Full bsc corporate implementation Essay Example for Free

Full bsc corporate implementation Essay The implementation of the balanced scorecard at Pepsi Saudi was constructed on the previously discussed BSC four perspectives. And it followed the designed phases of preparation, designing and implementation. Week 2 Week 8 Week 12/ forward. Team building creation of strategic Improvement of data availability/ accuracy Measures Clarification of Documentation of strategic Construction of BSC model Strategy and objectives Measures Data collection Data computerization/automation Prepare to implement Develop comprehensive BSC solution. From BSC manual 2000 Pepsi Saudi decided to pick to pick members of the original pilot team, but every member could not participate. There were some additional screening and the final selection was made based on what was considered the strength of the team. The teams ultimately selected their team leader who would represent them for the duration. The team leaders were selected by organizational strength and leadership: base on the ease and timing and strategic relevance. Ease/Timing: Possession of skills needed to make and execute the commitment. Familiarization with the BSC system and the corporate objective. The support shown to the team leader by the rest of the team. Strategic The potential for good financial generation capability Importance: The potential to serve customers needs. Quality of service Does the leader have the competitive character. Good communication skills. BSC manual 2000. The initial objectives for Pepsi Saudi were acquisition of new customer base and the retention of the core customer base. To design a system that would enable the company to serve that customer unit better. To use the BSC system to develop more efficient ways of delivering good quality products on time. To remain on the offensive as far as the competition, and to develop a solid business atmosphere that would enhance the strategies of the company. The design phase recorded the need to add the strategic measures, explaining collection of data, and preparation for implementation. The four major perspectives were emphasized again: the financial, customer, internal business process, and learning and growth. The four perspectives also detailed the measures that the company had set as its road to execution. perspectives Corporate measures financial Total revenues, new sources of revenue, Return on investment. Customer Customer satisfaction index, increase market share Internal business To focus on production of superior soft drinks  process Increase market share, and ultimately make More money for shareholders. learning and growth Develop employee satisfaction marker, Regular employee training exercises . The project was concluded with the highly expected implementation phase. A model was constructed, and data collection program was set in motion, and the company have allocated great resources directed to the maintenance and continuous development of BSC. SUMMARY: The balanced scorecard is both a management and a measurement business too, BSC  helps business organizations design a business vision and strategy that they could be translate into action. BSC helps the business people to have the necessary feedbacks about their operations, both as internal business process and external business process. It goes further to assist them to strengthen strategic business performance. So BSC revolves around such concepts as feedback measurement, the cascading formation, cause and effect, and mapping of strategies. The major perspective are the financial perspective, the customer perspective, the internal process perspective, and the learning  perspective. The factors that gives the BSC its stability is found in the lagging and leading indicators, then the diagnostic and strategic measurement systems. The cost and risk, the benefits and value. With low risk implementation, the BSC predicts low benefit, and on the token, an investment on the high risk BSC yields high benefits. The operational and strategic feedback is anchored by the metrics, which centers on the revolving strategic plans, strategic budget, strategic initiative, and to the outputs. The cascading scorecard travels from the organizational goals, to strategic decision,  and then to agency level informational analysis and review. Then it cascades down again to the directors level, as it comes down finally to the branch level. The cause and effect theory states simply that when customer satisfaction is elevated then it makes sense that financial intake would also be increased. When work process is strengthened it ought to lead to increased customer satisfaction. If employees are given the skills education or knowledge they need to function and work better, then there is little doubt that the entire organizational foundation would benefit tremendously from well from that perspective.

History Of The Millat Tractors Limited

History Of The Millat Tractors Limited This whole report starts with the brief introduction of the Millat Tractors Limited. The introduction consists of company background, products, objectives, mission and vision statement and dealer network. After this the report contain a complete financial analysis of the firm and its comparison with its main competitor i.e. Al-ghazi tractors, these ratios cover all the ratios which include the liquidity, leverage, profitability ratio, activity and other ratios. After this in the end the report contain the literature and article review from different authors and websites. Contents Company Review Introduction The millat tractors limited was established in 1964. At that time the main goal of this company was to introduce and market Massey Ferguson Tractors in Pakistan. In 1967, an assembly plant was set up to assemble tractors in semi-knocked down condition. In 1972 the company was nationalized and started assembling and marketing tractors on the behalf of Pakistan tractor Corporation (PTC), formed by the government of Pakistan to import the tractors in semi-knocked down condition. Later in 1980 the government decided to manufacture the tractor in Pakistan, so they put this responsibility on Pakistan Tractor Corporation (PTC). PTC transferred this role to Millat tractors in 1981. It took only one year for millat tractors limited (MTL) to manufacture their own tractors, by setting up the first engine assembly plant in Pakistan. In 1984, the MTL set up a manufacturing facilities for the machining of intricate components, which were not available in Pakistan. In 1992, MTL was privatized throu gh management buyout (wikipedia). Mission Statement Millat to be market leader in agricultural tractors and machinery, building Companys image through innovation and competitiveness, grow by expanding market and investing into group companies, ensuring satisfaction to customers and stakeholders and to fulfil social obligations (Millat Tractors). Vision Statement Millat to be a global group of companies, recognized for a range of quality products with innovative design capabilities (Millat Tractors). Business Core Values Our customers are our first priority Prosperity