Aristotle On Ridicule :: essays research papers

In book Four, Chapter Eight of the Ethics, Aristotle applies his philosophical ideals to the concept of humor and good company. He establishes categories and kinds of humor or wit, and sets limits for the behavior that a gentleman and a wise man will accept. At one point, however, he makes the admission that it’s hard to define when ridicule is appropriate. Because people react to ridicule in different ways, according to their temperament.   Ã‚  Ã‚  Ã‚  Ã‚  This paper will examine the second paragraph of Book Four, Chapter Eight, to determine what it is about â€Å"ridicule† that causes Aristotle to break away from his usual method of analysis to consider other ways of looking at the problem. Specifically, the question of why Aristotle says that propriety in ridicule â€Å"eludes definition† will be considered. The problem is that Aristotle defines ridicule in a later part of the same paragraph, in a way that seems not to admit any acceptable forms.   Ã‚  Ã‚  Ã‚  Ã‚  When looking at good and bad company, Aristotle considers it entirely in terms of â€Å"entertaining conversation,† such as humor, wit, or ridicule. He argues that â€Å"adaptability† in the way we talk to people is desirable, since there is a time and a place for everything. The paragraph begins with indirect definitions of two extremes of humor, the buffoon and the humorless person. A buffoon would rather be a fool and hurt people’s feelings than â€Å"fail to raise a laugh†. A man who never cracks a joke is also falling short of the appropriate behavior, which is the gentleman’s ability to give and take gentle humor in a conversation. A â€Å"wit† is someone â€Å"whose pleasantries do not go too far,† and is always ready with a witty remark or a pleasant joke:   Ã‚  Ã‚  Ã‚  Ã‚  ...as to the middle state in dealing with the humorous,   Ã‚  Ã‚  Ã‚  Ã‚  particularly characteristic of that is social tact or   Ã‚  Ã‚  Ã‚  Ã‚  address, which may be defined as the gift of saying just   Ã‚  Ã‚  Ã‚  Ã‚  the right things for a gentleman to say and of getting   Ã‚  Ã‚  Ã‚  Ã‚  others to say such things to him. This seems to be the meaning of â€Å"good or bad company,† where a person gives and takes pleasure in conversation with others, according to the situation and the subject.   Ã‚  Ã‚  Ã‚  Ã‚  Aristotle defines ridicule, he says that it is a form of â€Å"abuse or slander, and slander in certain circumstances is prohibited by law†. How can there be any propriety in a form of abuse or slander? Aristotle seems to avoid the contradiction, going on to say that the proper gentleman will regulate his own behavior.

How Entrepreneurship in the Hospitality?

How Entrepreneurship in the Hospitality and Tourism Industry can be a Cause of Ethical Concerns? â€Å"At a more fundamental level, it can be argued that the very nature of what some might refer to as acting in an entrepreneurial way raises ethical questions†. (Morris et al. , 2002 p 31). In many academic studies, the hospitality and tourism sector has been associated with low degree of entrepreneurial behaviour.Mentions can be made of the likes of the internationally endorsed Conrad Hilton and Thomas Cook, with the more recent innovators such as Richard Branson and Stelios Haji-Ioannou, all of whom have deeply transformed their respective sectors. However, the international tourism industry seems to be lacking entrepreneurial impulse in contrast to other sectors (Page et al. , 1999; Andriotis, 2002; Morrison & Teixeira, 2003). This short paper aims to explain the ethical issues associated with entrepreneurship and how it could concern the tourism and hospitality industry.By c ross-referencing the theories of ethics and entrepreneurship, the ethical and value dilemmas that underlie this issue will also be discussed and analysed on the macro and micro environment. This assignment will rely on case studies which will support managers in different aspects such as the identification of the stakeholders involved and its implications, and the provision of potential measures focussing on the implementation of professional judgements as part of strategic planning with the goal of redressing this issue.Conceptual and Theoretical Foundations on Entrepreneurship Ethics Ethics focusses on the self-awareness between what one represents right and wrong. It emphasises with the grounds and nature of morality, incorporating rules of conduct, moral judgements and standards (Taylor, 1975). Hunt and Vitell’s model (1993) highlights three important ethical theories and explain how personal moral codes are being influenced by deontological, theological or environmental practices.Other major macro-environmental ethical theories include stockholder, stakeholder and social contract theories (extended to Integrative Social Contracts Theory (ISCT) by Donaldson and Dunfee in1994). The Entrepreneurial Context of Ethics According to Morrison (2000a), Greenbank (2001) and Pittaway (2005), entrepreneurship is assimilated with a multi-dimensional attitude that coordinates economic and non-economic behaviours such as ideology, legitimacy, social mobility and psychological factors (McKay, 2001). Vyakarnam et al. 1997) demonstrate that small business entrepreneurship ethics could be classified under three themes; the