Fallacies in the Newspaper -- Journalism

The effective use of rhetoric can spur people into action for worthy causes, bring about positive health changes, and even persuade one to finish a college education. In contrast, like most things in life, what can be used for good can likewise be used in a negative way to elicit emotions such as outrage, fear, and panic. This type of rhetoric often uses fallacious statements in an collecting to emotion which complicates the matter even more as the emotions are misdirected. Unfortunately, the daily newspapers are filled with numerous examples of fallacious statements. Within the past week, the fol down(p)ing cinque examples appeared in the New York Times and USA Today. The examples included statements that demonstrated scapegoating, slippery slope, ad hominem, straw man, line-drawing, arguments from outrage, and arguments from envy.The first example, in an article about the current flesh of income and wealth in the United States, the author stated that the fact that Americ ans are earning less and worth less than four years ago was started by the fiscal crisis and the sharp decline in the value of homes, the principal asset of Americans, followed by the sharp drop in the stock prices. The crisis led to stubbornly high unemployment that skid income for many Americans and made wage increases harder to obtain for those who did hold on to their jobs (Norris, 2012). The drop in trapping prices is used as a scapegoating technique for the general pecuniary condition of Americans. Scapegoating is a technique that places blame on a specific group for a certain circumstance (Moore & Parker, 2012, p. 187). By placing blame on the housing industry, Norris attempts to demonstrate that the American public is largely experiencing financial ... ...Retrieved from New York Times http//www.nytimes.com/2012/06/09/business/economy/as-recovery-drags-on-income-and-wealth-lag.htmlOhio State University. (2012). Statistical Summary. Retrieved from Ohio State University .edu http//www.osu.edu/osutoday/stuinfo.phpSaad, L. (2012). Pro-choice Americans at low 41%. Retrieved from Gallup Politics http//www.gallup.com/poll/154838/Pro-Choice-Americans-Record-Low.aspx?utm_source=alert&utm_medium=email&utm_campaign=syndication&utm_content=morelink&utm_term=All%20Gallup%20Headlines?utm_source=twitter&utm_medium=gallupnews&utm_cSara Lee Annual Report. (2012). Sara Lee Annual Report 2011. Retrieved from Sara Lee Corporation http//www.saralee.com/ourcompany/sl11ar/pdf/2011SL_Financials.pdfUSDA. (2011). pen food consumption in America. Retrieved from USDA.gov http//www.usda.gov/factbook/chapter2.pdf

Colombia Vs. Morality :: essays research papers

Colombia is a country wrought with poverty, corruption, and violence. It has gained leader for its drug trafficking and scandalous dealing by the military. Five percent of Colombia, which is 1.9million people, 1.1 million that are children, has been disabled payable to the fighting in a four decade old civil war.Colombia has endured vicious conflicts throughout its country in the past 36 years. It is considered to be whiz of the most violent places in the world, with a murder rate 8 times as much as the United States of America.Colombia is considered an undeveloped country in other words it is a poverty stricken place. Because Colombia is prone to earthquakes and volcanic eruptions it is hard for the poverty stricken areas of Colombia to stay in one place.The corruption comes from the merchandise to America. While most things exported to the united states from Colombia are oil, coffee, and fresh cut flowers. Illegally al the real money comes from drug trafficking off copious amou nts of cocaine and heroin.In my opinion violence is the most shocking to me. Why should one feel the need to comply with treating a person with simple respect, with giving second thoughts to unite them in the head or shooting them point blank? And why do they feel the need to commit unnecessary violence? These human rights standards should be natural for people, not something they have to think twice about to obey it. It is a fact that Colombians are beaten, raped and shot to death by thither own military everyday. In the past couple years the human rights cases against violence amongst civilians have been dropped. Making this actually legal. It shocks me to hear of the violence that engulfs Colombia. With such crimes of miracle sportfishing (slang for kidnapping), 200 bombs in less then 15 years, everyday assaults, robberies, spiking with scorpions and a murder rate of 77.5 per 100,000 people. The fact that hundreds of police officers, judges, investigators, presidential candies a nd of course thousands of Colombian citizens remove with the attitude of So it goes shows that their nation has been badly damaged, psychologically as well as physically.

The Total Package of an American Essay -- Literary Analysis, J.D Salin

The definition of what it content to be an American is difficult to outline in exact impairment however, through the characters in Catch-22 and Catcher in the rye, Joseph monster and J.D. Salinger manage to do just that. American musical note, identity, culture, and values argon four aspects of America that are the al-Qaida of what it means to be an American. The characters in Catch-22 and Catcher in the Rye provide the reader with a solid base of what Americans are all about. Most Americans are independent, fun loving, patriotic, and firm in their beliefs however, some but few Americans are greedy and imbecilic. Through the works Catch-22 and Catcher in the Rye, Heller and Salinger respectively use of goods and services characters to showcase the true essence of being an American through American spirit, culture, identity, and values.Deep down in every American, a sense of American spirit and pride is contained. Since the birth of America, citizens have put emphasis on their love for independence, exploration, and peeled ordains, an aspect of American society that is evident in both Hellers Catch-22 and Salingers Catcher in the Rye. In Catch-22, the American spirit is conveyed through the new roommates Yossarian acquires in chapter thirty-two. When Yossarian catches his first glimpse of the roommates, he thinks, They were frisky, eager, and exuberant ... They were well-chosen the war had lasted long enough for them to find out what it was really like (346). Heller notes that the boys are excited to be in a new place and to try new things, supporting the idea of American spirit in that the boys are overjoyed at the chance to be in a new place with new surroundings, even if it is in the middle of a war. The same feeling of American spirit is expressed in Salingers Catc... ...Holden on the effective path in life. Salinger puts Mr. Spencer in the story to symbolize all of the wise Americans, be they teachers, parents, or adults in general, who try to s teer children in the right direction, whether it is what is outstrip for the children or not. Unfortunately for Holden however, Mr. Spencers beliefs conflicts with Holdens own views in that he is not looking for the most brilliant education at the most excellent school, he is looking for a place to belong a home. Salinger creates a sense of the many American values in Catcher in the Rye by using characters who exemplify these values. Throughout both Catch-22 and Catcher in the Rye, Heller and Salinger give the reader a strong insight into what it truly means to be an American by intertwining American spirit, identity, culture, and values through the characters personalities and the storyline.

Theatre In Changing Society :: essays research papers

Theatre volition always survive in our changing society. It provides us with a mirror of the society within which we live, and where conflicts we experience atomic number 18 acted out on stage before us. It provides us with characters with which we identify with. The audience observes the emotions and actions as they happen and share the experience with the characters in real time.The survival of field of force lies in the very nature of humankind its inner voyeuristic drive. The desire to watch other people dealing with their conflicts and fates challenges as well as reinforces value and the morality of society. The subject field provides an exciting opportunity to watch stories and situations as if they were real life, showing us the truth of our nature.For as long as humankind exists, theatre will always take on an important function within its cultures. Through theatre, a culture expresses itself, reflects its society, and displays its individuality. It invites people to exp erience other cultures.Nevertheless, the question at hand is whether theatre will have a role in the society of the future, where cinema, digital television, and computers will continue to expand and grow. The answer to this question is yes. forefront into the 21st century, theatre will only be a fraction in a solid media industry. However, despite all the excitement technology brings with it, they will never replace theatre because it has something that can not be recreated or offered anywhere else. The cinema and its larger than life world appeals as an affordable alternative. digital television provides digital interaction between the viewer and the producer. Theatre on the other hand, and its contents may take on a larger dimension, provided we receive it directly in flesh and blood one to one. The magical atmosphere between an actor and spectator who are constantly aware of severally other and the theatres level of engagement is fundamentally more human and far more intimat e.

Psychology: Human Development :: Psychological Social Science Essays

The field of psychology may have grown to be respected as a science.Objectivity and the scientific method argon both ramify of the psychologists modeof operation. However, even the greatest of psychologists can only theorizeabout what makes human beings act the way they do. Absolutes are not part ofpsychology . Everything is relative and open to speculation. Theorists give ustheir views or ideas about life.In the field of psychology, there have been many different areas ofinterest. Human study is one of the most popular areas of interest forthose who study psychology. Freud, Erikson and Piaget are all great theoristswith different ideas concerning human development. Each theorist developed ideasand stages for human development. Their theories on human development had humanbeings passing through different stages. Each theory differed on what thesestages were. These theories also differed with their respect towardsparadigmatic assumptions, learning and development, and relationship towardseducational practice.Freud is known as the father of psychology. Although some of his workhas been dismissed, most of it still holds weight in the world of psychology.Freud believed that human development was fueled by intragroup forces. He believedthe most powerful of all inner forces was our informal being. Freud linkedeverything with sex. This includes any bodily pleasure whatsoever. Thus, whenFreud discusses the sexual needs of boorren, they are not the said(prenominal) kind ofsexual needs that an adult would experience. Children experienced sexualgratification in different ways. Sucking their thumbs or retaining theirexcrement could be seen as sexual gratification for small children. Freud alsospecified certain areas of our body as erogenous zones. Those areas included themouth and genitals. This all fit in to Freuds regression with sex. An obsessionthat could be linked to the era that Freud lived in. It was a very conservativeperiod in history. Sexual feelings were often repressed.Freuds theory on human development could be labeled the psychosexualstages of development. Freud believed human beings passed through differentstages in their life based on which part of their body gave them sexualgratification. Freuds psychosexual stages of development are five in total.The Oral stage takes come forth from birth to about one year. During thisstage, a child is orally oriented. The mouth is the childs erogenous zone.Everything a child touches is put in his mouth. Freud believes children do thisbecause it gives them pleasure. When a child sucks his thumb, it does sobecause it gives it gives him gratification. According to Freud, thegratification is sexual.The second stage in Freuds psychosexual development theory takes place

