at him reminding him of how hard she works to support them. Wanting to emphasize her point, she picks up an iron skillet intending to strike who is at this moment is shocked as he is used to abusing her without any reaction from her. From this moment, Delia changes from a submissive character who endures constant abuse to an extremely defensive and aggressive character. Her husband tries to antagonize her further by bringing a snake  into the house knowing very well that Delia is extremely fearful of snakes. With her new found aggressiveness, she gives her husband an ultimatum to remove the snake from the house or she will report him to the white folks. He total change is further revealed near the end of the tale when her husband is bitten by the same snake that he had used to antagonize her with. Delia does nothing to help him depicting which is a major shift from her former submissive character. Through her change in character Delia attains empowerment after the years of abuse that she has suffered from her husband. It this case, her change can be said to be positive because although it is associated with a tragic event which is the death of her husband, she is able to find empowerment and success. Unlike Delia whose changes are positive, Young Goodman Brown change is not that positive in nature. The story begins in an evening where Goodman is saying goodbye to his wife and setting off to attend to a certain task. Although his wife does not want him to go as she does not know what the dark holds, he says goodbye to her and leaves. He meets an old man along the  way who tells him that he is the Devil and in spite of emphasizing that him and his forefathers have been Christians for a long time; he follows him. They come across an old woman who is known in the village for her good deeds but reveals herself to be a witch and this when Goodman learns they are on their way to an evil ceremony to initiate two new recruits. Goodman is alter amazed to see many of his village mates and even his wife on their way to the evil ceremony. He cries out to the heavens suddenly; he realizes that he is alone in the forest and cannot determine whether it was all a dream. The experience at the forest completely changes Goodman for the worst. Once he gets back to the village; he looks at all the people he had seen including his wife and the village preacher with utter disgust. He isolates himself and for the remainder of his life, he lives with despair and suspicion and in the end dies as a bitter, lonely man. Delia and Goodman’s Brown both go through deafening changes. However, the impending fortunes for the two are very different. Delia change is voluntary because she activates it herself. On the other hand, Goodman Brown’s change can be seen to be involuntary because it is brought about by an unexpected incidence that changes his outlook on life forever. While Delia change is positive and causes an improvement of her life, and Goodman Brown’s change is negative and only degrades his life. This is proof of the fact, change does not always means change of fortunes for the better; change can be also be negative and can lead to a person’s downfall. Works Cited Hawthorne, Nathaniel. Young Goodman Brown. Charlottesville, Va.: University of Virginia Library, 1996. Print. Hurston, Zora Neale, and Cheryl A. Wall. Sweat. New Brunswick, N.J.: Rutgers University Press, 1997. Print.

Political Politics Of The United States Essay - 1199 Words

A diverse society requires a pluralistic political structure in order to enfranchise citizens and allow the broadest scope of opinions to be heard. The United States has a rich history filled with specific examples of how an individual’s voice carries enough weight to make both a difference. However, a person’s ability to make a political impact does not necessitate eloquence and or individual intrepidity. Rather, our Founding Fathers carefully crafted a democratic system in which the voices of every individual were given significance and influence through their right to vote in elections. Unfortunately, political elections are not as idealistic as our fore fathers may have intended. In recent years, political campaigns in the United States have become an increasingly distasteful process in recent years, specifically in regard to the way in which they are funded. Political campaigns are regularly fuel by greed, power and a shady procurement of financial support. This corruption promotes inequitable campaign procedures, and almost never results in a fair and unbiased candidate victory. In recognition of this exploitation of power, steps have been taken by federal and state legislatures to regulate rampant unethical funding in political elections. In response to these efforts, two distinct sides have emerged. Proponents of campaign finance limits argue that wealthy donors and corporations hold too much sway in elections and as a result, corrupt campaigns. Those favoring lessShow MoreRelatedPolitical Relations Between The United States And Politics1328 Words   |  6 Pa gesthus be affected by institutions in two different countries. In this essay I will talk about the political institution in both countries. I will start by explaining politics in the United States and lead into how politics in Mexico function. Afterwards, I will compare both political institutions and draw from my own experiences to explain any differences between the two. 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North Korea Essay Example For Students