impact of the owner’s personality on business ethics, which is leading to the conflicts of personal values, and the entrepreneurial activity itself. On a macro-economic level, it has been demonstrated that entrepreneurship is linked to distinctive challenges; emerging from industry settings. New enterprises are often subject to limited finan cial resources, recurrent over-dependence on a restricted offer, their propensity to depend on a niche consumer base, and constant environmental changes.A moderately restricted market presence, inhering small enterprises to significant demand instability, enhanced by the lack of support from distributors and suppliers, an aggressive competitor’s penetration may also impact start-ups negatively (Boyd and Gumpert, 1983). Stages of Entrepreneurship development According to extensive literature review, entrepreneurial development stages (Figure 1) have a profound impact on ethics as the company develops and grows from venture ideas to a mature organisation (Dodge, 1992). While small business entrepreneurs differed significantly from their big business counterparts, Longenecker et al. (1989) could not demonstrate one as being â€Å"more† or â€Å"less† ethically strict. Therefore, it seems that the ethical evolution of companies is inherent to a number of countering forces which depends on many factors, starting from the development stage of the company. While, limited management controls, pragmatic operational demands, and lack of public visibility associated in the creation stages may adversely impact ethical consideration, the entrepreneur’s personal beliefs and pride may encourage a higher ethical focus. Figure 1: Evolution in the ethical reference point as ventures grow (Morris et al. 2002) How the Organisational Context affect Entrepreneurship Other ethics challenges may arise from the organisational structure, relating to the stakeholder theory discussed previously. Especially, the initial stages of venture formation the founding entrepreneur is intrinsically linked to the new structure, while important stakeholders involved have often personal and social relationships with the founder. Family, friends or even employees may also be investors which will raise unique and complex ethical problems (Dees and Starr, 1992).These social t ies may also engender collusion and misconduct which may lead to conflicts and increased unethical behaviour. The Social and Economical Role of Entrepreneurship Arguably, the social and moral role of entrepreneurship in economic terms varies. While entrepreneurship views empirically as a key economic development factor; there is a divergence about the intrinsic relationship between entrepreneurship and economic development. In an environment that can be particularly challenging to entrepreneurs, institutions play an important role in fostering or discouraging entrepreneurship.Mair and Marti (2011) show that in situations where voids can be observed in functioning institutions, new ventures also play a building role by creating new networks of stakeholders, which ultimately will create emerging markets (Sarasvathy and Dew, 2005). Nevertheless, the absence of solid institutions in an environment dominated by well-established entrepreneurial networks can actually hinder the emulation o f new ventures by creating financial barriers to entry, and by diluting supplementary entrepreneurial activity (Aidis et al. , 2008).The concept of Empowerment and Social Entrepreneurship It is important to note that entrepreneurship’s role has traditionally been to empower alternative trails to achievement and/or an opt-out option to modern living (Scase, 2000). This concept introduces the concerns with pursuing lifestyle preferences where individuals align entrepreneurial activity (also called of lifestyle entrepreneurship) to fit personal goals and lifestyle (Kaplan 2003, Botlon and Thompson 2003). It is therefore reasonable to assume that this role could relate to social entrepreneurship (Bridge et al. , 2003).With a stronger focus on social development than the concept of entrepreneurship, Bystydzienski (1992) suggests that empowerment allows an individual to gain the ability to hold power to the extent of self-governing and shaping daily life. By doing so, the initiator becomes more involved in a process of social, economic, psychological and political change which represents the four underpinning theories of Scheyven’s (1999) model of empowerment. In the case of women-owned small businesses, Heyser (2006) observes that the role of women empowerment could be used as potential catalysts for more profound societal changes.Al-Dajani (2007, p. 20) defined women’s empowerment as â€Å"a continuous, on-going process entailing enhanced abilities to control choices, decisions and actions†. This definition reiterates that women empowerment could be seen as a central condition to positive change and progress within a wider community. In a more recent article, Al-Dajani & Carter (2010), advocate that the influence and respect of empowered women within the household, community and society at large is increased.In this sense, ones could assume that the need for social change could be initiated at local levels by the empowerment of women th rough entrepreneurial activities, especially in