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Ffdfd Essay Tractors: MILLAT TRACTORS LIMITED Analysis of Financial Statements Financial Year 2004 Financial Year 2010 July 27, 2011 RECORDER REPORT 0 Comments Millat Tractors Limited (MTL) was established in 1964 to introduce and market Massey Ferguson (MF) Tractors in Pakistan. An assembly plant was set up in 1967 to assemble tractors in semi-knocked down (SKD) condition. The company was nationalized under Economic Reforms Order in 1972 and started assembling and marketing tractors on behalf of Pakistan Tractor Corporation (PTC), which was formed by the Government for import of tractors in SKD condition. In 1980, the Government decided to produce indigenous tractors and entrusted this task to PTC. In 1981, the MTL took over this task. This was the turning point in the companys history and it went about the task methodically and rapidly. Just in one years time, the company took a giant step towards self-reliance by setting up the first engine assembly plant in Pakistan. The MTL made a strategic decision right in the beginning to bring those manufacturing facilities in-house for which capabilities did not exist in the country and for parts, which required high precision and investment. Therefore, in 1984, sophisticated manufacturing facilities for the machining of intricate components were set up. Currently, critical components like engine blocks, sump, transmission case, axle housing, hydraulic lift cover, front axle support and centre housing are all being machined most successfully in-house at MTL from local sourced castings. In 1992, the company was privatised. The employees joined hands and took over the management by winning an open bid. To maintain its leadership role in tractor manufacturing in the country, the MTL continues to look towards future, to identify and exploit new opportunities and to consolidate existing ones. The Tractor Assembly Plant is part of this philosophy. The plant started its production in 1992. The establishment of this modern plant not only increased production capacity to 16,000 tractors per year on a single shift basis, but also provided a quantum jump to the quality of the assembled tractors and pushed the MTL into the ranks of the major tractor manufacturing companies of the world. We will write a custom essay sample on Ffdfd specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Ffdfd specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Ffdfd specifically for you FOR ONLY $16.38 $13.9/page Hire Writer In 1993, MTL also acquired the management control of Bolan Castings Limited (a Public Limited Company specializing in intricate automotive castings) in partnership with employees of the company, in 1993. The company established a new company named Millat Industrial Products (Pvt) Limited to manufacture quality automotive batteries, thus enabling the Millat Group to capture the efficiencies associated with vertical integration. In addition, the Millat Group comprises of Bolan Castings Ltd. , which produces thin walled castings such as engine block, cylinder head, centre housing etc. Also, Millat Equipment Ltd. produces gears and shafts of international standard for tractors. However, these subsidiaries contributed 1. 18% to MTLs consolidated net sales and 8. 15% to consolidated profit after taxation in FY10 (1. 14% and 6. 50% respectively in FY09). Due to low contribution to consolidated MTL performance, the financial analysis in this report is based on MTLs standalone tractor operations. Recent results (1Q11) The company achieved a sales volume of 29,718 Tractors in these nine months as against 28,939 tractors for the corresponding period of last year, showing an increase of 2. %. During current period, 30,638 Tractors were produced as compared to 29,865 tractors for corresponding period last year, showing an increase of 2. 6%. distribution and marketing expenses actually declined to Rs 431 million as compared to Rs 500 million, while the administrative expenses increased. Operating profit was slightly higher at Rs 2. 3 billion as compared to Rs 2. 2 billion in the same period last year. Other operating income was however higher by 60. 8%, thus pushing the overall income higher. Pre-tax profit for nine months amounted to Rs 2,594. 1 million as compared to Rs 2,355. million of the corresponding period of previous year showing an increase of 10. 2%. Profit after tax increased to 1,807. 2 million from 1,609. 5 million of the corresponding period of previous year, showing an increase of 12. 28%. EPS was recorded at Rs 49. 37 as compared to Rs 43. 97 the same period last year. A new high-spec tractor model in 50hp range the MF-350, was developed for the small to medium sized farmers. The product was well received and was highly appreciated by the farming community due to its improved features such as power steering, oil immersed disc-brakes, heavy duty straddle axle etc. With the inclusion of this new model, Millat now offers a range of six tractor models that best suit our agro-climatic conditions, size of farms and buying capacities of the farmers. Presently, MTL has the highest deletion level of 90% and 55% in low engine and high engine capacity tractors respectively. The lower deletion level in high engine capacity tractors still makes it susceptible to exchange rate fluctuations. In the wake of appreciation, the company is therefore at a greater advantage and vice versa. Millat Tractors has the potential to export the tractors but is restricted because of the agreement with their principals M/s AGCO. RECENT PERFORMANCE (FY10) Net sales increased by 39. 53% from Rs 15. 91 billion in FY09 to Rs 22. 20 billion in FY10. This was due to the increased production of tractors, which enabled Millat tractors to fulfil the unmet demand for tractors in the market. This was a significant achievement for Millat Tractors, as its major competitor, Al-Ghazi Tractors, did not witness any significant increase in sales due to restricted production capacity. The demand for tractors rose due to government support schemes like the Benazir Tractor Scheme. Cost of sales increased by 36. 03% from Rs 13. 0 billion in FY09 to Rs 18. 37 billion in FY10, due the depreciation of PKR against JPY, USD and GBP over July 2009-June 2010. This, coupled with the rise in steel prices, negatively impacted the margins of auto manufacturers and assemblers who import steel and the required components from Japan or elsewhere. With major imports of CKD kits coming from UK, the gross profit of the company is directly related to the Pound Sterling to Rupee price movement and leaves the company susceptible to changes in exchange rate. This resulted in a net 59. 15% increase in gross profit, from Rs 2. 1 billion in FY09 to Rs 3. 83 billion in FY10. Millat Tractors also managed to boost its fundamentals in the operating expenses category, allowing a minor 5. 71% increase in distribution and administrative expenses. Thus the operating profit increased by a large 79. 04%, from Rs 1. 76 billion in FY09 to Rs 3. 14 billion in FY10. Other operating income greatly increased by 126. 47% mainly due to increase in gain on sales of short-term investments. Other operating expenses increased by 52. 54% due to investment in workers profit participation fund. Thus an 86. 1% increase was recorded in the EBIT from Rs 1. 79 billion in FY09 to Rs 3. 35 billion in FY10. Finance cost decreased by 76. 15% due to settlement of short term borrowing from banks, leading to a marked reduction in finance cost. However, taxation incr eased by 95. 85% due to imposition of 17% Value Added Tax on local tractor sales. Thus the profit after taxation increased by 88. 01%, from Rs 1. 22 billion in FY09 to Rs 2. 