How to View Quality Theory from a Contingency Perspective Essay

Step by step instructions to View Quality Theory from a Contingency Perspective - Essay Example This doesn't imply that the work procedure ought to get routinized. Or maybe, enough adaptability must be kept up, so as to meet a wide range of future changes and possibilities. In the cutting edge dynamic business world this is a long way from being valid. Henceforth there is the need is to build up a possibility way to deal with the quality administration hypotheses. The possibility point of view of value the board expresses that there can be no single administration hypothesis which can be utilized as an answer in all associations under each condition. Subsequently all the components of the executives, that is arranging, sorting out, staffing and guiding should be fit to the necessities of the association. The different components whereupon such dynamic depends, incorporate different natural factors just as a few inside possibilities. (Stahl, 1999, p 78) The specialists accept that the quality administration is comprised of two viewpoints in particular, quality control and quality learning. Though control alludes to the utilization of the quality improvement speculations in an association, learning alludes to the utilization of the equivalent in a possibility point of view. These two components are additionally impacted by different arbitrators like the authoritative structure and the natural vulnerability, which thus influences the general execution. The directors need to have a successful harmony between these two clashing objectives in the association, to viably manage the situational vulnerabilities of the business. In this way it tends to be said that the fruitful working of an association is reliant on the versatility of its interior change procedures to its outside condition and to the possibilities happening because of the idea of its business. (Giaever, 1998) An inquiry can be posed in such manner, regardless of whether the Quality in itself is unexpected or not. (Beckford, 2003, p. 151). There might be two elements of this inquiry. The first is the quality, which is dictated by estimating the yield of the association.

The Edible Woman Essays - Guggenheim Fellows, New Canadian Library

The Edible Woman Accomplishing Personal Identity in Atwood's The Edible Woman In the novel, The Edible Woman by Margaret Atwood, the chief character Marian McAlpine sets up a very much coordinated and adjusted character by dismissing the mastery of social shows, and overcoming her own lack of involvement. Through this procedure to mindfulness, Atwood utilizes symbolism and imagery to viably resemble Marian's excursion and cartoons to depict the jobs of the ?devouring' society. As Marian stands at an essential point in her life, she inspects and dismisses the jobs introduced to her by society so as to accomplish self-information. She is 26 years of age with her training behind her. She has her first employment just as, her beau Peter Wollander, who is the last lone ranger of his companions. Consequently, Marian starts to examine her future and the kind of lady she will turn into. Working at Seymour Surveys for four months, she is qualified and obliged to contribute a Pension Plan. Marian is compelled to review her future at the organization. Atwood utilizes the picture of a frozen yogurt sandwich to speak to the structure of the organization and it's abuse of ladies. Just men get the ?high class' positions on the highest floor of the place of business; machines and their administrators structure a sort of current slave work on the base floor. ?The gooey layer in the middle?(p.12) is for the most part comprised of ladies who are housewives working for low co mpensation in their extra time. Marian can dare to dream to turn into the head or partner of her specialty like Mrs. Bogue, prompting a future as a resigned old maid. This job is the primary she dismisses. Another alternative is introduced in the three ?office virgins?, a trio of colored blondies who speak to society's generalization of a young lady. They mean to remain virgins till marriage and travel before settling down. They dress femininely and wear guileful make-up which Atwood looks at to a teased draw for ?greedy as pike' businesspeople. Marian is awkward with the appearance of these ladies and the generalization they speak to. Marian additionally investigates the picture of herself as a spouse and mother, through her pregnant companion Clara. Atwood looks at Clara to ? a boa-constrictor who gulped a water-melon?(p.25). Clara's body speaks to the manner by which a lady's body can gain out of power, in the event that she permits nature to follow all the way through. Clara, as Marian sees, is littering the world with youngsters for no particular reason. Therefore, Clara turns into a vegetable unfit to have an independent mind or to think. Marian rejects Clara's variant of a lady's job since she thinks it is flippant and shaky. A fourth option is her flat mate, Ainsley, who speaks to the savage female. Atwood describes her as a mix of military general and inactive vegetable development. Ainsley plots to impregnate her self through Len Shank and bring up the kid alone, afterward attempts to constrain him into marriage. To Marian, Ainsley is far to commanding and unethical. In dismissal of these jobs, Marian is left in an unfilled state and capitulates to nonsensical conduct because of her absence of self-information. Marian's commitment to Peter strengthens her tensions about what's to come. Preceding his proposition, Marian hears a chasing story of Peter's; he portrays murdering and gutting a bunny. Unreasonably, Marian feels a frenzy as in tense as a pursued creature as she relates to the hare. She runs from Peter, an activity she doesn't comprehend. Atwood represents that she fears turning into a casualty of Peter's, similar to the bunny. Later that night, she stows away under the couch bed in Len's loft. Atwood presents this unreasonable motion of getaway with suggestions of a bunny tunneling or the craving to come back to a straightforward existence of the belly. Marian's intuitive instruments of departure are vanquished by Peter's desire as a predator. Marian permits herself to be vanquished, along these lines following society's desires for a la dy. Likewise, she acknowledges Peter proposition and says, ?I'd preferably leave all the important choices up to you?(p.87) to the wedding plans. Marian's commitment distinguishes her principle obstruction to an incorporated character: her over the top aloofness. At work, she does things that are not an aspect of her responsibilities. At home, she lets Ainsley and the proprietor scare her. She even cleans the tub

Vietnam War Brigadier General Robin Olds

Vietnam War Brigadier General Robin Olds Brought into the world July 14, 1922, in Honolulu, HI, Robin Olds was the child of then-Captain Robert Olds and his significant other Eloise. The most seasoned of four, Olds spent most of his youth at Langley Field in Virginia where his dad was positioned as a helper to Brigadier General Billy Mitchell. While there he additionally connected with key officials in the US Army Air Service, for example, Major Carl Spaatz. In 1925, Olds went with his dad to Mitchells celebrated court-military. Wearing a youngster size air administration uniform, he watched his dad affirm for Mitchells sake. After five years, Olds flew just because when his dad took him on high. Settling on a military vocation at an early age, Olds went to Hampton High School where he turned into a champion in football. Declining a progression of football grants, he chose for take a time of study at Millard Preparatory School in 1939 before applying to West Point. Learning of the flare-up of World War II while at Millard, he endeavored to leave school and enroll in the Royal Canadian Air Force. This was hindered by his dad who constrained him to remain at Millard. Finishing the course of study, Olds was acknowledged to West Point and entered the administration in July 1940. A football star at West Point, he was named an All-American in 1942 and later was cherished in the College Football Hall of Fame. Figuring out how to Fly Choosing administration in the US Army Air Forces, Olds finished his essential flight preparing in the mid year of 1942 at the Spartan School of Aviation in Tulsa, OK. Returning north, he went through cutting edge preparing at Stewart Field in New York. Accepting his wings from General Henry Hap Arnold, Olds moved on from West Point on June 1, 1943, subsequent to finishing the academys quickened wartime educational program. Dispatched as a subsequent lieutenant, he got a task to answer toward the West Coast for preparing on P-38 Lightnings. This done, Olds was presented on the 479th Fighter Groups 434th Fighter Squadron with orders for Britain. Battling About Europe Showing up in Britain in May 1944, Olds group immediately entered battle as a component of the Allied air hostile preceding the intrusion of Normandy. Naming his airplane Scat II, Olds worked intimately with his group boss to find out about airplane upkeep. Elevated to chief on July 24, he scored his initial two kills the next month when he brought down a couple of Focke Wulf Fw 190s during a bombarding assault over Montmirail, France. On August 25, during an escort crucial Wismar, Germany, Olds destroyed three Messerschmitt Bf 109s to turn into the groups first pro. In mid-September, the 434th started changing over to the P-51 Mustang. This necessary some change on Olds part as the single-motor Mustang took care of uniquely in contrast to the twin-motor Lightning. Subsequent to bringing down a Bf 109 over Berlin, Olds finished his underlying battle visit in November and was given two months leave in the United States. Coming back to Europe in January 1945, he was elevated to major the next month. On March 25, he got order of the 434th. Gradually expanding his score through the spring, Olds scored his last execute of the contention on April 7 when he demolished a Bf 109 during a B-24 Liberator a strike over Lã ¼neburg. With the finish of the war in Europe in May, Olds count remained at 12 executes just as 11.5 pulverized on the ground. Coming back to the US, Olds was allocated to West Point to fill in as an associate football trainer to Earl Red Blaik. After war Years Olds time at West Point demonstrated brief the same number of more seasoned officials disdained his fast ascent in rank during the war. In February 1946, Olds acquired an exchange to the 412th Fighter Group and prepared on the P-80 Shooting Star. Through the rest of the year, he flew as a feature of a fly show group with Lieutenant Colonel John C. Pappy Herbst. Seen as a rising star, Olds was chosen for a US Air Force-Royal Air Force trade program in 1948. Making a trip to Britain, he told No. 1 Squadron at RAF Tangmere and flew the Gloster Meteor. With the finish of this task in late 1949, Olds turned into the activities official for the F-86 Saber-prepared 94th Fighter Squadron at March Field in California. Olds next was provided order of the Air Defense Commands 71st Fighter Squadron based at the Greater Pittsburgh Airport. He stayed in this job for a great part of the Korean War in spite of rehashed demands for battle obligation. Progressively discontent with the USAF, in spite of advancements to lieutenant colonel (1951) and colonel (1953), he discussed resigning yet was talked out of it by his companion Major General Frederic H. Smith, Jr. Moving to Smiths Eastern Air Defense Command, Olds mulled in a few staff assignments until accepting a task to the 86th Fighter-Interceptor Wing at Landstuhl Air Base, Germany in 1955. Staying abroad for a long time, he later directed the Weapons Proficiency Center at Wheelus Air Base, Libya. Made Deputy Chief, Air Defense Division at the Pentagon in 1958, Olds delivered as arrangement of prophetic papers calling for improved aerial battle preparing and the expanded creation of customary weapons. In the wake of helping with creating the financing for the arranged SR-71 Blackbird program, Olds went to the National War College in 1962-1963. Following graduation, he instructed the 81st Tactical Fighter Wing at RAF Bentwaters. During this time, he brought over previous Tuskegee Airman Colonel Daniel Chappie James, Jr. to Britain to serve on his staff. Olds left the 81st in 1965 in the wake of framing an aeronautical showing group without order approval. Vietnam War After brief help in South Carolina, Olds was provided order of the eighth Tactical Fighter Wing at Ubon Royal Thai Air Force Base. As his new unit flew the F-4 Phantom II, Olds finished a quickened instructional class on the airplane before withdrawing to participate in the Vietnam War. Selected to ingrain forcefulness into the eighth TFW, Olds promptly put himself on the flight plan as a tenderfoot pilot after showing up in Thailand. He urged his men to prepare him well with the goal that he could be a successful pioneer for them. Soon thereafter, James got Olds together with the eighth TFW and two got referred to among the men as Blackman and Robin. Expanding worried about F-105 Thunderchief misfortunes to North Vietnamese MiGs during shelling missions, Olds structured Operation Bolo in late 1966. This called for eighth TFW F-4s to mirror F-105 tasks with an end goal to bring adversary airplane into battle. Executed in January 1967, the activity saw American airplane down seven MiG-21s, with Olds killing one. The MiG misfortunes were the most noteworthy endured in one day by the North Vietnamese during the war. A dazzling achievement, Operation Bolo viably disposed of the MiG risk for the majority of the spring of 1967. In the wake of sacking another MiG-21 on May 4, Olds destroyed two MiG-17s on the twentieth to raise his aggregate to 16. Throughout the following barely any months, Olds proceeded to by and by lead his men into battle. With an end goal to bring spirit up in the eighth TFW, he started growing a renowned handlebar mustache. Duplicated by his men, they alluded to them as impenetrable mustaches. During this time, he abstained from killing a fifth MiG as he had been cautioned that should he become a pro over Vietnam, he would be eased of order and carried home to lead exposure occasions for the Air Force. On August 11, Olds led a strike on the Paul Doumer Bridge in Hanoi. For his presentation, he was granted the Air Force Cross. Later Career Leaving the eighth TFW in September 1967, Olds was made Commandant of Cadets at the US Air Force Academy. Elevated to brigadier general on June 1, 1968, he attempted to reestablish pride in the school after an enormous bamboozling embarrassment had darkened its notoriety. In February 1971, Olds became executive of aviation wellbeing in the Office of the Inspector General. That fall, he was sent back to Southeast Asia to give an account of the battle status of USAF units in the locale. While there, he visited bases and flew a few unapproved battle missions. Coming back to the US, Olds composed a searing report wherein he offered profound worries with respect to an absence of aerial battle preparing. The next year, his feelings of trepidation were demonstrated genuine when the USAF caused a 1:1 murder misfortune proportion during Operation Linebacker. With an end goal to help the circumstance, Olds offered to take a decrease in rank to colonel so he could come back to Vietnam. At the point when this offer was won't, he chose for leave the administration on June 1, 1973. Resigning to Steamboat Springs, CO, he was dynamic in open undertakings. Cherished in the National Aviation Hall of Fame in 2001, Olds later kicked the bucket on June 14, 2007. Olds cinders were buried at the US Air Force Academy. Chosen Sources Robin Olds: BiographyAce Pilots: Major Robin Olds in World War IIUS Air Force: Legendary Fighter Pilot Robin Olds Dies

