Group 3 a - IM- Country Entry Assignment

8/4/2019 Group 3 a - IM- Country Entry Assignment

1/21

Assignment Submission Form

Batch Name : GMBA Apr - 11

Course Name : International Management

Assignment Title : Country Entry Plan

Individual or Group : Group If Group assignment, Group No.: 3 A

Prepared by :

Submitted by : Group 3 A

SPJCM Honor Code: I will represent myself in a truthful manner I will not fabricate or plagiarize any information with regard to curriculum I will not seek, receive, or obtain an unfair advantage over other students I will personally uphold and abide, in theory and practice, the values, purpose, and rules of

the SPJCM Honor Code

I will respect the rights and property of all in the SPJCM community

I certify that I have adhered to the Honor Code of the SPJCM in completing this assignment.

Signature: Date: 30th

June

2011

To be filled by the Evaluator only

Score Obtained:

Name of the Student / s Roll Number DivisionAtul Chopra GLSCM117 A

Dikshita Sona MM160 A

Rohit Kaushal GLSCM130 A

Sanchit Gaur GLSCM133 A

Shravan Meda GLSCM137 A


2/21


3/21

1) Executive SummaryExpanding a business into other countries to make it a well-known brand across the world and

increasing opportunities for expansion is a key objective of any major company. WMs e-waste

management is no exception. Considering Indias exceptional rate of growth of e-waste, low

political and financial risks, India provide an excellent opportunity to expand. Also, the e-waste

management industry in India is very nascent and less competitive. The informal sector accounts

for 95% of the e-waste processed in India. Hence there is a growing need for formalizing the

industry and WM with its expertise can definitely satisfy this need. The legal regulations are

quite simple, with just the CPCB (Central Pollution Control Board) and MoEF (Ministry of

Environment and Forest) monitoring the regulations required for e-waste management and

handling. The growing awareness amongst the corporates and NGOs to tackle the e-waste

problem also works in favor of WMs expansion plan.

With all these factors in mind, we are suggesting that WM start an e-waste processing unit in

Chennai, India. Chennai has many advantages like the location of the IT industry, availability of

land and proximity to an international port.


4/21

2) Information about the companyWaste Management (WM), Inc. is North Americas leading provider of integrated environmental

solutions. It offers waste management services in the form of recycling or generating energy.

There are various residential services offered by the company such as, Curbside Pickup,

Recycling, On-Demand Disposal and other waste disposal services like bulk waste disposal,

household hazardous waste services, bulk waste drop-off, etc. The company had a turnover of

$12.52 billion in 2010 and served over 20 million residential, industrial, municipal and

commercial customers in the same year. 1

3) Situational Analysisa) Company

Some of the financial highlights of WM are free cash flow was $1.2 billion for 2010,

capital expenditure was $1.1 billion for 2010 and the company returned $1.1 billion to

shareholders, consisting of $604 million in dividends and $501 million in common stock

purchases. The company recycled 142,500 tons of materials in 2009. The financial details

are given in (Exhibit 1).

By the end of 2009, the company had 119 landfill-to-gas-energy projects producing 540

MW of power and 800 natural-gas-powered trucks in its fleet. Over the last few years, the

company has been awarded many prestigious awards such as California Climate Action

Leader May 2008, San Diego EARTH Award 2008, 2008 Ethispheres List of

Worlds Most Ethical Companies, Top 100 Most Military-Friendly Co. G.I. Jobs

magazine , 2009.

1 http://thinkgreen.com/pdf/Sustainability%20Report_2010.pdf
http://thinkgreen.com/pdf/Sustainability%20Report_2010.pdfhttp://thinkgreen.com/pdf/Sustainability%20Report_2010.pdfhttp://thinkgreen.com/pdf/Sustainability%20Report_2010.pdf


5/21

b) CollaboratorsWM has a partnership with AECSoft USA, Inc. who is a leader in Total Supplier

Management Solutions. This collaboration provides WM an opportunity to access the

databases of qualified suppliers and assist in creating partnerships. WM has two

subsidiaries - Wheelabrator Technologies Inc. and Waste Management Recycle

America.WM also partners with schools and universities to provide customized recycling

programs owing to their unique needs.

