Court Report Essay Example for Free

Court Report Essay The basic division in the structure of criminal courts is between the lower criminal courts – the local courts, Children’s court and Coroner’s court – and the higher criminal courts – the District Court and the Supreme Court. In observing proceedings at the Local, District and Supreme Courts over a period of three days a number of aspects of the criminal justice system were made apparent. The administration, processes and practices of the criminal trial are extremely varied dependent upon the level of criminal court being observed. The distinctions between the workings of the two courts revealed a number of the differences between summary proceedings and trial upon indictment. The cases observed served to provide evidence for the â€Å"two tiers of justice† argument. Also the role of the judiciary was perceived as being particularly interesting especially the high level of discretion that they held in the Local Courts and even to an extent in the District Court primarily when there was no jury present. McBarnet’s discussion of the criminal court system focuses around the idea that the higher courts such as the District and the Supreme courts are for public consumption in which the ideology of justice is played up by the more elaborate court rooms, dress, and rigid rules of ceremony. On the other hand the lower courts focus on control. The local courts handle the vast bulk of cases with only a small proportion of criminal cases coming before the higher courts. For example the National division of cases between the lower and higher courts in 2003-2004 were 97% finalised in the lower courts while only 3% were heard in higher courts. Lower criminal courts – Absence of legality In arriving at the local courts, the waiting room was full of people who had been summoned to appear for their hearing. It was noisy and extremely busy. In observing the waiting room it was obvious that people were restless and were anxious to have their case heard. The majority of cases were listed to start by 10am and thus depending on the speed of the trial process many people may have had to wait hours before their case could begin. There are no estimates of how long each matter will take and not even an attempt to make a general time allocation. Mack and Anleu also further illustrate this concept. They said that primary objective is time management and getting through the list for that day. In general, the whole process in the local courts was a lot less formal than was expected with several of the magistrates even stopping proceedings to explain the facts of the case to the law students. Although Pat Carlen in her study of Magistrates Courts in England and Scotland described the court as a very formal and ritualistic social setting this is somewhat surprisingly not what was observed during Local Court visits. The court observations were more in line with those of McBarnet in that the lower courts did not uphold the strictures of â€Å"due process† and the ideology of justice. In one particular committal hearing that was observed in the Local Court, R v Sean Robert Kerr, the atmosphere was relaxed and the magistrate and the prosecutor were in constant discussion about the facts of the case and the admissibility of evidence. The accused was alleged to have carrying knife in public place. This downplaying of the crimes to less serious charges supports the emphasis on efficiency that underlines McBarnet’s analysis. Each time the prosecutor made a claim the magistrate would ask where the evidence came from. The magistrate was concerned with the nature of the evidence as they are required to determine whether there is enough evidence to commit the accused for trial as outlined under s 62 of the Criminal Procedure Act 1986. It became obvious that they were short staffed and without a court clerk when the magistrate held no objection to the prosecutor approaching the bench to submit evidence. This case provides evidence for the process of the committal hearing and demonstrating judicial discretion in deciding whether the case should go to trial. Other cases that were observed through court visits further emphasised the nature of the judicial process in the Local Courts. The summary proceedings served in a number of cases to emphasise the triviality of the process. Cases involving minor offences such as traffic offences and petty theft were particularly trivial however other cases such as domestic violence and minor assault charges were not so inconsequential. They were of particular importance to the parties involved and it is thus important not to overgeneralise the process of the lower courts to being mere triviality. Whilst in the local courts there was an emphasis on speed and efficiency, this did not automatically mean that strict legality was disregarded. The importance placed on evidence and onus on the prosecutors in providing proof upheld important elements of the criminal justice system. Higher criminal court – Ideology of Justice On observing the District Court a number of distinctions from the Local Courts were immediately made apparent. Without going in to detail about the actual structure of the courts, they seemed to fit more closely with the traditional schema of a typical courtroom. In particular the larger courtrooms with more facilities combined with the barristers and magistrates wearing their wig and robes seemed to instantly uphold the ideology of justice. It is interesting to note how appearances can automatically provide an impression that justice will be upheld. The defendants were observed to be sitting in the dock with the corrective services officer sitting by the side. This is in contrast to the local courts where the defendant usually sat near their legal representative. An interesting comparison can be made between the roles of the judge in cases where there was a jury present and where there was not. Trial by jury is seen as an essential element of our criminal justice system. Juries are seen as a symbol of democracy and guarantee of fairness in a criminal trial however it is important to note that the majority of criminal trials are dealt with in the lower courts where juries are not available. Therefore by this simple fact the higher courts are upholding the â€Å"two tiers† analysis as they have the advantage of the jury trial, an essential element in the ideology of justice. In R v Veronica Salas Collard the jury was observed to be composed of eight men and four women of different ages and races. This supports the view