African American Literature Essay Example for Free

African American Literature Essay African American writing has a solid profoundly established foundation throughout the entire existence of America, along these lines giving the journalists ordered in this classification a solid message to pass on in any story they decided to tell. From sad life minutes to glad life minutes, the journalists can recount to their story in an assortment of strategies. This standard of writing fills in as a journal for the African American people group. The entirety of the artistic works that order this sort mirror the numerous exciting bends in the road an aggregate gathering of people must suffer while attempting to accomplish a spot ever. The accompanying conversation of three generally critical African American stories mirrors the battles one race of people needed to suffer on their excursion all through different timeframes in America. The Short Stories In the short story, My White Folks Treated us Good by Mariah Hines the writer depicts in first individual record of a circumstance when African American slaves were dealt with well in contrast with the narratives of misuse, assault, and disregard most people are habituate to perusing from this time. The slaves never went hungry, consistently had garments to wear, had the option to work under their own agreement, consistently approached with deference, and were advised to take Sundays off while likewise being urged to go to chapel on Sundays. The slaves were in actuality rewarded so well that when they were allowed to leave, they decide to stay at their previous master’s ranch and kept working for him. Hines finished up the Master kept on supporting his previous slaves. Hines expressed â€Å"Master helped us much as he could. A few of us he gave a bovine or donkey or anything he could extra to support us (p. 34). † Pushing ahead in time, the short story Sweat by Zora Neale Hurston portrays a circumstance of residential maltreatment in a drawn out connection between a spouse, Delia Jones, and her significant other, Sykes Jones. Sykes delighted in tormenting Delia, he would discover approaches to make her activity as a washwoman progressively troublesome by kicking the garments over the room or by terrifying her with ways identified with her dread of snakes. Sykes appreciated battling; he in actuality delighted in it to such an extent that he provoked Delia. This kind of torment stressed their union with the purpose of close to quiet regularly. Sykes believed it to be a smart thought to bring a diamondback into their home. The poisonous snake got lose in the home, Delia had the option to get outside the home yet Sykes stayed in the home and was assaulted in their room. Sykes hollered to Delia for help and solace, yet she couldn't come to him identified with dread. Delia at last strolled to the entryway, yet because of the idea of his wounds and the separation to the specialist she comprehended he would not endure this assault, consequently she permitted him to go in their terrace. â€Å"She could hardly arrive at the chinaberry tree, where she held up in the developing warmth while inside she realized the chilly waterway was crawling up and up to douse that eye which much known at this point she knew (p. 108). † This story shows how the individuals who decide to manhandle others generally pay for those activities at long last. Alice Walker composed the story Nineteen Fifty-Five, about a youthful white artist, Traynor, who bought a tune from a youthful African American lady, Gracie Mae, and proceeded to get acclaimed in the wake of recording and discharging his own form. His form of Gracie Mae’s melody kept on consuming Gracie Mae for an incredible remainder. It didn't have a similar importance, nor was it adored by his fans for similar reasons she trusted it would be. The fans adored Traynor, not the tune. Traynor kept on staying in touch with Gracie Mae all through his time in the military, visiting, relationships, and separations. At that point towards after numerous years, contact brought and Traynor was found to an abrupt halt after 15 spouses and a grieved street at long last. Gracie Mae lived vicariously through Traynor and his depiction of her melody. Gracie Mae herself lived cheerfully through the introduction of numerous kids, the separation or potentially demise of three spouses, the showering of endowments from Traynor, and his definitive passing. Gracie Mae had an association with Traynor that streamed further than her tune. â€Å"One night I imagined Traynor has separated with his fifteenth spouse p. 297). † Due to the generalizations and biases of this timespan Gracie Mae and Traynor were always unable to communicate the enthusiastic association they felt between one another. Basic Literary Conventions Literary shows and subjects were comparable in the tales; implications, culture, connotations, and primary characters were indistinguishable. The three stories were written in first individual and depicted an individual battle suffered by every principle character. The fundamental character was consistently female, solid, and free in various way. The tales range three unique timeframes, yet as yet reflecting comparable battles in altogether different settings. These shows are significant while associating the messages of these accounts. Each has an account of battle, some