Should we continue to import goods from China Research Paper

Should we continue to import goods from China - Research Paper Example s second perspective is the thought that protectionism (not allowing imports from China) will bring jobs that have been outsourced and entrusted to China back to the United States, resulting in a vibrant, more productive economy. It is a fact that nearly 200,000 American jobs have been displaced by Chinese imports (Scott) in Wal-Mart Corporation alone. Those who hold protectionism as the answer for creating jobs in America hold this example as an expression of an underlying truth: that imports need to stop in order for the economy to improve. However, what is the overall economic impact of saving these jobs? According to an OECD report, stopping imports from China will actually hurt the American economy, costing $2.16 for every $1 rise in tariffs and dropping world income by $0.73. When a country implements such policies, production does indeed come back to that country; however, since they cannot make those goods as efficiently, consumption decreases because prices go up. Less consumption means more costs and a return to the original problem. From an economic perspective, the protectionist argument against importing goods fails. The opposite perspective, that individuals have the right to choose between all available alternatives certainly seems valid, particularly in response to the analysis that â€Å"open markets will be necessary for a sustained economic recovery† (OECD). Trade with China is mutually beneficial for both parties and should continue until it stops naturally. OECD. "Trade and Economic Effects of Responses to the Economic Crisis." 2010. Organisation for Economic Co-operation and Development.

Empowering through a Self-Sufficiency Strategy Essay

Empowering through a Self-Sufficiency Strategy - Essay Example To overcome the difficulties faced by the tsunami, all NGO's working in that area contributed a lot. Their activities were focussed in areas like physical well being of the victims akin to food clothing and shelter, mental aspects relating to sense of security, reinstating relationships and the economic side comprising of funds as well as resources required for daily life. The initial response of NGO's was to supply materials like food, clothing, napkins etc. More over they also concentrated in the removal of debris, dead bodies of humans and animals. Besides these activities, other services like ensuring clean drinking water, community medical camps, immunization programmes, trauma counselling etc was also done (Arnold.J.P.S. 2005). The devastation caused by the tsunami in the coastal regions has created a new challenge for NGO's working in that area, particularly in the field of water purification. To face the challenging situation NGO's have developed and installed equipments in t he region. (Asian Tsunami concentrates minds around the world. 2006.) The civil wars taking place in Afghanistan and Iraq has increased the misery of the common man living there. During the latter half of the year 2005 many natural disasters occurred in different parts of the world. Large scale of destruction has occurred. The most important effect of war on the society is the destruction of the victim's social environment, their natural living instincts and history as well as identity of their cultures (Zwi.A.B 2000 July 22). The roles that various NGO's play in Iraq are vital. At present they have tailored to the present situation of mistrust, doubt etc. NGO's have adopted the coordination mechanism which helps to locate the needy as well as to understand the situation. To cater to the present needs, NGO's have triggered the field related emergency arrangements. Due to the crisis in Iraq over 8 million people are in need for humanitarian aid. This situation has arisen due to a number of causes like corrupted basic services, failure of finding livelihoods, and uncontrolled price rises. The sadder side of Iraq is that the government and other agencies have a limited role to solve the crisis because of the lack of chance to contact the population. (NGOs Coordination Committee in Iraq. 2007). During the rehabilitation process of the Afghan war, funds around 35 million were distributed for developing the health services sector. NGO's working in the health sector of Afghanistan has brought significant changes and success in the area. Preparation of separate waiting room for female patients and a completely renovated delivery room accompanied by a neo natal ward equipped with modern equipments were also established. For the disposals of clinical waste, pits were dug up and steel and brick furnaces were constructed. NGO"s has also appointed their own staff for monitoring these activities also. (A Formula for Success in Afghanistan) The dangerous war fields of Congo, Sudan and Uganda in Africa are among the most dangerous places to live in. this fact was published by a poll conducted by Reuters. The most affected are children and woman who always find themselves in the receiving end. (Rowling.M. 7-7-2006) Rowling.M. 7-7-2006. The world's 10 worst child danger spots. According to

Experiment on Size, Shape and Structures of Aggregates

Experiment on Size, Shape and Structures of Aggregates Introduction Dye sensitized solar cells (DSSC) have made considerable attention because of their unique features for conversion of free, unlimited solar energy into electricity by utilizing environmental friendly, inexpensive raw materials for low production cost1,2. DSSC composed of nanostructured, mesoporous semiconductors with wide-bandgap materials, to which the dye molecules (sensitizers) are adsorbed, a counter electrode and an electrolyte. In DSSC the dye molecule absorb visible light, and inject electron from photo-excited state of dye molecule to conduction band of semiconductor1,3 The performance of a dye-sensitized solar cell is mainly based on the structure of the visible light absorbing dye/ sensitizer. Applications of several natural carotenoid dyes with higher absorption coefficient in the visible region of the solar spectrum with higher conversion efficiency, is under investigations1,4. Carotenoids are C40 tertraterpenoid hydrocarbons consist of eight-C5 isoprene units5. The major characteristic feature of Car molecule is it comprises of extensive conjugated system of delocalized Ï€-electrons which makes them highly hydrophobic molecules. Therefore when these carotenoid molecules are dissolved in hydrated solvents they tend to form aggregates since the molecule is hydrophobic in nature. The surface arrangements and the aggregation behavior of the sensitizers (carotenoids) on semiconductor nanoparticles is greatly influenced the performance of carotenoid based artificial photosystems such as DSSC. It was stated (Wang et al.2006) that formation of dye aggregates suppresses the performance of DSSC6 since the device performance is influencing the nanoscale morphology of the aggregates. Therefore several researchers