Homosexuality And Its Views On Homosexuality - 1447 Words

Homosexuality is one of the most controversial topics in the world today. Sigmund Freud, the father of psychoanalyst had his theory on human sexuality and claims, â€Å" all human beings were innately bisexual, and that they become heterosexual or homosexual as a result of their experiences with parents and others.† Many people view it as a natural thing, but others think it is absolutely wrong and utterly a personal choice. The Bible, other religions, and the world all have different opinions on this subject. Homosexuality is a matter with many different viewpoints. Homosexuality has always been unacceptable since the advent of religion and there are many verses in the Bible that prove that God does not tolerate it. Many people assume Christians absolutely hate gays/lesbians, but that is not true because the Bible also says to love one another no matter what. When God created Adam and Eve, he made Adam a man and Eve a woman. He did not create man and man for a reason, and tha t reason is to conceive. God blessed Adam and Eve and said to them, â€Å"Be fruitful and increase in number; fill the earth and subdue it. Rule over the fish in the sea and the birds in the sky and over every living creature that moves on the ground† (New International Version, Gen 1:28.) Although this verse does not directly talk about homosexuality, it does address it in some way. This is one of the first instructions given by God and the only way to fulfill this is through reproduction with a male and aShow MoreRelatedHomosexuality And Its Views On Homosexuality1022 Words   |  5 PagesHomosexuality is relating to or characterized by a tendency of a direct sexual desire toward another of the same sex. By this homosexuality is referred to as members of the same sex being sexually attracted to one another. The topic of homosexuality in religion and society has many sides. There are those who believe that it is a sin in God’s eyes according to the Bible, and there are those who believe that God and the Bible are not specific to homosexuals. It is a tough debate based on whether youRead MoreHomosexuality And Its Views On Homosexuality2229 Words   |  9 Pagescommonplace for one to have an exceedingly strong opinion on homosexuality. There are many different views on how accepted homosexuality should be, with opinions varying from extremely accepting, to extremely non-accepting, with many lying somewhere in between. For those who argue that homosexuality is wrong, there are three main stances that are most commonly taken, a logical stance, a moral stance, and a religious stance. As views on homosexuality tend to be extremely strong, many who are opposed to theRead MoreThe Public View On Homosexuality937 Words   |  4 PagesHomosexuality has been in the media as being something negative because it strays from the norm and makes people feel uneasy, but the media is forever changing. The public view on homosexuality is changing for the better due to the Supreme Court’s Ruling on the legalization of same-same marriage. As a result from this, adolescents feel like there is now an environment that is ready and willing to accept the LGBT community as a whole and help individuals nourish the idea of self-acceptance. More andRead MoreThe Moral View Of Homosexuality1708 Words   |  7 Pagesargument of homosexuality being considered moral or immoral has been an argument for as long as humans have been in existence. This argument has been viewed by philological experts and people all over the world for centuries and it continues to be a major argument today. The moral view of homosexuality has many arguments, but the arguments that are going to be mentioned are the normative ethics argument, the argument on why the moral law is true when it comes to homosexuality, and why homosexuality shouldRead MoreA Reflection On The Views Of Homosexuality1798 Words   |  8 Pagescase that brought about the single person to wind up gay person and revamp it so he or she was not capable. To them this demonstrates that science was correct and that homosexuality is a condition that is brought by life conditions (The Journal of Pastoral Care). The Bible does not say the expression sin when discussing homosexuality. Notwithstanding, Christians appear to have got the thought that a man must change who they are through psychotherapy so hopefully they can be known as a man or lady andRead MoreGandhis View On Homosexuality2295 Words   |  10 Pageswe were just making casual conversations and having fun, then we some how got on to the topic of homosexuality and this was everyone’s opinion on it. Gandhi’s view on homosexuality is that he is accepting of it, but would not be about it himself. He said that Hindus are not very judgmental at all of homosexuality. He also stated if someone is trying to attain kama, which is pleasure, then homosexuality has actually been seen acceptable. He then went on to say that there was even one person