Business Overview Of Xyz Ltd Business Essay

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XYZ is India's leading Zinc producer. As a part of Vedanta Resources, a London listed metals and mining major with Aluminium, Copper and Zinc operations in UK and India. XYZ takes advantage of its mineral resources and related core competencies and believes it has growth opportunities for increasing products and improving returns.

XYZ produces Zinc, lead and by-product viz.sulphuric acid, silver and cadmium. XYZ an all-time high production output of 2,83,698tonnes Zinc and a record production of 8,89,007tonnes of Zinc concentrate during 2005-06.

XYZ is a vertically integrated mining &smelting company, gearing up to:

* Harnessing mining resources to help India maintain self-sufficiency in Zinc.

* Become a global leader in Zinc.

* Create value for all entities whether it is Customers, Investors, or Employees.

Vision

Be a world-class zinc company, creating value, leveraging mineral resources & related core competencies.

Mission:

* Be a lowest cost Zinc producer on a global scale, maintaining market leadership.

* Be innovative, customer oriented and eco-friendly, maximizing stake-holder value.

INDUSTRY PROFILE

Vedanta Resources was listed in London in December 2003. Vedanta is a diversified and integrated FTSE 250 metals and mining group with annual sales of $1.9bn. There principal operations are located in India, where they have a major market share in aluminium, copper, zinc and lead

In addition to the existing operations, Vedanta has extensive expansion projects across each of our metals. Several major projects announced last year are now being implemented. With an investment spending of $3.1bn, half of which has already been completed.

Dividend Declaration by Vedanta

(in US $ millions, except as stated)

Consolidated group Result

FY(2010)

FY(2009)

Change

Revenue

EBITDA

EBITDA margin

Operation Profit

Attributable Profit

Basic Earnings Per Share(US cents)

Earning Per Share On Underlining Profit(US cents)

ROCE (excluding Project Capital Work in Progress)

6502.2

2703.0

41.6%

2505.9

934.2

325.6

327.0

78.5%

3701.8

1101.5

29.8%

943.8

373.5

130.2

130.2

37.9%

75.6%

145.4%

-

165.5%

150.1%

150.1%

151.2%

-

Final dividend (US cents Per Share)

20.0

14.3

ASSETS & LOCATIONS

Registered office: XYZ ltd, Udaipur.

Exports office: XYZ, Mumbai.

Marketing office: XYZ, Mumbai.

Acid sales office: XYZ, Udaipur.

Investor relationship office: XYZ, Udaipur.

Regional office: XYZ, New Delhi, Bangalore, Kolkata, Mumbai.

Initiatives Measures taken by XYZ in Corporate Social Responsibility

Reducing fugitive dust emissions from vehicles.

Reducing sulphur dioxide (SO2) emissions by half by 2006.

Achieving zero waste water discharge through 100% recycling by December 2004. (Already achieved by XYZ sites).

In 2003 XYZ, along with others in the zinc industry has committed to an environmental charter with the Indian Central Pollution Control Board and the Ministry of Environment and forests, establishing levels of environmental performance beyond legal compliance.

The recycling of intermediate and waste materials.

Developing greenbelt around the plant and accommodation areas

XYZ has prepared action plans and has planned investment of Rs 380 million over the next 2-3 years.

Social Investment - Health, Education & Livelihood.

Bio-Investment - Water Harvesting, Agriculture and Social Forestry.

Environment Conservation XYZ has donated Rs. 11 million towards the Mid-Day Meal Scheme of Govt. of Rajasthan for construction of kitchens at Chittorgarh, Bhilwara and Udaipur districts for catering to about 100,000 rural school children.

XYZ constantly reviews pollution control and environment safety monitoring systems at all its mining and smelting units. Dust emission control, plants, tailing ponds for solid waste disposal and secure containments, water reclamation systems, effluent treatment plants, gas cleaning, treatment units, afforestation efforts, management of solid waste and much more to keep its operations eco-friendly.

Continuous operational improvements, meticulous planning, constant innovation, extensive R&D, technological up gradation and so much more - XYZ has come a long way and grown into a multi-unit and multi-product co

Competitive position - Zinc

Zinc assets acquired in 2002. Source CRU.