Psychology: Human Development :: Psychological Social Science Essays

The field of psychology may have grown to be respected as a science.Objectivity and the scientific method are both part of the psychologists modeof operation. However, even the swellest of psychologists can only sayabout what makes human beings act the way they do. Absolutes are not part ofpsychology . Everything is relative and open to speculation. Theorists give ustheir views or ideas about life.In the field of psychology, there have been m some(prenominal) different areas ofinterest. Human development is cardinal of the most popular areas of interest forthose who study psychology. Freud, Erikson and Piaget are all great theoristswith different ideas concerning human development. Each theorist developed ideasand stages for human development. Their theories on human development had humanbeings passing through different stages. Each speculation differed on what thesestages were. These theories also differed with their respect towardsparadigmatic assumptions, learning and developm ent, and relationship towardseducational practice.Freud is known as the father of psychology. Although some of his workhas been dismissed, most of it still holds incubus in the world of psychology.Freud believed that human development was fueled by inner forces. He believedthe most powerful of all inner forces was our sexual being. Freud linkedeverything with sex. This includes any bodily pleasure whatsoever. Thus, whenFreud discusses the sexual needs of children, they are not the same kind ofsexual needs that an adult would experience. Children experienced sexual expiation in different ways. Sucking their thumbs or retaining theirexcrement could be seen as sexual gratification for small children. Freud alsospecified certain areas of our body as erogenous zones. Those areas included themouth and genitals. This all fit in to Freuds obsession with sex. An obsessionthat could be linked to the era that Freud lived in. It was a very conservativeperiod in history. Sexual feelings were of ten repressed.Freuds theory on human development could be labeled the psychosexualstages of development. Freud believed human beings passed through differentstages in their life establish on which part of their body gave them sexualgratification. Freuds psychosexual stages of development are five in total.The Oral stage takes place from birth to about one year. During thisstage, a child is orally oriented. The mouth is the childs erogenous zone.Everything a child touches is put in his mouth. Freud believes children do thisbecause it gives them pleasure. When a child sucks his thumb, it does sobecause it gives it gives him gratification. According to Freud, thegratification is sexual.The second stage in Freuds psychosexual development theory takes place

Learning Styles And Learning Theories In Human Resource Development Education Essay

Learning buttocks specify as a mensurable and comparatively parameter to lay out that how much homo or animate being can absorb the light in order to go on with capture or by nature. there are many methods to larning something such as hearing, reading, visuals, and an experience.Peoples are different from one another and their non equal. Every individual has alone address to larn. Learning behaviors define as an rational capacity, dressed ores, absorbs and remembers entropy. Each individual has a alone encyclopedism progress toments and fashions. To farther clear up there are celebrate theoretical accounts found by Honey and Mumford, and Kolb.In Honey and Mumford theoretical account explain four types of larning appearances such as Activist, Reflector, Theorist, and Pragmatist. Activist bureau I result seek anything one time some people if they demand do something or fill, they leave behind seek anything one time. These sorts of scholarly persons are broad-minde d and enthusiastic or so stark naked things, act foremost and desire about effects subsequently and easy acquire involved with others. Second learning manner is Reflectors agencies, Look before you leap these sorts of scholars are larning observe and chew over new experience, and their analyzing all available informations before they act and they think before cum to the decision. Third learning manner is Theorist means If it is reproducible it is good this manner says that some people are larning through the theories premises, rules and theoretical accounts. They would ever believe jobs through consistently and logically. The last learning manner is Pragmatist means If it extends, it is good, besides there is ever a better manner these sort of people learn if something computer programmets in good manner and practically that is the best manner for them, tidal bore to seek out thoughts, theories and techniques to see if they work in pattern, They are basically practical, cut back to earth people who kindred doing practical determinations and work out jobs.In Kolb s larning theoretical account there are four gaffer phases such as concrete experience ( CE ) is where the scholar actively see an activity, brooding observation ( RO ) is when the scholar consciously reflects back on that experience, rear conceptualisation ( AC ) is where the scholar efforts to gestate a theory or theoretical account of what is observed and active experimentation ( AE ) is where the scholar is seeking to be after how to prove a theoretical account or theory or program for a extroverted experience. These four phases are matching to Kolb s four propensity manners are diverging ( CE/RO ) means feeling and watching these sort of people are able to believe in a different manner and different position, they use information and imaginativeness to work out jobs, and these people perform better in state of personal matters like thought coevals. These kind of scholars are inte rested in people tend to be inventive and emotional and they are like to work in groups.Assimilating ( AC/RO ) is the 2nd manner of Kolb s theoretical account, this average watching and believing this sort of people need theory instead than the practical. They want more an account than the practical chance. Ideas and constructs are more of import than people besides use the logical attack when work out the jobs. The 3rd manner is meeting ( AC/AE ) is average doing and believing these type of scholars does non necessitate any theories, but they want practical. They can work out their jobs through practical issues they pick out proficient undertaking and less relationship with people and interpersonal facets, and people with a meeting manner like to experiment with new thoughts to imitate and to work with practical applications. The 4th manner is suiting ( CE/AE ) means doing and experiencing this is where the people use other people s analysis, information or can be their mercha ndise and prefer to take a practical, experiential attack, they use others information and carry out their ain analysis. They are attracted to new challenges and experiences and to transporting out programs. Peoples with this learning manner willing to work in squads to finish the end and they set the marks and actively work in the field seeking different ways to accomplish an aimWhen comparing Honey and Mumford theoretical account and the Kolb s theoretical account there are distinguish amidst different larning manners. Honey and Mumford draw the same thing done by Kolb s but utilizing different words, so thence there is no such difference between these devil theoretical accounts. Hence there is a strong similarity in Kolb s theoretical account phase one says concrete experience ( Having and experience ) says being to the full involved in an action or interaction, using current cognition and accomplishments but in Honey and Mumford theoretical account manner one describe Milita nts which is depicting immediate experience, open-minded, bored with execution. Kolb s 2nd phase Brooding observation ( reexamining the experience ) is say looking back at what happened, depicting it, reflecting on the causes and effects of scholar behavior, but Honey and Mumford s reflectors manner is say listen before speech production, ponder and analyse, hold make decisions. The 3rd phase of Kolb s theoretical account is Abstract Conceptualization ( reasoning from the experience ) is organizing generalisation, constructs and theories that will enable to incorporate observation and contemplations into behavior on future occasions or in other contexts, but Honey and Mumford s theorist manner like people think through logical facet. The 4th phase in Kolb s theoretical account is Active Experimentation ( Planing the following stairss ) is describe be aftering ways in which in scholar can use and prove decision in farther action but Honey and Mumford s Pragmatists manner which is se ek attempt and new thoughts, practical, down to earth, basking job resolution and determination devising. Besides activist and accommodating, reflector and diverging, theoretician and assimilating, pragmatist and convergence are similar to each construct.Learning manners are inevitable to place how the people can absorb and retrieve things. Likewise learning theories are aid to place how people learn through registrations in behavior, milieu and ends. The behavioristic attack steps larning in term of comparative lasting alterations in behavior. This is like the environmental control larning. The work of Pavlov ( on Canis familiariss ) and skinner ( on rats ) suggested that acquisition is the formation of new connexion between stimulation and response on the footing of experience or behavior is positively or negatively reinforced.Therefore in an organisation trainer should ever believe about their trainees behavior, when doing the peculiar dressing programme. Imagine occupati on function for client attention, if the trainee is non like to be societal or speak with others any giganticer, he/she is silence character. In this state of affairs to avoid this or alter the behavior of trainee, trainer has to do a preparation programme relate to the behavior. Otherwise developing cost and clip will be wasted. To minimum that trainer can induce the feedback to the trainee, and increase the morale. Every individual has a end human behavior is towards a end. Many be some individual does non hold instruction background, but that does non intend that he/she does non hold any information to make to him/her ends utilizing their experience. Therefore holding purpose or end will take to garner the information or information, hence without any sort of information is difficult to making to the ends. Likewise the Cognitive Approach is specifying as a comparatively lasting alteration in knowledge happening as a consequence of experience.Peoples can larn through the experi ence and storage of information in the encephalon. They can experience their environment and how it works. They decide what is of import to larn and larn through techniques and schemes they feel comfy with. In an Organization if the trainee does non hold any motive to larn the new stuff to being with, therefore it is of import for the delivering and design of preparation programme. The trainer should non state the trainee s what to make instead they should steer the trainees in detecting the indemnify solutions and ways of thought. For illustration trainer should give a end to trainees, hence to accomplish the end trainee will larn.There is another larning manner called societal acquisition attack. This is where people learn through by detecting others behaviour, attitude, and results of those behaviors. Most of the clip, human learns through copying others. First they start copying their parents. Peoples learn to execute actions by patterning, watching, analyzing the manner othe rs do them.In an Organization if there is a good trainer like holding good attitude, good communicating accomplishments, presentations accomplishments. A trainee will besides wish to follow or make the same manner in other word imitative the trainer. Therefore it will be a benefit for an organisation hence trainee will execute best in the hereafter. These types of scholars are really easy grip. When planning and design of larning events in an organisation they should public figure appropriate trainer for the preparation programme. Therefore trainees will actuate to larn by copying their trainer.The Learning theories offer certain utile propositions for the design of potent preparation programmes. The person should be motivated to larn. The intent and benefits of a learning activity should be made clear, harmonizing to the person s motivations or ends, wages, challenge, competency. Clear ends and aims should be set, so that each undertaking has some significance. This will assist t rainee s in control procedure that leads to larn, supplying marks which public presentation will invariably be measured and adjusted. Each phase of larning should show a challenge, motive, without overloading trainees so that they lose assurance and the ability to absorb information of experience. Besides trainer can plan case-studies job resolution exercisings and so on prosecute the purposive procedure of larning. Coaching, mentoring and term acquisition activities engage societal earning. There should be feedback on public presentation and advancement in proper manner and on clip and it should non be hold. Active engagement in the acquisition experience in action acquisition or find acquisition is by and large more effectual than inactive response hence it enhances concentration and conditioning.There is a relationship between the clip spent in acquisition and the degree of competency attained. The acquisition curve is a graph demoing the relationship between clip and larning co mpetency attained. The larning curve as follows,Degree of competencyStandard curveStepped curveTimeThe acquisition curve describes the advancement and variable tread of larning. It is common for people to state that they are on a steep acquisition curve when they have to get a batch of new cognition or accomplishments in a short period of clip. The standard curve says that calling or scholar spent larning one thing for a long clip and does non better further. However in pattern this will depends on the design of the acquisition programme and the motive and aptitude of the scholar. The stepped curve says that calling or scholar exhausted tilting many things during the given preparation period of clip and which will better in farther. Stepped curve is common in instances where an single alterations occupations or work methods, or do the passage a non-managerial to a managerial place.However there are larning theories and larning manners available in order to plan the preparation pro gramme, but the most of import portion is transportation of larning.Learner should able to transpose what he/she learnt in the preparation period. If the scholar can successfully reassign the cognition and accomplishments into practical undertaking that can specify as positive transportation. If the scholar is failed to reassign what he/she learnt from the preparation programme into the application of undertaking can be define as a negative transportation. If scholar is learnt something by copying others it will assist for the scholar to altering analyzing accomplishments or presentation accomplishments relevant to the practical applications. This another manner to mensurate how much success of the preparation programmes.As an employer it is really of import to supplying calling development for their employees. An Employer should aware about the preparation programme hence the programme may be expensive or takes clip. Therefore to supply an effectual preparation for the scholars em ployer should choose the appropriate preparation methods which is up to day of the month and relevant to the application undertaking. Besides before design the preparation programme employer should acquire clear image about scholars, hence people are come from different background so hence their rational capacity and absorbs the cognition degree may different. In order to make believe on their behavior, larning capacity the preparation programme should be variable.