About Yourself Essay Samples

About Yourself Essay SamplesIf you have decided to write an essay about yourself, then you should know about how to plan about yourself essay samples. You need to include your own opinion and ideas on your own ideas and thoughts in the essay.You can plan about yourself essay samples by keeping the following ideas in mind. It is important to keep a record of the opinion you had during the night. Keep the idea of each and every day and sketch out the ideas you had at the time.To plan about yourself essay samples, you can use the resources that are online. You can download them and print them. It will be easier for you to remember your thoughts and opinions when you read it in a printed form. This way, you can be sure that what you wrote on paper is what you really believe in.To prepare a sample essay, you can look for information about different colleges and universities. It is possible that there are other students who are going through the same kind of experience as you are. It is up to you to find out which is the best school for you. You can decide what the best school for you is by finding out the requirements of the schools.If you do not know how to plan about yourself essay samples, you can also read up the details about the review education systems. You can also read up the latest records and statistics about the student in the present and the past. These are some of the ways you can use to plan about yourself essay samples. If you are serious about finishing your degree, then it is important for you to choose the right college.Sometimes, the students take up only a single subject, but it is important for them to study many subjects. In order to plan about yourself essay samples, you can find out the common points that many students are involved in. These points are the same as the reason why they are required to complete the degree. You can use this information to make a good argument about your educational background.After you have finished reading the essay sample about yourself, you can submit it online or print it out. The information provided on the essay will help you decide which college is the best for you.

The Controversy over Ultima - 1038 Words

The Controversy over Ultima There is some controversy over a character in the book Bless Me Ultima, by: Rudolfo Anaya. Ultima is a controversial character because some people think she is a witch or bruja. Other people think that she is a curandera or an herb doctor. She could be a bruja, a curandera, or she could be both. There are some credible events to explain how she is a witch. Ultima has some people accusing her of being a witch. There are quite a few people that believe she is a witch. They have some good reasons for thinking this. She does use voodoo dolls against Tenorio’s daughters, that doesnt help her case. â€Å" When she was done she stood the three dolls around the light of the flickering candle,and I saw three women. Then Ultima spoke to the three women. â€Å" You have done evil,† she sang, â€Å" But good is stronger than evil, â€Å"And what you sought to do will undo you...(101).†That’s not the only thing she uses that could be considered black magic. She uses herbs from the llano to help people. She believes that the herbs she gets can do a number of things.† Ultima and I walked in the hills of the llano, gathering the wild herbs and roots for her medicines. We roamed the entire countryside and up and down the river. I carried a small shovel with which to dig, and she carried a gunny sack in which to gathe r our magic harvest (39).† She also believes that to pick an herb you have to speak to it.†For Ultima, even the plants had a spirit, and before I dug she made me speakShow MoreRelatedBless Me, Ultima Literary Analysis714 Words   |  3 Pagesâ€Å"Bless Me, Ultima† by Rudolfo Anaya Literary Analysis Throughout the context of â€Å"Bless Me Ultima,† it is evident that there are many motifs and examples of dichotomy. I believe that Anaya uses the previously mentioned elements of literature in order to provoke his readers’ thinking and help embody a struggle of understanding the world we live in. Motifs in this novel include: family, dreams, religion, education, and the list continues. For examples of dichotomy, the idea of good versus evil isRead MoreBless Me, Ultima Literary Analysis Essay714 Words   |  3 PagestSam Ennis Period #4 20 September 2012 â€Å"Bless Me, Ultima† by Rudolfo Anaya Literary Analysis Throughout the context of â€Å"Bless Me Ultima,† it is evident that there are many motifs and examples of dichotomy. I believe that Anaya uses the previously mentioned elements of literature in order to provoke his readers’ thinking and help embody a struggle of understanding the world we live in. Motifs in this novel include: family, dreams, religion, education, and the list continues. For examplesRead MoreAn Analysis Of Bless Me Ultima831 Words   |  4 PagesBless me Ultima How or why did it become controversial? Rudolfo Anaya’s best novel Bless me Ultima had one of the greatest impact in the Latino community. The story is based on a youngRead MoreSt.Jerome Essay4572 Words   |  19 Pagesliber), composed ca. 380 in Constantinople; this is a translation into Latin of the chronological tables which compose the second part of the  Chronicon  of  Eusebius, with a supplement covering the period from 325 to 379. Despite numerous errors taken over from Eusebius, and some of his own, Jerome produced a valuable work, if only for the impulse which it gave to such later chroniclers as  Prosper,  Cassiodorus, and  Victor of Tunnuna  to continue his annals. Important also is  De viris illustribus, written

Strong Attachment and Life Changes for Children - 798 Words

A transition in childcare is moving from one situation to another this usually involves a change of a physical environment and a change of carer for part of the day such transitions could include child-minders, private day nurseries, crà ¨che, children centre, primary to secondary school, moving house, moving school, puberty, nappy’s to toilet and cot to bed. If a child is moving countries it will be major effect on their social development because it will be a complete different place for the child, they will need to go to a new school and make new friends, intellectually the child will not be learning as well because it’s a new area, this will be a big transition for them but also this can be good for the child because they are good at making new friends also the friends can show them around the environment which will be a positive development. If a child’s parents have a divorce, this can bring a big transition to the child’s life. Not getting love from both parents. The child might be upset most of the time and have low self-esteem. They might be upset about this in school which might make them behind on work and they might not be interacting with friends and family. Physically the child will not be eating properly because of stress of parents and also wouldn’t learn intellectually as well. Some children may experience frequent or multiple transitions this could include parents separating, moving from primary to secondary. Moving schools or houses. Moving from primaryShow MoreRelatedThe Attachment Theory and Factors Damaging to Attachment1163 Words   |  5 PagesAttachment Theory Relationships are the building block for personality and are significant in children’s ability to grow into substantial individuals who can thrive in an often harsh world. Constructing lasting and fulfilling relationships is an integral part to development as the interpersonal bonds forged are not only highly sought after but also set the ground work for all upcoming expressive interactions. Relationships and attachment go hand in hand as attachment is the strong and lasting linkageRead MoreEarly Infant Attachment And Subsequent Development1005 Words   |  5 PagesAnalyze the research on early infant attachment and subsequent development. The infant-caregiver relationship is vastly important to the proper and healthy development of an infant and throughout the duration of the infant’s life. 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One of the first theorists that formulated this theory was John Bowlby. He proposed that, based on infants interactions with caregivers, infants construct expectations about relationships in the form of internal working models- cognitive representationsRead MoreAttachment Is The Best Educational Environment For Their Students1313 Words   |  6 Pagespleading their father to stay with them during parent drop-off at school. This is known as attachment and is a very critical part of child development. Attachment is a strong emotional bond that forms between infant and caregiver in the se cond half of the child’s first year. (Parke 201) Although attachment is developed within the first year of a child’s life, it is measurable way beyond that time-frame. Attachment is categorized in four different ways. It is important for preschool teachers to be able

