Concept Of Civil Military Relations

Idea Of Civil Military Relations The development of military intercessions in the political existence of a nation isn't an element of this century. From antiquated Greece as far as possible of the twentieth Century, the danger has picked by uprooting or movement of an administration by clear military activity, a common topic in the logical writing. Be that as it may, albeit past examiners rather for the military as an abnormal, satanic part not with other social gatherings connect, yet in a situation to try to act against them, it was not until after the finish of World War II political specialists started to infer another point of view. Subsequently, while Machiavelli would state, a man of the military can be a decent individual Voltaire would smooth out indication of beast power as and Samuel Adams would state that a standing armed force, anyway important, is consistently hazardous to the freedoms of the individuals. Obviously, the adjustment in the mentality of the science was in the military establishment not unplanned motivation. From World War II to an end the conventional job of the military as an instrument of regional development of an express, its utility has been enormously improved as abusive behavior at home. As one of only a handful scarcely any enormous foundations westernized, the military as the main viable weight gathering, ready to assume a positive job was found in a nation attempting to arrive at a more elevated level in the size of social and political advancement. Since the presentation of liberal establishments, Western financial strategy in the fringe nations, the steadiness of the last was disturbed conventional sociopolitical structure showed up the military is the main gathering that the authorization and security of political dependability and request. Consequently, as the obligations of the officials needed to experience such a significant change, and the entire organi zation was approached to assume a residential job multidimensional Western scholarly world has been compelled to reevaluate their previous perspectives on the common military relations. Since the job of the military establishment can broaden the day by day political existence of the condition of insignificant effect on direct principle, started in early after war journalists noticed the advantages could give a modernized an official corps resources political existence of a fringe nation. His energy was with the end goal that some even to help the foundation of expert Western military autocracies and overestimate the capacity of the military finished. For instance, as for Pauker Southeast Asian nations, contends that a solution for every one of the one social monetary issues looked by them later on: It is bound to be found in the official corps and government officials. Since solid initiative help of the hierarchical structure and good authority was viewed as a fundamental segment of good administration arranging and the eventual fate of these nations, the main gathering that had the option to show those characteristics were the military, proposed. Others, as Pye moderate point of view for the star Western direct military investment in the political existence of the fringe states, didn't disregard to make reference to that the target of the sort of job alloted to the official corps was to make stable equitable political foundations a practices. Others, for example, Janowitz, notwithstanding, started to propose that one ought not befuddle discipline and authoritative limit. While officials have been prepared to work proficiently when assigned to explicit errands, and their effect on financial improvement in any nation wide, best case scenario, be negligible in light of the innate constraints in the calling [infrared]. Generally speaking, it was hard for some Western scholastics to legitimize the military mediation and open standard from that point forward, as indicated by the political and monetary model that they Anglo American advancement, it is majority rules system instead of autocracy, the political framework that supplements the financial improvement of free enterprise. With the fall of the Berlin Wall and the progression of the previous socialist nations of extremist systems, it appears vote based system as the best option political instrument can give the West to these individuals. Despite the fact that the procedure of democratization should not be possible expedite and accomplish a result, nonetheless, it gives the feeling that it is the main practical answer for the usage of harmony and security on the planet. As President Clinton noted in his discourse at Georgetown University in 1991, nations with majority rule governments are bound to be dependable accomplices in exchange and discretion and more uncertain danger to harmony than those with different types of government. In spite of the fact that the breakdown of the dictator system/tyranny is the initial move toward the democratization procedure of any nation, in any case, it ought not cause us to accept that such an occasion would naturally prompt the foundation and fortifying of law based establishments and practices. While in the transitional period can make a generally steady setup of equitable political establishments attributes, can not be such a framework can be viewed as a popularity based framework. Until there is finished understanding of the individuals and the political and military pioneers to the requests inborn in all majority rule governments, for instance, bolster enormous situations for social disposition with fair organizations and the guidelines of the game that the last foundation, at that point vote based system can be a far off dream. As Sergei Kovalyov, a