are inside while others are outward, and every lady must discover internal solidarity to change or adapt to their circumstances. Starting with My White Folks Treated us Good, this story was verifiably significant comparable to passing on the bliss that could be found in such a desperate circumstance as subjugation. Hines demonstrated not all servitude conditions were antagonistic or injurious; there was as yet the chance of appreciating life, and picking up autonomy by getting the break required, for example, the liberating all things considered, to improve one’s own life. In Sweat, Hurstson was capable compose an anecdote about a lady ready to continue on in a shocking circumstance of both mental and physical maltreatment. During this time ever, ladies couldn't be autonomous and frank because of a dread of judgment or expanded maltreatment. Delia was allowed to be liberated from the maltreatment of Sykes and took that risk by permitting him to kick the bucket from his wounds, in this manner bringing about her opportunity. Following in a similar suit, Nineteen Fifty-Five communicated the inner battle of a woman’s want to be comprehended and autonomous. Gracie Mae needed to sing her own melody and carry on with her own life, without association with an adaptation of her tune that didn't speak to the first expectation. Gracie Mae was content with her life, however was never liberated from what the arrival of her tune brought to her life. End Culturally, these accounts are essential to all American’s. The recorded noteworthiness of these accounts and the accentuation on equity puts a meaning of acknowledgment and accessibility of equivalent chance to all people paying little mind to shading, social class, age, race, sex, or individual circumstance. African Americans can recount to their own accounts of battles and triumphs through writing. This writing is an important device for all people needing to instruct themselves about huge occasions in American history. References Young, A. (1996). African American Literature: A concise Introduction and Anthology. New York, New York: HarperCollins College Publishers.

Searles Speech Acts An Analysis

Searles Speech Acts An Analysis Talk about Searles Speech Acts (incorporate Felicity Conditions and Performatives) Searle adopted a way of thinking of language strategy to discourse acts trying to give rationally brightening portrayal of general highlights of language He meant to address different inquiry in his methodology; What is the distinction between saying something and importance it? How does the listener comprehend what is implied? (Searle,1969). The term discourse acts is utilized to characterize an expression that has performative capacity in language and correspondence (Searle 1969) and was initially utilized by his tutor J.L. Austin in his hypothesis of lectionary, illocutionary and perlocutionary acts. Drawing on these etymological acts of Austin, Searle utilized his system to base his own postulation that talking is performing acts as indicated by rules. In the following areas I will allude to Searles primary extent of discourse acts as far as phonetic order and a standard administered language. With regards to clarifying discourse acts Searle proposes three unique ideas; rules, relational words and importance. He was especially intrigued by the illocutionary demonstration of promising performatives thus set out to portray these ideas dependent on the states of this exhibition of promising. As a component of his hypothesis of a standard administered language Searle made a differentiation among regulative and constitutive principles. In his book A paper of theory of language he expresses that regulative guidelines direct autonomously existing types of behaviour㠢â‚ ¬Ã¢ ¦ yet constitutive principles don't simply manage, they make or characterize new type of conduct (Searle,1969). For instance, take the principles of American football; the touchdown rule is constitutive versus the no insulting guideline which is regulative. A subsequent idea, relational words, give the substance of the illocutionary demonstration which can be utilized in various sorts of acts. For instance , Lucy will you plunk down Lucy, sit would you plunk down Lucy? all give the equivalent prepositional substance despite the fact that they are various types of illocutionary acts. As far as importance, Searle amended the thoughts of Grice and proposed change in demanding that not exclusively is significance established in the speakers aims yet in addition by a matter of show (Searle,1969). In view of his thoughts one can say that the speaker at first plans for the listener to perceive his/her goal to create that lectionary influence and also, he/she expects this is shown by the listeners comprehension of the importance words utilized in the context.