Why Build Solar? Essay -- Essays Papers

Why Build Solar?The question is, why utilize the solar energy for our homes that is given from an existing power source for free? A simple answer could be because the source of power in the long spring is for free. The truth to the statement is nothing is for free because taking advantage of the sun does require some effort, but there certainly isnt as ofttimes effort compared to the energy sources that we use today. More importantly there arent any severe consequences left for the surroundings during the process. The more learning and the more recognition of how fast the quality of life is depreciating environmentally conscious citizens look to others observing ignorance for failing to come to the same standards of view. Utilization of solar energy bed be very inexpensive, making several techniques feasible for todays homeowner. The problem is the majority of the worlds population dont see the benefit to the environment on themselves.Throughout history the sun has been a u tilized asset to civilization. The Greek have spread their building far enough apart facing to the south to utilize the suns heat, accepting the sun through large entries of the villas. They even used transparent windows to decrease the rate of solar escape. During the 1500s the Dutch used canvas and double-pane glass to further contain the heat. In the early 19th century they used green houses to capture heat as they opened up vents to warm the main house. Other forms of solar transfer were becoming more prominent, evaporation contained and used as a water pump. Minds were firmly looking into further use of the suns power. Leaps were taking when Walker showed how a solar water heater could be connected to an auxiliary heat source. To further confer ... .... Close the shades of your home to help prevent the heat from escaping. Plant deciduous trees where the sun shines the most on your home. If building a home, face it south to receive the sun the most. These method s have some how been avoided for some time.It truly is unfortunate that the only way there testament be a motley in the use of energy is because oil prices are exploding, oil supply is diminishing, and most likely economics will eventually create the change because solar will be cheap. The future is efficiency because the world doesnt have a choice or well be consumed by or own pollution. The climate change and greenhouse gases are pointing towards an environmentally safe use of energy. Insulation will become more technologically sound. Windows currently are expensive but strongly efficient. The world has no choice if it intends on to stay living.

Summary and Analysis of The Pardoners Tale Essay example -- Canterbur

Summary and compendium of The forgivers Tale (The Canterbury Tales)Prologue to the Pardoners TaleThe Host thinks that the cause of Virginias death in the previous tale was her beauty. To answer the sadness of the tale, the Host suggests that the Pardoner tell a lighter tale. The Pardoner delays, for he wants to finish his meal, but says that he shall tell a honourable tale. He says that he will tell a tale with this moral the love of money is the root of all evil. He claims that during his sermons he shows useless trifles that he passes dispatch as saints relics. He proudly tells about how he defrauds people who believed they have sinned. He states explicitly that his goal is not to save people from sin, but to gain ground money from them. The Pardoner says that he will not imitate the apostles in their poverty, but will have food, comfort, and a wench in every town. AnalysisAmong the various pilgrims featured in the Canterbury Tales, the Pardoner is one of the most fully realiz ed characters. The only character to whom Chaucer gives greater detail is the Wife of Bath. The Pardoner is a fraudulent huckster who shows no qualms about passing off false items as the relics of saints, but he also demonstrates a great sense of self-loathing. The Pardoner shifts from moments of direct honesty to shameless deceit, openly admitting the tricks of his trade to the travelers but nevertheless attempting to use these various methods on these travelers who are aware of his schemes. The Pardoner is in many another(prenominal) senses a warped character, unable to hold to any consistent code of moral behavior. Even in his naturality he is deformed. The General Prologue, suggesting that the Pardoner resembles a gelding or a mare, hints that the Pardoner may be a ... ... only expression of any spirituality contained in the Pardoners Tale. The Pardoner has little concern with authentic religious matters and makes no real reference to Christianity. His concern is money, and the Christian religion is only the means to achieve this end. The Tale itself is a relatively simplistic moral fable that hinges on the distinctions between literal and figurative language. The initial personification of death that the young child uses as a metaphor and euphemism leads to the actual physical manifestation of Death as a tangible object the piles of gold that the three rioters find. The plot of the tale derives from the rioters literal interpretation of euphemism since death has interpreted their friend, they must find death. This personification of death finally becomes metaphor once again when the piles of gold represent the death that they find.

Cyberporn and Pornography - Sex Should Not be a Spectator Sport :: Argumentative Persuasive Essays

Pornography - Sex Should Not be a Spectator Sport Some adults recall the days in the ahead of time Sixties with a certain nostalgia, as a time when people were still aware of the distinction between pornography and erotic art, and when erotic books and films could promontory the censor only when if a case could be made for their artistic value. Everything changed very suddenly, according to the poet Philip Larkin Sexual intercourse began In nineteen sixty-three. Between the subvert of the Chatterley ban And the Beatles first LP. But still, even though the permissive habits spread rapidly through society, breaking down taboos and breaking up marriages, people remained afflictive to the distinction between art and pornography, and had no objections to a law which forbade explicit sexual imagery. The recent judgment of the High Court, upholding the decision of the Video Appeals Committee (another show of the Great and the Good) to allow the sale of videos showing explicit scene s of sexual intercourse, suggests that the last vestiges of decency are being finally chased from the law. Like many distinctions which are intuitively obvious, that between the erotic and the pornographic is not easy to explain. It has been said that pornography is obscene, whereas erotic art is merely suggestive. But what is obscenity? The old test position down in the Obscene Publications Acts of 1959 and 1964 holds that matter is obscene if it tends to deprave and corrupt those who are likely to come across it. But that test is flawed, since it looks for obscenity only in the effects of a thing, and not in the thing itself. Moreover juries are by no means competent to predict the effects of watch any particular film or reading any particular novel, and are easily swayed by smooth-tongued barristers who represent pornography as a healthy safety valve for feelings which could erupt in far more dangerous ways. The fact is that the desire to watch explicit scenes of carnal lust is in itself depraved. It is not that explicit videos have a tendency to corrupt they are corrupt. In the sexual sphere this is what corruption consists in - namely the display of sexual thirst divorced from the personal relations that redeem it. To justify pornographic videos on the grounds that they dont make people worse than they are is like justifying gladiatorial flake because it doesnt make people into

Influences Of The Renaissance Upon The Founding Of America :: essays research papers

The Renaissance was the most influential time period in the discovery of America. During the Renaissance, which lasted from the 14th century to the seventeenth century, great advancements were made in methods of navigation. Also, the greatest goal of almost every nation and empire was to claim new lands and seize its wealthiness. The desire for the land make some to move westwardward. Another motive to expand during the Renaissance was the will to convert the native "heathens" into Christians.     The Renaissance, which began in Italy in the 1300s, was one of the largest periods of growth and development in Western Europe. Navigation was no longer limited to traveling about by land. Large fleets of ships were constructed, and great navigational schools, the best founded by Prince Henry the sailing master in Portugal, were founded. People were no longer tied to the lands they lived on, as they were in medieval times. They were freer to learn new skills and travel. These enabled people to go further than they had before. Fleets of ships were sent to the east world to bring back treasures and valuable spices. Routes to Asia were traveled beginning in the early Renaissance.The most posing problems with the set routes to Asia, which went around the Cape of Good fancy and along the coast of Africa, were that it was very dangerous due to enemy colonies along the route and was also very long. These problems made some people, including Christopher Columbus, decide to turn to the west to find safer and faster routes to the riches of Asia. What they found was the Americas. Believing that he would reach Asia, Columbus accidentally found a new continent, full of new riches and unclaimed lands. All of this occurred near the end of the Renaissance, beginning with the founding of America in 1492, near the end of the 15th century. Europe flocked to this New World, and founded many colonies, including the xiii Colonies, founded by Great Britai n, which later became the first states in the United States of America. From these colonies, they extracted the wealth of and gold and spices that they sought in Asia. Additionally, they would convert the native people of the lands to Christianity. Columbus see himself as a messenger of G-d, who brought salvation to the natives by converting them. Missionaries were built wherever a colony was founded, and often along the route of an exploration.

charles lindbergh :: essays research papers

Charles Lindbergh Born February 4, 1902, in Detroit, Michigan, Charles Lindbergh grew up on a farm near Little Falls, atomic number 25 the son of a lawyer/U.S. Congressman. Charles showed exceptional mechanical ability, even as a child, and was encouraged to attend college and make the most of his talent. After graduating high school, Charles stayed on to work at the family farm for two years before enrolling in the University of Wisconsin-Madison, where he would study Engineering. Full of a passion for airplanes and the newly expanding field of aviation, Charles Lindbergh go forth college after two years to attend the Lincoln Flight School in Nebraska. when graduated, Lindbergh would spend the next few years performing daredevil stunts and county fairs and carnivals. Charles enlisted in the United States Army in 1924, to be trained as an Army Air Service Reserve pilot. Graduating the following year, Charles Lindbergh was named the best pilot in his class. In 1919, Raymond Orteig, a New York City hotel owner, rack upered $25,000 to the first aviator who could fly nonstop from New York to Paris. Several pilots tried and failed. But on May 20, 1927,with The Spirit of St. Louis, Lindbergh took off from Roosevelt Field in New York, and became the first pilot in the world to make a solo, nonstop flight crosswise the Atlantic Ocean. Lindbergh flew some 3600 miles in just over 33-hours and proudly collected his $25,000 reward in front of cheering fans in Paris. The press nicknamed Mr. Lindbergh "Lucky Lindy" and the "Lone Eagle" and he instantly became a hero. With success and fans everywhere, twenty-five year old Lindbergh flew to various Latin-American countries in 1927, at the request of the U.S. government. While working in Mexico, Lindbergh met Anne Spencer Morrow, the fille of the American Ambassador. They would marry in 1929, and travel the world together, charting new routes for various airlines that are still used by commercial jetliners today. Ms. Lindbergh herself would go on to catch a known poet and writer. Much to worlds surprise, twenty month old Charles Augustus Lindbergh, Jr. was kidnapped from his home nursery in New Jersey in 1932, making headlines across the country. Leaving only a ransom note demanding $50,000 in the window and a homemade ladder leaning against the Lindbergh home, it seemed someone had kidnapped the baby of the most famous man in the world and not left any evidence behind.

charles lindbergh :: essays research papers

Charles Lindbergh Born February 4, 1902, in Detroit, Michigan, Charles Lindbergh grew up on a farm secretive Little Falls, Minnesota the son of a lawyer/U.S. Congressman. Charles showed exceptional mechanical ability, even as a child, and was encouraged to attend college and make the most of his talent. later graduating high school, Charles stayed on to work at the family farm for two years before enrolling in the University of Wisconsin-Madison, where he would study Engineering. Full of a passion for airplanes and the impudently expanding field of aviation, Charles Lindbergh left college after two years to attend the Lincoln Flight School in Nebraska. when graduated, Lindbergh would spend the next few years playacting daredevil stunts and county fairs and carnivals. Charles enlisted in the United States Army in 1924, to be trained as an Army Air Service Reserve buffer storage. Graduating the following year, Charles Lindbergh was named the best pilot in his class. In 1919, Raym ond Orteig, a New York City hotel owner, offered $25,000 to the first aviator who could fly nonstop from New York to Paris. Several pilots tried and failed. But on whitethorn 20, 1927,with The Spirit of St. Louis, Lindbergh took off from Roosevelt Field in New York, and became the first pilot in the world to make a solo, nonstop flight across the Atlantic Ocean. Lindbergh flew some 3600 miles in just over 33-hours and proudly collected his $25,000 reward in front of cheering fans in Paris. The press nicknamed Mr. Lindbergh "Lucky Lindy" and the " solitary Eagle" and he instantly became a hero. With success and fans everywhere, twenty-five year old Lindbergh flew to various Latin-American countries in 1927, at the request of the U.S. government. While work in Mexico, Lindbergh met Anne Spencer Morrow, the daughter of the American Ambassador. They would marry in 1929, and travel the world together, charting new routes for various airlines that are still used by commer cial jetliners today. Ms. Lindbergh herself would go on to become a famous poet and writer. Much to worlds surprise, twenty month old Charles Augustus Lindbergh, Jr. was kidnapped from his home nursery in New Jersey in 1932, making headlines across the country. Leaving only a ransom note demanding $50,000 in the window and a homemade ladder leaning against the Lindbergh home, it seemed someone had kidnapped the tyke of the most famous man in the world and not left any evidence behind.