Assessment Of Into The Wild Essay Example For Students

Assessment Of Into The Wild Essay Although precisely on target in his assessment of Chris McCandless being in touch with the bare-bones essence of nature, Gordon Youngs preceding description of Chris should be rephrased: A profoundly Un-American figure, uncompromising in his approach and thoroughly optimistic about the future. For Chris McCandless did not set out to show or prove his American character. Neither does he approve or want to exemplify a true modern American character, because true American character does not seek solitude, preferring the saddle to the streetcar, or the star-sprinkled sky to a roof, or, especially, the obscure and difficult trail, leading into the unknown, to any paved highway and the deep place of the wild to the discontent bred by cities, as states Everett Ruess. In fact, in todays world of never-ending comforts and conveniences, nature and getting away means setting up a tent in the backyard, or driving our RV to a campground, plugging in the heat, the television, and the cell phone and drinking a beer. Yes, Chris McCandless exemplified what it is to be unconventional, untraditional, nature-loving. Whats more important, Chris showed us a particular degree of freedom, what true liberty is aboutthe freedom not only of the individual, but the freedom of something much higher than thatthe freedom of the mind. Freedom from societal restraints of always having to be someone, playing some role. More than anyone, so far, Chris has shown me a true identity, for in a place where one is alone for miles around, a place where survival is an hourly task, where the only surroundings are the wild life, where one is surrounded by constant paradoxical issues beauty and danger, life of nature and death in nature, physical restraints such as hunger and complete freedom of the intellect and mind, a place where the only companions are Leo Tolstoy, Henry David Thoreau, and Jack London, themselves unimposed individuals with a capacity to love nature and a desire to be freeif in such a place a man cannot be simply a man, his own selfthere will never be such a place and time of individuality. If one cannot find an identityhis true self here, he will never find it. It is an interesting concept, nature and freedom. For nature allows us to escape from our timeour societal-imposed schedule, our time clock and switch to natures clockan interesting concept, for, if anything, it restricts us in many different ways: sundown signifies sleep and cold, rain shows us unavoidable wetness and misery, and dawn is a time of awakening. Thus, in some ways, it is a restriction. Spiritually, however, it is a freedom through connection with naturegoing at natures pace, at a NATURAL pace, not at our own artificially-created, societal-imposed pace. Nature also signifies another sort of intellectual freedom: the freedom to be yourself, the freedom from having to play a role. And in this way, nature is an ultimate test: without the cell phones and guns, the air conditioning and gasoline-powered conveniences, the individually-wrapped Twinkie bars and packaged water, are we strong enough ourselves to survive within the nature without all these conveniences weve created for ourselves? It is a test of worthiness of our existence on this planet, worthiness of claiming ourselves as a part of nature. Chris showed us, and the nature, that some of us are at least strong enough to attempt such an existence, to undergo such trial: he tried proving to the nature that we, as people, are worthy of such a claim. Chris, however, did not set out to prove anything to nature, or really, to anyone. Chris journey was a spiritual one, and a selfish one so selfish, in fact, that he did not care about the effect of his actions on others, such as his family. Chris did not raise pledges and donate that to charity although he did give away his possessions and savings in an effort to rid himself of superficial baggage. Nor did he publicize what he had set out to do. Chris journey was a personal crusade of a search for inner and outer solitude, of life off the land, of ridding self of that which hinders us from being ourselves. .u74b1452f4481af0af26431b9cdab3708 , .u74b1452f4481af0af26431b9cdab3708 .postImageUrl , .u74b1452f4481af0af26431b9cdab3708 .centered-text-area { min-height: 80px; position: relative; } .u74b1452f4481af0af26431b9cdab3708 , .u74b1452f4481af0af26431b9cdab3708:hover , .u74b1452f4481af0af26431b9cdab3708:visited , .u74b1452f4481af0af26431b9cdab3708:active { border:0!important; } .u74b1452f4481af0af26431b9cdab3708 .clearfix:after { content: ""; display: table; clear: both; } .u74b1452f4481af0af26431b9cdab3708 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u74b1452f4481af0af26431b9cdab3708:active , .u74b1452f4481af0af26431b9cdab3708:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u74b1452f4481af0af26431b9cdab3708 .centered-text-area { width: 100%; position: relative ; } .u74b1452f4481af0af26431b9cdab3708 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u74b1452f4481af0af26431b9cdab3708 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u74b1452f4481af0af26431b9cdab3708 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u74b1452f4481af0af26431b9cdab3708:hover .ctaButton { background-color: #34495E!important; } .u74b1452f4481af0af26431b9cdab3708 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u74b1452f4481af0af26431b9cdab3708 .u74b1452f4481af0af26431b9cdab3708-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u74b1452f4481af0af26431b9cdab3708:after { content: ""; display: block; clear: both; } READ: Bartleby- The Scrivener EssayHis was a search of what life is about, and I greatly admire his personality, his intellect, and his strength in having done what he did. I admire his quest for knowledge, his seeking own identity, and what he might find as well as, to a certain degree his naivety and stupidity, although this is what killed him, yet both of these are what kept him on this quest. The saying God watches out for fools and drunks is true in Chris caseGod kept him safe for a long time so that Chris could discover what he discovered for himself. No, Chris certainly does not represent an American character in todays societyhe represents and can be associated with some one from the great tradition of American literature, from Huck Finn to Jack London and from Thoreau to Ernest Hemingway.

The Bell Jar Analysis Essay. Sylvia Plaths Novel Literary Criticism

The Bell Jar is a semi-autobiographical novel having names of places and individuals altered and it tells six months in the life of its central character, Esther Greenwood, an over-achieving college student from the suburbs of Boston, Massachusetts. Written by the American writer and poet, Sylvia Plath, the book was initially published in London, England, under the pseudonym â€Å"Victoria Lucas† in January 1963, and it was in 1966 that the novel was first published under the author’s real names.Advertising We will write a custom essay sample on The Bell Jar Analysis Essay. Sylvia Plath’s Novel Literary Criticism specifically for you for only $16.05 $11/page Learn More By 1971, due to the desires of Plath’s husband and mother, the publishing of the novel in the U.S. started to take place and it received several positive reviews. An analysis and interpretation of this compelling novel reveals that it parallels Plath’s ow n experiences. In the opening chapters of the novel, the author introduces the initial situation by illustrating the life of Esther, a college student, working as an intern at a women’s magazine in New York together with numerous other successful college girls (Bloom, 20). Nonetheless, regardless of the fact that Esther had almost all things that a young woman can desire to have, her life is full of a devastating sense of disaffection and hopelessness. In spite of having a dreamy boyfriend, an excellent academic performance, and a comfortable job as an intern, Esther is terribly unhappy with her life and she feels that the community is grooming her for a docile life in future. During summer holidays, she gets back home to a Boston suburb where she proves her most horrible fears about herself. Her bitter relationship with her mom coupled with her dismissal from the summer writing program increased her emotions of alienation and despair for the rest of the summer period. This i s the conflict in the story. Next, Plath introduces elements of conflict in the story. As the summer was nearing to an end, Esther’s conduct became more unpredictable as her hopelessness increased, even after visiting a psychiatrist and performing an electroshock therapy. After a few uncertain trials at suicide, she made up her mind to end all her sufferings by creeping into a void beneath her house and consumed an excess dose of sleeping pills; however, she was saved in the nick of time a few days later when she was barely alive. Further, the author introduces suspense in the story in depicting Esther’s situation for the first few days following her unsuccessful suicide attempts. The time she spent at the psychiatric wards of the first two different hospitals did nothing to alleviate her suffering; however, the initiative that Philomena Guinea, the woman who sponsored her college scholarship, took to take her to a private psychiatric institution assisted her in coming out of her depressed state.Advertising Looking for essay on comparative literature? Let's see if we can help you! Get your first paper with 15% OFF Learn More Thereafter, the author introduces aspects of denouement in the story. At the private institution, Esther’s condition got better until she was given more freedom to go walking in town, which made her to enter into a sexual relationship with a Harvard professor. Unfortunately, she bled profusely during this encounter and her fellow psychiatric patient, Joan, assisted her to come out of the ordeal. However, Joan committed suicide a few days later. As the novel ends, Esther is entering into an exit interview and one can assume that he is indeed going to be released from the psychiatric institution. Esther says, â€Å"I have been born twice—patched, retreated and approved for the road† (Plath, 244) and makes her back to the society again. Outstandingly, several events in the novel parallel those of the life of its writer. Both the author and her fictional counterpart lost their father at their childhood, both were skillful poets who were distinguished for wining prices and scholarships, and somehow similar to Esther, Sylvia went through electroshock therapy and went missing after a suicide attempt, thereafter she was hospitalized for psychotherapy. Imitating the initial chapters of the book, Sylvia’s real-life magazine was at Mademoiselle Magazine in the early 1950s and Philomena Guinea parallels Sylvia’s own patron, Olive Higgins Prouty, who funded her education while she was a student at the prestigious women’s college known as the Smith College located in Northampton, Massachusetts. Sylvia was dismissed from a Harvard class taught by Frank O’Connor and Sylvia’s personal therapist, Ruth Beuscher, is widely believed to parallel Dr. Nolan who attended to Esther in the novel. A significant potion of the book that talks about the hospitaliza tion of Esther is thought to be based on the incidences recorded by Mary Jane Ward in her autobiographical novel The Snake Pit; consequently, the fact that Sylvia was a patient at McLean Hospital resembles the â€Å"snake pit† experience depicted in Ward’s book (Ward, 5). It is important to note that Sylvia Intentionally based the depiction of Esther being in hospital on the practices and techniques described Ward’s novel. When the novel was initially published under its pseudonym, Sylvia was dissatisfied by the assessments that passed judgment on the book as a feminist corresponding item to the works of the American author, Jerome David Salinger. The assessments were lukewarm, since British reviewers pointed that it was an analysis of American society and considered the title character to be a desperate individual, and, sadly, less than one month following the initial publication of the novel, Sylvia committed suicide through asphyxiation.Advertising We wi ll write a custom essay sample on The Bell Jar Analysis Essay. Sylvia Plath’s Novel Literary Criticism specifically for you for only $16.05 $11/page Learn More The major theme of the novel is a feminist one. Its main character goes through various difficulties under the restricted responsibilities available for the women of her time and the inferiority of women to men; thus, the story is a protest at the expectations that women are obliged to comply with so as to be regarded normal and victorious in the male-dominated society. One of the minor themes of the book is its portrayal of anxiety about death. The protagonist’s suicidal imaginations as well as imaginations of death pervade the book. She is so incapacitated with anxiety that most of the time she does not respond to the things taking place around her and she feels often in the â€Å"hell† of her own mind. For example, this quotation, â€Å"†¦wherever I sat-on the deck of a s hip or a street cafà © in Paris or Bangkok I would be sitting under the same glass bell jar stewing, in my own sour air†(Plath, 185), introduces the symbol of the bell jar in the novel. This illustrates that Esther’s suicidal imaginations are derived from a sense of suffocating isolation because of the large gap that exists between the expectation of the community about her and her own feelings and experiences, and, as such, she retreats more within herself as the bell jar is covered tightly over her. And, in the last chapter, Esther’s supposed cure is depicted: â€Å"How did I know that someday—at college, in Europe, somewhere, anywhere—the bell jar, with its stifling distortions, wouldn’t descend again?† (Plath, 241). A poem that Sylvia wrote in the month of her death named â€Å"Balloon† also illustrates this theme of anxiety of death. In the poem, she attempts to write down her thoughts about life, centering on the Christma s holiday she had just enjoyed with her family members. Moreover, she also centers on a baby boy squeaking a balloon; however, in the end, the balloon is burst, leaving only a slice of red in the baby’s fist: â€Å"Then sits Back, fat jug contemplating a world clear as water. A red Shred in his little fist† (Plath, last paragraph). Thus, the â€Å"Balloon† early images are incorporeal, and then the culmination approaches, without anything. In conclusion, the novel is in the genre of coming-of-age fiction because of the way it marked out the path of Esther, the protagonist in the story, as she moved in a crucial period in her life from an inexperienced teenager to an experienced young woman. The story is told in the narrator point-of-view; that is, the events are filtered through the novel’s protagonist, which forces the readers to follow what happens inside her head.Advertising Looking for essay on comparative literature? Let's see if we can help you! Get your first paper with 15% OFF Learn More However, as much as this narrative style gives the readers a first hand information of what is happening, it becomes difficult to get an objective view of Esther or a more detailed analysis of the other characters in the novel. Narrated from the protagonist’s point-of-view, the novel’s tone is cynical, tormented, and humorous in its portrayal of the events that take place. Works Cited Bloom, Harold. Sylvia Plath’s The bell jar. New York, NY : Bloom’s Literary Criticism, 2009. Print. Plath, Sylvia. â€Å"Balloons.† Poemhunter.com. Poem Hunter, 5 Feb. 1963. Web. Plath, Sylvia. The bell jar. New York: Harper Perennial, 2006. Print. Ward, Mary. The snake pit. Cutchogue, N.Y.: Buccaneer Books, 1983. Print. This essay on The Bell Jar Analysis Essay. Sylvia Plath’s Novel Literary Criticism was written and submitted by user Declan V. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Brave New World Conformity Essay Research Paper Example