that a group’s ability to be impartial is best achieved by ensuring diversity rather than uniformity. The role of the judge in jury trials was greatly diminished with the jury having sole responsibility in deciding the facts of the case and whether the accused is guilty or not guilty. The role of the jury to hear evidence was observed in the District Court. While observing R v Jessica Nguyen the jury had been adjourned and then returned to re watch sections of the police interview tape with the defendant. The Judge then proceeded to ask them if there was any more evidence that they wished to be reviewed. Similarly in R v Danny Price every time a new piece of evidence was submitted to the judge it was also submitted to the jury. In particular during proceedings on the day observed a number of photographs and diagrams were submitted to the jury. The judge asked the jury if the evidence was clear. The jury is thus seen as a vital element of the criminal trial. A number of bail and appeal hearings were also observed. These were particularly interesting as it again demonstrated judicial discretion. As opposed to when the jury was present the judge again had sole discretion in determining whether bail or the appeal should be allowed. Section 26 of the Bail Act 1978 outlines the power of the district court to grant bail. In R v Steven Astill the defendant was accused of fraud and was granted bail with conditions that he was to report weekly to his local police station on a weekly base. The power of the judiciary to determine proceedings was once again observed. There is however legislature in place which guides the courts to achieve consistency in sentencing. In general however judicial discretion may be seen as not upholding strict legality, the administration and practices of the district court criminal trial were much more in line with the ideology of justice. Thus in observing proceedings over a period of three days a number of aspects of the criminal justice system were made apparent. In particular the distinctions between the lower and higher criminal courts and the extent to which they could be seen to uphold McBarnet’s â€Å"two tiers† analysis. From observation the lower courts did focus on more trivial matters and through their general nature emphasised efficiency. Furthermore the higher court perpetuated the ideology of justice through its very nature of upholding the traditional view of the court process.

Muscle Building Strength

Muscle Building Strength Muscle Building What You Need to Know When it comes to muscle building, most of us know the basics. We know that in order to build muscle we have to take in enough calories and do a lot of strength training. But what a lot of us do not know is that muscle building requires a lot of work and eating the right kinds of food and that we need to make sure that we are getting enough of the right calories in order for it to be effective. A lot of people are not aware that fruits and vegetables play a vital role in the development of muscle and in muscle building. A lot of people assume that protein is the only thing that they need to build muscle and they often overlook the importance of including a lot of fruits and vegetables into their diets. When we are doing muscle building activities, this takes a lot of energy for our bodies to be able to produce enough energy to allow our muscles to grow and increase in strength. This places a huge stress on our bodies and affects a lot of different processes that are going on in the body. The body has to still fight off illness and fight off bacteria and other harmful substances all the time. If the body is not being properly fueled, it will not have enough energy to fulfill all of the functions it has to do to keep us alive let alone build muscle. We need to give our bodies enough energy and healthy food to help keep in running the way it should. One of the big things that we can do to ensure that our bodies are going to be able to fight off disease is by giving our body plenty of fruits and vegetables. Fruits and vegetables have a lot of powerful antioxidants in them that can help defend ourselves against disease. It is important to include plenty of dark leafy vegetables and nutrient rich fruits into our diets. In addition to fruits and vegetables, when we are muscle building we also need to make sure that we are getting enough of protein and carbohydrates. Muscles require lean protein to build lean muscle and our bodies rely on carbohydrates to be able to fuel our workouts and give us the energy that we need to perform our daily functions. The sources of protein and carbohydrates can come from many different kinds of foods. The carbohydrates that we consume when muscle building should be complex carbohydrates and not too many simple carbohydrates that are found in foods like baked goods, white breads and white pastas. When looking for the best food sources for carbohydrates, you need to look for whole wheat and whole grain versions of food. There are many products on the market that come in whole wheat and whole grain food. The reason that our bodies need these types of food is because they take longer to break down in the body which gives us longer stores of energy. When we eat too much sugary or simple carbohydrate foods, our bodies cannot use all of that energy right away because it is processed quickly in the body and the excess calories and sugar turn into fat stores on our body. These fat stores are hard to turn into muscle when we are muscle building. Exercise is also a main ingredient in muscle building. A combination of strength training and cardio work is needed to get the best results possible. Some people do not recognize the importance of including cardio work into their plan and think that they will spend all of their time pumping weights. This is not the best way to go about muscle building. Our bodies need the cardio work in order to help keep our bodies working good and keeping healthy. A combination of strength work and cardio work is the best combination to employ when you are looking to do some serious muscle building. It is important to properly stretch the muscles as well, and a lot of people are turning to Pilates or yoga classes because they offer strength and stretching exercises that will help the muscles stay strong and not get to tight which could be a problem with muscle building. Following steps like having a good workout schedule and eating a healthy diet will help you reach your goals for wellness and help you reach your strength and fitness goals.