28 billion in FY10. A lesser increase was witnessed in the earnings per share, which increased by 50. 40% from Rs 51. 87 per share in FY09 to Rs 78. 01 per share in FY10. Market comparison The demand for tractors increased significantly in the year 2009-10. The industry booked a total of 74,000 units as against 40,836 units booked in the preceding year, thus registering an increase of 81%. Federal and Provincial tractor schemes and better support prices of crops, especially wheat and rice, were the main contributing factors towards increase in demand. However, the governments role as not entirely supportive of the industry as import of tractors was allowed free of taxes or duties while the local industry was subject to tariffs under the Tariff Based System. However, despite these odds, Millat Tractors continued to dominate the market and retained its market share. At present there are two tractor companies in Pakistan, which are involved in manufacturing of indigenized tractors: a local company, Millat Tractors Limited, which produces Massey Ferguson Tractors under franchise from AGCO; and Al-Ghazi Tractors Limited which is an entity of a foreign UAE-based Group Al-Futtaim purchased under privatisation in 1992 and manufacturing Fiat New Holland tractors. Millat Tractors possesses 57% of the market share while the rest 43% is held by Al-Ghazi Tractors. The production capacity of each company is currently 30,000 tractors per annum, although Millat Tractors achieves this capacity in double shifts whereas Al-Ghazi Tractors needs to employ a single shift only, due to its larger plant size. In the past, both the companies had failed to meet the supply against increasing demand and the limited capacity of production resulted into abnormal delay in deliveries to the farmers. Thus in FY10, Millat Tractors adopted the policy of working on overtime schedules, to meet the high demand, resulting in a significant increase in sales and profitability from 29,785 tractors produced in FY09 to 40,177 tractors produced in FY10. The sales statistics in terms of the number of tractors similarly increased from 30,234 to 40,080. However, the major competitor, Al-Ghazi Tractors, did not manage to increase its production, where production marginally from 30,183 units in FY09 to 31,430 units in FY10. The market comparison ratios are based on the financial statements of Millat Tractors and Al-Ghazi Tractors for FY10. The financial year of Millat Tractors ended on 30th June 2010, whereas Al-Ghazi Tractors ended its financial year on 31st December 2010. Hence this market comparison is only indicative as the companies may have been subject to different market conditions over their respective periods under review. The profitability ratios show that Millat Tractors achieved a 17. 27 gross profit margin in FY10, compared to 18. 51 of the industry average. This indicates that Millat Tractors is achieving its profit margins satisfactorily, although its competitor Al-Ghazi Tractors is better able to manage its cost of goods sold. The net profit margin of Millat Tractors is similarly slightly lower at 10. 29 compared to 11. 54 prevalent in the industry. Return on assets for Millat Tractors is also lower at 19. 42, compared to the 22. 16 industry average. This means that Millat Tractors is not fully deploying its assets to generate the maximum amount of sales. However, return on equity is much higher at 54. 49 compared to 42. 5 industry average. This is because Millat Tractors has a much lower proportion of equity in its equity-liabilities structure, and coupled with an impressive profitability performance, this gives rise to a high return on equity. The current ratio of Millat Tractors is lower at 1. 40 compared to 3. 57 for the industry. This is because Al-Ghazi Tractors has much lower amount of trade payables, Rs 1. 24 billion, compared to Rs 7. 48 billion of trade payables on Millat Tractors balance sheet. However, since the current ratio of Millat Tractors is higher than the benchmark of 1. 0, it means that Millat has a sound liquidity position and unlike Al-Ghazi, it does not hold excess current assets on its balance sheet. The inventory turnover of Millat Tractors at 40. 15 days is higher than the industry average of 33. 01 days. This indicates that inventory management at Millat Tractors is poorer, thus requiring more number of days to sell the entire inventory stock on hand. However, this can be expected with Millat Tractors approach of meeting the unmet demand for locally manufactured tractors. The day sales outstanding for Millat Tractors is also higher at 7. 37 days compared to 6. 7 days for the industry, due to the higher trade debts of Rs 454 million fort Millat, compared to Rs 364 million for Al-Ghazi. This implies poorer receivables management at Millat, although the higher receivables are to be antic ipated in line with Millats higher sales. Overall, the operating cycle at Millat was recorded at 47. 52 days, compared to 39. 88 days for the industry. Total asset turnover for Millat Tractors was slightly lower at 1. 89 compared to 1. 92 for the industry, implying that Millat has yet to achieve the high sales turnover in line its investments in assets. However, sales to equity ratio for Millat is 5. 0, higher than the industry average of 3. 83. This is to be noted in connection with the fact that the equity-liabilities breakup of Millat is Rs 4. 19-7. 57 billion whereas Al-Ghazi employs Rs 6. 36-1. 30 billion of equity-liabilities. Thus the lower proportion of equity and high sales at Millat Tractors enables it to enjoy a high sales to equity ratio and this indicates a proper utilization of equity investment to generate the healthy sales turnover. The debt to asset ratio at Millat is higher at 64. 37 compared to 40. 69 for the industry, hence the industry can be deemed to be able t o meet its debt bligations in a better manner, compared to Millat. Similarly, the debt to equity ratio is higher at 1. 81 compared to 1. 01 prevalent in the industry. However, this implies the usage of more leverage at Millat Tractors, which is a positive indicator of being able to generate a high return for investors. Times interest earned for Millat Tractors is consequently lower at 352. 30 compare to 1271. 86 for the industry, due to the employment of Rs 10. 29 billion security deposits borrowing whereas AL-Ghazi does not employ any borrowings. However, Millats long term debt to equity ratio is lower at 0. 3 compared to 0. 51 for the industry, implying that the greater proportion of Millats debt is in the category of current liabilities. In line with its impressive profitability performance in FY10, Millat achieved higher earnings per share of Rs 78. 01 per share compared to Rs 61. 24 for the industry. The positive indicators of profitability performance were accordingly transmit ted to the market, hence the market price for MTL stock averaged at Rs 395. 97 per share in FY10, compared to Rs 306. 30 per share for the industry. The price earnings ratio for Millat was also slightly higher at 5. 08 compared to 4. 8 for the industry, indicating that the strong position as the market leader was greatly reflected in the share price of MTL stock. Millats profits were reflected in the dividend per share, which was recorded at Rs 65. 00 per share compared to Rs 43. 75 per share for the industry. However, the book value per share was lower for Millat Tractors at Rs 143. 16 per share compared to an industry average of Rs 219. 92 per share. This was due to a higher total shareholders equity at Al-Ghazi Tractors of Rs 6. 36 billion compared to only 21,468,200 shares, whereas at Millat the figures were Rs 4. 