Brave New World Conformity Essay Research Paper Example Brave New World Conformity Essay Paper Brave New World Conformity Essay Paper Essay Topic: Brave New World In Aldous Huxley’s novel Brave New World. Huxley creates a futuristic universe governed by conformance and entry to society. Citizens of this World State are conditioned to follow a set life style determined at birth in order to make a stable civilisation. However. there is still some signifier of individualism in each individual. specifically in the characters Bernard. Lenina. and Linda. Within each of these characters. their difference in personality does non suit the norms of society. and they hence try to stamp down their ain traits with alone methods such as haoma. In times of unhappiness and desperation. Bernard. Lenina. and Linda each give up a portion of their ain individualism and political orientation. lodging to the conventions of the World State society which accordingly adds to their battle of seeking to suit in with the remainder of the universe. Looking at Bernard. his physical visual aspect sets him apart from being a normal Alpha: â€Å"Bernard’s build was barely better than that of the mean Gamma† ( 64 ) . Along with his physical visual aspect. Bernard besides has the capableness to believe otherwise than most citizens of the World State. apparent on his day of the month with Lenina when he remarks about the sea: â€Å"It makes me experience as though. . as though I were more of me. . . Not merely a cell in the societal body† ( 90 ) . However. despite his different physical and personality traits. he doesn’t exert his differences that would dispute the World State. For illustration. he strives to desire to be like Helmholtz. â€Å"wishing. . . that he could hold every bit many misss as Helmholtz did. † alternatively of encompassing himself for who he is ; Bernard continually falls into conformance and attempts to follow an order than is non compatible with whom he is. Alternatively of researching and oppugning the universe around him. he takes haoma as his signifier of suppression to seek to work out his jobs of suiting into society. When Bernard gets humiliated in forepart of the Arch-Community Songster. he chooses to take haoma which merely delays his job further and makes his status worst: â€Å"The poisoning of success had evaporated ; he was gravely his old ego. . . the old ego seemed unprecedentedly heavier than the environing atmosphere† ( 178 ) . By puting aside his personal traits. he becomes another conformist to the conventions of World State. Similarly. Lenina possesses mental features that do non suit into the World State. Lenina tends to be in a relationship with merely one cat. instead than traveling out with many cats as conditioned by the World State. Once John comes to see the World State. Lenina instantly falls in love with him and can non halt believing about him. exposing human emotions that citizens should non hold in the World State. Her human emotions are evident during the eventide when she waits for John to come out for the Arch-Community Songster: â€Å" . . . she sat in a corner. cut off from those who surrounded her by an emotion which they did non portion. . . † ( 173 ) . From her personality. Lenina is fit for a love that involves emotion and connexion. but Lenina decides to stay by her society and chooses to hold a love surrounding by blind sex and no feelings. Through this determination. she conforms to the norm. actively lending to the conditions of her society antonym of her true ego. She goes farther to take haoma after John does non demo up for Bernard’s presentation. which. similar to Bernard’s haoma hole. merely prolongs her job: â€Å"But in the intervals I still like him. I shall ever wish him† ( 188 ) . Through her use of haoma. she follows the methods of the World State. throwing off her individualism and doing herself more hurt and struggle with her love personal businesss. Finally. Linda has alone features due to her life spent in the Savage Reservation and giving birth to her boy John. Linda. despite being conditioned to be horrified at the thought of holding a babe. still loves her boy John. This is evident when John negotiations about his childhood experiences with Bernard. depicting the clip Linda was crushing up John: â€Å"He opened his eyes once more and saw that she was looking at him. He tried to smile at her. Suddenly she put her weaponries round him and kisses him once more and again† ( 127 ) . Since Linda has an emotional fond regard to John. she has a personality different from the other citizens of the World State Society. However. despite the motherly connexion that she could hold continued with John. she chooses to sell her life to the drug haoma. When Lenina lays deceasing in the infirmary with John following to her. she unconsciously chooses her life of sex and haoma she used to hold over John: â€Å"She knew him for John. her boy. but fancied him an interloper into that paradisal Malpais where she had been passing her soma-holiday with Pope† ( 205 ) . In the really terminal. Linda suppresses her emotional love for John with haoma and goes back to the rules and pleasantries of the World State Society. Bernard. Lenina. and Linda all have alone features that set them apart from the regular citizens of the World State Society. However. all three of them have unwittingly fallen into the conformances of the state’s maladaptive regulations. sooner taking to emanate the state’s values that do non suit their ain features. The World State’s guidelines and ordinances pull all the citizens of the World State. including Bernard. Lenina. and Linda. into one life style of life through a Domino consequence of conformance: the more people that conform. the more harder it is to defy the impulse to conform with them. Aldous Huxley’s Brave New World shows the annihilating effects of conformance – a force that strips off your single potency and individuality.

McDonalds in Kazakhstan Essay Example | Topics and Well Written Essays - 1250 words

McDonalds in Kazakhstan - Essay Example McDonald's generates revenues through company operated restaurants and franchisee restaurants. Of a total of over 31,000 restaurants, over 8000 are operated by the company and over 18,000 are operated by franchisees. The remaining restaurants are operated by affiliates. The company's revenue comprises sales from company operated restaurants and fees as well as rent from franchisees and affiliates. Under the franchise arrangement, the franchisees invest in the equipment, signage, seating and dcor, while the company owns or leases the land and building. Franchisees pay the company service fees and rent for premises. Service fees are set as a percentage of sales, while rent and other terms of occupancy are stipulated in the franchise agreement, which is drawn for a period of 20 years. The company and its franchisees as well as affiliates purchase food, packaging, equipment and other goods from approved suppliers. The company maintains quality standards through assurance labs around the world. A quality assurance board, including the company's technical, safety and supply chain specialists, provides guidance on all aspects of food quality and safety. The McDonald's business model is slightly different from that of most other fast food chains. In addition to ordinary franchise fees, supplies and percentage of sales, McDonald's also collects rent. As a condition of the franchise agreement, McDonald's owns most properties. Since rent is a fee that is not linked to sales, this practice allows McDonald's more control over its franchisees (Rumbelow, 1 February 2001). As the world's largest fast food company, McDonald's was the target of criticism on many grounds over the review period. It has been accused of the exploitation of entry-level workers and ecological damage caused by agricultural production and industrial processing of its products with high levels of packaging waste. Critics claim it sells unhealthy or non-nutritious food with exploitative advertising targeted at children and contributes to the suffering and exploitation of livestock. McDonald's has also been criticised for its litigious and heavy-handed approach to preserving its image and copyrights. Consequently, McDonald's recorded its first ever global loss in the last quarter of 2002 and in Europe sales plunged 3.8% in January 2003. To combat this, McDonald's underwent a fundamental revolution in its approach to menus, marketing and consumers in 2003. In the UK, McDonald's is improving its standards and continued to work with government and health officials to investigate impro vements (Euromonitor, 29 November 2005). On the other hand, Kazakhstan is a relatively new nation as it gained independence from Soviet Union in 1991. McDonald's has is one of the countries it has to conquer. Kazakstan's 1,052,100 square miles (2,724,900 square kilometres) make it by far the largest state in Central Asia and the ninth largest in the world. Between its most distant points Kazakstan measures about 1,820 miles (2,930 kilometres) east to west and 960 miles north to south. While Kazakstan was not considered by authorities in the former Soviet

Managing Information 2 Assignment Example | Topics and Well Written Essays - 1500 words