The Fight for Sanity in The Yellow Wallpaper -- Yellow Wallpaper essay

The Fight for Sanity in The Yellow Wallpaper      Ã‚  Ã‚  Ã‚  Ã‚   Charlotte Perkins Gilman's The Yellow Wallpaper is partly autobiographical and it illustrates the fight for selfhood by a women in an oppressed and oppressive environment.   In the story, the narrator is not allowed to write or think, basically becoming more dysfunctional as she is entrapped in a former nursery room where bars adorn the windows and the bed is nailed to the floor.   In this story there is an obstinacy on behalf of the narrator as she tries to go around her husband's and physician's restrictions, however, there is no resisting the oppressive nature of her environment and she finally surrenders to madness even though it represents some kind of selfhood and resistance because it allows her to escape her oppression, "She obsesses about the yellow wallpaper, in which she sees frightful patterns and an imprisoned female figure trying to emerge.   The narrator finally escapes from her controlling husband and the intolerable confines of her existenc e by a final descent into insanity as she peels the wallpaper off and bars her husband from the room" (Gilman, 1999, 1).    Gilman herself suffered from post-partum hysteria and was treated by a famous doctor of the era, one who prescribed his famous "rest cure", the same cure the female narrator cannot tolerate and defies in The Yellow Wallpaper.   In this story the narrator remains nameless and there is good reason for it.   She feels as if she has no identity or control over obtaining fulfillment and unity and satisfaction in life.   Her husband is a doctor who also prescribes complete rest for her and is opposed to her doing the one thing that seems to give her a unique voice, writing.   Thus, the narrator defies her... ...ation of the personality)" (Brown, 1999, 1).   Gilman shows how this descent is inevitable in such an oppressive environment, unless, of course, one is as strong as Gilman herself in overcoming such an environment.      Works Cited The Yellow Wallpaper. http://members.aol.com/luvthebard/111/yellowwallpaper.html, Aug. 2, 1999, 1-2. Brown, B. D.   A Psychological Approach to Charlotte Perkins Gilman's The Yellow Wallpaper. http://www.usinternet.com/users/bdbourn/yellow.htm, Aug. 2, 1999, 1-2. Dewey, J.   Art and Education: A Collection of Essays.   Pennsylvania, The Barnes Foundation Press, 1954. Gilman, C. P.   Charlotte Perkins Gilman Reader.   New York, Pantheon Books, 1980. Gilman, C. P. Charlotte Perkins Gilman:   The Yellow Wallpaper. http://endeavor.med.nyu.edu/lit-med/lit-med-db/webdocs/webdescrips/gilman87-des-.html, Aug. 2, 1999, 1-2.   