In 2009, Waste Management purchased a 40-percent stake in Shanghai Environment

Group Co Ltd, a wholly owned subsidiary of Shanghai Chengtou Holding Co Ltd. SEG

sought Waste Managements investment in order to benefit from Waste Managements

experience in the waste disposal field, as well as improve their technology for waste

disposal. 2

In Aug, 2008, LG and Waste Management announced a partnership to encourage

consumer e-waste recycling through Waste Managements Recycle America program;

consumers can drop off up to five LG-owned brand electronics, like TVs, audio

equipment, VCRs, and set-top boxes, for recycling free of charge. 3

c) CustomersThe services that WM provides have been divided into three categories Residential,

Small Business and Enterprise Solutions. The residential services have already been

mentioned above. The services for the Small Business and Enterprise include

2 http://waste360.com/news/Waste-Management-Shanghai-Environment-Group-20090806

3 http://gigaom.com/cleantech/lg-and-waste-management-to-e-cycle-lg-gear-for-free/
http://waste360.com/news/Waste-Management-Shanghai-Environment-Group-20090806http://waste360.com/news/Waste-Management-Shanghai-Environment-Group-20090806http://gigaom.com/cleantech/lg-and-waste-management-to-e-cycle-lg-gear-for-free/http://gigaom.com/cleantech/lg-and-waste-management-to-e-cycle-lg-gear-for-free/http://gigaom.com/cleantech/lg-and-waste-management-to-e-cycle-lg-gear-for-free/http://waste360.com/news/Waste-Management-Shanghai-Environment-Group-20090806


6/21

Portable Toilet Rentals, Document and product destruction, Mobile Surveillance,

Universal waste recycling, Sustainability services, Medical waste pickup, syringe

return service and Pack-Rat units.

WM offers many types of pickup services and the customers simply need to register on

its website to schedule its services as required by them. The current corporate customer

base includes Kodak, BMW, Alcoa, BASF and Dell.

d) CompetitorsThe current competitors of WM in North America include Waste Control Specialists,

Phoenix Recycling, Green Cells, BuyMyTronics.com, Amazon Environmental,

Dempsters Brothers Inc., Covanta Energy Corporation, Garney Holding Company,

Browning Ferris Industries, Republic Industries, Allied. The top three contenders within

the solid waste segment are WM with 28.5% market share, Allied Waste with 13%

market share, and Republic Services with 6.6% market share.4 (Exhibit 2)

e) ContextCurrently WM is North Americas leading waste management solutions provider.

According to the 2010 Sustainability report, WM serves 20 million customers, has over

43,000 employees and 17 Waste-to-Energy plants. By the year 2020, the companys

goal is to nearly triple the amount of recyclable materials they manage from its 2007

baselineto more than 20 million tons a year.

4http://www.emerging-trends.com/Waste071R.pdf
http://www.emerging-trends.com/Waste071R.pdfhttp://www.emerging-trends.com/Waste071R.pdfhttp://www.emerging-trends.com/Waste071R.pdfhttp://www.emerging-trends.com/Waste071R.pdf


7/21

4) Business Case Developmenta) Market attractiveness

The following is the analysis of the Indian e-waste industry and why it is attractive based

on the following trends:

Rising rates of e-waste generation:Indias rapidly growing economy generates more than 400,000 tons of electronic waste

every year, a number expected to reach 1 million tons by 2012. Most of the e-waste

recycling happens in unorganized recycling units. Only 6% of the 400,000 tons are

getting recycled according to the recent data by hardware manufacturers association,

MAIT. Last year United Nations Environment Program (UNEP) had released a report

which predicts that by 2020, in India, e-waste from old computers will have jumped by

500% and e-waste from discarded mobile phones will be about 18 times higher than 2007

levels. By 2020, e-waste from televisions will be 1.5 to 2 times higher while e-waste from

discarded refrigerators will double or triple.

The integration of formal and informal recycling markets:According to GTZ MAIT study2, 95 percent of the e-waste recycled is recycled through

the informal sector. A report published by ELCINA, 2009 estimated the total turnover in

unorganized sector to be at INR 430 million.

It is observed that with rising e-waste quantities and the various disadvantages associated

with the unorganized sector the recycling scenario is changing, with the formal recyclers

increasingly entering the e-waste recycling sector.