Medical Industry Essay

Mediksys is a clinic management schema intentional to help the clinica terencio and infirmary in managing their patient role platter and accommodating during their check-up. This system has Features include save, delete, edit, refresh, search by either first name, surname or id. The search also includes autocomplete. Crystal report with option to scratch a single selected cross-file or all the records in a datatable. Also a flexibility in the DataGridView which populates all fields when a record is clicked on the gridview. (Note this is very simple make it complex but dont be redundant in explain the part. It is not the whole scroll it is just a overview) IV. Statement of the problemA. General Problem Manual Clinic Management dust of Clinica Terencio and infirmaryB. Specific ProblemAccommodating numbers of patient upon check-upInconvenience patient record monitoringV. Objective of the fillA. General Objective To develop the Mediksys system.B. Specific ObjectivesTo provide a c onvenient way in monitoring patient check-up queue aim Patient Express Assist. (PEA)To enhance the patient record managementV. Scope and LimitationsThe system is not intended to replace the role of human being in the world, for it has limitation and capabilities. The capabilities of this system would help human being to fall in quality life in serving people. It is primal to the future reader to understand its limitation to enable them to have a deeper understanding on how it can probably help them with their certain task. A. Scope of the SystemThe authorized give suck (receptionist) and Doctor can access to the system during office hours. The patient can view their Number on the screen for their check-up The authorized nurse (receptionist) can edit, add and delete patient information. The Doctor handle or control the patient Express Assist (PEA)B. Limitation of the systemIt does not tiptop other processes aside from recording patient record and viewing the patient number for check-up. (Note in making scope and limitation the scope should that limitation)VI. Review on Related Literature and StudiesAccording to Anonuevo (2009) the most high-volume medical service facilities, the implementation of an efficient queuing and scheduling system would always pose a problem. More a lot than not, medical service facilities would implement a queue manually by either assigning a queue administrator or by using a ticketing system. The problem with these implementations is that the manager or facilitator of the queue does not have a convenient and quick way of informing queued customers of any updates. Because of this, patients are give no indication or estimation as to when their turn will be. As such, patients who are waiting in line will be constrained to wait in the same vicinity as the facility. Which in turn, wouldlead to long and crowded queues in that particular facility.Another problem that most Filipino medical service facilities have is implementing a r eliable, robust and efficient record keeping system. In the Philippine setting, most service facilities still choose to use a paper-basedsystem for keeping medical records. This system has already proved to be slow and inefficient. In a recent survey conducted by the group, 63% of its respondents have admitted to having problems with their record keepingsystem. 83% of these respondents have also admitted to misplacing patient medical records or losing them entirely. These are unacceptable numbers, especially for a medical service facility. Provincial Hospital In-Patient System or PROV-HIS is a generic transaction processing system for provincial hospitals. Implemented in Visual Basic 5 Enterprise edition, it is designed to integrate hospital functions in a local area network system. The proponents identified that data management workload is uneven in the existing hospital system.By carefully demanding and establishing a paper trail, the proponents managed to evenly distribute and s ystematize work among hospital military unit hence disburdening some hospital personnel of work backlogs, do possible through PROV-HIS. L. Morco, a master degree student of De La Salle Univesity observed that PROV-HIS answers the need for an efficient hospital information management. It made use of data coming from the vital source of hospital transactions which are the admission, the medical record service, the billing service and the hospital wards. The result of the proponents crusade is a system that would serve as benchmark in the coming years particularly on hospital in-patient systems for devolved, tertiary provincial hospitals. (Provincial hospital in-patient system (PROV-HIS), 1999)In developing the system, the proponents were guided by theories acquired in the course of their study in the university. Tools such as systems design and analysis, knowledge on database management, normalization and creation, parcel engineering methodologies, human-computer interaction theor ies and information systems concepts were benefited by the system developers. Reading materials, internet information and direct user contact made the study flourish into what is now. The study concludes that the developed system is now utilizing hospital data with great accuracy andefficiency with the use of non-redundant processes and less error-prone activities compared to the existing system. PROV-HIS has also proven itself neat to be called a hospital information system because it is record-management oriented, the primary criterion for hospital information (Note there are many ways for citation, please study and search about it the red ink above indicates my citation for this work)

North or South, Civil War Essay

At any time, the South foot raise, equip, and maintain in the field, a larger army than any Power of the earth can send against her, and an army of soldiers men brought up on horseback, with guns in their hands. (from Senator James atomic number 1 Hammonds cotton wool is King, Document Library, March 4, 1858) The Confederates have their advantages and weaknesses in their economy, diplomacy, and multitude and so do the Union. However, the Confederacy stood above the Union with their advantages of the southern states.They were determined to treasure their laws to maintain the efficiency of their country after secession from the Union. The Confederacy was get around equipped and more(prenominal) prep bed to seduce the Civil War. Although the Union had some advantages in their economy, the Confederacy was better equipped economically. In their economy, the southern states had better agrarian ware for their values of farmland ranging from about zero dollars up to four hundred and fifty millions of dollars and the abundance of crops such as temp, rice, cane sugar, and tobacco in Virginia, South Carolina, Georgia, Texas, Louisiana, and Missouri.The values of the southern farmland could be utilize so it can be sold to some other people or countries when they needed more money for the expenses of the struggle. Also, the abundance of crops can be sold for money which could be used to help out the Confederacy or it can be used as a resource for soldiers during the war. The southern states were doing well economically because of their cotton production of five to forty-five bales of cotton per square miles.Interactive Map for Cotton Production) Since their farmland had great value it meant that they have a great amount of land for the land to be worth a lot which allows their production of cotton to expand even more. The production of cotton helps them earn profits which can be used for the war and cotton can be used to answer clothing for soldiers. The cro ps could be used as food for the soldiers who are fighting in the war because it can provide them a full stomach, a knowing mind, and lots of energy so that they would be more concentrated on protecting their country.The agricultural production of the Confederacy would enable them to keep their soldiers content so that they would focus more about fighting and a hopeful idea that they actually can win with all the food and money they can get. They are watchful to fight the Union. The Confederacys diplomacy with different countries and people allowed them to be one step closer to winning the Civil War. The South is wide-awake to stop their cotton production which can bring them a lot of profits which can be used to be spent on war expenses.Even if they stop their cotton production and to start planting again, they would still be able to earn huge amounts of profits from fetch. (Speech by Sen. James Henry Hammond) The Confederacy would have enough profits from the years of cotton p roduction to provide them with the money needed for the war and their losses. The alliance between the Confederacy and striking Britain gives them an advantage which the Union doesnt have. Speech by Sen. James Henry Hammond) neat Britain relied on the Confederacys production of cotton for their countrys economy to work properly, but the Union wants to stop the production of cotton which creates an alliance between Britain and the South. As long as the Union goes into war with the Confederates, Great Britain would bring their entire army over to help the Confederacy win the war against the Union.They were prepared to be allied at any moment to protect the flow of their economy which the North doesnt have since most of the other countries also relied on Souths cotton production. Confederacys alliances with other countries will make them more prepared to win the war against the Union as they already are. In the military proportion, Confederacy had more experienced and levelheaded ge nerals and commanders than the Union even if they had more commanders. Many of the generals attended the U. S. Military academy at West manoeuver.As an average Southern generals who attended West Point were mostly ranked higher than the Northern commanders. Southern commanders like P. G. T. Beauregard of Louisiana graduated with a rank of the third highest in 1838 and Robert E. Lee of Virginia who graduated with the instant highest rank during 1829 unlike Don Carlos Buell of Ohio graduated with the rank of 32 who was a Northern commander. (Meet the Commanders) The Confederate commanders being able to graduate with high ranks means that they are more knowledgeable than the Union commanders.Since they graduated at the top of their class they know from knowledge about what are the right things to do during the war and they should be able to figure out advantages to increase their chances at winning. The Confederates also had commanders who were more experience with wars because of th eir experience of fighting in previous wars. A Southern commander, throne B. Magrudger had military experience in the Second Seminole War and the Mexican War while Northerner Nathaniel P. Banks of Massachusetts had no previous military experience.Meet the Commanders) The Confederacy having more commanders who had more military experience from previous wars allows them to know some possible advantages and weaknesses that they might have for their army and the enemies since it might have happen before. Experience and knowledge is what makes you more prepared for war with strategies and ideas being created. Overall, the Confederacy has a huge advantage over the Union as that they are more prepared to win the Civil War against the Union. The profits from their agricultural production of their economy leaves them one less thing to be worried about to be prepared for the war.The production of cotton brought the alliance of foreign countries with the Confederacy because of their reliance on the cotton production for profits that keeps their economy going and creates a better diplomacy. The more experience that the commanders received from previous wars and the higher ranking they had in military school increases the knowledge for preparations for the war so that you can increase the chances of winning against the Union. The Confederacy were prepared to win against the Union in the Civil War with all their preparations.

A Doll House Vs The Piano Lesson

Writers of the eighteenth and nineteenth century were the voice of the people and from their words one trick feel the smell of revolution against prejudices of the contemporary society.They embossed literal smell in their words, which they had seen and experienced and showed the majestic human spirit who al focussings find themselves in the midst of fights arising partly from the familiarity and partly from the inner self and consciousness. In the nineteenth century was born among the many writers, a play writer that stone-broke the shackles of the dominant patriarchy society of the eighteenth century to give voice to the women behind the four walls of their Doll House.A father of modern realistic drama, Henrik Ibsen, was a Norwegian play writer who was charged of being scandalous only because he had examined the realities of life that lay behind many facades and social obequities.Another of the same genere was Wilson who won the Pulitzer loot of 1992 due to his enduring word s that raised the consciousness of the Blacks. Spent his childhood in addition in poverty in Pittsburg, Pennsylvania, where he lived with his parents and five siblings, he do his goal to shed the light on the sufferings that their ancestors had to go through among younger generations of duskys.Wilson himself realized this fact that his parents had withheld from them the knowledge of even greater hardships that they had endured themselves. He once told newfound York Times in 1984, My generation of blacks knew very little some the past of our parents, they shielded us from the indignities they suffered. (Gale Research, Autobiography of Wilson, Para.7). His Piano Lesson was one among his many works that eludes us to the greater revelations- the revelations of ourselves, and our association with our golden inheritance. Both Ibsen and Wilson were the mouthpieces of the suppressed and subjugated. In 1871 before Ibsen even started his play, a real incident touched his soul. One day I bsen got monstrous by a Norwegian girl named Laura Petersen, whom he called amuse. But in 1872 Laura married a Danish schoolmaster, Victor Kieler, moreover as soon as she married, her economise Victor contracted tuberculosis, but as they were poor they could not manage to go, so without her husbands knowledge Laura arranged a loan. With this cash they went to Italy and Victor soon recovered. But later the humiliation that Laura suffered was unbearable.When she was forced to tell the truth to her husband regarding the loan, she was abused and Victor straightforwardly found her unfit to be his wife. Laura could not tolerate and she had a nervous breakdown, but in return Victor admitted her in a public asylum.This incident prompted Ibsen to show the Society its unbent face. Thus emerged from his immense delicate soul, the master the most beautiful play, A Doll House a play which is a struggle against the tyrannical and dehumanizing heaviness of women in a society which frowned u pon the women who asserted themselves for individuality.Nora is suppressed in number of ways by her husband Torvald and tyrannical social conventions. Torvald is a smug verify manager and with his job he has number of responsibilities. He treats his wife as if she is her responsibility and a mere product. Torvald is more worried about his temperament but he least cares about her.Though Nora is financial well off yet there is not a single incidence in her life when she does not face rebuke by her husband. On the onset their coupling life seems to be satisfied, yet time and again Noras mettle was burning care fire seeking Independence from the subjugation of her husband. Yet she fulfills her duty as a wife, and here is the hidden irony. Nora also took loan to save her husbands life, but instead of credit she gets only rebuke from her husband.As the play moves forward, she realizes how she has to remain subjugated in her parents ingleside and now as a wife too, and how her marria ge is only a mere game of a Doll, so unrealistic. So when Helmer tells Nora, Because such an atmosphere of lies infects and poisons the whole life of a home.Each breath the children take in such a house is full of the germs of evil, Nora decides to discontinue her inauthentic role of a doll and closed the doors of domesticity to seek out her individuality, but that too she could execute at the cost of her children.She has to leave her children behind so that they do not get corrupted. In the end of the play, her assertion comes straightaway from her mouth when she says, Ive been your wife-doll here, just as at home I was Papas doll-child.(1608).This is Nora and theare are Boy Willie and his sister, Bernice in the Piano Lessons who learned to cherish their heritage and assert their rights as human beings. Piano Lesson has a quintessential plot that revolves around a conflict.It appears on the surface that the conflict that is going on is between Boy Willie and his sister, Bernice, b ut hidden beneath lies the conflict for preserving their heritage and culture, which is in the form of Piano. Boy Willie wants to sell Piano to buy a land for good fortune. What he was visualizing was the future which is the dream of Westernized macrocosm of younger generations, whereas Bernice wants to stay firm to her roots, and declines to part with the heritage.The piano was reminder of her past. It was her fathers piano, who died retrieving it from the Sutters home. The unique thing about Piano are the engravings of the fib of Charles family on it and for Bernice the souls of their ancestors reside in the Piano. It is the Piano only that joins them to their ancestors.The story of Piano dates back to the middle of the nineteenth century, when the Charles family were slaves, their owners Sutters interchange two members of the family for a piano. Sutters then got the Charles pictures of Charles family engraved on Piano, but the carpenter carved whole history of the family into it. This agent was then stolen by their father who was later killed by the Sutters in retribution.With this piano, August Wilson firmly evokes into the heart of the todays generation the reality of the black people in American Society and how they assimilate into the White people, it simply means to give up their black culture and adopt the Westernized ways.When the Doll House was staged in 1879, the spirit of revolution was ravaging like a fire in atomic number 63 and writers inculcated in their writings new thoughts and new perceptions of life which totally defied the old conventions. Wth his colloquial language, Ibsen inserts the burning passion of Independent thoughts which allows the A Dolls house to achieve laurels inspite of criticism.On the other hand, The Piano Lesson was set in Pittsburgh in 1930 when there was Great Depression which became historical background for the play. At that time, the black migration was also at the peak. They were migratinog from south to north in search of better life.This all inspired Wilson but inspiration of the play, he got from Romare Bearden painting by the same name. In the painting was shown a teacher and a student in a form of an an allegory which means that how African Americans should associate themselves with their past.Thus in their writings, inconsequent streams of thoughts, longings, apprehensions, and musings swarm out as they arise in the mind of all and thus emerge the consciousness of Individuality, Freedom, and Independence.WORKS CITED1. Gale, Biography of August Wilson Internet (Last Updated Available http//www.dartmouth.edu/awilson/bio.html, May 11, 20072. luminance Notes, The Piano Lesson by August Wilson Internet Availablehttp//www.sparknotes.com/drama/piano/context.html, May 11, 20073. Templeton, Joan. Ibsens Women. Cambridge Cambridge University Press, 19974. Wikipedia, A Dolls House Internet (Last Updated May 08, 2007) Availablehttp//en.wikipedia.org/wiki/A_Dolls_House, May 11, 2007A Doll Hous e Vs The Piano LessonWords from the writers literary artifacts touches rhythm of the complexities of life and make us realize what we are and where we stand in this world and in the Society around us.From the words of the Writers, immerses the rich flavor of the real meaning of the life and the voice of the repressed and subjugated. Ibsen and Wilson reveal the majestic human spirit in their capacity of striving and suffering.. On one hand, Doll house is in reality a Doll House for women subjugated and repressed in the Patriarchy society of 18th century and on the other hand is the Piano lesson which is a voice of the Blacks who in the eighteenth century were kept as passionless and subjugated slaves.In A Dolls House, Ibsen paints the sacrificial role that woman has to play and the way protagonist of the play has to exert her feeling. In Piano lesson, the real conflict lies in the efforts of the Protagonists to maintain their family, heritage and exploration in the back drop of all the hardships their ancestors have to undergo.The piano is a representative of the culture and heritage and is a center of conflict for the protagonist whether to sell it for buying land previously worked by their slave ancestors or remains in the familys bullheadedness as a heritage.Ibsen presented A Doll house in 1879 in the backdrop of the Victorian Society, the society wherein woman has to subjugate her according to the husbands will.For the nineteenth century audience, the mere idea of woman leaving aside her marriage wows was considered as sacrilegious and, women abandoning her children were against the basic concepts of womanhood. In the end of the play Society won, as Ibsen was forced to write alternative ending of the play when it was staged in Germany.Nora as a wife of a banker has to maintain her relationship with her kids and her husband who both tries to control the family.In the play, Nora is a financially well off as compared to the other female characters in the pla y, but she leads a very difficult life because society demands dominant partner in Torvald, who issues decrees and condescends to Nora.On the other hand, in their hard times in order to save her husbands life, she goes to the extent of beat her fathers name on the document for money but hides it from him. When the truth unfolds, he reacts with disgust and horror. He is only worried about his reputation but refuses to accept the fact it was her love that prompted her to do so. And due to this reason, Nora is considered as a cheat and her deception, left vulnerable to Krogstads blackmail.It was the real incident in Ibsens life that prompted him to write a play. It was 1871, eight years before Henrik Ibsen wrote A Dolls House, Ibsen met a Norwegian girl named Laura Petersen, whom he called skylark and was infatuated by her.In 1872, Laura married a Danish schoolmaster, Victor Kieler, and her nightmares started. Victor contracted tuberculosis, and his doctors prescribed warmer climate f or him but as they were poor, Victor became hysterical. At this Laura arranged a loan without her husbands knowledge. With this money they went to Italy and Victor soon recovered. When the time came for Laura to repay the loan, they did not have the money to pay and Laura tried to send hammer check but it was discovered and Laura finally had to tell the truth to her husband, who found her unfit as a wife.She had nervous breakdown, and in return Victor admitted her in a public asylum. Touched by this story, in the notes to The Dolls house, he said, A woman cannot be herself in modern society, with laws made by men and with prosecutors and judge who assess female conduct from a male standpoint. (Yurgaitis, A Dolls House Synopsis, Para. 15).The indifferent attitude of Noras husband sunk her illusions and decides to leave him, her children and house in search of truth. She has realized that he is not the noble man she has supposed him. In the words of Isben Depressed and confused by h er faith in authority, she loses faith in her moral right and ability to bring up her children. A mother in contemporary society, just as certain insects go away and die when she has done her duty in the propagation of the race. (Wikipedia, Para 5)August Wilson, was himself a black man and as a black man he realized what hardships the blacks had to endure in their lives and as slaves. As Pulitzer Prize winner, he confided in his students at Dartmouth University, My generation of blacks knew very little about the past of our parents.They shielded us from the indignities they suffered, (Dartmouth, Biography of August Wilson, Sidelights Para1) and in a quest to impart the knowledge to the unspoken African American people, he gave to the world The Piano Lesson and many other plays.The characters Berniece and Boy Willie in the Piano Lessons struggle among themselves, Willie wants to sell a Piano to buy a land but Berniece refuses because she had an concomitant towards the piano. It was her fathers piano, who died retrieving it from the Sutters home. On the piano is engraved the history of Charles family and is only there ancestral property.The incident happened in the middle of the nineteenth century, when the Charles family was slave, their owners Sutters sold two members of the family for a piano. Sutters then called upon master-carpenter in the Charles family and ordered him to carve out the only faces of the sold slaves into the piano, but the carpenter carved whole history of the family into the piano. This instrument was then stolen by Berniece and Boy Willies father, but was later killed by the Sutters in retribution.For Berneice, this piano is a sacred altar, considered by ancient African tribes as a crossroad between the living and the dead. It was her belief that by selling Piano, they will loose all the connection with her ancestors and also their protection, which may give the way to Sutters ghost to haunt them. Michael Morales too argues that this pi ano serves as a direct link to the past and is both a sacred ancestral altar and a tool to transmit oral history.Through the songs in a Piano, carvings and the words of Willie, August Wilson makes the audience have a deeper look at their forgotten past. At the end of the play Willie reminds Berniece to continue playing the piano and warns her about the worst consequences if she neglects her past again. And along with that Willie left his mark on the piano, by inscribing on it the history of the familys in readable language with the sole purpose of preservation and continuation of the familys legacy.