9 billion of equity with 29,284,400 shares. Stock performance Stock returns of weekly continuously-compounded returns over January-December 2010 shows that the standar d deviation of these stock returns is fairly high at 5. 83%. The future stock returns are expected to vary with a standard deviation of 5. 83%: this is to be expected from MTLs high capital gain and healthy dividend payout stock. In addition, the stock price has consistently exhibited an increasing trend throughout FY10, which reemphasizes the strong position of Millat Tractors in the tractor industry. Beta analysis of the company stock over Jul09-Jun10 shows that the beta of Millat Tractors is relatively low at 0. 45, as given by the slope of the trend line. This indicates that the stock is not highly reflective of KSE-100 performance. However, this means that the market factors influencing KSE-100 do not greatly impact Millat Tractors and the company is well poised to outperform the market, in line with its strong fundamentals and secure positioning in the tractor industry. Financial analysis (FY04-10) The profitability ratios of Millat Tractors improved significantly over FY09-10. The gross profit margin improved from 15. 4 in FY09 to 17. 27 in FY10 due to the well-managed cost of goods sold, even in the scenario of depreciating PKR and rising steel prices. The net profit margin increased by a larger amount, from 7. 64 in FY09 to 10. 29 in FY10 since the operating expenses were only allowed a 5. 71%, thus preserving the gross profits of the company. Return on assets increased fr om 17. 91 in FY09 to 19. 42 in FY10 on the back of an 88. 01% increase in profit after taxation, compared to a 73. 47% increase in total assets. The increase in assets was driven by an 86. 73% increase in current assets resulting from a 19. 0% increase in stock in trade, 257. 26% increase in trade debts and a 250. 83% increase in short-term investments. Return on equity increased from 36. 05 in FY09 to 54. 49 in FY10 due to the 88. 01 increase in net income, compared to a 24. 37% increase in total equity. The increase in equity resulted from a 57. 70% enhancement in unappropriated profit, pointing to the strengthening bottom-line of the company. The current ratio decreased from 1. 69 in FY09 to 1. 40 in FY10. This was the consequence of an 86. 73% increase in current assets as mentioned above, compared to a 124. 83% increase in current liabilities. Current liabilities mainly increased due to a 139. 60% increase in trade payables. The increase in current assets and current liabilities was the result of higher working capital requirements at Millat Tractors, in order to sustain the 39. 53% increase in sales over FY09-10. Asset management ratios analysis indicates that inventory turnover decreased from 48. 74 days in FY09 to 40. 15 days in FY10 due to 19. 20% increase in stock in trade. Thus the improved bottom-line performance at Millat Tractors was driven by an increase in sales augmented by improved inventory management, as a result of the implementation of IFS software. However, the day sales outstanding increased from 2. 88 days in FY09 to 7. 37 days in FY10 due to the increase of 257. 26% in trade debts. This points to deteriorating receivables management at the company which resulted in more number of days being required to recover trade debts. Overall, the operating cycle decreased from 51. 62 days in FY09 to 47. 52 days in FY09. Total asset turnover decreased from 2. 35 in FY09 to 1. 89 in FY10, indicating that Millat Tractors has yet to generate a sufficiently high sales turnover to justify the 73. 47% increase in the value of total assets portfolio over FY09-FY10. However, the sales to equity ratio improved from 4. 72 in FY09 to 5. 30 in FY10 due to the lesser 24. 37% increase in total equity compared to 73. 47% increase in total assets. Debt to assets increased from 50. 30 in FY09 to 64. 37 in FY10 as a result of the 121. 97% increase in total liabilities compared to 73. 47% increase in total assets. This implies decreasing ability of Millat Tractors to meet its debt obligations, which are mainly in the category of trade payables; trade payables increased by 139. 60% over FY09-10. Similarly, the debt to equity ratio increased by a lesser amount, from 1. 1 in FY09 to 1. 81 in FY10, because the increase in equity was lesser at 24. 37%. While this bodes negative for Millat Tractors, it also indicates that the company is employing a greater amount of leverage in its working capital requirements, which is likely to enhance sales of the company and ultimately generate higher return for investors. In addition, long-term debt to equity decreased from 1. 53 in FY09 to 0. 43 in FY10, since a 65. 17% decrease was recorded in long-term liabilities. This was mainly due to settlement of deferred revenue and decrease in deferred tax liability. However, the times interest earned increased significantly from 44. 09 in FY09 to 352. 30 in FY10 due to the 86. 71% increase in EBIT coupled with the 76. 15% decrease in finance cost. Finance cost decreased due to the settlement of short-term borrowings since the mark-up accrued on short-term borrowings in the current liabilities category also decreased by 42. 87% over FY09-10. The earnings per share of Millat Tractors increased from Rs 51. 87 per share in FY09 to Rs 78. 01 per share in FY10 on the back of high profitability achieved in FY10. The market price per share also exhibited a strong growth from Rs 227. 0 per share in FY09 to Rs 395. 97 per share in FY10. The growth in profits was shared with the stockholders, by increase in cash dividends per share from Rs 45. 00 per share in FY09 to Rs 65. 00 per share in FY10. Thus MTL stock proved to a high capital gains as well as a high dividend payout stock. Thus the price earnings ratio increased from 4. 38 in FY09 to 5. 08 in FY10, as the healthy performance of the company based on strong fundamentals, was reflected in investors perceptions and the market price of the company. However, the book value per share remained almost constant from Rs 143. 88 per share in FY09 to Rs 143. 6 per share in FY10. This was because the increase in total shareholders equity was 24. 37% compared to a 25% increase in total number of outstanding shares over FY09-10. Future outlook Today, Millat Tractors Limited is the leading company that specializes in the manufacturing of tractors, diesel engines, Forklift Trucks, and a range of other agricultural equipments. Presently the market share of MTL hovers around 57% in terms of sales. With a present production capacity of 30,000 tractors, the company plans to expand it to 40,000 in the years to come. Capacity utilization, however, exceeds 150%. Machining capacity of major components is being bolstered along with Double Shift operation to come at par with the ever-growing demand. High price of oil in the international market is creating inflationary pressure in the economy. As a result, the cost of borrowing has become higher than the preceding years. This coupled with worldwide shortage of steel is gradually rendering the company inefficient in terms of manufacturing cost. Furthermore, the GoP has regulated the prices of tractors. This coupled with lower deletion level for new entrant is creating an uneven playing field. However, the proposal to allow local assemblers to increase the price of agricultural tractors is under consideration. This will provide a breather to the company and will consequently augment the company revenue. Worst energy crisis prevailing in the country and lack of skilled manpower are the major risks which are being addressed through standby energy arrangements and in-house training of workforce. The recent natural catastrophe in the form of floods has worsened the conditions and has posed new challenges of rebuilding the