Advertising and Society

Advertising and Society Introduction: Advertising is said to be like glue that holds cultures together. It allows us to share a common experience incorporated by brands, images, logos, and even silly jingles. We define who we are by what we buy and wear because we know that others judge us by what we buy and wear. And advertising influences those judgments. Today because of advertisements conditioning and trendsetting, judgments are made on what clothes people wear, what shampoo and kitchen cleaner they use, not on whom we really are.This leads to a certain degree of social discrimination and emotional insecurity especially in younger population. In advertising, socio-cultural dimensions came in 1920’s. Agencies and publicists no longer sought only to convey objective facts about the products but they also link products with a lifestyle, permeate them with glamour and prestige, and persuade consumers that purchasing an item could be, as historian Alan Brinkley describes it, â €Å"a personally fulfilling and enriching experience. †(Alan Brinkley, 1991; 648. ) Historical background:If we recall the history of advertising the first thing that came into our mind is the old papyrus from Thebes dating back about 3000 years ago. History of English society showed that the spread of information in an organized way began with the development of newspaper. Newspaper started carrying advertisement in mid 1600’s. The industrial revolution in 19th century resulted in great commercial growth and provided a great support to advertising. With the development of the technology after the Second World War many changes took place in advertising.As more and more advanced systems got introduced, they changed the whole scenario of the society. Although these developments in advertising are of great value but on the other hand they also generated huge criticism. The aim of advertising in society is to sell the goods in a particular kind of economy. It is because of advertising which is a major form of modern social communication that one can understand his society in new ways. Overview: In this chapter on advertising and society, the author aimed to examine ifferent critiques and key concepts related to advertising and its impact on society. To support his argument author used different theories and researches that supports or negates advertising’s impact in relation to society. The main approaches that the author discussed in the chapter are pluralistic positions, Neo Marxist positions and cultural critiques. According to author the pluralistic positions focused on the usefulness of consumptions and options available for the consumers and the economy.Neo-Marxist views argued that advertising flatters to deceive. It undermines use value into exchange value. Its representations incorporate the meanings of the dominant ideology. On the other hand cultural approach emphasized on the harmful effects of commodifications. To discuss about th e main critiques that he took in order to fulfill his objective the author examined studies by different researchers about these approaches. The first study mentioned was by Sinclair who saw the critiques in terms of an opposition between optimistic and pessimistic views.According to Optimistic view advertising is used as a tool for functioning of economy while pessimistic saw the advertising in relation to economy as a destruction of social and cultural values. To further support his argument two more important perspectives were discussed in the chapter i. e. , Capitalist pluralism and political economy Theory. Capitalist pluralism argued that advertising is an optimistic tool for providing information about goods and services where as Political economist regard advertising as working tool under the power of media institution or in other words media monopoly.These perspectives of capitalistic pluralism and political economy were further discussed by Doyle in 2002 who pointed out th at there exist a strong relationship between the advertising expenditure and economic wealth by arguing that although advertising contributes to economic growth it doesn’t mean that it also contributes to the well-being of the society. Then he discussed about the role of advertising in developing ideas about the imaginary world. To elaborate his point the author added the analysis by Cronic in 2000. who argued about the imagination of audience and their relationship and said that they cannot be discovered.Moreover he discussed the post modern and cultural critiques of advertising which were based on the modes of consumption. Then he put studies by Matterlart in 1991 and Kenway and Bullen in 2001 which emphasized on the domination of public space and consumption of advertising where as Jameson in 1991 and Baudrilland in 1988 argued about post-modern ways of criticizing advertising. They said that there is a lack of distinction between the real and imaginary world. The main cru x of their studies was that advertising creates hyper reality.In order to relate advertising with other different phenomenon’s he discussed about discourse, ideology, myths and representations. According to author there is an interrelationship between discourses, ideologies myths and representations. For discourses he took the example of car advertisement that how they used technology as a discourse in relation to different environments Moreover he added myths as false ideas about consciousness of ideology as in advertisements of beauty products. According to him advertising not only affects our consciousness but also alter our perceptions about the social world.Fantasy is also an important factor in advertising which is all about idealization and mythmaking. In view of author female representation is an important factor in advertising. To highlight he took the example discussed by Goldman and Papson in 1998 on women representation in advertisements of Nike. They argued that most of the advertising comprised of the representation of women as a sexual object or product. In Advertising stereotyping of genders are also found. At last author has put a light on the children advertisements when there is gendered representation.According to different studies particularly by Johnson and Young (2002) in this chapter argued that gender differentiations increased market targeting. Analysis: Ever since the dawn of advertising, many complaints and concerns have been spreading everywhere and cannot be controlled. Several questions arise in the minds of the people regarding the influence of advertising. For instance does advertising has have a strong impact on society? Does it obviously influence the millions of people? The information related to the birth and growth of the media, have provoked society to think about the consequences of new technology.The emergence of media has given us great power and knowledge even then we see its consequences in our lives and in wh ole society. However, many people feel that advertising has had great negative consequence. The present chapter which is on advertising and society provided in depth analysis on role of advertisements in relation to society. The literature provided in the chapter revolves around the various studies and approaches which linked with the different aspects of advertising and its consumption effects over society.Moreover we came to know about the changing historical perspective of the advertising. The main critiques regarding advertising and society which were included in whole section (Neo Marxist positions, pluralist positions and cultural critiques) formed the base for rest of the researchers who further worked on it. Although these positions were very authentic to describe his argument about pessimist and optimistic views. It would be more clarified if the author put more different perspectives like Modernization theory.Modernization theory is more related in the sense that it deals with mass media that plays a very important role in transforming of the societies. As advertising â€Å"contact with the media helped the process of transition from ‘ traditional’ to a ‘modernized’ state, characterizing the mass media as a mobility multiplier which enabled individuals to experience events in far off places forcing them to reassess their traditional way of life. Exposure to the media made traditional societies less bound by traditions and made them aspire to a new and modern way of life†. Daniel Lerner, 1958; 56) When ones discussed about the different perspectives regarding advertising and its impact on society one has to take into consideration gradual changes in its culture. This can be explained in a way that culture of advertising has switched from information to a more abstract way to communicate with consumers. Previously in 1970s more informative advertisements were shown to the consumers which helped them in making decisions by identifying the positives and the negatives of competitors and their products.Then in 1990s focused was on emotional advertisements and in 2000 with the emergence of internet advertising industry experienced a boom. With the internet traditional informative advertising got changed by encouraging interaction with consumers by clicking on various sites and links. Eventually these methods of advertising offered a new way for consumers to become more interactive in the process of marketing. This was the lacking point of author, he should have to mention about this changing shift in advertising in relation to society after discussing the main critiques.In his studies there was a lack of link between the pessimist and optimistic views. All of them were presented in such a perplexed way that one can’t comprehend what the author actually wanted to communicate. The major studies he took to support his argument depicted that advertising has got an adverse effects on our society as h e related the terms like monopoly, deceive, imagination and commodification and mentioned that advertising is playing key role in diminishing our social and cultural values etc.On the other hand some of the studies were showing advertising as a positive tool towards the information and education of the society as mentioned in the capitalistic pluralism that saw advertising as an information provider. Although the author has provided many good theories to explain what actually advertising is and what role it is playing in society but it failed to provide a strong link between advertising and norms of the society.To support this argument we can take the example from social communication in Advertising which provides a clear` debate on advertising and society† where a survey of the controversies on advertising. Here the authors viewed advertising as an influential form of social communication. Another important contribution that author should have mentioned in order to explain th e positive role of advertising in society is by â€Å"Leiss/Kline/ Jhally† who worked on role of social communication in advertising (1978), described the origin of consumer culture and how the shift from industrial to consumer took place.Moreover they clearly pointed out that advertising agencies played a vital role in modern advertising industry and advertising is the central institution for the market-industrial economy. One of the shortcomings of this literature was not to highlight media monopoly while discussing about political economy and the power of media institutions because the concept of media monopoly by Bagdikian’s played a very vital role in history even till now dominating the advertising.Critical researches play a very important role to study effects of advertising in relation to society as they address the social and cultural effects of communications and its role in propagating unfair social order. In the previous discussion author failed to mentione d the importance of persuasion of consumers regarding advertising in relation to society. Another missing point while discussing about the consumer behavior is related to the buying behavior because most of the advertisements aim to affect the purchasing decision of the consumer in the market.Moreover it is proven that advertising has become a powerful force in terms of persuading society to support the product, service, or idea. So, consumers tend to buy it to make them feel good and beautiful. Two most important contributions in critical researches are by Williamson’s Decoding Advertisements and Ideology in advertising (1986). They have examined the content and structure of advertisements for their distorted communications and ideological Impact. Employing of semiotics played an important role in examining how advertising persuade consumers.At one point author discussed discourses, myths, ideologies and representation. There he failed to mention about semiology and content analysis because these four are basically the derivation from semiotic and content. Because semiology is all abut the study and importance of language for the communication of message. To support this point a study was done on â€Å"The Theatre of Consumption† by Jhally in 1987, in which the researcher examined the structure and content of advertisement using semiotics and their social and cultural impact using Content Analysis.The conclusion drawn from study clearly showed that advertisers use different codes and strategies to appeal different audiences. The codes are beauty, female relations, romance and fraternity for both males and females. Both the studies on social communication and advertising and on codes by Jhally are very important studies that provide a very useful analysis of how advertising play a vital role in producing consumers and how the consumers reshaped themselves in the society.If author included such studies in his chapter, it would provide a strong arg ument regarding discourse, ideology, myths and representations. As far as discussion by author regarding gendered representation in advertisements is concerned he did a tremendous job by describing the huge effect which is related to a persons dissatisfaction of the body by stereotyping women and men, that if ladies wanted to be beautiful they have to show such qualities like fair color, long and beautiful hair, skin tone, etc. , and for men if they want to be handsome they have to hold the worked-out body, etc.Also, portrayal of women as sex objects in most of the commercials changes the perception of people on women as homemakers. Some major points that author should include in his literature are related to various advertising trends. Most of the important trends of advertising related to consumers need to be mentioned when one is discussing about economy, markets and their relationship to customers. As we know that advertising costs a lots of money and that money comes from the c onsumer. For example hidden costs, lying to customers and censorship etc.Almost all advertising companies bend and curve the truth for their personal benefit and for promotion and advertising of their product. Even the Companies exaggerate certain features of their products. One of the true purposes of advertising is to set trends that the customers will follow. One of the draw back of advertising is not to focus on censorship even the author didn’t mention any positive suggestions regarding this. Because element of censorship played a very important role in the inception and elimination of any phenomenon.Conclusion: Although the author has been successful in highlighting the changes in society caused by advertising but on the other hand his study was highly abstract and failed to provide deep insight into the actual phenomena of the society because most of the researches taken by author were not analyzed in detail. Moreover he didn’t mention any useful suggestions reg arding how a society can be organized with the meaningful use of advertising and reduction of the unnecessary exaggeration of the products.Finally, it is being concluded that advertising has got a positive as well as negative impacts over society. There is a need to focus on the balance that what should be necessary and what should be not. On the other hand advertisements can create contentment and discontentment simultaneously. The marketing of products and our society depend so highly on advertising that even its negative effects on society cannot offset its positive socio-economic impacts.