Blue Cross Blue Shield

The Changing Face of bluing continue muddied Shield Betty Bogart Kaplan University Author Note Correspondence concerning this article should be addressed to Betty Bogart, Student, Kaplan University, 1801 East Kimberly Road, Davenport IA 52807. The Changing Face of distressing Cross unappeasable Shield Since their founding as individual companies in the early 20th century, Blue Cross Blue Shield has grown to become one of the largest policy companies in the United States. Blue Cross reportage for hospital sustainment and Blue Shield coverage for physician visits grew to national coverage separately before merging to form the Association we know today.In 1929 Justin Ford Kimball developed a architectural plan to cover teachers for hospital treatment. It guaranteed them 21 days of hospital care for $6 dollars per year. This program was later extended to encompass other employee groups first in Dallas then nationally. The program became Blue Cross. The first Blue Cross Baby was b orn in a hospital in Dunham, North Carolina. This was the first birth in America to be covered by a health insurance certificate that included maternity benefits. In 1939 the American Hospital Association pick out the Blue Cross symbol for plans meeting certain requirements.The ties with the AHA were severed in 1970. In the early 20th century employers in mining and lumber camps of the peaceable Northwest developed a plan to cover employees by paying monthly fees to bureaus composed of groups of physicians. Officially the first Blue Shield Plan was implement in California in 1939. The plan grew and was adopted by the Associated Medical Care Plan, a group of nine separate plans. Later the plan was renamed the national Association of Blue Shield Plans.Both programs grew to national coverage as the need for medical insurance proceed to grow with industry. The two companies merged to form Blue Cross and Blue Shield Association in 1982. At the time the company was defined as coverage under social welfare plans and was indeed tax income exempt. In 1986 the tax reform act labeled the company a 501(m) organization which would be subject to federal taxation with special tax benefits under IRC 833. Following this change, BCBSA changed its policies to allow its licensees to be for-profit corporations.In 1984 the nations first heart transplant covered by Blue Shield Association was performed in Stanford University Hospital. This would pave the way for BCBSA to create the Blue Cross and Blue Shield National Transplant meshing which would become the Blue Quality Centers for Transplant. Today it includes 60 transplant centers nationwide and covers transplants for heart, lung, kidney, pancreas, bone marrow, and stem cell. In the mid 1990s the Balanced Budget Act added the Medicare+Choice program. This allowed beneficiaries multiple health plans to choose from.By 2000, BCBSA elegant the majority of Medicare claims. These claims alone totaled over 163 billion. In 2003 ov er 88 million Americans were covered by BCBSA liscensees. Today 38 companies comprise the BCBSA system which provides coverage for nearly 100 million people including all 50 states, the District of Columbia and Puerto Rico. Nationwide over 95% of hospitals and over 90% of professional providers signalise directly with BCBSA companies. Coverage through BCBSA now includes the largest privately underwritten health insurance contract in the world.The FEP (Federal Employment Program) covers more than 5 million federal regimen employees, dependants, and retirees. The world of health care is an always changing one and BCBSA is no different. From starting as two separate small programs to growing into a leader in health care and technology, this association is an excellent example of how far the industry has grown and how far weve advanced in this country and as humanity in general. From transplant research and technology to Medicare, BCBSA continues to stay at the head of the field in all aspects.From their humble origins of trial programs, Blue Cross and Blue Shield have always been on the cutting edge of new health care and technology. As one of the largest insurance Associations in the United states, BCBSA has continued to improve the quality of health care in the United States. Advancements such as Blue Cross & Blue Shield National Transplant Network and Technologies Evaluation Center have proven the companies drive to continually improve health care in the United States.The biggest concern I have for the coming(prenominal) of health care would be affordability. Some families still live paycheck to paycheck barely scraping by and the spiraling cost of health care and health insurance remains out of reach for them. Veterans and elderly benefits are cut to maintain cost while leaving some unfortunates behind. Un-insured people in America was a staggering 50 million in 2010 leading most to believe that something must be done to keep health insurance and health care affordable to everyone.No one should have to suffer without a physicians care simply due to lack of insurance. References Blue Cross and Blue Shield Association (http//www. bcbs. com/about-the-association) Blue Cross and Blue Shield of Illinois (http//bcbsil. com/) Blue Cross and Blue Shield Federal Employee Program (http//fepblue. org/) CNN Money (http//money. cnn. com/) Scott P. Serota, chief executive officer Blue Cross and Blue Shield (http//www. bcbs. com/about-the-association/officers/scott-serota. html)

Meiosis

Adam, a man carries millions of biological processes inwardly him. One of these is the production of sperm cells. everyday his body produces millions of sperm cells done the process of meiosis. Adams sperm cells are produced from a single rear cell through two stages of cell division. From a single parent cell, four haploid daughter cells are produced which contains half the chromosome of the parent cell. Adam feels nothing of these things going on in her testes.Eve, a woman, also carries millions of biological processes within her. One of these is the production of screwball cells in her ovary. She produces a certain number of egg cells through the process of meiosis. Eve feels the presence of egg cells and changes her body temperature in response. Eves egg cell also comes from a single parent cell through two stages of cell division. She follows a cycle of egg production in an average of 30 days. Her ovary produces egg cells until the egg cells become ripe. When fertilization does not occur, the egg cells are thrown away by Eves body as a homunculus of monthly periodic discharge. Meiosis then produces another set of egg cells for the next cycle.When Adams sperm cell and Eves egg cell meet, a process known as fertilization occurs. The half chromosome carried by each, combine to form full fertilized egg with a complete chromosomes. Cells from the fertilized egg grow more cells through another form of cell division called mitosis. This growing fertilized egg from the unite chromosome of Adam and Eve then produces a new human being.ReferencesAccess Excellence The National Health Museum Resource Center. Meiosis. Retrieved December 3, 2006 from http//www.accessexcellence.org/RC/VL/GG/meiosis.html

