Kamal Pvc Industries Pvt Finance Essay - Free Essay Example

Sample details Pages: 12 Words: 3453 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? The area in the finance of dealing with the decisions on monitory grounds is identified as corporate finance. Maximize shareholder value is the primary object of corporate finance. The decisions and techniques can be long term or short term. Don’t waste time! Our writers will create an original "Kamal Pvc Industries Pvt Finance Essay" essay for you Create order The long term decisions are pertaining to capital investment which consist with equity or debt financing and when or whether payment of dividends to shareholders. Decisions deal with current assets and current liabilities such as managing inventories, cash and short term lending and borrowing are focused by short term decisions. Raise capital as appropriate by evaluating the companys financial needs that best fit to the needs, grow, develop, create and acquire businesses based on that, is corporate finance which also associate with investment banking. The Company Kamal (PVC) Industries (Pvt) Ltd (KPL) Profile The company founded in 1982 as a PVC pipe manufacturer producing limited range of pipes with one injection molding machine and single extruder and a small number of operators and resources. In 1985 added another two extruder machines and a PVC mixing plant to enhance the production capacity. The range of products with KTK brand was established in the market with a good reputation for high quality. In late 1990s further expanded the production process by investing on sophisticated machinery in the entire process. They were awarded with ISO 9001-2000 quality certificate for the range of products. Presently introduced with a wide range of products such as agricultural pipes in HDPE, irrigation drip pipes, electrical trunking and rain water gutters in PVC.ÂÂ  Now the company is in the capacity of manufacturing pipes in large diameter to cater the requirement of National Water Supply Department and considerable market share gained in the PVC pipe industry. The company intends to further expand the product range to cover pressure pipes with large diameter and sewerage fittings by offering complete solution to water and waste water projects. Range of Products PVC pipes Drainage and irrigation pipes and fittings PVC trunking and conduits Fittings made of injection molding technology Gutters and fittings for rain water management Solvent and Tile trims By implementing 5S practices in the work flow company has improved the productivity and steps taken to ensure safety of products and quality up to standards of national and international. Models Concepts Share Holder Value Discuss about the management decision which grow earnings, dividend and share price of the company that affects the ability to increase the cash flow and deliver value to share holders over a period. Valuation Discuss about the dividend valuation model which value of the firms share capital Cost of capital Discuss about the beta value of the company and provide firms overall cost of capital. Calculating cost of debt, cost of capital and weighted average cost of capital (WACC) are also discussed by the author. Financial Statement Analysis Calculated firms all possible ratios such as short term solvency, long term solvency, activities and profitability and changes. Performance indicators of the company Used the following performance indicators to assess the general and financial standing of the company. Growth Measure Compounded Annual Growth Rate of Total Assets (CAGRTA) Profitability Measure ROA Profit Margin Measure NPM Asset Utilization Measure Sales-to-Asset Ratio (STA) Risk Measure Variance of ROA (VROA) Tobins Q Ratio Total Sales Earnings per Share (EPS) EPS = {PAT / n}, n= number of equity shares Market Capitalization = MV per Share * n Book Value of Equity (BV) = {Net Worth / n} Price-to-Earnings Ratio (P/E Ratio) P/E Ratio = Market Price per Share / EPS = Market Capitalization / PAT Price-to-Book Value Ratio (P/BV Ratio) P/BV Ratio = Market Value per Share / Book Value per Share = Market Capitalization / Net Worth Following table contains some of the above ratios of Kamal PVC Industries (Pvt) Limited a Share Statistics ÂÂ   ÂÂ   ÂÂ   ÂÂ   As on 31-Dec-11 31-Dec-10 31-Dec-09 ÂÂ   ÂÂ   ÂÂ   ÂÂ   EPS (Rs.) 8.12 3.71 5.97 CFPS (Rs.) 13.79 9.05 10.84 Book Value (Rs.) 56.98 67.14 65.10 P/E Ratio 9.2 P/BV Ratio 1.3 DPS (Rs.) 2.00 1.50 1.50 ÂÂ   ÂÂ   ÂÂ   ÂÂ   Note: * Market Capitalization (For March, 2012) = 1246.82 (Rs. Mn.) * Market value