infrastructure and rehabilitation of farming community. Development of new products through innovation and diversification remain in focus for continued growth and progress. Millat has made investments in new machining lines for cylinder block and engine head to maintain high quality standards. In addition, implementation of the IFS software means that the procedural automation and visibility brought by IFS would enable Millat to achieve greater production efficiency in future. The support of the government to the agriculture sector in terms of support prices to the local farmers provides greater opportunities for MTL. This enhanced income available to the farmers will not only enable them to buy agricultural inputs, but also educate themselves to modern agricultural practices to improve productivity, which is low compared to international standards. The government policy to encourage corporate farming will also create a demand for the companys products, which could also include higher horse power range of tractors and implements. COURTESY: Economics and Finance Department, Institute of Business Administration, Karachi, prepared this analytical report for Business Recorder. DISCLAIMER: No reliance should be placed on the [above information] by any one for making any financial, investment and business decision. The [above information] is general in nature and has not been prepared for any specific decision making process. [The newspaper] has not independently verified all of the [above information] and has relied on sources that have been deemed reliable in the past. Accordingly, the newspaper or any its staff or sources of information do not bear any liability or responsibility of any consequences for decisions or actions based on the [above information].

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buy custom Cooperative Wireless Communication essay The mobile wireless channel suffers from fading, in other words, the signal attenuation can vary significantly over the course of a given transmission. When transmitting independent copies of the signal, it generates diversity and can eff3ectively combat the deleterious effects of fading. In particular, spatial diversity is generated by transmitting signals from different locations, thus allowing independently faded versions of the signal at the receiver. Cooperative communication generates this diversity in a new and interesting way. Consider two mobile agents communicating with the same destination. Each mobile has one antenna and cannot individually generate spatial diversity. However, it may be possible for one mobile to receive the other, in which case it can forward some version of overheard information along with its own data. Because the fading paths from two mobiles are statistically independent, this generates spatial diversity. Cooperative communications exploit the spatial diversity inherent in multiuser systems by allowing users with diverse channel qualities to cooperate and relay each others information to the destination. Each transmitted message is passed through multiple independent relay paths and thus, the probability that the message fails to reach the destination is significantly reduced. Without having the knowledge of the channel conditions or even the amount of resources available, each user is given a fair opportunity of utilizing the cooperative relaying channel. However, if the channel state information is available to the users, one can redistribute the resources usage or traffic load to improve the communication efficiency. HISTORICAL BACKGROUND The basic ideas behind cooperative communication can be traced back to the ground breaking work of cover and EL Gamal on the information theoretic properties of the relay channel. This work analysed the capacity of the three-node network consisting of a source, a destination, and a relay. It was assumed that all nodes operate in the same band, so the system can be decomposed into a broadcast channel from the view point of the source and a multiple access channel from the view point of the destination. Many ideas that appeared later in the cooperation literature was first exposited in. However, in many respects the cooperative communication that we consider is different from the relay channel. First, recent developments are motivated by the concept of diversity in a fading channel, while cover and EL Gamal mostly analyse capacity in an additive white Gaussian noise (AWGN) channel. Second, in the relay channel, the relays sole purpose is to help the main channel, whereas in cooperative communication the total system resources are fixed, and users act both as information sources as well as relays. Therefore, although the historical importance is indisputable, recent work in cooperative has taken a somewhat different emphasis. BASIC CONCEPTS OF COOPERATIVE COMMUNICATIONS Cooperative communication typically refers to a system where the user share and coordinate their resources to enhance the transmission quality. This idea is particularly attractive in wireless environment due to the diverse channel quality and the limited energy and bandwidth resources. With cooperation, users that experience a deep fade in their link towards the destination can utilize quality channels provided by their partners to achieve the desired quality of services. This is also known as the spatial diversity gain, which is similarly achieved in multiple-input-multiple-output (MIMO) wireless systems. In cooperative wireless communication, people are concerned with a wireless system for the cellular or ad hoc variety, where the wireless agents, who are identified as call users, can enhance their effectual quality of service- which can be calculated at the physical layer through rates of bit error, rates of block error, or outage possibility-through cooperation. In the system of cooperative communication, every wireless user is supposed to shift informtion with the act as a cooperative agent for different user Cooperative methods apply the broadcast style for wireless signals through assessing that a source signal aimed for an important place can be overheard at neighbouring areas node. These nodes, known as partners, relays, or supporters, process the signals they hear and shift towards the place. There are two features that differentiate cooperative transmission schemes from conventional non-cooperative schemes: The use of multiple users resource to transmit data of a single source. A proper combination of signals from multiple cooperating users at the destination. This is evidenced where we have two users transmitting their local messages to the destination over independent fading channels. Suppose that the transmission fails when it enters a deep fade, this is to mean when the signal-to-noise ratio (SNR) of the received signal falls below a certain threshold. If the two users cooperate by relaying each others messages and the inter user channel is sufficiently reliable, the communication outage only occurs when both the users experience poor channels at the same time. The main advantages of the cooperative communications are: Higher spatial diversity Higher throughput/lower delay Reduced interference/lower transmitted power Adaptability to network conditions Detect and Forward Method This method is close to the idea of a traditional relay. In this method a user attempts to detect the partners bits and then retransmits the detected bits. The partners may be assigned mutually by the base station, or via some other technique. The most important factor is that each user has a partner that provides a second data path. The easiest way to visualize this is via pairs, but it is also possible to achieve the same effect via other partnership