Operation Units

XYZ is a vertically integrated company with Mines and smelters spread across multi-locations.

UNIT

LOCATION

MINING

Zawar Mines

Udaipur (Rajasthan)

Rajpura Dariba Mine

Rajsamand (Rajasthan)

Rampura Agucha Mine

Bhilwara (Rajasthan)

SMELTING

Debari Zinc Smelter

Udaipur (Rajasthan)

Chanderia Lead Zinc Smelter

Chittorgarh (Rajasthan)

Vizag Zinc Smelter

Vishakhapatnam (Andhra Pradesh)

MINING UNITS

XYZ Ltdis the only integrated Zinc manufacturer in India and owns captive Zinc mines that supply complete requirement of Zinc concentrate for its smelters. XYZ operates open cast (Rampura Agucha Mine) as well as underground mines (Rajpura Dariba and Zawar Mines) with state of the art technology, with Rampura Agucha mines being one of the most cost-efficient Zinc mines in the world.

ZAWAR MINES

Zawar group is the first establishment of XYZ. It is located about 40 km east of Udaipur, Rajasthan. It is commissioned in 1942. Its capacity is 1.2 Mtpa ore. It is an underground mining complex consisting of four underground mines and one concentrator for all mines. Mining is done with sublevel stopping with matching infrastructure. The complex is equipped with 6 MV of captive power generation capacity. It consist of four mines viz. Mochia, Balaria, Zawarmala & Baroi. Mochia mine is the oldest member of this group. The main products of Zawar are Lead and Zinc ore. The zinc and lead concentrates are 54.3-55.2% and 64.5 - 64.8% respectively. It gets the certification of ISO 9001:2000, ISO 14001:1996, and OHSAS 18001:1999.

RAJPURA DARIBA MINES

It is a lead - zinc mine and it is located about 75 km north-east of Udaipur, in Rajsamand district in Rajasthan. It is commissioned in 1983. Its capacity is 1 Mtpa ore. It is an underground mine with onsite concentrator and two vertical access shafts. Mining is done through vertical crater retreat and blast hole stoping. Ore is crushed underground before hoisting and stockpiling for secondary and tertiary crushing. The zinc and lead concentrates are 51.5% and 51.2 - 52.9% respectively. It gets the certification of ISO 9001:2000, ISO 14001:1996, OHSAS 18001:1999.

RAMPURA AGUCHA MINES

It is the richest and the largest lead-zinc deposit in India. It is located about 225 km north of Udaipur, in Bhilwara district in Rajasthan. Its capacity is 3.75 Mtpa ore. It is commissioned in 1991. It is an open cast mine and good mineralogy leading to higher recovery and overall low cost of production, onsite concentrator to produce zinc concentrate. The zinc and lead concentrates are 54 - 54.5% and 63.7% - 67% respectively. It gets the certification of ISO 9001:2000, ISO 14001:1996, and OHSAS 18001:1996.

SMELTING UNITS

XYZ LTD operates smelters based on Pyrometallurgical (Chanderiya Lead Zinc Smelter) and hydro-metallurgical (Debari, Vizag and Chanderiya Smelters) process routes.

DEBARI ZINC SMELTER

It is a premier smelter of XYZ, engaged in high grade zinc metal and other by-products. It is located about 12 km east of Udaipur, Rajasthan. It is commissioned in 1968. Its capacity is 80,000 tpa of refined Zinc. It is a hydro-metallurigical smelter using RLE technology. Main by-products are Sulphuric Acid and Cadmium. Plant is equipped with 29 MW of captive power generation capacity. It gets the certification of ISO 9001:2000, ISO 14001:1996, and OHSAS 18001:1999.