have focussed on the nanoscale organization of molecular aggregation in solutions of these conjugated molecules at atomic level resolution. Interchain agg regation behavior of a conjugated polymer (DP10-PPV) which used in opto-electronic applications such as pohotovoltaics, dissolved in two solvents having different qualities at different concentrations were studied by (Chen et al. 2009) using Small angle neutron scattering (SANS), revealed that the internal conformational structure of these network aggregates were differ in different solvents. A similar study was also carried out by Chen and coworkers for another semirigid conjugated polymer (DP6-PPV) in solutions7,8. Moreover it has been reported that, when carotenoid molecules are deposited on the surface of semiconductor often it forms H-shape aggregates5. Aggregation phenomena of natural and artificially modified carotenoids were proved that J- and H-aggregates are the possible geometries9. Apart from the formation of self-assembled aggregates in hydrated solvents of these carotenoid molecules, there is strong relationship between the structural conformation and the composition o f molecules in the solution with the ability of aggregation5. Polar carotenoids consist of –OH (hydroxyl groups) in the carotenoid structure promotes the formation of aggregates compared to the molecules without any functional groups, (Simonyi et al. 2003). Furthermore the position of the functional group may also significantly affect the type of aggregates form10. It was observed experimentally for the first time (Cheng et al. 2009), the crossover from swollen coils in semidilute regime to unperturbed coil at high concentrations11 with the variation of polymer radius of Gyration (Rg) of poly(methyl methacrylate) in chloroform as a function of polymer concentration (à Ã¢â‚¬ ¢). Perahia et al. used SANS data12to investigate how molecular solutions of poly(2,5-dinonylparaphenylene ethynylene)s (PPE) aggregates into large flat clusters. Ratnaweera et al. 2012 and Lodge and coworkers were studied self-assembly modes of several block copolymers in selective solvents using SANS13 -15. Therefore the studies of dye aggregates are really essential for future developments of carotenoid based electrochemical devices for solar energy conversion. Spectroscopic studies on carotenoids in hydrated solvents revealed that the aggregation behavior of carotenoids is significantly affecting the S0 →S2 electronic transition16 of neutral carotenoids. Therefore the solvent quality is one of the major factors for carotenoid solutions which govern the size of the aggregate. When the carotenoid molecules are uniformly dissolved in a good solvent at low concentrations to form a homogeneous mixture, carotenoids are exist as isolated molecules that are very far from each other17. Therefore the interactions between monomers are very weaker than the monomer-solvent interactions and polymer tends to swells and its size is larger than the ideal size13,18. Cheng coworkers stated11 that in the good solvent domain (T > ÃŽ ¸), the repulsions of excluded volume is greater which results Rg of the aggregates enhanced beyond its unperturbed size. Further this expansion effect is greater in dilute solutions since the volume fraction of polymer is very low compared to its overlapping concentration. When the concentration of the solution is increased, the attraction between monomers are stronger and the aggregates tried to collapses into globules wit h solvents inside it corresponds to a poor solvent. The size of the structural conformation of collapsed globule is smaller than the ideal chain17. For a polymer solution (NA = N and NB = 1) to be favorable for mixing or aggregation is depends on the Flory-Huggins equation which consist of two terms, the entropy and energy terms17. The energy change of binary mixing which depends on composition of the mixture is the main factor, for a polymer to be dissolved in a good solvent to make an equilibrium state of a homogeneous mixture of polymer solution. Entropy of mixing is small for polymer solutions and always positive hence promotes mixing, but the energy of mixing is either positive or negative which measures the attractive or repulsive interactions between species. The net attraction between species in the solution is important because it measure the value and the sign of the Flory interaction parameter (χ) and hence to know whether the given mixture consist of single-phase or separated into phases. In this research the small angle neutron scattering (SANS) data was used to investigate the quantitative experimental information on size, shape and structures of aggregates. Two carotenoid molecules, bixin and norbixin were selected in this study to characterize their structural information of monomeric and aggregated forms. The natural dyes, bixin and norbixin are belongs to the group of apo-carotenoids, extracted from annatto seeds of the Bixa orellana tree1. The chemical structures of cis-bixin (C25H30O4) and cis-norbixin (C24H28O4) is shown in fig. 1. (1) Gà ³mez-Ortà ­z, N. M.; Và ¡zquez-Maldonado, I. A.; Pà ©rez-Espadas, A. R.; Mena-Rejà ³n, G. J.; Azamar-Barrios, J. A.; Oskam, G. Solar Energy Materials and Solar Cells 2010, 94, 40. (2) Zhou, H.; Wu, L.; Gao, Y.; Ma, T. Journal of Photochemistry and Photobiology A: Chemistry 2011, 219, 188. (3) Xu, H.; Tao, X.; Wang, D.-T.; Zheng, Y.-Z.; Chen, J.-F. Electrochimica Acta 2010, 55, 2280. (4) Yamazaki, E.; Murayama, M.; Nishikawa, N.; Hashimoto, N.; Shoyama, M.; Kurita, O. Solar Energy 2007, 81, 512. (5) Landrum, J. T. Carotenoids : physical, chemical, and biological functions and properties; CRC Press: Boca Raton, 2010. (6) Wang, X.-F.; Koyama, Y.; Nagae, H.; Yamano, Y.; Ito, M.; Wada, Y. Chemical Physics Letters 2006, 420, 309. (7) Li, Y.-C.; Chen, K.-B.; Chen, H.-L.; Hsu, C.-S.; Tsao, C.-S.; Chen, J.-H.; Chen, S.-A. Langmuir 2006, 22, 11009. (8) Li, Y.-C.; Chen, C.-Y.; Chang, Y.-X.; Chuang, P.-Y.; Chen, J.-H.; Chen, H.-L.; Hsu, C.-S.; Ivanov, V. A.; Khalatur, P. G.; Chen, S.-A. Langmuir 2009, 25, 4668. (9) Auweter, H.; Benade, J.; Betterman, H.; Beutner, S.; Kà ¶psel, C.; Là ¼ddecke, E.; Martin, H.; Mayer, B. Pigments in food technology. Sevilla: Dep Legal 1999, 197. (10) Simonyi, M.; Bikadi, Z.; Zsila, F.; Deli, J. Chirality 2003, 15, 680. (11) Cheng, G.; Graessley, W. W.; Melnichenko, Y. B. Physical Review Letters 2009, 102, 157801. (12) Perahia, D.; Traiphol, R.; Bunz, U. H. F. The Journal of Chemical Physics 2002, 117, 1827. (13) Ratnaweera, D. R.; Shrestha, U. M.; Osti, N.; Kuo, C.-M.; Clarson, S.; Littrell, K.; Perahia, D. Soft Matter 2012, 8, 2176. (14) Lodge, T. P.; Hamersky, M. W.; Hanley, K. J.; Huang, C.-I. Macromolecules 1997, 30, 6139. (15) Lodge, T. P.; Bang, J.; Park, M. J.; Char, K. Physical Review Letters 2004, 92, 145501. (16) Alwis, D. D. D. H.; Chandrika, U. G.; Jayaweera, P. M. Journal of Luminescence 2015, 158, 60. (17) Rubinstein, M.; Colby, R. Polymers Physics; Oxford, 2003. (18) Halperin, A. Journal de Physique 1988, 49, 547.