countries where the suppression of women’s involvement is largely accepted and observed. The Factors emerging from Entrepreneurship From the preceding discussion emerges the notion of an individual’s assessment of social acceptability, appeal and viability influenced by cultural attitudes and norms, socio economic factors and the relation between the entrepreneur and their host community (Jones, 2000).It is then debatable that entrepreneurs could be either seen as reactive or proactive individuals in this process. Entrepreneurs are not necessarily driven by tangible assets, such as maximisation of a return on investment, or the exploitation of marketing opportunities. The role of Industry Settings in Entrepreneurship Due to low legal and professional barriers to entry, the industry setting could be seen as the prospective ground for entrepreneurs to apply their innovative process (Morrison, 1998b; Szivas, 2001). Moreover, a local research by Nyaupane et al. 2006) found that tourism growth in the Annapurna region, an area dependant on climbing and trekking tourism, has enhanced the quality of life for the local population and has helped the revival of regional traditional culture. This was echoed by another more recent study from Walker et al. (2011), which highlights that the involvement in the production of hospitality services is particularly suitable for women in developing regions due to their limited literacy and low levels of education. Conclusion The overall findings from the case study (McMillian et al. 2011) highlight that women’s empowerment in the hospitality and tourism industry has improved their self-sufficiency and quality of life by reducing their workloads. At a more local level, the access to a wider occupational opportunities and schooling alternatives have initiated the chance for children and younger siblings to make their own life decisions. However, the gain of respect that women have secured is fundamentally linked with the increase of revenue generated though their businesses. This condition shows how crucial economic empowerment is in the overall process.Also, political empowerment of women is still problematic, especially in a larger cultural context. Although developmental efforts were initiated by national governments, gender equality progresses have yet to penetrate communities at a local level. Small family businesses facilitate the wealth creation process to rural and peripheral communities and local economies, by positively contributing to social and financial capital gain. In doing so, the sustenance of natural environments, crafts and traditions which might otherwise disappear are often regenerated. References: Al-Dajani, H. 2007), Women’s Empowerment: A Comparison Between Non-profit and For-profit Approaches in Empowering Home-based Women Producers, University of Strathclyde, Glasgow. Al-Dajani, H. and Carter, S. (2010),  "The empowerment of self-employed home-based women producers: evidence from Jordan†, in Brush, C. , Gatewood, E. , de Bruin, A. and Henry, C. (Eds), Women Entrepreneurs, Edward Elgar, Cheltenham. Andrews, R. , Baum, T. and Andrew, M. A. (2001), â€Å"The lifestyle economics of small tourism businesses†, Journal of Travel and Tourism Research, Vol. 1, pp. 16-25. Anand, A. and Josse, O. 2002), â€Å"Celebrating mountain women: moving mountains, moving women†, Mountain Research and Development, Vol. 22 No. 3, pp. 233-5. Andriotis, K. (2002), â€Å"Scale of hospitality firms and local economic development – evidence from Crete†, Tourism Management, Vol. 23 No. 4, pp. 333-42. Basu, A. (2004), â€Å"Entrepreneurial aspirations among family business owners: an analysis of ethnic business owners in the UK†, International Journal of Entrepreneurial Behaviour & Research, Vol. 10, pp. 12-33. Beaver, G. (2002), Small business, Entrepreneurship and Enterp rise Development, Financial Times/Prentice Hall, London. Bennett, L. Tamang, S. , Onta, P. and Thapa, M. (2006), Unequal Citizens: Gender, Caste and Ethnic Exclusion in Nepal, Department for International Development, The World Bank, Kathmandu. Bolton, B. and Thompson, J. (2003), The Entrepreneurs in Focus: Achieve Your Potential, Thomson Learning, London. Bridge, S. , O’Neill, K. and Cromie, S. (2003), Understanding Enterprise, Entrepreneurship and Small Business, Palgrave Macmillan, Basingstoke. Brockhaus, R. (1994), â€Å"Family business: a blessing or a curse? † Keynote Address, Proceedings of the Small Enterprise Association of Australia and New Zealand Conference, Auckland, NZ, 25-27 September.Burns, P. (2001), Entrepreneurship and Small Business, Palgrave Macmillan, Basingstoke. Bystydzienski, J. (1992), Women Transforming Politics: Worldwide Strategies for Empowerment, Indiana University Press, Bloomington, IN. Cameron, A. and Massey, C. (1999), Small and Mediu m-sized Enterprises: A New Zealand Perspective, Addison Wesley Longman New Zealand, Auckland. Carland, J. W. , Hoy, F. , Boulton, W. and Carland, J. A. (1984), â€Å"Differentiating entrepreneurs from small business owners: a conceptualisation†, The Academy of Management Review, Vol. 9 No. , pp. 354-9. Carter, S. and Shaw, E. (2006), Women’s Business Ownership: Recent Research and Policy Developments, DTI Small Business Service Research Report, London. Cattarinich, X. (2001), â€Å"Pro-poor