Mahindra & Mahindra †Sm Essay

1. EXECUTIVE SUMMARY – INDIAN AUTOMOBILE INDUSTRY Starting its journey from the day when the first car rolled on the streets of Mumbai in 1898, the Indian automobile industry has demonstrated a phenomenal growth to this day. Today, the Indian automobile industry presents a galaxy of varieties and models meeting all possible expectations and globally established industry standards. Some of the leading names echoing in the Indian automobile industry include Maruti Suzuki, Tata Motors, Mahindra and Mahindra, Hyundai Motors, Hero Honda and Hindustan Motors in addition to a number of others. During the early stages of its development, Indian automobile industry heavily depended on foreign technologies. However, over the years, the manufacturers in India have started using their own technology evolved in the native soil. The thriving market place in the country has attracted a number of automobile manufacturers including some of the reputed global leaders to set their foot in the soil looking forward to enhance their profile and prospects to new heights. Following a temporary setback on account of the global economic recession, the Indian automobile market has once again picked up a remarkable momentum witnessing a buoyant  sale for the -first time in its history in the month of September 2009. At present, about 75 percent of India’s automobile industry is made up by small cars, with the figure ranking the nation on top of any other country on the globe. Over the next two or three years, the country is expecting the arrival of more than a dozen new brands making compact car models. Like many other nations India’s highly developed transportation system has played a very important role in the development of the country’s economy over the past to this day. One can say that the automobile industry in the country has occupied a solid space in the platform of Indian economy. Empowered by its present growth, today the automobile industry in the country can produce a diverse range of vehicles under three broad categories namely cars, two-wheelers and heavy vehicles. 1.1. Exports of Automobile Industry Today, India is among the world’s largest producers of small cars. The New York Times has rated India as a very strong engineering base with an incomparable expertise in the arena of manufacturing a number of low-cost, fuel-efficient cars has encouraged the expansion plans of the manufacturing facilities of a number of automobile leaders like Mahindra, Hyundai Motors, Nissan, Toyota, Volkswagen and Suzuki. While the automobile industry in India is the ninth largest in the world, the country emerged as the fourth largest automobiles exporter on the globe following Japan, South Korea and Thailand, in the year 2009. The automobile sector of India is the seventh largest in the world. In a year, the country manufactures about 2.6 million cars making up an identifiable chunk in the world’s annual production of about 73 million cars in a year. The country is the largest manufacturer of motorcycles and the fifth largest producer of commercial vehicles. Industry experts have visualized an unbelievably huge increase in these figures over the immediate future. The figures published by the Asia Economic Institute indicate that the Indian automobile sector is set to emerge as the global leader by 2012. In the year 2009, India rose to be the fourth largest exporter of automobiles following Japan, South Korea and Thailand. Experts state that in the year 2050, India will top the car volumes of all the nations of the world with about 611 million cars running on its roads. 1.2. Various Segments of the Indian Automobile Industry Motor cycles manufacture makes up the major share in the two-wheeler segment of the  Indian automobile industry. About 50% of the motorcycles are manufactured by Hero Honda. While Honda manufactures about 46% of the scooters, TVS produces 82% of the mopeds running on the Indian roads. About 40% of the three-wheelers manufactured in India are used for transporting goods with Piaggio manufacturing 40% of the vehicles sold in the Indian market. On the other hand, Bajaj has emerged as the leader in manufacturing three-wheelers used for passenger transport. The firm produces about 68% percent of the three wheelers used for passenger transport in India. The Indian passenger vehicle segment is dominated by cars which make up about 80% of it. Maruti Suzuki manufactures about 52% of passenger cars while the firm enjoys a complete monopoly in the manufacture of multi-purpose vehicles. In the utility vehicles segment Mahindra makes up a 42% share. Tata Motors is the leader in the Indian commercial vehicles market while it holds more than 60% share. Tata Motors also enjoys the credit of being the world’s fifth largest manufacturer of medium and heavy commercial vehicles. 1.3. Potential of Indian Automobile Industry There is a very stiff competition in the automobile industry segment in India. This has helped many to realize their dreams of driving the most luxurious cars. During the recent past, a number of overseas companies have started grabbing a big chunk of the market share in both domestic and export sales. Every new day dawns in India with some new launches by active players in the Indian automobile arena. By introducing some low cost cars, the industry had made it possible for common men to buy cars for their personal use. With some innovative strategies and by adopting some alternative remedial measures, the Indian automobile industry has successfully come unaffected out of the global financial crisis. During the current fiscal year, the Indian automobile industry rode high on the resurgence of consumer demand in the country as a result of the Government’s fiscal stimulus and attractively low interest rates. As a result the total turnover of the domestic automobile industry increased by about 27 per cent. Predictions made by Ernst and Young have estimated that the Indian passenger car market will have a growth rate of about 12 percent per annum over the next five years to reach the production of 3.75 million units by the year 2014. The analysts have further stated that the industry’s turnover will touch $155  billion by 2016. This achievement will succeed in consolidating India’s position as the seventh largest automobiles manufacturer on the globe, eventually surging forth to become the third largest by the year 2030 behind China and the US. The Automotive Mission Plan launched by the Indian government has envisaged that the country will emerge as the seventh largest car maker on the globe thereby contributing more than 10 percent to the nation’s $1.2-trillion economy. Further, industry experts believe that the nation will soon establish its stand as an automobile hub exporting about 2.75 million units and selling about a million units to be operated on the domestic roads 1. MAHINDRA & MAHINDRA – OVERVIEW Mahindra & Mahindra (M&M) is not just India’s largest utility vehicle manufacturer anymore. It is the third-largest player in the passenger vehicle segment and in a neck-and-neck race with Tata Motors. It has set its sight on challenging the domination of Maruti Suzuki and Hyundai Motors. Pawan Goenka, as president for automotive and farm equipment sectors, is the main architect of this feat Mahindra and an independent India began their rise together. In 1945, two enterprising brothers named J.C. Mahindra and K.C. Mahindra joined forces with Ghulam Mohammed and started Mahindra & Mohammed as a steel company in Mumbai. Two years later, India won its independence, Ghulam Mohammed left the company to become Pakistan’s first finance minister, and the Mahindra brothers ignited the company’s enduring growth with their decision to manufacture Willys jeeps in Mumbai. The Mahindra brothers believed that new modes of transportation could be a key to India’s prosperity, so one of their first goals was to build rugged, simple vehicles capable of tackling the Indian terrain. Early pioneers of globalization, the brothers collaborated with a wide range of international companies and before long, Mahindra’s reach extended to steel, tractors, telecom, and more. Now, after 65 years, Mahindra has grown from a humble local outfit to a US $15.4 billion corporation employing more than 144,000 people around the world. It’s been quite an adventure so far, and they’re proud of our global leadership in utility vehicles, tractors, and information technology, as  well as our significant presence in financial services, leisure and hospitality, engineering, trade, and logistics. As they accelerate into the 21st century, they’ll continue to pursue innovative ideas that enable people to rise. They’ve come a long way, but the journey has just begun. Over the past few years, M&M has expanded into new industries and geographies. They entered into the two-wheeler segment by taking over Kinetic Motors in India. M&M also has controlling stake in REVA Electric Car Company and acquired South Korea’s SsangYong Motor Company in 2011. Mahindra & Mahindra is a major automobile manufacturer of utility vehicles, passenger cars, pickups, commercial vehicles, and two wheelers. Its tractors are sold on six continents. It has acquired plants in China and the United Kingdom, and has three assembly plants in the USA. M&M has partnerships with international companies like Renault SA, France and International Truck and Engine Corporation, USA. M&M has a global presence and its products are exported to several countries. Its global subsidiaries include Mahindra Europe Srl. based in Italy, Mahindra USA Inc., Mahindra South Africa and Mahindra (China) Tractor Co. Ltd. M&M made its entry into the passenger car segment with the Logan in April 2007 under the Mahindra Renault joint venture. M&M will make its maiden entry into the heavy trucks segment with Mahindra Navistar, the joint venture with International Truck, USA. M&M’s automotive division makes a wide range of vehicles including MUVs, LCVs and three wheelers. It offers over 20 models including new generation multi-utility vehicles like the Scorpio and the Bolero. It formerly had a joint venture with Ford called Ford India Private Limited to build passenger cars. Mahindra & Mahindra has a controlling stake in Mahindra Reva Electric Vehicles. In 2011, it also gained a controlling stake in South Korea’s SsangYong Motor Company. Mahindra & Mahindra Ltd. (M&M), has launched its much awaited SUV, XUV 500, code named as W201 in September  2011. The last ‘500’ in the name is pronounced as ‘5 double-O’ (alphabet). The new SUV by Mahindra has been designed in-house and it is developed on the first global SUV platform that could be used for developing more SUVs. 2. MISSION AND OBJECTIVES Vision: * To create a fully collaborative environment in which suppliers can deliver exactly what the company needs, when it needs it, and at a competitive cost. * â€Å"We don’t have a group-wide mission statement. Our core purpose is what makes all of us want to get up and come to work in the morning† -Anand Mahindra Mission: * To create India’s largest automobile and automobile-related products distribution network by providing dealers and customers with the largest choice of unique world-class products and services. Since 1945, the Mahindra group has built the company around the core idea that people will succeed if they are just given the opportunity. Employees across the Group constantly challenge conventional thinking to create solutions that make a significant difference in the lives of their customers. That’s why everything they build—be it a tractor, financial service, solar-powered lamp, or software—is designed to empower you to reach your potential. Internally, they follow three basic tenets—accepting no limits, thinking alternatively, and driving positive change in everything they do. These brand pillars guide all their actions and business decisions from deciding whether or not to enter a new field or planning a portfolio of services. * We accept no limits, and ask the same of everyone else. In return, they work relentlessly to provide the tools, information, and inspiration to push past limitations and comfort zones. This challenger spirit galvanized us to meet the oil crisis in the 1970s by re-engineering our fuel efficient tractor engines for utility vehicles. It led us to take on the challenge of designing the Scorpio utility vehicle at a cost that many industry experts  thought was impossibly low. They’ve created completely new business models to enter areas others had written off or ignored, like our leading hospitality business and our rural financial services. And they just registered our highest ever profits despite the worst global recession since the Great Depression. This determination influences every aspect of our culture and our employees. As a result, each Mahindra business constantly pushes the envelope and raises the bar as they strive to deliver better value to our customers. * Alternative thinking means solving problems in ways no one has thought of before, by using fewer resources and entering markets thought to be unreachable. Take the Scorpio for example—they developed our best-in-class utility vehicle from the ground up using a process that put drivers’ needs first. Our Energy Solutions help businesses keep going when everyone else’s lights go out. They build two wheelers that provide affordable mobility solutions to more people. And our extensive arrays of innovative IT services are increasing productivity at some of the world’s leading companies. Thinking alternatively isn’t always easy, but it’s always worth it. * Driving Positive Change: Mahindra is a business with a conscience. Every product they make and each market they explore must make sound economic sense, but it just so happens that smart business decisions are often good for people and communities as well. They strive to spread positive impact through our products and services by greening our manufacturing process and by being a good employer. They want to be counted among the global companies that make incredible products and services, but they also wish to be recognized for creating a better world. From building green homes with the most eco-friendly materials to providing loans to rural entrepreneurs, from designing goods carriers that run on compressed natural gas (CNG) to offering educational programs and supporting Indian theatre, they strive to make a positive impact on all the lives they touch They created a tractor designed for small farming that is enabling farmers to mechanize for the first time. Our motivation to give our best every day comes from our core purpose: we will challenge conventional thinking and innovatively use all our resources to drive positive change in the lives of our stakeholders and communities across the world, to enable them to Rise. Our products and services support our customers’ ambitions to improve their living standards; our responsible business practices positively engage the communities they join through employment, education, and outreach; and our commitment to sustainable business is bringing green technology and awareness into the mainstream through our products, services, and light-footprint manufacturing processes. This commitment to sustainability—social, economic, and environmental—rests upon a set of core values. They are an amalgamation of what they have been, what they are, and what they want to be. These values are the compass that guides our actions, both personal and corporate. They are: * Good corporate citizenship: They will continue to seek long term success in alignment with the needs of the communities they serve. They will do this without compromising on ethical business standards. * Professionalism: They have always sought the best people for the job and given them the freedom and the opportunity to grow. They will continue to do so. They will support innovation and well reasoned risk taking, but will demand performance. * Customer first: They exist and prosper only because of the customer. They will respond to the changing needs and expectations of our customers speedily, courteously and effectively. * Quality focus: Quality is the key to delivering value for money to our customers. They will make quality a driving value in our work, in our products and in our interactions with others. They will do it ‘First Time Right.’ * Dignity of the individual: They will value individual dignity, uphold the right to express disagreement and respect the time and efforts of others. Through our actions, they will nurture fairness, trust, and transparency. 3. SWOT Analysis 4.1 Strengths * Mahindra has been one of the strongest brands in the Indian automobile mark. * Mahindra group give employment to over 110,000 employees. * Excellent branding and advertising, and low after sales service cost. * Sturdy SUV’s good for Indian roads and off-road terrain. * Over the years the company has emerged as one of the top players in the world in terms of number of tractors sold. This gives a clear indication that the company’s market shares one of its biggest strengths. * The company’s ability to introduce new products in the market and to generate sales from those new products is a major strength. * The reason being that this is very essential for any company, for its survival in the long run. The company has established its brand name in other countries of the world as well. * This is evident from the 40% market share that it holds in the 30-40 HP tractors market in the US. 4.2 Weakness * Mahindra’s partnership with Renault did not live up to international quality standards through their brand Logan. * The company is highly dependent on the rural sector, and the rural sector in turn is highly dependent on the monsoons. As a result, if there happen to be bad monsoons (less of rains) for two consecutive years it could have an adverse impact on the demand of tractors for the company. 4.3 Opportunity * Developing hybrid cars and fuel efficient cars for the future. * Tapping emerging markets across the world and building a global brand. * Fast growing automobile market. * Growing in the market through electric car Reva (controlling stake) and entry into two-wheeler segments. * The government has been trying to strengthen the exports of agricultural products. As a result, the quality of agricultural products necessarily has to be very high. For this, they need better rural and agricultural infrastructure. This might result in an  increase in demand for tractors. * In India, the penetration of tractors is 10 tractors per 1000 hectares of cropped area, which is much below the world average of 19 tractors for the same. Thus there is scope for the demand to increase. 4.4 Threats * Government policies for the automobile sector across the world. * Ever increasing fuel prices. * Intense competition from global automobile brands. * Substitute modes of public transport like buses, metro trains etc. * The company has a history of having invested in unrelated diversifications such as telecom, holiday and resort inns, financial services, etc. which it has hived off as subsidiaries from time to time when these turned unmanageable. * This is a cause for concern as such diversifications could divert the company’s attention from its core business. It is a dangerous tendency as it leads to destruction of shareholders value. * The entry of foreign players in the tractors segment could pose a threat to the company as these foreign players are technically more competitive than Mahindra & Mahindra. 4. ACQUISITIONS 5.1 Ssangyong Motor Company India’s Mahindra & Mahindra Ltd. completes acquisition of a majority stake in SsangYong Motor Company On March 15, 2011, Mahindra & Mahindra Ltd. (M&M), India’s leading manufacturer of utility vehicles, today announced that it has completed all formalities related to the acquisition of a majority stake in SsangYong Motor Company (SYMC) and that the company is no longer in Court Receivership. Mahindra had emerged as the preferred bidder for SsangYong in August 2010. This marks the beginning of a new journey for SYMC and will also pave the way for both Mahindra and SYMC to emerge as a strong force allied together in the global passenger vehicle industry, through their strategic partnership. Present on the occasion were Mr. Bharat Doshi, Executive Director & Group CFO, Mahindra & Mahindra Ltd. and Dr. Pawan Goenka who is President of Mahindra’s Automotive and Farm Equipment Sectors. Key officials from the Mahindra Group and SYMC were also present. For Mahindra, the biggest benefit from this partnership  will be the opportunity to harness synergies between the two companies, while protecting their respective brand identities and ensuring quality. Towards this end, a Synergy Council comprising of senior management from both companies will be established to ensure focus and delivery of synergies between the two companies. The Council will focus on various aspects such as global procurement, new car development and business strategy to penetrate international markets. Strategic plans such as the India project which involves launching the Rexton and Korando-C in India have already been kicked off. Also under discussion are opportunities for joint product and technology development and synergy in global operations and purchase. Mahindra has a strong IT system that is being reviewed for suitability for SsangYong. The company is also considering the possibility of Mahindra Finance setting up operations in Korea to enhance the sales of SsangYong vehicles. Mahindra has also proposed the following five point agenda for SsangYong: * Strengthening the product pipeline. * Harnessing synergies between the two companies. * Investing in the SYMC brand. * Building human resources. * Focusing on financial stability. SsangYong has also proposed the following investments: * In 2011, the business plan calls for a 70% investment increase in product development, as compared to last year, at over KRW 200 billion. * Over 40 billion KRW for brand building in Korea – a 60% increase over 2010 – and an increase in overseas brand investment by over four times, in 2011. Dr. Pawan Goenka, President, Automotive and Farm Equipment Sectors, Mahindra & Mahindra Ltd., mentioned that Mahindra was extremely conscious of SYMC’s Korean heritage and would only want to enhance it. SsangYong will be an independently run Korean company – with largely Korean Management – and will remain a ‘Made in Korea’ Brand. He also announced that the new CEO of SYMC will be Mr. Yoo-il Lee, while Mr. Dilip Sundaram from Mahindra will be the new CFO. He also announced the names of the new Board of Directors of SsangYong Motor Company. â€Å"This is a landmark day for all of us at Mahindra  as it marks the beginning of what I am sure will be an enduring partnership with SsangYong Motor Company. I would like to thank all the employees of SsangYong as well as the company’s creditors for the help and cooperation extended to us during this long process. As one of the country’s premier automotive companies, SsangYong brings with it a rich legacy of R&D and innovation. This legacy, coupled with the synergies between the two companies in the areas of R&D, product development and platform sharing, will make the combined entity of Mahindra and SsangYong a force to reckon with in the global utility vehicle space. They are committed to nurturing the SsangYong brand in both the Korean and global markets and returning it to its days of glory,† said Dr. Pawan Goenka. â€Å"Mahindra brings with it a great deal of passion, domain expertise and knowledge of the global UV market, as India’s leading utility vehicle (UV) manufacturer. All of us at SsangYong look forward to working closely with the Mahindra team to help develop a new product portfolio and gain momentum in overseas markets,† said Mr. Yoo-il Lee, CEO, SsangYong Motor Company. 5.2 REVA Electric Car Co Ltd. Mahindra enters high growth electric car segment acquires majority stake in REVA REVA was established in Bangalore in 1994 as a joint venture between the Maini Group of Bangalore, India and AEV LLC of California, US. Its REVA electric vehicle was first commercially available in Bangalore in 2001 and in London in 2004, under the G-Wiz brand. REVA is a technology innovator with the largest deployed fleet of electric cars in the global market today, available in 24 countries across Europe, Asia and Central and South America with more than 3,500 of its vehicles on the road and the accumulated data from more than 100 million km of user experience. Mahindra & Mahindra Ltd. Today strengthened its position in the Electric Vehicles domain with the acquisition of a majority stake in REVA Electric Car Co Ltd., Bangalore. REVA Electric Car Co Ltd. will be renamed Mahindra REVA Electric Vehicle Co Ltd. Under the new agreement which was signed today by both the companies, M&M will own 55.2% equity in Mahindra REVA by a combination of equity purchase from the promoters and a fresh equity infusion of over Rs 45 crores (approx US $10 million) into the company. The buyout makes the Mahindra group a strong global player in the electric vehicle space. Post  the buyout, the Board of Mahindra REVA has been re-constituted under the chairmanship of Dr Pawan Goenka, President Automotive & Farm Equipment Sectors, Mahindra & Mahindra. The new board includes five nominees from Mahindra & Mahindra, two from the Maini family, and one from AEV LLC, California (co-founders of REVA). An independent director will be added to the board subsequently. Mr. Chetan Maini will continue to play a leading role in Mahindra REVA as Chief of Technology & Strategy and will continue to be on the board. Under its core Sustainable Mobility initiative, Mahindra has been working for the last 10 years on developing green technologies and has demonstrated diesel hybrid technology on the Scorpio and hydrogen Alfa three wheelers. Mahindra has a pilot fleet operating with 100% bio-diesel and was the first to launch micro-hybrid technology in India with around 50,000 such micro-hybrids on the road today. In EVs, over and above the electric three-wheeler Bijlee developed in 1999, it is also currently working on an electric version of its mini-truck, Maxximo. Mahindra REVA’s EV technology will be adapted for these and other M&M vehicles. Access to strong EV technology will strengthen Mahindra’s other current sustainability initiatives. REVA is currently marketing its products in 24 countries across the world with an overall vehicle population of over 3500, arguably the largest EV fleet globally. REVA recently premiered its next generation electric car models, the NXR and NXG which received an enthusiastic response. Mahindra REVA will now have access to Mahindra’s vehicle development technology and distribution network, significantly enhancing its ability to launch a state-of-the-art electric vehicle for global markets. Speaking on the acquisition, Mr Anand Mahindra, VC&MD, Mahindra & Mahindra said, â€Å"With issues such as climate change and carbon footprint taki ng centre stage globally, eco-friendly transportation becomes the need of the hour. Mahindra already has an established sustainable mobility solutions programme and our association with REVA will only help us further expand our green footprint both in India and overseas†. Dr Pawan Goenka, President (Automotive & Farm Equipment Sectors), Mahindra & Mahindra and the newly elected Chairman of Mahindra REVA said, â€Å"This is a key strategic acquisition for Mahindra in its march towards sustainable mobility. Mahindra and REVA bring together complementary strengths. With  Mahindra’s vehicle engineering expertise, global distribution network, sourcing clout and financing support, REVA’s vehicles have the potential to significantly gain in market penetration. Mahindra will also benefit from REVA’s EV technology for its own products.† Mr Chetan Maini, Chief of Technology & Strategy, of the newly formed Mahindra REVA mentioned, â€Å"The EV market is poised to grow significantly and they concluded that in order to seize the opportunity they needed the resources and experience of a major automotive manufacturer. In Mahindra they have found a company that not only shares our vision of principled and sustainable growth but one that also has a reputation for good corporate governance. As a result of Mahindra’s investment, Mahindra REVA will be able to scale, innovate and accelerate and so to deliver better products to more customers in more places†. 