Jk Cement Research Report

Indian Institute of Management, Bangalore PGP Program Term 1, 2012 Final Report for JK Cements – Group 2 Section 1 Business Description: JK Cements is one of the largest cement manufacturers in Northern India and the eighth largest overall India with net cement sales of 2545 crores in 2011-12. Itsmain productsinclude grey and white cement. It produced 53. 2 lakh tons of grey cement and 3. 77 lakh tons of white cement in the financial year 201112. Grey cement produced consists of Ordinary Portland Cement (â€Å"OPC†) and Portland Pozzolana Cement (â€Å"PPC†). Their cement products are marketed under the brand names J.K. Cement and Sarvashaktiman for OPC products, J. K. Super for PPC products and J. K. White and Camel for white cement products. JK Wall Putty and JK Water proof are its white cement based value-added products. Housing (74%), infrastructure (17%), commercial & institutional sector (13%) and industrial sector (6%) are the major customers of the cement industry [Refer Figure 1]. Housing constitutes a major chunk of the demand and hence rural and urban housing projects are a key resource generator. Key stock statistics and revenue/earnings data is included in the appendix [Refer Tables 1& 2]Section 2 Market Profile, Competition, Strategy, Risks A. Market Profile: The demand for cement mainly depends on the level of development and the rate of growth of the economy. The major demand drivers for the cement sector in India are housing, infrastructure and commercial construction. These are key components of the country’s GDP and hence, the average growth of the cement industry is approximately 1. 2 times the GDP growth. Significant impetus to both rural and urban housing as per capita income increases in a major driver of the industry.With the increase in national infrastructure investment, the industry is poised to expand further in spite of the worldwide economic recession. The housing sector contributes around 64% of the tot al cement demand. It also accounts for 80% of the total real estate developments in the country. Housing demand is expected to be robust backed by various measures adopted in the budget like continued interest subvention up to 15 lacs, exemption from service tax for low cost housing construction, and increase in investment-linked deduction of capital expenditure on low-cost housing from 100% to 150%.There has been a major push by the government in infrastructure development with the intended investment being US$ 1 trillion in the 12th five year plan period (2012-17), against an investment of US$ 514 billion in the 11th five year plan period. Massive investment in infrastructure would provide boost to Indian Cement industry. India is the second largest producer and consumer of cement in the world, accounting for 7-8% of the total global production with an installed capacity of over 300 Mtpa at the end of 2011-12. India’s cement industry performed better in 1 011-12, on back of robust demand revival in the second half of the financial year. The industry grew by 6. 4 per cent in 2011-12 as against less than 5 per cent in 2010-11. Total cement sales were 223. 02 MT compared with 209. 5 MT in FY11. For 2012-13, CRISIL Research estimates cement demand to increase 7-8 per cent yoy (Crisil). In the near term, demand could be a little weak because of the lower GDP growth. Given that a large part of the demand comes from the housing sector, high interest rates are not conducive to the urban real estate demand. However, in the long term, the industry is expected to grow at an average of 1. times the GDP growth rate. Growth rates of 8-9% can be targeted for the five year period given the increase in investment in infrastructure projects and increasing rural demand. Although India is one of the largest cement markets in the world, per capita consumption of cement is still low as compared to the world average as well as that of other large countries such as China and US. The Indian cement industry, thus, has a huge growth potential. Given the intense shortage of housing, this segment has been a major growth driver for the cement industry.The demand for residential real estate has only increased, fuelled by increasing urbanization, rising income levels, decreasing household sizes and easy availability of home loans. Bulk of the total shortage of 74 million units at the end of the 11th Five Year Plan (2007-2012), is expected to be generated by rural and below poverty line households. The government has launched various initiatives such as NREGS and Indira AwasYojana to improve rural income, which may increase demand for rural housing in the country. Increased infrastructure investments by the government as mentioned earlier is also likely to be a major growth area.Housing (74%), infrastructure (17%), commercial & institutional sector (13%) and industrial sector (6%) are the major customers of the cement industry. Housing constitutes a major chunk of the demand and hence rural and urban housing projects are a key resource generator. Overall industry margins and change in sales trends are mentioned in tables at the end. [Refer to Table 3 & 4]. Please refer to Table 5 for a picture of the industry growth rate based on the Free Cash Flow model where the average P/B was computed with the top 5 firms of the industry and different rates for cost of capital were assumed.This shows that the cement industry is poised for growth for whatever cost of capital that may prevail. B. Competition: Inter firm competition and rivalry in the industry is high. Large number of players, intermittent overcapacity, marginal product differentiation, high storage cost and high exit barrier in form of significant capital investment has led to high competition in the industry. Threat of new entrants is limited since it involves high capital investment, broad distribution network and oversupplied markets deter new entrants.However, given the high potenti al for growth, quite a few foreign transnational companies have made acquisitions and increased their stake in domestic companies to gain full control. There are no good substitutes for cement popular in India. However, there are eco friendly substitutes for cement which include fly ash and slag. Fly ash is the by product when coal is burnt to make electric power and slag is created when producing iron in blast furnaces. Coal fly ash, blast furnace slag and other mineral admixtures can substitute for cement, aving energy and reducing cost. Bitumen in roads and engineering plastics in building are some element of competition. Currently, the top players – UltraTech, ACC, Ambuja Cements, Jaiprakash Associates, India Cements and Shree Cement, collectively control more than half of the cement market in the country. Overall, there are 40 players in the industry across the country. (Source: ibef. org) The closest competitors for JK Cement are Shree Cements, Madras Cements, Birla Cor poration and Binani Cement. The industry has a 4-firm concentration ratio of 58. 