tourism initiatives in developing countries: analysis of secondary case studies†, Pro-Poor Tourism Working Paper No. 8, available at: www. propoortourism. org. uk Chetterjea, R. and Basu, A. (1978), â€Å"The relationship between social distance and levels of conceptual integration†, The Journal of Social Psychology, Vol. 104, pp. 299-300. Connolly, P. and McGing, G. 2007), â€Å"High performance work practices and competitive advantage in the Irish hospitality sector †, International Journal of Contemporary Hospitality Management, Vol. 19 No. 3, pp. 201-10. Craig, J. and Lindsay, N. (2002), â€Å"Toward a theory of incorporating the family dynamic into the entrepreneurship process: a case of corporate governance†, Journal of Small Business and Enterprise Development, Vol. 9 No. 4, pp. 416-30. Cromie, S. , Adams, J. , Dunn, B. and Reid, R. (1999), â€Å"Family firms in Scotland and Northern Ireland: an empirical investigation†, Journal of Small Business and Enterprise Development, Vol. No. 3, pp. 253-66. Ford, R. C. and Heaton, C. P. (2001), â€Å"Lessons from hospitality that can serve anyone†, Organizational Dynamics, Vol. 30 No. 1, pp. 30-47. Getz, D. and Carlsen, J. (2000), â€Å"Characteristics and goals of family and owner-operated businesses in the rural tourism and hospitality sectors†, Tourism Management, Vol. 21 No. 6, pp. 547-60. Harris J. et al. (2010), Ethics and Entrepreneurship, Journal of Ethics a nd Entrepreneurship, vol 1, pp7-26 Heyzer, N. (2006), Poverty and Women’s Work in the Informal Economy, World Bank, Washington, DC. Hofstede, G. 1984), Culture’s Consequences: International Differences in Work-related Values, Sage, London. Irvine, W. and Anderson, A. (2004), â€Å"Small tourist firms in rural areas: agility, vulnerability and survival in the face of crisis†, International Journal of Entrepreneurial Behaviour & Research, Vol. 10 No. 4, pp. 229-46. Jones, K. (2000), â€Å"Psychodynamics, gender, and reactionary entrepreneurship in metropolitan Sao Paulo, Brazil†, Women in Management Review, Vol. 15 No. 4, pp. 207-17. Kaplan, J. (2003), Patterns of Entrepreneurship, John Wiley & Sons, Englewood Cliffs, NJ. 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(2001), â€Å"Objective setting in the micro-business†, International Journal of Entrepreneurial Behaviour & Research, Vol. 7 No. 3, pp. 108-27. Habbershon, T. and Williams, M. (1999), A Resource Based Framework for Assessing the Strategic Advantages of Family Firms, Working Paper Series 101, The Wharton School, University of Pennsyl vania, Philadelphia, PA.Kollmair, M. , Manandhar, S. , Subedi, B. and Thieme, S. (2006), â€Å"New figures for old stories: migration and remittances in Nepal†, Migration Letters, Vol. 3 No. 2, pp. 151-60. Lashley, C. (1995), â€Å"Towards an understanding of employee empowerment in hospitality services†, International Journal of Contemporary Hospitality Management, Vol. 7 No. 1, pp. 27-32. Lockyer, C. and Morrison, A. (1999), Scottish Tourism Market: Structure, Characteristics and Performance, Scottish Tourism Research Unit/Fraser of Allander Institute, University of Strathclyde, Glasgow. Lynch, P. 1999), â€Å"Host attitudes towards guests in the homestay sector†, Tourism and Hospitality Research, Vol. 1 No. 2, pp. 119-44. McAdam, R. , McConvery, T. and Armstrong, G. (2004), â€Å"Barriers to innovation within small firms in a peripheral location†, International Journal of Entrepreneurial Behaviour & Research, Vol. 10 No. 3, pp. 206-21. McClelland, D. ( 1961), The Achieving Society, Van Nostrand, Princeton, NJ. McMillan C et al. , (2011),†Commercial hospitality: A vehicle for the sustainable empowerment of Nepali women†, International Journal of Contemporary Hospitality Management, Vol. 23 Iss: 2 pp. 189 – 208McKay, R. (2001), â€Å"Women entrepreneurs: moving beyond family and flexibility†, International Journal of Entrepreneurial Behaviour & Research, Vol. 7 No. 4, pp. 148-65. Morgenstern O (1951) ASTIA Document Number ATI 210734 (unpublished manuscript) Middleton, V. and Clarke, J. (Eds. ) (2001), Marketing in Travel and Tourism, Butterworth-Heinemann, Oxford. Morrison, A. (1998b), â€Å"Small firm statistics: a hotel sector focus†, The Service Industries Journal, Vol. 18 No. 1, pp. 132-42. Morrison, A. (2000a), â€Å"Entrepreneurship: what triggers it? †, International Journal of Entrepreneurial Behaviour & Research, Vol. No. 2, pp. 59-71. Morrison A. , (2006), â€Å"A contextualisation of Entrepreneurship†, International Journal of Entrepreneurial behaviour & Research, Vol. 12 Iss: 4 pp. 192-209 Morrison, A. and Teixeira, R. (2002), â€Å"Small hospitality firms: business performance obstacles†, paper presented at the International Small Hospitality and Tourism Firm Conference, Leeds Metropolitan University, Leeds. Morrison, A. and Teixeira, R. (2003), â€Å"Small firm performance in the context of agent and structure: a cross cultural comparison in the tourism accommodation sector†, in Thomas, R. Ed. ), Small Firms in Tourism: International Perspectives, Elsevier, Oxford. Nyaupane, G. , Morais, D. and Dowler, L. 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Tata Consultancy Services Research Report