ã‚â These expectations can just act together with shows of words for full of feeling correspondence (Elswyk,2014). The idea of promising is an activity alluded to as a performative. Searles hypothesis of performatives is that some illocutionary demonstrations can be performed by articulating a sentence containing an articulation that names the kind of discourse act these are called performative expressions. He demanded the significance of recognizing various types of performatives; articulations, action words and sentences. For Searle, performatives can be utilized in various ways, one can utilize it to state or make a revelation. For a discourse demonstration to accomplish its motivation the right conditions must be set up, these conditions are called felicity conditions. Along these lines, a sentence must be linguistic and well suited to be performed accurately. Initially an idea by Austin, there are 3 sorts of felicity conditions; preliminary conditions, a truthfulness condition and a satisfaction condition. Searle later refined this changing the satisfaction condition to basic condition and presented a fourth condition called the propositional content condition. Consider this example:ã‚â I tongue in cheek say to companions I know articulate you man and spouse I have not really hitched them since I don't have the power to these words to have the right illocutionary power hence the discourse demonstration comes up short. The felicity states of wedding couples depend on the legitimate situation of the speaker (Hogan, 2000). Searle offered portrayals of semantic components in endeavor to give an away from of the contrast between one illocutionary power and another. There had been past endeavors by Austin to recognize such components in which he set up five fundamental acts; Verdictives, exercitives, commissives, expositives, behavitives. Searle eventually accepted that the scientific classification should be genuinely changed in light of the fact that it contains a few shortcomings. One significant shortcoming being that Austin didn't decide an away from or set of standards on which the scientific classification depended on and along these lines there was cover between classes (Searle,1976). In this way, another rundown of new classifications he viewed as the nuts and bolts of illocutionary acts were shaped. Right off the bat; (1) announcements which impact prompt changes in the institutional situation, I swear; (2) expressives which express a mental state and how the speaker feels, for example praising; (3) commissives which is a demonstration of getting the speaker to accomplish something you require, for example undermining or promising; (4) orders which are endeavor to get the recipient to accomplish something, for example requesting. At last; (5) assertives which speak to the condition of the circumstance, for example depicting (Searle,1972). To sum up, Searles logical way to deal with discourse acts recommends that communicating in a language is a conduct controlled by constitutive guidelines. He further suggests that one plays out an illocutionary demonstration by promising, coordinating and addressing and perlocutionary acts are full of feeling on the off chance that it has the right impact on the listener. These demonstrations are administered by semantic ideas and rules and effective correspondence can possibly happen if these are set up. Searle creates Austins thoughts in a manner that gives a more clear and top to bottom comprehension of various types of discourse acts and the job they play in talking.

If I Try Really Hard, I Can Resemble Ernest Borgnine

If I Try Really Hard, I Can Resemble Ernest Borgnine Sort of. Do you remember the nursery rhyme about the London Bridge falling down? It really was sinking into the River Thames, so in 1968, the city of London put it up for sale to make way for a new bridge. Oil and chainsaw magnate Robert McCulloch submitted the winning bid of $2,460,000, and the London Bridge was dismantled block by block and moved to remote Lake Havasu City, Arizona, where it was reconstructed atop a man-made channel. Within a few years, the London Bridge became Arizonas second-biggest tourist attraction after the Grand Canyon. Designed by Disneyland planner C.V. Wood, Lake Havasu City is now home to nearly 50,000 people. Stranger things have happened! (photo from Wikipedia) Anyway, here are some photos from the first stop on my trip London. Check back soon for the next installment! Typical London row houses When youre in London, eating fish and chips is sort of a requirement. Traditional English breakfast: eggs, bacon, sausage, beans, mushrooms Yes, the phone booths really are red. London taxis pass the front entrance to Buckingham Palace A city government building that looked really cool Westminster Palace on the River Thames Westminster Palace and St. Stephens Tower (host of clock bell Big Ben) St. Stephens Tower Trafalgar Square Trafalgar Square Trafalgar Square whats wrong with this picture? The artist of the statue had never seen a lion before, so he used his pet dog as a model. Trafalgar Square statue of Lord Nelson The Savoy Theatre, on The Strand The Royal Courts of Justice Entering the Tower Bridge The Thames, from the Tower Bridge Piccadilly Circus is home to the London Pavilion (now the Trocadero) and an Underground station Piccadilly Circus: Its really just an intersection with a couple landmarks ;-) The British Airways London Eye, the worlds largest observation wheel The London Eye: you board a pod and the ride lasts a half-hour A long way up! Its yours truly ;-) A view from the top Big Ben friends A commanding view of the Thames The new London Bridge is so boring, I couldnt bear to show you more. The (much more interesting) Tower Bridge, for comparison A rather progressive afternoon tea in the crypt of St. Martin-in-the-Fields Church Sauntering around Hyde Park Where does the road go? The Chunnel train to Paris!