North Korea Essay One of the misconceptions about the North Korean prisoner camps, where the extraordinary amount of brainwashing happening in them. The communists gave the American prisoners of war some reeducating. Brainwashing proved in the long run to be unproductive, but it did keep 21 Americans in camp. The American armed forces tried to find out what really happened with their own psychologists, but the information taken was inconclusive. Some of the POWs in the North Korean camps where corrupted with the communism toxin, which made a few of the men turn on their own friends and country. No Americans ever escaped from the Communism prison camps. The death rate was the highest in history, 38%. Lt. Col. William E Mayer, one of the psychiatrists who participated in the interviewing and Eugene Kinkead, a free lance writer The revolution of the 1930s proved that the American adolescence church life and schooling was developing a good character in the childrens society, which intern translated itself onto the line of battle. Where the American POWs showed great weakness for the will to survive. As the author of the American Prisoners of War in Korea H. H. Wubben points out about the armed forces, The average soldier gave little concern to the conflicting values underlying the military struggle , , , and Although he showed a strong but tacit patriotism, this usually did not lead him in his thinking to subordinate his personal interests to the furtherance of ideal aims and values. The soldiers also faced bouts of apathy or depression which possibly led some of the troops to death. Kinkead-Mayer reported Failures in adjustment were most apparent in the 18-to-23-year-old group who had little or no previous experience and much overprotection. The country is titled as a democratic republic, but in fact, it is an absolute monarchy with the dictatorship. Lots of informative articles by the different scholars picture the ideology of North Korea as Korean ethnic nationalism, and they inform about the existence of the communism in this country. The current ideology of North Korea could be compared to the fascism that existed in Europe in the 20th century. To create the strong roots for such ideology, people are controlled in all spheres of their lives. Even the travel is deeply controlled by the government. What you should know about the human position North Korea is widely known as the country with the worst human rights on the Earth. People are commonly imprisoned being accused and named the political criminals. There are no real trial processes, and most imprisoned people are sent to the labor camps without lots of explanations. Among such political criminals, there are many Christians or leadership critics that are deported with all the members of their family and rarely are given a chance to be released. There are real testimonies of the existence of such abuses as torture, murder, starvation, medical experimentation, forced abortion, and rape. Basing on these facts, North Korea was accused by United Nations Commission of Injury of crimes against humanity. North Korea essay example 2 North Korea as the closed country North Korea is well-known as an isolated country that does not want anybody to discover its insides. It is not easy for other countries to discover the reliable pieces of information about this country as all the media in North Korea is under the strict control of the government. The country still has some diplomatic relationships with more than 166 countries. However, due to the politics of its government, North Korea is not recognized by Estonia, the United States, France, Japan, Taiwan, Israel, and several other countries. This is mostly connected with the contradictions between the real politics of the country and its ideas on the paper. The most famous conflict between North Korea and other countries is connected with the country’s nuclear weapons program. The North Korea nuclear crisis is supposed to be one of the major dangers to the word. Especially this threat is directed to the USA, Japan, China, Russia, and South Korea. The situation has become extremely complicated, and lots of new problems have arisen due to this. As was said in the introduction, the government in North Korea provides an isolated politics, but now the whole world is struggling to understand what is going inside the country. If the situation were not improved, the stabilization in the world would be damaged, and the new world war will arise. Tomb Wall of Amenemhat His Wife Hotept EssayThe problem appeared in October 2002 when North Korea claimed that it could make nuclear weapons. The country stopped its participation in the Nuclear Nonproliferation Treaty and opened its nuclear reactors. The United States and others countries took this sign as a danger and immediately took the actions trying to solve the problem. Actually, it was a step to attract the attention of the USA and make them into negotiations. Unfortunately, this step had damaged the life of innocent people and cause to the list of extremely complicated problems that are still hard to solve. North Korea essay example 3 North Korea and nuclear test In 2006, North Korea confirmed that they had completed the first nuclear test. The following year the government announced that they have nuclear weapons. In order to find the solutions to this activity, six-party talks were organized, which include South Korea, North Korea, Japan, the United States, China, and Russia. These talks started functioning in 2003 and continued working in a series of talks. The countries had come to the conclusion that North Korea should stop its nuclear facility and receive the fuel aids in exchange. However, the country did not strictly follow the agreement, and it was delayed and later again restarted allowing North Korea to receive the aid. In 2009, the second nuclear test was completed, and it ends with an explosion. In 2012, North Korea stated that it would not do any nuclear tests and allowed the inspectors to examine the place of tests. The USA agreed to support North Korea with aid only after the country showed the real steps towards the completing its sides of the agreement. However, the same year the USA changed its mind as North Korea conducted the missile test. The next year, North Korea conducted the third underground test, and in 2006 it conducted the fourth one, stating that it involved a hydrogen bomb. It also provided a fifth test that broke all the records, and its yield was about 25kt. Additionally, because of its activities, North Korea was stated as a state sponsor of terrorism. North Korea was given a list of sanctions from the United Nations, but it does not seem to stop the country. Lots of politician critics are arguing about the reasons for such aggressive activity of the country. Some of them debate that the real reason is to make the USA and European countries to stop ignoring it. However, the real problem is hidden in the impossibility to stop these actions immediately. North Korea does not take into consideration its promises, and nobody knows what plan the country has created. Every country in the world is carefully watching the situation, and nobody can definitely say how this will end. Lots of critics suggest that the World War III could arise on this background.