18%. 2 C. StrategyDespite challenges, JK Cement has increased revenues and profits owing to higher realisation and volumes in both grey cement and white cement business. The company is in on its way to expanding its capacity in India to cater to the increase in cement demand. It has also diversified its product portfolio by not only limiting itself to varieties of grey cement but also extending to white cement and other value added products. Besides, the Company is also setting up a grey cum white cement plant at Fujairah in UAE to cater to GCC and African markets. The company is making efforts to reduce operating expenses which in turn would increase the ROE.Some of the efforts to reduce operating costs are: Grey Cement †¢ Implementation of CII Audit findings in phased manner to reduce power consumption. †¢ Installation of VFDs in fans to save power. †¢ Replacement of booster fans by hig h efficiency fans to save power. †¢ Installation of pfisterpump for coal firing in calciner. †¢ Replacement of Raw mill -1 separator by high efficiency separator. †¢ Dynamic separator in Coal Mill. White Cement †¢ Covered clinker storage facility for grey and white clinker. †¢ Grinding plant for dolomite for putty product. †¢ Installation of new SG Fan & Driver. The company is also making efforts to increase its capacity.The company is revisiting the size of proposed expansion plan at Mangrol, Rajasthan from earlier envisaged 3. 5 Million Tons to around 2. 5 Million Tons, on account of delay in allotment of new mining area to the Company. Viability study for 2. 5 Million Tons capacity plant is under preparation and a final decision will be taken during the course of the year. D. Risks Three most important risks: 1. Sustained economic slowdown The growth of cement industry is directly proportional to GDP growth rate. Absence of decision making at Governm ent level is affecting economic growth and may have adverse effect for the cement industry.If measures are not adopted against inflation, high interest rates, depreciating rupee, then it would impact the overall economic growth of the country resulting in dragging the sector down. 2. Unavailability of coal linkages Coal costs constitute 14-23% of cost of production of cement. The hike in coal prices is expected to hit the margins. Due to reduced supply of coal linkers from Coal India over the years; the company has to import coal at higher costs from South Africa and Indonesia. The depreciation of the rupee will also add to the increased cost of raw materials. 3.Adverse demand-supply mismatch In case, the additional capacities get commissioned ahead of schedule, then a state of oversupply would rise, consequently prices may head downwards and the sector may suffer a severe blow. Section 3 3 Trend Analysis The demand for the cement mainly depends on the rate of growth of infrastructu re, housing and commercial construction. In Indian context all these areas have been experiencing a significant growth as a result of constant growth in our GDP. As a result we can see that overall the total revenues for both the companies have been rising [Refer to Figure 2].JK Cement and Madras Cements basically cater to northern and southern India respectively. In year 2011, there is a dip in the total revenues of Madras Cement. This was result of a more acute fall in the capacity utilization observed in southern India due to low demands because of political instability in Andhra Pradesh and minimal pick-up in demand in Tamil Nadu and Kerala post elections. The two industries exhibit comparable trend as far as profit margins are concerned [Refer to Figure 4]. So, an overall analysis of cement industry in this period is required.In 2008, the dip can be attributed to reduced demands due to global recession, which reduced capacity utilization thus reducing profits. In 2011, there wa s marginally poor off take in cement demand due to passive construction activity, which lead to excess supply and utilisation fell to a 13-year low of 83. 9% for 2010-11. This has been coupled with rise in input costs, especially prices of coal and petroleum products. As a result, both the top line and bottom line have been affected. Hence this year the capacity utilization increased and the demand dropped. Section 4 Ratio Analysis [Refer Table 6] . Return on Equity : [Refer Fig. 5] ROE has been hovering around 17-20% throughout with some years seeing slight changes. Given that Index of Industrial Production(IIP) grew only by around 2. 8%, it appears that JK and Madras have both done well. However, 2010-11 was a bad year for JK Cements. Their Net Operating Profit plummeted by 39% when compared to the previous year while the same for Madras Cement was only around 27%. This was mainly on account of reduction in sales realisation and substantial increase in the prices of petcoke and fu el resulting in higher input costs (Annual Report 2010-11).This caused the ROE of JK to fall by almost 600% from the previous year. 2. Basic DuPont Model Analysis : [Refer Fig. 4,5 and 6] ROE = Asset Turnover * Profit Margin Asset Turnover of JK is consistently higher when compared with Madras Cements – 42. 46% higher in 2006-07 while this is 39. 