Corporate Bond Market in India Essay

Foreword In the rush to produce urgent policy documents and instruct notes that any government has to do, it is easy to let matters that may not be quite as urgent to go unat track downed. However, the not-so-urgent often includes matters of great importance for the long-term swell-being of the nation and its citizenry. Research papers on sinkics of strategic economic policy fall in this category. The sparing Division in the Department of Economic Affairs, Ministry of Finance, has initiated this Working Paper series to make available to the Indian policymaker, as well as the academic and research community interested in the Indian economy, papers that are based on research done in the Ministry of Finance and address matters that may or may not be of agile concern but address topics of importance for Indias sustained and inclusive development. It is hoped that this series will serve as a forum that gives shape to in the altogether ideas and provides space to discuss, debate and disseminate them.Executive SummaryIn this paper, we examine the factors behind underdevelopment of bodily bond food foodstuffplace in India. We assess that one of the major(ip) bottlenecks to the development of this market lies in relatively bragging(a)r costs of financing which dissuade the firms to raise finance from this avenue. We argue that the lack of transparence, inefficient market devising and il liquid state of the instrument not only lead to such extra costs of financing that hampers investment in the real sector but can yap the bond market in a low level equilibrium. To alleviate such problems, we prescribe policies that escort better production of information and incr puffd majority of transactions that will lessen both liquidity and transparency problems and ensure efficient market making. A combination of such policies include mandatory disclosure of ratings by firms and assignment of multiple agencies for rating an issue at different points of time, minim um surface of placements of (infrastructure) bonds, establishing stop loss threshold, among others will help breaking the frame and improve quality of issues and would eventually lead to a vibrant bond market with reduced costs of financing investment.Structure of the paperThe paper is organize in three parts. The commencement ceremony part, section 3 and 4 analyse how corporations finance themselves and how does the corporate bond market contribute in this make. Section 3 delves into how large Indian firms evolved in their financing manakin over the past decade. We further analyse what are some of the key drivers of such financing pattern when it comes to corporate bond markets in section 4. In section 5, we offer an analytical construct and mode that shows how liquidity, transparency and informational problems contribute not only to high costs of financing but may create low level equilibrium trap in the bond market where few issuers, investors and market makers participate . In section 6, we summarise the policy implications of our findings and analyse what it would take for the corporate bond market to move from the current state (of low level equilibrium) to a high level equilibrium. We examine where the policy maker might have a role to play and where the market will respond to address its concerns spontaneously.2. A inspection of how large firms in India finance themselvesOur analysis about the debt market in India begins with a review about how firms in India finance themselves. Our information is necessarily limit to the largest firms of India, those that are observed in the CMIE database. We focus on non-financial firms, so as to avoid the measurement problems of accounting data for financial firms. The sources and uses of funds statement, which is the first conflict of the balance sheet, yields important insights into the financing structure. Table 1 Structure of sources and uses of funds Ended 2000-01 35.2 5.7 29.5 64.6 17.2 14.4 3.5 0.5 25.5 Ended 2010-11 30.8 21.1 9.7 67.5 13.8 17.8 3.9 3.2 24.2Component Internal Retained Earnings Depreciation immaterial New faithfulness Banks Bonds Foreign Current liabilitiesTable 1 shows the structure of the sources of funds, comparing the latest available year (2010-11) against one decade ago (2000-01). The first feature of interest is informal financing. We see a substantial reliance on internal financing from 35.2% a decade ago to 30.8% today. To the extent that internal financing is important, it acts as a barrier against new firms who do not have pre-existing cash-flow. The hallmark of a sophisticated financial system is a substantial extent of external financing. From a normative point of view, to the extent that external financing is greater, this is likely to induce superior resource allocation and competitiveness. spell to external financing, one important component equity financing which was at 17.2% in 2000-01 and 13.8% in 2010-11 is in relatively sound shape. T he Indian equity market was the focus of policy makers from 1992 onwards, and substantial progress has been made. One key element stock lending is as yet absent. Barring this, all sophisticated features of the worlds top equity markets are now found in India.The two Indian exchanges, NSE and BSE, rank 3rd and 5th in the global ranking by shape of transactions, that is produced by the World Federation of Exchanges (WFE). The problems in India today lie in debt. Banks accounted for 14.4% of the financing of large firms in 2000-01, which went up to 17.8% in 2010-11. The bond market stagnated, with 3.5% in 2000-01 and 3.9% a decade later. Despite considerable interest in bond market development, the corporate bond market accounted for only 3.9% of the sources of funds of large Indian companies. Finally, foreign borrowing rose sharply, from approximately nothing in 2000-01 to 3.2% in 2010-11. To some extent, borrowing abroad has served as a way for Indian firms to pass the difficult ies of obtaining debt financing domestically.From a normative perspective, the picture that we see in the sources of funds is one of an excessive reliance on internal financing, a surprisingly large role for banks, and a miniscule and stagnant bond market. The next issue that we turn to is the role of secured versus unbarred borrowing. The hallmark of a sophisticated debt market is the figurehead of unsecured borrowing. Secured borrowing is the mainstay of a simple-minded financial system The lender does not have to analyse the prospects of the borrower for he lends only against collateral.In contrast, unsecured borrowing requires that the lender has to understand the prospective cashflow of the borrower, which determines the extent to which the promises about future repayment may be upheld. We analyse secured versus unsecured borrowing by size quintiles, once again amongst all the non-financial firms seen in the CMIE database. In the teensy-weensyest quintile, in 2001, secured b orrowings were at 76.7%. A decade later, there was a small decline, to 65.37%. This shows the stubborn domination of secured borrowing, when it comes to the smallest firms. equivalent patterns are found in other size quintiles also. In the fourth quintile from the 60th percentile to the 80th percentile secured borrowing was 84.7% in 2001 and had dropped slightly to 80% in 2011.This domination of secured borrowing suggests a debt market that has a highly limited ability (or incentive) to actually understand borrowers. Even in the top quintile of firms roughly the 680 biggest companies of India we do not see a meaningful extent of unsecured borrowing. In 2001, secured borrowing was 65.8%, and this dropped to 60.7% in 2011. In other words, even for the biggest firms of India, only 39% of borrowing was unsecured. The debt market was not able to analyse the prospects and give debt, based on assessment about the future, to a substantial extent to even the biggest firms in the countr y. This evidence shows a highly malformed debt market. The bond market is practically nonexistent in corporate financing. Forward-looking assessment is weak even the biggest firms tend to rely on secured borrowing.3. Key issues with Indian corporate bond market functioningThe presence of corporate bond market in India is barely hearable as compared to other economies. Despite of multiple endeavours by the government in the recent past, to revive the market, neither investors nor issuers showed any tangible interest. As a result, at least 80% of corporate bonds comprise of privately placed debt by public financial institutions. The following graph confirms inadequate growth of the bond market in India relative to the countries like US, Japan and China.Illustration Share of Corporate Bonds in Total Debt (Source BIS) Bond markets as well as equity market owe their difference to inherent characteristics of the instrument that underlies respective markets. The following summarise how t he markets are different Intermediaries Market intermediaries in both bond and equity markets ensure liquidity. However the intermediaries in the bond market at present need to hold a bigger amount of capital than their counterparts in the equity markets because of the larger volume of trade in each transaction. Subsequently the need to hold large inventory position is more for bond market intermediaries as compared to equity market intermediaries who have the option to do electronic limit order matching. Hence, intermediaries in the bond market are exposed to greater risks due to liquidity partly due to the absence of a secondary market where retail investors can participate along with large players.Investors Bonds payoff are attractive to those who favor predictable returns for known time horizons. As a result, bond market attracts institutional investors cautious of protecting their principal e.g. pension funds, insurers, banks, etc. This also results in relatively risk avers e retail investors willing to invest in the bond market. However, casual empirical observations suggest that the share of retail investors in corporate bond market is very small. Lack of liquidity and transparency are the key reasons driving lack of investor participation in corporate bond market including retail investors. Another reason why the market for corporate bonds did not take off earlier was large scale default that undermined the system and safeguards in place.While this paper addresses how to alleviate problems of liquidity and transparency, other measures must also be adopted to reduce probability of default and increase the amount as well as speed of recovery in the event of bankruptcy. For example, it is well known that firms have a tendency to adopt excessive risky projects financed by debt due to limited liabilities. While banks can retard such activities by placing covenants, public debt holders are powerless to do it because each owns an insignificant amount of t he marrow debt. Many a times, the seniority of debt is debatable. On the other hand, the magnitude of the recoveries also depends on bankruptcy law which in India is very weak.Hence, strong legal systems that prevent excessively risky activities and also ensure faster resolution of bankruptcy are also preconditions for the emergence of a strong bond market. Though there might be a combination of factors that impede the growth of a vibrant corporate bond market in India, we will argue on a lower floor that the lack of transparency, less liquidity and inefficient intermediation in the process of market making contribute to the current state of the market. The bullet points beneath compactly summarize the impact of these three factors on the development of bond market in India. Efficiency in bond market is driven by transparency that allows bonds to be costd for all available information. Transparency in the bond market refers to the dissemination of information conveyed to all mar ket participants 1regarding pre and post trade issues ranging from order interests to price and volume after trade is executed.Liquidity in bond market is driven by volume of bonds offered by issuers in the primary market on an on-going basis as well as the circulation of bonds in the secondary market with active investor participation. A greater the participation of investors reduces search costs of both buyers and sellers and ease liquidity problems leading to a lower discount of the bond. Liquidity problems here refer to the ease of selling the bond in a secondary market. Intermediaries summons both buy and sell side prices and hold inventory to enable market making. Any inefficiency in this process will be automatically reflected in the pricing of bonds and thus will adversely affect costs of borrowing of the issuers.3.1 TransparencyThe Indian corporate bond market lacks both pre-trade as well as post-trade transparency. Factors limiting transparency of both primary and second ary corporate bond market are (a) Systemic flaws in the credit rating process by the Credit Rating Agencies (CRAs) enhance risk and also reduce transparency due to a constellation of a number of factors articulated below Right to rate the issuers of bond is not confined to entities registered as CRAs (Credit rating agencies) and currently ratings are being done by entities not registered as CRAs. These unregistered agencies rate in a manner that is not calibrated to CRA rating standards and offer rating to not just instruments but also issuing organisations. This infuses excess noise in the production of information which may force retail investors to shy away from the bond market. For example, the SMERA which rate instruments as well as organisations for small and medium industries in a manner that very often do not meet criteria of proper rating standards.

Military Nursing

The core apprizes performer the principles or standards to be followed during the course of job. The core values play an alpha role in the development of all(prenominal) individuals personality ad In successfully achieving his target. As like in other profession, naval forces also covers three oaths like paragraphs called core values, which are, honor courage and commitment.Honor Are the respect, honesty and integrity towards the job performed. Honor is the pride, which helps to take full accountability for any actions delegated and keep abide the person to perform his duty in highest ethical manner. Therefore, Medal of Honor is the highest award in U.S.A. A very keen man rightly said that, Honor comes from within the human mind and from human nature.Courage is another navys core value, which means bravery, zeal, enthusiasm etc. It is also treated as state of mind that helps to overcome danger, difficulty, pain or fear. In navy courage means, the valor to conglomerate the dem and entrusted to the person as best(p) as possible. Courage is the bravery, which gives us strength to face every problem without fear.Commitment The last core value of navy is commitment, which means dedication, obligation and promise towards all the people a job assigned. People should always be committed to their task therefore, commitment is a core value. Commitment is very important in the navy because there is considerable amount of responsibility on the shoulders of navy personnel as every person depends on them.Committment should not be limited to oneself but to all the people around.Conclusion from the above core values discussed it is clear that these principles are constituent(a) part of all the navies forces across the world, which build the foundation of trust and leadership upon which strength is based and victory is achieved. Therefore, every member of naval service- active, reserve, and civilian, must pull in and live up to the core values.Thus, every naval person should be truthful and honest in his dealings within inside and outside the department of the navy, he must encourage new ideas and delivers bad news immediately and he must fulfill ethical ad legal responsibilities in best manner. The navy person must have courage to accept all the challenges with high standards of personal conduct and decency and he must be loyal to the realm by making honest, careful and efficient way. He should respect all the religion without caste, religion.ReferenceReferred to siteshttp//www.geocities.com/CapeCanaveral/Cockpit/4745/Navycore.html/Navy Core values. http//navsci.berkeley.edu/ns1/PPT/corevalues.ppt/ http//usmilitary.about.com/od/navy/l/blcorevalues.htm/The united States Core Values. Dated 3rd July 2007

Policy and Performance of Indian Education Essay

In terms of demographic profile, India remains 1 of the youngest nations in the conception with 38.2% of its community in the 0-5 year age bracket. This translates into the Indian Education system creation unmatchable of the largest bringing upal systems glob anyy with a network of more than 1.2 mn schools and around 31,000 Higher precept institutes. Education, being one of the important determinants of human welf are of any nation, the GoI has accorded priority for the promotion of gentility especi anyy first-string & secondary breeding in India. Correspondingly, the governments spend on breeding as a per centumage of GDP s in any cased at 3% while accounting for 11.3% as a proportion of all public expenditure. How eveningr, the GoI is faced with several hurdles in terms of penetration across all education segments viz Pre- school, K-12, Higher education and so onas well as reaching out to the students in tier-III cities and rural areas.The GoI has then emphasised on Pu blic Private Partnership (PPP) in education so as to annex the literacy rate from 74% as per the Census 2011. The educational segments i.e. Pre-school, K-12, Information & Technology (ICT) in schools and Higher education form the important constituents of the Indian education. Of the same, the Pre- school grocery in India still remains largely unformed and under-penetrated. However, the ease of setting-up of pre-schools as well as the ontogeny acceptability of pre-school concept in India augurs well for the industry. The K-12 institutes in India largely remain governed by the GoI accounting for 80.2% of the total 13.5 lakh schools in India. Of late, with greater interest evinced by the private corporates/ trusts / educational societies etc, the share of private institutions in the K-12 space has grown from 18.9% in FY07 to 19.8% during FY11.The scope of ICT in schools has also gained prominence in new-fashioned times through GoIs programmes such as Sarva Shiksha Abhiyan (SSA), ICT prepares etc. The penetration of ICT in schools however remains emit especially owing to the slower pace of such roll-outs in the government owned or aided K-12 schools. In case of Higher education institutes, the not-for-profit legislation coupled with the requirement ofaffiliation from multiple regulatory bodies such as UGC, AICTE etc proves to be a barrier for the entry of private institutes.However, in view of the rising enrolments in superiorer education coupled with the growing variety of educational streams, the private welkin participation is expected to grow to catch in the growing penetration levels. CARE Research expects the size of the Indian Education System at US$ 102.1 bn with CAGR of 11.2% during FY11-15. aside from the growth of educational segments as mentioned above, CARE Research expects the other trends such as GoIs druthers towards PPP, entry of corporates and foreign educational institutions (especially in K-12 & Higher education), growing focus on the Distance education mode of learning and growing acceptability of the vocational courses to remain the key drivers to the growth of education in India.IntroductoryBeginning with a brief evincement on the educational situation on the eve of independence, In spite of all that had been achieved under the British Rule, we began our Freedom on a fairly low level of attainment in education in almost all respects. We then had 17 universities and 636 colleges (With a total enrolment of 238,000 students), 5,297 secondary schools with 870,000 students, implying that not even one youth in e really twenty dollar bill in the age-group 14-17 was in school, 12,843 center(a) schools with two million pupils and 1,72,661 essential schools with fourteen million students (which implied that only one infant out of every three in the age-group 6-11 was in school). Vocational and technical education was exclusively poorly developed, both at the school and university stages, and the supply of hi gh level trained scientific man-power was very limited.Educational inequalities were very large, especially mingled with one region and another, between urban and rural areas, between men and women, and between the advanced and intermediate castes on the one hand and the scheduled castes and tribes on the other. The standards of education were generally unsatisfactory, especially at the school stage, with too much of emphasis on English and too little stress on mathematics, science or the Indian languages. The percentage of literacy was only about fourteen and the total educational expenditure was just about Rs. 570 million or less than half a per cent of the national income. It was this challenging situation which the nation was called upon to reform whenit keptits first tryst with caboodle in 1947.The modern school system was brought to India, including the English language, originally by Lord Thomas Babington Macaulay in the 1830s. The curriculum was hold in to modern subjects such as science and mathematics, and subjects like metaphysics and philosophy were considered unnecessary. Teaching was confined to classrooms and the link with nature was broken, as also the close relationship between the teacher and the student.POLICYThe Uttar Pradesh (a state in India) placard of High School and Intermediate Education was the first Board set up in India in the year 1921 with jurisdiction over Rajputana, rudimentary India and Gwalior. In 1929, the Board of High School and Intermediate Education, Rajputana, was established. Later, boards were established in some of the states. yet eventually, in 1952, the constitution of the board was amended and it was renamed Central Board of Secondary Education (CBSE). All schools in Delhi and some other regions came under the Board. It was the function of the Board to decide on things like curriculum, textbooks and examination system for all schools affiliated to it. Today there are thousands of schools affiliated to the Bo ard, both within India and in many other countries from Afghanistan to Zimbabwe. Universal and compulsory education for all children in the age group of 6-14 was a cherished dream of the new government of the Republic of India. This is ostensible from the fact that it is incorporated as a directive policy in article 45 of the constitution.But this objective remains far away even more than half a century later. However, in the recent past, the government appears to have taken a serious note of this lapse and has made primary education a Fundamental Right of every Indian citizen. The pressures of economic growth and the acute scarcity of skilled and trained manpower must certainly have played a role to devil the government take such a step. The expenditure by the Government of India on school education in recent years comes to around 3% of the GDP, which is recognized to be very low. In recent times, several major announcements were made for developing the poor state of affairs in e ducation sector in India, the most notable ones beingthe National Common Minimum Program (NCMP) of the United forward-moving Alliance (UPA) government.The announcements are (a) To giveively increase expenditure on education to around 6 percent of GDP. (b) To support this increase in expenditure on education, and to increase the quality of education, there would be an lying of an education cess over all central government taxes. (c) To ensure that no one is denied of education due to economic backwardness and poverty. (d) To make right to education a fundamental right for all children in the age group 614 years. (e) To universalize education through its flagship program such as Sarva Siksha Abhiyan and Mid DayMarket OverviewIndia has the worlds largest population in the age bracket 5 to 24 years of about 450 million. It also has around 500 million in the 25 to 59 age bracket which constitutes the working population and is expected to continuously increase even as the worlds worki ng population ages and diminishes. This phenomenon will make India a supplier of hands to the entire world. In the wake of this reality, the Indian education system should therefore be able to produce a workforce which is globally competitive and thus reap its demographic dividend.Literacy in India is one of the key deterrents to socioeconomic progress of the country. The Indian literacy rate currently stands at 74% compared to 12% at the end of British traffic pattern in 1947. Although there has been a six fold growth, the level is well below the world modal(a) literacy rate of 84%, and India currently has the largest illiterate population compared to any other nation in the world. A quick look at evidence 1 below provides an insight into the current literacy levels of Indians. Therefore, as India moves up on the path of globalization, it needs to overhaul its education system to meet the future demands.Enrolment Levels contempt having the largest Kindergarten to Grade 12 (K- 12) population globally, India has a low enrolment rate in schools, especially at the senior secondary level. The enrolment percentage has fallen from 113% atprimary to 81% at middle school and then to 31% at secondary & higher secondary levels. Low enrolment and high drop-out rates are political campaignd by low availability of schools in rural areas, low awareness, and prevalence of child labour amongst lower income strata. The enrolment percentage is calculated as the ratio of total numbers of students enrolled in specified grades to total number of children in that age group. At the primary level this is upwards of light speed%, as even children greater than 11 years of age are enrolled in Grades 1-5. This is largely a rural phenomenon prevalent in Govt. schools across the country.Key SegmentsThe Indian Education sector can be segmented under four broad heads, namely, Schooling, Higher Education, Vocational Education & Skill Development and Ancillary. The Exhibit 3 below provi des an overview of the various education segments and their respective subsegments.Schooling SegmentThe training segment covers the largest population of our society as compared to any other form of education. The segment is also the largest education segment treasured at USD 44 billion in 2011 and is expected to reach USD 144 bn by the year 2020. The market size of its various sub-segments with growth rates and projections for the year 2020 is mentioned in Exhibit 4.Out-of-School Children The number of out-of-school children has declined from 25 million in 2003 to 8.1 million in mid2009. The most significant improvements have been in Bihar, Jharkhand, Manipur and Chhattisgarh. The percentage of out-of-school children in highly populated states like Uttar Pradesh, West Bengal, Orissa and Bihar remains a cause of concern. Social Inclusion Although there have been significant improvements in the proportion of children from socially disadvantaged groups in school, persistence gaps re main. Girls are still less likely to enroll in school than boys in 2005, for upper berth primary school (Grades 6-8) girls enrolment was still 8.8 points lower than boys, for plan Tribes (ST) the gender gap was 12.6 points and 16 points for Scheduled Castes (SC).In addition, ST and SC children are less likely to access their right to 8 years of schooling the drop-out rate for ST children being 62.9% and 55.2% for SC children compared to a national average of 48.8% leaving school before finish Grade 8.