25  November  2012 Sector:  IT  Consulting  &  Software   CMP:  1288   Rating:  BUY   Target  Price:  1500              Stock  Info Investment  Period:  15months   Introduction: Tata  Consultancy  Services  Limited  is  an  Indian   multinational  information  technology  services,  business   solutions  and  outsourcing  Services  Company  founded  by   JRD  Tata  in  the  year  1968  headquartered  in  Mumbai. TCS  is   a  subsidiary  of  the  Tata  Group. It  is  one  of  India's  most   valuable  companies  and  is  the  largest  India? based  IT   services  company  by  2012  revenues. It  has  183  offices   across  43  countries  and  117  delivery  centres  across  21   countries.It  also  has  58  subsidiary  companies. Products  :   TCS  provides  a  wide  range  of  IT  rela ted  products   such  as;  application  development,  BPO  (business  process   outsourcing),  consulting,  enterprise  software,  payment   processing,  software  management  and  education  services. Following  are  the  service  lines  and  their  percentage  to  the   total  TCS  revenue  in  the  Q2  2012? 13:? Application  development  and  maintenance:   ADM  is  a  part  of  IT  that  works  with  the  business  to  develop   new  software,  keep  it  running  and  make  ongoing   improvements.Asset  leverage  solutions:         Assurance  services:   Assurance  services  provide  independent  and  professional   opinions  that  reduce  the  information  risk  (risk  that  comes   from  incorrect  information). Business  intelligence:   BI  is  the  ability  of  an  organization  to  collec t,  maintain,  and   organize  knowledge. This  produces  large  amounts  of   information  that  can  help  develop  new  opportunities. Market  Cap:  2,52,109crs   Equity:  195. 7crs   Face  Value:  1   52  Week  H/L:  1438? 1045 Key  Financials  (in  crores)      Net  Sales   EBIDTA   Margin  %   Net  Profit   EPS   Dividend   FY  11? 12   38,858. 55   33. 87   13366. 33   55. 97   25   FY  10? 11 29,275. 0   29. 47   8700. 44   38. 62   14 Valuation  Summary FY  11? 12   20. 60   8. 5   55. 31   44. 24   0. 72 FY  10? 11   23. 7   10. 4   44. 38   38. 80   na Price  to   Earning   Price  to   Book   RoCE  %   RoNW  %   Beta Absolute  Retune 3months   1year   5. 3% 3years   131. 7% TCS 30. 1% Sensex   3. 70% 17. 90% 7. 70% Share  Holding  Pattern  (%)   Promoter   FII   DII   Retail   74   15   6. 5   4. 5 Promoter  and  Promoter  group:   Tata  Sons  Ltd  Ã¢â‚¬â€œÃ‚  73. 75%   Others  Ã¢â‚¬â€œÃ‚  0. 25%   Foreign  Institutional  Investors:   Number  of  FII  Shareholders  Ã¢â‚¬â€œÃ‚  853   some  of  them  include;   †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Domestic  Institutional  Investors:   Life  Insurance  Corporation  of  India  Ã¢â‚¬â€œ . 10%   Franklin  Templeton  Investment  Funds   –  1. 67%   Others  Ã¢â‚¬â€œÃ‚  1. 73%   Retail  :   Individuals  with  value  less  than  1lac  Ã¢â‚¬â€œÃ‚   3. 5%   Individuals  with  value  more  than  1lac   –  1% Dividend  Policy  (Mar’12):   Indicators   TCS   Wipro   EPS   D/P  Ratio   (%)   D/R  Ratio   (%)   Div  Yield   (%)   Face   Value   Book   value      55. 97   52   48   1. 94   1   19   36. 60   63. 40   1. 64   2 HCL   28. 13   49. 50   50. 50   1. 87   2   95. 25 Business  process  outsourcing:   BPO  is  a  subset  of  outsourcing  that  involves  the  contracting  of   operations  and  responsibilities  of  specific  business  functions   or  process  to  a  third  party  service  provider.Consulting:   IT  consulting  is  a  field  that  focuses  on  advising  businesses  on   how  best  to  use  information  technology  to  meet  their   business  objectives. Engineering  and  Industrial  services:  Ã‚   E deliver  engineering  excellence  and  operational  efficiency,   ensuring  a  competitive  advantage. Enterprise  solutions:   An  enterprise  solution  is  any  business  tool  that  reliably   empowers  you  to  access,  share  and  apply  resources  with  any   of  your  peers  and  customers,  anyw here,  at  any  time.IT  infrastructure  services:   IT  Infrastructure  Services  (IS)  Or  Infrastructure  Management   Services  (IMS)  deliver  end? to? end,  effective  and  reliable   solutions  that  transform  help  to  business  operations. Services   Contribution  to   Quarter  on   overall  revenue   Quarter  (%)   (%)   AMD   43. 1   3. 8   Engg  Srvcs   4. 6   4. 6   IMC   11. 4   12. 5   EAS   14. 9   2. 5   Consulting   3   12   Products   2. 7   0. 8   Testing   7. 7   5. 9   BPO   12. 6   1. 3   IMC  was  the  key  growth  service  line,  expanding  12. 5%  QoQ,   followed  by  Consulting  which  also  grew  12%  QoQ. BPO,  EAS   and  Products  lagged  during  the  last  quarter. Sector  Wise  Performance  (Q2  2012? 3):   Verticals   Contribution  to   Quarter  on   overall  revenue   Quarter  (%)   (%)   BFSI   Mfg   Telecom Healthcare   Retail   Transportation   Energy  Ã‚   Media   Hi? Tech   Others 126. 50   99 42. 8   8. 2   10. 3   5. 2   13. 4   3. 6   3. 6   2. 2   5. 9   4. 9 4. 6   9. 0   5. 1   3. 1   6. 6   2. 2   5. 1   5. 1   3. 3   7. 2 Capital  Structure  (in  crores)    Mar’12   Mar’11      Shareholder’s  funds   Equity   195. 72   195. 72         Preference   100   100   Reserves   24560. 90   19283. 77   Net  worth   24856. 63   19579. 50   Debt  funds   Secured  Ã‚   93. 47   35. 87   Unsecured  Ã‚   2. 76   5. 25   Total  Debt   96. 23   41. 12   Total   24952. 