First Farms Corporation free essay sample

I. Point of View This group takes the point of view of Mr. Ricardo Sarmiento, Vice President for Finance of First Farms Corporation (FFC for brevity). Mr. Sarmiento will present to the Board the financial performance and financial position of the company from 1993 to 1995. In the process, he will also make recommendations as to the feasibility of the proposed expansion. II. Case Context In 1995, FFC raised P1. 1 billion from its initial public offering. P500 million of the proceeds was used as working capital (livestock inventories and raw materials), P476 million went to expansion of operations and acquisition of properties while P69 million was used to pay part of the corporation’s long term debt. In the face of tight competition, consolidated sales for the year still amounted to P5. 7 billion which is 44% higher than the previous year. P3. 508 billion or 62% of revenue was from chicken sales hence, taking over leadership in the business from Marigold Foods Inc. We will write a custom essay sample on First Farms Corporation or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Moreover, FFC has outpaced the industry growth on chicken sales volume which is largely attributed to the company’s increased contract growing base. Net income was also up 89% amounting to P280 million despite the increasing costs of production. During the year, FFC launched a new line of extruded aquaculture feeds. It also entered the fast food business thru California Chicken and Gulliver’s Chicken restaurants. Management is proposing for construction of three dressing plants and four new feed mills for the following year (1996) as they believed that sales and profits were held back in 1995 partly by constraints in production capacity. It is expected to be financed by short term notes if approved. It must be noted, that the Industry is bracing for the entry of imported frozen chicken in 1998, when trade barriers in the Philippines are lowered. III. Problem Definition Why is there a deficit amounting to P719 million in operating cash flow in 1995? Why does Return on Equity gone down? Given the financial position and performance of the company, is it feasible for FFC to construct more dressing plants and feed mills? If so, should they use short- term notes to finance the expansion? IV. Framework A breakdown of Cash Flow from Operating Activities will be used in analyzing the deficit mentioned in the previous sections. Ratio analysis (specifically the liquidity, efficiency, leverage and profitability ratios) and the Du Pont Technique will be used to assess the possible reasons for the decrease in ROE and the feasibility of expansion. V. Analysis ILLUSTRATION 1: BREAKDOWN OF CASH FLOW FROM OPERATING ACTIVITIES CASH FLOW FROM OPERATING ACTIVITIES (P’000)19941995 Net Income148,216280,256 Adjustments98,23080,668 Changes in Operating Assets and Liabilities: Trade Receivable(112,420) (180,893) Others(32,527) (212,761) Inventories(118,029) (803,317) Due from affiliated companies17,661(17,650) Deferred income tax (2,037) Prepaid Expenses(25,198) (85,602) Accounts Payable Accrued Expense26,746 163,746 Acceptances Payable109,205 (3,859) Dividends payable9,236 Income tax payable(3,428)61,956 Due to affiliated companies(2,057)10 Net Changes in Operating Assets and Liabilities(130,811)(1,080,407) Net Cash Provided by Operating Activities115,635* (719,483)* *Minor discrepancy in computations because of approximations. Illustration 1 shows that the deficit in the operating cash flow was caused by increase in all the current assets of the company and largely because of bloated inventories. Looking at year 1994, changes in inventories in 1995 was more than 6 times larger. Investment in other current assets was also noticeably augmented in 1995. From a positive P115. 6 M to a negative P719. 5 M operating cash flow, we can see how aggressive the company was in spending for current assets in general in 1995. ILLUSTRATION 2: RATIO ANALYSIS RATIOFORMULA1993199419951993-1994 Trend1994-1995 Trend LIQUIDITY Current ratioCA/CL0. 9990. 9971. 353v^ Quick Asset ratio(Cash+Trade Receivables)/CL0. 2910. 3320. 401^^ LEVERAGE Debt ratioTL/TA0. 6250. 6450. 536^v Debt- Equity ratioTL/SE1. 6841. 8511. 163^v EFFICIENCY Total Asset TurnoverSales/TA1. 7191. 9961. 458^v Receivables TurnoverSales/Trade Receivable15. 98613. 49111. 985vv Days Receivables360/ RTOR22. 52026. 68430. 038^^ Inventory TurnoverCost of Sales*/Inventories4. 5595. 1313. 482^v Days Inventory360/ITOR78. 97270. 168103. 397v^ Payable TurnoverCost of Sales*/AP**7. 8329. 8239. 880^^ Days Payable360/PTOR45. 96536. 65036. 438vv PROFITABILITY Return on EquityNI/SE0. 1370. 2140. 156^v Return on AssetsNI+[Int. Expense*(1-tax rate)]/TA0. 0880. 1100. 078^v Operating Profit MarginOperating Income/Sales0. 0790. 0890. 078^v Net Profit MarginNI/Sales0. 0300. 0370. 049^^ *Includes operating expenses **Includes accrued expenses ILLUSTRATION 3: DU PONT TECHNIQUE YearNet Income/ SalesSales/ AssetsAssets/EquityROE ProfitabilityEfficiencyLeverage 19930. 0301. 7192. 6950. 137 19940. 0371. 9962. 8670. 214 19950. 0491. 4582. 1680. 156 Based on Illustration 3, it is observed that in 1995, efficiency and leverage decreased causing the ROE to plunge to 15. % from 21%. Decrease in efficiency was mainly due to low inventory turnover and low receivable turnover (see Illustration 2) while decline in leverage may be accounted to the substantial increase in stockholders’ equity brought about by the IPO proceeds. The company’s profitability in 1994 was excellent, for this reason it was easy for FFC to raise equity in 1995. However, th e management decision to boost inventory has adversely affected its efficiency for the year. Contrary to what management believes, the sales and profits were not held back in 1995 due to production capacity. If this was the case, inventories should have a lower figure and higher inventory turnover. In fact, there was a lot of inventory that was not disposed that it held back the sales and consequently profits. Stocking up large inventories is not advisable for FFC as most are perishable and entails cost like warehouse space, feed consumption and utilities (see Table 1 of Case for Inventories details). Expansion of the contract growing base may have been too much too soon. Notice also that receivables turnover decline even more (see Illustration 2). It now takes 1 month for the company to collect from its creditors. It is alarming because though sales grew by 44% in 1995, trade receivables have increased further by 62% (see FFC’s Consolidated Balance Sheet). It seems that the company is very generous with its credit policy which affected adversely its operating cash flow. If the company continues to expand by constructing new dressing plants and feed mills, it may seriously affect the company’s efficiency and liquidity if sales remain unchanged given tight competition especially with the entry of imported frozen chicken. Net income may also be affected considerably as it brings about expenses like maintenance, employees salary etc. Should the company expand and use short- term notes to finance the expansion, it will significantly affect the cash balance even more upon payment of the debt. VI. Decision FFC was too aggressive in keeping inventories resulting to lower ROE and cash flow from operations. The management may have overlooked the abnormally high inventories and focused mainly on the remarkable performance (sales) of the company. It is recommended that the company postpone its plan to increase production capacity until inventory turnover improves. As soon as the company becomes more efficient, FFC may opt to revamp existing dressing plants and feed mills by installing a more advance technology to increase production capacity. It is also advised that long-term liabilities be used in expanding production capacity instead of short- term notes to make a leeway in building funds for payment. VII. Justifications †¢Inventory turnover and receivables turnover declined resulting to lower asset turnover. †¢It is too optimistic for the company to expect that sales will continue to increase in the next five years especially with the anticipated entry of imports. Construction of dressing plants and feed mills may increase asset but may decline further efficiency of the company if growth in sales is insignificant. †¢Using short- term notes to finance expansion may result to a negative cash flow. VIII. Implementation To initially improve inventory turnover, FFC can lower its price to get a higher market share so it can also di spose its excess inventories. The company may also give sales discounts to increase receivable turnover. Doing these may decrease profit margin but will actually have a better impact since risk of spoil of inventories and default in payments will be lessened.

Free Essays on England Vs Spain In The Race To Explore The New World

â€Å"England vs Spain in the race to explore the new world† Europeans were among the most wealthiest people in the late 1400’s into the 1500’s. They lusted for gold, spices, furs and other luxury goods from different parts of the world. These goods primarily came from Asia and Africa. Before the search for an alternate route to the East, most Europeans concentrated on Mediterranean trade which was monopolized by the Italians. European countries would have to go through them to acquire eastern goods. Late in the thirteenth century a fleet of Genoese ships found a route through the Straight of Gibraltar to get from Southern Europe to Northern Europe. They went this way instead of using the old land route which was much slower. At this time exploration of new routes to the east were not even an issue. Mediterranean trade was so profitable that there was no need to search for an alternate route. Although in the 15th century the bubonic plague hit Europe killing about a 1/3 of the population. So many people died that most people had no clue to how long they would live. Most people realized this and took this opportunity to take great chances like embarking on dangerous sea voyages. They thought it was a good idea since they were probably going to die anyway. When Columbus tried to get the Portuguese, who were thriving on African exploration, to sponsor an expedition to the west he was turned down. So he moved on to Spain where he explained to them his plan. He even tried to persuade the Royal Courts of England and France. Finally, in 1492, Spain granted to fund Columbus’ exploration. In 1497 the King of England who had previously rejected Columbus’ request for sponsorship sent a sailor named John Cabot to look for an alternate route to the Indies. Cabot reached the tip of Newfoundland and thought it was part of Asia. He rushed back to England to tell them and arranged an even bigger fleet to go back. John C... Free Essays on England Vs Spain In The Race To Explore The New World Free Essays on England Vs Spain In The Race To Explore The New World â€Å"England vs Spain in the race to explore the new world† Europeans were among the most wealthiest people in the late 1400’s into the 1500’s. They lusted for gold, spices, furs and other luxury goods from different parts of the world. These goods primarily came from Asia and Africa. Before the search for an alternate route to the East, most Europeans concentrated on Mediterranean trade which was monopolized by the Italians. European countries would have to go through them to acquire eastern goods. Late in the thirteenth century a fleet of Genoese ships found a route through the Straight of Gibraltar to get from Southern Europe to Northern Europe. They went this way instead of using the old land route which was much slower. At this time exploration of new routes to the east were not even an issue. Mediterranean trade was so profitable that there was no need to search for an alternate route. Although in the 15th century the bubonic plague hit Europe killing about a 1/3 of the population. So many people died that most people had no clue to how long they would live. Most people realized this and took this opportunity to take great chances like embarking on dangerous sea voyages. They thought it was a good idea since they were probably going to die anyway. When Columbus tried to get the Portuguese, who were thriving on African exploration, to sponsor an expedition to the west he was turned down. So he moved on to Spain where he explained to them his plan. He even tried to persuade the Royal Courts of England and France. Finally, in 1492, Spain granted to fund Columbus’ exploration. In 1497 the King of England who had previously rejected Columbus’ request for sponsorship sent a sailor named John Cabot to look for an alternate route to the Indies. Cabot reached the tip of Newfoundland and thought it was part of Asia. He rushed back to England to tell them and arranged an even bigger fleet to go back. John C...

Rebuttal arguement Essay Example | Topics and Well Written Essays - 1000 words

Rebuttal arguement - Essay Example Additionally, William proclaimed that conveying a tweet by itself is pure activism and ludicrous, though none was purporting the same, lacking considerable credibility, an article that he conferred to be plainly entertaining though not logical. In his disagreement, Gladwell cited the U.S.A. civil prerogatives association of the late 1950s and 60s as an instance of social transformation that was on the basis of close friendship, purporting that the feeble ties connecting persons together on the internet were not of equal implication (Gladwell). Moreover, fanatics for social media would with no qualm make people believe that King’s task in Alabama would have been rendered easier had he been apt to express communication with his supporters via Facebook, and challenged himself with tweets from a Birmingham detention centre (Ingram). However, networks are messy: for instance, the endless pattern of revision and scrutiny with utter rectification, alterations and deliberations as in the Wikipedia case. Moreover, if Martin Luther had prospected initiating a Wiki-embargo in Montgomery, he would probably been crushed by the white powers. Moreover, it is pertinent to enquire the potency of utilization of a digitalized communication in a given town where the majority of the blacks’ society could be reachable on every Sunday as a congregation. It is thus, succinct that King required tactic and overt discipline that online internet media dispensations could not offer. Additionally, Stone, a cofounder of Twitter proclaimed that the actual time exchange of intelligence, for instance in the case of Twitter, it would be ridiculous to purport that it is not correspondent to activism. Besides, when it results into it, it would not be technological advances that would be the actual change drive but the individuals who immensely contribute to its

LABELLING THEORY HAS NO IMPACT ON REAL WORLD DECISION MAKING PRACTISES Essay

LABELLING THEORY HAS NO IMPACT ON REAL WORLD DECISION MAKING PRACTISES - Essay Example Although labelling theory may have influences in different settings, it does not necessarily entail that all decisions be based upon it, as will be discussed in this paper. The theory Labelling theory presents that â€Å"deviance is a socially constructed process in which social control agencies designate certain people as deviants, and they, in turn, come to accept the label placed upon them and begin to act accordingly† (Kendall, 2007, pp. 188-189). There are several versions of the theory, of which the ideas of Howard Becker, seen to be a major proponent of the theory, will primarily be considered in the present paper. One famous statement by Becker upheld in this theory is, deviant as â€Å"one to whom the label has successfully been applied; deviant behavior is behavior that people so label† (as cited in Kendall, 2003, p. 189). Making labels Becker’s work in 1963, Outsiders: Studies in the Sociology of Deviance, is one of the most cited literature that focus es on labelling theory and deviance. According to him, only a few individuals have the power and qualifications to determine what is deviant or not, and they generally belong to the upper social classes (Franzese, 2009, p. 72). These individuals are called â€Å"moral entrepreneurs,† and are presented by Becker to be those who want to help the less fortunate, rather than being mean or evil (p. 72). The supposed intent of labelling was to take societal interests into consideration. However, because labeled individuals are inferior to those who have the capacity to label them in terms of power and status, the positive goal of labeling backfires to become what is usually seen to be negative and deviant to established norms. It is not emphasized how individuals can resist being labeled, but labeled individuals may be rehabilitated in the presence of interventions differing according to the deviant behavior. Consequences of labelling The labelling theory hypothesizes that deviance is not inherent, but rather a product of reaction to established societal norms, or results of societal perceptions. It presents a process where initially there is a pubic labelling which is informal at first but evolves to be formalized later; second, this label â€Å"overrides all the other symbols and statuses a person previously held,† and cause people to react very differently by rejecting or isolating the individual; and third, such label affects the individual’s self-perception and self-image, encouraging many to live according to that deviant label, or in other words accept that he or she is deviant and live according to it (Slattery, 2003, p. 135). This process outlines the consequences of labelling to the labeled individual, which are, most of the time, negative rather than positive. It is further contended that deviant behavior can be â€Å"cured† or rehabilitated, but doing so would not be easy, especially in the continuous presence of societal pres sure and rejection. Labelling in the real world In the context of the theory, labelling may be formal or informal, which is also a common criticism of the ideology. Informal labels are those that tend to be placed by family, friends, colleagues, acquaintances, et cetera. Formal labels are those given by health care, the police, the academe, and other institutions. Literature dealing with the theory often cite â€Å"mentally ill† as a common established label, as well as in aspects in criminology,

Abortion and Nurse's Conscientious Objection Essay

Abortion and Nurse's Conscientious Objection - Essay Example The question of this essay is regarding legality of abortion and nurse’s right of objection. Two Roman Catholic nurses recently won the right not to work in an abortion clinic, which is not new considering the right of conscientious objection to abortion on religious or ethical grounds, was written in an act of 1967. "No person shall be under any duty, whether by contract or by any statutory or other legal requirement, to participate in any treatment authorized by this act to which he has a conscientious objection."(The Gaurdian,2011) But this statement is modified in the cases where mother’s life is at stake. There are several conceptions of conscience. Some are religious and some are secular. According to some conceptions identify conscience as a faculty that discerns moral truth or makes ethical judgments. For some it has no importance when it comes to the decisions already made by law or Governmental rule.(The Gaurdian,2011) Abortion is however, one of the most ethi cal dilemmas faced by the society for decades. There are many strong arguments about the issue for those who are in favor or against it. Abortion is a pregnancy termination, an ending of a life that has just begun. Social and personal issues are the main causes of abortions. Such as more then 60% of abortions are caused on single woman. Arguments which takes place mostly against abortions are that growing embryo is living being with a heart beat and it is unmerciful to kill an unborn child whereas, abortion is not a solution for the financial problems of mothers, adoption is the relevant solution for that. According to an obstetrician nurses don’t need to be bothered by the rightness or wrongness of abortion, it is the decision taken by physicians and nurses do as they are told. Why should they discuss the pros and cons of abortion when the decision lies in the hands of church or other Governmental organization? So if an abortion is decided then nurses have no right to object to the decision. These are the reflections of some of the attitudes of health care professionals. However, as a health care professional, nurses have a right as well as responsibility to judge their attitudes towards abortion, both personal and professional integrity relies on them that they provide, on the basis of their knowledge and integrity, participate in care of patient only in therapeutic ways.(Bosek,2007) According to the  Abortion Law Reform Bill 2008  legalized abortion in the State of Victoria, Australia. Section 8,  of the bill demands that physicians, who object to abortion for reasons of conscience must refer a woman to a colleague or another physician, who has no such objections in order to facilitate with the abortion procedure, and requires physicians to perform abortions if necessary "to preserve the life of the pregnant woman."   Many physicians who object to abortion also object to transfer for abortion on the grounds that to refer or otherwise facilita te the procedure makes them ethically complicit in it. A number of individuals and groups have spoken out against the bill, often for a combination of reasons. (Legal Commentaries.2008)). Not only physicians but also nurses have a responsibility in this scenario and there are a number of reasons why they can not ignore the question of abortion. Conscientious objection in medicine is the idea that a health care provider can refrain from offering certain types of medical care with which he/she does not personally agree. These include services which are although legal and medically appropriate such as abortion or sterilization. On one hand ANMC code of ethics state that nurses are to respect the wishes of their patients as long as they are

Trends in Indias Film Industry

Trends in Indias Film Industry 1.  Chapter One: Introduction In these modern times of instant digital communication, film has turn out to be one of the most vital way through various nations and cultures reveal their values and identities. Moving image technologies has turn out to be all-encompassing in our lives. They are huge business. Apart from that, a capability to recognize and apply them has become as important for the people of this present era as literacy was in the times of19th and 20th century (India PR Wire, April 4, 2007). The tempo, scale and consequences of this transformation are significant enough. The Indian Film industry has made a huge development ever since the Motion pictures first arrived in India in the year of 1896 when the Lumiere brothers revealed six silent short films in Bombay. The first feature film of India named- King Harishchandra (which was a silent movie) was released in the year of1913. In India the first ‘talkie’ movie that released was Alam Ara in the year 1931 (India PR Wire, April 4, 2007). 1.1  Film Production Houses In India A film production house is normally connected with the in-house production. It could categorize, make or telecast various segments of programs around news, films, multimedia, television shows, sports or ad films. India can be regarded as a home to a several well-known production houses from all the aforesaid stated areas. www.bestindiansites.com specifies top leading Indian websites on production houses of India, sports production house, ad film production house, film production house, sports production house, information on production house, list of production houses, television production house, multimedia production house, and a several other significant information’s (Subramaniam, A, 2003). We can in reality utter about various types of production houses such as Independent and corporate and just detail it by stating that Individual production houses are managed by just 1 or 2 producers and the infusion of capital investment for the production purpose is mainly generated by personal investment or by the means of loans taken from private investor. For corporate houses we could only cite that it is just like as any other corporate deal with the only differentiation that it produces films which is considered under the head of creative segment (essentially organised corporate structure of producing in creative industries – which is a new concept for Indian film industry) (Subramaniam, A, 2003) So when ‘Industry’ status was granted in 2000, Corporate started getting attracted towards the films industry realising the huge potential that was there to be exploited. When the corporate started entering to film industry with huge investment power they started incorporating studio culture of Hollywood by following vertical integration. Leaving behind the prevailing system of horizontal integration to the independent producers. The studio model production house started giving more importance to the content. It stressed on script development, introducing younger generation actors and directors, budget and time management, co productions and international distribution.  None of the new corporate production house had the background of film production when they entered the segment. However most of them were involved in activities related to the media (The Business Line, 2007). Barney says that the first to exploit the resources would gain competitive advantage over its rivals. This is exactly how the corporate production houses gained advantage over independent producers. The Industry had a lot of potential to grow with its wide acceptance globally. but the independent production houses had neglected this aspect, so when the corporate entered the industry they took complete advantage by using the unexploited resources of reach of the films and its growth possibilities steps (Barney, 1991). To exploit the resources of growth prospective, the studio model was developed under these parameters- To Produce and co produce the movies with strong content and story line. To complete the movie with in the budget and also in time. To sign contractual agreements with actors and directors. To focus on medium and large scale budget movies. To develop a huge distribution network nationally and internationally These parameters are not different from any other studio model in the world. Corporate production houses main aim was to apply these practices and standards in other markets, to the Indian market. The reason for doing this was to make maximum utilisation of the resources available. Already registered in the London Stock Exchange, several Indian film companies like as Eros, Ad labs, India Film Company, and utv – have generated immense capital from the various institutional investors who were keen to invest in Indian film companies. Moreover several Western film companies are looking forward for acquiring an ample equity share in these companies (Desai 2007). In this regard on 24 January 2005, Percept Picture Company associated with Michael Douglas’ production company Further Films and Sahara One to co-produce the $50-million Racing the Monsoon. Also on 1 September Sahara declared one more alliance, and this time with a Hollywood producer Donald Rosenfeld for Tree of Life starring Colin Farrell. These are two among a total of six Hollywood coproductions. (Kohli- Khandekar 2006.). On 20 October, 2005, Sony Pictures sign on Sanjay Leela Bhansali to co-produce Saawariya. The film was released globally in the year of 2007 with around 1,000 prints, a figure which was not heard of in the previous times for an Indian film. [The figure is on average 250.] Moreover this was the first time that a renowned Hollywood studio (that one of top six) had produced an Indian film. (Kohli-Khandekar 2006.) Indian admired cinema, remarkably Bollywood – the Mumbai (Bombay) film industry has witnessed several transformations given that it’s first beginnings. A few key modifications that took place at the turn of the century when Indian Popular Cinema gained the position of an industry.(1) After that the Indian film has developed in new directions. One such change was a more intense interplay between the global and the local which took place during the 1990s. Today, every single function and activity related to the Indian film business is becoming well defined and systematized, be it the retail infrastructure, financial aspect, marketing or distribution. Even films themselves are gradually falling into place. In just under five years, the industry has shed five decades of baggage and has become an organised business. This is a new Indian film industry (Kohli-Khandekar 2006). Film producers are interested in creating serious corporate structures, and Indian as well as foreign business is pouring money into the cinema. A wall of money is descending on Bollywood and there is a huge bubble building up (Desai 2007). Evaluating by the amount of movies produced by the Indian film industry, which is about more than one thousand movies per year, it is been regarded as the largest movie industry of the globe. The studio has reached international and also the profit earnings of the several Indian movies were greater in overseas locations than in India. Indian films have been witnessed in the leading ten lists of movies in the continents of UK and USA ((The Business Line, 2007)). 1.2  An overview of Indian film industry 1.2.1  Historical Section How Bollywood has evolved India is been regarded as the biggest movie industry of the world, if we talk about the number of movies produced in a year. It produces around more than 1000 films per year, which is greater than any of the film producing country. The Indian film industry is commonly regarded as BOLLYWOOD. The first Indian cinema was arrived in the year of 1913 with RAJA HARISHCHANDRA firstly coming into the picture and paving its way to the new period of silent cinema in India (Das Gupta, S., 2006). Since that time it has witnessed a vast series of evolution both in conditions of making and marketing of the Indian films.  We will largely talk about the evolution that took place from the year of 1980s to present time. India produces more films than any other country in the world, the government of India didn’t recognize filmmaking as an official industry until as recently as 2001. Before then, it was impossible for producers to get loans from banks or even insurance for their productions. As a result, producers often paid for their films out of their own pockets – a practice most American producers would consider absurdly risky – or obtained financing from less savory sources (Das Gupta, S., 2006): The unruly aspects of film production weren’t just limited to its financing. In some cases, it would take years to shoot a film. Overbooked film stars would show up egregiously late on set (or not at all) without penalty, scripts were often rewritten on set depending on which actors showed up, contracts were verbal and often violated, and produced films had no guarantees of finding distribution. All of these factors combined to make Bollywood film production an extremely risky endeavour (Das Gupta, S., 2006). 1980-1990 In India maximum number of films were produced by Independent (SingleSolo) producers or Family production houses, Big production companies like Rajashri productions, B.R Productions and R.K Productions were family owned production houses  and in some cases it can be traced back to several generations.(Taebue and Lorenzen-2007)   â€Å"In this period the Indian film industry seemed to make the least progress and in some case journey in the path of deprogress† (Ashish Tiwari). Most of the films were produced on a Formula which had protagonist the male lead character of the film who is called as the Hero and his female counter part as the Heroine who romanced with the Hero singing and dancing around the trees, this strategy gave birth to the masala films (Hindi for â€Å"spice mix†) â€Å"It was a compound made up of several elemental combinations that had drama comedy and romance along with song and dance sequences in symbol driven rather than plot driven† ( Lorenzen Taeube-2006). â€Å"The controversial author Salman Rushdie found a very precise and creative term that sums up the subject of Indian films perfectly, describing it as: ‘Epico-Mythico-Tragico-Comico-Super-Sexy-High- Masala-Art’ (Salman Rushdi, 1995 in â€Å"The Moor’s Last Sigh† quoted in Mishra,)à ¢â‚¬ (Adleline Pissang-2000).  Repetition of these kinds of stereotype films kept the audience away from theatres. Introduction of colour television and national coverage by Doordarshan in early 1980’s caused a drop in demand for Indian films. The middle class audience preferred to watch new Television soaps and old films on video cassettes (VHS) in their home rather than going to cinema halls. So the cinema halls became a run down and regarded suitable only for lower class men who could not afford a television preferred watching hard core violent films in theatres with lots of action and skimpily clad women dancing in the rain (Misara-2002). Competition from television made film production houses think innovatively, to hold their grip on the medium, so they started upgrading their films with lavish sets and so called â€Å"multi starrer† films which in turn increased the importance of star actors. So naturally the star actors wanted to cash in on their ‘star value’ and started charging exorbitant sums to act in a single film which in turn escalated the production cost of the film (Gopalan-2002). This was at the same time when the Indian music industry was on a high and could turn around the profit margins of even those films that failed at the box- office. The movie soundtrack became a key publicity stunt for the movies and the number of tracks and their popularity increased steadily. The pre- movie launch of music could determine the fate of a movie because if the music did well in the market then it created a huge wave amongst the public before the film got released. The sales of the audio cassettes used to bring in good share of revenue. The producers always hoped and worked towards making the music of their film a hit by casting good/popular music directors and famous playback singers for their films. Again, the producer had to invest a lot more on a popular music director but it was chance worth taking (Ganti-2004).   1990-2000 The introduction of cable T.V. was the greatest revolution of this era. It changed the outlook of film industry, though initially the survival of film industry was challenged with the entry of cable T.V. as it was an instant hit with the audience because it provided plenty of regional language channels like ZEE TV, SUN network and as well as few English channels STAR, HBO which aired films on their channels. But gradually the production houses understood the potential of the cable T.V. as it found a way for new source of income through selling its film rights at relatively higher prices for its telecast in television which is called as satellite rights (Pendakur-2003). Subsequently the film industry started depending on television as a medium of publicity by broadcasting songs and advertising campaigns of their films to pull the audiences to the theatres (David Hancock-1999). Music channels like MTV and V channel could not sustain by just transmitting private non film and international music albums so they had to take cover of film songs to increase their popularity in India (Bose-2006). It is believed that the criminal sources like underworld had a very strong hold on the Indian film industry; they controlled the whole production process of the films that they financed by dictating the terms in Bollywood like casting a superstar and selecting brilliant directors to work for their films. It is also believed that celebrities of the industry had close links with the mafia. Though usage of Black money (unaccounted money) in films was not an unfamiliar thing for ages but funding from underworld started in this period. It is estimated that 40% of film productions were financed by the underworld (Kripalani and Grover 2002; David Hancock-1998).   The early 1990’s can be called as the period of stagnation; the commercial cinema had ridiculous dialogues, baseless stories with no originality in them (Ashish Tiwari 2007). Few films in mid 1990’s were huge hits which broke most of the previous records. These films were big budget, romantic films (Dwyer and Patel) which upheld the family values in them. The two astronomical hits were HUM APKE HAI KAUN? (Who am I to You?) This released in 1994 and went onto run for two years in more than 50 theatres and DILWALE DULHANIA LE JAYENGE!! (The Brave Heart Will Take the Bride) got released in 1995 and was still running in its 13th year for 679th week as on 17th October 2008 at Marata Mandhir Cinema in Mumbai (www). Both these films were on similar lines, they were big budget romantic films with no actions sequence in them. In the former’s case the whole film was shot in beautiful gigantic sets going outdoors only for song sequence, which had 12 music tracks in it. In latter’s case maximum portion of the shoot took place in foreign locales. The audio of both these films were massive hits because they used the full potential of television by telecasting their songs and ad campaigns before the theatrical release. Both the production houses (Rajashri Productions and Yashraj Productions) of these films took great interest in refurbishing the theatres before the release of their films because they precisely knew their target audience were the upper middle class and family audiences who were content with television and they had to bring them back to the theatres. Once they succeeded â€Å"it marked the dominance of new middle class and uphold them to the pleasure of socially mixed audie nce both in India and overseas†. (Dwyer and Patel-2002) Rajashri and Yashraj Productions were the good old big production houses which started the trend for these kinds of films with big budget, but most of the small scale productions could not cope with this and had to stop producing films. Gradually number of films produced per year dropped. Source: David Hancock; Global Film production (Working Document) Venice Conference The biggest and greatest breakthrough in the Indian Cinema came in 1998. This is the year the Indian government recognised the potential of Indian cinema and granted the official status of ‘Industry’. Until then the public as well as private banks and other big financial institutions desisted from getting involved with the film production companies so the producers always had to depend on private money lenders for the capital for their films (Dwyer Patel, 2002). Now the production houses are getting their capital from public investments through semi public Industrial Development Bank of India (IDBI) and other public banks (Lorenzen Taeube, 2006) 2000- Till date.. Indian Film Industry started in its way of revival of sorts, in 2001 all the prints of the film Chori Chori Chupke Chupke which had a huge star cast was seized by the Central Bureau of Investigation suspecting it to be funded by the underworld and the producer of the film Bharath Shah was arrested for having close connections with the underworld. After this incident most of the producers feared to be identified with the under world. So the underworld gradually lost its hold in the Bollywood. Shooting at overseas location for a film is not new to Bollywood they have been doing this since 1960’s but currently there is an increasing trend of Indian film crew shooting at foreign locales. This is because of the huge global market for the Indian films. Many films are released simultaneously in U.S.A. and U.K.  and there are instances where the returns from overseas collections is higher than the home collections.  The script writers and Directors cannot neglect the overseas market any more while scripting and shooting for their film (Dudrah, R K, 2006). After the liberalisation of the industry in 1998 Direct Foreign Investments, Global Investors, Private Corporate started entering the film industry. Hollywood Majors like Universal, 21st Century Fox started investing in the Indian film industry through joint ventures with the Indian production houses. The corporate production houses are gaining importance in the film industry. Corporate houses like ADLABS, EROS, UTV, K.SERA SERA and many others have already made a mark in B.S.E. (Bombay Stock Exchange) and even in L.S.E. (London Stock Exchange). In the current scenario 20% of the total India films are produced by corporate giants (Anand times- 2006).   They have developed professional ways of organising business, mergers, outsourcing, distributing, use of new technology and marketing content.  The corporate houses have brought in the much needed professional flavour in to films which were missing in the production process earlier. The main advantage of the corporate house is it can produce more number of films simultaneously; it produces 5-6 films per year where as compared to the individual production houses cannot afford to produce more than 2-3 films in a year even after the deregulation. The greatest advantage of a corporate production house is it has a huge capital to invest on its films. Usually the risk is higher on a single movie basis, but the risk spreads out as they produce lot of films simultaneously.  They employ professionals in their firm as compared to the single producers of 80’s who used change their crew after every film. Few corporate houses even have their own multiplex cinema which helps in theatrical release as well as in developing a marketing strategy for their films. The corporate giants are investing hugely on the industry as a result of this the film Industry is already the 3rd largest industry in India (Dudrah-2006). The production houses are aiming at a homogenous or serial form of production as opposed to heterogeneous form of production they had earlier. The main purpose of switching to this form of production is to control all means of production and operate all aspects of film making from finance to production and distribution (Prasad-1998). The best example being Yashraj Productions. They have their own studios for recording, dubbing and editing and also have production equipments required for the shoot. With in the production  house they also have different sections like Yashraj Distribution for overseas and home market, Yashraj Music for all their audio sales and Yashraj Video for home video like DVD’s and VCD’s. It was one of the first production houses to hire management students from Indian Institute of Management, Ahmadabad (IIMA) to market their films and also to set up their whole business process. They also stated their own website to market and project their media image  (Dywer Patel- 2002). Professionalization has brought new and better modes of planning. There are changed practices of production where there are professionals working constantly for the better utilization of funds, bringing production costs down and maximizing the profits  Film production in India is becoming an organised business. The overall film industry is taking on professional colours. 1.3  Size and growth opportunities The total size of Indian film industry was estimated at around Rs.56.5bn (inr40 = usd1) WHEN was this?, it is  anticipated to touch a huge figure of about Rs.153bn by the year of 2010 with taking into account 18 percent compound annual growth rate (cagr) as per the estimates of  ficci-Pricewaterhouse- Coopers in the year 2006. On the whole, the Indian film industry was anticipated to be value of about usd1.8bn in the year 2006. On the basis of a thorough top-down analysis considering the share of private consumption as a proportion of gdp, the marketshare for media and entertainment (me) expenditures, and film budgets within the me space it was accounted that the Indian film industry will be valued in between usd4.4 and 5.1bn (between inr176bn and inr204bn) by 2011 (cii-A.T. Kearney 2007). The movie industry has been getting more and more corporatized. Many film production, distribution and exhibition houses are listed on the stock markets and they have raised capital through public issue. Several theatres around the nation have been developed into multiplexes and plans to build up additional digital cinema halls are by now in lime light. This will certainly not only enhance the quality of prints and thereby providing viewing a extra pleasant experience for the audiences but will also decrease the piracy of prints (ficci-PricewaterhouseCoopers 2006). These days piracy is a major issue for the Indian film industry. Not initiating nay major anti-piracy laws on the part of the government and an absence of educated officers that implements anti-piracy laws remains the vital issue. These are the main issue which is why the piracy business has not been able to control to a greater extent. This issue along with the lengthy legal and arbitration process is regarded as prevention to the fight against piracy. Apart from this the present Copyrights Act is also obsolete in conditions to technology enhancement and in addition, it does not deal with the requirements of the electronic media where the degree of piracy is amongst the maximum in present time. The Optical Disc Law draft established to deal with the requirement for regulating piracy at the manufacturing phase is still pending for the approval of the Indian ministry (ficci-PricewaterhouseCoopers 2006). As against to few developed markets where the home market symbolizes greater than 40% of total movie revenues, the home market share in India is comparatively small (8%), though, this share is anticipated to rise to about 14% by the year of 2010. The important pushers that will facilitate this are the rising amount of reasonably priced DVD players and lesser prices of original DVDs so as to battle the issues of piracy (cii-A.T. Kearney 2007). The Indian entertainment and media industry enjoys a lot of aid in the present times – be it regulations that permit foreign investment, the momentum from the economy, digital lifestyle and spending styles of the consumers, and also several opportunities the development in technology have to provide. The industry only has to do is to realize its growth potential and opportunities. The government is required to play a greater dynamic task in solving out the policy-related obstruction for the purpose of growth. The industry is required to get rid of all obstructions, like as piracy in an intensive way along with the measures to produce high-quality global class end products. The entertainment and media industry has all ingredients which it generally takes to turn into the star of Indian economy (ficci-PricewaterhouseCoopers 2006). There are two important movements that will basically transform the scene of the Indian film industry in the coming couple of years, namely digitization and a change in consumer preferences. Digitization will lead to consolidation and appearance of huge scale exhibition networks and, and apart from this, in the balance of power among producers-distributors and exhibitors. Changing customer preferences will lead to rising international acceptance of Indian films and in the upcoming of new media (cii-A.T. Kearney 2007). Growth opportunities in terms of Corporate production houses Indian film industry comprises of numerous regional clusters, and Bollywood is merely one of them. Bollywood is the cluster located in Mumbai, producing the biggest share of films (40%) mainly in Hindi (PWC FICCI, 2007). Bollywood is the oldest film cluster in India, dating back to early 20th century. Other film clusters in India like as one in Hyderabad, called â€Å"Tollywood† produces second biggest amount of films mainly in Telugu. While other clusters produce films chiefly in their local language. Growth opportunities in terms of Indian Film Industry 1.31 Current situation Currently the success ratios of films are very low at the box office. Only 10 to 20% of films break even or earn profits (Ganapathi, 2002; Pendakur, 2003; Ganti, 2004; Lorenzen Taeube, 2006) but most of the producers make money, recouping their investments through new auxiliary sources of revenue () like satellite rights music rights, home video rights(DVD),  video games, toys, computer wallpapers, ring tones, movie clips for mobile and selling ancillary rights. The new trend is product placement in films which brings in a lot of revenue and even helps in publicity of the film. In the period of 1998-2005 i.e after gaining the status of industry, the revenues in the films have grown by 360% this is including all revenues from advertising, selling of ancillary rights and music rights (Kholi- Khandekar, 2006; Lorenzen Taeube, 2006). The digital relay of films in cinema theatres is saving a lot of money as you don’t have to develop the physical print, which took a major share in a film budget.   The industry is losing more than 40% of its revenue through Piracy (David Hancock-1998). Copyright infringement of films is so wide spread in India it can be called as a ‘small scale industry’. Bootleg copies of DVD’s are available in the market on the same day the film officially releases in theatres or some times even before that. Pirated DVD’s and CD’s of Bollywood movies are available in most of the South Asian and South East Asian countries. The small cable television channels broadcast newly released films in their channels without paying any kind of compensation. Another problem is consumer copying which is very difficult to stop. To add on to this is Online Internet movies where consumers can download movies from websites like www.bhejafry.net, www.indiaonlinemovies.com and many more without actually paying anything. The technical skills of the Indian Film Industry has always been extraordinary but most of the time they had to settle for old and very poor quality of equipments.  But now due to huge market and Corporatisation they can afford to buy more sophisticated equipments. Digital facilities for Sound Recording, Dubbing, Editing is as good as anywhere in the world (Dwyer Patel, 2002). Bollywood has always been very enthusiastic about embracing new technologies in their films, and it is also been much quicker in doing this than the Hollywood (Currah, 2007). The Film Industry is using all the latest technologies like Arry 435 for the shoot, Avid and Mac products for post production work. Sync sound, D.I.(Digital Intermediate), Animations and special effects with Graphics are used extensively.  The Indian Film Industry can now even employ foreign technicians to work for them to improve the quality of the final product. In the blockbuster film KRRISH- (2006) the action sequence was choreographed by Tony Ching from Hong Kong and all the special effects for the film was done by Hollywood technicians (Minocha and Stonehouse- 2006). Globalisation has four facets, that is, movement of goods, capital, technology and people across borders. In terms of movement of goods (i. e., movies) Indian movie industry has a long history of presence in the global market. Awara was sent to the Soviet Union and other Communist bloc countries crazy in the year of1950s. Mehboob’s Aan had a French release after its premiere in London. Long before that Himansu Rai made visually stunning films in cooperation with the Germans in the early 1930s, like The Light of Asia and A Throw of Dice, and many more which were shown in Europe as Indian films with Indian stories. By then the Bombay film industry had been around for 35 years. The film industry is definitely as old as the cinema itself and surely older than Hollywood, which has its early development in the late 1900s (Desai 2007). The exports of the Indian movie have grown for approximately 60% in recent times. The USA and Canada are two main export locations witnessing for 30 percent than by the UK with 25% and Mauritius and Dubai with 10% each. Some other main markets comprise South Africa, Russia, Fiji, New Zealand and Australia where there is abundant Indian diasporas present. Making a film for the diaspora market is a certainly a moneymaking project as against to making a film for the Indian domestic market (Desai 2007). With the global audience, there is outstanding recognition of Indian movie themes along with sew of the cross-over films made by global movie production players. The profit earnings of these movies can be match up to to few of the Hollywood box office hits. A number of Bollywood movies have gained greater than 50% of their total gross profit margin from global box office collection. However it is a welcome movement that requires to be carried on. One of the significant success factors for these cinemas is to recognize ideas from within the Indian subjects which are liked by the audience. An additional important success factor is to associate with a top global distributor; films produced by the person of Indian origin have had up to 2–3 times greater global earnings as compared to the national bestsellers (cii- A.T. Kearney 2007). Table 2 reveals a series of cross over films and the revenue earning generated by these films. India has stated its determined plans to double its share in the international film industry by the end of this year. This shows the great determination of the country to build itself as a cultural as well as economic powerhouse. There are many reasons why we must believe that. To begin with, the government, which aims on considering Bollywood to set up India as a ‘soft power’, considers the Indian film industry is competent enough to capture five percent of the international market this season. The share at the present time is two percent (Johnson 2007). Kishore Lulla, the chief executive of Eros International, a uk Trends in Indias Film Industry Trends in Indias Film Industry 1.  Chapter One: Introduction In these modern times of instant digital communication, film has turn out to be one of the most vital way through various nations and cultures reveal their values and identities. Moving image technologies has turn out to be all-encompassing in our lives. They are huge business. Apart from that, a capability to recognize and apply them has become as important for the people of this present era as literacy was in the times of19th and 20th century (India PR Wire, April 4, 2007). The tempo, scale and consequences of this transformation are significant enough. The Indian Film industry has made a huge development ever since the Motion pictures first arrived in India in the year of 1896 when the Lumiere brothers revealed six silent short films in Bombay. The first feature film of India named- King Harishchandra (which was a silent movie) was released in the year of1913. In India the first ‘talkie’ movie that released was Alam Ara in the year 1931 (India PR Wire, April 4, 2007). 1.1  Film Production Houses In India A film production house is normally connected with the in-house production. It could categorize, make or telecast various segments of programs around news, films, multimedia, television shows, sports or ad films. India can be regarded as a home to a several well-known production houses from all the aforesaid stated areas. www.bestindiansites.com specifies top leading Indian websites on production houses of India, sports production house, ad film production house, film production house, sports production house, information on production house, list of production houses, television production house, multimedia production house, and a several other significant information’s (Subramaniam, A, 2003). We can in reality utter about various types of production houses such as Independent and corporate and just detail it by stating that Individual production houses are managed by just 1 or 2 producers and the infusion of capital investment for the production purpose is mainly generated by personal investment or by the means of loans taken from private investor. For corporate houses we could only cite that it is just like as any other corporate deal with the only differentiation that it produces films which is considered under the head of creative segment (essentially organised corporate structure of producing in creative industries – which is a new concept for Indian film industry) (Subramaniam, A, 2003) So when ‘Industry’ status was granted in 2000, Corporate started getting attracted towards the films industry realising the huge potential that was there to be exploited. When the corporate started entering to film industry with huge investment power they started incorporating studio culture of Hollywood by following vertical integration. Leaving behind the prevailing system of horizontal integration to the independent producers. The studio model production house started giving more importance to the content. It stressed on script development, introducing younger generation actors and directors, budget and time management, co productions and international distribution.  None of the new corporate production house had the background of film production when they entered the segment. However most of them were involved in activities related to the media (The Business Line, 2007). Barney says that the first to exploit the resources would gain competitive advantage over its rivals. This is exactly how the corporate production houses gained advantage over independent producers. The Industry had a lot of potential to grow with its wide acceptance globally. but the independent production houses had neglected this aspect, so when the corporate entered the industry they took complete advantage by using the unexploited resources of reach of the films and its growth possibilities steps (Barney, 1991). To exploit the resources of growth prospective, the studio model was developed under these parameters- To Produce and co produce the movies with strong content and story line. To complete the movie with in the budget and also in time. To sign contractual agreements with actors and directors. To focus on medium and large scale budget movies. To develop a huge distribution network nationally and internationally These parameters are not different from any other studio model in the world. Corporate production houses main aim was to apply these practices and standards in other markets, to the Indian market. The reason for doing this was to make maximum utilisation of the resources available. Already registered in the London Stock Exchange, several Indian film companies like as Eros, Ad labs, India Film Company, and utv – have generated immense capital from the various institutional investors who were keen to invest in Indian film companies. Moreover several Western film companies are looking forward for acquiring an ample equity share in these companies (Desai 2007). In this regard on 24 January 2005, Percept Picture Company associated with Michael Douglas’ production company Further Films and Sahara One to co-produce the $50-million Racing the Monsoon. Also on 1 September Sahara declared one more alliance, and this time with a Hollywood producer Donald Rosenfeld for Tree of Life starring Colin Farrell. These are two among a total of six Hollywood coproductions. (Kohli- Khandekar 2006.). On 20 October, 2005, Sony Pictures sign on Sanjay Leela Bhansali to co-produce Saawariya. The film was released globally in the year of 2007 with around 1,000 prints, a figure which was not heard of in the previous times for an Indian film. [The figure is on average 250.] Moreover this was the first time that a renowned Hollywood studio (that one of top six) had produced an Indian film. (Kohli-Khandekar 2006.) Indian admired cinema, remarkably Bollywood – the Mumbai (Bombay) film industry has witnessed several transformations given that it’s first beginnings. A few key modifications that took place at the turn of the century when Indian Popular Cinema gained the position of an industry.(1) After that the Indian film has developed in new directions. One such change was a more intense interplay between the global and the local which took place during the 1990s. Today, every single function and activity related to the Indian film business is becoming well defined and systematized, be it the retail infrastructure, financial aspect, marketing or distribution. Even films themselves are gradually falling into place. In just under five years, the industry has shed five decades of baggage and has become an organised business. This is a new Indian film industry (Kohli-Khandekar 2006). Film producers are interested in creating serious corporate structures, and Indian as well as foreign business is pouring money into the cinema. A wall of money is descending on Bollywood and there is a huge bubble building up (Desai 2007). Evaluating by the amount of movies produced by the Indian film industry, which is about more than one thousand movies per year, it is been regarded as the largest movie industry of the globe. The studio has reached international and also the profit earnings of the several Indian movies were greater in overseas locations than in India. Indian films have been witnessed in the leading ten lists of movies in the continents of UK and USA ((The Business Line, 2007)). 1.2  An overview of Indian film industry 1.2.1  Historical Section How Bollywood has evolved India is been regarded as the biggest movie industry of the world, if we talk about the number of movies produced in a year. It produces around more than 1000 films per year, which is greater than any of the film producing country. The Indian film industry is commonly regarded as BOLLYWOOD. The first Indian cinema was arrived in the year of 1913 with RAJA HARISHCHANDRA firstly coming into the picture and paving its way to the new period of silent cinema in India (Das Gupta, S., 2006). Since that time it has witnessed a vast series of evolution both in conditions of making and marketing of the Indian films.  We will largely talk about the evolution that took place from the year of 1980s to present time. India produces more films than any other country in the world, the government of India didn’t recognize filmmaking as an official industry until as recently as 2001. Before then, it was impossible for producers to get loans from banks or even insurance for their productions. As a result, producers often paid for their films out of their own pockets – a practice most American producers would consider absurdly risky – or obtained financing from less savory sources (Das Gupta, S., 2006): The unruly aspects of film production weren’t just limited to its financing. In some cases, it would take years to shoot a film. Overbooked film stars would show up egregiously late on set (or not at all) without penalty, scripts were often rewritten on set depending on which actors showed up, contracts were verbal and often violated, and produced films had no guarantees of finding distribution. All of these factors combined to make Bollywood film production an extremely risky endeavour (Das Gupta, S., 2006). 1980-1990 In India maximum number of films were produced by Independent (SingleSolo) producers or Family production houses, Big production companies like Rajashri productions, B.R Productions and R.K Productions were family owned production houses  and in some cases it can be traced back to several generations.(Taebue and Lorenzen-2007)   â€Å"In this period the Indian film industry seemed to make the least progress and in some case journey in the path of deprogress† (Ashish Tiwari). Most of the films were produced on a Formula which had protagonist the male lead character of the film who is called as the Hero and his female counter part as the Heroine who romanced with the Hero singing and dancing around the trees, this strategy gave birth to the masala films (Hindi for â€Å"spice mix†) â€Å"It was a compound made up of several elemental combinations that had drama comedy and romance along with song and dance sequences in symbol driven rather than plot driven† ( Lorenzen Taeube-2006). â€Å"The controversial author Salman Rushdie found a very precise and creative term that sums up the subject of Indian films perfectly, describing it as: ‘Epico-Mythico-Tragico-Comico-Super-Sexy-High- Masala-Art’ (Salman Rushdi, 1995 in â€Å"The Moor’s Last Sigh† quoted in Mishra,)à ¢â‚¬ (Adleline Pissang-2000).  Repetition of these kinds of stereotype films kept the audience away from theatres. Introduction of colour television and national coverage by Doordarshan in early 1980’s caused a drop in demand for Indian films. The middle class audience preferred to watch new Television soaps and old films on video cassettes (VHS) in their home rather than going to cinema halls. So the cinema halls became a run down and regarded suitable only for lower class men who could not afford a television preferred watching hard core violent films in theatres with lots of action and skimpily clad women dancing in the rain (Misara-2002). Competition from television made film production houses think innovatively, to hold their grip on the medium, so they started upgrading their films with lavish sets and so called â€Å"multi starrer† films which in turn increased the importance of star actors. So naturally the star actors wanted to cash in on their ‘star value’ and started charging exorbitant sums to act in a single film which in turn escalated the production cost of the film (Gopalan-2002). This was at the same time when the Indian music industry was on a high and could turn around the profit margins of even those films that failed at the box- office. The movie soundtrack became a key publicity stunt for the movies and the number of tracks and their popularity increased steadily. The pre- movie launch of music could determine the fate of a movie because if the music did well in the market then it created a huge wave amongst the public before the film got released. The sales of the audio cassettes used to bring in good share of revenue. The producers always hoped and worked towards making the music of their film a hit by casting good/popular music directors and famous playback singers for their films. Again, the producer had to invest a lot more on a popular music director but it was chance worth taking (Ganti-2004).   1990-2000 The introduction of cable T.V. was the greatest revolution of this era. It changed the outlook of film industry, though initially the survival of film industry was challenged with the entry of cable T.V. as it was an instant hit with the audience because it provided plenty of regional language channels like ZEE TV, SUN network and as well as few English channels STAR, HBO which aired films on their channels. But gradually the production houses understood the potential of the cable T.V. as it found a way for new source of income through selling its film rights at relatively higher prices for its telecast in television which is called as satellite rights (Pendakur-2003). Subsequently the film industry started depending on television as a medium of publicity by broadcasting songs and advertising campaigns of their films to pull the audiences to the theatres (David Hancock-1999). Music channels like MTV and V channel could not sustain by just transmitting private non film and international music albums so they had to take cover of film songs to increase their popularity in India (Bose-2006). It is believed that the criminal sources like underworld had a very strong hold on the Indian film industry; they controlled the whole production process of the films that they financed by dictating the terms in Bollywood like casting a superstar and selecting brilliant directors to work for their films. It is also believed that celebrities of the industry had close links with the mafia. Though usage of Black money (unaccounted money) in films was not an unfamiliar thing for ages but funding from underworld started in this period. It is estimated that 40% of film productions were financed by the underworld (Kripalani and Grover 2002; David Hancock-1998).   The early 1990’s can be called as the period of stagnation; the commercial cinema had ridiculous dialogues, baseless stories with no originality in them (Ashish Tiwari 2007). Few films in mid 1990’s were huge hits which broke most of the previous records. These films were big budget, romantic films (Dwyer and Patel) which upheld the family values in them. The two astronomical hits were HUM APKE HAI KAUN? (Who am I to You?) This released in 1994 and went onto run for two years in more than 50 theatres and DILWALE DULHANIA LE JAYENGE!! (The Brave Heart Will Take the Bride) got released in 1995 and was still running in its 13th year for 679th week as on 17th October 2008 at Marata Mandhir Cinema in Mumbai (www). Both these films were on similar lines, they were big budget romantic films with no actions sequence in them. In the former’s case the whole film was shot in beautiful gigantic sets going outdoors only for song sequence, which had 12 music tracks in it. In latter’s case maximum portion of the shoot took place in foreign locales. The audio of both these films were massive hits because they used the full potential of television by telecasting their songs and ad campaigns before the theatrical release. Both the production houses (Rajashri Productions and Yashraj Productions) of these films took great interest in refurbishing the theatres before the release of their films because they precisely knew their target audience were the upper middle class and family audiences who were content with television and they had to bring them back to the theatres. Once they succeeded â€Å"it marked the dominance of new middle class and uphold them to the pleasure of socially mixed audie nce both in India and overseas†. (Dwyer and Patel-2002) Rajashri and Yashraj Productions were the good old big production houses which started the trend for these kinds of films with big budget, but most of the small scale productions could not cope with this and had to stop producing films. Gradually number of films produced per year dropped. Source: David Hancock; Global Film production (Working Document) Venice Conference The biggest and greatest breakthrough in the Indian Cinema came in 1998. This is the year the Indian government recognised the potential of Indian cinema and granted the official status of ‘Industry’. Until then the public as well as private banks and other big financial institutions desisted from getting involved with the film production companies so the producers always had to depend on private money lenders for the capital for their films (Dwyer Patel, 2002). Now the production houses are getting their capital from public investments through semi public Industrial Development Bank of India (IDBI) and other public banks (Lorenzen Taeube, 2006) 2000- Till date.. Indian Film Industry started in its way of revival of sorts, in 2001 all the prints of the film Chori Chori Chupke Chupke which had a huge star cast was seized by the Central Bureau of Investigation suspecting it to be funded by the underworld and the producer of the film Bharath Shah was arrested for having close connections with the underworld. After this incident most of the producers feared to be identified with the under world. So the underworld gradually lost its hold in the Bollywood. Shooting at overseas location for a film is not new to Bollywood they have been doing this since 1960’s but currently there is an increasing trend of Indian film crew shooting at foreign locales. This is because of the huge global market for the Indian films. Many films are released simultaneously in U.S.A. and U.K.  and there are instances where the returns from overseas collections is higher than the home collections.  The script writers and Directors cannot neglect the overseas market any more while scripting and shooting for their film (Dudrah, R K, 2006). After the liberalisation of the industry in 1998 Direct Foreign Investments, Global Investors, Private Corporate started entering the film industry. Hollywood Majors like Universal, 21st Century Fox started investing in the Indian film industry through joint ventures with the Indian production houses. The corporate production houses are gaining importance in the film industry. Corporate houses like ADLABS, EROS, UTV, K.SERA SERA and many others have already made a mark in B.S.E. (Bombay Stock Exchange) and even in L.S.E. (London Stock Exchange). In the current scenario 20% of the total India films are produced by corporate giants (Anand times- 2006).   They have developed professional ways of organising business, mergers, outsourcing, distributing, use of new technology and marketing content.  The corporate houses have brought in the much needed professional flavour in to films which were missing in the production process earlier. The main advantage of the corporate house is it can produce more number of films simultaneously; it produces 5-6 films per year where as compared to the individual production houses cannot afford to produce more than 2-3 films in a year even after the deregulation. The greatest advantage of a corporate production house is it has a huge capital to invest on its films. Usually the risk is higher on a single movie basis, but the risk spreads out as they produce lot of films simultaneously.  They employ professionals in their firm as compared to the single producers of 80’s who used change their crew after every film. Few corporate houses even have their own multiplex cinema which helps in theatrical release as well as in developing a marketing strategy for their films. The corporate giants are investing hugely on the industry as a result of this the film Industry is already the 3rd largest industry in India (Dudrah-2006). The production houses are aiming at a homogenous or serial form of production as opposed to heterogeneous form of production they had earlier. The main purpose of switching to this form of production is to control all means of production and operate all aspects of film making from finance to production and distribution (Prasad-1998). The best example being Yashraj Productions. They have their own studios for recording, dubbing and editing and also have production equipments required for the shoot. With in the production  house they also have different sections like Yashraj Distribution for overseas and home market, Yashraj Music for all their audio sales and Yashraj Video for home video like DVD’s and VCD’s. It was one of the first production houses to hire management students from Indian Institute of Management, Ahmadabad (IIMA) to market their films and also to set up their whole business process. They also stated their own website to market and project their media image  (Dywer Patel- 2002). Professionalization has brought new and better modes of planning. There are changed practices of production where there are professionals working constantly for the better utilization of funds, bringing production costs down and maximizing the profits  Film production in India is becoming an organised business. The overall film industry is taking on professional colours. 1.3  Size and growth opportunities The total size of Indian film industry was estimated at around Rs.56.5bn (inr40 = usd1) WHEN was this?, it is  anticipated to touch a huge figure of about Rs.153bn by the year of 2010 with taking into account 18 percent compound annual growth rate (cagr) as per the estimates of  ficci-Pricewaterhouse- Coopers in the year 2006. On the whole, the Indian film industry was anticipated to be value of about usd1.8bn in the year 2006. On the basis of a thorough top-down analysis considering the share of private consumption as a proportion of gdp, the marketshare for media and entertainment (me) expenditures, and film budgets within the me space it was accounted that the Indian film industry will be valued in between usd4.4 and 5.1bn (between inr176bn and inr204bn) by 2011 (cii-A.T. Kearney 2007). The movie industry has been getting more and more corporatized. Many film production, distribution and exhibition houses are listed on the stock markets and they have raised capital through public issue. Several theatres around the nation have been developed into multiplexes and plans to build up additional digital cinema halls are by now in lime light. This will certainly not only enhance the quality of prints and thereby providing viewing a extra pleasant experience for the audiences but will also decrease the piracy of prints (ficci-PricewaterhouseCoopers 2006). These days piracy is a major issue for the Indian film industry. Not initiating nay major anti-piracy laws on the part of the government and an absence of educated officers that implements anti-piracy laws remains the vital issue. These are the main issue which is why the piracy business has not been able to control to a greater extent. This issue along with the lengthy legal and arbitration process is regarded as prevention to the fight against piracy. Apart from this the present Copyrights Act is also obsolete in conditions to technology enhancement and in addition, it does not deal with the requirements of the electronic media where the degree of piracy is amongst the maximum in present time. The Optical Disc Law draft established to deal with the requirement for regulating piracy at the manufacturing phase is still pending for the approval of the Indian ministry (ficci-PricewaterhouseCoopers 2006). As against to few developed markets where the home market symbolizes greater than 40% of total movie revenues, the home market share in India is comparatively small (8%), though, this share is anticipated to rise to about 14% by the year of 2010. The important pushers that will facilitate this are the rising amount of reasonably priced DVD players and lesser prices of original DVDs so as to battle the issues of piracy (cii-A.T. Kearney 2007). The Indian entertainment and media industry enjoys a lot of aid in the present times – be it regulations that permit foreign investment, the momentum from the economy, digital lifestyle and spending styles of the consumers, and also several opportunities the development in technology have to provide. The industry only has to do is to realize its growth potential and opportunities. The government is required to play a greater dynamic task in solving out the policy-related obstruction for the purpose of growth. The industry is required to get rid of all obstructions, like as piracy in an intensive way along with the measures to produce high-quality global class end products. The entertainment and media industry has all ingredients which it generally takes to turn into the star of Indian economy (ficci-PricewaterhouseCoopers 2006). There are two important movements that will basically transform the scene of the Indian film industry in the coming couple of years, namely digitization and a change in consumer preferences. Digitization will lead to consolidation and appearance of huge scale exhibition networks and, and apart from this, in the balance of power among producers-distributors and exhibitors. Changing customer preferences will lead to rising international acceptance of Indian films and in the upcoming of new media (cii-A.T. Kearney 2007). Growth opportunities in terms of Corporate production houses Indian film industry comprises of numerous regional clusters, and Bollywood is merely one of them. Bollywood is the cluster located in Mumbai, producing the biggest share of films (40%) mainly in Hindi (PWC FICCI, 2007). Bollywood is the oldest film cluster in India, dating back to early 20th century. Other film clusters in India like as one in Hyderabad, called â€Å"Tollywood† produces second biggest amount of films mainly in Telugu. While other clusters produce films chiefly in their local language. Growth opportunities in terms of Indian Film Industry 1.31 Current situation Currently the success ratios of films are very low at the box office. Only 10 to 20% of films break even or earn profits (Ganapathi, 2002; Pendakur, 2003; Ganti, 2004; Lorenzen Taeube, 2006) but most of the producers make money, recouping their investments through new auxiliary sources of revenue () like satellite rights music rights, home video rights(DVD),  video games, toys, computer wallpapers, ring tones, movie clips for mobile and selling ancillary rights. The new trend is product placement in films which brings in a lot of revenue and even helps in publicity of the film. In the period of 1998-2005 i.e after gaining the status of industry, the revenues in the films have grown by 360% this is including all revenues from advertising, selling of ancillary rights and music rights (Kholi- Khandekar, 2006; Lorenzen Taeube, 2006). The digital relay of films in cinema theatres is saving a lot of money as you don’t have to develop the physical print, which took a major share in a film budget.   The industry is losing more than 40% of its revenue through Piracy (David Hancock-1998). Copyright infringement of films is so wide spread in India it can be called as a ‘small scale industry’. Bootleg copies of DVD’s are available in the market on the same day the film officially releases in theatres or some times even before that. Pirated DVD’s and CD’s of Bollywood movies are available in most of the South Asian and South East Asian countries. The small cable television channels broadcast newly released films in their channels without paying any kind of compensation. Another problem is consumer copying which is very difficult to stop. To add on to this is Online Internet movies where consumers can download movies from websites like www.bhejafry.net, www.indiaonlinemovies.com and many more without actually paying anything. The technical skills of the Indian Film Industry has always been extraordinary but most of the time they had to settle for old and very poor quality of equipments.  But now due to huge market and Corporatisation they can afford to buy more sophisticated equipments. Digital facilities for Sound Recording, Dubbing, Editing is as good as anywhere in the world (Dwyer Patel, 2002). Bollywood has always been very enthusiastic about embracing new technologies in their films, and it is also been much quicker in doing this than the Hollywood (Currah, 2007). The Film Industry is using all the latest technologies like Arry 435 for the shoot, Avid and Mac products for post production work. Sync sound, D.I.(Digital Intermediate), Animations and special effects with Graphics are used extensively.  The Indian Film Industry can now even employ foreign technicians to work for them to improve the quality of the final product. In the blockbuster film KRRISH- (2006) the action sequence was choreographed by Tony Ching from Hong Kong and all the special effects for the film was done by Hollywood technicians (Minocha and Stonehouse- 2006). Globalisation has four facets, that is, movement of goods, capital, technology and people across borders. In terms of movement of goods (i. e., movies) Indian movie industry has a long history of presence in the global market. Awara was sent to the Soviet Union and other Communist bloc countries crazy in the year of1950s. Mehboob’s Aan had a French release after its premiere in London. Long before that Himansu Rai made visually stunning films in cooperation with the Germans in the early 1930s, like The Light of Asia and A Throw of Dice, and many more which were shown in Europe as Indian films with Indian stories. By then the Bombay film industry had been around for 35 years. The film industry is definitely as old as the cinema itself and surely older than Hollywood, which has its early development in the late 1900s (Desai 2007). The exports of the Indian movie have grown for approximately 60% in recent times. The USA and Canada are two main export locations witnessing for 30 percent than by the UK with 25% and Mauritius and Dubai with 10% each. Some other main markets comprise South Africa, Russia, Fiji, New Zealand and Australia where there is abundant Indian diasporas present. Making a film for the diaspora market is a certainly a moneymaking project as against to making a film for the Indian domestic market (Desai 2007). With the global audience, there is outstanding recognition of Indian movie themes along with sew of the cross-over films made by global movie production players. The profit earnings of these movies can be match up to to few of the Hollywood box office hits. A number of Bollywood movies have gained greater than 50% of their total gross profit margin from global box office collection. However it is a welcome movement that requires to be carried on. One of the significant success factors for these cinemas is to recognize ideas from within the Indian subjects which are liked by the audience. An additional important success factor is to associate with a top global distributor; films produced by the person of Indian origin have had up to 2–3 times greater global earnings as compared to the national bestsellers (cii- A.T. Kearney 2007). Table 2 reveals a series of cross over films and the revenue earning generated by these films. India has stated its determined plans to double its share in the international film industry by the end of this year. This shows the great determination of the country to build itself as a cultural as well as economic powerhouse. There are many reasons why we must believe that. To begin with, the government, which aims on considering Bollywood to set up India as a ‘soft power’, considers the Indian film industry is competent enough to capture five percent of the international market this season. The share at the present time is two percent (Johnson 2007). Kishore Lulla, the chief executive of Eros International, a uk

A précis concerning Burleigh Wilkins, Can Terrorism Be Justified :: Terror Attack Septermber 11 Essays

A prà ©cis concerning Burleigh Wilkins, â€Å"Can Terrorism Be Justified† I. On September 11, 2001, I along with the rest of the nation, witnessed historical terror and devastation as the Twin Towers, a long-standing symbol of American prosperity, crumbled to the ground after two hijacked airplanes flew through them early that morning. Almost simultaneously in Washington D.C., a third airliner flew into the Pentagon, and shortly after, a fourth hijacked plane crashed in Somerset Country, PA. Few survivors emerged from the rubble; in the end, thousands were dead, and, without explanation or apology, millions of lives had been changed forever – all in a matter of minutes - a painful contrast to the far reaching affects that this sudden, single act had perpetuated. Over a month later we are only beginning to recover, further affirming the notion that will someday read like a line in a history book, that this was, is, and always will be one of the most horrible terrorist atrocities to ever plague our country. Terrorism has long been a global issue; for centuries it has gone on around the world. People with imperialist hopes for world domination often use acts of terrorism to scare smaller countries into support and subordination of the greater entity. Also, terrorism is often used to personify the hatred of one country for another. Burleigh Wilkins, who authored the piece, "Can Terrorism Be Justified?," raises the issue of whether acts of terrorism are ever morally justifiable, and utilizes situations where "a large number of people share guilt for a tragic situation," in what is known as collective guilt. According to Wilkins, terrorism is any act of violence against a group a people, whether they are the attackers or the victims of the attack. The answer to the title of the piece lies not in the definition of terrorism, but in the delineation of whether or not a terrorist act is justifiable. Wilkins uses this maxim: It is generally agreed that it is justifiable to do violence to another person in self-defense; some wars can be accommodated under the category of self-defense where this is construed in terms of a community of persons defending themselves against aggressors." Wilkins says that if we condemn unjust wars or unjust acts in wartime, then we also condemn terrorism where violence (or the imminent threat of

Kite Runner by Khaled Hosseini

Physical geography has a major Influence to the story. The themes of geography that mainly pertain to the story are Place, Human/ Environmental Interactions, and Movement. Place can have physical and human characteristics. The physical geography of Afghanistan changed after the wars and the Taliban attacks. For example, before in the â€Å"old days the wind swept through the irrigated plains around Islamabad where farmers grew sugar cane and the sweetness impregnated the air. † Now there were narrow road and dries up gutters. In Kabul when Hosannas and Emir were young boys, they used to run up hills surrounded by Poplar and Pomegranate trees.Treetops could be seen poking from behind the houses as they played. Now most of the trees were gone used as wood for lumber to keep Taliban from hiding. Where before you could fins street vendors and restaurants, now there are only dusty roads, abandoned buildings, and beggars. The number of beggars and orphaned children increased after t he wars. The change in this geographical sense changed the way of life of the Afghan's because now they were homeless because their houses were taken over by â€Å"guest† as the referred to the Taliban.They were left without Jobs, ways of growing crops and providing for their families. The war left omen and children husbandly and fatherless. Another theme of geography that pertains is movement. Because of the war, people were forced to relocate. Those that had money fled from Afghanistan. Babe and Emir left from Kabul dictatorial and into a foreign country, America, in hope of a better future. In Afghanistan they were the aristocratic class and In America they became the working class.The following ethnic groups represented In Kite Runner are Afghans. Pakistanis, Arabs, Palestinian, Iranians, Russians, and Germans. The major ethnic groups represented are the Afghans' divided into two major groups, the Hazard's and the Pushpins, and the Pakistanis. The Hazard's are outsiders a ccording to other Afghans because of their Mongolia indigenous people of eastern and southeast Asia and Arctic region. They are also considered outsiders because the Hazard's are Shiite Muslims In a mostly Sunnis Muslim nation.The Pushpins are the dominant ethnic group In Afghanistan accounting for more than half of the population. The Pushpins are Sunnis Muslims in a Sunnis Muslim Nation. The majority of Pakistanis practice Islam. Islam governs their personal, legal, political and economic parts of their life. Pakistanis live in a hierarchical society and are respect because of age and position. There are many examples of their conflicts during the course of the novel. One example Is when Hosannas finds his mother's history book and starts reading it.In the book he finds an inure chapter about the Hazards and how they were persecuted and oppressed by the Pushpins. When he takes it to his teacher, he replies, â€Å"That's the one thing Shih's people do well, passing themselves as m artyrs. † This show how they differ and how they dislike each other. Another example is when the teacher ells Emir, that Iranians are â€Å"grinning smooth talkers who patted you on the back with one hand and picked your pocket with the other. † This shows how they dislike each other even though the Iranians, Like the Hazards, are Shih's Muslims.Another example with me in Mazda†¦ We left them out for the dogs†¦ † This shows that the Taliban could not put away their differences and they had so much hatred that they believed the Hazards were as significant as animals. The novel faithfully matches the reality of its time. Throughout the book, it mentions dates important to the plot but also events that happened in reality. For example, it leaked about King Mohammad Sahara Shah being sent away to Italy and being overthrown by his cousin Mohammad Doodad Khan in 1973.When further research was done, it proved to be correct with actual events. Another example of this was when the book mentions that the Taliban took over and massacred the Hazard's in 1998. After further studies, it proved to be accurate with the real events. Another factual event illustrated in the novel was when it mentions the United States boycotting the Olympic Games in Moscow in 1980. After research, it is proven that the facts given in the novel match the events that actually occurred.

Men and Woman essays

Men and Woman essays Until the 1980s, Turkey prided itself on the womens emancipation that the Kemalists had delivered. But in the past two decades, women have become critical of the Kemalist project of modernity and its effects on women. The military intervention of September 1980 repressed both the radical Left as well as the radical Right in Turkey as it aimed to de-politicize society. Despite the domestic repression of the early 1980s, Turkey was increasingly tied to the outside world as a result of globalization. The increasingly intensifying links with the Western world allowed a second wave of feminism to trickle into the country. Meanwhile, domestically, an opportunity opened for those who began to call themselves feminists, when pre-1980 political actors on the Left and the Right were persecuted.17 These women encroached upon the public space that had been monopolized by the state as they organized to expand their opportunities and solve their gender-based problems. They demanded substantive equ ality beyond formal guality, expressed their needs to be in control of their own sexuality and protested domestic violence. In the process, they expanded and strengthened Turkeys nascent civil society. The women who helped liberate the public realm in the cost: l980s were mostly a heterogeneous group of middle-aged, middle-class professionals who were influenced by one another as they positioned and defined themselves in relation to one another. A fundamental cleavage among the women of this period was between secular and Islamist women. Over time, both groups were separated into numerous other divisions. Within the secular camp. the most prominent division grew between the women who called themselves radical feminists and those who considered themselves Kemalist feminists ...

Free Essays on Privacy, Self Esteem And The Violence Of Violation

The concept of violation, especially when directed at a particular individual, raises tough questions of morality. When considering the film â€Å"Death and the Maiden,† many issues are presented that foster discussion of these topics. The story itself is based on the reality of overwhelming and experienced pain and mental distress, and how these in turn lead to the inability to achieve self-esteem, mental safety and most of all, happiness. In such a situation though, the ability to make rational decisions and rely on one’s own moral code and rational morality is in serious jeopardy (if at all possible.) Our rational morality is grounded in the concepts of rational reflection, personhood, rational self-consciousness, self-esteem and individuality. It uses the ideas of fairness and freedom to construct moral limits, policies and ideals of how a civil society should be constructed and then carried out. The limits and ideals that are laid out by this should promote and protect the ideals of equal opportunity for fulfillment of personhood and the achievement of well-being. They should also be concerned with the right to equal protection and security, especially from anything that is dangerous to us physically or mentally. Without these rights, happiness cannot be felt and as Kant says all men have the need for happiness and are, by nature prone to act in any means that wil achieve it. From The Categorical Imperative, â€Å"Yet there is one thing which we may assume that all finite rational beings actually make their end, and there is therefore one object which may safely be reguar ded, not simply as something that that they may seek, but as something that by necessity of their nature they actually do seek: This object is happiness. The hypothetical imperative, which affirms the practical necessity of an action as the means of attaining happiness, is assertoric.† Humans, by nature must seek the things that make them happy. If, a... Free Essays on Privacy, Self Esteem And The Violence Of Violation Free Essays on Privacy, Self Esteem And The Violence Of Violation The concept of violation, especially when directed at a particular individual, raises tough questions of morality. When considering the film â€Å"Death and the Maiden,† many issues are presented that foster discussion of these topics. The story itself is based on the reality of overwhelming and experienced pain and mental distress, and how these in turn lead to the inability to achieve self-esteem, mental safety and most of all, happiness. In such a situation though, the ability to make rational decisions and rely on one’s own moral code and rational morality is in serious jeopardy (if at all possible.) Our rational morality is grounded in the concepts of rational reflection, personhood, rational self-consciousness, self-esteem and individuality. It uses the ideas of fairness and freedom to construct moral limits, policies and ideals of how a civil society should be constructed and then carried out. The limits and ideals that are laid out by this should promote and protect the ideals of equal opportunity for fulfillment of personhood and the achievement of well-being. They should also be concerned with the right to equal protection and security, especially from anything that is dangerous to us physically or mentally. Without these rights, happiness cannot be felt and as Kant says all men have the need for happiness and are, by nature prone to act in any means that wil achieve it. From The Categorical Imperative, â€Å"Yet there is one thing which we may assume that all finite rational beings actually make their end, and there is therefore one object which may safely be reguar ded, not simply as something that that they may seek, but as something that by necessity of their nature they actually do seek: This object is happiness. The hypothetical imperative, which affirms the practical necessity of an action as the means of attaining happiness, is assertoric.† Humans, by nature must seek the things that make them happy. If, a...