Neolithic Pottery :: essays research papers

Neolithic is of or relating to the cultural periods of the Stone Age beginning around 10,000 B.C. in the Middle East and later elsewhere, characterized by the development of agriculture and the making of polished stone artifacts. The Neolithic Period is also called the New Stone Age. Many water pots and ceramic figures were found in the ruins of Neolithic society plots of earth. People of Neolithic times made many artifacts that were symbolic of their ways of life and culture such as water pots, fish, hunting and medical objects. Out of the artifacts found from the Neolithic period, the fish is symbolic to me because of the times spent with my father during fishing trips.   Ã‚  Ã‚  Ã‚  Ã‚  The Neolithic Period extended from 10,000 B.C. to 3,000 B.C. It is also called the New Stone Age, and many new Advances and changes took place in this time. Unlike the nomadic life of the Old Stone Age, the New Stone Age was the dawning of settled life. People lived more towards lakes and river instead of caves and tree trunks. The change in environment led to the change of jobs, society, and culture. Neolithic everyday objects reveal that fishing and hunting were the main occupations of the people. Neolithic art is represented by a large number of objects found in isolated areas in Eastern Europe, Siberia and Central Asia. Neolithic people decorated clay water vessels in a wide variety of ways that were very large and colorful. They also created bone, horn and wooden figurines of people and animals. The Earliest Neolithic pottery found in Siberia and Central Asia is similar to pottery found in northern Britain, suggesting that early Neolithic colonist may have co me to Ireland from northern Britain. The pottery bowls were made by winding coils of clay in a circle to form the sides of the bowl, smoothing them, and finally firing them on an open fire. After the making of these vessels were mastered, pottery was decorated with dots or lines in the surface of the clay.   Ã‚  Ã‚  Ã‚  Ã‚  Neolithic people lived near rivers and lakes. The artifacts and life in the water became and important part of their lives by supporting them with food, cleansing and ceremonial artifacts such as fish and shells. Fishing was an important job, and way of life because the abundance of fish fed entire villages. The fish were appreciated so much to the Neolithic people that they began making clay fish, as a symbol for their way of life.

When Pigs Heads Talk :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"What are you doing out here all alone? Aren’t you afraid of me?† asks a pig’s head on a stick, covered in flies. But it’s more that, it’s an entity, which is hidden within the depths of the book, concealed for the reader to discover. The book Lord of the Flies by William Golding contains symbolism all throughout the text, each symbol to be interpreted in its own way.   Ã‚  Ã‚  Ã‚  Ã‚  The main symbol in Lord of the Flies is quite obviously, the Lord of the Flies, which as aforementioned, is a pig’s head on a stick, covered in flies. The symbol represents the evil within the boys that reside on the island. Each one corrupt in his own, fearing what resides within them. Jack with his â€Å"macho† attitude, while he is a leader, has actually took part in killing someone, but then again, so has every boy there. This evil could also be interpreted as a loss of innocence, in which the boys spiral from helpless little tykes to voracious savages, living only to kill.   Ã‚  Ã‚  Ã‚  Ã‚  Another symbol, is just the flies residing upon the sow’s head. They seem to represent people that cling to evil, as though it would their only chance of survival. An example of that would be a cannibal, whose own desires have led him to feast upon flesh, and then, even when he knows that what he has done is wrong, he continues to do it until his disgusting gorging has ended with his capture and punishment. Oddly enough, the flies are feeding on rotting flesh as well.   Ã‚  Ã‚  Ã‚  Ã‚  Simon, the boy murdered by his peers, can be viewed as a Christ figure. While some may say it is Ralph, Simon seems more like a savior. He comes down from the mountain, bearing news of the boys salvation from the beast that torments him and he is persecuted by them, each one taking part in the frenzy of his death. He also seems to be knowledgeable about things the boys can’t comprehend. He is always off in his own little world, pondering something that most boys wouldn’t even consider thinking about.   Ã‚  Ã‚  Ã‚  Ã‚  Yet another symbol in Lord of the Flies would the conch, which Ralph clings to so dearly. All of the boys see that as the upholding of order, until Jack claims it not so. With the shattering of the conch, Ralph seems to plummet into a slight depression, wherein he has nothing to remind of the upright and strict ways of his home. Without it he is nearly lost in a sea of his thoughts, buses as an example.