86   19620. 1   Capital   *Preference  Shares  worth  100crs  issued  to  Tata   Sons  Ltd  (the  holding  company)  which  would  be   redeemable  at  par  at  the  end   of  six  years  from  the   date  of  allotment  ie. March  28,  2008,  but  may  be   redeemable  any  time  after  3years  from  the  date  of   allotment  at  the  option  of  shareholder. These  shares   would  carry  a  fixed  cumulative  dividend  of  1%  pa   and  a  variable  non? cumulative  dividend  of  1%  of  the   difference  between  the  rate  of  dividend  declared   during  the  year  on  the  equity  shares  and  average   rate  of  dividend  declared  on  the  equity  shares  for   three  years  preceding  the  issue  of  redeemable   preference  shares. BFSI  grew  4. %  QoQ,  despite  being  affected  by  the  current   environment  and  contributed  87%  to  the  incremental   revenues. While  telecom  too  grew  at  an  impressive  5. 1%   despite   industry  trouble,  the  manufacturing  and  retail   verticals  grew  the  fastest. Geographies  Growth  (Q2  2012? 2013):   Verticals   Contribution  to   QoQ  (%)   overall  revenue   (%)   North  America   52. 8   3. 2   Latin  America   3. 4   7. 7   UK   17. 1   5. 2   Europe   9. 5   3. 5   India   7. 5   10. 5   APAC   7. 6   7. 4   MEA   2. 1   4. 6 *APAC  Ã¢â‚¬â€œÃ‚  Asia  Pacific,  *MEA  Ã¢â‚¬â€œÃ‚  Middle  East  and  Africa   Growth  was  driven  by  emerging  economies. India  (10. 5%)   grew  the  fastest,  followed  by  Latin  America  and  APAC  (7. %   . 4%)  respectively. UK  (5. 2%)  remained  strong,  with   Europe  and  North  America  growing  at  (3. 5%  . 2%). Board  of  Directors   †¢ Executive  Board  Members Weighted  Average  Cost  of  Capital  Ã‚     Rf  Ã¢â‚¬â€œÃ‚   Risk  Free  Rate  of  Return  =  8%,  Rm   –  Market  Return  (nifty)  for  1year  =   10. 80%  (moneycontrol. com),  Beta  =   0. 72  (reuters. com)  Tax  Rate  =   2390. 35/13366. 33  (tax  expenses/PBT)   =  17. 88%      We  (proportion  of  equity)  =  E/  (E+D)  =   24856. 60  /  24952. 85  =  0. 9961      Wd  (proportion  of  debt)  =  D/  (E+D)  =   96. 23  /  24952. 85  =  0. 0039      Kd  (cost  of  debt)  =  Interest  paid  /  total   debt  =  16. 0  /  96. 23  =  0. 1704      Tax  Shield  =  0. 1704  (1? 0. 1788)  =  0. 1399      Ke  (cost  of  equity)  =  Rf  +  B(Rm? Rf)  =   0. 80  +  0. 72  (0. 108? 0. 08)  =  0. 10      WACC  =  (We*Ke)  +  (Wd*Kd)  =   (0. 9961*0. 10)  +  (0. 0039*0. 1399)  =   10. 015% N  Chandrasekaran  Ã¢â‚¬â€œÃ‚  CEO   S  Mahalingam  Ã¢â‚¬â€œÃ‚  CFO   †¢ Non? Executive  Board  Members Ratan  Tata  Ã¢â‚¬â€œÃ‚  Chairman   S  Ramadorai  Ã¢â‚¬â€œÃ‚  Vice  Chairman   Cyrus  Mistry  Ã¢â‚¬â€œÃ‚  Deputy  Chairman   Suprakash  Mukhopadhyay  Ã¢â‚¬â€œÃ‚  Company  Secretary   Compliance  Officer   R  Sommer,  I  Hussain,  V  Kelkar,  A  Mehta,  V  Thyagarajan,   Laura  Cha,  C  M  Christensen,  P  A  Vandrevala  O  P  Bhatt  Ã¢â‚¬â€œÃ‚   DirectorsCompetitors:  Ã‚   Infosys,  Wipro,  HCL,  Mahindra? Satyam,  Tech  Mahindra,   Patni  Computers  etc. Financial  Summary   Profit  : Balance  Sheet:   2011 Revenue  from   operations   Other  Income   Total  Income   Expenses   a. Employee   benefit   expenses   b. Operation   and  other   expenses 2012 2012         195. 72   100   24560. 91   24856. 63      96. 23   118. 10   197. 59   154. 78   566. 70      2847. 18   1598. 56   4389. 74   8835. 48   34258. 81            4012. 16   51. 46   1399. 82   5463. 44   5150. 15   139. 74   4332. 81   2636. 88   17723. 02      538. 24   4. 14   1567. 47   9107. 72   3280. 07   1648. 2   389. 43   16535. 79   34258. 81 2011         195. 72   100   19283. 77   19579. 49      36. 33   69. 32   129. 91   76. 17   311. 73      2153. 38   1584. 27   2413. 94   6151. 59   26042. 81            3363. 78   58. 40   1072. 86   4495. 04   5457. 91   52. 03   2864. 09   2603. 26   15472. 33      337. 58   5. 37   836. 37   4806. 67   3120. 52   1369. 05   94. 92   10570. 48   26042. 81 38858. 54   29275. 41 2685. 18 494. 73 41543. 72   29770. 14 14100. 41   10221. 85 13372. 41   10290. 03 c. Finance  costs   16. 40   d. Depreciation   688. 17   and   Amortisation 20. 01   537. 82 Total  Expenses   28177. 39   21069. 1   Profit  before   Tax   Tax   expenditure:   a. Current  tax   13366. 33   8700. 43 2865. 38 1335. 73   30. 32   (235. 61) b. Deferred  tax   (38. 93)   c. MAT  credit   entitlement   Total   (436. 10) 2390. 35 1130. 44 Profit  after  tax   10975. 98   7569. 99   Earnings  Per   Share   55. 95   38. 61 Liabilities   Shareholders’  Funds   Equity  capital   Preference  capital   Reserves   TOTAL   Non? current  Liabilities  Ã‚   a. Long  Term  Borrowing   b. Deferred  tax  liabilities  (net)   c. Other  long? term  liabilities   d. Long  term  provisions   TOTAL   Current  Liabilities   a. Trade  payables  Ã‚   b. Other  current  liabilities   c. Short? erm  provisions   TOTAL   SOURCES  OF  FUNDS      Assets   Non? current  Assets   a. Fixed  assets   1. Tangible  assets   2. Intangible  asset s   3. Capital  work? in? progress   TOTAL   b. Non? current  Investments   c. Deferred  tax  assets  (net)   d. Long  term  loans   e. Other  non? current  assets   TOTAL   Current  Assets   a. Current  Investments   b. Inventories   c. Unbilled  Revenue   d. Trade  receivables   e. Cash  and  bank  balances   f. Short? term  loan   g. Other  current  assets   TOTAL   APPLICATION  OF  FUNDS Long? Term  Provisions  consist  of  provision  for  employees  include  gratuity  and  other  employee  benefits. Short?Term  Provisions  includes  provision  for  employee  benefits  and  for  proposed  final  dividend  on   equity  shares  . Current  Liabilities  includes  income  received  in  advance,  fair  value  of  foreign  exchange  forwards  and   currency  options  contracts  secured  against  trade  receivables  . Ratio  Analysis  with  Peer  Competition:? FY? 12      27. 