Russian human rights lobbyist, has put it, the nature of majority rules system relies intensely upon the nature of the democratswithout this, everything will resemble now, consistently in fits and start. Because of the developing enthusiasm from the scholarly world to comprehend the various sorts and levels of common military relations in every nation just as in the translation, we have various essayists with specific examples, in which various variables related with both the changing situations of universal and nearby have been utilized. In spite of certain shortcomings emerging from the endeavor by political researchers to make a worldwide hypothesis with respect to the job of the military in all nations, and these examples will in general supplement each other in the gracefully and the finish of the peruser a superior comprehension of common military relations by and large. TYPOLOGIES OF CIVIL MILITARY RELATION Concentrate in transit that the military can accomplish its corporate targets, precisely recognizes four kinds of common military relations. In the principal classification, and he puts all cases while the officials to practice their effect on the sacred authenticity and the regular citizen government, similar to any weight bunch once more, to accomplish the targets, for example, expanding the military financial plan, and in the second, when officials utilized the danger of punishments or coercion to arrive at comparative goals; in the third, when the framework supplant common with each other on the grounds that I didn't play out its obligations towards them sufficiently, and in the fourth class, and officials choose clear non military personnel framework and hold onto the administration itself. Furthermore, there is an issue with his rating is its substantial reliance on the level of military mediation. This makes it hard to recognize conduct similitudes and basic to the military foundation and guidelines in various nations, while mediation has been paid to various levels, however the job of the military in the public eye and governmental issues is comparable. Huntington, then again, the standards of arrangement of its common military relations on the political targets of the activities taken by the officials. He ordered into three classes. In the principal class, he recognizes those cases that are like a castle overthrow, and in the second, those comparative upset change, and in the third, like those 1 progressive. What's more, there is an issue with the characterization of him is that his advantage isn't just close to home yet in addition tricky. He neglected to consider that military mediation could start as ahead of schedule as may have one kind of a military overthrow, however to experience radical changes certain. While trying to conquer the limitations forced on the model of Huntington, Janowitz makes a significant advance by separating among regular citizens and military faculty in Western nations relations from those in the terminal. He delegated common military relations in the Western nations into three classifications: the gentry, majority rule government and autocracy. With respect to fringe States, he delegated common military relations in five classifications: individual dictator, definitive and exhaustive vote based rivalry, among regular citizens and the military coalition, the military and the theocracy. Furthermore, there is an issue with his rating is that it doesn't consider the level of independence that can be non military personnel pioneers of the military. Not explain this, he makes it hard to recognize the job of officials in equitable and dictator system. Gaining from the missteps of the past essayists, Lucham attempts to offer an increasingly complete model. He bases his typology of common military relations around three factors: the quality or shortcoming of regular citizen foundations; the quality or shortcoming of the military organization and the coercive, political and hierarchical assets available to its; and the idea of the limits between the military foundation and its sociopolitical condition. By looking at these three factors, Luchams typology orders common military relations dependent on the jobs which the military establishment plays in a countrys political life. He isolates them into classifications in which the military activities objective, constabulary, device and abstract control just as in instances of a country in-arms from cases in which a praetorian, an army or a gatekeeper state has been built up o there is political vacuum. Also, there is an issue with grouping Lucham is that he dismisses the job of the universal condition (political, financial, and military) on the relations among regular folks and the military in the state. In the equivalent

Free Essay on Nathaniel Hawthornes The Scarlet Letter - Light and Darkness :: Scarlet Letter essays

Light and Darkness in The Scarlet Letter Nathaniel Hawthorne, creator of The Scarlet Letter, felt that the Puritans were individuals who accepted that the world was where the fight among great and malice was an endless one. All through the novel, Hawthorne utilizes the images of light and dull to portray this fight among the characters Hester Prynne, Pearl, and Roger Chillingworth. After Hester submits her transgression, her excellence very quickly disappears into obscurity. Her hair no longer hangs unreservedly about her face, rather she ties it up in a hood. Hester isn't seen as an abhorrent individual, however her transgression makes her light shroud away. The sun is utilized as a descriptor of the integrity or unadulterated nature of character. Due to her wrongdoing and the red letter, Hester is not, at this point unadulterated, along these lines she isn't found