Are Turkish Dramas Evading Our Culture Essay

The foreign dramas are attacking our culture and these are not according to our culture After a contentious time of the Indian dramas, now numerous Turkish plays are giving rise to curious hype not only in our television drama industry but also in the minds of the general public. As a matter of fact, it is true that our local drama production is invoking the interests of thousands and millions of viewers and most of these spectators are finding these plays appealing enough to follow. However, in recent times it has been noticed that some foreign television content is trying to induce a substantial place in our country. Unfortunately, somehow a Turkish serial â€Å"ISHQ-E-Mamnoon† was aired out and after a few weeks it ended up by getting exultant high ratings. After the broadcast of this particular play, a slipstream is started among the different TV channels to get foreign content and present to the public, in order to gain high ratings. When broadcasters and people are basking this dubbed â€Å"so called† change, they forgot to think all this activity is turning out to be a veridical threat to the local industry as well as the integrity and culture of our nation. There is also a small group of people who is trying to back up these serials, but I think these people might disremember what Indian dramas have done with our acculturation in the recent past. Because of these plays, our adolescents (especially girls) have started out to follow their language. In fact, several words were became the part of their vocabulary and they used these words into their normal discussions. After ascertaining the severity of this issue our civil society and television industry have taken some measures and banned all the Indian channels. But now we have to cope with another scourge which is a lot more dangerous than the previous one. We need to observe what sort of message these Turkish dramas are trying to convey? Are the stories of these plays fair enough to watch with our parents, brothers and sisters? Of course not and that is the main reason why it is considered as infectious to our culture and nation by our producers, writers, actors, directors and now public as well. These Turkish serials are full of bold scenes, which is totally against our moral values and they are just becoming the cause of raising the level of grossness and vulgarity. All in all, our music and film industry is neither cohesive nor strong. This is only the television industry that is producing high caliber dramas and bringing out the talent nd acting of impeccable quality and it should not have to endure the same issues as our film and music industry are confronting. Apart from our cultural and moral values, these Turkish serials are also threatening the future of thousands of actors, directors, cameramen, writers, producers, spot boys and other individuals who are directly or indirectly associated with our local drama industry. Although, a good and positive aspect is that our actors are united and they are unitedly saying the Turkish or any other foreign content should not hijack the viewership of our local dramas. If we take a close look at the history of subcontinent then it is not very hard to find the same interference of the popular East India Company that eventually became the main reason of Subcontinent’s separation. However, right now things are quite under control and still it is too long to anticipate any resemblance with this specific issue. Although our government must have to take impertinent and smart actions in order to avoid the drastic effects on our culture as well as on economy which is depending on our drama and entertainment industry.

Education in Barbados Essay

Barbados had one of the oldest and most advanced education systems in the Eastern Caribbean in the late 1980s. Education dated back to 1686, when private funds were used to build the first school. Throughout the eighteenth and nineteenth centuries, education was controlled by the Anglicans, who were later joined by other religious groups. By 1962 education was free for all nationals and administered primarily by the state. This trend continued, so that by 1984 only 4 percent of the primary and secondary schools were managed by churches. Barbados’ longstanding emphasis on education was evident in the values and goals of contemporary society. Education has traditionally been associated with success and upward mobility. In 1970 Barbados officially claimed to have achieved a 99-percent literacy rate, a figure that was questioned by some observers. Despite these doubts, observers generally agreed that in the 1980s literacy in Barbados exceeded the rates of other Caribbean societies. In 1984 Barbados had 126 primary schools, 110 of which were administered by the state. Approximately 1,350 teachers were available to instruct the 35,000 students. There were sixty-four secondary schools, five of which prepared students for technical careers. A total of 6,000 students attended secondary-school programs. Postsecondary education consisted of seven institutions that awarded degrees or certificates. Four schools offered specific vocational training: the Barbados Institute of Management and Productivity, the Erdiston Teacher’s Training College, the Tercentenary School of Nursing, and the Samuel Jackman Prescod Polytecnic. Academic programs at the university level were conducted at the Cave Hill Campus of the University of the West Indies (UWI) and the Barbados Community College, which offered vocational and technical classes as well. The UWI also included Codrington College, a local theological seminary. In 1979 the government created the Skills Training Programme to augment existing education programs. It was designed to fulfill the need for short but intensive training in vocational subjects and to prepare students for careers in mechanics, electronics, horticulture, masonry, plumbing, and other technical and vocational occupations. Although the educational infrastructure was designed to meet both the nation’s academic and vocational needs, observers seriously questioned Barbados’ ability to provide quality instruction in fields related to tourism,  agriculture, and manufacturing, the major economic undertakings in the 1980s. Few courses were actually offered in agricultural science and commerce; as a result, an inadequate number of Barbadians were being prepared to take on the responsibilities inherent in a growing economy. The education system was also criticized for being stratified along socioeconomic lines. In general, upper-class Barbadians prepared for university studies at the best primary and secondary schools, received a disproportionate number of scholarships, and had the best records for entering the professional disciplines. On balance, however, most Barbadians felt that the education system still afforded opportunities to achieve at least limited upward mobility. The government appeared to be attempting to address specific criticisms of its educational policy; its goals for Barbadian education in the 1980s included the promotion of equal educational opportunity and enhanced technical and vocational programs in all schools. In spite of its shortcomings, the Barbadian education system remained the best in the Eastern Caribbean in the 1980s.

Brand names as loan words Essay Example | Topics and Well Written Essays - 1750 words

Brand names as loan words - Essay Example The interaction of cultures and races has presented the multinational companies and their marketing strategies with the challenge of utilising â€Å"loan words† as brand names and vice versa to capture greater market shares. This paper explores not only various examples in this regard but their underlying linguistic implications and explanations. Loan words which are used as brand names are borrowed from other languages in referring to foreign items of food, sports, and clothes.(Koslow 1994:575-585) There are many examples of the use of foreign words like kebab, sushi, pasta, Eu de toilette ,cologne which are all basically foreign brand names and †¦.and the list could go on running into thousands of pages. The question at hand gives an interesting example of the Omo washing powder itself. A similar example can be given about many other brand names.In the early nineties when washing powder was replacing washing soap in the South East Asian countries especially Pakistan and India, people increasingly used the term â€Å"Surf†(which was the original name of the brand) to refer to any washing powder.†Surf† was therefore a loan word.Another modern example is Google.Nowadays nobody wants to just search the â€Å"search engine†.In fact the term search engine has become obsolete eversince the term â€Å"to google† or â€Å"googled† was invented."to google" or "googled" was invented.Therefore there has been an increase in the situations where foreign brand names have infiltrated our local languages as well as where loan words used as brand names become common colloquialisms.(Luna.D 2001;284-295) Consider the term "xeroxing" for example which comes from t he Xerox brand photocopiers and "hovered"(meaning to use a vacuum machine) coming from the famous Hoover brand of Vacuum Cleaners. The mass media has become a leading source of new loanwords. In the new age we have the American advertisements asking Asian audiences to "do the dew" and almost every other cold drink bottle is called Pepsi or Coke, regardless of what the brand on top of the bottle says. News, programs, documentaries, game and quiz shows, sports, even dramas have all got a significant role to play in adding more and more foreign words and phrases to the local languages through clever advertising and catchy slogans.(Danesi 2004). The main reason for this may be because, "Copywriters believe that foreign words add class or mystique to their copy. It makes no difference that the average reader doesn't understand the message. They aren't supposed to. What does matter is that the text evokes an image and attaches prestige value to the products being advertised." (Douglas 2006) These strange usages can often become household names successfully yet they cause conceptual problems for learners faced with processing English as a second language along with their native languages. Academics have often argued that languages have an evolution history of their own and the usage of these languages is in a constant state of influx. Some languages die or get extinct, others get old yet

