Chair Furniture Definition and Classification Essay

Chair Furniture Definition and Classification - Essay Example The fact that there are different types of chairs, however, does not mean that there are different primary uses to this particular object. With very few exceptions, the primary purpose of all types of chairs is for a human to sit in, as in the case of armchairs, or sit on, as with table chairs and stools. As regards exceptions, it need be noted that a few chairs have a primarily decorative purpose, as a direct consequence of their being classified as art objects or valuable antique purposes. Having clarified the stated, however, it is important to note that the aforementioned are not generally classified as chairs but are often, more precisely and accurately, referred to as antiques or at objects. Accordingly, it is important to emphasize that chairs are not, primarily, either antiques or pieces of art but objects which primarily serve a human-sitting purpose. Added to that, even though some types of chairs are referred to as table chairs, this does not mean that chairs are tables. I n other words, in defining the said objective from the negative perspective, one may affirm that chairs are not tables but can be placed around and under kitchen and dining tables.

Transnational companies Essay Example for Free

Transnational companies Essay Country H could concentrate completely on production of good X or of good Y, X = f(L + K) Y = g(L + K) but by doing so they would be using resources in production of one good that might be better used in production of the other. Therefore the production possibility frontier is concave. Note also that because country H is well endowed with capital, it can produce more of capital-intensive good Y than labour intensive good X, hence the bias in the curve towards production of Y. Because competitive firms wish to maximise profits, we can assume they will produce at some point along this PPF. The utility maximising consumers decide where. An important assumption made by economists in many trade models is that of community indifference curves (CIC). We can take an aggregate of all individual indifference curves to make a set of CIC. As long as trade is not allowed, production will take place at wherever the PPF is tangent to the CIC that is furthest from the origin. This is our autarkic point. One final point to make is that at this point the price ratio is equal to the slope of the PPF or the marginal rate of transformation (MRT). Mathematically, p = px/py = MRT =Â  Y/? X (where px and py equal the respective prices of X and Y). Thus for given production functions and community preferences in autarky country H will produce and consume at Ah. Similarly with opposite factor endowments but facing the same production functions and community preferences, country F will produce and consume at Af. Allowing free trade means that producers face a new international price ratio as a result of the equalisation of prices. They now have an incentive to produce more of what they can export because the can receive a higher price for it. The Heckscher-Ohlin theorem states that a country will export the good which intensively uses its relatively abundant factor. (Markusen et al 1995, p. 106). So in country H, the price of good Y will rise while that of good X falls, causing consumers to prefer good X. Producers of X however see higher profits can be made by producing good Y and because factors are intersectorally mobile, they can do so. The resulting surplus of Y can be exported at the international price level. Finally, consumption will occur where the international price ratio is tangent to the CIC furthest from the origin. Another consequence of free trade is the equalisation of factor returns. This is the consequence that labour unions in the developed world are concerned about. In our example, country H (we shall now assume to be the U. S. ) experiences an increase in the price of capital-intensive good Y (which might be aeroplanes) and a decrease in price of labour-intensive good X (for example textiles). The important consequence of different factor endowments in the two countries is that the resulting price ratios of goods X and Y are different. Therefore in country H, capital-intensive good Y is relatively cheap and labour-intensive good X is relatively expensive with the opposite being true in country F. Lowering the barriers to trade gives consumers in H access to the markets in country F, where they can buy the labour intensive good X more cheaply. Similarly, consumers in country F can buy good Y cheaply if they import it from country H. Producers in each country are then forced to adjust production to suit the new patterns of demand In questioning globalisation, Hirst and Thompson (1995) investigate the flows of capital around the world and show They suggest that negative consequences of this may include a reduction in the power of governments to control their own affairs. Although this is an important issue, worry from the perspective of an economist is the extreme pursuit of economic development with no consideration of health or ecological issues There are those who assert that globalisation is desirable and use economic theory to show that all countries concerned can benefit from an increase in trade. Alternatively there are those who question whether globalisation is really happening and conclude that there are not as yet trans-national companies who Julius (1990) and Ohmae (1990) claim that numerous TNCs within the developed world go wherever investors see a return on their investments. So during the 1980s a smart TNC would initiate operations in the emerging markets of Korea, Taiwan and Hong Kong. When confidence was broken in the 1990s it would withdraw its assets from East Asia and head for safer shores to take advantage of the new economy in the U. S. This leads many to think that by examining capital flows one can identify transnational companies.

An Analysis of the Los Angeles County Hospital Emergency Room Essay

An Analysis of the Los Angeles County Hospital Emergency Room Learning Team Operations Management Plan The problem of emergency department overcrowding has become an important issue for many emergency departments throughout the city and county of Los Angeles. Patients frequently have to wait hours just to get into the emergency department to be seen by a physician or other healthcare professionals. The problem does not seem to be getting better as times goes on, but indeed studies seem to indicate that the condition is growing worse. At a local Los Angeles County Hospital (King Drew Medical Center) emergency department, we found that the problem is especially severe. Patients are forced to wait as long as 8-12 hours to be seen and treated by physicians. This paper will propose a plan that will help to alleviate this critical problem of emergency department overcrowding and long patients waits for services. Problem Statement There is a nationwide shortage of emergency room space and an increased demand for emergency services. Public health officials, hospital executives, and doctors are increasingly concerned about emergency department ''boarding," because of the potential impact on both patient safety and staff burnout (Kowalczyk, 2005). Our paper will attempt to solve the problem of emergency department overcrowding and long waiting times. We propose to first create a flow chart of present operations from the beginning of the emergency department visit to the discharge or admission of the patient. We believe that the process can be analyzed and changed in a way that improvement can be accomplished by improving efficiency and flow of traffic through the emergency department processes. Null Hypothesis Our study attempts to identify a serious problem at a local Los Angeles County Hospital that appears to have plausible solutions. Looking at other similar hospitals throughout the nation and abroad, it appears that restructuring and appropriate panning may help to alleviate long patients’ waits for services. The null hypothesis states that changes in the processes of triage, registration, evaluation, treatment and disposition will shorten waiting times and improve efficiency (mu= changes in process). The alternative hypothesis states that changing in the process of triage, registration, evaluation, treatment and disposition will not change or improve waiti... ...y will be made and expenses reduced by a more efficient process. References Campbell, A.B. (2003). Strategic planning in health care: Methods and application. Quality Management in Health Care, 1(4), 12-23. Kowalczyk, L.(2005). Hospitals strive to reduce waiting lines for beds. Retrieved April 26, 2005 from the world wide world: http:// www.boston.com/news/education/higher/articles/hospitals ================================================================= Kelton, W. D., R. P. Sadowski, D. A. Sadowski, 2002. Simulation with Arena, Second Edition. New York: McGraw-Hill Higher Education. Joint Commission on Accreditation of Healthcare Organizations. Quality in Healthcare. Retrieved April 26, 2005 from the world wide world: http://www.jcaho.org/qualitycheck/ Los Angeles County Hospital (King Drew Medical Center Emergency Room, 2005). Measures to reduce length of stay in the emergency room. LA: Author. Affinity Data Collection Systems. Retrieved April 26, 2005 from the world wide world: www.affinitydata.com. Wilson, A. (2004). Reduction of ED Queues and Elopement Through the Straight Back Approach. .Retrieved April 26, 2005 from the world wide world: http://tgi@thomasgroup.com/

A Christmast Surprise for Gramma Essay

A Christmas Surprise for Grandma by Gloria J. Shuttleworth Grandma lived on Sugar Creek Mountain all alone. It was a beautiful mountain, with tall cedar trees all over the mountain top. In the middle of the mountain was a crystal clear lake. The water in the lake was the prettiest blue you’ve ever seen. When the water was calm, you could see the fish swimming around in the lake. I loved sitting by the lake when I was a little girl. Grandma would pack us a lunch, and we would sit at the lake for hours on end. Hour after hour, grandma would tell me stories about her life on the mountain. I remember the day that grandpa drowned in the lake. My parents had tried to talk grandma into moving into town, but she wouldn’t hear of it. My parents knew not to argue with her, because they knew that grandma was set in her ways. â€Å"I’ve been on this mountain for so long that I’ve forgotten which is the oldest, me or the mountain,† grandma had said, with a twinkle in her eyes. I knew my parents worried about her being alone, because grandma was the only person who lived on Sugar Cliff Mountain. Today I was going to visit grandma, and the excitement grew inside me at the thought of spending time on the mountain once more. After all, it had been ten years since I had seen grandma. It’s hard to believe that my career had kept me away for so long. As I approached the top of the mountain, I could see grandma staring out the window of her little log cabin home. Grandma greeted me at the door with a big hug. â€Å"I am so happy that you could come to visit with me,† said grandma. This Christmas is going to be so wonderful! I have a special surprise for you dear. Little did grandma know that I had a very special surprise for her as well. â€Å"Well, we can’t stand around here all day,† said grandma. There’s a lot of work to get done. I have invited the people from the village to come to my Christmas party on Saturday evening. After I had freshened up a bit, we spent the day baking all sorts of cookies and candies. Grandma had a story to tell as we baked the goodies for the party. She told me about how she used to bake apple pies for grandpa. â€Å"He loved apple pies,† said grandma. Those were his favorite. She said that after the pies would cool off, that grandpa would send her into the living room, under the pretense that he would clean up the kitchen. Grandma knew what he was really up to, but she never let on that she knew. Grandma would go into the living room and sit in her rocking chair. She would sing some of the songs that she knew grandpa loved. About an hour later, grandma would wander back into the kitchen. â€Å"Why Henry! † she said kitchen, grandma retired for the evening. I made myself a cup of tea and sat down in front of the fireplace. Sitting alone in the quiet house, I pondered my childhood memories of my grandparents. They had always been such a fun loving and happy couple. Shortly after they were married, grandpa built the log cabin home for his â€Å"Little ole Emmy†, as he called her. Just before Christmas, almost twelve years ago, grandpa was outside gathering firewood, when grandma heard a horrible scream and a terrible noise. She ran outside to find that an area of the ice on the lake had fallen through. She yelled for grandpa over and over but no reply ever came. They searched the lake for over a week, but no trace of grandpa could be found. Finally, they called off the search. One of the men who had helped in the search said they’d probably never find grandpa now. Just then, as my thoughts were still racing around in my head, my grandmother brought me back to reality. â€Å"We have to be up very early in the morning dear, so off to bed now,† she said. I slowly walked to my grandmother’s room, and kissed her goodnight. Morning came early at grandma’s house. As I entered the kitchen I could smell the homemade biscuits and gravy cooking on the stove. â€Å"What’s on our list of things to do today? † I asked. â€Å"The men are coming from the village this morning to put the lights on the trees, and we have lots of presents to wrap for the children,† she said. Just then, there was a knock at the door. It was the men from the village ready to start putting up the lights. Grandma was so excited as she stepped back to watch them. â€Å"Let’s wrap those presents now Laura,† said grandma. As I watched grandma wrap the presents and tie the ribbons, I knew that so much more was being placed around them. With each piece of wrapping paper grandma was also wrapping them with love. After the last present was wrapped, we realized that we’d been wrapping presents all day! It was now getting dark outside and grandma wanted to go outside to view the lights. As we stepped out onto the porch, we gasped. The sight that met our eyes was so beautiful to behold! The snow was glittering and the reflection of the lights on the snow was beyond words! It was breathtaking! That night I went to bed with a heart full of love for my grandmother. I knew that someday I wanted to be just like her, full of love for others. Saturday evening the village people started arriving just after dark. Grandma always waited until evening to have her Christmas party, because she loved the lights. All the guests gathered around in the front yard and began to sing Christmas carols. Oh, how grandma loved that! Ole Ben was a jolly fellow who worked at the village store, and he was chosen to help Santa hand out the presents. The children shouted with glee, as they unwrapped their gifts. Grandma said, â€Å"Laura, come here dear, I have a surprise for you. As she handed me the present, I could see the love and pride in her eyes. â€Å"I love it grandma†, I said, as I bent down to kiss her cheek, â€Å"I will cherish it forever. † Grandma had made a quilt out of some of my dresses that I had worn as a little girl. â€Å"Grandma, if you could have just one special gift for Christmas, what would it be? † I asked her. Without ev en stopping to think, she replied, â€Å"I would like to see your grandfather just one more time, so I could feed him the apple pie that the horses quit snatching when he left us. † Just then grandma’s face lit up like the lights on the Christmas tree! Everyone turned to see what grandma was looking at. Walking slowly toward her, with an apple pie in his hand, was grandpa! There was two slices missing from the pie that he was holding. The village people were speechless, as they thought they were seeing a ghost. Grandpa chuckled, as he yelled out, â€Å"Emmy, those darn horses snatched the pie and got away with two pieces. Difference to me, but slowly my memory started to return. I remember now going out to gather firewood. There was a nice piece of wood on the lake. I thought the lake was frozen over so I stepped out on the lake to get the piece of wood. I remember hearing the lake crackle and that’s the last I remember about the accident. â€Å"Laura, how can I ever thank you for bringing grandpa home to me? † asked grandma. Laura replied, â€Å"Seeing the happiness and the love you have for each other is all the thanks I need. † As Laura retired to bed that night, she couldn’t help but think about the surprise that she had given to grandma for Christmas. She knew in her heart that it was the best surprise present that grandma would ever get. What a warm and wonderful feeling came over Laura as she fell asleep, thinking of her grandparents.