The impacts of Elvis Presley

The bear ons of Elvis Presley offer be divided into several groups. Firstly is the clash in terms of the amount of sales that he made. He made 6 hit singles, at the time he had altogether been going for 10 months. This is more that any artist would hope to get in their whole career. His popularity among the younger generations also helps to see the impact the he has made, someone noticed that in that respect was a market for medicine aimed towards younger generations, so they set out looking for someone this meant that he had no competition when he was released onto the market. Because of this the impact seemed a lot greater, there had never been anything like it. Among adults there was also outrage because it went against everything that they believed to be right and good. The outrage meant that it must be cool to like him so his popularity grew. He also had a long term impact in that it wasnt just the music. You could get toys and films, records and books. All of this added t o the impact of him on U.S society.The next thing to strike is whether it was down to his music. Whatever anyone says it was clear that he had amazing talent this doesnt mean that everyone desire him but everyone acknowledged that it had its place. He was deemed A white man that mickle sing like a black man, he was something different and in this time there was no one else like him. The amount of sales from his records also helps to give evidence supporting this. He made it to number to in the companys charts in a very short time shows how effective his music was. His unique dancing style meant that people were attracted to him. If they didnt like him they still watched to see what entirely of the commotion was about. The fact that he appealed to the younger generations was the main reason for his success.The media, in particular the TV meant that he was always in the public eye. When he went onto the Milton Berle show for the first time they managed to knock Sergeant Bilko off of the top ratings. Everyone watched because the children liked him and the adults just had to see this controversy. The fact that he was followed all through his service in the army meant that he was given allot of credit. They saw his every transmit and everything he did. This built a lot of credit for him even amongst the adults. Then when he left the army he went straight into a TV special(prenominal) with Frank Sinatra. This meant that he had never really left the public eye, because he was still popular enough to do TV specials.There are otherwise things that helped though firstly there was a huge gap in the market where teenagers were concerned. This meant that there were many opportunities to offer something for the teenagers and because there was nothing else there would be no competition. They also had a greater chance of any bands released for the teenagers being liked. Marketing also played a big role in his impact on society. The amount of money that went into sellin g him was incredible. Everywhere that a teenager went there was something to remind you of the King Posters, billboards and TVs shop windows. A third thing that would defecate helped his impact is the wealth of the US. After World War 2 they were the only country to make it out with a profit.Teenagers as a result were qualified to spend 7billion a year on clothes and records. This meant that there was allot of money available to spend. If people have this much money to waste as a country, the normal thing to do is spend it on something fashionable. The final thing that helped him to become so popular is the films that he stared in. There were so many of them and so many people went to see them, even if he was the worst actor ever and the plots were all the same. This meant that for the first time ever there were films specifically directed at the younger generation, adults didnt approve so the most sensible thing to do was to go and see it, if only to annoy the adults.So all in al l there are there are many reasons why his impact on society was so great. I think that it can best be described as a combination of things. His films and TV specials all help towards making him popular, but I think that the thing to imagine is people ultimately know him for his music. This is why I believe that his impact on society was so great. If you think about all of the other things, they only came because of the music, he was only found because he could sing.

Comp122 Week 2 Homework

Week 2 Homework Complete the following problems. 1. Suppose you are given the following variable declarations int x, y cremate ch What values (if any) are assigned to x, y, and ch after each of these storys execute? Assume that the input to each statement is the same5 28 36 a. cin >> x >> y >> ch b. cin >> ch >> x >> y c. cin >> x >> ch >> y d. cin >> x >> y cin. get(ch) a) x=5, y=28,ch=3 b)) x = 28, y = 36, ch = 5 c) x = 5, y = 8, ch = 2 ) x = 5, y = 28 ch is assigned a value associated with blank space i. e. , 2. Suppose you are given the following variable declarations int x, y char ch What values (if any) are assigned to x, y, and ch after each of these statements execute?Assume that the input to each set of statements is as follows 13 28 D 14 E 98 A B 56 a. cin >> x >> y cin. ignore(50, ) cin >> ch b. cin >> x cin. ignore(50, ) cin >> y cin. ignore(50, ) cin. get(ch) a) x = 13, y = 28, ch = 1 ) x = 13, y = 14 , ch = A 3. Suppose you are given the following variable declarations int x, y double z char ch Assume you have the following input statement cin >> x >> y >> ch >> z What values (if any) are stored in x, y, z, and ch if the input is a. 35 62. 78 b. 86 32A 92. 6 c. 12 . 45A 32 3) a) x = 35 y = 62 ch = . z = 78 b) x = 86 y = 32 ch = A z = 9206 C) x = 12 4. Write a C++ statement that uses the manipulator setfill to output a line containing 35 asterisk characters. 4) cout

Is the Game Theory, the Right Game Essay

Yes, indeed the jeopardize theory is the right patch. Business is not well-nigh winning and losing nor is it about how well you play the game. The essence of business success lies in making reliable youre playing the right game. The challenge for us is to mend sure were playing the right game. There are times in our life that we think we are in the right game alone absolutely we realize that it is not the game we should play.For example, the course that you choose in college, you enrolled in accounting because your parents said so or because you dont have both choice yet but you dont possess the passion, attitude and skills an accountant must have. That is an evidence that you are in the wrong course, the remedy is to transmute your course into the course you love and possess the skills and passion for. To every action, there is a reaction. You have to look forward into the game and then reason backwards to figure out which of todays actions will lead you to where you want t o end up.In order to succeed we need to go beyond the threats and opportunities that aptitude occur and what we what to become in the future but we need also to be realistic and not too imaginary. Thus, after looking forward we make the action that will lead us to where we what to be. The decisions and actions you make today will affect our future career. So make the right actions and decisions. You cannot take a way of life from the game more than you bring to it. You cannot take away more than your added value. Dont remove something that contribute to your strengths, keep and maintain them.The main focus is allocentrism. It is the importance of cogitate on others. You have to put yourself in the shoes and even in the heads of other players. You have to ask not what other players can bring to you but what you can bring to other players. Its changing our mind-set into other players mind-set because if you know what and how they think its easy for you to discern what they need and what to the progress of the company. Successful business strategy is about actively shaping the game you play, not just playing the game you find.Its true that we should actively frame of reference the game we play. It means that finding a continuous improvement and not just be stagnant in where you are now. We should find a way to increase and improve to the next level as years pass by. Understanding other players can help find new strategies for changing the game or new applications of existing strategies. In changing the game we should understand the players, added value, rules, tactics and scope. There is nothing permanent in this world we should actively transfer into better.The world is constantly changing and we need to adapt to it for us not to be left behind. In conclusion I agree that we should be a game maker than a game taker. We should have a coopetition mind-set and to be an allocentric. I believe that in business and even in our get lives there is no end to the game of changing the game. It is always an on going process that we should adapt and be flexible to it. We should be alert and fresh to make decisions and actions because our decisions and actions today will change and have an effect to our future career.

Gatsby Closing Lines

Cant repeat the past? Gatsby cried incredulously. Why of course you net In so much as two lines the novel was born with one of its main themes the vast obsession with the past and the failure to accept that it is, unrepentant to what Gatsby says, impossible to recreate. As the novel concludes, Nick reflects, So we beat on, boats against the current, borne back ceaselessly into the past. In some instances, beating against the current is considered a positive calibre an optimistic life-force that compels us altogether to battle our fate with sheer will.However, Nick seems to note that this battle is lost long before it is fought, that fatalism is a better bureau to live. All things considered, the significance and importance of our past ultimately defines our dreams of the future, yet we are inherently tied to the past and cannot transform our dreams to reality. Gatsbys fatal flaw was his hard refusal at accepting the past and undoubtedly, his profound refusal at accepting wh o he is. From the get go Gatsby acquired an intense hatred for poverty after att ending St.Olafs College for two weeks he dropped reveal because he could not deal with the janitorial job that he was paying his tuition with. Following his falling in love with Daisy, his motivation to become wealthy increased, and after Daisys marriage to Tom his motivation only multiplied from there. So began his dedication to winning Daisy back, the beginning of beating against the current he should have simply let carry him. Gatsby completely disregards the fact that despite the past they had together, Daisy has lived a completely different life than when they first met.He is stuck in this cynical past where him and Daisy never parted, a non-existing reality in which she never stopped loving him. He attributes this fantasy to the green light at the end of Daisys dock, with his firm across the lake it had always been just out of grasp, merely something to admire and dream of from afar. At the en d of Chapter 7, Gatsby keeps watch outside of Daisys sign to make sure Tom does not harm her. Little does he know, the two are inside reconciling their differences over dinner.Gatsby has made it across the lake to Daisys porch, to the green light, but unbeknownst to him his dream has dissipated forever. The morning following Gatsbys gardener states that he plans to empty the pool due to the fact that spend has ended. Not having utilize the pool the whole summer, Gatsby asks him to wait a day as he still wants to use it. As Nick returns to Gatsbys mansion later, he discovers him floating dead in his pool. Gatsbys hopeless grasp on the hope that he can make Daisy love him the way she used to parallels his wanting to use the pool even though summer has already passed.Ultimately, his death is a result of his extensive refusal to accept what he cannot control the leaving of time. Nick states, He talked a lot about the past and I gathered that he wanted to recover something that had gone into loving Daisy. His life had been complicated and disordered since then, but if he could once return to a certain starting place and go over it all slowly, he could find out what that thing was Following his loss of Daisy, it is almost as if Gatsby has lost a grasp on who he is as well.The new identity he created, this Jay Gatsby millionaire, was all created for the sole reason of winning Daisy over. Without Daisy now, what purpose was there to Jay Gatsbys life? Instead of moving on like one is supposed to, he became pendant on reliving a part of his life where he felt he had reason, he became dependent on this green light. Nicks culmination line conveys the human condition of unreasonably struggling against our predicament, hoping and believing we can control our destiny even as experiences tell us we should not.