CHANDERIA LEAD ZINC SMELTER

It is located about 120 km east of Udaipur, in Chittorgarh district in Rajasthan. It is commissioned in 1991. Its pyrometallurgy Plant has a capacity of 105,000 tpa of refined Zinc and 35,000 tpa of refined lead. Its Hydrometallurgy Plant has a capacity of 170,000 tpa of refined Zinc. It's Ausmelt Technology Plant has a capacity of 50,000 tpa of refined Lead. It is a pyrometallurgical smelter using ISP technology. Main by-products are Sulphuric Acid, Silver and Cadmium. A hydrometallurgical smelter usign the state-of-the-art RLE technology commissioned in the year 2005-06. Main by-products are Sulphuric Acid and Cadmium. Its captive power is generated through a coal based 154 MW captive power plant commissioned in 2005. It gets the certification of ISO 9001:2000, ISO 14001:1996, and OHSAS 18001:1999 (For Pyro Plant).

VIZAG ZINC SMELTER

It is located about 17 km from Vishakhapatnam, Andhra Pradesh. It is commissioned in 1977. Its capacity is 56,000 tpa of refined Zinc. It is a hydro-metallurgical smelter using RLE technology. Main by-products are Sulphuric Acid and Cadmium. The plant obtains part of its power requirement at low-cost due to shareholding in a gas utility company in Andhra Pradesh. It gets the certification of ISO 9001:2000, ISO 14001:1996, and OHSAS 18001:1999.

Process Brief

Hydro-metallurgical production of zinc involves the following steps:-

Roasting

Leaching & Purification

Zinc concentrate received from XYZ 's captive mines, containing 53 to 55% zinc, 30% sulphur, 6-9% iron and 0.2000.25% cadmium, is roasted to convert zinc sulphide into zinc oxide (Calcine). Sulphur gets converted into sulpur-dioxide to produce sulphuric acid.

Calcine so produced is leached with return spent electrolyte resulting in an impure ZnSO4 solution, which is sequentially purified. The purified solution is subjected to electrolysis to produce zinc cathode sheets. The zinc cathode sheets are melted in furnaces and cast ingot of minimum 99.95% purity.

Cadmium metal is recovered from the intermediate cakes collected in the purification section after cementation of the impurities like copper, cadmium, cobalt, nickel etc. with the help of zinc dust.

ROASTER PLANT

Zns are (Raw material is kept in fluidized state by flowing air through nozzle in roaster hearths from the bottom of the furnace. Temperature in the roaster is maintained at 900°C-950°C. It is an exothermic reaction.

Calcine obtained from roasting is recovered through overflow and underflow and underflow arrangements. The overflow constitutes nearly 30% of the total calcine produced and the rest 70% calcine is carried away by roaster gases which pass through gas cleaning section.

Gas Cleaning Section

The SO2 gas having 70% clacine is passed through waste Heat Boiler (WHB) where temperature is reduced. Pressure is kept constant. The steam The converter is basically a 2 stage converter Heated SO2 is led into 2 stage converter consisting of V2O5 crystals as a rescue of which SO2 converts into SO3. This SO3 is led into intermediate Absorption tower and is absorbed by dil. H2SO4. This results in formation of conc. H2SO4. This results in formation of conc. H2SO4. Gas coming out from intermediate absorption tower consists of some SO2 which is sent into 2nd stage of converter where it is again converted into SO3 is absorbed in final absorption towers.

LEACHING PURIFICATION

1. Neutral Leaching

Calcine, which consists of oxides of Zinc and other metals, Zinc ferrite and unconverted sulphides is leached is continuous process with spent electrolyte 9 weak sulphuric acid from electrolysis) to a PH of 5 soluble oxides get dissolved producing respective sulphates. Manganese di-oxide is added to oxides ferrous and other impurities. The neutral slurry is settled in the Dorr-thickners. Flocculants is added as a settling aid. The clear overflow is further purified for electrolysis whereas the solid residue is pumped from the bottom of thickner to acid leaching.

2. Acid Leaching

The underflow from neutral thickner containing non reacted Zinc oxides and Zinc ferrite is leached with spent electrolyte to a pH of 2.8 at a temperature of about 80°C. Alternate reactors are provided with heating coils through which steam is passed. In this process most of the acid soluble oxides go into solution. The slurry is settled in dorr-thickners. The overflow is sent to neutral leaching underflow is continuously pumped to fitters where the solids are separated filtrate is pumped back to the thickner produced is used in leaching section and to drive turbines. As gas cools, calcine particles start settling down. About 30% coming calcine is recovered here.

