The big sleep Essay Example | Topics and Well Written Essays - 1000 words

The large rest - Essay Example This topic is continued further by areas attached to Marlowe. From his eyes, we are offered a brief look at his old place of business with its iron work and wood insides. Here, there was show of style or a sparkle of life that battled to exist even with a clearly kicking the bucket city. At that point, there were additionally the perceptions from different characters, affirmed by Marlowe’s consent and non-verbal communication. In his meeting with the general, for instance, the latter’s initial introduction of Marlowe was that of â€Å"a man with blood on his veins.† (p. 7) before long, Mrs. Regan would state to Marlowe’s face that he is an attractive man and Marlowe recognized it with a snort. Chandler successfully assembled his protagonist’s character right off the bat in the story. The protagonist’s foundation †a came up short on toil †appeared well and good why the style of the account was what it was, basic, clear yet striking in depicting the lavishness, extravagance and debasement of the period. After, all, it was from Marlowe’s eyes that the peruser learn of the story. There are various focuses wherein the portrayal looked like fresh, staccato rhythms showing Marlowe’s character. This was truly astonishing, in any case, particularly when one considers that Chandler is British and the accounts that quickly gone before his work where solidly in the convention of expand and practically botanical exposition. In a scene from the book, there was a case when Harry Jones was relating a story declaration about Mr. Canino, Eddie Mars and the secretive Mona Mars. A while later, when he was separated from everyone else in his office, Marlowe was cited as saying: I went upstairs again and sat in my seat considering Harry Jones and his story. It appeared to be excessively pat. It had the stark straightforwardness of fiction as opposed to the tangled woof of fact.† (p. 115) Here, Chandler unmistakably communicated his perspective on fiction or if nothing else its

Professional Competency Issues free essay sample

Proficient Competency Issues BY dudeck0620 Running Head: Professional Competence Issues Discussion Paper Professional Competence Issues Discussion Paper by Wendy Dudeck Grand Canyon University Dr. Lottie G. Olson-Davidson In getting ready to react to the board protest I would arrange all the data and records relating to the case that demonstrated I made an equipped evaluation of Janets introducing side effects. I would likewise give documentation to demonstrate that educated her that I was a general advisor with the capacity to treat patients with an expansive scope of issues, however didn't have some expertise in any one territory. I would likewise arrange all ocumented examples of research directed and meetings of counsel with managers to guarantee I was giving Janet skillful successful help. It seems clear by the objection that Janet didn't feel that I was skilled to determination and treat her concern. Later on, there are various things I would do to stay away from the reoccurrence of such an issue. We will compose a custom article test on Proficient Competency Issues or then again any comparative point explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page The initial steps I would take to guarantee I am and stay a capable guide are to ensure I effectively keep up my aptitudes, keep on extending my training into different territories and stay up to date with rising procedures, innovations and advancing regions of training. As supported by Dolgoff et. al pp 324 (201 1), We are called upon to commit the whole range of our vocations to creating, keeping up, and improving our fitness. I would likewise take care to guarantee I led a quality appraisal, assessed my own preparation and experience level and look for interview preceding pushing ahead with a case where I question my capacity to offer able assistance. On the off chance that as a starting advisor I were to allude all customers who gave issues I felt were unreasonably hard for me to address, I would not wind up with numerous customers or increase the experience I expected to stay an ompetent instructor. In conclusion I would not push the restrictions of my expert capacities by taking on a customer giving issues outside the domain of my instruction, preparing and experience. I would rather allude that customer to a professional progressively had some expertise in their required treatment zone. I trust it is just normal for an instructor, advisor, and so on , particularly another person to rehearsing, to scrutinize their capacity to ably offer restorative support to customers who present with troublesome issues that the guide doesn't have direct involvement with treating. Nonetheless, Dolgoff et. (2011) notes

Mentorship In College All That It Can Offer You

Mentorship In College All That It Can Offer You College can be and is full of exciting new experiences and opportunities to grow not only as a student, but just as importantly, as a person. Television shows and movies always showcase images of college students excelling at their courses, being involved in numerous organizations, and seemingly doing everything right the first time without any help. Yet the reality of every college students’ life is that we all could use some help sometimes. Don’t let TV fool youâ€"everyone needs some guidance, and guidance is something you should seek in college! Guidance throughout your time in college can not only increase your likelihood of success when it comes to achieving goals you might have, but it also provides a special type of bond with someone that can extend far beyond your college years. This type of guidance would be mentorship, and if you have yet to seek a mentor in college, you will by the end of this post. A mentor has a plethora of benefits in college! It is also important to note that there are several different types of mentors and that you are never “too old” or it’s never “too late” to get a mentor. That mindset is like saying we grow out of needing help or that there’s a time stamp on our right to seek guidance in life. With that in mind, a mentor can be anyone from a professor or graduate student within an academic department to an employer or an older peer. This academic year I have begun serving as a mentor through the registered student organization Reaching Across Classes (RACs) on campus. Peer mentorship is just as important and needed as mentorship from someone who is in a different stage of life than you. As a mentor, I have the ability to relate to my mentees on a number of things. I still remember what it was like to be a freshman attempting to navigate campus and campus life for the first time, and my experiences have proven valuable for my mentees. I can prevent them from making mistakes that I made as a freshman, guide them toward resources and people who can assist them with things that align with their interests, and be someone who is there to celebrate and support them. Being a peer mentor allows me to empathize with the emotions that arise when my mentees can’t find their classes or their first college exam is coming up and their freak-out level is on 10. But even mentors need and can greatly benefit from mentors! While attending the University of Illinois, I have sought mentorship over the past two years from a professor within the History Department. My faculty mentor in the History Department has guided me through everything imaginable. Her guidance in choosing courses that align with my interests is just one of the many big decisions she’s helped me make that have allowed me to make the most of my education. But having a mentor has impacted more than just my academic life on campus. My mentor has also served as someone I discuss my future goals and career plans with, work through any struggles I might be facing, and even assists me with plans for future projects I might have in the works. My experiences with my mentor are just further proof that the type of mentorship you can receive (and give!) on campus can range across an endless scope. A mentor can help you with just about any and everything! A college mentor goes beyond the more obvious academic and career centered benefits. Mentors can also provide you with someone whom you can always seek assistance from, knowing that this person is genuinely rooting for your well-being and success. A personal cheerleader is someone every college student will need at some point, and a mentor provides just that exactly when you need it. That is the real essence of the importance of a mentor in college, because we don’t know everything there is to know, and that’s okay! There are people on campus who are willing to help fill in those gaps of knowledge and experience to ensure that we all succeed in whatever it is we have our hearts set on doing. See my experiences with being and having a mentor as just the beginning of all the ways a mentor can make your college experience easier and more enjoyable. The possibilities are truly endless. Taylor Class of 2021 Hey y’all, I’m a History and Gender and Women Studies double major and a French minor from Chicago! I concentrate in all things Black and Black women studies and love long-distance running.