Indian Society

Marginalisation affects a large part of Indian society, who are subjected to loss of rights and mistreatment due to their place in the caste system. In the novel Q&A by Vikas Swarup, a street boy, Ram Mohammad Thomas narrates the events of mistreatment and abuse in not only his life, but several others characters with the same fate. Throughout the novel, the experiences of Ram, Salim and Nita are told, contributing to the privileging of social, gender and religious marginalisation in Indian society as foregrounded by Swarup.Ram Mohammad Thomas, throughout the novel narrates his experiences of marginalisation and mistreatment due to his social status in the caste system. Ram’s social marginalisation is privileged through the foregrounding of the caste system in Indian society where he is seen as an untouchable, someone who lives in a chawl, with no education, Ram states â€Å"†¦The brain is not an organ we are authorized to use. We are supposed to use only our hands and l egs. † (pg. 2), this foregrounds how as an untouchable in society, Ram is only seen as a slave to others, not someone with any kind of intelligence to have the mental capacity to partake in a quiz show. This is further foregrounded when Ram states â€Å"Like Godbole, you believe I am only good for serving chicken fry and whisky in a restaurant. That I am meant to live life like a dog and die an insect. Don’t you? † (pg. 29), further stating how in Indian society people believe the place in the caste position you are born, you must stay and not partake in activities which are meant for higher class people.Swarup positions the reader to feel sympathetic for Ram, by story after story of discrimination and see him as a representative of the untouchable class, someone who is just a street boy, with no control over their fate, and being at the bottom of the caste system leading him to be clearly shown as socially marginalised. Salim Ilyasi in the novel is Ram’s best friend, much like Ram, he is socially marginalised but also religiously marginalised for being Muslim.His marginalisation is privileged through several stories throughout the novel, Ram revealed (speaking about Salim’s experience) â€Å"The moment the Hindi’s heard this they went on a rampage. Armed with machetes and pickaxes, sticks and torches, they raided the homes of all the Muslim families†¦Before his very eyes they set fire to the hut†¦ His whole family was burnt to death†¦Ã¢â‚¬  (pg. 95). This quote illustrates how Salim’s family and many other Muslims, were marginalised and attacked purely because they were part of the religion that was getting accused.Further, his religious marginalisation is shown where Salim stated (recounting his experience to Ram) â€Å"This bastard is definitely a Muslim, let’s kill him’ †¦ ‘No. Killing him would be too easy. We will burn this motherfucker alive in this bus. Then he a nd his community will learn never to touch our homes,† (pg. 229), this further foregrounds how because Salim is Muslim, in Indian society he is religiously marginalised because of this. Along with the social and religious marginalisation associated with Ram and Salim, Nita is also gender marginalised through her religion.Nita’s religious and gender marginalisation is privileged through the foregrounding of the religion she was born into, where she was chosen to become a prostitute only because she was born a girl with more beauty than her sister. This is shown when Ram states (recounting what Nita told him about her religion) â€Å"She is a Bedia tribal girl from the Bhind district in Madhya Pradesh†¦ In her community, it is the tradition for one girl from each family to serve as a communal prostitute, called the Bedni.This girl earns money for her family, while the males spend their time drinking and playing cards. ‘This is why the birth of a girl is an occ asion to celebrate in our community, not a cause for gloom’† this foregrounds how in this one situation she is both gender marginalised for being a girl, and forced to become a prostitute, and religiously marginalised as this is not her choice, but the choice of her religion. Further, supporting the point of gender marginalisation against Nita in the book is the character Gudiya, who was abused by her father, Ram states â€Å"†¦ What was Gudiya’s crime?Simply that she was born a girl and Shantaram was her father†, this greatly privileges the aspect of marginalisation Swarup was aiming to depict and foregrounds that not only in that particular religion is gender marginalisation evident, but all over Indian society. In essence, throughout the novel Q&A by Vikas Swarup marginalisation is privileged through the foregrounding of the carefully created stories of mistreatment and abuse against several characters. This positions the reader to understand and a cknowledge the observation of Indian society and feel sympathetic for the representation of the untouchable class as interpreted in the novel.

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New Product Development - Essay Example In order to be successful this product must offer a higher value to customer. So now here comes in the importance of developing a new product. If in a market, any player has innovated such a product which can provide higher value then it simply takes away market share. In such a condition it becomes imperative for other players of market to bring in their innovation because any late response in this regard simply means lost customers, which is not desired by any business. In other words it can be explained as that every business requires a sustainable competitive advantage. In some businesses competitive advantage is totally dependent on the innovation associated with the products. So in order to create a sustainable competitive advantage, all businesses are required to stay up to date and keep bringing in new products. There is no doubt in this regard that every business has to stay up to date and ensure that they are offering the best possible product or a product which can provide the company a sustainable competitive advantage. However there are some industries which require some extra efforts in the field of product development, research and innovation. One of the most common industries in this regard is the pharmaceutical industry. Pharmaceutical companies invest millions of dollars annually on their research and department. This is because of the reason that they have to ensure that they come up with the latest and most effective combination of drugs. This happens because their whole profits are based on the relative effectiveness of a medicine. In addition to this if a pharmaceutical company has invented a new medicine to cure a disease then this innovation can promise company high profits for the upcoming years. This happens because when a company innovate a new product then it can get pat ents for it. These patents provide company an opportunity to be the

Mobile Phone Buying Behaviour in the UK Research Paper

Mobile Phone Buying Behaviour in the UK - Research Paper Example This study looks at the buying behaviour of mobile phone customers in the U.K. using analysis of secondary research data to test the hypothesis that such behaviour is rational. Based on findings from the latest annual industry survey conducted by the Communications Management Association of the U.K., feedback on a consumer website (www.ciao.co.uk), and a review of relevant literature on mobile phone buying behaviour, the study concludes that U.K. consumers exhibit predominantly rational characteristics. Buying decisions, however, are affected by hedonic factors that are emotional in nature, and also by other considerations such as age group, financial capability, and the capabilities and image of the mobile phone model being offered. Consumer decision-making therefore combines the rational assessment of the phone plan, the perceived service quality, and the phone's technology.2. To determine which of the following features have greater influence on the customer's decision to buy a mo bile phone: the plan (tariffs, free minutes, network coverage, etc.), the phone itself (capabilities, image, or advertising), customer service, or a combination of any or all three factors.Conventional marketing theory predicts that buying behaviour of mobile phones follows a rational process because a mobile phone is a high-technology product, it is useful, and it is a personal item that a consumer has close at hand for many hours during the day. The study aims to test the hypothesis that the mobile phone buying behaviour is rational. Proving our hypothesis would mean that customers who buy mobile phones follow a rational decision-making process that marketing theorists summarise as a five-stage process of Awareness Interest Evaluation Trial Adoption. In order to determine whether the buying behaviour is rational, this study looks at each stage of the buying process according to a set of basic rational and emotional factors as shown in Tables 1 and 2. Using secondary research based on U.K. consumer data and their decision to buy a mobile phone service, it would be possible to compare responses with the rational and emotional factors and test our hypothesis based on the results. The hypothesis can be confirmed if the results show that rational factors consistently score higher than emotional factors. Otherwise, the hypothesis is false. Research Methodology and Literature Review The research study used three secondary data sources. The first data source is the latest annual survey of the Communications Management Association (CMA, 2006), a U.K.-based professional organisation of companies in the telecommunications sector, which includes mobile phone suppliers such as Nokia, Sony Ericsson, and Motorola; and mobile service providers such as Vodafone, Orange, O2, T-Mobile, and Virgin. The CMA has been conducting an annual survey since 2003 and publishing the results on its website (www.thecma.com). The CMA conducted its last annual surveys in 2006, and part of the data gathered from the survey are the factors that make up consumer decision-making and satisfaction, consumer concerns, and image perceptions towards mobile phone suppliers and mobile service providers. The second source of data is ciao.co.uk, a shopping intelligence

Cargo Cult Essay Example | Topics and Well Written Essays - 1250 words

Cargo Cult - Essay Example Even though cargo cults continue to be discovered, they ceased to exist as a phenomena â€Å"as soon as anthropologists figured out how to explain† it (Dalton 2000:345), however, they can be seen as a successful (in certain aspects) revitalization movement for the indigenous population, who often needed to vent out their frustration with the new way of life under the colonizers. Cargo cults, as the specific millenarian movements in the Melanesian region are called, were not studied very closely before the twentieth century; after F. E. Williams published The Vailala Madness and the Destruction of Native Ceremonies in the Gulf District in 1923, interest as well as publication on them have increased (Long 1974:403). Usually, a cargo cult is formed when some member of the tribe has a dream (a myth-dream) whereby the rest of the tribe is instructed to follow certain orders, which can include touching things or ritualistic destruction objects, or not going to their garden to work, or dance around open altars (Stephen 1997:1) or even baptism and insistence on giving up local culture in favor of the European (Long 1974:410); what is more, as Worsley notes, there is also the â€Å"cultivation of large gardens and the building of stores, sheds, jetties and landing-grounds for the reception of good which will never come† (Dalton 2000:358). According to the native rituals and social norms of the Melanesians, anyone who could give a lot of material gifts to others was automatically someone to be respected and looked up to. With the arrival of colonials, who brought with them many material products, the natives saw their material wealth and automatically assumed that the colonizers were respectable people. As, on the converse side, the person who could take gifts but could not give anything comparable in return was frowned upon according to the same norms, therefore, the Melanesian, based on their own cultural norms, lost respect in their own eyes. The product s that the colonials brought with them were things that the natives wanted, but which the natives, in their lack of exposure to technology, had no idea how to produce even though they had been seeing them delivered to piers and landing strips. Certain cargo cults were formed, whereby certain mythological stories were exchanged to make sense of just why nothing that arrived was for them but for the colonizers. As per this explanation, the ancestors of the natives were busy making things for their descendants, both within the volcanoes that the locals worshipped, and living amongst the lands of the colonizers, disguised as white men. These ancestors were sending all the cargo that they had accumulated and manufactured to the locals, however, the white colonizers, entrusted with the transport of the cargo, were robbing the natives by changing the labels of the cargo to steal it and claim it as their own (Long 1974: 409). It can be argued that the irrational rituals were created in a bi d to get the wealth of the colonials (Lindstorm 2000:296). Clearly, this shows a sense of resentment on the part of the natives who felt not only threatened by the colonization but also used and abused. As Burridge puts it, the natives have their own rituals and ways for proving â€Å"their integrity as men. But faced with a white man, the moment passes them by. They feel themselves children of sin†

