Macbeth Essays (1297 words) - Characters In Macbeth, Free Essays

Macbeth Essays (1297 words) - Characters In Macbeth, Free Essays Macbeth Macbeths Representation of Ambition From top to bottom of the ladder, greed is aroused without knowing where to find ultimate foothold. Nothing can calm it, since its goal is far beyond all it can attain. Reality seems valueless by comparison with the dreams of fevered imaginations; reality is therefor abandoned. Many have dreamed up republics and principalities that have never in truth been known to exist; the gulf between how one should live and how one does live is so wide that a man who neglects what is actually done for what should be done learns the way to self destruction rather than self-preservation. Italian political philosopher Niccolo Machiavelli (1469-1527) states that greed leads men to their downfall, a concept which is paralleled with Shakespeares play, Macbeth. This play is the representation of human society in which Macbeth represents man. The play opens with 3 witches who honor Macbeth with three titles: Thane of Glamis (his present title), Thane of Cawdor (his son to be announced title) and the pro phecy that he will be king hereafter. Macbeth who is roused by his vaulting ambitions, lust for power, tempted by these titles, murders his rivals to the throne with his wife. As a result of his ruthless quest for power leads him to his fate. Erich Fromm (1900-1980), a psychologist once stated greed is a bottomless pit which haunts man in an endless effort to satisfy the need without ever reaching satisfaction. He who comes along greed is condemned to this bottomless pit. Shakespeare demonstrates that greed that harms others, destroys the holder: mentally and morally, and eventually leads to ones ultimate destruction. When man is driven by greed to achieving their goal, they are stripped away of their morals and ethics. Macbeth is fighting a war, a deadly game where man takes advantage of others to win and claim the title of king. if it were done when tis done, then twere well it were done quickly. If the assassination could trammel up the consequence, and catch, with the surcease, success; that but this blow might be the be-all and the end-all here, but here, upon this bank and shoal of time, wed jump the life to come. But in these cases we still have judgement here; that we but teach bloody instruction, which being taught, return to the plague of inventor: this even handed justice condemns the ingredients of our poisond chalice to our own lips. (Act I, Scene VII) Macbeth has confused feelings about murdering Duncan, his worthiest cousin. He hesitates to murder Duncan because he is scared of the consequences which may somehow return and plague him. He questions to himself, how would his new subje cts react? However, his ambition numbs the fear and the conscience concerning consequences and his morals. At this point, he is already morally degraded. Macbeth does not question the morality of the actions of what he is about to take but instead worries about the consequences he may have to face if he fails. Thus Macbeth does not fear or feel any moral remorse in committing the murder itself. Our fears in Banquo stick deep; and in his royalty of nature reigns that which would be feard: tis much he dares: and to that dauntless temper of his murder he hath a wisdom that doth guide his valour to act in safety. There is none but he whose being I do fear: and under him, my genius is rebuked. ( Act III, Scene II) Macbeth is irritated by Banquo, whose existence is a hinderence towards his fulfillment of the prophecies. My lord, his (Banquos) throat is cut; that I did for him. (Act III, Scene II) Macbeth deals with this by murdering Banquo. However, this time he does not contemplate over whether or not to murder Banquo but the actions he takes are caprice. By the end of the play, Macbeth does not feel a bit of hesitation to taking the life of another. Seize upon Fife; give to the edge o the sword his wife, his babes, and all unfortunate souls that trace him in his line. (Act IV, SceneI) Greed degrades a mans morals by blinding him of them, only allowing a

Free Essays on Effects Of Tort Reform On Malpractice

THE EFFECTS OF HEALTHCARE COSTS ON MEDICAL MALPRACTICE ANNOTATED BIBLIOGRAPHY Anonymous. (2002). Making end-of-life decisions ahead of time. Tufts University Health & Nutrition Letter, 20(7), 4-5. A living will records in writing what certain medical care he or she would like in order to sustain life. This document also serves as a guide to the patient’s values and preferences in medical care for the provider and the patient’s family. A living will legally spells out the patients desire to live as long as possible, or to allow death to occur. In the absence of these documents, it is up to the patient’s provider and immediate family to determine their wishes. When the two parties are unable to agree, the court must decide the matter. This source gives definitions and explanations for the living will, health care proxy, and other legally binding advanced healthcare directives. Armstrong, J. (2002). Malpractice rates leading doctors to drop coverage. Physician’s Financial News, 20(7), 10. With the cost of malpractice insurance rising, and provider compensation falling, many providers are finding themselves stuck between a rock and a hard place. On one hand, the providers need malpractice insurance. But, on the other hand, the reimbursements they receive are barely sufficient enough to support the extremely high premiums their insurance carriers are requiring. There are some states whose laws on malpractice insurance are lax, allowing the providers the option to greatly reduce and/or refuse their existing coverage. Choosing to refuse their coverage presents new professional challenges for the providers. In reality, other providers are picking up the tab for the loss of that physician’s premium. In attempts to avoid these additional risks, providers are getting to know their patients better, as well as educating them of their rights and options in the case of emergency or terminal illness. Flaherty, M. (20... Free Essays on Effects Of Tort Reform On Malpractice Free Essays on Effects Of Tort Reform On Malpractice THE EFFECTS OF HEALTHCARE COSTS ON MEDICAL MALPRACTICE ANNOTATED BIBLIOGRAPHY Anonymous. (2002). Making end-of-life decisions ahead of time. Tufts University Health & Nutrition Letter, 20(7), 4-5. A living will records in writing what certain medical care he or she would like in order to sustain life. This document also serves as a guide to the patient’s values and preferences in medical care for the provider and the patient’s family. A living will legally spells out the patients desire to live as long as possible, or to allow death to occur. In the absence of these documents, it is up to the patient’s provider and immediate family to determine their wishes. When the two parties are unable to agree, the court must decide the matter. This source gives definitions and explanations for the living will, health care proxy, and other legally binding advanced healthcare directives. Armstrong, J. (2002). Malpractice rates leading doctors to drop coverage. Physician’s Financial News, 20(7), 10. With the cost of malpractice insurance rising, and provider compensation falling, many providers are finding themselves stuck between a rock and a hard place. On one hand, the providers need malpractice insurance. But, on the other hand, the reimbursements they receive are barely sufficient enough to support the extremely high premiums their insurance carriers are requiring. There are some states whose laws on malpractice insurance are lax, allowing the providers the option to greatly reduce and/or refuse their existing coverage. Choosing to refuse their coverage presents new professional challenges for the providers. In reality, other providers are picking up the tab for the loss of that physician’s premium. In attempts to avoid these additional risks, providers are getting to know their patients better, as well as educating them of their rights and options in the case of emergency or terminal illness. Flaherty, M. (20...

Marketing strategy and management Coursework Example | Topics and Well Written Essays - 500 words

Marketing strategy and management - Coursework Example However the pricing strategy based on the experience curve effect of the production process should not be infinite. This means that the pricing strategy should not be based on the maximum production level. This is mainly because at the maximum level of production, the company will not be able to increase its output. Price should thus be set on a production capacity that is reasonable, for example 70 or 80%. There are very many reasons why a company would chose to use the experience curve effect for its market pricing strategy. This is because of the various implications it has on such strategies. The experience effect helps a company to attain a larger market share and this enables the development of a cost advantage. By using this curve to develop a marketing strategy, the company sets a price that it deems fit to the product and that will offer competition to other products in the market .The use of this curve also forces a company to improve its efficiency and effectiveness so as to reach the production level from which the experience effect has been calculated. There are however few discrepancies that are associated with the use of the experience curve. For example, the curve effects apply to real costs and prices only. This means that in situations where this curve is used, an index or notation must be formulated. This particular index renders prices and costs exhibited at different time periods on a platform or a basis that is comparable. The consequence of this is that the index may consume a significant portion of the profits accumulated after production and in the process; the experience effect is washed out. The second argument against the use of the cumulative curves is that it does not apply to calendar time but only to the cumulative experience. The company should therefore take into consideration all these factors when determining whether to use the experience curve effect in its

Procurement management process Assignment Example | Topics and Well Written Essays - 2250 words