of our stakeholders Corporate social responsibilities to enrich the lives of the community where we operate Recognition and reward for the talented and high performing employees Excellence Integrity in dealing (Millat Tractors). Objectives and Strategic Planning Objectives The main objective of the millat tractors in to be a market leader as far as market share and technology is concerned, in the areas of operations. The objective is also to continuously improve the efficiency and competitive strength and to offer the customer the quality products and support services at competitive prices and to their satisfaction. To generate sufficient earnings to ensure a secure future for the company and to protect and increase the shareholders return through continuously improving the performance. Moreover the objective is also to enhance the creativity and job satisfaction of the employees by providing opportunities for the personal development. To play a vital role for the society and environment (Millat Tractors). Strategic planning To make optimum use of ancillary industry in Pakistan to maximize indigenization of tract parts and farm equipment. To create in-house plant facilities for manufacture of components for tractors and other agricultural machinery which cannot be fabricated by the ancillary industry, where investments required are heavy or where technology involved is intricate. MTL will maintain a strong RD Department to provide technical assistance to local manufactures and for product development. Ensure customer satisfaction by providing quality products at competitive prices with warranty coverage and ensuring after sales service (Millat Tractors). Products MTL has a huge variety of products which includes tractors for the farmers that range from 50 HP to 85 HP, to fulfil the needs of the farmers for agriculture purpose. These tractors can be purchased not only against cash but also through bank financing. Besides Tractors MTL also offer industrial products like generators, that range from 15 KVA to 40 KVA, forklift trucks and prime movers, that range from 50 HP to 85 HP. MTL also deals in range of generating sets from 27 kVA to 2000 KVA (Millat Tractors). Other than above mentioned products MTL also offers a wide range of agricultural implements like chisel, Disc and mould board plough, tine tillers, offset disc harrow, ridger, front blade, multi-purpose rear blade, agriculture loader, farm trailer, hydraulic tipping trailer, jib crane, post hole digger, lawn mover, and pneumatic pruning sets. MTL also provide a wide range of spare parts throughout the country (Millat Tractors). Dealers MTL has dealers throughout the country to make sure the availability of the tractors. MTL divided the whole country into six regions that are KPK, Northern Punjab, South Punjab, Upper Punjab, Lower Punjab and Balochistan (Millat Tractors). Competitor Analysis The main competitor of Millat Tractor is Al-ghazi tractors, besides Al-ghazi there are few private tractor manufacturers and Chinese tractors that multiply the competition. Below is the financial analysis of both millat tractors limited and Al-ghazi tractors. On the basis of these financial ratios we can compare the performance of both the firms. For Financial statements see the appendix. As far as the production and sales of MTL units are concerned a graph from their websites are given below. http://millat.com.pk/wp-content/uploads/image/chart3.JPG Source: http://millat.com.pk/?page_id=408 Financial Ratios Liquidity Ratios Current Ratio Although the current ratio of both the firms are greater than 1, but the current ratio of Al-ghazi tractors is higher than 3 which shows that the company is inefficient to utilize its current assets to pay off the current liabilities. On the other hand the current ratio of MTL is greater than 1 but less than 3 which shows that company is efficiently utilizing its current assets to settle the current liabilities. So on the basis of the current ratio we can say that Millat tractor limited is working more efficiently with their assets as compare to Al-ghazi, which has huge current ratio thats shows the inefficiency in case of utilizing the assets. Quick Ratio Quick Ratio shows the companys ability to use the cash and cash equivalents to settle the current liabilities, this excludes the inventory. The ratio of both the companies shows that millat tractor is more efficient as compare to Al-ghazi. Moreover the ratio is also close to the current ratio which shows that inventory is well managed by the millat tractors. Although the ratio of Al-Ghazi is much higher than the millat tractors, but the ratio higher than 3 is not a good sign. This shows that Al-Ghazi tractors are unable to utilize the cash and cash equivalents to settle the current liabilities due which their ratio is higher than that of Millat tractors. Inventory to net working capital This ratio tells us the extent to which the working capital is tied up in the inventory, although it is less than 1 for both the firms. But in case of millat tractors it is higher than al-Ghazi which is not a good sign as it shows that lots of working capital is tied up in inventory as compare to that of Al-Ghazi Tractors. During the last year however the ratio has decreased in case of MTL and increased in case of Al-ghazi tractors but Al-Ghazi Ratio is still lower as compared to MTL. One of the main reason is the higher inventory since last three years of Millat tractors. One thing to be kept in mind is that these inventories mostly consist of spare parts and agriculture implements. Profitability Ratios Gross profit Margin Although the gross profit margin of millat tractors are lower as compare to Al-ghazi tractors yet they are earning much on sale as compare to Al-Ghazi. In the year of 2011 Millat tractors report the sale revenue of 24863264 as compare to 14936034 but the reason is the high cost of goods sold. The main reason for the increase in the COGS is the components consumed, which is continuously increasing since last four years. According the millat tractors dealers and the website information the millat tractors is continuously increasing its production and achieved the target of 40000 tractors in the year of 2011, which obviously resulted in the increase in the components consumed. Besides components repair and maintenances and spare parts consumed also resulted in the increase of COGS, most of them were covered under the warranty claims. On the other hand in case of Al-ghazi tractors, Components consumed were highest in the year of 2010 and in 2011 the components consumed has decreased beca use of decrease in production, which also resulted in the decrease of other things like salaries, spare parts consumed and supplies. Due to this reason Millat tractors, that produced 40000 units as compare to Al-ghazi tractors that produces 19936 units in the year 2011, has to face lower gross profit margin as compare to the alghazi tractors. Otherwise as far as sales revenue is concerned, it is much much higher in case of MTL as compare to Al-Ghazi Tractors. Operating Profit Margin From the year 2008 till 2010, alghazi tractors has higher operating