Polygamy reasons in Islam Essay Example for Free

Polygamy reasons in Islam Essay Polygamy is a Greek word that means the practice of multiple marriages. Polygamy was considered to fulfill men’s desires on the grounds of strong cultural considerations. Nowadays, Polygamy is considered in Islamic countries and some rural areas around the word. However, it was difficult to provide statistics on the issue of polygamy because of the lack of communication. The man can marry up to four wives. Each wife constitutes a separate household with the husband visiting his wives in turn. Human Rights: Human rights deny gender differences and strive to maintain equality in social rules. Gender equality means an equal visibility, empowerment and participation of both sexes in all spheres of public and private life. Human rights discourse prohibits polygamy and the act of practicing it. Human rights theory is against the notion of polygamy. Human rights discourse states that polygamy is against the dignity of women and their human rights. Polygamy violates the right of equality between men and women; indeed, by allowing men to have more than one wife but preventing women from doing it, the right of equality is violated. In addition, human rights discourse is against the practice of polygamy. It violates women’s right of spending enough time with their husband and children’s right to be raised within a stable family. The idea of allowing the husband to choose polygamy is not considered as slavery or exclusion of the women’s right to decide; on the other hand, it is considered as traditional family life in which the husband is the head of the family. However, the wife can take the place of her husband as the head of the family when the law deprives his civil rights, as if the husband is in jail. On the other hand, polygamy violates the rights of children. Men that have more than one wife do not have enough time to spend it with their children compared with men that have one wife. In addition, their wives try to compete with other wives in order to impress and entertain the man. As a result, children will not have enough time to spend it with their parents. Polygamy requires a lot of time and money; indeed, the man is ordered to fulfill the needs of his wives equally. That will decrease his financial status and this will result in a decrease in health and educational status. Kent acknowledges that polygamists refuse the common life styles and beliefs they live apart from public scrutiny or association, and are more vulnerable to violating civil rights (Kant, 2006). Canadian civil marriage act (2005) defines marriage as â€Å"the lawful union of one two persons to the exclusion of others†. This definition of marriage excludes polygamy. Even though there were laws in Canada prohibiting polygamy before 2009, Winston Blackmore and James Oler were the first polygamists arrested in Canada in January 2009. The maximum penalty for polygamists is 5 years in jail. Although Canadian law assures freedom of religious expression, Polygamy is prohibited. Legal experts say the case promises to pit Canadas antipolygamy law against the countrys Charter of Rights and Freedoms, which guarantees freedom of religious expression. Divine Command: Divine command theory in Islam respect gender differences and it maintains equality between men and women. However, it is different in some cases. Divine command explains gender differences as being compatible to each other, which explains the differences in some cases. One of these few cases is polygamy. Islamic law allows polygamy as stated in the quran â€Å"And if you fear that you cannot act equitably towards orphans, then marry such women as seem good to you, two and three and four; but if you fear that you will not do justice between them, then marry only one or what your right hands possess; this is more proper, that you may not deviate from the right course† (4:3). There are several conditions to be maintained in order for the man to marry more than one woman. The first and most fundamental condition is justice, the man have to maintain equality between his wives. He has to be equal in the time spent with the wife and the financial matters, but not his heart inclination. The man can love a wife or her children more than the other but he should keep that to himself and do not show it to his other wives by his behavior. A man should have a reasonable issue to have more than one wife, he should not have more than what he wants. As a result, if two women are enough their husband does not have to marry a third wife and so on. In addition, the man should be able to aid his family, so he cannot marry more than one wife if he is not able to satisfy all of his wives equally. There are several types of aid: financial aid that extends to his children, the ability to satisfy the wives sexual desires. If the man is not able to satisfy the sexual desires of one wife, then he is not allowed to marry more than one. If a women states that her husband does not satisfy her sexual desires, she has the right to ask for divorce. To sum up, the man has to apply justice in the concepts of expenses, sex, and treatment in order to be eligible to have more than one wife. Polygamy is allowed in Islam due to several reasons. First of all is increasing the population. Although one says that increased population causes problems on the society, it results in increased labour, which will increase economy. For example, China has the largest population in the world and they have a strong economical force. Another reason is the increased number of women compared with men in some countries. For example, an official statistic in Germany shows that in 1990 there were approximately 2.7 million more females than males; moreover, the incidents of dying men are more then women. This means that there will be many women without a husband that will lead to a decrease in the population and an increase in adultery and sexually transmitted disease. Childs of adultery are missing the traditional family life and that will reverse it on their behaviour. There are many men that can not handle their sexual interactions and they need more than one women, so if they had more than one that will prevent them from adultery. In addition, men are prohibited to have sex during menstruation or confinement due to its medical harm. The most reason that makes men marry is to make a family, but this dream is impossible if the woman is infertile or has an illness. As a result, it is fair to marry another fertile women. One says that polygamy will cause problems to the family and the wives will be competing with each other. The response for this critique is that problems can occur in every family even if there is one wife. Moreover, each wife has the right to live in her own house and the man can not force them to live in the same house. Another one argues that if polygamy is allowed for men, it should be allowed for women as well. The response to this critique is that women are the carrier of the off spring and by having sex with more than a man the child’s identity will be lost. The children will not be able to recognize their father and it will confuse the society. In addition, the ties of the fatherhood with the children are going to be weak. On April 15th, 2009 Afghanistan women protested in a Shia mosque in the country’s capital city because of a new law that was passed which forbid women to leave their homes without permission from a male relative and these women were also not allowed to refuse to have sex with their husbands. The 300 women who protested were young and organized by women’s rights activists. These Afghan women believed this new law was unacceptable and was a return to Taliban rule. Many local men were outraged by the protesting of these women and threw gravel and small stones at them. As a result, polygamy will decrese these problems. Conclusion: From my point of view, I think that polygamy have more advantages and disadvantages. We can adapt and solve the disadvantages to make polygamy more successful. For example, one can spend more time with his family to make sure that the women and children are satisfied. On the other hand, polygamy should not be allowed without its provisions. Indeed, courts should make sure that polygamy conditions are accomplished, especially the right of justice and equality. References: Kent, S. (2006, August). A matter of principle: fundamentalist Mormon polygamy, children, and human rights debates. Nova religio, 10(1), 7-29. Retrieved June 18, 2009, from ATLA Religion Database with ATLASerials database. Polygamists arrested for first time in Canada. (2009, February 10). Christian Century, Retrieved June 18, 2009, from Humanities International Complete database. Polygamy Is Against Womens Human Rights and Their Dignity, Experts Say, (2000). Retrieved June 14, 2009, from http://www.unhchr.ch/huricane/huricane.nsf/view01/51DA40508951B238C1256988002EE12E?opendocument Polygamy reasons and conditions in Islam, (2007). Retrieved June 17, 2009, from http://akhawat.islamway.com/forum/index.php?showtopic=49647 Polygamy reasons in Islam, (2002). Retrieved June 14, 2009, from http://www.islamway.com/?iw_s=Articleiw_a=viewarticle_id=218#(1)

Locke, Hobbes, Mill, Thoreau Essay Example for Free

Locke, Hobbes, Mill, Thoreau Essay John Locke explains the state of nature as a state of equality in which no one has power over another, and all are free to do as they please. He notes, however, that this liberty does not equal license to abuse others, and that natural law exists even in the state of nature. Each individual in the state of nature has the power to execute natural laws, which are universal. I believe that Locke is correct in his analysis of the state of nature however; Locke? s theory includes many assumptions. First is the assumption of a system of morality, the natural law derives from a theory of justice, a set of rights. No one would have any rights at all in the absence of a moral code applicable to human actions, nor would there be any standard of just punishment. Locke frequently uses the term rights and appeals to conscience and calm reason, all of which reflect his assumptions about justice and morality. For individual property to exist, there must be a means for individuals to appropriate the things around them. Locke starts out with the idea of the property of person; each person owns his or her own body, and all the labor that they perform with the body. When an individual adds their own labor, their own property, to a foreign object or good, that object becomes their own because they have added their labor. This appropriation of goods does not demand the consent of humankind in general, each person has license to appropriate things in this way by individual initiative. Locke then places a bound on this type of acquisition, a person may only acquire as many things in this way as he or she can reasonably use to their advantage. One can only take so much as one can use. Lock applies these rules to land: a person in a state of nature can claim land by adding labor to it, building house on it or farming on it, but only so much as that person can reasonably use without waste. Locke then defines labor as the determining factor of value, the tool by which humans make their world a more advantageous and rewarding place to inhabit. Locke states that in order for a civil society to be established, the individuals must forfeit some of their rights that they have in the state of nature. This needs to be done so everyone can live together in peace. If everyone had the right to take whatever he or she could use, this might infringe on another members right to take whatever he or she could use. This consent to the laws in put upon the society in an indirect way. The people didnt actually say I will not take that mans land but it is inferred through the agreement that the other man wont take my land. This way we can all live in harmony together. Locke points out that any society has the right to rebellion. In order to justify this, Locke says a society must be in a very poor state. The state must be infringing on the natural rights of the people. A society couldnt rebel for the sake of rebellion, this would cause chaos and in order to return chaos to order tyranny would follow. Locke is very opposed to tyranny for obvious reasons. The voice of the people doesnt get heard and causes injustice. This eventually leads into a cycle. This justifies rebellion but since the people have to be strictly controlled, a rebellion couldnt get organized and there is no way out of the circle. John Stewart Mill Mill writes a majority may consciously try to oppress a minority. He also states that this concept of a tyranny of the majority has come to be accepted by major thinkers. What ever the general will of the majority dictates is what gets done. This is illustrated in the United States Congress. It doesnt necessarily consciously try to oppress the minority, but if the US didnt have the balance in power, what ever the majority wanted would get done without the consent of everyone. Mill discusses why silencing opinions hurts humanity. His first argument is that the suppressed opinion may be true. He writes that since human beings are not infallible, they have no authority to decide an issue for all people, and to keep others from coming up with their own judgments. Mill asserts that the reason why liberty of opinion is so often in danger is that in practice people tend to be confident in their own rightness, and excluding that, in the infallibility of the world they come in contact with. Mill contends that such confidence is not justified, and that silencing potentially true ideas hurts all people. This brings us to the next argument Mill makes. He observes that if an opinion is true, it will survive persecution. This is generally true; however when history is written, it might conveniently forget the truth for many generations. A perfect example of this is Nikola Tesla. He was considered one of the greatest if not the greatest scientist in his time, but his opinion (the truth) was silenced because he was thought to be crazy. Mill tries to show the contingency of popular beliefs about truth while going to great lengths to not actually state that any popular views about things like religion are wrong. Galileo and Copernicus are just a few of the examples of people getting persecuted for religious reasons for what is now believed to be true. Henry David Thoreau Thoreau says that while everyone recognizes the right to revolution when faced with an intolerably tyrannical or inefficient government, most people say that such a revolution would not be warranted under current conditions. However, Thoreau argues that we have not only the right, but also the duty to rebel. He uses an example from the Mexican-American War. He argues Americans must stop the slavery and war with Mexico even if it costs them their existence. He believes the war is unjust and the people have the duty to rebel against the government to protect their conscience. One of the most important themes throughout Thoreaus work is the notion of individualism. Deeply skeptical of government, Thoreau rejects the view that a person must sacrifice or marginalize his values out of loyalty to his government. He believes individualism is the most important virtue in humanism. Furthermore, he argues that if an individual supports the government in any way, even by simply respecting its authority as a government, then that person is implicated in the injustices committed by the government. For example, if a German in Nazi Germany let the injustices against the Jews go by because he feared retribution from the government, he is just as responsible as the people who actually executed the Jews. However, a person couldnt withdraw his consent because withdrawing would be morally unjust. This is where a persons duty to rebel comes into play. A person must actively try to change what they dont agree with. Thoreau believes a very heavy responsibility should be placed on the individual to make sure the individual consents to everything. Thomas Hobbes It can be understood from Hobbes the state of nature is what would exist if there were no government, no civilization, no laws and no common power to restrain human nature. The state of nature is a war of all against all, in which human beings constantly seek to destroy each other in an incessant pursuit for power. Life in the state of nature is nasty, brutish and short. From this one can infer Hobbes believes human nature is inherently evil and corrupt. To prevent the ensuing chaos, Hobbes believes a social contract must be created. To inter into a social contract the individual must give up some of his rights in order to preserve the peace. This becomes obvious when the laws of nature are looked at. Hobbes states The right of nature, which writhers commonly call jus naturale, is the liberty each man hath to use his own power, as he will himself, for the preservation of his own nature; that is to say, of his one life; and consequently, of doing anything, which in his own judgment and reason, he shall conceive to be the aptest means thereunto. People must surrender part of this right in order to live in harmony. Obviously when Hobbes discusses right to do anything in order to preserve ones life, this cant mean killing someone to preserve ones life.