in the sun. Hawthorne states, It was just the obscured house that could contain her. At the point when daylight came back once more, she was not there. While on a stroll to the backwoods, Pearl, Hester's girl states, ...the daylight doesn't cherish you. it flees and shrouds itself, since it fears something on your chest. This is proof that the red letter itself might be the reason for Hester's obscurity. Pearl is the character generally perceived for her essence in the sun. She is attracted to the sun, as the sun is attracted to her. While at the senator's home, Pearl sees how brilliantly the sun radiates through the windows. She demands that, the daylight be peeled off its front and given to her to play with. Hester reacts by saying, No my little Pearl. Thou must accumulate thine own daylight. I have none to give thee! Pearl has been viewed as a character that consistently perseveres on knowing reality. While in the timberland Pearl needs to hear a story from Hester. She inquires as to whether she has ever observed the Black Man. Hester answers that she has seen the Black Man once previously. This proposes the Black Man might be her better half, Roger Chillingworth. Roger Chillingworth is a character who is nearly Satan-like. Chillingworth is depicted as the Black Man by Pearl and his own portrayal of himself proposes that he is a beast or the like. When Chillingworth finds that Dimmesdale was the dad of Pearl, he insults him and causes him to feel more blame than he as of now has. Free Essay on Nathaniel Hawthorne's The Scarlet Letter - Light and Darkness :: Scarlet Letter articles Light and Darkness in The Scarlet Letter Nathaniel Hawthorne, creator of The Scarlet Letter, felt that the Puritans were individuals who accepted that the world was where the fight among great and insidiousness was an endless one. All through the novel, Hawthorne utilizes the images of light and dim to delineate this fight among the characters Hester Prynne, Pearl, and Roger Chillingworth. After Hester submits her wrongdoing, her excellence very quickly disappears into dimness. Her hair no longer hangs uninhibitedly about her face, rather she ties it up in a hood. Hester isn't seen as a malicious individual, yet her transgression makes her light conceal away. The sun is utilized as a descriptor of the decency or unadulterated nature of character. As a result of her wrongdoing and the red letter, Hester is not, at this point unadulterated, along these lines she isn't found in the sun. Hawthorne states, It was just the obscured house that could contain her. At the point when daylight came back once more, she was not there. While on a stroll to the woods, Pearl, Hester's little girl states, ...the daylight doesn't adore you. it flees and shrouds itself, since it fears something on your chest. This is proof that the red letter itself might be the reason for Hester's obscurity. Pearl is the character generally perceived for her essence in the sun. She is attracted to the sun, as the sun is attracted to her. While at the senator's home, Pearl sees how brilliantly the sun radiates through the windows. She demands that, the daylight be peeled off its front and given to her to play with. Hester reacts by saying, No my little Pearl. Thou must assemble thine own daylight. I have none to give thee! Pearl has been viewed as a character that consistently perseveres on knowing reality. While in the backwoods Pearl needs to hear a story from Hester. She inquires as to whether she has ever observed the Black Man. Hester answers that she has seen the Black Man once previously. This proposes the Black Man might be her significant other, Roger Chillingworth. Roger Chillingworth is a character who is nearly Satan-like. Chillingworth is depicted as the Black Man by Pearl and his own portrayal of himself recommends that he is a devil or something to that affect. When Chillingworth finds that Dimmesdale was the dad of Pearl, he insults him and causes him to feel more blame than he as of now has.

Transition Into Adulthood Psychology Writing Assignment - 1375 Words

Transition Into Adulthood Psychology Writing Assignment (Essay Sample) Content: Transition into adulthoodAuthorAuthor AffiliationTransition into adulthoodIt is surprising that to learn that this quote on the growth of the children and their transition to adulthood is attributed to Socrates (469-399B.C) as it resonates well with children in the modern society. Therefore, this theory confirms that stages of development are similar regardless of the generation and nature of society.1. What have you learned about development during adolescence that might explain how this quote can apply to modern day adolescents, as well as those who lived centuries ago?Adolescence stage usually occurs between twelve and eighteen years and can be defined in several ways which include culturally, physiologically, cognitively with each aspect having a different meaning (Berzonsky and Dodd 2016). Adolescence can be defined as a culturally constructed period that begins when a person reaches sexual maturity until the time when a person has established an identity as a n adult within his or her own social context. Adolescent years are characterized by rapid physical changes. Nevertheless, sexual maturation occurs at this stage. Adolescence is also an important period for cognitive development that marks the change in the way individual think and reason about an idea and problems. In early adolescence, a person can classify and order objects, reverse a process, think logically about the objects and consider several aspects at a time. Adolescents often benefit from their own direct experience and not principles and abstract ideas. As the adolescents develop complex cognitive