withinRead MoreRoman Empire Views on Homosexuality1501 Words   |  7 Pagestoward Homosexuality A popular topic of discussion, when referring to historic Roman culture, is the topic of sexuality. Even more specific is the subject of Roman attitudes toward homosexuality. During the time period of 753 B.C. to 476 A.D. the Roman Empire was arguably one of the most powerful and advanced empires of its age. With such a powerful empire of citizens that were fixated on their pride and, for the males, masculinity, one must wonder what their thoughts on homosexuality were.Read MoreBiblical View On Homosexuality And Religion1271 Words   |  6 PagesBiblical view on Homosexuality In the bible God divinely established the institution of marriage, and this is seen in the garden of Eden during creation. Marriage was a special gift to man from a loving God before the fall that led to evil and pervasion entering the spiritual world of man. Marriage was designed by our creator to give satisfaction to a person’s deepest longings for intimacy, love, appreciation and care. The views of marriage between Christians and Jews are fundamentally differentRead MoreEssay The Catholic Church and Its Views on Homosexuality3784 Words   |  16 Pagesessay will include: the historical views of homosexuality including what Biblical texts state regarding this issue, as well as specific documentation from the Vatican pertaining to this subject. Furthermore, I will discuss former Pope John Paul II and current Pope Benedict XVI’s position on homosexuality, as well as homosexuality within the clergy of the Catholic Church. I will then examine specific literature criticiz ing the Church’s teachings on homosexuality, and finally gay and lesbian CatholicsRead MoreHomosexuality as a Deviance The view that homosexuality is deviant allows society to discriminate against certain people.1602 Words   |  7 PagesSince most people in the United States believe that homosexuality is wrong, society has created homosexuality to be a deviance. Since deviance is relative and not absolute to a society, homosexuality is not a universal form of sexual deviance. There are many cultures that accept forms of homosexuality. The Western society is not accepting of it though, and many times this non-accepting view cause discrimination towards homosexuals. Is homosexuality a way for some people to deviate, or is it just the

Invisible Man By Ralph Ellison - 1366 Words

The battle royal originated with the Romans, more than two millennia ago, when gladiators would duke it out with no protection, ending in a solitary blood stained fighter left standing, amidst unbridled carnage. The titular narrator of Ralph Ellison s novel Invisible Man, is no stranger to those experiences. In the beginning, he is forced to fight several other black boxers for the amusement of many heckling, white spectators. Through the imaginative use of objects, symbols, allusions, and the actions, thoughts, and purposes of the spectators, pugilists and risquà © entertainment, Ellison seeks to express a powerful image of American race relations and women s stratum in the early 20th century. The feeling of superiority and disgust felt by Invisible Man before the bout serves as a metaphor reinforcing the main undertone of the entire scene, the lack of black unity against the horrifying sins of white oppression. Invisible Man shows it best when he thinks, I had some misgivings ove r the battle royal, by the way. Not from a distaste for fighting, but because I didn t care too much for the other fellows who were to take part... No one could mistake their toughness. And besides, I suspected that fighting a battle royal might detract from the dignity of my speech. In those pre-invisible days I visualized myself as a potential Booker T. Washington. But the other fellows didn t care too much for me either...I felt superior to them in my way, and I didn t like the manner inShow MoreRelatedInvisible, Invisible Man, By Ralph Ellison1994 Words   |  8 PagesInvisible Race and Gender in Invisible Man, by Ralph Ellison In Invisible Man by Ralph Ellison, the unnamed narrator shows us through the use motifs and symbols how racism and sexism negatively affect the social class and individual identity of the oppressed people. Throughout the novel, the African American narrator tells us the story of his journey to find success in life which is sabotaged by the white-dominated society in which he lives in. Along his journey, we are also shown how the patriarchyRead MoreThe Invisible Man By Ralph Ellison Essay2164 Words   |  9 Pagestrying to rebel against the status quo. Protest literature emerged from the Harlem Renaissance in the 1920’s to 1930’s. Protest literature is used to address real socio-political issues and express objections against them. In his novel, The Invisible Man, Ralph Ellison exposes the racism in society by focusing on the culture, in regards to the expected assimilation of African Americans and how the time period largely