Blue Ocean Strategy Theory and Criticism

Outline the main components of Kim and Mauborgnes (2004) concept of dreary maritime scheme. Critically assess the force-outs and limitations of this approach to pursuing competitive advantage. Use relevant examples to support your argument. Introduction In the contemporary hostile business environment, knowledgeability has become part of any companys preponderating dodging for continuous survival. Nokia, despite be the worlds largest mobile phone manufacturer having a large customer base, realized how lack of creative activity to compete against rivals racy end smart phones exist its securities industry presence.Kim and Mauborgnes (2004) voluptuous maritime Strategy is one of the major contributions in that context. Accordingly, this essay examines the wild blue yonder sea Strategy concept in the following order First, the theory is explained with a real-life example. Secondly we font at few of its limitations. Thirdly, a critical appraisal of why this approach is bet ter or worse off than other competing and value innovation theories is presented and finally the conclusion is drawn. grubby Ocean Strategy openingAccording to Kim and Mauborgne (2004) the business universe consists of two distinct kinds of space Red and Blue Oceans. Red Oceans atomic number 18 the known market space where constancy boundaries are defined and accepted, and the competitive rules of the game are known. here companies try to outperform their rivals to grab a greater share of the market. As the market space gets crowded, prospects for scratch and growth are reduced. Products become commodities, and cutthroat competition turns the ocean bloody and hence, the termred ocean.Blue oceans, in contrast, refer to all the industries not in existence todaythe unknown market space, unmingled by competition. The essence of Blue Oceans is value innovation where demand is created rather than fought over. at that place is ample luck for rapid growth and profits. In Blue Ocean , competition is irrelevant because the rules of the game are waiting to be set. In contrast to Red Ocean which emphasizes either on cost or differentiation strategy, Blue Ocean suggests it is possible to attain both simultaneously. Pursuing this strategy is able to create high barriers to entry.There are two ways to create blue oceans one is to give rise to completely juvenile industries and the other is by changing the boundary of an existing industry. One of the classic examples of Blue Ocean strategy was Fords invention of Model T back in 1908. At that time the automobile industry in US was saturated (Red Ocean) with 500 small car companies manufacturing few expensive cars for the rich citizens only. Ford redefined the industry by the introduction of Model T car which was more(prenominal) robust, affordable and had less maintenance cost.With high demand and standardization in its merchandise it was able to attain both differentiation and low cost. thus instead of entering a nd competing on the same level Ford made the competition irrelevant by tapping into a whole new market or Blue Ocean within the existing industry. Limitations near of the Blue Ocean Strategy limitation suggested by Bowman (2008) includes the cost associated with failed projects and innovations, the ambiguity in the industry definition and the methodology carried out for the theory. Other Strategy Theories and ApproachesCompetitive Strategy Forces Porters fiver forces viewing competition as the main issue that business out to be addressing is in rank contrast to Blue Oceans view of value innovation and creating new market. A mellifluous research in the retail market by Barke (2010) suggests that Porters view of increased buckram leading to lower profitability is in fact true but it does not go knock off alarmingly as suggested but rather a pedestrian force. Also Blue Ocean innovation in an existing market can last for 15 years before it to go down to a basic level (Barke, 2010 ).What that means is that the profit gains from innovation, in an existing market, are a lot more than previously supposed. Disruptive Innovation Kim and Mauborgne (2004) failed to identify the difficulty in adopting Blue Ocean strategy particularly for the established firms. Christensen and Overdorf (2004) spotted this issue in their disruptive innovation model which bears similarity with Blue Ocean in that new markets can be created with the existing industry and continual innovation is needed for survival. Broadly defining, it is a strategy which disturbs the trajectory f an industry it is heading to, instead of hard to change the whole industry and does so by targeting the so called non-consumers. Christensen argues that established firms strength in resources, process, and values culture can often lead to rigidity to change and adapt to threats or explore new markets. Easy jets incremental growth and rise in dominance against other airlines much(prenominal) as British Airway s is a perfect example. British Airways tried to change its business model and retroflex Easy Jets low cost strategy but miserably failed due to its different value.Christensen and Overdorf (2000) highlight this issue about the dangers of quickly imitating by established firms and instead urges new organizational structure, acquirement means to tackle the issue. They further go on to say that small disruptive startups will incessantly have an added advantage over established firms due to less stress in managing resources and in chief operating officers quick intuitive decisions. Their theory, thus, provide a whole new perspective in Blue Ocean Strategy model. Experience Innovation and Co-Creation of ValuePrahalad (2004) argues that that today, customers want to be involved more and more in the merchandiseion regard or become co-creators instead of the overriding logic of companies that decides which product to manufacture and sell as suggested by Blue Ocean strategy and other theories. According to him, this dominant logic fails to recognize threats, seize opportunities, growth and innovation. He suggests value is created through experience of consuming the product rather than only measured by product, service or transaction (Prahalad, 2004 173).This is what terms as experience innovation that can be created through a paradigm known as DART (Dialogue, plan of attack and Choice, Risk Assessment and Transpercy). Starbucks is a good example here where people just dont go to drink coffee but rather to experience of the coffee shop culture. Trends in Nipponese Management While Blue Ocean Strategy emphasizes on finding a new market for competitive advantage, Clegg and Kono (2002) asserts that one of the rise of Japanese companies such as Hitachi and Toshiba was developing strategic alliances and co operation with other companies (Clegg and Kono, 2002 278).Further dissimilarity in Blue Ocean strategy includes Hamel and Prahalad (1989) advantage of being a f ollower rather than a leader which enables companies to have a strategic intent or a long term vision of winning and beating the biggest in the business such as Canon sought to beat Xerox and ultimately matching global unit market share. closedown The competitive perspective suggests that companies should pay close attention to their existing markets when looking for opportunities for innovation that competition is a much weaker force in terms of eroding the benefits from innovation.Disruptive innovation highlights the obstacles faced by firms in pursuing Blue Ocean but rightly urges firms to adopt this strategy for survival. With the current IT phenomena the experience innovations holistic view of measuring value through consumer is a new breadth of fresh air that should be included and be a part of Blue Ocean Strategy. Lastly, the trends in Japanese Management indicates that other successful strategy theories must also be considered alongside Blue Ocean as part of companies broad er business plan to remain competitive.

Cost Information for decision making Essay

Two common be systems used in business argon traditionally cost news report system ( parentage be, sour costing and operational costing) and activity-based costing system (ABC). There are most similarities and differences between these systems. Regarding the similarities, both accumulate output cost throughout the production process and assign those cost to several(prenominal) units of production. Additionally, product cost under devil costing systems consists of direct materials, direct labor and manufacturing operating expense.In terms of differences, they are different in the way how the bash costs are allocated. For schematic costing, it assigns manufacturing overhead based on a single volume based cost driver such as direct labour hours. In contrast, ABC approaches cost from the perspective that products do not cause costs. It requires activities which are the causes of all costs incurred so it allocates manufacturing overhead according to the activities needed to produce the products. Therefore, it highlights the existence of non value added activity which is not existed under traditional method. ABC also differs from conventional costing in the use of some(prenominal) cost pools when allocating the overhead costs.For instance, traditional costing uses only sensation cost pool to distribute the overhead whereas there are many cost pools involved under ABC. Furthermore, ABC employs both volume-based and non-volume-based cost drivers age conventional costing utilizes only volume-based cost drivers. Another difference is that conventional approach complies with the GAAP so it can be used to satisfy conventional financial reporting requirements. On the other hand, accounting standard board does not accept ABC to prepare financial statements so it can be useful for internal management decision.Under conventional system, there are similarities between job costing, process costing and operating costing. Firstly, they accumulate product costs thr oughout the production process and assign those costs to products. Secondly, these costing systems calculate the product costs which comprise direct material, direct labour and manufacturing overhead. Lastly, the cost flows for one-third systems is from raw material to work in process to finished goods and then to costs of goods sold.These first two systems can be distinguished by the following differences. First, job costing system is used by the company which produces unique products or products based on customer orders. Conversely, process costing is for the firms which produce one or a few homogenous products and often have continuous mass production. Second, each individual product costs are traced easily under job costing while process costing makes no attempt to track individual product costs. Thirdly, under job costing, the transfer from one job to another does not take place whereas the production from one process is transferred to next one manger the product is full comp leted under process costing. Next, process costing accumulates product costs in each production department throughout the period while job order costing accumulates product costs to specific units.Operating costing for company which has a mix production system that produces in large quantities but then is customized the finished product. Therefore, operating costing is a combination of process costing and job costing. However, it differs from job and process costing which includes more than two types of cost pools in overhead assignation process. The cost pools are designed to match the separate processes that may be allocated to batches of products.Comment about the quality of your work According to the assessment criteria, my answer for the question should be marked 7. This is for the following reasons. Firstly, the answer is well-organized into fivesome paragraphs which consist of differences between conventional costing and ABC costing. For instance, the first and second para graphs demonstrate the similarities and differences between conventional costing and ABC. Apart from this, the answer also points out the similarities and differences between job costing, process costing and operating costing.

