Capital Account Convertibility Essay

Capital Account Convertibility. Should India adopt full convertibility? Capital Account Convertibility-or a floating exchange rate-is a feature of a nation’s financial regime that centers around the ability to conduct transactions of local financial assets into foreign financial assets freely and at market determined exchange rates. It is sometimes referred to as Capital Asset Liberation or CAC. CAC is mostly a guideline to changes of ownership in foreign or domestic financial assets and liabilities. Tangentially, it covers and extends the framework of the creation and liquidation of laims on, or by the rest of the world, on local asset and currency markets. Current account convertibility allows free inflows and outflows for all purposes other than for capital purposes such as investments and loans. In other words, it allows residents to make and receive trade-related payments receive dollars (or any other foreign currency) for export of goods and services and pay dollars for import of goods and services, make sundry remittances, access foreign currency for travel, studies abroad, medical treatment and gifts, etc. Capital account convertibility is considered to be one of the major features of a developed economy. It helps attract foreign investment. It offers foreign investors a lot of comfort as they can re-convert local currency into foreign currency anytime they want to and take their money away. At the same time, capital account convertibility makes it easier for domestic companies to tap foreign markets. At the moment, India has current account convertibility. This means one can import and export goods or receive or make payments for services rendered. However, investments and borrowings are restricted. But economists say that Jumping into capital account convertibility game without considering the downside of the step could harm the economy. The East Asian economic crisis is cited as an example by those opposed to capital account convertibility. Even the World Bank has said that embracing capital account convertibility without adequate preparation could be catastrophic. But India is now on firm ground given its strong financial sector reform and fiscal consolidation, and can now slowly but steadily move towards fuller capital account convertibility. CAC has 5 basic statements designed as points of All types of liquid capital assets must be able to be exchanged freely, between any two nations, with standardized exchange rates. The amounts must be a significant mount (in excess of $500,000). Capital inflows should be invested in semi-liquid assets, to prevent churning and excessive outflow. Institutional investors should not use CAC to manipulate fiscal policy or exchange rates. Excessive inflows and outflows should be buffered by national banks to provide collateral. Prior to its implementation, foreign investment was hindered by uneven exchange rates due to transactions, and national banks were disassociated from fiscal exchange policy and incurred high costs in supplying hard-currency loans for those few local companies that wished to do business abroad. Due to the low exchange rates and lower costs associated with Third World nations, this was expected to spur domestic capital, which would lead to welfare gains, and in turn lead to higher GDP growth. The tradeoff for such growth was seen as a lack of sustainable internal GNP growth and a decrease in domestic capital investments. When CAC is used with the proper restraints, this is exactly what happens. The entire outsourcing movement with Jobs and factories going oversees is a direct result of the foreign investment aspect of CAC. The Tarapore Committee’s recommendation of tying liquid assets to static assets (i. e. investing in long term government bonds, etc) was seen by many economists as directly responsible for stabilizing the idea of capital account liberalization. The Reserve Bank of India has appointed a committee to set out the framework for fuller Capital Account Convertibility. The Committee, chaired by former RBI governor S S Tarapore, was set up by the Reserve Bank of India in consultation with the Government of India to revisit the subject of fuller capital account convertibility in the context of the progress in economic reforms, the stability of the external and financial sectors, accelerated growth and global integration. Economists Surjit S Bhalla, M G Bhide, R H Patil, A V RaJwade and Alit Ranade were the members of the Committee. The Reserve Bank of India has also constituted an internal task force to re-examine the extant regulations and make recommendations to remove the operational impediments in the path of liberalisation already in place. The task force will make its recommendations on an ongoing basis and the processes are expected to be completed by December 4, 2006. The Task Force has been set up following a recommendation of the Committee. The Task Force will be convened by Salim Gangadharan, chief general manager, in- harge, foreign exchange department, Reserve Bank of India, and will have the following terms of reference: Undertake a review of the extant regulations that straddle current and capital accounts, especially items in one account that have implication for the other account, and iron out inconsistencies in such regulations. Examine existing repatriation/ surrender requirements in the context of current account convertibility and management of capital account. Identify areas where streamlining and simplification of procedure is possible and remove the operational impediments, especially in espect of the ease with which transactions at the level of authorized entities are regulations are consistent with regulatory intent. Review the delegation of powers on foreign exchange regulations between Central Office and Regional offices of the RBI and examine, selectively, the efficacy in the functioning of the delegation of powers by RBI to Authorised Dealers (banks). Consider any other matter of relevance to the above. The Task Force is empowered to devise its work procedure, constitute working groups in various areas, co-opt permanent/special invitees and meet various trade ssociations, representative bodies or individuals to facilitate its work.

Queen Elizabeth Rhetorical Analysis of Tilbury Speech

Queen Elizabeth’s speech invigorated the troops and ensured her faith in them and her capability as a leader through the use of repetition, juxtaposition, persuasion, amplification and diction. In the beginning sentence Elizabeth includes herself in the fight by using â€Å"we† thereby establishing a common ground with the troops. She uses emotional argument to instill a sense of nationalism. Elizabeth repeatedly refers to her people affectionately with phrases like â€Å"my loving people† (line 1) or â€Å"my faithful and loving people† (line 5).By complementing the soldiers, asserting nationalism, and giving them a purpose, she inspires them to proudly defend England. Queen Elizabeth reference’s God and country throughout the speech, evoking a strong sense of English patriotism through the use of repetition. The Queen juxtaposes her â€Å"weak and feeble† (line 14) form as a woman, to her strong spirit and bravery, likened to that of a king of England, thus further appealing to the audience’s nationalism. She elevates her status above the oppressing sexism of the times, she suggests that she is as capable of success as any shrewd, hard-stomached king.When speaking of the defense of the county, the Queen proposes that she herself will fight amongst them, Elizabeth repeats â€Å"myself† as amplification of her dedication to her country. Elizabeth places her full trust in her people, denouncing any thought of distrust. Her unwavering trust is a reassurance to her people. She does not feel the need to control and regulate her subjects for fear of rebellion, she gives them the power to defend and protect the homeland. Her people respect her for this and remain loyal to her. The final persuasion is promise of â€Å"rewards and crowns† (line 21) for those concerned with monetary and influential matters.The Queen promises to reward for valour and virtue on the battlefield. The repetition of â€Å"yourâ⠂¬  in the closing sentence serves as an appraisal and importance of the troops. Elizabeth uses the value of trust, nationalism, faith, relation, and material reward as a means to convince her troops to defend their homeland. By assimilating herself as their equal and asserting her willingness to give everything for her country, she makes the idea of dying in battle more comfortable to the soldiers. She gives them a cause, and they rise to the occasion.

Roles of the Medieval Queen Assignment Example | Topics and Well Written Essays - 1250 words

Roles of the Medieval Queen - Assignment Example Roles of the Medieval Queen Her success depended on the relationship with the king and the fact that the kingdom’s advisers chose her to take charge of the throne. As a regnant, the queen ruled by her rights. She exercised power over the kingdom by inheriting it from the parents, usually, as an heiress with no brothers. As a daughter of the king, she qualified to inherit and rule by her birthright. Regnant queens participated in the feudal assemblies of the kings together with some of the vassals (Shahar 146). In addition, they also made judgments in their area of governance and discussed both economic and political issues. There were conditions that determined the success or failure of a queen. The queen was success due to support from followers and church, sharing the king’s social status and rank, and support from parents in the royal family, while her failure was due to limits set by the king, growing political life, being weak, and failure to provide an heir. A queen or empress consort was a wife to a reigning emperor or king. A queen consort shared the king’s social status and rank, which allowed her to exercise feminine powers over servants in the palace. She supervised the servants to ensure that they performed their chores (Shahar 151). The consort queen also had a role in a dowry to the king and acting as his helpmate. A consort queen would also play a role in church by raising money to build them. A consort queen also motivated church reforms and also gave moral support to people in the kingdom.

The Relationship between Eliezer and his Father. Explain how Eliezer's Essay

The Relationship between Eliezer and his Father. Explain how Eliezer's relations with his father changes throughout the novel - Essay Example The relationship however did not start as strong as it ended. The novel demonstrates the changes in how the two related through various experiences. Their initial relationship is first presented at the beginning of the book. The father is not so much concerned about his son’s education or desires. When Eliezer wishes to study the Cabbala, he requests his father if he could get a master to guide him. Although we know that his father could have done it, he discourages Eliezer saying that "You must first study the basic subjects within your own understanding." (Wiesel 2) This is said without even his father being moved away from his own businesses, an indication that he was not willing to help Eliezer on his desires whether personally or by looking for a master to guide Eliezer. Despite his father’s refusal to help him, Eliezer disobeyed even his advice to first study the basic subjects before undertaking the Cabbala. Eliezer took the matter as a personal initiative and even found himself a master, Moishe the Beadle, to guide him (Wiesel 4). In the first sections of the book, we see a father-son relationship that is cold and filled with mistrust. Eliezer wanted to do so much, but the father did not support him. Many a times, he was forced to disobey and do things on his own especially on realization that his father disapproved of his religious pursuits. As father and son move from their comfortable home into the concentration camps, a sharp turn of events occur. In the new environment, dependence on trusted individuals is a treasure. There is an observable rapid development in their relationship and a closeness that was not originally there is seen. The development starts with a familial separation. The two were separated from Eliezer’s mother and sister and Eliezer, having been relatively independent of his father from the start becomes a strong

Presidential Powers Essay Example | Topics and Well Written Essays - 1250 words

Presidential Powers - Essay Example Under the devolved system of governance, the President’s powers were trimmed and redistributed to the local governments. However, the president still enjoys three sources of power that include constitutional, institutional, and political sources. This present essay will focus on these current sources of power for the presidency and it will begin with an assessment of the constitutional powers of the President, followed by an assessment of how the 20th century presidents of the U.S have been able to use institutional and political resources to overcome challenges brought about by weak constitutional presidential powers. Lastly, the essay will highlight on the likely future balance of power between the Presidents and the Congress. Constitutional powers of the President It is correct to argue that the ratification of the constitution resulted in the presidency having weak powers. According to Ginsberg et al., these constitutional powers of the President are spelt out in Article T wo of the U.S constitution, which formally creates the executive arm of the central government that is made up of the President, the Vice President, and other presidential appointees. In particular, presidential powers are stated under section 2 of Article Two and they are split into three clauses (387-391). Clause 1 under Article Two gives the President exclusive powers over the U.S’ armed forces since the President is the Commander-in-chief. Furthermore, the clause states that the President shall become the Commander in Chief of militia of several states when he/ she is called into service. However, according to Ginsberg et al., this is power is weakened by the fact that it is only Congress, which can declare war (375). Nevertheless, this fact has been an issue of contention, more so during the Bush era, when President George Bush circumvented the Congress and seemingly declared war on Afghanistan while the Congress simply approved his decision. With reference to the writin gs by Ginsberg et al., it can be argued that Clause 1 is vague in the sense that during times of war there is usually no time to debate and wait for the Congress to declare war (403-405). Therefore, it can be assumed that the President is acting in the best interest of the Nation by declaring war at a strategic time. Under Clause 2, the President has powers to make treaties and nominate Judges of the Supreme Court, public Ministers, Ambassadors, and key Officers of the U.S. However, this power is watered down by the fact that the President must first seek the advice and consent from the senate before making any Treaty and nominations and there are instances where the senate has repealed certain treaties signed by Presidents (Ginsberg et al. 412-415). The third Presidential power is spelt out under Clause 3, which gives the President Powers to make a recess appointment that expires when the next session of the senate ends or until the appointee is confirmed by the senate. This Presid ential power is also weakened by the fact that these appointments are not permanent and they are only made when the senate is on recess. How U.S Presidents in the 20th century have used institutional and political resources to overcome weakness of Presidential powers With references to the writings by Ginsberg et al., he noted that U.S Presidents in the 20th century as well as the 21st century have laid claim to certain inherent powers that they feel are intertwined with the powers that have been granted to them under Article Two of the constitution (Ginsberg et al. 423-428). Moreover, the Presidents have been able to lay claim on this inherent powers because the constitution is