As I Lay Dying Essay -- Literary Analysis, William Faulkner

William Faulkner’s portrayal of women, Addie Bundren specifically, in As I Lay Dying presents an interesting look into the gender politics of the south in the 1930s. Addie lies at the heart of the novel; yet despite being the heart, her presence for most of the story is as a corpse. Faulkner only gives her one chapter to explain herself; and it is her desire to be buried in Jefferson that sets in motion everything that happens in the novel. There is a profound tension at work between words and Truth her chapter: Addie ascribes no value to words, they are nothing more than dead sounds. And despite her claim that words are â€Å"quick and harmless†, she is tricked by them, and relies on them to take her revenge on Anse. While the word â€Å"sin† means nothing to Addie, she is nevertheless consumed by the idea of Sin. The fundamental problem for the reader is how to decipher a chapter of words when Addie says they are empty shapes. Addie’s nihilistic approach to language reveals her attempt to escape her subjugation as a woman: as a â€Å"woman†, Addie cannot help but fall into the traps of â€Å"wife† and â€Å"mother†, and their associated duities. Addie’s chapter placement complicates the novel, as it is placed after she dies; Faulkner does not make it clear whether he is presenting her voice from beyond the grave or if this is supposed to have taken place sometime in the past. From the very beginning of the chapter, Addie shows a darkness in her heart that the reader has not seen before. She hates children (169). She hates her father for bringing her into the world; and telling her that the â€Å"reason for living [is] to get ready to stay dead a long time† (169). She doesn’t appear to take any pleasure in living, except when she punishes her st... ...idelity; she â€Å"merely took the precautions that he thought necessary for his sake, not for [her] safety, but just as [she] wore clothes in the world’s face† (175). She continues her rebellion in her treatment of Jewel: rather than treating Jewel worse because he is a constant reminder of his sin, he is her favorite child, believing that he will save her from the water and the fire (168)—which Jewel does in turn; he rescues her body from the river, and single handedly carries her body from Gillespie’s burning barn. She identifies Jewel as her savior because he is the symbol of her rebellion. Addie’s carries out her final, and most damning act of revenge, by making Anse promise to take her body to Jefferson. This request places Addie’s dead family explicitly above Anse and her children, and she knows that Anse will carry it out because he is bound by his word.

Financial Statement Analysis of Bata Pakistan from 2005-2010

Running head: Financial Statement Analysis of Bata Pakistan â€Å"Bata Pakistan†; Financial Statement Analysis From 2005 to 2010 Anum Fatima BSc. IV Section: B Lahore School of Economics This report is submitted as partial requirement for Financial Statement Analysis of Pakistani Companies to Dr Farooq Chaudhry Abstract This paper does an in depth analysis of Bata Pakistan Limited. It includes a brief summary of accounting policies and standards of the company. The analysis revolves around financial statements, their horizontal and vertical analysis.It also includes a detailed analysis of different financial ratios to measure different aspects of the company’s performance. Weighted average cost of capital is calculated on the basis of which intrinsic value of the stock is calculated. It also includes analysis of economic value added and Du Pont. Introduction Bata Pakistan is a public limited company and it is listed on Lahore and Karachi stock exchange. The main office of the company is at Batapur, Lahore. This company manufactures all kinds of footwear with accessories sells them at its outlets.Sales are both local and export The parent company is Bafin B. V. , Netherlands whereas above it is Compass Limited, Bermuda. The financial data disclosed in the annual report has been prepared in accordance with IFRS (International Financial Reporting Standards) stated by International Accounting Standards Board. These standards are applied under the Companies Ordinance of 1984. The company made some amendments to account standards; some of them are effective whereas some of them will be effective in the near future.According the company’s opinion, these amendments didn’t have a significant effect on their financial statements. The financial statements follow the principle of historical cost rather than the fair value concept except some employee benefits whose details will be discussed later. All statements except the statement of cash flow are recorded at accrual basis. After giving a brief summary of accounting policies there is an in depth analysis of company’s financial statements, company’s valuation and then recommendations based on that analysis. Accounting PoliciesEmployee benefits are calculated through the defined benefit plan. A defined benefit plan basically involves a determined amount of gratuity dependent on factors like age, years of service, compensation etc. the company has an unfunded gratuity scheme for all employee excepting management. The provision for employees which are also the member of provident fund is calculated on the basis on 3 weeks basic salary for every year of service whereas for employees which are not the members of the provident fund it is calculated on the basis of 30 days gross highest salaries/wages.The actuarial gains and losses are recognized as per defined in IAS 19 over the expected average remaining working life of the employee. The company also operates pro vident fund scheme in which equal monthly contributions by the company and the employee at the rates of 8% and 10% are made to the employee and managerial staff respectively. The current taxation is calculated on the taxable income from local sales at the present tax rate after accounting for the tax credits, rebates or exemptions if any. Deferred tax is calculated by using balance sheet liability method for all temporary differences between tax bases of assets and liabilities.The carrying amount of deferred income tax asset is revised at each balance sheet date. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the liability is calculated on the basis of tax rates applicable on the balance sheet dates. Revenues, expenses and assets are recognized net of sales except when sales tax is recognized as part of cost of acquisition of asset and when receivables and payables include the amount of tax. Property plant and equipmen t are reported at cost minus depreciation and impairment losses which are accumulated but land is stated at cost.The method used to calculate depreciation is the reducing balance method. Recognized expenditures, related to an item of property plant and equipment, are added to the carrying amount of asset when future economic benefits are expected. To measure the impairment of non financial assets, at each balance sheet date the carrying amount of assets id revised to check for any impairment loss. If such is the case then recoverable amount of the asset is calculated. Recoverable amount is higher of an asset’s fair value less cost to sell and value in use.The company’s rubber factory represents assets that are leased out under the operating lease and that has been leased out to a third party for processing products and is included in the fixed assets of the company. Their depreciation is calculated in the same way as done for the other assets. Intangible assets are cal culated on initial recognition at cost. After that they are carried at cost minus any amortization and impairment losses that are accumulated. If such assets have finite lives then they are amortized over that life and assessed for impairment if any. The amortization mechanism is reviewed at least once every financial year.This expense is recognized in the income statement. Gain and loss from intangible assets are measures as the difference between net disposal proceeds and carrying amount of asset and recognized in the profit and loss account. The investments of the company have fixed maturity and the company intends to hold till