87% in 2012. This is because JK’s total fixed assets is lesser than Madras’ by almost 50% while sales of Madras Cements is higher only by around 2025% on an average . However, the low profit margin throughout has been causing the Return on Equity of JK to be lower than that of Madras Cements.The profit margin has been very low in all the years from with the worst hit being in 2011 – reason explained in step 1. Also the Net Financial Rate has dinted the net profit due to expansion efforts coupled with the dim outlook in the industry. A ray of hope for JK would be to perform product differentiation with the white c ement – wall putty market ; it has done right by expanding the white cement units in overseas ; the demand for interior and decor is bound to increase in the near future. 4 3. Advanced DuPont Model Analysis with RNOA & Leverage : [Refer Fig. & 12] It can be seen that the Operating Spread of JK is going negative for 2010-11 & 2011-12 showing that their Financial Rate is on the rise which is due to debts from increased expansion plans. This, along with the increased leverage from high borrowing, has reduced the already low RNOA to yield a poor ROE value. In the same while, for Madras Cements the spread has been positive – in fact, it has never gone negative for them, despite their large debt. Madras Cements has been affected only by the overall increase in costs in the cement industry and not by the leverage effect which JK has suffered from.The leverage effect has beaten JK again in 2011-12 ; though their RNOA has increased by 177% from the previous year and long-term d ebt has actually reduced, the Interest Rates on loans have seem to have gone up – leading to a 117% increase in the NFR. Thus the negative operating spread has again caused JK’s ROE to fall below the RNOA – Madras Cements has remained stable in this period – registering a higher ROE than RNOA due to the positive spread. Again, this shows that Operating Margin of JK is low when compared with the cost of capital. 4. Analysis of Turnover ratios [Refer Fig. 9 & 0] Inventory Turnover and Debt Turnover of JK is considerably higher than that of Madras Cements leading to a better operating cycle. Low inventory holding and low receivables isa positive trend for JK Cements and it should continue this. 5. Analysis of Liquidity and Long-term Solvency : [Refer Fig. 8,11] The Quick Ratio of JK is consistently higher than Madras Cements for all the 5 years taken into consideration – hence the liquidity position of JK is better than that of Madras Cements. The cap ital structure seems more of debt financing in the recent years – owing to expansion plans.However increase in interest rates would make JK vulnerable to low margins which is already discussed in the advanced model. Section 5 – Conclusion – – – The cement industry is estimated to grow as can be seen from the CRISIL analysis quoted in section 1; housing and infrastructure demand are expected to increase – hence JK is bound to do well The cost reducing efforts of JK and the product differentiation into white cement are expected to increase profit margins. The Asset Turnover values of JK are also higher than its competitor. Hence increase in ROE is expected in coming years.The reduced operating cycle of JK shows a positive trend vis-a-vis its competitor. P/B value of JK is 1. 18 while industry average (top 5 firms) is 2. 76 (refer to table on Growth of Cement Industry). Hence JK stock seems to be undervalued [Refer Table 5] JK has declared 50% dividend for the current year and has consistently declared dividend for the past 5 years. However, the inherent risks in the industry – from global crises like the Euro crisis and flagging coal availability pose concerns for the successful implementation of plans.Further, the continuous expansion plans of JK leading to higher debt and hence higher interest rates (which can rise based on RBI measures to contain inflation) cause concern for the profit margins which can again reduce. The positives seem to be strong as JK is trying to stabilize its expansion plans. Hence an acute negative view point would not be correct. Hence we suggest a buy/hold after doing the above analysis. 5 References : – Crisil. (n. d. ). Retrieved August 21, 2012, from Crisil Web site: crisilresearch. com – Dion Insight. (n. d. ). Retrieved August 21, 2012, from Dion Insight Web site: https://insight. ionglobal. in/Insight/Industry. asp? pageLink=IndProfile&Ind=151 – equitymaster. com. (n. d. ). Retrieved August 21, 2012, from equitymaster. com: http://www. equitymaster. com/research-it/sector-info/cement/Cement-Sector-AnalysisReport. asp – Gupta, N. (n. d. ). Ernst & Young. Retrieved August 21, 2012, from Ernst & Young Web site: http://www. ey. com/Publication/vwLUAssets/cementing_growth/$FILE/cementing_growth. pdf – India Brand Equity Foundation. (n. d. ). Retrieved August 21, 2012, from India Brand Equity Foundation Web site: http://www. ibef. org/industry/cement. aspx – Jagdesh Sunku. 2006). Advantages of using fly ash as supplementary cementing material (SCM) in fibre cement sheets. 10th Int. Inorganic Bonded Fibre Composites Conference, (pp. 25-32). Sao Paulo. – JK Cement Annual Report 2010-11 & 2011-12. JK Cement. – moneycontrol. com. (n. d. ). – PlanningCommision. (n. d. ). Planning Commission. Retrieved August 21, 2012, from Planning Commission Web site: http://planningcommission. nic. in/plans/mta/11th_mta/c hapterwise/chap14_invest. pdf 6 Appendix A Division Figure 1: Division of customers of cement industry into major sectors Major Major customers of cement industryCommercial & Institutional 13% Industrial 6% Infrastructure Infrastructure 17% Housing 64% Figure 2: Total revenue for JK Cement & Madras Cements Ltd. (Revenue in crores)(Before 2005 financial financial statements for JK Cement wasn’t prepared. It was then treated as a division under JK Groups for financial purposes) Total revenue 3,500. 00 3,000. 00 2,500. 00 2,000. 00 1,500. 00 JK Cement Madras Cements Ltd. 1,000. 00 500. 00 0. 00 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 7 Figure 3: Change in sales % change in sales 60 50 JK Cement Madras Cements Ltd. 40 30 20 10 0 -10 -20 2003 2004 005 2006 2007 2008 2009 2010 2011 2012 Figure 4: Profit Margin Profit margin 25. 