The Broker by John Grisham Essay Example | Topics and Well Written Essays - 1250 words

The Broker by John Grisham - Essay Example â€Å"The Broker† is Joel Backman, a lawyer/lobbyist who went to prison six years ago for conspiring to sell a satellite system to an unnamed party outside the United States. The outgoing President, Arthur Morgan offers him pardon and he is released from prison, to be scuttled out of the country and hidden away in Italy. Backman had been sent to prison six years ago because he had been the broker in a deal to control the software that operates the latest to-secret spy satellite system. The Director of the CIA convinces the President to pardon him but the motive behind his action is not altruistic. The reason for engineering Backman’s release and helping him to go into hiding is to set him up as bait to fish out the parties involved in the deal for the satellite software. The CIA figures that whoever owns the satellite will find Blackman and kill him for having allowed himself to be caught six years ago. But since they have Backman under surveillance they will have the opportunity to unearth that vital piece of intelligence. Grisham’s book involves politics, espionage and above all the vital element of surveillance that forms an essential component of contemporary intelligence activity. The key element that drives this book on to its climax is the fact that the reader does not know who put up the secret satellites and who’s trying to buy the software and the intense surveillance maintained on Backman as he lives in Italy is geared towards unlocking these secrets. Backman however, has his own plans and he doesn’t plan to let either side get to him. But the information he is privy to about the secret satellite system makes him a prime target. He is constantly under surveillance and the novel demonstrates the extent to which the advances in development of satellite technology have led to its increasingly intrusive role, blurring the lines between

Emerging Trends in Civil Liability Cases Annotated Bibliography

Emerging Trends in Civil Liability Cases - Annotated Bibliography Example For a case to be successful, the applicant has to prove that the government official violated his or her constitutional or federal law rights and whether the officers acted under color of law. As such, the article presents a discussion of a series of case rulings in which the plaintiffs sought to be awarded legal relief under the provision of Section 83. The liability cases studied and analyzed by Ross are related to correctional officers, since such officials are at the highest risk of litigation. In total, the study examined 3,205 correctional liability cases filed against correctional officials under Section 1983. The claims for such cases were many and varied, but Ross identified sixteen categories indicating trends in the litigation claims. These categories include violation of free speech rights, cruel and unusual punishment, and failure to protect a claim. The large sample evaluated increases the reliability of the study. In addition, by examining the trend over a long period of time and considering cases from all facilities in the United States District Court system, the validity of the findings from the study is increased. This validity is further strengthened by the credibility of the researcher since Ross is a University Professor with the Criminal Justice Program. The study observed that majority of the cases were filed without legal counsel, and this could present a weakness in the findings since some of them could have no legal basis. According to Ross’ findings, the number of correctional liability claims filed under Section 1983 is directly related to the prisoner population and would continue to increase with a proportional increase in the population of prisoners. CJ professionals would use this fact to vary the population of inmates in particular correctional facilities, thus reducing potential conflicts that could result in litigation claims against correctional officers.

7. The prospect of Turkish membership in the EU has led to the Essay

7. The prospect of Turkish membership in the EU has led to the emergence of increasingly stringent conditions for membership. Discuss - Essay Example Expansion has largely been carried out in the countries of the former Soviet Union and this organization continues to come under pressure to expand eastward. Accordingly Turkey, a predominately Muslim country straddling the border between Europe and Asia, is seeking membership into one of the most exclusive multilateral clubs in the world. Undertaking an analysis the candidacy of Turkey for membership in the EU, the following will discuss the major obstacles to the inclusion of Turkey within this exclusive multilateral club. This essay will begin with a concise overview of the European Union and will address the evolution of the EU following the collapse of state-led communism in Eastern Europe. This led to an increased desire for the EU to expand and the ramifications of this incredible and for some, unimaginable, fact will be analyzed with respect to the EU. We then turn to an analysis of enlargement, the ever-increasing demand for growth, the trajectory in which the EU has grown and finally, the reasons why Turkey is not a suitable candidate for membership in the European Union. We will explore the domestic and historical factors which make Turkey a poor candidate for EU membership and will conclude with a broad overview of our overall analysis (Warleigh 13; Fierke & Wiener 1-24). The European Union (EU) is a supranational body composed of constituent member states, found largely on the European peninsula. Democracy, negotiation, and collective decision-making through multilateralism are all inherent attributes of the modern EU. Today, membership in the European Union is actively sought by nearly all countries on the European peninsula as well as by one country straddling both Europe and Middle Asia (Turkey). Although there were initially only five members of the precursor to the European Union (Belgium, France, Italy, Luxembourg, Netherlands and West Germany), there are presently 27 countries in the EU and they

Visionary Idealism Essay Example | Topics and Well Written Essays - 1250 words

Visionary Idealism - Essay Example For him, the process of artistic creation holds the potential of transcending the limitations of the mind and more fully expressing the divine spirit. He also believes that art can induce within the viewer an elevated state wherein spiritual states of being are attained (Grey). In this essay, I am going to cover a brief history of his life, the progression of his art and performances, where his art is displayed and has been used, and some positive and negative reviews of his works. My purpose is to critically critique Alex Grey's artistic style and vision. Alex Grey was born in Columbus, Ohio on November 29, 1953. Being the middle child of a middle-class couple, he strove to please his father by excelling in drawing. It was his father, who was a graphic designer, who saw in him his exceptional talent and encouraged his drawing ability. As a young child he would collect insects and dead animals from around the neighborhood and bury them in the back yard. From his earliest drawings to his performances, paintings and sculptures, the themes of death and transcendence have been woven throughout (Grey). During his teenage years he lived a solitary life in a world of his own imagination that could not be easily understood by others and did not give much concern to right or wrong. His art during that time shows how confused he was about himself, and about life and spirituality. It led him to express the tearing apart, the confusion, and the duality within his being. He attended the Columbus College of Art and Design for two years (1971-73), then dropped out and painted billboards in Ohio for a year (73-74) (Grey). He then attended the Boston Museum School for one year to study with the conceptual artist Jay Jaroslav (Grey). This is also where he met his wife Allyson, the artist. During this period he had a series of entheogenically induced mystical experiences that transformed his agnostic existentialism to a radical transcendentalism (Grey). He then spent five years at Harvard Medical School working in the Anatomy department studying the human body (Grey). As expected, the earlier works of Alex Grey (both drawing and painting) are simpler and more of self portrayal. His later works have shown maturity and complexity, moving out of self but still focusing on the human anatomy. What stuck out most about his early works is how talented and detailed his lines and features are, and how almost perfectly he has recreated himself in his visual arts. His later portrayal of himself reveals his own self realization and self actualization, revealing the inner struggles and duality of his inner being. He is able to show his audience what transpires within himself and the difficulties he has been going through as he is initiated into the growing complexity of his inner and outer world. In addition, his focus on the human eye in many of his works reveals an all-knowing existence of somebody, be it himself or God or any other important person in his life, which truly affects him and all of his life. One example is the "Vision Mission." The eye is placed above, which is believed as the vision, while the hand with the pointing finger below may stand for the mission. This drawing may have a spiritual implication and may have a much deeper meaning from what is actually shown. Moreover, his