Internal Sources Of Finance And Finance Essay - 2349 Words

Internal sources of finance: Internal sources of finance are funds that arise from within the business such as profits as they can be retained to grow the finance and selling assets. Retained profit Retained profit is the money kept in the company after paying dividends. It is used to reinvest in the business or to pay debt. It comes by a business after it makes profit and is kept separate to use in other ways such as expanding the business by developing new buildings or certain areas, buying new vehicles, updating the equipment and machinery or the company can also decide to save the money. This is a good method as there is no interest and it doesn t have to be repaid like other loans. It is a long term source of finance since there is no maturity like term loans and debentures. Retained profits are flexible; the administration has control over the money; the amount which must be reinvested and which should be paid as dividends. Yet, business may not make enough profit in order to reinvest or the money could have been invested somewhere else where there are chances of earning a higher profit. It does not operate for new businesses since they haven t made enough profit for inves ting in their own business. Tesco can easily use their retained profit for the above mentioned applications as they make enough profit from selling products. Selling assets Assets such as property, investments, equipment or machines which are no longer needed or have been replaced can be sold inShow MoreRelatedInternal Sources Of Finance Are1491 Words   |  6 PagesInternal sources of finance are: â€Å"Organic growth†- This is when the business sponsors itself to grow and develop. It can be attained through: Generating increasing sales- increasing in revenue to increase the overall gain. Use of retainedRead MoreInternal And External Sources Of Business Finance2171 Words   |  9 Pagesbusiness I am going to be talking about will be a shop called news, food and wine. This shop can use a wide variety of different internal and external sources, this is why I’m going to be using this business. A shop will need business finance because they might want to expand the business, they can’t afford to pay workers or the bills or they have just started up. Internal finance is to do with money that is coming from the owners or already in the company. However external means that the money is beingRead MoreInternal Sources Of Finance Are Inside The Business2513 Words   |  11 PagesInternal sources of finance are inside the business and are made from the company itself by the services they provide, such as selling stock or keeping back a profit. External sources of finance are from outside of the business from elsewhere, such as an owner who invests money into the business, loans from a bank or people you know, debentures which are loans made to the company, a mortgage, hire purchase, leasing or grants. However these are long term external sources, some short term ones couldRead MoreInternal And External Sources Of Finance For Tesco P4978 Words   |  4 Pagesï » ¿Internal and external sources of finance for Tesco Internal sources of finance (Tesco) Retained earnings: A source of finance used by Tesco is retained earnings. Tesco re-invest a certain percentage of their end of the year profits back into Tesco, so they can improve it. Each year Tesco decide how much money they re-invest, this depends on the profit they make. Fixed assets: Another type of an internal source of finance for Tesco is fixed assets. Fixed assets are an asset that is not consumerRead MoreSources of Internal and External Finance for American Chicken959 Words   |  4 Pageschicken on the different sources of finance available to them , both internal and external. By doing this it will help them achieve both of their business objectives mentioned before. Overview There are two sources of finances available to American chicken, internal and external. Internal sources of finance are finances raised from inside the company for example profit that is re-invested into the business known as retained profit. Internal finance is generally the type of finance that a new businessRead MoreSources of Internal and External Finance for Marks and Spencer760 Words   |  3 PagesMarks and Spencer Sources of Internal and External Finance for Marks and Spencer Mark and Spencer is one of the leading UK retail companies that deal in clothing, house hold items and most recently food. It has a range of outlets over the world for it products. Mark and Spencer source of finance is both internal and external which are discussed briefly in this paper. The paper further discusses the use of budget as a means to exercise financial control. Internal source of finance The CorporationRead MoreDescribe Sources of Internal and External Finance for a Selected Business.999 Words   |  4 PagesAll businesses need money to function sufficiently. Where this money comes from is defined as sources of finance. There are two different types of sources of finance: internal (capital from inside the business) and external (capital from outside the business). New businesses starting up need money to spend in long-term assets such as premises and equipment. They also need cash to pay for materials, pay wages, and to pay the day-today- bills such as water and electricity. In-experienced entrepreneurs  oftenRead MoreP4 Describe Sources of Internal and External Finance for a Selected Business.869 Words   |  4 PagesHead of Finance Report From: Monaj Gurung Date: 23rd October 2012 Title: sources of internal and external finance for Waitrose Source of Finance All business needs money in order to operate properly. Finance simply means the management of some amounts of money. And source of finance is generally the place where money comes from. Example Waitrose gets money by selling their products to the customers and hence customers are the different classes Internal and External source of finance. InternalRead MoreDescribe Sources of Internal and External Finance for a Selected Business, Unit 2 P41424 Words   |  6 PagesDescribe sources of internal and external finance for a selected business For a business to run successfully on a daily basis it needs finances. Success comes when a business expands, reinvests and uses human recourses to run. Bentalls need money to run their business effectively and successfully. It needs finance for its daily running of the business for example, paying staff wages, paying bills for electricity and rent, paying taxes on time and ordering stock regularly. For a long term goal, BentallsRead MoreWhat is Finance Management?1598 Words   |  6 PagesWhat is finance management? â€Å"Financial Management is the Operational Activity of a business that is responsible for obtaining and effectively utilizing the funds necessary for efficient operation.† by Joseph Massie. What is capital market? â€Å"Are places where companies which need long term finance can meet investor† (business study guide, p120) P1.1- Identify the sources of finance available to new business you have chosen. Every business needs finance of money to invest; there are a number of ways

Article 370 of the Indian Constitution - Free Essay Example

Sample details Pages: 7 Words: 2006 Downloads: 11 Date added: 2017/06/26 Category Law Essay Type Narrative essay Level High school Topics: Act Essay Did you like this example? ELEMENTS OF LAW PROJECT ARTICLE 370 OF INDIAN CONSTITUTION Article 370 of Indian Constitution Article 370 which lie under the Part XXI of Indian Constitution showcases about the special rights and status given to Jammu Kashmir State, stating it will enjoy different set of laws then the other states. This article looks after the Temporary and Transitional changes along with the special provisions for the benefits of state. It came into act in 1950, and the required changes are made by the president when necessary. Don’t waste time! Our writers will create an original "Article 370 of the Indian Constitution" essay for you Create order Indian parliament can make changes in laws only related to defense, foreign affairs, finance and communication without permissions of state government. At the time of implementation it was set to be temporary, with a view of withdrawing at a right time, without that right time till now. Provisions of article 238 may not be applicable in Jammu Kashmir. The matters mentioned in the Concurrent List as along with Union List are announced by the President with decision with the State about the issues related to the State. The President by passing a notice can make amendments in the application of the Article in the state. These are few important provisions mentioned in Article 370 Jammu and Kashmir government would have 6 year term. They have two different flags for state and nation. People of Jammu Kashmir enjoys dual citizenship, i.e. of the state as well as the country, except a woman marries a person resident of other state, while it remains intact when she marries a Pakistani male. Indian Parliament