Response Assignment Example | Topics and Well Written Essays - 250 words - 4

Response - Assignment Example ad guilty and pay a probation fine (that some government departments are probably waiting on) or stay in the prison and go to the trial, which most of the people cannot afford. They are living on day jobs, if they stay in the prison, they can’t make their daily wages and if they have kids back home who are waiting on them to bring food, no one can afford to stay in the prison. That was exactly the case with Erma Faye Stewart. She had a sick child at home and she had to gamble on whether she wanted to fight the US justice system by staying in prison or take the plea and pay probation fine, she chose the latter. But after of all this, the case was dismissed 5 months later on the grounds that the informant’s evidence was ‘worthless’ and he ‘lied’ to the court. Despite of this revelation, the court didn’t help the accused to clear their name as Regina Kelly, the other victim of this injustice, asked the court to state an apology but the cour t refused. The judge said that he’s sure that all 27 people that went to trial were guilty; it’s just that the court didn’t have any hard evidence. The question arises, the informant ‘lied’ to the court. If that has been established, the court must have paid punitive damages to the people in trial for the damage the court had done by keeping them from their work and away from their family. But nothing of such kind happened. Throughout the video, every attorney and every judge is a white male even the person who was defending Stewart was a white person. Only black people that appeared in the video were the people being tried. Racial discrimination cannot be dismissed when the lawyer denies having ever represented the case of Erma

Racism in South Africa Essay Example | Topics and Well Written Essays - 1250 words

Racism in South Africa - Essay Example In South Africa for instance, Apartheid, a racist system was introduced in the 1940s by the Nationalist Party (ICFTU, 1984). These comprised of a 4.5 million minority that ruled over 21.5 majority Blacks. They propelled the racist dominance through the establishment of untrammeled system of abnormal powers that affected every other aspect of life. Symbolically Apartheid was inclined towards separation, exploitation and domination of the Whites over the preconceived inferior Blacks. Apartheid defined individuals in any social setup by racial segregation and the formal designation of individuals basing on color. The oppression was however exercised in myriad ways: disenfranchising all, impoverishing most, relegating them to Bantu education and thus permanent economic inferiority, expelling millions from ancestral land, imprisoning hundreds of thousands, and killing many. The machinery of apartheid was supported by laws, which were passed by a sovereign parliament which had the power to pass any law it wished, however oppressive, the courts were powerless to challenge them except on narrow interpretation or administrative law grounds. In short, the legal system was doctored to suit the interest of racism. Race conceptualised as a constraining and external characteristic. According to Durkheim concept of social facts racism could be portrayed as a conditional external repressive system. Created by a minority of individuals in a society and racially imposed upon a majority of the society against their will. The evil that Jim Crow's system exercised upon the Afrikaans was subversive, barbaric and unwelcome and acted contrary to the free will. Practical constrains of racism are evident when segregation soared greater heights that determined of where people lived, whom they could marry, where their children went to school, what they were taught, whether they could be in a particular area (cities especially) without a pass, what swimming pool, library and restaurant they could use, and, of course, whether they could vote. Less formally, the situation was even worse: police brutality was legendary, civil rights in daily life virtually nonexistent, wage differentials immense, and women's household labor virtually domestic slavery (Marcuse, 1995). Consequently the fact that Apartheid was enforced in foreign languange implied that Africans had to be familiar with the same language in order to enhance their aggression and agitate for their basic human rights with one voice. The social fact of language certainly meant that it was difficult, to do otherwise. In broader aspect this could be seen as a constrain that limited the freedom of action to enhance a collective mass psychology to demand and to bring about changes. This constrain behavior imposed upon individuals against there will limited their inalienable rights to free will hence unable to make decisions. And also it was impossible to resist the dominant way of doing things because to change it would require widespread co-operation. This had detrimental effects upon their social well-being. How race has been used to maintain law & order in society. In South Africa ethnic or regional "intrawhite"

General Introduction To Enviromental Pollution Environmental Sciences Essay

General Introduction To Enviromental Pollution Environmental Sciences Essay The issue we would like to discuss here is about environmental pollution,to make it simpler and precise,we sometimes refer it to the word pollution in the later parts of our assignment.Pollution is spreading like wildfire in many regions of the world.The two most significant types of pollution would be air and water pollution.Of course,there are still various other types of pollution such as soil contamination,noise pollution,light pollution and many more that we going to discuss further after this.Pollution has becoming one of the most debated and concerned topics of all times by global citizens because of its disastrous effects on everything on this Earth.Although there are quite an amount of people that care about the level of pollution our earth is facing,there are still too much people ignoring this issue and some even continue doing some activities that produce even more pollution to the surroundings intentionally or unintentionally. Globally speaking,pollution problem is much complicated and bigger than we knew.In almost all the cities in the world,people are forced to live with dirty air,contaminated water and all sort of disturbing noises.Developing countries of the third world experience the most severe pollution because not only to they lack any form of sustainable management but they also lack even the basic sanitation so you can imagine how bad is the environmental condition in these countries. Pollution of the environment is causing great damage to ecosystem that depends upon the health of this environment. Air and water pollution can cause death of many organisms in the ecosystem, including humans.According to some estimations,14.000 people die each day in the world, most of them are in Africa. This is really no surprise when you look at the data that says that 700 million Africans do not even have access to a proper toilet, whether alone clean water.Pollution is a very serious issue and took everyone to prevent and reduce the level of pollution that our mother Earth has suffered. Without the cooperation of all global citizens,this issue is almost impossible to be solved. Many developed countries have introduced certain laws to not only regulate various types of pollution but also the laws to mitigate the adverse effects of pollution.We,humans,are the one to be blamed of the escalating pollution level we faced nowadays.Pollution levels need to be controlled all the time if we want to ensure our mother Earth is still a suitable living places for our offspring.Unfortunately, people nowadays really having ignorance of their responsibilities toward our environment.Since the adults already ignore the importance of saving our environment,what do you all expect from your children?We must stand still and give all out in tackling pollution.Preventing introduction of pollutants into the environment is the best way to protect environment from pollution.To do so it is important to develop ecological conscience of nearby communities and effective waste management in the form of recycling. Healthy environment is prerequisite of healthy life for us and our children, and fighting pollution is definitely the best way to keep our environmental healthy. Definition The definition of pollution is the process or act that human did during our daily lives which had pollute or contaminated the environment or a state of being polluted with harmful chemical substances that may cause health problems to human beings or even cause some deathly disease such as cancer which is the growth of abnormal cells in the human bodies. (http://www.thefreedictionary.com/pollution) According to Oxford dictionary, the definition of pollution is the presence in air, soil, or water of a substances with unpleasant or harmful effect. Definition and Key Concepts How much do you know about pollution?The concept of pollution is the way we see and we act toward the situation our environment is contaminated by those non-biodegradable wastes being released during the activities of human beings, making serious negative effects to every single living object in this world. General introduction Can u imagine that theres already pollution on Earth since theres lives. Of course, the man kinds had cause pollution even before the stone ages which is when we know how to set up fires by burning woods. The pollution growing seriously when human undergoes evolution in technologies. During stone ages, human acknowledge the skills to make weapon and pottery by cutting and trimming stones but the side product is dust. Until the metal ages, fires are widely and intensively use to melt metal in order to shape it into something useful and large amount of smokes are produced. Then, industrial era, the starting of massive pollution on Earth which is when vehicles are introduce to humans and the level of pollution increased in amount that no one had imagine. So, as we can see, things had got worse from one to one until now, a modern digital era. The pollution during this era is so serious that it involved almost all the aspect of the environment such as air, water, soil, sound and many more . They even cause harmful effect on human health and no one know what will happen if the pollution level continues to rise. Therere so many types of pollution on Earth. So, lets have a quick look on them before going any deeper about it. Air Pollution Its the most serious pollution of all and it brings a serious effect on human health. It can be categories into few types depending of on their combination of pollution or toxins in the air itself. For example, aforementioned ozone which is known as smog and particle pollution which is known as soot are the two most common and widespread types of air pollution we currently facing. Therere also pollution that consist deadly pollutants such as carbon monoxide, lead, nitrogen dioxide or even toxins like benzene, mercury and acid gases. Water Pollution Since we cant survive without water for just a few days, it shows how valuable water is to us. Water pollution is mainly causes by wastage thrown into it, but its also can causes by chain reaction from soil pollution and air pollution. Soil normally acts as a filter of underground water sources which is the root of water we drink, as the filter is polluted, no doubt that the water will also be polluted. Water pollution causes tons of effect on human beings since other than drinking from it, it will also contaminate the sources of protein we need to obtain in order to maintain our good health. Soil Pollution Soil Pollution is majorly causes by agricultural chemicals such as pesticide and fertilizers since the increase in amount of human and the food consumption. As the soil is contaminated, the chemical wont disappear itself but remain within the soil, when rainfall the water will wash it away and bring it into the water sources which again causing a water sources being contaminated by chemicals that may bring side effect towards human and of course other living things on Earth. Radioactive Pollution This is a type of physical pollution of air, water or soil by radioactive substances. Radioactive substances involve alpha particles, beta particles and gamma rays. This type of pollution can also happen either naturally or manmade. Natural radiation is also known as background radiation, it mainly involves cosmic rays and those substances that are naturally radioactive substances such as uranium, radium, and radon. Manmade radiation of course are mainly toward mining and refining of plutonium and thorium.