skills, they gain the ability to solve hypothetical and more abstract problems. This type of thinking may consist of increased ability to think in hypothetical ways about abstract ideas, the ability to self-generate and evaluate hypothesis systematically, think and plan for the future and reflection of own thoughts (Crockett and Crouter 2014). When the person transitions into a dolescence they are confronted with several changes at the same time. They have to content with physical and cognitive growth as well as new situation, people, and responsibilities. Adolescence is characterized by the conflict between the role confusion and identity.The adolescents try new roles, new ways of behaving and thinking and explore different new values and ideas. At this period, individuals formulate own concepts within the concept of the peer. In their aim of ensuring independence, the adolescents are usually guided by the peer influence on what they think is normal and acceptable (Schulz and Sisk 2016). They pull away from their families as a source of identity and this may result in the conflict between their family and the peer group affiliation (Selemon, 2013). Nevertheless, adolescence is an important stage in emotional development. Mood swings are common in adolescents which are attributed to hormones, logical reaction to social, physical and cognitive changes, and struggle with self-esteem. As they struggle with the identity they confront the challenge of what is socially acceptable and who they want to become. This is when they elicit contradictory and bizarre behaviors. All these stages occur regardless of the generation.2. Although there might be general similarities, are there some differences that modern-day parents need to consider as well?Modern parents need to understand that despite the conspicuous similarities in the adolescents of the modern and past generations, there exist some differences (Spielberg et al., 2015). According to research, there are distinctive characteristics of present-day adolescents that are unique to them. First, modern parents need to understand that technology has impacted on the lives of their adolescents. Unlike in the past generations where access to information a was a problem, modern adolescents have an easy access to information through many social media sites (Dolgin 2013). This information shapes their cognitive ability and personal opinion.In addition, modern parents should appreciate the fact that children there is increased interaction between people in the modern world as a result of globalization. Present day adolescents encounter people from various parts of the world that shape their character. Furthermore, these interactions shape their character. In the past generation, people could only interact in the physical environment. Today, with globalization, interactions need not be physical.There is also a problem of leading the moral life. Studies have indicated that most adolescents in the modern world lack moral principles and usually get themselves in unwanted activities and get into immoral behavior (Bergin and Bergin 2014). Modern life has made it easy for adolescents to access electronic gadgets which have both good and bad influence but in most cases lead many adolescents to unacceptable paths of life. The parents rarely notice changes in these adolescents due to the limited time between them.There is also the concern of the imbalanced life which is a problem in modern parenting. With a lot of time in the work, parents no longer have time for their adolescents. This gives them room for manipulation into dangerous behavior. The parents need to consider the imbalance in their lives in order to reverse this trend.Other issue modern parents should consider is emotional dissolution. The modern adolescents lack emotional bondage with their parents as well as their friends. Most of them are always indoors with electronic devices minimizing the time for socialization. Parents also have little time to cultivate emotional bondage which in most cases leads to the emotional dissolution. The emotional bond between adolescents and parents is no more.3. What advice might you give a modern-day parent for relating to his or her teen, based on what you have learned?Adolescence in the modern society is increasingly difficult as the teens undergo rapid phy sical, social and mental changes (Spielberg et al., 2015). This is also the time for peer influence and relationships which can be detrimental to your teen. The teens at this time what support and guidance more than anything else. As a parent, it is important to build a strong family relationship with your teenagers which would help them through the adolescent stage. The following are my tips for the parents on how to relate with his or her teen.First, ensure regular family meals. Having meals together offers a great chance for every family member to chat their day and inquire anything. This provides an excellent opportunity for the teenagers to open up about hat they may be going through. Therefore, however, how difficult it may be to have meals together due to various commitments, ensure you set aside some time for your family.Secondly, set time for fun family outings. A fun filled outing is a perfect opportunity to cultivate strong family ties. This is the reason as a parent, you should consider going on vacations with your family in order to strengthen these family ties.Moreover, as a parent, learn to celebrate any achievements by your teens, however, small and also learn to share his or her disappointments. Nevertheless, show your interest in your kid's hobbies by supporting their talents.Have time for your teens. One on one time with the adolescents provide an opportunity to stay con...