cannot increase of decrease the border of state. Supreme Court jurisdiction does not apply in Jammu Kashmir. Parliament cannot declare any financial emergency in the state except in situation of war or any external sufferings. No one residing outside the state can purchase the land. The citizens of the state falls in Constitute of Jammu Kashmir rather than the Constitution of India Insulting the nationà ¢Ã¢â€š ¬Ã¢â€ž ¢s symbols like Flag or national anthem is not considered to be the crime in the state. CBI is not allowed to work in the state. History of Article 370 On February 20, 1947 Britishers declared of giving freedom to India by dividing the 562 princely states in majority of Hindus and Muslims. With 14 states under Pakistan while rest 548 joining India. To unite these states à ¢Ã¢â€š ¬Ã‹Å"Instrument of Accessionà ¢Ã¢â€š ¬Ã¢â€ž ¢ was passed, where only the defense, external force and communication will be under the central government. So the result was by the day of independence all the states accepted the proposal except Hyderabad, Junagarh and Jammu Kashmir. Talking of Jammu Kashmir, Hindu maharaja à ¢Ã¢â€š ¬Ã‹Å"Hari Singhà ¢Ã¢â€š ¬Ã¢â€ž ¢ ruled the state with majority Muslim residents. He wanted Jammu Kashmir to be independent state. During that course, Pakistan attacked the state. So with left with no options he decided to join India and he signed the à ¢Ã¢â€š ¬Ã‹Å"Instrument of Accessionà ¢Ã¢â€š ¬Ã¢â€ž ¢ on 26th October 1947. During the period, Sheikh Abdullah leader of Jammu Kashmir under the rule of Yuvraj Karan Singh decided to make a new constitution stating its relation with country India. Yuvraj made use of clause 7 of à ¢Ã¢â€š ¬Ã‹Å"Instrument of Accessionà ¢Ã¢â€š ¬Ã¢â€ž ¢ under the influence of state interim governor Sheikh Abdullah, stating state has right to not follow Indian Constitution fully and make their own constitution. They decided to follow the constitution of year 1939. Jawaharlal Nehru did not force Yuvraj to follow the other states so as a result Article 370 came into existence. With lots of arguments with Dr. Ambedkar and Sardar Vallabhai Patel, at last Constituent Assembly of Jammu Kashmir was formed on 15th February, 1954. There is a mention in the constitution that à ¢Ã¢â€š ¬Ã…“The state is and shall be the part of Union of Indiaà ¢Ã¢â€š ¬Ã‚ . Article 371 mentioning the à ¢Ã¢â€š ¬Ã‹Å"Special Provisionsà ¢Ã¢â€š ¬Ã¢â€ž ¢ have been extended to the state on 27th September 1963. Later Article 356 and 357 were also added. Debates in Parliament on article 370 Before the new Government (before 2014) There have been debates and arguments in the parliament over last 60 years is the parliament on a sensitive issue of Article 370.Temporary provision to Jammu and Kashmir has turned to be immortal due to genuine mistakes of M.P.Jain ,a constitutional expert of saying the State has more measure of autonomy and power than by any other States. According to our Constitutional expert à ¢Ã¢â€š ¬Ã‹Å"Rajiv Dhavanà ¢Ã¢â€š ¬Ã¢â€ž ¢, we cannot remove Article 370 or else it would turn into jeopardy. Inspite of these debates and changes over the years we have never been able to remove the provision on Jammu Kashmir. After the new Government (After 2014) Our new Prime Minister wishes to eliminate the special power given to Jammu Kashmir , but the Chief minister of Jammu Kashmir says à ¢Ã¢â€š ¬Ã…“There would be Article 370 existing or Jammu Kashmir will not be part of India.à ¢Ã¢â€š ¬Ã‚  By having 336 seats from 520 of BJP in Lok Sabha, for passing the law they need 362 as a majority, which they may get from the regional government but it would be very difficult job to turn a desire into reality. Mr. Mir Saifullah, who leads the department of law, justice and Parliamentary Affairs gave a proposal that Law Commission of Jammu and Kashmir will be jurisdiction to review those laws, which have been proposed by the State Legislature and that of Central laws, which have been applicable to Jammu and Kashmir under the name of Article 370. Relevance in the present Scenario Reaction of Indian citizen over Article 370. Indian people feel that there have been partial and higher rights given to Jammu and Kashmir. The different parties of India wishes to eradicate the provision so every citizen of India gets a equal right to live with same level of laws applicable throughout the country. 9 months ago when our Prime Minister made a point in changes in Article 370 there had been a very positive roar from the whole country except the state who are very intent to keep the laws applicable in Jammu Kashmir. The chief Minister of the State is very abundant to be having their own constitution. The people of India with a aim of equal right would keep shouting but the State will always get a higher rights just because that is Jammu and Kashmir and we are fellow Indians. Reaction of People of Jammu Kashmir over Article 370 The people of Jammu and Ladakh are facing high discrimination under the Kashmiri leadership with living a life of second class citizen of the state. The political leader has been very dominated under the Act of Article 370 so they rebutted for having a different state of Jammu Kashmir. It has been said that there are around 2,50,000 refugee living which is somewhere a high risk for the people of state. Some Kashmiri people have been caught in status of permanent residents, just like the à ¢Ã¢â€š ¬Ã‹Å"West Pakistani Refugeeà ¢Ã¢â€š ¬Ã¢â€ž ¢, though which the door might open for people who have come to Kashmir from various states of India which would bring change in demographic structure of India and reduce the power of Kashmiris. Changes required in Article 370 à ¢Ã¢â€š ¬Ã…“Article 370 divides, Article 371 empowers peopleà ¢Ã¢â€š ¬Ã‚  was said by BJP patriarch Mr. LK Advani during the talk on Jammu and Kashmir provisions on Article 370. During the Central Elections our Prime Minister took a point on removing the Article but with so success in it, during the state elections of Jammu Kashmir they portrayed to do betterment for the state first later the other things. Ek desh mein do vidhan, do nishan, do pradhan, nahin chalega, was a very much used slogan by the parliament during the earlier movements in 1952. But only a slogan cannot work the understanding of the state with central is very much necessary. With looking at the scenario it could be seen that it is nearly impossible for the center to make any changes in Article 370 except the approval and acceptance by the state. Article 370 imposes borders on the central power on Jammu Kashmir. Special permissions are required to pass an ordinary legislation in the state. It stops the development of the state while other state gets a better chance to develop. The people of state believe that central would dominate them and their right would get lost. With a hope to grow he world into a family, we should first try to make our country into a family. It has caused difficulty for Kashmiri Brahmin to live in that state alive, due to which they prefer to migrate to other state. If the Article 370 is not lifted, it should be at least modified to make the central government to make the changes at necessary period, so along with other states Jammu Kashmir also gets an equal right to develop in various sectors. The other change which is needed in the Article 370 is to let the people of state live their life with freedom in the country of biggest democracy in the world. The day this article was imposed it was laid with a view to remove it at appropriate time but the state has not allowed to do so. Thus the article 370 has turned to be immortal. Change in Terrorism in Jammu Kashmir It has been seen that terrorism has been decreased in Jammu Kashmir is last few years. The decrease of terrorism cannot be directly linked with Article 370 but yet it is linked with it. Th e people of Jammu Kashmir in their desire to protect the state not only from the Indian constitution but from all the External forces have made them protect the state. The decrease in terrorism has somewhere also helped the state to develop by letting them invest in other industry other then the defence. And as there are restrictions in entering the state the people from other countries cannot easily come in, so the state has seen decrease in terrorism. Success of Article 370 According to the views of People of India over the Article 370, they feel that it should be abolished in the country due to various reasons. From all of them, few are the Article does not give opportunity to the state due to which it is not able to develop. It should be removed as it causes brutal genocide to the Kashmiri Pundits. Article 370 is separating Jammu Kashmir from India. It is not only harming India but also doing a serious damage to Kashmir as well. When we talk about united secular India, T here must be single constitution for all and should respect one flag only. This Article should be surely removed as Indian Parliament cannot play their role here so they undermine the authority of Indian Constitution. Most central laws like Right to Information (RTI), Right to Education (RTE), while the provisions which are related to fiscal laws like Finance Act 1994 (related to service tax), CAG audit, wealth tax and many other are not applicable in Jammu Kashmir. While on the other side of coin this Article 370 should not be removed because it is a very sensitive topic which may hurt the sentiments of the people of Jammu Kashmir. The main important point is that if the Article 370 would be removed Kashmir wonà ¢Ã¢â€š ¬Ã¢â€ž ¢t be part of India, which would be great loss to India where they would lose their jewel of the ring and it would harm Kashmir as well as it would be difficult to protect the state from Pakistan as well as China who are very keen to take over Kashmir. According to me as a citizen of India I feel that Article 370 should be abolished not only for the country to get equal right, but for Jammu Kashmir as well so they grow and take chance of new opportunities to grow. Bibliography https://en.wikipedia.org/wiki/Article_370 https://indiatoday.intoday.in/story/article-370-issue-omar-abdullah-jammu-and-kashmir-jawaharlal-nehru/1/364053.html https://www.thehindu.com/opinion/lead/understanding-article-370/article5426473.ece https://kashmirherald.com/featuredarticle/article370.html https://indiaopines.com/article-370-indian-constitution/ https://www.indiandefencereview.com/news/article-370-the-untold-story/ https://www.greaterkashmir.com/news/2015/Jan/14/separatists-mainstream-oppose-concessions-47.asp https://www.business-standard.com/article/opinion/letters-why-article-370-must-go-114060501412_1.html https://www.kashmirherald.com/featuredarticle/NCRWCArticle370.html https://www.firstpost.com/politics/repe aling-article-370-why-jks-special-status-is-a-political-tinderbox-1546511.html Thank You

Why Do We Judge Each Other’s Speech Free Essays

â€Å"Why do we as human beings’ pass judgment on each other for doing what comes natural to us like eating? I believe that it’s because some of us are scared to take the time to understand what the other party is trying to say, and these are my reasons why. First, the Dictionary defines the word Speech: as the faculty or power of speaking; oral communication; ability to express one’s thoughts and emotions by speech sounds and gesture. The dictionary also defines the word Language: as a body of words and the systems for their use common to a people who are of the same community or nation, the same geographical area, or the same cultural tradition. We will write a custom essay sample on Why Do We Judge Each Other’s Speech? or any similar topic only for you Order Now So by those two definitions we should be able to express our thoughts and emotions by speech sounds and gesture to people who are within our same community or nation, but why does the dictionary state or in between community and nation? Is it because we can speak to one another with the same tone and or accent that other states or countries do not or is it something else? I’m going to leave that answer to you. Second, accent now there’s a word that will help shed some lite on the situation. Accent: the stress of a syllable in terms of differential loudness, or of pitch, or length, or of a combination of these. But is not America made up of different individuals from different nations i. e. Germany, France, Dutch, England, etc. coming together to live as one in peace. I was reading somewhere that the language of regional states is made up of patchwork from different countries that migrated to America. Being that all these countries arrived in America would it be a safe assumption that these same countries adopted the English language as well as vice versa. Maybe with all these countries intergraded into our society it hard to understand witch language to speak? Third, now a days the regions of America are broken up into four groups Eastern, western, mid-western, and southern with every region having their own language, and everyone believes that the other cities/states has the accent not theirs, but through it all there is one language that Americans can agree upon as the master language witch is Blue Collar (Standard English). There are two types of Blue Collar English the original version (The Queans English) and the adopted English we use in America. Both are accepted across the world, and we can understand each other, but The Queans English pronounce its syllables better then American English. Fourth, with in America there are two types of English Standard and Non Standard with Standard English being the dominant language. One cannot receive a well-paying job without learning and speaking Blue Collar English, one cannot be accepted within the Blue Collar community without learning, and speaking Blue Collar English. It is ok to speak nonstandard English within your community, but to get ahead in our society we must learn, read, write, and speak Standard English. These are the standards that we placed upon ourselves is it right some say no, but a lot of other people disagree. Finally, although I’ve been all over the world and tried to understand the culture and dialect of these different countries I’m no better than everyone else I think that my country is the best and we have the best language in the world. Does that make me a bad person no but I do have a lot to work on to better myself as a human. How to cite Why Do We Judge Each Other’s Speech?, Papers

Overview of Iron and Steel Industries in India free essay sample

IRON AND STEEL INDUSTRY Submitted by Vivek Agarwal Roll No-68 | | TABLE OF CONTENTS 1. ACKNOWLEDGEMENT 3 2. ABSTRACT 7 3. INTRODUCTION ON IRON AND STEEL INDUSTRY 8 4. CURRENT SITUATION IN IRON AND STEEL INDUSTRY 9 5. ECONOMIC ANALYSIS 10 a) GDP FACTORS 10 b) INFLATION 13 c) FOREIGN INVESTMENT 15 6. INDUSTRY ANALYSIS 16 a) BUDGET AND ITS IMPACT 17 b) RAW MATERIAL REQUIRED TO MANUFACTURE STEEL 17 c) PRODUCT CLASSIFICATION 18 d) GLOBAL SCENARIO 18 e) SWOT ANALYSIS OF THE INDUSTRY 19 f) FUTURE CONCERN 20 7. WHATS AHEAD 20 8. COMPANY ANALYSIS 21 A. STEEL AUTHORITY OF INDIA LIMITED 21 a) OVERVIEW 1 b) EXPANDING HORIZON 21 c) HOLDING COMPANY 22 d) MAJOR UNITS 22 e) PRODUCTS 23 f) NON-ANNUALISED REPORT FROM 2003-2008 26 g) PROFITABILITY RATIOS 28 h) EARNINGS AND DIVIDEND LEVEL 28 i. ROE 28 ii. EPS 29 iii. P/E RATIO 29 i) BOOK VALUE PER SHARE 30 j) ASSET TURNOVER RATIO 31 k) LIQUIDITY RATIO 32 CURRENT RATIO QUICK RATIO ) LEVERAGE 34 DEBT-EQUITY RATIO 34 INTEREST COVERAGE RATIO 35 j) CAGR OF SALES 36 k) PROJECTED GROWTH 37 l) RECOMMENDATIONS 38 B. TATA STEEL 39 a) OVERVIEW 39 b) STRATEGIC BUSINESS UNITS 40 c) RECENT CHANGES AND DEVELOPMENTS 41 d) GLOBAL DEMAND 1 e) INTERIM RESULTS 42 f) PRIFITABILITY RATIOS 44 g) EARNINGS AND DIVIDEND LEVEL 46 i. ROE 46 ii. EPS 47 iii. P/E RATIO 48 h) BOOK VALUE PER SHARE 49 i) ASSET TURNOVER RATIO 50 k) LIQUIDITY RATIO 51 CURRENT RATIO QUICK RATIO ) LEVERAGE 52 DEBT-EQUITY RATIO 52 INTEREST COVERAGE RATIO 53 m) CAGR OF SALES 54 n) PROJECTED GROWTH 55 o) RECOMMENDATIONS 55 p) REFERENCES 56 ABSTRACT Indias economy is on the fulcrum of an ever increasing growth curve. With positive indicators such as a stable 8-9 per cent annual growth, rising foreign exchange reserves, a booming capital market and a rapidly expanding FDI inflows, India has emerged as the second fastest growing major economy in the world. Steel Industry in India is on an upswing because of the strong global and domestic demand. Indias rapid economic growth and soaring demand by sectors like infrastructure, real estate and automobiles, at home and abroad, has put Indian steel industry on the global map. raw material prices of Global steel to rising coke and iron ore. This project is an attempt to study the major cause prices are witnessing a huge turnaround due responsible for rising raw material prices globally. It also discusses the impact of rise in price on Indian industries. Industries that produce steel and that uses steel as a raw material have been taken into consideration. Rising steel prices can be beneficial to some industries and also be a cause of concern for some industries. The project also contains recommendation for investments in stocks related to these sectors. The role of research is to provide information to the market. The research is based on fundamental analysis of the companies. An efficient market relies on information, a lack of information creates inefficiencies that result in stocks being misrepresented (over or under valued). Research is valuable because it fills information gaps so that each individual investor does not need to analyze every stock. INTRODUCTION TO THE IRON AND STEEL INDUSTRY The history of steel-making in India can be traced back to 400 BC when the Greek emperors used to recruit Indian archers for their army who used arrows tipped with steel. Many more evidences are there of Indians’ perfect knowledge of steel-making long before the advent of Christ. Archaeological finds in Mesopotamia and Egypt testify to the fact that use of iron and steel was known to mankind for more than six thousand years and that some of the best products were made in India. Among the widely-known