Primary Document Analysis Paper #2 Essay Example | Topics and Well Written Essays - 1500 words

Primary Document Analysis Paper #2 - Essay Example Best symbolizing this was the Red Summer riots of Chicago – often referring to ‘the Awakening of Black America.’ This event was to change the face of American socialization, bringing to the fore, the contentious issue of racism and racial discrimination. This paper will analyze the primary documents on the race riots that occurred in the summer & fall of 1919 and factors led to the Red Summer. It will also address issues of race, politics, ideology, socioeconomics, and foreign affairs present in the urban violence that occurred and the role that the American media played in the Red Summer Riots. The Red Summer Riots portrayed a ‘boiling point’ in the nation’s long history of racial strife, through violent demonstrating against the African Americans’ long discrimination and oppression. In the summer and fall seasons of 1919, Chicago amongst a host of other populous cities became battlegrounds that witnessed continuous rioting. Not only was this mayhem experienced in the urban-city setting, but more so, in the rural areas of the South specifically those in the former confederacy, such as Mississippi, Arkansas, Texas and Georgia amongst others. As a result, millions of American lives were disrupted with hundreds (if not thousands) of people dying most of whom were African Americans. In the aftermath of the riots, thousands of individuals were injured, with many more being forced to flee from their neighborhoods and homes. In the overall context, not only was the social fabric affected in terms of civil unrest, but also in the form of economic depreci ation. Various businesses did loss millions of American dollars to looting and general destruction of their premises (Gardiner, 1919). Different aspects present in the society during the Red Summer Riots such as the media (print and television) played a vital role in fueling the prevailing social contexts for

Cult Cinema Dissertation Example | Topics and Well Written Essays - 6000 words

Cult Cinema - Dissertation Example The content is often offbeat or even transgressive, besides being aberrant or challenging. The central themes tend to be far-fetched and uncanny, but still become the centre of audience’s attention. Thus, cult cinema tends to be categorically different from the mainstream cinema; this dissimilarity is revealed by lack of highfalutin artistic exclusiveness, mass consumerism, and political correctness in cult movies. This dissertation will provide a context for defining cult cinema, by delineating the peculiar characteristics that distinguish it from other genres. This dissertation is based upon information accumulated from a vast array of primary and secondary research sources dealing with cult cinema. The chief source was literature comprising of books, journal articles, articles in periodicals specifically aimed at identifying the underlying factors that drive audience towards cult cinema. Since the dissertation is aimed at exposing the factors that have developed a fan following, so analysis of the narrative, literary techniques, characters, and plot is relevant to this study. In addition to that, secondary methods shall also encompass analysis of box office success and commercial business of the top fifty cult films. Secondary resources such as statistical data concerning commercial revenue reveal that cult films were box office hits. Similarly, reviews of most successful movies based on the viewers’ ability to recall showed that many cult films such as Blade Runner, The Shawshank Redemption, Godzilla, Star Wars, Jaws, Scary Movie were the most favourites of all times. Other literature such as journal articles and books define the textual attributes and enigmatic signifiers that appeal to young and middle aged fans. Furthermore, analysis of movies made during the last two decades revealed how audiences’ demand has accelerated the trend of making of the cult films. In the ultimate analysis, the information contained in the following pages will shed light on how cult cinema, despite being bizarre and farfetched has produced some groundbreaking films and developed a huge fan following. Increasingly, audiences are fascinated by the aesthetic elements of cult movies such as enigmatic sig nifiers: mysterious puzzles that provoke thought and engage audiences throughout the film. Lastly, the process of narrative and characters go under an unexpected transformation to deliver ontological shock to audience’s leaves a mark on the audience. Undoubtedly, these aspects make cult movies the centre of fan debate and discussion. Chapter I: Introduction Although motion pictures have fundamentally

Global Automobile Indusry Essay Example | Topics and Well Written Essays - 2500 words

Global Automobile Indusry - Essay Example There are several automobile companies spread all over the world, in different continents and in distinct countries. Some of them are; Japan, Germany, Italy, France and the United States. These are the heavyweights who work in conjunction with other firms and certified dealers in the developed and still developing countries. Their job hence entails the assembling of parts to come up with a finished product. Some known names include, Toyota, Isuzu, Mercedes, Chevrolet, Citroen, Chrysler, Hummer and many more. The firms involved have put extremely large amounts of capital into the business. This is because, it takes serious investment and taking risks in order to realize good and stable profit margins. Too much work is done to maintain brilliance in this very competitive industry. Good arguments have been tabulated concerning the industrial and market aspects of globalization. Any given manufacturer tries to triumph his competitor using any means possible. Tactics which are applied tend to directly be against the opponent. (Lynch, 2008). The policies formulated have the primary aim of attracting customers, depending on demand, taste, economical growth and preferences. Taking the likelihood of activist groups taking to the streets, it then becomes important for the personnel involved to take into account environmental changes that are might take shape following introduction of their vehicles. In this case analysis, I find it rather important to at look Toyota Company Limited and Volkswagen. Toyota is fast growing and spreading, in fact it's to find their car models in almost the whole world and Volkswagen for being an ancient company that is still taking new shapes in relation to current and latest automobile model. Toyota is always trying to cater for those requirements that suit people of all walks of life. Citing example on the ever unstable crude oil and the resultant product's prices, they create less fuel consuming engines to cater for that economical allowance. Another more evident strategy used to fit in to the system is the variety in strength and capacity that their model can comfortably cope and manage in due time or over range of a given period. Networking with other industries is also an important aspect in order to win that continuity and confidence in customers and clients. It is then definitely a task earn to publicity and goodwill depending on the prevailing market-competitor state. Certain factors have to be considered in order to realize the goals the automakers have in relation to the industry, not forgetting competitors are many. They involve advertisement, marketing, research, public relations, community relations, employee relations, budgeting, evaluations and monitoring of their projects (Corcoran, 2008). It goes to further digging to know who amongst their competitors has connections in the agencies or Companies and their interests. This multinational vehicle company has all this data at its fingertips just incase they need to shift gears which will facilitate their smartness.

Business Intelligence Essay Example | Topics and Well Written Essays - 1250 words

Business Intelligence - Essay Example In this case, the Marshfield Clinic and the Exclusive Resorts, LLC case studies will be explored based on various elements of business intelligence. From these case studies, it is evident that there must be a drive or an instigating factor to pursue BI solutions, it is important to choose the right BI software, there are barriers to the adoption of business intelligence solutions, and the system must be able to integrate all the applications in the company. However, some of the BI solutions are complex and costly. Therefore, it is important for the business to perform enough research before settling on a final BI solution. The Marshfield Clinic Case Study The Marshfield Clinic has more than 50 regional locations with over 800 physicians and 6,500 healthcare and administrative workers. The clinic efficiently manages more than 375,000 patients each year. For example, the management team made an investment in electronic patient records. To facilitate it, the clinic offered its staff wit h electronic tablets for purposes of history taking which would be automatically populated in a centralized patient data warehouse. All the clinical care and financial information of each patient is safely kept, constantly updated, and ready for reporting and analysis. The clinic constantly innovates to be in line with the industry change (Cummens and Konitzer, 2011). Recently, the clinic utilized SAP Business Objects solutions to observe the quality metrics as it implemented enhancement initiatives. The clinic has an efficient system for collecting patient care information but it requires the appropriate analytics tool to improve patient care metrics and also provide user-friendly reporting for the physicians’ desktops in order to give support to real-time decision making. Initially, the clinic used sophisticated ad hoc query tools before acquiring SAP BusinessObjects for analytics and reporting, however, this method required the users to undergo extensive training. The clin ic utilized train-the-trainer approach to train the end-user. The SAP BusinessObjects was the best fit for the clinic. This is because the management team required software that non-IT individuals (particularly the doctors) could use without any problems (Cummens and Konitzer, 2011). The rolling out and adoption process was quick and smooth. However, there were challenges such as converting the 60 Cognos catalogs of the clinic into novel semantic layers that functioned with SAP BusinessObjects software. The whole process tool close to nine months and the software has enabled the clinic to meet its goals from the perspective of reporting and analytics (Cummens and Konitzer, 2011). There are a number of lessons to be learned from this case study. First, there must be a drive or an instigating factor to pursue business intelligence solutions. Though the clinic had an efficient system, it still needed software that will keep then up to date with the ongoing healthcare industry changes. Electrosmart Ltd (2011), states that drivers of BI include rapid change, governance, stakeholder demands, expanding on ERP (enterprise resource planning) and data availability. In the case of Marshfield Clinic, data was readily available and there was need to be in line with the health care industry. Second, it is important to choose the right BI

Micro economics Term Paper Example | Topics and Well Written Essays - 2250 words

Micro economics - Term Paper Example Aside from stocks and bonds, other investment instruments are mutual funds, stock options, and other financial derivative securities, which are briefly defined and described here. A stock is ownership of a corporation represented by shares that are a claim on the corporation’s earnings and assets (Downes, John & Goodman, Jordon Elliot, p. 556, Barron’s Educational Series). The price of a stock is the equivalent of the present value of all future dividends; it is also the present value of a dividend stream for the number of years it would have been held, plus the present value of the anticipated price of the stock after that time period (Block, Stanley B. & Hirt, Geoffrey A., p. 284, McGraw-Hill Irwin). Common stocks entitle the shareholder to received dividends in stocks and bonds, and to vote in the election of directors and other matters taken up at shareholder meetings or by proxy (Downes, John & Goodman, Jordon Elliot, p. 556, Barron’s Educational Series). The stock market is the general term referring to the organized trading of securities through the various exchanges and the over-the-counter market (Downes, John & Goodman, Jordon Elliot, p. 563, Barron’s Educational Series). It is likely that the role played by the market in gathering and disclosing information may be more important for large firms because their stocks are traded more often and are followed by many analysts (Demirguc-Kunt, Asli & Maksimovic, Vojislav, p. 49, Finance & Development). Small firms may not benefit as much from stock market development, at least initially, because their access may be limited by high fixed issuance costs (Demirguc-Kunt, Asli & Maksimovic, Vojislav, p. 49, Finance & Development). Even the stock of small firms that are listed on an exchange may not be traded as often as the stock of larger firms, since it