Life Resource Center Scavenger Hunt Worksheet Essay

The Life Resource Center (LRC) is a valuable free tool available to University of Phoenix students. Taking some time to explore this website to discover some of the many topics, resources, and tools available is a great way to find information to enhance health and wellness. Log on to the student website. Click on the Programs tab at the top of the page, and then click on Life Resource Center under Services. Explore the resources available on the site and use them to answer the following questions. 1. What are the three ways that students may receive counseling services through the LRC? The three way students may receive are in person, over the phone or online. 2. What heading are the Health Tools and Health Challenges found under? The Health Tools and Health Challenges is found under the Thriving heading. 3. Where is the Assess Your Health tool located? The Assess Your Health tool is located in Health Tools under the Thriving heading. 4. What are the five categories on the Live Healthy Page? The five categories on the live healthy page are How Healthy Are You, Lifestyle Change, Physical Fitness, Prevention and Screening, Tips for Healthy Living. 5. Where are resources and articles about good nutrition found on the LRC? The resources and articles about good nutrition can be found under Healthy Eating under the thriving heading. 6. What are three of the health topics that can be found on the LRC? Three

A Statistical View of the Juvenile Justice System Essay Example

A Statistical View of the Juvenile Justice System Essay Example A Statistical View of the Juvenile Justice System Paper A Statistical View of the Juvenile Justice System Paper A STATISTICAL VIEW OF THE JUVENILE JUSTICE SYSTEM Najja A. Wells California State University, Dominguez Hills Author Note Najja A. Wells, Department of Public Administration, California State University Dominguez Hills Correspondence concerning this article should be addressed to Najja A. Wells, Department of Public Administration, California State University, Dominguez Hills 1000 E. Victoria Street, Carson, CA 90747 (310)243-3696 Email: [emailprotected] csudh. edu Policy/Issue Americas youth are faced with an ever-changing set of problems and barriers to successful lives. As a result, we are constantly met with the task of developing enlightened policies and programs to address the needs and risks of those youth that enter our juvenile justice system. The policies we create must be based on facts, not fears or negative assumptions. This document will take a look at the current and former statistics of the juvenile justice system in California and the nation in the years ranging from 1995 until present time. Statistics gathered from an array of sources provide insight of the issues of the juvenile system including disparities in racial representation, trends in criminal behavior of juvenile offenders, methods of entrance into the system, gender and age variations in crimes committed, as well as statistics on the demographic, sociological, and economic factors that are indirectly or directly related to juvenile victimization and crime. Together, these statistics dispel common perceptions of the increase in the rate and proportion of young juveniles entering the system, and provide an informed view of the actualities of the juvenile crime rate and juvenile justice system. Background The juvenile justice system was created in the late 1800s to reform U. S. policies regarding youth offenders. â€Å"The juvenile court was founded at the turn of this century as a specialized institution for dealing with dependent, neglected, and delinquent minors. Its guiding principle was parens patrie, a medieval English doctrine that allowed the Crown to supplant natural family relations whenever a child’s welfare was at stake- in other words, to become a substitute parent. † (Greenwood, Lipson, Abrahamse, amp; Zimring, 1983). Since that time, a number of reforms aimed at both protecting the due process of law rights of youth, and creating an aversion toward jail among the young have made the juvenile justice system more comparable to the adult system, a shift from the United States original intent. The juvenile justice system along with other numerous U. S. programs and systems has undergone many periods of change and reform. The reform and social change of the juvenile justice system begun with the Progressive Era reforms and continued with the â€Å"In re Gault† Supreme Court decision of 1967, the Juvenile Delinquency and Prevention and Control Act of 1968, the Juvenile Justice and Delinquency Control Act of 1974, and the modern â€Å"Get Tough on Crime† legislation. The most prominent and altering reform phase was in 1974. By 1974, the United States had developed a strong momentum toward preventing juvenile delinquency, deinstitutionalizing youth already in the system, and keeping juvenile offenders separate from adult offenders. The Juvenile Justice and Delinquency Prevention Act of 1974 created the following entities: The Office of Juvenile Justice and Delinquency Prevention (OJJDP), The Runaway Youth Program, and The National Institute for Juvenile Justice and Delinquency Prevention (NIJJDP). History of America’s, 2008) The act of 1974 also offered grants to encourage states to develop community-based programs as alternatives to institutionalization. Law enforcement experimented with the introduction of community-based correctional facilities, such as group homes and halfway houses. (Child or Adult, 2010) The Office of Juvenile Justice and Delinquency Prevention (OJJDP) compiles arrest information provided by law enforcement agencies each year and creates reports examining the trends, rates a nd statistics of uvenile criminal activity. Every four years the OJJDP publishes a comprehensive study as part of its Juvenile Offenders and Victims National Report Series. The arrest statistics found in these studies are useful for comparing general trends. Existing Problems One of the major and probably most widely known and controversial issues within the juvenile justice system is the apparent disproportional representation of minority offenders in juvenile arrests and delinquency cases. A number of recent surveys have shown that there are profound racial disparities in the juvenile justice system, and that African-American and Hispanic youth are more likely to be tried as adults. They are more likely to receive longer sentences; theyre more likely to be in locked facilities, and on and on and on, even when charged with the same offense as whites. Statistically, race plays a role in the types of crime in which youth become involved. The OJJDP, in its reporting, chronicles how many arrests are made in each of four racial categories – white (includes Hispanic youth), black, American-Indian, and Asian. The study charts arrest rates among different racial groups for specified juvenile crimes. It also compares arrest rates with population rates, and follows arrest rates over time. According to the Juvenile Offender and Victims 2006 National Report, black youth, who accounted for 16% of the juvenile population in 2003, were involved in a disproportionate number of juvenile arrests for robbery (63%), murder (48%), motor vehicle theft (40%), and aggravated assault (38%). The December 2001 bulletin of the Juvenile Offenders and Victims National Report Series published the following statistics on crime in 1999: White youth were arrested for 72 percent of the crime and made up 79 percent of the youth population; black youth were arrested for 25 percent of the crime and made up 16 percent of the youth population, American Indian youth composed 1 percent of the juvenile population and were arrested for 1 percent of the crime, and youth of Asian descent composed 4 percent of the juvenile population and were arrested for 2 percent of the crime (Juvenile crimes demographics, 2008). When looking at the numbers, it appears that juveniles of white descent are actually the ones with a disproportionate representation in the system. This is however untrue. Uniform Crime Reporting (UCR) data do not distinguish the ethnic group Hispanic; Hispanics may be of any race. In 2003, 92% of Hispanics ages 10–17 were classified racially as white (Snyder and Sickmund, 2006). Although a majority of delinquency cases handled in 2002 involved white youth (1,086,700 or 67%), a disproportionate number of cases involved blacks (473,100 or 29%), given their proportion of the juvenile population. In 2002, white youth made up 78% of the juvenile population (youth ages 10 through the upper age of juvenile court jurisdiction in each state), black youth 16%, and youth of other races 6% (Snyder and Sickmund, 2006). The issue of racial disparities is by far not a new concept. A report submitted to the Florida Supreme Court Racial and Ethnic Bias Study Commission in 1990 by two gentlemen D. M. Bishop and C. E. Frazier, revealed that race (if non-white) did make a difference with regard to outcome decisions. According to Bishop and Frazier: â€Å"Nonwhite juveniles processed for delinquency offenses in 1987 received more severe (i. e. , more formal and/or restrictive) dispositions than their white counterparts at several stages of juvenile processing. Specifically, we found that when juvenile offenders were alike in terms of age, gender, seriousness of the offense which prompted the current referral, and seriousness of their prior records, the probability of receiving the harshest disposition available at each of several processing stages was higher for nonwhite than for white youth. These disparities were found to exist for petition, secure detention, commitment to an institution, and transfers to an adult court. † (Pope and Feyerherm, 1995). Concern with racial disparity in the juvenile justice system extends to both sides of the bench. Bridget Jones, former supervisor of the juvenile division of the Santa Clara County Public Defenders Office said, â€Å"The system is not fair. Institutional racism is alive and well in the juvenile justice system, as it is in the criminal justice system. Its easier to identify with people that are more like yourself, so if you have judges that are predominantly from that same community, they can identify. . . . The same thing happens with people who have money versus people who dont have moneyif they can demonstrate a support system that can act as a safety net or think they can act as a safety net for them on the outside; judges are more prone to buy into that. † (Is the system, 2010). The supervising deputy district attorney for the Juvenile Division of the Santa Clara Countys District Attorneys office, Kurt Kumli, concurs with his statement: â€Å"You cant go into any ourtroom in this state and take a look at the kids that are in custody and the kids that are out of custody and deny that there is racial disparity in the juvenile justice system. I think there are a number of reasons why there are racial disparities in the system. The law is skewed with respect to the social factors that are considered, in terms of making a determination of who gets locked up and who doesnt. And since it is skewed in such a way as to essentially favor more affluent kids or to punish kids that are less affluent, that have racial and ethnic consequences. (Is the system, 2010)? Another issue within the juvenile justice system is the inaccuracy of the true amount of juvenile criminal activity. Official records often under represent juvenile delinquent behavior. Many juveniles who commit offenses are never arrested or are not arrested for all their delinquencies. As a result, official records systematically underestimate the scope of juvenile crime. In addition, to the extent that other factors may influence the types of crimes or offenders that enter the justice system, official records may also distort the attributes of juvenile crime. Although official records may be inadequate measures of the level of juvenile offending, they do monitor justice system activity. Analysis of variations in official statistics across time and jurisdictions provides an understanding of justice system caseloads. (Snyder and Sickmund, 2006). An alternative method used to gain insight of juvenile delinquent behavior is through self-report studies. Self-report studies ask victims or offenders to report on their experiences and behaviors. Self-report studies can capture information on behavior that never comes to the attention of juvenile justice agencies. Compared with official studies, self-report studies find a much higher proportion of the juvenile population involved in delinquent behavior. Self-report studies, however, have their own limitations. A youth’s memory limits the information that can be captured. This, along with other problems associated with interviewing young children, is the reason that the National Crime Victim ization Survey does not attempt to interview children below age 12. Some victims and offenders are also unwilling to disclose all law violations. Finally, it is often difficult for self-report studies to collect data from large enough samples to develop a sufficient understanding of relatively are events, such as serious violent offending. (Snyder and Sickmund, 2006). Age and gender representation and differences in the system is possibly one of the smallest issues within the juvenile justice system. On the whole, far fewer juvenile females than males commit crimes. In 1999, females accounted for only 27 percent of juvenile arrests. In 2000, they accounted for 28 percent of juvenile arrests. Females were most involved in: prostitution/commercialized vice arrests, embezzlement arrests, theft arrests, and runaway arrests. Juvenile females were least involved in rape arrests, sexual offense (excluding rape and prostitution), and gambling and robbery arrests. The arrest rate among young women did not experience the peak and fall that characterized male juvenile arrests during the 1990s. Instead, female juvenile arrest rates have steadily grown for the past 20 years. (Juvenile Crimes-Demographics, 2008). Juveniles are defined by the OJJDP as youth under the age of 18. In 1999, the year analyzed in the OJJDP’s National Report Series, juveniles composed 17 percent of all U. S. arrests. Youth under the age of 15 made up 32 percent of all juvenile arrests. Youth under the age of 15 were most likely to be arrested for arson, vandalism, or assault cases. Youth between 15 and 17 made up 68 percent of all juvenile arrests. Youth between the ages of 15 and 17 were most likely to be arrested for alcohol and drug violation cases. Theft, simple assault, and drug use crimes represented the highest number of arrests overall. (Juvenile crime-demographics, 2008). In 2002, the delinquency case rate for 16-year-olds was 1. 