The Business and Financial Performance of Indus Motor Company Limited over the Three Year Period Essay Example

The Business and Financial Performance of Indus Motor Company Limited over the Three Year Period Essay Topic reason and its context It was imperative to select the topic in which I could submit my finest competence. At first all topics looked trouble-free, but when I studied them thoroughly, they turned complicated for me. Then, I finally reached at the conclusion of trying, â€Å"The Analysis of financial situation of Indus Motor Company Limited (IMC)†. It involves appraising how the company has been performing over the years, within the industry and along with other competitors.It leads to calculation of accounting ratios and interpreting them in the light of internal and external factors, which may affect the performance of the company. Different analytical tools have been used: 1. 1. 1 Ratio analysis Financial ratio analysis is the calculation and comparison of ratios which are derived from the information in a companys financial statements. The level and historical trends of these ratios can be used to make inferences about a companys financial condition, its operations an d attractiveness as an investment. http://www. inpipe. com/equity/finratan. htm 1. 1. 2 SWOT analysis SWOT analysis provides a structure for analyzing either your own strengths and weaknesses, and the opportunities and threats you face, or in a work context for analyzing the strengths, weaknesses, opportunities and threats a business or event faces. (Pauline Kneale and Sam Aspinall, 2003) http://www. geog. leeds. ac. uk/courses/other/casestudies/intra/SWOTanalysis. doc 1. 1. 3 Porter’s five forces of competitive analysis Five forces analysis helps the marketer to contrast a competitive environment.It has similarities with other tools for environmental audit, such as PEST analysis, but tends to focus on the single, stand alone, business or SBU (Strategic Business Unit) rather than a single product or range of products. Five forces analysis looks at five key areas namely the threat of entry, the power of buyers, the power of suppliers, the threat of substitutes, and competitive rivalry (Marketing Teacher Ltd 2000 – 2008) http://www. marketingteacher. com/Lessons/lesson_fivefoces. htm 1. 2 Reasons for SelectionI was enthusiastic of studying and analyzing the financial situations for successful companies and learn from their strategies, now I got a chance to work on it. The chosen topic was explicable and lucid. Automobile industry has a main effect in the national economy of Pakistan and it is being developed in the previous years so I had a keen interest in analyzing the financial performance of this sector. I wanted to practice applying ratio analysis techniques in a real life context. The various models, I have used in my report (SWOT, Porter’s five forces model and ratio analysis) were all part of my studies.The shares of company are quoted on the stock exchanges of Pakistan so collection of its accurate and reliable information was not a big deal. 1. 3 Aims and Objectives of the study: The main aim of my research is to analyze the financ ial situation of IMC. The analysis of my project will reflect: 1. 3. 1 Ratio analysis 1. 3. 1. 1 Sales and Profitability Profitability ratios measure how well a company is performing by analyzing how profit was earned relative to sales, total assets and net worth. http://kbr. dnb. com/help/Ratios/Profitability_Ratios. htm 1. 3. 1. 2 Liquidity and efficiencyThe proportion of total assets that are readily convertible into cash that a clearing bank must maintain in order to repay deposits on demand. http://uk. encarta. msn. com/dictionary_1861824737/liquidity_ratio. html The efficiency ratio compares operating expenses with operating revenue. It measures how effectively or efficiently operating expenses are used to generate loans, deposits and fee income. http://www. mhastakeholders. com/secure/KPIDefinitions/EfficiencyRatio. doc 1. 3. 1. 3 Debt to Capital structure Debt capital divided by total assets. This will tell you how much the company relies on debt to finance assets. ttp://www . investorwords. com/1326/debt_ratio. html 1. 3. 1. 4 Investment Relationship of the number of ordinary shares and their prices of the profits, dividends and assets of the entity. (P2: FTC Kaplan 2007/2008) 1. 3. 2 SWOT analysis The SWOT analysis is an extremely useful tool for understanding and decision-making for all sorts of situations in business and organizations. SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats. (Albert S Humphrey, August 2004) http://www. businessballs. com/swotanalysisfreetemplate. htm 1. 3. 3 Porter’s five forces of competitor analysisPorters Five Forces model provides suggested points under each main heading, by which you can develop a broad and sophisticated analysis of competitive position, as might be used when creating strategy, plans, or making investment decisions about a business or organization. (www. businessballs. com) 2. INFORMATION GATHERING SOURCES Sources of information 2. 