8/21

b) Ease of Entry Legal Issues on Foreign entry in IndiaThe liberalization of the economy in 1991 and the evolving set of government

deregulations allow easy entry for a foreign investor in India. According to the United

Nations Conference on Trade and Development (UNCTAD) India is ranked third for

global foreign direct investments (FDI) in 2009, and is ranked amongst the top five

attractive destinations for international investors.

Regulatory FrameworkThe key Indian regulatory authorities in the context of Foreign Direct Investment (FDI)

are the Foreign Investment and Promotion Board (FIPB), which formulates foreign

investment policy, and the Reserve Bank of India (RBI), Indias central bank, with the

primary responsibility of implementing and enforcing foreign exchange regulations and

government policy. FDI is freely allowed in all sectors including the service sector in

India. Under current rules, foreign investment up to 100% is permitted in almost all

industry sectors. In addition, the government has been simplifying procedural aspects

such as the approval process in respect of FDI.


9/21

5) Economic Risk Analysisa) Macro-Economic Indicators 5:

Major Macro Economic Indicators

2008 2009 2010 2011(F)

Economic growth (%) 6.7 7.4 8.6 8

Public sector balance (%GDP) -10.8 -10.4 -9.6 -9

Current account balance (%GDP) -2.5 -2.9 -2.6 -2.1

Foreign debt (%GDP) 19 19.5 18.4 18.5

Foreign exchange reserves (in months of imports) 8 8.8 8.4 7.7

(F) Forecast

b) Strong economic growth expected in 2011

The Indian economy rebounded in 2010/11 thanks to the recovery of domestic demand

supported by economic policies that remain accommodating despite the interest rate

hikes. Investment was underpinned by vast infrastructure projects. And consumption was

driven by income growth associated with good performance in agriculture on which 70%

of the population depends. On the supply side, secondary and tertiary sectors were very

dynamic with private Indian companies benefiting from competitive advantages in

services (information technology, outsourcing) and industry (capital goods, retail,

pharmaceuticals, automotives, textiles, electronics, and home appliances). Inflation

increased as a result of the persistence of negative real interest rates, the rise of raw

material prices, and the reduction in price subsidies for oil, diesel, kerosene, and gas.

Although economic growth could slow slightly in 2011/12 as the expansionary policies

are gradually withdrawn, it will nonetheless remain at satisfactory levels thanks to solid

fundamentals: large domestic market, high savings and investment rates, diversified high-

5http://www.coface.com/CofacePortal/COM_en_EN/pages/home/risks_home/business_climate/climate_file/IndiaextraUid= 572142
http://www.coface.com/CofacePortal/COM_en_EN/pages/home/risks_home/business_climate/climate_file/Indiahttp://www.coface.com/CofacePortal/COM_en_EN/pages/home/risks_home/business_climate/climate_file/Indiahttp://www.coface.com/CofacePortal/COM_en_EN/pages/home/risks_home/business_climate/climate_file/Indiahttp://www.coface.com/CofacePortal/COM_en_EN/pages/home/risks_home/business_climate/climate_file/Indiahttp://www.coface.com/CofacePortal/COM_en_EN/pages/home/risks_home/business_climate/climate_file/India


10/21

performance production, favorable demographic trend, and balanced growth driven

jointly by investment, exports, and rapid development of middle class consumption.

c) Acceleration of structural reforms

In the political arena, the elections in May 2009 were marked by the sweeping victory of

the Congress Party. The pace of the structural reform process (education, infrastructure,

tax system) has consequently accelerated as evidenced by the wave of privatizations

underway.

Governance shortcomings have nonetheless persisted: the succession of corruption

scandals in late 2010 spotlighted the lack of transparency and the latent corruption in

large Indian banks and companies.

d) Meeting infrastructure target

Infrastructure investment has grown rapidly in India over the past few years, and the

authorities plan to double the money spent on this sector from $500 billion in the five

years ending 2011/12 to $1 trillion in the following half decade. Private participation is

expected to account for half of the total6.