The gas is then passed through CYCLONE SEPRATOR. The calcine matter settles down 25% calcine is recovered.The gas is passed through HGP (Hot Gas Precipitator) in which opposite fields are created with the help of very high DC current of about 760 Volts.

The gas is now fid into SCRIBBING TOWERS in scrubbing towers, water is splayed from top through nozzles, here clacine settles down and SO2 (insoluble in water) is passed out Gas is then fed single Stone pipe stand pipe Stan cooless "Which gets as heat enhances. Temperature is reduced here Gas (having some calcine matter) is then fed to WGP (Wet Gas Precipitator) where gas is cleaned SO2 is fully cleaned here and Temperature is reduced. The gas is now fest to acid plant.

Flow Sheet of Leaching - Purification and Cd Plant

Purification

Neutral

Leaching

Calcine

Spent Nof

Mno2, KMnO4 Natural solution

Neutralisation o/f for electrolysis

NLI U/F Cu-Cd cake

Cd plant

Acid soluble & ferrite Zinc Leaching and Neutralisation

Calcine

spent H2sO4 Cadmium

(Nh4)2 So4 metal

Jarisite Cake Cu, Fe & BETA cake

AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED.

31 MARCH, 2010

XYZ LIMITED

Highlights

Year ended 31 March 2010

Quarter ended 31 Mar ch 2010

Turnover Rs. 8,560 crore 120 %

Turnover Rs. 2,021 crore 14 %

Net Prof i t Rs. 4,442 crore 202 %

Net Prof i t Rs. 935 crore 17 %

Earnings per share Rs. 105.12

Earnings per share Rs. 22.12

170,000 tpa zinc smelter project at Chanderiya and cor responding expans ion projects at Agucha Mine are progressing as per schedule for commissioning in ear ly 2008.

(Rs. in crore, except as stated)

Particulars

Nine months ended 31 March

Fourth quarter ended 31 March

Year ended 31 March

2009

2010

2009

2010

2009

1. Net sales / Income from operations

6,539

2,021

1,776

8,560

3,890

2. Other Income

157

74

37

231

116

3. Total Expenditure

1,532

621

517

2,153

1,589

a) (Accretion) / Decretion to stock

99

42

50

57

43

b) Mining and Manufacturing Expenses

769

271

247

1040

987

c) Mining Royalty

493

151

100

644

274

d) Staff costs

191

69

52

260

206

e) Administrative, selling and other expenses

178

88

68

266

165

4. Profit before depreciation and amortisation, interest and taxation (PBDIT)

5,164

1,474

1,296

6,638

2,417

5. Interest

26

2

3

28

47

6. Cash Profit (PBDT)

5,138

1472

1,293

6,610

2,370

7. Depreciation and amortisation

111

45

38

156

141

8. Profit before taxation

5,027

1,427

1,255

6,454

2,229

9. Provision for Taxation - Current (Net)

1,491

461

366

1,952

624

- Deferred

29

31

87

60

133

10. Net Profit

3,507

935

802

4,442

1,472

11. Paid up Share Capital (Face value Rs. 10/-each)

423

423

423

423

423

12. Reserves excluding Revaluation Reserve

7,205

3,007

13. Basic and Diluted EPS (Rs.)

83

22.12

18.99

105.12

34.85

14. Aggregate of Non-promoter Shareholding

- Number of Shares

14,82,16,469

14,82,16,469

14,82,16,469

14,82,16,469

14,82,16,469

- Percentage of shareholding

35.08

35.08

35.08

35.08

35.08

NOTES

1) The above results were reviewed by the Audit Committee and approved at the meeting of the Board of Directors held on 26 April, 2010.

2) Investment in equity shares of a power company has been considered as an intangible asset. This has resulted in an additional amortization charge of Rs. 4.67 crore for the year ended 31 March, 2007 (2006: Rs. 4.67 crore).

