Tata Steel Case Study Analysis Essays

Tata Steel Case Study Analysis Essays Tata Steel Case Study Analysis Paper Tata Steel Case Study Analysis Paper Introduction The Tata Group is a very large group of businesses that dominate markets in India. The organization has established itself as a leader in markets such as the airline industry, hotel, software, investment, and steel industry. There is a long history of corporate responsibility within the group, and it is no surprise that all Tata companies have adopted a Tata Code of Conduct as well as many international standards. Tata Steel is one of twenty-eight major corporations within the Tata Group. Founded in 1907, it is the largest private sector steel company in India. Operations are spread across the country, with the steel manufacturing unit at Jamshedpur, and other manufacturing and mining activities situated in the states of Jarkhand and Orissa at eight locations. The Tata Group headquarters is based in Mumbai, Maharastra. This paper provides an overview and analysis of the accounting problems that Tata Steel is faced with after acquiring a foreign company. Company Profile Tata Steel, incorporated in 1907 by Shri Dorabji Tata, is Indias largest private sector steel company belonging to the Tata Group. The company manufactures finished steel, both long and flat products like hot and cold rolled coils and sheets, galvanized sheets, tubes, wire rods, construction re-bars, rings and bearings. The company markets its products in brands like Tata Steelium, Tata Tiscon, Tata Pipes, etc. The company is among the lowest cost producers of steel in the world. Its main plant is located in Jamshedpur, having a manufacturing capacity of 5 MTPA (million tonne per annum) while its processing units, captive iron ore and coal mines are located in the states of Orissa, Jharkhand, Maharashtra, Gujarat and West Bengal. With its head office located in Mumbai, the company functions through a network consisting of trading arms and operation and projects sites spread across countries in the continents of Asia, Europe and America. Apart from Steel there are six Strategic Business Units or divisions for Bearings, Ferro Alloys and Minerals, Rings and Agrico, Tata Growth Shop, Tubes, and Wires. It operates in more than 20 countries and has a commercial presence in over 50. In the past few years, Tata Steel has invested in Corus (UK), Millennium Steel (renamed Tata Steel Thailand) and NatSteel Asia (Singapore). With these, the company has created a manufacturing and marketing network in Europe, South East Asia and the Pacific-rim countries Problem Tata Steel Faces Tata Steel is faced with a very serious, and somewhat complex, problem. The company has global ambitions. By that I mean the company wants to establish itself as a power and contender in the global marketplace. Tata Group acquired UK based Corus Group, a well established steel company in its own right, by way of a $12. 1 billion deal. The deal was partly funded with a $6. billion dollar loan that was primarily denominated in Euros. The currency in which the Corus Group earned most of its revenues was Euros. It made sense for the Tata Group to fund the deal in Euros in order to avoid exposing the debt to currency risk. The problems that the Tata Group would face due to this deal brought about an issue that the organization really did not have much experience in dealing with. Because of the currency denomination issues with this dea l, the Tata Steel would have a liability of over $600 million on its financial books. Although, the reality of the situation is that Tata Steel has a sound and balanced financial structure and accounting practices. Because of international accounting laws that India and the Tata Group have adopted, on the books it looks as if Tata Steel is carry more liabilities or debts than it really is. This is significant because an investor or shareholder would look at the company’s financials and think that the organization is not as financially stable as it really is. Tata Steel used Indian Generally Accepted Accounting Principles (IGAAP) to prepare their financial statements. IGAAP merged with the global accounting system known as the International Financial Reporting Standards (IFRS). The problem with this is that by IFRS standards the merger, or natural hedge, was not recognized. IGAAP and IFRS both mandated that foreign currency loans be denominated in the borrowing company’s home currency for accounting purposes. This created a reporting problem for Tata Steel when in reality there was no financial problem with the deal. SWOT Analysis of Tata Steel Strengths Global position in steel industry Tata Steel is one of the most prosperous and profitable steel companies in the world. The acquisition of Corus and other global steel companies have bolstered Tata’s position in the marketplace and made it one of the top steel companies in the world. Corporate governance Tata Steel has had a very good record for corporate governance. It has set the benchmark in global corporate governance principles of accountability, transparency, and equity for others to follow. Tata Steel has been consistently receiving prestigious awards at both the national and the international arena. The company was awarded the Best Governed Company Award in 2006 for corporate practices presented by Asian Centre for Corporate Governance. Brand value The Tata Steel brand, owing to its highly ethical and a socialistic approach to business, has made its name synonymous to trust. The acquisition of Corus made Tata Steel an even more reputable and powerful company. Tats Steel was a well known brand even before the acquisition of Corus. The addition of Corus makes Tata Steel one of the most well known and productive companies in the world. Innovation of Tata Steel Tata Steel has the lowest operating cost for steel manufacture in the world. Further it has displayed effective means in adopting an eco-friendly and sustainable approach towards the manufacture of steel thus proactive measures are undertaken to ensure the employees health and productivity through ergonomically designed work stations and by protecting them from occupational hazards. Adaptability to the fast changing global business environment Tata Steel has displayed immense agility in the recent past during the global financial crisis. Its virtuosos of various fields have adopted various methods like lowering production and even shutting down steel plants due to the lack of demand, managing the balance sheet efficiently etc. The company has 70% of its procurement of raw materials for its operations in Asia through long term contracts and so its margins can be shielded from the nuances of the volatility of the financial markets. Management Team Tata Steel has a highly credible management team who has displayed their skills in expanding the company through various innovative methods. The company has successfully acquired Nat Steel of Indonesia, Millennium Steel of Thailand and more importantly UK based Corus. The company’s virtuosos of finance have been able to find innovative ways to tackle the company’s debt and keep the bottom line in the green zone despite lower demand and a lot of accumulated debt. Weaknesses Debt burden Tata Steel has a total debt of $9. 