Food Truck

Jennifer Collins Ent 1000 3-20-2013 Industry typography Food Truck vs. Organic Trucks The street aliment trend has been a growing industry across the country. tally to Ameri tramp City Business Journal of Orlando, Fl. , to a greater extent than 3,000 street vendors made $1. 3 billion in revenue in 2010, a 12. 7% jump from the revenue from the prior year. The average startup court of a sustenance hand truck is only about $5,000-50,000 and the yearly profit potency can be anywhither from $100-250,000 per year. The list of cost for startup include fuel, maintenance, product line permits, equipment, supplies, insurance, marketing and is still minimal in contrast to the fees required for a stand-alone cafe spot in a busy business rural area. This is good mods. Organic feed trucks guide almost no competitive market compared to the food trucks that set up fan fair (un hefty) fast foods. The mobility of this business provides a wider profit gross than a stand-alone brick and p laster business and the flexibility to drive wherever the customers are can be a competitive advantage.I cherished to start an Organic Food truck business basic rather than open a atomic restaurant for a few simple reasons. Startup costs are considerably less, and profit margins can be more. During my research of looking up for sale ads, I found that a used truck right now can be as low as $15,000 or a new one at $30-50,000. According to Forbes. com, I can social movement towards my market selling in more populated areas, whereas, Purchasing a small cafe in my local area with twenty seats, somewhat 2,000 square feet in size can cost upwards of $175- 300,000, and then I am stuck in the same community for years.The basic food truck concept started way back in 1961 when new-sprung(prenominal) York began to regulate vendors selling food from push carts. livelycuisine. com- the History of American Food Truck article says, horse cavalry drawn chuck wagons started in 1866, sausage vendors sold quick hot foods to students at their dorms at Yale, Harvard and Princeton in 1974 and the first Taco truck in 2008 was regulated to sell food in a super populated in Los Angeles, California. The National Restaurant Association said, The category tops $630 million in nationwide revenue in 2011. But when first introduced, a regular food truck selling the classifiable burger, taco or BBQ made about a third of that ten years ago. Currently thither is no confirmed market spot for the vegetarian or organic food truck only this area is undefined. In the Western part of the U. S. , vendors who sold Asian, BBQ, or fair food sell the most products compared to the level-headed foods that may be sold on a vegetarian or organic cart, yet there is a rise and a need lately in the health food industry with nation nerve-wracking to lose weight and eat better.Working in a health food kitchen for the past two years, I have realized how consumers have few choices in this area of take out. Having the convenience of a healthy food truck alternative parked in your area is a perfect idea. Certain health bumps and disease are on the rise and people love the idea now of having a gluten-free, soy sauce or dairy-free, vegan or locally grown food choice in their own back curtilage where they can feel good about what they eat. whatsoeverone is looking out for them. According to Wikipedia. rg 2013, locally here in downtown Tampa Mayor Bob Buckhorn organized a monthly food truck move up drawing thousands of coinsures. Saint Pete followed suit in 2011. The biggest buyers of foods from diligent vendors are adults age 25-34 spending an average of $44 per month. In Theresa Ehrlichs online article, she also ads, major market area analysis shows that 55% of trucks park at a street corner, early(a) venues or events such as rallys are 18%, aspect work sites 15% and shopping malls contribute to 12% of locations served. Right now, the phenomenon is gained so much buzz, that its rocky to accurately track the national sales. Yet as should be assumed with any business the first year, there are political, environmental, social-cultural, technological and competitive threats. Upon further analysis of my industry (Industry code 722211 mobile gear up to eat pay first food service), and my industries trade associations (mymfva. org. Mobile Food Vendor Association MFVA or The NAC National Association of Concessionaires at naconline. org. , they outline a more extensive overview of the PESTC for further forecasting. POLITICAL Some of my industries opportunities say that you will not have to purchase a separate kitchen to cook food in, as all the cooking can be done on the truck. There are rumors though, that these laws may transport in the near emerging. Many truck owners may see parking tickets an s apart of an hit cost. Parking at a free event saves cost of such fees. Permits to operate in the metropolis are often permitable and I already possess a National Food oversight License that is required by the state.Im personally not ready to open a food truck but a few years from now when I am, permits and standards may change. ENVIRONMENTAL of late the economic state has plummeted and consumers are watching there money. They may not be able to afford eating out at ritzy cafes. A food truck off-keyers droll food concepts at a more affordable price. Currently 70% of Americans are too busy to cook at home so they eat outside. On the other hand, if food truck owners do not economise up with trends and good locations in local areas to sell, consumers may not be aware of new foods.They would have to cumber up with social media and marketing to promote themselves properly. Some vendors say they are using cheep and Facebook to let customers know which location they will be serving next. SOCIO-CULTURAL In my own experience with eating from a food truck, I see street vendors as fun and find the process is much like a foodie groupie in the game of searching out the locations where they may be this week. It becomes a fun weekend hobby. In the past Trucks were called roach coaches. I suspect that this stereotype deters some people from trying out a food truck. bearers must work extra hard to gain a positive reputation. TECHNILOGICAL Technology is always changing and the prices increase for such equipment that may be needed to keep up with the times and customer demands. A food truck only has enough room for so much food, storage and equipment which is made to travel as simple as possible. Basic kitchen equipment based off of a standard menu is only required yet there may not be room for high tech registers or credit machines. Most food trucks use Square, with their mobile phone to process credit card payments.You wont waste time counting hard cash or change for the customers and it works out just as quickly as any other process. COMPETITIVE A competitive threat the local community might include a model cat food truck that would force a new truck to step up his game, but as far as the threats of the environment in a competitive nature, I dont see a lot. On contrary, the niche of having healthy food services is that its probably in no league of high competition with an actual restaurant. Because its mobile, this provides a direct link to the customer and find the most profitable areas to work in.If one area isnt great, they can simply move on. Strengths within the food truck industry of ready to eat foods, I include lower overhead, productive menu options that can be changed, high brand recognition and lower start up costs that would also be affordable to maintain. Opportunities, I feel, are based on the individual business owners future goals. Moving into a tourist town where there are few trucks and less competition, offering something unique or replacing a truck spot that has just closed could bring more customers.Rising food costs or lack of expertise in financing or managing could pose as a Weakness. Rising gas prices, traveling expenses and county changes or restrictions could also become a Threat in the food truck business. On a better note, trends right now in the street food vendor industry are growing in our local area and are all the rage in western states. It is a competitive yet fun concept. In my personal opinion, the opportunities out weight the threats in this field so I look forward in learning more and producing a creative aspect to the ideas I already have in place.With the reputation that this concept first started with compared to the revenue its generated in the past recent years, the potential seems profitable enough and worthwhile. Food trucks have been around since 1866 selling domain chuck burgers and sausages but the vegan, vegetarian, organic trend has not been around too long making the potential gross profit almost unknown. I think this concept is a good thing to risk moving forward with. I see it as a win BIBLIOGRAPHY The cost of start ing a food truck. Forbes. com. Web. 27, September. 2012. Investopedia. Anjail, Fluker. Orlando Commisary Forms Association for Food trucks.Orlando American City Business Journal. Web. 14, March. 2012. Myrick, Richard. The history of American Food Trucks. Mobile Cuisine magazine. Take the Cannoli Productions L. L. C. MCM 2010-2013. Web. 2, July, 2010. Theresa, Ehrlich. Best Customers Demographics of Customer Demand. 2008. Web. SBCC. net Pon, Jackie. 5 Things you should know About Starting Your Own Food Truck. Pbs. org. 2013 WNET. org. Web. 15, October. 2010. Myrick, Richard. Running a Food Truck for Dummies. Dummies. com. 2013 John Wiley and Sons, Inc. Web. Wikipedia. com. Food trucks in Tampa. 14 February 2013. Web.