maturity. These investments are first recognized at cost including transaction costs and then carried at the amortized cost. Stores and spares which are purchased are valued at weighted average cost whereas in transit stores and spares are valued at actual costs.Stock in trade is valued at lower of cost and net realizable value. Raw materials that is own p roduction and purchased are valued at weighted average cost whereas in transit are valued at actual cost. Work in progress is valued at the production cost. Finished goods that own production are valued at production cost on FIFO basis, purchased are valued at actual cost on FIFO basis whereas in transit are valued at the actual cost. Cost is calculated on the basis of cost of material, labor and production overheads. Net realizable value is based on estimated selling price minus estimated cost to completion and estimated cost to make sale.Provision for doubtful debts and other receivables are decided by management’s assessment of customer’s creditworthiness. It is recognized in the profit and loss account. Contingencies and commitments are also important. Contingent liabilities are disclosed when there is a possible obligation from the past due to any future event not within control of the company or when there is a present obligation from the past events but the amou nt of that obligation cannot be measured in a reliable manner. Borrowings are recognized at fair value net of transaction costs then they are carried at amortized cost.Any difference between proceeds and redemption value is recognized in the P and L account using effective interest rate method. Provisions are recognized when there is an obligation from past events and it can be estimated in a reliable manner. This amount is the best estimate while taking into account the risks. When the amount required settling a provision is expected to be recovered from a third party then a receivable is recognized if it is certain and estimate is reliable. Revenue recognition is done as stated below. The revenue from wholesale is recognized when company has delivered the product to the wholesaler.Retail sales are recognized when product is sold to the customer by cash or by credit. Customer loyalty card sales are recognized as revenue over the period that the award credits are redeemed. Profit on investment is recognized on accrual basis by using effective interest method. Profit on bank deposits is recognized on accrual basis whereas rental income is recognized on accrual basis over the duration of lease agreement. Cash and cash equivalents include cash in hand, deposits with banks, other short term investments with original maturities of three months or less and bank drafts.In cash flow statement, it is cash in hand; cash in transit, bank balances and short term investments. Recognition and measurement of financial instruments is done at times when company enters the contract. Al financial assets and liabilities are measured at fair value. Major categories of assets are investments, advances, deposits, trade debts, other receivables and cash and bank balances. Financial liabilities are creditors, accrued expense and other payables. Any gain or loss is recognized in the P and L account for the period.Offsetting of financial assets and liabilities is done and the net amount is reported in the balance sheet if the company has a legal right to set off. Corresponding income and charge are also off set. The amount of loss is the difference between asset’s carrying amount and present value of the estimated future cash flows discounted at effective interest rate. Related party transactions are conducted at arm’s length just as with the third party using comparable uncontrolled price method whereas related parties are those who are able to influence the operating and financial decisions of the company.Dividends and other appropriations to reserves are recognized when these are approved. Operating segments are reported in a manner consistent with the internal reporting. Board of Directors is the chief operating decision maker that makes strategic decisions. Significant changes observed during the 6 year period under consideration are discussed below. In 2006, stores and spares and stock trade didn’t use FIFO or LIFO, rather purchased unit s were valued at lower of moving average cost and net realizable value. In 2007 same method was used whereas in 2008 FIFO was used for similar valuation of inventory.This change of method has been effective since. When this method was used there was a remarkable increase in the amount of stock in trade as well as cost of sales and gross profits from the previous years. Other than that no significant policy changes are observed except some minor changes in standards which according to the company’s opinion had no significant effect on financial statements, Analysis of Financial Statements First of all we will be analyzing the financial statements indirectly through financial ratios divided in feasible groups. Liquidity RatiosThe working capital of the company has shown healthy growth over the year. Working capital is useful in evaluating company’s ability to meet currently maturing liabilities. The working capital of the company is not only positive but it is growing at an average rate of 44. 46%. It also means that current assets are growing at a rate faster than current liabilities. Working capital took a jump in 2007 which proved to be a prosperous year for the company due to favorable economic conditions and the company used this opportunity in an efficient manner to gain from the situation.This shows that current assets are always in access of current liabilities which is a good indicator. Comparing working capital with the industry is not very useful because it depends on the size and scope of the company. The Current ratio is basically another way of expressing the relationship between current liabilities and current assets. Minimum it should be equal to 1 meaning that current liabilities are exactly matched with current liabilities. The company is showing good performance in this regards as the current ratio is greater than 1 and increasing steadily over the years from 1. 1 in 2006 to reach 2. 66 in 2010. This again points to the fact that current assets are covering current liabilities effectively. Inventory and accounts receivables are forming major part of current assets. It still remains to be seen that whether this growth in current assets is solely due to increasing accounts receivables and inventory and then whether accounts receivables are being collected of inventory being sold in time. The current ratio was a little behind the industry averages in 2006 but it soon caught up and is growing side by side the industry averages.Quick ratio is calculated by excluding inventory from current assets as they are considered to be least liquid assets. It is a better measure of liquidity. Quick ratio shows a significant decline from current ratio owing to the fact that inventory is a major part of the current assets. It caught u with the industry average in 2009 when it went from 0. 51 to 1. 15. This also points to the fact that low quick ratio is not an indicator of less liquidity rather it points to the nature of the business and its dependence on inventory because it is in line with industry averages.Collection period measures the length of time after which the company expects to realize cash from its accounts receivables. Company has improved from 2006 to 2010 remarkably. In 2006 it was 30 days which reduced to 11 days in 2010. A major change was in 2007 as collection period fell by 10 days. They caught up with industry averages in 2009 which is 10 days. It shows that company’s accounts receivables are enforceable and not resulting in defaults. Days to Sell Inventory is the length of time after which company realizes sales from its inventory.They have improved from 2006 to 2010, falling from 131 to 101. They are in line with industry averages of 113 days. Major improvement was again seen in 2007 when days fell from 131 to 116. This is a good achievement as inventory has increased over time. Looking at all these indicators there isn’t any cause of concern for the company in terms of liquidity. Capital Structure and Solvency Ratios Solvency means the ability of the firm to meet its long term obligations which also involves analysis of capital structure of the company that is the debt and equity mix.The debt to equity ratio of 0. 