Stevensons Representation of Evil in Dr Jekyll and Mr...

Stevensons Representation of Evil in Dr Jekyll and Mr Hyde Dr Jekyll and Mr Hyde is a classic novel telling the story of the struggle between good and evil. The good being shown in the form of a well-respected Doctor Henry Jekyll and the evil being released from a lengthy repression in the form of Mr Edward Hyde. In my essay I will be concentrating on the influences of the Victorian age and how Stevenson involved aspects of his own life into the writing of the book. The 64 years from 1837 to 1901, which was the Victorian age, was a repressive society to live in. There were strict codes of morality, which meant that everyone had to look, sound and more importantly act in a certain way.†¦show more content†¦Nurse Cunningham talked a lot to Stevenson about her views on what Hell is like and how if you do one wrong thing in your life you will go there and suffers, she believed that there were only good people and bad people and no-one had both good and bad in them. Stevensons own lifestyle and the novel of Jekyll and Hyde seem to contradict Alison Cunninghams views and beliefs. Stevensons student life is thought to have influenced him in the writing of the novel, by day he was a well-educated student at Edinburgh University and by night he would visit the old town, go out drinking and have fun. From a young age Stevenson enjoyed reading and even when at University he would find time between studying and going out to enjoy a good novel. He was influenced by many writers such as William Hazlitt, Sir Thomas Browne, Charles Lamp, Michel de Montaigne and Daniel Defoe and is thought to have tried to mimic their ways of writing in his own novels. A superb role model was Daniel Defoe who is said, by some, to have been one of the initial founders of the English novel, as before his work most fiction was written in plays or poems. Stevenson brought about the notion of duality through the character of Dr Jekyll and his evil side, Mr Hyde. Dr Jekyll was a middle classShow MoreRelated The Representation of Evil in Stevensons Dr. Jekyll and Mr. Hyde1490 Words   |  6 PagesThe Representation of Evil in Stevensons Dr. Jekyll and Mr. Hyde This essay will show how evil is represented in Robert Louis Stevensons Dr. Jekyll and Mr. Hyde. Dr. Jekyll and Mr. Hyde is about evil and the duality of peoples personalities. To show this I will focus on Stevensons use of characterization, setting, historical, social and cultural context, settings, symbols and language. Robert Stevenson lived in the Victorian era, this was a very repressiveRead MoreStevensons Representation of Good and Evil in The Strange Case of Dr. Jekyll and Mr. Hyde1522 Words   |  7 PagesStevensons Representation of Good and Evil in The Strange Case of Dr. Jekyll and Mr. Hyde In this piece of coursework, I am asked to first of all, discuss how the novel is mainly concerned with the struggle between good and evil. Next, I will be moving on to discovering the historical, social, and cultural issues of the novel; this will discus what Stevensons literary influences were. Subsequently, I will be exploring the actual evil character oh Mr. Edward Hyde; thisRead MoreThe Case Of Dr. Jekyll And Mr. Hyde1052 Words   |  5 PagesLouis Stevenson’s Strange Case of Dr. Jekyll and Mr. Hyde. Apart from being an exceptional Gothic work, Stevenson’s novella is an excellent critique of the hypocrisy that dominated the Victorian era. In his novella, Strange Case of Dr. Jekyll and Mr. Hyde, Robert Louis Stevenson uses the characters of Dr. Jekyll and Mr. Hyde to expose the double standards and moral pretensions that governed Victorian society. Dr. Jekyll, the protagonist in Stevenson’s Strange Case of Dr. Jekyll and Mr. Hyde, is theRead MoreThe Strange Case Of Dr. Jekyll And Mr. Hyde1505 Words   |  7 PagesStevenson published his novella, The Strange Case of Dr Jekyll and Mr Hyde. 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In both of these novels, as the story progresses, their two extremes struggle to coexist and one ultimately dominates over the other. Both Songs of Innocence Songs of Experience and Dr. Jekyll and Mr. Hyde understand duality as

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Vip Ltd. Industry Moulded Luggage Free Essays