per share (For March, 2012) = Rs. 75 Application of Shareholder Value Maximization Framework Factors affecting Shareholders Value are: Capital Market Conditions Profitability Æ’ÂÂ   Includes factors such as Sales Turnover / Profit Margin Risk Growth Assessing these factors for the company gives us a framework on which one can base a buying/selling criterion for the companys stock. Profit: Kamal PVC Industries (Pvt) Limited has been showing an increase in its profit margin for the past years, and there is still scope in this respect as the company is now increasing its product range and with demand expected to remain due to it market in white goods and electronic items. Hence the positive + rating. Risk: The risk factor for any company is always a matter of subjectivity. Hence the neutral rating O. Growth: Potential for growth is always there for a company in this field. Kamal PVC Industries (Pvt) Limited has also started work on RD and is expected to come out with newer products at the same time it is also looking into expanding its production capacity. Hence the positive + rating. Capital Market Conditions: Capital market conditions are quite unpredictable and with the ever-changing global scenario it is quite difficult to gauge this properly. Hence the neutral O rating. This has been put down in the following table: Factor Kamal PVC Industries (Pvt) Limited Profit + Risk O Growth + Capital Market Conditions O Overall 2 + Cost of Capital Beta Value Risk is an important consideration while investing in any security. It is the possibility that realised returns will be less than the returns expected. The degree, to which different portfolios are affected by risk as compared to the effect on the market as a whole, varies and is measured by Beta. The Beta factor describes the movement in a stocks or a portfolios returns in relation to that of the market returns. Beta is given by: Beta = {Covariance (X, Y) / Variance (X)} Where, Y is the returns on the security, X is the market returns or index, Covariance is a measure of how the two variables co-vary, and Variance is the square of standard deviation. Value of Beta for Bayer ABS Limited: 0.75 Cost of Capital Cost of Capital is the required return necessary to make any project worth its investment cost. This includes the cost of debt and the cost of equity. It can also be taken as the rate of return that the firm would receive if they invested their money someplace else with similar risk. Cost of Equity is the return that stockholders require from a company, and the Cost of Debt is the return that debt investors require from a company. Weighted Average Cost of Capital (WACC) is calculated by multiplying the cost of each capital component by its proportional weight and then summing them up: WACC = ((E/V) x Re) + {((D/V) x Rd) x (1 T)} Where: Re = Cost of Equity, Rd = Cost of Debt, E/V = percentage of financing that is equity, D/V = percentage of financing that is debt, E = the market value of the firms equity, D = the market value of the firms debt, V = E + D T = the corporate tax rate. Calculations: Taking Re as 16 %, Rd as 8 %, E/V as Rs. 1000, D/V as Rs. 500, and T as 40%, and substituting these values in the WACC formula, we get: WACC = (1000/1500 x 16) + {(500/1500 x 8) x (1 0.4)} = 10.67 + (2.67 x 0.6) = 12.27 Note: Looking at the Balance Sheet (For Kamal PVC Industries (Pvt) Limited Refer Appendix A), we see that, Equity Capital (Equity Share Capital + Reserves) = 1000 (Rs. Mn.) approx. Debt Capital = 500 (Rs. Mn.) approx. Hence the example above provides a close approximation for the companys WACC. Capital Asset Pricing Model (CAPM) Capital Asset Pricing Model (CAPM) is a model which utilizes the measure of systematic risk, B to price assets. The expected rate of return is given by: Ke = Rf + B x {Rf Rm} Where: Rf = Risk free rate of return, Rm = Market rate of return, Ke = Expected rate of return, B = Beta value for the stock. Calculations: Taking Rf as 6%, Rm as 12%, and beta, B (for Kamal PVC Industries (Pvt) Limited) as 0.75, and substituting these values in the CAP model, we get the expected rate of return, Ke as: Ke = 6 + {0.75 x (12 6)} = 6 + 4.5 = 10.5 Hence, an investor in the company Kamal PVC Industries (Pvt) Limited would be looking for a return of 10.5 % on his investments. Financial Risk (Due to Capital Structure of the Firm) Capital Structure of a firm is the mix of debt, preferred shock, and equity used for its long-term financing. Comments: We know that greater the financial leverage, lower will be the cost of capital for the firm. The management