King of Comedy as an Example of Modern Parody Essay

King of Comedy as an Example of Modern Parody - Essay Example The use of parody is increasingly intertwined with that of satire, as the authors or film makers strive to mock or unmask the flaws and false realities of the life surrounding them. King of Comedy, a 1999 Hong Kong-produced comedy film, is just an example of such satirical parody. It is both a mockery of usual commercially successful but shallow kung-fu action movies and, to a less evident extent, the settings of Hong Kong the main hero has to deal with in his quest for success in the actor’s career. The viewer is subjected to a flurry of visual gags and usual comic tricks by Stephen Chow and other actors performing the roles of the film’s characters. At the same time, though, the film presents a characteristic mockery of the unrealities of the usual action movies by twisting or outright ridiculing the character types or situations found in them. The final moments of King of Comedy are even more of a parody nature, as the direct connection between commercial films and a more common advertisement is fully displayed with the characters openly advertising Pringles chips to the audience. The plot of King of Comedy is rather simple. Wan Tin-Sau (played by Stephen Chow himself), a not so lucky second-rate actor, tries to eke out his living by simultaneously performing as a movie extra actor and serving as the head of his village’s community center. He is approached by the local call girls who wish to increase their chance for wooing rich clients by acting like innocent school girls. Wan has to play a role of their teacher at such impersonating acts. However, one of these girls, Lau Piu-Piu, falls in love with their unfortunate teacher, as she becomes grateful to him for his efforts at teaching her play acts. However, Wan misunderstands her love for simple lust, and, after they make love for the first time, he tries to pay Lau for her alleged ‘service’. The girl is enraged and leaves Wan’s house. A poor actor is distressed due to his lack of understanding of women’s feelings. Later on, Wan is described in his more conventional environs, that is, at the film studio, where he tries to catch a new role in the possibly more paid-for position. He could not believe himself, when he is chosen for the highly sought role of the leading actor in the movie where the famous actress Sister Cuckoo is starred. Wan tries to impress her with his charm, which leads to him being involved in some fairly ridiculous situations. However, Wan’s happiness does not last long, as he is unexpectedly dismissed from the position he has just secured. He is then approached by one of the lunchmen at the studio, who, surprisingly enough, turns to be a Hong Kong police agent. Wan gets a proposal to be involved in an undercover operation, where he has to face the Triad mafia hoodlums, while his lunchman co-operative is severely wounded by them. Due to his sheer luck and the ability to distract his pursuers, Wan manages to win the day, impressing the surviving Triad operatives. Some of them would later even become his

Application of ethical theory to a case study vignette Essay - 1

Application of ethical theory to a case study vignette - Essay Example The paper will throw light over major ethical issues and analyse this case in the light of Consequentialist (Utilitarian) and Deontological ethical approaches. In addition, the researcher will also discuss how he would act or would have acted assuming himself as a top executive of Great Brands marketing company. There are two main ethical issues in this case. The first issue is about Ahmed’s plundering of private information of Great Brands when he electronically copied the customer database and some of the customised software applications software in case he sets up his own company in the future. The questions that arise here are whether Ahmad’s act was violation of company’s intellectual property rights and whether Ahmed had any other option if he was really interested in setting up his own business. The second major issue is that if Ahmed would establish his own company by using plundered clandestine information then his firm would become a direct competitor of Great Brands. Again the question is whether this is a violation of formal contract with Great Brands that Ahmed would not assist or facilitate any other company that competes with Great Brands because of confidentiality he promised with the officials. It should be mentioned that Utilitarian theory of business ethics is a contribution of proponents of Consequentialists who judges the viability of an option by analysing its positive and negative consequences. Utilitarian approach supports the fact that a solution that brings greater good to greatest number of people is the best solution because the entire society benefits from implementation of this alternative. In other words, the supporters of Utilitarianism have proposed that the scope of each proposed solution should be evaluated on the basis of costs and benefits (in quantitative terms) (White & Taft, 2004). In addition, the proposed alternatives should be shared with

Strategic Management Essay Example | Topics and Well Written Essays - 2500 words - 1

Strategic Management - Essay Example Some of the local brands are also considered by the company that includes Aguila, Castle, Snow, Victoria Bitter, Miller Lite, and Tyskie. The company has been successful in creating its position in both the emerging as well as developed markets across the globe (Overview, 2012). The present study has been considered to make an environmental analysis of SABMiller. Environmental analysis involves identification of the environmental factors that can affect a company, and hence their nature and impact on the level of success of the company. Depending on such factors, if identified, a company would be able to consider measures accordingly such that any negative impact may be prevented. SWOT analysis, PESTEL analysis, application of Porter’s Five Forces are some of ways through which environmental analysis of a business can be done (Business Environment Analysis, n.d.) and these will be applied in the present study to have an understanding on SABMiller company. Position of SABMiller : SABMiller is older than the state of South Africa itself and has faced several challenges in determining the position that it currently holds. There were several business restrictions that SAB had to fight by ruling over the production of beer along with acquisitioning competitor companies and enhancing the facilities of production and distribution. The large brewing companies accounted for 17 percent of the market in the early period of the 1990s. However, by the year 2009, these companies have started accounting for around 45 percent of the market that reflects on the increasing competition. SABMiller has thus since 2010 considered strategizing more focusing in the impacts of the environmental factors (Johnson, 2010, pp.643-644). SABMiller’s operations in the present day may be represented through the following chart: Figure 1: Summary Scope of SABMiller Operation Today (Moulaeifar, 2009, p.2). SWOT Analysis: SABMiller: SWOT analysis is a technique that enables an underst anding on the strengths, weaknesses, opportunities and threats of a business organization thereby allowing the business to consider measures accordingly for the benefits and success of the company. However, this technique makes the strategic planning of the business highly formal (Jacob, 2009, p.9). From the case study and other readings, the strengths, weaknesses, opportunities and threats of the company could be learnt. The strengths of the company are reflected through its operations that are spread across the globe, and taking advantages of locations like India, China, Vietnam, and African markets. The worldwide knowledge of the company is good in terms of entering new markets creating its presence. The market dominance of the company being the second largest brewer too adds to its strengths. In terms of value addition, cost leadership, economies of scale and efficient distribution, the company has a competitive advantage over other brewers. Also the company has a strong presenc e in the US (Johnson, 2010; Moulaeifar, 2009, p.5). The company’s weaknesses include lack of assets in Western Europe that limits the company’s operations in the region. Moreover SABMiller does not have any assets in the markets where there could be major growth for the company. Thirdly, the income level of individuals largely determines the level of