Managing Information 2 - Assignment Example If considering the enterprise government, focus on executing management actions is required to support the strategic goals of the organization (JOHNSTON et al. 2009). It has been calculated approximately half of the breaches to the security of the information systems are made by the internal staff or employee of the organization (Spears et al. 2010). Security incident management facilitates the development of security incident handling and planning including preparation for detection and reply to information security issues. The standard of the incident management primarily relates to ensure the existence of processes rather than the contents of these procedures. The security incident of different computing systems will have dissimilar effects and escort to different consequences, bureau, departments the organization need to tailor the security incident handling plan according to specific operational requirements. Organizations invest enormous money to buy and install computing e quipments for securing their networks. Information systems security is a challenge for executives and the information technology professionals (Dhillon et al. 2006).Organizations focus on performance and efficiency of the security equipments. This is not enough, as human intervention and a proper plan need to be defined. The information technology professionals are not only responsible for securing the information systems, all the employees of the organization are responsible (Rotvold 2008). One needs to know what an incident is, before making a plan for dealing with the computer incidents. A simple definition is available in network dictionary which says â€Å"An incident as an adverse network event in an information system or network or the threat of the occurrence of such an event.† For organizations to be competitive with network incidents, they must lay a foundation within the organization for incident handling. The incident handling procedure refers to an action pla n associated with security breaches, thefts, distributed denial of service, fire, floods etc. Incident handling consists of six-step process: research, classification, restraint, purge, revival, and lessons learned. The information security should be handled internally and externally by the employees of the organization. They will be supported by the security teams with high-powered information security officers. The employees who do not have insufficient skills in dealing with information security, they can perform well in reducing risk factors (Bulgurcu et al. 2010). In each major business unit, an employee with a skill set of solid risk management and project management can be a good choice to be an information security officer. Likewise, the primary objective is to enforce policies and train the end users for following the procedures made for each policy. Moreover, acceptable use for networks and data on information systems must be communication, as end users can download susp icious codes or emails from the Internet etc. furthermore, if the company decides to outsource its security operations to another company, this will save cost but at the same time increase risks to critical information if no care has been taken for choosing a reliable business partner. Non disclosure agreement must be signed by the service organization and skill evaluation of the staff should also be considered. Furthermore, service level agreements

Community Development Essay Example for Free

Community Development Essay Achieving gender equality and empowering women are necessary to achieve social, economic and political development. Today, girls and women continue to benefit from health and education services with women surpassing men in enrolment and academic achievements in many situations. Women in Malaysia are also more actively involved today in politics and numerous other national initiatives. Malaysia’s commitment and dedication to the advancement of women is evident in many of its programs and policies in the last two decades. In 1985, the Government of Malaysia formulated the National Policy on Women as a guide for women’s participation in the development process. The Policy helps enhance women’s quality of life by overcoming challenges through poverty eradication and education. The stature of women became a primary objective of the 6th Malaysia Plan (1991 – 1995), where a special fund for the development of women became a significant and integral step towards empowering women in Malaysia. Subsequent Malaysia Plans continue to focus on the needs of women with recommendations to advance their position in society. By agreeing to the commitments set forth in the Beijing Platform for Action at the UN Fourth World Conference on Women (1995), the Government promised to 1) enhance the national machinery for womens advancement; 2) increase womens participation in decision-making; 3) safeguard womens rights to health, education and social well being and 4) remove legal obstacles and gender discriminatory practices. In 1995, the Government also ratified the UN Convention on the Elimination of All Forms of Discrimination Against Women(CEDAW). In 2001, the Government created the Ministry of Women and Family Development with a mandate to address issues on women and uplift the stature of women in the country. Malaysia’s Constitution was amended in August 2001 to prohibit discrimination in any law on the basis of gender. The Government continues to play a crucial and supportive role in achieving greater gender equality in the country, by providing a healthy environment for the advancement of women at both national and international arenas. The Ministry of Women, Family and Community Development which is responsible for addressing women’s issues in Malaysia has had its budget increase from RM 1.8 million (US$ 0.5 million) in 2001 to RM 30.5 million (US$ 8.6 million) in 2005, demonstrating the country’s serious commitment to the cause. Future challenges to be considered include: addressing the continued poverty among female-headed households; combating violence against women; raising the effectiveness of gender mainstreaming strategies; reducing women’s risk of contracting HIV; removing attitudinal challenges that impact capacity-building; and raising the level of women’s participation in the labour force, in business and in politics and government. KPWKM is headed by a Minister, currently held by Datuk Seri Shahrizat Abdul Jalil (UMNO). She is assisted by a Deputy Minister, currently held by Senator Heng Seai Kie (MCA). The following departments and agencies are under the purview of the KPWKM: * Department for Womens Development  In 1975, the Government set up the National Advisory Council on the Integration of Women in Development (NACIWID) as the machinery to ensure the involvement of women in development. In 1983, the Secretariat for Womens Affairs (HAWA) in the Prime Ministers Department was established to take over the tasks of the NACIWID Secretariat. From 1997, HAWA functioned as a department under the former Ministry of National Unity and Social Development. In 2001, the Department was placed under the then newly established KPWKM and restructured as the Department for Womens Development (DWD). By 2002, the DWD had set up branch offices in every state in Malaysia.[7] * Social Welfare Department  Initially set up in 1946 as the Community Welfare Department of Malaya, the Social Welfare Department (SWD) has evolved in fulfilling its role in national development. From initially being involved in mitigating the social problems brought about by the immediate post-war period, the role and functions of this department have expanded to cover prevention and rehabilitation services in social issues as well as community development.[8] * National Population and Family Development Board  The National Population and Family Development Board (NPFDB) was established in 1966 to improve the reproductive health status of women and men and encourage family planning. It has since evolved to include policy and advisory roles by assisting planners and programme managers to integrate population and family development into sectoral development programme planning as well as facilitate policy makers to consider population and family development factors in the formulation of national development policies and strategies.[9] * Social Institute of Malaysia  The Social Institute of Malaysia was set up to promote professional and semi-professional training in the field of training and research as well as social education to all social workers from various levels and groups from within and outside the country including non-governmental organizations. It currently operates from a 50-acre (200,000 m2) campus in Sungai Besi that was completed in 2001.

General Ulysses S. Grant :: essays research papers

Not long after fighting had begun in the Civil War, Ulysses S. Grant went back into battle and enlisted in the army. Grant was a great military leader. He combined tactics that were taught to him at West Point with his own knowledge and with what he picked up on from the Mexican War, where he was under the command of Zachary Taylor and Winfield Scott. Grant proved his leadership and strategy when he captured Fort Donelson in Tennessee. This was the first major victory for the Union. This was where Grant said a famous line when the confederate general Simon B. Buckner requested an armistice. General Grant’s answer to this was â€Å"Yours of this date proposing Armistice, and appointment of Commissioners, to settle terms of Capitulation is just received. No terms except an unconditional and immediate surrender can be accepted. I propose to move immediately upon your works.† This is where he gets his nickname Unconditional Surrender Grant. And as a result of this victory, Grant is promoted to Major General. Another important victory for Grant was his victory at Vicksburg. This battle was the deciding factor for the Union taking control of the Mississippi River, which would cut the Confederacy in half. Grant had succeeded in starving out the Confederates in order to capture the city. Grant demanded unconditional surrender from the Confederate commander, Simon Bolivar Buckner. This along with the victory at Gettysburg marks the turning point of the war. Not to long after this, Grant is promoted to Lieutenant General, giving him complete power over all armies. This is when Grant launches his new campaign of Total war, where he is not only at war with the Confederate soldiers, but also with civilians who are helping out the Confederates. He sends General Sherman on his famous march to the sea, where Sherman and his troops burn everything in their path. While this was going on, Grant was attacking Lee’s army, just battle after battle, because Lee had no reserves to replace men who have died, but the Union had many civilians in their reserve.

How Procter and Gamble Moved to Electronic Documents

The Business Problem P&G faced problems managing the vast amounts of paper required for a company that develops drugs and over-the-counter (OTC) medications. Regulatory issues, research and development (R&D), and potential litigation generate even more paper documents and files. As a result, P&G wanted to gain control of its company documents, reduce administrative oversight of its paper documents, reduce costs, accelerate R&D initiatives, and improve tracking and signature compliance. P&G decided to adopt an electronic document management system.When P&G moved to electronic documents, it had to ensure that it could authenticate digital signatures and build signing and storage processes into its daily workflow. Further, P&G’s legal department wanted to ensure that it had a legally enforceable signature on file. The IT Solution P&G turned to IT integrator Cardinal Solutions (www. cardinalsolutions. com) to implement Adobe LiveCycle Reader Extensions and Adobe LiveCycle PDF Gene rator (www. adobe. com), which would function with P&G’s eLab Notebook program.These software packages would manage, review, approve, and sign the huge volume of R&D information, including files created with Microsoft Word, Excel, and PowerPoint. P&G adopted the pharmaceutical industry’s Signatures and Authentication for Everyone (SAFE) BioPharma Association standard. This standard was established to help companies go paperless and still interact with regulatory authorities on a global scale. P&G’s initiative focused on implementing methods to manage digital signatures and creating a method to confirm the identity of the signer.The company’s IT and legal departments agreed that the standard met the company’s business needs and risk requirements. Instead of recording information from experiments in paper notebooks – along with numbering each page, signing it and having a witness sign it – researchers can now use word processing program s, spreadsheets, presentation software, and similar tools to generate project notes and other necessary documentation. After a researcher has collected all the data, LiveCycle PDG Generator creates a PDF document and prompts the person creating the file to add a digital signature.The system requires the use of a USB token for authentication. At that point, LiveCycle Reader Extensions embeds usage rights within the document. The Result Today, once a digital signature is added to a file, an auditor can immediately view the document and all activity related to the document. The auditor right-clicks on the signature and views the entire audit trail. The signature can also be appended as a last page of the file so that it can be shared externally when necessary, such as in a court of law.The system saves P&G time and money. Researchers no longer have to spend several hours per week archiving paper files from their experiments. In addition, P&G is able to quickly retrieve large volumes of data that may be needed for government regulators or business partners. P&G projects that it will achieve tens of millions of dollars in productivity gains by using the system. The typical employee will save approximately 30 minutes of signing and archiving time per week..