Concerns About Beginning Homeschooling Mid-Year

Homeschooling is legal in all 50 states, and you can begin homeschooling at any time, even in the middle of the school year. Many families choose to start homeschooling mid-year due to problems at school, academic concerns, or illness. Some, whove been considering the idea, may finally decide that its time to give homeschooling a try. The semester break is a perfect time to make the change; however, you can withdraw your children from school at any time. If you are planning to take your child out of public or private school during the academic year, make sure that you understand your states homeschooling laws and requirements. You may be unsure if youll be homeschooling short-term or making a permanent transition from public school to homeschool. Regardless of the duration, there are simple steps you can take to ensure that youre homeschooling legally and making the most of the experience. Steps to Take to Begin Homeschooling Mid-year Research your states homeschool laws. Most states require that you notify the school that you are withdrawing your student and submit a notice of your intent to homeschool to the county or state school superintendent. Even if your child is under your states minimum compulsory age, most states will require that you report for a child who has already been enrolled in school.Check with your statewide homeschooling association. They can offer advice on the specific procedure required by your state  to remove your child from school.Contact your local homeschool support group. They can also help with the specifics and can usually assist by providing forms, telling you how to request school records,  and offering curriculum advice.Consider your homeschool  curriculum options. You shouldnt feel pressured to purchase curriculum right away. While you research your options, provide your student with a learning-rich environment  and utilize  your local library and online resources.   There are many resources for  homeschooling for free  or very economically. You may want to try some of these at least until you determine which curriculum will be the best fit for your family long-term.Discuss the decision with your child. Some children may not want to homeschool. If this is the case with your child, talk about why he is reluctant and see what you can do to address his concerns. Even if your child is excited about starting to homeschool, he may not want to tell his friends until his last day at school to avoid unwanted questions, or he may want to let them know a few days before so that he can make plans to stay connected with them. Concerns About Starting to Homeschool Socialization: Your child might miss his friends and feel lonely. You can help him through this period by inviting his friends over and getting involved in activities in your community. Homeschool support groups  offer many opportunities to help homeschooled kids find friends and allow them  to get together for field trips, park days, and homeschool co-op classes.  Deschooling: You might need to begin slowly and give your family  time adjust to the change. If you decided to homeschool due to a negative experience, such as bullying, your child might need time to regroup. Consider taking a couple of weeks off completely. Then, gradually add in subjects such as math and reading. Spend some time pursuing  interest-led  topics and doing hands-on projects.The Course of Study: If you are using a packaged curriculum based on your students grade level, you can usually feel confident that youre coving age-appropriate material. If you are piecing together your own curriculum, you ma y wish to refer to a Typical Course of Study for guidance.  Organization and Record-Keeping: Paperwork is not the most exciting aspect of homeschooling, but it doesnt have to be intimidating. Some simple record-keeping  forms can keep you on track. Allow yourself time to adjust to this new facet of your family life, and youll soon discover how to make homeschooling work for your family.Academic Pacing. Many parents worry about how to help a struggling learner catch up or how to keep a gifted learner challenged. One of the most significant benefits of homeschooling is that students can learn at their own pace. A student doesnt have to feel behind if he is making progress. And gifted learners have the freedom to explore subjects at a greater depth and breadth than they could in a typical classroom. Homeschooling is a big step and takes teamwork. It is an excellent opportunity to get to know your child again. Talk with him and be sensitive to and understanding of his feelings. Be enthusiastic, start slow, and have patience, but most of all relax and have fun!

Historical Overview of Homosexuality - 2431 Words