Canon Business Analysis Essay

In 1925, a German camera maker named Oskar Barnack, developed a new, ground-breaking camera called the Leica. It was not until 1933 that a company responded to the success of Barnack’s creation and produced their own 35 millimeter version of his innovative design. Thus was born the Canon Company. By the 1950’s, Canon attained the title of leading producer of cameras in Japan. Since that time, Canon has made it a point to expand and diversify their company as much as possible. They are able to accomplish this primarily through a strong Research and Development program. Through this program, Canon has explored many different technologies such as home electronics and x-ray technology. One of the first product areas they explored was in the electronic calculator segment. Due to the complex nature of the technology, Canon’s engineers were forced to adapt and develop the intricate micro-electric processors that were being used. They were very successful in doing this. In late 1964, one year after their research started, Canon engineers presented top management with the finished product, the Canola 130. This product became the world’s first 10-key numeric pad calculator. However, Canon has not always succeeded in their endeavors. With every triumph comes a failure. One such instance was a printing device that utilized magnetic material that would coat the paper. They called this the Synchroreader. Although it was touted for its use of technology, the application, it was not patented. Another company took the design, improved it, and made it more affordable. Canon learned its lesson after that instance. Body In 1961, a new technology was developed by the Xerox Corporation. In the following years, with the success of their model 914 office copier, Xerox would enjoy a reported ninety three percent market share world wide. Xerox also had the advantage in that they held approximately five hundred patents. This tactic prevented other companies from intruding on their Plain Paper Copier (PPC) technology. Canon entered the market late in the 1960’s and was looked at with a skeptical eye. They were the â€Å"camera company from Japan† (Mintzberg, et al 2003, p. 75) and were not looked at as serious contenders in the photocopy market. Due to the PPC market being cornered by Xerox and their numerous patents, Canon instead moved into the Coated Paper Copying (CPC) market. This technology transfers the reflection of the original image directly to the special zinc oxide coated paper. This is in direct contrast from the PPC technology which uses regular paper and indirectly transfers the image using a rotating drum and charged particles. A similar technology is still being used in fax and photocopiers today. In 1962, while still in the inferior Coated Paper Copying and marketing under a separate name, the Top Management of Canon challenged their engineers to create a PPC process that would not infringe upon the patents held by Xerox. The engineers answered with the â€Å"New Process† in 1968 and became the first copier to carry the Canon name. Two years later the research came to fruition when the NP1100 was released in Japan. This model utilized dry toner and copied at a whopping rate of ten pages per minute. This, of course, is slow by today’s standards. Canon had finally broken into the PPC market. Riding on the success of this new technology, Canon released the NPL7 in 1972, marketing it exclusively to Japanese companies. This model contained several noticeable improvements over the first generation NP1100. Most notably is that the model was â€Å"More economical, more compact, more reliable,† while still keeping the same quality of copy. (Mintzberg, et al 2003, p. 77) Canon’s Top Management began looking for alternative markets for the Plain Paper Copier in the latter half of the 1970’s. The small office market was identified as Canon’s next target market. They devised a plan to accommodate this market by producing a photocopier, using PPC technology, and offering it to small businesses that did not require the large volume, high speed machines that were currently being offered on the market. The concept itself had the potential to change the market by decentralizing the office photocopier. Prior to this innovation, the photocopier in large offices were centralized to one corner of the office, primarily due to its mammoth size. In 1979, Canon’s concept became a resounding reality. They were able to produce a photocopier that not only met and exceeded the cost and reliability targets that were set by Top Management, but in a more practical application, it was able to reduce the need for constant and continual copier maintenance. Based upon previous experience with patent law, Canon employed the use those laws to protect their new found development. Through the years, Canon has demonstrated several core competencies that have enabled them to propel themselves to the top of the market. First and foremost, Canon has employed a pool of extremely talented engineers who made up Canon’s Research and Development team. Through their research, Canon was able to uncover new and innovative products. This varied product line, which included cameras, calculators, and photocopiers, demonstrates Canon’s diversified product line. This diverse line of merchandise is integral to the company’s survival and has enabled Canon to take a multifaceted approach to technological competition. The more diverse type of products that are offered, the more chances there are for success. This has not always worked out in Canon’s favor however. An example of this would be in the development of the synchroreader. Although the technology was much more advanced than what was on the market, poor marketing decisions and an ignorance of United States patent laws cost Canon that share of the market. Since that time, Canon has taken a step by step approach to their marketing strategies. This is especially apparent with the development and marketing of the NP110 copier. They began by distributing the unit in Japan only in a direct sales format. In doing so a company opens themselves up to the threat of collapse due to spreading themselves too thin. Secondly, we can surmise that an isolated marketing strategy, such as the one that Canon employed when marketing their copier to local Japanese dealers first, will be more effective in the long run. By distributing the product locally at first you can focus on close to home customers rather than across seas customers. Finally, a truly cost effective manufacturing process can be more beneficial at times than the products that come off the assembly lines themselves.