6 times the rate for 14-year-olds and the rate for 14-year-olds was 3. 1 times the rate for 12year-olds. The increase in rates between age 13 and age 17 was sharpest for drug offenses; the rate for drug offenses for 17-year-old juveniles was 8 times the rate for 13-year-olds. (Source: Authors’ adaptation of Stahl et al. ’s Juvenile Court Statistics 2001–2002. ) Most delinquency cases involve older teens. High-school-age juveniles (ages 14 and older) made up 80% of the delinquency caseload in 2002, older teens (ages 16 and older) accounted for 42%. In comparison, middle-school-age juveniles (ages 12 and 13) were involved in 16% of delinquency cases, while juveniles younger than 12 accounted for 5%. (Snyder and Sickmund, 2006). A final major issue that deserves examination  within the juvenile justice system is the behavioral, social, and economic factors/ problems that are prevalent in juveniles already in the system and are associated with the expectancy of juvenile delinquency. A recent study using data from NLSY97 explored the factors associated with a youth’s self-reported law-violating behaviors. One significant factor was a youth’s family structure. In general, the research showed that juveniles who lived with both biological parents had lower lifetime prevalence of law-violating behaviors than did juveniles who lived in other family types. For example, the study found that 5% of youth age 17 who lived with both biological parents reported ever being in a gang, compared with 12% of youth who lived in other family arrangements. Similarly, youth at age 17 living with both biological parents reported a lower lifetime prevalence, compared with youth living in other types of families, for a wide range of problem behaviors: marijuana use (30% vs. 0%), hard drug use (9% vs. 13%), drug selling (13% vs. 19%), running away from home (13% vs. 25%), vandalism(34% vs. 41%), theft of something worth more than $50 (19% vs. 17%), assault with the intent to seriously injure (20% vs. 35%). Family structure is correlated with a youth’s race and ethnicity; that is, white non-Hispanic youth are more likely to live in families with two biologi cal parents than are black or Hispanic youth. Therefore, patterns that indicate racial or ethnic differences in self-reported behavior may in reality be reflecting differences in family structure. (Snyder and Sickmund, 2006). It is seemingly common belief that juveniles that come from a single-parent household, with more times than often, an incarcerated parent are more likely to become involved in law-violating behaviors. The study also found other factors related to juveniles’ self-reported involvement in law-violating behaviors. The most closely related factor was the presence of friends or family members in gangs. For example, compared with juveniles who did not have friends or families in gangs, those who did were at least 3 times more likely to report having engaged in vandalism, a major theft, a serious assault, carrying a handgun, and selling drugs. They were also about 3 times more likely to use hard drugs and to run away from home. Connectedness to school and/or work also was related to juveniles’ self-reported law-violating behavior. Juveniles who were neither in school nor working had a significantly greater risk of engaging in a wide range of problem behaviors- using marijuana and hard drugs, running away from home, belonging to a gang, committing a major theft or a serious assault, selling drugs, and carrying a handgun. (Snyder and Sickmund, 2006). Possible Outcomes if Problem is not solved If the problems within the juvenile justice system are not addressed, and actions are not set forth to reform current policies, the present issues will not only remain, but will become even more pertinent and numbers will continue to increase. New programs have been developed to determine the probability of juvenile delinquency at ages as young as nine (or that of a third grade student). The prison system is a private enterprise that functions on capitalism and profit. Since these agencies have already created systems to classify children and prepare a place for them in a delinquency center before they even complete elementary education, a continued lack of involvement on all levels of society-parents, schools, community, and government will only act as a catalyst for the continued incarceration of youth. There will be a continuous disparity in racial representation, juveniles will receive harsher punishments because of assumed liability, the age of offenders will have slight change, violent crimes will flourish, and the presence of juvenile females in the system will continue to increase. Possible Outcomes if the Problem is Solved To better understand how to improve the juvenile justice system, a combination of self-reports and official recorded data must be integrated together. Carefully used, self-report and official statistics provide insight into crime and victimization. Delbert Elliott, Director of the Center for the Study and Prevention of Violence, has argued that to abandon either self-report or official statistics in favor of the other is â€Å"rather shortsighted; to systematically ignore the findings of either is dangerous, particularly when the two measures provide apparently contradictory findings. Elliott stated that a full understanding of the etiology and development of delinquent behavior is enhanced by using and integrating both self-report and official record research. (Snyder and Sickmund, 2006). An increase in racially diverse judges and personnel within the court system will encourage a decrease in the conviction and harsh punishments implemente d on juveniles of minority backgrounds. In relation to the racial disparities within the juvenile justice system, Judge Ladoris Cordell who erved on the Superior Court of the Santa Clara County offers a solution. She says: â€Å"One way is to increase the number of judges on the bench who are judges who look like the people who come before them. So, if I have judges who are African-American, who are Latino or Latina, who are from the Asian-American communities, they are less likely to engage in that kind of stereotyping when some young kid who is of the same background or same ethnic background comes before that judge. . . . The other is, there are judges who are white, black, whatever, who have those biases. The idea is to address those biases, to get them to address it, which means judicial training. † Trends The reports generated by the OJJDP, although not infallible in representing crime rates, are effective at showing trends and general patterns. The following patterns in juvenile crime have been particularly interesting: * Since 1994 most arrest rates have been in steady decline. Murder arrest rates, for example, were 74% lower in 2000 than they were in 1993. * Between 1987 and 1994 most arrest rates increased sharply. Aggravated assault rates doubled, as did murder rates. * Males drove the 1987-1994 spikes in the murder arrest rate, and the increases were seen in acts committed with firearms. (Juvenile Crime, 2008) A common perception in the last few years was that the rate and proportion of young juveniles (under age 13) entering the juvenile justice system had increased. This statement is not true. In 1980, there were an estimated 1,476 arrests of persons ages 10–12 for every 100,000 persons in this age group in the U. S. population. By 2003, this arrest rate had fallen to 1,296, a decline of 12%. In 1980, 9. 5% of all juvenile arrests were arrests of persons under age 13; in 2003, this percentage had decreased to 8. 5%- with the majority of the decrease occurring during the mid-1990s. (Snyder and Sickmund, 2006). Gender-specific factors also influence juvenile arrest trends. If juvenile males and females were contributing equally to an arrest trend, then the female proportion of juvenile arrests would remain constant. A major story in the last few years has been the rise in the proportion of females entering the juvenile justice system. In 1980, 20% of all juvenile arrests were female arrests; in 2003, this percentage had increased to 29%- with the majority of this growth since the early 1990s. The female proportion increased between 1980 and 2003 in juvenile arrests for Violent Crime Index offenses (from 10% to 18%) and for Property Crime Index offenses (from 19% to 32%); however, the female proportion of drug abuse violations arrests was the same in 1980 and 2003 (16%). Between 1980 and 2003, the female percentage of juvenile violent crime arrests increased, with the overall increase tied mainly to aggravated assault arrests. (Snyder and Sickmund, 2006). Between 1994 and 2003, female juvenile arrests either increased more or decreased less than male juvenile arrests in many offense categories (e. g. , driving under the influence, drug abuse violations, simple assault, liquor law violations, and aggravated assault). As a result, while male juvenile arrests declined 22% over the period, female juvenile arrests declined just 3%. Between 1994 and 2003, while both juvenile and adult male arrests for simple assault changed little (1% and –5%, respectively), arrests for both juvenile and adult females increased substantially (36% and 31%, respectively). This implies that the increase in juvenile female arrests for simple assault over the period was a trend for females in general, not for juvenile females specifically. Recommendations To help improve the issues within the juvenile justice system, involvement, reform, and social change has to extend has to extend to all areas of society. Parents must first take a proactive stance in their children’s education and rearing; schools need to provide more after-school programs and alternative learning models for troubled students; the community needs to offer more functional and supportive outreach programs to deter criminal activity; juvenile centers must keep to the purpose of rehabilitating the juveniles instead of inconspicuously preparing for the recurrence of criminal activity, and finally those involved in the courts must work on refraining from racial biases, prejudices, and extraneous sentencing on juveniles. Conclusion The juvenile justice system is full of troubled juveniles that didn’t think they would get caught. Because of harsh and sometimes extraneous legal policies, juveniles are often treated as adults in the system and the purpose of rehabilitation seems only but a distant dream. Unfortunate racial, socioeconomic, gender, and behavioral biases that have been placed upon numerous juveniles continue to cause major discrepancies within the system. A sad byproduct of the issues associated with entering the juvenile system is the label juveniles receive and the social stigmatism after their release. Although there has been evidence of decreases in juvenile criminal activity, the lack of efficient reporting, and continuous exposure of the juvenile justice system’s flaws is still very evident in news reports and the media. Once labeled a juvenile delinquent, these juveniles still will have a difficult time removing that label even if they turn their life around and begin to make better choices. All the negativity associated with the juvenile justice system brings one to question whether enough is being done to prevent the issue, rehabilitate present offenders, and deter future activity. The reformation of the juvenile justice system is a task that cannot rest on the efforts of an individual, or one solitary group. It is not until it becomes a national concern that any change can take place. If the children are our future, then their freedom is our duty. References Basic Statistics. (2001). Retrieved October 11, 2010 from Frontline, Juvenile Justice: bs. org/? wgbh/? pages/? frontline/? shows/? juvenile/? stats/? basic. html. Child or Adult? A Century Long View. (2010). Retrieved from October 25, 2010 Frontline, Juvenile Justice: pbs. org/wgbh/pages/frontline/shows/juvenile/stats/childadult. html Is the system racially biased? (2010). Retrieved October 11, 2010 from Frontline, Juvenile Justice: pbs. org/wgbh/pages/frontline/shows/juvenile/bench/race. html Flatley, J, Kers haw, C, Smith, K, Chaplin, R, amp; Moon, D. Home Office, Home Office Statistics Unit. 2010). Crime in England and Wales 2009/2010. United Kingdom: Crown Copyright. Greenwood, P. W. , Lipson, A. J. , Abrahamse, A, amp; Zimring, F. State of California Assembly Rules Committee. (1983). Youth crime and juvenile justice in California: a report to the legislature (Rand-3016-CSA). California: The Rand Corporation History of Americas Juvenile Justice System. (2008). Retrieved October 11, 2010 from Einstein Law, Lawyershop. com: lawyershop. com/? practice-areas/? criminal-law/? juvenile-law/? histor