6 http://www.imf.org/external/pubs/ft/survey/so/2011/car010511b.htm


11/21

Strengths Weakness

Diversified growth engines Solid fundamentals with high savings

and investment rates

Private sector that performs well inindustry and services

Moderate foreign debt and large foreignexchange reserves

Lack of infrastructure and deficienteducation system

Rise in the wages of skilled workerscould result in further erosion of the

competitive advantage

Increase of private corporate debt Weak public-sector financial position

e) Financial Risk Analysis

Inflation has increased from 10.9% to 11.7% in the year 2010. There has been seen an

increase in the Interest rates in the year 2011. But the central bank interest rates have

been consistent. Also, the industry growth rate is healthy. Exchange rate has been

hovering around 45 rupees for every US dollar7.

f) Political Risk:

Political situation in India is stable. The current central government is governing the

country since the last four years. The bureaucratic environment is not very promising and

hence a rating of 2.5 can be given. But the overall business environment rating is A4 (1).

7 https://www.cia.gov/library/publications/the-world-factbook/geos/in.html


12/21

Overall rating of political and financial risk

Blockage of funds and bureaucracy has been rated 4 and 2.5 respectively and a weighted

overall rating for political risks comprising of these 2 factors is 3.1.

Also, financial risk factors such as Interest rate, Inflation rate, Exchange Rate, Industry

growth and Industry Competition have favorable rating of 5, 3, 4, 5, 3 respectively (on a

scale of 1 to 5). The weighted average of the various financial risk factors is 4.35.

While considering both the factors for the derivation of country risk analysis it comes out

to be 3.95 on scale of 1 to 5. (Exhibit 3)

6) Market Assessmenta) Market Competitiveness

The formal recycling sector in India is in a nascent stage. The Electronic Waste Recyclers

and Processors have to be registered with the Central Pollution Control Board. 23 units

have been registered as of 2010. Attero Recycling, with its end to end e-cycling plant,

zero dumping technology is the only unit which does the complete e-waste management

process. The company was found in 2007 and is backed by two of the leading Venture

Capital firms, NEA-IUV and DFJ recently received second round of funding (around Rs

15 crore) from Granite Hill Capital Ventures LLC. They have built an automated facility

for e-waste recycling at Roorkee which is amongst the 7-8 facilities including in the US

and Europe. Earth Sense Recycle is the biggest e-waste management company with a

number of units spread across the country.


13/21

b) Distribution ChannelThe informal sector, though unorganized, has a well-defined hierarchy and structure. E-

waste flow in this informal market starts from the businesses/governments and

households/individuals. Many manufacturers offer buy back schemes of used electronics

from individuals. Also, a lot of e-waste is dumped in landfills from developed countries

like USA, Canada and Europe.

Kabadiwalas (waste collectors) collect waste from consumers and manufacturers. There

is another set of operators called waste traders who bid in auctions for large volumes of

waste being generated by the companies. The waste collectors and traders then pass on

the waste to scrap dealers who eventually pass it to dismantlers and recyclers.

Logistics, mainly collection and transport, is the main challenge for the formal recycling

sector. Lack of awareness in proper disposal of wastes has resulted in scattered

accumulation of this waste. Collection of these wastes by the formal recycling sector is

therefore a challenge. (Exhibit 4)

c) Legal Regulatory Structure in India for e-waste managementThe Government of India in the Ministry of Environment and Forests has published E-

waste (Management and Handling) Rules, 2011 which apply to every producer,

consumer or bulk consumer involved in the manufacture, sale, purchase and processing

of electrical and electronic equipment or components, collection center, dismantler and

recycler of e-waste.

These rules require on part of the collection center, dismantler, and recycler to obtain an

authorization from the State Control Board or Pollution Control Committee. These rules

mainly deal with the proper collection, channelizing the e-waste for recycling, storage,


14/21

transportation, dismantling and recycling of the e-waste in accordance with the standards

and guidelines published by the Central Pollution Control Board. These rules also require

that no damage is caused to the environment in any of these operations. The rules also

require the recycler to dispose the residue generated thereof in a hazardous waste

treatment storage facility.

It also mentions the procedures for seeking authorization and registration from the State

Pollution Control Board for handling e-wastes. The State Pollution Control Board is also

responsible for granting permissions for import of e-waste.

7) Market Entry Strategy FrameworkFollowing our analysis of WM it is evident that the company has strong expertise in handling e-

waste. The rate of growth of e-waste in India coupled with a growing economy indicates a

lucrative opportunity to invest in this region. Also, the regulatory framework, less competition

and low political and financial risk further strengthens our argument in favor of India.

WM has a huge cash surplus and can comfortably to start operations in India through 100% FDI.