Procurement management process - Assignment Example The paper gives emphasis on the procurement management process and has described the same with regard to REI. The procurement management process is defined as steps, which are required for purchasing or acquiring services or products from any source that is outside the limits of a firm or organization. The sources are external suppliers of the products. The procurement management includes maintaining good relationship with suppliers for ensuring that the organization is receiving high level of services. It assures that purchasers receive those goods, which they have paid for. The success of an organization depends on effectiveness of the procurement process and therefore, managers need to create plans for procuring goods and services, facilitating the reduction of cost and time of delivery. There are many fundamental steps in the process. At the initial stage, the procurement process depends on changes in technology, attitude and personnel. A positive method is needed to be adopted, which stresses on a satisfying relationship with the suppliers. Suppliers are regarded as the most critical component in the procurement process of any company. In case of any dispute with these suppliers, the organization is bound to suffer from unavailability of the required resources, which in turn heavily affects the entire production process. The company has donated millions of dollars for supporting the conservation efforts that they have undertaken worldwide. It sends dedicated teams for volunteering in activities across several places nationwide. The activities include restoring local habitats, cleaning up the beaches as well as building of trials. Therefore, through many business practices, the company has tried to reduce environmental damages that have been created by their actions (Recreational Equipment, Inc, 2014). The company, through its successful operation, has expanded their business

Critical analyse of the external and internal environments Essay Example for Free

Critical analyse of the external and internal environments Essay From the long run, the economy will only be developed better than before, as long there are no large scales of wars. If the economy in the world is developing in a steady and healthy way, the demand for the cars will be larger and larger. The fact that the number of Japanese cars assembled in North American will soon reach 2 million per year will lead to the oversupply, so it is likely to threaten the price structure of the U. S. auto market and in the meantime, it will bring about negative impact on the revenue of the automotive businesses in the U.S. market. 3.3 Social factors As long as the customers have a certain level of buying power, there will be a large number of car buyers. After the World War II, nearly all countries in the world were making every effort to recover from the war. The war was destructive to all the countries that had participated in the war. In some developing countries, people even had to worry about whether they had to suffer from hunger, let alone buying car to make their life easier. However, as the recovery of economy, people begin to think about the houses and cars to improve the quality of their life(Ravichandran et al., 2005). In the meantime, the social concept is also changing. Men were the trend of the drivers, but more and more women are independent and have good economic conditions, so the demand for cars is also increasing. The changing social trend has enabled Ford to produce various types of cars in order to meet the different demands from different groups. 3.4 Technological factors The advent of the Internet has simplified customers’ life, and the advent of cars have make customers’ life more convenient. However, Ford does not cease to make innovation in terms of technology. For instance, most modern cars have been equipped with intelligent systems such as Global Positioning System (GPS) which enables the customers not to get lost no matter where they go. The intelligent system will be able to provide the car owners with alternative lines according to the actual situation of the road. If there are traffic jams, the system will remind the car owners to choose another alternative. In addition to the intelligent system which will benefit for the car owners, the design of the cars will also be more human oriented. The innovation of technology will bring convenience to customers, so the design and the function of the cars in Ford will ! enable the customers to have better experience of driving. Therefore, more and more customers who can afford cars wil l choose to buy a car. 4. Internal environments of Ford The analysis of internal environment can find out the absolute strengths and weaknesses. If the enterprise sticks to its past successful strategies, they will fail in the new competitiveness for not updating its strategies(Leidner et al., 2011). Every enterprise has its strengths and weaknesses, and the internal strengths and weakness and the external opportunities and threats will be the foundation for enterprise to formulate strategies. This section will use SWOT analysis to explain Ford’s internal environment. 4.1 Strengths Ford has long history and its brand has been well-known to the whole world,  and this strength has enabled Ford to make brand marketing. As long as the brand has been known to the customers, the customer will buy the product due to the brand effect. Then, there is effective customer management system which will enable Ford to target the existing and potential customers more accurately. On the other hand, there is diversified management system that can attract real talents to Ford to make wise decisions. There are many job opportunities that are offered by Ford, and the policies on human resource management are flexible. 4.2 Weaknesses It has reported that the quality of the products has not met the standards in recent years, so many of the cars have to be recalled back to the factory. This incident has indicated that the quality check system has problems, and this may cause public relation crisis. On the other hand, to compare Ford with its competitors, Ford has not introduced sophisticated technology such as robot in the process of manufacturing the products. The third weakness is that the cars that have been produced in Ford have not reached 27.5 miles per gallon fuel efficiency standard(Peppard and Ward, 2004). 4.3 Opportunities As Ford is a multinational company, the international market has been developed due to the market expansion. In such case, the product will not only be sold in the native country  but also in foreign countries. In the meantime, Ford has developed its e-business system on the internet, so the international market is able to enlarge and the market share of Ford is also likely to increase. Then, the low cost of cars does not mean low quality, so the cars will be cost-effective, which will attract more customers to buy them, and thus increase the sales(Peppard and Ward, 2004). 4.4 Threats The major threats come from the competitors of Ford, especially the Japanese cars, for the Japanese manufactures are trying to open the market of luxurious cars in the United States. In the meantime, the exchange rate of Japanese yen and the U.S. dollar is ever  changing and not steady. In addition to Japanese cars, the new entrants to the U.S. will also come from China and India(Leidner et al., 2011). Another threat is that the government has been more involved in the regulations and policies on cars. Although there are concessions made by the government, the  concessions may be taken back by the government. 5. Strategies for Ford in the next five years The analysis of SWOT for Ford will be helpful for the decision makers to make the strategies for the future. When the key external and internal factors have been effectively matched together, it will help Ford to be more competitive than its competitors. It is suggest that the decision makers can implement SO strategy. This strategy will enable Ford to take full advantages of its internal strengths and external opportunities(King, 2002). Effective brand marketing and good customer management system, as well as human resource management system will enable the company to develop its e-businesses in the international market. If the famous brand has affordable price for customers, the sales and market share will increase to a certain extent. As long as the market share and sales has successfully increased, the company can rank at the first or second in the same industry. Another plausible strategy is WO strategy which will make use of the external opportunities to make up for the weaknesses. However, the weaknesses can sometimes become obstacles for seizing the opportunities, so if the company should try to overcome ! the weaknesses and turn them to strengths. For instance, if the demand for the cars which have equipped with intelligent system is large, but the factory has not acquired the technology o f equipping the system, so Ford can cooperate with the companies which have this technology. In such case, both companies will benefit from this business. On the other hand, if the company does not want to cooperate with other companies, the employees who have the knowledge of such technology should be employed to the company with high salary in order to assure the technology innovation. 6. Conclusion In conclusion, this report has conducted a close study of the external and internal environments for Ford Motor Company. The political environment has proved that the government has both positive and negative impacts on Ford, and the economic and social factors have turned out more and more people can afford a car, especially the independent women. The technology factors have also contributed to the increasing market share and sales of Ford for its convenience and comfort and affordances. Then the report has made a SWOT analysis of Ford’s internal environment, and it has suggested two plausible strategies for Ford in the next five years. One is SO strategy and the other one is WO strategy, which will enable Ford to realize its stra tegic objectives in the automotive  industry.

Capital Punishment: A Probel Beyond Repair Essay examples -- Capital Pu

Strapped on to a large chair, electrical conductors positioned all around my head and wrists, I am seconds away from the end of my life. I am petrified, roar of the jury surrounding me as they witness me fall to my doom. It is unfair for me to die like this, even as a criminal. This is a cruel and inhumane system of punishment, and I am defenceless to prevent my wretched faith. As the man pulls down the switch, waves of electrical currents enter my body, my body squirming endlessly with treacherous pain. The waves suddenly stop as the switch is pulled back. My head falls forward, my chin tilting towards my chest. As I plunge to my death at the hands of the government as the words of Desmond Tutu echo through my head, "To take a life when a life has been lost is revenge, not justice." The government that must represent the people has just taken the existence of one of its own and all it has left of me is a corpse, cold and lifeless. The death penalty, commonly known as capital punishm ent affects more than just my life. Capital punishment is a cruel and merciless method of punishment that government is not allowing me to recover through rehabilitation and give back to society. The judicial system is not solving any problem by killing me as it has had made the same impact on society that I had. The expenditures necessary for the death penalty only hurts the fragile economy that we are in after the recovery of the recession. With a great number of problems with this form of punishment, I beseech to everyone to rid of capital punishment worldwide and instead punish criminals like me through a method that is considered humane. While I lay dead, some may ponder into the future in which, if I had a chance to rehabilitate, I would have re... ... a better life without crime. The government would be leading by example as they will not take on the same actions as I, the criminal. There are great savings to be had that could be spent on beneficial activities for society and not spent on a criminal like me. We as people have come so far but there are parts of the past that are left to erase.† Capital Punishment is considered inhuman and â€Å"it’s been somewhat embarrassing, quite frankly, that nations just as so-called civilized as ours think we're barbaric because we still have capital punishment." (deathpenalty.org 27 February 2011). Reginald Wilkinson was a prison director in Ohio and speaks the truth in saying that is an embarrassment to a nation to continue with capital punishment. Thus, in final consideration, capital punishment must be abolished and we must move on as it has become a problem beyond repair.