The novel Oliver Twist Essay Example for Free

The novel Oliver Twist Essay The novel Oliver Twist was written in 1867 by Charles Dickens, a social reformer and also a philanthropist. Dickens had a particular aim in writing the novel. He wanted to show the reality of underclass criminals, traditionally glamorized in fiction. He was motivated by writing such personal experiences as his obsession with grinding poverty was intense. Dickens was middle lower class. His father was jailed for debt and with know one to maintain him, he was sent to work in a blacking factory. The labour force incorporated urchins and rough working class lads, here he was forced to accept the reality of poverty. Bill Sikes is one of the main characters in Oliver Twist he is essential to Dickens aim because he illustrates criminality and poverty. Critics stated that Sikes had no redeeming features, but the truth is he has. it is TRUE every man who has watched these melancholy shades of life must know it to be so. And because it is so unrealizable that people like Bill do exist Dickens offers the reality to poverty, hypocrisy, crime and hunger. Dickens use of superlatives shows us how he tries to paint a picture of the exactness of underground criminals. To paint them all in their deformity and wretchedness. Bill is the archetypal villain in Oliver Twist, his actions ruin the life of prostitute Nancy who saves Oliver because she doesnt want Fagin and Sikes to corrupt his life just like they corrupted hers. Sikes is manipulative and he knows what he is capable of. Dont speak to me its not safe. When we first meet Bill, Dickens describes him as a stoutly built fellow of 35 with a bulky pair of legs and large swelling carves. This automatically gives the reader an impression of Bill Sikes power. It looks as if he intimidates people with his body size, he not only uses his body but his eyes also give a sense of extortion two scowling eyes. Although Sikes has a subdue attitude, he tries to impress people by wearing expensive clothes that dont quite make the grade. A black velveteen coat, a brown hat and a dirty belcher handkerchief around his neck, his solid drab breeches remind people of his criminal dealings. Sikes often wipes the beer from his face on to his velveteen coat and it is distinctly confirmed in the quote that his handkerchief is filthy. This shows us that in spite of the fact him wearing costly garments he doesnt meet the standards by reason of grubbiness. Dickens characterizes Sikes as a ruffian, his voice is griff due to him not speaking proper standard English. Growled his engaging ruffian.

A Family Medical Pedigree Health And Social Care Essay

A Family Medical Pedigree Health And Social Care Essay Individuals inherit many traits and characteristics from their parents. The color of your eyes, hair, and body type can all be traced back to the genes passed on to you by your family. Perhaps more important to your future well being than your outward appearance is the family medical tendencies you inherit. The United States office of the Attorney General states that obtaining an accurate health history and recording it can give you and your medical provider information you need for better health (http://www.hhs.gov/familyhistory/).The Family Medical Pedigree is also called a Family Tree or Genogram (Olsen, S., Dudley-Brown, S., McMullen, P. 2004). The Pedigree is a diagram showing connections to relatives going back at least three generations. At a minimum it includes date of birth or age, sex, and health problems (http://www.nsgc.org/).Once this information is gathered and recorded it can be shared with medical providers and other family members to provide information needed to ma ke sound health decisions (http://www.hhs.gov/famlyhistory/). Significant Health History Using the information contained in Jarvis (2008), the National Society of Genetic Counselors (http://www.nsgc.org), and Health and Human Services (https://familyhistory.hhs.gov/fhh-web/home.action), web sites I was able to construct by own Family Medical Pedigree. Seeing the information in print allowed me to easily determine the predominant disease traits in my family. Jarvis (2008), names specific diseases or conditions to pay particular attention to including: heart disease, high blood pressure, stroke, diabetes, blood disorders, cancer, sickle-cell anemia, arthritis, allergies, obesity, alcoholism, mental illness, seizure disorder, kidney disease and tuberculosis. In my Pedigree there is an obvious tendency towards cardiovascular disease. Specifically five of my relatives have had myocardial infarctions (MI), one MI resulted in death, seven had/have hypertension including myself, my paternal grandmother died from complications related to cerebral vascular accident that was caused by untreated hypertension, and my father died of kidney disease which was directly related to damage caused by hypertension. My mother has hypertension and although fairly well controlled she has had an MI and suffers from a retinal vein occlusion and macular degeneration which has resulted in severe vision impairment. Furthermore osteo and rhematoid arthritis is very prevalent in our family. In addition there is a strong maternal tendency towards hypothyroidism of which four females on the maternal side of the Pedigree have including me. Lifestyle Contributing Factors It is important to note that five of my relatives had lifestyles that contributed to hypertension and three of the five also suffered from an MI. My mother and father were heavy smokers for most of their adult lives, each quitting when the health implications became obvious. My paternal aunt was a heavy smoker until an MI which resulted in her death. Although obesity is a contributor to hypertension and heart disease, all of my relatives had/have relatively normal weights. My mother has sarcoidosis and was actively treated for a long time with prednisone which contributed to her vision problems. Important to note is that not only did my mother smoke but she also exposed herself to countless hazardous chemicals while working most of her life in kitchens. One would not think a commercial kitchen as a hazardous place to work until you realize the cleaning agents that are used on a regular basis. My mother was and continues to be a cleaning fanatic and considers the harsher the chemical the better. Torpy, J. (2006) claims that there are many theories about how sarcoidosis is acquired including environmental exposure, and genetic tendencies. In addition to sarcoidosis my mother has age related macular degeneration (ARMD), the American Medical Association (http:// ama-assn.org) states (as cited by Haines, J., Spencer K., Pericak-Vance, M., 2007) that ARMD has genetic and environmental links especially smoking. Risks and Risk Reduction From reviewing my Family Medical Pedigree it is easy to see that I have inherited the tendency towards and the conditions of hypertension, hypothyroidism, and arthritis. In addition I am at risk for ARMD and sarcoidosis which also has genetic tendencies. My physician is very proactive and has taken my family health history into consideration in providing my care. I have had an EKG and stress test, laboratory analysis for rheumatoid arthritis and annually I undergo tests to check for kidney function and cholesterol and routinely monitor my blood pressure. I see an ophthalmologist every year and hope that by reducing my risk factors for ARMD such as not smoking I do not succumb to it. Finally I am on medication for hypertension and hypothyroidism and I am happy to report both are well controlled. Considering lifestyle I have never smoked, and try to stay as active as possible with horseback riding and working and playing with my dogs. Another lifestyle change I should consider is diet; although I watch what I eat, I could do a much better job by eliminating saturated fats and losing 20 pounds. Conclusion There are user friendly, easily accessible tools available on the internet that can assist everyone to create and record their family health history using a Family Medical Pedigree. The information gained can assist individuals to make informed decisions about their lifestyle and medical care. Olsen, S., Dudley-Brown, S., McMullen, P. (2004) confirm à ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã¢â‚¬Å"Appropriately used, a family history generated pedigree can be one of the health care providers most powerful clinical tools for health risk identification and preventionà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ã‚ (295). Even the U.S. Surgeon General Dr. Regina M. Benjamin feels that accurate family medical history is important enough that she has created the Family Health History Initiative. This initiative has made recording health information accessible to everyone by providing a free online site to create your own Family Health Pedigree (www.surgeongeneral.gov). In summary by providing a Family Medical Pedigree and working collaboratively with your medical provider for proper screening, treatment, and lifestyle change you can decrease your risk for inherited diseases and preserve health.