About penm - Free Essay Example

Sample details Pages: 17 Words: 5204 Downloads: 4 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Final Review Memorandum Newco JSC (Newco) Background PENM is seeking approval to invest up to DKK 115 m (USD 22 m), and minimum DKK 78 m (USD 15 m), in Newco, a fast growing, consumer orientated holding company with investments in Techcombank and Masan Food, with new, related, business areas to be added over time. With a 20% holding in Techcombank, Newcos assets are dominated by its bank investment, measured at current OTC prices, 2/3s of the market value of Newco relates to Techcombank. The investment represents PENMs only opportunity to invest, indirectly, in one of Vietnams most attractive unlisted bank, Techcombank.. Don’t waste time! Our writers will create an original "About penm" essay for you Create order 1. Update since CRM Since writing the CRM, PENM has performed the following due diligence activities: Interviewed senior management of Techcombank, including the CEO, COO, Deputy Executive and Head of Treasury Interviewed some of Techcombanks advisors, including McKinsey Co, a consulting company assisting the bank with product and branch development strategies Interviewed PwC auditors, auditors of the two largest publically traded joint stock banks (ACB and Sacombank) as well as the largest of the state-owned banks (Vietcombank). Interviewed the CEO of Masan Food Performed additional financial analysis on Techcombank, Masan Food and the new business areas Signed a detailed term sheet and started contract negotiations This FRM incorporates the most significant findings from this due diligence and provides an update on the deal structures as well as PENMs valuation. As noted in the CRM, as a successful result of our close cooperation with Masan Food and Eurowindows, PENM has been presented with a unique opportunity to invest in Newco before other local funds have access to the deal. In order to take advantage of this access, the transaction needs to be closed by 15 September, subject to normal Board approvals. 2. Deal structure The establishment of Newco will follow the below steps: Establishment of Newco though a share swap of Techcombank and Masan Food shares PENMs investment Investment by foreign funds, reportedly Carlisle and TPG Newco will be established by owners of Techcombank and Masan Food shares, principally Masan Investment, Dr Quang (Masan Food Chairman) and Mr Ho Hung Anh (Techcombank Chairman), swapping their holdings for shares in Newco. Upon completion of the swaps Newco will have a direct holding of 20% in Techcombank (with an option for a further 10% direct investment, when the law allows, and indirect control of 40% of the banks share capital) and a minimum 55% holding in Masan Food. PENM will initially invest up to USD 22 m in new share capital for a 5.61% stake in the company. Furthermore, in order to: (1) protect PENMs investment in Masan Food from the risk of not being part of the company that is setting its strategy; and (2) enhance PENMs exit opportunities in the Masan Food, should Newco be listed in the future, PENM has obtained an opportunity to swap its shares in Masan Food for shares in Newco in 2 tranches. In order to have the opportunity to put our Masan Food shares, it has been necessary to give Newco a corresponding call option. The valuation of PENMs Masan Food shares under this arrangement will be a minimum USD 375 m, which compares favourably to PENMs entry price of USD 250 m (up 50%) and Mekong Capitals entry price from March 2009 of USD 320 (up 17%). The terms of the swap arrangement: Duration Masan Food Valuation (USD m) Newco Valuation (USD m) First put 12 months from closing 375 375 + 1,000 net debt First call 12 24 months after closing 375 Market price on stock exchange Second call 15 months from closing 400 within 12 months 415 from 12 15 months Market price on stock exchange Second put 15 21 months from closing 450 Market price on stock exchange The swap gives rise to the following ownership interest scenarios for PENM in Newco, before any dilution for additional capital raising activities: Investment / Share swap PENMs ownership interest in Newco Initial cash investment Up to USD 22 m 5.61% # 1st Option PENM swaps 3,150,000 shares in Masan Food 10.07% 2nd Option PENM swaps the remainder of its shares in Masan Food 14.23% * #: At an initial pre-money valuation of USD370 m (55% x $400 m + 20% x $1,000 m $50 m net debt) *: Assumes valuation of Newco is the same as entry Swap arrangement: Masan Food Valuation (USD m) Newco Valuation (USD m) First put 12 months from closing 350 before listing of Newco 300 after listing of Newco 350 + 1000 net debt First call 12-18 months from closing 350 Market price on stock exchange Second call 15 or 18 months from closing upto First put excersied before or after listing 400 within 12 months 415 from 12 15 months or 12 18 months Market price on stock exchange Second put 15-18 or 18-24 months from closing upto Second call period 450 Market price on stock exchange Following ownership interest scenarios for PENM in Newco: Investment/Shareswap PENMs ownership interest in Newco Initial cash investment Up to USD 22 m 5.57% # First put PENM swaps 4,410,000 shares in Masan Food 11.49% First call PENM swaps 4,410,000 shares in Masan Food 11.11% * Second call PENM swaps remaining shares in Masan Food 13.62% * or 13.70% * Second put PENM swaps remaining shares in Masan Food 13.88% * #: At an initial pre-money valuation of USD3 71.6 m (54.7%x $400m + 20%x$1,000 m $47.2 m net debt) *: Assumes valuation of Newco is the same as entry Following the completion of its transaction with PENM, Newco will look to raise an additional USD 30 40 m from foreign based financial investors Newco is currently in discussions with Carlisle and TPG. Negotiations with these parties are ongoing and we understand that the entry valuation of Newco will be approximately 15% higher than PENMs entry valuation, reflecting a 25% premium to the value attributed to Masan Food. Should the additional USD 40 m be raised at the above mentioned valuation, PENMs ownership interest, should all shares in Masan Food be swapped, will be diluted to 13.17%. 3. Financial performance The financial performance of Newco is based on the underlying financial performance of the businesses in which it has invested, including: Techcombank Masan Food New business areas 3.1 Financial performance Techcombank Balance sheet Techcombank USD m 2008 Actual June 2009 2009 Estimate 2010 Forecast 2011 Forecast Cash on hand 87.0 56.6 101.4 123.5 161.2 Balance with the state bank 127.6 104.6 157.8 191.1 248.5 Balances with financial institutions 869.3 912.3 1,199.7 1,299.9 1,712.2 Investments 638.1 635.1 857.6 1,043.8 1,362.7 Net loans and advances to customers 1,445.5 1,829.2 1,940.8 2,523.0 3,279.9 Fixed assets 32.0 35.3 43.1 52.4 68.4 Other assets 82.1 185.0 110.4 134.4 175.4 Total Assets 3,281.6 3,757.9 4,410.8 5,368.1 7,008.3 Balances with other financial institutions 498.3 476.7 529.3 644.2 841.0 Deposits from customers 2,367.3 2,811.3 3,349.5 4,058.5 5,277.4 Other liabilities 103.4 93.2 137.4 163.8 249.4 Total Liabilities 2,969.1 3,381.2 4,016.2 4,866.5 6,367.8 Share capital 261.4 261.4 261.4 261.4 261.4 Retained earnings 35.4 57.1 96.2 187.2 305.3 Reserves 15.8 58.1 37.0 53.0 73.9 Total Liabilities Equity 3,281.6 3,757.9 4,410.8 5,368.1 7,008.3 YTD June 2009, Techcombanks net loans increased by 29%, compared to 2008, which outstripped market growth of 17% across the sector. Loan growth is expected to be lower in the second half of 2009 as a result of the expiration of the 4% government interest rate subsidy program, expected increases in base rates to curb increasing inflationary concerns and government efforts to limit national annual credit growth to 30%. As a result we expect full year loan growth to be 35% in 2009. In 2010 and 2011 we forecast annual growth in loans of 30%, which will be supported by network expansion, with the number of branch / transaction offices to increase by 45% from 2008 to 2010. In June 2009 non-performing loans (NPLs), decreased from 2.56% in 2008 to 2.54%, reflecting improved economic conditions. We forecast NPLs to remain at around 2.5% of the gross loan portfolio, while increasing the provision coverage of those loans to 70%, up from current levels of around 50%. Techcombanks solid balance sheet, at 2008 loans represented 66.5% of deposits, which was among the lowest of all top tier Vietnamese banks, has allowed it to capitalise on other banks demand for funding, driven by loan growth by being a significant net lender in the interbank market. Historically, this has been a very profitable asset pool for the company. We expect that the company will continue to be an active player in the interbank market and forecast that 70% of its deposit base will be used for customer loans. Investments are mainly bonds and other debt instruments issued by Vietnamese financial institutions, the government and corporations, a large number of which were acquired at heavily discounted prices in 2008. Through network expansion and offering innovative products, Techcombank has been able to develop customer deposits, which are mainly from individuals, into its dominant finding source, accounting for 85% of total funds mobilisation at June 2005, up from 80% in 2008. We expect this to continue going forward, to be supplemented with funding from interbank borrowing and by issuing bonds. Techcombanks capital adequacy ratio (CAR) stood at 14% at the end of 2008, falling to 10.7% at June 2009, we forecast it to remain at around 11 13% in the forecast period, significantly above the 8% recommended by Basel and required by the SBV. Profit and loss Techcombank USD m 2008 Actual June 2009 2009 Estimate 2010 Forecast 2011 Forecast Interest income 345.5 n.a. 354.9 442.5 563.3 Interest expenses (247.7) n.a. (228.4) (290.9) (366.8) Net interest income 97.8 61.2 126.5 151.6 196.5 Net fee and commission income 26.8 25.7 36.0 46.8 60.9 Trading, treasury and other income 58.1 16.3 44.1 53.7 70.1 Total operating income 182.8 103.2 206.6 252.1 327.4 Operating costs (48.2) (29.1) (62.0) (75.6) (98.2) Depreciation (2.3) (1.7) (3.2) (3.8) (5.0) Net operating income before provisions 132.2 72.4 141.5 172.6 224.2 Provisions (42.4) (15.1) (32.0) (30.0) (39.0) PBT 89.8 57.3 109.5 142.6 185.2 Tax (24.0) n.a (27.4) (35.7) (46.3) PAT 65.7 n.a 82.1 107.0 138.9 PAT % 36.0% n.a 39.7% 42.4% 42.4% Note: USD 1 = VND 18,000 (different from the change rate in the info memo) n.a. Not available At June 2009 the banks net interest margin was 3.6%, down from 4.1% in 2008. Over the forecast period we estimate that this will fall to 2.55% as the market becomes more competitive, leading a CAGR increase in net interest income of 19% from 2008 to 2011 to USD 563 m. Techcombank will continue its concerted efforts to increase per customer revenue by pursuing fees and commission income from letters of credit, guarantees, FX and commodity futures as well as developing new products. In 2008 Techcombank booked USD 63 m in realised gains from the sale of bonds purchased in the high inflation environment that existed in mid-2008, a further USD 30 m has been booked in the year to June 2009. While the size of these gains are not expected to be recurring, at December Techcombank had USD 590m of bonds on its balance sheet included in investments, a large portion of which were purchased at heavily discounted rates. In accordance with VAS (Vietnamese Accounting Standards) no gains relating to these bonds have been booked to the income statement. The banks strong balance sheet mean that it should be able to take advantage of such opportunities, should they appear in the future, however, in the forecast period, we expect income from these investments to be at half the current level and together with treasury, investment and trading income, represent 20% of total operating income. We expect the write-off of bad debts to be lower in 2009, compared to 2008 as a result of an improvement in economic conditions. As noted above, we forecast the provision balance will cover 70% of the total NPL balance, which is significantly higher than the historical rate of around 50%. Historically, Techcombank has had a low operating cost ratio, accounting for 26.4% of total operating income in 2008, the lowest of all its peers. Our forecasts, conservatively, include an increase in these costs to 30% of income as competition for staff intensifies in the increasingly competitive environment. As a result of this low cost base we expect PAT to double from 2008 to 2011 to USD 139 m. 3.2 Financial performance Masan Food Profit and loss Masan Food USD m 2008Actual YTD June 2009 2009FRM 2009 Estimate 2010Forecast 2011 Forecast Sales 108.6 83.3 210.1 210.8 296.2 362.5 COGS (71.9) (56.0) (139.5) (141.2) (200.3) (245.4) Gross profit 36.7 27.3 70.6 69.6 95.8 117.0 Gross Margin 33.8% 32.8% 33.6% 33.0% 32.4% 32.3% Sales expenses (8.5) (9.4) (27.3) (23.8) (34.1) (42.4) Admin expenses (5.1) (3.1) (6.3) (7.9) (10.4) (12.7) EBITDA 23.1 14.8 37.0 37.9 51.4 61.9 EBITDA % 21.3% 17.8% 17.6% 18.0% 17.4% 17.1% Depreciation (2.9) n.a.