Civil Wars Wet Plate Collodion Photography

Civil War's Wet Plate Collodion Photography The wet plate collodion process was a manner of taking photographs which used panes of glass, coated with a chemical solution, as the negative. It was the method of photography in use at the time of the Civil War, and it was a fairly complicated procedure. The wet plate method was invented by Frederick Scott Archer, an amateur photographer in Britain, in 1851. Frustrated by the difficult photography technology of the time, a method known as calotype, Scott Archer sought to develop a simplified process for preparing a photographic negative. His discovery was the wet plate method, which was generally known as the â€Å"collodion process.† The word collodion refers to the syrupy chemical mixture which was used to coat the glass plate. Numerous Steps Were Required The wet plate process required considerable skill. The required steps: A glass sheet was coated with chemicals, known as collodion.The coated plate was immersed in a bath of silver nitrate, which made it sensitive to light.The wet glass, which would be the negative used in the camera, was then placed in a light-proof box.The negative, in its special light-proof holder, would be placed inside the camera.A panel in the light-proof holder, known as the dark slide, along with the lens cap of the camera, would be removed for several seconds, thereby taking the photograph.The â€Å"dark slide† of the light-proof box was replaced, sealing the negative up in darkness again.The glass negative was then taken to the darkroom and developed in chemicals and â€Å"fixed,† making the negative image on it permanent. (For a photographer working in the field during the Civil War, the darkroom would be an improvised space in a horse-drawn wagon.)The negative could be coated with a varnish to ensure the permanence of the image.Prints would later be generated from the glass negative. The Wet Plate Collodion Process Had Serious Drawbacks The steps involved in the wet plate process, and the considerable skill required, imposed obvious limitations. Photographs taken with the wet plate process, from the 1850s through the late 1800s, were almost always taken by professional photographers in a studio setting. Even photographs taken in the field during the Civil War, or later during expeditions to the West, required the photographer to travel with a wagon full of equipment. Perhaps the first war photographer was a British artist, Roger Fenton, who managed to transport cumbersome photographic equipment to the battlefront of the Crimean War. Fenton had mastered the wet plate method of photography soon after it became available and put it into practice shooting landscapes of the British midlands. Fenton took a trip to Russia in 1852 and took photographs. His travels proved that the latest photographic method could be utilized outside of a studio. However, traveling with the equipment and the necessary chemicals to develop the images would present a formidable challenge. Traveling to the Crimean War with his photographic wagon was difficult, yet Fenton managed to shoot impressive photographs. His images, while praised by art critics upon his return to England, were a commercial failure. Roger Fentons photographic van used in the Crimean War, with his assistant posing on its bench. Library of Congress While Fenton had transported his ungainly equipment to the front, he purposely avoided photographing the ravages of war. He would have had many opportunities  to depict wounded or dead soldiers. But he probably assumed his intended  audience in Britain did not want to see such things. He sought to portray a more glorious side of the conflict, and tended to photograph officers in their dress uniforms. In fairness to Fenton, the wet plate process made it impossible to photograph action on the battlefield. The process allowed for a shorter exposure time than previous photographic methods, yet it still required the shutter to be open for several seconds. For that reason there could not be any action photography with wet plate photography, as any action would blur. There are no combat photographs from the Civil War, as people in the photographs had to hold a pose for the length of the exposure. And for photographers working in battlefield or camp conditions, there were great obstacles. It was difficult to travel with the chemicals required for preparing and developing the negatives. And the glass panes used as negatives were fragile and carrying them in horse-drawn wagons presented a whole set of difficulties. Generally speaking, a photographer working in the field, such as Alexander Gardner when he shot the carnage at Antietam, would have an assistant along who mixed the chemicals. While the assistant was in the wagon preparing the glass plate, the photographer could set up the camera on its heavy tripod and compose the shot. Even with an assistant helping, each photograph taken during the Civil War would have required about ten minutes of preparation and developing. And once a photograph was taken and the negative was fixed, there was always a problem of a negative cracking. A famous photograph of Abraham Lincoln by Alexander Gardner shows damage from a crack in the glass negative, and other photographs of the same period show similar flaws. By the 1880s a dry negative method began to be available to photographers. Those negatives could be purchased ready to be used, and did not require the complicated process of preparing the collodion as required in the wet plate process.

Markets and Merchants

Markets and Merchants Markets and Merchants Markets and Merchants By Mark Nichol Market and attendant words, deriving from the Latin verb mercari, meaning â€Å"trade,† are listed and defined in this post. Market, referring to a place where goods are sold, migrated to English through an ancient Germanic language, and by extension it now also pertains to a geographic region or a demographic targeted for selling of certain goods or services, or an opportunity for selling or a supply of or demand for goods or services. As a verb, the word means â€Å"sell† or â€Å"make available for sale.† Mart is a synonym as both a noun and a verb, while a supermarket is specifically a large grocery store. Marketplace is a synonym for market in its various meanings, though it may also refer to competition for dominance among various ideas or ideologies. A marketer is someone involved in promoting or selling a service; the profession is called marketing. Something possessing qualities that make it amenable to being sold, or someone whose qualities will make him or her appealing to employers or the consumer public, is said to be marketable. Aftermarket refers to the system of providing accessories and parts for a product or to a system for reselling a certain type of products, as well as the general market for stocks. A farmers’ market is a place where produce and sometimes homemade foods (and even crafts) are sold informally, while a flea market is where people sell goods informally, including used products but often new and sometimes self-produced manufactured products as well; both are usually held outdoors. The stock market is a system in which trading of securities for investment purposes is conducted. A black market is an informal network of trade of restricted or prohibited goods; occasionally, the phrase may refer to an actual location where such goods are sold. As black-market, the term is a verb referring to buying or selling in the black market. A seller is called a black marketer or black marketeer, and the action is black marketeering. The adjective upmarket means â€Å"appealing to the wealthy† or â€Å"of high quality† (it also serves as an adverb); down-market pertains to low-income consumers or low quality. Mercer, a British English term for a dealer in fine fabrics, also survives as a surname. Mercenary, meaning â€Å"one who serves for wages,† usually refers to a soldier-of-fortune, but as an adjective, in addition to referring to one who enlists in a foreign army or fights for a private client, means â€Å"greedy† or â€Å"venal.† A merchant is a shopkeeper or trader, although occasionally the word serves as slang referring to someone with a particular talent, such as in the phrase â€Å"speed merchant† for a fast sprinter. It also is an adjective pertaining to trading or used as in the phrase â€Å"merchant marine,† which denotes, collectively, the commercial ships of a particular nation or the crew members of these ships. (Merchantman is an obsolete synonym for merchant; it was also used during the Age of Sail to refer to a ship carrying goods for trade.) The adjective mercantile, meanwhile, means â€Å"pertaining to trading,† while merchandise refers to goods that are sold (while a merchandiser is someone who sells goods), and the the word also serves as a verb meaning â€Å"buy and sell† or â€Å"promote.† The act or practice of selling goods is merchandising. Commerce is the large-scale buying and selling, generally involving transportation over long distances (though the word also has rarer senses of â€Å"exchange of ideas and opinions† or sexual intercourse). The adjective is commercial, which also functions as a noun to denote an advertisement using moving images, sound, or both. Online buying and selling is called e-commerce, where the e is an abbreviation for electronic, as in email (sometimes styled e-mail). One word unexpectedly related to mercari is mercy, from the idea of a price paid. Mercy is compassion or leniency, a fortunate occurrence, or a divine blessing. (The term is also sometimes uttered as an oath of pleasure of surprise, as in â€Å"Oh, mercy me!† though it is old-fashioned.) To be merciful is to exhibit compassion or forbearance, and the adverbial form is mercifully; mercy itself occasionally serves as an adjective, as in the phrase â€Å"mercy killing,† referring to killing a person or an animal to end suffering. Another is Mercury, the name of the fleet-footed Roman messenger god, who was also the god of commerce- and travel and, ironically, theft- and that of the planet named for him. The name of the element mercury, which in its liquid form moves very quickly, was also inspired by the swift Roman deity. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:12 Types of LanguageAnyone vs. Everyone50 Synonyms for "Song"