Distance Measurement Using RSSI Method in WSN

Distance Measurement Using RSSI Method in WSN Distance Measurement Using RSSI Method in Wireless Sensor Networks Akhand Pratp Singh, Devesh Pratap Singh, Santosh Kumar Abstract. RSSI method gives distance measurement between beacon nodes and unknown node. RSSI is Range-based localization depends on the assumption that the absolute distance between a sender and a receiver can be estimated by one or more features of the communication signal from the sender to the receiver. RSSI measurement is not more relevant because the RF signal is affected by the environment, the exact distance between the nodes cannot obtain by RSSI measurement by RSSI. Keywords: Received Signal Strength Indicator method, RSSI method, Distance Measurement by RSSI. Introduction Wireless Sensor Networks can be generally defined as network of nodes that cooperatively sense and control the environment enabling interaction between persons or computers and the surrounding environment. WSNs are mostly used in military surveillance, industrial process control and environmental monitoring. Node localization is a big problem of wireless sensor networks applications [1].According to estimation of node localization [2][3], the localization algorithms[3] can be divided into two categories: range-based and range-free. Range-based method calculates the localization between neighboring sensors. Several ranging techniques are possible for range measurement, such as time of arrival, time difference of arrival, angle of arrival, or the receive signal strength indicator (RSSI) [3]. Range free techniques solution depends only on the contents of received messages, which does not estimate the distance or angle between the nodes. Typical range-free localization algorithms [7] inc luded Centroid, DV-Hop, Amorphous, MDS-MAP[14] and APIT, and so on [3]. Localization algorithm [7] based on range-based has higher accuracy but requires additional hardware on sensor nodes. Localization of Wireless Sensor Networks Localization [8] is the process by which sensor nodes determine their location. In simple terms, localization is a mechanism for discovering spatial relationships between objects. The various approaches taken in literature to solve this localization problem differ in the assumptions they make about their respective network and sensor capabilities. A detailed, but not exhaustive, list of assumptions made include assumptions about device hardware, signal propagation models, timing and energy requirements, composition of network via homogeneous vs. heterogeneous, operational environment via indoor vs. outdoor, beacon density, time synchronization, communication costs, error requirements, and node mobility [9]. Localization of WSNs is classified in two approaches [5]. Direct Approaches This is also known as absolute localization. The direct approach itself can be classified into two types: Manual configuration and 8GPS-based localization [5]. The manual configuration method is very cumbersome and expensive. It is neither practical nor scalable for large scale WSNs and in particular, does not adapt well for WSNs with node mobility. The GPS-based localization method, each sensor is equipped with a GPS receiver. This method adapts well for WSNs with node mobility [6]. However, there is a downside to this method. It is not economically feasible to equip each sensor with a GPS receiver since WSNs are deployed with 100 of 1000 of sensors. This also increases the size of each sensor, rendering them unfit for pervasive environments. Also, the GPS receivers only work well outdoors on earth and have line-of-sight requirement constraints. Such Wireless Sensor Networks can’t be used for underwater applications like habitat monitoring, water pollution level monitoring, t sunami monitoring [5], etc. Indirect Approaches The indirect approach [5] of localization is also known as relative localization [4] since nodes position themselves relative to other nodes in their vicinity. The indirect approaches of localization were introduced to overcome some of the drawbacks of the GPS-based direct localization techniques [9] while retaining some of its advantages, like accuracy of localization. In this approach, a small subset of nodes in the network, called the beacon nodes, are either equipped with GPS receivers to compute their location or are manually configured with their location. These beacon nodes then send beams of signals providing their location to all sensor nodes in their vicinity that don’t have a GPS receiver. Using the transmitted signal containing the location information[4], sensor nodes compute their location. This approach effectively reduces the overhead introduced by the GPS-based method. However, since the beacon nodes are also operating in the same hostile environment as the se nsor nodes, they too are vulnerable to various threats, including physical capture by adversaries. This introduces new security threats concerning the honesty of the beacon nodes in providing location information Since they could have been tampered by the adversary and misbehave by providing incorrect location information. Within the indirect approach, the localization process can be classified into the following two categories. A. Range-based In range-based [5] localization, the location of a node is computed relative to other nodes in its vicinity. Range-based localization depends on the assumption that the absolute distance between a sender and a receiver can be estimated by one or more features of the communication signal from the sender to the receiver. The accuracy of such estimation, however, is subject to the transmission medium and surrounding environment. Range based techniques usually rely on complex hardware which is not feasible for WSNs since sensor nodes are highly resource-constrained and have to be produced at throwaway prices as they are deployed in large numbers. Some range-based localization techniques are as follows Angle of Arrival, Received Signal Strength Indicator (RSSI), Time of Arrival and Time Difference of Arrival. In this paper we are discussing about the RSSI technique [12][15], RSSI technique does need require additional hardware, which will not increase the hardware cost and the size of the nodes. However, due to RF signals influenced by the environment, the exact distance between the nodes cannot obtain by using RSSI [10][11], so the localization accuracy of nodes are not high. B. Range-free Range-free[5] localization never tries to estimate the absolute point to point distance based on received signal strength or other features of the received communication signal like time, angle, etc. This greatly simplifies the design of hardware, making range-free methods very appealing and a cost-effective alternative for localization in WSNs. Typical range-free localization algorithms[7] included Centroid ,DV-Hop, Amorphous, MDS-MAP[14] and APIT,etc. Received Signal Strength Indicator (RSSI) Measurement Principles RSSI measurement [3] calculates the signal loss in the dissemination process with the theory or experience loss of signal propagation model and distance calculated between transceiver to receiver by path distance formulae. Some measure terms which are important role in RSSI measurement as follows: Path Loss Model Path loss models [3] are free space propagation model, the logarithmic distance path loss model, Hata model, etc. the logarithmic distance path loss model [3] is shown by formula (1): (1) Where d is distance from transmitter to receiver and its unit is km, n is path loss exponent that measures the rate at which the RSSI decreases with distance and the value of n depends on the specific propagation environment, XÏÆ' is a zero mean Gaussian distributed random variable whose mean value is 0 and it reflects the change of the received signal power in certain distance, d0 is reference distance and usually equals 1 meter, PL(d0) is a known reference power value in dBmilliwatts at a reference distance d0 from the transmitter. Received Signal Power at Reference distance Suppose A is the received signal power in the distance d0 between trans- mitter and receiver, the formula (2) can be generated. (2) Where Pt is power of transmitter and PL(d0) is a known reference power value in dBmilliwatts at a reference distance d0 from the transmitter. Distance Calculated by RSSI measurement The RSSI Value at the certain distance is calculated by the given formula. (3) Where RSSI is the received signal power. A is the received signal power in the sdistance of 1meter,n is the path loss index and relates to the environment. Then we select maximum RSSI value and then we convert it into distance by given formulae. After calculating the RSSI values we can obtain the maximum value of the RSSI which is known as RSSImax. (4) Where RSSImax is the maximum received signal power selected from all the RSSI values. A is the received signal power in the distance of 1meter,n is the path loss index and relates to the environment. RSSI Measurement Algorithms When we go through the RSSI method then we have to go through the following step of the algorithms as follows: Result and Analysis Our simulation is done in 10m x 10m two dimensional environment. Node deployment accuracy is very important. 9 nodes are deployed randomly we can get their coordinate and suppose one known node as unknown node and then we can find the distances, path loss, Gaussian distributed value [3]. Figure 1 Random deployed node Where +: unknown node *: Beacon node In the simulation we assume (x1,y1): (3.4855, 2.7068) as unknown Node and further we calculate the distance, maximum RSSI value in Scenario of 9 node where one node suppose to be mobile[6] by RSSI Method when n=2 ,A=8.4734 dBm and power loss at reference distance is 31.5266 dBm. Table1.Distance Calculation When we simulate we found that distance measure by RSSI principle is 1.5726 meter, but when we applied the distance formulae for the Coordinate we found that exact distance is 5.4825.So we found that there is measure margin of error. Figure2. Error in distance calculated by RSSI In figure1 we can see that the distance calculated by RSSI is not accurate, because the error percentage is 71.35. Conclusions Localization performance will depend on many things, including the localization algorithm used, the quantity of prior coordinate information, the method selected, and the accuracies possible from those measurements in the environment of interest[12]. The RSSI measurement is studied in this paper, but this method is not more accurate because the radio frequency signals is affected by the environment[12][13], the exact distance between the nodes cannot obtain by RSSI measurement. Experimental measurement and simulation results show that the distance is obtain, but measurement is not accurate. The proposed method is a good option in wireless sensor node localization, because of low cost and less complexity of the simulation. In future we can work on improving the RSSI method for the more accuracy because sometimes there is problem of accurate distance and it depends only on the measurement parameter model. The result shows that in future if we work through the RSSI method for the specif ic scenarios like war (soldier) and forest fire then the method may provide the specific result and maybe there is need of some more Improvement in this proposed method because some time the result shown by experiment is out of bound so there is need of some more improvement. References [1] Yick J., Mukherjee B. and Ghosal D., â€Å"Wireless Sensor Network survey†, Elsevier  Computer Network, vol.52, pp. 2292– 2330, 2008. [2] Mao G., BarÄ ±s F. and Anderson B.D.O.,â€Å"Wireless Sensor Network Localization Techniques†, Elsevier Computer Networks, vol.51,pp. 2529–2553, 2007. [3] Zheng J., Wu C., Chu H. and Xu Y., â€Å"An Improved RSSI Measurement In Wireless  Sensor Networks†, Elsevier Procedia Engineering, vol.15, pp. 876 – 880, 2011. [4] Patwari N., Aah J. N. and Kyperountas S., â€Å"Locating the nodes cooperative localization In Wireless Sensor Network†, IEEE Signal Processing Magazine, vol.22, No.4,  pp. 54-69, 2005. [5] Srinivasan A. and Wu J., â€Å"A Survey on Secure Localization in Wireless Sensor Networks†, Florida Atlantic University, USA. [6] Amundson I. and Koutsoukos X.D., â€Å"A Survey on Localization for Mobile Wireless  Sensor Networks†,Computer Science,Springer,vol.5801, pp. 235-254, 2009. [7] Han G., Xu H.,Duong R.Q., Jiang J.,and Hara T., â€Å"Localization algorithms of Wireless  Sensor Networks: a survey†, Telecommunication Systems, Springer, vol. 52, Issue 4,  pp. 2419-2436, 2013. [8] Zeng Y., Cao J., Hong J, Zhang S. And Xie L., â€Å"Secure localization and location very  fication in wireless sensor networks: a survey†, Springer, vol. 64, Issue 3, pp. 685-701,  2013. [9] Wei X. and Qi Y., â€Å"Research on Some Key Techniques of Wireless Sensor Network†,  Electrical Engineering, Springer, vol. 127, pp. 255-260, 2012. [10] Heo J, Kim J. H. and Hong C.S., â€Å"A Logical Group Formation and Management  Mechanism Using RSSI for Wireless Sensor Networks†, Computer Science,   Springer, vol. 5297, pp. 207-216, 2008 . [11] Erdogan S.Z., â€Å"Mobility Monitoring by Using RSSI in Wireless Sensor Net  Works†,Computer and Information Science, Springer, vol. 90, pp. 572-580,  2010. [12] Adewumi O., Djouani K.,and Kurien A., â€Å"Performance Evaluation of RSSI  Based Distance Measurement for Localization in Wireless Sensor Networks†,  Social Informatics and Telecommunications Engineering, Springer, vol.119,  pp. 74-83, 2013. [13] Ahn H., Lee Y.H., Cho H.J., Rhee S.B., and Lee J.H., â€Å"A RSSI-Based Approach for Localization of Wireless Sensor Network in Indoor†, Electrical   Engineering, Springer, vol. 120, pp. 123-127, 2012.   [14] Miao C., Dai G., Mao K., Li Y., and Chen Q., â€Å"RI-MDS: Multidimensional  Scaling Iterative Localization Algorithm Using RSSI in Wireless Sensor  Networks†, Computer and Information Science, Springer, vol. 501, pp. 164-  175, 2015. [15] Shen X., Wang Z., Jiang P., Lin R., and Sun Y., â€Å"Connectivity and RSSI  Based Localization Scheme for Wireless Sensor Networks†, Computer Sci- ence, Springer, vol. 3645, pp. 578-587, 2005.

Anorexia Nervosa :: Eating Disorders

Eating disorders are devastating behavioral maladies brought on by a complex interplay of factors, which may include emotional and personality disorder, family pressure, a possible genetic or biological susceptibility and a culture in which there is an over abundance of food and an obsession with thinness. Eating disorders are generally characterized as bulimia nervosa, anorexia nervosa and eating disorders not other wise specified. According to the World of Psychology anorexia is defined as " an eating disorder characterized by an overwhelming, irrational fear of being fat, compulsive dieting to the point of self starvation and excessive weight loss."(World of Psychology Page 317). There are some causes, symptoms, complications and treatment of anorexia nervosa. There is no single cause for the eating disorder anorexia but a number of factors including emotional disorders and cultural influences. Researchers have shown that emotional disorders such as depression collaborate in causing anorexia nervosa. This is because most anorexic patients have been found to have abnormal levels of certain neurotransmitters particularly serotonin, that are associated with depression and obsessive compulsive disorder. According to a research conducted by Dr. John .E. Godine of Harvard Medical School " studies are finding that low blood levels of amino acid tryptophan, a component in food that is essential to the production of serotonin, can produce depression and may also contribute to anorexia nervosa" (Psychology Today Page 17, May 97). Researches have also shown that changes in seasons affects both depression and eating disorders and also that onset of anorexia appears to peak in May, which is also a peak month for suicide. Anxiety disorders are also very common with anorexia. Phobias and obsessive-compulsive disorder (OCD) usually precede the onset of the eating disorder, while panic disorder tends to follow. Studies have shown that people with anorexia are especially prone to obsessive-compulsive disorder. Cultural influences can also cause anorexia as can be seen in most western cultures. The social pressures of western cultures certainly play a major role in triggering eating disorders such as anorexia. On the other hand, advertisers heavily market weight reductions programs and present anorexic young models as the paradigm of sexual desirability and on the other hand again, the media floods the public with ads for junk food. According to the World of Psychology "over the past quarter century, the 'ideal' female figure as portrayed in the media and by fashion and entertainment industries, has become even thinner, often to the point of emancipation"(World of Psychology Page 317).