Learning and Sleep Essay Example for Free

Learning and Sleep Essay Title: 234 Provide support for sleep Level: 2 Credit Value: 2 GLH 13 Learning Outcomes The learner will; Assessment Criteria The learner can; 1. Understand the importance of sleep 1Explain how sleep contributes to an individual’s well-being 2Identify reasons why an individual may find it hard to sleep 3Describe the possible short-term and long-term effects on an individual who is unable to sleep well 2. Be able to establish conditions suitable for sleep 1 Describe conditions likely to be suitable for sleep 2 Minimise aspects of the environment likely to make sleep difficult for an individual. 3 Adjust own behaviour to contribute to a restful environment 4 Describe actions to take if the behaviour or movement of others hinders an individual’s ability to sleep 3. Be able to assist an individual to sleep 1Explain the importance of a holistic approach to assisting sleep 2Encourage the individual to communicate the support they need to sleep 3Assist the individual to find a position for sleep consistent with their plan of care 4Support the individual to use aids for sleep in ways that reflect the plan of care and follow agreed ways of working 4. BE ABLE TO MONITOR SLEEP 1ESTABLISH WITH THE INDIVIDUAL. and others how sleep will be monitored 2Record agreed observations relating to the individual’s sleep and the assistance given 5. Know how to access information and advice about difficulties with sleep 1Describe situations in which additional information or assistance about sleep would be needed 2Explain how to access additional information and assistance Additional information An individual is someone requiring care or support Agreed ways of working will include policies and procedures where these exist Others may include: †¢family †¢friends †¢advocates †¢line manager †¢health professionals. †¢others who are important to the individual’s well-being Unit aim (s) This unit is aimed at those working in a wide range of settings. It provides the learner with the knowledge and skills required to establish conditions suitable for sleep and support the individual to sleep. Assessment requirements specified by a sector or regulatory body (if appropriate) This unit must be assessed in accordance with Skills for Care and Developments QCF Assessment Principles. Learning outcomes 2, 3 and 4 must be assessed in a real work environment. Details of the relationship of the unit and relevant national occupational standards HSC216.

Introduction to Management Essay Example for Free

Introduction to Management Essay Panera bread Ronald Shaich, CEO and chair man of Panera bread made a phenomenal growth in revenue of the company from $350.8 million to $ 977.1 million in just 3 years from year 2000 to 2003. However the growth has continued slowing down from that year on so a strategy is being strategized to help Panera Bread survive. The objective is to make Panera a nationally dominating brand by following a corporate strategy of growth by the combination of company and franchise efforts. With a clear objective it would help the company and its staff to know their goal and what they are achieving for. The concept is to deliver against the key consumer trends; to present a fast casual dining experience but also providing varieties of new and healthier menus to cater for the market segments. Improvements are done not only the product but also improving the overall operating systems, design and real estates. For the company’s image participating in the local community charity for corporate social responsibility. See more: introduction paragraph example The policies are all franchisees are to follow the same standards for product quality, menu, site selection, and bakery cafà © construction as the company’s. The company believed that the employee was a critical part of successful product and a unique company so by entrusting the employees to the fresh dough and support center operations with skilled associates and invested in training programs to ensure the quality and its operations. Recommended strategy Panera is to adopt Growth strategy through horizontal integration and using franchising as its key component to Panera’s growth strategy. The reason for continuing the horizontal integration is because does not have the capabilities to employ full backward/ forward integration. Thus vertical integration is not suitable in this case. The horizontal integration matches with the Panera’s concept bakery-cafes and it is the way for Panera to be able to grow more rapidly. Competitive strategy used is Differentiation, employing the Differentiation strategy; Panera will be able to charge higher prices to cover the increasing fixed costs. However with higher quality products than of fast food chains’, tailored menus, upscale dà ©cor and Panera’s commitment to customer it is very possible to charge higher price. Improvements should be made in the Human Resource department in compensation benefits system. Salaried staffs get product discount, bonuses, incentive programs, training, and employee stock ownership plans however salaried worker should be rewarded too through recognition award system or giving out vouchers to the non salaried workers. Management team The management team would be lead by all the executives and presidents in the company who has and extensive experience in managing and executing the Panera business. Mainly to manage all the important sectors like the Concept, Development, Joint Venture, Franchise, Supply Chain, Operating, Financial and the Administrative. II. COMPANY BACKGROUND Panera bread has been around from 1976. Ronald Shaich, CEO and chairman of Panera bread was the person who created the company together with the master baker called Shaich who combined ingredients. The duo made the phenomenal growth of the company with the guidance of Shaich, the revenue of Panera bread rose from franchise of 419 shops, the average annualized unit volumes (AUVs) increased from 9.1% to 12% a well but in the consecutive year the increase slow down from 0.2% to 0.5%. Before it became a very successful company, there was Au Bon Pain which was purchased by Louis Kane in 1978. The bakery faced a $3 million in debt while struggling with 13 stores but 10 was shut down. Ronald Shaich came into the picture when Kane was about to declare bankrupt. Shaich who owned a bakery: Cookie Jar merged together with Au Bon Pain in 1981 these was to help the sell in the morning. The two expanded the business and decreased the debt between 1981 and 1984. In 1985 Au Bon Pain became a place for urban folk who were tired of fast food. By 1991 Kane and Shaich took the company public and had 200 stores and $183 million in sales. The duo continued expanding by buying over St. Louis Bread Company from Ken Rosenthal, which had 19-store bakery cafà © in St. Louis area. While Au Bon Pain was focusing on making St. Louis bread a national brand the expansion of the urban outlet had operational problems and had a debt of $65 million. Lacking of capital they sold Au Bon Pain and concentrated on Panera, which the name that was change to in May 16, 1999, being debt free the cash allowed expansion of the bakery cafe stores. III. CURRENT SITUATION III.A. CURRENT PERFORMANCE Panera has been experiencing rapid growth under the leadership of Ronald Shaich. Under his guidance, Panera ‘s total system wide revenue rose from $350.8 million to $ 977.1 million in just 3 years from year 2000 to 2003 respectively. This rapid growth is caused by the new unit expansion of 419 bakery-cafes from 1999 to 2003. However as the year passed by, the company’s system wide sales average annualized unit volumes began to decline. The growth rate has slows down for Panera. To continue growing, Panera will need to develop new strategies, initiatives and new unit growth. There are 2 classes of Common Stock ownership in the company: (1). Class A Stock with 28,345,754 shares outstanding and 1 vote per share. (2) Class B Stock with 1,761,521 shares outstanding and 3 votes per share. The company’s revenues were derived from company-owned bakery-cafà © sales, fresh dough sales to franchisees, and franchise royalties fees. The total company revenues rose 28.1% to $355.9million in 2003 compared to $ 277.8 million in 2002. The increase in revenue was due to the opening of 131 new bakery-cafes in 2003. From 2002 to 2003 the bakery-cafà © sales has increased by 25.1% from $212.6 million to $265.9 million. This is due to a full year’s operation of 23 company-owned bakery-cafes created in 2002, the opening of 29 company-owned bakery-cafes in 2003, and the 1.7% increase in comparable bakery-cafà © sales for 2003. III.B. STRATEGIC POSTURE †¢ Mission statement 1. To extend its franchise relationship beyond its current franchises. 2. To doing the best bread In America 3. Panera’s concept was designed around meeting the needs and desires of consumers, specially the need for efficient, time saving service and the desire for a high quality dining experience. †¢ Objectives 1. To make Panera a nationally dominant brand. †¢ Strategy 1. The concept is to deliver against the key consumer trends, to present a fast casual dining experience. 2. Following a corporate strategy of growth by the combination of company and franchise efforts. 3. Providing varieties of new and healthier menus to cater for the market segments. 4. Testing prototypes for product development. 5. Improving the overall operating systems, design and real estate. 6. Participating in the local community charity.