0% JK Cement Madras Cements Ltd. 20. 0% 15. 0% 10. 0% 5. 0% 0. 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Figure 5: Return on Equity ROE (%) 60 JK Cement 50 Madras Cements Ltd. 40 30 20 10 0 2007-08 2008-09 2009-10 2010-11 2011-12 8 Figure 6: Asset turnover Asset turnover (%) 110 JK Cement 100 Madras Cements Ltd. 90 80 70 60 50 40 2007-08 2008-09 2009-10 2010-11 2011-12 Figure 7: Return on Net Operating Assets RNOA (%) 40 JK Cement Madras Cements Ltd. 30 20 10 0 2007-08 2008-09 2009-10 2010-11 2011-12Figure 8: Debt – Equity Ratio Debt – Equity Ratio 2. 5 JK Cement Madras Cements Ltd. 2 1. 5 1 0. 5 0 2007-08 2008-09 2009-10 2010-11 2011-12 9 Figure 9: Spread Operating Spread 0. 5 JK Cement 0. 4 Madras Cements Ltd. 0. 3 0. 2 0. 1 0 -0. 1 2007-08 2008-09 2009-10 2010-11 2011-12 2010-11 2011-12 -0. 2 Figure 10: Holding period Operating Cycle (days) 120 JK Cement Madras Cements Ltd. 100 80 60 40 20 0 2007-08 2008-09 2009-10 Figure 11: Quick ratio Quick Ratio 2 JK Cement Madras Cements Ltd. 1. 5 1 0. 5 0 2007-08 2008-09 2009-10 2010-11 2011-12 10 Figure 12: Net Financial Rate NFR 0. 18 JK Cement 0. 6 Madras Cements Ltd. 0. 14 0. 12 0. 1 0. 08 0. 06 0. 04 0. 02 0 2010-11 2011-12 11 Appendix B: (Tables) Table 1: Key stock statistics Stock Report| 24 July 2012 |Symbol : JKCEMENT (NSE); JKCEM (BSE); ISIN NUMBER INE823G01014 J K Cements Stock Price (closing) Investment Style 213. 30 (as of 20 July 2012) Large CAP Sector Cement Summary : JK Cements is one of the largest cement manufacturers in Northern India ; it is the second largest white cement manufacturer by production capacity in India Key Stock Statistics 52 Wk Range 95. 80 to 219. 70 (BSE) 25. 36 8. 41 11,839 EPS (Twelve Month Trailing)P/E (Twelve Month Trailing) 10K investment 5 yrs ago Credit Rating Long Term Bank facilities Short Term Bank facilities Common shares outstg. 69927250 Market Cap Yield (%) Dividend rate per share 1491. 55 Crores 2. 34 5 A+(CARE) A1+(CARE) Table 2: Earnings per Share Earnings Per Share of 10 each ( ) June Q1 September Q2 2011-12 7. 14 0. 51 2010-11 4. 22 -2. 98 2009-10 10. 04 9. 35 December Q3 6. 22 0. 26 6. 65 March Q4 11. 49 7. 66 6. 28 Year 25. 36 9. 16 32. 32 ? ? ? ? ? ? ? ? Table 3: Industry Margins OPM(%) GPM (%) NPM (%) Mar ‘12 21. 78 21. 49 9. 14 Dec ‘11 19. 65 18. 45 10. 13 Industry MarginsSep ‘11 15. 66 13. 6 5. 05 Jun ‘11 24. 41 22. 48 11. 76 Mar ‘11 22. 46 20. 9 11. 92 Dec ‘10 17. 18 15. 32 5. 84 12 Table 4: Industry sales Mar ‘ 12 Industry sales (in crores) % change Change in industry sales (quarter)(%) Dec ‘ 11 Sep ‘ 11 Jun ‘ 11 Mar ‘ 11 Dec ‘ 10 20841. 87 17953. 16 15649. 20 17017. 73 17388. 15 14201. 79 16. 09026 14. 72254 -8. 04179 -2. 1303 22. 43633 Table 5: Industry Growth Projections (for different values of ‘r’) using Free Cash Flow Model Company Name Ultratech Ambuja ACC Shree Cements Madras Cements India Cements JK Cement Average P/B ratio as on 26/08/2012 3. 66 3. 64 . 5 4. 55 2. 19 0. 68 1. 14 2. 765714286 ROE (from March 2012 BS) Cost of Capital (%) Growth (%) 19. 02 15. 28 18. 42 10. 55 18. 78 7. 21 13. 75 14. 71571429 10 11 12 13 14 7. 329288 8. 895631 10. 46197 12. 02832 13. 59466 Table 6: Ratio Calculations Ratios Profit Margin (%) Asset Turnover (%) ROE (%) Return on Assets (%) Net Operating Profit Margin (%) Net Operating Asset Turnover (%) Return on Net Operating Assets (%) = NOPAT/Avg. Net Operating Assets JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras CementJK Cement 2011-12 8. 154156 12. 06512 77. 80004 55. 62438 17. 04343 20. 87036 6. 343937 6. 711146 10. 83703 15. 17511 139. 8798 83. 81691 15. 15882 2010-11 1. 654139 7. 964254 79. 85371 47. 82047 3. 49563 12. 67786 1. 320891 3. 808544 4. 320325 11. 0728 126. 2029 68. 65512 5. 452374 2009-10 10. 84236 12. 59667 88. 57764 56. 65368 22. 29768 25. 09332 9. 60391 7. 136478 12. 51604 16. 10394 160. 5309 81. 84813 20. 09211 2008-09 8. 421552 14. 40591 94. 35595 63. 17162 16. 78291 32. 91344 7. 946235 9. 10 0446 10. 11265 17. 00776 212. 7993 93. 59998 21. 51965 2007-08 16. 62175 20. 30998 107. 4567 75. 2185 41. 51821 50. 27496 17. 86118 15. 31816 17. 88877 21. 64552 209. 9905 128. 6868 37. 5647 Madras Cement 12. 71931 7. 602044 13. 18078 15. 91926 27. 85493 13 Interest Coverage (%) Leverage – Measure 1 Debt-Equity Ratio Current Ratio Quick Ratio Debt Turnover Debt Collection Period (days) Inventory Turnover Inventory Holding Period (days) Operating Cycle (days) NFO NFE NFR Op. Spread FLEV*Spread ROE = RNOA + FLEV*Spread (Advanced Dupont Analysis) JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras CementJK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement 392. 0551 615. 8751 2. 686571 3. 109805 0. 837413 1. 0309 99 1. 197299 0. 601965 0. 833253 0. 343679 35. 22924 16. 62681 10. 21879 21. 65177 5. 924257 5. 223089 60. 76712 68. 92473 70. 9859 90. 57651 401. 46 1719. 03 68. 278 101. 808 0. 170074 0. 059224 -0. 01849 0. 067969 -0. 01548 0. 070076 13. 61077 19. 72691 254. 5852 468. 6705 2. 646419 3. 328794 1. 150731 . 609198 1. 367937 0. 931981 0. 916991 0. 599238 33. 11155 15. 49891 10. 87234 23. 22745 7. 497843 4. 941565 48. 01381 72. 85141 58. 88615 96. 07886 802. 04 2307. 32 62. 958 81. 466 0. 078497 0. 035308 -0. 02397 0. 040713 -0. 02759 0. 065515 2. 693658 14. 15354 666. 585 579. 4166 2. 321729 3. 516204 0. 939762 1. 647142 1. 144753 1. 00381 0. 764784 0. 639154 30. 43733 22. 88671 11. 82758 15. 72965 8. 619538 5. 233222 41. 76558 68. 79127 53. 59316 84. 52092 705. 23 2034. 43 34. 363 98. 455 0. 048726 0. 048394 0. 152195 0. 083413 0. 143027 0. 137394 34. 39482 26. 92014 619. 7696 717. 6917 2. 112058 . 616684 0. 580401 1. 954809 1. 968687 0. 982285 1. 675142 0. 628742 30. 17987 33. 40915 11. 92848 10. 77549 10. 69177 6. 127751 33. 67075 58. 74912 45. 59923 69. 52461 -143. 99 2006. 67 28. 147 65. 807 -0. 19548 0. 032794 0. 410675 0. 126398 0. 238356 0. 247085 45. 35528 40. 62774 851. 7743 1451. 897 2. 324494 3. 28205 0. 626681 1. 714777 1. 762163 1. 019801 1. 467784 0. 702189 26. 72182 31. 59228 13. 47214 11. 39519 10. 49671 6. 782897 34. 29647 53. 07467 47. 76861 64. 46986 37. 91 1183. 64 20. 216 26. 782 0. 533263 0. 022627 -0. 15762 0. 255922 -0. 09877 0. 43885 27. 68721 71. 73993 14