5. GROWTH STRATEGY Mahindra & Mahindra Ltd (M&M) is the flagship brand of the $12.5 billion Mahindra Group, which operates with a portfolio comprising a wide spectrum of vehicles from two wheelers to heavy trucks, SUVs to school buses. M&M over the years has strengthened its position as one of the country’s premier utility vehicle (UV) and farm Equipment manufacturer with market share of over 50% in UV and 40% in tractors, respectively. It has recently entered 3-wheelers and CV segment. M&M is targeting sale of about 550,000 tractors in FY12E. 6.1 Investor’s Rationale During Q2FY12 net sales of M&M surged by 37.6% to `73,068 million from the `53,113 million in the year-ago quarter, driven by 35.9% and 35.5% growth in its automotive and farm equipment segment, respectively. Though operating margins for the current fiscal are likely to stay under pressure under tight liquidity and rising input cost scenario, they expect the revenues of M&M to reach `300-320 billion in the coming two year. At a time, when consecutive rate hikes, high inflationary data, strikes and  costlier fuel prices have crippled the Indian auto sales manufacturers, M&M has emerged as the only automotive player to have beaten the slowdown comprehensively with a growth of 21% in 2011. Considering M&M’s aggressive growth strategies to expand its global footprint with a range of new variants in the four-wheeler segment, they expect M&M to mark 11-14% rise in its FY12E sales realization. M&M complement the tag of no. 1 tractor manufacturer in the world in terms of volumes, occupying more than 40% of the domestic tractor market. With tractor demand fairly stable despite ongoing economical slowdown, the company is targeting sale of about 550,000 tractors next year. Beside, with the industry providing sufficient headroom for growth, they expect sales from the farm equipment segment of M&M to grow 17-18% by the end of FY12. M&M acquisition of SYMC Motors (SYMC) gives the UV product line of the company an extension into the premium SUV segment with an established foothold in the markets of South America, Russia etc. The management expects 50% volume growth at 113,000-114,000 units for SYMC in CY11 and aims to sell 160,000 units by 2013 and 300,000 units by 2015-16 from the unit. 6.2 High volume in tractor segment drives Q2FY12 revenue During Q2FY12, M&M net sales surged by 37.6% to `73,068 million from the `53,113 million in the year-ago quarter, driven by 35.9% and 35.5% growth in its automotive and farm equipment segment revenue, respectively. Besides, the operating expenditure of the company increased by 43% to `64,866 million mainly due to the increase in raw material cost and employee expenses by 33% and 20% respectively. The strong volume growth across the vehicle and tractors segment despite of a difficult market situation and a tight control on expenses has helped lift the EBITDA by 6.3% to `8,202 million from `7,719 million in the corresponding quarter last year. Further, owing to the sharp rise in the interest and depreciation charges, the net profit margin (NPM) dropped by 375bps to 9.7%. M&M’s standalone net profit at `7,374 million declined 2.8% from `7,585 million in the corresponding period preceding year, due to a foreign exchange loss. The company has suffered a foreign exchange net loss of `320 million, as the rupee fell 8.8% against the dollar  in the July-September quarter. Going further, they expect the revenues of M&M to reach 321 billion in the coming two year, making a contribution of 950-980 basis points to its present EBITDA margins. 6.3 Robust November sales volume, higher realizations to drive performance in FY12E M&M’s November total sales volume in the automotive segment reported a robust growth of 53% (y-o-y) at 40,722 units, with a significant contribution of 38,159 units from the domestic terrain. A high volume growth of 46% in the passenger Utility Vehicles (UVs) segment led the domestic four-wheeler sales while sales volume in the three wheeler segment grew 32% during the month. M&M’s UV and three wheeler export during the month also grew 71% at 2,563 units against 1,500 units a year ago. Meanwhile, M&M’s Farm Equipment Sector division reported a 3% fall in tractor sales to 17,527 units in November with domestic sales falling 5% to 16,175 units backed by issues related to the credit flow to the domestic farm sector. The company’s tractor export increased 33% to 1,352 units during the month against 1018 units sold to overseas market in the same period prior year. At a time, when consecutive rate hikes, high inflationary data, strikes and costlier fuel prices have badly hampered the Indian auto sales numbers; M&M has emerged as the only automotive company to have beaten the slowdown comprehensively with a growth of 21% in 2011. Backed by significant demand for M&M’s premium sports utility vehicle, XUV500, the company is aggressively working to double its production to clear its order backlog of 9,500 units by January 2012. Considering, M&M’s ability to outperform the industry numbers despite strong economic headwinds and its proposed variants in both two-wheeler and four wheeler segment, they expect M&M to mark 11-14% rise in its FY12E sales realization. 6.4 Increased focus in the tractor segment to drive M&M growth in FY13 M&M complement the tag of no. 1 tractor manufacturer in the world in terms of volumes supported by 1,300 dealers with over 2,200 service points, 7 tractor plants and 1 foundry. The tractor segment has been fairly stable during the ongoing economical slowdown and has registered a growth of 20% in the current fiscal. M&M with more than 40% share in the tractor industry of the country has gone a long way in keeping pace with the industry growth. The company is targeting sale of about 550,000 tractors next year. Market share movements have been slower with a 0.5% to 1% change in a year. However, it was successful in penetrating newer villages that accounted 10,000 units in such markets. Growing focus in the tractor division will also provide further assistance to M&M as slowdown in rural consumption has not been experienced yet. Besides, the strong replacement demand will be a key support in the near term as it accounts for 40% of sales. India’s tractor industry is well poised to register 10-12% growth in FY13 and with labor shortage driving the farm mechanization; the industry is likely to register a 20% growth in the coming three years. With the industry providing sufficient headroom for growth, they expect sales from the farm equipment segment of M&M to grow 17-18% by the end of FY12. 6.5 Macro factors- to drive the expected demand for farm equipment The quantum of tractors bought using cash payments has increased to 20-25% of sales in India, compared with 10% earlier, which reflects buoyancy in rural incomes. About 40% of the current tractor demand is from the replacement market. Though there is some concern about rural economy and consumption is slowing down, M&M has not seen any slowdown in rural consumption. Shortage in farm labour has also acted as a key catalyst for tractor demand. Tractors are no longer a luxury for the rich farmers, but a tool for better cost management. 6.6 New launches, foray into new segments to augment future growth In FY11, M&M registered domestic volumes growth of 24% led by new product launches and strong performance from existing product ranges. It launched  Gio, Xylo, Thar, Maximmo, Yuvraj, Genio and Arjun MAT, during the year which is likely to power the company’s growth in future. Besides, M&M has also lined-up new launches, which would help bring additional volumes. It is ready to enter the market with a new SUV, 4-seater electric car, re-launch of Stallio motorcycle, two new versions of Verito, one SUV with SsangYong in India, aerospace components and mine protected vehicle (MPV-I). M&M’s recently launched XUV500 SUV received remarkable response from the domestic consumers. Priced at `10.8 lakhs, the company has rightly positioned XUV500 in the market for people who desires something above `7 lakhs and below `15-20 lakhs. As a result, M&M’s the XUV500 has gone a long way to set a booking record of 8,000 units in just 10 days of being launched in 5 cities of the country. 6.7 SYMC to add value in premium UVs Acquisition of SYMC Motors (SYMC) gives the UV product line of the company an extension into the premium SUV segment. SYMC has a distribution network of over 130 dealers in Korea and 1,200 dealers in more than 90 countries. The acquisition gives M&M access to SYMC’s popular product portfolio with an established foothold in the markets of South America, Russia, Eastern and Western Europe, and Africa which bodes well for M&M‘s plans to launch a global SUV this year. The management has guided 50% volume growth at 113,000-114,000 units for SYMC in CY11, with the recent launch of Korando-C. Thus, the acquisition of Korean company SYMC augurs well for M&M in the long term, placing it on a new growth trajectory. As debt woes continue to plague one of its largest markets Europe SYMC is eyeing to enter emerging markets including India, China and Russia playing a bigger role in a bid to boost volumes in 2012 with a year-on-year volume growth of 40%. The company aims to sell 160,000 units by 2013 and 300,000 units by 2015-16. M&M-SYMC have finalised a combined future product portfolio strategy, which will see 3 new platforms and 4 new products coming in from both partners. The new sourcing strategy for M&M-SYMC is being put into  place, which will see both companies sourcing an enormous $20 billion of components over the next 5 years. This huge sourcing is expected to bring in economies of scale and reduce the cost for the duo. 6.8 Strategic growth plan for Mahindra Navistar to drive M&M future growth Mahindra Navistar Automotives Limited (MNAL), which is a 51:49 joint venture between M&M and Navistar Inc., is planning to launch at least two new models—a 49-tonne tractor trailer and a 25-tonne tipper for the mining sector in H2FY12E. Intending to establish a pan India presence, the company further intends to increase its current 48 dealership across various cities to around 100 by adding 50 new dealers by the end of FY13E. With a targeted growth of 9% in the second half of FY12E, the company is planning to see cash break-even in the next 12 months. Further, the company is planning to invest around `2.50 billion to add few more variants in the heavy-duty goods commercial vehicles segment, which in turn will help the company ramp up volumes and use its factory capacity fully in the next three years. 6.9 M&M eyes to enter larger South Asian market The largest utility vehicle maker of the country is planning to set up an assembly plant in Southeast Asia in the next few years as a part of its strategy to expand its global presence through its entry to markets in Thailand and Indonesia. Currently, M&M exports vehicles to Malaysia and is aiming to expand to other markets in ASEAN region. Over the next four to five years, M&M sees at least 15-20% of its total export volumes coming from this region. In FY11, M&M exported 17,000 units of utility vehicles and pick-ups and around 11,000 tractors. The company is aiming to double overseas revenues to more than $1 billion by 2013 and is aiming two-fold increase in volumes to 100,000 units. 6.10 M&M to launch its first compact Car in 2012 M&M is eyeing to launch its first compact car after it acquired Reva  Electric Car Company in 2001. The SUV-maker is aggressively working to launch its first compact car in the country Reva NXR by 2012. With a mileage of about 9.6 km for every `3 spent, the Reva NXR, ensures nine times the mileage generated by the country’s most fuel-efficient petrol-powered car. At a time, when petrol prices are breaking new highs M&M expects its Reva NXR to seek significant attention from the consumers who spend `7,000-8,000 every month on petrol. Beside, M&M is also establishing one of world’s biggest manufacturing bases for electric cars of 30,000 units per annum near Bangalore, which is likely to commence production in FY13. With increased demand for electric cars, M&M apart from its marketing strategy to sell its Reva NXR through an expanded network of 100 outlets in India, the company is also mulling over rolling its new electric car model in countries like Norway, which houses the highest consumer market for electric cars in the world. After M&M lead development in the electric car market of India, many other car makers are also developing concept vehicles to cater to the emerging demand for Electric vehicles in India in the years to come. Polaris India, a major multi terrain vehicle manufacturing company is planning to introduce electric cars to Indian market. Considering the rising fuel prices, the impact on power and utilities companies of the electric vehicle market is likely to attain consumer attention in medium to long term. 6. CONCLUSION AND RECOMMENDATIONS The part of Indian automotive industry in Mahindra & Mahindra Ltd comprises of a number of Indian-origin and multinational players with varying degree of presence in different segments. Today, nine of the top ten global automotive manufacturers have a presence in India which clearly points to its importance as a strategic market. Similarly, the domestic tractor market also has a mix of Indian-origin and international manufacturers and is segmented by horsepower. While the automotive segment is doing well and has already clocked an average volume growth of 28% in April and May 2012, it may face problems in the form of policy decisions. The proposal to impose a higher excise duty on diesel cars/SUVs, which is yet to be implemented, is like a Damocles sword hanging over the company. The differential in diesel pricing, which means charging less for transport trucks and more for diesel cars/SUVs, is another proposal that can make life difficult for Mahindra & Mahindra. Though the company cannot do anything about the monsoon, the management is taking several steps to revive growth in the farm segment and maintain a high growth rate in the automotive segment. With this in mind, Mahindra & Mahindra is set to launch six new products, which will cover both the segments, during 2012-13. Mahindra and Mahindra Ltd, the only manufacturer of electric cars in India, plans to introduce at least five such vehicles in the next three years to take advantage of a government plan to spend Rs. 14,000 crore to boost the popularity of electric and hybrid vehicles in the country. Therefore Mahindra is considered at the top in the automobile sector as of date. The growth strategy adopted by the company will have a colourful future for the company.