influenced the mistreatment of the African A merican population. He also uses symbolsRead MoreInvisible Man By Ralph Ellison1246 Words   |  5 Pagesauthor of Invisible Man, Ralph Ellison, was born March 1st, 1914, and died April 16, 1994. He was born in Oklahoma City and named after Ralph Waldo Emerson, a famous journalist and poet. When Ellison was 3, his father died of a work-related accident, leaving his mother to care for him and his younger brother. As a young boy, he always wanted to major in music, and he went to Tuskegee University to become a composer and performer of music. The summer before his senior year in college, Ellison went toRead MoreInvisible Man By Ralph Ellison909 Words   |  4 PagesInvisible Man by Ralph Ellison is a novel which embodies the universal theme of self-discovery, of the search to figure out who one truly is in life which we all are embarked upon. Throughout the text, the narrator is constantly wondering about who he really is, and evaluating the different identities which he assumes fo r himself. He progresses from being a hopeful student with a bright future to being just another poor black laborer in New Your City to being a fairly well off spokesperson for aRead MoreInvisible Man By Ralph Ellison1277 Words   |  6 PagesInvisible Man, by Ralph Ellison, is a story about a young African American man whose color renders him invisible. The theme of racism as a hurdle to individual identity is present throughout the story in a variety of examples. From the beginning of the novel the theme of identity is evident as the narrator states, â€Å"All my life I had been looking for something, and everywhere I turned someone tried to tell me what I was† (Ellison, p. 1254). In the midst of living in a racist American society the speakersRead MoreThe Invisible Man By Ralph Ellison3051 Words   |  13 Pagesportrayed through the narrator’s, the invisible man, journey through life. The problems with society are foreshadowed by the racism and the symbols of the color white presented in the paint plant. â€Å"The Invisible Man† by Ralph Ellison depicts the African Americans struggle to be viewed as an equal member of society through the narrators struggles through life to discover his individuality or place in society while the white man or the community conspires to â€Å"keep the black man down†. The story follows theRead MoreThe Invisible Man By Ralph Ellison977 Words   |  4 PagesBook Review: Invisible Man Invisible Man is an American Literature novel published by Ralph Ellison in 1952. The novel traces the experiences of a young college black man growing up in Harlem, New York. Attempting to succeed in a predominantly white society, the narrator encounters shocks and disillusionments from being expelled from college to hiding in an underground hole to protect himself from the people above. He lives a repressed life as an â€Å"Invisible Man† for he believes that society ignoresRead MoreInvisible Man By Ralph Ellison1032 Words   |  5 Pageslike modern society some people leads, and others will follow. Subjects will conditionally generate their own ideas and realize these ideas rather than just be assigned tasks that question their beliefs. The author Ralph Ellison illustrates it best. Ellison’s realistic fiction Invisible Man perpetuates the manifestation of manipulation over the minorities in this society. As the narrator embraces every identity he has been given, h e starts to become more independent, and a leader in his community. Read MoreInvisible Man By Ralph Ellison1481 Words   |  6 PagesInvisible Man is a novel by Ralph Ellison, published in 1952. It addresses many of the social and intellectual issues facing African-Americans in the early twentieth century. This includes black nationalism, the relationship between black identity and Marxism, and the reformist racial policies of Booker T. Washington, as well as issues of individuality and personal identity. The grandson of slaves, Ralph Ellison was born in 1914 in Oklahoma City, Oklahoma, and was raised in Tulsa, Oklahoma. HisRead MoreThe Invisible Man By Ralph Ellison917 Words   |  4 PagesRalph Ellison’s Invisible Man is a story about a young African American man who struggles to break free from the black stereotype that white society has forced upon him. As Ellison’s views on the detrimental effects of stereotyping minorities become apparent throughout his nov el, some readers would argue that his depictions of female characters seem to be slightly hypocritical—but in actuality, the narrator’s encounters with the female characters ultimately help him accept his invisibility, develop

Cement Sector in Pakistan Free Essays