Vietnam War Causes and Consequences Research Paper

Vietnam War Causes and Consequences - Research Paper Example The history of the Vietnam War can be traced to the fall of Japan at the end of the Second World War. French and the United States army tried to gain control over the region to defeat the communist forces but were stopped from doing so by two emerging constraints. The first one accounted for the peace accord signed in Geneva in 1956 and the second more crucial the division of the country in North and South Geneva. United States of America’s War forces lent a strong defense for the cause of saving South Vietnam from the fangs of communism. However, America’s forces were bound to retreat from the Vietnam soil owing to a treaty signed with North Vietnam in 1973. North Vietnam the communist regime that had earlier promised not to gain control over South Vietnam finally invaded it on December 1974. The North Vietnam forces surpassed South Vietnam’s efforts of defense as they gained control over Saigon and other parts of the South on April 1975.1 In this context, the p aper aims to trace the main reasons, which led to the Vietnam War and the effects generated by the prolonged war. During the period of the Second World War, the Japanese forces occupied a region owned by the French forces known as Indochina consisting of Vietnam, Laos and Cambodia. In Vietnam Ho Chi Minh opposed the Japanese invasion through the formation of Viet Minh in 1941. Viet Minh later took the picture of a Nationalist Movement in the Vietnam soil. Ho Chi Minh sought America’s support in fighting against the Japanese, which later gave independence to Vietnam. However, after the end of the Second World War the French forces endeavored to gain their control over Vietnam. The Nationalist Party of Vietnam, Viet Minh led by Ho Chi Minh strongly opposed the French invasion. Agreements between the French forces and Viet Minh led to no results following which French invaded the capital of

Critical review of Literature Research Paper Example | Topics and Well Written Essays - 2000 words

Critical review of Literature - Research Paper Example These factors mean that interventions for alcohol dependency in children and young people have to vary slightly from standard interventions. As a public health topic, alcohol dependency in this age group is important as it can help to normalize certain behaviours (Lembke, 2011), which may further the problem. Alcohol itself is one of the biggest burdens on the NHS, as it can lead to problems with the cardiovascular and digestive systems (Lembke, 2011), as well as causing dementia and related psychiatric problems. The purpose of this research is to explore which interventions for alcohol dependency in the 10-17 age bracket are most appropriate, and should inform policy guidelines on the matter. To do this, a critical review of the literature on the topic will be conducted. In this review, primary research on alcohol dependency in young people will be explored to show some of the most important issues that this age group has with alcohol dependency. This will highlight the important areas upon which to focus when considering interventions, and suggest areas that may be missing from current knowledge. Additionally, current policy guidelines in the UK will be analysed to ascertain whether they are appropriate when considered in light of the literature review. Literature published before 2002 was excluded from the literature review as it was deemed to be irrelevant and potentially out of date, particularly the information on guidelines. Literature that was included was judged to be the most relevant amongst the search results at that time when informing the research objectives. Alcohol dependency in children and young people is on the rise in the UK (NICE, 2011), and therefore has the potential to become a serious public health issue. Bonomo et al (2004) researched the relationship between alcohol dependency in those aged 14 to 15 and their

Gummee Glove Ltd now starting to make disabled clothing Essay

Gummee Glove Ltd now starting to make disabled clothing - Essay Example According to Disabled Living Foundation (2015), over 10 million people in Britain are disabled with 5 million of them having surpassed state pension age while over 6.9m million disabled people are in the working age (Hoskins, April 2, 2014). The figure represents 19% of the working age population is disabled. All these people have a need for clothing and apparel regardless of their position in society and the disability cuts across gender depicting the high market presence for the supply of disabled clothing. The UK market for disability is evidently large from the large number of people needing the services, and it will be an undertaking for Gummee Glove to meet an unmet need in the market. Competition in the disability clothing market is low owing to the dedication of mainstream businesses to the production of clothes for people who have no disabilities. The reason for the non-dedication to the production and sale of clothes to the disabled market is the lack of economies of scale. Businesses prefer the production of clothes for the non-disables owing to the production of millions that allows the businesses benefit from economies of scale, a thing that is not possible when dealing with the disabled market. The other reason for the lack of competition in the disabled clothing market is the need for modifications tailored for different disabled people further reducing the economies of scale, as it would require different designs and modifications for different facets of the disabled people in the community (Smith, September 3, 2012). The low competition in the disabled clothing market is evidenced by the call for inclusion by Christine Shaw, CEO Disabled Living Foundati on. She lamented the lack of enough clothes for people using wheelchairs and those with restricted movements (Burton, May 22, 2012). The Office for Disability issues stated that the disabled people make up to 20% of a business

Writing an abstract and finding related Referencing Coursework

Writing an abstract and finding related Referencing - Coursework Example The need to find alternate sources of energy is greater than ever before. The main objective of this paper is to find ways of how other alternate sources can be used to produce clean energy for the next generation. Hydropower is one of the major alternate sources of energy available. Hydropower can be a solution to the lack of electricity over the world. The research will be aimed at finding ways of harnessing this potential alternate source of energy on a large scale to meet the global power needs of the future. Evaluation methods will use both quantitative and qualitative research methodologies in order to achieve the objective of the research. The success of this research will have a positive impact on the environment and the society. It will lead to the production of clean energy and at the same will be a solution to the electricity crisis around the world. References Anderson, W. (1994). Energy and the environment: the new case for conservation. Energy Studies Review 6(1) , pp. 16-33. Atkins, W. A. (2003). Hydroelectric Power. Water:Science and Issues , 19-23. Benjamin, A. H., Marques, C. L., & Tinker, C. (2005).

Political Science - international relations Essay

Political Science - international relations - Essay Example America is presently on course for an economic meltdown at the same time the EU and China are thriving. This trend is expected to continue unless drastic steps are taken immediately but much the same as the global warming crisis; the self-inflicted damage has already been done and may not be completely reversible. The current President Bush administration cut the taxes of the rich while increasing military expenditures on The War on Terror, invasions of Iraq and Afghanistan and the rebuilding of those countries. The debt has now exceeded even the Reagan administration’s record levels. It has severely hampered America’s ability to continue to effectively defend itself and will cripple it economically for many years to come. (Suter, 2004). In this time of increased globalization of the world’s financial markets, American legislators are more easily able to borrow from other countries that are experiencing a surplus of money. The United States is regarded as a good investment and has an unlimited ability to secure loans without a problem, but loans must be paid back, with interest. China and other countries own a large piece of America, a potentially disastrous prospect. For example, in February of 2005 the nation’s seventh largest creditor with $53 Billion in holding s, the Bank of Korea, revealed that it intended to â€Å"diversify reserves out of U.S. dollars† (Hirose, 2005). The Dow Jones dropped 174 points and the dollar lost significant value that same day. What if tomorrow, a major U.S. creditor lost confidence in this nation’s ability to honor the debt or decided to exert political influence by means of economic threats related to the debt? (â€Å"America’s Foreign Owners†, 2006). What if they all united against the U.S.? It probably won’t happen anytime soon but the fact that it could happen should be enough to alert Congress to the crisis. One or a combination of creditor countries could cause a sudden and

Outline summary Essay Example | Topics and Well Written Essays - 500 words

Outline summary - Essay Example ts include loving the truth, dividing the problems into its essential component, and analyzing each component, building a coherent theory, or argument from each of these component parts, and conjecture and refute by looking for possible counter-arguments against one’s position. The next commandments are revision and rebuilding one’s beliefs, seeking simpler explanations to problems that seem too complex using the parsimony principle, living the truth, and, finally, living the good (Pojman & Vaughn 5). Philosophy revolves around analyzing and constructing arguments, which is also referred to as logic. This involves the support of a thesis with reasons set forth as assertions that a statement is either false or true (Pojman & Vaughn 33). There are two types of arguments; inductive and deductive. Inductive arguments provide probable support for the conclusions, while deductive arguments provide support for the conclusion that is logically conclusive. The deductive argument that successfully offers logical support for the conclusion is valid, which means that where the premises are held to be true, it is not possible for the conclusions to be false. A deductive argument should, therefore, be valid and possess true premises, following which it is called a sound argument (Pojman & Vaughn 35). However, it is normally difficult for someone to state an author’s exact premises. Inductive arguments, on the other hand, do not seek to preserve the truth. It cannot guarantee that the truth of the conclusion is tied to that of the premise. It is meant to give conclusions probable support that makes it more likely that the conclusion is true than false (Pojman & Vaughn 37). If the inductive argument succeeds in doing this, it said to be a strong argument, while an inductive argument that does not provide a similar level of support to the conclusion is referred to as weak. Inductive arguments can reason from premises concerning groups and make conclusions about one

Political Science - international relations Essay

Political Science - international relations - Essay Example America is presently on course for an economic meltdown at the same time the EU and China are thriving. This trend is expected to continue unless drastic steps are taken immediately but much the same as the global warming crisis; the self-inflicted damage has already been done and may not be completely reversible. The current President Bush administration cut the taxes of the rich while increasing military expenditures on The War on Terror, invasions of Iraq and Afghanistan and the rebuilding of those countries. The debt has now exceeded even the Reagan administration’s record levels. It has severely hampered America’s ability to continue to effectively defend itself and will cripple it economically for many years to come. (Suter, 2004). In this time of increased globalization of the world’s financial markets, American legislators are more easily able to borrow from other countries that are experiencing a surplus of money. The United States is regarded as a good investment and has an unlimited ability to secure loans without a problem, but loans must be paid back, with interest. China and other countries own a large piece of America, a potentially disastrous prospect. For example, in February of 2005 the nation’s seventh largest creditor with $53 Billion in holding s, the Bank of Korea, revealed that it intended to â€Å"diversify reserves out of U.S. dollars† (Hirose, 2005). The Dow Jones dropped 174 points and the dollar lost significant value that same day. What if tomorrow, a major U.S. creditor lost confidence in this nation’s ability to honor the debt or decided to exert political influence by means of economic threats related to the debt? (â€Å"America’s Foreign Owners†, 2006). What if they all united against the U.S.? It probably won’t happen anytime soon but the fact that it could happen should be enough to alert Congress to the crisis. One or a combination of creditor countries could cause a sudden and

Team Communication and Problem Solving Essay Example | Topics and Well Written Essays - 500 words

Team Communication and Problem Solving - Essay Example al. 1999 and Mabey et. al., 1998, amongst others) as decision makers are unable to be objective and rational in the real world. The 'administrative' or 'bureaucratic' model "questions whether managers are capable of making rational decisions" (Fulop & Lindstead, 1999. p. 299) and bases decision making on the actual behavior of the decision-maker. Simon (1960, in Fulop & Lindstead, 1999:308) recognises cognitive limits to human rationality and that "the decision making is likely to be influenced by non-rational, emotive and unconscious elements in human thinking". Incomplete information, time limits and group pressures are "thought to limit the optimising behavior so central to the rational model" (op. cite.). As a result, decision-making is the product of 'bounded rationality' and 'disjointed incrementalism', which results in 'satisficing', where the best decision is made within the confines of imperfect information and 'mutual partisan adjustment' between parties. In the 'bureaucratic' model this process is then institutionalised for future problem solving. The 'garbage-can' model suggests that "decisions are really problems looking for solutions" (Fulop & Lindstead, 1999:299), emphasises both the "role of chance decisions and the concept of strategy as a stream of decisions" (Leonard, et. al.