Functions of Human Resources in Organisations

Functions of Human Resources in Organisations Executive Summary In this assignment, discuss about the functions of the Human Resource Department in an organization. As per case study, Reed Boardall is a typical company. It has 700 plus employees. This company does not have a HR department. In this assignment there are four sections: 1st section is the introduction of the Human Resource Department. HR department is a department to settle personnel problem of an organization. HR department is the bridge of management and employees. In 2nd section, regarding the study case, Reed Boardall decided not have HR department in his company, so there are advantage and disadvantage of his decision. For advantage of Chief Executive Keith Boardall’s decision, not having HR department, can save up the money to pay the HR department staff, aim for cost saving. Simplified the management level, prevent unnecessary bureaucracy. Without HR Department, save up time to solve conflict. If some conflicts occur between employees, line manager can solve immediately, no need to pass through the HR department and analysis or investigate. For disadvantage of Chief Executive Keith Boardall’s decision, not having HR department, will occur some problem regarding on employee relation, employment development and hiring process. In 3rd ections discuss of function HR department. They plan the manpower the organization. HR department arrange the training for employee and the development plan for the employees, determined wages of the employees. Arrange performance appraisal once or twice a year to analysis and offer a promotion to good employees. Establish the organization policy and implement into the organization to all employees. At 4th section, that is the last section, to conclude the whole assignment. HR department is important for the bigger organization. It is advisable to having a HR department if the organization having more than 50 plus employee.HR department is to handle the personnel stuff in the organization. Regarding the hiring process, training, wages for employees, company policy, all handle by HR department. So that, line managers can focus on their work scope. Every department can perform well in their own work scope. 1.0Â  Introduction The Researcher shows (Aminuddin.2009, p.2) human resource management is the development and implementation of systems in an organization designed to attract, develop and retain a high-performing workforce. HR responsibilities are recruit suitable employees, Arrange the suitable training course to employees, plan the appraisal to the employees, state the compensation and reward policy to match with the employment laws. Keeping the employees’ disciplinary record update also is the HR department job scope. There are some suggestions and details of HR Department function explain to Chief Executive Keith Boardall for persuade him to having HR Department in company better future. 2.0Â  Introduction As per case study, Reed Boardall company is a typical company, 700 plus staff working in the company at different department, include finance, marketing, PR. There are no Human Resource Department in company Reed Boardall. Below are the advantage and disadvantage of company Reed Boardall not to have HR Department. 2.1Â  Advantage of Reed Boardall’s decision 2.1.1 Cost Company need to spend large amount of money to HR department as wage of employees, if the organization does not have HR department, the money can be re-invest on the company business. 2.1.2 Simplified Management If there is no HR Department, the organization can reduce the unnecessary layers bureaucracy. If having HR department, more employee to watch over, and more procedure need to follow. It will causes business owner or manager less authorities to make a decision, and due to the process take long time to settle. The organization not having an HR department will simplifies the management process. 2.13 Time For Solving Problem As per Keith said, if any conflict happened, line manager should do the personnel function and knew the incident clearly, so the line manager can solve the conflict efficiency. 2.2 Disadvantage of Reed Boardall’s decision 2.2.1 Employee Relation Without HR department employee in an organisation may difficult to developing and maintain a good relationship between one and each other. Human resources is the middle person between the owner or management person and the employees. HR Department is a place let employee to say out their unsatisfied regard their work. HR Department will understand the employee. It decreases the gaps between company management and employees and offers employees the opportunity to release their unhappy about the company. If your company does not have human resource department, it must develop a plan to effectively communicate with employees’ concern. 2.2.2Â  Employee Development Another advantage of human resource planning involves employee development. As the human resource department identifies potential employees to promote them to management positions, send them to training, upgrade their skill and promote them.. HR department review employees’ appraisal report, and arrange the promotion. 2.2.3 Simplified Hiring Process When there is lack of manpower in an organizational, managers or owner will be responsible for the recruitment, searching the applicant qualification, select the right candidates for the position. If there is Human resource department, owners and managers can focus on their daily tasks rather than searching for candidates, interviewing them and performing background checks. They can just give the work to the human resources department to focus on the hiring process. 2.3 Conclusion In the conclusion, there have advantage and disadvantage of Executive Keith’s decision to not having HR department. The researcher show (Hill, 2001, p225) if an organisational having less than 50 employees, the organisational should not have an HR Department because it will increase the cost. But in other side, if the organisational having more than 50 employees, the organizational are advisable to have an HR department to manage the employee in the company. If the Organizational have an HR department, the line manger can more concentrate in their work scope, it may lead to the line manager have a better performance in their position. 3.0Â  Introduction Function of HR Department are recruit suitable employees for the organisation, send the suitable employee to the suitable training, arrange the appraisal programs, establish compensation and reward system, concern for safety and health of the employees, establish the organization policy with implementing the employment laws, improving employees’ productivity, and keep the employees’ record up to date. (Hill, 2001) There are some suggestions and details of HR Department’s functions explain to Chief Executive Keith Boardall for persuade him to having HR Department in company to had better future. 3.1 Function of HR Department 3.1.1 Manpower Planning It involves the process of recruit the right candidates for the suitable position for the organization. Beside this, HR Department must plan how many should recruit for each department. HR manager must know the strength and the weakness of the employees; HR manager will design them in the position which employee can perform more productive. Prepare of Contract of employment also is the responsibilities of HR Department. 3.1.2 Training and development HR department need to observe the product knowledge of the employees’, if employee lack of the knowledge, they would not perform well. HR Manager will send the employee to the course training to improve their knowledge, so that they will improve the skill and will performance well and become more productivity. 3.1.3 Determining wages and salaries HR Department will analyst and surveys of the wages for different positions in an organization. HR department will review employee’s qualification, experience, and some family member details. The decision for employees’ wage will be consultaion with finance department also. 3.1.4 Performance Appraisal and promotion Once the employees are recruited, the HR Department has to review their performance on a regular period, to make sure they are improving, keeping employees’ records update. Performance appraisal is the process of observe, analyse and recording information about the work perform of an employee. If the employee is potential to the better position, HR Department will make arrange of training and promotion. 3.1.5Â  Implementing Organizational Policies HR Department has to coordinate with line manager and see that the organizational policies are being apply to all employees. If there are employees against the company policy, or not following the organizational rules and regulation, disciplinary action for them. HR department will implement and conceive all the actions. 3.2 Conclusion In conclusion, HR department have so many functions, and according Hill stated that if an organization having more than 50 employees, are advice to have an HR Department. Hence Company Reed Boardall having 700 plus staff, it consider are big organization. It should have an HR department to management the employee personnel problem. Although line manager know their staff well, but if these let HR department settle will be better put the effort on their 4.0 Conclusion and Recommendations In the conclusion, HR department may adding unnecessary bureaucracy, but in a bigger organization, it prefer have HR department. HR department is the bridge between management and employees. HR department also is a department which supporting the organization to become better. HR department will retain the good employees or productivity in the organization and training them to work for the organization. By process, HR department will keep an eye on those probation employees, record their performance. Some employee will stay the same bad behavior after received warning, so the HR department will take discipline action on these types of employee. Whereas, employees whose not suitable will determined, if they are not work hard. So that, make sure the organization are upgrading and become better and strong. At last, for bigger organization prefer to have HR department. HR department can describe as repair department, because it repairs all the staff to become better and stay at the organization.