topologies that remove the strict constraints of pairing. This method of signal has the advantage of simplicity and adaptability to channel conditions. This method has the limitation that the base station needs to know the error characteristics of the inter user channel for optimal decoding. In order to avoid the error of propagation, Lanemanet al proposed a hybrid decode and forward method where at times when the fading channel has high instantaneous signal to noise ration, users detect and forward their partners data, but in case the channel has low SNR, users revert to a non cooperative mode. Amplify and Forward Method Another simple cooperative signal method is the amplify-and-forward method. In this method, receives a noisy version of the signal transmitted by its partner. The user then amplifies and retransmits this noisy version. The base station combines the information sent by the user and the partner, and makes a final decision on the transmitted bit. In amplify and forward method, it is assumed that the base station knows the inter user channel coefficients to do optimal decoding, so some mechanism of exchanging or estimating this information must be incorporated into any implementation. Another potential challenge is that sampling, amplifying, and retransmitting analogue values is technologically nontrivial. Coded Cooperation Method Coded cooperation is a method that integrates cooperation into channel coding. Coded cooperation works by sending different portions of each users code word via two independent fading paths. The basic idea is that each user tries to transmit incremental redundancy to its partner. Whenever that is not possible, the users automatically revert to a non cooperative mode. The key to the efficiency of coded cooperation is that all this is managed automatically through code design with no feedback between the users. The users divide their source data into bblocks that are augmented with cyclic redundancy check (CRC) code. In coded cooperation, each of the users data is encoded into a codeword that is partitioned into two segments, containing N1 bits and N2 bits, respectively In general, various channel coding methods can be used within this coded cooperation framework. For example, the overall code may be a block or convolution code, or a combination of both. The code bits for the two frames may be selected through puncturing, product codes, or other forms of concatenation. The users act independently in the second frame, with no knowledge of whether their own first frame was correctly decoded. As a result, there are four possible cooperative cases for the transmission of the second frame: neither user cooperates. Analysis of the effects of these four cases is beyond the scope of this article, and we refer the reader to the literature for more comprehensive treatment. We only note that the performance curves shown in this article include all the effects of the inter user channel. Performance evaluation The figure above give some examples of the performance of cooperative communication using the three classes of signalling described in the previous section. For comparisons one must take note that, unlike amplify-and-forward and detect-and-forward methods, coded cooperation is inherently integrated into channel coding. In order to present equitable comparisons, we consider a coded baseline system with the same overall rate of for all cases: non cooperative, amplify-and-forward, detect-and-forward, and coded cooperation. For both hybrid decode-and-forward and amplify-and-forward, the users initially transmit a RCPC code word punctured to rate 1/2. This code word is subsequently repeated by the relay, resulting in an overall rate of . For coded cooperation, a cooperation level of 25 percent is used. The two users transmit a code word punctured to rate 1/3 in the first frame. In the second frame, the relay transmits the bits punctured from the first frame such that the total bits received for each user form a rate 1/4 code word. The plot above illustrates a case in which the mean uplink SNR for user 1 is 10 dB higher than that of user 2, while the inter user mean SNR is equal to that of the uplink channel for user 2. Two significant results of cooperation can be noted. First, user 2, as one might expect, improves significantly by cooperating with a user that has a better quality uplink channel. More interestingly, however, user 1 also improves significantly, despite cooperating with a user having a poorer quality uplink channel. This result illustrates that even a user with a good uplink channel has strong motivation to cooperate. Second, we note that the difference in performance between users 1 and 2 is significantly reduced by the cooperation methods. This shows that cooperation inherently reallocates the system resources in a more effective manner. In comparing the three cooperative transmission schemes, we see that both amplify-and-forward and hybrid decode-and-forward are not very effective at low SNR. This is due to the fact that their signalling is equivalent to repetition coding, which is relatively inefficient at low SNR. Coded cooperation, however, has graceful degradation and performs better than or as well as a comparative non cooperative system at all SNRs. In addition, coded cooperation generally performs better than other cooperative methods for moderate to high SNR. This tutorial describes wireless cooperative communication, a technique that allows single antenna mobiles to share their antennas and thus enjoy some of the benefits of multiple antenna systems. Several signalling schemes for cooperative communication are presented. Practical implications and requirements on system design are discussed, as well as extensions to the basic idea. 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Criticize Elizabeth Anderson's Claim that the Autonomy of Women will Essay

Criticize Elizabeth Anderson's Claim that the Autonomy of Women will be Promoted by Banning Commercial Surrogacy Contracts - Essay Example If the intended mother has the ability to produce eggs that are fertile but is unable to carry the pregnancy then gestational surrogacy can be used. In this process, the egg of the intended mother would be removed and combined with that of the husband or a sperm from another man and finally implanted in the replacement mother. Surrogacy arrangements can be either altruistic or commercial. In altruistic surrogacy, the surrogate mother would be compensated for expenses incurred or sometimes not paid at all. On the other hand, the surrogate would be paid all expenses incurred during the entire period of the pregnancy plus a fee in commercial surrogacy. In this surrogacy, the surrogate mother and the adoptive parents come up with a commercial surrogacy contract that regulates their relationship for the entire period of the pregnancy. Criticism I disagree with Elizabeth Anderson’s claim that the autonomy of women would be promoted by banning commercial surrogacy contracts. As a mat ter of fact, commercial surrogacy has enabled many infertile couples in the entire world to have children. There exist few children for adoption and even the requirements for one to qualify as an adoptive parent are hard to meet. Therefore, commercial surrogacy remains the only hope for some individuals to get children and make up families. It is the only humane answer to the infertility problem. Infertility is extremely common in the world; it affects approximately one out of seven couples. This problem is likely to increase since more women are entering a time consuming workforce, and thus delay the process of giving birth to a later age when fertility challenges are exceedingly rampant (Richards 78). Consequently, adoption