* (3.0) (2.0) (5.9) (7.0) EBIT 20.2 15.0 34.0 35.9 45.5 54.9 Interest 4.4 (0.9) (3.0) (2.0) (2.6) 1.1 Other income 2.1 2.1 0 0 Tax (3.1) (1.4) (6.2) (6.8) (8.6) (11.2) PAT 21.5 14.7 24.8 29.2 34.3 44.8 PAT % 19.8% 17.7% 11.8% 13.8% 11.6% 12.4% Note: YTD June 2009 only includes domestic income, no income from export sales are recorded *: Depreciation not disclosed at June 2009 YTD June revenue, USD 83.3 m is 120% higher than the corresponding period in 2008, largely due to growth in fish sauce (up 218%), due to the introduction of a mass market label/brand in Q4 2008, and instant noodles, up USD 15 m, following the successful nation-wide launch of Tien Vua, a mass market offering in March 2009. YTD PAT, USD 14.7 m, is 165% higher than 2008, due to improved gross margins (YTD 2009: 34% vs YTD 2008: 31%), as a result of lower raw material prices, which is slightly offset by higher sales costs for fish sauce and instant noodles. Other income of USD 2.1 m is income earned on the interest rate differential arising from the governments interest rate subsidy program. Based on the particularly strong June results, we have increased our initial outlook (from November 2008) for 2009, increasing our PAT estimate from USD 24.8 to USD 29.3 m, representing a 36% increase on 2008. Our change in outlook reflects lower than expected increase in sales costs as a result of deeper penetration of Tam Thai Tu, Masan Foods mass market fish sauce, in rural and provincial areas. Privately, management expect that 2009 PAT will be USD 35 38 m. Consistent with what we have previously reported, in 2010 and 2011 sales as expected to increase by 40% and 22%, respectively, driven by growth in the following segments: fish sauce -Masan Food is focused on increasing market share in this large segment by increasing distribution in provincial and rural areas and offering an even more inexpensive line for those customers. By 2011 Masan Food hopes to have around 50% market share. instant noodles similar to fish sauce, Masan Food will continue to broaden its distribution to rural and provincial areas and offer line extensions of its mass-market noodle line. In doing so Masan Foods estimated market share will increase to around 15% in 2010, from around 8% in 2009 and account for 30% of total revenue. Currently the revenue forecast does not include any sales from new categories, including granules, frozen food or beverage (refer to Masan Food due diligence for further details). Nor does it include possible changes in distribution as a result of new activities in Newco. The increased contribution of instant noodles, the gross margin for which (30%) is less than that earned on other sauces (40%), will have a negative impact on profitability going forward as will higher depreciation as a result of investments in additional capacity in 2009 and 2010. Conversely, savings in financing costs in 2011 help improve the PAT%. Balance Sheet Masan Food USD m 2008 Actual 2009 Estimate 2010 Forecast 2011 Forecast Assets Cash Cash Equivalents 5.5 2.1 3.0 42.5 Accounts Notes Receivable 6.4 23.1 32.5 39.7 Inventories 10.4 17.4 24.7 30.3 Other receivables 44.6 32.8 21.5 11.6 Net Property, Plant Equipment 14.7 45.6 54.2 61.0 Other long term assets 15.1 10.6 10.6 10.6 Total Assets 96.6 131.5 146.3 195.6 Liabilities Short Term Borrowings 16.8 35.7 5.4 Accounts Payable 9.0 19.3 27.4 33.6 Other Current Liabilities 11.9 12.1 13.0 16.6 Long Term Debt 1.9 0.5 0.5 0.5 Other Long Term Liabilities 0.1 0.1 0.1 0.1 Shareholders Equity 56.9 63.8 99.9 144.7 Minority Interest Total liab. shareholders equity 96.6 131.5 146.3 195.6 The increase in net debt from USD 26.1 m in 2008 to USD 34.1 m in 2009, is a result of capex is in the region of USD 30 m. The majority, USD 24 m, of the spending is to be allocated to additional noodle capacity, both in HCMC and in Hanoi, with the remainder being spent on Vietnams fished fully automated fish sauce line, USD 5.5 m, in Q4, and moving of the chilli sauce line from the old factory to the new facility in Binh Duong. The capex forecast for 2010 and 2011 does not include expenditure for new facilities in new business areas, including beverage. The most significant other receivable is USD 17.4 m is a convertible bond owed by Masan Investment. The majority of this exchangeable bond was distributed to shareholders as a dividend from 2008 profits. According to our investment agreement, PENM transferred our rights to most of these bonds to Masan Investment (parent company) for the shares purchased in the initial transaction, the remainder will be part of any swap arrangement. Masan Food maintains relatively lean working capital levels, offering 40 days credit to its customers (distributors) and maintaining relatively low levels of finished goods such that total raw material and finished goods represents a little over a month of production. 3.3 Financial performance -New business areas Below is PENMs very early estimate for the earnings potential of the new business areas. These business areas are closely related to Techcombank and Masan Food activities and it is envisaged that there will be close cooperation within the group to ensure that these business areas realise their full potential. We have not included earnings from these businesses in our forecasts or our valuation. 3.3.1 New business areas logistics Logistics financial highlights USD m 2010 Estimate 2011 Estimate 2012 Estimate Revenue 8.3 17.8 21.3 EBITDA % 5% 5% 5% PAT (0.4) (0.6) 0.4 CAPEX 8.0 7.0 Newco will partner with Dubai-based Gulf Agency Company (GAC) (www.gacworld.com), a leading provider of provider of shipping, logistics, marine and related services, to establish a full scale logistics operation in Vietnam. Initially, the new joint venture, which Newco expects to own a 70% stake in, will distribute Masan Food products. The above estimate assumes that the new venture will carry 40%, 70% and 80% of Masan Foods outbound volume in 2010, 2011 and 2012, respectively. We have not included any new, third party business. 3.3.2 New business areas -branded rice Branded rice financial highlights USD m 2010 2011 2012 Revenue 2.0 7.0 15.0 Gross profit 0.6 2.1 4.5 Gross margin 30% 30% 30% PAT (0.5) 0.25 1.45 CAPEX 8.0 Newco will invest between USD 3 5 m in a joint venture with Olam International (https://www.olamonline.com/), a Singapore-based global leader of supply chain management for agricultural products, for a new factory to produce branded rice. Olam, based partner will assist with processing technology and the development of export markets while Newco will provide an arms-length distribution agreement with Masan Food. 3.3.3 New business areas -commodity exchange Newco will team up with Financial Technologies Group (www.ftindia.com), one of the worlds largest providers of IT platforms for equity and commodity exchanges, with operations in India, the Middle East, SE Asia and Africa, to establish a local commodity exchange in Vietnam. The exchange will initially focus on the trading some of Vietnams largest agricultural exports: rice; coffee; and cashews and will use Techcombanks back office as well as leverage from its corporate customer base, a quarter of which are agriculture traders and processors. Currently, there is no financial forecast for this business area. 4. Newco Opening balance sheet and consolidated PL Newco estimated opening company balance sheet USD m 2009 Investments 420 Total assets 420 Debt 50 Share capital 370 The opening balance sheet reflects the 2 investments in Masan Food and Techcombank as well as the USD 50 m in debt, which has used in acquiring some of the shares. Newco consolidated profit and loss USD m 2009 Estimate 2010 Estimate 2011 Estimate Revenue Masan Food 210.8 296.2 362.5 Branded Rice 2.0 7.0 Logistics 17.8 21.3 Commodity exchange n.a. n.a. Total revenue 210.8 315.9 390.8 PAT before minorities 29.2 33.4 44.5 Elimination of minorities (13.1) (15.2) (20.1) Techcombank 16.4 21.4 27.8 PAT after minorities 32.5 39.6 52.2 n.a. not available The above is our estimate of Newcos consolidated income statement for the forecast period. It includes the full earnings of Masan Food as well as the new business areas, with minority holdings being eliminated after PAT. Techcombank, an associate of Newco, is equity accounted. 5. Valuation The negotiated valuation for PENMs cash investment in Newco has been based on: an equity value of Techcombank of USD 1,000 m an equity value of Masan Food of USD 400 m net debt of USD 50 m Giving rise to the following pre-money valuation: USD m Pre-money negotiated valuation PENM cash flow valuation PENM multiple valuation (PER) Techcombank (20%) 200 200 240 245 410 Masan Food (55%) 220 220 248 250 320 Net debt (50) (50) (50) Pre-money equity value 370 370 438 445 680 No value has been assigned to the new business areas. 5.1 Valuation of Techcombank An equity value of USD 1,000 m for Techcombank, equates to a PE (2009) of 12.2 x (2008 14.1 x) and a P/B (2009) of 2.5 x (2008 3.1 x). In the context of other listed banking companies in Vietnam, the Techcombank valuation is lower than its peers: Techcombank Peer Group Analysis PER P/B 2008 2009 2008 2009 Local Vietcombank 27.0 x 20.9 x 5.0 x 4.6x Vietinbank 24.6 x 24.8 x 3.6 x 3.3 x ACB 16.9 x 14.9 x 3.8 x 4.0 x Sacombank 19.7 x 16.2 x 2.4 x 2.6 x Regional (Indonesia) Bank Mandiri 16.0 x 14.7 x 2.8 x 2.5 x Bank Negara 24.3 x 12.3 x 1.9 x 1.7 x Bank Rekyat 12.9 x 16.0 x 4.1 x 3.4 x Bank Danamon 9.8 x 21.9 x 3.5 x 2.5 x Our cash flow analysis, which is based on the above financials and assumes average loan growth of 22% from 2008 2014, a net interest margin of 2.5% and a terminal value of 8 x 2014 PAT, discounted at 20% p.a., supports an equity value of between USD 1,000 1,250 m. 5.2 Valuation of Masan Food The valuation of USD 400 m for Masan Food equates to an EV/sales of 1.9 x 2009 (2008 3.0 x), EV/EBITDA of 10.2 x (2008- 14.1 x) and a PE of 14.5 x 2009 (2008 19.1 x). Compared to local and regional peers, the above valuations appear reasonable, particularly given the current growth rate of the company. Masan Food Peer Group Analysis PER EV/EBITDA 2008 2009 2008 2009 Local Vinamilk 29.4 x 15.5 x 11.5 x 9.6 x Regional China Foods 28.6 x 20.1 x 11.5x 14.1 x Nestle (Malaysia) Berhad 22.9 x 21.2 x 13.3 x 12.7 x Fraser Neave Holdings Berhad 20.3 x 16.2 x 8.9 x 8.3 x An equity value for Masan Food of USD 400 m is significantly higher than PENMs original entry value of USD 250 m (60%) and than the reported USD 320 m (25%) that Mekong Capital paid in March 2009. Our cash flow analysis, which is based on the above financials, forecast until 2018, with a perpetual growth rate of 5% p.a. and an annual discount rate of 20%, supports an equity value of between USD 400 450 m. 6. Limited due diligence results 6.1 Limited due diligence results Techcombank Our due diligence findings were based on interviews, with the assistance of David Hexter, Advisory Board Chairman, with senior Techcombank management (CEO, COO, Head of Treasury and Deputy Executive), as well as McKinsey Consulting, who are currently advising the bank, the CEO of Masan Investment and PwC, the auditor of the largest state-owned and listed joint stock banks in Vietnam. Those interviews confirmed that Techcombank is a well managed bank, strongly positioned to take advantage of the growth potential in the under-developed Vietnamese banking sector. The key findings from those meetings include: The cooperation with HSBC has been successful to date through the staff seconded to Techcombank (currently approx. 