Jose Rizal Novels

University of Perpetual Help System Dalta Alabang-Zapote Road, Pamplona III, Las Pinas City Dedication of Jose Rizal’s Novels: Noli Me Tangere And El Filibusterismo Submitted to: Mr. Mason (Professor in Life and Works of Rizal) Submitted by: Rosemarie R. Lubay Noli Me tangere â€Å"In the annals of human adversity, there is etched a cancer, of a breed so malignant that the least contact exacerbates it and stirs in it the sharpest of pains.And thus, many times amidst modern cultures I have wanted to evoke you, sometimes for memories of you to keep me company, other times, to compare you with other nations – many times your beloved image appears to me afflicted with a social cancer of similar malignancy. Desiring your well-being, which is our own, and searching for the best cure, I will do with you as the ancients of old did with their afflicted: expose them on the steps of the temple so that each one who would come to invoke the Divine, would propose a cure for themâ₠¬ ¦ † El FilibusterismoTo the memory of the priests, Don Mariano Gomez (85 years old), Don Jose Burgos (30 years old), and Don Jacinto Zamora (35 years old). Executed in Bagumbayan Field on the 28th of February, 1872. â€Å"The Church, by refusing to degrade you, has placed in doubt the crime that has been imputed to you; the Government, by surrounding your trials with mystery and shadows, causes the belief that there was some error, committed in fatal moments; and all the Philippines, by worshiping your memory and calling you martyrs, in no sense recognizes your culpability.In so far, therefore, as your complicity in the Cavite mutiny is not clearly proved, as you may or may not have been patriots, and as you may or may not have cherished sentiments for justice and for liberty, I have the right to dedicate my work to you as victims of the evil which I undertake to combat. And while we wait expectantly upon Spain some day to restore your good name and cease to be answerable f or your death, let these pages serve as a tardy wreath of dried leaves over your unknown tombs, and let it be understood that everyone who without clear proofs attacks your memory stains his hands in your blood! †

Free Essays on Letting America Be

Letting America Be In the beginning of the poem, â€Å"Let America Be America Again,† Hughes writes about America as if it were once a country which people were able to â€Å"dream,† and be â€Å"free,† or never did â€Å"scheme.† However, our country was basically a place to take refuge from religious oppression and to make a lot of money for the country who supported us financially. Letting American be what she intended to be, is the spirit Hughes is trying to convey. We need to revive â€Å"the dream that’s almost dead.† Without the dream we once had, our country would not be what she is today. The spark of hope that things will get better always kept the â€Å"blue-collared† crew of America going. The â€Å"sweat and blood† and â€Å"faith and pain† held our country by the threads. Through the rain and snow, our country was built from the bottom up, by the workers of America. The workers of America, who never had the â€Å"American dream† come to a reality knows freedom is a whimsy thought which one day might come true. Our scheming country was hungry to find gold in the soil, to find riches in the soil through all means. â€Å"Tangled in that ancient endless chain† our country scurries around grabbing land and gold attempting to satisfy the need. To further increase our economy, minorities were shipped in to be bought and sold as slaves, or indentured servants. The price to come to America created indentured servants, working until they no longer owed any money. The many who came across â€Å"to build a ‘homeland of the free,’† and those who â€Å"sailed those early seas† came to America, searching for their means of a home. Where does the word free fit into a place such as that? I am sure people dreamed America to â€Å"be the dream the dreamers dreamed,† yet such disgraceful events took place. America boasts proudly of her freedom and equality, yet she never had it. Equality was only in the air of white ... Free Essays on Letting America Be Free Essays on Letting America Be Letting America Be In the beginning of the poem, â€Å"Let America Be America Again,† Hughes writes about America as if it were once a country which people were able to â€Å"dream,† and be â€Å"free,† or never did â€Å"scheme.† However, our country was basically a place to take refuge from religious oppression and to make a lot of money for the country who supported us financially. Letting American be what she intended to be, is the spirit Hughes is trying to convey. We need to revive â€Å"the dream that’s almost dead.† Without the dream we once had, our country would not be what she is today. The spark of hope that things will get better always kept the â€Å"blue-collared† crew of America going. The â€Å"sweat and blood† and â€Å"faith and pain† held our country by the threads. Through the rain and snow, our country was built from the bottom up, by the workers of America. The workers of America, who never had the â€Å"American dream† come to a reality knows freedom is a whimsy thought which one day might come true. Our scheming country was hungry to find gold in the soil, to find riches in the soil through all means. â€Å"Tangled in that ancient endless chain† our country scurries around grabbing land and gold attempting to satisfy the need. To further increase our economy, minorities were shipped in to be bought and sold as slaves, or indentured servants. The price to come to America created indentured servants, working until they no longer owed any money. The many who came across â€Å"to build a ‘homeland of the free,’† and those who â€Å"sailed those early seas† came to America, searching for their means of a home. Where does the word free fit into a place such as that? I am sure people dreamed America to â€Å"be the dream the dreamers dreamed,† yet such disgraceful events took place. America boasts proudly of her freedom and equality, yet she never had it. Equality was only in the air of white ...