of Kamal PVC Industries (Pvt) Limited can hence look at increasing the debt financing to reduce the cost of capital for the firm. At the same time, since the company is financed more by equity capital and is less financed by debt, hence the financial risk as perceived by the shareholder will be less. No new equity has been issued since 1999; this is a positive thing as the existing shareholders have a better influence on the direction of the company. Comments for the Leverage Ratios (Refer Appendix A): The leverage ratios (Debt-to-Networth and Long-term Debt to Networth) for the company are on the lower side. These are in fact less than the industry (Petrochemical sector) average (which are around 1.0), and hence this can be a cause for concern. The ratios being low at the same time implies that the financial risk involved for the company is on the lower side as well. Financial Statement Analysis Ratio Calculation: A Financial Ratio is an index that relates two accounting numbers and is obtained by dividing one number by the other. Following five categories essentially encompass most of the important financial ratios: Short-Term Solvency Ratios (Liquidity Ratios) Current Ratio = Current Assets / Current Liabilities It is a good measure of the short-term liquidity position of a company. It basically shows the ability to cover ones current liabilities with ones current assets. Quick Ratio = {Current Assets Inventory} / Current Liabilities This is also called the Acid-Test Ratio. It basically shows the ability to cover ones current liabilities with ones most liquid assets. NWC-to-Total Assets Ratio = NWC / Total Assets Net Working Capital measure. Long-Term Solvency Ratios (Financial Leverage Ratios) Debt-Equity Ratio = Total Debt / Total Equity It is a measure of a companys debt utilization. It gives the extent to which a company is financed by debt. Interest Coverage Ratio = EBIT / Interest It is also called as the Times Interest Earned or TIE Ratio. It is a measure of a companys interest obligations. Cash Coverage Ratio = {EBIT + Depreciation} / Interest It is a measure of a companys interest obligation coverage by cash alone. Asset management Ratios (Turnover Ratios) Receivables Turnover Ratio It is a measure of receivables turnover. Payables Turnover Ratio It is a measure of payables turnover for a company. Total Asset Turnover Ratio It is a measure of the total asset turnover for a company. Profitability Ratios Profit Margin It is a measure of the profit margin of the company. This is important to gauge the financial position of the company. Return on Investment ROI tells how a company has done through its securities investments. Return on Equity It is a measure of return on the equity for the shareholders of the company. Market Value Ratios Price-Earnings Ratio P/E ratio shows how much investors are willing to pay for earnings per share of the company. Market-to-Book Value Ratio It is a measure of how the companys stock is doing with respect to its intrinsic or the book value of the stock. Earnings per Share It is a good measure of profitability of a companys stock. EPS is the portion of a companys profit allocated to each outstanding share of common stock. Leverages Leverages are of prime importance in the analysis of a companies risk. They give a good picture of the business, financial and the overall risk of a companys operations. Following three leverages are the most important in this regard: Operating Leverage (OL) = Contribution / EBIT It is a measure of the business risk. Financial Leverage (FL) = EBIT / PBT It is a measure of the financial risk. Combined Leverage = OL * FL = Contribution / PBT It is a measure of the overall risk. Comments: Based on the ratios and the leverages, we can comment on the position of the company with respect to: Short-term Solvency Position: The short-term solvency position of Kamal PVC Industries (Pvt) Limited is not as good as one would like it to be. The decrease in the current ratio to a value below the unity mark should be a concern. This shows that the company has some liquidity problems. Long-term Solvency Position: The long-term solvency of the company appears to be ok. The company has to improve its debt-equity ratio to meet industry average. Activity Position: Activity ratios for Kamal PVC Industries (Pvt) Limited are not in order. Indications of variable activity are available on comparing the ratios over the years. The company needs to ensure lower days of receivables and come up with proper working capital management measures. Profitability Position: The