relics is the Iron Pillar near Qutab Minar in Delhi. The pillar, built between 350 and 380 AD, did not rust so far an engineering marvel that baffles the scientists even today. Yet another engineering feat is the famous Sun Temple at Konark in Orissa, built around 1200 AD, where steel structurals were used for the first time in the world. These were the halcyon days when India flourished in all directions and when its prosperity was a matter of envy for the foreigners. But as ill luck would have it, India’s prosperity gave way to poverty after the advent of the foreign rule. India’s indigenous industry languished because of a deliberate policy of the colonial rulers to make the country only a supplier of raw materials. Steel Role plays a vital role in the development of any modern economy. The per capita consumption of steel is generally accepted as a yardstick to measure the level of socio-economic development and living standards of the people. As such, no developing country can afford to ignore the steel industry. Iron and steel industry forms the backbone of any economy. So, the growth in this sector will ultimately boost the growth of any country. Steel is a material used to build the foundations of society. It is an iron-based material containing low amounts of carbon and alloying elements that can be made into thousands of compositions with exacting properties to meet a wide range of needs. Steel is an essential material for society and an essential material for sustainable development for people to satisfy their needs and aspirations. CURRENT SITUATION IN STEEL INDUSTRY Steel industry is going through a phase never as before. The demand of steel industry is skyrocketing with China preparing for the Olympics. With this rising demand and limited rise in production has lead to a huge mismatch in the demand and supply situation. Adding to this huge mismatch is the rising scarcity of coking coal which has been caused due to floods in Australian mines. The price of raw material i. e. coking coal has seen very sharp prices increase and thus adding to the price rise. Apart of this the iron ore is also seeing the price rise due to rising demand and big players going for an increase as planned since last one years. On the supply side, rise in price of steel can be attributed to a steep rise in the price of critical input materials such as iron ore, coking coal and met coke in domestic and international markets. On the demand side the mismatch in demand and supply is the main reason for the rise in steel prices. When we take the situation of India, India is having iron ore surplus but it is the importer of coking coal. Iron ore surplus is being exported due to price mismatch in other parts like Brazil, China. Thus Indian companies are also going for a price rise. Coking coal prices are being decided by other international players which is found to increase from 98$ per tonnee to nearly $300 per tonnee. Thus in iron ore 65-70% increase had been decided by big players like Australias BHP Billiton and Rio Tinto, and Brazils Companhia Vale do Rio Doce. Reasons likely for price increases are Iron ore demand was ahead of supplies toward the end of last year, due to a variety of problems such as infrastructure, manpower, and equipment shortages. While the situation is unlikely to be different this year, the demand growth may not be as strong as a result of a slowdown in steel production growth rates Thus the 65-71% increase in the prices of iron ore in 2008 contracts has not come as any surprise to the steel industry. The very fact that the Indian origin fines were selling at over $130 per tonne, the prices set in the contracts at about $52 per tonne earlier for 2007 supplies, were far too on the lower side, and realistically speaking one would have expected a larger increase ECONOMY ANALYSIS: GDP FACTORS:- GDP is one of the primary factors used to gauge the health of a country’s economy. GDP is expressed as a comparison to the previous quarter or year. For example, if the year-to-year GDP  is up 4. 5%, this is thought to mean that the economy has grown by 4. 5% over the last year. GDP is calculated by two methods. 1. income approach 2. expenditure method Logically, both measures should arrive at roughly the same level. As one can imagine, economic production and growth, what GDP represents, has a large impact on nearly everyone within that economy. For example, when the economy is healthy, you will typically see  low unemployment and  wage increases as  businesses demand labor to meet the growing  economy. A significant change in GDP, whether up or down, usually has a significant effect on the stock market. Its not hard to understand why a bad economy usually means lower profits for companies, which in turn means lower stock prices. Investors really worry about negative GDP growth, which is one of the factors economists use to determine  whether an economy is in a recession. In the last 15 years INDIA have seen 6 governments, 5 prime ministers and the static growth rate of 8%. India is among the top 15 countries in terms of GDP growth. The Indian economy has witnessed an unprecedented growth. Booming industry sector is providing impetus to the economic growth. [pic] Fig. 1 If we compare the GDP growth rate of India for last 18 yrs we see in 2006-07 it has given fastest GDP growth of 9. 4%. And for the year end 2007 it has given the growth rate of 8. 2%. GDP at current market prices is projected at Rs. 46, 93,602 crore in 2007-08 by the Central Statistical Organization (CSO) in its advance estimates (AE) of Gross Domestic Product. Thus, in the current fiscal year, the size of the Indian economy at market exchange rate will cross US$ 1 trillion. At the nominal exchange rate (average of April-December 2007) GDP is projected to be US$ 1. 16 trillion in 2007-08. Per capita income at nominal exchange rate is estimated at US$ 1,021. According to the World Bank system of classification of countries as low income, middle income and high income, India is still in the category of low income countries. Also the contribution of industry segment to the growth is remarkable. And it is adding to the robust performance of the Indian economy. [pic] Fig. 2 And for any economy iron and steel industry lays the foundation for the growth of the economy. So, with this pace of GDP growth rate the growth of the iron and steel industry has been remarkable. Also during April-Nov 2007 it has given a growth rate of 16. 60 %. And to the manufacturing industry it contributed a growth of 10. 02%. Which it self says signifies the strong growth of the industry Source: CSO and indiabudget. nic. in [pic] Now, as can be seen that the India projected GDP growth is very high compared to other Asian countries. And the iron and steel industry contributes remarkably high to the growth of the economy. So, it’s also expected that the iron and steel industry will boom at the same pace as GDP in the years to come. INFLATION: Inflation is defined as a sustained increase in the general level of prices for goods and services. It is measured as an annual percentage increase. As inflation rises, every Rupee you own buys a smaller percentage of a good or service. The inflationary rates as per different price indices for the last 4 years are as shown. [pic] With the increased inflation the demand of the finished goods of iron and steel declined during the year 2004-05. this was all because of the increase in the prices of critical raw materials like- iron ore, coking coal and non-coking coal. For these major steps that were taken by the central govt. are- Customs duty on non alloy steel was reduced from 15 % to 10 per cent and on alloy steel from 20 per cent to 15 per cent. In August 2004, the customs duty on non-alloy steel was further reduced from 10 per cent to 5 per cent; on melting scrap from 5 per cent to zero and on ships for breaking from 15 per cent to 5 per cent. Customs duty on several raw materials used by the steel sector like noncoking coal, met coke and nickel has been reduced to 5 per cent and on coking coal to zero. With this all the total production rose to 38 million tonnes and consumption to 36 MT. this was with CAGR of 7. 3% by the end of financial year 2005. With the increase in inflation the prices of iron and steel were rocketing. But the industry was not affected due to the huge demand in the infrastructure, automobile, oil and gas transportation, etc. In the last three months the prices of iron and steel has increased by approximately 60-65% due to the huge increase in the prices of the raw materials. Also the govt. is trying to bring down the prices of steel. So, this sector is facing the double edged- sword one is the margin pressure and other the govt. pressure. India inflation surged to a three year high 0f 7. 13% as primary articles prices riced. A rise in prices of mineral was a significant factor. Increase in iron and steel rose by 19% which has a weight of 3. 