8 billion USD on its books, much of it from the Corus acquisition. The company plans to refinance $6. 5 billion of its long term debt. It has an unfavorable debt to equity ratio which means the assets of the company are largely financed through debt. With the steady increase in inflation most countries are beginning to tighten credit and liquidity in the money markets. As a result of inflation increases, interest rates are on the rise as well. An increase in interest rates means an increase in the company’s liabilities. This will further add to the degradation of Tata Steel’s balance sheet. Conservative accounting practices India has very conservative accounting standards. The system works within the country but lacks flexibility and adaptability when it comes to reporting differences in currency. Because the Tata Group has global aspirations, the company must deal in various currencies when doing business with global companies. The problem lies in the rules governing the accounting practices within India. All foreign currencies must be converted to the home countries currency when reporting on financial statements. Technology Many steel companies have implemented different technologies into their plants to make production and productivity more efficient. There is a new fluorescent x-ray technology that some companies have adopted. Tata Steel is lacking in this area. Tata Steel has failed to adopt new technology to lower cost, improve production, and improve employee safety standards. Procurement philosophy of its subsidiaries The largest subsidiary of Tata Steel, Corus, has high exposure to spot prices and a higher operational gearing among the larger European steel companies. Hence it has the risk of volatility associated with pricing, one of the key elements in determining profitability of a commodity company. Opportunities Competitive position Tata Steel is the second largest producer of steel in India and the sixth largest producer in the world. Over the years Tata Steel has been acquiring various steel companies around the world, the latest being Corus. There is a lot of room for Tata to grow and further establish itself as a perennial power in the global marketplace. Technological advances Tata Steel has shown immense integration abilities in the past. With the acquisition of Corus it has been able to integrate the high end technological knowledge into its production facilities. The company has also been able to produce high quality steel at lower prices and significantly improve its operating margins. Infrastructure opportunities India has geared up for rapid expansion in the field of infrastructure. The Government of India (GOI) has earmarked Rs. 1, 70,000 crore for infrastructural spending for the fiscal year 2010- 2011 and the trend is set to escalate up to the fiscal year 2025 when India is slated to become the third largest economy in the world. Further many private players either independently or by undergoing public private partnerships (PPP) has also come into the fray. The consumption of steel has been steadily increasing with the rapid investment in the infrastructure and real estate projects. The annual steel production of India has touched 200MT and according to governments steel policy is expected to touch around 250 MT by 2013-2014. The demand for Indian made steel is escalating overseas out of the 200 MT of steel currently produced in India around 50% of it is exported. In the first six months of the fiscal year 2009-2010 the Indian steel export almost doubled to 9. 3MT from 4. MT in the same period the previous fiscal year. The country’s iron ore exports during April-October 2009 period grew 20 per cent over the year ago period to 53 million tons. Accounting practices India’s accounting regulations does a disservice to many of the companies who operate globally. Because of the reporting regulations, Tata Steel has a liability on its balance sheet that realy doesn’t exist. The currency conversion rules hinders Tata Steel from putting together a balance sheet that reflects its actual holdings and activities. Tata Steel has an opportunity to help change the accounting standards in India to allow companies to report their financial activities accurately so that shareholders will have an accurate view of the financial position the company is in. Demand for steel The demand for steel is on arise both domestically and internationally as a result of the enhanced focus upon infrastructural development. Secondly with other steel projects of international giants POSCO, ARCELOR MITTAL stalled due to land acquisition problems the prices of steel are slated to soar. In the month of April 2010 the steel prices were increased by Rs. 2500/ton and this is just the brink of the U-Shaped economic recovery and the prices are slated to rise further in the near future. Acquisitions In the aftermath of the financial crisis various mineral assets are available globally at a price which is just a fraction of their prime value. The government of various countries has been putting up coal blocks under the hammer. Tata Steel has been very active in the asset acquisition space and has bagged various coal blocks in Asia, Africa etc. which is essential for its security of raw materials. Threats International competition Companies like the Indian Steel magnate Lakshmi Mittal’s Arcelor Mittal and Posco have landed on the shores of India. These are amongst the largest steel producers in the world and have a high chance of eating into the market share of Tata Steel. Indian market is also plagued with cheaper Chinese made steel which is ubiquitously available and is significantly digging into the market-share of all Indian steel makers including Tata Steel. Down Economy Tata Steel has a very large debt of 9. 8 billion USD on its books and has a huge interest burden. With the volatility of the financial markets and the tightening of credit and liquidity by the banks, interest rates are slated to go up and would further increase the interest burden of the company. Regulatory issues in India The government of India has chalked a strict norm for the clearance of a plant through environmental impact assessment (EIA). To get clearance from the concerned authority demands more than eight months thus leads to delay and project cost escalation. Albeit the governments’ steel policy has been pro industry in order to increase the steel capacity at a brisk pace.