Heart and Cardiac Muscle Essay

What is the heart? The heart is the organ that supplies blood and oxygen to all parts of the body. It is about the size of a clenched fist, weighs about 10.5 ounces and is shaped like a cone. The heart is located in the chest cavity just posterior to the breastbone, between the lungs and superior to the diaphragm. The heart is surrounded by a fluid filled sac called the pericardium. Blood is pumped away from the heart through arteries and returns to the heart through veins. The major artery of the body is the aorta and the major veins of the body are the vena cavae. Chambers of the Heart The heart is divided by a partition or septum into two halves. The halves are in turn divided into chambers. The upper two chambers of the heart are called atria and the lower two chambers are calledventricles. The atria receive blood returning to the heart from the body and the ventricles pump blood from the heart to the body. Valves allow blood to flow in one direction between the chambers of the heart. The Heart Wall The heart is composed of cardiac muscle which enable the heart to contract and allow the synchronization of the heart beat. The heart wall is divided into three layers: the epicardium, myocardium, and endocardium. * Epicardium – outer protective layer of the heart. * Myocardium – muscular middle layer wall of the heart. * Endocardium – inner layer of the heart that is continuous with the inner lining of blood * Cardiac Conduction * Cardiac conduction is the rate at which the heart conducts electrical impulses. Cardiac muscle cells contract spontaneously and are coordinated by nodal tissue, specifically the sinoatrial node. There are other factors that influence heart rate as well. These include endocrine hormones, body temperature and exercise. * Cardiac Cycle * The cardiac cycle is the sequence of events that occur when the heart beats. There are two phases of this cycle which are the diastole and systole phases. During the diastole phase, the atria and ventricles are relaxed and blood flows into the atria and ventricles. In the systole phase, the ventricles contract sending blood to the rest of the body. A heartbeat is a two-part pumping action that takes about a second. As bloodcollects in the upper chambers (the right and left atria), the heart’s natural pacemaker (the SA node) sends out an electrical signal that causes the atria to contract. This contraction pushes blood through the tricuspid and mitral valves into the resting lower chambers (the right and left ventricles). This part of the two-part pumping phase (the longer of the two) is called diastole. The second part of the pumping phase begins when the ventricles are full of blood. The electrical signals from the SA node travel along a pathway of cells to the ventricles, causing them to contract. This is called systole. As the tricuspid and mitral valves shut tight to prevent a back flow of blood, the pulmonary and aortic valves are pushed open. While blood is pushed from the right ventricle into the lungs to pick up oxygen, oxygen-rich blood flows from the left ventricle to the heart and other parts of the body. After blood moves into the pulmonary artery and the aorta, the ventricles relax, and the pulmonary and aortic valves close. The lower pressure in the ventricles causes the tricuspid and mitral valves to open, and the cycle begins again. This series of contractions is repeated over and over again, increasing during times of exertion and decreasing while you are at rest. The heart normally beats about 60 to 80 times a minute when you are at rest, but this can vary. As you get older, your resting heart rate rises. Also, it is usually lower in people who are physically fit. Your heart does not work alone, though. Your brain tracks the conditions around you—climate, stress, and level of physical activity—and adjusts your cardiovascular system to meet those needs. The human heart is a muscle designed to remain strong and reliable for a hundred years or longer. By reducing your risk factors for cardiovascular disease, you may help your heart stay healthy longer.

Structural Collapses

Structural collapses are disasters that require efficient and immediate responses by engineers and other emergency services. This report discusses these responses in order to expose barriers and issues that could potentially cause a structural failure. It is imperative that each role is played at the highest degree of efficiency in such a disaster to minimize casualties and maximise safety. For this to occur, ICT engineers become critical to the instant response of such a disaster as through harnessing technology, they are able to monitor important data and effectively establish a reliable communicative network. Furthermore, communication before any structural collapse is necessary, as it serves to improve accuracy through peer to peer assessment and collaborative data. (Matsushiba & Nishi 2010; Chintalapudi et al 2006; Ferworn & Ribeiro 2010; Lawson 2005) Structural health monitoring (SHM) is highly effective in preventing structural collapses. SHM is a low cost sensor network technology that collects extremely significant monitoring data of a structure and is used to identify any potential faults in the pre collapse, as well as the specific reason of failure in the post collapse (Matsushiba & Nishi 2010; Chintapaludi et al 2006). Such data is considered to be highly valuable in response to a structural collapse and its value is confirmed by Matsushiba & Nishi ‘The system monitors structural vibration caused by earthquakes, detects structural damage and predicts performance and lifecycle of the structure' (2010, p.76). The monitoring data collected thus results in not only the location of any structural damage, but as well as the overall performance and condition of the structure. With this, the SHM system is able to determine a structures approximate lifespan and thus reducing its overall operational costs (Chintalapudi et al 2006). In addition to this, since the sensors are at low cost they are economically viable allowing for mass placement especially for large structures. This indefinitely improves safety as well as its property of monitoring wirelessly. Therefore with the use of such an advanced piece of sensor technology, the SHM system is highly effective in the prevention and thus response to structural collapses through constant monitoring. Instant communication is essential during a structural collapse. Communication is the basis of teamwork and collaboration. Such an idea becomes extremely significant during a structural collapse as it is required for engineers and emergency services to communicate, but actively play another role completely. This level of communication is necessary as through such differences in experience and skills, the collaboration is resultant in a much more precise analysis and in turn, a highly efficient approach to the structural collapse is found. Therefore the integration of technology becomes vital as it accelerates communication such that it becomes seamless and instantaneous, which is specifically necessary for such an immediate response to a disaster. As stated, ‘in emergency management it is imperative that the communications be reliable and responsive' (Ferworn & Ribeiro 2010). During a structural collapse, instant communication is clearly essential as any delay of significant information could lead to further failure or disaster (Ferworn & Ribeiro 2010). Such significant information could very possibly be from as discussed above, a SHM system which through its data can effectively determine the location of damage (Matsushiba & Nishi 2010; Chintapaludi et al 2006). This essential type of data being instantaneously shared between the different teams during a structural collapse is of immeasurable value. Furthermore, through the application of technology, instant communication becomes more dynamic and reliable, especially due to its wireless property. Therefore, the establishment of such a network is highly recommended. Communication beforehand is necessary for future preventions. In the prevention of structural risks and damages, engineers and other significant roles need to communicate effectively beforehand in order to maximise the overall insight into a structure as similarly discussed above (Ferworn & Ribeiro 2010). Such pre communication involves peer to peer reviews and collaborations. With peer to peer reviews, structures beforehand are assessed by different people and thus aspects, effectively exposing much more potential faults rather than being reviewed by similar people in the same field of experience (Lawson 2005). Pre communication through collaboration is also an essential factor in the prevention of structural collapses as it allows for the full sharing of knowledge and in turn creates a sense of openness as well as teamwork (Lawson 2005). Such a positive atmosphere is a catalyst for strong and critical thinking, inevitably leading to strong structures accordingly. These peer to peer communications have been discussed and described as ‘powerful tools to improve safety as well as to improve performance' (Lawson 2005, p.319). Due to the degree of effectiveness that they have upon engineers as well as other services, and thus the prevention of structural collapses, organisations have been formed to support these concepts. Such notable examples is the World Association of Nuclear Operators (WANO) and the Institute of Nuclear Power Operations (INPO). These organisations have implemented strategies like the peer to peer reviews and collaborations, which have resulted in the improvement of cooperation and the prioritisation of safety (Lawson 2005). Conclusion It is evident through these findings that ICT engineers skilled with modern technology become invaluable before, during and in the response to a structural collapse. This is due to their many abilities such as monitoring a structure through wireless sensor technology like the Structural Health Monitoring (SHM) system which provides copious amounts of important data (Matsushiba & Nishi 2010; Chintapaludi et al 2006), or the establishment of a network which essentially is a source of instantaneous communication, and thus teamwork (Ferworn & Ribeiro 2010). This teamwork through communication should also be established before any collapse, as it is a necessity to effectively share essential information with other engineers and services alike (Lawson 2005). The issues within a structural collapse though, can be realised to be very specified in accordance for the need of collective data and group cooperation. This is clear through the prioritization of safety and maximizing efficiency. In result, situational change is also be a factor in terms of priorities for a structural collapse response. Therefore for engineers, it is a common ground for the collaboration of skill and knowledge in order to truly become successful in the response to a structural collapse.