1. INTRODUCTION 2. 1 Objective and Scope The report will present a holistic overview of the industry; current situation, industry structure, critical revenue and cost drivers, exposure of BOP in the sector and its future outlook. We will write a custom essay sample on Cement Sector in Pakistan or any similar topic only for you Order Now 2. 2 Cement Sector of Pakistan The Cement sector of Pakistan has 23 players, operating 29 units, with a total production capacity of 44. 8 million tons, divided into North and South, as follows: North Zone| South Zone| * Punjab and Khyber Pakhtoon Khwa| * Sindh and Baluchistan| * 19 manufacturing units| * 10 manufacturing units| * 80% of rated capacity, i. . 35. 9 million tons| * 20% of total rated capacity, i. e. 8. 9 million tons| The overall capacity utilization of the sector, as per FY-10 dispatches is at 76%. The basic raw materials for cement include limestone (upto 80%), clay (upto 15%) and gypsum (5%), all of which are abundant in Pakistan making basic raw material very cheaply available to cement manufacturers. None of the cement producers in Pakistan enjoys any material product differentiation because of the highly standardized nature of product therefore consumers usually regard ‘price’ as a key determinant. Major constituents of the cost are energy power – over 60% of cost of production of cement – and transportation costs. In addition to these elements efficiency of production process is critical in keeping the overall cost structure competitive. In this regard, size of the plant, its age, and origin – European or Chinese – are of importance. Until recent years, almost all the plants operating in the country were based on furnace oil, but the increasing furnace oil prices forced the cement industry to switch over to Coal-powered/dual-fuel plants. However, the price of coal has shown significant volatility over the recent periods therefore, some producers, having dual-fuel plants, use a mixture of coal and gas, alternating between the two as per changes in prices and availability. 2. 3 Cement Sales during FY-10 Compared To FY-09 Source: All Pakistan Cement Manufacturers’ Association As per All Pakistan Cement Manufacturer’s Association (APCMA), the cement sales in FY-10 totaled 34. 20 million tons, registering a decent Year-on-Year (YoY) growth of 9. 30% compared to 31. 29 million tons in FY-09. The local dispatches remained at 23. 54 million tons, up YoY 14. 63% compared to 20. 53 million tons in FY-09 whereas export sales in FY-10 remained almost flat with a minor decline at 10. 66 million tons, down YoY 0. 89% compared to 10. 75 million tons in the previous year. As shown in the table, the local sales were the primary driver behind the growth. It is pertinent to note that the growth on the local front was mainly private-sector driven rather than Government’s infrastructure spending, showing signs of recovery in the construction sector. 2. INDUSTRY STRUCTURE 3. 4 Industry Characteristics Cement industry is highly cyclical in nature and its performance depends largely upon the economic growth of the country. There is a high degree of correlation between the GDP growth and the growth in local cement consumption. Source: State Bank of Pakistan All Pakistan Cement Manufacturers’ Association Cement exports depend largely upon the demand/supply situation, price levels and economic situation in the export regions. Cement, being a voluminous product, is a regional commodity. 3. 5 Critical Factors The cyclical nature of the sector along with excess supply situation, whenever it persists, makes cement price a very critical factor. Some level of industry ‘co-opetition’, i. e. cooperative competition, is evident in cement industries globally such as consensual pricing. In the absence of such an arrangement, along with a supply glut, cement industries have witnessed intense price wars. * Power Energy costs con stitute over 60% – 65% of the total cost of cement production. Therefore, smart inventory management of coal, along with hedging techniques etc. lead to significant savings in energy costs. * Plants closer to the port have cheaper access to exports and can maintain higher profit margins. Therefore, distance to port is an important consideration. * Leverage, both financial and operating, is a major concern owing to the price-sensitivity of the sector. Pakistan’s cement sector is highly leveraged. Cautious capital structure management and utilization of relaxations / incentives provided by the government, whenever possible, such as Export Refinance facility offered by the State Bank of Pakistan, create a significant difference. . 6 Industry Concentration Concentration refers to the number of major competitors in a given industry. This has important implications for the inherent profitability of a sector. We have applied the Eight-Firm concentration ratio to determine con centration in the cement sector. Concentration ratios can generally be categorized into low, medium, and high concentration being 0% – 50%, 50% – 80% and 80% and above, respectively. An eight-firm concentration ratio over 90% is a good indication of oligopoly, i. e. an industry dominated by a small number of sellers. Based on FY10 market shares, the Eight-Firm concentration ratio in cement sector is 80% which show clear signs of high industry concentration. Therefore, cement sector has an oligopolistic structure. However, given the excess capacity situation cement industry has been behaving like a ‘low concentration industry’ from time to time such as the intense price war in the recent past, spanning nearly a year, with participants vying for higher volumes. 