Abstract Progression of Homosexuality: Evolution of a phenomenon over time Some authors believe that homosexuality is not a kind of conduct, as commonly supposed, but a psychological condition (Woggon, 1981). Thus, it is important to understand that the genuine homosexual condition or inversion, as it is often termed. This condition is something for which the subject is in no way responsible. Some literature suggests that homosexuality in itself it is morally neutral. Like the condition of heterosexuality, however, it tends to find expression in specific sexual acts; and such acts are subject to moral judgment (McNeill, 1966). A major premise established in contemporary literature is the concept that sexual orientation ranges†¦show more content†¦It is the way a portion of the population expresses human love and sexuality From the premises established in this section, a holistic illustration of world-views regarding homosexuality, can be detailed. World Views of Homosexuali ty Secular As discussed previously, the first half (and a little beyond) of the 20th century spawned varying views of homosexuality (constitutional, developmental and genetic were the main ones). However, the worldviews resulting from such were congruent in the main. This is primarily because of the fact that these theories were aiming to explain the occurrence of a class of aberration/disorder. Consequently, claims, such as homosexuality being classified as a serious psychiatric and social problem (Bieber, 1969), were commonplace in academic literature and reverberated in the wider society. The passage of time into the final quarter of the last century, realized a progressively softer position regarding homosexuality, by both from the academic and wider community. This softening can be observed as being simultaneous with stances adopted by the APA. After the organization’s actions in 1973 and 1975 concerning acceptance of homosexuality, the literature had been littered with expressions of the wide variability in the social acceptance of homosexual activity (Greenberg Bystryn, 1982). Christian The ELCA encourages its congregations toShow MoreRelatedHomosexuality And The Western Christian1336 Words   |  6 PagesA highly debated topic of today is whether or not homosexuality is acceptable according to the Bible. There are many different arguments in support of homosexuality, however one must carefully consider what the Bible says in order to judge the validity of these arguments. God clearly condemns homosexuality in His Word. First, we can see God’s condemnation of homosexuality in the Old Testament. Genesis 19:4-11 tells the story of when angels of the Lord visited Sodom to warn Lot of the coming judgmentRead MoreLgbt Views On Lgbt Rights Movement Essay1598 Words   |  7 Pagesculture, social climate) have greatly hindered the progression of the LGBT Rights Movement in Africa; the Motherland of Humanity. Throughout African history, many have attempted to justify the discrimination and brutality against LGBT individuals through false assumptions and accusations, research on mental illness, and claims of condemnation from a biblical standpoint (God Loves Uganda). African countries in present-day frequently claim that homosexuality was brought upon their nations via the importRead MoreGay, Straight, And The Reason About Sexual Orientation1236 Words   |  5 Pagessurely) began to accept openly gay members. Most importantly, a recent amendment to the Marriage Act of 1961 now defines marriage as a union of two people; an amendment which removed the prohibition of same-sex marriages. These landmarks in the progression of social awareness surrounding sexual orientation are derivative of scientific findings disputing the choice theory. As outlined in Simon LeVay s book, Gay, Straight, and the Reason Why, the result of someone s sexual orientation emergesRead MoreSummary Of The Myth Of Homosexuality By Christine Downing851 Words   |  4 PagesIn â€Å"The Myth of Homosexuality† by Christine Downing, there is the discussion of homosexuality and its meaning over the years. Downing begins the article by stating how a myth has classified women-on-women and men-on-men relationships to fall under the same term of homosexuality, but there is much deeper understanding to it than that. The classification under one word has caused a lot of shaping concerning how they are viewed or how they view themselves. In order to look past the surface of what definesRead MoreDiscrimination Imposed Upon Minority Groups Throughout History1446 Words   |  6 Pageshomosexual relationships. In response, this essay seeks to discuss the extenuating circumstances resulting from the increased awareness in regards to the importance of marriage equality and how, although it s legalisation would be a significant progression towards acceptance and appreciation, we are far from overcoming the discriminatory practices which privilege heteronormativity. Ultimately, it is more important than ever that we assess the societal constructs that are of concern, and attempt toRead MoreLiterature Review Gay Marriage around the world is something of a controversial topic. Everyone900 Words   |  4 Pagesopinion on the rights of gay people and how exactly the matter should be addressed. Some countries have made it illegal to practice homosexuality; some even consider it punishable by death. But what do Christians around the world and specifically in South Africa think about it? Andrew Sullivan discusses the fact that younger people during our time period find homosexuality more acceptable than the older generation. This falls under the theme of general acceptance levels of gay rights, based on ageRead MoreCloud 91343 Words   |  6 Pagesdiscussion but it seems not to support, condemn nor condone homosexuality. Cloud 9 could evades the necessity of putting gay male or lesbian sex acts on stage, because of the cultural and historical atmosphere. Even though it was a time of sexual liberation that doesn’t mean that homosexuality was accepted and therefore might not have been permitted on stage. This is a similar situation to the historical acceptance of the concept of homosexuality. Which I believe Churchill suggests through the settingRead MoreGay, Lesbian, And Queer Essays On Popular Culture909 Words   |  4 Pagestelevision and Hollywood to cooperate jobs. This book also shows how homophobia is rampant in not just the black community, but all c ommunities. Theses