52   29. 30   26. 15   55. 31   44. 24   126. 50 In  (%)      Gross  Profit  Margin  Ã‚   Operating  Profit  Margin   Net  Profit  Margin  Ã‚   Return  on  Capital   Employed   Return  on  Net  Worth   Return  on  Total  Assets TCS   Wipro   FY? 11   FY? 12   FY? 11            Profitability  Ratios   28. 2   17. 29   19. 62   29. 96   19. 63   21. 90   25. 44   14. 39   17. 96   44. 38   21. 41   22. 34   38. 80   99. 53   19. 23      20. 41 HCL  Technologies   FY? 12   FY? 11         24. 21   28. 18   25. 66   33. 64   29. 53      19. 13   23. 42   24. 31   21. 20   20. 45 Current  Ratio   Quick  Ratio   Debt? Equity  Ratio   Asset  Turnover  Ratio   Fixed  Assets  Turnover   Ratio   Debtors  Turnover  Ratio 2. 45   2. 43   0. 01   1. 74à ‚   5. 39   5. 59 Solvency  Ratios   2. 41   1. 92   1. 45   2. 40   2. 48   2. 20   0. 01   0. 22   0. 22   Management  Efficiency  Ratios   4. 91   1. 14   3. 45   4. 91   3. 81   3. 45   7. 19   4. 61   4. 87 1. 38   1. 42   0. 11   1. 26   2. 88   4. 88

Iliad as a war literature Essay

Homer’s epic poem, â€Å"The Iliad,† is probably one of the best stories that tell us about war. In this poem, we see humans fighting with humans, gods fighting with humans, and even gods fighting with gods. Even though it was made some time around the 7th century BC, we can associate with our modern warfare. In Homer’s â€Å"Iliad,† we see how the gods manipulated the people in fighting their own wars, just like how political leaders of different countries manipulate their army to fight another country. We can also see that modern wars, just like the Trojan war in â€Å"the Iliad,† can be caused by small matters which were just blown up to huge proportions by those who manipulate these wars. The book can be seen as Homer’s perspective of war. It is somewhat an anti-war literature because it showed how wars usually end. Both sides lost great lives, including some of their respected heroes. In the Greeks’ side, they lost Achilles’ best friend, Patroclus (23. 1-7). On the Trojans’ side, they lost their prince, Hector (24. 21-23). Achilles eventually died some time after, when he was shot by Paris, Hector’s brother in the heel of his foot which was his weakness. It showed that no one really reigns victorious, even after winning the war. This is because both sides suffer great losses, not only in properties, but also the lives of those who are involved in the war, both armies and civilians. Some attitudes towards war that Homer depicted in Iliad were the possible motives of engaging in wars. The most evident motive in the Trojan War was to retrieve the wife of Menelaus, the brother of the Greek King Agamemnon. They decided to launch an all out war, deploying a fleet of more than a thousand ships in order to retrieve Helen (of Troy) who was abducted by a Trojan prince, Paris (3. 29-31). Another attitude towards war shown in this epic poem was the intervention by higher powers. With the intervention of the Olympian gods and goddesses, the war to regain Helen of Troy was blown up to greater proportions. It became a personal war for these gods and goddesses, especially when they chose to take sides between the Trojans and the Greeks. The gods and goddesses who took the side of the Greeks include Hera, Athena, Poseidon, and Hermes (4. 37-49). On the other hand, the gods who took the side of the Trojans include Aphrodite, Apollo, Artemis, and Leto (1. 10-15). They backed up the soldiers whenever they fight and are usually the ones who decide on how the fight would end. Only Zeus remained in the middle, wherein he forbade the intervention of these gods in the war. Homer was able to depict a war which is similar to our modern day warfare. His depiction of gods was like the political leaders of various nations who would encourage their people to engage in wars against other nations. These are the leaders who are not physically in battle, but are the ones who actually dictate how the wars would go. Also, the wars that they often start would usually mean great losses for both warring sides. The reasons for these wars were very much the same like that of Homer’s â€Å"the Iliad. † These are usually small things which could be solved by negotiations, but the pride of the leaders is usually the ones that fuel the war. Leaders like Menelaus and Agamemnon are the same as the political leaders that we have today, who prefers violent negotiations rather than peaceful means to solve conflicts. This usually leaves the country with great problems, like loses of lives and property and a bad economy. Works Cited: Homer. â€Å"The Iliad†. 2006. Spark Notes. October 15 2007. . Sienkewicz, Tom. â€Å"The Gods in the Iliad†. 2002. October 15 2007. .