Research Paper for Master of Midwifery Details to follow Essay

Research Paper for Master of Midwifery Details to follow - Essay Example to these are the development of rapid diagnostic tools in molecular biology like the polymerase chain reaction, microarray technology and DNA sequencing facilities (Berg et al, 2002; Mathews andVan Holde, 1996). In obstetrics, many antenatal tests are offered at different gestational periods (British Columbia Reproductive Care Program, 2003). Options for genetic testing are given to the mother once she presents as pregnant following the guidelines set by the country’s National Health Service (Department of Health, 2007). Issues that surround antenatal genetic screening are those that pertain to the safety of the fetus and the mother due to the sampling procedures, the implications for the termination of the pregnancy if the tests come out with a prediction or detection of serious genetic illness, the provision for an informed choice to the mother and/or father, and the roles that the medical practitioner play during the antenatal period (Rothenberg and Thomson, 1994; Kent, 2005). The aim of this paper is to present basic antenatal screening procedures, the difficulties and genetic counseling associated with the decision-making process towards pregnancy termination, the roles that health care personnel play during this period, and antenatal care of the mother who decides on the fate of her unborn child. Each person is different from all others because of his distinct DNA. This DNA codes for his genes, and these genes are translated to the proteins or enzymes that are involved in basic metabolic processes of life (Mathews and Van Holde, 1996; Alberts et al,2002). When there is a defect in the genetic code, an erroneous protein is produced and the metabolic process where this protein participates in is affected resulting in disease. There are many causes of genetic defects because of the several essential processes leading to the correct translation of the protein code (Kornberg and Baker, 2005). Single errors or mutations in copying a piece of DNA can lead a

Employee Rights to Privacy at the Workplace Essay

Employee Rights to Privacy at the Workplace - Essay Example The issues of privacy at workplace started off with the use of telephones at the workplace for communication. Mainly meant to achieve the purpose of having employees interact with each other as well as with the outside counterparts, after much debate it was deemed acceptable for employees to use the office phones for personal use, as long as it did not affect workplace efficiency (Gant 127). Body Faster communication, efficient paper-less correspondence, and least costly for the employers, the internet was made a regular feature of the work environment within no time. Internet was not limited to e-mail correspondence too. Organizational Researchers would go online to gather information about competitors, maintain an online presence, and interact with the customers for feedback and suggestions. It has become imperative in today’s day and age to maintain an online presence, thus the initial e-mail correspondence limitation was replaced with round-the-clock internet connectivity at workplace. This gave birth to a new management issue; Ensuring that the employees do not engage in useless surfing while at work (Smith 40). Social networking has gotten almost everyone hooked onto remaining connected with close ones at all times. It is indeed a complex situation to be in as far as managing such a workforce is concerned. Employee monitoring and surveillance goes as far as fixation of cameras behind every desk and installing devices that determine the rate of wiggling on a chair, and whether it breaches the basic employee privacy protection rights, is another debate altogether (Ciocchetti 2). Since our topic is narrowed down to two major technological facilities at workplace, the telephone and the internet, clarifying the two mediums of communications and the purpose they are meant to achieve, needs to discussed first. The Telephone, like mentioned earlier, is a basis of fast and cost effective vocal communication from and within the workplace. A lot of thought we nt into allowing personal calls to be made and it was declared acceptable after sometime. However, cameras installed at workplaces are likely to bring into light any employee who is idling on the phone excessively. The employers are expected to trust the employees not to indulge in inappropriate activities on the phone and, thus, they generally refrain from overhearing or recording calls. This practice is not applicable to every organization due to the difference in nature of work for each. Where small advertising firms can have their employees talking about campaign designs, the central bank of any country can have its employees disclosing important information of policy changes that were discussed in a meeting. The latter will try to hamper such leak of confidential information by making it known to their employees that all phone calls are strictly screened and monitored. The internet, however, is a completely different ballgame. Transfer of information can be discreet and quicker , employees could indulge in cyber stalking which could lead to any form of harassment and a downfall in productivity, using of resources for activities that may bring a bad name to the organization like illegal downloading, embezzlement etc., the possibilities are endless. In a world where every organization goes head to head with each other on the maximum utilization of available resources, the focus has shifted from overall performance to hourly productivity. This means that organizations require their employees to refrain from activities that bring down their productivity level by wasting time (Kesan 289). On the other hand, it is

Restoration of the Everglades Research Paper Example | Topics and Well Written Essays - 1250 words

Restoration of the Everglades - Research Paper Example The scenario started changing in the late 1980’s with the beginning of developments like creation of agricultural farms for growing sugarcane and vegetables, building up of new canals and levees for protecting the farms and the cities from floods and increase in the infrastructure in the east of the everglades. Some parts of the marshland started facing drought and others flood. Earlier it used to cover an area of 10,360 kms but today it has been reduced to half its size. The primary reason for this condition is the pollution caused by companies like Big sugar, construction companies, and various other factors (Marjory Stoneman Doughlas, 1969). The Big sugars comprise of a group of sugarcane growers, mainly U.S sugars, and are primarily responsible for destroying the Everglades. Farmers of these agricultural farms use high content phosphorus fertilizers in excessive quantities, to improve the quality of their soil. The run-off water from these sugarcane farms carrying the kill er phosphorus gets drained into the Everglades through canal-water discharge from Lake Okeechobee and the Everglades agricultural area. It was revealed that this overdose of nutrient results in the overgrowth of unwanted plant and algae species or eutrophication, which in turn causes great harm to the original vegetation of Everglades. The original vegetation of this place- sawgrass and other native plant species- are getting replaced by nutrient loving plants like cattails. Not only fertilizers but sewage and human wastes from these fields are being dumped in the marshlands polluting the water, making it unhygienic to drink and the survival of flora and fauna impossible. The entire ecosystem of Florida is in peril because of the pollution (William H. Orem, Feb 2009). In 1992, the state of Florida had set limit to the amount of phosphorus that could be spewed in the everglades. To achieve this, it had set out Stormwater treatment areas on former agricultural areas. These are artific ial wetlands that help in cleaning the phosphorus-laden canal water before it gets drained in the everglades. This step of the government has been successful to a great extent- reducing the amount of phosphorus in the water from 150 parts per billion (ppb) in 1990’s to 30 ppb today. The target of 10 ppb is still far away but the problem of Everglades is not limited to phosphorus, it goes beyond that (William H. Orem, 2009). There is another way in which these agricultural farms are affecting the marshlands. The agricultural land in the Everglades mostly consists of peat soil. It used to extend up to an area of 3 meters but today it has diminished to one third its size. This happens when farmers drain the peat soil through canals for the better growth of their crops. Once this peat soil is exposed to air it gets oxidized away by aerobic bacteria. As a consequence, the aquatic plants remnants in the peat soil get degraded. Scientists have projected that only 20 cm of the peat s oil will remain by 2050. This is alarming since it will extinguish the original plants and vegetation of the Everglades (William H. Orem, Feb 2009). U.S. factory farms are also polluting the Everglades. During rainy season or snow melting season, the run-off water from these farms, which grow animal feed crops, carry the top soil particles into the Everglades. Also, the 1.4 billion tones of animal manures generated on these farms are let off through the

Relationships between primates and their environments Research Paper

Relationships between primates and their environments - Research Paper Example The sexual dimorphism between females and males is quite small in body size. In contrast to other species of apes, pair bonding is displayed by gibbons and they tend to live in small family groups comprising of one monogamous pair of adults along with their offspring. They are diurnal, however, in contrary to great apes, gibbons don’t form nests and instead they lean on tree branches during night. Gibbons feed on ripe fruits but they also eat insects, birds and leaves. The most prominent aspect of gibbons is their singing conduct used for mate attraction as well as territorial defense, and their style of arborous locomotion termed as â€Å"brachiation†. However, on ground they walk on two feet (Hohmann, Robbins and Boesch, 2006). Amongst the entire great apes genus, only Orangutans are found in Asia. Their average adult height is 1.5m while mean adult weight is 110 kg. However, the sexual dimorphism is quite significant in weight amongst males and females. The female adults have 1.25m average height and 45kg average weight. Orangutans are extensively solitary while strong social linkages exist exclusively amongst female orangutans and their offspring. Both female and male Orangutans either reside as individuals in a determined home territory or as transitory individuals, and within determined ranges there is only one dominant male that breeds primarily and safeguards the female population within his territorial dominion from coerced copulations. They are diurnal but spend most of their time on trees. They also exhibit â€Å"brachiation† and quadrupedal fist-walking. Every night a nest is being built on tree by Orangutans for sleeping. They mainly feed on leaves, bark and shoots and rarely on bird†™s eggs, insects or small vertebrates (Stanford, Allen and Antà ³n,