3) The Company is engaged in the business of mining and smelting of zinc and lead operations, which is a single segment as defined by Accounting Standard 17 - "Segment Reporting" issued by The Institute of Chartered Accountants of India. The company has entered into wind energy business, however, its operations for the year is within the threshold limit stipulated under AS-17 "Segment Reporting" and hence it is not disclosed as a separate reportable segment.

4) Investor complaints outstanding at the beginning of the quarter were nil, number of complaints received and resolved during the quarter ended 31 March, 2007 were 2 and 2 respectively.Outstanding number of complaints at the end of the quarter was nil.

5) The Board of Directors at their meeting held on dated 20 January, 2007 has declared and paid an interim dividend @ 25 %i.e. Rs.2.50 per equity share and has now recommended a final dividend @ 25 % i.e.Rs.2.50 per equity share.

6) Figures for nine months period and quarter / year ended have been regrouped / rearranged to correspond with current year ended figures wherever necessary.

.

Alternative Suggestions

Radio Frequency identification machine (RFID) should be under the observation.

Attendance should be recorded directly by the RFID which will reduce the cost of stationary & time of the incharge who records the attendance.

RFID should be placed in the department instead of the main gate which would be helpful in taking department wise attendance.

ID card swaping should be mandatory whether the employee is an executives or workmen

A person should be appointed at each RFID machine that checks the identity of the person and so the ID card being swap.

The manual attendance which is taken by the incharge in respective departments should be sent to the "Time Office"one hour later when the respective shift get start instead of another day i.e. shift wise attendance should be sent in place of day wise shift ,it will reduce the burden of recording & work would be more systematic.

Manual attendance should be totally commited as it consumes unnecessary time, manpower, stationary & the money in valued in it.

Machines are more reliable, accurate & punctual then human as they don't have any feelings & emotions, so they are more appropriate for taking care of such important issues & records as attendance.

If shift wise records are sent to the "Time Office"through mail it will be very easy & less time consuming & then department don't need to make a monthly record & sent it to time office as it is already with them.

Biometric machines can also be used for attendace & there are much more reliable as they identify human just by their fingure prints & then mark attendance.

The person having highest attendance should be awarded & praised in front of all the employees who will motivate the workers & will provide them a healthy environment to work in.

12. Pay Punch (A Biometric Time clock & Attendance system) It will save company's money by-

- automatic payroll processing

- eliminate buddy punching

- eliminate time cards

- eliminate unauthorized overtime

- eliminate hours of payroll calculation

- accurate reports employee time / attendance to payroll and HR.

It will help in establishing centralized work-force management together with strict shift rules.

13. Absence management system should be used to which provides timely management informal on the effects of absenteeism in the work place.It consists highly configurable time-sheet and expense reporting, payroll integration, absence recording, user profiting.

Findings & SWOT Analysis

After conducting the survey it was interestingly found that the company stands at 82.87% satisfaction level as per the calculations. Having a look at the every different criteria of the Acid Business division of XYZ individually, the survey displayed the satisfaction level of 79.66% for Product Quality, 85.82% for services rendered, 77.23% for responsiveness, 87.69% for eSalesmate, 81.23% for product pricing, 85.38% for complaint handling & 85.38% for experience with XYZ.

SWOT analysis based on survey results:

Strengths: eSalesmate & Complaint Handling;

These two areas have got the highest rating & the clients seem to be very happy to use these two offerings of XYZ Ltd. The eSalesmate software package of the company is indeed very much user friendly which helps the clients in various ways. It takes 2 minutes to place a P.O. (Purchase Order). The time taken by the eSalesmate software package between P.O. & S.O. (Sales Order) is 30 seconds. The Acid marketing department takes complaint handling as positive & displays cooperative attitude towards complaint handling. The company has an online system where if a client posts complain, it is sent to the respective department & a copy of it is sent to the Associate Manager & Manager of the company. A constant reminder is sent to the concerned person until complain is resolved.