does not sufficiently meet the desires of infertile couples wishing to have a baby. There exist no biological link between the couple and the adopted baby; they would be forced to wait between three and seven years to adopt an infant. This has contributed to a call for another reproductive option. Moreover, abortion and the use of contraceptives have led to a serious shortage in the number of adoptable babies. If we follow Elizabeth Anderson’s argument, then we leave many infertile couples without children. Commercial surrogacy is not a practice of baby selling as Anderson argues. It is a contract to bear a child but not to sell the child. The payment to a surrogate is just a fee for the services just similar to the fees paid to doctors and lawyers for their services. The banning of commercial surrogacy will be infringing on ones constitutional right to engage into a contract freely. The society is always at peace when the liberty of its members becomes maximized. Women and the entire society benefit from the freedom of choice that would be offered through surrogacy. Since people would not be forced into the contract, they engage willingly; no one should attempt to stop them. In a rights based culture, commercial surrogacy contract s would be supported since every woman has the right to procreate. She also has the right to demand compensation for expenses incurred during the gestation period. All parties benefit in a surrogacy arrangement that is successful. The intended parents go home with a cherished child while the surrogate mother gets monetary reward for her work (Richards 71). The money the surrogate mot

Current and Future Trends in a Sector of the Hospitality Industry Research Paper

Current and Future Trends in a Sector of the Hospitality Industry - Research Paper Example As time changes, even the hospitality industry has changed a lot for the better. While many of the issues have been effectively dealt with, a number of new asking issues have come to the scenario. A person lacking in skill is likely to be less productive than someone who possesses such a skill (Frogner 2002). The problem of creating and maintaining a loyal and skillful workload is always a challenge for all the business owners around the world. It has been anticipated that all the aspects of construction and renovation cost will continue to keep on increasing. 'It was mainly because steel prices experienced a 48.8-percent increase in 2004, which was preceded by significant increases in scrap iron and steel prices in 2002 and 2003. Steel prices held steady in 2005 but jumped again in 2006 through 2009. They are expected to increase again in 2010 and beyond as demand for steel from construction projects in China and India increases. Scrap iron and steel prices have increased by approximately 20 percent in the past twelve months' (Hotel Line Special Report 2006). Hospitality management systems have evolved into sophisticated, well integrated, multi-discipline tools capable of helping properties of all types and sizes attract more guests, generate more revenue and reach much-improved levels of efficiency. But still, in certain areas of the world, the main technological factors of the hospitality industry completely have to depend on outsourcing facilities which at times turns out to be more complex operations.

Discrimination and the Voting Rights Act of 1965 Essay Example for Free

Discrimination and the Voting Rights Act of 1965 Essay The South was racially biased for years after the Civil War. The Southern states would create legislation to enact â€Å"Jim Crow† laws upon the black community. Segregation was at its peak in the United States and the black community had been oppressed long enough. Conforming to the segregated South only caused hostility. The government that recognized blacks as members of society ignored them. In fact, the government that could protect the black community from the violence incurred by terrorist groups was often members of the groups themselves. Rebellion was the only and final option. In order for the Voting Rights Act of 1965 to be ratified by Congress, the black community needed to rebel against the â€Å"Jim Crow† laws of the South, the violence invoked by hate organizations, as well as (with assistance from white college students) the hypocrisies of the United States government. Jim Crow became a general term used in the South to refer to the segregation and discrimination laws that affected African-American life. The name originated from â€Å"an 1832 song called Jump Jim Crow by Thomas Rice† (Hillstrom 9). The song may have been named after a slave that Rice knew or from the expression â€Å"black as a crow†. The main purpose of Jim Crow laws was to segregate and disenfranchise the black community. During the Jim Crow era, â€Å"various states passed laws that banned blacks from hospitals, schools, parks, theaters, and restaurants† (Hillstrom 9). In all cases, the facilities marked colored  were noticeably inferior to the whites. Many cities and states would ratify their own specific Jim Crow laws. Some laws such as blacks having to cross the street when a white woman, on the same sidewalk, was walking toward them or â€Å"maintaining a separate building, on separate ground, for the admission, care, instruction, and support of all blind persons of colored or black race† (Bell 4) were absurd. In the summer of 1955, a 14-year-old boy was brutally beaten and killed for allegedly whistling at a white woman. The husband and brother-in-law of the woman were charged with murder but were acquitted of all charges after only sixty minutes of deliberation. In an interview months later, with protection from the Constitutional clause of double jeopardy, both brothers openly admitted, without remorse, to maiming and killing the boy. The quick deliberation and acquittal outraged the country and helped to energize the Civil Rights Movement. The Jim Crow laws were progressively getting worse for the black community. Lawmakers needed to be black, or abolitionists, in order for the laws to change. Rebellion by way of the ballot box was the answer. In The United States, the democratic process is supposed to allow voters a chance to correct social injustices. Citizens within the black community should have the ability to vote black candidates into office. Blacks could elect city council members, mayors, judges, and even state representatives. But in Mississippi the people in power, all of whom were white, denied blacks the opportunity to vote. The white community believed that if blacks achieved the right to vote, they would make up the majority. The black majority would force out the racist whites from power and change the social injustices. Mississippi Senator Eugene Bilbo stated, â€Å"If you let a few (blacks) register to vote this year, next year there will be twice as many, and the first thing you know, the whole thing will be out of hand† (Aretha 20). The black community needed to vote in order to achieve change. Without the right to vote, segregation and the disenfranchisement of African-Americans would cease to change. The southern-white lawmakers created a complicated system to keep African-Americans from voting. â€Å"White local and state officials systematically kept blacks from voting through formal methods, such as poll taxes and literacy tests† (Summer 1964). The literacy test prevented even educated African-Americans from achieving voter registration. The test required voters to â€Å"read and interpret a section of the state constitution to the â€Å"satisfactory† of the registrar† (Aretha 21). This allowed â€Å"white registrars to decide whether or not a person passed. Most blacks, even those with doctoral degrees, failed† (Cozzens 