1 Primary Sources It is the information specifically collected for the study by means of field research. Primary data collection is necessary as it is more reliable than secondary sources, so I was more interested in getting primary data at possible extent.Three basic means of obtaining primary data are observation, surveys, and experiments. The choice will be influenced by the nature of the problem and by the availability of time and money. (http://telecollege. dccd. edu/mrkt2370/chapters/ch3/3prim. html) Research can be defined as the collection, collation and analysis of data. The research carried out for this project can be divided into two categories: primary and secondary. The latter enabling cost-effective analysis of several data sources than the former which proved to be challenging to carry out. (Dave Hall, Rob Jones, Carlo Raffo, 1999)Firstly, I had a meeting arranged with Mr. Awais Ahmad (Manager at Toyota Motors IMC). To get the best out of the meeting I had already arranged comprehensive questions on my no te book. My questions were mostly related to the proceedings of automobile sector in Pakistan and steps taken by the government to support this industry and restrict the imports of used vehicles. The company’s regional head was kind enough to explain me most of my queries giving me the required information in the same sitting. He also told me about the organization’s hierarchy and also the task each department performs.Amalgamated information helped me to understand the company and its performance deeply. 2. 2 Secondary sources ?I got Audited Annual financial statements of Indus Motor Company (IMC) from the Lahore Stock Exchange for the past three years i. e. 2007, 2008 and 2009. This is one of the best sources to get the financial information required in carrying out an analysis of a company and which also helps in predicting the future performance of a company. ?Annual audited reports of Honda Atlas Cars Pakistan Limited (Competitor Company) were collected from its O ffice / factory at Manga Road, Lahore. ?Annual audited reports of Pak Suzuki MotorsCompany Limited (Competitor Company) were collected from its office at The Mall Road, Lahore. ?I also reviewed my Paper 2. 5 text-book and class notes to refresh my memory regarding ratio analysis. ?Surfing net and getting information through different websites have provided me with the various outlooks on the present and future states of the sector. ?Review of business sections in local and international newspapers like Daily Business Recorder etc to remain up to date on the latest economic trends. ?Articles of student accountant magazine also provided great help for effectively writing a report. I used to watch trade news on national TV channel PTV and various local TV channels such as GEO TV and ARY-digital to get familiar with automobile industry and especially IMC’s current affairs. ?Secondary data can be used differently such as: ?To create new ideas ?To compare two statistics ?Where dire ct collection of data is impossible Secondary data was collected from several sources. The list of them is given below. ?I consulted BPP and Foulks Lynch/ FTC Kaplan textbooks for ACCA to sharpen my technical knowledge in some areas of report that require thorough understanding.I had purchased these books during the course of my ACCA qualification. ?I went through articles of different business magazines such as Pakistan Economist; they helped me widen my knowledge about the industry as well as the company. I also read Student Accountant Magazine for transparency of concepts and to learn basic requirements of the report. ?One of the most convenient and reliable sources for information gathering was internet. It included using search engines like www. google. com. pk, company’s website, Lahore and Karachi Stock Exchange’s website (www. se. com. pk), (www. kse. com. pk) and many more. 2. 3Methods used to collect information and limitations of information gathering Second ary research consisted of the following: ?The Audited Annual Financial Statements of the company; one of the ideal sources of financial information required in carrying out an analysis (for e. g. Ratio analysis). I obtained financial annual report of Indus Motor Company from Lahore Stock Exchange (Guarantee) Limited (LSE). ?Reading articles from the business section of newspapers (Dawn etc. ), and business magazines (for e. g.Daily Business Recorder) to gain up-to-date appraisal of Indus Motor Company. ?Consulting BPP and Foulks Lynch/ FTC Kaplan textbooks for ACCA to aid understanding in some areas of the report and refresh my technical knowledge. These study texts I had already purchased during the course of my studies. ?Went through numerous ACCA Student Accountant articles. Technical articles and those written specifically for this research project were an invaluable aid. Some publications I had collected at some stage in my studies and others being available on ACCA website. I also referred to many business studies and interpersonal skills books throughout the project, which I found from different government and private colleges libraries. ?The internet assisted in initial research and provided access to wide range of information. Searching for relevant facts and figures was time consuming due to the vast amount of information that was uncovered through use of search engines like Google and other search engines. 2. 