Adults across America Essay Example for Free

Adults across America Essay Although this type of outrageous behavior may upset many people, it is accepted widely and enjoyed by millions of teenagers and adults across America. People in America have become desensitized to sex and violence by having organizations such as the WWF making it appear O.K. on television. Although it is immoral and not yet accepted by society, pornography is rampant in America, with strip clubs and porn shops situated in the same areas as family shopping centers. Violence can be seen everywhere, especially in the evening news. Wrestling takes the two biggest topics of American society, and turns them into a two hour show. Americans accept this and are willing to watch or pay to see the action. Although many wrestling fans such as myself view the show and see it as pure entertainment, there are many more people who believe what they see. Sadly, these type of people make up a large portion of wrestling fans. Because of this, many nations see Americans as ignorant and shallow. Critics claim that wrestling is a Cultural Phenomenon which embodies all of the negative aspects of American culture. People who are willing to watch a man rolling around in feces or someone falling twenty feet from a cage into a wooden table instead of doing something that could be potentially productive does not say much for American society. Opponents of professional wrestling may also say that the direction and values of American culture are quickly deteriorating, in part, due to a cultural phenomenon such as professional wrestling. As long as Americans demand instant gratification and the quick fixes of raunchy entertainment, phenomena such as wrestling will be around to act as mindless distractions from the real world. The critics of wrestling have not stopped its tremendous success across the world. Wrestling can be seen as a form of entertainment, just as movies and sports represent the same kind of enjoyment to viewers. Wrestling is not the cause of societys deterioration, as it is meant to please viewers across America. One form of entertainment is not going to cause American society to crumble. Wrestling used to represent good guy vs. bad guy. Times have changed, and now, everyone cheers for wrestlers such as The Rock and Stone Cold Steve Austin who portray qualities that the fans appreciate. The Rock is extremely popular, due to his coolness factor. Everytime he gets on the microphone, he promises to Lay The Smackdown on Someones Candyass and things of that nature. He always praises the fans, and considers himself the Peoples Champion. Because of his popularity, it doesnt matter if he wrestles a good guy or a bad guy. Fans like someone they can cheer, but would not cheer someone who appears corny, like a superhero type character. Professional wrestling never has any repeats, and always keeps a fresh, new storyline. That may be the biggest reason why people keep tuning in to this phenomenon. When it comes down to watching either a rerun of Ally McBeal or a live WWF Raw, many people would choose to watch something new, such as WWF Raw. American society is constantly evolving, and over time, all people need to accept the changes that it goes through, whether positive or negative. Work Cited Pioch, Nicolas. Realism. January 1, 1996. http://www.oir.ucf.edu/wm/paint/glo/realism/  (December 16, 1999)  Roberts, J.M. The Penguin History of the World. London, England : Helicon Publishing, 1992.  Ross, Cilla. June, 1999. Greek Democracy in Practice. http://www.oir.ucf.edu  (December 18, 1999)

Tension in The Red Room, The Cone and The Superstitious Mans Story Ess

Tension in The Red Room, The Cone and The Superstitious Man's Story 'The Red Room', The Cone' and 'The Superstitious Man's Story' are all short stories which were written before 1914. 'The Red Room' and 'The Cone' were both written by H.G. Wells and 'The Superstitious Man's Story' was written by Thomas Hardy. All three of these stories were written in Victorian Times (1837-1901). These were years of great scientific and technological developments. The authors of the three stories show us a diminishing belief in superstition and supernatural. The authors of 'The Red Room' and 'The Superstitious Man's Story' have written the stories in the style of a gothic one, although they don’t end up being supernatural. However, 'The Cone' has been written with no gothic features, but it shows technological development as the title itself contains the word 'Cone' which is part of industrial terminology. Also, the setting is industrial and shows the development. 'The Red Room' is about a man who goes to a house and in particular a room which is seen to have ghosts in it and, therefore, no one goes in that room. However, this man goes in to prove there is no existence of a ghost. We find out that no ghost is present in the room and there never has been and it's just that fear has overcome the person. 'The Cone' is about a man and woman who are having an affair. Tension is created as the man and woman who are having an affair are not sure whether the woman's husband has found out about what is going on. At the end the woman's husband kills the other man and then after throwing him off a bridge on top of the hot, melting iron at the bottom, he realises he has done something terribly wrong. In contrast 'The Superstit... ...nd creates more tension, whereas if it was daytime people wouldn't be as scared, although it may influence the readers as creating tension. Feelings of characters creates tension in all stories, as it puts us in the place of the character and the description makes us feel, how the character is feeling. This creates tension and also maintains it, as we don’t know what will happen next. Imagery such as metaphors, similes and personification maintains the tension during the stories. It makes us create a flamboyant picture, of what is going on. Sentence structure also gives us a sense of tension as the build up of sentences tells us an important part is coming up, which creates anticipation for the readers. The work of H.G. Wells and Thomas Hardy has been successful and the way in which all three pre 1914 stories create tension and the way it is maintained.

Graduation Speech -- Graduation Speech, Commencement Address

Good evening and welcome to the commencement ceremonies of the class of 2006. It has been a long journey, somewhere around 18 years, but we've finally reached the piece de resistance of our high school years. I'm not very good at this sentimental thing, so I scratched up a little poem. Ladies and Gentleman, may I present to you, "Ode to the Class of '06." ODE TO THE CLASS OF 2012 'Twas the night of graduation, and under the steeple there were very, very emotional people. Thoughts of the future, thoughts of the past, memories which will always last. It all started when we walked through the door, How many years ago? -- -- "Oh it was four!" Freshman year we started as prepubescent teens, with backwards caps and saggy jeans. We went through the teachers, one-by-one Until we got the reputation of "being too much fun." Religion for example, is a class where we behaved badly, Mr. Blanchett's good byes were given quite gladly. And so sophomore year came, like the soft summer wind, and the memories of how badly we sinned, faded away like an old pair of jeans. In fact we were maturing, maturing as teens. A new student joined us, who thought he was a preacher, Oh, wait, I'm sorry, he was a teacher. His name was Thinen. Junior year arrived, and hence came harder classes, but on a good note, gone were the smart-asses. We matured, and conquered, and came out of our shell. And shed the title, "Class from Hell." Having a blast and emerging as leaders, We met once again at 2617 Cedar. As part of the upper-class, we acted superb, partly because we weren't smoking any type of herb. And when it was over, it started again, the year in which we became all fr... ...ds of Jim Carrey, "Spooky." But, as scary as it is, we can feel confident knowing that what we do with the rest of our lives is up to us. Mom and Dad can only hold on to our hands for so long, and then it is time to set sail on the ocean of life. Tonight is the beginning of the rest of our lives. God, the great casino dealer in the sky, has already shuffled the deck and dealt us his cards. What we do with those cards, our talents, is entirely up to us. Will it happen? Will it TO happen, and the possibilities are endless. The challenge from this night onward is to play our hand right, and not go broke. As we revel in our accomplishments chuckle over the memories of good times and sniffle over the memories of the bad ones, just remember, the world is our oyster. We must seize the pearl. As salutatorian, I salute you. Thank you, and have a splendid evening!

Nature and Materialism in Walden

Henry David Thoreau, an American author, lived alone in a small cabin which he himself built on the banks of Walden Pond near Concord, Massachusetts   for two years and two months starting in July 4, 1845. He gave an interesting account of this experience and experiment in living alone in a place close to nature and away from civilization in his book entitled Walden published in 1854. I especially liked Thoreau’s philosophical ideas and reflections that he learned while living in Walden. His experiences in living in Walden Pond encourages people to slow down and reflect on the kind of life that they are living whether they are supposedly living the kind of life that was meant to be. According to Miller, â€Å"He [Thoreau] endeavored to find the foundation for a more simple, honest, and pure life which he contrasted to the lives of â€Å"quiet desperation† led by most of his contemporaries† (Miller 1995). In relating his experiences, Thoreau also used wit and humor so that he made life away from civilization an interesting idea. What I do not like is that Thoreau can be extreme in his advocacy for simplicity. For example, he believed that â€Å"water is the only drink for a wise man; wine is not a noble liquor; and think of dashing the hopes of a morning with a cup of warm coffee, or of an evening with a dish of tea!† (Thoreau 182).   I do not agree that moderate drinking of tea and coffee is harmful to man. Throughout the book, Thoreau praised the life living in simplicity close to nature. For him life with nature is like living life in innocence. Every morning with nature, he felt renewed as he was far from noise and disturbance. In the cabin, he felt remote from the life that he had left behind with civilization and in so doing, he had the time to think about life in its purer form, to have an effective intellectual exertion. I do agree with Thoreau that nature had its positive effect of renewing the inner spirit of man for in their presence one felt relaxed and calm. Life away from nature can be very stressful and demanding and with time, one no longer knew what was important about living. Modern civilization in particular can be very stressful as more emphasis is put on the acquisition of material wealth. One is caught in the never-ending web of earning money as much as he can to live a supposed comfortable life so that he had no time to stop and smell the flowers. Yet the truth in most cases is that oftentimes modern man would not be able to enjoy what he worked so hard for either because he had no   time to do so or that he got sick for working too hard so that his money was spend in medical expenses ( Medical Science News 2005). According to Thoreau â€Å"Most of the luxuries, and many of the so-called comforts of life, are not only not indispensable, but positive hindrances to the elevation of mankind (Thoreau 10)†. I totally agree in this judgment because I have noticed that some of the inventions of modern man only deprived him of the exercise that he needs for healthy living. For example in cleaning the house he had floor polisher that replaced manual floor scrubbing so that in return he sweats less than he used to. Also, man had used the luxury of cars at his disadvantage for even in a short distance he will not take a walk. No wonder Thoreau had concluded, â€Å"the nation itself †¦ its so-called internal improvements, which, by the way, are all external and superficial†¦ is cluttered by furniture and tripped by its own traps †¦ (Thoreau 75)†. In my life, these ideas had largely opened my eyes to the reality that I do not have to compete for the acquisition of wealth for in so doing I may fail to really live. I believe now that many people who only spend their whole lifetime gaining possessions never actually lived after all. Their bodies and minds are like machines that are employed to acquire many of the supposed luxuries of life. For me, to avoid such a mistake, I must see to it that I spend sometime with nature in order to reflect and to be renewed. Thoreau’s Walden therefore revealed to man the need for simple living and to be close to nature and avoid the extreme need to acquire life’s luxuries. In order to really live and enjoy life man needs time to relax, to be calm, to reflect and be renewed by nature. Works Cited Medical Science News. Garvan scientists explain stress and sickness. Canadian Online Pharmacy. December 2005. Accessed April 7, 2008 < http://www.news-medical.net/?id=14885> Miller, Jakob. Two Truths in Thoreau's Inconclusive â€Å"Conclusion.   Hanover College Department of History. 1995. Accessed April 7, 2008 from Thoreau, Henry David. Walden. New York: Holt, Rinehart, and Winston, 1966.               