52 means that for each one rupee of equity, 0. 52 is provided by creditors. This ratio is very low showing high percentage of equity. This is in line with industry average and has decreased over the 5 year period. This ratio should be typically low for a manufacturing company which is the case for Bata. This means that the company is in good position to meet its long term obligations. The long term debt to equity ratio is even lower meaning the company is relying very little on long term debt. it is less than 1 and decreases from 0. 13 to 0. 05.It has shown a slight decrease over the years and is in line with the industry averages. Times Interest Earned measures the times for which the amount of interest can be paid out of income befo re tax. This ratio was low in 2006 but it rose from 8 to 24 times in 2007 which is a big improvement. After that it came in line with industry average of 29 times. This also points to the fact that the interest charges of the company are very low and are only less than 1% of total sales. These set of ratio indicate that the debt equity mix of the company is satisfactory. Less reliance on debt means lower risk of default.So the company is in a great position to manage its long term liabilities which are meager in quantity as compared to equity. Return on Investment Ratios Return on assets determines the amount of return when 1 Rupee is invested in assets. In 2006 it was 18. 18% which later rose sharply in 2007 to 34. 79% and maintained the position till 2010 with slight variations. Industry average has been slightly higher that is 35% but in any case the performance of company’s assets is a satisfactory and generating good return. Another side is the return on common equity be cause shareholders are interested in the returns on equity.Return on equity shows the same pattern as return on assets. It was 16. 66% in 2006, rose sharply to 43% in 2007 and then maintained steady levels until 37% in 2010. Industry average has been almost 36% so company is earning good returns as per industry. Operating Performances This set of ratio link income statement line items with sales. These basically measures profit margins in different forms. Gross profit measures the relationship of cost and sales. Gross profit margin has maintained a steady well and increased from 37% in 2006 to 41% in 2007. The usual impact of 2007 boom is not very much apparent here.Then it maintained a steady level till 2010 of 40%. This is in line with industry average of 41%. Industry averages also doesn’t show much variation over the 5 years. Operating profit margin was initially 9% in 2006 but improved to 14% in 2007 and maintained the level till 2010. Industry average has remained more or less around 14% so compared to the industry company is doing fine and generating good returns. Net profit margin was 3. 67% but improved greatly in 2007 to 9. 05%. It has improved to 10. 46% in 2010. The industry average is around 9% according to which net profit margin of the company is satisfactory.Overall operating performance shows a good picture. Asset Utilization Ratios Asset utilization relates sales to different assets and their importance lies in the fact that they are important determinants of return on investment. Cash Turnover is the firm’s efficiency in its use of cash for generation of sales revenue. This ratio shows a volatile trend. The value in 2006 is 36 fell to 16 in 2007, rose to 57. 4 in 2008 and then maintained 13% to 15% from 2009 to 2010. This can be explained by rather volatile cash and bank balances portraying varying liquidity requirement each year.Accounts receivable turnover is an indicator of how many times company has collected its receivable s in a year. This has increased steadily from 2006 to 2008 and shows a sharp rise in 2009 due to high sales and 31 in 2010. This is almost in line with industry average which is 35. this shows that the company is not having any significant problem in receivable collection. Inventory turnover is steady over the years from 2. 74 to 3. 56 in 2010. It shows that how many times inventory is sold during the year. This is in line with industry average.It may seem quite low but seasonality has a big factor in shoe business as business peaks when season changes but after that it slackens until the next change. Working capital turnover is high in 2006 and 2007 but falls in 2008 till 2010. Still they isn’t any significant difference between industry average and the company’s average. Property Plant and equipment turnover maintains a steady growth profile from 9. 72 in 2006 to 13. 73 in 2010. Industry average is also steady around 12 so that show good results. Total asset turnover varies around 2 but is steady same as the industry average. Market MeasuresPrice to earnings ratio shows that how much investor is willing to pay per rupee of the profits. It was 8. 90 in 2006 but rose to 10. 23 in 2007, rose steadily in 2008 and 2009 and rose to 17% in 2010. This increase is attributed both to increasing market share price and rising earnings per share. This too is more or less around industry average and rose above industry average in 2010. Earnings yield is the reciprocal of price to earnings. It shows the percentage of each rupee invested in stock that was earned by the company. They dipped in 2007 to 2009 but then rose above industry average in 2010.Dividend yield shows how much a company pays in dividends relative to its share price. Dividend yield is not steady but 4. 24% in 2010. This means that the dividends are not stable but they are showing growth rather than decline and has risen significantly from Rs1. 50 per share in 2004 to Rs 12 per share in 2009. Dividend Payout Rate basically shows the percentage of earnings paid to the shareholders. This ratio is quite high supporting the same growth in dividends. This ratio increased considerably to 27% in 2006 but then EPS rose significantly because of which the ratio fell to 10%.This is also in line with industry average of around 10%. Price to book value of the share has increased over time significantly indication high growth in the market value of the stock. But if we look at industry average they are also quite high showing the trend in the industry of increasing stock prices. Overall the company’s stock is performing well in the market and also its dividend policy is investor friendly and ensures high and stable returns as compared to the industry in which dividends are not very common and that too every year. Bata also gave interim dividends in 2006 in addition to the usual annual dividends.Du Pont Analysis Return on common equity is disaggregated into its component to have a better look at what drives this return on common equity. Return on common equity was 13. 57% in 2005 then increased sharply in 2007 to 42. 94% then falling to 39%, 34% and 37% in 2008, 2009 and 2010 respectively. The good economic conditions in 2007 were efficiently utilized by the company. It is disaggregated in profit margin, asset turnover and leverage. Profit margin is basically net income divided by sales or net income as a percentage of sales. It measures how much a company keeps out of sales revenue as earnings.Both net income and sales of the company has increased over time. The ratio increased significantly in 2007 and after that maintained same level of around 9% which rose to 10% in 2010. Then sales divided by average assets shows a steady trend over the years which show company’s ability to generate revenues from investment. This means that the growth of sales and although higher than growth in assets but still the increase is more or less proportionate. Averag e assets over equity fall in 2007 and then maintain same level till 2010. It tells how much assets are owned by the company and how much are leveraged.A low ratio indicates that the company is strong and relies more heavily on equity rather than debt. So we can say that Net income over sales or profit margins are driving the return on common equity. This points towards the strength of the company that is a stable growth in sales and also a stable growth in net income that is ensuring good returns to the shareholders. Common size Balance Sheet Common size balance sheet means all components of balance sheets as a percentage of total assets. We will start with the analysis of current assets. In this company current assets form a major part of the total assets.In 2005, they were 74. 