profitability position of Kamal PVC Industries (Pvt) Limited has improved over the years. This may be attributed to the increase in sales and to the decrease in the debt liabilities. The profit measure ratios have shown a substantial improvement from 1999 to 2001. Both the PAT and the cash profit have increased substantially over the years. This shows that the company has been operating at comfortable profit margins and that too despite the increasing competition. PS: One thing should be noted that over the three years under consideration, the year 2010 has been below par. One can see that the company was performing about fine in the year 2009, and has shown a large improvement in the year 2011, but the year 2010 has not been good, compared to the year 2009. This may be attributed to global competition and pressure from other competitors. Also, since a substantial market for the companys products is in the white goods and the electronics and IT sectors, hence the health of these sectors too might have been a cause for poor performance. Statement Analysis: (Refer Appendix A for the financial statements and common size statements for the company for three financial years) Observations: There has been no change in the Equity share capital of the company. Decrease in Reserves and decrease in the total debt for the company is again a positive thing implying better utilization efforts by the company. The Net Sales have been rising at a steady pace, likewise for the operating income and the profits. The tax liabilities of the company have increased over the year, but this is normal as this is due to more income. The Equity-Debt ratio has also been showing an upward trend over the years. Both the PAT and the cash profit have increased substantially over the years. This shows that the company has been operating at comfortable profit margins. Comment on Changes: Based on the observations and the data available for the three financial years, we can make the following comments on the financial position of the company: Increased Capital Turnover of Kamal PVC Industries (Pvt) Limited coupled with higher margins had led to an increase in return on capital employed (RoCE). The companys total debt has decreased from Rs. 572.78 mn as on December 31, 2009 to Rs. 475.91 mn as on December 31, 2011. The company s EPS has improved from around Rs. 6.0 in 2009 to around Rs. 8.0 in 2011. Improvement can also be seen in the Cash Flow per Share (CFPS) and in the dividend payout in year 2011 as compared to previous years. Cash Flows to Debt and Equity When calculating the amount of cash flowing to debt and equity holders, it is not appropriate to use the unlevered free cash flows because these cash flows do not reflect the tax savings from the interest paid. Starting with the UFCF, add back the taxes saved to obtain the total amount of cash available to suppliers of capital. Hurdle Price At times a firm may wish to know at what price it would have to sell its product for a particular investment to have a positive net present value. A procedure for determining this price is as follows: Express the operating cash flow in terms of price. There may be multiple phases such as a short start-up period, a long operating period, and a final year in which the terminal value is calculated. Write out the expression for the NPV using the appropriate discount rate. For the longer operating period, one can calculate an annuity factor to multiply by the operating cash flow expression. Solve the expression for the cash flow that would result in an NPV of zero. Since the operating cash flow was written in terms of price, the price now can be found. Debt Valuation While debt may be issued at a particular face value and coupon rate, the debt value changes as market interest rates change. The debt can be valued by determining the present value of the cash flows, discounting the coupon payments at the market rate of interest for debt of the same duration and rating. The final periods cash flow will include the final coupon payment and the face value of the bond. Investment Decision If the unlevered NPV of a project is negative, aside from potential strategic benefits, the project is destroying value, even if the levered NPV is positive. The firm always could benefit from the tax shield of debt by borrowing money and putting it to other uses such as stock buybacks. Optimal Capital Structure The total value of a firm is the sum of the value of its equity and the value of its debt. The optimal capital structure is the amount of debt and equity that maximizes the value of