Summit Partners Fleetcor a

Private Equity and Investment Banking SPRING 2010 Summit Partners FleetCor A 1. Summarize the proposed transaction: Summit Partners proposes to FleetCor Technologies (later preferred as â€Å"FleetCor† or the â€Å"Company†) an investment into FleetCor for the total amount of $44. 9 million in return for a post transaction ownership of 54. 2% in the â€Å"Company† and coming down to 46% ownership in the company after newly created stock options for management equivalent to 15% ownership in the company has been completely executed and fully diluted. This investment is in the form of convertible preferred stock with an 8% accrued interest, compounding annually. As the transaction come through, Summit’s prefer stock will be treated equal-footing in liquidity with the other $37. 5 million of existing preferred stock. The proceeds from Summit’s investment will be used as followings: †¢ $9. 0 million will be used to redeem part of a $15 million subordinated debt held by current investors. The remaining $6 million of this debt will be converted by the current investors into the same strip of prefer stock which Summit proposes. †¢ About $16. 6 million will be used as an upfront cash to buy back FleetCor’s seven â€Å"Super Licensees† †¢ The remaining $19. 3 million will be used as a general working capital for FleetCor to fund its growing business and to buy back any other potential licensees. 2. Discuss five key investment strengths: FleetCor’s management team: very well-performed management team consisting of: †¢ Very high quality profile and experienced CEO, Ron Clarke, who has brought FleetCor back on track after just 18 months of working in the company. †¢ Other executives who have many experiences and a lot of knowledge in the industry including H. Steve Smith, Senior VP of Sales and Marketing; Tommy Andrews, Senior VP of Operation; and Scott Ruoff, Senior VP of Business Development. FleetCor has a highly differential busin ess strategy leading a very competitive business as followings: †¢ Middle Market Focus: big market for growing with very little potential competitors and high barriers to entry †¢ Local Market Distribution: FleetCor has created a network of local branches with a complete staff employees including a general manager †¢ â€Å"Semi-Exclusive† Merchant Acceptance Network: FleetCor limits the size of merchant network to provide greater traffic volume to participating retailers. Highly established market shares in the highly potential and continued growth market: FleetCor has 90,000 fleet customers across its entire system comprised especially of four large national accounts such as Sears, UPS, Aramark and National Line Service; and over 500,000 active cardholders. ? FleetCor provided its customers the cost-saving and customized information report to really please the customers and make them high reluctance to switch to new card network providers, leading to low custo mer churn. High gross profit margin (in case of gross revenue report): averagely 5%, double compared to other regular credit card issuing companies or its big competitors in high-end market, however, it has still gained highly growing market share because of its unique and differential business strategy. 3. Discuss five investment concerns: FleetCor is still missing a financial expert who not only has experiences and knowledge in the industry but also has ability to draw fully effective projection for a long-term growth by implementing a stable financial system ( Suggest: Hiring a highly effective and experienced CFO. ? High projected improvements after the acquisition. The company should be a little more conservative due to the fact that there are always some unexpected risks associating with the implication of a new centralized system. Suggest: the company should project in the more conservative way and should establish some preventive control procedures to eliminate these risks b efore really testing the centralized system to avoid any unexpected damages and losses. ? FleetCor has not yet settle the final agreements with the seven â€Å"Super Licensees† for acquiring them, creating some sources of unstable and going concern business ( Suggest: the company should be more specific and aggressive while dealing with the licenses to make the final agreements. Higher gas prices result in a larger A/R financing cost and also lead to a higher bad debt expense, even though the net revenue might still be the same ( Suggest: implement some forms of hedging strategies against the increases in gas prices such as going long on a call option at a specific gas price which might materially increase the A/R financing cost and bad debt expenses. ? FleetCor currently has weak managerial reporting system ( Suggest: bringing in some more IT consultants and programmers to create a more effective managerial and financial system while working along with a CFO who is a financi al expert. . Using Exhibit 4B evaluate the proposed acquisitions. Would you recommend purchasing all of the licenses? Why or why not? Explain Briefly Overall, the proposed acquisitions yield the company a combined entity with much better performance in term of profitability such as: †¢ New combined gross margin is 5% higher than the base only. †¢ EBIT margin is almost 3. 