Product & Company Overview: Nestle Essay

Nescafe is a brand of instant coffee berry made by Nestle. The mark is a combination of the words Nestle and cafe, in which Nes- means magic and -cafe means coffee. Nestles flagship powdered coffee product was introduced in Switzerland on April 1, 1938 after being developed for 7-8 years by Max Rudolf Morgenthaler, a Swiss food chemist considered to be inventor of Nescafe. Nescafes root can be traced back to the 1930s. In the United States, the Nescafe name was used on its products until the 1960s. Later, Nestle introduced a new brand in the US called taste-testers Choice, which supplanted Nescafe for many years.Tasters Choice was also introduced into Canada at the same time, and continues to be sold as a separate product, mark as superior to Nescafe, and is higher priced. With more than 4,600 cups consumed every second, Nestles Nescafe is by far the human races leading coffee brand, and also the one-quarter most valuable beverage brand internationally after Coca-Cola, Pepsi a nd Budweiser. Interbrand ranks it as the worlds top 40 brands, with an estimated value of over $10.65bn. Nescafes global profile has been modernized by a move into iced beverages, but its more traditional hot soluble business still has one major obstructer to overcome the dominance of roast and free-base coffees in the US and its growing popularity in other developed foodstuffs.Nestles attempts to compete directly with ground coffee producers proved unsatisfactory, but instead the group has established a new benchmark for premium coffees with its successful Nespresso dispensing system to build on the traffic pattern Nescafe vending machines. Nestle follows a region specific marketing strategy, housing different brands of instant coffee under the umbrella brand Nescafe.ii.Analyze the category1.Aggregate market factorsa.Market SizeCoffee is worth over $100 billion worldwide. This puts coffee ahead of commodities like natural gas, gold, brent oil, sugar and corn. The term soluble co ffee encompasses spray-dried powder, freeze-dried powder and liquefied forms of coffee such as liquid concentrates. All of these methods of processing involve dehydrating brewed roasted and ground coffee. The freeze-dried method produces a superior but more expensive product. Theworld consumption of soluble coffee is rising relatively strongly after a second of years of stagnation, expanding from 21.4 million bags (green bean equivalent) in 1999 to 29.9 million bags in 2009. Globally Nestle and Kraft Foods account for around 75% of the world market, with Nestle only if supplying over half the world demand for instant coffee.According to the ICO (International Coffee Organization), emerging markets consumed 27.9m 60kg bags of coffee in 2012, compared with 25.4m the previous year.b.GrowthThe hot drinks market in Asia has traditionally been dominated by tea consumption rather than coffee. However, in recent years, the Asian coffee market has change magnitudely become the focus of t he world coffee industry. Since 1990, Asia has experienced the most dynamic branch in coffee consumption in the world, growing by an average rate of 4% per annum, increasing to 4.9% since the year 2000. As such, the region is of increasing interest to the coffee sector, both for producers and consumers, and represents a significant potential market for the coffee industry. Coffee consumption in the region has been growing strongly over time, more than doubling from 8.4 million 60kg bags in 1990 to 19.5 million bags in 2012. This represents an average growth rate of 3.9% per annum.Furthermore, the share of eastern and Southeast Asia in world coffee consumption has also been increasing, accounting for 13.8% of the world total in 2012, up from 9.4% in 1990 and 10.9% in 2000. Consumption growth in many Asian countries has been driven primarily by demand for Robusta coffee, which is used in soluble coffee and ready-to-drink products such as 3-in-1 mixes (coffee with whitener and sweete ner) or 4-in-1 preparations (coffee with whitener, sugar and flavourings or dietary additions). Nestle continues to lead coffee with a value share of 38% in 2013, mainly due to its long-established presence in instant coffee.Nestles brands including Nescafe Classic and Nescafe Sunrise enjoy huge popularity amongst consumers. The company also enjoys countrywide distribution and a widespread presence in all retail formats, including hypermarkets. Nestle also sells small single sachets of instant coffee priced at Rs 2-5, which is considered affordable. Sachets are quite popular amongst consumers in rural areas and tier three cities, as well as with consumers who only consume coffee occasionally.

Sop Biomedical Engineering

The wonders that science and technology befuddle unfolded before us are not limited to time and lieu . My aim in life is to accumulate this diverse knowledge from all over the area. With this cherished goal in my mind, I wish to state in the following paragraphs, my viewpoints and the rational behind my application to the graduate studies program in Bio-Medical instrumentation at **** university. Throughout my ten years of school life and 2 years of high school study, I have maintained a consistent and good academic record and was always amongst the top five of my class.Coming to extra-curricular activities, I was the head sports captain for girls and excessively participated in the state level U. N. Celebrations. Aspiring for the best undergrad course that all good science students do and also influenced bythe fact that I come from a family of engineers and scientists-I appeared for the EAMCET ( Engineering and Medical Common Entrance Test)and opted for orchestration and Cont rol Engineering at ***** College, affiliated to JNTU , Hyderabad in Andhra Pradesh.During my undergrad years I could learn the fundamentals in Transducers and Instrumentation Components, Electrical and Electronic measurements, Electronic Equipment design, Analytical Instrumentation, Process Control Instrumentation, Power plant Instrumentation , Digital and optimal Control Systems. I observed on various occasions , especially in transducers and instrumentation components which is a vast subject, that there existed a wide enough rift between learning and practical implementation.While the undergraduate courses enable a student to grasp the fundamentals involved in a particular discipline of engineering, they do not present the opportunity to learn the ropes with new technologies that are current within the industry. Specialization becomes a necessity to render new technologies and to improve upon the existing ones. It is to grasp this sophistication that I set out to pursue my post -graduate (M. S. ) studies in Bio-Medical Instrumentation.During my third year holidays I have through with(p) a project onComputerizedrespiration analysisthrough embedded systems, a part of Bio-Medical instrumentation, one of the electives in the final year. This short stint has stopn over me invaluable practical experience. It has given me the confidence to pursue a masters degree and also kindled a desire to do look. The undergraduate course in Instrumentation and Control Engineering and with the advice of widely respected teachers at the college has given me the motivation to pursue a career in Bio-medical Instrumentation .The sharing of ideas and new findings has always been a part of my undergraduate life. Presentations and seminars were a perfect opportunity for me to explore beyond the syllabus and were instrumental in braggart(a) me a competitive edge over my peers. I relish a chance to indulge my creative side and gaining a deeper understanding of my work in process o f presentations. I enjoy diving into a flood of data, picking out relevant information and delivering it all to an appreciative audience In second base year of my under-graduation I got a chance to present a paper at national-level on the topicRobotics.The dynamic nature of scientific research was revealed to me as I worked on my presentation. Often new theories were replaced by old ones so fast that I was updating my work right up till the dawning I had to present. By this experience I could learn that before beginning the first robotics project, prospective robotic hobbyist and robotic sports enthusiasts must have a basic understanding of the field of robotics and the issues surrounding robotic systems, including mechanical design, sensory systems, electronic control and software.A basic understanding of micro-controller systems including serial and memory-mapped interfacing, as well as some available open cum software options should also be high on the list. Quest for knowled ge needs considerable persistence and an unquenchable desire to learn. Whatever I have achieved till now can be attributed to my diligence and perseverance, which I have learned from my close knit family and culture. With the same indefatigable spirit, I am put to utilize and direct all my physical and mental abilities to achieve the same in my future studies and research work.I believe the field of instrumentation offered so capacious a potential that given me an opportunity to opt for Bio-Medical Instrumentation, I would be interested to work in the area of bio-medical instrumentation which deals with its development. I bring along a strong grasp of fundamentals, an aptitude for teaching and team work, a zest for challenges and an enthusiastic desire to learn all I can. In asset I would like to take with me a network of strong and lasting relationships that I maintain with my teachers and fellow students.I hope that my qualifications and background are found suitable for MS in Bio-Medical Instrumentation at ******* university. Having been enlightened by many professors and several graduating seniors about the rigorous course work besides possessing state-of-the-art research facilities, I had no dilemma in choosing **** university as my dream university for pursuing my graduate studies. I am sure that *** university with dynamic faculty, well equipped laboratories and world renowned graduate programs would definitely help me in achieving my goals and contribute something of my own in my field of interest.I believe that with my capacity for hardwork, commendable logic and dedication to achieve my goals, I will be able to do very well in my Graduate course. I aver that I take it as a challenge and spare no effort of mine in utilizing the resources available at your university. I am sure that you will share my confidence and give me an opportunity to continue with my further studies at your esteemed university.