essays takes a theoretical screen shot of how homosexuality was dealt with during the time of which this book was released. This book also shows the progression with the LGBT community from then to now. Ford, Zack. New Survey Debunks the Myth Of Black Homophobia. Think Progressive. N.p., 26 Feb. 2016. Web. 13 Apr. 2016. Ford’s article challengesRead MoreThe Art Of Cinema As A Tool That Creates A Possible Platform For Social Commentary931 Words   |  4 Pagesthat support the implications that homosexuality is wrong. To begin, Sori and Manga’s parents have expectations of them that are attributed to their homosexuality when those expectations are not fulfilled. Sori opens and closes his confrontation with his father by declaring his love for Manga. While this is important, by putting the subject of Sori’s love around the fact that he does not wish to take up his father’s business, the main focus shifts to his homosexuality. His sexual orientation becomesRead MoreThe Detrimental Nature Of Covering Sexual Orientation1249 Words   |  5 PagesUnited States, Yoshino feels both internal and societal pressure to assimilate into â€Å"typical† American culture by covering himself along four primary axes: appearance, affiliation, activism and association. This societal expectation to cover one’s homosexuality progresses into the idea that the majority is able to dictate biological and behavioral traits that are and are not acceptable. This looming societal pressure cre ates the unfair expectation that those who are different must hide instead of embracing

Essay on the Play Trifles free essay sample

She traveled to the scene of the crime in Indianola, Iowa, where the farmer John Hossack was murdered after midnight on December 2, 1900. According to Margaret Hossack, who had been married to John Hossack for thirty-three years, she was sleeping beside him and awoke to the sound of an axe twice striking something that turned out later to be her husbands head [2]. In her testimony, she leapt out of bed and ran into the living room, where she saw a light and heard the door closing. She returned to her bedroom with her children and discovered him to be mortally injured. Setting The sheriff Henry Peters and the county attorney George Henderson arrive with the witness Lewis Hale, Mrs. Peters, and Mrs. Hale at John Wrights farmhouse, where the police are investigating Wrights murder. Lewis Hale recounts how he discovered Mrs. Wright acting bizarrely, as she told him that her husband was murdered while she was sleeping [2]. Although a gun had been in the house, Wright was gruesomely strangled with a rope. The men continually disparage the women for worrying about trifles instead of about the case, but Henderson allows the women to collect some items for Mrs. Wright, who is in custody, as long as he agrees that the objects are irrelevant to the case [3]. Characters George Henderson The county attorney, he has been called to investigate the murder of John Wright and will probably serve as the attorney for the prosecution in the event of a trial. He is young and professional in manner, but he often dismisses the female interest in minor details of domesticity, and he disparages Mrs. Wright for what he perceives as her lack of homemaking abilities [3]. Henry Peters The middle-aged local sheriff and husband of Mrs. Peters, he is at John Wrights house to examine the scene of the crime. Like Henderson, he gently teases the women about their interest in Mrs. Wrights quilt [3]. Lewis Hale A neighboring farmer, he had entered the Wright farmhouse to ask John about acquiring a telephone, only to find a strangled man and a wife acting very bizarrely. He says, Women are used to worrying about trifles. Mrs. Peters A relative newcomer to the town who never knew Mrs. Wright before John Wright married her, Mrs. Peters is a slight, wiry woman with a thin, nervous face. She is married to the sheriff and prefers to follow the law, often apologizing for the behavior of the men because they are only doing her duty. Mrs. Peters understands loneliness and the world of the female domestic [4]. Mrs. Hale The wife of the farmer Lewis Hale, she is of a heavier build than Mrs. Peters and resents the condescension shown to her by the men in general and Henderson in particular because of her gender and domestic occupat ion. She remembers Mrs. Wright as the young Minnie Foster, and she feels sorry for Mrs. Wright. Mrs. Hale regrets not having come to visit Mrs. Wright to alleviate her cheerless life [4]. John Wright A local farmer, he was commonly considered a good, dutiful man, but he was also a hard man and neglected his wifes happiness. He paid little attention to his wifes opinions and prevented her from singing. The play centers on the motive for his murder [4]. Mrs. Wright Born Minnie Foster, she used to be a happy, lively girl who sang in the local choir, but after she married John Wright, her life became unhappy and forlorn. Although she does not appear in the play, she is the main suspect in her husbands murder and sends Mrs. Peters and Mrs. Hale to collect a few minor items for her from the farmhouse[2]. Plot Upon investigation, no items were missing from the farmhouse, and the coroners inquest divulged no new information. The local sheriff eventually arrested Margaret Hossack during her husbands funeral, based on the discovery of the murder weapon in the corn granary and on neighbors suggestions of discontent within their marriage. Glaspell provided thorough coverage of the case, from the news of the murder to the results of the April 1901 trial, and she often made use of