66% of total assets, varied slightly till 2008, increased to 78. 68% in 2009 and then 82. 82% in 2010. This is a good sign but it can be an indicator of deficient investment in long term assets or property p lant and equipment. In current assets, inventory and accounts receivables form the major component of total assets. Inventory was 44. 45% in 2005, increased to 50% in 2006, decreased to 41% in 2007, increased to 55. 97% in 2008 then started to decline till 36. 56% in 2010. Stock in trade and stores and spares determine total amount of inventory.High value of inventory may be inherent to this type of business as seasonal changes induce sales and hence inventory to sale out but in any case high inventory are required to be maintained. Next major component is account receivables or trade debt which shows the good credit policy of the company as receivables have significantly decreased over the years from 23. 27% in 2005 to 0. 53% in 2010 indicating majority of sales are in cash that solves many problems. A steady level of cash is being maintained showing slight dips in 2005, 2006 and 2008. Cash is 13% of total assets in 2010.This shows that liquidity position is very strong but it can also means that company may be holding idle cash that can be invested somewhere to generate returns. Non Current assets form a small portion of total assets which means that the company is not very ambitious and doesn’t involve in expansionary operations. In 2005 they were 25% of total assets whereas they have fallen to 17. 18% in 2010. in long term assets only property plant and equipment noteworthy and constitute almost all noncurrent assets. They have declined in conjunction with total noncurrent assets.Total equity as percentage of total equity and liabilities has increased over the years. In 2005 it was 45. 278%, showed a slightly downward trend in 2006 and 2007 but rises from 63% to 65% from 2008 to 2010. It shows that company is using more equity financing as compared to debt financing. Even in debt financing, current liabilities form a higher percentage of total liabilities and equity. It was 48% in 2005, showed a significant decrease in 2008 and then 31% in 2010. It shows that the even in liabilities the company prefers to finance its assets with current liabilities and trade payables in current liabilities.Provision for taxation has shown significant increase from 0. 24% IN 2005 to 7. 47% in 2010. The major increase was from 2009 to 2010. Noncurrent liabilities form a small portion of total liabilities and equity. It was 6. 47% in 2005 and decreased to 3. 23% in 2010. This also indicates that the company is matching its current and noncurrent assets with current and noncurrent liabilities so that there is no liquidity or solvency problem. Common size balance sheet shows good financial health of the company. Common size Income Statement Analysis Common size income statement measures all income statement components as a percentage of net sales.Cost of goods sold is a major component of net sales but it hasn’t increased significantly over time showing company is employing good cost minimization measures. It was 63% in 2006 then decreased t ill 57. 62% in 2008 then increased slightly to 60% in 2010. Managing costs is not creating problems for the country. Gross profit as a percentage of sales the opposite trend of cost increases till 2008 then falls to 40% in 2010. This is a reasonable percentage of gross profit. Interest expense of the company is very low so there remains a bigger chunk for the shareholders.Next major component is operating expenses which is the only significant expense due to the requirement of maintain international standard outlets throughout the company and hiring specialized staff. But operating expenses has shown decrease over time from 29% in 2005 to 24. 80% in 2010 with slight variation in between. Profit before taxation has shown good improvement over time. It increased from 5. 05% in 2005 to 14. 27% in 2010 with a steady increase over the year. Profit after taxation has increased over the years which is also a good sign. It was 3. 03% in 2005.There was a significant increase in 2007 due to f avorable economic conditions and then that level was maintained with slight increases over the years finally 10. 46% in 2010. Common size income statement shows that the company’s profit and loss account is in good health. Balance Sheet Horizontal Analysis (Year over Year Analysis) This analysis is useful in tracking the trends of different components of balance sheet over the years and then analyze those trends. Starting with current assets, from 2005 to 2006 current assets showed a slight decrease of 0. 51%.Within current assets the major assets of the company that is account receivables and inventory decreased by large percentages whereas cash and loans showed increases. This fall in current assets may not be harmful as it may pertain to inventory sale out or realization of accounts receivables. After that there is a consistent increasing trend. From 2006 to 2007, current assets increased by 37. 87% because all major assets showed increase. They dipped slightly from 2007 t o 2008 but gained paced later. From 2009 to 2010 they increased by 43. 58% with different components showings different inconsistent trends.Noncurrent assets increased from 2005 to 2006 by 15. 82% and kept increasing each year at an increasing rate. The trend was broken in 2008 to 2009 when the increase was only 4. 49%. Property plant and equipment shows an increasing trend till 2008. After that they are increasing but at a much lower rate. Largest increase was in 2007 to 2008 of 33% indicating expansionary phase of the company. Total equity is increasing over the years at an increasing rate. From 2005-2006 it increased by 12. 84% but in the next year it increased by 39. 49% and showing a major increase from 2008 to 2009 of 47. 5%. This is a favorable trend showing that the shareholders are putting n more and more equity and less and less debt. Current liabilities show an inconsistent trend sometime decreasing and some time decreasing. Only significant current liabilities are provis ions for taxation which show significant increases over the year. Noncurrent liabilities show an increasing trend over the years but by a small amount. The overall trend is inconsistent but not unfavorable. Income Statement Horizontal Analysis (Year over Year Analysis) Net sales show a reasonable trend.From 2005 to 2006 net sales increased by 17. 54% but the rate almost double next year when net sales increased by 32. 60% as compared to previous year. This again is the result of boom year of 2007. The rate fell to 29% next year but maintained its pace. This shows that growth of sales is healthy. Cost of goods sold increases at same rate over the years as the net sales with a slight variation. Gross profit has peaked from 2006 to 2007 at an increase of 47% and then the rate normalizes. The achievement of the company lies in the fact that gross profits have increased steadily over the years.The next important item is the operating expenses that increased over the years but the company managed to decrease the rate from 28. 09% to 16. 04 in 2009 to 2010. Operating profits have shown positive increase from year over year. From 2006 to 2007, operating profits increased by 133. 98% again showing effects of favorable economic conditions of the economy. Provisions for taxation have increased at an increasing rate over the years. Profit after taxation shows the same trend. From 2006 to 2007, profit after taxation increased by 227% which shows great performance.After that rate increase lowers down significantly but rises again from 2009 to 2010 when profit after tax increases by 48. 