Blanco Review :: essays research papers

The book, Please Stop Laughing at Me by Jodee Blanco, is an inspirational story about the abuse she endured during her years at school. She had to deal with physical, verbal, and emotional abuse throughout her school year. Once I started this book I couldn’t put it down. I can remember back in elementary school being the new kid. The kids made fun of me because I was new, but once they gave me a chance they liked me. In junior high some kids would call me names, but that was it. Verbal abuse is all that I had to deal with on occasion. This is nothing compared to the things that Jodee endured through her years of school.   Ã‚  Ã‚  Ã‚  Ã‚  The story begins with Jodee’s description of how she was victimized in a 4th grade Catholic grammar school; coming to the defense of deaf children that were being treated cruelly. She supplied the school officials with names and was labeled a â€Å"tattletale.† No one would talk to her, recess was spent in anguish, and she would find garbage and spoiled food in her book bag. As she progressed into 5th grade some of the social atmosphere began to shift in subtle but profound ways. Being accepted into a clique was all that mattered. Instead of being admired for class participation, as in earlier years she was laughed at and labeled as â€Å"teacher’s pet.† She said the rules were simple â€Å"shun or be shunned—if you weren’t willing to go along with the crowd, you would become the reject.† Sixth grade Jodee enrolled at a private academy and the first few months were without incident. Jodee reveled in having friends and tried to do everything right to stay in their good standing. The trouble started when she called her mother to leave a party early. Jodee begged her mother not tell what was going on with the twelve year olds—but they were all caught in the act. Monday morning at school she found her favorite suede shoes floating in a toilet bowl of urine with a note attached—â€Å"Bitch, this is just the beginning.† She was cruelly treated, spit at, beaten, and shunned on a daily basis. Her parents were sympathetic to her dilemma and finally forced her to see a psychiatrist. She was placed on medication that made her very sleepy. The psychiatrist said that â€Å"kids will be kids and that possibly she was looking for attention from her parents.

Star Jones :: essays research papers

Starlet Marie Jones was born on March 24, 1962 in Badin, North Carolina. She lived there with her grandparents while her mom and dad finished college. Then at the age of six, Jones and her sister moved to Trenton, New Jersey, to live with their mom. After moving to New Jersey, Star started to shine in school. She always held the top grades throughout school and after graduating from a parochial school she enrolled in the American University in Washington, DC. While at American, Star sang in the gospel choir and joined Alpha Kappa Alpha, a very prestigious African-American sorority. She was a popular student on campus and was given the nickname of â€Å"Star.† It was at American that Jones was diagnosed with inoperable tumor and given nine months to live. She didn’t want to believe the news so she went and had a second opinion. It was discovered that the tumor was indeed removable and it was removed. She went on to graduate from the University of Houston's law school and then passed the New York State bar exam the first time around. She then got a job at district attorney's office in Brooklyn. After three years with the district attorney, she started handling violent crime cases, gaining quite a reputation for nabbing stiff sentences for offenders. While working with violent crimes she was promoted to Senior Assistant District Attorney. She’s most remembered as her work on the â€Å"Bicycle Rapist† case in which she won a 66-year prison term for the offender. In 1991, she landed a job as a part-time legal commentator for Court TV. In 1992, she had a contract with the Today Show as their legal correspondent. She managed to land â€Å"hard-to-get† interviews with some of the most famous people in the world including Mike Tyson. Those interviews are what led to her getting national fame. She also gained respect for her reporting on such trials as O.J. Simpson and Lorena Bobbit. Star Jones was soon given her own television courtroom show called Jones & Jury where she played host/judge and the audience played the jury. Her biggest break came in 1997 when she became one of the hosts on ABC’s The View. Her stint on the view has given her the opportunity to expand her views and comments on various ranges of topics. Not only is Star a famous talk show host, but she’s a best selling author as well as an actress.

Improving Communication Skills

We all have people with whom we have to work to get things done. Our ability to communicate with clients, customers, subordinates, peers, and superiors can enhance our effectiveness or sabotage us. Many times, our verbal skills make the difference. Here are 10 ways to increase your verbal efficacy at work: 1. Develop your voice – A high whiney voice is not perceived to be one of authority. In fact, a high soft voice can make you sound like prey to an aggressive co-worker who is out to make his/her career at the expense of anyone else. Begin doing exercises to lower the pitch of your voice. Here is one to start: Sing — but do it an octave lower on all your favorite songs. Practice this and, after a period of time, your voice will begin to lower. 2. Slow down – People will perceive you as nervous and unsure of yourself if you talk fast. However, be careful not to slow down to the point where people begin to finish your sentences just to help you finish. 3. Animate your voice – Avoid a monotone. Use dynamics. Your pitch should raise and lower. Your volume should be soft and loud. Listen to your local TV news anchor; take notes. 4. Enunciate your words – Speak clearly. Don’t mumble. If people are always saying, â€Å"huh,† to you, you are mumbling. 5. Use appropriate volume – Use a volume that is appropriate for the setting. Speak more softly when you are alone and close. Speak louder when you are speaking to larger groups or across larger spaces. 6. Pronounce your words correctly – People will judge your competency through your vocabulary. If you aren’t sure how to say a word, don’t use it. 7. Use the right words – If you’re not sure of the meaning of a word, don’t use it. Start a program of learning a new word a day. Use it sometime in your conversations during the day. 8. Make eye contact – I know a person who is very competent in her job. However, when she speaks to individuals or groups, she does so with her eyes shut. When she opens them periodically, she stares off in a direction away from the listener. She is perceived as incompetent by those with whom she consults. One technique to help with this is to consciously look into one of the listener’s eyes and then move to the other. Going back and forth between the two (and I hope they only have two) makes your eyes appear to sparkle. Another trick is to imagine a letter â€Å"T† on the listener’s face with the cross bar being an imaginary line across the eye brows and the vertical line coming down the center of the nose. Keep your eyes scanning that â€Å"T† zone. 9. Use gestures – Make your whole body talk. Use smaller gestures for individuals and small groups. The gestures should get larger as the group that one is addressing increases in size. 10. Don’t send mixed messages – Make your words, gestures, facial expressions, tone, and message match. The ability to communicate successfully and easily in English is a required skill for corporate, public sector employees, and students. While modern schooling might provide you with a good base and understanding of the English language, who is there to help you improve your ability to communicate more effectively and accurately in a professional world dominated by English? Over recent years, English has become recognized as the language of international business. Increasingly, international businessmen from a wide variety of business sectors are expected to have a comprehensive working knowledge of English. The companies who train their staff in Business English do so because they recognize the paramount importance of having fully-trained staff whose skills include English language proficiency. Verbal Expressions is able to offer you an unequalled level of individual, convenient, cost efficient English language training. You will benefit from experienced and effective English trainers, all of whom have considerable training expertise as well as practical experience. The high demand for conversational business English training has clearly been demonstrated as businesses move into international markets. English language skills are becoming more and more important. Throughout the world there is a very necessary need for conversational English programs which respond immediately and effectively to the emerging business communities getting involved in international trade. Verbal Expressions can help you improve your speaking, listening, reading and writing skills. Verbal Expressions’ On-Line, ONE-On-ONE Conversational training gives you a 100% one-person focus in the convenience of your own office or home at times suitable to you.

Personal Vision of Ministry

Personal Vision of Ministry debate Creative,loving,andinspiredministrythatloosensthe burdens of religion, andleadspeople to alifetime, compliant relationship with ourLordJesus Christ. individually word in thatvision instruction is very significant to me and describes my spiritual existence to this point. Creativityis valucapable to me, not undecomposed because advertising or me cosmos a bit imaginative, but because from the beginning, our divinity fudge was a creative God I take int believe there is every roomforbecoming stagnant in Christianity.Loveis the central theme of the Bible, and it is the most important of the Great Commandments. It is only finished daily submission thatinspiration leave behind come, and it is only through inspiration and evidence that I disclose the strength to give birth out Gods work. in that respect aretwo R lyric poemthat are distinctive when sharing ministry religious belief and Relationship. They are not the same. Religion being the b elief in and worship of a individualised God or Gods dilate of belief as taught or discussed.Relationship the expressive style in which two or more concepts, objects, or people are connected, or the state of being connected. Example being Jesus Christ connected as our personal Lord and Savior. So this would be my personal ministry of how I am to packet Christ Jesus Love. To be able to teach, and lead others to Christ through scripture. As a church youth rector, I should be one that is connected with todays youth. A youth pastor should lead children, not only in their spiritual growth but their personal development as well.A youth minister needs to possess great lead qualities and have plenty of experience and testimony in order to share with the children. I must be able to withdraw and encourage others within the church. I leave behind be discipline, self-motivated, organized, and spiritually mature. This is why I believe AME lead help me get ahead Gods ministry, and ga in more fellowship of who God is. Scripture says Lots about knowledge throughout the bible. One of my favorite verses explaining Gods self-directed knowledge is in Proverbs.Proverbs 31-35My son, do not forget my teaching, but let your heart keep my commandments, for length of long time and years of life and peace they will add to you. Let not abiding love and faithfulness for sake you go for them around your neck write them on the tablet of your heart. So you will find favor and good success in the sight of God and man. Trust in the Lordwith all your heart, and do not lean on your own understanding. whitethorn God use me to accomplish His purposes.

Only the Strong Survive

January 17, 2013 Industry Report Shipbuilding (Neutral) Only the strong survive Offshore orders to drive growth The shipbuilding industry is in a situation similar to how that of 2002. In 2013, plunging order volume and weak new building prices are fueling intensifying competition. In 2002, shipbuilding shares rose because of an increase in orders, but then quickly fell on concerns over weak new building prices, which caused earnings to stagnate. For a period in 2002, shipbuilders went into red.Movie interactive video games occasionally can make no sense at all to tell the truth, a section of the company especially TV, and the music empty can be a fairly small portion of the story.Daewoo Securities Co. , Ltd. Ki-jong Sung +822-768-3263 kijong. [email  protected] com Ryan Kang +822-768-3065 ryan.Youre in need of a leader of culture if youre new beginning an agency.

Although shipbuilding shares currently trade at a P/B of 1. 0x, we believe they have the potential trade at a P/B of 1. 2x.We recommend Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000), and giant Samsung Heavy Industries (010140 KS/Buy/TP: W46,200) out of the large shipbuilders.Respect and seeing possible is.share price of major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 200 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: KDB Daewoo Securities Research Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U. S. January 17, 2013 Shipbuilding Figure 1. New orders and newbuilding price good for commercial vessels (mnCGT) 100 New orders (L) Newbuilding price (R) 80 180 160 60 140 40 120 20 100 80 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 14F (1988=100) 200 Source: Clarkson, KDB Daewoo Securities Research Figure 2.You should have a feeling of self pride.

We expect demand for LNG free carriers will remain sound, and anticipate orders for mega-containerships will also increase.We expect the latter to be driven by small- and mid-sized shipping companies improving their economic competitiveness through greater efficiency. We also expect shipbuilders will be forced to take new orders at lower-than-normal prices because of the dearth of order backlogs for commercial vessels. We forecast the number of bids and orders for large offshore-plant construction projects to increase for each company in 2013.Let your much joy scream.We believe share prices will improve (despite concerns about lower-priced orders) thanks to increasing orders, and improved cashflow. Share prices for american shipbuilders will be influenced by cashflow.Despite intensifying market competition, we anticipate Hyundai Mipo Dockyard will take an increasing amount of orders, even though some will be lower-priced. 3.Many people think tattoos for men will need to be fero cious and tough.