This proposition will add value to the Indian economy by organizing the e-waste industry. The

IT companies, numerous businesses and governments can also benefit by effectively utilizing

WMs e-waste disposal services.

WM will provide complete end to end solutions for e-waste management. The various services

provided are collection, storage, refurbishing, dismantling, recycling and data destruction.


15/21

8) Implementation RoadmapWM will have to follow a roadmap as shown below


16/21

9) ExhibitsExhibit 1)

Financial Highlights

Fiscal YearFiscal Year Ends: 31-Dec

Most RecentQuarter (mrq):

31-Mar-11

Profitability

Profit Margin(ttm):

7.55%

Operating Margin(ttm):

16.27%

Management EffectivenessReturn on Assets(ttm):

6.05%

Return on Equity(ttm):

15.27%

Income Statement

Revenue (ttm): 12.68B

Revenue Per Share(ttm):

26.55

Qtrly Revenue

Growth (yoy): 5.70%

Gross Profit (ttm): 4.69B

EBITDA (ttm): 3.26B

Net Income Avl toCommon (ttm):

957.00M

Diluted EPS (ttm): 2

Qtrly EarningsGrowth (yoy):

2.20%

Cash Flow Statement

Operating CashFlow (ttm):

2.38B

Levered Free CashFlow (ttm):

1.03B

Source: finance.yahoo.com (2011) Waste Management, Inc. Common S(NYSE: WM ), [online] Available at:http://finance.yahoo.com/q?s=WM[Accessed: 27th Jun 2011]. Website
http://finance.yahoo.com/q?s=WMhttp://finance.yahoo.com/q?s=WM


17/21

Exhibit 2)

WM vs. Industry Leaders

Statistic Industry Leader WMWM

Rank

Market Capitalization SKS.L 514.32M 17.57B 2/ 70

P/E Ratio (ttm) SKS.L 2,363.64 18.5 14 / 70

PEG Ratio (ttm, 5 yrexpected) HCCI

4.88 1.59 6/ 70

Revenue Growth (Qtrly YoY) TRIT 314.20% 5.70% 31 / 70

EPS Growth (Qtrly YoY) VTNR.OB 350.00% 5.40% 20 / 70

Long-Term Growth Rate (5yr) NAL.TO

27.00% 10.30% 16 / 70

Return on Equity (ttm) VTNR.OB 82.63% 15.27% 13 / 70

Long-Term Debt/Equity (mrq) 138.224 N/A

Dividend Yield (annual) VE 5.40% 3.70% 3/ 70

Direct Competitor

Comparison WM

Casella Waste Systems

Inc.

Republic Services,

Inc.

Market Cap: 17.57B 158.98M 11.70B

Employees: 42,800 1,800 30,000

Qtrly Rev Growth (yoy): 5.70% -2.80% 0.40%

Revenue (ttm): 12.68B 466.06M 8.11B

Gross Margin (ttm): 37.41% 31.87% 40.99%

EBITDA (ttm): 3.26B 84.00M 2.47B

Operating Margin (ttm): 16.27% 5.52% 19.09%

Net Income (ttm): 957.00M -3.70M 599.70M

EPS (ttm): 2 1.47 1.56

P/E (ttm): 18.5 4.04 19.79

PEG (5 yr expected): 1.59 -0.62 1.05

P/S (ttm): 1.39 0.34 1.44

Source: finance.yahoo.com (2011) Waste Management, Inc. Common S(NYSE: WM ), [online] Available at:http://finance.yahoo.com/q?s=WM[Accessed: 27th Jun 2011]. Website
http://finance.yahoo.com/q?s=WMhttp://finance.yahoo.com/q?s=WMhttp://finance.yahoo.com/q?s=WM


18/21

Exhibit 3)Derivation of Country Risk

Political Risk FactorsRating Assigned

scale (1 to 5)Weight Assigned

Weighted value of

factors

Blockage of funds

transfer4 40% 1.6

Bureaucracy 2.5 60% 1.5

Total 100% 3.1

Financial Risk FactorRating Assigned

scale (1 to 5)

Weight AssignedWeighted value of

factors

Interest rate 5 20% 1

Inflation rate 3 15% .45

Exchange Rate 4 15% .6

Industry growth 5 40% 2

Industry Competition 3 10% .3

Total 100% 4.35

CategoryRating as

determined aboveWeight Assigned Weighted Rating

Political Risk 3.1 30% .93

Financial Risk 4.35 70% 3.045

Total 100% 3.975


19/21

Exhibit 4) E waste flows in India

Source: Sinha, S. et al. (2011) Waste Electrical and Electronic Equipment, EU-India Action Plan Support FacilityEnvironment


20/21

10) References1. Waste Management (2011) Company profile, [online] Available at:

http://www.wm.com/residential.jsp[Accessed: 29th Jun 2011].