Response Question Example

Response Question Example Response Question – Coursework Example Response question Response question The study requires review of articles that have objectives of exploring the implication of poverty on leadership and students. In fully exhausting important elements for the above research study, putting together a systematic literature review is of great importance in grounding for an upright piece of research. In which case, concept mapping comes in handy in pinpointing and arranging the relevant information considered of worth for this research topic; and arriving at a less daunting creation of literature review. Two main purposes of concept mapping that may serve right for this particular case include; summarizing the obtained information from a given source and finally harmonize information from diverse sources (Hart, 2001). The following is an illustration of how mapping proves useful for the topic:Mapping to give summary of information from multiple sources Given the large number of articles talking about the implications of poverty backgrou nds on leadership and students, it would be of importance to summarize the information. Mapping is crucial in this case since it will help in summarizing information, from the diverse sources, that would then create meaning for the intended concepts of study. This way, a network type of mapping will illustrate the eliciting understanding of the concept of poverty background implications. The following figure depicts an example of mapping showing implication of problem based learning:Figure 1 depicting example of mapping which can be used to summarise information from multiple sourcesMapping to obtain and summarize major points from a relevant articleThis will involve drawing a concept map, containing level of hierarchies that depict the important points related to implications of poverty on the leadership behaviors and students. The hierarchies starts by listing the topic of the article then highlighting the objectives and major points coming therein.In conclusion, mapping proves fe asible for the success of coming up with an upright literature review for the above research topic. The aforementioned aspect of mapping will help in consolidating and structuring a literature review that captures all the important information required to root for the expected results. References Hart, C. 2001. Doing a Literature Search: A Comprehensive Guide for the Social Sciences. NY: Sage

Coordinate Geometry and Points on SAT Math Complete Guide

Coordinate Geometry and Points on SAT Math Complete Guide SAT / ACT Prep Online Guides and Tips Coordinate geometry is one of the heavy-hitter topics on the SAT, and you'll need to be able to maneuver your way through its many facets in order to take on the variety of questions you'll see on the test. Luckily, though, coordinate geometry is not difficult to visualize or wrap your head around once you know the basics. And we are here to show you how. There will usually be two questions on any given SAT that involve points alone, and another 2-3 questions that will involve lines and slopes and/or rotations, reflections, or translations. This makes up a significant portion of your SAT math section, so it is a good idea to understand the ins and outs of coordinate geometry before you tackle the test. This will be your complete guide to points and the building blocks for coordinate geometry- how to find and manipulate points, distances, and midpoints, as well as strategies for solving these types of questions on test day. What is Coordinate Geometry? Geometry always takes place on a plane, which is a flat surface that goes on infinitely in all directions. The coordinate plane refers to a plane that has scales of measurement along the $x$- and $y$-axes. Coordinate geometry is the geometry that takes place in the coordinate plane. Coordinate Scales The $\bi x$-axis is the scale that measures horizontal distance along the coordinate plane. The $\bi y$-axis is the scale that measures vertical distance along the coordinate plane. The intersection of the two planes is called the origin. We can find any point along the infinite span of the plane by using its position with regard to the $x$- and $y$-axes and to the origin. We mark this location with coordinates, written as $(x, y)$. The $x$ value tells us how far along (and in which direction) our point is along the $x$-axis. The $y$ value tells us how far along (and in which direction) our point is along the $y$-axis. For instance, This point is 7 units to the right of the origin and 4 units above the origin. This means that our point is located at coordinates $(7, 4)$. Anywhere to the right of the origin will have a positive $\bi x$ value. Anywhere left of the origin will have a negative $\bi x$ value. Anywhere vertically above the origin will have a positive $\bi y$ value. Anywhere vertically below the origin will have a negative $\bi y$ value. By breaking the coordinate plane up into four quadrants, we can see that any point will have certain properties in terms of its positivity or negativity, depending on where it is located. Distances and Midpoints When given two coordinate points, you can find both the distance between them as well as the midpoint between the two original points. We can find these values by using formulas or by using other geometry techniques. Let's look at each option. No distance is too much for a genius with a plan. Or a genius who is hungry. Either way. Image: Gwendal Uguen/Flickr Distance Formula $√{(x_2−x_1)^2+(y_2−y_1)^2}$ There are two options for finding the distance between two points- using the distance formula, or using the Pythagorean Theorem. Let's look at both. Solving Method 1: Distance Formula If you prefer to use formulas when you take standardized tests, then go ahead and memorize the distance formula above. You will NOT be provided the distance formula on the test, so, if you choose this route, make sure you can memorize the formula accurately and call upon it as needed. (Remember- a formula you remember incorrectly is worse than not knowing a formula at all!) Let us say we have two points, $(7, -2)$ and $(-5, 3)$, and we must find the distance between the two. If we simply plug our values into our distance formula, we get: $√{(x_2−x_1)^2+(y_2−y_1)^2}$ $√{(−5−7)^2+(3−(−2))^2}$ $√{(−12)^2+(5)^2}$ $√{144+25}$ $√{169}$ $13$ The distance between our two points is 13. Solving Method 2: Pythagorean Theorem $a^2+b^2=c^2$ Alternatively, we can always find the distance between two points by using the Pythagorean Theorem. This way takes slightly longer, but doesn't require us to expend energy memorizing extra formulas and carries less risk of us remembering the formula wrong. Remember that you are given the Pythagorean Theorem on every SAT math section, so you never have to fear mis-remembering it. It is also a formula that you've likely had to use much more often than most other formulas, so odds are that it's familiar to you. Simply turn the coordinate points and the distance between them into a right triangle, with the distance acting as a hypotenuse. From the coordinates, we can find the lengths of the legs of the triangle and use the Pythagorean Theorem to find our distance. For example, let us use the same coordinates from earlier to find the distance between them using this method instead. Find the distance between the points $(7, -2)$ and $(-5, 3)$ First, start by mapping out your coordinates. Next, make the legs of your right triangles. If we count the points along our plane, we can see that we have leg lengths of 12 and 5. Now we can plug these numbers in and use the Pythagorean Theorem to find the final piece of our triangle, the distance between our two points. $a^2+b^2=c^2$ $12^2+5^2=c^2$ $144+25=c^2$ $169=c^2$ $c=13$ The distance between our two points is, once again, 13. [Special Note: If you are familiar with your triangle shortcuts, you may have noticed that this triangle was what we call a 5-12-13 triangle. Because it is one of the regular right triangles, you technically don't even need the Pythagorean Theorem to know that the hypotenuse will be 13 if the two legs are 5 and 12. This is a shortcut that can be useful to know, but is NOT necessary to know, as you can see.] Midpoint Formula $$({x_1+x_2}/2, {y_1+y_2}/2)$$ In addition to finding the distance between two points, we can also find the midpoint between two coordinate points. Because this will be another point on the plane, it will have its own set of coordinates. If you look at