the firm. Share Buyback If a firm has extra cash on hand it may choose to buy back some of its outstanding shares. One interesting aspect of such transactions is that they can be based on information that the firm has that the market does not have. Therefore, a share buyback could serve as a signal that the share price has potential to rise at above average rates. Mergers and Acquisitions Companies may combine for direct financial reasons or for non-financial ones such as expanding a product line. The target firm usually is acquired at a premium to its market value, with the hope that synergies from the merger will exceed the price premium. Mergers and acquisitions do not always achieve their goals, as promised synergies may fail to materialize. Appendix A Income Statement: Income Statement ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   As on (12 Months) 31-Dec-11 ÂÂ   31-Dec-10 ÂÂ   31-Dec-09 ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   Profit / Loss A/C Rs. Mn. %OI Rs. Mn. %OI Rs. Mn. %OI Net Sales 2411.81 95.38 2138.62 97.69 1630.73 97.89 Operating Income (OI) 2528.73 100 2189.14 100 1665.81 100 OPBDIT 351.82 13.91 247.76 11.32 296.01 17.77 OPBDT 293.12 11.59 156.62 7.15 202.46 12.15 OPBT 193.35 7.65 62.66 2.86 116.84 7.01 Non-Operating Income 2.29 0.09 5.03 0.23 1.67 0.1 Extraordinary/Prior Period -1.4 -0.06 0 0 0 0 Tax 51.5 2.04 2.53 0.12 13.59 0.82 Profit After Tax (PAT) 142.74 5.64 65.16 2.98 104.92 6.3 Cash Profit 242.51 9.59 159.11 7.27 190.54 11.44 Dividend-Equity 35.17 1.39 26.38 1.2 26.38 1.58 ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   Balance Sheet: Balance Sheet ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   As on 31-Dec-11 ÂÂ   31-Dec-10 ÂÂ   31-Dec-09 ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   Assets Rs. Mn. %BT Rs. Mn. %BT Rs. Mn. %BT Gross Block 2065.86 80.17 1924.58 80.09 1762.46 76.77 Net Block 1359.8 52.77 1314.63 54.71 1244.93 54.22 Capital WIP 139.77 5.42 148.98 6.2 183.43 7.99 Investments 0.45 0.02 0.45 0.02 0.45 0.02 Inventory 370.11 14.36 348.81 14.52 313.3 13.65 Receivables 600.92 23.32 485.89 20.22 470.62 20.5 Other Current Assets 105.95 4.11 104.11 4.33 83.17 3.62 Balance Sheet Total 2577.01 100 2402.87 100 2295.9 100 ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   Liabilities Rs. Mn. %BT Rs. Mn. %BT Rs. Mn. %BT Equity Share Capital 175.86 6.82 175.86 7.32 175.86 7.66 Reserves 826.2 32.06 1004.83 41.82 968.92 42.2 Total Debt 475.91 18.47 452.42 18.83 572.78 24.95 Creditors and Acceptances 610.08 23.67 579 24.1 443.08 19.3 Other current liab/prov. 488.97 18.97 190.77 7.94 135.27 5.89 Balance Sheet Total 2577.01 100 2402.87 100 2295.9 100 ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   Ratio Analysis: Ratio Analysis ÂÂ   ÂÂ   ÂÂ   ÂÂ   As on 31-Dec-11 31-Dec-10 31-Dec-09 ÂÂ   ÂÂ   ÂÂ   ÂÂ   OPBIT / Prod. Cap. Empl. (%) 18.85 10.37 13.72 PBIT / Capital Employed (%) 18.9 10.7 13.82 PAT / Networth (%) 14.24 5.52 9.17 Tax / PBT (%) 26.51 3.74 11.47 Total Debt / Networth 0.47 0.38 0.5 Long Term Debt / Networth 0.4 0.34 0.36 PBDIT / Finance Charges 6.01 2.77 3.18 Current Ratio 0.98 1.22 1.5 RM Inventory (Days Consumption) 42.85 39.92 59.39 FG inventory (Days Cost of Sales) 24.33 27.3 30.32 Receivables (Days Gross Sales) 79.7 72.61 93.1 Creditors (Days Cost of Sales) 102.29 108.86 118.06 Op. Current Assets (Days OI) 155 156 190 ÂÂ   ÂÂ   ÂÂ   ÂÂ   Detailed Ratio Analysis (For Two Financial Years): Ratios Analysis Kamal PVC Industries (Pvt) Limited Comparison 31-Dec-11 31-Dec-10 Profitability Ratios ÂÂ   ÂÂ   OPBIT/Productive Capital Employed (%) 18.85 10.37 ROCE (%) 23.8 15.17 RONW (%) 14.24 5.52 TAX/PBT (%) 26.51 3.74 Gross Profit Margin (%) 7.65 2.86 Net Profit Margin (%) 5.64 2.98 Operating Profit Margin (%) 13.91 11.32 Dividend Payout Ratio (%) 24.64 40.48 Dividend/Operating Cash Flow (%) 14.5 16.58 Leverage Ratios ÂÂ   ÂÂ   Debt Equity Ratio (Times) 0.47 0.38 LTD/NW (Times) 0.4 0.34 Liquidity Ratios ÂÂ   ÂÂ   Current Ratio (Times) 0.98 1.22 Flow Ratio (Times) 0.21 0.38 Cash/CA (%) 50.89 35.1 Cash/CL (%) 22.07 20.67 PBDIT/Finance Charges (Times) 6.01 2.77 Activity Ratios ÂÂ   ÂÂ   RM Inventory (Days Consumption) 42.85 39.92 FG Inventory (Days Cost of Sales) 24.33 27.3 Receivables (Days Gross Sales) 79.7 72.61 Creditors (Days Cost of Sales) 102.29 108.86 Op.Curr.Assets (Days OI) 155 156 Working Capital (Net of Cash) (Rs Mn) -622.53 -316.39 Working Capital Cycle (Days OI) -4.06 -6.92 Growth Ratios ÂÂ   ÂÂ   Growth in Total Income (%) 14.16 31.28 CAG in Total Income (3 periods)(%) 14.44 20.37 Growth in Gross Profits (%) 208.57 -46.37 CAG in Gross Profits (3 Periods) (%) 18.28 17.57 Growth in Net Profits (%) 119.07 -37.9 CAG in Net Profits (3 Periods) (%) 10.81 22.67 Growth in Net Profits- (projected) (%) 0 0 Growth in Operating Profits (%) 42 -16.3 CAG in Operating Profits (3 Periods) (%) 5.93 3.65 Cash Flow Forex Details ÂÂ   ÂÂ   Forex Exchg Earnings/ForexOutflow (Times) 0.29 0.4 Forex Earnings /OI (%) 1.69 2.06