4Ethical issues Preliminary information gathering involves the seeking of information in depth of what is observed. Several ethical issues addressed while collecting data.During conducting the interview, I have encountered important and confidential information that enabled me to produce valuable analysis. The company secretary was friend of my elder brother, that’s why he helped me very much. Against it I have assured him that I will respect the confidentiality that is my prime duty as an accountant and ACCA student. The information, I acquired during the telephone conversation with the head of risk management, corroborate with secondary information to check that whether it is worthwhile or not. Thus the mass of information have collected through the interviews and library search.Attempts to obtain information through deceptive means avoided at all cost as they engender distrust and anxiety within the system. 2. 5Explanation of accounting and business techniques and limitations Ratio analysis The ratios used to analyze the performance of companies. However, no similar set of standard ratios exists for the analysis of a company’s internal management accounts. The reason for this is that more detailed information is available and the formats and headings are likely to be specific to each company’s trade and circumstances. Following main types of financial ratios are as given below:Sales and Profitability Profitability ratios measure how well a company is performing by analyzing how profit was earned re lative to sales, total assets and net worth. Liquidity and efficiency The proportion of total assets that are readily convertible into cash that a clearing bank must maintain in order to repay deposits on demand. The efficiency ratio compares operating expenses with operating revenue. It measures how effectively or efficiently operating expenses are used to generate loans, deposits and fee income. Debt to Capital structure Debt capital divided by total assets.This will tell you how much the company relies on debt to finance assets. Investment Relationship of the number of ordinary shares and their prices of the profits, dividends and assets of the entity. (P2: FTC Kaplan 2007/2008) But these have some limitations and require the interpreter to be conscious while interpretation: †¢Based on balance sheet figures which are at a particular time may not be typical. †¢Balances used by seasonal business may not represent average levels. †¢Ratios are subject to manipulation. †¢Ratios concern past not future. †¢Can be distorted easily by inflation or rapid growth. (FTC F9 book 2007/08) SWOT analysisSWOT analysis combines the results of the environmental analysis and the internal appraisal into one framework for assessing the firm’s current and future strategic fit, are lack of it, with the environment. SWOT stands for strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are internal factors. Opportunities and threats are external factors. SWOT can now be used guiding strategy formulation. a)Match strengths with market opportunities strengths that do not match any available opportunity are of limited while opportunities which do not have any matching strengths are of little immediate value. )Conversion this requires the development of strategies that will convert weaknesses into strengths in order to take advantage some particular opportunity or converting threats into opportunities which can then be matched by exis ting strengths. (BPP P3 2007/08) Simple rules for successful SWOT analysis †¢Be realistic about the strengths and weaknesses of organization when conducting SWOT analysis. †¢Always apply SWOT in relation to competition i. e. better than or worse than competition. †¢SWOT should always be specific. Avoid grey areas. †¢SWOT analysis should distinguish between where organization is today, and where it could be in the future. . ANALYSIS 3. 1 Automobile Sector Automobile sector is one of the fastest growing sectors in Pakistan. It contributes towards the nation’s economy in the form of Technology Transfer, Employment, Investment and much more. As the industrys growing, so are the Automobile companies. Every manufacturer is in the process of increasing production capacity to meet customer demands. Through out the 1990s the annual automobile production remained constant around 45,000 but due to consistent policies and positive macro economic conditions the industr y boomed to more than 120,000 units per annum in just 4 years.In 2008-2009, the local automotive industry for the fifth year running made an impressive contribution towards the economic growth of the country. The market for locally assembled passenger cars 82844 units sold in 2008-2009 less as compared to 164650 units sold in 2007-2008. Continued import of used cars and rise in interest rates restricted the growth rate compared to earlier years which is bad effect on local automotive industry of Pakistan. (http://www. pama. org. pk) 3. 2 Profile and historical background of the companyIndus Motor Company (IMC) is a joint venture between the House of Habib, Toyota Motor Corporation Japan (TMC) and Toyota Tsusho Corporation Japan (TTC) for assembling, progressive manufacturing and marketing of Toyota vehicles in Pakistan since July 01, 1990. Indus Motor Company (IMC) is a joint venture between the House of Habib, Toyota, Motor Corporation Japan (TMC) and Toyota Tsusho Corporation Japa n (TTC) for assembling, progressive manufacturing and marketing of Toyota vehicles in Pakistan since July 01, 1990.IMC is engaged in sole distributorship of Toyota and Daihatsu Motor Company Limited vehicles in Pakistan through its dealership network. The company was incorporated in Pakistan as a public limited company in December 1989 and started commercial production in May 1993. The shares of company are quoted on the stock exchanges of Pakistan. Toyota Motor Corporation and