Home Depot case study for Strategic management for mba class

Home Depot for Strategic management for mba class - Case Study Example Switching costs were low in this industry and this situation assisted consumers to change their retailers easily. In addition, the industry faced threat of substitutes because many products had close substitutes available. In 2006, buyers’ bargaining power was high as they had different market options and good understanding of various brand choices. In contrast, supplier power was low as majority of the retail players received suppliers from a large number of distinct vendors. Need of high initial capital investment eliminated the threat of new entrants to some extent at that time. The home improvement industry underwent tremendous changes over the next six years. Degree of rivalry got intensified because the price factor became paramount. As compared to 2006, threat of substitutes became higher in 2011 mainly because of the innovation and development of improved substitute products. By 2011, the industry adapted to a competitive pricing strategy and this situation added furth er value to buyer bargaining power. Naturally, suppliers were also forced to provide material to retailers at minimum cost; hence, supplier power further declined in 2011. Similarly, threat of new entrants also reduced to a considerable extent because new entrants found it difficult to confront with huge players like Wal-Mart. 2. While analyzing the market environment of the Home Depot for the year 2006, brand awareness seems to be the most competitive strength of the company. The Home Depot was the world’s largest home improvement retailer during that time, and this dominance boosted its brand awareness. Increased utilization of rapid deployment centers also added to the strength of the company as this strategy contributed to the efficient supply chain operations. In addition, the organization’s simple and distinct business model has entirely changed the way consumers shop home improvement

Lexus company not Evil Assignment Example | Topics and Well Written Essays - 250 words

Lexus company not Evil - Assignment Example He suggests that key danger to the olive tree, which he shows to represent everything that locates roots or anchors us, can come from the Lexus (car) which he shows to represent all the anonymous, homogenizing, transnational, standardizing market forces as well as technology, all which make up the current globalizing economic system. The lexus company should not be termed evil because, the company uses the globalization strategies that are clearly seen and perceived even by its clients (Friedman 59). The Lexus Company’s democratizations have changed their operational strategies, greatly, leading to the perceptions of them being evil in some way. The company’s democratization of finance affects its democratization of technology, which in turn changes the whole operation of the company and how it invests. In short, Lexus has opened their markets and has implemented fiscal policies, all being in line, hence their survival in this globalization age (Friedman 60). As Friedma n suggests in his book, globalization is a force acting throughout the globe, impersonally, like evil, and therefore implementation of globalization strategy should not be a perception of evil (Friedman

The Monopoly Of Wonks Essay Example | Topics and Well Written Essays - 1500 words

The Monopoly Of Wonks - Essay Example This will enable the firm to fund high cost capital investment spending. Successful research may be used to improve on products and lower cost in the long-term. The government will have a chance to regulate different varieties of products at the same time to prevent exploitation of the consumers by the firm. This will save the government spending on check-ups. The government will also be able to tax the company easily. The government gets much tax revenue in the monopoly companies than in monopolistic competition. In the monopolistic market are free to enter and leave at any time since there are no legal barriers. Lack of restrictions demolishes government effort to collect tax revenue from all the stakeholders. Consumers are likely to buy chips in lower prices since Wonks will be enjoying economics of scale, its production cost will lower transferring this to consumers by charging less cost per unit of potatoes sold. Wonks Company will be a price-maker, since it makes its own pricing and output decisions. In the end, the price of a product will be determined by its cost function, demand, its objectives and certain government regulations. The main objective, which leads Wonks to merge as one firm, is to maximize profit. i.e. T.C. It is expected that in long run, Wonks chips company will increase its output since there are no other players in the market. If it does so, it has to lowers the price. As a result, marginal revenue will be below its price. Perloff, Jeffrey M. (2004). If marginal revenue is greater than marginal cost, i.e. M.R>MC, the firm will increase profit by increasing output. If marginal revenue is less than marginal cost (M.R

Impact of currency devaluation output growth in the long run Research Paper

Impact of currency devaluation output growth in the long run - Research Paper Example The other group of researchers argues that continuous depreciation or devaluation is an indicator of economic weakness therefore; in the long run this relationship is no longer positive. In order to evaluate the early research work that studies the relationship between currency devaluation and output level, the literature review has been created. In this section, the research work of various researchers will be discussed and their methodologies and findings will be also reported to gain a significant insight to the topic under investigation. Various economic models such as Keynesian model argue that devaluation of currency has an expansionary impact on domestic output (Lai & Chang, 1989). According to the orthodox view devaluation has a positive impact and has a very significant role in the balance of payments stabilization whereas, the New Structuralist School argues that currency devaluation has a contractionary impact (Agà ©nor, 1999). The depreciation of currency improved the demand of exports and shifts the aggregate demand curve to the right, thereby, increasing the real GDP (Lee, 2002). Christopoulos (2004) studied the impact of currency devaluation on output expansion in Asian countries for the period 1968-1999 by using panel data unit root tests and cointegration tests and found that currency devaluation affects output growth in the long run. Huang, Hsu and Kang (2010) used an empirical model and econometric methodology to study the impact of current devaluation on output in Asian countries and their empirical results showed a positive relationship between currency depreciation and output growth in Asian countries. On the other hand various researchers found the relationship between currency devaluation and output level negative, neutral or positive in the short term. Krugman and Taylor (2002) studied the contractionary impact of currency devaluation

Meiji restoration Essay Example for Free

Meiji restoration Essay Military: In 1872 the Japanese military started to use conscription. This is same as drafting in the U.S.A. All conscripts had to serve a three year period in military service, after which they were put to reserves for four years. This system was introduced by Yamagata Aritomo, and the next year this same man set up the Japanese Imperial army. He favored and used the army style of Germany, and the naval style of the British. Some years later the Samurai system was abolished totally Some Samurai were so upset, that they started a revolt. Economic: The Bakufu was ended on 1868. In 1871 the Daimyos were also dismissed, their land redistributed into smaller parts Unlike the samurai, the Daimyo received a large pension to compensate the loss of their land. In 1872 there was a land redistribution program. This was to become a more solid method than the previous system which relied totally on the price of rice A straight 3% tax was levied on the land. The government also started to sell industries which used to make Military hardware to the private buyersThese people later grew to become the Zaibatsu, which could be described as big industrial empires controlled by one family. Political: Feudalism in Japan was completely abolished during Meiji rule. Like most of Japan, also the parliament was altered heavily. Japanese government sent Ito Hirobumi to study the European parliament systems, and he especially favored the one of Britain. So the Japanese parliament, Diet, is based on the British parliament. It consists of Prime minister, upper and lower house. Hirobumi himself became the first prime minister and the upper house was made of the former nobility and the Daimyos. The lower house was chosen by the people. Also a privy council was set up to protect and review  the constitution, its sessions were lead by the Emperor Meiji himself Social:In 1872 it was ordered that all children, boys and girls both, were to attend primary school for six years. After this the girls would go home and learn more about life from their mothers, when some of the more successful boys on the other hand were allowed to go and study in a high school and then to universityExtremely high standards were expected, as students also had to learn a foreign language.