1). Fear was a constant tactic for the racist south. Black applicants â€Å"had to give, under oath, information about his or her address, employment, and family members. This information would then be given to the applicants employer, the KKK, and other organizations† (Let Freedom Ring 149). Having the bravery to rebel against society, by registering to vote, caused many blacks to fear retaliation from the KKK and their employer. In the post-Civil War era many white Southerners resented the changes imposed by the Union. In the years during Reconstruction, terrorist groups sprang up all over the south. The Ku Klux Klan (KKK) and the White Citizens Council, â€Å"the uptown Klan†, which was often made up of sheriffs, doctors, lawyers, and even mayors, quickly gain thousands of members across the south. The KKK had four explicit tactics in their war against blacks, â€Å"First was cross burning, second would be the burning and dynamiting of houses and buildings, third was flogging, and the Fourth was extermination† (Watson 143). In 1964, a single Mississippian county had â€Å"37 churches and 30 black homes and businesses were firebombed or burned, and the cases often went unsolved† (Summer 1964). Hate crimes were becoming increasingly common and extremely brutal throughout the South. The black community needed and sought change. After many years of brutality and hatred, many blacks believed they were inferior to whites. To combat the inferiority thought, Bob Moses created â€Å"Freedom Schools† and community centers open to the black community. â€Å"The community centers would offer facilities limited by the Jim Crow system: libraries, arts and crafts, daycare, and literacy classes† (Burner 124). Freedom Schools taught students African-American history and current events. Moses saw the Freedom Schools â€Å"as an opportunity to teach the â€Å"politics of Mississippi† and begin to build a core of educated leadership in the state† (Burner 124). Members of SNCC and CORE believed that rebellion was a necessity, and rebelling with nonviolent methods would allow the nation to see the atrocities inflicted in the south. In order to gain momentum, the black community needed assistance from the federal government and the national media. The Student Nonviolent Coordinating Committee (SNCC) came to the forefront for reform. In 1961, seven blacks and six whites tested the federal law, which called for the desegregation on interstate travel. Called the Freedom Riders, thirteen people â€Å"rode buses into the south, daring the federal government to enforce the law. The Freedom Riders were arrested in North Carolina, beaten by mobs in South Carolina, and saw their buses fire bombed in Alabama† (Watson 24). The thirteen men rode into the south with whites sitting in the back of the bus, the blacks in the front, and would use the same facilities at bus stations as stated by federal law. James Farmer, one of the thirteen riders and the director of CORE (Congress of Racial Equality) stated, â€Å"We felt we could count on the racists of the South to create a crisis so that the federal government would be compelled to enforce the law† (Cozzens 1). The rebellion of the thirteen brave men to ride into the south created the national media attention the activist desperately needed. The national media started to show the country how hypocritical the United States had become. Men of many races fought for their country in a time of war, but came home to a country that was at war within itself. In the early 1960’s, the black community rebelling for equal rights began to capture the attention of Americans across the country. 1964, a presidential election year, was a pivotal time to rebel for the African-American right to vote. For generations the south held a dominant Democratic Party. Rebelling against the injustices set by the â€Å"whites-only† Democratic Party could only be changed by use of the ballot box. Bob Moses, a member of SNCC, decided to send volunteers into Mississippi to register voters. The voter registration drive came to be known as â€Å"Freedom Summer†. Bob Moses outlined the goals of Freedom Summer as to increase black voter registration and to organize a legally constituted â€Å"Freedom Democratic Party† to compete with the whites-only Democratic Party. Moses instructed recruits, â€Å"Don’t come to Mississippi this summer to save the Mississippi Negro. Only come if you understand, really understand, that his freedom and yours are one† (Aretha 41). To achieve the attention of the national media, Moses and other members of SNCC decided to recruit white college students from the north. â€Å"Violence against Northern Whites would at least get Mississippi on the nightly news† (Rachall 173). Children of the dominant social class, rebelling against their parents and the accepted society of the south, in fact attracted national attention. Moses stated, â€Å"These students bring the rest of the country with them. They are from good schools and their parents are influential. The interest of the country is awakened and when that happens, the government responds† (Aretha 30). Rebelling against the hypocrisies of their nation, their parents, and even society, white college students came by the hundreds to volunteer for â€Å"Freedom Summer†. Volunteers went to Oxford, Ohio, currently the campus of Miami University, for a weeklong orientation. Volunteers were not going to be paid and would need to support themselves. They were told to bring money for living expenses, bail, and even medical bills if necessary. The volunteers had to be prepared for death. James Forman, of SNCC, told the volunteers, â€Å"I may be killed, you may be killed, the whole staff may be killed† (Cozzens 3). The students were told that if arrested, go to jail quietly. The authorities would have cause to react violently if volunteers were to resist. The national media and the south would exploit the aggression and discredit the actions of a nonaggressive rebellion. Rebellious college students used Hitler and Mussolini’s ideologies, fascism and the idea of a united master race, as a direct correlation to what was happening to blacks in the South. World War II was only twenty years prior and the Cold War was just beginning. Many Americans still held hostility towards Germany and the idea of racial class distinctions. The spread of communism and Nuclear War were constant backdrops to every evening newscast. If the United States could announce to the world their â€Å"Policy of Containment† then the world should hear about hypocrisy within the United States. The Blacks and volunteers used the memories of the war to prove how fascist ideas were being entertained. Rebelling and protesting would allow the world to see the deceitful ways America. In June 1964 rebellion against hate crimes, voter rights, and the segregation of blacks was underway. A Michigan State student said of their arrival in Mississippi, â€Å"The greyhound bus dropped us off on a residential street, we had no idea where we were. Almost immediately we found ourselves being circled by pickup trucks with rifles and big dogs in the back† (Aretha 47). Jane Adams, Southern Illinois University, stated, â€Å"Mississippi had geared up for war. They saw us as invaders coming in for a complete assault on their way of life. Everybody on both sides expected that there would be a bloodbath. We all expected we could die† (Aretha 47). Two white men and a black man rebelling against southern society were easy targets for police. Two white men, Michael Schwerner and Andrew Goodman, as well as a black volunteer James Chaney were last seen going to a bombed out church to offer their condolences to the congregation and to offer their assistance with the