Bajaj Case Study

Financial wariness at Bajaj machine Bajaj elevator car Limited is one of Indias largest two- wheel horse manufacturers. As the dominant player until the wee 1990s, Bajajs market share declined from 49. 3% in 1994, to 38. 9% in 1999 with the entry of study competitors like hit man Honda. Bajaj has initiated several measures to determine its market share and strengthen its competitive position. The case discusses the pecuniary dodge pursued by Bajaj. Financial counselling at Bajaj car We want to get gage the attractionship position in the two-wheeler element and will use the cash if required to do so.However, in current volatile market conditions (not to forget the Japanese and their huge cash reserves), we would rather have the tribute of cash any day. We are competing not only with Indian companies, but also with large distant two-wheeler companies, many another(prenominal) of whom have much deeper pockets than ours. While our special cash will assist us in future offshoot, it also acts as a deterrent to others from indulging in predatory pricing evasive action Sanjiv Bajaj, Vice-President Finance, Bajaj machine Limited. 1 IntroductionIn 2003, Bajaj Auto Limited (Bajaj) was one of Indias largest manufacturers of both two and triad-wheelers. The three-wheelers, also cognize as autorickshaws, were unique to the South Asian region. The company recorded revenue of Rs. 5 one hundred twenty-five. 73 crores representing a 13% increase over the previous year 2. Once the unchallenged market leader, Bajaj trailed supporter Honda in the be new-madedly 1990s. Bajajs market share declined from 49. 3% in 1994, to 38. 9% in 1999. 3 Thereafter, Bajaj had initiated several measures to re get ahead its market share and strengthened its competitive position.In 2003, Bajaj had a workforce of 12,000 employees and a network of 422 dealers and over 1,300 appoint service c work outs. 4 The Indian Two-Wheeler Industry Two-wheelers had become the standard mode of transportation in many of Indias large urban centers. Use of two-wheelers in the rural areas had also increased significantly in the 1990s. The birth of the Indian two-wheeler industry could be traced to the early 1950s, when Automobile Products of India (API) started manufacturing water water sea scooters in the country.While API initially dominated the scooter market with its Lambrettas, it was Bajaj which rapidly emerged as the unchallenged leader in the scooter industry. A number of presidency and private enterp muster ups who entered the scooter instalment, had disappeared from the market by the turn of the century. The License Raj that existed prior to economic liberalization (1940s-1980s) in India, did not allow outside(prenominal) players to enter the market, making it an ideal breeding ground for local players. plainly the Raj also hurt the growth of the industry by imposing various restrictions.In the mid-80s, the government started permitting foreign companies to enter the Indian market, through minority go ventures. During this breaker point, the twowheeler market witnessed a boom with Japanese players like Honda, Suzuki, Yamaha and Kawasaki, get in the market through joint ventures. 1 2 3 4 M. Anand, ? Is Munjal Being Too freehanded noteworld, 19th may 2003. B1 rootage nontextual matter Database. Gita Piramal, Sumantra Goshal and Sudeep Budhiraja, ? Transformation of Bajaj Auto Ltd,? Lessons in Excellence Case Contest, www. thesmartmanager. om, February- litigate, 2003. commencement Bajaj Auto Limited Annual enshroud 2003. 109 Financial Insights Figure (i) Indian bicycle grocery Source Honda Annual Report 2003. Foreign players quickly changed the rules of the game. From a suppliers market, it became a buyers market. Companies tried to outdo each other in terms of style, price and fuel efficiency. The technological expertise that the foreign collaborators brought to the market place helped increase the overall quality of the products quite significantly. In the early 2000s, the opposition intensified further.In 2000, Honda announced its roles to set up a 100% subsidiary to manufacture scooters and wheels. Exhibit I proportional Valuation of the Leading Companies Source Motilal Oswal, impartiality Research, February 2003. The Indian two-wheeler industry witnessed remarkable growth judge since 2000, due to a host of factors like fall in interest rates, availability of finance and inexpensive prices relative to the growing purchasing power. Despite the impressive growth rate of the last few years, two-wheeler discernment still remained low in the country.Analysts believed, increasing urbanization, expanding cities, lack of other modes of transportation and favourable demographics would support double-digit growth in the coming decade. The Indian two-wheeler industry could be broadly classified into three major segments scooters, cycles and mopeds5. Until the early 1990s, locally manufactured scoot ers with gears dominated the markets. But in recent times, demand 5 Mopeds were small motorcycles, with slight engine power which were priced low and were aimed at the low-income market. 110 Financial caution at Bajaj Auto or scooters had tapered off, while that for motorcycles looked buoyant. The motorcycle market in India had about tripled in size of it over the olden 10 years 6. In 2002, the two-wheeler industry demand totaled 5 million units, making India the stand by largest market in the world after China 7. Exhibit II Two Wheelers Industry ever-changing Dynamics Year 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 conglomeration Two wheelers (unit interchange) 1,503,172 1,763,210 2,208,231 2,660,005 2,965,474 3,042,347 3,403,471 3,776,719 3,745,516 4,318,531 5,053,562 Geared scooters 41. 8% 43. 3% 42. 6% 40. 6% 38. 4% 35. 4% 32. % 25. 9% 16. 0% 12. 3% 6. 7% Ungeared scooters 9. 4% 7. 9% 8. 6% 9. 1% 8. 9% 8. 8% 8. 3% 10. 0% 10. 9% 9. 5% 10. 5% gocycles 20. 2% 2 1. 6% 23. 9% 24. 8% 27. 1% 30. 0% 34. 6% 42. 7% 54. 1% 66. 2% 74. 4% Mopeds 20. 0% 17. 6% 15. 1% 16. 8% 16. 5% 15. 5% 14. 6% 14. 1% 12. 9% 8. 7% 6. 2% Stepthrus 8. 6% 9. 6% 9. 8% 8. 7% 9. 1% 10. 3% 9. 8% 7. 3% 6. 1% 3. 3% 2. 2% Source Bajaj Auto Annual Report 2002-03. Background Note The Bajaj group was founded by Jamnalal Bajaj in the 1930s. His firstborn son Kamalnayan established Bajaj Auto, the flagship of the Bajaj group, in 1945, as a private limited company.From 1948 to 1959, Bajaj imported scooters and three wheelers from Italy and sold them in India. In 1959, the company obtained a license to manufacture scooters and motorized three wheeler vehicles. In 1960, it entered into a technical collaboration with Piaggio of Italy and got the right to manufacture and market Piaggios Vespa brand scooters and three wheelers in India. The same year, it went public. Bajajs first full-fledged manufacturing facility at Akurdi (Bombay-Pune Road) was inaugurated in 1960. Scooter drudgery c ommenced in 1961, followed by three wheeler production in 1962.Bajajs scooters and three wheelers started selling at a lower place the Bajaj brand name only in 1971, when the agreement with Piaggio expired. Till the 1980s, Bajaj scooters were so popular that the basic strategy was long production runs along with a constant focus on costs. In 1984, Bajaj established its second plant (1000-acre plant) at Waluj, Aurangabad. Scooter production at this plant started in 1986, followed by three wheeler production in 1987 and scooterettes and motorcycle production in 1990 & 1991, respectively. 6 7 Source Honda Annual Report 2003.China was number one with an annual production and sales of over 10 million. 111 Financial Insights As Bajajs products were in great demand, the company did not feel the need to introduce new products or elicit its old models. The Chetak, which accounted for 60% of Bajajs scooter sales, did not even have an electronic ignition. The models 2stroke engine also had an emission problem that was quite serious by international standards. As ambition became intense and the market was flooded with increasing numbers of models, Bajajs market share declined.During this period, Bajaj also followed a highly centralized, paternalistic watchfulness style. In the early 1990s, as the motorcycle market began to expand and became an beautiful proposition, Bajaj lost ground. Though Bajaj had a charge in the motorcycle segment with its KB100 and 4S Champion, it did not take the segment seriously enough. Bajaj believed, motorcycles were a temporary aberration and people would return to scooters. But the scooter market unploughed shrinking and Bajaj was relegated to fourth place in the motorcycle market. Exhibit III relative Analysis Motorcycle Sales (Number)Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Bajaj Auto 32,028 34,672 42,080 75,067 89,675 129,263 137,717 200,132 255,129 421,966 670,117 % fortune 10 14 14 17 16 18 17 19 17 22 23 Hero Honda 134,801 127,803 150,456 183,131 230,194 168,936 407,563 530,607 761,700 1,029,391 1,425,302 % carry on 44 51 50 42 40 38 50 50 50 53 50 TVS Motors 33,744 30,085 42,080 53,120 125,286 164,083 211,667 268,099 326,357 354,497 450,113 % allot 11 12 18 20 22 23 26 25 21 18 16 early(a)s 108,601 59,066 56,894 89,643 132,922 146,625 60,674 64,529 177,704 123,472 312,547 append 309,174 251,626 302,550 435,053 578,077 708,907 817,621 1,063,367 1,520,890 1,929,326 2,858,079Source Society of Indian Automobile Manufacturers. In the late 1990s, Bajaj with the support of Kawasaki, started producing motorcycles. The result was an aggressively priced Boxer 100cc motorcycle in 1997, about Rs. 8000 cheaper than Hero Honda. As Bajajs volumes increased, it started pushing prices buck by order engineering, fix and better capacity utilization that cut its costs by Rs. 4000 per vehicle. Exhibit IV Bajaj Major Models family line Motorcycle Wind BYK Pulsar Eliminator 112 Products Year of Intro duction 2003 2003 2002 2001 Financial Management at Bajaj Auto Category tone Products Boxer CT Boxer AT 4S Champion KB 100 LegendYear of Introduction 1998 1997 1997 1991 1987 1998 1976 1972 2000 1998 1990 1986 1987 Geared Scooters super Chetak Saffire Ungeared Scooters Spirit Sunny M80 Major M80 Major 4S Step-Thrus Source www. bajajauto. com In early 1998, Bajaj established a new plant (Rs. 3. 15 billion investment in 200-acre plot) at Chakan near Pune for its future generation vehicles. The new plant specialized in plastic bodied and tubular structure scooters. Bajajs comparatively high level of standward integration helped it to keep raw solid costs well down the stairs the industry average. For example, the company bought raw materials in bulk for itself as well as for its suppliers.For most of the two-wheeler companies, material costs accounted for about 70% of operate income, but for Bajaj it was only 57% in 1998, the lowest in the industry. In 1998, Bajaj was ranked Indi as fifth most valuable company 8. Internationally, it was the worlds largest scooter producer and the fourth largest two-wheeler manufacturer after Hero Honda, Yamaha and Suzuki. But the delay in realizing the potential of motorcycle segment by Bajaj, allowed Hero Honda to race ahead to become the market leader in 2001. During 2000-01, Bajaj entered into non- life-time and life insurance business along with Allianz AG of Germany, one of the largest insurance companies in the world. Two companies were set up Bajaj Allianz General Insurance Company Ltd and Allianz Bajaj Life Insurance Company Limited.Bajaj and Allianz signed two separate joint venture agreements for these two businesses and respectively committed 74% and 26% of the initial share capital of Rs110 crore in case of the general insurance venture and Rs150 crore in case of the life insurance venture. Bajaj real Rs. 1. 17 billion from Allianz as goodwill. In 2001-02, Bajaj Allianz General Insurance issued the largest numbe r of policies among all private players in the non-life segment, and became the leader in this line of business. Allianz Bajaj Life Insurance commenced operations in October 2001. 8 ?The BT 500,? Business Today, 7th kinfolk 1998. 113 Financial Insights Exhibit V Bajaj vs. Competitors Major Models in Different Segments in 2003 Segments BYK Economy (Priced Rs. 27,000 Rs. 37,000) Executive (Priced Rs. 38,000 Rs. 5,000) agiotage (Priced Rs. 45,000 Rs. 75,000) Style (Priced preceding(prenominal) Rs. 75,000) Boxer AT Boxer AR (K-Tec) Boxer CT Delux (KTec) quality (K-Tec) Caliber Croma Caliber cxv Pulsar 150 Pulsar 150 (self-start) Pulsar 180 CD100 SS Dawn Splendor Passion Ambition dish antenna CBZ Disc CBZ (selfstart) Bajaj Auto Hero Honda TVS Motors No Competition Samurai Max 100R Max DLX Victor Fiero Fiero DLX Fiero ES crux Crux R Libero Enticer Yamaha Eliminator No Competition Note List is not exhaustive. Source Compiled from various sources by ICFAI Knowledge Center. The shif t in preference from geared to nongeared scooters go on in 2002, resulting in a 35% decline in yearly sales.The companys market share in the ungeared scooter market declined due to lack of models. Both LML and Honda Motorcycles strengthened their foothold in 2002 after the launch of Nova and Dio respectively. Bajaj Autos Spirit, the ungeared scooter, commanded around 25% market share in the below 100 cc category. Bajaj was one of the truly few companies manufacturing three-wheelers in the world. It commanded a monopoly in the domestic market with a market share of above 80%. The rest was shared by Bajaj Tempo, Greaves Ltd and Scooters India. The company saw a sharp rise in three-wheeler demand. In early 2002, the market grew by 23%. Bajaj had also commenced the commercial production of goods carriers.In 2002, this segment generated 22% of the companys profits. The profit per three-wheeler was count ond to be 2. 5-3 times that of a motorcycle. Bajaj gained market share in the mot orcycle segment through its models like Pulsar and Boxer AR. Boxer virtually created the four-stroke economy segment and Pulsar spread out the lifestyle segment. Pulsars volumes surpassed the most optimistic expectations in terms of volumes. In February 2003, Bajaj launched Caliber 115 and steadied its presence in the executive motorcycle segment. The new model registered sales of 25,706 units in surround 2003. 114 Financial Management at Bajaj Auto Financial ManagementBajaj realize bulk of its revenue from the self-propelling business. In 2003, motorcycles dominated the automotive segment, accounting for 55 % of its revenues. In 2002-03, Bajaj get hold ofd a turnover of Rs. 5071 crore and earning before interest, taxation, disparagement and amortization (EBITDA) of Rs. 817 crore. EBITDA as a percentage of net sales and other operate income increased from 16. 8 % in 2001-02 to 19 % in 2002-03. Return on operating capital, which had dipped to a low of 14% in 2000-01, increased t o 60% in 2002-03. Bajaj continued its efforts to drive top-line growth, improve operational efficiency, cut costs and improve economies of scale.Working detonating device Bajaj continued to minimize its overall working capital. Debtors declined from Rs. 198 crores on 31st March 2002, to Rs. 167 crore on 31st March 2003 a reduction of 16%. Bajaj succeeded in reducing inventory levels by using the direct on-line address of materials from vendors. Inventory of raw materials and components declined from seven long time as on 31st March 2002, to six geezerhood as on 31st March 2003, and spare parts for replacement market from 42 days to 31 days. The inventory of finished goods however increased from six days to nine days because of the huffish market. 9 Exhibit VI Bajaj Operating Working Capital (Rs Million)Source Bajaj Auto Annual Report 2002-03. address Structure nude materials, advertising and merchandise, and indirect taxes (excise, etc) were the major cost heads for Bajaj. During 2002-03, through its continuous efforts in value engineering and improving relations with the vendors, Bajaj was able to reduce its 9 Bajaj Auto Annual Report 2002-03. 115 Financial Insights material costs. The share of materials to net sales and other operating income reduced from 63. 3 % in 2001-02 to 62 % in 2002-03, while the share of stores and tools was contained at 1. 5 % of net sales and other operating income. 10 Labor costs for 2002-03 included a sum of Rs. 461 million (Rs. 3 million in 2001-02) towards compensation compensable to employees under the voluntary retirement scheme. A total of 1,106 employees opted for the scheme, which had a payback period of two years. Bajajs labor costs made up 4. 66% of its total revenue in 2002-03. 11 Despite a 16. 