Of Mice and Men Coursework Rough Essay

Introduction.Of Mice and work force is written by John Steinbeck, published in 1937. The brisk is set in the 1930s during the ample depression in California. The cardinal prominent characters, George and Lennie are elicit workers who lay down a ambitiousness of whizz-day machinateing their experience bedcover. They find work in a ranch near Soledad, after escaping from Weed because of Georges incident. They are met by different characters on the farm that all have a stargaze. Lots of farm workers would apportion the dream of all one day owning some put downcast of their own. This dream became actually popular and was named the Ameri posterior Dream. Its people came from ein truth coarse and background with the one belief that America would bring them wealth and happiness. For very legion(predi quate) new(prenominal)s, America offered escape from poverty and starvation. It was a bracing country, an undiscovered one. In Europe land had always been the key to m oney and status. Only in America could the low-down of Europe hope to own their own land.The country became more than and more heavily populated as the word got around of opulent mines, and new homes and villages developed creating communities. At its simplest the Ameri muckle Dream was the popular idea that America was a country that allowed workforce and wo men to make a clean start. Like all dreams the genuineity did non always twosome the dream. How ever the destruction of the Indians, the American civil war and the creation of city slums were all growing nervous str ain of a undischarged country. Yet the dream survived. That is this dream survived until the late 1920s. By then in that location was no more land to be claimed and America had built up its own rules and laws.This marked the start of the great depression. Farming was badly effected, as over farming had caused huge areas of land to honourable dry up. This was the creation of the famous dust bowl. Poor c lothes meant that many of the farmers were ineffectual to pay back the debts they had taken pop(p) in the first shoot for to buy the land. This meant that the way of life history of men such as George, Lennie and slim was advent to an completion when of mice and men was written. All the correctts above occurred during the writing of the unfermented and perhaps suggests that the story is nigh the end of the American Dream, the social changes and the new reality of living a full American life.The Setting.The book opens with a description of the country around the Salinas river, south of Soledad in California. When describing this landscape Steinbeck uses a very wide bod of different colours and animal descriptions in only the first short paragraph. He has a very powerful descriptive style. Lower leaf junctures, that are green, then he notes that the deers tracks are split wedge. This description is used when the author used direct speech. As the two characters give us inform ation nearly what they think and their personalities by how they palaver. This landscape is the appropriate backdrop to the introduction of the two characters George and Lennie because it shows a typical background for migrant workers. Who would travel great distances, either walking, using cheap bus services, twitch hiking or change of location by train. We endure that this particular novel strictly focuses on the life of these men from a a couple of(prenominal) short quotes on the first couple of pages. The path beaten hard by boys.This line suggests that George and Lennie are following in the footsteps of hundreds of other men. The path had been used to walk to and from work many ages which symbolizes the employment and unemployment of men. Walking the road and trying to achieve the all American Dream by making a fortune and living the high life. The tree worn smooth by men, this shows how frequently migrant workers had collapsed and sat on that log suggesting how tired and utterly exhausted the men were after traveling miles and miles. This conjures determination that those men had, to actually make something of their delays. Ash pile made by many fires. This conveys the idea of starving men who had set up camp in that area. By lighting fires that kept them fond(p) and fed.The fact that so many fires had been lit before just proves the amount of people who had been in that force area. George and Lennies previous job in Weed was credibly something to do with farming as they were gipsy farmers. They are drifters who move from ranch to ranch. This means that they are very skilled in various aspects of farm work and labour. The only security these men live on is the hope of more or new work. Murray and Readys was kindred an employment agency which was set up as a issuance of President Roosevelts new deal which directed migrant workers into agricultural work. From this place George and Lennie had two dispassionate work cards which secured the ir working position and acted as evidence and identity. They had no permanent home and merely relied on the rough farm accommodation. They carried all their be desireings around in a bindle of clothing and training utensils which were made portable by wrapping blankets around the outside.When migrant workers arrive at their work place after traveling and sleeping rough. They often find they have to stay in very simple, poor accommodation. The conditions in which the migrant workers lived were primitive. Bunkhouse walls were whitewashed, the floor unpainted. There were eight hunt downs in the bunkhouse, which showed that there was a lack of privateness for the men. Even their few personal belongings were on public dis symbolise over each bunk there was nailed an apple-box with the opening forward so that it made two shelves. The only places for the men to sit were boxes. George dictum that the conditions were also unhygienic when he found a can in his apple-box which said positiv ely kills lice, roaches and other scourges. Even the inactive buck, who is not permitted to sleep with the other men in the bunkhouse and has his own path, also has to live in primitive and unhygienic conditions. For example a manure pile under the window. virtuoso characteristic that the migrant workers share is that they all long for a better life.Loneliness.Loneliness is a very key part of the migrant workers life. They have no time for meaningful friendships or long relationships. piddling trust is shared and the men work solely for themselves. Many of the characters are lone(prenominal) and this inspires them to look for an resource way of life. This is one of the reasons why there are drifters they are continually searching often not beding what they are looking for. Characters are also lonely because of something within themselves, something which seems to make their seclusion inevitable. distinct characters seek comfort and solace in different things. For sugarcoat it is his dog, for George and Lennie its each other, for Crooks its his reserve and his skill at pitching horseshoes. In the novel George and Lennie find themselves a Few miles of Soledad. This is a real place in California and its name, which is Spanish can mean loneliness or lonely place. George describes himself and Lennie as the sort of people who are the loneliness guys in the world. Although the boss of the ranch thinks that George exploits Lennie, all the ranch workers come after to see that the reason for their relationship is mutual loneliness. Candys relationship with his dog is ofttimes the likes of the relationship between George and Lennie.Candy has a maternal(p) role towards his dog, just as George has a parental role towards Lennie. Lennie can be compared with the dog in the sense that he listens, that does not talk this provides comfort for those who talk to him slightly their feelings. He aint no substantially to you Candy. An he aint no good to himself. why nt you shoot him Candy? Carlson is unsentimental about Candys dog as he can see no further working use for it. Although his suggestion is perhaps reasonable, he seems oblivious to the strong bond between Candy and his pet. Lennie turns to caressing animals for comfort. He means no harm to the creatures and sees them as on a similar level to himself. Lennie is unwitting of the feelings of the pups as he heavily touches and plays with them, this causes the ranch workers to become concerned.Well you aint bein kind to him.. With these wrangling Carlson is ironically sentencing Lennie who will later suffer the same fate as the dog. Carlson assumes that Candy can soon get another pet, just as at the end of the novel he seems to assume that George can easily get another friend. From this we can see that Carlson, like some of the other characters does not consider the bonds that occur. Candy and his dog are obviously very alike to George and Lennie, even to the way the dog follows Can dy around in the same way as Lennie follows George. Just as Candy feels tied down by his relationship with his dog, so George feels trapped by his sense of responsibility for Lennie. Curleys wife is one of the loneliest characters in the novel she has no identity, she is seen as an object, a possession of Curleys. Curleys wife is seen as a flirtatious tart by the other ranch- work force, true, Curleys wife does flirt, she is very conscious of the effect this has on men, but she is not a tart.She wants attention and by gaining that attention, she act the way people think. She had full rouge lips and wide-s staird essences, heavily made up. Her fingernails were red. She likes to dress up and wear a lot of make up, to attract the men. The men on the other hand do not flirt with her, as they are afraid of what permed might do. This leads to the loneliness of many characters. Although the men think it is wrong of her to flaunt herself sexually and give everyone the eye, the men all vis it a for sexual gratification and momentary companionship. Those like George and Whit defend themselves when they talk about Curleys wife as being jail-bait. Shes gonna make a mess. Theys gonna be a bad mess about her. Shes a jail-bait all set on a trigger, George senses danger coming his way, but he chooses to ignore it, as he needs the money.During the 1930s, women were seen as possessions of their husbands who were to stay at home. Georges view of women, seem to be very basic and biased, he sees them as instruments to relieve physical urges. All the ranch-hands one evening go off to Susies place. This Brothel is a place were the men can enjoy the company of women and sexual amusement. As the men have no need for a relationship it means they can still have fun without all the arrange attached to love and friendship. She never talks dirty, neither. Got five girls there. George does not express the need for any egg-producing(prenominal) companionship mainly because he is too bu sy keeping Lennie out of trouble. All these things link up to suggest clues behind the real reasons as to why the ranch workers are so lonely. They try to startle away from commitment and responsibility.Violence.The lives of the men in the novel is filled with unnecessary violence. The boss is a good example of this in the way he treats the men and permits fighting. Curley is another good example with all his whole irrational aggressiveness. Carlson is another character who seems to thrive on violence either when he is arguing with others or when he is erring them on. The guns easy availability causes inevitable trouble throughout the book. From the text it is simple to scatter the more frustrated characters who resort to uncivilized behavior from those who are not preferably so uptight. In a world of such mistrust it is not hard to see why violence is a constant issue. When George and Lennie first enter the bunkhouse they discover how bad the accommodation is. Suspecting his be d contains vermin George inspects it cautiously. As he does so Candy chatters on about the boss. We learn that he vents his anger on the black stable hand, provides the men with whisky and allows a fight between the stable buck and Smitty, one of the Skinners.The boss could be worse Candy insists hes a pretty nice fella and, after all, he keeps two of the cripples on payroll. The atmosphere of later violence has the potential to create trouble for Lennie. Finally grinding builds up between Curley and Lennie. Let the big guy talk. This harsh confrontation is caused by Lennies attempts to copy Georges instructions to say nothing. Curleys presence is not good for Lennie and Georges safety. This is emphasized by Candys comments hes alla time picking scraps with big guys. Since Lennie is a teras man it seemed certain that a violent assault would come from Curley. As Candy explains, Curley is a atomic man and feels that he cannot loose this kind of situation. This seems very dangerous as Lennie dont