profit margin because of high sales as compare to COGS and low expenses but in the year 2011 Millat tractors beat the Al-ghazi tractors because of increase in production and sales and lower expenses with respect to the sales. Secondly the revenue from the sales against all the expenses are higher for MTL in the year 2011 as compare to the previous year. In the year 2011, alghazi tractors lower their production due to which their revenues also decreased. So the operating profit margin which indicates firms profitability from the current operations excluding interest and tax, is higher for MTL as compare to Al-ghazi tractors. Net Profit Margin Although the sales revenue of Millat Tractors are much higher than the alghazi tractors but they have to face high financing cost and taxation. In the year 2011 MTL also has to face a huge deferred taxation from the previous years along with the increase in the finance cost which is the result of increase in loans, accumulating compensated absences and trade and other payables. Trade and other payables were highest in the year of 2010 but decrease in 2011 due to which finance cost also showed some decreasing growth rate. On the other hand Alghazi tractors that produces much smaller number of tractors as compare to the millat tractors has to face low finance cost and taxation due to which the ratio is higher. Return on Total Assets This ratio calculates the companys earning or profit against the total net assets, the higher the ratio the better it is as it shows that the company is earning more profits as compare to their assets. Initially MTL has to face lower ratio when compare to Al-ghazi because of high growth in net assets and lower growth of profit but in the 2011, when MTL achieved the record production of more than 40000 tractors the ratio increased much higher than Alghazi, which faced an increase in total assets with the decrease in net profits. In 2011, MTL has to face a decrease in total assets with the increase in net profit, which shows that the company efficiently used its assets to generate the profits. So it is not wrong to say that the MTL is much more profitable as compare to Al-Ghazi. Earnings Per Share This ratio shows the earnings available to the owners of the common stock and if you see the ratios then it is clear that MTL has a high earning per share which shows that the investors of MTL enjoying the higher profit against their investments as compare to that of Al-ghazi Tractors. So this also shows that MTL is highly profitable as compare to Al-ghazi Tractors. Return on Stock Holders Equity This shows the rate of return on the stock holders investment. The ratio clearly shows a huge difference between the two companies. In case of millat tractors, the after tax profits are increasing against the decreasing profits of Al-ghazi. This shows that investors are enjoying high profits against their investment in case of MTL as compare to that of Al-ghazi profit, which is facing decreasing after sales profits. Leverage Ratios Debt to Assets Ratio High Debt to assets ratio shows that the company depends more on the debt financing, which ultimately increase the risk. Millat tractors shows increasing debt ratio until 2010 but it decreases in 2011. This shows that the company is more dependent on the debt financing rather than its own assets which made this company risky. Increasing EPS and stockholders equity also shows this as they are enjoying higher return which is the proof that the company is risky as higher the risk, higher will be the return. On the other hand Al-ghazis debt ratio is lower than the MTL, though they are also taking debt to finance their operation but the ratio against the total assets is low which shows that the company is less risk and depending mostly on its own assets as compare to that of MTL, this also results in the lower return. In the year 2011, MTL has dropped in liabilities significantly from the last two year but it also followed by the decrease in the total assets from the last two years. In th is case we can say that Al-ghazi is better than the MTL. Debt to Equity Ratio Just like the Debt to asset ratio, Debt to equity ratio of MTL is also high which shows that MTL also depending on Debt financing more than the equity. This ratio suggest that MTL is depending more on the debt financing as compare to equity financing, this makes MTL more risky. On the other hand Al-ghazi tractors has the lower debt to equity ratio, which makes this company less riskier as they depend on the equity financing more than their debt financing as compare to the MTL. In 2011, the debt to asset ratio as well as debt to equity ratio both shows downward trend in case of MTL, which is because of the huge decrease in the total debt of the company which is almost equal to more that 40 million rupees, due to this there is the decrease in the ratio in the year 2011. Long-term Debt to Equity Ratio This ratio also show the financing condition of the firm. Higher ratio means that the company is more depending on the long term debt as compare to the equity. High ratio shows the high risk for the firm. In this case Al-ghazi has the higher ratio which shows that Al-ghazi is more dependent on the long term debt as compare to the equity. MTL dependent on the short term financing but in case of al-ghazi they are more dependent on the long term financing due to which their ratio is higher than MTL. This shows that as far as long term debt to equity ratio is concerned Al-ghazi is much riskier than the MTL. Time interest Earned This ratio is lower for the MTL as compare to al-ghazi. This shows that Al-ghazi is better in this case. Activity Ratio Inventory Turnover Inventory turnover of MTL is much greater than Al-ghazi Tractors which shows that the company is efficient with the inventory and could be able to convert its inventory into sales. Though in the previous year that is from 2008 to 2010 MTL is behind Al-ghazi but in the year 2011, MTL is able to convert its inventory into sales more efficiently and effectively Fixed Assets Turnover Fixed assets turnover of Al-ghazi is decreasing since the last two year but on the other hand it is continuously increasing in case of MTL which shows that the company is more efficiently utilizes its fixed assets to make the sales. Other reason is that MTL non-current assets shows little or negative growth rate with the increasing sales but in case of Al-ghazi sales revenues are decreasing with the increasing fixed or non-current assets. Total Asset turnover Just like the fixed assets turnover ratio, total assets turnover ratio of MTL is also increasing which shows that the company is efficiently utilizing its assets to generate the sales as compare to that of Al-ghazi Tractors. Other Ratios Dividend Yield Except the year 2011, in which MTL retained most of the earnings, in all the previous years MTL pays higher dividends as compare to the al-ghazi tractors whose dividend fluctuate through out the year. This shows that the investors of MTL received higher dividend as compare to Al-ghazi tractors. Price Earnings Ratio MTL PE ratio is increasing which shows that it is faster growing