Primitivism - A Tribal Religion :: Religion

Primitivism - A Tribal Religion "We regard them as the sons and daughters of the earth and sky, brothers and sisters of animals and plants, who live by nature’s ways and do not upset the delicate balances of their ecological zones; gentle hunting folk who are still in touch with the magic and myth that we ourselves so badly need" (Smith, 381). This quote from Huston Smith summarizes the Primitivism essence of its nature. Primitivism is an ancient religion, sometimes referred to as a tribal religion because groupings of its people were small in numbers. This religion continues today in parts of Africa, Australia, Southeast Asia, the Pacific Islands, Siberia, and Indians of North and South America. Primitivism is an oral religion, very few things were written down. Most of the writing was in the form of drawings and art. Being an exclusively oral society, the orality protected the memory of its practitioners making it possible to remember countless tales and stories to pass on to the next generation. The orality also enabled the capacity to sense the sacred through nonverbal channels. Tribal religions are deep-rooted in place as opposed to space. Space is abstract, but place is concrete. For example, a square foot in Florida is the same as a square foot in China; however Florida and China are two very different places. The idea being: you are the rock, you are the tree, you are the river, you are the grass, etc†¦ The analogy in â€Å"The World’s Religions† of the first Onondagan to enter college is a wonderful example. Oren Lyons returned to his reservation on his first break from college and went fishing with his uncle. His uncle started to question him, â€Å"Who are you?† Oren answered in many ways, â€Å"I am your nephew†, â€Å"I am an Onondagen†, â€Å"I am a human† and no answer satisfied his uncle. His uncle replied to him, â€Å"Do you see that bluff over there? Oren you are that bluff. And that giant pine on the other shore? Oren, you are that pine. And this water that supports our boat? You are this water. † (Smith, 371). Another essential part of Primitivism is the presence of eternal time. Tribal people look toward the future as opposed to the past. Primal time is one that is hard for most people to comprehend, because it is not linear, but is temporal, an eternal now. Its focus is more of a casual sequence rather than a chronological one.

General Appliance Corporation Essay

Executive Summary The General Appliance Corporation (GAC), specializing on manufacturing various kinds of home appliances. The GAC was decentralized and it divided into 4 main product divisions, 4 manufacturing divisions as well as 6 staff offices. GAC manufactured few component parts and usually bought them from outside vendors. Transfer prices of the parts were negotiated between departments based on outside suppliers’ price. While the purchasing staff had the power to settle disputes when there was a disagreement. This management style and method created various problems within the company because the lack of communication, coordination, and motivation. Besides, departments have less power and authority on resources allocation and there was extensive measurement in the company. As a result, GAC has to refine its transfer rules, setting guidelines to avoid disputes between divisions and outside vendors. Issues and Analysis Issue #1 â€Å"Stove top Problem†: When the chrome products division sold a chrome plated unit that fitted on the top of the stove. Due to various complaints from customers, chrome products division to refine products leading an increase the cost of the stove top ($10) by a dollar. 90 cents less than outside supplier (manufacturing costs are deemed to have increased by 80 cents). (Quality; communication; transfer prices Resolution: Engineer department said the costs were reasonable and quality control said the quality improved and better than previously supplied. Issue #2 â€Å"thermostatic control problem† Refrigeration Division initially used 25% of their Thermostatic Control Unit produced from Electric Motor Division internally. All remaining unites are purchased from Monsoon Controls Corp in 1985. It increased to 100% produced internally by 1988. After Monsoon Controls proposed a price of $2.15/unit, electric motor division refuses to drop its price lower than $2.40 to all products divisions. Resolution: Refrigeration Division could purchase all at $2.15 but the price is lower because of excess capacity. If purchase all, the price would go up to around $2.40 too. Issue #3 â€Å"transmission problem† The Laundry Division produces automatic washers and bought its parts from two sources : internally in the Gear and Transmission Division and externally form the Thorndike Machining Corp. GAC would like to expand and wanted to produce all the manufacturing parts, therefore, not renewing contract with Thorndike. Thorndike proposed a new price with reductions because they had specially built machines for the transmission and expected to increase productivity. Gear division also develop a lower cost and better performance transmission. Laundry Division refused to accept the price of $12 and proposed $11.21 instead. Resolution: The Finance department thought the costs of the Thorndike unit was 11.25 and found out the price of the Gear and transmission price was in error and could be reduce by 50 cents. The purchasing staff stated that laundry division can obtain from outsource at the quoted price for a better future. Recommendation GAC should refine its transfer pricing policies and methods to reduce disputes between divisions within company. First, they can focus more on short term profit maximization because signing long term contracts with either divisions will causes higher cost prices. As a good company, its product quality should be in their main consideration, customer will buy better quality rather than its price. Third, the management should give power to the product division to select which manufacturers they wanted. However, they have to bear the consequences if the results gone bad (e.g. bad quality for cheaper price). Forth, A committee should set up to investigate the pros and cons to the divisions for a better decisions and judgments for product division to made before ordering parts.