81%. The overall year over trend is quite favorable with no major setbacks in different measures of profit such as gross profit, profit before tax and profit after tax. Statement of Changes in Equity Statement of changes in equity also shows favorable trends. From 2006 to 2007 total equity increases by 39. 49% which is again owing to economic conditions but the good thing about the company is that they profited by this big push and maintained and even improved same levels.From 2007 to 2008 equity increased by 47. 55%. It increased by 36. 57% next year and finally increased by 39. 81% from 2009 to 2010. Dividends also show healthy growth over the years showing consistent dividend policy of the company. Cash Flow Analysis Company is generating enough cash flows from operating activities to cover its investing and financing activities. In 2005 net cash flows were coming out to be negative but combined with previous cash flows the end result was still positive. From 2006 onwards the amount became positive and showed a major increase.There is a major decrease in cash flows in 2008 because of very low cash generation from operation indicating some problem in realization of receivables or sale out of inventories. There is also an increase in loss on net change in assets and liabilities and income tax paid. But the latest year of 2010 shows a favorable situation. Growth of cash flows over the years is very inconsistent. From 2005 to 2006, cash flow from operating activities is increasing by 2584. 57% which is a huge amount. Then from 2006 to 2007, cash flows from operating activities fell by 2. 5% and fell by 80% next year. Then there is a big increase from 2008 to 2009 of 1159. 73% and a fall of 48% from 2009 to 2010. Cash flow from investing activities shows same volatile trend but on average it is positive or increasing. Cash flow from financing activities decrease at a decreasing rate till 2007 to 2008. Later it increased by 300% from 2008-09 and also from 2009-10 by 49%. Total cash flows are also increasing from year to year but from 2006 to 2007, they are showing a decrease of 64%. So the only problem in the statement is the inconsistency of cash flows.Economic Value Added Economic value added is the true economic profit of the business for the year and it is very different from the accounting profit. Its basically net operating profit after tax min us weighted average cost of capital into capital invested, where capital invested is working capital plus fixed assets. Economic value added deducts cost of all charges including equity which is basically opportunity cost of the invested equity capital. This basically measures the amount that the firm has added to shareholder’s value.Because of the way EVA accounts for the equity it is a better measure to decide upon corporate goals of the company and determining performance of the management. This number is positive for the company and also showing year over year growth. From 2006 to 2007 it is showing a growth of 227. 48%. As capital invested increased, NOPAT also increased. Company Valuation One of the most important task when analyzing a company is to gauge whether the current market price of the company’s stock shows intrinsic value of the stock or whether it is overvalued or undervalued.The first step is the calculation of weighted average cost of capital or WACC . For Bata Pakistan, WACC is calculated to be 13. 83%. Next step is to apply different techniques for determining the rate at which the company is growing. The average growth rate of sales is coming out to be 26. 89%. The average growth rate of dividends is coming out to be 60. 33% which is abnormally high due to extreme values and sharp increases in the amount of dividends paid. The last technique is that of calculating growth of free cash flows.The free cash flow is basically the amount available to the shareholders after deducting all charges. Values of free cash flows is coming out to be positive but again the average growth rate is coming to be 88. 22% which is also due to extreme values attributed to uneven and inconsistent growth in the operating cash flows used in the calculation of free cash flows. So we didn’t apply the dividend growth model. In any case WACC is coming out to be less than growth rate so we used free cash flow to equity model and assumed an average g rowth rate of 12% for the sake of simplicity.The intrinsic value of the company is coming out to be 639. 08. The stock price on 31st Dec 2010 was 660. The stock seems to be slightly overvalued but this amount is not significantly different and can easily be attributed to calculation mistakes. Recommendations * The company seems to be performing satisfactorily overall as it is making significant yearly profits. * It has sound credit and dividend policy and managing its inventory effectively. * Cash flows are inconsistent but that is not creating significant problems for the company. The company has the potential to expand if it increases its investment in long term assets. It basically means that the company needs to be a bit less conservative. * The previous points follow to the fact that going for a certain percentage of debt financing may open new opportunities for the companies. * Based on the analysis and valuation, we can positively say that even if the stock is slightly overva lued it is a good buy and a good hold for those who already have it. The stock price is not very volatile. The company is growing but still it has the potential to grow further or maintain its growth; nothing less.Apart from intrinsic value, its dividend policy is very attractive and ensures good return for its shareholders. References Wild, J. & Subramanyam, K. (2008). Financial Statement Analysis (10th ed. ). McGraw-Hill Brigham, E. & Houstan, J. (2003). Fundamentals of Financial Management (10th ed. ). South Western Publisher Arifeen, S. (2010). Financial Statement Analysis of Companies Listed at Karachi Stock Exchange (2005-2010). State Bank of Pakistan, Statistics and DWH Department www. kse. com. pk www. investopedia. com www. lse. com. pk

MayBank: Malaysia’s Largest Bank and Financial Group

1. 0. INTRODUCTION 1. 1. MAYBANK BERHAD BACKGROUND Maybank is a trade name for Malayan Banking Berhad. Maybank is well known as the largest bank and financial group in Malaysia, with significant banking operations in Singapore, Indonesia and the Philippines. This bank also has large interests in Islamic banking throughout Maybank Islamic Berhad and insurance via its Etiqa subsidiary. As it moves into its six decade, Maybank Group already show it commitment and changes in order to become the financial service leader in Malaysia.From its incorporated on 13th May 1960, Maybank starting its operation on 12th September 1960 at Mansion House, High Street, Kuala Lumpur. At that time, Malayan economy was fully dependant on rubber and tin and Maybank take the chances to be the first wholly bank that owned finance company. It was known as Malayan Finance Corporation and later its change to Maybank Finance. Maybank opened its first overseas branch in Brunei on 28th November 1960 followed by Sou th Bridge Road, Singapore in December 1960.On 12th December 1962, the Hong Kong branch was opened followed by a branch in London on 12th September 1962. Maybank also listed on Kuala Lumpur Stock Exchange on February 17 at the same year. On September 1973, Maybank step forward and sets up its investment banking arm known as Aseambanker and was already rename as Maybank Investment Bank in 2009. In 1974, Maybank introduced the Rural Credit Scheme which purposed its services to rural sectors and also to fulfil the government’s objective which want to balance the economic among populance.As the time passed by, Maybank upgraded its services and come out with the first mobile bus banking services in Johor in 1976 which provided financial services to rural communities. Maybank also introduced Mayban Phoenix Assurance Berhad in 1977 with the bank hold 70 % equity and the remaining 30% is held by British Phoenix assurance and changed its name to Mayban Assurance. In 1978, Maybank becom e the first Malaysian bank that computerized all the saving and other current account services. Maybank launched its first credit card called Maybank Visa Card in year 1980.Then, around 1983, the foundation