64%. thus this has been a significant cause of concern to the government to have a check on this matter. This all has forced government to take various actions. Government is also thinking to put iron and steel in essential commodities. It is also planning to ban future trading of iron. o, it can be concluded that the industry has huge growth prospects given proper measure been taken to meet the forthcoming demand in the industry. FOREIGN INVESTMENT: Foreign investment comes in two forms, foreign direct investment (FDI) and foreign portfolio investment. While foreign direct investment is for setting new projects and i s long term in nature of foreign portfolio investment is in form of investment in security market. Recognizing the importance of foreign direct investment for economic growth, India has, among other things, entered into free trade agreements with Singapore and Thailand. Govt. measures that have been taken to FDI are: Govt. as liberalized the foreign investments in iron and steel industry. They are also providing land for the foreign players. Like- Lakshmi Mittal Of this we can also see that lots of mergers and acquisitions has undergone by the big players like- TATA-CORUS HINDALCO-NOVELIS ARCELOR MITTAL-POSCHO This also signifies that these players are seeing this sector a booming sector and forecasts the demand of steel in near future to be very large. Data released by the country’s central bank show that the net foreign investments through the portfolio investment route stood at $6. 49 billion in January 2008 against net equity sales of close to $3. 2 billion during the mon th. Foreign portfolio investors, however, invested $484 million in debt during the month. Cumulative FII investment in the secondary market is pegged at $63 billion in equity and $4. 1 billion in debt by capital markets regulator SEBI. Net FII inflows during April-January this year amounted to $31 billion, according to the RBI data. Of this the portfolio investment is huge in steel industry. Because foreign players see this sector as a fast growing industry. So, again this shows that the sector is seen to be booming and will show tremendous growth in the coming years. This all will be marked by the coming demand in infrastructure. Common-wealth games in 2010. Demand in automobiles, etc INDUSTRY ANALYSIS: The iron and steel industry in India is organized in three categories’ viz. main producers, other major producers and the secondary producers. The main producers and other major producers have integrated steel making facility with plant capacities over 0. 5 mT and utilize iron ore and coal/gas for production of steel. In 2004-05, the main producers i. e. SAIL, TISCO and RINL had a combined capacity of around 19. 3 mT and capacity utilization was 104 percent. The other major producers comprising of ESSAR, ISPAT and JVSL had a capacity of 6. 4 mT with capacity utilization of 97 percent. The secondary sector is dispersed and consists of: a) Backward linkage from about 120 sponge iron producers that use iron ore and non-coking coal, with a capacity of around 13 mT, providing feedstock for steel producers. The capacity utilization in 2004-05 was 75 percent. (b) About 650 mini blast furnaces, electric arc furnaces, induction furnaces and energy optimizing furnaces that use iron ore, sponge iron and melting scrap to produce steel. Their capacity is around 14. 7 mT, and capacity utilization in 2004-05 was 58 percent. (c) Forward linkage with about 1,200 re-rollers that roll out semis into finished steel products for consumer use. These are small and medium enterprises, whose reported capacity is around 15 mT, and capacity utilization in 2004-05 was 55 percent. BUDGETAND ITS IMPACT Describing the Budget as marginally positive for the steel sector, Tata Steel Managing Director B Muthuraman said The Honble Finance Minister has referred to Steel Industry in India as oligopolistic, but I wish to mention that total steel production in India is less than half of the largest steel producer in the world To meet future steel demand of a growing nation like India, we need new capacities of global scale To facilitate setting up of new investments, government needs to provide a launching pad for investments in steel production by removing existing hurdles. Reduction in the peak excise duty and cutting duties on project import would have positive impact on steel and other capital-oriented industries; he said pointing out that slashing customs duty on steel-melting scrap would not have any impact on Tata Steel. Reacting to the Budget, Indian Steel Alliance President Moosa Raza said the steel industry was disappointed as the Finance Minister did not address their demand for increasing export duty of the mineral, which is a key input for steel making. the Steel industry is disappointed that its request for taking physical and fiscal measures for conservation of iron ore resources for the benefit of the country has been overlooked. This is essential as the STEEL industry apprehends that iron ore resources in India may not last for 2030 years if ore exports continue at the current rate, RAW MATERIAL REQUIRED TO MANUFACTURE STEEL IRON ORE 55% COKING COAL 28. 78% LIMESTONE AND DOLOMITE 11% FERRO MANGANESE 0. 10% ZINC AND ZINC ALLOYS 0. 12% SULPHUR AND OTHERS 5% As we see that the Coking coal and iron ore are major contents of steel production thus it can be easily said that price rise is mainly due to the rise of raw material and thus government cannot bring the prices down significantly with the decrease in import duty on coal or by banning exports. PRODUCT CLASSIFICATION: a. IRON ORE: Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron sides and vary in colour from dark grey, bright yellow, deep purple, to rusty red. The iron itself is usually found in the form of magnetite (Fe3O4), hematite (Fe2O3), goethite, limonite or siderite. 98% of the mined iron ore is used to make steel. b. PIG IRON: Raw cast iron of uniform shape and size, usually a rough bar. c. SPONGE IRON: Sponge iron is the product created when iron ore is reduced to metallic iron, usually with some kind of carbon (charcoal, etc), at temperatures below the melting point of iron. This results in a spongy mass, sometimes called a bloom, consisting of a mix of incandescent wrought iron and slag. d. FLAT STEEL e. LONG STEEL f. ALLOY STEEL GLOBAL SCENARIO: India occupied the eighth position in terms of worldwide crude steel output. India’s per capita steel consumption is low at 30 kg compared to global standards for developed countries at 400 to 500 kg. CONSUMPTION: World steel consumption increased during 1998-2003 (+ 26%) far faster than world GDP (+19%). The principal engine for growth was China, which accounted for about 70% of the 175 million tonne increase. Other significant increases are occurring in other parts of Asia (led by Korea) and in Eastern Europe (i. e. , Russia, Ukraine, Kazakhstan, etc. ) PRODUCTION: Rising demand has been supplied primarily from increased production in Asia. The largest increase occurred in China, where production grew by some 128 million tonnes during 1998-2003, to 232 million tonnes. Other parts of Asia are also increased production significantly, as did Eastern European economies. PRICES: Strong market conditions have resulted in marked increases in â€Å"spot† steel prices world-wide. Also, in last three months the prices of iron and steel have increased nearly by 20-25%. KEY MARKETS: a. Infrastructure b. Automobile c. Oil and gas pipelines SWOT ANALYSIS OF THE INDUSTRY: The strengths, weaknesses, opportunities and threats for the Indian steel industry have been tabulated below. The national steel policy lays down the broad roadmap to deal with all of them. [pic] FUTURE CONCERN Steel Minister is concerned about demand and capacity of major producers of the alloy. He is aiming to know the impediments to investments envisaged around Rs 3, 00,000 crore . The government is concerned about the rising shortages. The government will meet leading steel producers to discuss the reasons behind the increasing demand-supply gap in the sector and take stock of their mega expansion plans. He is also likely to discuss the bottlenecks impeding fructification of major investments in the country as we are envisaging an investment of Rs 2, 80,000 crore by 2011-12. The minister is particularly concerned that the demand-supply gap has caused 67 per cent rise in steel imports. Steel consumption in India is growing at nearly 12 per cent and in view of the anticipated growth in infrastructure and manufacturing sectors, the demand is further likely to grow by 14-16 per cent during the next few years. During April-December 2007, domestic steel demand grew at 12. 2 per cent over the same period of previous year. However, production has grown at 6. 