Zora Neale Hurston :: Zora Neale Hurston

	Zora Neale Hurston was an astounding Afro-American author who was recognized not for being the first Afro-American writer, but rather for her ability to bring forth her cultural language and imagery. If not for Zora's pioneering effort as a female black writer, the world of modern literature would have never seen the cultural insights of the African American culture in such a candid way. 	Zora's date of birth is said to be in January of 1891, however her actual date of birth is debated today due to the fact that records of African Americans during the 19th century were not accurately kept (Lyons 2). Zora's home town, which was not disputed, was Eatonville, Florida, which was founded by African Americans and was the first all-black town incorporated into the United States (Cheryl@geocities [online] ). Her father John Hurston was a tall, heavy muscled man who often seemed "invincible" to Zora (Lyons 2). John was a community leader and was influential member of society. His positions in Eatonville included: Baptist preacher, town mayor, and skilled carpenter (Lyons 2). Though John was a revered member of Eatonville he had is faults as well. His eye for other women often left his family home alone for months out of a time (Lyons 1). Zora's mother, Lucy Potts Hurston was the "hard-driving force in the family."(Lyons 2) Lucy was a country schoolt eacher, who taught all her children how to read and write, which lead to six out of her seven children earning a college degree (Lyons 2-3). Unfortunately, Lucy Hurston died when Zora was nine years of age (Otfinoski 46). Zora was the seventh child out of a family of eight (Otfinoski 45). During her childhood she felt unloved by her father and thus was seen as the odd on out (Lyons 2). 	Zora's education was comprised of six years of grammar school, high school, and several prestigious colleges. Zora attended grammar school in Eatonville, Florida at Hungerford School around 1907 (Lyons 3). The summer of 1917 Zora began the next step of her education by attending Morgan Academy in Baltimore, Maryland. By 1918 when she had finished her high school requirements, Zora had attended multiple schools, in order to gain the best education as an African American female. 1918-1919 Zora attended Howard Prep School in Washington D.C. In 1920 she earned her associates degree and in 1924 earned her Bachelor of Arts degree in anthropology at Howard University (Lyons 24-6).

The Highlights of My Teaching Pedagogy Essay -- Teaching Philosophy Ed

The Highlights of My Teaching Pedagogy Through my own experiences, and as enforced by others' opinions in the profession, I have found that teaching is one of the most rewarding careers. Not only are you placed in the position of instructing and guiding children and young adults through the life long learning process, but you are able to give back to the schools and communities which have supported your early education and experiences that opened you up to a bright future. In becoming an educator, I hope to someday share the knowledge and lend the helping, supportive hand that I was once given, allowing students to formulate their own perspectives of the multicultural society and world around them. Teaching is a career I have been interested in pursuing throughout high school, and as my experiences and study in the field expands, I feel that my desire to teach will grow stronger and develop more soundly. As a teacher, I have numerous personal goals. Mainly, my goal is to provide students with the opportunity and encouragement to succeed in life and to develop as free-thinking individuals in society. I consider myself a progressive and an essentialist, according to theory. I feel that students need to be given multiple opportunities to explore many different life skills that sometimes are overlooked in the education system. Testing, rote memorization, and lecture, in my opinion, do not promote students' own inquiry and does not give students opportunities to tap into their own source of knowledge that they each bring with them to the classroom. As a teacher, I hope to leave my students able to set and accomplish goals through the use of these life skills. Some teachers I have had while in hi... ...hods of fill-in-the-blank or multiple choice exams. In my classroom, grades won't carry as much weight as the actual learning the students undertake. I could go on at length, discussing all aspects of my praxis as an educator, however, that would lead to a paper of excruciating length. These aspects of my teaching pedagogy that are delivered in this praxis statement are those that I feel strongest about upholding. It is important for educators to value their students and the perspectives and cultures they bring to the classroom. Student-centered education is what I find to be the key to great teaching, and overall, is the greatest way to allow students to value and grow through their own self-exploratory and self-directed education. Valuing and appreciating each of your students is what makes teaching such an enlightening, uplifting profession.

The Unknown Citizen :: essays research papers

The Unknown Citizen Is Me â€Å"The Unknown Citizen†, a poem written by W.H. Auden, reflects a period of vast change in America’s history, making â€Å"The Unknown Citizen† an example of the government’s view of the perfect modern man in an overrated, unrealistic society. During the time period that this poem was written, in the late 1930’s, The United States was going through tremendous social, political and economic change. Following the passing of Black Monday and at the onset of The Great Depression, many Americans held negative opinions of their government and the many positive aspects that once drew citizens to the United States were becoming increasingly negative. The Great Depression fundamentally changed the relationship between the government and it’s people. Citizens began to expect and accept a larger federal role in their lives and the economy. During this time period, Americans were issued cards with a personalized federal numbers, better known as Social Security cards, which in turn depersonalized the political system of the United States. We the people, see our government as a coalition between our leaders and ourselves, leaders that we elect to represent and enforce our values. They merely see us a number. This issue emerges currently with regard to the election of the next president of the United States. The entire issue deals not with the citizens’ wants and needs, but with the â€Å"numbers†. We are no longer individuals, but merely a vast pool of insignificant numbers. Numbers that only become imperative when the disparity between them is diminutive. â€Å"Was he free? Was he happy? The question is absurd: Had anything been wrong we should certainly have heard (Auden).† This question is still being asked today, the only difference now is that there is no doubt whether or not the opinions of the masses are being heard. The question remaining is whether or not the government is actually listening to the people. This poem also expresses that government makes it seem that everyone else is doing the â€Å"right thing†, so you must follow in their footsteps and if you do so your reward is a happy and fulfilled life with all the comforts of the modern man. The standards are constantly changing so that you will never reach the optimum point, therefore you must always strive to improve. This can be seen in the 2000 Presidential Race. We the people have followed the same uniform procedures in determining our presidents since the founding of our country, yet we are now being told these standards are â€Å"outdated† and â€Å"unreliable†, which in turns breaks down our faith and the faith of other countries in our political system.

Effect of Vandalism

EFFECT OF VANDALISM There are many effects that can be seen by the physical and emotional. Vandalism effects not by individuals but also society and the country also adversely impacted due to immoral acts and inconvenient for all parties. Vandalism may affect the individual, community, and country. Most individuals that commit with vandalism just want to release their anger and to meet satisfaction, when the individuals still to perform the same act again will affecting the problem persists. This will indirectly lead to worse things will happen such as robbery or murder.Vandalism is often underestimated by the local community. They just sit back while the vandalism occurred in front of their eyes. Finally the community will suffer the consequences of the heinous activities. Community is difficult to make contact during emergency situations public phones damaged house is on fire. In addition, the community is not comfortable while using other public property. Such as wet while waiting for the bus at the bus stop roof damage cannot be prevented because of the rain.Graffiti on the walls of public toilets worsen and encourage the younger generation to emulate this unhealthy. Many vandalism phenomena that can affect the eye can see, and this of course affects the image of the country. Total losses due to acts of vandalism are very large. Allocation of funds used for the new replacement and repair damaged facilities should be better used for other projects that are more beneficial. This course will be beneficial to society as a whole.This will certainly affect the economy because tourists are not willing to travel to our country due to adverse environmental conditions and attitudes of the people who do not concerned. In effect, the tourism industry will decline. At the same time, this will give a bad impression to the people of that country. The tourism industry contributes to other sectors such as hospitality. The hotel sector will not get reliable reception due to declining travel industry. This causes people unemployed due to lack of employment sectors.