Financial Analysis of Tcs and Tech Mahindra

ACCOUNTS PROJECT Submitted By: Kriti Singh Roll No: 236 Section-D, LBSIM, Delhi 1. ) Calculation of Ratios: (All figures used For calculation are in Rs crores) Liquidity Ratios: 1. Current Ratio Formula: Current Ratio=Current Assets /Current Liability Current Ratio of TCS : For 2012: 23275. 09/10465. 01 = 2. 224 For 2011: 17036. 41/7246. 03 = 2. 3511| | Current Ratio of Tech Mahindra: For 2012: 19809/17007 = 1. 16475 For 2011: 18412/15295 = 1. 20379 2. Quick Ratio Formula: Quick Ratio= Quick Current Assets/Current Liability Quick Ratio of TCS:For 2012: 23257. 32/10465. 01 = 2. 223 For 2011: 17013. 59/7246. 03 = 2. 347 Quick Ratio of Tech Mahindra: For 2012: 19807/17007 = 1. 16463 For 2011: 18406/15295 = 1. 20339 3. Cash ratio: Formula: | Cash Ratio of TCS: For 2012: 6003. 37/10465. 01 =0. 5736 For 2011: 4700. 85/7246. 03 =0. 648 Cash Ratio of Tech Mahindra: For 2012: 1389/17007 = 0. 081 For 2011: 1938/15295 = 0. 126 Leverage Ratios: 1. Debt-Assets Ratio: Formula: Debt to Assets = tot al debt / total assets Debt-Assets Ratio of TCS: For 2012: 116. 26/41394. 49 =0. 0028 For 2011: 69. 27/32681. 04 =0. 0021Debt-Assets Ratio of Tech Mahindra: For 2012: 11266/63454 = 0. 177 For 2011: 11827/60804 =0. 194 2. Debt Equity Ratio: Formula: Debt to Equity Ratio =  (Short Term Debt + Long Term Debt)/Tangible N. W. Debt to Equity Ratio of TCS:For 2012: 116. 26/29840. 13 =0. 003 For 2011: 69. 27/24651. 22 =0. 002 Debt to Equity Ratio of Tech Mahindra: For 2012: 11266/34369 = 0. 327 For 2011: 11827/33810 =0. 349 3. Interest coverage Ratio Formula: Interest Coverage Ratio =  (EBIT) / interest.Interest coverage Ratio of TCS: For 2012: 13945. 54/22. 23 =627. 32 For 2011: 11047. 1/26. 48 =417. 18 Interest coverage Ratio of Tech Mahindra: For 2012: 7494/1025 =7. 3112 For 2011: 9173/1113 =8. 2416 4. Total Debt Ratio: Formula: Total Debt Ratio = Total Debt / Capital Employed Total Debt Ratio of TCS: For 2012: 116. 26/30929. 48 =0. 00375 For 2011: 69. 27/25435. 01 =0. 0027 Tota l Debt Ratio of Tech Mahindra: For 2012: 11266/46447 = 0. 425 For 2011: 11827/45509 =0. 259 Activity Ratios: 1. Inventory turnover Ratio: Formula: Inventory Turnover Ratio = Cost of Goods Sold/Inventory Cost Inventory turnover Ratio of TCS:For 2012: 35398. 69/ 17. 77 =1992. 04 For 2011: 26907. 89/22. 82 =1179. 132 Inventory turnover Ratio of Tech Mahindra:For 2012: 46638/2 =23319 For 2011: 42861/6 =7143. 5 2. Receivable’s turnover Ratios: Formula: Receivable Turnover Ratio = Sales/ Accounts Receivable Receivable’s turnover Ratio of TCS:For 2012: 48893. 83/11520. 35 =4. 244 For 2011: 37324. 1/8194. 97 =4. 554 Receivable’s turnover Ratio of Tech Mahindra:For 2012: 52430/12431 =4. 217 For 2011: 49655/9643 =5. 149 3. Payable turnover Ratios: Formula: Payable Turnover Ratio = Cost/ Average Payables Payable turnover Ratio of TCS:For 2012: 35398. 69/ 3247. 87 =10. 89 For 2011: 26907. 89/2572. 33 =10. 46 Payable turnover Ratio of Tech Mahindra:For 2012: 46638/4684 =9. 9 56 For 2011: 42861/3034 =14. 126 4. Fixed assets turnover Ratios: Formula: Fixed assets turnover Ratios = Sales/ Fixed Assets Fixed assets turnover Ratios of TCS: For 2012: 48893. 83/6564. 97 =7. 4 For 2011: 37324. 51/5440. 98 =6. 85 Fixed assets turnover Ratios of Tech Mahindra: For 2012: 52430/8153 =6. 430 For 2011: 49655/6608 =7. 5143 5. Total assets turnover Ratios: Formula: Total assets turnover Ratios = Sales/ Total Assets Total assets turnover Ratios of TCS: For 2012: 48893. 83/11520. 35 =4. 244 For 2011: 37324. 51/8194. 97 =4. 554 Total assets turnover Ratios of Tech Mahindra: For 2012: 52430/63454 =0. 826 For 2011: 49655/60804 =0. 816 Profitability Ratios: 1. PBIT Ratio Formula: PBIT Ratio = EBIT/Sales PBIT Ratio of TCS: For 2012: 13945. 54/48893. 83 =0. 285 For 2011: 11047. 1/37324. 51 =0. 959 PBIT Ratio of Tech Mahindra: For 2012: 7494/52430 =0. 1429 For 2011: 9173/49655 =0. 1847 2. PBT Ratio: Formula: PBT Ratio = EBT/Sales PBT Ratio of TCS: For 2012: 13923. 31/48893. 83 =0. 284 For 2011: 11020. 62/37324. 51 =0. 2952 PBT Ratio of Tech Mahindra: For 2012: 5790/52430 =0. 1104 For 2011: 8060/49655 =0. 1623 3. PAT Ratio: Formula: PAT Ratio= EAT/Sales PAT Ratio of TCS: For 2012: 10413. 4/48893. 83 =0. 212 For 2011: 9068. 04/37324. 51 =0. 242 PAT Ratio of Tech Mahindra: For 2012: 4606/52430 =0. 0878 For 2011: 6967/49655 =0. 1403 4. ROA Ratio: Formula: ROA Ratio= EBIT/ Total Asset ROA Ratio of TCS: For 2012: 13945. 4/41394. 49 =0. 336 For 2011: 11047. 1/32681. 04 =0. 338 ROA Ratio of Tech Mahindra: For 2012: 7494/63454 =0. 118 For 2011: 9173/60804 =0. 15 5. ROE Ratio: Formula: ROE Ratio= EAT/Stockholder’s Equity ROE Ratio of TCS: For 2012: 10413. 4/29840. 13 =0. 348 For 2011: 9068. 04/24651. 22 =0. 367 ROE Ratio of Tech Mahindra: For 2012: 4606/34369 =0. 134 For 2011: 6967/33810 =0. 206 Analysis of Ratios: Liquidity Ratios: Ratio| TCS| Tech Mahindra| | 2012| 2011| 2012| 2011| Current Ratio| 2. 224| 2. 3511| 1. 16475| 1. 20379| Quick Ratio| 2. 2223| 2. 347| 1. 16463| 1. 20339| Cash Ratio| 0. 5736| 0. 648| 0. 081| 0. 126|Ideal current ratio is 2:1. In case of TCS in both years current ratio is almost equal to it. It means company has just the adequate amount of current assets. In case of Tech Mahindra, Current ratio is less than it in both the years. But it is still greater than 1:1. So the company still has sufficient assets to pay its short term obligations. Quick assets means current assets – inventory – prepaid exp. So, it is more conservative measure. Ideal quick ratio is 1:1. It shows that TCS and Tech Mahindra have very less current investments in terms of inventories and prepaid expenses so the ratios are almost equal to the current ratios.Cash ratio is most conservative measure of three as it comprises only cash and marketable securities. TCS keeps more current assets in cash than Tech Mahindra. Leverage Ratios: Ratio| TCS| Tech Mahindra| | 2012| 2011| 2012| 2011| Debt – Assets ratio| 0. 0028| 0. 00 21| 0. 177| 0. 194| Debt To Equity Ratio| 0. 003| 0. 002| 0. 327| 0. 349| Interest Coverage Ratio| 627. 32| 417. 18| 7. 3112| 8. 2416| Total Debt Ratio| 0. 00375| 0. 0027| 0. 2425| 0. 259| Analysis of a firm’s capital structure is essential to evaluate its long-term risk and return prospects. Debt – assets ratio implies portion of total debt in capital structure of a company.The more this ratio is the more risky company is because cost of debt is always greater than cost of equity. So, it is preferred to have more amount of equity than debts. For both TCS and Tech Mahindra, debt ratio is good enough though TCS has better debt ratio. Interest coverage ratio measures the protection available to creditors as the extent to which earnings available for interest cover interest expenses. In case of both companies in both years debt holders are secured as enough profit is available with firm but in case of TCS debt holders are very much secured.Payment of interest on debenture s is always preferred to payment of dividends on equity and preference shares. Activity ratios: Ratio| TCS| Tech Mahindra| | 2012| 2011| 2012| 2011| Inventory Turnover Ratio| 1992. 04| 1179. 132| 23319| 7143. 5| Receivable’s Turnover Ratio| 4. 244| 4. 554| 4. 217| 5. 149| Payable Turnover Ratio| 10. 89| 10. 46| 9. 956| 14. 126| Fixed Assets turnover Ratio| 7. 44| 6. 85| 6. 430| 7. 5143| Total Assets Turnover ratio| 1. 18| 1. 142| 0. 826| 0. 816| Activity ratios describe the relationship between the firm’s sales/cost of goods sold and the assets needed to sustain operating activities.The higher the ratio, the more efficient the firm’s operations as relatively fewer assets are required to maintain a given level of operation. Inventory turnover ratio measures the efficiency of the firm’s inventory management. A higher ratio means inventory does not remain in warehouses for long time. In both years Tech Mahindra has higher ratio than TCS has. Since both are s oftware companies, need for inventory is very less. Hence the ratios are so high. Receivable turnover ratio measures the efficiencies of the firms credit policies and indicate the level of investment in receivables needed to maintain the firm’s sales level.The higher this ratio, the lesser the period in which debtors pays money. Its almost similar for both the companies for 2011-12. For 2010-11, Tech Mahindra is slightly ahead in comparison to TCS in this parameter . It implies that Tech Mahindra gives credit to its customer for lesser time period than TCS does. In 2010-11 average credit time given by TCS is 365/4. 554=80 days approx. while by Tech Mahindra is 365/5. 149=70 days. Payable turnover ratio implies the time duration after which company makes payments to its creditors. The higher ayable turnover ratio, the earlier company makes payments to its creditors. TCS’s payable turnover ratio is slightly better than that of Tech Mahindra in 2011-12. For 2010-11, Tech Mahindra has better payable ratio than TCS as it makes payment to its creditors earlier. Fixed assets turnover ratio measures the efficiency of long-term investment. This ratio reflects the level of sales generated by investment in production capacity and shows the efficiency level of fixed assets. The higher this ratio means more productive and efficient are fixed assets or long-term investments.From table it is clear that investments of TCS are slightly more productive than of Tech Mahindra for 2011-12 but it was reverse by almost the same amount for 2010-11. Total assets turnover ratio considers total assets instead of only current assets so; it measures overall efficiencies of all assets (current fixed). TCS has a better ratio than Tech Mahindra has. Profitability Ratios: Ratio| TCS| Tech Mahindra| | 2012| 2011| 2012| 2011| PBIT Ratio| 2. 