6 per cent in April-December of current financial year. This demand-supply gap has caused a 67 per cent rise in imports. The official pointed out that for the first time, India became net importer of steel in 2006-07, which has caused some concern, and the government is making all-out efforts to facilitate supply growth by way of faster commissioning of envisaged steel projects — both brown-field and greenfield. The companies like Rashtriya Ispat Nigam Ltd, Steel Authority of India Ltd, JSW, Essar, Tata Steel, Ispat, Posco, ArcelorMittal, Bhushan Steel and Power Ltd among others has been analysed by government. The steel producers are facing problems in executing capacity-expansion plans, which relate to securing captive raw-material linkage and land acquisition. WHATS AHEAD Prices of iron and steel are not expected to see any downside lower than 10% from its current price seeing the demand structure and rising raw material price. Through this project I have tried to show the reasons leading to such price rise and forecast that the future price due to government involvement. In the final project taking the price change I will analyze the effect on various iron and steel companies and companies that use steel as a raw material. The project will contain recommendation on investments in the steel sector and other related companies. Thus as a whole my project will be helpful for the company to know about good investment opportunity with such changing scenario. This analysis will be done taking into account the company’s backward integration by acquiring the source of raw material. COMPANY ANALYSIS STEEL AUTHORITY OF INDIA LTD Overview: SAIL traces its origin to the formative years of an emerging nation India. After independence the builders of modern India worked with a vision to lay the infrastructure for rapid industrialization of the country. The steel sector was to propel the economic growth. Hindustan Steel Private Limited was set up on January 19, 1954. The President of India held the shares of the company on behalf of the people of India. EXPANDING HORIZON: Hindustan Steel (HSL) was initially designed to manage only one plant that was coming up at Rourkela. For Bhilai and Durgapur Steel Plants, the preliminary work was done by the Iron and Steel Ministry. From April 1957, the supervision and control of these two steel plants were also transferred to Hindustan Steel. The registered office was originally in New Delhi. It moved to Calcutta in July 1956 and ultimately to Ranchi in December 1959. A new steel company, Bokaro Steel Limited, was incorporated in January 1964 to construct and operate the steel plant at Bokaro. The 1 MT phases of Bhilai and Rourkela Steel Plants were completed by the end of December 1961. The 1 MT phase of Durgapur Steel Plant was completed in January 1962 after commissioning of the Wheel and Axle plant. The crude steel production of HSL went up from . 158 MT (1959-60) to 1. 6 MT. The second phase of Bhilai Steel Plant was completed in September 1967 after commissioning of the Wire Rod Mill. The last unit of the 1. 8 MT phase of Rourkela the Tandem Mill was commissioned in February 1968, and the 1. 6 MT stage of Durgapur Steel Plant was completed in August 1969 after commissioning of the Furnace in SMS. Thus, with the completion of the 2. 5 MT stage at Bhilai, 1. 8 MT at Rourkela and 1. 6 MT at Durgapur, the total crude steel production capacity of HSL was raised to 3. 7 MT in 1968-69 and subsequently to 4MT in 1972-73. Holding company: The Ministry of Steel and Mines drafted a policy statement to evolve a new model for managing industry. The policy statement was presented to the Parliament on December 2, 1972. On this basis the concept of creating a holding company to manage inputs and outputs under one umbrella was mooted. This led to the formation of Steel Authority of India Ltd. The company, incorporated on January 24, 1973 with an authorized capital of Rs. 2000 crore, was made responsible for managing five integrated steel plants at Bhilai, Bokaro, Durgapur, Rourkela and Burnpur, the Alloy Steel Plant and the Salem Steel Plant. In 1978 SAIL was restructured as an operating company. Since its inception, SAIL has been instrumental in laying a sound infrastructure for the industrial development of the country. Besides, it has immensely contributed to the development of technical and managerial expertise. It has triggered the secondary and tertiary waves of economic growth by continuously providing the inputs for the consuming industry. MAJOR UNITS: INTEGRATED STEEL PLANTS: †¢ BHILAI STEEL PLANT IN CHATTISGARH †¢ DURGAPUR STEEL PLANT IN WEST BENGAL †¢ ROURKELA STEEL PLANT IN ORISSA †¢ BOKARO STEEL PALNT IN JHARKJAND †¢ IISCO STEEL PLANT IN WEST BENGAL SPECIAL STEEL PLANTS †¢ ALLOY STEEL PLANTS IN WEST BENGAL †¢ SALEM STEEL PLANT IN TAMIL NADU †¢ VISVESVARAYA IRON AND STEEL(VISL) IN KARNATKA SUBSIDIARY †¢ MAHARASTRA ELEKTROSMELT LIMITED (MEL) IN MAHARASTRA PRODUCTS: product wise Product Wise | |  Ã‚  Semis |Blooms, Billets Slabs    | |  Ã‚  Long Products |Structural | | |Crane Rails | | |Bars, Rods Rebars | | |Wire Rods    | |  Ã‚  Flat Products |HR Coils, Sheets Skelp | | |Plates | | |CR Coils Sheets | |GC Sheets GP Sheets and Coils | | |Tinplates | | |Electrical Steel    | |  Ã‚  Tubular Products    |Pipes    | |  Ã‚  Railway Products |Rails | | |Wheels, Axles, Wheel Sets    | Plant Wise | |  Ã‚  Bhilai Steel Plant |Blooms, Billets Slabs Beams | | |Channels, Angles | | |Crane Rails | | |Plates | | |Rails | | |Pig Iron, Chemicals Fertilizers | |  Ã‚  Bokaro Steel Plant |HR Coils Sheets | | |Plates | | |CR Coils Sheets | | |GP Sheets Coils/ GC Sheets | | |Pig Iron, Chemicals Fertilizers | |  Ã‚  Durgapur Steel Plant |Blooms, Billets Slabs | | |Joists, Channels, Angles | | |Bars, Rods Rebars | |Skelp | | |Wheels, Axles, Wheel Sets | | |Pig Iron, Chemicals Fertilizers    | |  Ã‚  Rourkela Steel Plant |HR Coils | | |Plates | | |CR Coils Sheets | | |GP Sheets/ GC Sheets | | |Tinplates | | |Electrical Steel | | |Pipes | | |Pig Iron, Chemicals Fertilizers    | |  Ã‚  Salem Steel Plant |Stainless Steel | RECENT DEVELOPMENTS AND CHANGES IN SAI L 2000 Steel authority of India ltd. , TATA steel ltd. And kalyani steels ltd. Entered into An agreement for the creation of an internet based global, independent B2B. Steel authority of India ltd. , TATA steel and kalayani steels ltd signed a joint venture Agreement for the formal creation of metaljunction. com Pvt. Ltd. , to manage their e-marketplace, metaljunction. com. 2003- sail e-business achieves 100 cr mark. Losses slide down by 70% in 2002-03 compared to 2001-02. Share price hits 52 week high of 31. 90 on 11/08/2003 Bhilai plant records Rs 320 crore steel exports. 2004- Metal junction (MJ)- the online trading and procurement joint venture of TATA Steel and steel authority of India limited has roped in UTI bank to start off own equipment for TATA steel. Sail signs strategic agreement with BHP Billiton Sail Bhilai steel plant has been adjusted best performing steel plant in the Country for the year 2003-04. 2005- GAIL ties up with SAIL 2007- Sail has inked a traffic guarantee pact with rail vikas nigam limited (RVNL) under the ministry of railways, for transportation of 5 lakh tones of imported coking coal per year using the pradip-haridaspur line. 008- SAIL signed a joint venture agreement with M/s JAI Prakash Associates Limited(JAL) for formation of a joint venture company (JVC) for set up a cement plant for producing 2 million tones of cement at Bokaro(Jharkhand) by using slag generated at Bokaro steel plant of SAIL. NON-ANNUALISED REPORT FROM 20032008 | |   | | | | |Steel Authority Of India Ltd. | | 2006 2007(F) 2008(F) 2006/07 2007/08 | |   | | |European Union (25) 184. 7 187. 4 191. 0 1. 5% 1. % | |Other Europe 27. 9 29. 8 31. 7 6. 5% 6. 4% | |C. I. S. 48. 4 51. 4 54. 4 6. 1% 6% | |N. A. F. T. A. 154. 9 150. 1 156. 6 -3. 1% 4. 3% | |Central South America 36. 0 38. 2 40. 5 6. 1% 6% | |Africa 21. 6 23. 1 24. 9 6. 95 7. % | |Middle East 36. 8 40. 2 43. 6 9. 1% 8. 4% | |China 356. 2 402. 5 442. 8 13% 10% | |India 43. 1 47. 5 52. 8 10. 2% 11. 2% | |Asia excl. India China 195. 6 200. 5 204. 4 2. 5% 1. 9% | |Oceania 7. 9 8. 0 1. % 0% | |World 1113. 2 1178. 7 1250. 6 5. 9% 6. 1% | |World exc. China 756. 9 776. 1 807. 8 2. 5% 4. 1% | |   |   | INTERIM RESULTS (ANNUAL) |Interim results – Annual |   | | Tata Steel Ltd. Mar 2002 | Mar 2003 | Mar 2004 | Mar 2005 | Mar 2006 | Mar 2007 |Sep-07 | |Rs. Crore (Non-Annualized) |12 mths |12 mths |12 mths |12 mths |12 mths |12 mths |6 mths | |- |   |   |   |   |   |   | | |Income |6798. 83 |8783. 4 |10851. 31 |14686. 1 |15470. 26 |18038. 2 | | | Net sales |6697. 49 |8721. 32 |10702. 39 |14498. 95 |15215. 5 |17552. 02 |8982. 67 | | Other income |101. 34 |50. 39 |148. 66 |176. 61 |254. 76 |433. 67 |240. 44 | | Profit on sale of investment |15. 71 |0 |8. 15 |28. 58 |0 |0 | | | Non-recurring income |0 |11. 69 |0. 26 |10. 54 |0 |52. 51 | | | Profit on sale on assets |0 |0 |0 |0 |0 |0 | | | Tax refunds |0 |11. 9 |0 |0 |0 |0 | | | Provisions written back |0 |0 |0 |0 |0 |0 | | | Other extra ordinary income |0 |0 |0 |0 |0 |0 | | | Deferred tax credits |0 |0 |0. 26 |10. 54 |0 |52. 51 | | |Export income |0 |0 |0 |0 |2051. 2 |1957. 91 | | |- |   |   |   |   |   |   | | |Expenditure |5653. 33 |6648. 91 |7438. 07 |8583. 24 |9330. 69 |10783. 36 | | | Raw materials/trdg. goods |1400. 61 |1749. 97 |2245. 42 |3020. 42 |3024. 38 |3572. 06 |1543. 