Lean Operation and Supply Chain Management Textile Industry

Lean Operation and Supply Chain Management Textile Industry There is an increasing concern on lean operation and supply chain management in the textile and apparel industry which has changed significantly over last decades, due to global sourcing and price competition. One of the main reason for the interest in supply chain management caused by apparel industrys unique characteristics, such as fast fashion and short product lifecycle. At present, lean operation and supply chain management played an important role in textile and apparel. This essay illustrates how an apparel company, Zara, achieved a tremendous success by take advantage of the practice of lean operation and supply chain. Lean operation mainly focuses on eliminating waste and minimizing the time between a customers order and delivery. Lean concept is a much faster, better and less-expensive way of get the right done at the right place. It not only attempts to eliminate material waste, but also the reduce time in order to enhance efficiency and improve processes. In other word, Lean operation allows Zara to get low cost advantage and short lead times over its competitors. 2.Zaras operation management practice Zara demonstrates clear advantages over its rivals by lean operations. Zara applies the latest software application and unique business strategies to ensure that its overall capabilities are developed to their full potential. This leads Zaras business procedures performing more efficiently throughout all levels of the business. This allows Zara to not only update all relevant information, but also monitor and evaluate information such as sales, returns or pricing. These enhancements mean that efficiency is improved in all aspects of the supply chain. sales can be precisely monitored at POS terminals across all stores allows Zara to recognize when necessary strategic decisions need to be made in relation to supply and demand. Such communication between stores and other levels of the supply chain . This in turn makes sure that the alignment between the demand at store level and the supply at its headquarters is optimal. Therefore stock control is more precise; shipment and replenishment is more efficient and ordering time is minimal. Zaras success is partly depend on such lean operation and effective communication from customer to store manager, from retail sector to design section and from production to distribution. it takes advantage of lean operation in order to take control of almost every aspect of design, marketing, production, retailing and distribution. A constant cooperation throughout every step of Zaras supply chain provides competitive advantages to Zaras fast fashion strategy, information flow transfer among customers, store managers, marketing employee ,designers, production employee, warehouse managers and distributors managers, and so on. Zara has made significantly efforts to ensure each progress is very efficient and information flow transfer easier to facilitate operational procedures, performance assessment, and the location of every store and office layouts. It shows that operation management is one of major activities for Zara to support its fast fashion system. it is effective solution to connect all of Zaras operations worldwide network and automating processes. this lean practices is entirely compatible to Zaras supply chain. Zara use such system to differ substantially from its competitors. Zara invests on prompt lean pratices. To keep up with fast reaction to business procedural changes, supply chain management will probably ensure flexibility and quick response. 2.1 Lean operation used in design progess Today, many people still take a narrow view of lean opearion, they view lean operation as cost reduction, mainly in terms of the costs they can save. Cost control is definitely an important part of lean operation. After all, if your rivirals can produce their products at a much lower cost, they could easily take over the market. However, some smart company view lean operation as their marketing plan and adding value for their customers. For instance, Zaras design involves in many efficient lean practices ¼Ã…’ which only design products the customer demand. All processes performed just for the sake of creating customers Value. The lean manufacturer minimizes resources that are not only raw materials but also manpower and time. The lean criteria is that all activities, movement, resources and other input convert into final product efficiently. Zara has applied such lean criteria successfully. Product development is constantly working in order to adapt to new fashion trends . Design ers and managers attend high-fashion fairs and exhibitions to obtain fashion information and then convert the latest fashion trends of the season into their designs. Other sources of design inspiration come from TV, Internet, film content or trend spotters. product development teams focus on venues such as university campuses and clubs around the world to capture fashion trends and customer preferences. Zaras product development teams have frequent dialogue via their internal IT system. Zara gave significant autonomy to each store manager in deciding the quantity of product needed by each store. Moreover, the store manager is able to decide which product to display in their stores and which product is to be sold at a reduced price. The managers responsibility is to make these decision based on market research and sales trends. Moreover, by employing young and fashionable member of staff ensures that employees also contribute by helping to report the sales analysis, the product life cycles, and the store trends to the designers. There are specialized teams in headquarters to analyze feedbacks and information from each store, then design and produce their products. These sales analyses allow the designers to develop the right products to meet consumer Demand. Design team issues up to approximately 12,000 new design styles per year. Such a design concept obviously depends on the regular creation of new design. For example, Zaras designer team came up with approximately 40,000 new designs per year, from which only slightly more than one-quarter of them for production. Zara often follows the fashion trends of the high-fashion houses and offers similar products at much lower prices by using less expensive fabric. It also attempts to offer more colors and larger range of sizes to meet the need of consumers. After a prototype of new design was selected, a computer-aided design system is used to refine colors and textures. Limited number of new items were produced and presented in certain stores for a trial period and large volumes of the product are produced only if customerà ¢Ã¢â€š ¬Ã… ¸s reaction is positive. As a consequence, failure rates on new products is only 1% which is less than the average rate of 10% of other fashion retailers. 2.2 Lean Manufacture In fashion industry, the demand changes very fast due to new fashion trends and a volatile market situation. This demand is unpredictable and could vary and change completely in a short time, creating high difficulties for supply chain. To establish a lean supply chain is one crucial way for textile and apperal retailing company to enhance its performance and to gain competitive advantages. Zara has adopted lean manufacturing and combined this with practices in supply chain management for fashion retailing. In some extend, the lean manufacturing and supply chain management have become an universal solution in the apparel and textile industry. Zara has been able to obtain excellent success due to its lean manufacturing by vertical integration and fast fashion business strategies which provide Zara with a competitive advantage over traditional fashion retailers in the industry. Generally speaking, apparel retailers always try to keep lower costs by outsourcing production to developing countries where the lowest labor could reduce its manufacture cost. On the other hand, Zaraà ¢Ã¢â€š ¬Ã… ¸s subsidiary retailing chain adopted a successful diverse method of doing business through working through the whole value chain by in-house design, production, distribution and retailing. Highly capital intensity and vertical integration is a distinctive feature of Zaraà ¢Ã¢â€š ¬Ã… ¸s business model. From the upstream value chain, a subsidiary of Zara company, Comdietel, funnels fabric and other input supplied by external suppliers. More than half of the fabric was undyed which provide maximum flexibility to produce in-season clothes. Comdietel is able to dye and process gray fabric into certain pattern within only one week to meet the requirement of downstream value chain. Zara has 20 fully owned manufacture factories across the Europe. These factories use capital intensive production processes and provide cut garment and semi-manufactured products to approximately 500 in-house workshops. The relevant cutting machines and other systems produce semi-manufactured items and cut garments which will be transited directly into workshops. The progress looks rigmarole, but it is quite efficient because bar codes track the cut pieces through the every production steps. Workshops are located in labor-intensive areas across Europe such as Spain and northern Portugal. These workshops manufacture clothes in small scale to offer specialization in product type. The sewn clothes were sent back from these workshops to various product line under different brands. The center will inspect, iron and fold before sending finished garment to distribution center. The secret of Zaraà ¢Ã¢â€š ¬Ã… ¸s success is that vertical integration leads to short turnaround times and great flexibility. By implementing in-house production, zara has obtained high level of variety, quantity and frequency of new styled clothes. Zara adopts market orientation by reducing lead-times and increasing flexibility. Zara is able to upgrade products in its stores within 10 to 15 days from design to stores. Vertical integration decreased Zaraà ¢Ã¢â€š ¬Ã… ¸s stock to a minimum level and reduced fashion risk. In the mean time, providing small amount of products in a great variety of styles rendered Zara shorter lead times and high level flexibility. As a consequence of offering fewer amount of product more often, Zara obtains larger percentages of the full price due to in-season sell and thus achieve higher net margins on sales. By focusing on shorter response times to fashion trends and keeping up with fashion. Zara made efforts to make sure that its stores are able to offer latest fashion items that consumers desired at a given time. Zara can move from coming up a design to having clothes in its stores within 2 weeks. Short lead times is Zara one of the most important competitive advantages over its competitors. When Zaraà ¢Ã¢â€š ¬Ã… ¸s retail stores provide consumer with latest fashion items and gain huge amount of sales, its competitors have still struggled to catch up. In comparison, HMà ¢Ã¢â€š ¬Ã… ¸s lead time is more than 20 days. Traditional retailers use 4-6 months . 2.3 Distribution Excellent supply chain management mainly focus on the understanding and balancing three key dimensions of flexibility, inventory and cost. Zara is obvious example for it by managing these trade-offs efficiently. Zaras supply chains has improved business performance and drive competitive advantage. Improving supply chain management is considered as its the business model which resulted in rapid growth and profitability. A more systematic approach to inventory distribution is another feature of Zara. Each retail chain has its own centralized distribution system. Distribution center is located in Arteixo and small satellite centers across the world. In order to keep its stores refreshed with new merchandise every two weeks, the warehouses of Zara is simply a place to transfer merchandise rather than store them. Under Indetexà ¢Ã¢â€š ¬Ã… ¸s distribution system, most of merchandise stayed at the distribution centers for only few hours. Products are inspected and shipped immediately in distribution center. Store managers can check lists of items available to be shipped to their stores. Based on their store inventories, they can request quantities and type of products. However, Zaraà ¢Ã¢â€š ¬Ã… ¸s international expansion required constant adjustment on distribution. Zara schedules the shipment by time zone to make sure distribute effectively. Zara uses this method to gain a competitive advantage by mini mizing the lead times. 3.Conclusions Zara is experiencing significant growth and has great opportunity to continue that growth by its efficient lean practice in design and manufacturing process and effective supply chain management that is completely contrary to the rest of the clothing industry; Zara has possess a competitive advantage for itself in the sense of low prices and quick cycle times, introducing new fashions. For Zara, supply chain management is a strategic differentiator that leads to a competitive edge. Supply chain management is more than a new name for logistic. Lean operation is not just concerned about cost control, Zara views its lean operation and supply chain as key strategy of its business models. The case study on Zara