2. Waste Management (2010) Sustainability Report, [online] Available at:http://thinkgreen.com/pdf/Sustainability%20Report_2010.pdf[Accessed: 29th Jun 2011]

3. Waste 360 (2009) Waste Management Buys 40 Percent of Shanghai Environment Group,[online] Available at:http://waste360.com/news/Waste-Management-Shanghai-Environment-

Group-20090806[Accessed: 29th Jun 2011

4. Gigaom (2008)LG and Waste Management To e-Cycle LG Gear for Free, [online] Availableat:http://gigaom.com/cleantech/lg-and-waste-management-to-e-cycle-lg-gear-for-free/

[Accessed: 29th Jun 2011].

5. Emerging-Trends (2001) Organised crime and Medical Waste Disposal, [online] Availableat:http://www.emerging-trends.com/Waste071R.pdf[Accessed: 29th Jun 2011].

6. Coface (2010)Business Climate, [online] Available at:http://www.coface.com.sg/[Accessed:30th Jun 2011].

7. International Monetary Fund (2011) India: Rapid Growth with Promising Medium-termProspects,[online]Availableat:http://www.imf.org/external/pubs/ft/survey/so/2011/car010511

b.htm [Accessed: 30th Jun 2011].

8. The World Factbook (2011) South Asia - India, [online] Available at:https://www.cia.gov/library/publications/the-world-factbook/geos/in.html[Accessed: 30th Jun

2011]

9. Chi, X. et al. (2011) Informal electronic waste recycling: A sector review with special focuson China, Waste Management, 31(1), p.731 - 742.
http://www.wm.com/residential.jsphttp://www.wm.com/residential.jsphttp://thinkgreen.com/pdf/Sustainability%20Report_2010.pdfhttp://thinkgreen.com/pdf/Sustainability%20Report_2010.pdfhttp://waste360.com/news/Waste-Management-Shanghai-Environment-Group-20090806http://waste360.com/news/Waste-Management-Shanghai-Environment-Group-20090806http://waste360.com/news/Waste-Management-Shanghai-Environment-Group-20090806http://waste360.com/news/Waste-Management-Shanghai-Environment-Group-20090806http://www.emerging-trends.com/Waste071R.pdfhttp://www.emerging-trends.com/Waste071R.pdfhttp://www.emerging-trends.com/Waste071R.pdfhttp://www.coface.com.sg/http://www.coface.com.sg/http://www.coface.com.sg/https://www.cia.gov/library/publications/the-world-factbook/geos/in.htmlhttps://www.cia.gov/library/publications/the-world-factbook/geos/in.htmlhttps://www.cia.gov/library/publications/the-world-factbook/geos/in.htmlhttp://www.coface.com.sg/http://www.emerging-trends.com/Waste071R.pdfhttp://waste360.com/news/Waste-Management-Shanghai-Environment-Group-20090806http://waste360.com/news/Waste-Management-Shanghai-Environment-Group-20090806http://thinkgreen.com/pdf/Sustainability%20Report_2010.pdfhttp://www.wm.com/residential.jsp


21/21

10. Schluep, M. et al. (2009) Recycling From E-Waste to Resources, Germany: UnitedNations Environment Programme & United Nations University, p.65-66.

11. Sinha, S. et al. (2011) Waste Electrical and Electronic Equipment, EU-India Action PlanSupport FacilityEnvironment, 1(1), p.10-20.

12. finance.yahoo.com (2011) Waste Management, Inc. Common S(NYSE: WM ), [online]Available at: http://finance.yahoo.com/q?s=WM [Accessed: 27th Jun 2011]. Website
http://finance.yahoo.com/q?s=WMhttp://finance.yahoo.com/q?s=WM

Group 3 a - IM- Country Entry Assignment

Documents

Transcript of Group 3 a - IM- Country Entry Assignment