3. 7 Market Share The following pie-charts show the local, export and total market shares of top 8 players in the sector for FY-10. The charts show that D. G. Khan Cement is the leading player in the local market (17% market share) closely followed by Bestway (16. 7%) and Lucky Cement (13. 3%). In the export market, Lucky cement leads with its roaring 32. 8% share, followed by D. G. Khan and Bestway cement’s 9. 3% share each. Overall, Lucky Cement appears to hold the highest market share (19. 4%), followed by D. G. Khan (14. 6%) and Bestway (14. 4%). Maple Leaf Cement ranks fourth in all three categories with 9%, 11. 1% and 9. 7% market share in the local, export and overall market. Source: Fortune Securities . SECTOR OVERVIEW – FY10 Cement Sector in FY-10 witnessed low prices, rising energy costs, slowdown in construction activities locally and regionally and a large amount of new supply availability in regional markets resulting in drying out of certain lucrative export avenues especially the Middle East. However, exports to African countries, Iraq, Sri Lanka etc. mitigated the effect and exports remained flat at 10. 66 million tones (YoY down 0. 89%). As expected by market participants and analysts local sales picked up to close the year at 24. 53 million tons (YoY up 14. 63%). Overall, the sector closed the year at 34. 20 million tones, registering a decent YoY increase of 9. 30%. Cement prices and energy costs remained the key issues in FY-10. Since the dismantling of the alleged cement cartel, after Competition Commission of Pakistan imposed a fine in the colossal sum of Rs. 6. 35 billion on 20 cement manufacturers (equivalent to 7. 5pc of each company’s FY08 net revenue), in August 2009, cement prices plunged and went down to Rs. 249/bag in North and Rs. 280/bag in the South zone, compared to Rs. 335/bag and Rs. 370/bag in FY09 in North and South, respectively. CCP’s decision has been challenged by the cement manufacturers on a number of grounds in the Lahore High Court, the Sindh High Court and the Supreme Court of Pakistan. In all these cases stay orders have been granted by the Courts and the matter awaits court’s verdict. Given the increased overall supply in the regional markets, the cement export price hovered around $47-$52 per tone, compared to average export price of $60-$62 in FY09. On the other hand, energy costs remained on the rising trend and coal prices averaged around $88 (FoB) per ton compared to 2nd half FY-09 average of $70. Australian (Newcastle) coal price made its 18-month high of $108 (FOB) per ton on April 27, 2010, after making a low of around $61 (FoB) per ton in Mar-09 last year. Thus, as a result of subdued prices and increasing energy costs a sub-breakeven scenario prevailed in the industry for the most part of FY-10. In 9 months FY10, cement companies posted cumulative losses of Rs. 3. 3 billion compared to profits of Rs. 3. 7 billion in the corresponding period last year, YoY down 189%. Cement prices hiked by Rs. 40 per bag in North in June 2010. With no price moves in South – a region that was already enjoying higher prices due to lower intensity of price war largely for its geographical advantages – prices in the two regions finally came at par. FY-10 also saw the announcement of 35% inland freight subsidy, during March 2010, on cement exports. It is likely to make Pakistan’s cement exports more competitive in the regional market, as cement manufacturers will be able to reduce their export prices by almost 10% going forward, if needed, without hurting their margins. However, the government needs to make timely payments to the manufacturers for the subsidy to be of much use. Source: Invisor Securities Source: Federal Bureau of Statistics Invisor Securities 4. SECTOR OUTLOOK 5. 8 Local market * Short Term Cement prices have risen by Rs. 24 per bag since the beginning of ongoing financial year to Rs. 312 and Rs. 325 per bag in North and South, respectively. This bodes substantially well for the sector after bleeding profusely in a price war and indicates a price consensus among the manufacturers. Also, we believe there is limited appetite for price wars going forward especially as seasonal 1Q demand slowdown kicks in (Monsoons, floods, Ramadan etc. ). The recent floods have severely affected the roads and the distribution network which will inevitably hurt the local cement sales as well as export sales to some extent. We expect cement demand from local market to remain subdued during first half of FY11, due to monsoons, flood related issues, slowdown in construction during winters etc. , and start picking up from 3Q FY-11, in the wake of reconstruction activities. Overall, we expect local dispatches to remain flat during FY-11 and believe that the real impact of the increased demand from reconstruction activities will materialize during FY-12. We believe the cement prices have hit the ceiling for now and do not expect further increase in them and expect the recent price hikes to sustain for a relatively longer time than the one-step ahead, two steps back situation that prevailed throughout FY-10. Going forward, Fauji Cement’s capacity expansion, due in FY-11, of 2. 