34 | | Raw materials stores and spares |1216. 29 |1290. 95 |1478. 29 |1715. 14 |2368. 3 |3121. 46 | | | Purchase of finished goods |184. 32 |459. 02 |767. 13 |1305. 28 |656. 08 |450. 6 | | | Change in stock |11. 38 |-15. 03 |-80. 31 |-289. 55 |-104. 91 |-82. 47 | | | Personnel cost |1097. 97 |1217. 72 |1349. 59 |1289 |1351. 51 |1456. 3 | | | Power fuel |690. 03 |734. 77 |667. 53 |712 |819. 17 |921. 69 | | | Royalties, technical know-how fees |0 |0 |0 |0 |0 |0 | | | Rent hire charges |0 |0 |0 |0 |0 |0 | | | Advertising expenses |0 |0 |0 |0 |0 |0 | | | Marketing expenses |578. 53 |695. 77 |0 |0 |0 |0 | | | Freight/distribution expenses |0 |0 |748. 44 |936. 68 |1004. 32 |1117. 45 | | | Travel expenses |0 |0 |0 |0 |0 |0 | | | Loss on sale of investments |0 |0 |0 |0 |0 |0 | | | Other expenses |1647. 79 |2036. 14 |2276. 31 |2785. 04 |3183. 45 |3593. 19 |3054. 18 | | Impaired assets |0 |0 |0 |0 |0 |0 | | | Non-recurring expenses |227. 02 |229. 57 |231. 09 |129. 65 |52. 77 |204. 1 | | | Loss on sale of assets |0 |0 |0 |0 |0 |0 | | | Other extra ordinary expenses |0 |0 |0 |0 |0 |0 | | |- |   |   |   |   |   |   | | |Profit s / Losses |   |   |   |   |   |   | | |PBDIT |1145. 5 |2134. 49 |3413. 24 |6102. 86 |6139. 57 |7254. 84 |3724. 61 | | Interest |369. 75 |304. 82 |122. 17 |186. 8 |124. 51 |173. 9 |282. 14 | |PBDT |775. 75 |1829. 67 |3291. 07 |5916. 06 |6015. 06 |7080. 94 |3682. 91 | | Depreciation |524. 75 |555. 48 |625. 11 |618. 78 |775. 1 |819. 29 |416. 25 | |PBT |251 |1274. 19 |2665. 96 |5297. 28 |5239. 96 |6261. 65 |3266. 66 | | Total tax provisions |46. 1 |261. 88 |919. 74 |1823. 12 |1733. 58 |2039. 5 | | | Corporate tax/direct taxes |15. 5 |261. 88 |920 |1833. 66 |1579 |2076. 01 | | | Fringe benefit tax |0 |0 |0 |0 |27 |16 | | | Deferred tax |30. |0 |0 |0 |127. 58 |0 | | |PAT |204. 9 |1012. 31 |1746. 22 |3474. 16 |3506. 38 |4222. 15 |2412. 94 | |- |   |   |   |   |   |   | | |Growth (%) |   |   |   |   |   |   | | | Net sales |-2. 06 |30. 22 |22. 72 |35. 47 |4. 94 |15. 36 | | | Total expenses |4. 31 |17. 61 |11. 87 |15. 4 |8. 71 |15. 57 | | | PBDIT |-22. 14 |86. 34 |59. 91 |78. 8 |0. 6 |18. 17 | | | Interest |-1. 82 |-17. 56 |-59. 92 |52. 9 |-33. 35 |39. 67 | | | PBDT |-29. 14 |135. 86 |79. 87 |79. 76 |1. 67 |17. 72 | | | Depreciation |6. 6 |5. 86 |12. 54 |-1. 01 |25. 26 |5. 7 | | | PBT |-58. 34 |407. 65 |109. 23 |98. 7 |-1. 08 |19. 5 | | | PAT |-62. 98 |394. 05 |72. 5 |98. 95 |0. 93 |20. 1 | | |- |   |   |   |   |   |   | | |Profitability (%) |   |   |   |   |   |   | | | PBDIT / sales |17. 1 |24. 47 |31. 89 |42. 09 |40. 35 |41. 33 | | | PBDT / sales |11. 58 |20. 98 |30. 75 |40. 8 |39. 53 |40. 34 | | | PBIT / sales |9. 27 |18. 11 |26. 05 |37. 82 |35. 26 |36. 67 | | | PBT / sales |3. 75 |14. 61 |24. 91 |36. 54 |34. 44 |35. 67 | | | PAT / sales |3. 06 |11. 61 |16. 32 |23. 96 |23. 04 |24. 06 | | |- |   |   |   |   |   |   | | |Capital |367. 97 |367. 97 |369. 18 |553. 67 |553. 67 |580. 67 | | |Reserves |3077. 99 |2816. 3 |4146. 68 |7326. 67 |9201. 63 |13368. 42 | | |Earnings per share (basic) |5. 51 |2 7. 43 |31. 55 |62. 77 |63. 35 |73. 76 |39. 61 | |Earnings per share (diluted) |0 |27. 43 |31. 55 |62. 77 |63. 35 |73. 76 |39. 1 | |   |   |   |   |   |   |   | | | Half yearly EPS for the year Fy2008 is 39. 61. so we assume the annual EPS for the FY2008 is 79. 22 PROFITABILITY RATIOS PROFIT AFTER TAXES (PAT) [pic] PAT of the company has increased considerably from 1. 87 in 2002 to 20. 47 in 2009. the trend shown by the graph clears that the growth rate of PAT has been linear till 2007 but for last 2 years it has been steady. This was all due to the contraction in the margin pressure because of rising prices of raw materials. But with the increased demand in the near future because of no. of reasons it’s expected to give an increased PAT. PROFIT BEFORE DEPRECIATION AND TAXES pic] PBDT of the company has shown similar trend as that of PAT of the company. Which approves to the fact of PAT trend. But the profitability ratios are expected to increase for the company. EARNINGS AND DIVIDEND LEVEL RETURN ON EQUITY [pic] Return on equity of the company till 2005 has seen remarkable growth. But since then the growth in ROE declined. The declined is just a misnomer because the equity capital of the company increased in these years. The company came up the right issues and other ways to increase the capital. So, in all the return on equity for the company with its equity capital is highly appreciated. EARNING PER SHARE [pic] Here, with the above graph we can see that the earning per share of the company has always given linear growth. Which shows that the company has very strong hold of the market and is very promising. The investment in the company will give a good return always to the investors. P/E RATIO [pic] . The p/e ratio of the company if seen is always declining compared to the previous years. This was majorly contributed to the increased EPS compared to the share price of the company. But the p/e of the industry is again close to 10. so, in that way it can in some way be said that the share price of the company is a bit overvalued. ASSET TURNOVER RATIO [pic] ATR of the company show a decline in the recent years. This was majorly contributed to the factors of huge investment undergone by the company in terms of asset. LIQUIDITY RATIO QUICK RATIO [pic] The quick ratio of the company has increased considerably in the last 2 years. This means the company has large cash and bank balances to meet its current liabilities. CURRENT RATIO [pic] As seen in the quick ratio, the similar trend is seen in the current ratio. So, again with the same reference it approves to the above fact that the company is liquid enough to meet its current liabilities. DEBT-EQUITY RATIO [pic] The debt-equity much lesser than 1. hich means the debtors are less compared to the Equity, so, there is less risk associated with the investors funds. INTEREST COVERAGE RATIO [pic] As seen from the above graph, it can be seen that the company has shown a linear growth till 2006. but since then the ITR has declined by nearly about 50%. But still it is high enough to meet its inter est on loans, etc. and this has resulted all because of he recent loans taken by the company to meet its acquisition. So, with such an expansion the ITR is expected to grow again in the next 4-5 years. Moreover, this expansion may give more good of the returns. Which will boost the PAT of the company. And ultimately the it is the investors who are going to drive the benefit out of it. GROWTH PERFORMANCE [pic] the growth performance here is in terms of the net sales. The company has given uneven growth in the 6 years. But from last 2 years, net sales of the company have increased which accompany with the boom in the steel sector. This boom is expected to remain for at least next 3-5 years. The reason behind lots of infrastructure developments coming up. Now, with the strong clues from the company of increasing demand of steel. The profit of the company is also going to increase. Also. With its presence felt in EUROPE it going to make good profits in the coming years. RECOMMENDATION: BUY REFERENCES http://www. economywatch. om/business-and-economy/steel-industry. html http://www. jpcindiansteel. nic. in/nspolicy2005. pdf www. Indiabudget. com www. economictimes. com www. rbi. in www. kotaksecurities. com www. motilaloswal. com www. abnnewswire. net/press/en/48355 www. projectsmonitor. com/detailnews. asp? www. financialexpress. com/news/Iron-ore-price-rise-accept ww w. business-standard. com/common/news_article. php? leftnm=1=313446 www. Tatasteel. com www. sail. co. in www. jsw. in www. wikipedia. com http://uk. reuters. com http://www. ipcindiansteel. nic. in www. steelworld. com www. steelguru. com prowess -14. 65 PAT SWOT ANALYSIS OF THE INDUSTRY: [pic] 9. 4% . 4% 7. 5% 8. 5% 4% -2. 41 10. 38 20. 62 10. 66 14. 41 -20 -15 -10 -5 0 5 10 15 20 25 2002 2003 2004 2005 2006 2007 2008 2009 PAT PAT -14. 65 -2. 41 10. 38 20. 62 10. 66 14. 41 -20 -15 -10 -5 0 5 10 15 20 25 2002 2003 2004 2005 2006 2007 2008 2009 PAT D/E RATIO 6. 02 6. 23 1. 72 0. 5 0. 27 0. 19 0 1 2 3 4 5 6 7 2002 2003 2004 2005 2006 2007 2008 2009 D/E RATIO BVPS 0 5 10 15 20 25 30 35 2002 2003 2004 2005 2006 2007 2008 2009 2010 BVPS ATR 0. 59 0. 78 0. 96 1. 15 1. 047 1. 102 0 0. 2 0. 4 0. 6 0. 8 1 1. 2 1. 4 2002 2003 2004 2005 2006 2007 2008 2009 ATR QUICK RATIO 0. 14 0. 21 0. 35 0. 71 0. 66 0. 97 0 0. 2 0. 4 0. 6 0. 8 1 1. 2 2002 2003 2004 005 2006 2007 2008 2009 QUICK RATIO CURRE NT RATIO 0. 63 0. 78 0. 83 1. 28 1. 31 1. 67 0 0. 2 0. 4 0. 6 0. 8 1 1. 2 1. 4 1. 6 1. 8 2002 2003 2004 2005 2006 2007 2008 2000109 CURRENT RATIO ICR 0. 07 0. 78 3. 75 15. 43 13. 73 29. 09 0 5 10 15 20 25 30 35 2002 2003 2004 2005 2006 2007 2008 2009 ICR PAT 1. 87 9. 1 12. 68 20. 33 19. 75 20. 47 0 5 10 15 20 25 2003 2004 2005 2006 2007 2008 2009 2010 PAT ATR 5. 41 2. 93 3. 23 1. 79 0. 31 0. 23 0. 00 1. 00 2. 00 3. 00 4. 00 5. 00 6. 00 2003 2004 2005 2006 2007 2008 2009 2010 ATR QUICK RATIO 0. 42 0. 39 0. 33 0. 29 1. 46 0 0. 2 0. 4 0. 6 0. 8 1 1. 2 1. 4 1. 6 2003 2004 2005 2006 2007 2008 2009 QUICK RATIO