Company Law Legal Organisations Essay

IntroductionThor plc is a human race expressage registered c whollyer-out as per the pabulum of Companies bet 1985, listed in London pack Ex metamorphose. A common circumscribed familiarity moldinessiness have at least 2 managers to manage the note ain business of the confederation apart from a competent confederation secretary. Further national limited companies be similarly permitted to offer sh atomic number 18s to the public to raise funds by guidance of public offer of sh atomic number 18s to a nominal value of 50,000.Thor plc is a commercial supply ac corporation which has both sh atomic number 18s and debentures to its credit. A public limited comp whatever(prenominal) is governed by its schedule and Articles of knowledge which details the entire internal and external boundaries of a conductor beyond which a conductor understructurenot work out in any manner. Chapter 2 slit 171-177 of Companies do 2006 provide some(predicate) scope and nat ure of habitual duties of a theatre conductor.Some of the principal(prenominal) common duties are concern to act indoors powers and in accordance with the attach tos constitution (M&A) and exercise powers dutifully.(Sec.171) partition 172 states that a music coach mustiness nurture and work to the success of a company in bona fide and in right(a) take for any retentive term decisions, in the arouses of company employees, fostering the business race with business suppliers, customers and opposites, consider the companys operations, its impacts on environment and community. A film manager must have vex to prolong the reputation of the company. office 173 states that a coach has the power to exercise independent discernment which is in accordance with the provisions and accord of legal provisions enabled by Companies strike 2006 and authentic by federations constitution and which is not restricted and in contradiction with the agreement entered into between t he music conductor and the company.Section 174 states that a director must exercise reasonable care, skill and diligence.Section 175 provides that a director is in a rank to always bend a conflict of interest.Section 176 provides that a director must not absorb any upbeats from third parties. Third parties actor a person other than the company, a person acting on behalf of a company, an associate body or a body incorporated.Section 177 provides that a director can always declare interest in a proposed transaction or arrangement. The proposed interest must be let on or declared both in a opposition with other directors, by a notice to other directors in accordance with Section 184 (notice in writing) or Section 185 (general notice).A director acquire not bankrupt interest in scale the director is of the assurance that(a) the proposed interest for a transaction may trust rise to a conflict of interest.(b) To an issue, if other directors are aware of transaction.( c) T he proposal bespeak to be considered in a concourse of directors or by a mission of directors appointed for this purpose under companys constitution.Section 178 deals with civil consequences of demote of general duties by a director.Companies bet 1985 imposes a statutory prohibition that it is a criminal uprightness-breaking if a director without the prior permission of the mature, considers an option to take or deal shares or debentures. Insider trade is a criminal crime under Financial Services playact 1986 as per sections 61-62A when a private investor or person suffers a loss from breach of statutory duty which is caused by a director. at a lower place Criminal Justice profess 1993 set off V, if a person knowingly commits insider trading, it leave be considered as offence if,buy or exchange shares is performed in a regulated market, where there is intermediary professional.Encourages other person to deal with such proposals of insider trading.divine revelation of information to persons who are outside of office, barter or profession.All the above offences are penalized either with fine or poundage of up to seven years.bloody shame in the capacity of a director, is entitled to sell Thor Plc shares which are held by bloody shame in the position of a director sole(prenominal) after the prior intimation to the get along and after a resolution has been passed to that extent that certain number of shares held by Mary, the director of Thor plc can be sold.Mary has affiliated a serious offence by neither intimating the Board to the highest degree(predicate) change of shares, nor took the consent of the Board in which case, Mary has invited penalties under Companies human activity 2006.Further, Mary has as well as encouraged some other shareholder whole meal flour to sell shares by revealing the hush-hush business information about the company which is excessively another serious offence which was not supposed to be performed by a di rector who is in the Board of a company.Mary as director has violated any the legal rules of Companies practice 2006 and has violated the rules of Thor plc.In view of the above, Mary is either required to pay a penalty or seek assist from a legal practitioner2(a) In October 2008, certain of the codified directors duties come into force. condone briefly the relevant fiducial duties which exit be applicable prior to that realize Directors have the major decision reservation power in a company. No other position in a company is greater than the position of a director. The duties of directors are designed in a way that companies interests are saved, shareholders interests are protected in order to make corporate business as transparent and efficient. on that point are many rules, statutory duties and fiducial duties for a directors position which have to be fulfilled in accordance with Companies dress 1985 and as revise by Companies Act 1989. The government is of the opinion th at codification of directors duties which are included in the Companies Act 2006, which was granted permission from proud Assent on 8th November, 2006, ensures the honor to be consistent and also enables directors to not to breach any duty that is indite in law.Prior to the codification of directors duties, the fiducial duties were prevalent which are briefly explained as below. Further fiduciary duties are of two categories. (1) Duty to act in respectable faith in the interest of the company and not for any collateral purpose. (2) Duty to not to permit conflict of personal interest with that of duties to be slayd as director of a company. Fiduciary duties can never be breached by a director wherein case, the director would be held obligated for any loss suffered thereof. Any return or loss that is made from the discharge of duties by a director, must be disclosed to the company in every(prenominal) respects.Directors owe duties to the company only and not to individual memb ers. A director must disclose any interest in a proposed prune or a contract in a meeting of the directors of the company. Directors service contract must be kept on hand(predicate) for inspection by the members. Service contracts for more than five years must be approved in a general meeting. Further a director must notify the company about any personal interest in shares of the company. individualized liability for a director is more when a director is participating straight or indirectly in dishonorable trading in the event of a company beingness liquidated or improper trading when a company is being declared as an insolvent and the tribunal holds director as liable.When a company is in insolvent liquidation, the directors of the company are not eligible to incorporate another company in the same rear or similar to the alive send for for a term of five years. In case if a director is undirected another company with the similar name, director becomes personally liabl e for the debts of such impertinent company.Further an officer or director who signs cheques or orders for goods on behalf of the company is also held personally liable for all the proceedings of the company, when the name of company does not get on on cheques or order documents. attach to records have to be kept at the registered office for inspection of company law officials or such other authorized persons as per Companies Act 2006.Fiduciary duties of a director are of equal stemma of personal liability as that of general duties of a director. All fiduciary duties are self-explanatory whereas all general duties are specific and task-oriented for each director. Breach of directors duties result in either as offence, personal liability or termination of directorship as per the provisions of Companies Act 2006.There are totally quadruplet directors in Edu-con Ltd who are managing the business affairs of the company. The constitution of Edu-con Ltd is governed by its Memorandum and Articles of Association of the company which details the powers and duties of directors of Edu-con Ltd and further statutory laws and provisions of Companies Act 2006 apply to Edu-con Ltd for both filing the required statutory documents and for expatiate the duties of directors of Edu-con Ltd., All the four directors of Edu-con Ltd for responsible for proceeding of general duties as well fiduciary duties of the company. Part 10 Chapter 1 Section 154 169 of Companies Act 2006 details about escort and removal of directors. Chapter 2 of Part 10 Section 170 177 of Companies Act 2006 details about general duties of directors.Section 252 of the Companies Act 2006 details about persons connected with a director. Section 253 of the Companies Act 2006 details about members of directors family. Section 254 states about a body corporate with which the director is connected. VeraFreet lives with her partner, Bertram Boss who owns a business by name doorbell Agentis. Vera Freet did no t disclose partner Bertram Boss in any Board meeting and neither eyepatch selling the land adjacent to Bell Agentis for value 350,000 to Edu-con Ltd., whereas it is crucial for a director to disclose about family members and also about any interest in business proposal that is related to the business focal point of Edu-con Ltd.,Wilson Rabbit who is another director of Edu-con Ltd., has realise a rush of 900 for awarding a printing contract to Bees Books Ltd., In this aspect, Companies Act 1985 states that disclosure of transactions that are within a sum of 1000 in a pecuniary year subscribe not be disclosed by a director as long as it is a secret commission in terms of monetary benefit earned by a director. It is also important that the acts of directors are within the visible horizon of Articles of Edu-con Ltd., and considered not as an offence. tho it is important that the Board must be notified about the paying of commission by Bees Books Ltd., to the director even thoug h it is a slender amount, for all good purposes and to keep the transparentness of the transactions.According to the EU Directive when a company is taken over by another company, existing dining table or change in maturate set up the value of the company. In the present case, Edu-con Ltd has been taken over by another company, and by and by there is also a change in the circuit card members which means the existing four directors of Edu-con Ltd no longer ravish the position of director.Any transactions that are still in term outcome do not hold good when a director ceases as board member which is relevant in the case of Wilson Rabbit who has been receiving commission from Bees Books Ltd for printing contract. as well the land that is acquired from Bell-Agentis can also be reconsidered whether it should be retained by the tender board members. The new board has each right and authorized to write-off all the transactions that were exercised by previous board basing on the interest of the new board and for making the business good.ConclusionCompanies Act 2006 is yet to come into force efficaciously by the end of the year 2008 as there are many changes in Company Reform Bill to playact order to all the existing UK companies and for all the new companies that are being incorporated. However it is important to always refer Companies Act 1985 as well Companies Act 2006 for filiation the maximum benefits in the matters related to directorships and financial related matters.ReferencesCompanies Act, 2006Reviewed 14 April 2008http//194.131.210.216/eappub/includeimages/2007041722C1FAUHD_Companies%20Act%202006.pdfCompany virtue guidehttp//www.youngandpearce.co.uk/corporat.htmCompanies Act 2006 and duties of directorsReviewed 17 April 2008http//www.bytestart.co.uk/ means/legal/35_2/companies-act-directors-duties.shtmlCompanies Act, 2006Reviewed 14 April 2008http//www.opsi.gov.uk/acts/acts2006/pdf/ukpga_20060046_en.pdfExplanatory Notes to Limited Liability Pa rtnerships Act 2000 Chapter 12Reviewed 14 April 2008http//www.opsi.gov.uk/ACTS/acts2000/en/ukpgaen_20000012_en_1Partnership Act, 1890Reviewed 14 April 2008http//www.hmrc.gov.uk/manuals/bimmanual/BIM72505.htmhttp//www.opsi.gov.uk/ACTS/acts2006/ukpga_20060046_en_1http//www.opsi.gov.uk/si/si2007/uksi_20072194_en_7http//books.google.co.in/books?id=zb7VqRT4hOgC&pg=PA44&lpg=PA44&dq=selling+of+shares+by+director+of+a+company+is+a+criminal+offence&source=web&ots=9RfouwoVBz&sig=8REfcxgg1RLBiW-dxrG-4ioh6uw&hl=enPPA52,M1UK Governments new Company Law Reform BillReviewed 14 April 2008http//www.mallesons.com/publications/2005/Dec/8221850W.htm

Only the Strong Survive

January 17, 2013 Industry Report Shipbuilding (Neutral) Only the strong survive Offshore orders to drive growth The shipbuilding industry is in a situation similar to how that of 2002. In 2013, plunging order volume and weak new building prices are fueling intensifying competition. In 2002, shipbuilding shares rose because of an increase in orders, but then quickly fell on concerns over weak new building prices, which caused earnings to stagnate. For a period in 2002, shipbuilders went into red.Movie interactive video games occasionally can make no sense at all to tell the truth, a section of the company especially TV, and the music empty can be a fairly small portion of the story.Daewoo Securities Co. , Ltd. Ki-jong Sung +822-768-3263 kijong. [email  protected] com Ryan Kang +822-768-3065 ryan.Youre in need of a leader of culture if youre new beginning an agency.

Although shipbuilding shares currently trade at a P/B of 1. 0x, we believe they have the potential trade at a P/B of 1. 2x.We recommend Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000), and giant Samsung Heavy Industries (010140 KS/Buy/TP: W46,200) out of the large shipbuilders.Respect and seeing possible is.share price of major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 200 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: KDB Daewoo Securities Research Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U. S. January 17, 2013 Shipbuilding Figure 1. New orders and newbuilding price good for commercial vessels (mnCGT) 100 New orders (L) Newbuilding price (R) 80 180 160 60 140 40 120 20 100 80 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 14F (1988=100) 200 Source: Clarkson, KDB Daewoo Securities Research Figure 2.You should have a feeling of self pride.

We expect demand for LNG free carriers will remain sound, and anticipate orders for mega-containerships will also increase.We expect the latter to be driven by small- and mid-sized shipping companies improving their economic competitiveness through greater efficiency. We also expect shipbuilders will be forced to take new orders at lower-than-normal prices because of the dearth of order backlogs for commercial vessels. We forecast the number of bids and orders for large offshore-plant construction projects to increase for each company in 2013.Let your much joy scream.We believe share prices will improve (despite concerns about lower-priced orders) thanks to increasing orders, and improved cashflow. Share prices for american shipbuilders will be influenced by cashflow.Despite intensifying market competition, we anticipate Hyundai Mipo Dockyard will take an increasing amount of orders, even though some will be lower-priced. 3.Many people think tattoos for men will need to be fero cious and tough.

We expect these trends will continue in 2013. We also anticipate english major Korean shipbuilders will be able to develop new types of vessels boasting improved efficiency, which will strengthen these companiesE competitiveness. Risk factors Earnings at shipbuilders will not recover easily, due to orders at lower-than-normal prices and won appreciation. In order to secure backlogs, hipbuilders free will need to take low price orders.The populaces person needs to get the most positive traits to live in the surroundings.share price of flat major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 00 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: Company data, KDB Daewoo Securities scientific Research Figure 5. Korean and Chinese shipbuildersE restructuring (No. of shipuilders) 200 Korea China 160 197 120 -88. 3% 80 40 24 23 -66.The intention isnt to humiliate or belittle anyone.

In addition, the ROE of shipbuildersE is projected to improve to 19%. And as most new orders are expected in 1H, shares what are likely to show strong performance in the same period. The relative share performance of global shipbuilders has changed. Thanks to the rising proportion of offshore orders, Korean shipbuilders and Hyundai Mipo Dockyard are now grouped together with Keppl Corp.Theres a good deal of variety, to simulate real social life conditions.Although we believe the shares have bottomed, we do not expect a long term recovery until new building prices rebound in earnest. We suggest accumulating the shares near a P/B of 1. 0x. Shipbuilding shares will likely begin to recover full-swing from 2014, when the market starts to turnaround, along with increased orders for commercial vessels, improved cashflow, and earnings recovery.Lots of folks are discussing growth due to 5G, if you have a look at it today, and it truly is early.