We expect these trends will continue in 2013. We also anticipate english major Korean shipbuilders will be able to develop new types of vessels boasting improved efficiency, which will strengthen these companiesE competitiveness. Risk factors Earnings at shipbuilders will not recover easily, due to orders at lower-than-normal prices and won appreciation. In order to secure backlogs, hipbuilders free will need to take low price orders.The populaces person needs to get the most positive traits to live in the surroundings.share price of flat major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 00 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: Company data, KDB Daewoo Securities scientific Research Figure 5. Korean and Chinese shipbuildersE restructuring (No. of shipuilders) 200 Korea China 160 197 120 -88. 3% 80 40 24 23 -66.The intention isnt to humiliate or belittle anyone.

In addition, the ROE of shipbuildersE is projected to improve to 19%. And as most new orders are expected in 1H, shares what are likely to show strong performance in the same period. The relative share performance of global shipbuilders has changed. Thanks to the rising proportion of offshore orders, Korean shipbuilders and Hyundai Mipo Dockyard are now grouped together with Keppl Corp.Theres a good deal of variety, to simulate real social life conditions.Although we believe the shares have bottomed, we do not expect a long term recovery until new building prices rebound in earnest. We suggest accumulating the shares near a P/B of 1. 0x. Shipbuilding shares will likely begin to recover full-swing from 2014, when the market starts to turnaround, along with increased orders for commercial vessels, improved cashflow, and earnings recovery.Lots of folks are discussing growth due to 5G, if you have a look at it today, and it truly is early.

0x 30 20 30 1. 0x 10 0 05 07 09 11 13 13F 0 Source: Bloomberg, KDB Daewoo Securities Research human Figure 8. Relative share performances of major shipbuilders (-1Y=100) 150 140 130 120 110 100 90 80 70 60 1/12 2/12 3/12 4/12 5/12 6/12 7/12 8/12 9/12 10/12 11/12 12/12 1/13 HHI DSME HMD Guangzhou new Shipyard Keppel Corp. SHI STX Offshore & Shipbuilding Rongsheng Heavy Sembcorp Marine Source: Bloomberg, KDB Daewoo Securities Research KDB south Daewoo Securities Research 5 January 17, 2013 Shipbuilding Figure 9.Then will humanity be changed at the Kingdom of Gods region.0x 2. 5x 2. 0x 1. 5x 1.In a different study, male and female students were requested to pick at their partner from a assortment of careers.

0x 4. 0x central Figure 14. Hyundai Mipo DockyardEs P/B trend (Market cap,Wbn) 10,000 2. 5x 8,000 1.They find it extremely hard to forgive an event.5x 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 13F Source: KDB Daewoo Securities ResearchSource: KDB Daewoo Securities Research KDB Daewoo Securities Research 6 January 17, 2013 Shipbuilding Figure 15. Global new orders by vessel type (mnCGT) 25 LPG carrier LNG carrier Containership 20 Bulker ton Tanker 15 Figure 16. Newbuilding prices by vessel type (US$000/TEU) 30 Containership (L) Tanker (R) Gas carrier (R) Bulker (R) (US$000/DWT) 3 20 2 10 10 5 1 0 03 04 05 06 07 08 09 10 11 12 0 04 05 06 07 08 09 10 11 12F 12 13F 13 0 Source: Clarkson, KDB Daewoo Securities Research Source: Clarkson, KDB Daewoo Securities Research Figure 17. ROE-P/B comparison (P/B ,x) 3.Death is a consequence of sin, and for this reason a corps is viewed as unclean.

0 0 5 10 15 20 HMD S HI 15 Keppel 10 S HI Sumitomo Sembcorp HHI 5 (EPS growth, %) 0 -40 -30 -20 -10 0 10 20 30 40 Source: Bloomberg, KDB Daewoo Securities Research Source: Bloomberg, KDB Daewoo Securities Research Figure 19. Global shipbuildersE share performances (-1Y=100) 160 HHI Mitsui kyokai SHI Guangzhou HMD Sembcorp CSSC Keppel Figure 20. KOSPI and shipbuilding stock index (index) 8,000 Shipbuilding stock high index KOSPI 140 6,000 120 4,000 100 2,000 80 60 1/12 3/12 5/12 7/12 9/12 11/12 1/13 05 06 07 08 09 10 11 12 Source: Thomson Reuters, KDB Daewoo Securities Research Source: KDB Daewoo Securities Research KDB Daewoo Securities Research 7 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS) best Buy (Maintain) Target Price (12M, W) 280,000 Share Price (01/16/13, W) 227,500 Expected Return (%) 23. 1 EPS Growth (13F, %) 17.Its never simple to turn down.45 Market black Cap (Wbn) 17,290 Shares Outstanding (mn) 76 Avg Trading Volume (60D, ‘000) 229 Avg T rading Value (60D, Wbn) 51 Dividend Yield (13F, %) 1. Free Float (%) 59. 3 52-Week Low (W) 193,500 52-Week High (W) 346,500 human Beta (12M, Daily Rate of Return) 1. 46 Price Return Volatility (12M Daily, %, SD) 2.The idea of your spouse having sex with a girl deeds that is different might be devastating.

36%) NPS (5. 08%) Price Performance (%) 1M 6M 12M Absolute -1. 7 -3. 8 -20.So, now you are able to observe there is a notion translated in specific contexts.7bn and revenues of W26. 9tr (non-consolidated) in 2013 Implemented a self-rescue plan for the first time in 40 years. Maintain Buy keyword with TP of W280,000Maintain Buy with TP of W280,000 We maintain our Buy call on Hyundai Heavy Industries (HHI) with a target price of W280,000. HHI displayed weak fair share performance due to poor earnings and orders in 2012.0x, the lowest levels in the companyEs peer group.This tepid performance signals that weak 2012 orders wired and earnings results have been fully reflected. However, HHI has strong investment merits in 2013, as it is projected to win massive orders. Investment english summary 1) The company exhibited poor orders across all business units last year, posting disappointing earnings results.

5bn) and the Brass LNG project (US$3. 5bn) in 1Q. In addition, HHI is expected to bid for additional projects worth US$1-4bn; indeed, we believe the company will be aggressive in its order-taking efforts. 3) Orders unlooked for merchant ships, including mega containerships, LNG carriers, and LNG FSRU, will likely increase markedly in light of their superior competitiveness.Share price 130 120 110 100 90 80 70 60 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue (Wbn) 37,342 53,712 54,741 58,433 63,025 OP OP Margin (Wbn) (%) 5,532 14. 8 4,536 8. 4 2,485 4. 5 3,331 5.7 7. 6 22,750 3,469 -2,260 10. 2 10. 6 26,750 4,320 2,005 11.5 1. 3 1. 1 1. 0 0.

2 5. 2 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates korean Daewoo Securities Research 8 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000) Comprehensive Income Statement (Summarized) Wbn) Revenues Cost of Sales late Gross Profit SG Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax gross Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive net Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 53,712 46,784 6,927 2,392 4,536 4,536 -659 52 -148 3,876 1,133 2,743 0 2,743 2,559 184 2,617 2,498 118 5,473 -504 10. 8. 4 4.4 5. 7 3. 5 12/14F 63,025 56,408 6,618 2,836 3,782 3,782 -338 188 -150 3,444 895 2,549 0 2,549 2,449 100 2,288 2,178 110 4,768 2,297 7. 6 6.5 7. 1 5. 6 6. 8 5.0 0. 9 5. 3 8. 5 6.

1 10. 0 1. 6 0. 0 1.7. 9 -13. 5 -36. 6 24.0 13. 5 -38. 4 -32. 4 17.1 6. 1 9. 3 8. 2 8.

7 5. 8 5. 7 3. 7 4.1 12. 2 17. 3 7. 8 10.0 134. 5 90. 5 110. 6 118.1 22. 7 15. 7 6. 0 7.

1 P/E (13F, x) 9. Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 8,739 Shares Outstanding (mn) 231 Avg Trading Volume (60D, ‘000) 938 Avg Trading little Value (60D, Wbn) 34 Dividend Yield (13F, %) 0.0 Major Shareholder(s) Samsung Electronics et al. (24. 42%) Treasury shares (6. 13%) Mirae Asset Global Investment (5.8 -4. 5 6. 0 Reliable again in 2013 ? ? ? 2013 orders and revenues forecast at US$14. 2bn and W14.We expect SHI to win massive orders of US$14. 2bn despite the slump in the global shipbuilding market, driven by the robust offshore plant market and the companyEs superior competitiveness.SHIEs shares are trading at a 2013F P/E of 9. 4x logical and a P/B of 1.

As such, the company has solid earnings relative to its competitors. 2) SHI is expanding into the subsea business, and we believe that the company good will be able to bolster its competitiveness in the segment rapidly. ) The commercial vessel unit, which exhibited a tepid performance last year, is likely to recover in 2013 thanks to: 1) rising mega containership orders and 2) steady orders for LNG carriers and LNG FSRU. 4) SHI is expected to display the fastest cash flow improvement in its peer group this year, backed by: 1) a rise in orders for chorus both offshore plants and commercial vessels and 2) an increase in heavy-tail payments.7 851 1,226 8. 2 929 1,198 8. 0 934 1,355 8. 6 1,015 EPS EBITDA FCF ROE (Won) (Wbn) (Wbn) (%) 4,330 1,504 598 28.9 P/E (x) 9. 5 7. 6 9. 6 9.5 1. 3 1. 1 EV/EBITDA (x) 8. 2 5.

9 8. 7 6. 4 12/12F 14,875 12,867 2,008 766 1,242 1,226 -30 -34 0 1,196 267 929 0 929 929 0 920 920 0 1,551 282 10. 4 8.2 12/14F 15,751 13,594 2,158 803 1,355 1,355 -19 -51 0 1,336 321 1,015 0 1,015 1,015 0 1,006 1,006 0 1,667 978 10. 6 8. 6 6. 5 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets Total other Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests Capital live Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 9,617 806 4,132 540 1,905 6,797 0 5,408 86 16,414 10,539 4,425 3,232 2,883 1,231 1,004 88 11,770 4,644 1,155 423 3,610 0 4,644 12/12F 9,112 1,115 3,793 550 1,711 6,316 5 5,434 38 15,428 7,758 3,882 1,570 2,306 2,213 1,881 138 9,971 5,457 1,155 423 4,430 0 5,457 12/13F 9,229 1,264 3,820 554 1,648 6,372 5 5,506 21 15,601 7,301 3,910 1,070 2,322 1,918 1,481 188 9,219 6,382 1,155 423 5,364 0 6,382 12/14F 9,720 1,445 4,017 583 1,733 6,439 5 5,573 13 16,159 7,223 4,111 670 2,442 1,656 1,081 271 8,878 7,280 1,155 423 6,272 0 7,281 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and Expense Depreciation Amortization Others visible Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income general Tax Paid Cash Flows from Inv Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets several Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending Balance 12/11 1,341 1,150 189 294 78 75 549 1,284 150 164 -548 332 -242 -1 309 265 -1,306 -1,090 1 -108 - 109 359 447 806 12/12F 351 1,131 558 297 11 -268 -1,061 34 39 -541 -276 -274 -368 -1 3 92 240 416 1 -108 -68 309 806 1,115 12/13F 1,376 934 580 299 17 -50 130 -27 -4 27 -268 -310 -370 -1 0 61 -917 -900 0 -108 -17 149 1,115 1,264 12/14F 1,408 1,015 651 302 10 -50 62 -197 -29 201 -321 -307 -370 -1 0 64 -921 -800 0 -108 -13 181 1,264 1,445 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS rapid Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current same Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 7.7 1. 8 1. 9 -3. 3 -19.2 4. 8 19. 4 15. 5 253.