224| 2. 3511| 0. 1429| 0. 1847| PBT Ratio| 0. 284| 0. 2952| 0. 1104| 0. 1623| PAT Ratio| 0. 212| 0. 242| 0. 0878| 0. 1403| ROA| 0. 336| 0. 338 | 0. 118| 0. 150| ROE| 0. 48| 0,367| 0. 134| 0. 206| This is the most important ratio because both shareholder’s and stakeholder’s profit/gain depends on profitability of company. These ratios measures profitability in terms of % of sales. Debenture holders are much concerned about PBIT(profit before interest and tax) as they are paid interest out of it, government is more concerned about PBT(profit before tax) as it charge tax on this profit, shareholders are more concerned about PAT(profit after tax) as they are paid dividends on the basis of it. For both the companies there is a little change in these ratios over the previothemyear.Also profitability of TCS is more than Tech Mahindra. ROA measures the management’s ability and efficiency in using the firm’s assets to generate profits and it reports the total return accruing to all providers of capital(debt and equity) while ROE considers amount available for distribution to shareholder’s. Both RO A and ROE are undoubtedly better for TCS than those of Tech Mahindra. TCS is giving superb rate of return on equity to its shareholders as 33-34 % in last two years while that for Tech Mahindra is 15-17%. The relationship between ROA and ROE reflects the firm’s capital structure. 2. Horizontal, Vertical and Trend Analysis Items selected For horizontal, vertical and trend analysis are: Items | TCS| Tech Mahindra| | 2012| 2011| 2012| 2011| Shareholder’s Fund| 29579. 23| 24504. 81| 34432| 33840| Inventory| 17. 77| 22. 82| 2| 6| Fixed Assets| 6564. 97| 5440. 98| 8153| 6608| Cash and bank balance| 6003. 47| 4700. 85| 1389| 1938| Creditors| 3247. 87| 2572. 33| 4684| 3034| Debtors| 11520. 35| 8194. 97| 12431| 9643| Total assets/liabilities| 41394. 49| 32681. 04| 63454| 60804| Vertical Analysis: In vertical analysis Auditors calculate portion of one item in total assets/liabilities in terms of percentages.Items | TCS| Tech Mahindra| | 2012| 2011| 2012| 2011| Shareholderâ€℠¢s Fund| 71. 45| 74. 98| 54. 26| 55. 65| Inventory| 0. 042| 0. 069| 0. 003| 0. 009| Fixed Assets| 15. 85| 16. 64| 12. 848| 10. 86| Cash and bank balance| 14. 5| 14. 38| 2. 18| 3. 18| Creditors| 7. 846| 7. 871| 7. 381| 4. 9| Debtors| 27. 83| 25. 07| 19. 59| 15. 85| Horizontal Analysis: In horizontal analysis Auditors calculate % change in an item over a base year. Here Auditors are considering 2009-10 as base year and will calculate % change. Items| TCS| Tech Mahindra| | 2012| 2011| 2012| 2011| Shareholder’s Fund| 95. 29| 100| 97. 50| 100|Inventory| 60. 87| 100| 33. 33| 100| Fixed Assets| 95. 25| 100| 118. 30| 100| Cash and bank balance| 100. 83| 100| 68. 55| 100| Creditors| 99. 68| 100| 150. 63| 100| Debtors| 111. 01| 100| 123. 59| 100| Trend Analysis: For TCS: For Tech Mahindra: 3. Suggestions: i. Creditors: Since the debt ratios are less, there is a lot of assets and equity backing for the debts. It’s a safe bet to lend to both of these companies. ii. Banks and Finan cial institutions : Interest Coverage ratio is high. So lending to these companies is a safe thing to do. (More so to TCS which has excellent Interest Coverage Ratio) iii.Investors: Both the companies have high ROE. So it’s a good option to invest in them. Returns of TCS are as high as 34-36% while that of Tech Mahindra are 15-17%. iv. Government: Tax benefits can be tightened a bit. Because with the proportion of sales tax appears to be less. PBT and PAT ratios for both the companies are almost equal. v. Management: Crediting policies should be changed a bit. Because software industry being a intangible industry can’t rely much on low recievables turnover ratio. 4. Accounting Policies TCS Fixed Assets Fixed assets are stated at cost, less accumulated depreciation / amortization.Costs include all expenses incurred to bring the asset to its present location and condition. Fixed assets exclude computers and other assets individually costing ` 50,000 or less which are not capitalized except when they are part of a larger capital investment program. Depreciation / Amortization Depreciation / amortization on fixed assets, other than freehold land and capital work-in-progress is charged so as to write-off the cost of assets, on the following basis: Type of asset Method Rate / Period Leasehold land and buildings Straight line Lease period Freehold buildings Written down value 5%Factory buildings Straight line 10% Leasehold improvements Straight line Lease period Plant and machinery Straight line 33. 33% Computer equipment Straight line 25% Vehicles Written down value 25. 89% Office equipment Written down value 13. 91% Electrical installations Written down value 13. 91% Furniture and fixtures Straight line 100% Intellectual property / distribution rights Straight line 24 –60 months Rights under licensing agreement Straight line License period Fixed assets purchased for specific projects are depreciated over the period of the project. InvestmentsLo ng-term investments are stated at cost, less provision for other than temporary diminution in value. Current investments, except for current maturities of long term investments, comprising investment in mutual funds are stated at the lower of cost and fair value. Inventories Raw materials, sub-assemblies and components are carried at the lower of cost and net realisable value. Cost is determined on a weighted average basis. Purchased goods-in-transit are carried at cost. Work-in-progress is carried at the lower of cost and net realisable value. Stores and spare parts are carried at cost, less provision for obsolescence.Finished goods produced or purchased by the Company are carried at lower of cost and net realisable value. Cost includes direct material and labtheir cost and a proportion of manufacturing overheads. Tech Mahindra Fixed Assets including intangible assets: Fixed assets are stated at cost less accumulated depreciation. Costs comprise of purchase price and attributable c osts, if any. Depreciation / amortization of fixed assets: (i) The Company computes depreciation of all fixed assets including for assets taken on lease using the straight line method based on estimated useful lives.Depreciation is charged on a pro rata basis for assets purchased or sold during the year. Management’s estimate of the useful life of fixed assets is as follows: Buildings 28 years Computers 3 years Plant and machinery 5 years Furniture and fixtures 5 years Vehicles 3-5 Years Office Equipments 5 years (ii) Leasehold land is amortised over the period of lease. (iii) Leasehold improvements are amortised over the period of lease or expected period of occupancy whichever is less. (iv)Intellectual property rights are amortised over a period of seven years. (v) Assets costing upto Rs 5,000 are fully depreciated in the year of purchase. vi)The cost of software purchased for internal use is capitalized and depreciated in full in the month in which it is put to use. Invest ments: Long term investments are carried at cost. Provision is made to recognise a decline other than temporary in the carrying amount of long term investment. Current investments are carried at lower of cost and fair value. Inventories: Components and parts: Components and parts are valued at lower of cost and net realizable value. Cost is determined on First-In-First Out basis. Finished Goods: Valued at the lower of the cost or net realisable value. Cost is determined on First-In-First Out basis. . ) Key Highlights TCS a. ) Auditor’s Report 1. Auditors have audited the attached Consolidated Balance Sheet of TATA CONSULTANCY SERVICES LIMITED (â€Å"the Company†) and its subsidiaries (collectively referred as â€Å"the TCS Group†) as at March 31, 2012,the Consolidated Statement of Profit and Loss and the Consolidated Cash Flow Statement for the year ended on that date, both annexed thereto. These financial statements are the responsibility of the Company’ s management and have been prepared by the management on the basis of separate financial statements and other financial information regarding components.Their responsibility is to express an opinion on these financial statements based on their audit. 2. Auditors conducted their audit in accordance with the auditing standards generally accepted in India. Those Standards require that Auditors plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. Auditors believe that their audit provides a reasonable basis for their opinion. 3. Auditors did not audit the financial statements of certain subsidiaries whose fina ncial statements reflect total assets (net) of ` 4825. 13 crores as at March 31, 2012, total revenues of ` 7601. 89 crores and net cash inflow amounting to ` 514. 17 crores for the year ended on that date.These financial statements and other financial information has been audited by other auditors whose reports have been furnished to us, and their opinion in so far as it relates to the amounts included in respect of these subsidiaries is based solely on the report of other auditors. 