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Brand evaluation Chanel Parenty Agathe comal 3B Introduction For this work, I choose the band Chanel because of her world wild recognition but also because I am a huge fan of her creator Gabrielle Bonheur Chanel also known as Coco Chanel. History Gabrielle Bonheur Chanel is born in Saumur the 19 August of 1883. Her father was a snack trolley man. When she was a child her family used to call her Coco, this is why everybody in her entire life called her Coco Chanel. Her childhood was chaotic, her mother died in 1895 and her father send her and her sister in the Obazyne onastery in Correze. Then, she went to another religious institution in Moulins, where she learnt how to sew. Before she came on age, she left the institution and met Etienne Balsan who was a rich officer. He encouraged her to start as a millenist and she discovered that she got talent in fashion creation. But her independence desire was too strong and she decided to leave Etienne Balsan in a way to have her own shop and work. Indeed, Etienne Balsan thought that creation was only a hobby while Gabrielle wanted to work. This is the start of her upward mobility. With Arthur Capels help, she opened her first shop in Paris in 1910 at the now famous street Rue Cambon. Three years later, she opened two other stores in Deauville and Biarritz. In 1921, she launched the first Chanel fragrance in association with Pierre Wertheimer, Chanel N05. In 1924, la soci ©t © des Parfums Chanel was founded to produce and sell perfumes and beauty products. This was the first Chanel brand stretching, but not the last. In the same time, she launched the first Chanel costume Jewelry collection and got acclaimed by the famous magazine Harpers Bazzar as one of the ost revolutionary designs of our time. In 1928, she created the little black dress which Vogue magazine called the new uniform of the modern woman. Chanel Empire was built. During the Second World War, she stopped her creations and designs and she went out of business. She moved in the Ritz hotel. At the end of the war, she was accused to have an affair with a Nazi officer. So, she left Paris to go to Geneva in Sw itzerland. Churchill intervened on her behalf and told that she was on a spying mission for the British government. In the same time, Christian Dior, one of her first competitor designed the New look collection which was on the opposite of what Chanel created and what she thought about womansliberty. In 1953, Chanel came back to Paris to regain her preeminent position into fashion. Her first walk show was a disaster, magazines took her down. But this collection had a great success in the United States and she began to create clothe for films and Americans celebrity. Then, came success with all the most famous creation like her croisi ©re collection, f fashion. She received a fashion Oscar for her carrier and collection she designed. Gabrielle Chanel died on January 10, 1971, at the age of 87 years old. It is said that when she died she was still designing, still working. In 1983, the German designer Karl Lagerfeld is hired as the Chief designer for Chanel. He is still remembering Chanel vision and thought by creating elegant clothes but simple. Simplicity is the keynote of all true elegance. Brand Marketing First of all we are going to talk about the logo. The Chanel logo represents an nterlocking double C (one facing forward, the other facing backward). As people think, the logo does not come from the first two C of Coco Chanel but from a religious mosaic. When Gabrielle Chanel was in the religious institution she had a lot of time to imagine what her life is going to be. One time, she was in the church, thinking, she saw the interlocking double C and she thought it was a fate sign. But its easier for people to think that this logo is from her nickname. And we can say that it helps the brand in recognition. The logo symbolize the brand but also her history. All over the world, people know what the double C means and represents. The logo represents luxury too. Then, we are going to present the core concept of the brand. The essential main part of Chanel is providing