Genetics Problems Coursework Example | Topics and Well Written Essays - 1000 words

Genetics Problems - Coursework Example The gene for fur color distribution is however co-dominant. This gene, S, has two alleles, S1 and S2; S1S1 animals have stripes only; S2S2 animals have spots only; and S1S2 animals have both stripes and spots. The S gene cannot be expressed in white rabbits. 4. A woman XBXb, IA_ whose father was color blind (X-linked, recessive) and who has type A blood has accused a man who is himself color blind XbY, IB_ of fathering her child. The accused man has type B blood. For each of the following cases, indicate whether or not the man might be the father. Explain your answer by including the genotype of the child and demonstrating how that genotype could be produced. 5. In Siberian Huskies base fur color is represented by black & white fur BB, tan/yellow & white fur Bb, and white only fur bb. Siberians all posses two style of fur wire hair (W_) and smooth (ww). What would the genotype and phenotype frequencies be for a true breading white smooth husky with a black/white fur with heterozygous

Gang Essay Example | Topics and Well Written Essays - 1000 words

Gang - Essay Example Meetings and gatherings with the police department and the community members to talk about and enlighten the community members on the effects of crime. The members of the community get to have information on how to identify the criminals and how to report to the relevant authorities. The members need to know that it is their right to stay safe and secure all the time. Gang Resistance Education and Training program, one of the best known educational-based prevention programs. Developed by bureau of Alcohol, Tobacco, Firearms and explosives in conjunction with the local police. This program consists series of lessons for the community and students that include skill development to help resist gangs and gang membership, avoid involvement in crime and learn the dangers associated with crime and gangs. The program is effective in developing positive attitudes towards the police and negative attitudes toward involvement in gangs and crime. Children have always learned how to act in the real world from the stories they hear, mass media contributes significantly to their behaviors. If the stories children see involve violence as a solution to problems, they are most likely to exercise violence to solve problems and challenges they face in the real world. The parents of the children can take charge to change how the children behave through either the following ways. Reduce exposure to media violence. If children watch movies, television less and less randomly, the chances of them seeing violence will be very minimal. Setting limits on how much the children watch and setting guidelines on what they watch can help accomplish reduction to exposure to media violence. Parents may consider adding positive programs while limiting negative ones. Another way to control is by establishing guidelines to media other than television, including video games, magazines, movies, comic books and videos. Change the