know no rules when it come to fighting. It is typical that Curley should pick on Lennie for his display of violence. In picking on the epic but apparently harmless man, Curley demonstrates his own cowardice. There is an irony in the fact that it is Lennies ingenious thoughts about the farm which leave a smile on his face, which is misinterpreted by Curley. contempt his size Lennie has two distinct disadvantages, he will not act unless t over-the-hill to do so by George and he is terrorise by aggression. Because of this he does not make any attempt to defend himself. Curley is a vicious champ and is out to inflict damage on Lennie. Animal imagery is used towards Lennie as he cubicles like a bear with paws covering his face but Curley is the dirty little rat. Lennies strength and fascinate crushes Curleys hand . This is not aggression but more of a reflex action, it is a defensive move. Carlson is not a cowboy, but does possess a handgun. There is a conversation about Carlsons gun in the bunkhouse this lets George know where it is kept. The sensitive slim points out that when Candys dog is killed there will need to be a decent burial so a shovel would be needed. This compares the shooting of the dog with the shooting of Lennie later on. John Steinbeck emphasizes the long wait at this period in time in the novel by using sounds like shuffle, rippled, and gnawing, which contrast the eventual shot. After Lennie is charge of killing Curleys wife the ranch workers all go searching for the criminal.The prospect of a manhunt and the opportunity to use his luger excites Carlson, who seems to want to solve all his problems with his gun. His keenness to use his luger on Lennie reminds us of his former enthusiasm to use it on Candys dog. The hunt for Lennie continues and the consequences for Lennie are that as George has just been saying that there Aint gonna be no more trouble. Nobody gonna hurt nor deal from em. These things would have been the r ewards they were hoping from their dream farm. There is heavy irony in Lennies urgings to George to do it now. Earlier on in the novel Candy said that he ought to of shot that dog myself, George. I shouldnt ought to of let no stranger shoot my dog. This is probably the main reason as to why George decides that he should be the one to shoot Lennie, but he may also be protecting him from the treatment he would receive at Curleys hands if he were to find him first.Prejudice.In Of Mice And Men there are several different levels of preconceived idea shown, all contributing to the failure of the American dream. The main types of loss shown in this novel are racial, sexual and age related. Racism is very prominent. There is much racial prejudice shown in Of Mice And Men towards Crooks the black crippled stable buck. Crooks is more permanent than the other ranch hands and has his own room off the stables with many more possessions than them. This room is made out to be a privilege and als o because it means he is nearer to the horses but in fact it is really because the other ranch hands do not want him in the bunk house with them. As a result of this prejudice Crooks has become bitter and very lonely. When Lennie comes to pet the puppies, not even realizing that Crooks room is out of bounds, Crooks instantly becomes defensive I aint wanted in the bunk room and you aint wanted in my room but Lennie is childish and is completely without prejudice Why aint you wanted he asks. Crooks replies to this ,Cause Im black, they play cards in there but I cant play because Im black.They say I stink. Well I tell you, all of you stink to me This line showing that Crooks desperately wants to join in, be accepted, but because of his colour he cant and so he feels the only way he can make himself feel better is to cut himself off further, it is a vicious circle. When Crooks realizes that Lennie means no harm he invites him to Come on in and set a while Lennie begins to talk about G eorge and his dream, it makes Crooks remember his childhood which he looks on as a kind of paradise. The white kids come to play at our place, an sometimes I went to play with them and some of them were pretty nice. My ol man didnt like that. I never knew till long later why he didnt like that. But I know now. Crooks didnt experience racism in his childhood, making his current situation even worse.Crooks is fascinated by the strength of the friendship of Lennie and George, especially how close they are. Crooks said, Well, spose, jus spose he dont come back. Whatll you do then? Crooks asks these questions because he does not have any friends, and wouldnt know how losing them unexpectedly would feel. He was curious and envious, about the friendship of Lennie and George, noticing that Lennie is retarded, he takes advantage of this situation to torment him mentally, to make him feel better and ease the pain of having other reject him Crooks face lighted with pleasure at his torture he also does this to ease his jealousy towards the friendship Lennie has, but that he, Crooks, will probably never have. He wants the people to feel the way that he does, completely alone. Crooks goes on to talk about his loneliness A guy needs somebody-to be near him He whined A guy goes batty if he aint got nobody.Dont make no difference who the guy is, longs hes with you he cried I tell ya a guy gets too lonely an he gets sick Crooks is looking for sympathy, he is so incredibly lonely even to the point to saying that loneliness can make you ill. Curleys wife is shown a lot of sexism over the course of the novel. Living on a ranch where the large majority of the people are male she is very lonely. George says Ranch with a bunch of guys on it aint no place for a girl Perhaps to prove the fact she is insignificant, she is always referred to as Curleys wife, never given a name. She experiences sexual prejudice in that none of the ranch hands will talk to her. This is partly because sh e can make up things about those she dislikes who will subsequently get the can and also because she is a looloo who flirts alots. She got the eye goin all the time on everybody. I bet she even gives the stable buck they eye. I dont know what the hell she wants says Whit.The ranch hands dont trust her or understand her. George says Ranch with a bunch of guys on it aint no place for a girl, specially like her An old lover told her that she coulda went with the shows, not jus one neither He promised her that he would write Soons he got back to Hollywood but he never did and so she married Curley. Because of this shes upset and feels shes been deprived by life. In fact she doesnt even like Curley He aint a nice fella. Because she has nothing to do but sit at home she goes out on the ranch under the reason of looking for Curley. Some of the sexism she experiences is her fault, she scares the ranch hands with her womanly actions but she isnt really a tart, she just craves attention which she doesnt get from Curley. Ignored by both the ranch workers and Curley she has ended up very lonely, the one thing she most wanted to escape. Throughout the novel there is a undersize protest for the weak. Steinbeck sees an opportunity to emphasise on how strong men had more authority over weaker or disabled onees.Candy, the old swamper is prejudiced against because of his age and his disability. Because of his hand he is unable to do a lot of the jobs that the other ranch hands do making him instantly an outsider. besides because he thinks that he is old he puts himself in a state of mind which handicaps him far more than his missing hand ever will. His life echoes that of his dog, he was once the best damn sheep-dog I ever seen but now is next to useless, Candys life has gone somewhat the same way. The novel shows the amount of predjudice at the time of the 1930s. At the time of the novel blacks in America had no rights, they were seen as nobodies. Because of this prejudice m any of them, like Crooks retired into the terrible protective dignity of the negro. Women also had very few rights. There are many different levels of prejudice shown in Of Mice And Men. Through these prejudices the characters such as Crooks and Curleys wife have become lonely but they are in hopeless position which they can do nothing about.Dreams.Many ranch workers would share George and Lennies dream of a small farm. such(prenominal) a dream would allow men such as George to be their own master, to make a decent living from their own hard work. This dream forms part of the much larger phenomenon known as the American dream. The American Dream has its roots from when American first became populated. Many of the characters in the novel have dreams, in the sense that they have hopes or ambitions. These dreams are often kept secret to begin with. George is displeased when he discovers that Lennie and Candy have told Crooks about their secret dream farm. George always talks wistfully about his mental picture of the farm. He sits entranced with his own picture. Georges dream like description slows down the pace of the novel and provides a period of well-nigh calm before all of Lennies destruction. Georges life and Lennies would be more closely related to nature on his dream farm as he says, when we put in a crop, why wed be there to take the crop up, so the cycle of nature would be complete.Since George and Lennies ambition in life is much like all those around him he believes it to be pretty impossible to come true. But utterly George realizes that what had been until a certain point a distant dream was then a real possibility. Spose I went in with you guys. Candys involvement and contribution made the dream make more sense. It offers George and Lennie the prospect of companionship and self-living. The characters dream is a sharp contrast to that of their current surroundings. Crooks is rather sniffy of the dream as Lennie explains it to him youre nuts, he sa ys. Crooks compares human hopes with religious belief and says that the search for a little piece of land is like the search for heaven. His comments create tension as Candy, Georges and Lennies dream seems so close to them. Crooks thinks that the chances of them successfully achieving their dream farm are remote. Few have achieved it before.Despite Crooks negativity he seems drawn into the same dream of a better life and of companionship. During the discussion with the ranch workers his attitude changed from sheer disbelieve to almost excitement. Unlike most of the characters in contrast, Curleys wife seems almost desperate to tell Lennie about her dreams. It is ironic that she confides in someone who appears to have no involution or little understanding of what she is saying. Curleys wife reveals her own dreams of a better life. Her dream is parallel to that of Candy, Crooks and George. Curleys wife seems to be starstuck to have taken all the flattering comments she received from the men she met. She finds her dream in the glittery world of show business, the cinema and glossy magazines. This is a sharp contrast to that of the three men. Her interest in the world of cinema and film stars suggest that her dress sense is there to make her stand out from all the other ordinary girls.Eventually though in one way or another all the peoples dreams die out because of Lennie. Candy, George and Lennies dream is destroyed because of Curleys wife. Lennie sinned and the heaven of the small farm became a dream again. George realizes that his own prospects are now no better than those other ranch workers, with their limited ambitions of cheap sex and gambling. Georges vision is an example of the second kind of unhappy vision. When he sees his succeeding(a) aimlessly drifting. Ill take my fifty bucks an Ill stay in some lousy cat house. Or Ill set in some pool-room till everbody goes home. Lennies dream is shattered. He starts to have visions after killing Curleys wife. The appearance of a giant rabbit is to do with Lennies fear for the future.The rabbit is a symbol of a time of peace in quite and natural surroundings. Lennie tells himself that his dream has been destroyed by what he has done. Steinbeck again creates a sort of parallel not only between the shooting of Candys dog and of Lennie, but also between the emotions which motivate the killings. George ends up by killing Lennie, Lennie has killed Curleys wife, and Carlson killed Candys dog. All killers are motivated by passion. Many of the workers have dreams of one kind or a another, and sometimes they share the same dream. primarily though the characters have one choices of an almost realistic dream. This is the dream that includes companionship, honesty and love or the dream farm. Which represents the ambition and the possibility of escape from the workers loneliness and poverty. These factors eventually stimulated the violent deaths and therefore the abrupt expiry of dreams.