and less risky in the sense that they fulfil all the risky through the return. On the other hand Al-ghazi shows decreasing trend which shows that they are risky, except it is proved above that MTL is highly risky as compare to Al-ghazi but MTL cover the risk through the return as compare to Al-ghazi so it could not be wrong to say that MTL is faster growing and more profitable as compare to Alghazi tractors. Dividend Payout Ratio MTL Dividend payout ratio is increasing which shows that they are not retaining earning and paying more dividends in cash rather than retaining them. Other the other hand Al-ghazi is retaining more than MTL and not paying much dividend as cash. Other Competitors Other than these two public listed companies there is a private company with the name of Fecto Belarus Tractors which is basically a private Russian company and has been working since 1962. This company has also participated in many government schemes like Green tractor and Awami Tractor schemes. But this company is very small and not so much appreciated by the farmers. According to the information given on their website they have produced only 4000 tractors in the year 2010 and 2011 (Fecto Belarus). Other than this there are few Chinese imported tractors but as per government rules there are very high barrier to the international tractors to support the local market. But if the Government could not able to address the problems the company is facing right now then these low price and low quality Chinese tractors will find their way into Pakistan, which will result in the major threat to the local industry. Literature Review Article Two main tractor manufacturing units Al-Ghazi Tractors and Millat Tractors have suspended their production after plummeting of their sales as levy of 16 percent GST has made the farm machinery costlier and Zarai Taraqiati Bank Limited has stopped tractor loans to the cash starved farmers for the past two years. Millat Tractors Limited and Al-Ghazi Tractors Limited account for virtually all of industrys yearly output of more than 72,000 tractors. A senior executive of Millat Tractors told Business Recorder here on Friday that tractor sales nosed down to 12,000 from July to December 2011 as against 30,000 tractors during corresponding period of last year. The industry sold 70,770 tractors from July 2010 to June 2011, he added. He said tractor manufacturers have suspended procurement of parts from their vendors as there are already several thousand unsold tractors dumped at their plants and countrywide dealership network. Tractor prices surged by Rs100,000 to Rs. 200,000 a piece depending on engine horse power after imposition of 16 per cent GST in March last year plunging the industry in turmoil and endangering investment of billions of rupees, he added. He said since ZTBL had suspended credit to farmers for purchase of tractors for two years and high interest rate of commercial banks loans, tractors are being purchased only by those limited number of affluent growers who pay net cash. He lamented that prices of cotton have suddenly fallen to a new low, farmers are not getting payment of sugarcane produce in cash, on the contrary, prices of fertilisers and other agri-outputs have skyrocketed, therefore the cash deficit small farmers have no money to purchase tractors. The executive suggested that the Punjab government should provide tractors to the unemployed people instead of taxis as a tractor is economically more useful and employment generator than a car/taxi Pakistan Association of Automotive Parts and Accessories Manufacturers Manufacturing held an emergent meeting here on Friday to review the socio-economic impact of tractor manufacturing units closure in the short and long run as they have stopped buying parts of tractors from the vendors spread all over the country. Talking to this scribe PAAPAM chairman Nabeel Hashmi said that thousands of auto parts manufacturing units which provide 92 percent parts to the tractor industry are laying off their 0.5 million workers after closure of tractor manufacturing units. He said imposition of 16 percent General Sales Tax has not only ruined the tractor manufacturing industry but has also had fatal repercussions on the agri economy and engineering and vending industry. Hashmi pointed out that due to decline in tractor sales, the government is not getting any additional revenue, therefore it should immediately withdraw this tax to make cost of tractors affordable for overwhelming majority of small farmers who own less then 12 acres land.PAAPAM chairman warned that as tractors are of prime importance to the agricultural sector itself, the agriculture and rural economy would grossly suffer with dangerous consequences if the government did not take immediate remedial measures (Goraya, 2011). Explanation In this article Mr. Goraya told about the effects of general sales tax on the sales of the tractors. According to him the increase sales tax reduces the sales of the tractors in the country. Moreover the Zarai Tarakiyati bank was is responsible to give the loans to the farmers for the purchase of the tractors along with the other agricultural tools also stopped giving loans to the farmers due to which only those farmers who could afford the purchase of the tractors on the full cash basis could buy the tractors. This had the very adverse effects on the tractors industries as because of this the inventories which are unsold increased and many units goes unsold. Due to the increase in the taxes and the non availability of the loans the amount of the unsold tractors increased from 12000 units to 30000 units. Moreover because of the GST the prices of the tractors increases by 200000 rupees because of which farmers who were dependent on the loans, are now unable to purchase the tractors du e to which the sales goes down, with the decrease in production. According to the sales person of millat tractors limited the production of millat tractors decreased from 40000 to 32000 units because of the last year unsold inventory. Moreover in the article it is suggested that except giving the yellow cabs schemes, government should provide tractors to increase the employment and to save the industry the government should reduce the taxes so that this automobile industry could move forward with any threat. Article The last few years have been great if you were a tractor manufacturer. The industry has grown by a CAGR of more than nine per cent annually over the last five years with the exception of FY08 when it registered negative growth. This is on the back of a supply deficit whereby the demand for tractors and agricultural implements (taken on a cumulative basis when we talk about tractors) has been racing despite the hullabaloo of structural weaknesses in economy. This is because the local tractor industry is a derivative of the agricultural sector which forms the backbone of our economy and is the leading source of employment for our labor force. Therefore, as the population grows, which it will regardless of the era in question; demand for agricultural produce will grow, resulting in continuous demand for tractors in Pakistan. The