Forbidding Mourning by John Donne Essay Example for Free

Forbidding Mourning by John Donne Essay The principal theme of the poem is that lovers remain united even when they are physically separated. Donne proves his idea by argument, conceits, passion, and thought. It is believed that Donne left for France in 1611. He gave this poem to his wife at the time of his departure. The poet advises his wife not to mourn the temporary separation, because their love remains intact despite their parting. Parting brings their souls even closer. The biographical details of the poet, however, are not essential to the appreciation of the poem. The poet has universalized a personal experience. The poem is a remarkable illustration of intellectualization of passion and has Donne’s famous conceit of compass towards the end. The poem quietly begins with a metaphysical conceit. Virtuous people are not afraid of death. They visualize the life beyond death. So they pass away quietly. To the Elizabethans, separation is the death of the lovers. The poet believes and convinces his wife that separation strengthens love. Otherwise, separation is unimportant, even impossible. Even parting lovers don’t part. And separation is the expansion of their love. The poet asks his beloved to part quietly without creating a scene : So let us melt, and make no noise. The word ‘melt’ has many meanings. It implies ‘separation’, ‘death’, ‘tenderness’, etc. Let there be no floods of tears and no tempests of sighs, so characteristic of the Elizabethan lovers. It would be vulgarization of their love. Love is a mystery to the world, but not to the lovers. Let this mystery not be revealed to the world. Then the poet contrasts the physical love and spiritual love. The ordinary lovers are earthly, but spiritual lovers are divine. An earthquake causes great damage. People calculate the damage and the threat. On the other hand, the movement of heavenly bodies, though much greater, is harmless. The poet wants that his wife should let him part quietly. The earthly lovers cannot separate from the beloved, because their love or lust is tied to the limbs of the lady. They cannot afford to be away from those lips, eyes, and hands. The love between the poet and his beloved is spiritual and springs from mutual faith and understanding. It is mutual mental assurance. Theirs is the union of the minds and souls. The lovers unite into a single being, sharing a single soul. Their unity is not damaged by physical separation. The greater the distance, the stronger the soul. Separation is no breach, no break. Their love is precious like gold. It is expansive. Gold beaten thin covers an unexpectedly vast area. So their love will not break because of separation, but becomes rare and refined : Our two souls, therefore, which are one, Though I must go, endure not yet A breach, but an expansion, Like gold to airy thinness beat. The phrase ‘airy thinness’ has divine associations. It suggests angels in the air and the angelic or divine love between the lovers. If the lovers do not share a common soul, Donne argues that their individual souls are joined together at the top, like the legs of a compass. Perhaps no other image is used so often to illustrate metaphysical poetry and metaphysical conceit. The beloved who stays at home is like the fixed foot, fixed at the centre. It is fixed. It does not seem to move, but it does when the other foot moves. It leans and follows the roving (moving) foot. The roving foot, i. e. the lover, having completed the circle, returns to the centre and is reunited with the fixed foot. Donne believes in the love that has faith and firmness of the beloved which helps the lover to complete his circle (or journey) accurately. Eventually, he returns home to his beloved. They are face to face with each other. She is the focus of his life, the beginning and the end of his journey, and of all he wants : Thy firmness draws my circle just, And makes me end, where I begun. Donne’s use of conceit here and elsewhere is not ornamental but functional. It convinces, persuades, amplifies, and illustrates. Coleridge admires ‘A Valediction: Forbidding Mourning’. The poem is quiet triumph of the marital romance. It shows a remarkable restraint using a simple poetic form. The poem is even more meaningful today when the marital understanding it celebrates is fast vanishing. A great poet like Donne can produce good poetry out of a geometry box. ‘A Valediction : Forbidding Mourning’ is passionate logic turned poetry.