4. Auditors report that the consolidated financial statements have been prepared by the Company’s management in accordance with the requirements of the Accounting Standard (AS) 21, Consolidated Financial Statements prescribed by the Central Government under Section 211 (3C) of the Companies Act, 1956 and other recognized accounting practices and policies. 5.Based on their audit and on consideration of the separate audit reports on the individual financial statements of the Company and the aforesai d subsidiaries and other financial information of the components, and to the best of their information and according to the explanations given to us, Auditors are of the opinion that the attached consolidated financial statements give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Consolidated Balance Sheet, of the state of affairs of the TCS Group as at March 31, 2012; (ii) in the case of the Consolidated Statement of Prof t and Loss, of the profit of the TCS Group for the year ended on that date; and (iii) in the case of Consolidated Cash Flow Statement, of the cash flows of the TCS Group for the year ended on that date. b. ) Management Discussion The Company’s strategy to support longer term growth is to continually extend the core IT services business by expanding its geographic reach, industry coverage and service capabilities and by deepening existing client elationships, building or acquiring emergi ng businesses and adopting or creating new business models and business solutions. Risks The Company has put in place an Enterprise-wide Risk Management (ERM) programme based on the Committee of Sponsoring Organisations of the Treadway Commission (COSO) framework. Reports are placed before the Board of Directors at regular intervals. The risk management process is continuously improved and adapted to the changing global risk scenario. The agility of the risk management process is monitored and reviewed for appropriateness with the changing risk landscape. The process of continuous evaluation of risks includes taking stock of the risk landscape on an event driven as well as quarterly basis.The risk categories covered under the ERM programme includes strategic, operational and financial as well as compliance-related risks across various levels of the organisation. This includes risk assessment and mitigation at the company level, business / functional unit level, relationship level an d project level. c. ) Corporate Governance Effective corporate governance practices constitute the strong foundations on which successful commercial enterprises are built to last. These practices are categorised through principle based standards and not just through a framework enforced by regulation. It develops through adoption of ethical practices in all of its dealings with a wide group of stakeholders encompassing regulators, employees, shareholders, customers and vendors.Strong leadership and effective corporate governance practices have been the Company’s hallmark and it has inherited these from the Tata culture. The Company will continue to focus its resources, strengths and strategies to achieve its vision of becoming a truly global leader in software services, while upholding the core values of excellence, integrity, responsibility, unity and understanding, which are fundamental to the Tata companies. By combining ethical values with business acumen, globalisation w ith national interests and core business with emerging business, the Company aims to be amongst the largest and most respected global organisations. The Company elieves in adopting the ‘best practices’ that are followed in the area of corporate governance across various geographies. The Company has a strong legacy of fair, transparent and ethical governance practices. The Company has adopted a Code of Conduct for its employees including the Managing Director and the Executive Directors. In addition, the Company has adopted a Code of Conduct for its Non-Executive Directors. Both these codes are available on the Company’s website. The Company’s corporate governance philosophy has been further strengthened through the Tata Business Excellence Model, the Tata Code of Conduct for Prevention of Insider Trading, as also the Code of Corporate Disclosure Practices.The Company has in place an Information Security Policy that ensures proper utilisation of IT resource s. The Company is in compliance with the requirements stipulated under Clause 49 of the Listing Agreements entered into with the Stock Exchanges with regard to corporate governance. Tech Mahindra a. ) Auditors’ Report The audit was conducted in accordance with the auditing standards generally accepted in India. Those Standards require that auditors plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and the disclosures in the financial statements.An audit also includes assessing the accounting principles used and the significant estimates made by the Management, as well as evaluating the overall financial statement presentation. Auditors believe that their audit provides a reasonable basis for their opinion. (a) Auditors have obtained all the information and explanations which to the best of their knowledge and belief w ere necessary for the purposes of their audit; (b) In their opinion, proper books of account as required by law have been kept by the Company so far as it appears from their examination of those books; (c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this report are in agreement with the ooks of account; (d) In their opinion, the Balance Sheet, the Statement of Prof t and Loss and the Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956; (e) In their opinion and to the best of their information and according to the explanations given to them, the said accounts give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012; (ii) In the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date and (iii) In the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. b. ) Management Discussion Opportunities Growth in Emerging MarketsCompared to the subdued growth expected in developed markets, emerging markets will continue to drive relatively higher growth due to new spectrum licensing, migration to direct to home platforms, broadband penetration, focus on value added services and conducive regulatory environment. This will create opportunities for the software service providers who can assist operators in achieving their business objectives in these areas. Moreover, as the developing world focuses on shift of Mobility, it may bring in huge investments in this area which could create opportunities for companies like Tech Mahindra. Legacy to Next Generation IT transformationTelecom is a dynamic and evolving indus try with high focus on consumers’ changing demands. Service providers around the globe, on the back of dropping legacy revenues and high costs, are looking to transform their clients’ legacy platforms into next generation platforms. This will enable clients to optimize their product portfolio, and rationalize the costs associated with running the systems. These transformation initiatives will lead to outsourcing opportunities. Tech Mahindra has been at the forefront of helping its clients transform their businesses in line with the changing global telecom environment. Increased scope of outsourced activitiesAccess to talent and cost optimization is the key driver for outsourcing. Telecom service providers are adopting several outsourcing strategies to benefit from off shoring. One of the trends is services which traditionally were done in house are now being included in the scope of global sourcing. In the network domain, network outstheircing provides an opportunity f or wide range of services like field services, maintenance & support, E2E implementations and network infrastructure management. Managed services deals to cover network legacy systems have been tried in the mature markets and a similar trend will continue for the coming years. Adoption of Next Generation TechnologiesThe telecom industry continues to adapt and evolve with new technologies and new ways to communicate. Successive waves of new technology in wire-line, wireless and IP domains have been sweeping the industry landscape. The Telecom industry is also altering to cope up with the changing needs and behavitheir of consumers and increased competition. Customers believe in convenience, choice of services, responsiveness and cost as important parameters to choose their service provider. Success in current business environment is characterized by the ability to adapt to the higher user expectations on the one hand and a rapidly changing technology environment on the other.As mobil e broadband penetration expands, quick monetization has become a strategy of paramount importance for telecom service providers. Service providers are now focusing on providing solutions to enterprises by enabling their applications to be accessed via mobile platforms such as smart phones and tablets. With the growth in social network media across the world, coupled with higher broadband penetration, users have been voicing their views about quality of services. Analysis of user sentiments on such social networks, within limits of