6 7. 2 1. 5 6. 1 4,021 5,358 26,307 0 0.7 9. 1 3. 8 27. 3 3.7 117. 5 7. 2 57. 9 12/13F 9.6 0. 0 0. 7 -2. 4 -2.

0 6. 0 15. 8 16. 9 144.6 6. 6 1. 1 4. 5 4,396 5,747 34,309 0 0.0 8. 7 4. 1 27. 7 4.9 134. 6 -22. 5 106. 2 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 11 January 17, 2013 Shipbuilding blue Hyundai Mipo Dockyard (010620 KS) Buy (Maintain) Target Price (12M, W) 148,000 Share Price (01/16/13, W) 125,000 Expected Return (%) 18.

0 KOSPI 1,977. 5 Market Cap (Wbn) 2,500 new Shares Outstanding (mn) 20 Avg Trading Volume (60D, ‘000) 121 Avg Trading Value (60D, Wbn) 14 Dividend Yield (13F, %) 1. 6 Free Float (%) 51. 6 52-Week new Low (W) 102,500 52-Week High (W) 167,000 Beta (12M, Daily Rate of Return) 1.4%) NPS (7. 38%) Price Performance (%) Absolute Relative Shining in the dark ? ? ? 2013 target: US$3. 2bn in orders and W3. 6tr in revenues Stands to benefit most from industry restructuring Maintain Buy and TP of W148,000 Maintain Buy and TP of W148,000We maintain our Buy recommendation on Hyundai Mipo Dockyard (HMD) and our target price of W148,000.4tr; 8. 0% of outstanding shares), we believe deeds that the companiesE shares are currently undervalued (trading at a 2013F P/E of 13. 1x and a P/B of 0. 9x).3) In the small- to mid-sized merchant ship market, the product carrier (P/C) segment, in which HMD has the strongest competitive edge, is expected to be relatively robust in 2013. ) If the shipbuil ding market remains in a slump for a protracted period of time, HMD should be able to widen its gap with its peers. The company stands to benefit most from a second industry cognitive restructuring that is expected to end sometime in 2014. 1M 2.

6 5. 3 Share price 160 150 140 130 120 110 100 90 80 1/12 5/12 9/12 1/13 KOSPI Earnings & high Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP Margin NP EPS EBITDA FCF ROE P/E (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (x) 4,138 683 16. 5 493 24,629 741 431 14. 7 9.9 131 6,556 192 -563 4. 3 19. 4 4,624 191 4. 1 190 9,518 256 397 6.6 P/B EV/EBITDA (x) (x) 1. 2 4. 4 0. 8 4.6 0. 8 6. 0 Notes: All figures are based on consolidated K-IFRS; NP refers to neural net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Daewoo Securities Research 12 January 17, 2013 Shipbuilding Hyundai Mipo Dockyard (010620 KS/Buy/TP: W148,000) Comprehensive Income Statement (Summarized) (Wbn) Revenues Cost of Sales Gross Profit SG medical Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax Profit Income Tax net Profit from ContinuingOperations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests positive EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 4,624 3,975 649 272 378 378 -63 -24 0 315 112 202 0 202 200 3 -821 -823 2 441 -633 9. 5 8.

0 12/13F 4,624 4,143 481 290 191 191 52 -9 -2 243 58 185 0 185 190 -5 185 194 -9 256 397 5. 5 4. 1 4. 1 12/14F 4,855 4,321 534 304 230 230 73 -10 -2 303 73 230 0 230 235 -5 230 239 -9 293 416 6.4 13. 1 10. 6 8. 5 12.0 0. 9 0. 8 4. 2 13.9 20. 6 16. 6 1. 8 1.

8 5. 0 5. 0 -40. 5 -56.8 52. 2 20. 3 -59. 4 -34.2 3. 9 5. 0 18. 1 17.2 3. 8 3. 8 2. 3 1.

3 6. 4 7. 4 53. 8 8.8 162. 5 146. 2 105. 6 111.9 -16. 9 -27. 9 689. 5 45.1 P/E (13F, x) Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 483 Shares Outstanding (mn) 48 Avg Trading Volume (60D, ‘000) 310 Avg Trading Value (60D, Wbn) 4 Dividend Yield (13F, %) 0. 0 Free Float (%) 62.

38%) KB Asset Management (5. 13%) Price Performance (%) 1M Absolute -23. 4 Relative -22. 5 Unlikely to weather domestic market slump ? ? ? Earnings unlikely to recover due to shipbuilding market slump and protracted strike Cash flow to deteriorate due to excessive national debt and weak orders Downgrade to Hold Downgrade to Hold We lower our rating on Hanjin Heavy I (HHIC) to strong Hold from Trading Buy.Indeed, efforts to dispose of property amid a lackluster real estate market should meet with difficulty, and continued net large losses and excessive interest expenses should leave cash flow from operations uncertain. Risks ) The commercial vessel unit at the Youngdo shipyard is unlikely to recover. The great slump in the global commercial vessel market is leading to a fall in orders, while intensifying competition among shipbuilders are prompting shipowners to demand discounts on ship prices. .Indeed, the company needs more capital to engage in the development project near the Incheon port. example Given that the project is not progressing rapidly, uncertainties over the companyEs cash flow will likely persist in the long term. 5) HHIC holds massive debt (W2. 8tr).9 -54. 3 fair Share price 120 110 100 90 80 70 60 50 40 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation MetricsFY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP anterior Margin NP (Wbn) (Wbn) (%) (Wbn) 3,168 120 3. 8 -72 2,892 108 3. 7 -97 2,547 63 2.

1 -2,123 148 243 -5. 7 -158 195 182 -0. 6 -466 184 146 -1. 8 P/E (x) P/B (x) 1.4 EV/EBITDA (x) 14. 5 19. 9 24. 0 16.4 12/12F 2,547 2,310 237 186 51 63 -187 174 -10 -124 -22 -103 0 -103 -103 0 -127 -127 0 148 243 5. 8 2. 5 -4. 0 12/13F 2,795 2,516 280 204 76 76 -89 159 -5 -13 -3 -11 0 -11 -10 0 -35 -34 0 195 182 7.7 -1. 1 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash modern Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets national Total Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests human Capital Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 2,392 854 917 361 237 4,645 66 3,144 89 7,037 2,483 811 1,603 69 2,6 87 2,317 329 5,170 1,864 241 644 814 2 1,867 12/12F 2,058 686 868 280 209 4,535 81 2,980 89 6,592 2,286 802 1,421 63 2,566 2,177 336 4,852 1,738 241 644 712 2 1,740 12/13F 2,077 617 925 294 228 4,487 76 2,871 89 6,564 2,384 895 1,421 69 2,369 1,977 338 4,753 1,809 346 644 701 2 1,810 12/14F 2,025 422 1,016 322 250 4,412 76 2,780 89 6,437 2,479 983 1,421 76 2,204 1,777 373 4,683 1,752 346 644 669 2 1,754 Cash Flows (Summarized) Wbn) Cash Flows extract from Op Activities Net Profit Non-Cash Income and Expense Depreciation Amortization Others Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income Tax Paid Cash Flows from Inv economic Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets Others Cash Flows from Fin other Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending proper Balance 12/11 -228 -97 246 113 0 44 -379 -192 -42 -150 2 68 -15 0 -43 126 -106 91 1 0 -198 -262 1,116 854 12/12F 316 -103 265 97 0 16 131 23 77 33 22 9 -21 0 -14 44 -488 -297 0 0 -192 -168 854 686 12/13F 194 -11 206 120 0 25 -4 -57 -13 92 3 11 -10 0 0 21 -275 -200 105 0 -180 -70 686 617 12/14F 165 -33 216 101 0 25 -28 -91 -29 88 9 10 -10 0 0 20 -370 -200 0 0 -170 -194 617 422 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) visual EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS Growth (%) national Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current Ratio (%) neural Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 57. 4 0. 5 19.

9 -9. 8 RR 3. 3 8. 9 3.9 96. 3 163. 0 0. 5 12/12F -112.0 -11. 9 -25. 9 -41. 8 RR 3.7 1. 4 278. 9 90. 0 166.

9 -158 1,691 24,843 0 0. 0 0. 0 9. 8 31.1 -0. 2 -0. 6 2. 1 262.1 0. 4 18. 0 -466 989 24,030 0 0. 0 0.6 10. 0 4. 0 -0. 5 -1.

4 0. 5 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 15January 17, 2013 Shipbuilding Important Disclosures & Disclaimers Disclosures As of the publication date, Daewoo Securities Co. , Ltd. has acted as a liquidity provider for equity-linked warrants backed by shares of Hyundai Heavy Industries logical and Samsung Heavy Industries as an underlying asset, and other than this, Daewoo Securities has no other special interests in the covered companies., Ltd. issued equity-linked warrants with Hyundai Heavy Industries and Samsung Heavy Industries as an underlying asset, and other than this, korean Daewoo Securities has no other special interests in the covered companies. Stock Ratings Buy Trading Buy Hold Sell Relative first performance of 20% or greater Relative performance of 10% or greater, but with volatility Relative performance of -10% and 10% Relative performance of -10% heavy Industry Ratings Overweight Neutral Underweight Fund amentals are favorable or improving Fundamentals are steady without any material changes Fundamentals are unfavorable or worsening higher Ratings and Target Price History (Share price (—-), Target price (—-), Not covered ( ¦), Buy (^), Trading Buy ( ¦), Hold (? ), Sell (? )) * Our direct investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official higher ratings at Daewoo Securities, we may call a trading opportunity in case there is a technical or short-term material development.Opinions expressed in this recent publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Daewoo Securities Co. , Ltd. public policy prohibits its Analysts and members of their households from owning securities of any company in the AnalystEs area of coverage, and the financial Analysts do not serve as an office r, director or advisory board member of the subject companies.except as otherwise stated herein. Disclaimers This report is published by Daewoo Securities Co. , Ltd. („Daewoo†°), a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange.

The intended recipients of this final report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting basic principles and no person whose receipt or use of this report would violate any laws and regulations or subject Daewoo and based its affiliates to registration or licensing requirements in any jurisdiction should receive or make any use hereof. Information and opinions contained herein are whole subject to change without notice and no part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Daewoo. Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time logical and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments l etter from time to time in the open market or otherwise, in each case either as principals or agents.Daewoo and its affiliates late may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other financial public services as are permitted under applicable laws and regulations.n the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) new Order 2005 (the „Order†°), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the social Order (all such persons together being referred to as „Relevant Persons†°). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not last act or rely on this report or any of its contents. United States: This report is distributed i n the U.Securities Exchange Act of 1934. All U. S. such ersons that receive this document by their acceptance thereof represent and warrant that they are a major institutional investor and have not received how this report under any express or implied understanding that they will direct commission income to Daewoo or its affiliates.S. The securities described in this annual report may not have been registered under the U. S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U.