Fatigue and Performance in Aviation Research Paper

Fatigue and Performance in Aviation - Research Paper Example The dizziness may make the pilots unresponsive for some time. If the pilots succumb to their fatigue, they end up sleeping; thus, causing accidents or going beyond their destinations. FAA has failed to enact proper regulations that would ensure that pilots get enough sleep in between their flights, especially for short flights. Most airlines give their pilots only 7 hours of which some are spent checking out and transit to hotels. This is not enough as it mostly leads to fatigue, and thus, lowers the performance of the aviation crew. Therefore, FAA should note that sleep is triggered by fatigue and to solve sleep among the pilots, FAA should review their rules to allow time for sleep and rest to their pilots. Increasing frequencies in aviation accidents have called for attention on the causes of these accidents. Several factors cause aircraft accidents. However, researchers have attributed aircraft accidents to pilot and crew failures of psychological or physiological nature. Psychologists argue on the result of biological and psychological factors on the crews and pilots management of the plane. Psychologists have considered fatigue and lack of sleep as the main factors responsible for aviation accidents. Because of the nature of flight schedules, crew finds little time to sleep or even have some sleep. Absence of sleep and rest influences the alertness and performance (Wiener 650). Pilot fatigue has had the upper hand on the aircraft accidents. Fatigue refers to a mental state characterized by reduced mental and physical performance resulting from workload or loss of sleep. Fatigue impairs human performance, and thus, has negative impacts on work among other day-to-day activities. Many aviation accidents have occurred because of the crews’ tiredness or sleep, which reduce their level of alertness; hence, inability to follow procedures and operations. Initially, pilots’ flight time for non-stop travels were

Organic Food Research Paper Example | Topics and Well Written Essays - 2000 words

Organic Food - Research Paper Example and fertilizers are chemically prepared and most of the compounds used are harmful for the environment..During irrigation, sometimes these compounds mix with the water and reach into the nearby ponds and lakes. The chemicals mix with the fresh water and accelerate the growth of the weeds. When these weeds die, large amount of bacteria start acting on them for their decomposition using ample amount of oxygen present in the water. This results in the death of the aquatic life due to the scarcity of the dissolved oxygen. For instance, an 8,000 square mile ’dead zone’ was created in the Gulf of Mexico killing tons of fishes and other aquatic lives mainly due to fertilizer run-off Not only this, but these chemical compounds are also harmful for the soil. They decrease the fertility of the soil at a much faster rate making it sterile and useless. These fertilizers are also absorbed by the fruits of the plant. These are the same fruit which we buy and eat and consequently get sick. Moreover, also contaminate ground water and make them polluted (Koch, 775). Making our farming methods organic will not only result in production of better quality of food but also add to sustainability and environment friendly processes. It will preserve biodiversity along with increasing soil fertility. An average organic farm provides more natural habitats to the wildlife. The low concentration of pesticide remnants and the hazardous chemicals avoids the killings of the non-harmful insects and flora. Biodiversity balances the predominance of the growing crop by encouraging the diversity of species and genes. A system with the co-existence of varied species yields better quality of crop. Apart from the preservation of biodiversity, production of organic food also improves the soil quality by... This report stresses that the popularity of organic food is growing dramatically constituting more than 2% of all food sales and sales of organic food in united states surpassed $13.8 billion in 2005. Consumers going for organic food may do so for a number of reasons including the perceived benefits to the environment, welfare of the animals, safety of the workers and the perception that organic food are safer and more nutritious. This also indicates the greater health concerns of the public. By the way, while producing organic food, the farmer allows the fruit to ripe according to their natural time without manipulating it which might lead to small production compared to the large commercial farming. This paper makes a conclusion that even though organic food has many advantages over the conventional ones, still we cannot really say that which food system is better. Organic food uses no chemicals. However, it is not completely pesticide free. This is mainly due to many factors beyond the control of the farmers. For example pesticide drifts from adjacent fields or soil irrigation water and contamination. Also the data available does not allow for a comparison between export and domestic sales. Non certified organic food is difficult to survey in practice. Even though a lot has already been done in this field, still a lot remains to achieve especially in developing countries. New methods and ideas are needed in the market so that organic food can reach even to the poor. After all everyone has the right to be healthy.

Discussion Essay Example | Topics and Well Written Essays - 250 words - 21

Discussion - Essay Example In health promotion, wherein about 9 other concepts can be identified (Disu, K.M. and Wooden, D.J., 2012) stated in values and beliefs, SDLC has led to the creation of computer systems that give patients the option to tap their skills, resort to their love for freedom and privacy, and their voluntary decision to seek answers for themselves whenever possible. It makes them feel better to call for a nurse only if they don’t understand what to do in various situations. A virtual nurse had been developed. In wanting to know more about the medications they are taking, at what time, dosage, and for what purpose, patients can be taught to simply type the word â€Å"Medicines† after they log into their account, so that they can view more details about their purpose and the contra-indications. Thus, another concept within health promotion is served – the concept of empowerment. In the other meta-concept which is caring, SDLC can be tapped by allowing the patients to voluntarily submit feedback that can be saved in their database. Patients themselves or the authorized relatives may assist in faster recovery by way of reporting favourable or unfavourable feedback which the doctors can view during their visit. Questions can also be raised anytime if patients are allowed to simply communicate their thoughts with the help of a computer. In fact, SDLC can provide doctors with real time biological response and allow them to become more aware about developments with the patients. Such updated awareness can result in providing initiatives that can show better care and