privacy laws, is another area where there has been a growth in demand. Threats Reduction in Telecom Spending The global economy is going through turbulent times and most companies are reacting to the increased volatility.Though cash-rich, telecom companies have turned cautious due to the challenging macroeconomic environment. The decisions cycles on new discretionary spend are prolonged. The service providers continue to focus on reducing costs by adopting measures such as optimizing IT Spend and postponing investments. Such cost-saving measures could have an adverse impact on outsourcing. Global IT companies posing challenge with growing India presence Global IT service providers such as Accenture, HP, CapGemini and IBM are expanding their presence in India and pose a challenge to Indian IT service companies with their global client relationships, deep pockets and domain knowledge. Risks High customer concentrationIn FY 2012, revenues from the leading client, top 5 and top 10 clients account for 37%, 68% and 78% respectively. Though customer concentration has been declining over the years, loss of any of these clients could have a material adverse impact on their revenue and profitability. After Mahindra Satyam’s merger with the Company customer concentration will reduce significantly. Withdrawal of tax benefits In the past Auditors benefited from certain income tax incentives under Section 10A of the Income Tax Act (for the IT services that Auditors provide from specially designated â€Å"Software Technology Parks† or STPs) and also from Section 10AA of the Income Tax Act (for the IT services Auditors render from units set up in SEZs).As a result of these incentives, their operations in India have been subject to relatively low tax liabilities. The income tax benefits available to STP units have been discontinued from 1st April 2011. As this withdrawal was foreseen, the Company decided to set up facilities in SEZ units at various locations as the units set up in SEZ area would continue to provide them with tax benefits similar to those in STPs. Auditors commenced operations in SEZ units at Hinjewadi Pune, Chennai, Kolkata and Chandigarh. Additional units are coming up at Noida. But despite this, tax incidence will increase over the previous years due to withdrawal of Section 10A benefits.In addition, there is no assurance that the Indian government will not enact laws in the future that would ad versely impact tax incentives further and consequently, their tax liabilities and profits. When their tax incentives expire or are terminated, their tax expense will materially increase, reducing their profitability. Exchange rate risks The exchange rate between the Indian Rupee and the British Pound and the Rupee and the U. S. Dollar has fluctuated widely in the recent past and may continue to fluctuate significantly in the future. The average value of the Rupee for the FY 2011-12 against the British Pound appreciated by approx 7. 7% and against U. S. Dollar by approximately 4. 4% for the FY 2010-11.Accordingly, their operating results have been and will continue to be impacted by fluctuations in the exchange rate of the Indian Rupee with the British Pound, the U. S. Dollar along with other foreign currencies. Any strengthening of the Indian Rupee against the British Pound, the U. S. Dollar or other foreign currencies, as witnessed in the last year, could adversely affect their pro fitability. c. ) Corporate Governance Report The Company believes that Corporate Governance is a set of guidelines to help fulfill its responsibilities to all its stakeholders. It is a voluntary code of self-discipline to ensure that the Company abides by highest ethical standards. In line with this philosophy, the Company follows healthyCorporate Governance practices and has been reporting the same in annual report even before the Company was listed in August 2006. Board of Directors: The Composition of the Board is in total conformity with Clause 49 of the Listing Agreement, as amended from time to time. The Company has a balanced mix of eminent executive, non-executive and independent directors on the Board. The total strength of the Board of Directors is eleven. The Company has a Non-executive Chairman, who is a professional Director in his individual capacity and belongs to the Promoter Group and the number of independent directors is seven which is more than half of the total strength of the Board as required by the provisions of the Listing Agreement.The number of Non-Executive Directors is ten which is more than 50% of the total number of Directors. The Company is managed by the Vice Chairman & Managing Director and the Management Team. The Board reviews and approves strategy and oversees the performance to ensure that the long term objectives of enhancing stakeholder value are met. The Independent Directors and the Senior Management have made disclosures to the Board confirming that there are no material financial and/or commercial transactions between them and the Company which could have potential conflict of interest with the Company at large. The Board meets at least four times a year and the maximum gap between two meetings is not more than four months.During the year 2011-12, six meetings of the Board of Directors were held on 20th April 2011, 26th May 2011, 12th August 2011, 15th November 2011, 8th February 2012 and 21st March 2012. Agenda for the Board Meetings containing all necessary information / documents is made available to the Board in advance to help the Board to discharge its responsibilities effectively and take informed decisions. In some instances, documents are tabled at the meetings and the concerned manager also makes presentations to the Board or Committees. None of the Directors on the Board is a member in more than 10 committees or acts as a Chairman of more than 5 committees across all companies in which he is a director.The directors of the Company are not inter se related. CEO / CFO Certification As required under Clause 49 V of the Listing Agreement with the Stock Exchanges, a Certificate on the Financial Statements for the financial year ended on 31st March, 2012 has been given to the Board of Directors by the Vice Chairman & Managing Director and the Chief Financial Officer of the Company. Code of Conduct All the Directors and senior management personnel have affirmed compliance with the Code of C onduct/ Ethics as approved and adopted by the Board of Directors and a declaration to that effect signed by the Managing Director. The Code has been posted on the Company’s website – www. techmahindra. om Policy for prohibition of Insider Trading In compliance with the provisions of SEBI (Prohibition of Insider Trading) Regulations, 1992, (as amended from time to time) and to preserve the confidentiality and prevent misuse of unpublished price sensitive information, the Company has adopted a policy for prohibition of Insider Trading for Directors and specified employees of the Company, relating to dealing in the shares of the Company. This policy also provides for periodical disclosures from designated employees as well as pre-clearance of transactions by such persons. Whistle Blower Policy The Company has a Whistle Blower Policy in place.In terms of this policy, all employees are encouraged to report any instance of unethical behaviour, fraud, violation of the Company ’s Code of Conduct or any behaviour which may otherwise be inappropriate and harmful to the Company. The policy provides a mechanism for employees to raise concerns that relate to violation of the Code of Conduct, Accounting, Internal Controls, Auditing Matters and applicable national and international laws including statutory / regulatory rules and regulations. This policy has been communicated to all employees and has been posted on the Company’s Intranet for ready access. Risk Management: The Company has a well-defined risk management framework in place. The risk anagement framework adopted by the Company is discussed in detail in the Management Discussion and Analysis section of this Annual Report. The Company has established procedures to periodically place before the Board, the risk assessment and minimization procedures being followed by the Company and steps taken by it to mitigate these risks. 6. ) Share Prices Analysis Share Prices of TCS as on 29th August ar e nearly Rs 1352. 90. It has increased from approximately Rs 954 to Rs 1352. 90. Share prices have been on the increase in the last year. According to the price movements and ratios calculated it is a very good buy. Share Prices of Tech Mahindra as on 29th August are nearly Rs 875. 80.It has increased from approximately Rs 617 to Rs 875. 80. Share prices have been on the increase in the last year. According to the price movements and ratios calculated it is a good buy. Comparing both together TCS is a better buy. 7. ) Key Improvement Areas and Ratings a. ) Key Improvement Areas Both should try to reduce their debtors. Tech Mahindra should increase its volume of current assets. Rest both the companies are high performing companies as seen by the analysis and share prices. b. ) Rating TCS is better than Tech Mahindra as the ratios are fairly better for it. Also from investment point of view share prices and ROE has been better for TCS. Also profitability of TCS is higher.