high quality fashion products. Chanel prides itself on providing sophisticated, trendy and refines women clothes, sunglasses, Jewelry, watch, and make up The brand stands for quality, reliability and appurtenance signs. The brand Chanel claims her luxury appurtenance by designing clothes that can be described as piece of art and history. The brand can be described as being rustworthiness, luxury, unique, classy, elegant but creative. These values are not claimed by the brand (for example in marketing campaigns or slogan) but leaded when someone talks about Chanel or even when someone Just says the name Chanel. In the 22 September of 2010, Chanel opened a new store in Soho (London). The brand counts 200 stores all over the world. In 2006, Chanel has opened again a big rearranged store in Central Hong Kong. The store has been designed as a flat with library, lounge and private lounge. The shop is spread over three levels (accessories, atches and Jewelry, ready-to-wear). It has been completely redesigned by Peter Marino with the introduction of new colors, new materials. It welcomes the work of five artists: Jean-Michel Othoniel, Michal Rovner, Franpis-Xavier Lalanne, Vik Muniz and Joseph Stashkevetch. The brand want to extend this kind of concept store in old Chanel shops. Some artists, designers, painters can exposed their works in the store. Chanels first mission is to revolutionized Haute Couture fashion. They have to be creative but also maintain classic stylistic cods. They also want to bring fashion business into part of society. Fashion has always been seen like a hobby but this is true business. Nowadays, fashion luxury is one of the most successful sector. It breed millions of dollars. The third mission of Chanel is to go back to basics designs, elegance, class originality without being popular because that is the point. Being popular is the anti mission of chanel, they want to spring simplicity in Haute Couture but not being popular. An other creed of Chanel is that beauty is about presenting yourself to win respect from others.

The Red Badge Essays - Salem Witch Trials, Tituba, Abigail Williams

The Red Badge The Crucible John Harran Question # 5 April 04, 2001 English: 2 There was a real evil that stalked Salem in 1692. However, it had nothing to do with Witchcraft or Satan. The evil that stalked Salem in 1692 was a characteristic that existed in the the past. It is also a characteristic of the present and will probably exist in the future. This evil characteristic in society is power. Many leaders, as well as everyday people crave power. Miller wrote this play in the 1950`s when communism was a major threat to many Americans as well as much of the world. Millions of People feared Communism because of the power it can have on peoples lives. In the play The Crucible a young women named Abigail Williams thinks she has the power to condemn anyone she wants. Abigail blames Tituba (who is another young women in Salem) of using witchcraft to enchant two girls into a coma-like state. Abigail realizes she has this power after Tituba confessed to being under the control of Satan. As Abigail feels she now has this power, she admits she is under the control of Satan. Abigail then starts naming names of people in Salem who follow the Devil. Power existed in society in the past. An another example of how an over abundance of power is evil would be the Reign of Adolf Hitler. Hitler, who was a powerful dictator in Germany, tried to take over all of Europe. Power usually begins when one person or a group of people see an open opportunity to advance and when they do so they become overwhelmed with power. In Hitlers case, he saw that he had the power to control all of Germany. Therefore, he thought he would have the power to control all of Europe. The evil known as power feeds off of greed. An example of escalating power would be when Abigail Williams saw that she had condemned one women (Tituba) and she began to condemn many women by accusing them on Witchcraft. Fear is a real evil, it works by causing people to be terrified of people of things. During the 1600`s many people who settled into America feared the power of God. They were afraid if they sinned they would go to hell. Was there a real evil stalking Salem in 1692? It is really a matter of opinion as to what the actual evil was. However, most people who have read The Crucible will tell you that there was something evil going on in Salem at that time whether it be physical or spiritual. The fact that people were killed unnecessarily is evil itself. Philosophy