Reading Reflection Essay

The literary work that we discussed this week was interesting to me in so many ways. The chapters talked about different types of literature such as poems, short stories, and also novels. Throughout the reading I experience literature in a way I have never understood before. Literature restores the past, stimulates the imagination, glorifies the commonplace, evokes emotions and links feeling to thinking, upholds a vision of the ideal and reveals human nature by exploring significant human questions. I have to say I have been truly convinced. The purpose of the creative process is to give things form. Writers are artists who use words to express ideas and feelings. As a reader I had to use my imagination which is the human power that shapes artistic expression; it enables a writer’s work to become an expression of meaning in our world, and allows readers to engage in identifying with what the writer’s work has to say about things that matter. So basically we all become writer’s in a sense. When reading this paper you imagine how to feel when I found out a little more about literature. Literature allows you to read with a purpose while at the same time using the experience to connect to the writer. Literature is a creative process that begins in writers’ experiences and imaginings. Image is a distant representation of something that can be experienced and understood through the senses or the representation of an idea. Writer’s use precise language in developing images, or imagery in a literary work. Tone also plays an important part in a literary work. It identifies how the author approaches a subject and conveys it to readers. Either way we look at it as literature been a very important part of our history. We tend to use literature in everyday life. We have to search for meaning and explore literature in different aspects of been a reader or writer. We can use the Biographical/Historical approach to evaluate the meaning of a literary work. It’s the attempt to measure the extent to which the life of the author or a historical context can shape literary expression. Critics’ adopt a historical period as a context, creates characters that reflect its value, and explores trends that occur in it. William Faulker was an American writer who took this approach, creating narratives that identified values and conflicts in a historic era in the South. He created complex characters and a community that carefully mirrored life in the South and, used them as centerpieces in several of his works. You could also apply persona to this analytical approach referring to the narrator in a story or the speaker in a poem, who may or may not reflect the perspective of the author. The creativity to start a literary work is in our imagination we just have to put it down on paper. Reference: Clugston, R. W. (2010). Journey into Literature. San Diego, California: Bridgeport Education, Inc. https://content. ashford. edu/books Ashford Online Library.