75 times higher than the base only. †¢ EBITDA margin is over 1. 5 times higher than the base only. I recommend FleetCor only acquire 5 effectively operated Licensees out of the seven ones including the ones in the areas of Houston, Carolina, Mississippi, Baton Rouge, and Atlanta because the other two which are locating in Chicago and Tampa are inefficient in term of profitability. Licensee in Chicago will yield a loss of EBITDA and the one in Tampa yield only $83,000 of EBITDA which is very small compare to the cost of acquiring this licensee. 5. Look at the Transaction Multiples Analysis in Exhibit 5d and 6. Analyze the comparables (Exhibit 6): a. Would you recommend using all the comparables listed? Would you exclude any of the comparables? Explain your answers. I would not recommend using all the comparables listed. I would exclude all of the comparables from group of credit card issuers because FleetCor has been operating its business as a merchant card processor which is different from the credit card industry. Basic principle for valuation using industry comparables is that we have to use comparables for the group of companies in the same industry with the valued company. I might want to keep the comparables for the group of other transaction processors. Through my observation, I find that Ceridian which is in the same industry with FleetCor has the most similar Enterprise Value/Revenue Ratio and Enterprise Value/EBITDA with the company (leading to that Ceridian would be a good indicator for valuation of FleetCor b. Based on the comparables how would you value the proposed acquisitions of the licensees? What do you think of the multiples proposed in exhibit 5d? Basing on comparables data of Ceridian, I would value the proposed acquisitions of the licensees at 13. 1xEBITDA. I think the multiples proposed 3. 9x in 2001 and 3. 3x in 2002 in exhibit 5d are way below the multiple of Ceridian, and even much lower when compare to the industry average 16. 9x and 15x accordingly. In general, if the final transaction is completed as proposed, the company will be much better off, and even better if the company exclude the acquisition of the two licensees in Chicago and Tampa. In addition, if all of the big seven licensees do not accept the acquisitions at this proposed multiples, Summit might suggest the FleetCor’s management to raise these multiples and deal specific case to case with each of the licensee. 6. Assume the acquisitions take place on December, 31, 2001. Value Fleet or using the DCF methodology. Use Exhibit 5a, 5b and 5c to complete the valuation. Make assumptions as needed. Assume a market premium of 4. 5%. Make sure you state and explain your assumptions. I will use the equity beta of Ceridian (? =0. 9) to calculate cost of equity for FleetCor because the two companies are considered comparables. Assume the market has been operating efficiency, and according to CAPM: RE = RF + ? *MRP (whereas MRP: market risk premium= 4. 5%, and RF = 4. 27%, 5-year Treasury interest rate). So, RE = 4. 27% + 0. 79*4. 5% = 7. 825%. Another point of view, the company has projected to have very high growth 15%,18%,19%,19%,16% in consecutive five years so that Summit Partners may have to require more return on equity compensating for more risks if this projection failed. I assume that discount rate to be reasonably 18%. The below is my valuation: | |Fiscal Year Ending December 31, | | | |2001 CY |2002P |2003P |2004P |2005P | EBITDA in 2006 | |52,349 | | | | | | |Exit Multiple | |8 | | | | | | |Terminal Value (Firm Value at Exit) | |418,792 | | | | | | |Discounted Terminal Value | |183,058 | | | | | | |Total Present Value to Summit | |226,602 | | | | | | | | | | | | | | | | | | | | | | | | |Discount Rate using | |18% | | | | | | | 7. Look at Exhibit 7. What do you think of the multiples used? What do you think of the Irr’s? Explain and support your analysis. I think the multiples used are reasonable , even though, these multiples might be much below the average and the median of the industry overall, Summit should be conservative for an exit multiple of 8 in case there are some unexpected outcomes happened after the acquisitions and from them make the projection failed. The IRR’s are considered high profitable. Even in the worst case scenario, the EBITDA exit multiple is equal 6, Summit still make 23. 8 % in IRR which is over three times compares to the market at 7. 825%. 8. At this time would you support this transaction? Why or Why not explain. I would fully support this transaction because of the following reasons: 1) FleetCor’s management teams with high profile, experienced, and knowledge executives will make the company’s high projection come true. ) The proposed acquisitions of the big seven licensees has been settled in basis, and soon become a very good deal for the beginning of this investment. 3) Base on my valuation given using the data in Summit’s projections, the NPV (Net Present Value) is way off the positive number showing that this is a very good project. 4) Even though, Summit might approach a conservative way to evaluate the EBITDA exit multiple of 8, the investment still yield a 31. 8% in IRR over the period of five years.