a lurid combination of gossip, rumor, and truth to report her stories. Glaspells descriptions of Margaret generally painted her as an insane murderer until her visit to the farmhouse in mid-December, after which her depiction softened Mrs. Hossack into a meek, elderly woman [1]. Without retaining any names or specifics, Trifles nonetheless allows the fictionalized Margaret Hossack in the form of Mrs. Wright to regain her ignity by giving her a motive for murder which is sympathetic and understandable, if not entirely moral. In the first Provincetown Players presentation of Trifles at the Wharf Theatre in Provincetown, Massachusetts, Susan Glaspell played Mrs. Hale, the woman who empathizes with the plight of the suspected Mrs. Wright and who convinces Mrs. Peters to hide the evidence so that Mrs. Wright will be acquitted in trial. In the yea r after her August 8, 1916, performance of Trifles, Glaspell adapted the play into the short story A Jury of Her Peers. This title reflects the sense that women have a better comprehension of Mrs. Wright’s dismal domestic situation than do the men who dismiss female opinions and difficulties [4]. Stage Directions Trifles begins with stage directions that introduce the five speaking characters of the play as well as the dismal setting of the disheveled kitchen in a recently abandoned farmhouse. Susan Glaspell got her inspiration for Trifles from her real-life visit to the dreary kitchen of Margaret Hossack, whose trial for the murder of her husband formed the basis for the plot, and accordingly, the setting establishes the melancholy, thoughtful mood of the play. Furthermore, although Trifles is in essence a murder mystery, the play takes place in the kitchen instead of at the crime scene of the bedroom or in a more official domestic setting such as the police station. As a result, the play exists in a private, domestic, and female domain rather than what in the early twentieth century was the primarily male public domain, foreshadowing the focus of the work on the women [3]. Symbolism In Susan Glaspells, Trifles, symbolism is used to emphasize the meaning of the play. Glaspell writes of a woman who murdered her husband because he was to blame for her cold and lonely life. The women characters in the play, Mrs. Hale and Mrs. Peters, solve the murder, while the men, the county attorney and sheriff, wonder about trying to figure it out. Glaspell used symbolism as clues to the murderers motive that only the women were able to figure out, and in turn kept the motive of the murderer a secret due to the bond of women [4]. Themes When speaking to the female characters in Trifles, Henderson and the other men make a key mistake in their assumption that the women derive their identity solely from their relationship to men, the dominant gender. For example, Henderson tells Mrs. Peters that because she is married to the sheriff, she is married to the law and therefore is a reliable follower of the law. Mrs. Peters response is Notjust that way, suggesting that over the course of the play, she has rediscovered a different aspect of her identity that ties more closely to her experience as a woman than to her marriage to Henry Peters. As Mrs. Hale concludes, women all go through the same thingsits all just a different kind of the same thing. For Mrs. Hale, Minnie Wrights murder of her husband is the ultimate rejection of her husbands imposed identity in favor of the memory of the person Minnie Foster used to be [1]. Genre In Trifles, the men believe that they grant female identity by virtue of the womens relation to men rather than through their inherent qualities as females. Except for the absent Minnie Wright, the women have no first name and take their husbands last names, despite being the protagonists of the story instead of the named male characters[3]. This institutionalized male superiority is so pervasive that the men feel comfortable in disparaging Mrs. Peters and Mrs. Hales interest in trifles, with the clear implication that the women are too flighty and small-minded to worry about important issues such as the investigation at hand. In addition, when the men observe the troublesome state of the kitchen, they immediately conclude that the woman must be at fault in her homemaking abilities because they all know John Wright as a good, dutiful man and in consequence form a unified front protecting John Wrights reputation. Because of this male solidarity, Mrs. Peters and Mrs. Hale can only aid Mrs. Wright if they ally with their own gender[1]. Conclusion Symbolism was a key part to this short play. Glaspell used it throughout to show the bonding between the women. She used certain items that only the women could understand and relate to in order to exemplify female bonds. The men in the play didnt understand the jar of cherries or even notice the bird cage without a bird because, as Glaspell showed, the men dont think or notice the same things women do. References: 1. Glaspell, Susan. â€Å"Trifles. † The Norton Introduction to Literature. 9th ed. Booth, Alison et al, eds. New York: WW Norton, 2005. 1314-23. Print. 2. Alkalay-Gut, Karen. Jury of Her Peers: The Importance of Trifles. Studies in Short Fiction 21 (Winter 1984): 1-9. 3. Glaspell, Susan. Trifles. Literature: An Introduction to Reading and Writing. Ed. Edgar V. Roberts and Henry E. Jacobs. 8th Ed. Upper Saddle River: Prentice Hall, 2007. 4. Makowsky, Veronica. Susan Glaspells Century of American Women: A Critical Interpretation of Her Work. New York: Oxford UP, 1993.

Ffdfd Essay Example

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].