Mergers and acquisitions on the tata group - Free Essay Example

Sample details Pages: 15 Words: 4432 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Merger and acquisitions have emerged as chief forces in the contemporary financial and economic environment. They have been a source of corporate growth and in India, it has changed radically after the liberalization of Indian economy. Mergers and acquisitions came up as one of the most efficient methods of such corporate restructuring, and became an essential part of the long-term trade strategy of corporates in India. The sole three chief objectives at the back any MA transaction were found to be: Don’t waste time! Our writers will create an original "Mergers and acquisitions on the tata group" essay for you Create order ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Improving Profitability ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Rapid growth in scale and closer time to market ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Acquirement of new technology Many in corporate India would be jealous of the Tata Groups strategy around mergers and acquisition. In the past 8 years, the Tata Group had made 35 overseas acquisitions, including coal and iron ore mines, adding up Rs 78,000 crore, mostly in the past 3 years. Research problem To examine the consequence of going global through mergers and acquisitions and the traders long term and short term earnings respectively. This would aid in studying the impact on companies financials past the merger or acquisition. To also determine the enterprise value of the corporation by comparing it with the peer group and studying the value of the firm Objective of the study To analyze the a thorough detailed case study of 3 companies of Tata Group who merged or acquired in the past years. To evaluate the closing price of 3 companies previous to and post acquisition To weigh up the key financial ratios of 3 companies pre and post acquisition To do valuation of two companies through enterprise value and contrast the value with peer group and examine in detail Review of literature The following are the few existing studies reviewed which were conducted by researchers in the view of analyzing the financial performance during merger activity in different time periods. The study entitled Effect of mergers on corporate performance in India, written by Vardhana Pawaskar (2001), studied the impact of mergers on corporate performance. It compared the pre- and post- merger operating performance of the corporations involved in merger between 1992 and 1995 to identify their financial characteristics. The study identified the profile of the profits. The regression analysis explained that there was no increase in the post- merger profits. The study of a sample of firms, restructured through mergers, showed that the merging firms were at the lower end in terms of growth, tax and liquidity of the industry. The merged firms performed better than industry in terms of profitability. Mansur.A.Mulla (2003) in his case study Forecasting the viability and operational efficiency by use of ratio analysis: A case study, assessed the financial performance of a textile unit by using ratio analysis. The study found that the financial health was never in the healthy zone during the entire study period and ratio analysis highlighted that managerial incompetence accounted for most of the problems. It also suggested toning up efficiency and effectiveness of all facets of management and put the company on a profitable footing. Pramod Mantravadi and Vidyadhar Reddy (2007) in their research study Mergers and operating performance: Indian experience, attempted to study the impact of mergers on the operating performance of acquiring corporate in different periods in India, after the announcement of industrial reforms, by examining some pre- and post-merger financial ratios, with chosen sample firms, and all mergers involving public limited and traded companies of nation between 1991 and 2003. The study results suggested that there are minor variations in terms of impact on operating performance following mergers in different intervals of time in India. It also indicated that for mergers between the same groups of companies in India, there has been deterioration in performance and returns on investment. A book entitled Mergers acquisitions in the banking sector- The Indian scenario, written by Selvam. M (2007) has analyzed the implications of stock price reactions to mergers and acquisitions activities taken place in banking industry with special reference to private and public sector banks. The author has found from the analysis that the share prices are market sensitive. From the financial analysis it was observed that majority of the banks went for branch expansion and this has affected profitability to some extent and it resulted in unhealthy competition among the players. To sum up the review of literature, many contributions have offered different perspectives of merger in different industries worldwide and explained the valuation techniques followed by merging companies, and shareholders wealth effect due to merger. From the review of many excellent research papers analyzing the pre and post merger performance of merged companies, it is inferred that majority of the studies strongly support the concept of enhanced post merger performance due to merger and it is beneficial to the acquirer companies. METHODOLOGY Methodology of the study Sample selection There are several mergers within the TATA Group during the study period from 01.04.2006 to 31.03.2009. For the purpose of corporate analysis, it was decided to select two of the highest deals which merged within under the TATA Group during the study period. Hence, the sample size of this study is confined to 2. Besides, while selecting the sample, following points were taken into account. Acquirer and target companies should belong to the same industry. Availability of merger date and industry information. The details of sample companies, (Acquirer and Target), along with the date of merger and name of the Industry concerned are given in Table 1. Period of the study For the purpose of selecting sample companies, the present study covers a period of one year from April 1, 2006 to March 31, 2009. But in order to evaluate the financial performance of sample companies on a comparative basis, 15-20 days before merger and after merger were considered. Sources of data The present study basically depends on secondary data. The required data on financial performance before and after merger were collected and they were obtained from Prowess software, Internet sources, Business Journals (ICFAI JOURNAL ON M A) The data were also collected from books, journals, magazines and newspapers. Tools used In order to study the liquidity performance of acquirer and target companies, ratios Debt-Equity Ratio, ROCE (%),net profit margin, P/E, EPS, OPM(%) and valuation. (1) Analysis of financial performance Empirical tests were carried out on the collected financial data with the help of ratio analysis, t-test and standard deviation. The pre-merger average performance of the acquirer and target companies were compared with the post- merger performance of the combined firm. The present study attempts to measure and analyze the pre and post merger performance of acquirer and target companies by using financial ratios in order to ascertain whether mergers resulted in shareholders wealth or not. Accordingly, the following null hypothesis has been tested: H0: The post merger financial performance of the combined firm is not significantly different from the aggregate performance of the acquirer and target companies prior to the merger. (2) Ratios Debt-Equity Ratio : A measure of a companys financial leverage calculated by dividing  its total liabilities  by  stockholders equity. It indicates what proportion of equity and debt the company is using to finance its assets. ROCE : ROCE compares earnings with capital invested in the company. It is similar to Return on Assets (ROA), but takes into account sources of financing Net profit margin: The profit margin tells you how much profit a company makes for every1 Rupee it generates in revenue or sales. Profit margins vary by industry, but all else being equal, the higher a companys profit margin compared to its competitors, the better. P/E: It is a measure of the price paid for a share relative to the annual net income or profit earned by the firm per share. EPS: The portion of a companys profit allocated to each outstanding share of common stock.  Earnings per share  serves as an indicator of  a companys profitability. OPM: Operating margin is a measurement of the proportion of a companys revenue that is left over after variable costs of production such as wages, and raw materials have been paid. A healthy operating margin is required for a company to be able to pay for its fixed costs, such as interest on debt. Also known as operating profit margin and net profit margin. (3) Enterprise Value Enterprise value is a figure that, in theory, represents the entire cost of a company if someone were to acquire it. Enterprise value is a more accurate estimate of takeover cost than market capitalization because it takes includes a number of important factors such as preferred stock, debt, and cash reserves that are excluded from the latter metric. ANALYSIS OF DATA TATA GROUP OF COMPANIES One of the Indias largest business groups in the country. It has about 96 operating companies. Diverse business in 7 sectors. Revenues equivalent to 5.3% of Indias GDP. Group revenue FY 2008: Rs 251,543 Cr. / $ 62.5 b. Group profit FY 2008: Rs 21,578 Cr. / $ 5.4 b .Its 27 publicly listed companies have a combined market capitalization which is the 2nd highest among all business houses in India. Largest employer in private sector over 300,000 employees. A shareholder base of over 2.9 million. Operations in over 80 countries. Products and services exported to 85 countries Tata is a rapidly growing business group based in India with significant international operations. Revenues in 2007-08 are estimated at $62.5 billion (around Rs251, 543 crore), of which 61 per cent is from business outside India. The group employs around 350,000 people worldwide. The Tata name has been respected in India for 140 years for its adherence to strong values and business ethics. The business operations of the Tata group currently encompass seven business sectors: communications and information technology, engineering, materials, services, energy, consumer products and chemicals. The groups major companies are beginning to be counted globally. Considering two of the largest mergers of TATA Group -Tata Steel became the sixth largest steel maker in the world after it acquired Corus. -Tata Communications is a leading global provider of a new world of communications. With a leadership position in emerging markets, Tata Communications leverages its advanced solutions capabilities and domain expertise across its global and pan-India network to deliver managed solutions to multi-national enterprises, service providers and Indian consumers. TATA STEEL-CORUS About the acquisition Date: 30th March 2007 Acquirer: Tata Steel Limited Target company: Corus Plc. Stake: 100 % Deal amount: US$ 12201 m Sector: Steel sector MERGER On January 31, 2007, India based Tata Steel Limited (Tata Steel) acquired the Anglo Dutch steel company, Corus Group Plc (Corus) for US$ 12.20 billion. The merged entity, Tata-Corus, employed 84,000 people across 45 countries in the world. It had the capacity to produce 27 million tons of steel per annum, making it the fifth largest steel producer in the world as of early 2007. Before the acquisition, the major market for Tata Steel was India. The Indian market accounted for sixty nine percent of the companys total sales. Almost half of Corus production of steel was sold in Europe (excluding UK). The UK consumed twenty nine percent of its production. After the acquisition, the European market (including UK) would consume 59 percent of the merged entitys total production. DEAL : An auction was initiated on January 31, 2007, and after nine rounds of bidding, TATA Steel could finally clinch the deal with its final bid 608 pence per share, almost 34% higher than the first bid of 455 pence per share of Corus. Synergies There were many likely synergies between Tata Steel, the lowest-cost producer of steel in the world, and Corus, a large player with a significant presence in value-added steel segment and a strong distribution network in Europe. Among the benefits to Tata Steel was the fact that it would be able to supply semi-finished steel to Corus for finishing at its plants, which were located closer to the high-value markets The Pitfalls Though the potential benefits of the Corus deal were widely appreciated, some analysts had doubts about the outcome and effects on Tata Steels performance. They pointed out that Corus EBITDA (earnings before interest, tax, depreciation and amortization) at 8 percent was much lower than that of Tata Steel which was at 30 percent in the financial year 2006-07 COMPANYS RETURN BEFORE AND AFTER ACQUISITION PRE-ACQUISITION POST-ACQUISITION FINDINGS As we can see from the line chart that the %cumulative abnormal return before acquisition was sharply decreasing since past month with not even a single glimpse of positive return on any single day. But as soon as the acquisition took place, the earnings showed a marginal rise and again got back to the level where it was just before the acquisition. This happened due to very large debt generated due to overpaying by acquiring the Corus at a very high price of 608 pence per share as compared to previously valued 455 pence per share. RATIO ANALYSIS TATA Steel (31st Jan 2007) Pre-acquisition Post-acquisition Change ( %) Debt-Equity Ratio 0.31 0.67 116. ROCE (%) 50.13 23.27 -53.6 net profit margin 20.46 21.36 4.4 P/E 8.72 11.35 30.2 ROE(%) 41.7 25.97 -37.7 EPS 61.51 61.06 -0.7 OPM(%) 39.79 36.11 -9.2 INTERPRETATION Debt equity ratio on post acquisition increase because Corus debt was high it was GBP1.6b to buy Corus and so its debt is almost 116% more than in pre acquisition. ROCE shows that post acquisition is very less as compared to pre acquisition it has negative percentage because company has short term returns after one year it will improve in the long run. Net profit margin has very less change as profit is not much affected. P/E increases in post acquisition by 30.2% which show high future cash flow. ROE is decreasing by 37.7 which show that it has more debt than equity. EPS has a very minor change. Operating profit margin is reduced by 9.1% which shows that it has low profit. TATA COMMUNICATION-NTT DOCOMO About the acquisition Date: 13th November 2008 Acquirer: Ntt-Docomo Target company: Tata Teleservices Ltd. Stake: 26 % Deal amount: US$ 2700 m Sector: Tele-communication MERGER Tata Teleservices has sold a stake of 26% to Japans NTT DoCoMo. The deal value is $2.7 bn. Tata Tele has 30 million CDMA subscribers and is rolling out its GSM services. Some say the deal is over-valued and some say its not easy to put value on the fastest growing mobile market in the world. India is the fastest growing market second only to China. It adds 10mn subscribers every month. The current subscriber base stands at 300+million and is expected to be 700 million in 2012. That is almost double to todays numbers. The Road ahead Great deal it may be, but it has its risks. One reason is that telecom deals have been controversial in recent times. This goes back to late last year when the government sold pan-India licenses for $333 million apiece, amid a welter of controversy. DoCoMo, in accordance with regulations of the Securities and Exchange Board of India, expects to make an open offer to acquire up to 20 per cent of outstanding equity shares of Tata Teleservices Maharashtra (TTML), a Tata telecommunication company, through a joint tender offer along with Tata Sons. TTSL and TTML through the Tata Indicom brand, have increased their combined share of the fast-growing Indian mobile market and their combined subscriber base now stands at over 30 million. TTSL expects to leverage DoCoMos expertise in the development and delivery of value-added services, where DoCoMo is a firmly established market leader. RATIO ANALYSIS TATA DOCOMO (13-11-08) Pre- acquisition Post- acquisition Change (%) Debt-Equity Ratio 0.11 0.14 27.27% ROCE (%) 7.33 7.44 1.50% net profit margin 9.55 10.61 11.10% P/E 0 12 0 ROE(%) 11.14 10.97 -1.53% EPS 0.89 1.11 24.72% OPM(%) 16.2 18.7 15.43% FINDINGS Debt equity ratio on post acquisition debt is increasing which shows company debt is increasing after merger. ROCE is constant it has not change much.Net profit margin increases by 11.10 as it income increases in post acquisition as compared to pre acquisition. P/E highly increases in post acquisition from 0 to 12%. ROE is decreasing by 1.53% which shows that it slightly more debt than equity. EPS is increasing drastically by 24.27% which is very profitable for investors. Operating profit margin is increased by 15.43% which shows that company profit margin is very fairly profitable. COMPANYS RETURN BEFORE AND AFTER ACQUISITION PRE-ACQUISITION POST-ACQUISITION INTERPRETATION The return of the target company Tata Communication has been very poor since the past 15 to 20 days before the acquisition but it almost got to break-even soon after the acquisition date. This sustained for the next 8 to 10 days but again got back into negative returns zone due to poor customer support to the newly entered Docomo brand in highly competitive communications market in India. TATA MOTOR JLR About the acquisition Date: 27th March 2008 Acquirer: Tata Motors Ltd Target company: Jaguar Land Rover Stake: 100 % Deal amount: US$ 2300m Sector: Automotive Detailed Case Study In June 2008, India-based Tata Motors Ltd. announced that it had completed the acquisition of the two iconic British brands Jaguar and Land Rover (JLR) from the US-based Ford Motors for US$ 2.3 billion. Tata Motors stood to gain on several fronts from the deal. One, the acquisition would help the company acquire a global footprint and enter the high-end premier segment of the global automobile market. After the acquisition, Tata Motors would own the worlds cheapest car the US$ 2,500 Nano, and luxury marquees like the Jaguar and Land Rover. Though there was initial skepticism over an Indian company owning the luxury brands, ownership was not considered a major issue at all. According to industry analysts, some of the issues that could trouble Tata Motors were economic slowdown in European and American markets, funding risks, currency risks etc. The Challenges Morgan Stanley reported that JLRs acquisition appeared negative for Tata Motors, as it had increased the earnings volatility, given the difficult economic conditions in the key markets of JLR including the US and Europe. Moreover, Tata Motors had to incur a huge capital expenditure as it planned to invest another US$ 1 billion in JLR. This was in addition to the US$ 2.3 billion it had spent on the acquisition. Tata Motors had also incurred huge capital expenditure on the development and launch of the small car Nano and on a joint venture with Fiat to manufacture some of the companys vehicles in India and Thailand. This, coupled with the downturn in the global automobile industry, was expected to impact the profitability of the company in the near future CURRENT SCENARIO In less than three years after its acquisition, Jaguar Land Rover has metamorphosed from a millstone around Tata Motors neck into its crowning jewel. In the June 2010 quarter, JLR division accounted for nearly 70% of the companys net profit and over 60% of its revenues on the consolidated basis. This was more than what the market has expected and the stock is up by nearly 150% in the past two trading sessions. JLR benefited from an improvement in its pricing power and a favourable exchange rate in the US dollar and the euro. The two worked in tandem and resulted in a sharp 60% jump in JLR revenue per unit to around 38,000 in June 2010 quarter compared to the 23,800 a year ago. With the raw material costs remaining benign, it led to a sharp improvement in the divisions operating margin and its reported net profit of 221 million (`1,613.3 crore) in the first quarter as against a net loss of 64 million (`467 crore) a year ago. RATIO ANALYSIS TATA MOTORS(27- 03 2008) Pre-acquisition Post- acquisition Change (%) Debt-Equity Ratio 0.56 0.97 42.27 ROCE (%) 30.52 6.88 -343.60 net profit margin 6.88 11.47 40.02 P/E 15.45 9.59 -61.11 ROE(%) 30.98 5.34 -480.15 EPS 47.1 18.81 -150.40 OPM(%) 11.16 7.89 -41.44 FINDINGS Debt equity ratio is increasing by 42.27% as Tata took loan of banks to acquire JLR.ROCE increases vey high by 343.60% as compared to pre acquisition as it gauges that company that generate its earnings from the total pool of capital which indicates profitability.Net profit margin increases as it income increases in post acquisition as compared to pre acquisition. P/E highly decreases in post acquisition by 60.1% which in investor point of view they will be profitable to invest to get high earning. ROE is highly increasing by 480.15% which shows that it has more equity than debt. EPS is increasing drastically by 480.15% which is very profitable for investors. Operating profit margin is reduced by 41.44% which shows that company profit margin is very less. COMPANYS RETURN BEFORE AND AFTER ACQUISITION PRE-ACQUISITION POST-ACQUISITION INTERPRETATION As we can see from the line chart that the cumulative return before merger was negative and the entire trend is moving in the negative direction due to poor returns of tata motors. A soon as the acquisition took place, the highly profit generating Jaguar as well as Land Rover added to the profit and earnings of the tata motors. The brand value of JLR added to the highly reputable Tata Group and the companys balance sheet. This can be clearly seen in the line chart above. VALUATION AND INTERPRETATION EV Multiples of Tata Corus Tata Steel and Corus Group deal happened at high multiples compared to its peers. We can observe that the average multiples of the peer group company stands half compared to the deal multiples. Sales Multiple: The average sales multiple of its peers is 1.17x compared to the deal of 0.68x of Corus Groups sales. This can be possible due to high sales value, reducing the multiple to 0.68x. The lowest multiple (Steel Authority of India) is at 0.73x. EBITDA Multiple: EBITDA multiple of its peers averages at 4.38x compared to the deal multiple of 7.02x of Corus Groups sales. Even the highest multiple (Jindal Steel Power) is at 4.38x. This is almost half of the deal multiple. It can be observed that Tata played very aggressively. EBIT Multiple: EBIT multiple of its peers averaged at 5.54x compared to the deal of 10.19x of Corus Groups sales. Even the highest multiple (Jindal Steel Power) is at 8.39x. PE Multiple: The PE multiple of the deal is very high on the account that the margins of Corus are very low compared to Tata Steel and other peers. The average PE multiples is 7.95x compared to 68.23x at which the deal haapened. EV Multiples of Tata NTT Docomo The deal of Tata Teleservices and NTT Docomo happened at very high multiples. We can observe that the average multiples of the peer group company stands very low compared to the deal multiples. Sales Multiple: The average sales multiple of its peers is 5.37x compared to the deal of 26.98x (as on 31st March, 2008) of Tata Teleservicess sales. Even the highest multiple (Reliance Communication) is at 9.24x. Thus we can conclude that Tata Teleservices got very good price for its stake dilution for NTT Docmo. EBITDA Multiple: Again the average EBITDA multiple of its peers is very less, 16.35x compared to the deal of 99.81x (as on 31st March, 2008) of Tata Teleservicess sales. Even the highest multiple (Reliance Communication) is at 26.74x. This is a huge difference. NTT Docomo paid 6 times more what it should have paid to Tata. EBIT Multiple: EBIT multiple of its peers is 25.5x compared to the deal of 952.96x (as on 31st March, 2008) of Tata Teleservicess sales. Even the highest multiple (Reliance Communication) is at 41.02x. PE Multiple: The PE multiple for Tata Teleservices is negative as its net income is negative Note: The multiples are high on account that Sales and the profitability of Tata Teleservices is low, inturn giving very high multiples. Its sales stands at Rs. 1,815.5 Cr. compared to the average sales of Rs. 11,490.6 Cr. of its peers. FINDINGS FROM VALUATION OF ENTERPRISE VALUE MULTIPLE Tata Corus Tata Steel and Corus Group deal happened at high multiples compared to its peers. We can observe that the average multiples of the peer group company stands half compared to the deal multiples. Even the highest multiple (Jindal Steel Power) is at 4.38x. This is almost half of the deal multiple It can be observed that Tata played very aggressively as it paid high enterprise value as compared to our analysis. A reason for Corus to be sold is chance to Bail out of Debt and Financial stress. TATA Steel Paid 7.02 Times EBITDA of Corus Enterprise Value. The PE multiple of the deal is very high on the account that the margins of Corus are very low compared to Tata Steel and other peers the only company who has high P/E is Jindal steel. Tata NTT Docomo The deal of Tata Teleservices and NTT Docomo happened at very high multiples. We can observe that the average multiples of the peer group company stands very low compared to the deal multiples. The average sales multiple of its peers is 5.37x compared to the deal of 26.98x (as on 31st March, 2008) of Tata Teleservicess sales. Even the highest multiple (Reliance Communication) is at 9.24x. Thus we can conclude that Tata Teleservices got very good price for its stake dilution for NTT Docomo. The PE multiple for Tata Teleservices is negative as its net income is negative. EBITDA multiple of its peers is very less, 16.35x compared to the deal of 99.81x (as on 31st March, 2008) of Tata Teleservicess sales. Even the highest multiple (Reliance Communication) is at 26.74x. This is a huge difference. NTT Docomo paid 6 times more what it should have paid to Tata. The multiples are high on account that Sales and the profitability of Tata Teleservices is low, in turn giving very high multiples. Its sales stands at Rs. 1,815.5 Cr. compared to the average sales of Rs. 11,490.6 Cr. of its peers. SUMMARY Except Tata Steel- Corus deal, all the other 2 acquisitions was well accepted by not only well accepted by the owners of the company (the shareholders) but even made the entire Tata group come into the eyes of fortune 500 list. In-fact it ranked at 56th position at a global level in 2009 CONCLUSION This study was undertaken to test what is the impact of mergers on the financials of acquiring corporate by examining some pre- merger and post-merger financial, in terms of impact on operating performance. The results from the analysis of pre- and post-merger operating performance ratios for the acquiring firms in the sample showed that there was a differential impact of mergers, for different industry sectors in India. Type of industry does seem to make a difference to the post-merger operating performance of acquiring firms. Expansion through mergers and acquisition is one of the best ways for any domestic company to step outside the shores of India in an international market place and acquit itself as a global player Company can turn into conglomerate in reasonably less time by capitalizing on its strengths of efficiency and effectiveness by acquiring relatively poor performing companies as TATA did in almost all its group of companies Recent examples of companies which adopted similar pattern of expansion are Renuka Sugars, Arcelor Mittal, Reliance, Essar Group, Aditya Birla Group, etc. One can study any of the above mentioned company and conclude that the key underlying decision of these companies expanding quickly and efficiently is their timely decision of merging and acquiring appropriate companies

The Great Gatsby The Sympathetic Readers Essay - 902 Words

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Euthanasia In Australia Essay Research Paper When free essay sample

Euthanasia In Australia Essay, Research Paper When we hear the phrase voluntary mercy killing people by and large think of one of two things: the active expiration of life at the patient # 8217 ; s or the Nazi extinction plan of slaying. Many people have beliefs about whether mercy killing is right or incorrect, frequently without being able to specify it clearly. Some people take an utmost position, while many fall someplace between the two cantonments. The derivation means soft and easy decease coming from the Grecian words, eu # 8211 ; Thanatoss. Euthanasia was once called # 8220 ; mercy killing, # 8221 ; euthanasia means deliberately doing person dice, instead than leting that individual to decease of course. Put bluffly, mercy killing agencies killing in the name of compassion. Euthanasia is frequently baffled with physician-assisted self-destruction. Euthanasia is when one individual does something that straight kills another. For illustration, a physician gives a deadly injection to a patient. In aided self-destruction, a non-suicidal individual wittingly and deliberately provides the agencies or Acts of the Apostless in some manner to assist a self-destructive individual kill himself or herself. For illustration, a physician writes a prescription for toxicant, or person hooks up a face mask and tubing to a case shot of C monoxide and so instructs the self-destructive individual on how to force a lever so that she # 8217 ; ll be gassed to decease. For all practical intents, any differentiation between mercy killing and assisted self-destruction has been abandoned today. Euthanasia in Australia ( pre-1995 ) In the last decennary or so several Australian provinces and districts have taken action aimed at vouching the right of big patients of sound head to direct that extraordinary steps to protract life be stopped. South Australia passed the Natural Death Act in 1983, Victoria the Medical Treatment Act in 1988, the Northern Territory the Natural Death Act in 1988 and the Australian Capital Territory passed the Medical Treatment Act in 1994. NSW issued # 8220 ; interim guidelines # 8221 ; in 1993. The afore-mentioned statute law covers the followers: 1 ) Refusal or backdown of current intervention. 2 ) Publishing a way for refusal of certain intervention in the event that the patient becomes unqualified to do determinations. 3 ) Appointing an agent to do determinations on refusal of intervention in the event that the patient becomes unqualified to do determinations. Though these legislative guidelines trade with the rights of a patient to decline current medical intervention, it is frequently doubted whether they make a considerable difference to medical pattern. Even without the statute law, the right of patients to keep back consent to intervention was by and large accepted. Suicide is legal in all Australian provinces and districts. If you want to kill yourself, you can make so. No 1 has any right to halt you, unless they can demo equal cogent evidence of insanity. Assorted popular books are available which even give inside informations of dependable methods in which to stop 1s life. If a individual says he/she wants to decease, and is non immobilised by disease, yet continues to stay alive, he/she is clearly non serious about wishing to decease, but has expressed a false want. However, some people who wish to perpetrate self-destruction are incapacitated to such an extent that they would be unable to perpetrate self-destruction without aid. Killing a individual in these fortunes can be described as # 8220 ; voluntary mercy killing # 8221 ; . Both mental and physical incapacity are relevant. Solutions, which have been proposed to turn to hindrances forestalling self-destruction, originating from assorted signifiers of incapacity, are listed below: 1 ) A individual is mentally competent but physically helpless. Euthanasia Torahs would supply for the individual to publish a formal petition to be killed, and do it legal for some other individual to make the violent death. 2 ) Person is mentally unqualified to do determinations: Euthanasia Torahs would supply for a individual who is mentally competent to publish a formal petition qualifying that if he/she becomes unqualified and terminally ill, he/she is to hold their life terminated. Or, instead, supply for a individual who is mentally competent to subscribe lawfully adhering power of lawyer giving some nominative 3rd party the authorization to do determinations on the individual # 8217 ; s behalf if the individual becomes unqualified. This would include the authorization to do a formal petition that the individual be killed, if in the agent # 8217 ; s sentiment the fortunes render killing appropriate. Proposals for voluntary mercy killing ever contain the undermentioned elements: 1 ) A mechanism for guaranting that there is some good ground underlying a individual # 8217 ; s wish to be killed. 2 ) A mechanism for guaranting that the individual truly does wish to be killed. 3 ) A mechanism for transporting out the violent death. 4 ) Protection from condemnable prosecution for the 3rd party involved. Three Australian provinces and districts have earnestly considered mercy killing, in each instance as a consequence of a private member # 8217 ; s Bill. Bills were introduced by Mr Moore in the ACT, Mr Perron in the NT, and Mr Quirke in SA. The legislative proposals all contained the undermentioned elements: 1 ) Means for a individual to do a petition that he/she be killed. 2 ) Matters associating to knowledge the patient demands ( i.e. information about wellness position and likeliness of recovery, every bit good as information on how to kill oneself ) . 3 ) Means for a physician to officially province affairs associating to the patient # 8217 ; s wellness position ( i.e. that the patient is rational or of sound head at the clip of doing the petition for mercy killing, and that at the clip the petition is to be carried out the patient is enduring from an incurable disease doing great hurt ) . 4 ) Detailss of the fortunes in which it shall be legal to follow with the individual # 8217 ; s request, including how the killing shall be carried out and by whom. The 1995/96 NT Legislation and Consequent Repeal In March of 1995, the Northern Territory became the first topographic point to legalise voluntary mercy killing. Although Australia does non keep the same ill fame as the Netherlands, the history of the measure has been really controversial. The Northern Territory Rights of the Terminally Ill was passed after a 14-hour argument. The Commonwealth parliament nevertheless, was against this measure and formed a commission to look into and later rede the parliament on whether or non to revoke the Rights of the Terminally Ill Act. The Euthanasia Laws Bill ( 1996 ) removed the power of the Australian Capital Territory, Norfolk Island and the Northern Territory which have Torahs that permit euthanasia. In peculiar, the Bill superseded the Northern Territory # 8217 ; s Rights of the Terminally Ill Act ( 1995 ) , which under certain conditions permits physician-assisted self-destruction and active voluntary mercy killing. Initially there was the inquiry of whether the Commonwealth parliament had the constitutional power to overrule the NT? s Act. However, under subdivision 122 of the Constitution ( which gives the Commonwealth huge power to pass in regard to the Territories ) the Commonwealth was found to hold the power to ordain the Euthanasia Laws Bill. Once the threshold inquiry of Constitutional capacity had been affirmed, the Senate so needed to turn to the inquiry of whether the power ought to be exercised in these fortunes ( sing mercy killing act ) . It was acknowledged that the Commonwealth Parliament should merely retreat legislative powers it has conferred on the Territories in exceeding fortunes. However this peculiarly controversial statute law was considered and therefore decided upon that in that case it was proper for the Commonwealth to step in. Several issues were raised in respects to the mercy killing act, refering all member of both the NT and the remainder of Australia. Both the pro? s and con? s had to be considered within these issues. The issues were: 1 ) The # 8220 ; Territory rights # 8221 ; issue. 2 ) The claim that the Bill will take to legal uncertainness. 3 ) The claim that the Northern Territory # 8217 ; s Rights of the Terminally Ill Act would hold unacceptable impacts on the Aboriginal community. 4 ) The more general moral, philosophical, ethical and societal statements about mercy killing. 5 ) Individual? s rights and pick. / gt ; 6 ) The? self-respect? of decease. 7 ) Safe-guarding. 1 ) The # 8220 ; Territory rights # 8221 ; issue The Commonwealth parliament considered the Rights of the Terminally Ill Act to stand for a basic displacement in Australia # 8217 ; s ethos and societal cloth. It had extra national significance as all Australians, so all people, could hold used the Act. It hence became non merely a affair for the people of the Northern Territory, but a affair refering all people of Australia. The Constitutional model of Australia divides legislative duty between the States and the Commonwealth. The Territories derive their legislative capacity from the Commonwealth, whereas the States do non. States hence, are different to Territories. Territorians are accordingly subjected to a different legislative procedure than are the occupants of the assorted States. The Territories in inquiry have been provided limited signifiers of self-government, therefore the Commonwealth had the right to step in in exceeding fortunes. It is hard to imagine a more exceeding circumstance than mercy killing as it is an issue that deals with the life and decease of Australian citizens, so potentially all the people in the universe. 2 ) Legal Uncertainty In making the Bill, which would revoke the NT? s statute law, the legal effects of give voicing had to be considered. Initially the measure ( 1996 ) did non specify? knowing violent death? and there was no by and large accepted legal significance. A significance was proposed by Mr Tom Hughes QC and Mr Joseph Santamaria QC, maintained that # 8220 ; knowing violent death # 8221 ; has a clear and narrow significance. On this position, the Bill would non interfere with by and large accepted medical patterns. More significantly, the Bill would non take to legal uncertainnesss. Therefore this became the base definition for the Euthanasia Laws Bill. 3 ) Aboriginal Issues Evidence showed that Aboriginal communities were opposed to euthanasia. In fact there was overpowering Aboriginal resistance to the Rights of the Terminally Ill Act. During the enquiry, prior to the passing of the Euthanasia Laws Bill, a major concern emerged about the Northern Territory statute law # 8217 ; s impact on the willingness of Aborigines to entree medical services, given their attitudes to euthanasia and western medical specialty. Mr Mackinolty, who worked in close association with the Aboriginal people as an pedagogue recommending mercy killing, claimed that even though he personally supported his ain right to euthanasia as a non-Aboriginal, his experience in carry oning the instruction run had brought him to the position that the Northern Territory # 8217 ; s Rights of the Terminally Ill Act should be repealed because of its possible to discourage Natives from seeking prompt medical attending. Mr Mackinolty expressed the position that the really being of the Northern Territory statute law is a important menace to Aboriginal wellness. Other Aboriginal groups corroborated this statement. 4 ) General moral, philosophical, ethical and societal issues Advocates of voluntary mercy killing created statement based on single rights, liberty and pick. Those in favor of voluntary mercy killing maintained that the general public overpoweringly back up its statute law and that such a move would simply convey under stringent control and ordinance what in world is already go oning in pattern. Oppositions of voluntary mercy killings based their statements on the holiness of life, spiritual beliefs, the # 8220 ; slippery slope # 8221 ; to involuntary mercy killing and the eroding of medical moralss. Equally shortly as it is allowed that another individual to be involved in the decease of a fellow homo the decision must be drawn that the life is non deserving life. The construct of a life non deserving life and justification of the engagement of a 3rd party in taking that life challenges the really nucleus of our impressions of civilization. Equally shortly as such a construct takes hold within the mind of our state we will take down the value we place on human life. 5 ) Individual Rights and Choice The single rights and liberty statement is at first glimpse persuasive. However even if one supports the rule of mercy killing the inquiry needs to be asked: # 8220 ; Can we sufficiently control the fortunes in which we would let mercy killing? # 8221 ; Persons already have the unchained right to abstain from medical intervention. Suicide is non a offense, although we as a community spend 1000000s of dollars each twelvemonth seeking to advocate and deter the suicidal. The Rights of the Terminally Ill Act does non so much alteration the jurisprudence for the patient as it changes the jurisprudence for the 3rd party ( the physician ) . What should be illegal for the physician became legal under the Rights of the Terminally Ill Act. This had the possible to basically change the doctor/patient relationship. Ultimately, a new right is given to physicians to end the lives of those who are self-destructive and terminally ill. To depict this as supplying a # 8220 ; right to decease # 8221 ; is non logical. 6 ) The? Dignity? of Death This controversial description in support of mercy killing is in fact insensitive and derogatory. The self-respect or otherwise of a decease is non to be determined by the physical fortunes or grade of hurting in which the patient finds themselves. With really few exclusions, pro-euthanasia groups dealt with the term # 8220 ; self-respect # 8221 ; as a peculiar physical circumstance and described it as life or deceasing in such fortunes as affecting a loss of self-respect. These fortunes more frequently than non included loss of continency and mobility. This attack, in mentioning to assorted physical fortunes, systematically dealt with fortunes where the individual had taken on certain disablements and described such fortunes as affecting a loss of self-respect. A distressing equation is therefore drawn between holding # 8220 ; self-respect # 8221 ; and being # 8220 ; without disablement # 8221 ; . The term has been used as though there is a loss of self-respect if person who was antecedently without disablement takes on a disablement in the class of a terminal unwellness. Whilst it was those concerned about the impact on people with disablements who have highlighted this issue it needs to be noted that the impact is even broader. Any impression that those who choose the way of natural decease or those who choose to populate with disablements are in some manner taking the less dignified way should be abhorrent to any caring society. Unfortunately, this attitude that deceasing with self-respect demands that life ends before such fortunes, carries a message, which merely serves to take down those who live in such fortunes. 7 ) Safe-guarding Most protagonists of mercy killing do non see it as an absolute right. As such it is by definition merely available to those persons who have been deemed to be in such fortunes as to be considered better off dead. Whilst it is apprehensible that a patient may come to such a decision, a 3rd party would besides necessitate to get at such a decision and so be prepared to move upon that position, by administrating or supplying a substance with the purpose of stoping the patient # 8217 ; s life. The potency for # 8220 ; guilt feelings # 8221 ; for being a load or excessively dearly-won to those of the community who are in hard fortunes, may go such that they perceive a elusive responsibility on them to exert the mercy killing option. The pick may good go a sensed responsibility. This is particularly so when considered in the context of remarks by those such as former Governor General, Hon Bill Hayden # 8217 ; s remarks that? there is a point when the wining coevalss merit to be disencumbered -to coin a clumsy word # 8211 ; of some unproductive loads? . Decision In recent old ages mercy killing has become a really combative subject. The Grecian means easy decease, yet the contention environing it is merely the opposite. Whether the issue is declining to protract life automatically, helping self-destruction or active mercy killing, we finally have to face societies? frights towards decease itself. Above all civilization cultivates fear against ageing, decease, and deceasing, and it is non easy for people to except that it is an inevitable portion of life. However, the issues that surround mercy killings are non merely about decease and death but are besides about rights, autonomy, privateness and control over one? s organic structure. So the inquiry remains: who has the right? 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Shamanism Essays - Anthropology Of Religion, Supernatural Healing

Shamanism Shamanism is humanity's oldest form of relationship to Spirit. As such, it is the underpinning beneath all religion. But shamanism is not a religion. It is a complex set of practices, beliefs, values and behaviors that enable the practitioner to elect a shift from ordinary consciousness into a trance state with a specific goal in mind, such as healing, obtaining information, power, vision, divination, contacting the spirit of the deceased, soul retrieval or guidance for right action. Shamanic work is done with the aid of a helping ally of some sorts that the shaman has befriended. They work together as a cooperative team, with the ally being an intermediary between different levels of reality and the shaman, an engineer of altering states of consciousness. Shamans throughout the world and throughout time, recognize that the universe is alive, conscious, and filled with spiritual power. Shamans know how to access this web of power and work it skillfully and effectively to address their, and their community's needs. Shamanism is the use of shamanic practices within a shamanic value system. Traditionally a shaman goes through the experience of a ?calling?, usually through illness, accident or some unusual quality of being, then through an arduous apprenticeship of teaching, training, and testing, followed by some sort of passage rite into their new status. Typically shaman do not define themselves as such. Instead they are defined by their community based on what they do. Becoming a shaman and living as a shaman is a difficult and demanding life path that many indigenous people shy away from because of its formidable requirements. It is not about fun or glamour. Unskillful and uneducated acts can cause harm, or even be life-threatening, to the practitioner as well as others. For shamanism deals with power, and power can move in many different ways. It is important to move slowly with respect, humility and care. A vitally important aspect of the practice of shamanism is understanding right relationship with power, and the acts and implements of power, such as sage, cedar, feathers, the drum, ceremony, disincarante spirits, totem animals and allies. Shamanism is the intentional effort to develop ongoing relationships with personal helping spirits by journeying into realms where the spirits dwell. Shamanism is a way of perceiving the nature of the universe in a way that incorporates the normally invisible world of spirit. Shamans have different terms and phrases for the non ordinary reality, but most of them clearly imply that it is the realm where the spirits of the land and the animals, deceased ancestors, the gods and goddesses and other spiritual entities dwell. Shamans employ methods for altering consciousness so that they can send their spirits or souls (consciousness) into the non ordinary reality of the spirits who become their friends, guides, guardians, instructors, and allies. These helping spirits might be the spirits of nature, animals, plants, the elements, ancestors, gods, goddesses, or teachers from various religious traditions. The act of sending one's consciousness into the spirit world is called the shamanic journey, and it allows the journeyed to view life and life's problems from a detached, spiritual perspective, not easily achieved in a state of ordinary consciousness. One of the most universal methods for altering consciousness for this spirit journey is a persistent, mesmerizing drumbeat The reason for acquiring and nurturing ongoing personal relationships with helping spirits is to gain knowledge, wisdom, practical healing methods, and other vital information that can be brought benefit one's own personal benefit or the benefit of the others in the community. History of Shamanism The practice of shamanism is derived from ancient teachings and is practised throughout the five continents of the planet. Although ancient, (it is estimated that shamanism may have originated over 10,000 years ago) its practice is also contemporary, surviving in areas such as Tibet, North & South America and within various African tribes. Shamanism is used to restore balance and healing to both people and the planet we live in. The practice of shamanism involves shamanic practitioners making journeys or soul-flights to other realities in order to bring back advice, help or soul-parts for the individual/community. As such, the practitioner acts as a medium through which help is channelled. Shamanism has existed since the beginning of time on every continent of the planet. A shaman/shamanka (feminine) is an individual that can