27 million tons, would create downward pressure on utilization levels. However, we expect capacity utilization levels to remain between 70% to 75% range. * Medium to Long Term We have a positive outlook for the local market on a medium to long-term basis. The rehabilitation work along with construction of dams will boost demand and possibly push prices upwards as cement manufacturers operate on higher and higher capacity utilization levels. Construction of dams seems inevitable given the power crisis and the recent flood. The Council of Common Interests (CCI) unanimously approved the construction of Diamer Bhasha dam on July 18, 2010, leading the way for the release of funds from the Asian Development Bank (ADB). The projected timeline for completion is stated till the end of 2019. Manufacturers estimate a total requirement of 9. 0 to 11. million tons cement for the project with annual demand in between 1. 0 to 1. 5 mn tons. While all northern manufacturers would directly or indirectly benefit from the project, we believe the big players such as Askari and Bestway would be the key beneficiaries with proximity to the project. 5. 9 Export Market We are pessimistic about the export dispatches during FY-11 owing to i) increased availabili ty of cement in the regional markets, especially after lifting of export ban in Saudi Arabia, ii) slowdown in construction in the Middle East and iii) local transportation problems ensuing from the flood. Therefore, we expect a decline of 10-15% in exports during FY-11. Our export price outlook remains flat around $45, keeping in view the competitive environment in the export market. During FY-10 exports to Qatar, Oman, UAE and Kuwait declined whereas exports to Afghanistan, Djibouti, Sudan, Sri Lanka and other African Countries increased, as shown in the chart. We expect the trend to continue going forward as cement producers penetrate further into the African markets. Source: TDAP 5. FINANCIAL ANALYSIS – CEMENT MAJORS 6. 10 Financial Analysis 6. 11. 1 Liquidity On 9M-FY10 basis, the top-7 cement players face a tight liquidity situation with Current ratio at 0. 71x, Quick ratio at 0. 63x, Cash Ratio at 0. 05x and an Operating Cash Flow ratio at 0. 16x. Among the Top-7, Attock Cement is most liquid with Current ratio at 2. 67x, Quick ratio at 2. 33x, Cash ratio at 0. 66x and Operating Cash Flow ratio at 1. 02x. Overall, the Top-7 Average liquidity ratios show a low ability to settle short-term financial obligations as well as finance additional sales without incurring further debt. 6. 11. 2 Financial Leverage Financial leverage (average) among the top-7 cement players is at 0. 1x, which seems moderate. Bestway, Maple Leaf and Pioneer Cement have financial leverage at 2. 32x, 3. 56x and 1. 64x, respectively, which is high. Lucky and Attock Cement have financial leverage in control, at 0. 35x and 0. 25x, whereas D. G. Khan Cement’s financial leverage stands at 0. 67x. The average Interest Coverage ratio is at 1. 04x, which means, on aver age, the cement players barely have enough earnings to meet their financial charges. Given the high financial leverage and low Interest Cover, we believe cement companies’ ability to take on further financing is highly subdued, with the exception of Lucky and Attock Cement. 6. 1. 3 Asset Utilization We have adjusted the Asset Utilization ratios to reflect the full year (extrapolated) sales by a 4/3 adjustment factor. The resulting ratios, fixed asset turnover at 0. 65x and total assets turnover ratio at 0. 45x, suggesting overall low asset utilization, point towards the capital intensive nature of the industry marred with low capacity utilization levels. Among the top-7 players, Lucky Cement seems to have the most efficient asset utilization with fixed assets turnover at 0. 90x and total assets turnover at 0. 75x levels. Lafarge Pakistan cement’s asset utilization ratios rank lowest among the Top-7, being 0. 3x and 0. 11x on a fixed and total assets turnover basis, res pectively. Lafarge’s extremely low asset utilization levels call for further investigation into the causes. 6. 11. 4 Profitability We have adjusted the Return on Assets (ROA) and Return on Equity (ROE) ratios to reflect the full year (extrapolated) sales by a 4/3 adjustment factor. The resulting ratios suggest moderate gross profitability and basic earnings power, at 21. 26% and 9. 68%, respectively. However the final profitability is extremely low at 0. 