linkage between tractors and the agriculture sector is therefore clear for all to see. Previously, industry growth was thought to be relatively immune from decelerating trends in agriculture; a view which was given life by observing FY09 and FY10 when the industry grew 13 per cent and 14 per cent respectively despite downturn in the agronomy with in-turn depressed growth rates (four per cent and two per cent respectively). Any good analyst would surely decipher that this is not a concrete relationship as sooner or later any business/industry will be affected by the economic environment it operates within. And it now has. The imposition of 17 per cent sales tax in March 2011, coupled with declining agro product prices which dented farmer income, will start taking its toll on the industry and its participants. The recent notice sent to the KSE by one tractor manufacturer (Al-Ghazi tractors) substantiates this view: Following the imposition of 17 per cent sales tax in March 2011 tractor bookings started fallingà ¢Ã¢â€š ¬Ã‚ ¦ Impact of 16 per cent sales tax on tractors, announced in the Financial Bill of the year 2011-2012, continues to jeopardise the companys sales. This has been spoiled further by the fall in cotton prices There are two main players in the tractor manufacturing industry, namely Millat Tractors Limited (MTL) and Al-Ghazi Tractors Limited (AGTL), which account for virtually all of industry output. Of these, MTL, with its popular brand Massey Ferguson, holds 61 per cent market share in terms of total tractor sales and has experienced significant growth in the turnover since FY07. The company has developed a track of breaking records by achieving an off-take of 30,244 in FY09 and then surpassing it in the subsequent year to 40,836 tractors. As per the official statistics released by the Pakistan Automobile Manufacturers Association (PAMA) the company has achieved sales of over 42,000 tractors in FY11 while the total tractor industry stood at 70,000 tractors sold during the year. Advanced bookings a measure often used to gauge demand increased by 81 per cent during FY10: 40,836 tractors pre-booked in FY09 to 74,000 tractors pre-booked during FY10. This figure is expected to drop as substa ntiated by the press release given above. Talking about the tractor industry as a whole, forming a holistic view of the key demand drivers of the tractor industry is imperative: KEY INDUSTRY DEMAND DRIVERS Government Incentives The Benazir Tractor Scheme aims to incentivise the purchase of 20,000 tractors by subsidising the tractor up to 50 per cent. The program aims to provide a subsidy up to Rs200,000 per farmer leading to more affordable tractors. Given the tight fiscal position of the GoP further extension/incentivisation in this program is unlikely. Therefore, we view this program lacking in its true essence on account of an absence of both ability and willingness on behalf of the government to encourage farmer development. Affordability A 17 per cent tax levied on tractor production in the Finance Bill announced in March was initially projected to raise tractor prices by 10-15 per cent. However, after accounting for the cumulative impact of the imposition in tractor inputs as well, final tractor prices have gone up by 20 per cent. This is a serious jolt to farmers for whom tractors have gone beyond the reach of affordability. Farmer Income Agricultural prices had shot up in the recent past. However, they have witnessed a sharp decline inline with fall in commodity prices globally. Pakistans agricultural produce has been the same; as an example, cotton prices have fallen to the 5,500 mark after seeing highs of over 13,000 per maund. This has impacted farmer income and therefore, they are less willing to spend upon tractors as they simply cannot afford to. Farmer Credit Squeezing of loans by the Zarai Taraqiati Bank Limited (ZTBL), especially to farmers who own less than 12 acres of land, tractors are being purchased only by those who pay net cash. Given the fall in farmer income, the lack of credit in the market does not make a cash purchase viable for farmers. Indeed investment in such times is hardly the priority for farmers whose lifestyle limits him to focusing on only the necessities of life. Tractor Life According to FAO, ideal horsepower available per hectare should be 1.4, versus the current 0.9 in Pakistan. Increasing horse power utilisation would imply increasing the total number of tractors by more than 250,000 (55 per cent) highlighting the growth potential of the sector. Given the dearth in farmer awareness, a change in this trend seems unlikely. Competition High barriers to entry due to heavy capital outlay in establishing a distribution network reduce the threat of competition arising. Further, due to the high deletion levels (percentage of cost from locally manufactured inputs) soaring upto 90 per cent, Pakistani tractors trade at a significant discount to international counterparts, thereby making the import of tractors unfeasible and impractical. Given the above demand outlooks, future prospects of tractor manufacturers surely seem weak. But why should this be as alarming as it sounds? Tractor manufacturers have had it good over the past few years operating at near 100 per cent utilisation levels. They have built their asset bases and have enjoyed periods of strong profitability. Given that the two manufacturers have not been forced to engage in a price war and that both operate at nearly zero leveraging, the reserves built-up should be substantial in sustaining them through a down period. However, tractors are of prime importance to the agricultural sector itself, and while some rationalisation can be expected, a total fall from grace would have a far reaching impact on the agronomy in the longer run in terms of efficiency and growth (Khan). Explanation This article tells us that the tractor industry is the back bone for our economy. This industry was seeing the growth rate in the past but recently has to face many problems like GST, Inflation, expensive vendors. This articles also tell us that the MTL is the market leader with the 61 percent of market share as compare to its major competitor Al-ghazi, so it is in a strong position. This article also discussed different demand drivers. First of all the government support, although government is claiming to help the farmers by subsidizing the tractors through different schemes but still there is a lack of commitment and care of the government towards this industry. Secondly the affordability, with the increase in the GST, farmers are unable to afford such a expensive tractor, which was available for 15 lac two years back and now it is available for 20 lac rupees. Thirdly the farmer income, with the increase in population along with inflation it would be hard for the farmers to suppor t their families and with the increase in the price of the tractors farmers could not buy the tractors as they also have to afford my other lives. Forth the loans, with the increase in bad debts and non performing loans the only bank for the farmers i.e. Zarai Tarakiyati bank stopped giving loans and increased their interest rates so farmers are unable to get the loans for the purchase of the tractors, this also multiply the difficulties for the farmers. Lastly the competition, as there are high barriers of entry to international firm to enter into the Pakistan market no intern

An Annotation of The Gift Outright by Robert Frost Essay -- Robert Fro

An Annotation of The Gift Outright by Robert Frost In "The Gift Outright," Robert Frost traces the development of American culture from colonial times to a more present perspective. He tells the American story of colonialism, freedom, westward expansion, and the quest to develop a specifically American culture. In doing this, he focuses on explaining ways in which Americans supported the growth and development of their country and culture. Frost suggests that Americans showed their allegiance to their developing country and culture in several ways: battlefield bravery, commitment of talents to the good of the country, and dedication to expanding the United States' land and power. His reflection on the past is also a call for action in the future. He acknowledges that American culture is still not fully developed and the continued dedication of Americans, like occurred in the past, is required for the United States to recognize her full potential. The Gift Outright By Robert Frost The land was ours before we were the land's. She was our land more than a hundred years Before we were her people. She was ours In Massachusetts, in Virginia, But we were England's, still colonials, Possessing what we still were unpossessed by, Possessed by what we now no more possessed. Something that we were withholding made us weak Until we found out that it was ourselves We were withholding from our land of living, And forthwith found salvation in surrender. Such as we were we gave ourselves outright (The deed of gift was many deeds of war) To the land vaguely realizing westward, But still unstoried, artless, unenhanced, Such she was, such as she would become. The "belonging" discussed in line one immediately establishe... ...een physical and cultural American growth. Although the early country was growing in land and although the Americans had surrendered their talents, Frost ironically says that Americans were still "unstoried, artless, and unenhansed." This final statement of the poem seems to imply that Frost saw that citizens' unity was really created by "the gift outright" of talents and work, but that the American culture they were seeking to make is still unfulfilled. Throughout the poem, Frost does seem to be saying that Americans were making advancements towards creating an American culture, such as when Americans "found salvation in surrender." In the end, though, Frost realizes that America is still "unstoried, artless, and unenhanced" and presents Americans again with the persistent goal of giving themselves outright in order to continue to build a uniquely American culture.

The Cask of Amontillado Essay example -- essays research papers

The Cask of Amontillado   Ã‚  Ã‚  Ã‚  Ã‚  Irony and symbolism are tools used in writing to convey individual messages throughout the story. It is Edgar Allan Poe’s intense use of symbolism and irony throughout the Cask of Amontillado that gives this short story its suspense and horror filled theme.   Ã‚  Ã‚  Ã‚  Ã‚  The Cask of Amontillado is a horror short story, which revolves around the themes of revenge and pride. The plot involves two men: Montresor, the narrator, who is an Italian aristocrat seeking revenge against the second main character: Fortunato, a proud man that flaunts about his knowledge of wines and who finally walks into his own death. Irony is defined as words or actions that convey a reality different from appearance or expectation. The use of such device in the story gives it humor and wit. The continuous use of irony is detected through style, tone and the use of exaggeration from Montresor, the narrator. From the start we can blatantly see the irony in the story. The name Fortunato implies that this man is of good luck, when in actuality he was about to face the end of his life. The setting itself in which the story takes place also contains an ironic element. It is during Venice’s Carnival that the characters meet. Carnival is supposed to be a time of celebration and happiness for everybody. However, in the tale it is a time for revenge and death. The mood changes drastically when the two characters leave the carnival for the d...

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THE JULIA GABRIEL ONLINE MEDIA BRAND VOICE Our brand voice captures our unique personality and shares it with the world. It distinguishes us from the others and informs them of everything we do, everything we write and everything we say. It’s how our audiences hear us and how they remember us, and it’s how we share our bold vision for the future. Good communication is more than what we say; it’s how we say it. While having an online social media presence is exciting, we need to remember that whichever platform we engage our audiences on, it becomes a brand media â€Å"storefront† that is open 24 hours a day, 7 days a week. This constant connectivity makes it more important than ever for us maintain brand standards on social networks, as well as all forms of digital marketing. We need to remember that while interacting in social networks can provide efficient channels to communicate the uniqueness, value and personality of our brand to a very specific audience, there are expectations and responsibilities that Julia Gabriel Centres need to be aware of, to ensure that our brand is protected. The same considerations that apply to our messaging and communications in conventional media still apply in the online social media space. This means engaging our target audience with a consistent brand experience and messaging, that is not only in the right context, but also communicated with the intended voice, look and feel that is consistent with our brand identity. Have fun, but be smart. Use sound judgment and common sense, adhere to the Company’s values, and the same Company policies that you follow in the offline world. BASIC SOCIAL MEDIA GUIDELINES (FACEBOOK ORIENTED) Responsible Engagement While JGE is still exploring social ... ...nd when necessary to maintain conversations. ï‚ § Brainstorm ideas across Centres to decide on appropriate engagement approaches that can be taken out across all the markets ï‚ § Hold regular meetings internally to discuss bi-monthly content plans where new ideas on contests, and activities can be shared and discussed ï‚ § Have an online content approval process in place, particularly for major campaigns such as competitions and promotions to align activities with the brand values and positioning ï‚ § Consider agreeing on a planned content ratio of 60% centralised and 40% localised content for a balance of consistency and spontaneity. Countless conversations take place online every day, and we want our Centres, who are our brand ambassadors, to join those conversations, represent our brand well, and share the optimistic and positive spirit of the JGE group of companies.