Project Report on Dabur Company Essay

Declaration By Candidate I wish to state that the work embodied in this project titled â€Å"Financial Modeling Of Dabur† forms my own contribution to management carried out at Vivekanand Education Society’s Institute Of Management Studies & Research Chembur, Mumbaiunder the guidance of Mr.DheerajVaidya, Director, Corporate Bridge Consultancy Pvt. Ltd. Wherever references have been made to intellectual properties of any individuals/ institute/ government/ private/ public bodies/ universities, research paper, text books, reference books, archives of newspapers, corporate, individuals, and any other source of intellectual properties viz., speeches, quotations, conference proceedings, extracts from the websites etc they have been clearly indicated, duly acknowledged and included in the Bibliography. Signature of the candidate Acknowledgment I would like to express my profound gratitude to all those who have been instrumental in the preparation of my project report. On the onset, I would like to thank the organization â€Å"Corporate Bridge Consultancy Pvt.Ltd.† for providing me the opportunity to undertake this summer internship and allowing me to explore the area of valuation and financial modeling, which was totally new for me and which would prove out to be very beneficial in my future assignments, studies and career. I wish to place on records, my deep sense of gratitude for my project guide, Mr.DheerajVaidya, director of corporate bridge consultancy pvt. Ltd. for continuous guidance and encouragement provided to me throughout my internship period. Table Of Contents SR. NO.| CONTENTS| PAGE NO.| 1| Executive Summary| | 2| About Corporate Bridge | | 3| Objective Of Study| | 4| | | 5| Industry Profile| | 6| Company Profile | | | Introduction Of Financial Modeling| | 7| Micro-Economical Factors| | 8| Understanding The Financial Statements | | 9| Research Methodology| | 10| Observations| | 11| Suggestions| | 12| Conclusion| | 13| Appendix| | 14| Bibliography| | 15| | | 16| | | 17| | | 18| | | 19| | | 20| | | | | | | | | | | | | | | | | | EXECUTIVE SUMMARY Indian economy is the fastest growing economy in the world. Indian companies are growing at faster rate in terms of revenue, expansion and global existence. Due to significant growth shareholders are benefitted by good dividend and return on investments in share market. In the last decade equity has given the best return and still the growth phase is continued. But retail investor has also lost his hard earned money due to lack of knowledge and awareness of the equity market. Without knowledge in equity market and trading on tips it become gambling instead of smart investment. Here the role of financial modeling and valuation of securities begins to find out the intrinsic value of the stock, whether it is overvalued or undervalued. Based on the research findings equity analyst recommends whether to buy, sell or hold the stock. In this report I have explained Financial Modeling of Dabur Company. This report begins with the understanding the present micro and macro-economic condition and how they affect the growth of the country. It discusses the present economic indicators and expected growth of India and FMCG industry in the future. The report further analyse financial statements of the Dabur Company. By using historical data and making some assumptions, calculations future earnings are forecasted. After that using DCF valuation we find out intrinsic value and Relative valuation used to compare Dabur with his peers. Hence, this report is an attempt to comprehensively study of Financial Modeling And Valuation Of Dabur Company. About Corporate Bridge Corporate Bridge Group is formed by graduates from leading institutes (IITs, IIMs & AIM). â€Å"Corporate Bridge† as the name suggest, helps in bridging the gap between the aspiring entrant and the corporate world. Corporate Bridge is globally recognized training firm, providing blend of instructor-led and online financial training programs along with e-learning services. With Corporate Bridge’s entrepreneurial spirit coupled with unparalleled experience (CLSA India, KPMG, YES Bank, JPMorgan, SBI Capital Markets, CRISIL etc) and comprehensive capabilities (MBA, CFA, FRM, CAs) across all industries and business functions, we commit to deliver a world class professional training and learning services that continues improving knowledge efficiency. Corporate Bridge Group; has two verticals â€Å"Educorporatebridge† and â€Å"Elearninglabz† *   EduCorporateBridge deals with Online and Instructor Lead Training Programs in various financial courses viz. Equity Research, Wealth Management, Technical Analysis Investment banking, Private Equity, Fundamental Analysis, Investment Research, Credit Research etc and preparatory courses like CFA Level I & II and FRM Level I & II, Campus Placement Trainings Elearninglabz solution portfolio consists of custom e-content development for training and learning needs in collaboration with our clients and subject matter specialist, custom Learning Management System (LMS) suite, Test & Assessment solutions. Industry Overview The Indian FMCG sector is the fourth largest in the Indian economy and has a market size of $13.1 billion. This industry primarily includes the production, distribution and marketing of consumer packaged goods, that is those categories of products which are consumed at regular intervals. The sector is growing at rapid pace with well-established distribution networks and intense competition between the organized and unorganized segments. It has a strong and competitive MNC presence across the entire value chain. The FMCG’s promising market includes middle class and the rural segments of the Indian population, and give brand makers the opportunity to convert them to branded products. It includes food and beverage, personal care, pharmaceuticals, plastic goods, paper and stationery and household products etc. India, Asia’s third largest economy, saw urban consumers spend less in calendar year 2012 due to high inflation, muted salary hikes, and slowing economic growth that affected both real wages and sentiment. During 2012, the overall slowdown in the economy has begun to affect the FMCG sector with companies posting deceleration in volume growth in the recent quarterly results. Discretionary spending has been hit severely due to the ongoing slowdown. The prevailing high inflation level is also a cause of concern for the sector. The trends seen in 2012 are likely to accelerate in 2013. Growth will come from rural dwellers that are expected to see a rise in disposable incomes due to the direct cash transfer scheme, while urban consumers will continue to be affected by the macroeconomic environment. The consumer products industry has been growing at a brisk pace in the past few years backed by robust economic growth and rising rural income. Growth drivers such as premiumization, rapid urbanization, evolving consumer lifestyles and emergence of modern trade have shielded the industry from the slowdown. The consumer products or the Fast Moving Consumer goods (FMCG) sector is valued at Rs 1.6 trillion (Source: Nielsen). The industry is urban-centric with 66% share of the goods being consumed by urban India. Metropolitan cities & small towns (population of 1-10 lakh) have been driving the FMCG consumption in urban India since 2002. In fact middle India, comprising of the small towns and consuming 20% of overall FMCG sales, has been growing the fastest across rural and urban segments. As per Nielsen, the FMCG market size of middle India is set to expand from Rs 287 bn in 2010 to over Rs 4 trillion by 2026. Rural India, where 70% of the population resides but only 34% consume FMCG goods, presents the biggest market potential for the industry. Backed by low unit packs and aggressive distribution reach, rural market size has expanded four times to Rs 564 bn since 2002. Companies such as Hindustan Unilever and Dabur which derive nearly half their sales from rural India have been increasing their reach. FMCG goods are retailed through two primary sales channels – General Trade and Modern Trade. General Trade comprising of the ubiquitous kirana stores is the largest sales channel forming 95% of overall retail sales. However, growth of consumer goods retailed through Modern Trade channel is outpacing the growth of FMCG products in General Trade. Factors such as a comfortable and modern store experience, access to a wide variety of categories and brands under a single roof and compelling value-for-money deals are attracting consumers to organized retail in a big way. But modern trade is still an urban phenomenon with 17 key metros contributing to 73% of overall modern trade in India. Product categories such as packaged rice, liquid toilet soaps, floor cleaners, breakfast cereals, air fresheners & mosquito repellent equipment have a higher penetration in modern trade channel. Despite the relatively recent performance of private label products in India, it is already close to 7% of modern trade sales. Modern Trade is expected to gain greater importance with opening up of foreign direct investment in multi-brand retail. The implementation of the Goods and Services Tax (GST) is expected to benefit the sector immensely by reducing the overall incidence of taxation. GST aims to reduce the cascading effect by replacing a multitude of indirect taxes such as central excise, service tax, VAT and inter-state sales tax with a single GST rate. Moreover, FMCG companies will be able to optimize logistics and distribution costs in the GST era. The resulting cost savings by the companies can be passed on to the final consumer thereby boosting demand. However the implementation of GST has currently been put on the backburner by the government. FMCG Industry size (India) * Of the entire FMCG sector, Food is 52%, Non-Food at 45% and OTC 3% * Growth being driven by increasing consumption led by rise in incomes, changing lifestyles and favourable demographics. * FMCG industry expected  to grow in mid to high teens going ahead. * In the last decade the FMCG sector has grown at an average of 11% a year; in the last five years, annual growth accelerated to 17%. * FMCGs are slowly and gradually positioning and deeply penetrating in the fast growing rural market. The Rural mind set is open to consumption of newer, more contemporary food categories and as a result, drive consistent growth. FMCG industry to be Rs.4000-6000 billion industry by 2020. * Indian rural market currently worth US$ 9 bn is expected to become a US$ 100 bn opportunity by 2025. * By 2025, total consumption is likely to quadruple making India the 5th largest consumer market. * The FMCG sector in India continues on a strong growth path with both urban and rural India contributing to its growth. Rural India contributes one third of FMCG sales in India. * Growth driven by increasing consumption led by rise in incomes, changing lifestyles and favourable demographics. * Rural India accounts for more than 700 Million consumers or 70% of the Indian population andaccounts for 40% of the total FMCG market. * The Rural market is a large market space with very low organized player penetration. Across the globe, the Indian rural market is probably the single largest â€Å"unit† of opportunity also with changing lifestyle and increasing consumer demand, the Indian FMCG market is expected to cross $80 billion by 2026 in towns with population of up to 10 lakhs. * The sector has a tremendous opportunity for growth in India, with the growing population, the rising incomes, education and urbanization, the advent of modern retail, and a consumption driven society. Source: credit suisse * According to credit suisse report, FMCG growth was 14% in the rural market and 16% in the urban market during the quarter ended December 2011; for the quarter ended March 2013, while growth in the urban market improved to 17%, it rose even higher, to 18%, in the rural market. Industry Classification and Performance Three well-identified sets of players operate within a highly developed and intenselycompetitive landscape of the Indian FMCG market. 1. Foreign players who are present through their subsidiaries such as Unilever, P&G, Nestle and PepsiCo 2. Strong Indian players with established national presence such as Marico, Dabur and Godrej Consumer Products. 3. Regional or small domestic players, such as Ajanta, Anchor, CavinKare etc., who are presentin a few regions of the country apart from these, there are regional and small-scale FMCG players such as small teaproducers and organic food producers, who mainly compete by offering low-priced products withsimilar looks or packaging compared to the bigger brands, to the ‘right consumers’ typicallybased in rural areas or in small towns. These players with lower corporate overheads andclear focus on specific consumer requirements have a competitive edge over larger FMCG players. Growth Drivers Government Policies and Regulatory Framework * Investment Approval: Automatic investment approval up to 100 per cent foreign equity forNRI and overseas corporate bodies. These investments are allowed in food processingsegments such as coffee and tea. * FDI in organized retail: India currently allows 100 per cent FDI in Cash & Carry segment and51% in single-brand retail, which is expected to be further increased to 100%. India is also expected to allow 51% FDI in multi-brand retail, which will boost the nascent organized retail market in the country. * Priority Sector: The Government of India recognizes food processing and agro industries aspriority sectors. * Relaxation of license rules: Industrial licenses are not required for almost all food and agro-processing industries, barring certain items such as beer, potable alcohol and wines, cane sugar, and hydrogenated animal fats and oils as well as items reserved for exclusive manufacturing in the small-scale sector. * Statutory Minimum Price: In October 2009, the government amended the Sugarcane ControlOrder, 1966, and replaced the Statutory Minimum Price (SMP) of  sugarcane with Fair andRemunerative Price (FRP) and the State- Advised Price (SAP). Opportunities in the FMCG Sector: Segment Overview: Segment Overview: Household Care * The detergents segment dominates the household care segment and has been growing at an annual growth rate of 10- 11% in the past five years. * The Household care segment is plagued by intense competition and high level of penetration. With rapid urbanization, emergence of small pack sizes and sachets is picking up * Local and unorganized players account for a major share of the total volume ofthe detergent market. Segment Overview: Personal Care Local and unorganised players account for a major share of the total volume ofthe detergent market The detergent segment dominates the household care segment and has been growing at an annual growth rate of 10-11% in the past five years. The Household care segment is plaguedby intense competition and high level ofpenetration. With rapid urbanization,emergence of small pack sizes andsachets is picking up. Segment Overview: Food and Beverages The Food and Beverages segment comprises of the food processingindustry,health beverage industry, breadand biscuits, chocolates & confectionery,Mineral Water and ice creams. The three largest consumed categories ofpackaged foods are packed tea biscuitsand soft drinks. The Indian hot beverage market isdominated by tea and the major share ofthe tea market is dominated byunorganized players. Dabur India Limited overview * Established in 1884 – more than 127 years of Trust & Excellence * Among top 4 FMCG companies in India * World’s largest in Ayurveda and natural healthcare * Revenue of r US$1 Billion (Rs 5,283 Crore) and Market Capitalisation of US$4 Billion (Rs 20,000 Crore) * Wide distribution network covering 3.4 million retailers across the country * 23 world class manufacturing plants catering to needs of diverse markets * Strong overseas presence with 30% contribution to consolidated sales * Dabur India is also a world leader in Ayurveda with a portfolio of over 250 Herbal/Ayurvedic products. * Headquarters: Kaushambi Ghaziabad – 201010 Uttar Pradesh, India * Top management: Dr. AnandBurman (Chairman) Mr.AmitBurman (Vice-Chairman) Mr. Sunil Duggal (CEO) * Employees approximately 3000 Key players at FMCG: Company| Key categories| Hindustan Unilever Ltd| Soaps, Detergents, Personal Care, Foods| Nestle India Ltd| Food, Beverages, Infant Nutrition| Dabur India Ltd| Personal, Health &Homecare, Foods| Godrej Consumer| Hair Care, Soaps| Colgate Palmolive Ltd| Oral Care & Toiletries| GlaxoSmithkline Consumer| Consumer Health Care| Marico Ltd.| Hair care, Food, Skincare| Procter & Gamble | Feminine Hygiene personal care| Britannia Industries Ltd| Biscuits| PEST Analysis Political * Stable political government. * Restrictions in import policies. * Rise in customs duty on petrol & diesel. * Partial withdrawal of stimulus packages Economical * Inflation rate * Decreased GDP * Increase in disposable income. * Indian FMCG Recorded 16% Sales Growth in last fiscal. The FMCG sector is the4thlargest sector of Indian economy with market size of more than 60,000crore Social * Rising rural India. * Consumerism. * Demography Technological * Research and development intensity * Information technology COMPETITOR ANALYSIS The key competitors are KeoKarpin, Emami, Bajaj, Marico, HLL which together with Dabur have about 64% of India’s domestic market. Emami: HimaniNavratan oil and Himani Oil. Emami has taken Madhuri Dixit as brand ambassador for emami oil and Amitabh Bachchan for Himami Navratan Oil. Overall it has a share of 4% in hair oil market. Bajaj: Bajaj Brahmi Amla and Bajaj Almond Drops currently have a value share of 19 per cent and 12 per cent in their respective oil categories as per ORG-Marg. Besides, the company has also decided to enhance its retail presence by nearly 20 per cent from the existing 5 lakh retail outlets in an attempt to reach the rural parts. Maricos: Parachute is premium edible grade oil, a  market leader in its category. Synonymous with pure coconut oil in the market, Parachute is positioned on the platform of purity. In fact over time it has become the gold standard for purity. Parachute’s primary target has been women of all ages. The brand has a huge loyalty, not only in the urban sections of India but also in the rural sector. It has a market share of 28%. HUL It has two products, Clinic plus Hair Oil and All Clear Clinic Hair Oil. Overall it has a 3%share in hair oil market. The key competitors of Dabur in the Chyawanprash segment are Baidyanath, Zandu andHimani, which together with Dabur have about 85% of India’s domestic market. DaburChyawanprash (herbal honey) has a market share of 61%.We have tried to analyse the competition for Dabur in the Chyawanprash segment as follows: SWOT Analysis STRENGTH * Strong presence in well defined niches( like value added Hair Oil and Ayurveda specialties) * Core knowledge of Ayurveda * Strong Brand Image * Distribution Network, Extensive Supply Chain, IT Initiatives and R & D| WEAKNESS * Seasonal demand like chyawanprash in winter * High price Vatika * Limited differentiation in some products like vatika| OPPORTUNITIES * Export opportunities * Increasing demand by people * Market development| THREATS * Existing competition like Zandu, Himani, Baidyanath * New entrant threats from substitutes like Bryllcream for vatika hair oil| Dabur: Strong Presence in FMCG Categories Category| Position| Market share| Key Brands| Hair Care| 3| 12%| DaburAmla hair Oil, Vatika hair oil &Vatika Shampoos| Oral Care| 3| 13%| Red toothpaste, Babool, Meswak, Red toothpowder| Skin Care| 3| 7%| DaburGulabari, Fem| AyurvedicTonics| 1| 67%| DaburChyawanprash| Digestives| 1| 56%| Hajmola| Fruit Juices| 1| 52%| Real Fruit Juices, Real Activ| Honey| 1| 50%| Dabur Honey| Glucose| 2| 25%| Dabur Glucose| Segment wise Market share of Dabur International business * Focus markets: * Egypt * Nigeria * Turkey * Bangladesh * Nepal * U.S. * Leveraging the â€Å"Natural† preference among local consumers to increase share in personal care categories * High level of localization of manufacturing and sales and marketing * Sustained investments in brand building and marketing â€Å"Domestic FMCG companies such as Godrej Consumer Products (GCPL), Marico and Dabur have grown at a robust pace of 20% average annual growth over the last five years. In a bid to expand their businesses further, these companies acquired several foreign brands and companies. Consequently, the share of the international sales to their total revenue has increased. The chart of the day shows that between FY06 and FY12, the contribution of international sales has increased substantially for most FMCG companies. However, the benefit at the top line has failed to percolate at the bottom line. Sometimes, acquired brands take a long time to break-even. Hair-styling brand Code 10 acquired by Marico in 2010 and Dabur’s Namaste acquisition in 2011 continue to remain in red. However, GCPL has seen reasonable success with several acquisitions such as Megasari in Indonesia, Darling Group in Africa and Cosmetica National. This may be on account of the fact that GCPL has focused on product acquisitions in which it has a strong core presence. â€Å" Growth Strategy: Three Growth Strategies Acquire Innovate Expand Expand * Strengthening presence in existing categories and markets as well entering new geographies * Maintain dominant share in categories where we are category builders like Health Supplements, Honey etc. and expand market shares in other categories * Calibrated international expansion – local manufacturing pp y y g and supply chain to enhance flexibility/ reduce response time to change in market demands Innovate * Strong focus on innovation. Have rolled out new variants & products which have contributed to around 5-6% of our growth p.a. * Renovation of existing products to respond to changing demands (Toothpowder to Toothpaste) Acquire * Acquisitions critical for building scale in existing categories & markets * Should be synergistic and make a good strategic fit * Target opportunities in our focus markets Acquisitions of Hobi Group, Turkey * Acquisition of Hobi Group, Turkey for a total consideration of US$ 69 Million completed on October 7, 2010 * Hobi manufactures and markets hair, skin and body care products under the brands Hobby and New Era * Product range of the company is complementary to our product range * Acquisition provides an entry into another attractive emerging market and a good platform to leverage this across the region Acquisitions of Namaste Laboratories * Dabur India Limited through its subsidiary Dabur International Limited acquired 100% stake in Namaste Laboratories LLC for $100 million, in an all-cash deal on January 1, 2011 * Namaste is a leading ethnic hair care products company, having products for women of colour, with revenues of $95 million from US, Europe, Middle East and African markets * The company markets a portfolio of hair care products under the brand ‘Organic Root Stimulator’ and has a strong presence in ethnic hair care market for women of colour. * Acquisition to enable entry into Ethnic Hair Care products market valued at more than US$1.5 billion and tap into significant market opportunity in the fast growing * At an acquisition price of $100 million, the deal value is at 1.1x Sales and 8.3x EBITDA Porters Industry Analysis: Supply:| Abundant supply through a distribution network of over 8 m stores across the country. Distribution networks are being beefed up to penetrate the rural areas. HUL has tripled rural network in 2011 and Dabur wants to double rural reach by FY13.| Demand:| Being items of daily consumption, demand is least impacted by economic slowdown.| Barriers to entry:| Huge investments in setting up distribution networks and promoting brands and competition from established companies.| Bargaining power of suppliers:| Inputs being mostly agri-commodities, the suppliers are numerous and lack scale to wield bargaining power. Companies like ITC that are integrated backwards have lower dependence on suppliers. | Bargaining power of customers:| Customer does not have bargaining power in case of branded products but intense competition within the FMCG companies results in value for money deals for consumers. | Competition:| Competition is faced from domestic unorganized players and established MNC’s. Price wars are a common phenomenon. Private labels offered by retailers at a discount to mainframe brands act as competition to undifferentiated and weak brands.| | Financial year 2013-2014 | With consumer spending remaining healthy, value growth in FMCG sales were over 18% in 2012-13 (Source: Nielsen). All the frontline FMCG companies registered double-digit sales growth during the year. Companies like Dabur, Godrej Consumer Products and Marico posted over 25% topline growth aided by brisk rise in overseas revenues. | | The rural markets continued to lead demand in personal care and oral care products. According to Nielsen’s data, rural sales in washing powder, hair oil and shampoo each contributed more than a third of the overall category sales in FY2012-13. Sales growth in rural markets surpassed that in urban markets in more than 50% of the FMCG categories. Nielsen has projected the size of the rural market to grow ten folds to $ 100 bn by 2025. | | In FY2012-13, margins of FMCG companies were hit by unprecedented increase in price of crude and other commodities. As crude price spiralled above $100 a barrel, price of input crude-derivatives, transportation/freight and packaging costs increased sharply. Advertisement and promotional spends remained high on account of heightened competitive activity. The companies effected judicious price increases and also reduced the packet sizes and stock-keeping units (SKUs). Hence the growth seen by FMCG companies was mostly volume led. The reduction in surcharge from 7.5% to 5% and hike in the base MAT kept effective tax rates unchanged during the year.| | Prospects| | | Household spending on FMCG goods has not witnessed any pressure so far. But going forward, a deficient monsoon is likely to impact farm income and thereby rural spending in the short term. Even in urban India, discretionary spending can get impacted by lower salary hikes and food inflation re-surfacing on poor rainfall. This is more likely to result in down-trading by consumers. | | FMCG companies have been reaping the benefit of waning inflation and series of price-hikes taken earlier. But with the ‘New Standard Packaging’ rules coming into effect in November 2012, the companies will no longer be able to hold prices by reducing the grammage sold. High base-effect in price levels and fears of hurting demand is likely to prevent companies from raising prices substantially. Apart from absorbing higher input costs, FMCG companies may have to bear expenses to bring their  products in line with the new packaging rules. Additionally, even rising competition is expected to keep brand investments by companies high through increased ad-spends and promotional expenses. Therefore, profitability of FMCG companies may witness short-term pain. | | But long term demand potential of FMCG goods remains robust. According to International Labour Organisation, India will have the highest working age population in the world by 2020. The National Council of Applied Economic Research projects the proportion of middle class population to swell from 13.1% at present to 37.2% by 2025-26. Increase in working-age population and rising middle class will translate into higher purchasing power & boost consumerism. Higher penetration and evolution in consumption pattern will drive rural demand. The FMCG sector is expected to reach market size of $ 74 bn by 2018 (Source: FICCI).| | Introduction Of Financial ModelingFinancial modeling refers to the process through which a company builds up a financial representation of some, or even all aspects of the company or the given security. The financial model is generally featured by performing calculations, and making recommendations on the basis of that information. Moreover, the model might also prà ©cis specific events for the end user in addition to providing direction regarding possible alternatives or actions.Theoretically, a financial model is a set of assumptions about future business conditions that drive projections of a company’s revenue, earnings, cash flows and balance sheet accounts. In practice, a financial model is a spreadsheet (usually in Microsoft’s Excel software) that analysts use to forecast a company’s future financial performance. Properly projecting earnings and cash flows into the future is important since the intrinsic value of a stock depends largely on the outlook for financial performance of the issuing company. A financial model spreadsheet usually looks like a table of financial data organized into fiscal quarters and/or years. Each column of the table represents the balance sheet, income statement and cash flow statement of a  future quarter or year. The rows of the table represent all the line items of the company’s financial statements, such as revenue, expenses, share count, capital expenditures and balance sheet accounts. Like financial statements, one generally reads the model from the top to the bottom, or revenue through earnings and cash flows. History as a Guide When trying to predict the future, a good place to start is the past. Therefore, a good first step in building a model is to fully analyze a set of historical financial data and link projections to the historical data as a base for the model. If a company has generated gross margins in the 40% to 45% range for the past ten years, then it might be acceptable to assume that, with other things being equal, a margin of this level is sustainable into the future. Consequently, the historical track record of gross margin can become somewhat of a basis for a future income projection. Analysts are always smart to examine and analyze historical trends in revenue growth, expenses, capital expenditures and other financial metrics before attempting to project financial results into the future. For this reason, financial model spreadsheets usually incorporate a set of historical financial data and related analytical measures from which analysts derive assumptions and projections.Macro-economical Factors: 1. Mid-Quarter Monetary Policy Review: June 2013Monetary and Liquidity MeasuresOn the basis of an assessment of the current macroeconomic situation, RBI has been decided to: * keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent of their net demand and time liabilities; and * keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 7.25 per cent.Consequently, the reverse repo rate under the LAF wi ll remain unchanged at 6.25 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 8.25 per cent.2. The above monetary policy stance has been informed by the evolving growth-inflation dynamic, the balance of risks as well as recent developments in the external sector.3. Since the Reserve Bank’s Annual Policy statement in May, global economic activity has slowed and risks remain elevated, most recently on account of uncertainty over policies of systemic central banks. On the domestic front, macroeconomic conditions remain weak, hamstrung by infrastructure bottlenecks, supply constraints, lacklustre domestic demand and subdued investment sentiment. Inflation has  moderated as projected. However, upside pressures on the way forward from the pass-through of rupee depreciation, recent increases in administered prices and persisting imbalances, especially relating to food, pose risks of second-round effects. As recent experience has shown, shifts in global market sentiment can trigger sudden stop and reversal of capital from a broad swath of emerging economies, swiftly amplifying risks to the outlook. India is not an exception.Global Economy4. Global growth has been patchy and uneven. Among advanced economies (AEs), during Q1 of 2013, growth in US and Japan improved while that in the euro area contracted. Growth in most emerging and developing economies (EDEs) has been relatively resilient, although in some large emerging economies, sluggish external demand and stalled domestic investment are dragging down economic activity. Inflation has been easing in the AEs due to weak demand conditions. EDEs, however, present a mixed picture: inflation remains elevated in the BRICS except China. Commodity prices, other than the price of crude, have generally softened in recent months.Domestic EconomyGrowth In May, the Central Statistics Office (CSO) reported India’s GDP growth in Q4 of 2012-13 of 4.8 per cent, a marginal improvement over the previous quarter. During the current financial year, the growth of industrial production decelerated to 2.3 per cent in April after picking up in the preceding month. All constituent categories of industry have slowed, with a persistent contraction in mining activity. The sharp weakening in the growth of capital goods production points to still damped investment demand whereas a pick-up in consumer non-durables could be indicative of a fragile return of consumer confidence. On the other hand, the services sector purchasing managers’ index rose in May on order flows. The onset of the south-west monsoon has been strong and on time.InflationHeadline WPI inflation eased for three months in succession with the May reading at 4.7 per cent, down from an average of 7.4 per cent in 2012-13. All constituent categories, barring food, have moderated. In the fuel category, coal and mineral oil prices declined, partly offsetting the upward revision in administered prices of electricity. Non-food manufactured products inflation too ebbed, driven by metal prices which fell for the eighth successive month in response to softening of global prices. Still ele vated food inflation, particularly in respect of cereals and vegetables, sustained upside pressures on overall  inflation. Retail inflation, as measured by the new combined (rural and urban) CPI, edged down from an average of 10.2 per cent last fiscal year to 9.3 per cent in May.Liquidity Conditions Net average daily borrowings under the LAF have declined gradually, from ` 1.2 trillion in March 2013 to ` 0.7 trillion in June 2013 so far (up to June 14) reflecting the sizable injection of primary liquidity through the reduction in the cash reserve ratio (CRR) in January, open market operations (OMO) purchases during Q4 of 2012-13, a significant reduction in the government’s cash balances with the Reserve Bank as well as two OMOs of ` 0.2 trillion in the current financial year so far. External Factors: The most significant development in the external sector has been the movement in the exchange rate. The rupee depreciated by 5.8 per cent against the US dollar during the current financial year up to June 14. It fell by 6.6 per cent during May 22-June 11 due to sell-off by foreign institutional investors, reflecting risk-off sentiment triggered by apprehensions of possible tapering off of quantitative easing by the US Fed. While the trade deficit has widened sharply due to a surge in festival-related/seasonal gold imports, available evidence suggests that a moderation in gold imports could be underway in June. Capital flows, which met the external financing requirement during April-May, moderated in June.Outlook At the global level, the International Monetary Fund (IMF) has warned of non-trivial risks of the global economy encountering a soft patch in the months ahead. On the domestic front, last year’s robust rabi production and the monsoon performance so fa r augur well for growth prospects. The spatial and temporal distribution of rainfall over the next three months will be crucial in determining the performance of agriculture. The continuing weakness in manufacturing activity needs to be urgently reversed. Key to reinvigorating growth is accelerating investment by creating a conducive environment for private investment, improving project clearance and implementation and leveraging on the crowding-in role of public investment. On the inflation front, easing commodity prices at the global level and weaker pricing power of corporates at the domestic level are having a softening influence. Given that food inflation remains high, the inflation outlook will be influenced by concerted efforts to break food inflation persistence. The inflation outlook going forward will be determined by suppressed inflation being released through revisions in  administered prices, including the minimum support prices (MSP) as well as the recent depreciation of the rupee. Softer global commodity prices and recent measures to dampen gold imports are expected to moderate the CAD in 2013-14 from its level last year. The main challenge is to reduce the CAD to a sustainable level; the near-term challenge is to finance it through stable flows. The most recent number on the Centre’s fiscal deficit, at 4.9 per cent of GDP for 2012-13, has turned out better than expected and instils confidence in the Government’s commitment to contain the fiscal deficit for 2013-14 at 4.8 per cent. Perseverance with this consolidation should help in mitigating the twin deficit risks to the outlook. These positive developments, which have been acknowledged by international credit rating agencies, should have a favourable impact on invest or confidence.Current Account Deficit (CAD) woes: The Reserve Bank of India (RBI) in its monetary policy cut the cash-reserve ratio (CRR) and repo rates by 25 basis points (0.25%). But at the same time it made very clear the various risks that the Indian economy faces. While inflation is certainly one of the key risks, the other equally worrying factor is the current account deficit (CAD). Indeed, in the above chart shows, CAD (as a % of GDP) has been continuously increasing over five consecutive quarters from July-September 2011 (2QFY12) to July-September 2012 (2QFY13). This is bound to have an adverse impact on the stability of the country’s exchange rate at a time when domestic growth has also been slowing down. What is more, the rise in imports has largely been on account of fuel and gold imports. This is of more worrying to the RBI, than had the high CAD been on account of import of capital goods. | Understanding Financial StatementIncome StatementAn income statement (US English) or profit and loss account (UK English) (also referred to as a profit and loss statement (P&L), revenue statement,statement of financial performance, earnings statement, operating statement, or statement of operations) is one of the financial statementsof a company and shows the company’s revenuesand expenses during a particular period.It indicates how the revenues (money received from the sale of products and services before expenses are taken out, also known as the â€Å"top line†) are transformed into the net income(the result after all revenues and expenses have been accounted for, also known as â€Å"net profit† or the â€Å"bottom line†). It displays the revenues recognized for a specific period, and  the costand expenses charged against these revenues, including write-offs (e.g., depreciation and amortization of various assets) and taxes.The purpose of the income statement is to show managers and investors whether the company made or lost money during the period being reported. The important thing to remember about an income statement is that it represents a period of time. This contrasts with the balance sheet, which represents a single moment in time.Balance SheetIn financial accounting, a balance sheet or statement of financial position is a summary of the financial balances of a sole proprietorship, abusiness partnership, a corporation or other business organization, such as an LLC or an LLP. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a â€Å"snapshot of a company’s financial condition†. Of the four basic financial statements, the balance sheet is the only statement which applies to a single point in time of a business’ calendar year.A standard company balance sheet has three parts: assets, liabilities and ownership equity. The main categories of assets are usually listed first and typically in order of liquidity.Assets are f ollowed by the liabilities. The difference between the assets and the liabilities is known as equity or the net assetsor the net worth or capital of the company and according to the accounting equation, net worth must equal assets minus liabilities.Another way to look at the same equation is that assets equal liabilities plus owner’s equity. Looking at the equation in this way shows how assets were financed: either by borrowing money (liability) or by using the owner’s money (owner’s equity). Balance sheets are usually presented with assets in one section and liabilities and net worth in the other section with the two sections â€Å"balancing†.Cash Flow StatementIn financial accounting, a cash flow statement, also known as statement of cash flows, is a financial statementthat shows how changes inbalance sheetaccounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing, and financing activities. Essentially, the cash flow statement is concerned with the flow of cash in and out of the business. The statement captures both the current operating results and the accompanying changes in the balance sheet. As an analytical tool, the statement of cash flows is useful in determining the short-term viability of a company,  particularly its ability to pay bills. International Accounting Standard 7 (IAS 7), is the International Accounting Standardthat deals with cash flow statements.People and groups interested in cash flow statements include: * Accounting personnel, who need to know whether the organization will be able to cover payroll and other immediate expenses * Potential lendersor creditors, who want a clear picture of a company’s ability to repay * Potential investors, who need to judge whether the company is financially sound * Potential employees or contractors, who need to know whether the company will be able to afford compensation * Shareholders of the business.Th e cash flow statement is intended to 1. provide information on a firm’s liquidity and solvency and its ability to change cash flows in future circumstances 2. provide additional information for evaluating changes in assets, liabilities and equity 3. improve the comparability of different firms’ operating performance by eliminating the effects of different accounting methods 4. It indicates the amount, timing and probability of future cash flows.Working CapitalWorking capital (abbreviated WC) is a financial metric which represents operating liquidity available to a business, organization or other entity, including governmental entity. Along with fixed assets such as plant and equipment, working capital is considered a part of operating capital. Net working capital is calculated as current assets minus current liabilities. It is a derivation of working capital that is commonly used in valuation techniques such as DCFs (Discounted cash flows). If current assets are less than current liabilities, an entity has a working capital deficiency, also called a working capital deficit.A company can be endowed with assets and profitability but short of liquidity if its assets cannot readily be converted into cash. Positive working capital is required to ensure that a firm is able to continue its operations and that it has sufficient funds to satisfy both maturing short-term debt and upcoming operational expenses. The management of working capital involves managing inventories, accounts receivable and payable, and cash.Horizontal AnalysisA procedure in fundamental analysis in which an analyst compares ratios or line items in a company’s financial statements over a certain period of time. The analyst will use his or her discretion when choosing a particular timeline; however, the decision is often based on the investing time horizon  under consideration.Formula,= current year-base yearbase year| Vertical AnalysisVertical analysis of financial statements is a technique in which the relationship between items in the same financial statement is identified by expressing all amounts as a percentage a total amount. This method compares different items to a single item in the same accounting p eriod. The financial statements prepared by using this technique are known as common size financial statements.Trend AnalysisTrend Analysis is the practice of collecting information and attempting to spot a pattern, or trend, in the information. Although trend analysis is often used to predict future events, it could be used to estimate uncertain events in the past, such as how many ancient kings probably ruled between two dates, based on data such as the average years which other known kings reigned.= Current year*100 Base yearDiscounted Cash Flow (DCF) AnalysisIn finance, discounted cash flow (DCF) analysis is a method of valuing a project, company, or asset using the concepts of the time value of money. All future cash flows are estimated and discounted to give their present values (PVs)—the sum of all future cash flows, both incoming and outgoing, is the net present value (NPV), which is taken as the value or price of the cash flows in question. Present value may also be expressed as a number of years’ purchase of the future undiscounted annual cash flows expected to arise.Using DCF analysis to compute the NPV takes as input cash flows and a discount rate and gives as output a price; the opposite process—taking cash flows and a price and inferring a discount rate, is called the yield.Discounted cash flow analysis is widely used in investment finance, real estate development, and corporate financial management.What is relative valuation? In relative valuation, the value of an asset is compared to the values assessed by the market for similar or comparable assets. To do relative valuation then, – we need to identify comparable assets and obtain market values for these assets – convert these market values into standardized values, since the absolute prices cannot be compared This process of standardizing creates price multiples. – compare the standardized value or multiple for the asset being analyzed to the standardized values for comparable asset, controlling for any differences between the firms that might affect the multiple, to judge whether the asset is under or over valuedInterpretation of DCF valuation and Relative valuation| Review of Literature Mostly financial modeling of dabur was done before by equity research analyst of various research agencies, mutual funds, investment banks and brokerage house. Generally they have done it quarterly and annually before and after the company’s financial results. Justification and Likely Benefits Why financial modelingis important? Financial modeling acts as a useful tool which enables business options and risks to be estimated in a cost-effective way against various assumptions, recognize optimal solutions in estimating financial returns and understand the effect of resource constraints thus leading to more effective business decisions. Financial modeling can be referred as an art and like any other art form, it requires constant [practice and commitment to develop expertise in this area. In the present day world, many companies are becoming globally integrated with the international economy through the way of acquiring/establishing international operations. This calls for the requirement of strong financial models which can assist in performing the evaluation of every country’s operations, reflect on multiple currencies in their model, estimate varying capacity utilizations to estimate the optimal capacity under changeable industry demand-supply scenarios and similar more cases. Scope of Financial Modeling? Financial Modelling is a key skill with application in several areas withinbanking and finance industry as well as within corporations. In financialmodelling you learn to gather historical information on companies andanalyze company / industry performance on various financialparameters. This analysis is then used to build a company’s financialmodel, which in turn is key to projecting a future financial performance.Based on this model companies investors can arrive at a suitableevaluation for the companies. Financial models are usually made for financing of a project intransactions like: PPP/PFI, Mergers & Acquisitions, Valuation ofbusinesses etc. across various industries & sectors which includes SolarPlants, Waste Management, Helicopter felt, Oil and Gas, Mining,Energy, Healthcare,  Services & Education etc to evaluate the viability ofthe project on various parameters. Key Financial of Dabur: Objectives To find out intrinsic value of dabur and take decision regarding investment in Dabur. Plan of Work and Methodology Prepared a Sector Analysis Report for the FMCG sector †¢ Performed Historical Ratio Analysis of Dabur †¢ Prepared a Financial Model for Dabur by forecasting its financials for the next five years (FY13E-FY17E) on the basis of a historical trend analysis and expected performance of the FMCG industry drivers. †¢ Estimated a Target Price for the stock of Dabur using a DCF Valuation Model as well as using Relative Valuation by peer comparison. †¢ Submitted a final Equity Research Report on Dabur with recommendations. References and Bibliography www.investopedia.com www.rbi.org.in www.moneycontrol.com www.equitymaster.com www.bloomberg.com www.bseindia.com www.dabur.com www.wikipedia.org Nielsen FMCG industry report

The Preludes

The Preludes WinterYou tossed a blanket from the bed, You lay upon your back, and waited; You dozed, and watched the night revealing The thousand sordid images Of which your soul was constituted; They flickered against the ceiling. And when all the world came back And the light crept up between the shutters And you heard the sparrows in the gutters, You had such a vision of the street As the street hardly understands; Sitting along the bed's edge, where You curled the papers from your hair, Or clasped the yellow soles of feet In the palms of both soiled hands.This part is very easier because we already have many images and ideas about the situation in one and two. You should notice that in this part in line 10. You had such a vision of the street. Last time we were talking about the pronounces. Who is the persona? Do we have other characters? Line 10 gives us an evidence to link part 3 to part 2 to part 1.Persona (EP)It is one poem. All the parts should discuss the settling down of the winter eve ning. Now, we have such a vision of the street. The vision already happened in part 1. He goes to many experiences. Now, he has a vision of the street which means that it is the same persona addressing himself.You curled the papers from your hair,Some critics say that this proves to be a girl. No, it is not a girl. We had a lot of garbage and papers in part 1. So, because he was there in the street, his hair is dirty. Now, it is the time to clean himself.You tossed a blanket from the bed,It seems that in part 3, the persona has found a place. It...

5 Tips for Writing the Perfect Rice Essay Supplement

5 Tips for Writing the Perfect Rice Essay Supplement SAT / ACT Prep Online Guides and Tips Rice is one of the top 20 universities in the nation, and to get in, you need more than just awesome grades and test scores- you need a compelling Rice essay.The Rice application requires several essays depending on the school you’re applying to at the university. So what should you write about for each Rice essay to make your application as strong as it can be? We'll explain what the Rice supplement is and go over the Rice University essay prompts you’ll see on your application. After, we'll give you expert tips on how to answer each essay prompt so you’ll have an even better shot at getting accepted to this prestigious university! Feature Image: faungg's photos/Flickr What Is the Rice Supplement? Like many colleges, Rice has a supplement that requires applicants to submit additional info to the school- that is, info not included in the Common Application or Coalition Application. The Rice writing supplementconsists of several essay and short answer prompts, which most undergraduate applicants (though not all- we’ll explain this in more detail shortly) must answer for their applications.These supplementary questions ask about applicants' choice of academic field, reasons for applying to Rice, and so on. In addition, as part of the Rice supplement, all applicants must upload an image that depicts something that appeals to them or is important to them. This requirement, called "The Box," isn’t an essay, but it plays just as important a role in the application process. So choose a picture wisely! Once you’ve answered all these questions and uploaded an image, you can submit your Rice supplement along with the rest of your application. What exactly are the Rice University essay prompts you need to answer? Let’s take a look. What Are the Rice University Essay Prompts? There are six Rice University essay prompts in total; however, feel free to relax a little since you won’t need to respond to all these prompts on your application. This is because the Rice University essay prompts you must answer will vary depending on the school you’re applying to at Rice. Below are all the current Rice University essay prompts, organized by what types of applicants are required to answer which ones. All Applicants There are three essays that all applicants must submit to Rice. The first of these is a personal essay that responds to one of the essay prompts provided by either the Common App or Coalition App (depending on which system you're using).This essay should be about500-550 words longand must be no longer than 650 words. Both the Common App and Coalition App offer several essay prompts from which you can choose. We won’t be listing those prompts here, but you can find them in our guides to theCommon App and Coalition App essay prompts. In addition to the Common App/Coalition App personal essay,all applicants must submit two short answers as part of the Rice supplement.Your answers to these questions will be much shorter than your personal essay, at just 150 words max per response. Here are the two short-answer prompts: There is a breadth of intellectual opportunities here at Rice. Further explain your intended major and other areas of academic focus you may explore. What aspects of the Rice undergraduate experience excite you and led you to apply? If you're into architecture, you'll need to answer these next two Rice University essay prompts. School of Architecture Applicants ONLY Applicants to the Rice School of Architecture must submit all of the above PLUS two more short answers (again, these are part of the Rice supplement).Your answer to each question must be no longer than 250 words, givingyoua little more space to work with compared with the two short-answer questions above. Here are the current Rice University essay prompts for School of Architecture applicants: What aspirations, experiences, or relationships have motivated you to pursue the study of architecture? Outside of academics, what do you enjoy most or find especially challenging? Applicants to All Other Schools (Besides Architecture) Applicants to all other schools (besides the School of Architecture) must submit a personal essay instead of the two architecture short answers.Like all the prompts listed above, this prompt is part of the Rice supplement. For this essay, you can write up to 500 words. Compared with the other Rice University essay prompts, this one clearly gives you waymore space to write. Here is the prompt for this longer Rice essay: Rice is lauded for creating a collaborative atmosphere that enhances the quality of life for all members of our campus community. The Residential College System is heavily influenced by the unique life experiences and cultural traditions each student brings. What personal perspectives would you contribute to life at Rice? All Rice University Essay Prompts, Analyzed Now that we’ve seen all the Rice University essay prompts, let’s analyze them one at a time to see how you can answer them effectively. Rice Short Answer 1 (All Applicants) There is a breadth of intellectual opportunities here at Rice. Further explain your intended major and other areas of academic focus you may explore. This first short answer wants you to summarize your (main) intended field of study as well as any other fields you’re interested in studying at Rice.It’s a deceptively simple prompt that’s about a lot more than just what you plan to study at Rice. The crux of this essay isn’t just summarizing your major- it’sexplaining why you’ve chosen this field and why Rice specifically will be a good fit for your goals and interests. Here are the questions this prompt is really asking you to answer: Why do you want to study this particular field? Why do you think Rice is a good fit for you and your academic interests? As you write your response, try to focus on specifics.Don’t just say you’ve always had an interest in writing stories. What specifically drove you to declare a major in English?For instance, you could discuss your deep fascination with Shakespeare, specifically withMacbeth, and how you're excited about Rice's array of Shakespeare-centered classes. If you have enough space (remember that your answer can only be 150 words max), you could also (or instead) elaborate onwhat you plan to do with your intended major after college and how Rice will help you achieve this goal. If you're hoping to study music, for example, you could write about how you believeRice's Navigating Music Careers portal and accomplished music faculty will help prepare you for establishing a successful career in music. If you're still undecided about what you want to major in, this is a great time to explain what kinds of fields you’re considering studying and why they intrigue you. Maybe you recently developed an interest in architecture after seeing the famous Gateway Arch in St. Louis, and are now thinking of taking some architecture classes at Rice. Whatever the case, be clear about what you (might) want to study and why. What do you want to study at Rice? Rice Short Answer 2 (All Applicants) What aspects of the Rice undergraduate experience excite you and led you to apply? Unlike the prompt above, this prompt is not limited to academics (though you are welcome to talk about those here as well, as long as you don’t repeat anything you wrote for your other short answer).Basically, Rice just wants to know this: why Rice? This prompt is actually a variation of the "why this college" essay,which many colleges ask for in their applications.Specifically, this prompt is asking you to focus on why Rice is an ideal fit for you. Here are some examples of topics you could write about: A particular academic program or major you’re interested in doing, possibly one that’s not offered elsewhere or is somewhat rare The small community atmosphere at Rice and the fun activities and traditions it offers students, such as O-Week and Beer Bike The diversity of the Rice student body and why this positive, blended environment would be ideal for you as a student Its urban location in Houston and how you intend to use the resources of the big city to further your academic and/or professional interests A certain professor or faculty memberwhom you wish to work with Remember to be specific- don’t just say you’re interested in Rice because it's known for quality research or because it's ranked highly on many "best colleges" lists.What specific features does Rice have that made you apply? If you’re not sure what to write about for this Rice essay, I recommend doing some research on Rice.Start by visiting the official Rice website to see what the school offers in terms of academics, extracurricular activities, professional opportunities, internships, study abroad programs, etc. You can read more about anything that sticks out to you or resonates with your interests. You can also refer to community-based websites, such as College Confidential and Reddit, to see what current students have to say about life at Rice. Rice Short Answer 3 (Architecture Applicants ONLY) What aspirations, experiences, or relationships have motivated you to pursue the study of architecture? This prompt is similar to Short Answer 1 in that it’s asking you to elaborate on your chosen major (in this case, architecture) and why you’re interested in it.For this essay, however, you don’t need to focus on architecture as a major as much as you do on architecture as a passion. In other words, this is your chance to tell the story of how you developed a deep interest in architecture and what architecture means to you. For this Rice essay, and as the prompt says, you can focus onaspirations (what goals do you have and how does architecture fulfill these?), experiences (did a particular incident make you develop an interest in architecture?), andrelationships (who, if anyone, inspired you to study the field?). Here are some potential topics you could write about: A particular person, such as a parent or teacher, who introduced you to architecture, and how this person influences you today (if applicable) A design or architecture class you took, either at school or as an extracurricular, and how this class made you become interested in architecture A certain piece of architecture, such as the Eiffel Tower or Empire State Building, you either saw in person or learned about and that made you want to study the field further Your love of design, and how toys you used to play with as a child, such as LEGO bricks, led to your gradually developing a desire to learn more about architecture as a field Any personal experience that relates to how you became interested in architecture- maybe you grew up in a shoddy apartment complex, an experience which showed you how better and safer architecture could improve people’s day-to-day lives In your essay, use specific detailsandavoidclichà ©dopenings, such as "I knew I wanted to study architecture when †¦" The admissions committee at Rice has more than likely heard these types of overly broad statements hundreds, if not thousands, of times, so avoid them! This is one clichà © you'll definitely want to avoid in your Rice essay. Rice Short Answer 4 (Architecture Applicants ONLY) Outside of academics, what do you enjoy most or find especially challenging? This is an interesting essay prompt since it’s so much broader than the other one you have to do as an architecture applicant to Rice.The purpose of this prompt is to reveal to Ricewhat types of activities you’re interested or engaged in (outside of architecture), and what role they play in your life. Think about what you do in your spare time, what you’re passionate about, and possibly what you are obligated to do (such as chores or duties at work).Are there any activities you do that you find fun but also intellectually or physically challenging? Are you particularlyinvested in an activity? Don’t be afraid to get really creative and honest here- you’re allowed to write about an activity