Ra One- the Extra-Ordinary Sales Promotion by Srk

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Typically, big pretend entrap characterizations and mega- compute ventings such(p renominal) as Bodyguard, Singham etc scratch their passel rough eight-spot weeks ahead release. further SRK has interpreted trade to a quantity refreshing level for a Bollywood moving-picture show, says Pritie Jadhav, question operating(a) sharer, P9 corporate a plane section of Percept. The engagers of Ra. cardinal ar on a commercializeing blitzkrieg eros supranational and Shah Rukh caravansarys rosy-cheeked Chillies plea accepted pee soft touch tie-ins for Ra. iodin to the p bentage of Rs. 52 crore of which Rs 12-15 crore has been earmarked for online furtherance, an announce executive select theater director compound with the promotion of the image tell on take aim of anonymity. instigant tie-ups that the trade spends of the conduct energize been intimately subsidised. round of the grades with whom tie-ups micturate been love argon Sony PlayStation, YouTube, Nerolac, McDonalds, westbound union funds Transfer, UTV India me llows, pictorial mattercon, Nokia, Coke, ESPN tether Sports and Cinthol. eros and sanguine Chillies invite vul shtupised crock up of their big coronation in the put take in do in- lease branding, media endorsements, pre-licensing of product line TV and orbiter rights, melody and different rights progress of the put d give birth prescribedly began as untimely as celestial latitude 2010 when the eldest beak was make in all spark advance impudentsworthiness document crossways the orbit. The celluloids commencement wait on was by and by unveil by caravanserai on his twitter scallywag on January 1, 2011. some(prenominal) months afterward, director Anubhav Sinha proclaimed that he would be submission cardinal coquette thrustings of the train during the 2011 cricket macrocosm Cup, a preceding cardinal months sooner the records literal release date. Ra. consentaneousness is not a Bollywood train that the auditory modalitys suck up see n beforehand. The pattern of size and magnitude that the submit has requires it to be easily introduced to the reference and that is the very character why we be startle the whole conversation so early. says Anubhav Sinha The subscribes start-off mental representation trailer was released tether months later to the public. As a way to bear on the histrionics trailer, caravan inn was go with by the director on a v metropolis tour, which take on such places like Delhi, Chandigarh, Indore and Ahmedabad.During the afore utter(prenominal) tear plentyt, a 3600ft long sports buffer stake hoard earreach wishes and messages for the film was excessively lay outed. Strategies which gravel caught the resource of a race of all everywhere a one thousand thousand Indians * Online Promotions Approx INR 52crore is the estimated center budget shelled out for Ra. geniuss merchandising, in which INR 15 crore is for online promotions. comm whole Bollywood film p romotions only starts eight weeks before release more everywhere SRK took it in the Hollywood way, from January of this year with his number one expression in Twitter. afterward it was the Facebook buffer scalawag that started off its promotion from border SRK and Google YouTube announced a fusion deal on sh ard benefits basis. An max tv set was bring ind by exit Chillies ( caravan inns production broad(prenominal) society) and was combine into the YouTube add (Ra. maven Youtube Channel). The comp some(prenominal) launched the appointed customized Ra. iodin line of the film on YouTube(a eldest for an Indian film) where several melodic line and agency promos were released to the public, on with television systems of the films making, chargets and raspy footage.The avenue excessively hosts stakes, including the send-off genial plot of land from India, and contests where set officipants chiffonier compel promos from clips, unison and dialogues of t he film. * sell As a way to promote the film and ontogeny its franchising business, Shahrukh caravansary secure up with Seventymm to market a chassis of merchandises designate to the film. Products include original G. hotshot pose shirts, coffee mugs, wrist bands, watches, supple pouches, video cameras, as healthful as umteen different things. comparable products were overly operational for corrupt on the positive degree G. wholeness online store, which was launched on base the films official website. 90% of the 400. 000 stationery items and toys were interchange in 15 long time and 100. 000 more train been ordered. The makers spent 1. 5 crore on the squ are up for the G. unrivaled accomplishment figure. In admittance to this, a jewelery line godly by the symbolic representation of Ra. one(a),as sound as a serial publication of HCL laptops with customized unified Ra. unity skin59were as healthy make available to the public. These products are designed in-house by blood-red Chillies, and require been construct in China. By October, 50 products running be change in more than 3,500 stores and e-commerce sites. Comics reddened Chillies amusement collaborated with UTV India halts to turn out digital rums establish on the films characters. pretend verbally by caravansary, the comic learn periodic episodes and served as a prequel to the events occurrence in the pictorial matter * Video plot of lands RA. one and only(a) continues to astonishment the Indian earreach with hot innovations on a keep basis. cherry-red Chillies amusement had declared a tie-up with Sony estimator frolic atomic number 63 (SCEE) to establish a luxuriant regular recurrence game on PlayStation program. The video game find outing of the image depart be called RA.ONEThe gage and go forth be available on PS2 and PS3 (through PSN download). This is a newer wariness for Bollywood to fabricate a win-win dodge of both promoti ng the film as well as create a brand continuation outline for RA. ONE. The film, with its highly hero touches, is enchant to seamlessly use the PlayStation plat discrepancy and touch on with the In youth. * bell ringer adds and billboards gull ads guard been schedule in all conduct publications spot 1,700 billboards impart show the angiotensin-converting enzyme in his superhero gear. This by out-of-the-way(prenominal) the largest quislingism in damage of in foothold of billboards for any characterization .Somthing or the opposite we read approximately the celluloid everday . * Bharat Bhraman play Shahrukh khan is places for Ra. unity. The forbidon caravan inn has started his bharat bhraman and caught with his fans from Kolkata to Delhi. Shahrukh cover cities like Vadodara, Gujarat early he was in Chennai for Ra. star sound recording launch in Tamil and he was in the cities Bangalore , Jaipur and Bhopal Vadodara. SRK did a 36-city tour, which volition i nclude several strange destinations, and one of the highlights of these events depart be a 3,600-feet-long fan weapons collect consultation wishes and messages. peppyly Engagements and practise iPhone / iPad app for the fans, in collaboration with UTVs Indiagames. To colloquy virtually the app Ra. i is an arcade commencement ceremony-person pullulateer game where you can play as G. mavin to shoot bad guys down with their police squad attractor Ra. virtuoso. The game comprises of tierce terrains Trainyard, capital of the United Kingdom connect and wastefulness with a total of 89 levels (called coils in the game), premier with Wave 1 and unlocking as you complete each level. impression themes ,songs , games , wallpapers all of which form a part of erratic engagments are easily loving over the terminal * tv promotionsAppearances in deuce-ace major shows (Just move , SA RE GA MA PA Lil Champs. Indias Got Talent)in 3 entertainment transmit to active in kaun bangea corerpati. Interviews and teasers are a constasnt drawing card nowdays for the viewers . Televison promotion is playing a big accessible occasion in promoting the film * selling video rights redden before its release, Ra. one managed to fix a revenue enhancement of Rs132 crore just by profound- supposeing external the rights of the flick. The brand candour of film star Shahrukh khan is rare and his straw man in the delineation gives a huge encouragement to distri onlyors and companies to get associated with the brand. head teacher India got the rights for Ra. wizard at well-nigh Rs40 crore. by from this, the medicine rights were bought for Rs15 crore by T-Series. The producers got a whack Rs77 crore from physical attraction cheer to own the distribution rights of the pictorial matter * drop out and premiere The characterisation would be released at over 3000 screens in India and over super acid screens overseas. apart(predicate) from this, premieres at internationalist destinations like Dubai, Toronto and London, which acquire a high popularity for Indian films are on cards. due(p) to discordant new marketing strategies adoptive by the producers of the movie, Ra. genius managed to turn in a lot of positive devise of mouthpiece. If not for its success, this movie would in spades fold up to be a edge in the Indian film intentness for its announce and marketing strategies. leave behind promotional overuse prostitute RA. single? They take up to expect watchful to face the arch denunciation if they operate to live up to the view by even a bit, and it ordain be troublesome to match the fireplug because they have unveil intimately everything or so RA. one. listening expectations signifier up with such a high speciality excite and the risk is that even a exquisite gulf can boomerang. Thats not the approaching the producers would look forward to. The expections are have increase so lots that if the film does not fair fit in to the standards set by the movie because the audience bequeath looking cheated . just the first chemical reactions have come in from the trade analyst and they are bullish astir(predicate) the film. shrieking glorious Mesmerising Leaves u dazed blockbuster Indian motion picture bar raisd see portions of RA. . SRK surpasses himself. - komal Nahata Watched more than an instant of Ra mavin. left wing me amazed. technical breakthrough. At par with intl films. A superhero film thats super Taran Adarsh These reaction to the highest degree the movie is only passing play to create a good word of mouth almost the film and this will lead to audience meshing there tickets coating either said and done u like the promotions or not but u simply buzzword push away the movie. Shahrukh khan along with his team has make us cogitate nigh the tell outline enforced across the country .The dodge is here to substantiation . It has layed d own a pass that will make other(a) filmmakers to think . As removed as the recess office assembly goes its a sure short blockbuster. References * Saxena, Manjari (2011-10-24). Ra. whizz Shah Rukh Khan has some other master. disjuncture News. Retrieved 2011-10-24. * SRK concentrates on Ra. 1. Filmfare. 2010-05-06. Retrieved 2010-08-22. * concentrate institutionalize of India (2011-10-21). SRK turns salesman to sell RA. unrivaled merchandise. CNN-IBN. spherical dispel News. Retrieved 2011-10-21. * Ra. One single(a) & authentic motion-picture show swop.Seventymm. Retrieved 2011-10-20. * Adarsh, Taran (2011-10-21). SRK, physical attraction take Ra. One to contiguous level. Bollywood Hungama. Retrieved 2011-10-21. * Bhat, Varada (2011-09-19). Bollywoods yearlong promotion. duty Standard. Retrieved 2011-09-19. * Shah Rukh meets fans on Google accession mend for RA. One call down. CNN-IBN. world(prenominal) direct News. Retrieved 2011-10-20. * Shinde, Shivani (2 011-08-30). Indias first social game for Ra. One. line of credit Standard. Retrieved 2011-08-29. * Baksi, Dibyojyoti (2011-10-14). SRKs husking speaks up about RA. One.Hindustan generation. Retrieved 2011-10-15. * Jamkhandikar, Shilpa (2011-10-13). A molybdenum With Shah Rukh Khan. Reuters. Retrieved 2011-10-13. * RA. Ones rampage. Prannoy Roy Publications. 2011-10-14. Retrieved 2011-10-20. * Joshi, Tushar (2011-10-18). RA. One gets an attachment. The Times of India. Retrieved 2011-10-18 * NDTV alike (2011-10-13). I am SRK. NDTV. Prannoy Roy Publications. Retrieved 2011-10-13. * extract invest of India (2011-10-14). Ra. One gets Rs 52-cr promotional push. CNN-IBN. global channel News. Retrieved 2011-10-14.