Toyota Tsusho Corporation have 25 % stake in the company equity. The majority shareholder is the House of Habib. IMCs production facilities are located at Port Bin Qasim Industrial Zone near Karachi in an area measuring over 105 acres.Indus Motor company plant is the only manufacturing site in the world where both Toyota and Daihatsu brands are being manufactured. Heavy investment was made to build its production facilities based on state of art technologies. To ensure highest level of productivity world-reno wned Toyota Production Systems are implemented. IMCs Product line includes 6 variants of the newly introduced Toyota Corolla, Toyota Hilux Single Cabin 42 and 4 versions of Daihatsu Cuore. We also have a wide range of imported vehicles. The dealership network expanded from 25 to 29 dealers during 2008-2009. ttp://www. toyota-indus. com/company/history. asp 3. 3 Ratio analysis Indus Motor Company Limited (IMC) performance has been compared with its three latest year financial annual statements. IMC’s year end is 30 June. The financial statements of IMC were available upto the year ended 30 June 2009. 3. 3. 1 Sales and profitability 200920082007 Sales Revenue Rs. (000)37864604 4142384339,061226 Sales Units (Nos. )352765080250,557 IMC has increased its production capacity to cater to the demand for its vehicles. The company crossed production of 250,000 units since its inception.It achieved over 35276 units of sales during the year 2008-2009. Sales revenues of Indus motor compan y for the year 2008-2009 decreased to a record Rs. 3559239000, compared to Rs. 2362617000 achieved in 2007-2008. Decrease of higher sales volumes, stop of car leasing by most of the banks and ban by government of Pakistan and import of old cars. Indus motor company sold 35276 units up by 15526 from the last year figures owing to overall decrease in demand of cars. The decrease in sales less production is solely attributable to decreased quantity sold during the year owing to decreasing trend in demand of cars in the country.Company’s sales for the year 2008, were record 50802 units compared to 50557 units achieved last year. Since 2007 it has continued on a downward trend, touching 6. 14 (FY09). The decrease in the margin has been due to the ever increasing cost of goods sold. The cost has increased hugely due to high rupee depreciation and the global oil crisis. Costs are also increased due the high inflation rate prevalent in 2008-2009. Toyota Corolla out-performed its comp etition and established a market segment leadership position in Pakistan with 59% market share in the year 2006-07.Daihatsu Cuore increased its share to 26% in 2006-07 from 18% last year in the economy car segment that continues to show impressive growth. The New Generation Camry introduced in the beginning of 2006-07 fiscal years showed impressive performance. It increased its share from 16% last year, to 54% by June 2007, in its segment. In the new SUV category, company increased market share from 62% to 88% this year, with increased focus on fleet customers who are secure in the reliable performance, durability and after sales service and product support capability of Indus.Hiace and Hilux increased market share from an already impressive 63% last year to a market dominant position of 84% this year. 200920082007 Gross Profit Margin (%age)6. 149. 2911. 37 Net Profit Margin (%age)(16. 8)2. 32. 7 Return on capital employed (%age)30. 4524. 2834. 13 Net revenue6. 1+41. 439. 1 The gros s profit margin has remained consistent over the years. It increased from FY01 (6. 83) to FY03 (13. 73). Then it decreased for two years to 12. 17 (FY05), then remained steady for two more years (FY05 FY07). Since FY07 it has continued on a downward trend, touching 6. 4 (FY09). The decrease in the margin has been due to the ever increasing cost of goods sold. The cost has increased hugely due to high rupee depreciation and the global oil crisis. Costs are also increased due the high inflation rate prevalent in FY09. The net profit margin has also maintained a steady graph. Both net profit and sales increased from FY04 to FY07, the margin remained consistent. Since FY07, the margin has decreased due to decreasing operating profit and operating income. The net profit decreased from around 2. 7 billion rupees to around 1. 4 billion rupees.In FY09, the margin decreased due to heavy increase in administrative expenses (16% YoY). The return on common equity (ROE) decreased consistently f rom FY06. It was due to decreasing net profit amid increasing equity. Equity has continued to increase throughout due to continuous additions to the general reserve. We can understand that the decrease in net profit was greater than the increase in equity. The ROE touched 13. 49 (FY09) from 42. 32 (FY06). The return on asset (ROA) had increased until FY08, after which it decreased in FY09 (6. 70). The ROAs decrease can be attributed to an increase in total assets (50% YoY for FY09).Though this decrease can be translated as a failure on part of the assets to perform, we know that the decrease in returns is due to an industry wide slowdown of demand. The sales of Passenger Cars and Light Commercial Vehicles have decreased by over 47% in FY09. 3. 3. 2 Liquidity and efficiency 200920082007 Current ratio1. 69:12. 56:11. 83:1 Inventory turnover (times)10. 5713. 6710. 15 Stock turnover (days)30 Debt collection period (days)1596 The liquidity situation has improved consistently since FY03 w hen the current ratio hit a low of 1. 