the formula, you can see that the midpoint is the average of each of the values of a particular axis. So the midpoint will always be the average of the $x$ values and the average of the $y$ values, written as a coordinate point. For example, let us take the same points we used for our distance formula, $(7, -2)$ and $(-5, 3)$. If we take the average of our $x$ values, we get: $${7+(-5)}/2$$ $$2/2$$ $$1$$ And if we take the average of our $y$ values, we get: $${−2+3}/2$$ $$1/2$$ $$1/2$$ The midpoint of the line will be at coordinates $(1, 1/2)$. If we look at our picture from earlier, we can see that this is true. It is difficult to find the midpoint of a line without use of the formula, but by thinking of it as finding the average of each axis value may make it easier to visualize and remember, rather than thinking of it in terms of a "formula." Now, just measure the midpoint of an endless stretch of road- no problem. Typical Point Questions Point questions on the SAT will generally fall into one of three categories- questions about how the coordinate plane works, counting questions, and midpoint or distance questions. Let's look at each type. Coordinate Questions Questions about the coordinate plane test how well you understand exactly how the coordinate plane works, as well as how to manipulate points and lines within it. In the $xy$-coordinate plane, how many points are a distance of 4 units from the origin? A. OneB. TwoC. FourD. More than four For a question like this, it may be tempting to answer C, four. After all, there will be four distinct points 4 units from the origin, two on the $x$-axis (one right and one left), and two on the $y$-axis (one up and one down). But answering this way would disregard the realities of circles. Imagine that we have circle with a midpoint at the origin whose circumference touches each of the points 4 units from the origin. Now, if we remember our circle definitions, we know that all straight lines drawn from the center of the circle to the circumference will all be equal. We also know that there are infinite such lines. This means that there will be infinitely many point that are 4 units from the origin. These points may have "weird" coordinates (as in non-integer values), but they will be points 4 units from the origin all the same. Our final answer is D, More than 4. Counting Questions Counting questions are exactly what they sound like- you will be given a diagram of the coordinate plane (or, rarely, you must create your own) and then you will be asked to count distances from specific point to specific point. On occasion, you may also be asked to count seemingly "odd" measurements, like the values of your $x$ and $y$ coordinates. For instance, For this question, you must first understand what absolute values mean. From there, it is a simple matter of counting the x and y values from their coordinate points. For a question like this, the most efficient path is to work from our answer choices. Since our answer choices are NOT in order of "greatest to least," it will not help us to start with the middle answer choice and work our way from there, as we would normally do when plugging in answers. Knowing that, let us simply work in order from first to last, until we find our right answer. Point A is at coordinates $(-3, -3)$. So let us find the sum of their absolute values. $|x|+|y|$ $|−3|+|−3|$ $3+3$ 6 Since we are looking for the value 5, this answer is too large. We can eliminate answer choice A. Point B is at coordinates $(-4, 1)$ $|x|+|y|$ $|−4|+|1|$ $4+1$ 5 Success! We have found the answer choice that gives us coordinates whose absolute values add up to 5. Because there will only ever be one correct answer on any SAT question, we can stop here. Our final answer is B. Midpoint and Distance Questions Midpoint and distance questions will be fairly straightforward and ask you for exactly that- the distance or the midpoint between two points. You may have to find distances or midpoints from a scenario question (a hypothetical situation or a story) or simply from a straightforward math question (e.g., "What is the distance from points $(4, 5)$ and $(8, -2)$?"). Let's look at an example of a scenario question, Rosa and Marco met up for dinner and then drove home separately from the restaurant. To get home from the restaurant, Rosa drove north 6 miles and Marco drove west 8 miles. How far apart do Rosa and Marco live? A. 8 milesB. 10 milesC. 12 milesD. 14 miles First, let us make a quick sketch of our scenario. Now, because this is a distance question, we have the option of using either our distance formula or using the Pythagorean theorem. Since we have already begun by drawing out our diagram, let us continue on this path and use the Pythagorean theorem. Now, we can see that we have made a right triangle from the legs of distance we have already. Rosa drove 6 miles north and Marco drove 8 miles west, which means that the legs of our triangle will be 6 and 8. Now we can find the hypotenuse by using the Pythagorean theorem. $6^2+8^2=c^2$ $36+64=c^2$ $100=c^2$ c=√{100}$ $c=10$ [Note: if you remember your shortcuts for right triangles, you could have saved yourself some time and simply known that our distance/hypotenuse was 10. Why? Because a right triangle with legs of 6 and 8 is a 3-4-5 triangle multiplied by 2. So the hypotenuse would be $5*2=10$.] The distance between Marco's house and Rosa's house is 10 miles. Our final answer is B, 10 miles. "The worst distance between two people is misunderstanding"- Unknown. Or, you know, 10 miles. Strategies for Solving Point Questions Though point questions can come in a variety of forms, there are a few strategies you can follow to help master them. #1: Always Write Down Given Information Though it may be tempting to work through questions in your head, it is easy to make mistakes with your point questions if you do not write down your givens. This is especially the case when working with negatives or with absolute values. In addition, most of the time you are given a diagram with marked points on the coordinate plane, you will not be given coordinates. This is because the test makers feel it would be too simple a problem to solve had you been given coordinates (take, for example, the question involving absolute values from earlier). So take a moment to write down your coordinates and any other given information in order to keep it straight in your head. #2: Draw It Out In addition to writing down your given information, draw pictures of your scenarios. Make your own pictures if you are given none, draw on top of them if you are given diagrams. Never underestimate the value of marked information or a sketch- even a rough approximation can help you keep track of more information than you can (or should try to) in your head. Time and energy are two precious resourses at your disposal when taking the SAT and it takes little of each to make a rough sketch, but can cost you both to keep all your information in your head. #3: Decide Now Whether or Not to Use Formulas If you feel more comfortable using formulas than using the slightly more drawn-out techniques, then decide now to memorize your formulas. Remember that memorizing a formula wrong is worse than not remembering it at all, so make sure that you memorize and practice your formula knowledge between now and test day to lock it in your head. If, however, you are someone who prefers to dedicate your study efforts elsewhere (or you simply feel that you won't remember the formula correctly on the day of the test), then go ahead and forget them. Use the Pythagorean theorem instead of memorizing the distance formula and wash your hands of memorization altogether. There are multiple ways to solve most SAT math problems, so your choices should best match your own personal strengths and weaknesses Image: ljphillips34/Flickr Test Your Knowledge Now, let's test your point knowledge on some more real SAT math questions. 1. What is the midpoint of the line that begins at coordinates $(-3, 2)$ and ends at $(5, -10)$? A. (6, -4)B. (4, -1)C. (1, 4)D. (-1, -6)E. (1, -4) 2. 3. (Refer to information in question 2) 4. (Refer to information in question 2) Answers: E, D, A, B Answer Explanations: 1. To find the midpoint of the line connecting two points, we must take the average of each of the values along a particular axis. First, as always, it is a good idea to take a moment to map out the coordinates of our given points. This will help us keep track of our information, especially considering there are negatives involved. First, let us take the average of our two $x$-values. ${-3+5}/2$ $2/2$ 1 Now, let us take the average of our two $y$-values. ${2+(-10)}/2$ $-8/2$ $−4$ The midpoint of our line will be at coordinates $(1, -4)$ We can see that this is likely the correct answer, as it neatly fits into our diagram. Our final answer is E, $(1, -4)$. 