stone of Menara Maybank or known as Maybank Headquarter was lay by Malaysian fourth Prime Minister, Tun Dr Mahathir Bin Mohamed. Maybank also step forward by opened Balai Seni Maybank and Maybank Numismatic Museum that officially launched by Tan Sri Dato Jaafar Hussein, Governor of Bank Negara Malaysia. An offshore bank in Labuan International Financial Centre was set up by Maybank to prove their establishment in this sector. After that, in 1992, Maybank formed Maybank Securities. This situation clearly show that Maybank always improving their standard year by year by introducing new services and products.Then,in year 1996, Maybank sell Kwong Yik Bank to Rashid Hussain Berhad Maybank also become the first bank that offer the convenience of ticket less travel for domestic flights on MAS through MASET (MAS Electronic Ticketing) in 1997. Maybank also upgraded its services by introducing Internet Banking services or known as Maybank2u. com that help their customer to use Maybank services at any time and places. In year 2001, Maybank then merged with Pacific Bank Berhad and Phileo Allied Bank berhad which well known as foreign banks.At the same year, Maybank also introduces Dataran Maybank which consists of head office of Mayban Finance, Maybank General Assurance, Mayban Fortis Holding, Mayban Life Assurance, Maybank Securities and last but not least is Maybank Futures. In year 2004, Mayban Finance vested all their entire operation and business into Maybank. Around 2008, Maybank was starting to establish its Islamic Banking Subsidiary known as Maybank Islamic Berhad. Besides that, Maybank also completed the acquisition of 15% in An Binh Bank (Vietnam), 20% of Muslim Commercial Bank of Pakistan and 97. 5% of Bank International Indonesia (BII).In addition, Maybank won for the second year Malaysia's Most Valuable Brand (worth RM9. 3 billion), and Deal of the Year – Insolvency & Restructuring Deal of the Year at the 2008 ALB SE Asia Law Awards. Maybank was founded by Malaysian business tycoon Khoo Teck Puat, who died in 2004. The company was led by President and CEO Amirsham Abdul Aziz for some two decades until March 2008 after which he was appointed Minister in the Prime Minister's Department in-charge of the Economic Planning Unit, a post he held until April 2009. Dato' Sri Abdul Wahid Omar was officially appointed as President and CEO of Maybank Group in May 2008.As of June 30, 2010, Maybank boasting group assets worth RM337 billion (US$106 billion), placing it among the top 120 banks worldwide. Malayan Banking is also a listed corporation on Bursa Malaysia. Maybank is well known as the largest bank in Malaysia with 384 domestic branches and 190 international branches and offices. Maybank is largest listed companies on the Malaysian Stock Exchange, Bursa Malaysia, with a market capitalization of over RM54 billion (USD22 billion) as of end-March 2011. In addition, Maybank was ranked at 458th in the Forbes Global 2000 Leading Companies with market cap of USD 20. 8 billion in year 2011. 1. 2. MAYBANK OPERATION Maybank operates consumer banking, business and corporate banking as well as private banking services, through a network of 384 branch offices and more than 2,800 automated teller machines in Malaysia. The company operates 22 branches throughout Singapore providing a full range of banking and financial products and services. Maybank, through Maybank Philippines Incorporated, has 50 branches in the Philippines and also has a banking presence in most of the other Southeast Asian markets, including Brunei, Papua New Guinea, Indonesia, Cambodia and Vietnam.The bank also operates branches in New York, London, Hong Kong and Bahrain. Beside its commercial banking network, Maybank operates a number of specialized s ubsidiaries in the insurance, investment banking and assets management, and finance sectors. The group's subsidiaries include Etiqa Insurance & Takaful which provides both conventional and Shariah compliant insurance products, and Maybank Investment Bank which is the Group's investment banking division following the acquisition of Maybank Discount and Maybank Securities. Maybank was the first Malaysian bank granted the right to establish a branch office in China.

Free Essays on Practical Convenience

Comfort and convenience are on the rise in America’s society. People want faster service, with the same or even better quality. Opulence is also particularly essential; however, efficiency is also required to accompany its presence. Most products have undergone dramatic changes in order to please the ever-growing demand for these luxuries. Telephones changed into cellular phones. Note pads transformed, upgraded, and turned into personal data assistants. Humongous personal computers downsized to a 4-ounce laptop. However, a device has refused to undergo the immense technological change to provide improved leisure and expediency: the toilet. The toilet has not changed its basic structure or function since its invention; there are still a great number of consumers for the product. Although size and mobility cannot be changed drastically, an improvement for greater amounts of extravagance and expediency should be insisted upon in order to bring the toilet into the 21st century. If these changes do not occur very soon, I fear its users may find it obsolete and even hazardous to their health. One problem with the toilet is its lack of comfort. Warmed toilet seats are not a new idea- many of the world’s wealthy already own them. Nevertheless, no human being should ever be subject to the torture of a chilled toilet seat. The horror of a cold toilet seat may have already taken the life of the greatest musician ever known to man, Elvis Presley. Many speculate that the King of Rock and Roll died due to a heart attack caused by a drug overdose. However, what if drugs did not cause Elvis’s heart attack? What if the shock of a cold toilet seat caused the King’s premature death? I know if my grandmother found out that a cold toilet seat killed Elvis, she would probably put every cold toilet seat in sight to death. If my theory is correct, maybe America should stop its war on drugs and start a war on cold toilet seats. To improve the lives... Free Essays on Practical Convenience Free Essays on Practical Convenience Comfort and convenience are on the rise in America’s society. People want faster service, with the same or even better quality. Opulence is also particularly essential; however, efficiency is also required to accompany its presence. Most products have undergone dramatic changes in order to please the ever-growing demand for these luxuries. Telephones changed into cellular phones. Note pads transformed, upgraded, and turned into personal data assistants. Humongous personal computers downsized to a 4-ounce laptop. However, a device has refused to undergo the immense technological change to provide improved leisure and expediency: the toilet. The toilet has not changed its basic structure or function since its invention; there are still a great number of consumers for the product. Although size and mobility cannot be changed drastically, an improvement for greater amounts of extravagance and expediency should be insisted upon in order to bring the toilet into the 21st century. If these changes do not occur very soon, I fear its users may find it obsolete and even hazardous to their health. One problem with the toilet is its lack of comfort. Warmed toilet seats are not a new idea- many of the world’s wealthy already own them. Nevertheless, no human being should ever be subject to the torture of a chilled toilet seat. The horror of a cold toilet seat may have already taken the life of the greatest musician ever known to man, Elvis Presley. Many speculate that the King of Rock and Roll died due to a heart attack caused by a drug overdose. However, what if drugs did not cause Elvis’s heart attack? What if the shock of a cold toilet seat caused the King’s premature death? I know if my grandmother found out that a cold toilet seat killed Elvis, she would probably put every cold toilet seat in sight to death. If my theory is correct, maybe America should stop its war on drugs and start a war on cold toilet seats. To improve the lives...