Current Status Of Malaria Vaccinology Essay -- essays research papers

Current Status of Malaria Vaccinology In order to assess the current status of malaria vaccinology one must first take an overview of the whole of the whole disease. One must understand the disease and its enormity on a global basis. Malaria is a protozoan disease of which over 150 million cases are reported per annum. In tropical Africa alone more than 1 million children under the age of fourteen die each year from Malaria. From these figures it is easy to see that eradication of this disease is of the utmost importance. The disease is caused by one of four species of Plasmodium These four are P. falciparium, P .malariae, P .vivax and P .ovale. Malaria does not only effect humans, but can also infect a variety of hosts ranging from reptiles to monkeys. It is therefore necessary to look at all the aspects in order to assess the possibility of a vaccine. The disease has a long and complex life cycle which creates problems for immunologists. The vector for Malaria is the Anophels Mosquito in which the life cycle of Malaria both begins and ends. The parasitic protozoan enters the bloodstream via the bite of an infected female mosquito. During her feeding she transmits a small amount of anticoagulant and haploid sporozoites along with saliva. The sporozoites head directly for the hepatic cells of the liver where they multiply by asexual fission to produce merozoites. These merozoites can now travel one of two paths. They can go to infect more hepatic liver cells or they can attach to and penetrate erytherocytes. When inside the erythrocytes the plasmodium enlarges into uninucleated cells called trophozites The nucleus of this newly formed cell then divides asexually to produce a schizont, which has 6-24 nuclei. Now the multinucleated schizont then divides to produce mononucleated merozoites . Eventually the erythrocytes reaches lysis and as result the merozoites enter the bloodstream and infect more erythrocytes. This cycle repeats itself every 48-72 hours (depending on the species of plasmodium involved in the original infection) The sudden release of merozoites toxins and erythrocytes debris is what causes the fever and chills associated with Malaria. Of course the disease must be able to transmit itself for survival. This is done at the erythrocytic stage of the life cycle. Occasionally merozoites differentiate into macrogametocytes and microgametocyt... ...ereas the prevailing wisdom required T cells as well in order to achieve protective immunity. Sceptics also pounced on the elaborate and painstaking process of elimination Patarroyo used to find the right peptides. He took 22 "immunologically interesting" proteins from the malaria parrasite, which he identified using antibodies from people immune to malaria, and injected these antigens into monkeys and eventually found four that provided some immunity to malaria. He then sequenced these four antigens and reconstructed dozens of short fragments of them. Again using monkeys (more than a thousand) he tested these peptides individually and in combination until he hit on what he considered to be the jackpot vaccine. But the WHO a 31% rate to be in the grey area and so there is still no decision on its use. In conclusion it is obvious that malaria is proving a difficult disease to establish an effective and cheap vaccine for in that some tests and inconclusive and others while they seem to work do not reach a high enough standard. But having said that I hope that a viable vaccine will present itself in the near future (with a little help from the scientific world of course).

Derived Classes and Base Classes

Derived Classes and Base Classes Mario Padilla IT/218 September 2, 2011 University of Phoenix/Axia College Derived Classes and Base Classes Considering that the ostrich is a flightless bird, it is reasonable to derive a class CHawk from CBird, but not a COstrich. This is mainly because the function fly () sets an altitude of 100 and, as everyone knows, the ostrich cannot fly. If we had to derive COstrich from CBird probably need to provide a function fly () to return 0, and this could break existing code, which sets the altitude to 100. This could be a derivation of a class avian; class CAvian { protected: int wingSpan; nt eggSize; }; class CFlyingBird : public CAvian { protected: int airSpeed; int altitude; public: virtual void fly() { altitude = 100; } }; class CFlightlessBird : public CAvian { // Arguments involving flightless birds }; class CHawk: public CFlyingBird { }; class COstrich : public CFlightlessBird { }; One of the main properties of the classes is inheritance. This pr operty allows us to create new classes from existing classes, retaining the properties of the original class and adding new ones. Each new class obtained through inheritance is known as derived class, and classes from which it derives are called base classes. In addition, each derived class can be used as a base class for a new derived class. And each derived class can be one or more base classes. In the latter case are referred to bypass manifold. This allows us to create a class hierarchy as complex as necessary. Well, but what are the advantages derived classes? Actually, that's the principle of object oriented programming. This property allows us to encapsulate different parts of any real or imaginary object, and links to objects made of the same basic type, will inherit all its features.

Internet Censorship Of China, South Africa And Other...

Internet censorship in China, South Africa and other countries is something that prohibits real discussion from taking place regarding issues that affect the public. For instance, in China, certain key word searches are automatically filtered out so that users cannot find the information they are seeking. While Internet censorship may be good from one perspective (in terms of stemming the flow of child pornography, curbing false information, or putting a nation’s interests first), it can be viewed as bad from another perspective (in terms of cutting down on the opportunity to inform sides of a dialogue, promoting free exchange of ideas, or discussing why one form of pornography is allowed but not another). This paper will show why Internet censorship can be interpreted in both positive and negative ways depending on the perspective that one adopts (whether one is pro-Statist or anti-Statist). In short, pros and cons depend wholly upon one’s worldview and outlook. 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