Macbeth †Closing Address to the Jury, Prosecution. Essay

Good morrow esteemed lords and ladies of the court, it is within my regrets to tell you that our â€Å"noble† thane (of both Glamis and Cawdor) and King Macbeth has murdered our fair (late) King Duncan for his own traitorous and greedy purposes. Macbeth has betrayed his country and committed regicide, the highest form of sacrilege. The prosecution has found Macbeth guilty beyond a reasonable doubt, with several accounts of murder, manslaughter, attempted murder, one account of regicide and conspiring to murder. (accessory to murder) 😛 Macbeth is a murderous heathen, whom sought to heighten himself to the rank of King by betraying the country (already stated this), his King and god. An earlier witness; one of Macbeth’s â€Å"Loyal† servants, (the gentle woman) stated that he had heard Macbeth whispering â€Å"I go, and it is done. The bell invites me. Hear it not, Duncan, for it is a knell that summons thee to heaven or to hell.† Obviously scared of Macbeth’s murderous mind, the servant stayed quiet until now. There were more witnesses as of yesterday, as a cutthroat hired by Macbeth told the jury of the atrocities he had performed, before being dragged off to be executed. To quote; the murderer said â€Å"Macbeth threatened me with a certain death if I were to betray him. That was just a shimmer of the murderer within him.† The prosecution would also like to point out that straight after Duncan’s body was found, Macbeth killed the two intoxicated guards, blaming these poor innocent men for the murder, and also dispatching of two possible witnesses. Macbeth did also state â€Å"O, yet I do repent me of my fury, that I did kill them.† In stating â€Å"them†, Macbeth could have been referring to both the murdered slaves and our fair King Duncan. Macbeth also insinuated that the drunken guards murdered Duncan in his sleep, but if you look and think, and I am sure you are all intelligent Lords and Ladies, a drunken guard cannot harm more than a fly (people who are drunk are more likely to become very aggressive), as they would not be able to stand. In an earlier testimony, we called upon Lady Macbeth, who, when confronted with the evidence and questioning, cracked under pressure and confessed her hand in murdering Duncan. Lady Macbeth acknowledged Macbeth and herself plotting to murder Duncan, Banquo, and MacDuff’s wife and children. Macbeth also attempted to murder Fleance and MacDuff. A servant came forth and stated that Lady Macbeth had whispered to Macbeth â€Å"Infirm of purpose! Give me the daggers. The sleeping and the dead, are but as pictures. ‘Tis the eye of childhood, that fears a painted devil. If he do bleed, I’ll gild the faces of the grooms withal, For it must seem their guilt.† Lady Macbeth obviously did not know she was whispering loud enough for the Servant to hear. Unfortunately, Lady Macbeth has passed away now, taking her life before more answers arose. The defence earlier tried to state Macbeth was acting under the influence of three evil witches. They stated that the witches had told him â€Å"All hail, Macbeth, that shalt be king hereafter!† According to the defence, this justifies treason, heresy, murder and plotting against the crown. The court was lucky (luck is not a part of their nature) enough to get one of the Witches (Weird Sisters and they don’t listen to petty human demands and/or requests) in the room, whom stated that â€Å"Macbeth sought to murder King Duncan on his own accord; we witches merely stated he would be King.† The Witch denied fuelling Macbeth’s murderous tendencies. MacDuff, slayer of the late Macbeth, retold the account of his family’s murder, which was issued by Macbeth. He stated to the court that his wife and son were in the midst of talking when a murderer ( he wasn’t there when they were murdered he had heard news of it but never witnessed it ), sent by Macbeth shook the residence by declaring that he was a traitor. He stated that his son, a brave young lad, meant to protect his father’s name. His honourable son screeched at the Murderer, â€Å"Thou liest, thou shag-eared villain!† This was followed by a fatal stab to his son, in which Lady MacDuff ran, shouting murder. The villainous murderer sought after Lady MacDuff, who could not outrun the murderous lunatic. MacDuff was severely shaken during this testimony, for reasons obvious to the court. He also recounted the end of Macbeth, in affirming â€Å"I held his head†¦ I held the head  of the treacherous king. I had to do it; he slaughtered my family, my life! I regret to say I enjoyed it, enjoyed taking back what he took from me.† If this does not prove the guilt of Macbeth, I do not know what does. As the court can see, the mind inside of Macbeth was a sickening one, as he ordered the slaughter of innocent people, to secure his position as King. In all these dishonourable acts, I believe it is in the interest of the court to say that Macbeth is guilty of multiple accounts of treason, murder, attempted murder, manslaughter, regicide and heresy. I thank you, esteemed lords and ladies, for your time in this period of turmoil. May King Duncan rest in peace, and the wicked Macbeth burn for his crimes.

The History Behind Who Invented HTML

The History Behind Who Invented HTML Some of the people who drive the transformation of the internet are well-known: think Bill Gates and Steve Jobs. But those who developed its inner workings are often totally unknown, anonymous, and unsung in an age of hyper-information that they themselves helped to create. Definition of HTML HTML is the authoring language used to create documents on the web. It  is used to define the structure and layout of a  web page, how a page looks, and any special functions. HTML does this by using what are called tags that have attributes. For example, p means a paragraph break. As the viewer of a web page, you dont see HTML; it is hidden from your view. You see only the results. Vannevar Bush Vannevar Bush was an engineer born at the end of the 19th century. By the 1930s he was working on analog computers and in 1945 wrote the article As We May Think, published in the Atlantic Monthly. In it, he describes a machine he called memex, which would store and retrieve information via microfilm. It would consist of screens (monitors), a keyboard, buttons, and levers. The system he discussed in this article is very similar to HTML, and he called the links between various pieces of information associative trails. This article and theory laid the foundation for Tim Berners-Lee and others to invent the World Wide Web, HTML (hypertext markup language), HTTP (HyperText Transfer Protocol), and URLs (Universal Resource Locators) in 1990. Bush died in 1974 before the web existed or the internet became widely known, but his discoveries were seminal. Tim Berners-Lee and HTML Tim Berners-Lee, a scientist and academic, was the primary author of HTML, with the assistance of his colleagues at CERN, an international scientific organization based in Geneva. Berners-Lee invented the World Wide Web in 1989 at CERN. He was named one of Time magazines 100 most important people of the 20th century for this accomplishment. Berners-Lees browser editor was developed in 1991-92. This was a true browser editor for the first version of HTML and ran on a NeXt workstation. Implemented in Objective-C, it, made it easy to create, view, and edit web documents. The first version of HTML was formally published in June 1993.