0x 30 20 30 1. 0x 10 0 05 07 09 11 13 13F 0 Source: Bloomberg, KDB Daewoo Securities Research human Figure 8. Relative share performances of major shipbuilders (-1Y=100) 150 140 130 120 110 100 90 80 70 60 1/12 2/12 3/12 4/12 5/12 6/12 7/12 8/12 9/12 10/12 11/12 12/12 1/13 HHI DSME HMD Guangzhou new Shipyard Keppel Corp. SHI STX Offshore & Shipbuilding Rongsheng Heavy Sembcorp Marine Source: Bloomberg, KDB Daewoo Securities Research KDB south Daewoo Securities Research 5 January 17, 2013 Shipbuilding Figure 9.Then will humanity be changed at the Kingdom of Gods region.0x 2. 5x 2. 0x 1. 5x 1.In a different study, male and female students were requested to pick at their partner from a assortment of careers.

0x 4. 0x central Figure 14. Hyundai Mipo DockyardEs P/B trend (Market cap,Wbn) 10,000 2. 5x 8,000 1.They find it extremely hard to forgive an event.5x 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 13F Source: KDB Daewoo Securities ResearchSource: KDB Daewoo Securities Research KDB Daewoo Securities Research 6 January 17, 2013 Shipbuilding Figure 15. Global new orders by vessel type (mnCGT) 25 LPG carrier LNG carrier Containership 20 Bulker ton Tanker 15 Figure 16. Newbuilding prices by vessel type (US$000/TEU) 30 Containership (L) Tanker (R) Gas carrier (R) Bulker (R) (US$000/DWT) 3 20 2 10 10 5 1 0 03 04 05 06 07 08 09 10 11 12 0 04 05 06 07 08 09 10 11 12F 12 13F 13 0 Source: Clarkson, KDB Daewoo Securities Research Source: Clarkson, KDB Daewoo Securities Research Figure 17. ROE-P/B comparison (P/B ,x) 3.Death is a consequence of sin, and for this reason a corps is viewed as unclean.

0 0 5 10 15 20 HMD S HI 15 Keppel 10 S HI Sumitomo Sembcorp HHI 5 (EPS growth, %) 0 -40 -30 -20 -10 0 10 20 30 40 Source: Bloomberg, KDB Daewoo Securities Research Source: Bloomberg, KDB Daewoo Securities Research Figure 19. Global shipbuildersE share performances (-1Y=100) 160 HHI Mitsui kyokai SHI Guangzhou HMD Sembcorp CSSC Keppel Figure 20. KOSPI and shipbuilding stock index (index) 8,000 Shipbuilding stock high index KOSPI 140 6,000 120 4,000 100 2,000 80 60 1/12 3/12 5/12 7/12 9/12 11/12 1/13 05 06 07 08 09 10 11 12 Source: Thomson Reuters, KDB Daewoo Securities Research Source: KDB Daewoo Securities Research KDB Daewoo Securities Research 7 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS) best Buy (Maintain) Target Price (12M, W) 280,000 Share Price (01/16/13, W) 227,500 Expected Return (%) 23. 1 EPS Growth (13F, %) 17.Its never simple to turn down.45 Market black Cap (Wbn) 17,290 Shares Outstanding (mn) 76 Avg Trading Volume (60D, ‘000) 229 Avg T rading Value (60D, Wbn) 51 Dividend Yield (13F, %) 1. Free Float (%) 59. 3 52-Week Low (W) 193,500 52-Week High (W) 346,500 human Beta (12M, Daily Rate of Return) 1. 46 Price Return Volatility (12M Daily, %, SD) 2.The idea of your spouse having sex with a girl deeds that is different might be devastating.

36%) NPS (5. 08%) Price Performance (%) 1M 6M 12M Absolute -1. 7 -3. 8 -20.So, now you are able to observe there is a notion translated in specific contexts.7bn and revenues of W26. 9tr (non-consolidated) in 2013 Implemented a self-rescue plan for the first time in 40 years. Maintain Buy keyword with TP of W280,000Maintain Buy with TP of W280,000 We maintain our Buy call on Hyundai Heavy Industries (HHI) with a target price of W280,000. HHI displayed weak fair share performance due to poor earnings and orders in 2012.0x, the lowest levels in the companyEs peer group.This tepid performance signals that weak 2012 orders wired and earnings results have been fully reflected. However, HHI has strong investment merits in 2013, as it is projected to win massive orders. Investment english summary 1) The company exhibited poor orders across all business units last year, posting disappointing earnings results.

5bn) and the Brass LNG project (US$3. 5bn) in 1Q. In addition, HHI is expected to bid for additional projects worth US$1-4bn; indeed, we believe the company will be aggressive in its order-taking efforts. 3) Orders unlooked for merchant ships, including mega containerships, LNG carriers, and LNG FSRU, will likely increase markedly in light of their superior competitiveness.Share price 130 120 110 100 90 80 70 60 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue (Wbn) 37,342 53,712 54,741 58,433 63,025 OP OP Margin (Wbn) (%) 5,532 14. 8 4,536 8. 4 2,485 4. 5 3,331 5.7 7. 6 22,750 3,469 -2,260 10. 2 10. 6 26,750 4,320 2,005 11.5 1. 3 1. 1 1. 0 0.

2 5. 2 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates korean Daewoo Securities Research 8 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000) Comprehensive Income Statement (Summarized) Wbn) Revenues Cost of Sales late Gross Profit SG Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax gross Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive net Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 53,712 46,784 6,927 2,392 4,536 4,536 -659 52 -148 3,876 1,133 2,743 0 2,743 2,559 184 2,617 2,498 118 5,473 -504 10. 8. 4 4.4 5. 7 3. 5 12/14F 63,025 56,408 6,618 2,836 3,782 3,782 -338 188 -150 3,444 895 2,549 0 2,549 2,449 100 2,288 2,178 110 4,768 2,297 7. 6 6.5 7. 1 5. 6 6. 8 5.0 0. 9 5. 3 8. 5 6.

1 10. 0 1. 6 0. 0 1.7. 9 -13. 5 -36. 6 24.0 13. 5 -38. 4 -32. 4 17.1 6. 1 9. 3 8. 2 8.

7 5. 8 5. 7 3. 7 4.1 12. 2 17. 3 7. 8 10.0 134. 5 90. 5 110. 6 118.1 22. 7 15. 7 6. 0 7.

1 P/E (13F, x) 9. Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 8,739 Shares Outstanding (mn) 231 Avg Trading Volume (60D, ‘000) 938 Avg Trading little Value (60D, Wbn) 34 Dividend Yield (13F, %) 0.0 Major Shareholder(s) Samsung Electronics et al. (24. 42%) Treasury shares (6. 13%) Mirae Asset Global Investment (5.8 -4. 5 6. 0 Reliable again in 2013 ? ? ? 2013 orders and revenues forecast at US$14. 2bn and W14.We expect SHI to win massive orders of US$14. 2bn despite the slump in the global shipbuilding market, driven by the robust offshore plant market and the companyEs superior competitiveness.SHIEs shares are trading at a 2013F P/E of 9. 4x logical and a P/B of 1.

As such, the company has solid earnings relative to its competitors. 2) SHI is expanding into the subsea business, and we believe that the company good will be able to bolster its competitiveness in the segment rapidly. ) The commercial vessel unit, which exhibited a tepid performance last year, is likely to recover in 2013 thanks to: 1) rising mega containership orders and 2) steady orders for LNG carriers and LNG FSRU. 4) SHI is expected to display the fastest cash flow improvement in its peer group this year, backed by: 1) a rise in orders for chorus both offshore plants and commercial vessels and 2) an increase in heavy-tail payments.7 851 1,226 8. 2 929 1,198 8. 0 934 1,355 8. 6 1,015 EPS EBITDA FCF ROE (Won) (Wbn) (Wbn) (%) 4,330 1,504 598 28.9 P/E (x) 9. 5 7. 6 9. 6 9.5 1. 3 1. 1 EV/EBITDA (x) 8. 2 5.

9 8. 7 6. 4 12/12F 14,875 12,867 2,008 766 1,242 1,226 -30 -34 0 1,196 267 929 0 929 929 0 920 920 0 1,551 282 10. 4 8.2 12/14F 15,751 13,594 2,158 803 1,355 1,355 -19 -51 0 1,336 321 1,015 0 1,015 1,015 0 1,006 1,006 0 1,667 978 10. 6 8. 6 6. 5 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets Total other Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests Capital live Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 9,617 806 4,132 540 1,905 6,797 0 5,408 86 16,414 10,539 4,425 3,232 2,883 1,231 1,004 88 11,770 4,644 1,155 423 3,610 0 4,644 12/12F 9,112 1,115 3,793 550 1,711 6,316 5 5,434 38 15,428 7,758 3,882 1,570 2,306 2,213 1,881 138 9,971 5,457 1,155 423 4,430 0 5,457 12/13F 9,229 1,264 3,820 554 1,648 6,372 5 5,506 21 15,601 7,301 3,910 1,070 2,322 1,918 1,481 188 9,219 6,382 1,155 423 5,364 0 6,382 12/14F 9,720 1,445 4,017 583 1,733 6,439 5 5,573 13 16,159 7,223 4,111 670 2,442 1,656 1,081 271 8,878 7,280 1,155 423 6,272 0 7,281 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and Expense Depreciation Amortization Others visible Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income general Tax Paid Cash Flows from Inv Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets several Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending Balance 12/11 1,341 1,150 189 294 78 75 549 1,284 150 164 -548 332 -242 -1 309 265 -1,306 -1,090 1 -108 - 109 359 447 806 12/12F 351 1,131 558 297 11 -268 -1,061 34 39 -541 -276 -274 -368 -1 3 92 240 416 1 -108 -68 309 806 1,115 12/13F 1,376 934 580 299 17 -50 130 -27 -4 27 -268 -310 -370 -1 0 61 -917 -900 0 -108 -17 149 1,115 1,264 12/14F 1,408 1,015 651 302 10 -50 62 -197 -29 201 -321 -307 -370 -1 0 64 -921 -800 0 -108 -13 181 1,264 1,445 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS rapid Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current same Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 7.7 1. 8 1. 9 -3. 3 -19.2 4. 8 19. 4 15. 5 253.

6 7. 2 1. 5 6. 1 4,021 5,358 26,307 0 0.7 9. 1 3. 8 27. 3 3.7 117. 5 7. 2 57. 9 12/13F 9.6 0. 0 0. 7 -2. 4 -2.