investigation. The men disappeared after being singled out by the racist authorities. The next day, staff called police when the three men failed to check in at their headquarters. The police, often members of the KKK, often used their authority to invoke fear into both black and white volunteers. KKK pamphlets declared, â€Å"We are now in the midst of the long, hot summer of agitation which was promised to the Innocent People of Mississippi by the savage blacks and their communist masters† (Watson 142). After the disappearance of Schwerner, Goodman, and Chaney, President Johnson and the FBI became involved. The story of the missing, as well as the peaceful rebellion, quickly gained national attention. Two of the men’s skin color became a key factor for the instant media. Rita Shwerner declared, â€Å"We all know that the search with hundreds of sailors is because my husband and Goodman are white. If only Chaney was involved, nothing would have been done† (Rachal 168). The media may have not paid much attention if only a black man went missing. The media told the story of the missing men on nationally televised nightly newscasts and public outcry immediately followed. Finally the south received assistance from the federal government. Lyndon Johnson sent hundreds of men from the military to search for the three men. As the search went on, the Mississippi Governor and a member of the White Citizens Council exclaimed, â€Å"Of course I don’t approve of murder, but those kids were asking for trouble† (Aretha 50). The shot and beaten bodies of the missing men were found after a month. It later surfaced that the local police arrested the three men for speeding. After dark, the police released the men to the KKK. Eighteen men were originally arrested but only a few were convicted and served light sentences. Finally in 2005, 41 years after the murders, Edgar Ray Killen was convicted of manslaughter and sentenced to three life sentences, without the possibility of parole, to be served in succession. After the deaths of Schwerner, Goodman, and Chaney was the perfect time for blacks to rebel louder. To achieve the voting rights for the segregated community, the rebellious blacks and whites created a stronger alliance than ever before. By coming together, the black community showed America that the rebellion would not end until equal rights and the ability to vote was achieved. The summer of 1964 became the high water mark for equal rights in America. â€Å"Freedom Summer† along with nonviolent protests across the south lead to the signing of Section 2 of the Voting Rights Act of 1965. The Voting Rights Act â€Å"prohibits voting practices or procedures that discriminate on the basis of race, color. Discrimination to voting applies nationwide to any voting standard, practice, or procedure that results in the denial of the right of any citizen to vote. Section 2 is permanent and has no expiration date† (Section 2). Rebellion was a necessity to end the disenfranchisement of the African-American community. Rebellion for the black community was not to conform to the racist south, but to consciously do the opposite. Without rebellion and bravery the south may have never changed. Volunteer Bruce Hartford professed, â€Å"We used to say: If you don’t like the history they’re teaching you in school, go out and make some of your own† (Aretha 35).

Character Summary: The Mice :: essays research papers

â€Å"Of Mice And Men†, being a story about two men and their struggles, however never really going into detail of the mice in which were unjustly murdered. The mice slaughtered by Lennie were never really at fault for their actions. When being harshly petted by Lennie, the mice would only try to protect themselves, thus Lennie resorted to killing the mice in his own defense. These mice, being killed constantly by Lennie, were innocent victims sent to their predator by Lennie’s Aunt Clara. Did Aunt Clara consider the consequences that would later effect the mice? These mice may have had families of their own in which they would never return to. A mother mouse may have gathered food for the next meal only to see the father of her children never return. Of course it is better that she never see what had fatally happened that day. These mice, once caught by Aunt Clara, never had a chance. After capturing this poor, innocent, little creature, it was then released into the hands of Lennie. Is it the mice’s fault that they are so soft, and touchable? If only mice were more repugnant, hideous or gruesome they would have a chance of surviving. Maybe if these minute creatures were more passive, and did not try to protect themselves they would still be alive. However, how can one be sure of that? Perhaps Lennie would have petted the creature to a more powerful extent thus killing it still while the innocent mice just took the suffering. Unknown to Lennie, the mice may have had a dream just like him. Though most mice probably would not have dreamt about owning their own land, a dream may have still existed. Maybe the mice would have wanted to live some place safe from people. Dreaming of a place in which a mouse could eat all the time not having to search for food, Lennie may have killed them. This harsh reality is exactly the same as what had happened to Lennie. It is unable to be disproved that what George had done to Lennie in his time of weakness was not the same as what Lennie had done to the mice in their time of helplessness. Possibly, that was how the mice wanted to die though, happy picturing their dreams in their heads. On the other hand, one is not to be sure that these mice did not die in excruciating pain, paralyzed by the touch of this enormous creature.

My First Day in College

My first day in College On August 27, 2012, I began my first day at Petrocelli College. The morning was sunny and warm. I was fill with anticipation. I met my best friend from high school, Nathalie, at the bus stop. We both wonder what our first day would be like. My first day in College was overwhelming because of the excitement, stress and future outlook. I experience excitement. A new beginning is always exciting. For example, I was becoming independent and responsible for making my own decisions.I now have to pay for my college expenses by a work study job. I was also excited to see some students from my high school. For instance, my friend Richard is in all my classes. In addition, I was enthusiastic to meet my new professors and learn about the subjects I was going to be studying throughout the semester. I also experience stress throughout the day. For example, the costs of the books and the bus fare for commuting. In other words, I didn’t have enough money to pay it. I was struggling making new friends. Related reading: Monash College MoodleI’m a shy person and when it comes to socializing I get stressed out. I was confused with my schedule; I had too much time between classes. I was thinking too much on what I was going to do on those long breaks. In addition, my future outlook became focused. For example, I realize attending College was the first step I was taking to accomplish my future goals. I enjoy math and want to become an accountant. Majoring in business and accounting would ensure that I will earn a well paying salary.Therefore, I would be able to financially help my family, and to begin studies to earn a master’s degree. In conclusion, the excitement, stress and future outlook made my first day in college overwhelming. Beginning a new chapter in life initiate my day with excitement. But the financial, social and academic stress disturbs me during the day. It wasn’t only my first day in college it was also my first step in becoming an accountant and pr eparing my future.