that’s unconventional, eccentric, "boring," or even plain goofy.Just make sure you’re also giving the admissions committee deeper insight into something about you, such ashow you flourish when competing against your own times in cross country races or how you calm yourself down with a big bowl of Froot Loops every evening.Ultimately, you want to highlight a personal strength. Here are some examples of topics you could write about: An instrument you play every day or nearly every day, why this activity is so significant to you, and how it has helped shape your personality or goals A sport you play, why it’s important to you, and how it's contributed to a certain personality trait you have, such as determination or optimism A video game or other game you love to play, such as Dungeons and Dragons or Mario Kart, and what this game means to you on a personal, intellectual, or emotional level Any other hobby you have and why it’s important to you, as well as how it has helped you cultivate or reach a goal you had A task, chore, or duty you have to do often, either at home or at a part-time job, and what this activity has revealed to you, such as the necessity of doing something you're not a fan of in order to be able to do or get something you really want Volunteering with an organization or at a specific place, and what this activity means to you (NOTE:I recommend only picking this topic if you're continually involved with a specific volunteer effort and if it’s something you’re very invested in- if you helped out at an animal shelter just once, for instance, don’t write about that here!) A food, TV show, movie, guilty pleasure, etc., that you love and indulge in on a regular basis, and why you believe this routine is helpful or even necessary for you As a final tip for this Rice essay, don't feel obligated to choose an "impressive" topic. Instead, use this fun and open-ended essay prompt as a chance to demonstrate your personal strengths and passions in a highly personal, creative way. Rice Essay (All Applicants EXCEPT Architecture) Rice is lauded for creating a collaborative atmosphere that enhances the quality of life for all members of our campus community. The Residential College System is heavily influenced by the unique life experiences and cultural traditions each student brings. What personal perspectives would you contribute to life at Rice? Aside from the Common App/Coalition App personal essay, this is the longest Rice essay you’ll write for your application (unless you’re an architecture applicant- in that case, you don’t have to write this essay!). Once again, you have a limit of 500 words, which should give you plenty of space to delve into the details of yourself and what you'll contribute to the community at Rice. So what is this prompt asking you to do exactly? This prompt is essentially a diversity essay prompt in that it's asking what makes you different from other applicants and what qualities you can bring to Rice. Note the significance of the word "unique" in the prompt here- this is the crux of what you should write about in your essay.What specific, unique qualities do you have that you think will make a positive contribution to the Rice community? Here are some sample topics you could write about for this Rice essay: A particular skill you have- for example, maybe you often play classical guitar music to calm down your younger sibling at home, and you think this skill could help students (and yourself) feel better during finals week at Rice A positive personality trait you have, such as optimism or dedication, and how this trait has helped you in life and could help you and others at Rice as well A cultural, religious, or ethnic background you have that is important to you in your daily life and that you feel will help increase the diversity at Rice Any unique experiences that are significant to you or have had a major impact on how you define yourself- perhaps you’ve lived in many countries and believe these experiences of constantly having to adapt to new cultures and lifestyles might help you (and others!) with transitioning to life at Rice Make sure to show, not tell.You’ve got plenty of room to be able to tell a compelling story, so try not to rely on dull descriptions, clichà ©s, and general, all-encompassing statements. Rather,fill your story with personality, voice, images, and realism.Using a variety ofliterary devices can add lots of color to your writing and will help your essay stand out. In addition, don’t repeat anything you’ve already written in your Common App/Coalition App essay. The essays required for both application systemsare similar to the Rice essay above in that they’re all longer and more personal. Write about something different for each so you don’t sound as though there’s just one single thing that defines you. The essay example we're about to show you got the Rice mark of approval! Real Rice Essay Example + Analysis Though knowing what kinds of topics you can write about for each Rice essay is definitely helpful, it’s even better to be able to see what an actual successful Rice essay looks like. Below,we show you a real Rice essay example that was written by an admitted student. The following essay was written in response to a prompt similar to the current Rice essay prompt for Short Answer 2 above. (In other words, it’s essentially a "Why Rice?" prompt.) Note: Since this essay is a little older and the Rice essay topics change every few years, the prompt and word length for this essay differ slightly from the current guidelines. For this essay, the word limit was 250 words, whereas the current limit is 150 words. Here is the essay: "We are going to visit Rice today," my mom leaned back in her front row seat and said to me. Wait, is that a restaurant specializing in all kinds of rice dishes? Like fried rice, rice soup, and rice balls? My brain went into a frenzy. All other questions flooding my thoughts dissipated, however, when my eyes lay on Rice’s beautiful Byzantine-style buildings with its magnificent archways and its soft sand-pink brick walls. While just outside its surroundings the thriving city life of Houston continues, Rice kept its sacred ground intimate with its relatively small campus and peaceful with its large spreads of greenery and shades. It’s perfect! said my right brain, falling in love at first sight with the campus. My left brain, however, chastised the emotional side of me with Don’t judge a book by its cover. You can’t just choose your true love like that! Exasperated by my left brain, I attended an information seminar. Phrases like "Passport to Houston," "Best Quality of Student Life," "Oshman Engineering Design Kitchen," and "more than 40 interdisciplinary centers" flashed by my eyes. Almost unlimited access to Houston’s transportation and hangout spots? A research facility where I can group with students of all fields and work on solving real-world problems? Friendly research faculty who might allow me to continue my interdisciplinary research in psychology and computer science? My left brain finally gave in. Alright, alright. Let’s go make Rice into not just a staple for food, but also education, then. Source What Makes This Rice Essay Work? It’s got a lot of personality. The italicized parts, which symbolize the applicant’s thoughts, give us a highly personal and intriguing look into their reactions to their first visit to Rice. In addition, the humorous bits (such as when the university’s name is compared to the actual rice food) add a fun and creative touch. It oozes passion.While this applicant might occasionally go a little overboard in how they describe how amazing Rice is, one thing is clear: they’re extremely interested in attending Rice and making the most of their interdisciplinary interests here. How Could This Rice Essay Be Even Better? It could cut out the clichà ©s. The saying "Don’t judge a book by its cover" has been done to death and doesn’t add any memorable insight into the applicant. This essay would be better if the applicant had changed this phrase or simply cut it out completely. Moreover, although the concept of Rice as a food is funny, this applicant likely isn’t the first person to have made a joke about this. It could be more specific.Although there’s clearly a lot of passion in this Rice essay, it lacks detail in areas where we could've learned a lot more about the applicant. For example, what kinds of research does this person want to conduct at Rice? And what "real-world problems" do they want to solve? How to Write a Great Rice Essay: 5 Key Tips Before you go off writing your Rice essay, here are some final tips to keep in mind. #1: Use Specific Details I’ve said this before and I’ll say it again: be specific in your essays.Rice doesn’t just want to know that you’re good at softball- it wants to know why this sport is important to you, what kind of role it plays in your life, and how it makes you feel. If you’re describing a specific person in one of your essays, use concrete details to show the admissions committee who this person really is.Does she have an endearing gap in her teeth when she smiles?What does his voice sound like? Details like these will allow your readers to more readily feel the personality and passion in your writing, making it easier to relate to you on a deeper level.They’ll also help you and your essays stand out from the sea of applicants, which is always a plus! #2: Channel Your Inner Voice Personal essays are all about showcasing your personality and a side of yourself that’s not made clear in the more quantitative (i.e., grades and test scores) parts of your application. Therefore, with each Rice essay, make sure you’re channeling your inner voice.Does the essay sound as though you wrote it and not someone else did?Are you writing about what you really want to andnot what you think the Rice admissions committee wants to read? For example, if you’re naturally a humorous person, feel free to throw in a joke or two.If you’re the poetic type, you could add in some lines of poetry you’ve written (if relevant to your essay topic) or sprinkle in some flowery metaphors. The basic tip here is to write in whatever way comes most natural to you. That being said, there are a few things you should always avoid in your college essays: Typos, poor grammar, incorrect spelling, and other technical errors (the only exception to this would be if you’re quoting someone who used incorrect grammar or colloquial words such as "ain't" or "gonna") Inappropriate stories- don’t write about the time you got arrested or made an obviously wrong or immoral choice, for example Rude or impolite words and phrases #3: Give Yourself Plenty of Time Even though most of the essays on the Rice supplement aren’t that long, you still have a lot to write for just one school, so these essays will likely take up a lot of your free time. Be sureto start your essays (for all the colleges you're applying to- not just Rice) ahead of time, ideally at least a few months before your college application deadlines. #4: Avoid Repeating Yourself Many of the Rice University essay prompts touch on similar topics, such as why you want to attend Rice, why you want to study a certain field, and what makes you unique. As you answer the prompts, try to ensure there isn't too much overlap between the content of your essays. It’s OK if there’s a little bit of repetition. For example, it'd be hard not to talk about your interest in architecture as you answer Short Answer 1 (What do you want to major in?) and Short Answer 3 (Why architecture?). That said, your primary goal should be to try to focus on different main points for each of your essays.This way, Rice will get a more well-rounded (versus one-sided) picture of who you are. Repeat the same things in your essays and you'll look just like a regular ol' lemon. #5: Don’t Forget to Proofread! For each Rice essay, take a lot of time to edit and proofread it. After you write a rough draft, put the essay away for a few days.Once some time has passed, take your essay out again and reread it. Fix any obvious errors, such as typos and misspellings, and mark any areas that are awkward, unclear, or irrelevant. Do this process a few times until you have a fairly clean draft.Then, give your essay to someone else to read; this could be a parent, teacher, older sibling, tutor, etc.Ask this person for feedback and use their advice to further tweak your essay until you eventually have a quality final draft. As with any essay, be sure to do one final proofread (and get someone else to look it over, too!) right before you submit it to a college. What’s Next? Interested in applying to other highly prestigious schools besides Rice? Then take a look at our guides to how to write essays for Northwestern, Harvard, and Stanford. Writing college admissions essays can be tricky. Check out our expert guides to learn how you can write a great Common Application essay and Coalition Application essay. For more tips on how to get into Rice,including what SAT/ACT score you'll need, check out our Rice University admissions page. Want to write the perfect college application essay? Get professional help from PrepScholar. Your dedicated PrepScholar Admissions counselor will craft your perfect college essay, from the ground up. We'll learn your background and interests, brainstorm essay topics, and walk you through the essay drafting process, step-by-step. At the end, you'll have a unique essay that you'll proudly submit to your top choice colleges. Don't leave your college application to chance. Find out more about PrepScholar Admissions now:

Analysis On Bharati Mukherjee English Literature Essay

Analysis On Bharati Mukherjee English Literature Essay In turn, Mukherjee lays claim to an America that is both constantly transforming, and transformed by, the new immigrant. As the title of her short stories collection â€Å"The Middle Man† and Other Stories (1988) suggests, each protagonist from a different part of the world functions as a mediator of cultures, negotiating the â€Å"two-way transformation† (Mukherjee, â€Å"AUP† 141) of either an expatriate or immigrant experience in America. That the collection won the National Book Critics Circle Award undeniably affirms the appeal of such a Maximalist narrative strategy professing to give an equal voice to each immigrant group. On further analysis, however, it is clear that Mukherjee’s representation of a fluid American (trans)national identity influenced by diversity is ultimately predicated on the foregrounding of differences. Despite Mukherjee’s call for America to go beyond multiculturalism in its treatment of new immigrants, her own postcolo nial immigrant subjectivity-inevitably shaped by her elite British and American educational background-remains aligned with white hegemony, which continues to hierarchize its immigrants on the bases of ethnicity, class and gender. After all, Mukherjee specifically reveals in Jasmine that â€Å"[e]ducated people are interested in difference† (33). Keeping Mukherjee’s explicitly stated literary agendas in mind, this chapter will attempt to examine the ironies in Mukherjee’s postcolonial subjectivity in the novel Jasmine and the two short stories â€Å"A Wife’s Story† and â€Å"The Tenant,† both from â€Å"‘The Middleman’ and Other Stories† collection. Radical alterity of India From the vantage point of a successful female intellectual in America, Mukherjee disavows India precisely because its repressive patriarchy severely limits women’s opportunities in life, insofar as the sanctity of women’s lives is largel y disregarded and constantly endangered. However, â€Å"feudal compliance was [precisely] what still kept India an unhealthy and backward nation† (Mukherjee, Jasmine 77). This necessitates that Mukherjee’s heroines break the vicious cycle of being locked into arranged marriages that technically seal their fates with violent subjugation. In Mukherjee’s short story â€Å"The Tenant,† Maya’s claim that â€Å"[a]ll Indian men are wife beaters† (99) may be an exaggeration, but the more disturbing revelation is that â€Å"the groom’s mother was absolute tyrant of the household† (Mukherjee, Jasmine 147) in India. Indeed, generations of Indian women have also been physically abusing female subordinates deemed to have transgressed patriarchal norms. Yet, when meted out to any woman who defends or is interested in the pursuit of an education, such domestic violence is clearly a violation of basic human rights, unjustified to an America t hat champions the inalienable rights of every individual to life, liberty, and the pursuit of happiness. In Jasmine, Jyoti’s mother suffers strikes from her husband because she supports Jyoti’s aspiration to continue her studies and become a doctor. In the short story â€Å"A Wife’s Story,† Panna’s mother is beaten by her illiterate mother-in-law because she enrolled in French class at the Alliance Franà §aise. The fact that even these Brahmin wives are not spared the rod underscores that physical violence against women cuts across the entire caste system, denying all women personal and professional progress. These scenarios emphatically portray the radical alterity of India, insofar as it becomes utterly incomprehensible to Americans who privilege individualism and gender egalitarianism. Aligned with these values, Mukherjee attempts to consolidate her status approval from the American market by positioning herself â€Å"not as [an] advantaged in side[r] of Asian culture but as similarly disadvantaged as [her] Anglo readers in finding that Asian component bizarre, distasteful, and difficult to comprehend† (Shirley Lim, â€Å"AG† 161) as well. As Mukherjee reveals, it is necessary to give Jasmine â€Å"a society that was so regressive, traditional, so caste-bound, genderist, that she could discard it† (â€Å"IMC† 19) in exchange for a rebirth in America. In exposing the oppression inherent in India’s patriarchal structure, Mukherjee situates her decolonizing impulse as one that embraces emancipation in America, a land that seemingly affords women endless opportunities to attain self-actualization.