Monster: The Autobiography of an L.A. Gang Member Essay -- Biography B

Monster: The Autobiography of an L.A. Gang Member    "Where I came from, in order to be down you had to be 'in'" (Shakur, 226). This quote, taken from Sanyika Shakur's (aka Monster Kody Scott) Monster: The Autobiography of an L.A. Gang Member relates the mind set of those growing up the concrete jungle of South Central L.A. This powerful account of the triumph of the human spirit over insurmountable odds brings the reader into the daily battles for survival. His story starts at the beginning of his gang life (being initiated at age 11), moves through his teen years (mostly spent in various correctional facilities) and ends up with his transformation in a member of the New Afrikan Independence Movement.    When Kody Scott was 6 years old, the gang wars started in Los Angeles. It started out as a battle between the Crips and the Bloods, but by the late 70's and continuing today, the biggest killer of Crips is other Crips. The Crip Nation was divided into different divisions, which Monster compares to the U.S. Army. "For instance, one who is in the army may belong to the F... Monster: The Autobiography of an L.A. Gang Member Essay -- Biography B Monster: The Autobiography of an L.A. Gang Member    "Where I came from, in order to be down you had to be 'in'" (Shakur, 226). This quote, taken from Sanyika Shakur's (aka Monster Kody Scott) Monster: The Autobiography of an L.A. Gang Member relates the mind set of those growing up the concrete jungle of South Central L.A. This powerful account of the triumph of the human spirit over insurmountable odds brings the reader into the daily battles for survival. His story starts at the beginning of his gang life (being initiated at age 11), moves through his teen years (mostly spent in various correctional facilities) and ends up with his transformation in a member of the New Afrikan Independence Movement.    When Kody Scott was 6 years old, the gang wars started in Los Angeles. It started out as a battle between the Crips and the Bloods, but by the late 70's and continuing today, the biggest killer of Crips is other Crips. The Crip Nation was divided into different divisions, which Monster compares to the U.S. Army. "For instance, one who is in the army may belong to the F...

The Baroque Concerto Essay example -- essays research papers fc

The Baroque Concerto Table of Contents   Ã‚  Ã‚  Ã‚  Ã‚  Section  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Page Number Introduction  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  3 Emergence  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  3 - 4 Corelli  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  4 - 5 Torelli  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  5 Conclusion  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  6 Bibliography  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  7   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Introduction  Ã‚  Ã‚  Ã‚  Ã‚   In simple terms, the word â€Å"concerto† translates into â€Å"concert.† Motets by Vidana, madrigals by Monteverdi as well as works by Corelli and Torelli are all described by their composers as ‘concertos’. The Baroque era was one in which many different styles of music had been formulated. These differing forms of music were influenced mainly by several factors. First and foremost would be the religious thinking and beliefs of this time, along with changing attitudes in politics. These two factors influenced the form of the Baroque concerto greatly. Baroque music mainly covers the times between 1580 to 1750.   Ã‚  Ã‚  Ã‚  Ã‚  The first instance that the word ‘concerto’ was printed was in 1587 i... ... six concertos are stylistically advanced when compared to the first six of the set. This can be mainly accounted to the sequence of concertino and ripieno alternating and becoming one with the solo violin and tutti (Anderson 7). Finally, unlike what Corelli had used, Torelli favored the three-movement pattern, fast – slow -fast. Conclusion   Ã‚  Ã‚  Ã‚  Ã‚  The music described as a concerto evolved into something that had the meaning of something different than what it was originally intended for. It contains qualities, which cause it to have a consistent popularity, which is basically caused by the constant integration of contrasting and to some extent combative forces within a coherent artistic framework.  Ã‚  Ã‚  Ã‚  Ã‚   Bibliography   Ã‚  Ã‚  Ã‚  Ã‚  Anderson, Nicholas. A guide to the Concerto. Oxford:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  New York, 1988. Hutchings, Arthur.  Ã‚  Ã‚  Ã‚  Ã‚  The Baroque Concerto. Scribner and Sons, 1978. Gleason, Harold and Becker, Warren. Music in the Baroque. Frangipani Press: Bloomington, Indiana, 1998.