Financial Analysis of Paint Industry

Financial Reporting Analysis Paint Industry (Asian Paints) Financial Reporting Analysis of Paint Industry (Asian Paints) CONTENTS Profitability Ratios †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 3 Operating Profit Margin †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 3 Industry Comparison †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Gross Profit Margin †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 4 Industry Comparison †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 4 Net Profit Margin†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 5 Industry Comparison †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Earnings per share †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 Industry Comparison †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 6 PERFORMANCE RATIO †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 7 Price/Earnings Ratio †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Industry Comparison †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 7 Return on Capital Employed †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 8 Industry Comparison †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 8 DEBT COVERAGE RATIO †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Interest Coverage Ratio †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 9 Industry Comparison †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 9 LIQUIDITY AND SOLVENCY RATIO †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 10 Current Ratio †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 0 Industry Comparison †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 10 Quick Ratio †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 11 Industry Comparison †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 11 ACTIVITY RATIO †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 2 Inventory Turnover Ratio †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 12 Industry Comparison †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 12 3 – Step Du Pont Analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 13 Asian Paints †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 3 Berger Paints †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 13 Kansai Nerolac †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 14 Akzo Nobel†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 15 CONCLUSION †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 15 Page | 2Financial Reporting Analysis of Paint Industry (Asian Paints) PROFITABILITY RATIOS OPERATING PROFIT MARGIN Operating margin is a measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc. When looking at operating margin to determine the quality of a company, we look at the change in operating margin over time to compare the company's yearly or quarterly figures to those of its competitors. If a co mpany's margin is increasing, it is earning more per dollar of sales. The higher the margin, the better is the performance of the company.Operating Margin = Operating Income/Net Sales INDUSTRY COMPARISON 2011-12 2010-11 2009-10 2008-09 2007-08 Asian Paints 16. 81 17. 57 19. 24 13. 16 15. 83 Berger Paints 10. 61 10. 21 10. 45 8. 43 10. 08 Kansai Nerolac 12. 3 12. 88 14. 55 10. 7 14. 24 Akzo Nobel 6. 65 11. 00 12. 33 11. 89 10. 60 25 20 2011-12 15 2010-11 2009-10 10 2008-09 2007-08 5 0 Asian Paints Berger Paints Kansai Nerolac Akzo Nobel The graphs show a higher value for Asian Paints as compared to its competitors. The reason for this is the high income earned for every sale concluded. However, the ratio for all the companies is dropping over the years.Akzo Nobel has shown a sharper decline than all the others, which implies lesser income. The profit margin of the company has declined and hence OM has also declined. Page | 3 Financial Reporting Analysis of Paint Industry (Asian Paint s) GROSS PROFIT MARGIN A company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage. The gross margin represents the percentage of total sales revenue that the company retains after incurring the direct costs associated with producing the goods and services sold by a company.The higher the percentage, the more the company retains on each dollar of sales to service its other costs and obligations. Gross Margin (%)= (Revenue-Cost of Sales) / Revenue INDUSTRY COMPARISON Asian Paints 15. 61 16. 14 18. 11 11. 90 14. 62 Berger Paints 9. 19 8. 77 8. 88 7. 08 8. 69 Kansai Nerolac 10. 24 10. 70 12. 11 8. 16 11. 23 Akzo Nobel 4. 77 9. 21 10. 29 9. 53 8. 18 2011-12 2010-11 2009-10 2008-09 2007-08 20 18 16 14 12 10 8 6 4 2 0 14. 62 11. 9 18. 11 16. 14 15. 61 Percentage (%) 12. 11 10. 7 10. 24 11. 23 7. 08 8. 88 8. 77 9. 19 8. 16 8. 18 9. 53 10. 29 9. 21 Akzo Nobel 8. 69 Asian Paints Kansai NerolacBerger Paints 2008 2009 2010 2011 20 12 ? The gross profit margin percentages (GPMs) are almost constant over the years for all the four companies. Asian Paints has greater GPM than others as, being the largest company both in terms of the balance sheet and the market share; it enjoys huge economies of scale. This guarantees lower costs as compared to the competitors. ? Akzo Nobel’s GPM has dipped drastically from FY11 to FY12 and that is because of increase in the expenses. These expenses were mainly on account of hiring (employee expenses) that the company did during the financial year 2012. 4. 77 Page | 4Financial Reporting Analysis of Paint Industry (Asian Paints) NET PROFIT MARGIN The ratio of net profits to revenues for a company or business segment – typically expressed as a percentage – that shows how much of each dollar earned by the company is translated into profits. Net margins can generally be calculated as: Net Margins = Net Profit/Revenue Where Net Profit = Revenue-COGS-Operating Exp enses – Interest and Taxes INDUSTRY COMPARISON Asian Paints 2011-12 2010-11 2009-10 2008-09 2007-08 11. 38 11. 61 14. 29 7. 97 10. 28 Berger (%) 6. 61 6. 99 7. 02 5. 79 6. 79 Paints Kansai Nerolac 7. 86 9. 03 9. 04 6. 58 9. 00 Akzo Nobel 9. 60 14. 8 15. 00 31. 6 6. 30 35 30 25 20 15 10 5 0 Asian Paints Berger Paints Kansai Nerolac Akzo Nobel 2011-12 2010-11 2009-10 2008-09 2007-08 ? Net margins will vary from company to company, and certain ranges can be expected from industry to industry, as similar business constraints exist in each distinct industry. ? Here, the values are falling for all the companies, and all of them have more or less similar values. This implies that the NPM is similar for all companies. Page | 5 Financial Reporting Analysis of Paint Industry (Asian Paints) EARNINGS PER SHARE The portion of a company's profit allocated to each outstanding share of common stock.Earnings per share serve as an indicator of a company's profitability. When calculating, it is more accurate to use a weighted average number of shares outstanding over the reporting term, because the number of shares outstanding can change over time. EPS= (Net Income – Dividends on Preferred Stock) /Average Outstanding Shares INDUSTRY COMPARISON Asian Paints 2011-12 2010-11 2009-10 2008-09 2007-08 99. 92 80. 81 80. 74 37. 78 39. 12 Berger RS 5. 12 4. 29 3. 47 2. 78 2. 89 Paints Kansai Nerolac 40. 06 38. 22 61. 42 36. 59 44. 46 Akzo Nobel 54. 79 47. 94 43. 25 77. 38 15. 69 120 100 80 60 40 20 0 39. 12 37. 78 80. 74 80. 81 99. 92 44. 46 36. 9 61. 42 38. 22 40. 06 Asian Paints Kansai Nerolac 2. 89 Berger Paints 2. 78 3. 47 4. 29 5. 12 2008 2009 2010 15. 69 Akzo Nobel 2011 ? The shares of Berger paints have a Face Value of Rs. 2, hence it has a larger number of shares. On the other hand, Asian Paints has Face Value of Rs. 10 therefore it has smaller number of shares. This implies that the EPS of Berger Paints is less than Asian Paints. ? Asian Paints has the best figures in spite of adjustment of EPS. A better comparison of the EPS can be done with adjusted EPS, as it gives realistic numbers. Hence for comparing, we can multiply the EPS of Berger Paints by 5 and then compare.Also Berger paints has been the most consistent competitor throughout 5 year with steady increase in EPS. 77. 38 43. 25 47. 94 54. 79 2012 Page | 6 Financial Reporting Analysis of Paint Industry (Asian Paints) PERFORMANCE RATIOS PRICE/EARNINGS RATIO The price by earnings ratio is a valuation ratio of a company's current share price compared to its per-share earnings. A high P/E suggests that investors are expecting higher earnings growth in the future compared to companies with a lower P/E. Price Earnings ratio = (Market Value per Share) / (Earnings per Share) INDUSTRY COMPARISON 2011-12 2010-11 2009-10 2008-09 2007-08Asian Paints 31. 91 31. 35 25. 59 20. 96 30. 06 Berger Paints 20. 09 19. 86 16. 83 12. 59 12. 58 Kansai Nerolac 22. 52 21. 3 9. 92 5. 58 8. 03 Akzo Nobel 14. 64 1 6. 31 13. 85 5. 39 39. 74 45. 00 40. 00 35. 00 30. 00 25. 00 20. 00 15. 00 10. 00 5. 00 0. 00 Asian Paints Kansai Nerolac Berger Paints 8. 03 5. 58 9. 92 30. 06 20. 96 25. 59 31. 35 31. 91 21. 30 22. 52 12. 59 16. 83 19. 86 20. 90 39. 74 12. 58 Akzo Nobel 2008 2009 2010 2011 5. 39 ? A high P/E value implies future expectation of the markets from the shares of the company is high. Very high PE(price to Earning) implies an overpriced share in the market. High ROCE(Return on Capital Employed) with low PE implies that company is doing well and the price of shares will rise in future. Berger Paints in this regard stands out because it has efficiently managed the input raw material fluctuations very well. ? Asian Paints has the highest ROCE in the industry for FY12, as it is the market leader as well. Page | 7 13. 85 16. 31 14. 64 2012 Financial Reporting Analysis of Paint Industry (Asian Paints) RETURN ON CAPITAL EMPLOYED A ratio which indicates the efficiency and profitability of the ca pital investments by a company.ROCE should always be higher than the rate at which the company borrows; otherwise any increase in borrowing will reduce shareholders' earnings. ROCE = EBIT / (Total Assets – Current Liabilities) INDUSTRY COMPARISON 2011-12 2010-11 2009-10 2008-09 2007-08 Asian Paints 52. 24 55. 73 62. 84 49. 35 57. 32 Berger Paints 25. 88 26. 2 26. 64 18. 48 22. 9 Kansai Nerolac 27. 02 27. 3 26. 8 25. 4 28. 1 Akzo Nobel 17,36 14. 17 12. 94 11. 57 13. 04 70 60 50 40 30 20 10 0 57. 32 49. 35 62. 94 55. 73 52. 24 22. 9 18. 48 26. 64 26. 2 25. 88 25. 43 26. 78 27. 36 27. 02 28. 01 Asian Paints Kansai Nerolac Berger Paints 008 2009 2010 ? If (Return on Capital Employed) ROCE is high and Price to Earning is low (i. e. , it is share is available cheaply), the share is recommended. This is because the company is utilizing its capital well and the price is lower as compared to the earnings. ? Asian Paints has had a phenomenal growth in this regard. It has been very effi ciently utilizing the capital employed. This factor has been one of the distinguishing factors clearly making it market Leader. 13. 04 11. 57 12. 94 14. 17 17. 36 Akzo Nobel 2011 2012 Page | 8 Financial Reporting Analysis of Paint Industry (Asian Paints)DEBT COVERAGE RATIOS INTEREST COVERAGE RATIO A ratio used to determine how easily a company can pay interest on outstanding debt. The interest coverage ratio is calculated by dividing a company's earnings before interest and taxes (EBIT) of one period by the company's interest expenses of the same period. INDUSTRY COMPARISON 2011-12 2010-11 2009-10 2008-09 2007-08 Asian Paints 50. 66 74. 05 74. 27 55. 04 69. 73 Berger Paints 15. 14 17. 99 36. 62 8. 33 10. 28 Kansai Nerolac 340. 78 310. 54 196. 02 75. 24 112. 68 Akzo Nobel 64. 18 103. 00 116. 55 38. 29 33. 68 400 350 112. 68 75. 24 196. 02 300 250 200 69. 73 55. 4 74. 27 74. 05 50. 66 150 100 50 0 Asian Paints Products 310. 54 340. 7 Kansai Nerolac Berger Paints 8. 33 36. 62 17. 99 15 . 14 10. 28 2008 2009 2010 33. 68 38. 29 Akzo Nobel 2011 ? For Kansai Nerolac, the debt has drastically reduced from 1. 23 to 0. 09Cr in FY11-12. Therefore a very drastic drop in Interest coverage Ratio is seen for FY12. Though Akzo Nobel has no long term debt, it the short liabilities are the reason which leads to the interest expenses. ? Also, Berger Paints has seen its interest expenses increase by 50% and debt coverage ratio high indicating that it has higher interest payables.This implies that it has taken huge debts, the reason for which might be for expansion, as the other ratios for the company do not point to any problems in its earnings capability Page | 9 116. 55 103 64. 18 2012 Financial Reporting Analysis of Paint Industry (Asian Paints) LIQUIDITY AND SOLVENCY RATIOS CURRENT RATIO The current ratio, also known as liquidity ratio, is used to give an idea of the company's ability to pay back its short-term liabilities (debt and payables) with its short-term assets (cash, inventory, receivables). The higher the current ratio, the more capable the company is of paying its obligations.A ratio under 1 suggests that the company would be unable to pay off its obligations if they came due at that point. While this shows the company is not in good financial health, it does not necessarily mean that it will go bankrupt – as there are many ways to access financing – but it is definitely not a good sign. Current Ratio = Current Assets/ Current Liabilities INDUSTRY COMPARISON 2011-12 2010-11 2009-10 2008-09 2007-08 Asian Paints 1. 07 0. 93 0. 89 1. 13 0. 99 Berger Paints 1. 44 1. 43 1. 57 1. 34 1. 15 Kansai Nerolac 1. 67 1. 518 1. 44 1. 47 1. 866 Akzo Nobel 1. 09 0. 85 0. 73 0. 79 0. 81 . 52 1. 66 2 1. 8 1. 6 0. 99 1. 13 0. 89 0. 93 1. 07 1. 4 1. 2 1 0. 8 0. 6 0. 4 0. 2 0 Asian Paints 1. 88 1. 3 1. 15 1. 34 1. 57 1. 43 1. 44 1. 53 Kansai Nerolac Berger Paints 2008 2009 2010 ? Paint industry player have typically very healthy CR ranging between 1 a nd 2. There are very few chances of their facing an insolvency problem. ? Asian Paints’ current assets have seen an increase of about 50% and Current liabilities increase by about 25%, thus leading to a greater increase in its CR from FY11 to FY12. Major increase was due to increase in cash and inventory levels compared to Asian Paints ?Akzo Nobel has experienced a huge increase in inventory production improvement and hence its figures have improved. Page | 10 0. 81 0. 79 0. 73 0. 85 1. 09 Akzo Nobel 2011 2012 Financial Reporting Analysis of Paint Industry (Asian Paints) QUICK RATIO An indicator of a company's short-term liquidity. The quick ratio measures a company's ability to meet its shortterm obligations with its most liquid assets. It is more conservative than the current ratio, as the current ratio often overestimates the company’s ability to repay its short term obligations. The higher the quick ratio better is the position of company.It is also known as the â €Å"acid-test ratio† or the â€Å"quick assets ratio†. Quick Ratio = (Current Assets – Inventories – Prepaid Expenses)/Current Liabilities INDUSTRY COMPARISON Asian Paints 0. 57 0. 34 0. 38 0. 59 0. 47 Berger Paints 1. 10 0. 99 0. 88 1. 10 1. 08 Kansai Nerolac . 84 . 74 . 79 . 99 1. 16 Akzo Nobel 0. 65 0. 48 0. 44 0. 48 0. 45 2011-12 2010-11 2009-10 2008-09 2007-08 1. 16 1. 4 1. 2 1 0. 59 0. 38 0. 34 0. 57 0. 8 1. 08 0. 79 0. 74 0. 84 1. 1 0. 88 0. 99 1. 1 0. 99 0. 6 0. 4 0. 2 0 Asian Paints Kansai Nerolac Berger Paints Akzo Nobel 2008 2009 2010 2011 ? The growth of QR has not been in line with the current ratio.The large variation for different companies is because of the huge levels of inventory (huge portion of CA). ? As compared to FY11, Asian paints inventory has increased by 20% in FY12. ? Berger paints and Kansai Nerolac figures are good, others might have issues in solvency as they have very low values of QR. 0. 48 0. 44 0. 48 0. 65 0. 47 0. 45 20 12 Page | 11 Financial Reporting Analysis of Paint Industry (Asian Paints) ACTIVITY RATIO INVENTORY TURNOVER RATIO Shows how many times a company's inventory is sold and replaced over a period. Number of days in Inventory holding i. e. (365/ Inventory Turnover Ratio), which is also directly proportional to the cost of handling inventory and should be as low as possible. Inventory Turnover Ratio = COGS / Closing Inventory INDUSTRY COMPARISON Asian Paints 7. 56 7. 08 7. 95 9. 8 8. 03 Berger Paints 5. 80 5. 87 6. 37 6. 64 5. 92 2011-12 2010-11 2009-10 2008-09 2007-08 Kansai Nerolac 6. 76 7. 17 8. 17 10. 08 9. 11 Akzo Nobel 6. 35 8. 73 11. 60 10. 20 8. 72 10 8 6 4 2 0 8. 03 9. 8 7. 95 7. 08 7. 56 12 9. 11 10. 08 8. 17 7. 17 6. 76 6. 64 6. 37 5. 87 5. 8 8. 72 10. 2 11. 6 8. 73 5. 92 Berger Paints Akzo Nobel 14 Asian Paints Kansai Nerolac 008 2009 2010 2011 2012 ? Berger paints is best in the industry, next comes Akzo Nobel and then Asian Paint. ? Sales of Akzo Nobel have increased by 70% , proportionately COGS and inventory has increased by 100%, and therefore we can observe a sharp dip in its ratio. 6. 35 Page | 12 Financial Reporting Analysis of Paint Industry (Asian Paints) 3 – STEP DU PONT ANALYSIS ? ROE = Operating efficiency * Asset Usage Efficiency * Financial Leverage ? ROE broken down into three components :†¢ Operating efficiency = Net Income / Sales †¢ Asset Use efficiency = Sales / Assets †¢ Financial Leverage = Assets / Net worthASIAN PAINTS 16 14 12 10 8 6 4 2 0 2007. 5 2008 2008. 5 2009 2009. 5 2010 2010. 5 2011 2011. 5 2012 2012. 5 Operating Efficiency Asset Usage Efficiency Financial leverage ? Operating efficiency has increased from 10. 28 in 2008 to 11. 38 in FY12. Due to higher input costs, this parameter has dipped slightly compared to last year. ? Asset Use efficiency has been improving because more and more assets are now productive that were procured in earlier years ? Financial Leverage has been flat throughout 5 years, meaning the company has largely relied on Cash or Equity rather than Debt to function.BERGER PAINTS 8 7 6 5 4 3 2 1 0 2007 2008 Operating Efficiency 2009 2010 2011 2012 2013 Asset Usage Efficiency Financial Leverage Page | 13 Financial Reporting Analysis of Paint Industry (Asian Paints) ? Operating efficiency has been varying from 6. 79 2008 to 6. 61 in FY12. Company has not been able to manage the profitability due to varying Crude oil prices. ? Asset Use efficiency has been improving because more and more assets are now productive that were procured in earlier years ? Financial Leverage has been declining throughout 5 years, which is beneficial to the company.KANSAI NEROLAC 10 9 8 7 6 5 4 3 2 1 0 2007 2008 2009 2010 2011 2012 2013 Operating efficiency Asset Usage Efficiency Financial Leverage ? Operating efficiency has been very volatile varying between from 9 in 2008 to 7. 86 in FY12. Company has not been able to manage the profitability due to varying Crude oil prices. ? Asset Use efficiency has the lowest amongst the peers that have been compared because company has not been investing in PPE Page | 14 Financial Reporting Analysis of Paint Industry (Asian Paints) AKZO NOBEL 35 30 25 20 15 10 5 0 2007 2008 2009 2010 2011 2012 2013