Intellectual Traditions In Islam Religion Essay

Intellectual Traditions In Islam Religion Essay Islam after the death of Prophet Muhammad (P.B.U.H) spread far and wide and was accepted by different people of different languages, culture and lands. Hence it became enriched by the intellectual contribution of many individuals and communities in various diverse fields of learning such as philosophy, literature, law, theology, arts, mysticism and natural science. Thus, Islam was elaborated in a multitude of forms and interpretations and by the 1oth century, it completely flourished as a civilization To discuss the significance of these issues, a seminar entitled INTELLECTUAL TRADITIONS IN ISLAM was organized by the institute of Ismaili studies at the Mellor centre, Churchill College, university of Cambridge during 14-20 august 1994. This book contains the edited and reviewed versions of the papers presented at the seminar excluding Professors M. Mahdi, M. Arkoun and A Sachedinas contributions. The report is an overview of all the essays presented in this book excluding the essay Some Observations on the Religious Intellectual Milieu of Safawid Iran by John Cooper and Present Day Islam Between its Tradition and Globalization by Mohammed Arkoun. It discusses all the key points and topics addressed by different authors in their respective essays. ABOUT THE BOOK (SUMMARY) The concepts and the key points described in the book are discussed below with respect to each chapter: 1. Introduction The introduction is the key note address which was presented at the seminar by Dr. Aziz Esmail. He in his essay explores the key concepts of Intellectual Life, Tradition and Islam. He raises many questions about concept of an intellectual life. He asks about the designation and position of an intellectual in the society. He asks whether the intellectual thoughts and the intellectual themselves are very distantly placed from the society. He further confronts the readers by asking questions such as what is the place of intellect in ones persona. What is the relationship of intellect with feelings, character and most importantly with the faith of a person? He further explores the role of intellectual life in the development of personality and character and in the making of identity of a person. He asks what is the relation of intellect in our daily lives. What is its relation to ones relationship with God? How does it effect the relation of an individual with its society? Does the intellect enable any participation in the society or does it retards it? He confronts the readers with such questions and enables them to think, to review and to divulge in his thoughts. Furthermore, he deals with the concept of tradition and traditionalism. He defines the relationship of old age and youth with tradition. He says that the old age identifies with the past whereas the youth has a relationship of dependence of defiance with the past. He identifies the different models of schooling which provide the basis of relationship of an individual with his traditions. The author explains that the tradition becomes an object of anxiety and attention when it ceases to work not when it is actually at work. He says that you cant find the idea of traditionalism or tradition in traditional societies. He explains that the main confronting question facing the people today is that in this world which is characterized by a pluralism of tradition which tradition one should uphold? The other question is what is the future of any traditions in such a rapidly changing world? When the author talks about Islam he asks the meaning of Islam. He also asks what is the relationship of past and present in Islam. The author describes the challenge of relativism in todays world. Relativism says that all doctrines, ideas and values can be explained by reference to time and place. But if all ideas and values are thus explained, ones confidence in upholding a single culture or tradition is shattered. The author says that today the culture is becoming a supermarket of ideas, values and doctrines where one chooses according to taste not according to objective essence. It the past, community came first and the individuals second, today, the scenario is opposite. Today, in such a pluralistic world, there is a need of a genuine mutual appreciation between faiths. The author says that engagement with other faiths doesnt mean to surrender, for criticism too is a form of engagement. How Islamic theology may engage with the modern world without becoming a prisoner of the mode rn understanding of modernity is one of the major challenges facing Islamic thought today? 2. Intellectual Life in the First Four Centuries of Islam by Hugh Kennedy: The author in his essay surveys the intellectual life of the Muslims in the first four centuries of Islam. He also describes the development of the intellectual life in this era. He explains that the first main issue that confronted the Muslims after the death of Prophet Muhammad (P.B.U.H) was that of the leadership of the community. People raised many questions such as who should lead the community. How they should be chosen and what powers they should enjoy? There were two different groups of people who had two different view points. One group believed that the leadership should be inherited by the Ahl al-Bayt (family of the Prophet). The other idea that found favor was that of a tribal Sheikh. The early Islamic intellectuals faced a very important issue that how they were going to preserve and record the utterances and deeds of the Holy Prophet (P.B.U.H) and his companions, secondly, they faced the issue of explanation of Quran Sunna to the new Muslims who were Non-Arabs. Consequently, a whole series of sciences developed in order to solve these problems. These sciences include grammar, genealogy, poetry and history and were known as the Islamic sciences. Grammar was a part of such sciences. It became the essential constituent of all the intellectual activities as it was vital to understand the basis of religion. Science of genealogy also found its way in the minds of the Muslims intellectuals. It was used to establish relations between different tribes and people. To understand the Quran completely, it was equally important to learn the language and thoughts of the Prophets contemporaries. So, poetry of pre-Islamic Arab and the early days of Islam became a very important part of the Muslim Intellectual life. History was another aspect of systematization of learning. Historical writing came into form just due to the need to record the life of the Prophet (P.B.U.H) and the events of the Islamic conquests. The non-Islamic sciences that Muslims were concerned with were medicine, philosophy, astrology and astronomy. All these sciences were brought into the Islamic tradition by translations made from Greek language in the 9th century. The Muslims in the early era of Islam pursued only those sciences that they thought were practically useful for them. Philosophy was studied by Muslims because it was required for analysis of arguments and logic study of medicine was required for obvious reasons. Astronomy and astrology were regarded as practical sciences by Muslims because many of them believed in the influence of planets on peoples lives. The author highlights that in the early intellectual life of Islam certain subjects were studied because they were perceived to be useful and there was no structure of intellectual life for there did not exists any academic profession. Thus, in the first four centuries of Islam, there was no institutional frame work for intellectual life; people who were engaged in such activities lived on their private income. Overall, the Muslims in the four centuries of Islam were pre-occupied by Islamic sciences which developed from just being recordings of the early days of Islam to becoming immensely rich intellectual work. 3. Scientific and Philosophical Enquiry Achievements and reactions in Muslims history by Oliver Leaman: The author in his essay describes the development of scientific philosophical enquiry in the Muslim history. The author says that after the death of Prophet Mohammad (P.B.U.H), the Islamic empire expanded and extended to the various parts of Middle East where a variety of civilization were established for a very long time. The new Muslim rulers came into contact with people who had very sophisticated ideas about theology, medicine, astronomy and mathematics. Now they had to decide whether to reject this kind of learning or to study it. They chose to study it and learn from it and as a result a pluralistic society of different cultures and religious was formed There were basically two reasons for using the discoveries and theories which were present in the Middle East at that time. One was the need to argue and debate with the people of other religions and to persuade them to become Muslims. It was necessary to use the methodologies of the older religious to defend Islam and to prove to people what improvements Islam has brought. The other rational for using science and philosophy of existing cultures was a practical one. When the Muslims came to Syria, Iraq and later on Persia, they found out that those people had a high standard of living. They were relatively more educated and healthy. They had better management skills. The Muslims wanted to learn how they achieved this state of affairs. This resulted in a great deal of interest in early Islamic world for philosophical, scientific and medical discoveries which were all around them. The author further explains that these new communities had a bulk of philosophical works especially those of Aristotle and Plato. Philosophy is all about the ability to debate, to argue. There was a great demand by the people for philosophical material with which they could persuade others about the validity of their point of views. The philosophical literature was widely read in the first few centuries of Islam and great evidence of scientific work is also found. The author further explains that to the positive approach of the philosophers, thinkers and intellectuals towards ancient philosophy and science, the ulama had a different approach. They thought that if the Muslim intellectuals were forming a philosophy based on the philosophies of Plato and Aristotle then they were developing a philosophy based on pagan thought. They thought that Islam in itself contains the solutions of all the problems faced by the people. They argued that we need not approach ancient Greek philosophy for solutions of our problems. But the philosophers thought that if something is good or true there is no harm in incorporating it in our daily lives. The author says that the questions that arose as a result of all this debate were: how much is it acceptable for one to borrow from a culture that is not ones own? How far could Muslims incorporate secular knowledge in their own culture and still maintain their culture? The above mentioned debate was a dispute about who would sort out the theoretical problems of the Islamic world. Would it be the philosophers inspired by the Greek science and philosophy, or would it be the ulama and the fuqaha, the traditional Islamic scholars and jurists? 4. The Rational Tradition in Islam by Muhsin Mahdi: I would like to focus on the historical perspectives of the rational tradition in Islam. The author points out in the start of his essay that whenever in history Muslims including scientists, philosophers and mystics tried to express themselves, they had to use reason. The author traces back the history of rationalism from the age of enlightenment and the French revolution in European culture and history in the 17th and 18th centuries. It happened that some learned encyclopaedists started destructive rationalism by trying to get rid of religion and religious ideas, thoughts and prejudices. They wanted to establish a society that is purely based on reason. The author asks a question: how the rational tradition arose in Islam in the first place? He replies by saying that it arose after the death of the Prophet (P.B.U.H.) when Islam and Muslims faced the crisis of leadership. The question: who has the claim to rule Muslim religious community after the Prophet (P.B.U.H.)? Is it by the prophets designation of an imam or is it by election? The origin of Islamic religious thought and theology is based on this question. And, thus, begins the whole process of rationalism in Islam. Within the tradition and knowledge that came in from other cultures and societies to Muslims, the concept or idea of Neoplatonism also found its way. Neoplatonism is the theory that speaks of god as something that is hard to understand, that is above and beyond reason. Thus, Neoplatonism provided the revealed religions with a support. It taught them that the divinity is active; its not just a mind it is something that acts and causes things to be. Now as the rationalist ideas began to develop, the contradictions between the rationalists and the fundamentalists began. One illustration of rationalism in Islam was Abu Bakr Muhammad al-Razi, the physician who opposed all forms of human authority in matters of religious knowledge, even that of the prophet. He completely opposed prophecy and criticized religion. He proposed that organized religion was a device used by the evil men to establish their rule over mankind and that it leads to violence, conflicts and wars. The whole idea of extreme rationalism is to get rid of all religions and to form a society based purely on reason. But no tradition ever thought of a society completely based on reason. One can make justifications about prophecy, revelations and religious transactions. The author here states his point of view that the only way that a society can be held together and the only way that people can be encouraged to pursue virtues and avoid vices which may not always be in their rational interests is by a divine law and through a doctrine of reward and punishment hereafter. In Islam two kinds of rationalist traditions are found. One is that of Averroes (Ibn Rushd) who believed in acquiring rational knowledge to find a way to the divine. He believed that as one perfects it to its limits, then he has a vision of what is beyond it. The other tradition is that of Ibn al-Arabi who believed in practicing and learning from people and experiences to find the way to the divine. 5. The Limits of Islamic Orthodoxy by Norman Calder: Norman Calder in his essay firstly explains that in this essay he wants to discover the outside limits of Islamic Orthodoxy with respect to the Sunni Islam. The author defines the terms Orthodoxy and Orthopraxy. Orthodoxy means the right teachings whereas Orthopraxy means the right practice. According to the author, the Sunni Islam is a religion of Orthodoxy. The author describes that one of the places where the right teachings of Islam can be found are those books which are called Aqida or Aqaid in Arabic meaning creed. These books set out the agenda of beliefs that represent being a Muslim. The author gives the example of Christianity, that in the first five centuries of Christianity, they faced a debate about what it was you had to believe to be a Christian and they decided a creed under the authority of a council and the pope. But there is no such source of authority in Islam. There is no such council and there is no such creed that is found in which all the Muslims believe. According to the author one thing found common in all the creeds is the components of the Shahadat i.e. the belief that God is one and Muhammad (P.B.U.H) is the messenger of God. The author further explains that there are five possible forms of religions beliefs including scripture, community, gnosis, reasons and charisma. Some people claim that the way towards the knowledge of God is through scripture i.e. Gods revelation others claim that Gods self-revelation to man is through a community that has been chosen by God and in which correct belief is preserved. A third group claims that way towards knowledge of God is through gnosis i.e. mystic knowledge, experience or just mysticism. A fourth group claims that way towards understanding God is by using reason or by being rational. Finally, there are communities that believe that God has appointed throughout the generations one particular person to express His message, they are also claim that this particular person has the knowledge of God. All great religious traditions of the world including Hinduism, Islam Christianity have all fine elements described above. The author classifies different groups of believers according to the above mentioned forms. Within Islam, the Twelve Shia the Ismaili Shia are the communities which lay stress on charisma as the most important form of achieving knowledge of God. There are two sets of people in Islam which lay great stress on reason as the means of achieving knowledge of God. One group is represented by philosophers like Al-Farabi and Avicenna i.e. Ibn Sina. The other group is the Mutazila which are rejected by the Sunnis because they claim that they overstress the role of reason. The group representing gnosis or mysticism in Islam is the Sufis. According to the author, the Sunnis are the group that lie somewhere between scripture and community. The author further explains that the Sunnis have formed intellectual writing traditions, there literature to which they refer as the expression to their understanding of their relationship to God and His Prophet (P.B.U.H). This list of literary genres is as follows: Qisas Al Anbiya, Sirat Al-Nabi, Quran, Hadith, fiqh, Kalam, Tafsir and Sharh Al Hadith. At intellectual level, the limits of orthodoxy are represented by the contents of the set of books defined above. 6. Intellectual Life Among the Ismaili: An Overview by Farhad Daftary: The author firstly explains the history and beliefs of Ismailis. He says that the Ismailis maintain that the Prophet Mohammad (P.B.U.H) has appointed his cousin and son-in-law- Ali b. Abi Talib as his successor and that this designation or nass has been made divine command. They also believe that there is a permanent need of a spiritual leader with a particular Kind of knowledge (ILM) for guidance of mankind. They believe that after the death of Prophet, only Ali and succeeding imams possessed the required ILM and religious authority which enables them to act as the sole authority for interpreting the Islamic revelation. Thus, this doctrine of imamate forms the foundation of all the teachings and literary works of the Ismaili Shi is. The early Ismailis developed a cyclical history of revelation and a cosmological doctrine. These two concepts became the main components of theology. These two doctrines also explain the great appeal and popular success of the early Ismailis Dawa (the guiding mission led by teachers known as dais or missionaries. The establishment of the Fatimid state in 909 in North Africa proved to be a mile stone for the success of dawa. The Fatimid period is often known as the Golden Era of Ismailism. After the acquisition of the Fatimid state, the Fatimid Caliph-Imams didnt abandon their dawa activities aiming to extend their rule over the entire Muslim Umma, they retained their dawa and network of dais, operating both within and outside Fatimid states. Special institution was setup for the training of dais and instruction of ordinary Ismailis. The dais who were educated as theologians, themselves were the scholars and authors of Ismaili community. They produced great literary works on theology, law, philosophy and exoteric and esoteric subjects. In Egypt, the Fatimids created major libraries in Cairo, which grew into a centre of art, culture, Islamic and natural science. The Dais themselves were trained in jurisprudence and were acquired with knowledge of Hadith and other religious sciences as well as the languages and cultures of regions in which they operated despite being the sole representative of the Ismaili Dawa it Seems that very little is written by Ismaili authors on Dais who acted as missionaries, teachers and judges for the Ismailis of their community outside the Fatimid dominion. The high yearn for learning in Ismailis led them to conduct Majalis i.e. Lectures or teaching sessions for public. In 1005 Fatimid Caliph-Imam Al-Hakim (996-1021) formed an institution of learning known as Dar al-ilm, the house of knowledge or Dar al-Hikma in a section of Fatimid palace in Cairo. A multitude of religious and non- religious sciences were taught at Dar al-ilm which was equipped with a major library. Many Dais received training in Dar al-ilm. In the Fatimid period, the Ismaili law was codified by Al-Qadi Al-Numan under the guidance of the Fatimid Caliph-Imam Al-Muizz. His compilation the Daaim-al-Islam (The Pillars of Islam) served as the official legal code of the Fatimid state, Al-Qadi Al-Numan, on Fridays after the mid-day prayers conducted public sessions in Cairo at the mosques of Al-Azhar, Amr Al-Hakim, to explain the legal doctrines of the Ismailis jurisprudence to Ismailis. Much of the literary work and chronicles of Ismailis perished as a result of the Ayyubids harassment of Ismailis. These libraries were also destroyed and hence much of the literary work was also perished. After the persecution of Ismailis by Ayyubids in the Fatimid states, Hassan Sabbah founded the Nizari state in the fortress of Alamut in northern Persia. Hassan Sabbah was a learned theologian and he established an impress library at Alamut. Other major Nizari Fortresses in Persia Syria were also equipped with a signification collection of books, documents and scientific instruments. The Nizari Ismailis of the Alamut period used to compile chronicles in which events of the Nizari states were recorded accordingly. But most of these official chronicles preserved at Alamut and other Nizari fortresses perished in the Mongol attacks of 1256 or later on. After the invasion of Mongols in 1256, the Nizaris how began to observe taqiyya for extended period. Until the end of the 17th century, the Nizari Dawa met with particular success in Central Asia India. In the Central Asian tradition, the authentic works of Nasir Khusraw occupy a prominent role. Central Asian Nizaris have also preserved a bulk of Persian Nizari literature produced during the Alamut period in later times. The Syrian Nizaris have also formed another literary tradition based on Arabic, in which local ideas as well as Fatimid Ismaili thought found expression. The Nizari Khojas of the Indian sub-continent developed a distinctive tradition known as Satpanth or true path which is expressed in their hymn like Ginans written in different South Asian languages and later on recorded in the Khojki Script in Sindh by the Khoja community. These Ginans were written by Pirs or Dais to increase their appeal of message. The author acknowledges Ismailis as a community with the doctrine of Imamate as their central teaching. He successfully traces back the Ismaili literary traditions in his work. 7. Nasir Khusraw: Fatimid Intellectual by Alice C. Hansberger: The author Alice C Hunsberger in her essay focuses on the great Fatimid thinker and intellectual Nasir Khusraw. Nasir Khusraw who lived primarily in Khurasan in the 11th Century was an eminent Persian philosopher, writer and poet. He was a successful preacher of the Ismaili faith in Central Asia renown for his poetic teachings. He was so successful in preaching among people that those of other Islamic school turned viciously against him and he had to spend his last 15 or 20 year in exile in Yumgan in Badakhshan under the protection of a local Ismaili Prince. The author in her remarkable essay sheds light on his personality and his teachings. She narrates the story of an eagle from one of his poems. The essence of the story is that human beings have it all in them that carries them to the sky and brings them to the dust. The author is found to be saying that Nasir khusraw is far away from being a mystic and neither he is an ascetic rather he preaches his readers to become the best human beings they can by being fully in this world and using it for achieving self-perfection. Nasir Khusraw is the only philosophical writer of his era to have written all his writings in Persian language. He leaves us with three different genres of writing: a prose memoir of his travels, the safarnama, and his poetry gathered in his diwan and a no. of philosophical works in which he lays out the doctrines of Ismailism. His famous edited and published books include: Gushayish wa Rahayish, Jamial-Hikmatayn, Khwan al-Ikhwan, Shish Fasl, RawshanaI-nama, Wajh-i-din and Zad al-Musafirin. Nasir Khusraw earned his title Hakim through his broad training in philosophy and other sciences including finance and mathematics. In his writing, Nasir Khusraw shows a certain honesty and directness. He talks his hopes. His prose and poetry is so admired by people because it is plain and complex. Around his fortieth birthday Nasir Khusraw underwent a spiritual reawakening and left his privileged life in the royal Saljuq court and set out for a journey which was much esoteric rather than exoteric. The authors sheds light on a very important concept from Nasir Khusraws teachings that one must be in this world in order to achieve the higher world. He explains in his teachings the need of physical world for a life of faith because according to him it is the physical world that holds the tools for learning true wisdom, namely reason (or intellect and knowledge i.e. aql and ilm). Nasir Khusraw gets irritated by people who are ignorant. He compares them to all sorts of animals including donkeys, asses and noisy birds. In his book Wajh-i-Din Nasir Khusraw explains that animals act without knowledge, while angels know without acting. But it is human beings who must combine both action and knowledge. For Nasir Khusraw, intellect leads a believer to proper faith and strengthens his faith. The other concept that Nasir stresses in his teachings is the observance of the sharia. He criticizes people that they must observe sharia. He compares the observance of sharia with taking medicine when we are sick. Although we may not like the medicine but we have to do in order to heal our body. Similarly, the Prophet (P.B.U.H) is the physician and the medicine he brings to heal our souls is the sharia. Nasir Khusraw stresses that it is through the body that ones soul can be perfected by carrying out sharia. Since man is responsible for his actions, the effects of his actions are transferred to his soul leading ultimately to the purification or perfection of mans soul by observing the sharia. The author gives a great overview of the teachings of Nasir Khusraw in her essay. 8. Reason and Mystical Experience in Sufism by Annemarie Schimmel: The author in her essay sheds light on the concept of love, intellect, reason and experience in mysticism and in religion. She sheds light on different concepts by using references of Maulana Rumi and Iqbal. She starts her essay with some verses by Maulana Rumi and Iqbal in which they both in their own words point out the difference between intellect and love. According to them, intellect first ponders over things whereas love just jumps into the hearts of the matter without thinking of the consequences. Intellect is necessary to give us information i.e. Khabar whereas love gives us the direct vision i.e. nazar, The author quotes the story of a moth and a burning candle which Al-Hallaj has written in his Arabic book, Kitab al-Tawasin in which the moth is not satisfied with the sight and feeling, it want to burn itself and led to a new higher life. The Sufis present the idea of die before you die. The Sufis desire for Nazar i.e. the true experience that comes from love. The author also describes in the analysis of intellect and love, two other modes of perception, dhikr and fikr. Fikr literally meaning thought is necessary to understand the creations of this world. And dhikr literally meaning the constant remembrance of god is supposed to polish human heart and make it shine like a mirror. These two modes of thinking of fikr, intellectual thinking and of dhikr remembering god with love are always used together. Iqbal presents another idea about the intellect that as it makes to think and ponder over things it creates new idols every moment. But again in his poetry he tells us that these idols of intellect bow to love. The author highlights another aspect of mysticism that is expressing the love in words. She quotes Rumi as saying that when the pen comes to write the word love, its break into pieces. The pen breaks when it comes to write about love but the same pen has written a bulk of books and poetry about this very love. It is a paradox in literature that the mystics who stressed that ones who wrote numerous books. The mystics have been found to say that whatever they write is not by their intellectual powers it is all waridat things that come to the mystics. These literary works are produced even by illiterate people and when you read them if it looks as if it has been crafted with much intellectual effort. We have the examples of such writers such as Ibn al-Arabi and khwaja Mir Dard who claim that they didnt even think of it. These mystical writings have been opposed by Ulama and many scholars as dangerous and poison for untutored minds. The traditional saying finds its way here that: think about the work of god and the qualities of god, but do not think of gods essence. Again Iqbal quotes in his works that Quran also invites to seek signs in the horizons of this world and in ourselves. Thus, the author concludes by saying that intellectual activities are not to be excluded from the way of Sufis or the Muslims. The idea of looking at signs and pondering over them may be of great help to understand religion in a better context. At the end she quotes a verse by Rumi that I quote here: when you make a house for your chicken, a camel does not fit into it. And she concludes that intellect is a chicken and love is a camel- a great, proud and beautiful camel. 10. Woman, Half-the-Man? The Crisis of Male Epistemology in Islamic Jurisprudence by Abdulaziz Sachedina: The author introduces the readers to the sharia, the Islamic sacred law and the two spheres of human activity: those actions that relate humanity to god categorizaed as Ibadat (literally acts of honouring god, technically god-human relationships), and those actions that relate humans to fellow humans categorized as Muamalat (literally transactions, technically inter-human relationships ). According to the author the area of inter-human relationships demands rethinking and reinterpretation of the normative sources like the Quran and the sunna, under changed social conditions. One area particularly in inter-human relationships which is retarded in progress by interpretation by Muslim jurists is the personal status of muslim women. The madrasa tradition of learning in Islam has disregarded female voices in emerging issues of women and human rights. The redefinition of status of a muslim woman is a major issue that confronts the Muslim jurists in todays modern world. Muslim womens participation in legal-ethical matters where situational aspects can be best determined by women themselves only, is very essential. Without their participation in such discussions, womens rights will always depend on the patriarchal society. The author further discusses the male jurists and their female related rulings. He narrates his exp