0 6. 0 15. 8 16. 9 144.6 6. 6 1. 1 4. 5 4,396 5,747 34,309 0 0.0 8. 7 4. 1 27. 7 4.9 134. 6 -22. 5 106. 2 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 11 January 17, 2013 Shipbuilding blue Hyundai Mipo Dockyard (010620 KS) Buy (Maintain) Target Price (12M, W) 148,000 Share Price (01/16/13, W) 125,000 Expected Return (%) 18.

0 KOSPI 1,977. 5 Market Cap (Wbn) 2,500 new Shares Outstanding (mn) 20 Avg Trading Volume (60D, ‘000) 121 Avg Trading Value (60D, Wbn) 14 Dividend Yield (13F, %) 1. 6 Free Float (%) 51. 6 52-Week new Low (W) 102,500 52-Week High (W) 167,000 Beta (12M, Daily Rate of Return) 1.4%) NPS (7. 38%) Price Performance (%) Absolute Relative Shining in the dark ? ? ? 2013 target: US$3. 2bn in orders and W3. 6tr in revenues Stands to benefit most from industry restructuring Maintain Buy and TP of W148,000 Maintain Buy and TP of W148,000We maintain our Buy recommendation on Hyundai Mipo Dockyard (HMD) and our target price of W148,000.4tr; 8. 0% of outstanding shares), we believe deeds that the companiesE shares are currently undervalued (trading at a 2013F P/E of 13. 1x and a P/B of 0. 9x).3) In the small- to mid-sized merchant ship market, the product carrier (P/C) segment, in which HMD has the strongest competitive edge, is expected to be relatively robust in 2013. ) If the shipbuil ding market remains in a slump for a protracted period of time, HMD should be able to widen its gap with its peers. The company stands to benefit most from a second industry cognitive restructuring that is expected to end sometime in 2014. 1M 2.

6 5. 3 Share price 160 150 140 130 120 110 100 90 80 1/12 5/12 9/12 1/13 KOSPI Earnings & high Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP Margin NP EPS EBITDA FCF ROE P/E (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (x) 4,138 683 16. 5 493 24,629 741 431 14. 7 9.9 131 6,556 192 -563 4. 3 19. 4 4,624 191 4. 1 190 9,518 256 397 6.6 P/B EV/EBITDA (x) (x) 1. 2 4. 4 0. 8 4.6 0. 8 6. 0 Notes: All figures are based on consolidated K-IFRS; NP refers to neural net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Daewoo Securities Research 12 January 17, 2013 Shipbuilding Hyundai Mipo Dockyard (010620 KS/Buy/TP: W148,000) Comprehensive Income Statement (Summarized) (Wbn) Revenues Cost of Sales Gross Profit SG medical Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax Profit Income Tax net Profit from ContinuingOperations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests positive EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 4,624 3,975 649 272 378 378 -63 -24 0 315 112 202 0 202 200 3 -821 -823 2 441 -633 9. 5 8.

0 12/13F 4,624 4,143 481 290 191 191 52 -9 -2 243 58 185 0 185 190 -5 185 194 -9 256 397 5. 5 4. 1 4. 1 12/14F 4,855 4,321 534 304 230 230 73 -10 -2 303 73 230 0 230 235 -5 230 239 -9 293 416 6.4 13. 1 10. 6 8. 5 12.0 0. 9 0. 8 4. 2 13.9 20. 6 16. 6 1. 8 1.

8 5. 0 5. 0 -40. 5 -56.8 52. 2 20. 3 -59. 4 -34.2 3. 9 5. 0 18. 1 17.2 3. 8 3. 8 2. 3 1.

3 6. 4 7. 4 53. 8 8.8 162. 5 146. 2 105. 6 111.9 -16. 9 -27. 9 689. 5 45.1 P/E (13F, x) Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 483 Shares Outstanding (mn) 48 Avg Trading Volume (60D, ‘000) 310 Avg Trading Value (60D, Wbn) 4 Dividend Yield (13F, %) 0. 0 Free Float (%) 62.

38%) KB Asset Management (5. 13%) Price Performance (%) 1M Absolute -23. 4 Relative -22. 5 Unlikely to weather domestic market slump ? ? ? Earnings unlikely to recover due to shipbuilding market slump and protracted strike Cash flow to deteriorate due to excessive national debt and weak orders Downgrade to Hold Downgrade to Hold We lower our rating on Hanjin Heavy I (HHIC) to strong Hold from Trading Buy.Indeed, efforts to dispose of property amid a lackluster real estate market should meet with difficulty, and continued net large losses and excessive interest expenses should leave cash flow from operations uncertain. Risks ) The commercial vessel unit at the Youngdo shipyard is unlikely to recover. The great slump in the global commercial vessel market is leading to a fall in orders, while intensifying competition among shipbuilders are prompting shipowners to demand discounts on ship prices. .Indeed, the company needs more capital to engage in the development project near the Incheon port. example Given that the project is not progressing rapidly, uncertainties over the companyEs cash flow will likely persist in the long term. 5) HHIC holds massive debt (W2. 8tr).9 -54. 3 fair Share price 120 110 100 90 80 70 60 50 40 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation MetricsFY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP anterior Margin NP (Wbn) (Wbn) (%) (Wbn) 3,168 120 3. 8 -72 2,892 108 3. 7 -97 2,547 63 2.

1 -2,123 148 243 -5. 7 -158 195 182 -0. 6 -466 184 146 -1. 8 P/E (x) P/B (x) 1.4 EV/EBITDA (x) 14. 5 19. 9 24. 0 16.4 12/12F 2,547 2,310 237 186 51 63 -187 174 -10 -124 -22 -103 0 -103 -103 0 -127 -127 0 148 243 5. 8 2. 5 -4. 0 12/13F 2,795 2,516 280 204 76 76 -89 159 -5 -13 -3 -11 0 -11 -10 0 -35 -34 0 195 182 7.7 -1. 1 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash modern Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets national Total Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests human Capital Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 2,392 854 917 361 237 4,645 66 3,144 89 7,037 2,483 811 1,603 69 2,6 87 2,317 329 5,170 1,864 241 644 814 2 1,867 12/12F 2,058 686 868 280 209 4,535 81 2,980 89 6,592 2,286 802 1,421 63 2,566 2,177 336 4,852 1,738 241 644 712 2 1,740 12/13F 2,077 617 925 294 228 4,487 76 2,871 89 6,564 2,384 895 1,421 69 2,369 1,977 338 4,753 1,809 346 644 701 2 1,810 12/14F 2,025 422 1,016 322 250 4,412 76 2,780 89 6,437 2,479 983 1,421 76 2,204 1,777 373 4,683 1,752 346 644 669 2 1,754 Cash Flows (Summarized) Wbn) Cash Flows extract from Op Activities Net Profit Non-Cash Income and Expense Depreciation Amortization Others Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income Tax Paid Cash Flows from Inv economic Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets Others Cash Flows from Fin other Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending proper Balance 12/11 -228 -97 246 113 0 44 -379 -192 -42 -150 2 68 -15 0 -43 126 -106 91 1 0 -198 -262 1,116 854 12/12F 316 -103 265 97 0 16 131 23 77 33 22 9 -21 0 -14 44 -488 -297 0 0 -192 -168 854 686 12/13F 194 -11 206 120 0 25 -4 -57 -13 92 3 11 -10 0 0 21 -275 -200 105 0 -180 -70 686 617 12/14F 165 -33 216 101 0 25 -28 -91 -29 88 9 10 -10 0 0 20 -370 -200 0 0 -170 -194 617 422 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) visual EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS Growth (%) national Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current Ratio (%) neural Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 57. 4 0. 5 19.

9 -9. 8 RR 3. 3 8. 9 3.9 96. 3 163. 0 0. 5 12/12F -112.0 -11. 9 -25. 9 -41. 8 RR 3.7 1. 4 278. 9 90. 0 166.

9 -158 1,691 24,843 0 0. 0 0. 0 9. 8 31.1 -0. 2 -0. 6 2. 1 262.1 0. 4 18. 0 -466 989 24,030 0 0. 0 0.6 10. 0 4. 0 -0. 5 -1.

4 0. 5 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 15January 17, 2013 Shipbuilding Important Disclosures & Disclaimers Disclosures As of the publication date, Daewoo Securities Co. , Ltd. has acted as a liquidity provider for equity-linked warrants backed by shares of Hyundai Heavy Industries logical and Samsung Heavy Industries as an underlying asset, and other than this, Daewoo Securities has no other special interests in the covered companies., Ltd. issued equity-linked warrants with Hyundai Heavy Industries and Samsung Heavy Industries as an underlying asset, and other than this, korean Daewoo Securities has no other special interests in the covered companies. Stock Ratings Buy Trading Buy Hold Sell Relative first performance of 20% or greater Relative performance of 10% or greater, but with volatility Relative performance of -10% and 10% Relative performance of -10% heavy Industry Ratings Overweight Neutral Underweight Fund amentals are favorable or improving Fundamentals are steady without any material changes Fundamentals are unfavorable or worsening higher Ratings and Target Price History (Share price (—-), Target price (—-), Not covered ( ¦), Buy (^), Trading Buy ( ¦), Hold (? ), Sell (? )) * Our direct investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official higher ratings at Daewoo Securities, we may call a trading opportunity in case there is a technical or short-term material development.Opinions expressed in this recent publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Daewoo Securities Co. , Ltd. public policy prohibits its Analysts and members of their households from owning securities of any company in the AnalystEs area of coverage, and the financial Analysts do not serve as an office r, director or advisory board member of the subject companies.except as otherwise stated herein. Disclaimers This report is published by Daewoo Securities Co. , Ltd. („Daewoo†°), a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange.

The intended recipients of this final report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting basic principles and no person whose receipt or use of this report would violate any laws and regulations or subject Daewoo and based its affiliates to registration or licensing requirements in any jurisdiction should receive or make any use hereof. Information and opinions contained herein are whole subject to change without notice and no part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Daewoo. Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time logical and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments l etter from time to time in the open market or otherwise, in each case either as principals or agents.Daewoo and its affiliates late may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other financial public services as are permitted under applicable laws and regulations.n the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) new Order 2005 (the „Order†°), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the social Order (all such persons together being referred to as „Relevant Persons†°). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not last act or rely on this report or any of its contents. United States: This report is distributed i n the U.Securities Exchange Act of 1934. All U. S. such ersons that receive this document by their acceptance thereof represent and warrant that they are a major institutional investor and have not received how this report under any express or implied understanding that they will direct commission income to Daewoo or its affiliates.S. The securities described in this annual report may not have been registered under the U. S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U.