2. Here, we have a counting question. We are not being asked to find the linear distance between two points, F and W, but to find them along a grid. So let us draw the various pathways from F to W. As you can see, the shortest paths from F to W are all 3 3$1/2$ units long, which makes 3$1/2$ the m-distance. Our final answer is D, 3$1/2$ 3. Again, we have what amounts to another counting question. This is also a definite case of when it is a good idea to draw pictures so that we do not repeat potential $m$-distance routes from F to Z. So let us find our routes. First, start by finding one of the most direct paths, which in this case is a distance of 4 units. Next, trace all the paths that follow the lines from F to Z. If any of our new paths span less than 4 units, it will of course become our new m-distance, but for now we are working under the assumption that the $m$-distance is 4. All of our paths travel a distance of 4 units, making this our m-distance. If you were careful to keep track of all your paths and not count any of them more than once, then you will see that there are 6 routes from F to Z that will measure the minimum distance. Our final answer is A, six. 4. Now, this question may seem tricky because it looks, at first glance, almost exactly like one of our questions from earlier in the guide, which asked us, "How many points are 4 units from the origin?" In that case, the answer was "infinitely many," because all the points 4 units from the origin formed a circle, and there are always infinite points on a circle. In this case, we are being asked to find all the points ${m-3}$-distance from a particular point. This is NOT the same as asking for the number of points 3 units from a point (in this case, point F). Why not? Because the problem defined $m$-distance as the minimum distance traveled along a grid, not the distance in all directions. So if we start tracing all the distances ${m-3}$-units from F, we can start to see the pattern. Once we've mapped out all the possible lines ${m-3}$-units from F in one quadrant of our map, we can expand it outwards to see the shape that emerges. We can see that all the points ${m-3}$-distance from F form a square. Our final answer is B, a square. Think you deserve a treat for all that hard work. The Take Aways Understanding the coordinate plane and how points fit in it are the basic building blocks for coordinate geometry. With these understandings, you will be able to perform more complex coordinate geometry tasks, such as finding slopes and rotating shapes. Coordinate geometry is not an insignificant part of the SAT math section, but luckily success is mostly a matter of organization and diligence. Be careful to keep track of your negatives and all your moving pieces and you'll be able to dominate those point questions and all the coordinate geometry the SAT can throw at you. What's Next? Ready to tackle more SAT math topics? You're in luck! We've got guides for every math topic on the SAT, so come check them out. From probabilities to polygons, fractions to functions- we've got you covered. Running out of time on the SAT math section? Check out our guide on how to beat the clock and maximize your SAT math score. Bitten by the procrastination bug? Our guide will help you overcome all those procrastinating woes and get you back on track in no time. Looking to get a perfect score? We've got your back with our guide to getting an 800 on the SAT math section, written by a perfect-scorer. Want to improve your SAT score by 160 points? Check out our best-in-class online SAT prep program. We guarantee your money back if you don't improve your SAT score by 160 points or more. Our program is entirely online, and it customizes what you study to your strengths and weaknesses. If you liked this Math strategy guide, you'll love our program. Along with more detailed lessons, you'll get thousands of practice problems organized by individual skills so you learn most effectively. We'll also give you a step-by-step program to follow so you'll never be confused about what to study next. Check out our 5-day free trial:

Information Sensitivity and Protection of Data Essay - 4

Information Sensitivity and Protection of Data - Essay Example More importantly, public access to information collected on patients is an instrumental component of the themes because all the organizations give recognition to the fact that people information are the private ownership of the patients, the information cannot be put out to public domain without necessary due course and procedure followed (Fielding., Teutsch and Koh, 2012). In some cases, the organizations even consider the possibility of the information being put on public domain as a last resort. Another important theme also has to do with the right to amend health records. This is an important theme to the organizations because they consider health state of patients as something that is not perpetual but periodically changes with time. As these changes take place, right is given for the amendment of the health records. Finally, the theme of privacy complaint reporting and tracking runs through almost all the organizations as the organizations use this as a medium for ensuring that there is an effective evaluation and monitoring system by which all forms of irregularities with information practices can be tracked and appropriately addressed (Mayo Foundation, 2002). In terms of aim and purpose, it would be said that almost all the organizations have a common objective to attain with protected health information. However, a line of significant difference is drawn when it comes to the mode of implementation of this all important goal of ensuring that health information of patients are protected. Between Mayo Foundation and Georgetown for instance, it would be observed that there is a clear cut different in the approach to ensuring that there is implementation whereby Mayo Foundation prefers the use of information security program, which is an integrated action plan, whereas Georgetown uses Privacy Complaint Reporting and Tracking to achieve the same goal. Between the two the

Effect of Unethical Behavior Article Analysis Essay

Effect of Unethical Behavior Article Analysis - Essay Example ituations are critical to be accurately identified and resolved to avoid any fraudulent activities like exploitation of financial statements, inside trading, kickbacks, etc by the companies and to make them abide by the accounting laws. As like modesty and ethics, obedience is also top of the list trait taught to younger generation by the elder ones. They are tamed to obey the authorities: parents in the beginning, later teachers and ultimately the Boss! One of the traps employees mostly fell into is â€Å"follow what your boss is saying†. They are pressured by the boss to behave in an un-ethical manner and tamper the numbers to overestimate company’s value. The most damaging trait found in many people, whether they are aware of it or not is the inability to work with patience and view any problem or judgment from different angles. They want definite answers and jump to conclusions based on the first thing that comes to their minds. Strict work conditions such as time stress, fatigue, and etc work as a fuel to fire. Under such circumstances the employees are at high risk of taking short cuts and behave unethically by ignoring and not fully analyzing the facts. Many a time’s exploitation of the financial facts is done in greed to gain benefits for the individual, company or for both. There might be some large percentage of shares involved for the individual from the benefit the company as a whole will receive because of the unethical activities. Where else sometimes, the employee has to â€Å"cook the books† out of his own interest as it’s for company’s benefit. In any case it is done as to gain benefit without pointing a gun at someone and without anyone getting hurt. The white collar nature of this crime makes it very tempting for individuals and companies. Over estimating company’s ROI (return over investment), Equity, Etc involves ample interest of company’s owners. This provides them with the opportunity to attract more investors to invest in