Lockheed Martin Corporation Essay

Lockheed Martin is an American aerospace multinational that also specializes in defense, security and advanced technology industries. The corporation was instituted in 1995 following the merger between Lockheed Corporation and Martin Marietta (Yenne, 2000). The corporation is based in Bethesda in Maryland with global centers that specialize in different aspects of the corporation’s many operations. Currently, the corporation employs over 120,000 employees scattered across the world. Presently, Lockheed is one of the largest defense contractors in the world and enjoys almost unlimited orders across the world. The operations of the corporation are divided into different segments comprising electronic systems (27%), aeronautics (27%), information systems and global solutions (27%) and space systems (19%). Today, US government contracts account for much of the corporation’s revenue while foreign government contracts also make up a substantial share of the revenue. On the other hand, orders from commercial clients only make up a mere 2 % of the total revenue the corporation nets in a year. In 1996, the corporation finalized the plans to acquire Lorad Corporation which subsequently became part of the corporation at a cost of $9. 1 billion. Like any other global corporation engaging thousands of employees across the world, Lockheed is certainly faced with a myriad of challenges that normally define business operations in the present world. One of the greatest challenges facing the corporation is the need to address employee concerns and effectively tackle the aspects of employee and industrial relations without many problems like is always the case. On certain instances the corporation has had to face the challenge of striking workers and go slow as employees complained about various aspects relating to their operations in the organization (Terris, 2010). In that regard, the aspect of dealing with these employee concerns has been one of the greatest employee challenges affecting the organization. Like most workers in the industry, most of Lockheed’s workers are unionized under the International Association of Machinists and Aerospace workers and are always part and parcel of the activities steered by the association. The International Association of Machinists and Aerospace Workers is a worker organization, which draws its origin in 1888 when a group of nineteen machinists came together and formed the Order of the United Machinists and Mechanical Engineers. With time, the small organization grew in membership and adopted the present name. The organization has had a turbulent history characterized by the growth of labor movements in the twentieth century. The growth of the union went in tandem with the development of the transport industry throughout the years as more and more workers became employed in the industry. During its formation, the organization was generally a secret affair given that employers of the time were very critical and hostile toward organized labor movements. However, the Order rapidly spread beyond its formation zone of Georgia and was soon a recognized affair in the United States. Much of the growth in the membership of the union was mostly evidenced during the World Wars when workers in the transport industry increased owing to the increased demand of vehicles and airplanes (Cimini, 1994). In the course of the 1970s, the union was segmented into several divisions dealing with specific issues affecting the members. These included civil rights, organizing, older workers and retired workers and women. At a convection held in 1984 in Seattle, Washington, the delegates voted and decided to use the Placid Harbor Education Center in order to train and educate the members of the union. In 1998, the center was renamed to the Winpisinger Education and Technology Center in order to recognize and honor the late president of the union. Throughout history, the union has always addressed the issues affecting the workers and negotiated with the relevant employers on specific aspects relating to the welfare of the employees Contract Management, 2010). Over 3000 workers of Lockheed Corporation are unionized under the IAM and are always in track with the labor union. The union has always negotiated in several instances regarding the welfare of the workers of Lockheed. In 2009, IAM came under much negotiation with the management of Lockheed at Fort Worth where the corporation manufactures jets. The issues at play in that case were healthcare costs and pensions where the workers were over 3,900 people in total opposition with the management of the corporation. At an address to the workers on 19th April, 2009, IAM President promised the workers that the union would keenly negotiate for a fair and just contract between the members and the management of Lockheed (Julian & Denver, 2011). The core of the matter in this regard emerged out of the decision by Lockheed’s management to announce that it would eliminate pension programs for new hires and would also increase healthcare costs for all the workers at the corporation’s Fort Worth plant. The IAM Negotiating Committee promised that it would effectively address the issue with the parties and warned Lockheed against its wrong moves. There were also allegations that the company was planning to introduce very expensive healthcare plans if the workers rejected the idea of elimination of the then present healthcare plan (Sears, 2006). In the course of the negotiation, the union thwarted the efforts by the company to keep the proceedings away from the workers. They periodically informed the workers on whatever was transpiring between them and the management. Much of this effort was complemented when the union created a website from where information relating to the preceding talks was posted and the workers could easily follow. The union organized a series of committees to handle the various logistics of the strike and to keep the employees as well as the public well informed of the proceedings. Several committees came into formation, including the strike committee, communication, community service, film crew and kitchen (2010). These committees were basically assisting the union officials in addressing the challenge of the talks given that the public and the government had very special interest in the whole situation. In the course of the negotiations, the union officials presented the management of the corporation with an economic counter proposal. The management was supposed to go over the proposal and respond to the various questions that were thereby addressed. After going through the contents of the proposal, the officials of the organization invited the union officials to the bargaining table. In their arguments, the management enunciated that their plan to cut off the pension for the new hires was just appropriate and was basically a process of addressing the challenges the organization was facing at that time. In the process, it appeared that the management of the corporation was very adamant and did not want to cede ground on the bargaining table. While the management claimed that they actually paid their workers well and they could therefore afford the new proposal it was putting forward, the union members totally rejected the notion as giving through one hand and taking by the other which was basically unethical in business practice. As part of the initial negotiations, the management of Lockheed confirmed that it had given the union the option of accepting a 3 percent