JV CAPITAL SERVICES PVT. LTD www. sharetrading. We will write a custom essay sample on Vip Ltd. Industry : Moulded Luggage or any similar topic only for you Order Now in VIP LTD. INDUSTRY : MOULDED LUGGAGE NSE Symbol : VIPIND CMP 115 RISK PROFILE: MEDIUM BUY TARGET 210 Key Data : 52 week H/L : Market Cap (Rs Cr. ) : Face Value : Beta : P/E : Div % : BV : PBV : (Source : Company) 294/32 314 10 0. 92 26 0. 87 48. 9 2. 3 VIP Industries is engaged in the travel product business. The Company operates in two business segments: luggage accessories and furniture. The products manufactured by the Company includes plastic moulded suitcase, plastic moulded briefcase and vanity case. The Company’s portfolio of brands includes V. I. P. , Carlton, Delsey, Footloose, Alfa, Aristocrat and Skybags. The Company’s subsidiaries include Carlton Travel Goods Ltd. and Blow Plast Retail Ltd. INVESTMENT RATIONALE Despite the slowdown in the global trends of economy, the luggage markets performed flat. VIP Industries is the largest player in Indian luggage market. One of the large segment of Indian luggage market is the canteen Store Department (CSD). VIP luggage continues to enjoy a prominent position and is one of the most respected brands in CSD. Apart from the domestic market, the company also exports sizeable quantity of luggage to Europe gulf and has presence in Africa many other countries. With a view to expand and to access the international markets, the company during FY09 has set up a wholly owned subsidiary in UK. The company has also acquired the well known international luggage brand ‘CARLTON’. These developments are expected to augment export sales of the company significantly. The company has been focusing on creating exclusive outlets to increase market share. Share Holding Pattern (%): 35. 73 % 43. 44 % VALUATION: 12. 90 % 0. 97% 6. 96% Promoters DIIs Others FIIs corporates Relative Performance Analysis: SENSEX VIP IND We are cautiously optimistic for the moulded furniture segment of the company. In case of luggage segment the management of VIP is very positive. The product portfolio of the company has been widened by introducing new products which offers good growth prospects. In FY08, earnings of the company have decreased. Revenues reflect a decrease in income from operation. Net loss reflects higher administrative, selling and other expenses with increased extraordinary items expenses. Currently the company is trading at a P/E 14. 14x of CY09 EPS. Albeit the price earning ratio of the company is high, we maintain a ‘BUY’ on the stock as it is in an expansion mode with a promising business model. (Rs cr) Financial Summary Year Net Sales Total Expenses PAT EPS FY2005 FY2006 FY2007 FY2008 (Source : JVCS RESEARCH) 297 329 557 544 272 303 404 504 7. 27 7. 9 22 14 4. 73 4. 94 5. 20 6. 60 SEPTEMBER 02’2009 JV CAPITAL SERVICES VIP LTD. INDUSTRY PROFILE Indian Luggage industry is currently undergoing a consolidation phase. The luggage market comprises of three segments: the premium segment with 15% of total market share, the popular segment and the standard segment. VIP Industries is the most dominant player in the premium segment with a market share of 44% in popular segment The luggage market is dominated by the unorganized sector with 5% market share. Northern western India are the biggest markets in the industry. The organized sector (8%) is growing at lesser pace when compared to the unorganized sector (25%) 50 200 150 100 50 0 I nde x e d Sa l e s Tr e nds BUSINESS UPDATES: In the moulded furniture segment, VIP industries enjoys a small market share, where the company has a huge potential to grow in this business. The company is now able to get the orders from Pune and is able to successfully execute the same in time. During the year, VIP industries has strengthened its distribution hold by significantly increasing its market presence through opening of new shops for Aristocrat Alfa Brands across the countries. This will significantly contribute in the balance sheets of the company. J u n – 08 M a r – 08 D e c – 08 M a r – 09 S e p – 08 J u n – 09 FINANCIAL FORECAST: (Rs cr) Earning Estimates Particulars Mar ‘09 June’09 117 118 8. 5 3. 6 4. 30 -0. 3 1. 0 0. 34 205 172 32 4. 2 29. 9 5. 6 20. 1 7. 10 Sep’09E 112 102 11 4. 0 10 -. 7 4. 9 1. 6 Dec’09E 151 129 24 3. 0 25 4. 8 12. 8 5. 1 25 20 15 10 5 0 I nd e x e d Pr o fi t Tr e nds Net Sales Total Expenditure PBIDT Depreciation PBT 08 08 ar -0 -0 ar -0 n- p- D ec Ju M Se M Ju n- 09 -5 Tax PAT EPS (Source : JVCS RESEARCH) 8 20 10 0 8 9 †¢ 08 08 ar -0 -0 ar -0 n- p- D ec Ju Se Ju n- 09 – 10 8 8 9 In Q1FY10, the company has posted a turnaround result for the quarter. Net profit for the quarter under review clocked at Rs20cr compared to Rs 1cr only. Healthy performance was due to spurted growth in operating profit by 640bps to 10. 4% % 33% fall in interest cost. During H1CY09, the company has launched school bags section priced range between Rs 300 Rs 900 and it aims to sell 70000 bags by the end of FY10. The company is planning to expand its retail network in FY10 as the rentals have touched almost bottom. To grab the change in consumer trend, the company has launched two models with different ranges in hard luggage system. VIP has slashed prices following the decline in prices of raw materials. †¢ Operating Margin Net Margin M M JV CAPITAL SERVICES VIP LTD. OUTLOOK The luggage industry is expected to grow in the current scenario with the factors like: †¢ †¢ Improved travels on month on month basis, passengers carried by various domestic airlines grew by 27% Introduction of new lighter hard luggage with using polycarbonate as basic input. RISK CONCERNS A major area of concern for the company is its dependence on China to produce most of the soft luggage. The recent changes in the economic scenario in the world along with the new labour regulations in China and the slowdown of production in China poses a mix of opportunity in terms of reduction of rates but also the threat of rate increases. For hard luggage, the prices of major raw materials have come down in the last quarter thereby the company may get the cost advantage with more scope of better margins. RECOMMENDATION: Currently the stock is trading at a P/E of 14. 9x with an EPS of 8. 10, we maintain a buy on the stock. EPS for CY09 is expected to Rs 14. 19 as company returns back to profitability. Taking the historical P/E of 15x, we arrive at a price target of Rs 212 for a time horizon of 610 months. The price volume trend analysis depicts that the stock is moving in some strong hands. Increasing volumes by major institutional investors gives a clean picture of their keen int erest in VIP Industries hence we expect the stock to give handsome returns of more than 80% in next 6 months. JV CAPITAL SERVICES VIP LTD. Research Desk Sajiv Dhawan Ashit Suri Sanjeev Kapoor Narendra Singh Rajeev Kumar Satyendra Singh Bijaya Swain General Enquiries Managing Director Head of Research Trading Desk Trading Desk Trading Desk Back Office Accounts Dept Tel: 011- 41654860 sajiv@jvfinancial. com ashit@jvfinancial. com 011-41654860 011-41654861 011-41654862 backoffice@jvfinancial. com 011-41654874 / 75 support@jvfinancial. com RISK PROFILE: Low Risk: Fundamentally Sound companies, with low beta. Expected market out-performance is 0—10% Medium Risk: Expected market out-performance is 10-20%. Preferably for the Investors with a maximum time frame of 6 months. High Risk: High Beta Stocks, expected market out-performance is more than 20%, Preferably for the investors willing to take advantage of market momentum and are aggressive in nature. Disclaimer Appendix This document has been prepared by the Research Desk of M/s JV Capital Services Pvt. Ltd and is meant for use of the recipient Ltd. only and is not for circulation. This document is not to be reported or copied or made available to others. It should not be considered to be taken as an offer to sell or a solicitation to support any security. The information contained herein is obtained and collated from sources believed reliable and we do not represent it as accurate or complete and it should not be relied upon as such. The opinion expressed or estimates made are as per the best judgment as applicable at that point of time and are subject to change without any notice. JVCS Pvt. Ltd. along with its associated companies/ officers/employees may or may not, have positions in, or support and sell securities referred to herein. Investors are advised to maintain strict stop loss. JV CAPITAL SERVICES How to cite Vip Ltd. Industry : Moulded Luggage, Papers

Vip Ltd. Industry Moulded Luggage Free Essays

JV CAPITAL SERVICES PVT. LTD www. sharetrading. We will write a custom essay sample on Vip Ltd. Industry : Moulded Luggage or any similar topic only for you Order Now in VIP LTD. INDUSTRY : MOULDED LUGGAGE NSE Symbol : VIPIND CMP 115 RISK PROFILE: MEDIUM BUY TARGET 210 Key Data : 52 week H/L : Market Cap (Rs Cr. ) : Face Value : Beta : P/E : Div % : BV : PBV : (Source : Company) 294/32 314 10 0. 92 26 0. 87 48. 9 2. 3 VIP Industries is engaged in the travel product business. The Company operates in two business segments: luggage accessories and furniture. The products manufactured by the Company includes plastic moulded suitcase, plastic moulded briefcase and vanity case. The Company’s portfolio of brands includes V. I. P. , Carlton, Delsey, Footloose, Alfa, Aristocrat and Skybags. The Company’s subsidiaries include Carlton Travel Goods Ltd. and Blow Plast Retail Ltd. INVESTMENT RATIONALE Despite the slowdown in the global trends of economy, the luggage markets performed flat. VIP Industries is the largest player in Indian luggage market. One of the large segment of Indian luggage market is the canteen Store Department (CSD). VIP luggage continues to enjoy a prominent position and is one of the most respected brands in CSD. Apart from the domestic market, the company also exports sizeable quantity of luggage to Europe gulf and has presence in Africa many other countries. With a view to expand and to access the international markets, the company during FY09 has set up a wholly owned subsidiary in UK. The company has also acquired the well known international luggage brand ‘CARLTON’. These developments are expected to augment export sales of the company significantly. The company has been focusing on creating exclusive outlets to increase market share. Share Holding Pattern (%): 35. 73 % 43. 44 % VALUATION: 12. 90 % 0. 97% 6. 96% Promoters DIIs Others FIIs corporates Relative Performance Analysis: SENSEX VIP IND We are cautiously optimistic for the moulded furniture segment of the company. In case of luggage segment the management of VIP is very positive. The product portfolio of the company has been widened by introducing new products which offers good growth prospects. In FY08, earnings of the company have decreased. Revenues reflect a decrease in income from operation. Net loss reflects higher administrative, selling and other expenses with increased extraordinary items expenses. Currently the company is trading at a P/E 14. 14x of CY09 EPS. Albeit the price earning ratio of the company is high, we maintain a ‘BUY’ on the stock as it is in an expansion mode with a promising business model. (Rs cr) Financial Summary Year Net Sales Total Expenses PAT EPS FY2005 FY2006 FY2007 FY2008 (Source : JVCS RESEARCH) 297 329 557 544 272 303 404 504 7. 27 7. 9 22 14 4. 73 4. 94 5. 20 6. 60 SEPTEMBER 02’2009 JV CAPITAL SERVICES VIP LTD. INDUSTRY PROFILE Indian Luggage industry is currently undergoing a consolidation phase. The luggage market comprises of three segments: the premium segment with 15% of total market share, the popular segment and the standard segment. VIP Industries is the most dominant player in the premium segment with a market share of 44% in popular segment The luggage market is dominated by the unorganized sector with 5% market share. Northern western India are the biggest markets in the industry. The organized sector (8%) is growing at lesser pace when compared to the unorganized sector (25%) 50 200 150 100 50 0 I nde x e d Sa l e s Tr e nds BUSINESS UPDATES: In the moulded furniture segment, VIP industries enjoys a small market share, where the company has a huge potential to grow in this business. The company is now able to get the orders from Pune and is able to successfully execute the same in time. During the year, VIP industries has strengthened its distribution hold by significantly increasing its market presence through opening of new shops for Aristocrat Alfa Brands across the countries. This will significantly contribute in the balance sheets of the company. J u n – 08 M a r – 08 D e c – 08 M a r – 09 S e p – 08 J u n – 09 FINANCIAL FORECAST: (Rs cr) Earning Estimates Particulars Mar ‘09 June’09 117 118 8. 5 3. 6 4. 30 -0. 3 1. 0 0. 34 205 172 32 4. 2 29. 9 5. 6 20. 1 7. 10 Sep’09E 112 102 11 4. 0 10 -. 7 4. 9 1. 6 Dec’09E 151 129 24 3. 0 25 4. 8 12. 8 5. 1 25 20 15 10 5 0 I nd e x e d Pr o fi t Tr e nds Net Sales Total Expenditure PBIDT Depreciation PBT 08 08 ar -0 -0 ar -0 n- p- D ec Ju M Se M Ju n- 09 -5 Tax PAT EPS (Source : JVCS RESEARCH) 8 20 10 0 8 9 †¢ 08 08 ar -0 -0 ar -0 n- p- D ec Ju Se Ju n- 09 – 10 8 8 9 In Q1FY10, the company has posted a turnaround result for the quarter. Net profit for the quarter under review clocked at Rs20cr compared to Rs 1cr only. Healthy performance was due to spurted growth in operating profit by 640bps to 10. 4% % 33% fall in interest cost. During H1CY09, the company has launched school bags section priced range between Rs 300 Rs 900 and it aims to sell 70000 bags by the end of FY10. The company is planning to expand its retail network in FY10 as the rentals have touched almost bottom. To grab the change in consumer trend, the company has launched two models with different ranges in hard luggage system. VIP has slashed prices following the decline in prices of raw materials. †¢ Operating Margin Net Margin M M JV CAPITAL SERVICES VIP LTD. OUTLOOK The luggage industry is expected to grow in the current scenario with the factors like: †¢ †¢ Improved travels on month on month basis, passengers carried by various domestic airlines grew by 27% Introduction of new lighter hard luggage with using polycarbonate as basic input. RISK CONCERNS A major area of concern for the company is its dependence on China to produce most of the soft luggage. The recent changes in the economic scenario in the world along with the new labour regulations in China and the slowdown of production in China poses a mix of opportunity in terms of reduction of rates but also the threat of rate increases. For hard luggage, the prices of major raw materials have come down in the last quarter thereby the company may get the cost advantage with more scope of better margins. RECOMMENDATION: Currently the stock is trading at a P/E of 14. 9x with an EPS of 8. 10, we maintain a buy on the stock. EPS for CY09 is expected to Rs 14. 19 as company returns back to profitability. Taking the historical P/E of 15x, we arrive at a price target of Rs 212 for a time horizon of 610 months. The price volume trend analysis depicts that the stock is moving in some strong hands. Increasing volumes by major institutional investors gives a clean picture of their keen int erest in VIP Industries hence we expect the stock to give handsome returns of more than 80% in next 6 months. JV CAPITAL SERVICES VIP LTD. Research Desk Sajiv Dhawan Ashit Suri Sanjeev Kapoor Narendra Singh Rajeev Kumar Satyendra Singh Bijaya Swain General Enquiries Managing Director Head of Research Trading Desk Trading Desk Trading Desk Back Office Accounts Dept Tel: 011- 41654860 sajiv@jvfinancial. com ashit@jvfinancial. com 011-41654860 011-41654861 011-41654862 backoffice@jvfinancial. com 011-41654874 / 75 support@jvfinancial. com RISK PROFILE: Low Risk: Fundamentally Sound companies, with low beta. Expected market out-performance is 0—10% Medium Risk: Expected market out-performance is 10-20%. Preferably for the Investors with a maximum time frame of 6 months. High Risk: High Beta Stocks, expected market out-performance is more than 20%, Preferably for the investors willing to take advantage of market momentum and are aggressive in nature. Disclaimer Appendix This document has been prepared by the Research Desk of M/s JV Capital Services Pvt. Ltd and is meant for use of the recipient Ltd. only and is not for circulation. This document is not to be reported or copied or made available to others. It should not be considered to be taken as an offer to sell or a solicitation to support any security. The information contained herein is obtained and collated from sources believed reliable and we do not represent it as accurate or complete and it should not be relied upon as such. The opinion expressed or estimates made are as per the best judgment as applicable at that point of time and are subject to change without any notice. JVCS Pvt. Ltd. along with its associated companies/ officers/employees may or may not, have positions in, or support and sell securities referred to herein. Investors are advised to maintain strict stop loss. JV CAPITAL SERVICES How to cite Vip Ltd. Industry : Moulded Luggage, Papers