Initiation in Mark Twain’s The Adventures of Huckleberry Finn Essay

Initiation in The Adventures of Huckleberry Finn In the Adventures of Huckleberry Finn, â€Å"Initiation† is the main idea, in other words the â€Å"major theme.† In an initiation narrative, the protagonist, who in this case was Huck Finn, goes through a rite of passage, a growing up process, which is multifaceted. In a moment of crisis, the protagonist is suddenly obliged to make the painful and alarming transition from childhood to adulthood; this passage is known as the initiation. The initiation is the protagonist’s first step or movement into a new beginning. It is essentially a process by which the hero gains self-knowledge and finds his own identity. In the process, he also learns about the world in which he lives and the nature of evil. The Adventures of Huckleberry Finn, is a novel...

Technological Development

The primary purpose off gas mask is to prevent deadly gases or poisonous material from accessing the lungs and attacking the person. It does not deliver its own oxygen supply, but cleans out the particles. They can also shield the face from any interaction poisons or gases. Machine Guns:Until the machine gun was created, we only had rifles which was slow. You could only shoot one bullet at a time and then you had to load another bullet into the chamber using the bolt. When you used the bolt, it would refuse the consumed container shell and load the next one into the chamber. This had to be done for every shot fired, and was cumbersome and took time. The machine gun is designed to shoot continuously hundreds of ammunitions per minute. The outcome it had been was to execute a lot of soldiers and far more than ever could be killed by soldiers equipped with rifles.An additional thing that help making the machine gun so effective was with the way the soldiers were trained to bring attack on the target. All of them would run toward the waves. This was in effect means when the adversary was only armed with rifles where you had to aim to shoot the enemy. But, when an army of running men encountered machine guns they were trimmed down effortlessly. These particular firepower might even have even played a part of bringing the war to an end. Telephone: The aim of the harmonic telegraph is to perceptibly connect with people ho are without reach straightaway.Before the telephone, long distance messages were through telegraph machines that were less efficient and took longer to get messages across because only dots and dashes at the time could be communicated. Telephones are predominantly used for fast communication and crises. The vital thing to medical survival in many bad conditions is for the wounded person to get medical assistance quickly. Back then before when the telephone wasn't invented, it was hard for people to get assistance quickly. Telephones allow for rapid i mmunization during normal catastrophes as well.That way it is likely for the government to give warning to people of imminent disaster before they come. The telephone also has the function of easy conversation in average day's circumstances like calling to order items such as pies, cabs, pizza or flowers. People may talk in an ordinary way to discuss their lives Just as they would if they were at the same places. Radio: radio came out when televisions didn't exist, but it was used in a similar function as we use a TV currently, like being attentive to comedy shows and music.When the TV was created, the radio lost its fame and popularity as a result of folks favored the TV more. However, radios were convenient that they became mainly used primarily for music shows and speaking. And, that their purpose nowadays. In today's world radio is free and this is a good thing because we are usually paying for some sort of entertainment. Moreover, if you are driving you can turn on the radio an d get updated news on traffic Jams or being on the lookout and music that you can enjoy while driving.

The Three Layers of the Skin

The genuflect serves as protection to our body by keeping the right temperature for it to be suitable to perform its task the accurate personal mode (Encarta, 2007). Furthermore, it also protects the resistive system, consequently guarding us from different sicknesses (Encarta, 2007). This paper entitled, The Three Layers of the peel intends to reintroduce the epicorium, dermis, as rise up as, the hypodermic thread which are the three grades of the hide (Encarta, 2007). In addition to that, it also aims to res publica the functions of the aforementi hotshotd.The scratch up is cool of three layers. The front one is technically referred to as the epidermis, which is the climb located at the outermost layer (Encarta, 2007). The aforementioned layer, in turn, has layers as well, viz. 1) story corneum, which is composed of dead, flat tire skin cells that shed approximately every cardinal days 2) stratum licidum 3) stratum granulosum 4) stratum spinosum and 5) stratum basale, which are column-like in shape, wherein cells go up and drives the cells into the upper layers, and when they do, they turn flat and die (Encarta, 2007). Furthermore, in this first layer, one substructure discover the three types of alter cells including 1) Melanocyte, which brings into being the pigment technically cognise as the melanin 2) Langerhans cell, which guards the skins immune system and 3) Merkels cell (Encarta, 2007).The irregular one is known as the dermis which is make up of three types of waver including 1) collagen 2) elastic tissue 3) lacy fibers (Encarta, 2007). The dermis has two layers as well, namely 1) the papillose layer, which is located on top and that which is composed of a thin arrangement of collagen fibers and 2) the reticular layer, which is located at the bottom and that which is made up of thick collagen fibers put unneurotic in a parallel manner (Encarta, 2007).Moreover, in this second layer, one can discover the specialized dermal cells, including 1) vibrissa follicles, which are located along with the pili vim and that which joins each follicle 2) sebaceous oil glands & apocrine scent glands, which are related with the follicle 3) eccrine (sweat) glands 4) blood vessels & nerves, which convey feelings of itch, pain, as well as, temperature and 5) Meissners & Vater-Pacini corpuscles, which convey the feelings of pressure and place (Encarta, 2007). The last layer is known as the subcutaneous tissue, which is made up of connective and fat tissues that accommodates blood vessels, as well as, nerves (Encarta, 2007). The subcutaneous tissue actually plays a large billet in the control of the skins temperature (Encarta, 2007).ReferenceEncarta (2007). Skin. Retrieved May 30, 2007 fromhttp//encarta.msn.com/encyclopedia_761569048/Skin.html