19. Liquidity touched a high of 2. 56 (FY08) before decreasing to 1. 9 (FY09). From FY05 to FY06, current assets and current liabilities increased almost proportionally resulting in a small change in the current ratio (from 1. 46 to 1. 49). In FY07 both current assets and current liabilities decreased, though liabilities decreased by a greater amount, thus leading to an increase in the current ratio. In FY08, sales decreased due to lower demand. Large declines in both current assets and liabilities were seen, and again the decrease was far greater for current liabilities (-49% YoY). This decrease was fueled by a drastic (-80% YoY) decrease in advances.Thus the current ratio spiked to its highest in recent history, i. e 2. 56. FY09 saw the current ratio fall drastically. The decrease came amid large increases in cash and bank balance (124% YoY) and stock-in-trade (55% YoY). It was mainly due to a disproportionate increase in current liabilities c aused by an over 500% YoY increase in advances (from customers and dealers). This substantial increase is due to the fact that the advances in FY08 were abnormally low. This figure had decreased by over 80% YoY from around 4. 5 million rupees to less than a million. The trend clearly shows that FY08 was an odd year for the company.Inventory turnover has remained consistent since FY03 at around 42 days. It decreased in FY07 to 28 days due to a large decrease in stock-in-trade and stores spares (over -25% YoY). The decline continued in FY08 (to 24 days) due to increased net sales and decreased stores spares. Currently (FY09), the inventory turnover has slightly increased to previous levels of around 40 days on the back of large increase in stock-in-trade (55% YoY) and a lesser decrease in net sales (-8. 6% YoY). The decrease in sales is not unique to Indus Motors alone. (www. brecorder. com) 3. 3. 3 Debt and capital structure 200920082007Debt to equity0:10:10:1 Traditionally IMC has shown no reliance on long term debt. The same trend continues in 2008-09 as well. However, we see that the TIE ratio has shown a sharp incline. This is because of a reduction in the mark-up that is to be paid to the customers against their advances. The decline in this head signifies that the company is able to make delivery of its vehicles on a timely basis. 3. 3. 4 Investor’s Ratios 200920082007 Earning per share (Rs)17. 629. 234. 93 Market price per share (Rs)107. 72200. 05305. 50 Price earning ratio (Rs)6. 116. 868. 75 Dividend per share (Rs)10. 0010. 5013 Dividend yield (%)9. 85. 254. 26 Dividend Payout (%)56. 7536. 0337. 21 The companys book value has increased consistently over the years. Currently it stands at Rs 131 with a YoY increase of 9. 1%. This increase is due to the high increase in reserves. Reserves have continued to increase while no new shares have been issued. This continuous increase has shown that the stockholders are well catered to and their share in the business has continued to increase. This also shows that the management is taking good care of the stockholders interests. Earnings per share (EPS) for the company had also showed continuous increase from FY01 (2. 9) to FY07 (34. 93). Onwards, the EPS has continued to decrease due to decreasing profits (). Profits have decreased on the back of decreasing demand in the market. The decrease in demand can be attributed to many factors. These factors include increasing inflation, the subsequent drying up of liquidity, decreased available consumer finance, and some government regulations (namely increased sales tax and withholding tax). Dividend per share had increased from FY03 (7) to FY07 (13); and since has decreased to 10 (FY09). This too has been due to the decreasing profits for the company.The price to earnings ratio (P/E) has showed variance. It was 3. 19 in FY02, from whence it decreased to 2. 81 (FY03). Then onwards the P/E ratio increased to 8. 68 in FY08, after which it decreased to 7. 80 (FY09). The market price of the companys share was 14. 65 (simple average) in FY02. The price then increased consistently till FY07 when it was 261. 63 (simple average). It decreased to 253. 03 in FY08, and then plunged down after the collapse of the stock market. At the end of FY09, the market price of the companys share was 107. 72, while the average for FY09 became 137. 37 (a YoY decrease of around -46%).The spare parts segment of Indus Motors showed a healthy growth of 9% YoY, reaching Rs 1. 5 billion. This segment has high possibilities which are restricted by the continued negative practices of under invoicing and smuggling. Though initiatives have been taken to reduce such acts, there is a lot to be done. (www. brecorder. com) 3. 