Criteria

% rating obtained

Status

Product Quality

79.66%

Satisfied

Services Rendered

85.82%

Delight

Responsiveness

77.23%

Satisfied

eSalesmate

87.69%

Delight

Product Pricing

81.23%

Delight

Complaint Handling

85.38%

Delight

Experience with HZL

85.38%

Delight

Net Result

82.87%

Delight

Weaknesses: Responsiveness & product quality;

The department lags in responsiveness. Most of the clients report dissatisfaction with the time taken for release of sales order. Even product quality is becoming a major issue. Few clients, sometimes, report concentration below standard & impurity profile (in comparison to XYZ competitors) sometimes above limit. This is the major weakness of company.

Opportunities: Services rendered & product quality;

If better services are rendered, XYZ can attract more acid buyers. If product quality is improved it will be added opportunity & will help XYZ enter into new segments like battery & pharmaceuticals.

Threats: Timely account reconciliation & Timely credit refunds;

These two areas are major threat for XYZ, & if not looked over will result in shift of buyers to some other supplier.

The analysis of the survey results represented graphically above, displays following as the inferred findings:

Buyers/clients/customers/traders are most at ease with the eSalesmate software package; complain handling attitude; product pricing & services rendered.

Buyers/clients/customers/traders are facing hardships with Responsiveness of the Acid business department - Hindustan Zinc Ltd.

Buyers/clients/customers/traders do not find the quality of the sulphuric acid supplied very well.

After further analysing the details of each criterion and the client feedback at individual level, following striking conclusions were drawn.

Most of the buyers/clients/customers/traders feel that Hindustan Zinc Ltd. (acid business) should provide a quality certificate with every supply of tanker stating the quality, impurity profile & concentration of the Sulphuric acid supplied.

After issuance of sales order, customers are facing problem in release of sales order.

Processing of despatch of material at respective plants is done very leniently.

Clients are dissatisfied with time taken to send account statements.

It was found that HZL material has lower quality as compared to sulphur based producers. It is found that sometimes, a customer desiring the material from some particular plant is not obliged but is supplied through some other plant.

CONCLUSION

Attendance improvement program can work. What the employees require is commitment and support from all levels of management, an effective attendance record-keeping system consultation and open communication on the reason for the attendance program.

Implementing and maintaining the work environment where open communication and team spirit can thribe will at first some times seem a mammoth and some what unrealistic task. If you need encouragement just consider some of the benefits; reduced absenteeism, open communication, team spirit, reduced grievances and greater employees satisfaction.

Only when the positive approach is unsuccessful does the employer need to you the remedial approach to deal with habitual abusers or with excessive absentee cases. In all cases the employer's action must be fair and reasonable and consistently applied.

With a well communicated, implemented and administered program, the majority of the employees should agree with the attendance management program and co-operation should follow.

There are a number of programs that can be implemented individually or collectively to reduced employees absenteeism. Programs such as health awareness, personal counseling, and continuing education and employee incentives programs can be effective against innocent and culpable absenteeism. More devious forms of culpable absenteeism may require a policy of progressive discipline. Progressive discipline is typically a five part program calling for initial employee counseling, written counseling, reduction in hours or job reclassification, involuntary suspension and if all else fails, employee termination.

Absenteeism is a serious and costly problem faced by company through out the world. This problem requires that all employees understand the consequences of such behaviour from a company stand point as well as a personal stand point. All companies must approach this problem from a proactive position with employee prevention program and progressive discipline program.

Recommendation

For improvement of Product quality:

The Acid business department of XYZ Ltd. must provide a quality certificate/report to every buyer/client with every tanker supplied/dispatched.

By decreasing impurity profile of metals like iron (Fe), XYZ (acid business) can enter into new product segment like battery & pharmaceuticals.

For improvement of Responsiveness:

There should be one person solely responsible for release of D.O. (Delivery Order) as soon as it is issued by the marketing department. This will result in better efficiency & effectiveness in the system.

At a particular sales office, responsiveness of the person sitting at sales office should be high & he must guide /deal with customers in an appropriate way to give a clear picture to clients.

For improvement of account reconciliation issue:

By making some small up-gradations in the eSalesmate software package the problems of customers regarding long time taken for account reconciliation can be resolved.

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