wage rise increase for the contract workers who were facing the challenge of the healthcare plan (Boyne, 2010). Moreover, additional signing bonus of $3,000 was also offered per worker as part of the deal. This was to be supplemented by $ 800 to cover the annual increase in the cost of living in the United States. According to the management, this was basically to be a contingency plan in order to address the fundamental issue at hand and enable the workers to return to their work. In the same process, Lockheed was facing similar pressure from Pentagon and was seriously in a fix to accept the proposals of the union. It was, however, a blow for the company when the union officials totally rejected the contingency plans on the account that they had never been successful in the past and that the company had always not honored such obligations (Anderson, 2009). In retaliation, Lockheed created the view that it could effectively continue its operations without much regard to the unionized workers who were seeking a change of the healthcare plans. The corporation announced that the mployed workers would effectively replace the unionized workers in the course of the operations ((IAMAW, 2012). For a while, amid the negotiation talks, it appeared that the strike was actually an unending affair given that most operations in the corporation had began resuming despite the striking unionized members. It was certainly a blow and a great challenge to the negotiation process and it created the need for further talks and measures to address the situation. The emerging situation presented the union officials with a lot of challenges and they opted to seek for alternative measures of operations while continuing with the negotiation process. Collective bargaining was effectively used in the negotiation between the union officials and the management of the corporation. For a while, it appeared that much of the efforts of the union and the workers would not bore any fruit given the obduracy of the management in seeking to rescind the initial plans. However, light was seen at the end of the tunnel when finally the management of Lockheed agreed to give their presentation regarding a new pension plan that they had opted to adopt instead of their earlier proposal. However, the union was very keen on accepting the proposal and several more negotiations were further made before an amicable solution was reached. In any case, collective bargaining had been the most applicable strategy in the negotiation process and it certainly appeared that most of the challenges of the workers at that time had been resolved at least for a while. The unit that was involved in the collective bargaining process was drawn from the members of the union and also had representation from the unionized members. The committees that were established had actually been drawn from the corporation’s workers. The negotiation process basically consisted of the union officials and the management of Lockheed who were mostly represented by the top officials at the corporation. The corporation being the largest defense contractor in the United States and beyond meant that the government has a lot of interest in its operations. Pentagon, therefore, played a great role in the negotiation process by its advice on the management to seriously regard the specific aspects that were under consideration in order to avoid any disruption of the production process. At the end, it was realized that the basic issues of health care and pension plans that had actually affected the workers were resolved quite amicably and the whole episode ended effectively. The management of Lockheed is certainly faced with a myriad of challenges, which normally affect the operational process. In any case, the corporation has always continued to address the issues affecting the employees in the most effective manner that mutually benefits all the parties in the negotiating table. (Rubenstein, 2007) In conclusion, it has to be stressed that the aspects of employee relations is a fundamental issue that affect large and small corporations alike. The most important concern is, however, the need to provide effective working environment and address the challenges facing the employees in the most effective way possible. The role of the labor unions in this regard cannot be overemphasized given their imperative role in representing the needs of the workers. In the collective bargaining process as a way of seeking to arrive at amicable solution with regard to the issues affecting the organization, it is realized that mutual understanding on each part of the bargain team is certainly an important consideration in the process. Whichever the case, negotiations can always help address the issues so long as the parties approach such negotiations with the seriousness they certainly deserve.

Baroque vs. Classical Music Essay Essay

When many people listen to music from earlier periods, they classify it all as classical music, when although there were many periods of music. Although the two may sound similar to the untrained ear, the Baroque style and the Classical styles of music have many differences. The Baroque Period (1600-1750) was a revolutionary period for music. Preceded by the renaissance, the Baroque Period offered new and different things to music. Common tools were used such as counterpoint and fugue that transformed music. There was a growth in the uses of new instruments such as the trumpet, French horn, and piano. Composers, such as Johan Sebastian Bach, concentrated on what the music notes lead to and what sounded good to listen to. Bach, who composed over 1200 pieces, was the â€Å"gold standard† for Baroque music, helping to regulate harmony in music. Baroque music was all about emotion. Composers used these tools to weave and blend different sounds together to create unison. Counterpoint was a popular tool used, where two separate lines were played together to make harmony. A lot went on in Baroque music. The Classical Period (1750-1825), on the other hand was a lot simpler. Instead of having many instruments playing lines at once in harmony, many instruments would play softly in the background while a solo instrument would play. Classical music consisted of a single melody. Baroque music was very complex, and demonstrated polyphony, where many different sounds went on at the same time, whereas Classical music demonstrated homophony, where the same sounds were played. Form was also a big factor in Classical music. Baroque composers were more concerned about evoking emotion than the form of their piece; Classical composers were the opposite Classical composers demonstrated clear cut form, whereas Baroque composers blended everything together. Classical music was also very repetitive. Composers would not change much, it was the same melody played over and over. I prefer Baroque music over Classical music. I chose Baroque music because it is a lot more interesting. Classical music is too simple compared to Baroque music. With Baroque music, more emotion is evoked. A great example  of this is Vivaldi’s â€Å"The Four Seasons† where you could actually tell which season is portrayed by which piece by listening carefully. To me, Classical music is too boring and repetitive. Baroque music always keeps me on my toes, keeping me guessing at what is coming next. I care more about what a piece means than the form it is written in. Although I prefer Baroque music, I do not discredit Classical music at all. A lot of brilliant pieces came from both periods of music.