Only the Strong Survive

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Romeo and Juliet Film Review

credibly the worlds close to known deal myth has been ret senescent in 1997 downstairs the awake hatful of Baz Luhrman ( in any case enjoin Moulin rouge and strictly B tout ensembleroom) who is arduous to top this grey-headed Shakespeargon unpolluted, a much(prenominal) than late touch.Baz Luhrman solely takes the disaster from the past, and drops it into the twenty- starting time century. In this weird in the raw setting, the s row ar tossed pargonnthesis for guns save the gray-haired language, re master(prenominal)s. Also the dissipate is impudent by tender outmatch-selling(predicate) actors some(prenominal)(prenominal) as da Vinci di Caprio. This creates a anomalous mix, where the consultation is left all over(p) to hypothesize whether this is bland the aforementi 1d(prenominal) grizzly tragedy or something altogether divergent.The actors nearlyly bump their separate actually(prenominal) well, that I call in that Pete Postlethwai te (Friar Lawrence) who was excessively dupen in In the throw of the mystify and Miriam Margolyes (Nurse) were enceinte at portraiture their characters and the best actors on the set. On the untried(prenominal)wise hired hand I ready the carrying out by the main figures da Vinci Di Caprio(Romeo) and Claire Danes (Juliet) appauling and it mannequin of entangle exchangeable they knew their lines, more thanover had no report what they were real public lecture more or less. An usage of this is how Romeo sometimes says his words without behavior or with fount in the maltreat place. I cipher that these roles should stimulate been interpreted over by more experienced actors, who scram contend Shakespe be gamblings ahead moreover da Vinci Di Caprio pull up stakes equally be a antecedent for numerous teenagers to assimilate this use up so the cerebrate wherefore he was plan is credibly because he go a elbow room disembowel a large-minded younk er auditory sensethither are non galore(postnominal) additional personal effects in this hire, scarce emphatically more more than in another(prenominal) magnetic declinations of the story. I suppose that the camera was wholeness of the study participants in this dash as Luhrman did so numerous unalike types of shots and scenes that it tho identifys this postulate much more viewable. Examples of this are at the precise arising of the fool, there are about 30 different shots correct afterwards star other which creates a precise troubled pace. opposite examples take coherent shots of Verona which are shown very lot all through and through the occupy, where you lot see ii big buildings, genius with a Montague business firm and the other one with a Capulet and a twisting of the camera as transitions between scenes.As incessantly in turn in stories or tragedies, practice of medicine is in addition a study sponsor in this film. A slow, wild -eyed verse is contend when Romeo and Juliet first knock against and smutty brasslike melody when Romeo and his friends show the ball.What Luhrman in the first place tries to do with this film, is to bedevil the story more raise and more good-hearted to a jr. audience, which has intractable to picture and feat this with more achieve mechanism jammed scenes and conflict. This does though sometimes make the film face unrealistic, callow even, like a teenagers adaption of the tragedy.This is for authorized the most advanced and performance alter edition of the play and I pretend it bear be exposit as something sporty and new and completely different. This film is a broad way of acquiring a young times of deal interested in Shakespeare, as it include lots of action and fighting but I am not positive(predicate) if this film is actually a bump version of Romeo and Juliet. Although it whitethorn not be as interest and action packed, I bring forward I comfort favour the old slow classic Shakespeare tragedy.

Four Square Lumber Mill Essay

drumhead 1 name and handle the major(ip) military issue(s) in the en issueIn the require of the carborundum vanes, it specifically menti whizzd that no modify for Swiss dishonor is permitted hardly Iqbal suave severe to come option radical oper equal to(p) in the topical anaesthetic market. He entrap the alternate rootages and persuades the aphorisming cognitive function to behave the essay. The discover kayoed is ease uped and straightway Iqbal imperative(p) that he macrocosm countermine, he criminate the sawing summons police squad was advisedly below the belt treat the topical anaesthetic soft touch names during the surgery to cover the topical anaesthetic weathervanes would fail. This is beca aim, during the word with surface-to-air missile, tribal chief of sawing exercise, he is disinclined to slide by with the streamlet and real sure-footed that the topical anaesthetic brand pull up stakes non behave. His typical and demeanor sighted that he ol demonstrateory sensation expert to designate that the dredge is failed. unbelief 2 reveal fact of the circumstanceWhen Iqbal viewed the segregation of carborundum saw vanes at Tampin plants, he ensn ar that the specialize blade do from Switzerland and leveraging with topical anesthetic affix in Penang at make up of $220, DDP Penang. The requisition stipulate that no substitutes were permitted and Iqbal went to tone for former(a) alternative sourcing for break-dance saving.Iqbal effect ii canrs that producing topical anesthetic blade and was conscious that the topical anesthetic anaesthetic anesthetic brand, Dipson 412 is alike(p) fictional character as the Swiss brand. They quoted price of $112.50 and $ one hundred fifteen some(prenominal) ar DDP Tampin.surface-to-air missile, headman of sawing mathematical exercise at 4 all is indisposed to soften the topical anesthetic anaesthetic anesthetic brands as he re assured it would non plump for up as per the Swiss brand. lastly he concord still told Iqbal that he k nows that the local brand volition non work. Iqbal bring unwrap with the ladder purchase, and adorn readiness that blades could re lifted for recognize if it not ascend mate to Swiss brand.The outpouring is fail as surface-to-air missile showed Iqbal the standard of twain local blades which fire-over during cod to overindulgence erupt during the output signal. surface-to-air missile fashion was talented when he told Iqbal close the billet. Iqbal was persuade that the production workers had inured the blade below the belt to moderate that two blades streamlets unsuccessful. marvel 3 The of import worry in the caseThe runnel failed and Iqbal confident(p) that the sawing exercise squad by design do by the local blades un somewhat to hold back that the rill is fail. From prior manipulation with Sam, the foreman of the sawing surgery, he explicit his averse to act with the attempt and communicate Iqbal that he is confident that the local blades would not delay the quality of the Swiss blade. Sam was in addition evince his atonement when he loan the extend to Iqbal demo the ruin blades as usher that both local brands is not as equate to the Swiss blade. header 4 What could Iqbal make to annul this featureIqbal could do the aid consentaneous tone by supervise the whole work out of exam to watch that the blades be cosmos do by in good parade in the feat play. This is essential especially when during the discourse the foreman, Sam seems very falter of doing the endeavor. In order to exclude be stop or sabotage, he should about supervise the inherent impact. otherwise than that, he could quest the providers to remove in the rill process. besides ensuring the blades are toughened slightly, the provider could character their expertness and able leave behind straightaway a dvice if on that point is task occurs. unbelief 5 What should Iqbal do nowIqbal should debate with the anxiety regarding the issues and point out his thought. He should get the breakaway idea on the issues. solely he should alike guide in thought that his commission may turn up to be unseasonable and the sawing deed group is not guilty. In handling the issue of surmisal of creation sabotage it could be metier and this testament come upon the positive kindred among co-workers in future.Iqbal could too do other trial if he convinced it allow work except this meter he or his rely somebody which had expertise of agreement the function should supervise lizard the process to discover the blade is cosmos handled fairly and trial is through with(p) decently. By doing some other trial it would unquestionably emergence the operating theater costs.He could overly make headway address with the supplier of local brand and show the burned blades. By do ing so, he could use the supplier expertise to make believe entropy whether the blades has been do by fairly or not by examining the burned blades and settle out the attainable causes. school principal 6 wind for better the situation of the conjunction straight-from-the-shoulder for substitutesProviding the article that no substitutes were permitted which sum depending on one source of supplier could be gritty jeopardy for the Comp whatsoever. It as well not advance the operation group to try juvenile salmagundi as usually the operation team elect the normal surgical procedure that they already long-familiar with. fight of supplier participation of the supplier during the process could dish up to gibe that the process is existence through aright and it would similarly stand by to provide the strong reply for theme if in that respect is occupation during the sawing operation process. expertiseTo ensuring the trial is through with(p) properly without any misadventure of below the belt treated, expertise, the point should be in seat to monitor the whole process.