20) and representations in all Boards and committees, HSBC is very active in both the day-to-day management as well as at strategic levels in the bank. It appears that the cooperation has been particularly effective in improving/strengthening internal systems and staff development. Having just received its full banking licence, there could be concern that there is a conflict between HSBCs own activities and that of Techcombank, however, HSBC remain focused on providing services to locally based multi-nationals (MNCs) and foreign companies and individuals and not in Techcombanks of affluent local individuals and local Small Medium Enterprises (SMEs). Management is strong by local standards, although challenges remain By local standards, Techcombanks management and staff are strong, however, there is still a gap when compared to regional competitors. Recognising the gap, the bank has recently recruited a number of experienced foreigners (in addition to the secondments from HSBC) to the senior management team, including the roles of COO, Head of Treasury, Head of Sales and Head of Marketing. Despite this, remaining challenges include improving branch productivity, staff training and staff retention as still present. The Vietnamese banking sector is tightly regulated by the State Bank of Vietnam (SBV) As previously noted, the SBVs control is wide reaching, regulating everything from maximum loan rates banks can charge to loan growth and foreign ownership rules. Its control has the ability to significantly influence the development of the market, as evidenced during the high inflationary period during 2008, however, the development of a stable financial sector appears to be one of the governments focus areas. One of the key risks for the sector is the devaluation of the VND- as evidenced by Moodys recent downgrading of a number of Vietnams banks (including Techcombank and ACB, the leading listed joint stock bank) credit ratings, the devaluation of the VND is one of the greatest near-term risks in the banking sector. Techcombank, well aware of the risk, does not trade FX and limits inter day FX positions as part of its arbitrage services to 5 10% of its capital. Techcombanks level of collateralisation is high -Consistent with other local banks, Techcombanks loan portfolio is highly collateralised. At June 2009 99% of the banks loan portfolio was secured by collateral. By Vietnamese standards, it applies a conservative appraisal policy, and at June 2009 the appraised value represented 2.2 x the total loan portfolio, with the majority of the collateral being held in real estate and land use rights. This high level of collateralisation is also reflected in the banks credit processes, which appear to be more asset based than cash flow based. Techcombank has a low level of NPLs with adequate provisioning-Techcombanks proportion of NPLs to total loans is currently at 2.5%, showing a downward trend, this compares local competitors, Eximbank (4.7%) and Vietcombank (3.5%) who have a similar loan portfolio structure, with a high proportion of loans to corporations, who generally are slower in making interest payments. To cover potential losses in excess of the collateral held against those loans, at June 2009, Techcombank recorded provisions (specific and general) equivalent to 53.7% of its total NPLs, up from 48.7% at December 2008. Based on historical trends, these provisioning levels appear to be adequate to cover any write-off exposure. We do not believe that Techcombanks NPL level would be significantly higher if recorded under IFRS the classification of loans under Vietnamese regulations (VAS) is based on outstanding repayment of interest. This differs from IFRS, which uses an impairment based approach, taking into account such factors as the financial state of a company and the industry it is in. This difference allows Vietnamese companies to distort the allocation of loans into various categories by rescheduling repayment dates. However, the banks management has repeatedly attested that it does not undertake rescheduling and insisted that loans are classified automatically in its banking system. A recent survey by Fitch, a credit ratings agency, found significant differences in the level of NPLs under IFRS and VAS for the state-owned banks due to legacy loans to state-owned corporations. Although it did not have access to the joint stock banks accounts, Fitch concluded that such differences did not plague the joint stock banks, who were focused on SMEs and retail customers. Our discussions with PwC, auditor for 2 of the largest listed joint stock banks and largest state-owned bank, corroborated these findings and lead us to believe that the banks NPL level would not be significantly higher if IFRS was applied. It has not been possible to interview the Head of Risk Management or Techcombanks auditors, KPMG. We have, however, discussed risk management with Newcos Techcombank responsible (author of the Techcombank info memo) and PwC, the leading bank auditor in Vietnam. 6.2 Limited due diligence results Masan Food Our due diligence was limited to a discussion with Masan Food CEO, Mr Than, who was upbeat about the future of the company and reaffirmed his commitment to developing Vietnams leading a consumer-focused food and beverage company by entering new markets and defending its dominant position in existing markets. The main conclusions from those discussions were: The companys near term food strategy has been finalised In 2010 Masan Food will focus on marketing a new Vietnamese granule to be used in combination with fish sauce. While granules are currently available in the market, Masan Foods new marketing push is aimed at changing consumer behaviour. Furthermore, the company intends to enter the frozen food market in 2010, starting with an acquisition of a frozen seafood company a category for which no strong brand exists and where Masan Food can continue its food safety message adopted previously. The companys beverage strategy is in advanced stages of development, but not yet in place Masan Food has a vision of being a large food and beverage company and is currently exploring opportunities within beer, ready-to-drink (RTD) tea, water and fruit juices. Of these the most advanced is beer, where the company is considering a partnership with Deer Chang of Thailand in a joint venture that would require an investment of USD 40 50 m. Senior management strongly believe that, due to lack of focus consumer from the major local players, SABECO and HABECO, there are significant opportunities in building a new Vietnamese mid-market brand, focusing on the take-home market (which accounts for over 65% of consumption). Entry into this new category will be a significant challenge for the company and will require a new team to be hired into the company. Managements biggest near term challenge is remaining focused key to the companys success and profitability, has been its ability to derive value from very few stock keeping units (SKUs). As new markets are added Masan Food needs to ensure that its marketing competencies are not spread too thinly. The market is increasingly competitive Asian food suppliers are considered a greater threat than the international players, Unilever and PG, as a result of their ability to localise recipes and consumer insight. Masan Foods scale, particularly in fish sauce, and local marketing expertise, should help it in defending its position in the market. Operational issues still exist consistent with what we noted in our original due diligence, Masan Food continues to have a few operational issues including a poor production set-up (even the new factories are too cramped), an over-complicated internal supply chain and lack of support (operations and finance) from a strong IT system. A new ERP system should be in place by the start of 2010, however, the remaining operational issues still need to be addressed. 7. Key terms Transaction Up to USD 22 m in new capital (VND 394,727,571,000), representing an expected ownership interest of 5.5761%. Use of proceeds Repayment of debt, investment in new business areas and further capital increases in Techcombank. Conditions to subscription Receipt of all relevant evidencefor the ownership structure and approval of the transactions, including Business Registration Certificates, Share Certificates and excerpts of Shareholders Register Books,GSM resolutions, Board resolutions,and due diligence conclusions, accounts etc. satisfactory to PENM and PENM Board approval. Key covenants, reps and warranties Standard covenants, representations and warranties found in this type of transactions in Vietnam. Shareholder rights PENMs minority rights will be limited to normal rights included in the company charter, we will, however, received 1 Board position for a 2 year period after PENM exercises its first put option and as long as PENM holds 8% of the outstanding equity in Newco, excluding any dilution from the issuance of new shares. Restrictions Lock-up of 1 year after closing. Right of first refusal (one-sided) relating to PENMs shares in Newco gained from the swap arrangement, during the swap period. Indemnity Maximum liability, thresholds and Gross-up of Payable Amounts (gross up to ensure that theindemnified party receives and retains a net sum equal to the financial loss actually suffered). Exit Through listing or trade sale. 8.Key risks Key risks Comments Mitigation Limited influence in Newco Medium: The presence of a dominant majority owner and the possibility of future capital raising may mean that, despite Board representation, PENM has limited influence in the decision making process of Newco Use close contacts already forged with owners and align interests with other funds. An eventual listing would make Newco an easy exit Listing of Newco Low / medium: If Newco is listed, it is uncertain how the market will react to a group that combines banking and food assets. Diversified conglomerates are not unusual in the Asian context so no significant discount is expected Bank collapse similar to Europe / US Low: Despite being unaffected by the recent turbulence, there is a risk that the Vietnamese banking sector experiences similar issues as has been seen in Europe and the US Complex derivative instruments are not widely used in Vietnam, banking sector is strictly regulated by the SBV and has little financing on the international interbank market Masan Food not maintaining earnings momentum Low: The valuation of Masan Food requires the company to maintain its momentum in earnings growth The same risk exists on our current investment in Masan Food. The company also has a strong pipeline 9. Proposal PENM is seeking approval to make up to DKK 114,975,0005 m (USD 22 m), and minimum DKK 78 m (USD 15 m), investment in Newco for a 5.5961% stake.