03% reflecting the sky-rocketing financial charges. Bestway, Maple Leaf, Lafarge and Pioneer have negative net margins at -6. 7%, -18. 33%, -24. 86% and -14. 38%. Attock Cement appears most profitable during the period under review, with Net margins at 13. 32% followed by Lucky Cement at 12. 02%. Both these players have managed to post decent net profitability partially due to higher retention prices in South, compared to North, and higher export contribution margins. During 9M-FY10, Maple Leaf, Lafarge and Pioneer Cement pos ted negative Basic earnings power at -3. 14%, -13. 94% and -10. 95%, respectively, which points towards the intense price war, especially in North, throughout the period under review. D. G. Khan cement has managed to post a decent EBIT margin, at 16. 91%, however, the financial charges, which amount to Rs. 1. 5 billion for 9M-FY10, have left only 3. 79% in net margin. 6. 11. 5 DuPont Analysis DuPont analysis is an expression which breaks Return on Equity (ROE) into three parts, profit margin, asset turnover and equity multiplier representing, the operating efficiency, asset utilization efficiency and financial leverage, respectively. Our DuPont analysis of the top-7 players suggests that the main reason behind the low industry ROE during the period under review has been low profitability. The price wars during the period under review, along with high financial charges have severely affected the ROE. Asset utilization is not too healthy either, but is moderate. 6. 11. 6 Conclusion Based on our financial analysis, we have a liking for Lucky and Attock Cement and feel that these are safe companies to lend to. D. G. Khan Cement seems to be under stress at the moment due to its current maturity of long-term debts, worth Rs. 4 billion (approx. ), and an O/S Forex loan of US$ 40 million (FY-09 carrying value Rs. 3. 5 bn), payments commencing June, 2011, therefore it is expected to go for re-financing arrangements with banks. However, strong sponsors’ support, good reputation, largest local and 2nd largest total market share, large portfolio of liquid investments worth Rs. 17 billion (approx. ), and Income from investments serve as strong mitigating factors. Bestway, Maple Leaf and Pioneer Cement have financial leverage ratios at 2. 32x, 3. 56x and 1. 64x levels which are certainly not sustainable. The DuPont suggests both profitability and leverage are a cause of concern for these companies. Lafarge Pakistan’s low profitability and poor asset utilization have greatly affected its financial results. Overall, we recommend caution for the above three players. How to cite Cement Sector in Pakistan, Papers

Madrigal Essay Example For Students

Madrigal Essay During the Renaissance era, secular vocal music became more and more popular. Throughout Europe, music was being set to poems. This was especially true in Italy, where the madrigal began. Madrigal is defined as a piece for several solo voices set to a short poem (Music an Appreciation pg. 85). The poems usually had two or three stanzas of three lines and the form was â€Å"aba bcb dd, abb cdd ee† etc. (The New Harvard†¦Music pg. 462). The higher voices were the more decorated and important lines. The supporting voices were less decorated, but both voices still sang the same text. In the 16th century, the madrigal was changed and had a different meaning to composers. At this time, a madrigal was defined as a â€Å"one stanza poem of free rhyme scheme, using a free alternation of seven- and eleven-syllable lines† (The New†¦Music pg. 462). In the mid 1500’s, the madrigal began to take a new direction. They became more serious, the texture thickened, and five-voice writing became the standard way of writing. Though, two up to eight voice compositions were written. Through so many voices being written, it is clear that the madrigal was being experimented with. Chromaticism, less decoration in the rhythm, and cycles are examples of how the madrigal was being experimented with. (The New†¦Music pg. 463) In the late 1500’s a new style began to appear. Poems were being written for composers to put to music. Composers started favoring â€Å"short, expressionistic texts that gave them occasion for extremes of melodic and tonal language† (The New†¦Music pg. 463). This would be later known as seconda prattica. (The New†¦Music pg. 463)Starting in 1600, madrigals were being written with continuo. Pieces for solo or low number voices formed a new genre and madrigals with a variety of vocal and ins trumental influences formed another. (The New†¦Music pg. 463)The madrigal was very popular in Italy, but it also became popular all across Europe. It was especially popular in German speaking countries and in England. Though they were somewhat different from how the Italian composers were writing them. Kamien, Roger. Music, an Appreciation. McGraw-Hill 1998 pg. 85. Randel, Michael Don. The New Harvard Dictionary OF Music. The Belknap Press of Harvard University Press 1996 pg. 462-64. Bibliography: