The History And Techniques Of Animation Film Studies Essay

The History And Techniques Of Animation Film Studies Essay In this article we discuss the concept of animation, exploring its definition and the history of early animation devices, the techniques developed for animation, including traditional animation, 3D CGI (Three Dimensional Computer Generated Imagery) in particular facial aninmation and mocap (motion capture), and the development of animation in China, including history, the market and industry. Finally, we speculate on the promising future of animation in China. Animation is associated to an ability of human vision known as the Phi Phenomenon. If you watch a succession of closely connected pictures in fast sequence, you see them as uninterrupted movement. Each picture is called a frame. Cartoons on television and images generated in video-games are examples of animation. More details on popular techniques to enliven the effect of animation, known as the twelve principles of 2D animation are provided in (El Rhalibi, A. and Shen, Y. (2004)). This is one of the types of early device which produces the illusion of the motion picture. The prototype of this device was invented in China by inventor Tian Huan on 180 AD. The images were drawn on to transparent paper attached to vanes and the inventor hung the Zoetrope above a burning lamp. The hot air which rose from the candle made the device rotate due to convection and form images which appear to move due to the shadows cast through the rotating slides. More recently, in 1834, William George Horner ((1786-1837) developed the modern Zoetrope. The device was composed of a cylinder which had slits along its sides set on a spindle stand. A series of images were placed around the internal edge of the cylinder, and when rotating the outer cylinder and looking through the slits the user can see a succession of images inside that give the illusion of motion. This device is still being used in animation classes to make the students understand animation techniques. 3.2 Thaumatrope (1824) This device was invented during the Victorian era, in 1825 by Dr. William Henry Fitton (1780-1861). The Thaumatrope is a device which has a small circular card. Two different pictures are drawn; one on each side of the card and a string/small pole goes through the centre. When the pole is spun by placing in between the hands the card quickly flips around causing the images to coincide and appear to join as a single image. John Ayrton Paris (1785-1856) used this device, at the Royal College of Physicians in 1824, to demonstrate the phi phenomenon. 3.3 Kineograph (1868) The kineograph or flick book was invented by John Barnes Linnet in 1868. The kineograph was one of the biggest inventions which took us nearer to the modern animation technique. The kineograph gave the perfect illusion of motion. The sequential images are drawn on each sheet and when the sheets are flicked the images appear to move. All these inventions, and others such as Electrotachyscope, Mutoscope, Phenakistoscope, Praxinoscope, and Zoopraxiscope, were a major cause for the invention and development of modern animation. 4. Animation Techniques 4.1 Traditional Animation Method Traditional animation embraces many methods including cel animation, stop-motion animation, claymation (a.k.a clay animation) and further techniques based 3D CGI and motion capture. In the following we discuss about 3D CGI with an example of techniques used for face animation, and motion capture. 2D animation techniques and stop-motion information can be found in (El Rhalibi, A. and Shen, Y. (2004)). 4.2 Animation with 3D CGI 3D Computer-generated imagery (CGI) transformed animation. The first film completed entirely in 3D CGI was Toy Story (1995), produced by Pixar. The process of 3D CGI is very repetitive and similar in that sense to classical 2D animation and follows many of the same principles. 3D CGI use very sophisticated software applications to create and manipulate very complex and realistic 3D objects, characters and environments. The software also provides functionalities for the animation of 3D scene components. The major difference between 3D CGI animation and traditional animation is in 3D CGI the images are replaced by 3D models which are digitally modelled using 3D modelling and animation tools. The 3D models are animated roughly like stop motion animation but in 3D CGI there is no physical object. The objects in the 3D world are all virtual objects. The CAA (Computer Aided Animation) widely used in 2D animation is a mix of both categories of animation. The traditional animation is done with the aid of computer to speed up the process of keyframe, cel, and interpolation. Some software languages and platforms, such as Flash which is a multimedia platform, provide these functionalities for both 2D and 3D. 3D CGI can be used for many kind of animation, including in combination with standard such as MPEG4. The following section reviews the use of 3D CGI for Facial Modelling and Animation. 4.3 Facial Modelling and Animation We provide an overview into the current research conducted in regards to both facial modelling and facial animation techniques (N. Ersotelos and F. Dong, 2007). Modelling a 3D virtual character can be cumbersome and time consuming process. Typically a character is modelled as a polygon mesh; whilst alternative techniques exist such as multi-layer modelling which include underlying structures such as the muscle and skeletal formations, these techniques are still considered too computationally expensive, particularly in the context of real-time applications. There are several approaches to constructing a modelled character: Standard Geometric Face Modelling, an approach typically used in animated feature films and games; Generic Model Individualization (GMI), where a specific model is constructed through the deformation of an existing model, such as those constructed from video streams and 3D face scanners; and Example-based Face Modelling (EFM), where a face is constructed with the desired facial features through the linear combinations of an existing face model collection, an example of this is the morphable facial modelling technique. In re lation to facial animation, there are three prominent classifications for the techniques employed: A Simulation-based approach, in which synthetic facial movements are generated through the mimicking of facial muscle contractions, whose application is prominent in the field of medical-based visualization. The Performance-Driven approach, where facial actions are typically applied to a face model, from sources such as video recordings and performance capture. The MPEG-4 standard falls into this classification, but can also be driven through procedural means. The third classification is the Blend Shape-based approach, which typically creates a set of desired animations through the combination of a number of existing face models. There are various levels of granularity for blend shapes, such as interpolation between models, interpolation between images, morphable model approach, and a facial segmentation approach, where the face is divided into small regions, which are manipulated and interpolated between poses. The latter approach has become increasingly prevalent within the games industry. In this case, facial models are rigged with segmentations based on skeletal joints/ bones, blend shape objects, or a hybrid combination of both. The Face rig is then manipulated through the artists tools or through automated techniques such as motion and performance capture. Examples of this case can be found through visual outsourcing specialists such as Image Metrics, whose proprietary technique has been integrated with commercial game engine solutions such as Emergents Gamebryo engine. In the context of facial animation, common approach is to adopt techniques from the real-time face segmentation blend-shape approach and apply them to MPEG-4 based techniques at the lowest level of integration. Whilst blend shape objects have been used to great effect within the film industry (e.g. the Lord of the Rings films Gollum character was comprised of 946 blend shape controls [5]), a nd have seen recent adoption in the high-performance games market, they are computationally expensive to implement, especially across low-mid range desktop PCs in real-time. Therefore, a better method is to adopt a skeletal system for the facial segmentation. Other techniques such as motion capture (mocap) have been developed to produce the data to feed-in animation systems for character animation, or even facial animation. 4.4Animation and Mocap Mocap (Motion Capture) is the technique of capturing motion and converting that motion onto data to be exploited on an animation system or 3D authoring software. It is applied in the production of animation for entertainment (films and games), medical, sports, and military applications. In film production it involves capturing digital data records of the actions of actors, and applying this data to animate digital 2D and 3D character models in computer animation. This animation information is mapped to a character model so that the model executes the same movements as the actor. Mocap is used routinely to produce films which endeavour to replicate the realism of live-action cinema, with near realistically looking digital characters. Some recent films using motion capture techniques are discussed in the following. The Polar Express (Directed by Robert Zemeckis in 2004) used mocap with actor Tom Hanks executing the performance of many different digital models. In 2007, the adaptation o f the famous chronicle Beowulf animated digital characters were also partially based on the actors providing movements, with mocap, and voices. The Walt Disney Pictures Company has also recently started to invest in mocap, releasing Robert Zemeckis A Christmas Carol (2009) and Tim Burtons Alice in Wonderland (2010) which both use this technique extensively. Other applications which routinely apply mocap to animate in-game characters are video games. This has been done since 1995, with the release of the Atari Jaguar game Highlander: The Last of the MacLeods. Movies also use captured movements for 3D CGI effects, and progressively replacing classical cel animation technique, to animate entirely 3D CGI creatures, like the Navi from James Camerons Avatar. Motion capture is commonly used for animation, movies and video games in all the leading countries that produce this media. In the following we discuss the development of animation in China. 5. Animation Development in PRC 5.1 History of Animation in PRC Animation did not start in China before the 1910s. In 1918, an animation clip Out of the Inkwell, produced in the US, was played in the biggest Chinese cities. This event can be considered as the beginning of modern animation there. However the animation industry in PRC did not start until the 1920s, with the advent of the Wan brothers who worked on several animation shorts for a decade before they produced the earliest animation with sound known as The Camels Dance. It was only four years afterwards in 1939 that Walt Disney Studios Snow White was presented to Shanghai audience and represents another important milestone of the history of animation in PRC. And two years after, in 1941 the original full-length Chinese film animation, titled Princess Iron Fan was launched (reference from History of Chinese Animation). At this time other countries in Asia were making impressive progresses with their animation development. In particular Japan has started to develop the famous anime style and technique. However these progressions did not directly influence China. During the 1940s, the Wans created more than twenty animation shorts to educate people with nationalistic themes against opium, imperialism and the Japanese invasion. However, animations produced in China, and until the Chinese Cultural Revolution, were essentially inspired by Chinese traditions, culture and arts, drawing most topics from old folklores. An instance of a time-honoured Chinese character used in animation is Monkey King, a character that originated from the traditional literature Pilgrim to the West, which was introduced by the Wan brothers in the 1964 full-length animated feature titled Havoc in Heaven. Unfortunately, while the animation industry in China was at its apex in the 1960s, it was cut short during the Cultural Revolution (1966-1976), and was left last in the animation development race. The other countries took advantage and by the 1980s Japanese animation production comes out as the market global leader in Asia. In the 1990s, when PRC opened again its market to the world, new opportunities for animation occurred. Nowadays, PRC animation industry has significantly recreated itself with influences from Taiwan, Hong Kong and Japan. One of the first innovative changes in 1995 was a manhua animation adaptation titled Cyber Weapon Z. Manhua involves characters who are very similar to any typical anime showing a clear influence from Japan. The advent of the Internet in China, with the first ever connection in 1987, increasing to more than 384 million users by 2009, led to the creation of various form of professional as well as amateurish animations, in the form of webtoons. The webtoon phenomenon has taken China to a new level in animation production. During the last decade, 3D CGI and special effects production has also increased greatly and many Chinese animation feature and shorts had begun to adopt it by the mid-2000s with for example in 2005 the release of the famous animation DragonBlade: The Legend of Lang. 5.2 Animation Industry and Market in PRC Nowadays, in 2010, the animation industry is well established in PRC. Many large studios, dominate the market, and there are even more small studios spread across the country. Many of these are agents of broadcast or other media organisation. The animation industry has essentially positioned itself in the region of Shanghai with most animation studios located over a few hundred kilometres from the city. In Suzhou (Jiangsu province) there are 2 of the leading and largest animation studios, Hong Ying and Wang Films, and also a few small office branch studios of other firms. Both companies are from Taiwan and operate a network of branch studios in Shanghai, as well as abroad. Wang Films is perhaps the most highly regarded of all studios in Asia, and have studios also in Indonesia, and Thailand as well as in PRC. Shanghai contains a number of studios including Shanghai Animation and Shanghai Morning Sun. Hong Kong Animation Services is yet another animation firm in the Shanghai region, a nd employs a network of branch studios operating in the Shanghai region. In the city of Shenzhen, in Guangdong province, the animation industry also has a good presence with two other big animation studios Jade Animation and Colorland Animation. These two organisations are Hong Kong joint ventures and contend with many small studios which are either supported by the state, for example CCTV Oriental Hong Ye, or Japanese ran branch studios, for example Rising Sun Animation, operated solely for parent companies in Japan. Animation industry in economically booming PRC is performing efficiently. The production charges, including labour and other resources price, are cheaper than in other countries. The number and quality of animators has increased significantly and considering the recent quality of the productions and the increasing number of animation studios, it seems that the skills pool will carry on growing to cater for future expected needs of the animation market. In year 2000, an animation studio paid $2.8 million producing the animation Lotus Lantern. The animated motion picture made a box-office-revenue of $2.5 million. Some years later, Qins Moon the popular Chinese series was released in 2007. It used striking 3D CGI and thrilling stories. Its 3rd season episodes were aired on June 2010. From a demographics position, in 2009, the consumer market in PRC is divided as follows, 9% of the viewers are below 13 years of age, 60% are between 14 to 17 years of age and 31% over an age of 18, including more than 650 million animation fans. From the economic viewpoint, Quatech Research, in 2009, surveyed, people aged between fifteen and thirty in the main modern Chinese cities; Beijing, Guangzhou and Shanghai; and found that over $165 million was disbursed for animation products, however over 85% of profits flowed directly out of China. Additional reviews showed that 62% of the consumers favour animations from Japan, 28% support US animations and just 10 % favour animations made in PRC or Hong Kong. While the animation industry has progressed technologically well (e.g. using 3D CGI and mocap), and has mostly caught-up with competing countries in 2010, it still has much effort to do to change the people support for Chinese production. 6. Future of Animation in PRC Since the invention of the Zoetrope, animation has evolved to an amazing quality and complexity. Most animation products are nowadays being developed using the most advanced techniques and 3D CGI based technologies and motion capture. 3D CGI technologies are well established at US and Japanese animation studios, and start to be used for full-length animated film in China as well. In 2010, Chinas original 3-D animated science fiction film Animen was created under the direction of Xu Ke, managing director of the company Hippo Animation House, from Chinese mainland. Using state-of-the-art motion capture technology, it is also the first home-grown 3D sci-fi animation film to be made on the Chinese mainland. More than 50,000 production cels were drawn for the films numerous drafts. Also, more than 1,200 shots of the 90-minute film were added with 3-D effects. The film was in development for six years and its production budget reached $7.3 million. Despite a chaotic history, animation in China is catching up swiftly, and is emerging to become a market leader of animation productions, to join the other powerhouses in USA and Japan. 7. Further Reading Bradford, R.E. (1995) Real-Time Animation Toolkit in C++ John Wiley Sons Inc. China Through a Lens: Li Xiao (2003). Chinese Animation: Splendid Past, Bitter Present [Online]. http://www.china.org.cn/english/2003/Aug/72789.htm China Market Report (2008), 2009-2012 China Animation Industry Market Research Report, Shenzhen Zero Power Intelligence Co., Ltd. China Market Report (2009), 2010-2013 Annual research and consultation report on China animation, Shenzhen Zero Power Intelligence Co., Ltd. El Rhalibi, A. and Shen, Y. (2004) Animation: Berkshire Encyclopedia of Human-Computer Interaction. Volume 1. p. 13-17. Berkshire Publishing Group. N. Ersotelos and F. Dong, Building highly realistic facial modelling and animation: a survey, The Visual Computer: International Journal of Computer Graphics, vol. 24, no. 1, pp. 13-30, Nov. 2007. Foley et al (1990) Computer Graphics: Principles Practice 2nd Edition Wesley 0201848406 Griffin, H. Animators Guide to 2D Animation Focal Press 024051579X, Y Don Hahn The Alchemy of Animation: Making an Animated Film in the Modern Age Disney Editions (7 Oct 2008) History of Chinese Animation. [Online] (Retrieved on 11st July 2010) http://en.wikipedia.org/wiki/History_of_Chinese_animation Kit Laybourne (1998), The Animation Book. Crown Publications; 2nd Revised edition John A. Lent (2000), Animation in Asia and the Pacific, John Libbey Publishing John A. Lent (2009) Animation in South Asia, Studies in South Asian Film and Media Volume 1 Number 1 Â © 2009 Intellect Ltd. [Online] http://www.atypon-link.com/INT/doi/pdf/10.1386/safm.1.1.101_1?cookieSet=1 Peter Lord, and Brian Sibley (2004) Cracking Animation: The Aardman Book of 3-D Animation; Thames Hudson; 2 edition (22 Nov 2004) Magnenat-Thalmann, N., Thalmann, D. (1996) Interactive Computer Animation Prentice Hall Kelly L. Murdock 3ds Max 2010 Bible John Wiley Sons; (28 July 2009) Kerlow, I. V. (2000) The Art of 3-D Computer Animation and Imaging Van Nostrand Reinhold 0442018967 List of Chinese animated films. [Online]. http://en.wikipedia.org/wiki/List_of_Chinese_animated_films Parent, R. (2001) Computer Animation: Algorithms and Techniques Morgan-Kaufmann, San Francisco Chris Patmore (2003), The Complete Animation Course: The Principles, Practice and Techniques of Successful Animation. Thames Hudson (4 Aug 2003) Qins Moon Series. (2007-2010), [Online]. http://www.qinsmoon.com/CHS/new/main2.php Robert Reinhardt and Snow Dowd, Flash CS4 Professional Bible John Wiley Sons; Pap/Cdr edition (6 Feb 2009) Ronan, Colin A; Joseph Needham (1985). The Shorter Science and Civilisation in China: Volume 2. Cambridge University Press Susannah Shaw, Stop Motion: Craft Skills for Model Animation. Focal Press (Visual Effects and Animation); 2 edition (3 April 2008) Thomas, F. Johnson, O. (1981) Disney Animation: The Illusion of Life Abbeville Press New York 089659498X Milt Vallas (1998) China-The Awakening Giant: Animation And Broadcasting In The Mainland, Animation World Magazine Issue 3.5 August 1998, [Online] http://www.awn.com/mag/issue3.5/3.5pages/3.5vallas.html Watt, A. Watt, M. (1992) Animation and Rendering Techniques Theory and Practice Addison -Wesley 0201544121

Snow Falling on Cedars Essay -- Snow Falling Cedars Japanese Essays

Snow Falling on Cedars Everyone has experienced prejudice sometime in their life. It has been an undeniable force in society ever since history was recorded. Even the most open-minded people and enlightened organizations can be blamed as being prejudice sometime or another. However, prejudice always takes its toll from these people who form opinions beforehand or without any facts. The novel, Snow Falling On Cedars, take place during a time in which Americans are prejudice towards Japanese people. David Guterson’s novel takes place several years after World War II when hatred towards the Japanese filled Americans’ hearts from the Japanese bombing of Pearl Harbor. During the time period from 1940 to 1955 there was evidence of this hatred and prejudice in internment camps and laws passed against Japanese-Americans. Snow Falling On Cedars has many parallels between the fictional prejudice in the novel and the factual prejudice of the time period. There are many examples of prejudice towards the Japanese from 1940-1955. These examples of prejudice were based on hatred from the bombing of Pearl Harbor. Discrimination towards these people came in the form of cruelty from our government and fellow Americans. One example of discrimination towards Japanese-Americans that came from our government was signed by President Roosevelt on February 19, 1942. The President signed Executive Order 9066, which authorized the Army to â€Å"designate military areas from which â€Å"any persons may be excluded.† Although Japanese-Americans were put into these internment camps, the words â€Å"Japanese,† or â€Å"Japanese Americans† never appeared in the order. Afterwards, on March 9, 1942, Public Law 503 was put into decree to enforce Roosevelt’s Execu... ...tim of discrimination. Since he was the same race as the people who were involved in the bombing of Pearl Harbor, Kabuo never stood a chance at a fair trial. Works Cited "Children of the Camps Project." Internment History. . Public Broadcasting System. 1999. <http://www.pbs.org/childofcamp/history/camps.html>. "Exploring the Japanese American Internment through Film and the Internet." National Japanese American Historical Society . 2002. National Asian American Telecommunications Association. 16 April 2002. <http://www.jainternment.org/ ww2/eo9066.html>. Guterson, David. Snow Falling On Cedars. New York: Vintage Books, 1994. Tsang, Rocky. "Japanese Americans Internment in Arkansas." Arkansas Memory Project. 15 April 1999. University of Central Arkansas. 16 April 2002. <http://a sms.k12.ar.us/armem/tsang/INDEX3.HTM>.

Practical vs. Supernatural in The Hound of the Baskervilles Essay

The novel The Hound of the Baskervilles is written by a British author, Sir Arthur Conan Doyle. Doyle was born in Edinburgh, Scotland in 1859. Following â€Å"nine years in Jesuit schools, he went to Edinburgh University, where he received a degree in medicine in 1881. He then became an eye specialist in Southsea, with a distressing lack of success† (Doyle 1). Doyle’s financial letdown in Southsea created a need for an alternative way for him to generate profit, so he became an author. In the first of his many stories A Study in Scarlet, Doyle brings Sherlock Holmes to life; he is a detective and the protagonist of the story. Doyle’s inspiration and idea for an observant detective came from Dr. Joseph Bell of the Edinburgh Infirmary. Dr. Bell had brilliant powers of observation, analysis, and inference. Doyle’s story was rejected several times before a British publisher bought it for  £25 (Doyle 1). â€Å"From early on, the worldwide popularity of Holme s annoyed his creator, and with a cause: the detective’s adventures, wonderful as they are, tended to overshadow everything else Conan Doyle wrote† (Dirda 42). Doyle eventually becomes so weary of Sherlock Holmes that he chose to kill off his character. However, Doyle had to later resurrect Holmes’s character due to popular demand for additional stories (Doyle 1). It was while playing golf one day, Robinson told Doyle a story of an ancient tale about a hound that haunted Dartmoor; â€Å"he was so inspired by this local legend that he resurrected Holmes, whom he’d killed off eight years earlier, in The Final Problem, at Switzerland’s Reichenbach Falls† (Cook). According to a 1996 article from New Statesman, â€Å"For well over 100 years, the great sleuth of Baker Street has been a staple of our imaginati... ... Doyle is cherished as the creator of one of the best-loved detectives in English literature--but his talents as an author ranged far and wide, from science fiction to swashbucklers.† New Statesman [1996] 7 Nov. 2011: 41+. Academic OneFile. Web. 11 Apr. 2012. Doyle, Sir Author Conan. Sherlock Holmes The Hound of the Baskervilles. England: First Signet Classic Printing, 1986. Print. Sangeetha, K. â€Å"Kinesics in Arthur Conan Doyle.† Language In India Nov. 2011: 694+. Academic OneFile. Web. 11 Apr. 2012. â€Å"The Hound Of The Baskervilles: A Sherlock Holmes Graphic Novel.† Publishers Weekly 256.34 (2009): 49. Academic Search Premier. Web. 11 Apr. 2012. â€Å"The Science of Sherlock Holmes: from Baskerville Hall to the Valley of Fear, the Real Forensics Behind the Great Detective's Greatest Cases.† Science News 29 Apr. 2006: 271. Academic OneFile. Web. 11 Apr. 2012.

The Warning in The Beast in the Jungle :: Beast in the Jungle Essays

The Warning in The Beast in the Jungle "In the case of Henry James there should not be much dispute about the exactness and completeness of the representation; no man ever strove more studiously or on the whole more successfully to reproduce the shape and color and movement of his æsthetic experience." These are the remarks of Stuart P. Sherman from his article entitled "The Aesthetic Idealism of Henry James," from The Nation, p. 397, April 5, 1917. Now, some seventy-two years later critical readers are still coming to terms with James' aesthetic vision. As we have discussed in class, James aestheticizes everything. Sexual intercourse, carnal knowledge, painful self-discovery, human mortality, etc., are often figuratively and metaphorically veiled so as not to disturb or repulse the reader. Taking a closer look at this, one might say that James did this so that he himself would not be repulsed. Perhaps James wasn't thinking so much of the reader as he was thinking of himself. In "The Beast in the Jungle" James has aesthetically hidden the reality of Marcher's destiny by treating it as a symbolic crouching beast waiting to spring. The reader will ask why James has done this? Wouldn't it be more effective to speak plainly of Marcher's and Bartram's relationship? The author could tell us exactly why John Marcher does not marry May Bartram. The narrator tells us that Marcher's situation "was not a condition he could invite a woman to share" and "that a man of feeling didn't cause himself to be accompanied by a lady on a tiger hunt" (p. 417). This is nonsense. Marcher won't marry May because he doesn't want to inconvenience her with his condition or endanger her life on a tiger hunt? First of all, he inconveniences her right up to the day of her death with his condition, and as for the metaphorical tiger hunt, what exactly does that refer to? What is it here that James will not speak of in plain language? Simply what is the meaning of this; what is the author's intent? One might speculate that this story is somewhat autobiographical in that James himself never married and often carried on close personal relationships with a very select few. The various biographers of his life

Fj Benjamin

FJ Benjamin Holdings Ltd# (SGX: FJB) 18 July 2012 Receding tides at the fashion and timepieces retailer UNDERWEIGHTTarget Price: S$ 0. 09 Price (as at 18 July 2012) | Bloomberg| 12-month Range| Market Capitalization| S$ 0. 33| SGD 0. 3300| SGD 0. 26 – 0. 365| SGD 203 Million| 3 Points that convince us of a Sell rating: * Something 1 Explanation * Something 2 Explanation * Something 3 Explanation Year End: Jul| 3QFY11Results| 3QFY12Results| YoY % Growth| YTD % as of FY2012| Revenue (S$’000)| | | | | Retail| | | | | Distribution| | | | | Licensing| | | | | Gross Profit| | | | |Gross Margin| | | | | EBIT (S$’000)| | | | | EBIT Margin| | | | | Net Profit| | | | | Net Margin| | | | | EPS| | | | | DPS| | | | | NAV/Share| | | | | Headquartered in Singapore, SGX-listed F J Benjamin Holdings Ltd. (FJB) builds in-house and develops international lifestyle and luxury brands across Asia and recently in the Western markets too. With a portfolio of over 20 celebrated brands, t he group divides itself into four core businesses: 1. Luxury and Lifestyle Fashion Retailing and Distribution; 2. Timepiece Distribution; 3. Design and Manufacturing of their in-house brand RAOUL . Investing in Lifestyle Concepts Section I: Industry Analysis SWOT Analysis Strengths Wide retail network FJB operates 191 stores across Singapore, Malaysia, Hong Kong and Indonesia in prime locations to cater to its premium customers and tourists and help maintain the competitiveness of the Group. Wide diversified luxury and lifestyle brand portfolio The brand portfolio comprises over 20 iconic luxury and lifestyle brands. A diversified portfolio of scalable brands helps the Group mitigate the vulnerability of luxury brands in an economic downturn.Multilingual retail staff improves customer service * FJB believes in investing heavily in retail staff training to increase service quality and language proficiency to serve tourists who visit the stores from various regions. Strong balance she et and positive cash flow allow FJB to fund its CAPEX plans FJB maintained SGD7. 7m of net cash at the end of FY2012 despite incurring capital expenditure rising by 8% due to the opening and refurbishment of stores Weaknesses Geographic diversity and exposure to high tax rates FJB Operates in 190 stores across the world.With many stores located in Malaysia and China, where the effective tax rate is close to 30%, FJB faces a high tax bill and thus lower overall profits. Highly cyclical earnings FJB’s earnings are highly cyclical and they tend to peak in the late stages of a cyclical upturn. This translates into a risk of over expansion during good times. FJB’s total revenue increased 38% YoY for FY 2007. Poor presence and performance in Australia, Europe and North America FBJ classifies it’s geographical segments into South East Asia, North Asia and Other, which includes their franchised brands in North America and Australia.This segment has historically made up less than 2% of total revenue. Opportunities Strong brand name of RAOUL FJB’s proprietary brand was one of the brands topping the high fashion category in a recent Mystery Shopping Survey. It has grown well over the last few years as FJB was able to raise RAOUL’s brand value and expand the business to Europe and the United States. New international brands to accelerate earnings potential The Group is working to bring in affordable international fashion brands. Recently, the Group signed an exclusive distribution agreement with the Padini Group for VNC shoes to venture into the growing Indonesian market.Threats Competition The majority of FJB’s competitors operate with large store numbers (Esprit – 1,128, Dickson Concepts – more than 1,000, WINGT – more than 180, Metro – 879,000 square feet). The rise of blogshops in the SE Asia have also increased competition within the industry. Macroeconomic instability Macroeconomic instability thr eatens growth. Grim economic sentiment worldwide poses an explicit threat to FJB’s growth as it caters to the premium fashion retailing market. Porter’s Five Forces Highly competitive climateOur team analyzed the macroeconomic conditions and the special characteristics of the fashion retail industry, we have determined that FJ Benjamin operates in a highly competitive market. The largest drivers of competition are the degree of rivalry, new entrants and the supplier power. Exposure to foreign currency shocks and the threats from competing businesses are substantial factors to look out for. Buyer Power (High) Buyer Power (High) Supplier Power (Strong) Supplier Power (Strong) Substitutes (Moderate) Substitutes (Moderate) New Entrants (High) New Entrants (High)Degree of Rivalry (Strong) Degree of Rivalry (Strong) Many competitors offering diverse choices Many competitors offering diverse choices Low customer loyalty in retail industry Low customer loyalty in retail indust ry Many firms competing for market share Many firms competing for market share Saturated Market Saturated Market Price inelasticity Price inelasticity High product differentiation High product differentiation High Capital Outlay High Capital Outlay Fall in brand perception will result in customer turnover Fall in brand perception will result in customer turnoverIncreasing wealth may lead to consumers using premium brands Increasing wealth may lead to consumers using premium brands Healthy relationships with suppliers to sustain franchises Healthy relationships with suppliers to sustain franchises Constantly changing fashion trends Constantly changing fashion trends Exposure to foreign currency shocks Exposure to foreign currency shocks High marketing expenditure needed to maintain brand perception High marketing expenditure needed to maintain brand perception Section II: Accounting Analysis & Adjustments Accounting Analysis – Faithful representationThe auditors’ report demonstrated that the accounts present a true and fair view of the company. It is noteworthy that it was highlighted in the corporate governance report that there are no employees who are relatives of directors paid above $150,000. In addition, all members of the nomination, remuneration and audit committee are independent non-executive directors. There is also a whistle-blowing policy for the Group, which encourages a high level of non-tolerance against fraud. There was also adequate disclosure of interested transactions between its subsidiaries and its newly acquired associate prior to the acquisition.However, a potential conflict of interest in the area of the risk management committee, which usually comprises majority of non-executive directors, but in the case of MPM, is managed by executive directors. There might be the possibility of them not being objective in assessing the risks that the company faces. Understandability There is thorough explanation of accounting policies adopted in the notes, supplemented with definitions of accounting terms where appropriate. While the assets and liabilities of associates are mentioned, no further breakdown is given as to the comprisal of them.Assets and liabilities of subsidiaries are also absent from the notes. This applies for jointly controlled entities too. It was hard to determine where personnel expenses and the disclosures under profit before income tax fall into the income statement, making it confusing how to account for them. The cash figure in the balance sheet and cash flow statement differed due to fixed deposits, bank overdraft and pledged fixed deposits and bank balances, making forecasting of financial statements relatively inconvenient. ComparabilityThere is clear disclosure when amendments are made to FRS, accompanied with a statement whether the change is applied retrospectively or prospectively, as well as the materiality of the amounts presented. Where changes are to be expected, these are sta ted beforehand with their effective period of commencement stated methodically. Details of other operating expenses were provided in the notes from 2009 to 2011, but absent in the notes in 2007 and 2008, making comparison of detailed expenses difficult. Segment reporting was available to enable investors to compare across companies that might be similar to MPM in one of their business segments.Accounting Distortions Adjusted Non-recurring items The notes were inspected to identify line items that could potentially be non-recurring and should thus be removed from the financial statements to provide a clearer picture of the sustainable earnings of the company. Items recognized as non-recurring included bad debts written off, investment in associate, and other expenses in which no details were given. Other possible non-recurring items included government grant received, though this could possibly recur due to the achievement of the conditions under the Capability Development Scheme in 2010.Foreign exchange gain was also thought of to be recurring due to the entrance into forward currency contracts. Equity to proportionate consolidation MPM’s subsidiary Marco Polo Shipping Co Pte Ltd holds a 49% stake in PT Pelayaran Nasional Bina Buana Raya (BRR), an Indonesian shipping company which engages in ship agency, chartering and transshipment of vessels. The 49% stake is the maximum equity stake allowed to be taken by a foreigner without affecting the ability of BBR to ply the Indonesian waters as a domestic shipping company.By the substance over form principle, Marco Polo has effective control over BRR, thus we carried out proportionate consolidation on the entity. Joint ventures were also consolidated to provide a more accurate picture of the group. Operating leases MPM has several operating leases with lease period not amounting to more than 5 years. The leases were capitalized based on the implicit interest rate in the finance leases, except for 2008, where a figure of interest expenses over beginning long term debt was used, due to the absence of finance leases in 2007.Capitalizing the operating lease would result in a more accurate representation of liabilities and assets. Guarantees and litigations MPM was involved in two lawsuits over the period under purview. One involved $106,000 for late delivery of vessels while the other involved arbitration against a subsidiary of the Company in relation to certain charter party disputes. These were included in contingent liabilities during 2007 and 2008 respectively, though in the opinion of the directors, both lawsuits had no merit or basis and would not have financial impact on the company. Fj Benjamin FJ Benjamin Holdings Ltd# (SGX: FJB) 18 July 2012 Receding tides at the fashion and timepieces retailer UNDERWEIGHTTarget Price: S$ 0. 09 Price (as at 18 July 2012) | Bloomberg| 12-month Range| Market Capitalization| S$ 0. 33| SGD 0. 3300| SGD 0. 26 – 0. 365| SGD 203 Million| 3 Points that convince us of a Sell rating: * Something 1 Explanation * Something 2 Explanation * Something 3 Explanation Year End: Jul| 3QFY11Results| 3QFY12Results| YoY % Growth| YTD % as of FY2012| Revenue (S$’000)| | | | | Retail| | | | | Distribution| | | | | Licensing| | | | | Gross Profit| | | | |Gross Margin| | | | | EBIT (S$’000)| | | | | EBIT Margin| | | | | Net Profit| | | | | Net Margin| | | | | EPS| | | | | DPS| | | | | NAV/Share| | | | | Headquartered in Singapore, SGX-listed F J Benjamin Holdings Ltd. (FJB) builds in-house and develops international lifestyle and luxury brands across Asia and recently in the Western markets too. With a portfolio of over 20 celebrated brands, t he group divides itself into four core businesses: 1. Luxury and Lifestyle Fashion Retailing and Distribution; 2. Timepiece Distribution; 3. Design and Manufacturing of their in-house brand RAOUL . Investing in Lifestyle Concepts Section I: Industry Analysis SWOT Analysis Strengths Wide retail network FJB operates 191 stores across Singapore, Malaysia, Hong Kong and Indonesia in prime locations to cater to its premium customers and tourists and help maintain the competitiveness of the Group. Wide diversified luxury and lifestyle brand portfolio The brand portfolio comprises over 20 iconic luxury and lifestyle brands. A diversified portfolio of scalable brands helps the Group mitigate the vulnerability of luxury brands in an economic downturn.Multilingual retail staff improves customer service * FJB believes in investing heavily in retail staff training to increase service quality and language proficiency to serve tourists who visit the stores from various regions. Strong balance she et and positive cash flow allow FJB to fund its CAPEX plans FJB maintained SGD7. 7m of net cash at the end of FY2012 despite incurring capital expenditure rising by 8% due to the opening and refurbishment of stores Weaknesses Geographic diversity and exposure to high tax rates FJB Operates in 190 stores across the world.With many stores located in Malaysia and China, where the effective tax rate is close to 30%, FJB faces a high tax bill and thus lower overall profits. Highly cyclical earnings FJB’s earnings are highly cyclical and they tend to peak in the late stages of a cyclical upturn. This translates into a risk of over expansion during good times. FJB’s total revenue increased 38% YoY for FY 2007. Poor presence and performance in Australia, Europe and North America FBJ classifies it’s geographical segments into South East Asia, North Asia and Other, which includes their franchised brands in North America and Australia.This segment has historically made up less than 2% of total revenue. Opportunities Strong brand name of RAOUL FJB’s proprietary brand was one of the brands topping the high fashion category in a recent Mystery Shopping Survey. It has grown well over the last few years as FJB was able to raise RAOUL’s brand value and expand the business to Europe and the United States. New international brands to accelerate earnings potential The Group is working to bring in affordable international fashion brands. Recently, the Group signed an exclusive distribution agreement with the Padini Group for VNC shoes to venture into the growing Indonesian market.Threats Competition The majority of FJB’s competitors operate with large store numbers (Esprit – 1,128, Dickson Concepts – more than 1,000, WINGT – more than 180, Metro – 879,000 square feet). The rise of blogshops in the SE Asia have also increased competition within the industry. Macroeconomic instability Macroeconomic instability thr eatens growth. Grim economic sentiment worldwide poses an explicit threat to FJB’s growth as it caters to the premium fashion retailing market. Porter’s Five Forces Highly competitive climateOur team analyzed the macroeconomic conditions and the special characteristics of the fashion retail industry, we have determined that FJ Benjamin operates in a highly competitive market. The largest drivers of competition are the degree of rivalry, new entrants and the supplier power. Exposure to foreign currency shocks and the threats from competing businesses are substantial factors to look out for. Buyer Power (High) Buyer Power (High) Supplier Power (Strong) Supplier Power (Strong) Substitutes (Moderate) Substitutes (Moderate) New Entrants (High) New Entrants (High)Degree of Rivalry (Strong) Degree of Rivalry (Strong) Many competitors offering diverse choices Many competitors offering diverse choices Low customer loyalty in retail industry Low customer loyalty in retail indust ry Many firms competing for market share Many firms competing for market share Saturated Market Saturated Market Price inelasticity Price inelasticity High product differentiation High product differentiation High Capital Outlay High Capital Outlay Fall in brand perception will result in customer turnover Fall in brand perception will result in customer turnoverIncreasing wealth may lead to consumers using premium brands Increasing wealth may lead to consumers using premium brands Healthy relationships with suppliers to sustain franchises Healthy relationships with suppliers to sustain franchises Constantly changing fashion trends Constantly changing fashion trends Exposure to foreign currency shocks Exposure to foreign currency shocks High marketing expenditure needed to maintain brand perception High marketing expenditure needed to maintain brand perception Section II: Accounting Analysis & Adjustments Accounting Analysis – Faithful representationThe auditors’ report demonstrated that the accounts present a true and fair view of the company. It is noteworthy that it was highlighted in the corporate governance report that there are no employees who are relatives of directors paid above $150,000. In addition, all members of the nomination, remuneration and audit committee are independent non-executive directors. There is also a whistle-blowing policy for the Group, which encourages a high level of non-tolerance against fraud. There was also adequate disclosure of interested transactions between its subsidiaries and its newly acquired associate prior to the acquisition.However, a potential conflict of interest in the area of the risk management committee, which usually comprises majority of non-executive directors, but in the case of MPM, is managed by executive directors. There might be the possibility of them not being objective in assessing the risks that the company faces. Understandability There is thorough explanation of accounting policies adopted in the notes, supplemented with definitions of accounting terms where appropriate. While the assets and liabilities of associates are mentioned, no further breakdown is given as to the comprisal of them.Assets and liabilities of subsidiaries are also absent from the notes. This applies for jointly controlled entities too. It was hard to determine where personnel expenses and the disclosures under profit before income tax fall into the income statement, making it confusing how to account for them. The cash figure in the balance sheet and cash flow statement differed due to fixed deposits, bank overdraft and pledged fixed deposits and bank balances, making forecasting of financial statements relatively inconvenient. ComparabilityThere is clear disclosure when amendments are made to FRS, accompanied with a statement whether the change is applied retrospectively or prospectively, as well as the materiality of the amounts presented. Where changes are to be expected, these are sta ted beforehand with their effective period of commencement stated methodically. Details of other operating expenses were provided in the notes from 2009 to 2011, but absent in the notes in 2007 and 2008, making comparison of detailed expenses difficult. Segment reporting was available to enable investors to compare across companies that might be similar to MPM in one of their business segments.Accounting Distortions Adjusted Non-recurring items The notes were inspected to identify line items that could potentially be non-recurring and should thus be removed from the financial statements to provide a clearer picture of the sustainable earnings of the company. Items recognized as non-recurring included bad debts written off, investment in associate, and other expenses in which no details were given. Other possible non-recurring items included government grant received, though this could possibly recur due to the achievement of the conditions under the Capability Development Scheme in 2010.Foreign exchange gain was also thought of to be recurring due to the entrance into forward currency contracts. Equity to proportionate consolidation MPM’s subsidiary Marco Polo Shipping Co Pte Ltd holds a 49% stake in PT Pelayaran Nasional Bina Buana Raya (BRR), an Indonesian shipping company which engages in ship agency, chartering and transshipment of vessels. The 49% stake is the maximum equity stake allowed to be taken by a foreigner without affecting the ability of BBR to ply the Indonesian waters as a domestic shipping company.By the substance over form principle, Marco Polo has effective control over BRR, thus we carried out proportionate consolidation on the entity. Joint ventures were also consolidated to provide a more accurate picture of the group. Operating leases MPM has several operating leases with lease period not amounting to more than 5 years. The leases were capitalized based on the implicit interest rate in the finance leases, except for 2008, where a figure of interest expenses over beginning long term debt was used, due to the absence of finance leases in 2007.Capitalizing the operating lease would result in a more accurate representation of liabilities and assets. Guarantees and litigations MPM was involved in two lawsuits over the period under purview. One involved $106,000 for late delivery of vessels while the other involved arbitration against a subsidiary of the Company in relation to certain charter party disputes. These were included in contingent liabilities during 2007 and 2008 respectively, though in the opinion of the directors, both lawsuits had no merit or basis and would not have financial impact on the company.

Whistling Vivaldi

The book gets its title from a story a black New York Times writer, Brent Staples, told Steele about how he ad to whistle Vivaldi anytime he walked on the streets of Hyde Park a suburb of Chicago so he wouldn't look violent to the dominantly white people who lived on that part. Staples who knew he had a social identity because he was black used the whistling to steer through that part of his daily life.Identity contingencies are the things you have to deal with in a situation because you have a given social identity. Stereotype threat in the book, from my understanding can thus be defined as when a person finds himself/herself in situation or circumstance where his or her performance/behavior consciously or unconsciously is affected usually by negative stereotypes.A typical example was the Golf experiment in the book where Jeff stone and his team using typical stereotypes about whites been less naturally athletic than blacks and blacks been less intelligent than whites as the experim ental variables was able to prove how the performance of the white students at Princeton University was reduced when they were told they were been tested or their natural athletic ability and how the same thing happened to the black students when they were told they were been tested for their sports strategic intelligence.The 2nd experiment Steele describes was the experiment in which a third grade teacher Jane Elliot trying to teach her students the importance of the life and works of Dry Martin Luther King identified eye color as the basis Of been smarter, cleaner and been well behaved. This experiment exemplified how an identity and stereotype affects a person's way of thinking and ability.

Macbeth and to Kill a Mockingbird Essay

The play Macbeth and the novel to kill a Mockingbird consist of many similarities, some in which are more obvious than others. Both of these two excellent literatures have the common theme of hope for justice, similar characters, and also both the novel and the Shakespearian play have the suspense and intensity in the atmosphere. In the novel to kill a Mockingbird and the play Macbeth, both deliver a message of hope for justice. In the novel we see two young men being judged upon their physical characteristics and what others have said about them. Tom Robinson was a man who lived on the other side of Maycomb, the side of â€Å"poor and worthless† coloured people. The society of Maycomb jugged him for his colour rather then what Atticus had to say about him in the court. Another character named Boo Rady was being judged by people who lived in the neighbourhood; kids grew up having this idea of him being a scary man who stabbed his father in the leg. Even though all those stories being told to Scout and Jem were not accurate the neighbourhood still passed on the stories. But hope for justice was still in that society, the novel ended with scout understanding and appreciating Boo Radly. Also justice was brought to Tom even though he had been killed by the jail guards when trying to escape, the society thought they had won, but Tom’s remembrance made the community question prejudice and its evilness towards people. The evil in the society had not conquered in this tale, since Tom was so influential to the community. Now looking at the play Macbeth, the hope for justice was brought to the play by Macduff. He stud up against Macbeths’ evil ambition and took back what belongs to Malcom. In the novel and the play justice was being forgotten until the ending; where everyone got what they deserved. In the play Macbeth and the novel to kill a Mockingbird the characters have different believes and outlook for the life they live in. Characters such as Macduff and Jem live in two different period of time and their ages are very different but if you look at their morals and the way they live their life’s we see similarities. Macduff is a grown man with responsibilities as a father and a soldier, he’s a man who loves his country and would do anything to protect it from evil, and he also stands up for what he believes in and has the eye that tries to see the good side of people. †¦. In Shakespeare’s â€Å"Macbeth† supernatural forces create a suspenseful atmosphere. The play begins with the suspense of what will Macbeth do with the prophases he has received. Certain uncanny resemblances between Tom Robinson and Boo Radley’s lives exist in Harper Lee’s To Kill A Mockingbird. Often large groups of people misunderstand certain unusual individuals. Sometimes they stereotype the person; other times, they simply do not bother to find out the truth.