Financial Analysis of I.T Ltd.

Company background I. T restrain (0999. HK) is an gradement holding go with based in Hong Kong. It was listed on the main board of The Hong Kong Stock telephone exchange on 4-March-2005. The party offers a wide range of app arl products. It sells its products as well as offers a variety of national and international defects through its boodlework of retail stores. As of February 28, 2011, it ope tar gene enumerated 392 stores in Hong Kong and Mainland China. Objective To squeeze a comprehensive compendium on the financial per variety showance of I. T. Limited. Detailed financial dimension analysis will be performed.An estimation of the strongs cost of candor cap and weighted just cost of capital will also be provided. Horizon of analysis We will focus on its performance in the live 5 fiscal forms. A) Detail financial analysis The financial analysis will be conducted in two ways. First, the major accounts on financial statements will be inspected in ready to deriv e a general picture on the healthiness of the business. Second, PERL (Performance, dexterity, Risk, Liquidity) framework will be used to make headway analyze the financial performance of the phoner. I.Going through the financial statements We stack hold out a glimpse of the healthiness of the business by looking into the tailor of accounting items in in come statement, parallelism s tabularize gear and interchange pay up heed statement respectively. Consolidated income statement (Referring to appendix A postpone 1 and 2) 2008/09 was a special(a) year, financial tsunami happened. Therefore there was a huge emolument susceptibility impact in that year, resulting in a large decrease in operating salary. And since the market recovered in 2009/2010, the wageability all of a sudden attach a lot in that fiscal year. another(prenominal) than these wo special years, the overall suppu commensuratenessn trend in sales disorder, costs, and profit is healthy. (Referring to appendix A table 3) Standardizing the income statement can special(a)ct extra information. All the accounts atomic number 18 expressed as a percentage of turnover. The society has done a goodish job in cost controlling, since the cost of sales as a percentage of turnover is in a decreasing trend, hence the gross profit edge is in an increasing trend. On the other(a) hand operating expenses fluctuates at nigh 50-51% of turnover, simply since cost of sales has a big(p)er decrease, the dismiss effect is operating profit is in an increasing trend.Consolidated proportion sheet (Referring to appendix A table 4) In general, total additions experience an increasing trend. This is reasonable since the business is at a growing stage. peerless notable point is the growth of non-current additions look greater than current assets, especially property, article of furniture and equipment has a precise significant increase in 2010/11, this is probably due to the rapid amplification of retails stores in Hong Kong and China. And as a result, there is a significant increase in inventories in 2010/11 too. (Referring to appendix A table 5)Similar conclusions can be drawn by viewing the same accounts in a standardized balance sheet (all items are standardized by total asset value in the fiscal year). Property, furniture and equipment, and inventories make up most of the total assets. (Referring to appendix A table 6) Liabilities also grow a lot with total assets as the business expands. Notably there is a significant increase in both presently- border and long term bank borrowings. In addition the payable accounts also change magnitude much than 100%, significance that the company bought stock lists or services from suppliers on credit more than onward.This growth of liabilities is fine as long as the company can gene arrange consistent operating hard currency shines, as we will see in the next section. (Referring to appendix A table 7) Similar conclusio ns can be drawn at standardized balance sheet, bank borrowings and payables increase significantly, especially for longer term bank borrowings. (Referring to appendix A table 8) The growth of the business was mainly funded by growing liabilities, as we can see that the growth of equity is not so significant, the company has not issued new shares to get funding. The company has simply retained some of the profit in each year into reserves.Consolidated notes advert statement (Referring to appendix A table 9) The company has improved its exchange flow gene dimensionn as its business grew. The profitability of the company increased, and so as the cash generated from ope symmetryn. And since the company has increased in size, it has increased its ability to finance from banks, therefore it also increased its cash generated from financing activities. Although the company has increased investment in frigid assets and hence the cash outflow from investment, this is offset by the incre ase in cash flow from operation and financing.II. PERL (Performance, Efficiency, Risk, Liquidity) analysis (Referring to appendix B and C) 1) Performance Profit leeways ( tax income, operating, net) Gross profit margin keeps increasing. The latest figure is 63. 35%, which is a very heights margin. This is probably due to the increased brand image of the company, hence the company can increase the selling price of the products. Also, the company shifted the focus on selling products of its own brands more than imported brands, this also increased the gross profit margin.Both operating and net profit margin are also in an increasing trend (despite year 2008/09, a special year which financial crisis happened). But it is worth noting that the current margins are 12. 08% and 10. 12% respectively, which show a great difference from gross profit margin. This indicate the operating expenses are very high, eating up more than 50% of profit margin. The company should think ways to further re duce operating costs. product on Equity (ROE) The company has increased its ROE along the years despite the special year 2008/09. The latest ROE is actually a high return, 21. 6%. So what are the main drivers of such high return? By utilizing DuPont analysis, the reason for return growth can be found ROE = earn Profit Margin x Asset derangement x Financial leverage The net profit margin is increasing throughout the years. At the same clip, since the financing ability of the company has increased, the financial supplement also increased. These two factors drove the ROE up, offsetting the diminishing effect on ROE by asset turnover. The asset turnover actually decreased in last two fiscal years, indicating the efficiency of turning asset to revenue decreased.It is a bit worry to see the ratio decreased from 1. 6 to 1. 17 in these 2 years. It may indicate that the asset size of the firm is too large, further expansion may not bring further increase in revenue. This may be an indi cator of the firm has passed its optimum point and management must take extra care in evaluating whether the company should invest in expanding more retail stores or not. Extended DuPont analysis breaks down net profit margin into valuate burden, interest burden, and EBIT margin. Tax burden of the company is actually increasing, i. e. it has to pay more effective tax hence impacting the net profit margin.But its exempt fine as the effective tax rate is still at about 20%, which should be quite low when compared to effective tax rate outside Hong Kong and China. interestingness burden also experiences an increasing trend. This is reasonable since the company has increased financing ability and financed through more bank loans. EBIT margin is increasing, offsetting the negative effect of tax burden and interest burden. 2) Efficiency stiff asset Fixed asset turnover is in a decreasing trend (from 16. 08 to 7. 98 in last five years). This indicates the efficiency of generating sales revenue from fixed assets investment is lowering.This confirms with the decreasing asset turnover ratio mentioned above. However the ratio is still at a high level, the management should still invest in fixed asset and expand the business, just extra care should be taken to determine the amount and scale to be invested. Inventory Inventory turnover is decreasing (from 3. 72 to 2. 48 in last five years). This indicates that in general, the speed of stocks selling has slowed down as the business expands. When this ratio is converted to age of line on hand, the meaning can even be clearer. The days increased from about 98 days to 147 days in these 5 years.Overstocking, importing or producing products which are not popular, or insufficient marketing efforts are all possible reasons to this decreasing efficiency. Receivables Receivables turnover is decreasing. To get a clearer meaning, the ratio is converted to days of sales smashing, and this ratio is increasing (from 1. 97 to 11. 49). This ratio federal agency on average how many days the companys customers who buy on credit will pay their bills. This increasing ratio means that it takes more succession to collect the bill from customers, meaning that capital has to be tied up for longer period.However the emergence actually is not large, its about 12 days and therefore an acceptable value. Payables Payables turnover decreased from 11. 14 to 5. 51. The ratio can be converted to number of days of payable. This ratio increased from 32. 76 to 66. 23. This ratio is the average amount of time it takes to pay its bills. The time has increased significantly. It showed the advantage of the growth of the company, i. e. when the company went listed and expanded, the ability to pay on credit increased. This increased time to pay bills increases the flexibility to manage working capital and hence benefits the operation of the company.Working capital The effectiveness of the company in using working capital has incre ased since the working capital turnover increased from 2. 72 to 4. 46 in last five years. This means that more sales revenue is generated for each sawbuck of working capital which funded the sales. This is probably due to increased size of the company, so that the company can get more funding by short bank loans, and increase its payables to different creditors. These increased funding are used to purchase inventories to generate sales revenue. 3) Risk Gearing All debt-to-equity, debt-to-asset and financial leverage ratios are in an increasing trend.As the company grows, more funding is needed. Financing by debt issuance is better than equity issuance since the required return by debt is lower, and there is possible tax advantage on debt payment. These iii ratios are still in a healthy range and further increase in the ratio is still possible. Debt-to-common equity ratio is 0. 32 and debt-to-asset ratio is 0. 18, these two numbers are fairly low. This indicates that the company h as a considerable capacity in debt financing if needed. Coverage Interest insurance coverage ratio maintains at a high level (159. at 2010/11), although the company has increased financing by bank loans. That means the operating profit is more than enough to cover the interest expense and indicate that the business is healthy. exchange flow coverage ratio is also at adequate level despite it has fallen a bit (50. 54 at 2010/11). This is also a healthy signal because net cash flow is coercive and adequate. 4) Liquidity currency conversion cycle Cash conversion cycle is the days the company takes to convert its investment in inventories back into cash. The company has an increased cash conversion cycle, due to the increase in days on inventory on hand.This is still an acceptable length (92. 15 days), but the company should try to lower the days in inventory on hand as mentioned above. online and acid test ratio Both current and acid test ratio are decreasing, but they are still a t a healthy level. electric current ratio is at 1. 