The Deep State Theory, Defined and Explained

The Deep State Theory, Defined and Explained The seed for many tantalizing conspiracy theories, the term â€Å"deep state† in the United States implies the existence of a premeditated effort by certain federal government employees or other persons to secretly manipulate or control the government without regard for the policies of Congress or the President of the United States. Origin and History of the Deep State The concept of a deep state - also called a â€Å"state within a state† or a â€Å"shadow government† – was first used in reference to political conditions in countries like Turkey and post-Soviet Russia. During the 1950s, an influential anti-democratic coalition within the Turkish political system called the â€Å"derin devlet† – literally the â€Å"deep state† - allegedly dedicated itself to ousting communists from the new Turkish Republic founded by Mustafa Ataturk after World War I. Made up of elements within the Turkish military, security, and judiciary branches, the derin devlet worked to turn the Turkish people against its enemies by staging â€Å"false flag† attacks and planned riots. Ultimately, the derin devlet was blamed for the deaths of thousands of people. In the 1970s, former high-ranking officials of the Soviet Union, after defecting to the West, publically stated that the Soviet political police – the KGB – had operated as a deep state secretly attempting to control the Communist Party and ultimately, the Soviet government. In a 2006 symposium, Ion Mihai Pacepa, a former general in the Communist Romania secret police who defected to the United States in 1978, stated, In the Soviet Union, the KGB was a state within a state.† Pacepa went on to claim, â€Å"Now former KGB officers are running the state. They have custody of the country’s 6,000 nuclear weapons, entrusted to the KGB in the 1950s, and they now also manage the strategic oil industry renationalized by Putin.† The Deep State Theory in the United States In 2014, former congressional aide Mike Lofgren alleged the existence of a different type of deep state operating within the United States government in his essay titled â€Å"Anatomy of the Deep State.† Instead of a group comprised exclusively of government entities, Lofgren calls the deep state in the United States â€Å"a hybrid association of elements of government and parts of top-level finance and industry that is effectively able to govern the United States without reference to the consent of the governed as expressed through the formal political process.† The Deep State, wrote Lofgren, is not â€Å"a secret, conspiratorial cabal; the state within a state is hiding mostly in plain sight, and its operators mainly act in the light of day. It is not a tight-knit group and has no clear objective. Rather, it is a sprawling network, stretching across the government and into the private sector.† In some ways, Lofgren’s description of a deep state in the United States echoes parts of President Dwight Eisenhower’s 1961 farewell address, in which he warned future presidents to â€Å"guard against the acquisition of unwarranted influence, whether sought or unsought, by the military-industrial complex.† President Trump Alleges a Deep State Opposes Him Following the tumultuous 2016 presidential election, President Donald Trump and his supporters suggested that certain unnamed executive branch officials and intelligence officers were secretly operating as a deep state to block his policies and legislative agenda by leaking information considered critical of him. President Trump, White House Chief Strategist Steve Bannon, along with ultra-conservative news outlets like Breitbart News claimed that Former President Obama was orchestrating a deep state attack against the Trump administration. The allegation apparently grew out of Trump’s unsubstantiated claim that Obama had ordered the wiretapping of his telephone during the 2016 election campaign. Current and former intelligence officials remain divided on the question of the existence of a deep state secretly working to derail the Trump administration.   In a June 5, 2017 article published in The Hill Magazine, retired veteran CIA field operations agent Gene Coyle stated that while he doubted the existence of â€Å"hordes of government officials† operating as an anti-Trump deep state, he did believe the Trump administration was justified in complaining about the number of leaks being reported by news organizations. â€Å"If you are that appalled at the actions of an administration, you should quit, hold a press conference and publicly state your objections,† said Coyle. â€Å"You can’t run an executive branch if more and more people think, ‘I don’t like the policies of this president, therefore I will leak information to make him look bad.’† Other intelligence experts argued that individuals or small groups of individuals leaking information critical of a presidential administration lack the organizational coordination and depth of deep states such as those that existed in Turkey or the former Soviet Union. The Arrest of Reality Winner   On June 3, 2017, a third-party contractor working for the National Security Agency (NSA) was arrested on charges of violating the Espionage Act by leaking a top-secret document related to the possible involvement of the Russian government in the 2016 U.S. presidential election to an unnamed news organization. When questioned by the FBI on June 10, 2017, the woman, 25-year-old Reality Leigh Winner, â€Å"admitted intentionally identifying and printing the classified intelligence reporting at issue despite not having a ‘need to know,’ and with the knowledge that the intelligence report was classified,† according to the FBI affidavit. According to the Justice Department, Winner â€Å"further acknowledged that she was aware of the contents of the intelligence reporting and that she knew the contents of the reporting could be used to the injury of the United States and to the advantage of a foreign nation.† The arrest of Winner represented the first confirmed case of an attempt by a current government employee to discredit the Trump administration. As a result, many conservatives have been quick to use the case to bolster their arguments of a so-called deep state within the United States government. While its true that Winner had publicly expressed anti-Trump sentiments both to co-workers and on social media, her actions in no way prove the existence of an organized deep state effort to discredit the Trump administration.

3. How does Poe use setting as a Gothic element in The Fall of the Essay

3. How does Poe use setting as a Gothic element in The Fall of the House of Usher, William Wilson, and The Tell Tale Heart - Essay Example Thus, references to ‘a dull, dark, and soundless day in the autumn of the year’, ‘clouds hung oppressively low in the heavens’, ‘passing alone, on horseback’, ‘singularly dreary tract of country’, ‘the melancholy House of Usher’, etc in the story clearly indicate that the author makes use of the setting of the story as a means to create the Gothic mood. A reflective analysis of the Gothic elements in this story confirms that there is an absolute emphasis on setting – both exterior (landscape) and interior (houses and mansion). The author makes use of the fungi covered front of the mansion to create the unusual setting of the story. Similarly, Edgar Allan Poe employs savage actions in the Gothic setting in the story â€Å"William Wilson† which tells about the life and crime of the narrator. The author obviously brings out the Gothic setting of the story when he refers to ‘large, rambling, Elizabethan house, in a misty-looking village of England’, ‘vast number of gigantic and gnarled trees’, ‘dream-like and spirit-soothing place’, ‘the stillness of the dusky atmosphere’, etc. â€Å"The Tell Tale Heart† by Poe is another significant example of how the author uses setting as a Gothic element. In this story, the dark, disconcerting location, death and decay, and the existence of evil and madness, etc bring about the Gothic elements and Poe’s works are celebrated for the exceptional use of medieval settings, shadowy atmospheres, and mysterious and violent

Communication Satisfaction in the Virtual Workplace Coursework

Communication Satisfaction in the Virtual Workplace - Coursework Example Such innovations are capable of engaging, encouraging and supporting employees in their commitment to duty, which ultimately improves performance. By facilitating different approaches towards employees, innovations in employee benefits help the organization improve its overall competitive compensation strategy by enabling it to present itself uniquely from other organizations. Organizations can tie innovative benefits to specific jobs by primarily considering factors such as what the job description of each group of employees entails. Age is also a critical factor. This stems from the understanding that a certain innovative plan may be significant to one group and meaningless to another. For instance, fitness group membership would not be considered as a priority for field officers who traverse the width of the state while on duty as it would be for those who spend long hours behind computers. Similarly, young adults below 30 would consider mortgages and car loans or grants to be more significant than healthcare or retirement packages while in contrast, the elderly and less active would be tied to retirement benefits (Swanberg, McKechnie, & James, 2011). Critically assessing the effectiveness of equity-based versus creative-approach reward systems reveals that they both depend on an organization’s communication strategy as well as employees’ personal perceptions. Employees have a right to equity-based rewards since it is basically what they enter into a contract with employers to earn. The effectiveness of equity-based rewards is reflected in the manner in which they incorporate the interests of shareholders, organizations, and employees (Worldatwork, 2010). The key objectives of equity-based rewards include obtaining tax advantages and conserving resources while motivating optimum performance by employees.