4 SWOT Analysis of IMC Strengths ?Brand equity ?Powerful, stylish and more modernized new models ?IMC is the only company who supplies its vehicles to Army and Police department in the country ? Market safe, innovative, reliable, d urable and outstanding quality products ? Use of advanced technologies Employee satisfaction, commitment and excellent labor – management relation ? Indus’s good corporate image ?Wide dealership network all over the country ?Worldwide recognition ?Membership of UN Global compact ?IMC is ISO 9002 and ISO 14001 certified ?Customer satisfaction as IMC is fulfilling their motoring needs ? Support of Toyota, Japan ?Continuous growth ?Toyota Marketing Award 2006 – Overall ?Indus Motor Company received the 2nd Consumers Choice Award from Consumers Association of Pakistan in 2006 ? After sales services Weaknesses ?Customer’s complaints due to late delivery http://presidentofpakistan. gov. pk/TPRespondsQsComplDetail. spx? WTPresidentQsID=342 ? Deletion level is very low i. e. 60% which results in increased costs of input as it has to import 40% of its components. Opportunities ?In the 2008-2009 budgets the government had announced a restriction on the age of impor ted used vehicles, disallowing imports of vehicles older than 3 years. ?Auto Industry Development Plan, prepared by the Engineering Development Board in consultation with the auto industry would pave the way for further investment, technology flow, greater competitiveness and employment in the auto sector and as well as the nation’s economic growth on sustainable basis. Geo News(10 February,2008) ?Introduction of a tariff based system that is WTO compliant http://www. toyota-indus. com/company/press. asp ?Huge demand of cars in the country. 1,000 cars is added into main stream only in Lahore. Threats ?Import of used cars continues to impede growth of the local auto industry. It can lead to closure of the local auto manufacturing plants as has been the case in New Zealand. ?IMC does not produce CNG equipped cars which have low cost per mile. This may lead to lowering of demand of its vehicles. ?Rise in oil prices and other input costs may shrink the margins of the company. Tig htening monetary policy by the government ?The depreciation rate of 2% per month amounting to 50% in two years creates a further anomaly as locally produced cars are allowed a depreciation of only 15% per year. ?Chinese are also eyeing the market in a big way. The vehicles are fitted with cabin ventilation. The product is cheap and has been exclusively made for Pakistan. http://www. nation. com. pk/daily/dec-2004/22/bnews2. php 3. 5 Porters five forces of competitive analysis Threat of New Entrants The barriers to entry are high due to the following reasons Huge capital investment is required ?New brand takes time to be famous among the public ?Existing players not only enjoy economies of scale, but will also react very fiercely if a new player tries to enter the market. ?Political uncertainty and unrest has badly affected the market sentiment in recent past while law and order problem, particularly in the wake of assassination of Benazir Bhutto, added to the market worries. http:// www. brecorder. com/index. php? id=698864;currPageNo=1;query=;search=;term=;supDate= Threat of Substitutes There is no threat of substitute to cars.Everyone prefers his own conveyance facility for the family mainly due to the poor condition of public transport and traffic system available in the country. Bargaining Power of Customers Bargaining power of customers is getting higher in the automobile industry due to more than one option available for them, covering their price range. There are many new models launched by the companies at the same time having good quality. Moreover, now the customers have the option of buying imported cars, which are better in quality and sometimes lower in price.It may increase further in future. Bargaining Power of Suppliers The bargaining power of suppliers of imported components is low particularly for IMC because it imports them from Toyota, Japan which also has a stake in the company. However, for locally manufactured components, it is also low b ecause there are large number of suppliers who cannot charged prices of their own, they do not have customers from outside the country, and the fact that buyers have low switching costs. Rivalry amongst CompetitorsDue to the increasing demand of cars established in the country all the companies are enjoying high sales growth, as they all have increased their production capacity and the quality of their products, so succeeded in maintaining their share in the market. Since the demand is increasing and they will hopefully sale whatever they produce, rivalry is presumed to be low. 3. 6 Conclusion and Recommendations Keeping in view, the aims and objectives defined earlier in this report, following conclusions can be drawn regarding Indus Motor Company Limited (IMC). As a corporation, Indus Motors is making greater profits.It continues to be a reliable investment and has seen its share price increase dramatically over the years, though that has decreased recently. Indus Motors continues to strive to become a good corporate citizen. It has regularly undertaken social initiatives regarding road safety, environment, technical education, etc. It takes care of all its stakeholders. 3. 6. 1 Auto industry The industry for light commercial vehicles and locally assembled passenger cars downfall because of heavy import of reconditioned cars, continuing the industry growth trend but by a smaller amount as compared to the past years.The reason behind the deceleration is obvious: rising interest rates and imported cars. Although the government has banned the import of cars older than 3 years, the depreciation of 2% per month allowed to the imported cars sways the situation in their favour. The sales of the low capacity cars showed an increase while the cars with higher engine power showed a decline in 2008-2009. Imposition of with holding tax has increased the prices of the cars, thus slowing down the growth rate. 3. 6. 2 The companyIMC is a joint venture between the House of Habib – renowned business group of Pakistan – Toyota Corporat