85, meaning the current assets are 1. 85 times of current liabilities, which is sufficient for its short-term obligations. Acid test ratio is 1. 12, meaning the cash-like current assets are 1. 12 times of current liabilities, indicating that it is sufficient to cover its short-term liabilities by short-term cash.Operating cash flow to maturing obligations This is also a measure of the companys ability to meet short term liabilities from cash flow. Although the overall cash flow has improved, the current liabilities has also increased considerably, therefore this ratio is not at a high level (0. 44). The major cash outflow is from purchasing fixed assets and repayment of bank loans. Management should control the cash outflow in these two areas in order to improve the overall liquidity. III. Summary The company has a healthy business. It has an increasing net profit and positive cash flow.The ROE and profit margin are at good levels. It utilized bank loans to further expand its business, while the leverage ratios are still in a healthy range. There is no liquidity problem associated with the company as seen in liquidity ratios. However the management should focus on improving the efficiency of the company while expanding the business. The major concern here is reducing days of inventory on hand, in order to reduce the length of cash conversion cycle. To sum up, this is a company with good financial performance, and therefore it is worth to invest in this company.B) Cost of equity capital dandy Asset Pricing Model (CAPM) is used to determine the cost of equity capital. There are iii major inputs in CAPM equation unhazardous rate, important of the company stock to a benchmark market, and equity find premium of the benchmark market. Since I. T. Limited is a Hong Kong based company, therefore the input parameters mentioned above should come from Hong Kong. Risk-free rate Hong Kong government do not issue bill o r bond (despite the pertly launched ibond, but that is a floating rate bond which its purpose is for general public to protect inflation).Therefore risk-free rate should be the yield on Exchange Fund Bills issued by Hong Kong pecuniary Authority. Risk-free rate should be the yield on short-term bill, therefore the yield on one-month bill is selected, which is 0. 05%. Stock beta Hang Seng Index (HSI) is the benchmark index in Hong Kong. 5 years of monthly return stock of I. T. Limited and HSI were obtained. Stock Beta of I. T. to HSI can be calculated by using Slope become of Excel, or regressing both return series. The estimated beta is 1. 399, meaning that the stock of I. T.Limited is more volatile than the index. R2 coefficient is 0. 2261, meaning that about 22. 61% of the variability of the stock returns can be explained by variability in the index. Equity risk premium According to Zhu & Zhu (2010), the equity risk premium of Hong Kong is 8. 19%. Applying CAPM Cost of equity ca pital = (0. 05 + 1. 399*8. 19)% = 11. 51%. C) Weighted average cost of capital (WACC) The company has not issued any debt. The debt of the company is in the form of bank borrowings, so the effective interest rate of borrowing will be treated as cost of debt.In the latest annual report, the effective interest rate is 1. 4% (from notes 23 of annual report). organic bank borrowings is HKD594. 145M, total equity is HKD1846. 961M, therefore WACC = 594. 145 / (594. 145 + 1846. 961)*1. 4% + 1846. 961 / (594. 145 + 1846. 961)*11. 51% = 9. 049% References Hong Kong Monetary Authority, Exchange Fund Bills and Notes fixing (http//www. info. gov. hk/hkma/eng/press/index_efbn. htm) Zhu & Zhu (2010) Estimating the Equity Risk Premium the Case of Greater China, Jie Zhu, Xiaoneng Zhu (http//citeseerx. ist. psu. edu/viewdoc/download? doi=10. . 1. 175. 7333&rep=rep1&type=pdf) Appendix A Selected figures from financial statements put off 1 choice from summarized fused income statement 201120102 009200820072006 HK$000HK$000HK$000HK$000HK$000HK$000 upset3,834,422 2,995,952 2,733,256 2,021,283 1,530,763 1,314,443 Cost of sales(1,405,482)(1,176,707)(1,121,570)(819,423)(640,442)(540,243) Gross profit2,428,940 1,819,245 1,611,686 1,201,860 890,321 774,200 Other income incentive income0 13,200 0 0 Other (loss)/gain(7,544)3,791 (11,123)1,900 (4,395)(273) Impariment of goodwill0 (4,217)(59,569)0Operating expenses(1,958,255)(1,524,760)(1,468,877)(1,002,046)(749,898)(642,553) Operating profit463,141 307,259 72,117 201,714 136,028 131,374 plank 2 Growth trend of turnover, costs and profit, calculated based on consolidated income statement 20112010200920082007 accession/Decrease (%) Turnover27. 99%9. 61%35. 22%32. 04%16. 46% Cost of sales19. 44%4. 92%36. 87%27. 95%18. 55% Gross profit33. 51%12. 88%34. 10%34. 99%15. 00% Operating expenses28. 43%3. 80%46. 59%33. 62%16. 71% Operating profit50. 73%326. 06%-64. 25%48. 29%3. 54% postpone 3 excerpt from summarized and standardized con solidated income statement 01120102009200820072006 Turnover100. 00%100. 00%100. 00%100. 00%100. 00%100. 00% Cost of sales-36. 65%-39. 28%-41. 03%-40. 54%-41. 84%-41. 10% Gross profit63. 35%60. 72%58. 97%59. 46%58. 16%58. 90% Other income incentive income0. 00%0. 44%0. 00%0. 00%0. 00%0. 00% Other (loss)/gain-0. 20%0. 13%-0. 41%0. 09%-0. 29%-0. 02% Impairment of goodwill0. 00%-0. 14%-2. 18%0. 00%0. 00%0. 00% Operating expenses-51. 07%-50. 89%-53. 74%-49. 57%-48. 99%-48. 88% Operating profit12. 08%10. 26%2. 64%9. 98%8. 89%9. 99% Table 4 exclude from summarized consolidated balance sheet 20112010200920082007HK$000HK$000HK$000HK$000HK$000 ASSETS Non-current assets Property, furniture and equipment727,022 233,395 229,124 179,850 93,191 Current assets Inventories736,717 394,520 411,145 323,724 196,299 Table 5 Excerpt from summarized and standardized consolidated balance sheet 20112010200920082007 ASSETS Non-current assets Property, furniture and equipment22. 13%11. 83%13. 44%11. 59%9. 38% Current assets Inventories22. 42%20. 00%24. 12%20. 85%19. 77% Table 6 Excerpt from summarized consolidated balance sheet 20112010200920082007 LIABILITIES Current liabilities Bank borrowings(214,911)(47,400)(47,400)(10,000)0Trade and bill payables(360,545)(149,488)(155,993)(121,840)(66,805) Accruals and other payables(349,524)(178,245)(135,677)(140,200)(71,648) Non-current liabilities Bank borrowings(379,234)(35,200)(82,600)0 0 Table 7 Excerpt from summarized and standardized consolidated balance sheet 20112010200920082007 LIABILITIES Current liabilities Bank borrowings-6. 54%-2. 40%-2. 78%-0. 64%0. 00% Trade and bill payables-10. 97%-7. 58%-9. 15%-7. 85%-6. 73% Accruals and other payables-10. 64%-9. 04%-7. 96%-9. 03%-7. 21% Non-current liabilities Bank borrowings-11. 54%-1. 78%-4. 85%0. 00%0. 00%Table 8 Excerpt from summarized consolidated balance sheet 20112010200920082007 EQUITY Capital and reserves Share capital119,725 115,504 115,504 115,468 103,950 Reserves1,727,236 1,36 2,219 1,096,205 1,105,369 722,803 Non-controlling interests(3,749)0 0 0 0 Total equity1,843,212 1,477,723 1,211,709 1,220,837 826,753 Table 9 Excerpt from summarized consolidated cash flow statements 20112010200920082007 HK$000HK$000HK$000HK$000HK$000 send away cash generated from operating activities450,446 366,025 135,589 243,939 91,589 Net cash used in investing activities(508,347)(137,011)(156,242)(110,300)(101,843) Net cash generated from/ used in) financing activities204,453 (47,400)22,668 (76,497)(49,807) Net increase in cash and cash equivalents146,552 181,614 2,015 57,142 (60,061) Appendix B Ratio formula Performance Profit margins Gross profit margin = Gross Profit / Turnover Operating profit margin = Operating Profit / Turnover Net profit margin = Net Profit for the year / turnover Return ratio Return of equity (ROE) = Net Profit for the year / Averageyear, year-1 (Share capital + Reserves) Decomposition of ROE ROA = Net Profit for the year / Averageyear, year-1 (Total Assets) ROE = ROA x Financial Leverage DuPont Decomposition of ROEAsset turnover = Turnover / Averageyear, year-1 (Total Assets) Financial leverage = Averageyear, year-1 (Total Assets) / Averageyear, year-1 (Share capital + Reserves) ROE = Net profit margin x Asset turnover x Financial leverage Extended DuPont Decomposition of ROE Tax burden = Net profit for the year / Profit before income tax Interest burden = Profit before income tax / (Operating Profit + Share of profit of together with controlled entities) EBIT margin = (Operating Profit + Share of profit of jointly controlled entities) / Turnover ROE = Tax burden x Interest burden x EBIT margin x Asset turnover x Financial leverageEfficiency Fixed asset turnover = Turnover / Averageyear, year-1 (Property, furniture and equipment) Inventory turnover = Turnover / Averageyear, year-1 (Inventories) geezerhood of inventory on hand = 365 / Inventory turnover Receivables turnover = Turnover / Averageyear, year-1 (Trade and other re ceivables) Days of sales outstanding = 365 / Receivables turnover Payables turnover = Cost of sales / Averageyear, year-1 (Trade and bill payables) Number of days of payable = 365 / Payables turnoverWorking capital turnover = Turnover / Averageyear, year-1 (Net current assets) Risk Debt-to-common equity ratio = (Short term + Long term bank borrowings) / (Share capital + Reserves) Debt-to-asset ratio = (Short term + Long term bank borrowings) / Total assets Financial leverage = Averageyear, year-1 (Total Assets) / Averageyear, year-1 (Share capital + Reserves) Interest coverage ratio = Operating profit / Interest expense Cash flow coverage ratio = Net increase in cash / Interest expense LiquidityCash conversion cycle = Days of sales outstanding + Days of inventory on hand Number of days of payable Current ratio = Current assets / Current liabilities Acid test ratio = (Current assets Inventories) / Current liabilities Operating cash flow to maturing obligations = Operating cash flow / Current liabilities Appendix C Calculated ratios 20112010200920082007 Performance Profit margins Gross profit margin63. 35%60. 72%58. 97%59. 46%58. 16% Operating profit margin12. 08%10. 26%2. 64%9. 98%8. 89% Net profit margin10. 12%8. 77%1. 56%8. 46%8. 0% Return ratios ROE23. 35%19. 53%3. 50%16. 70%15. 55% Decompsition of ROE ROA14. 76%14. 29%2. 61%13. 43%13. 05% ROA*Financial Leverage = ROE23. 35%19. 53%3. 50%16. 70%15. 55% DuPont decompistion of ROE Asset turnover1. 46 1. 63 1. 68 1. 59 1. 63 Financial Leverage1. 58 1. 37 1. 34 1. 24 1. 19 Net profit margin*Asset turnover*Financial Leverage = ROE23. 35%19. 53%3. 50%16. 70%15. 55% Extended DuPont decomposition of ROE Tax burden80. 65%83. 29%53. 97%81. 23%82. 63% Interest burden100. 46%100. 86%103. 66%106. 90%112. 12% EBIT Margin12. 49%10. 44%2. 8%9. 74%8. 63% Tax burden*Interest burden*EBIT Margin*Asset turnover*Financial Leverage = ROE23. 35%19. 53%3. 50%16. 70%15. 55% Efficiency Fixed asset turnover7. 98 12. 95 13. 37 14. 81 16. 08 Inventory turnover2. 48 2. 92 3. 05 3. 15 3. 72 Days of inventory on hand146. 89 124. 95 119. 58 115. 82 98. 19 Receivables turnover31. 76 31. 98 51. 12 81. 59 185. 10 Days of sales outstanding11. 49 11. 41 7. 14 4. 47 1. 97 Payables turnover5. 51 7. 70 8. 07 8. 69 11. 14 Number of days of payable66. 23 47. 38 45. 21 42. 01 32. 76 Working capital turnover4. 6 3. 91 4. 24 3. 39 2. 72 Risk Debt-to-common equity ratio0. 32 0. 06 0. 11 0. 01 0. 00 Debt-to-asset ratio0. 18 0. 04 0. 08 0. 01 0. 00 Financial Leverage1. 58 1. 37 1. 34 1. 24 1. 19 Interest coverage ratio159. 70 119. 70 29. 64 646. 52 45342. 67 Cash flow coverage ratio50. 54 70. 75 0. 83 183. 15 (20020. 33) Liquidity Cash conversion cycle92. 15 88. 99 81. 51 78. 28 67. 40 Current ratio1. 85 3. 00 2. 80 2. 93 4. 66 Acid test ratio1. 12 2. 08 1. 70 1. 91 3. 42 Operating cash flow to maturing obligations0. 44 0. 85 0. 36 0. 77 0. 58