5% increase in net sales and other operating income from Rs. 36. 96 billion in 2001-02 to Rs. 43. 06 billion in 2002-03, factory and administration costs had come down from 5. 3% of net sales and operating income to 4. 3%. This was the result of a thorough review of refractory costs with each plant head. Sales and after sales expenses were around 6. 7 % of net sales and other operating income. In 2003, Bajajs advertising and marketing expenditures were Rs 233. 9 crore (8. 61% of its total revenue), whereas Hero Hondas expenditures were Rs. 147. 01 crore (4. 16% of total revenue) and TVS were Rs. 212. 49 crore (11. 06% of total revenue). Bajajs total indirect tax expenses were Rs. 601. 22 crore in comparison to Hero Hondas Rs. 9. 75 crore and TVS Rs. 435. 77 crore in 2003. 12 Investments Bajaj invested its surplus currency in secured and set investment securities like G-Secs, T-Bills, etc. The return earned by Bajaj on its exchequer portfolio was comparable with the return earned by the top mutual parentages. During 2002-03, Bajaj reduced its beauteousness investments and concentrated to a greater extent on the G-Sec and bond market.Thus, the market value of the portfolio changed from a diminu tion in value to cost in 2002, to an appreciation in value to cost of Rs. 343 million in March 2003. During 2002-03, Bajaj provided Rs. 26. 7 million towards harm in the carrying costs of its investment portfolio. In addition, continuing its efforts to liquidate non-performing assets, Bajaj booked a total sledding of Rs. 853 million. This loss was set off against gains on sale of assets of Rs. 1, 067 million that resulted in a net gain of Rs. 214 million. 13 Figure (ii) Bajaj Liability Structure, 2003 Source nontextual matter Database. 10 11 12 13 Bajaj Auto Annual Report, 2002-03. Source fine art Database.Source Prowess Database. Bajaj Auto Annual Report, 2002-03. 116 Financial Management at Bajaj Auto Exhibit VII Bajaj Investment of Surplus Funds (Rs. million) Source Bajaj Auto Annual Report, 2002-03. Exhibit octette Income from Investments (Rs Million) 2002-2003 Dividends interest on debentures and bonds Interest on government securities Interest on inter-corporate deposits and other loans Income from mutual fund units Lease rent and equalization Profit on sale of investments Interest on fixed deposits opposites Total Interest on tax refunds Total non-operating income Non-operating expenses Net non-operating income Source Bajaj Auto Annual Report, 2002-03. 17 127 408 405 239 44 214 2 11 1,450 1,450 274 1,176 2001-2002 592 291 18 364 79 234 6 1,584 18 1,602 436 1,166 Financial Insights Return on Capital In early 2003, Bajaj maintained a free cash reserve of Rs 2,700 crore. The management had no intention of reducing that cash pile in the near future. Meanwhile, analysts argued14 that retaining surplus cash would only dilute a companys Return on Capital Employed (ROCE) and, over a period of time, destroy shareholder value. Bajaj had a capital employed of Rs 4,000 crore, of which only Rs 1,300 crore was deployed in its two-wheeler operations. This generated an excellent ROCE of 60%. But the remaining Rs 2,700 crore of idle cash, earned a return of only 17%.As a result, Bajaj Autos overall ROCE was 31%, far lower than Hero Hondas 95%. Exhibit IX Return on Operating Capital (Rs. Million) As at 31, March 2003 Fixed assets Technical know-how Working capital Total Operating profit after interest and wear and tear Pre-tax return on operating capital exmployed Source Bajaj Auto Annual Report, 2002-03. As at 31, March 2002 10,910 128 699 11,737 4,834 41% 10,502 107 638 11,247 6,744 60% Exhibit X Dividend Payouts (%) Company Bajaj Hero Honda TVS 1999 19. 18 22. 89 21. 96 2000 20. 88 23. 08 23. 92 2001 35. 69 26. 74 32. 54 2002 27. 34 75. 53 42. 47 Source Businessworld, 19th May 2003. Capital Structure Bajajs debt- honor ratio was 0. 6 and interest coverage was 717. 76 times in 2003. Bajaj mostly relied on internal generation rather than external funding. In 2003, Bajaj had Rs. 3139. 42 crore of reserve & surplus (49% of it total assets), where as Hero Honda and TVS had only Rs. 821. 09 crore and Rs. 399. 85 crore respectively. Bajaj deplo yed bulk of its funds in investments (44. 02% of total assets) and fixed assets (20. 57% of total assets). 14 M. Anand, ? Is Munjal Being Too open-hearted Businessworld, 19th May 2003. 118 Financial Management at Bajaj Auto Exhibit XI Bajaj Equity Holding, December 2003 Equity Holding Indian promoters vernacular funds and UTI Banks, FIs, Insurance Cos.FIIs Private corporate bodies Indian public NRIs/OCBs Any other Total equity holding Source Prowess Database. No of Shares 29516461 1612731 3829868 19318255 13264490 29054237 401776 4185692 101183510 % of Total Shares 29. 17 1. 59 3. 79 19. 09 13. 11 28. 71 0. 40 4. 14 100 In September 2000, Bajaj had spent about Rs 720 crore to buy back 15% of its equity. The offer was announced at a price of Rs 400 per share when the prevailing price was around Rs 320. Though prices fell to Rs 200 immediately after the buyback, it had later recovered to about Rs 500. Bajaj believed buy back was a better way to distribute profits to shareholders tha n dividends.Bajaj had a cash reserve of $ 575 million and paid a final dividend of 120% and a special dividend of 20% in 2002 (paid on account of the one-time premia received from Allianz AG, Germany, the companys partner in the two insurance joint ventures)15 and a final dividend of 140% in 2003. The total of dividend and the tax aggregated to Rs. 1,598 million. The companys dividend try i. e. , (dividend per share by the market price) showed that Bajaj had a yield of 2. 7%. 16 Looking Ahead In the motorcycles segment, Boxer had performed well and had increased its market share to 45% in the entry-level market, which was estimated at 102,000 units (35% of total motorcycle sales). But growth was primarily led by Pulsar, the premium-end motorcycle. Against the companys estimate of 10,000 units per month at the beginning of 2002, the model notched sales of around 17,000 units per month in late 2002.Encouraged by the success, Bajaj planned to ramp up sales to 25,000 units per month b y early 2004 and pass judgment to achieve total leadership in the motorcycle segment, aiming at a growth rate of 15%. Bajaj expected to improve its relationships with customers by expanding its product range and widening its dealer network. It planned to launch a 125 cc motorcycle with Kawasaki Heavy Industries Ltd, which was in the final stage of development. A rear engine diesel motor goods carrier was in the testing stage 15 16 Source Prowess Database. Chetan Soni & Nandini Sen Gupta, ? Rolling computer storage Payouts put auto investors in top gear,? propagation News Network, 4th June 2003. 119 Financial Insights and would be launched in 2004. Bajaj also planned to broaden its vision and work towards being a truly global player.Effective management of the companys finances would play an important role in this regard. Figure (iii) Bajaj Closing Share Price & Traded Quantity Source Prowess Database. Figure (iv) Bajaj Traded Quantity Source Prowess Database. Figure (v) Bajaj Div idend fork over & Earning Per Share Dividend Yield 6 5 4 3 2 1 0 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Jun-98 Jun-99 Jun-00 Jun-01 Jun-02 Jun-03 Earning Per Share 80 60 40 20 0 Dec-97 Jun-98 Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Source Prowess Database. 120 Financial Management at Bajaj Auto Figure (vi) Bajaj Assets Structure Source Prowess Database. Exhibit XIIBajaj Capital History yield Month Issue Type Face Value (Rs. ) 10 10 Security Amount (Rs. Crore) 0 0 Additional Increased Paid up Paid up Capital Capital (Rs. Crore) (Rs. Crore) 18. 81 37. 63 37. 63 75. 25 Security Type Sep-91 Bonus Jun-94 Bonus Euro Oct-94 Issue Sep-97 Bonus Equity Equity Global Depository Receipts Equity 10 10 10 345. 07 0 0 4. 34 39. 8 0 79. 59 119. 39 101. 18 Buybac Sep-00 k Equity Source Prowess Database. Exhibit XIII Bajaj Ratios Bajaj Auto Ratios Liquidity Ratios Current ratio Quick ratio Solvency Ratios Debt-equity ratio Interest coverage 0. 26 0. 22 0. 20 45. 04 0. 16 33. 85 0. 17 21. 23 0. 11 11. 83 0. 29 18. 43 0. 52 5. 63 0. 6 4. 58 2. 07 1. 20 1. 88 1. 01 1. 69 0. 69 1. 11 0. 16 1. 20 0. 25 1. 44 0. 81 1. 01 0. 34 1. 12 0. 47 1. 16 0. 36 2003 2002 2001 Hero Honda 2003 2002 2001 T V S Motor 2003 2002 2001 717. 76 161. 91 121 Financial Insights Bajaj Auto Ratios 2003 2002 2001 Hero Honda 2003 2002 2001 T V S Motor 2003 2002 2001 Efficiency Ratios (in Days) Average days of finished goods note Average days of debtors Average days of creditors Net working capital cycle Profitability Ratios PBDIT (NNRT) as % of sales PBIT (NNRT) as % of sales PAT (NNRT) as % of sales Return on net value Return on capital employed 20. 19 16. 65 11. 07 17. 50 21. 47 16. 87 13. 12 8. 63 13. 3 16. 74 13. 07 9. 18 8. 24 10. 26 9. 98 17. 59 16. 45 10. 02 67. 10 94. 64 16. 77 15. 63 9. 72 67. 67 95. 27 14. 46 13. 07 7. 87 47. 52 70. 98 9. 23 6. 66 3. 94 32. 89 42. 10 6. 79 4. 57 2. 47 8. 18 5. 78 3. 47 9. 90 13. 80 42. 40 -5. 68 10. 27 13. 95 43. 47 0. 69 11. 38 15. 42 49. 54 6. 61 3. 91 8. 62 35. 57 -7. 47 3. 53 5. 80 32. 71 -4. 79 3. 93 4. 28 31. 10 14. 09 8. 14 52. 96 14. 97 13. 13 15. 95 19. 82 52. 05 44. 89 -1. 24 7. 54 2. 05 -14. 15 16. 05 18. 80 20. 86 20. 74 90. 00 80. 00 Dividend rate (sum of interim and final) 140. 00 140. 00 Market Ratios P/E P/B 16. 61 3. 19 9. 54 1. 63 80. 00 900. 00 850. 00 150. 00 120. 00 9. 25 1. 32 3. 46 7. 63 9. 27 5. 62 13. 66 6. 21 18. 41 5. 02 10. 35 10. 39 3. 08 0. 99 Source Prowess Database. Exhibit XIV Common size Income statement Commonsize Income program line 2003 Total tax Sales Other income Change in stocks Non-recurring income Bajaj Auto 2002 2001 Hero Honda 2003 2002 2001 2003 TVS 2002 2001 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 94. 22 3. 51 0. 64 1. 64 92. 27 4. 22 -0. 67 4. 18 91. 85 6. 18 0. 36 1. 61 97. 76 0. 44 0. 40 1. 40 98. 24 1. 04 -0. 13 0. 85 98. 75 0. 33 0. 56 0. 35 97. 76 0. 67 1. 25 0. 31 98. 96 0. 89 0. 15 0. 01 98. 04 1. 05 0. 90 0 . 01 122 Financial Management at Bajaj AutoCommonsize Income Statement 2003 Expenditure Raw materials, stores, etc. Wages & salaries Energy (power & fuel) Indirect taxes (excise, etc. ) Advertising & marketing expenses Distribution expenses Others Non-recurring expenses Profits / losses PBDIT Financial charges (incl. lock rent) PBDT Depreciation PBT value homework PAT Bajaj Auto 2002 2001 Hero Honda 2003 2002 2001 2003 TVS 2002 2001 52. 84 4. 66 1. 19 11. 73 51. 39 5. 12 1. 41 11. 80 52. 79 6. 20 1. 80 14. 57 67. 59 3. 86 0. 49 0. 19 68. 80 3. 71 0. 56 0. 12 72. 87 3. 67 0. 73 0. 19 60. 37 3. 27 0. 66 13. 69 63. 29 3. 37 0. 69 13. 86 73. 20 3. 46 0. 90 1. 72 8. 61 0. 86 3. 50 1. 63 19. 3 8. 62 0. 82 5. 28 0. 69 19. 06 9. 83 0. 90 4. 93 2. 85 10. 77 4. 16 1. 89 4. 57 0. 07 18. 51 2. 99 1. 88 5. 55 0. 22 17. 10 2. 74 1. 81 4. 12 0. 46 14. 18 11. 06 2. 08 3. 92 0. 10 9. 23 8. 37 2. 12 4. 65 0. 04 6. 69 8. 76 1. 60 4. 69 0. 04 7. 99 0. 02 19. 01 3. 34 15. 67 5. 24 10. 43 0. 07 18. 99 3. 47 15. 52 4. 06 11. 46 0. 19 10. 58 3. 57 7. 01 0. 68 6. 33 0. 48 18. 04 1. 11 16. 93 5. 81 11. 12 0. 72 16. 38 1. 12 15. 26 5. 08 10. 17 1. 09 13. 09 1. 38 11. 72 4. 04 7. 67 0. 35 8. 88 2. 51 6. 36 2. 30 4. 06 0. 80 5. 89 2. 20 3. 69 1. 28 2. 41 1. 24 6. 75 2. 35 4. 40 1. 03 3. 37 Source Prowess Database. Exhibit XV Common size rest SheetCommon size dimension Sheet 2003 Total assets flagrant fixed assets Land & building Plant & machinery Other fixed assets Capital WIP Bajaj Auto 2002 2001 Hero Honda 2003 2002 2001 2003 TVS 2002 2001 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 41. 62 4. 02 35. 09 2. 45 0. 06 46. 97 4. 65 39. 56 2. 69 0. 07 53. 65 5. 30 44. 99 2. 88 0. 48 35. 60 5. 77 28. 21 1. 20 0. 42 40. 72 6. 96 31. 96 1. 25 0. 55 54. 82 7. 93 43. 57 1. 68 1. 64 77. 80 12. 72 58. 45 4. 01 2. 63 78. 81 10. 14 63. 09 4. 22 1. 35 77. 23 10. 39 59. 41 4. 40 3. 04 123 Financial Insights Common size Balance Sheet 2003 Less cumulative depreciation Net fixed assets Investments In group / unite cos.In mutual funds Other investments Inventory Raw materials Stores and spares Finished goods Semi-finished goods Sundry debtors Accrued income Advances / loans to Group / gent cos. Advances / loans to Other cos. Deposits with govt. / agencies Advance payment of tax Other receivables Cash & bank balance Deferred tax assets intangible assets & deferred revenue expenditure not scripted off Bajaj Auto 2002 2001 Hero Honda 2003 2002 2001 2003 TVS 2002 2001 21. 05 20. 57 44. 02 4. 13 3. 50 36. 39 3. 30 0. 89 0. 34 1. 82 0. 25 2. 65 0. 32 21. 67 25. 30 36. 82 4. 75 2. 29 29. 78 3. 31 1. 00 0. 57 1. 44 0. 30 3. 66 0. 47 24. 30 29. 35 25. 89 1. 46 2. 64 21. 79 5. 46 1. 96 0. 91 2. 23 0. 36 2. 60 0. 71 12. 47 23. 13 54. 3 0. 16 54. 37 0. 00 9. 18 5. 10 1. 14 2. 51 0. 43 6. 46 0. 00 12. 74 27. 98 41. 41 0. 20 41. 21 0. 00 10. 17 6. 17 1. 54 1. 94 0. 52 5. 69 0. 00 15. 55 39. 27 26. 18 0. 30 25. 88 0. 00 17. 18 10. 62 2. 32 3. 16 1. 08 3. 66 0. 00 28. 15 49. 65 8. 19 5. 60 2. 57 0. 02 19. 95 3. 89 4. 13 10. 36 1. 58 4. 87 0. 00 28. 18 50. 63 1. 66 1. 60 0. 00 0. 05 17. 15 4. 24 2. 50 8. 44 1. 97 9. 97 0. 00 24. 69 52. 54 1. 79 1. 68 0. 00 0. 12 18. 32 5. 49 2. 13 8. 46 2. 25 12. 89 0. 00 1. 68 3. 56 0. 11 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 1. 16 1. 60 8. 21 0. 00 0. 00 0. 00 1. 43 4. 49 1. 86 0. 06 0. 40 0. 41 0. 01 0. 01 0. 11 0. 08 0. 02 3. 93 21. 99 2. 52 0. 8 1. 08 21. 04 2. 28 0. 47 0. 84 21. 71 4. 74 0. 46 0. 00 0. 52 4. 48 1. 11 0. 04 0. 59 7. 31 6. 21 0. 05 0. 88 7. 08 3. 90 0. 00 0. 00 7. 59 7. 69 0. 55 0. 59 6. 48 8. 56 0. 41 0. 77 5. 93 1. 92 0. 00 0. 17 0. 24 0. 35 0. 53 0. 58 1. 75 0. 00 0. 03 0. 05 124 Financial Management at Bajaj Auto Common size Balance Sheet 2003 Total liabilities Net worth Paid-up equity capital militia & surplus Secured borrowings unbolted borrowings Deferred tax liabilities Current liabilities Sundry creditors Interest accrued / due Other current liabilities Provisions Tax provision Di vidend provision Dividend tax provision Other provisions Bajaj Auto 2002 2001Hero Honda 2003 2002 2001 2003 TVS 2002 2001 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 51. 36 1. 60 49. 75 0. 85 12. 46 3. 81 7. 21 6. 56 0. 00 0. 65 24. 30 21. 01 2. 25 0. 29 0. 76 52. 99 1. 87 51. 12 0. 59 10. 99 4. 36 8. 41 7. 60 0. 00 0. 81 22. 65 19. 56 2. 62 0. 00 0. 47 56. 80 2. 18 54. 62 1. 21 9. 86 0. 00 10. 07 7. 70 0. 00 2. 37 22. 06 19. 77 1. 74 0. 18 0. 37 39. 34 1. 82 37. 52 0. 00 6. 14 3. 53 31. 14 18. 73 0. 00 12. 41 19. 86 0. 50 16. 42 2. 10 0. 84 39. 10 2. 28 36. 82 0. 00 6. 64 4. 07 34. 97 22. 73 0. 00 12. 24 15. 22 0. 48 13. 66 0. 00 1. 08 54. 44 3. 46 50. 98 0. 00 5. 75 0. 00 31. 63 22. 03 0. 00 9. 60 8. 18 0. 82 5. 18 0. 3 1. 64 39. 42 2. 15 37. 27 3. 82 7. 54 8. 27 37. 87 37. 81 0. 00 0. 06 3. 08 0. 00 1. 51 0. 19 1. 38 37. 27 2. 66 34. 61 10. 50 8. 74 9. 14 33. 31 33. 08 0. 00 0. 24 1. 04 0. 00 0. 00 0. 00 1. 04 43. 06 2. 78 40. 28 19. 09 9. 09 0. 00 25. 55 25. 51 0. 00 0. 05 3. 20 0. 00 2. 23 0. 23 0. 75 Source Prowess Database. Exhibit XVI Comparative Income Statement Comparative Income Statement 2001 Total Revenue Sales Other income Change in stocks Non-recurring income 3628. 74 4172. 1 4829. 37 3177. 2 4471. 87 5107. 7 1820. 98 2213. 59 3111. 28 244. 19 190. 61 179. 85 14. 13 -30. 4 32. 58 83. 93 10. 63 18. 17 11. 42 47. 21 -5. 81 38. 54 23. 24 21. 08 72. 8 19. 57 16. 65 0. 27 19. 8 3. 27 0. 23 21. 4 39. 82 9. 94 Bajaj Auto 2002 2003 Hero Honda 2001 2002 2003 2001 TVS 2002 2003 63. 66 189. 21 125 Financial Insights Comparative Income Statement 2001 Expenditure Raw materials, stores, etc. Wages & salaries Energy (power & fuel) Indirect taxes (excise, etc. ) Bajaj Auto 2002 2003 Hero Honda 2001 2002 2003 2001 TVS 2002 2003 2085. 47 2323. 71 2708. 23 2344. 39 3131. 72 3531. 81 1359. 65 1415. 78 1921. 32 245. 14 231. 48 239. 05 117. 96 168. 94 201. 63 64. 26 75. 37 104. 05 71. 03 63. 64 61. 12 23. 4 5. 98 25. 61 5. 39 25. 82 9. 75 16. 63 15. 44 20. 85 575. 8 533. 48 601. 22 31. 88 309. 94 435. 77Advertising & marketing expenses 204. 94 200. 41 233. 29 Distribution expenses Others 35. 46 37. 02 44. 23 64. 17 58. 1 93. 73 147. 01 119. 04 118. 49 212. 49 85. 39 98. 92 29. 64 47. 36 66. 27 194. 82 238. 63 179. 61 132. 45 252. 48 238. 84 31. 25 83. 7 14. 65 10. 24 3. 86 87. 15 103. 91 124. 72 0. 83 0. 86 3. 28 Non-recurring expenses 112. 59 Profits / losses PBDIT Financial charges (incl. lease rent) PBDT Depreciation PBT Tax provision PAT ppropriation of profits Dividends Retained earnings 425. 47 861. 9 975. 28 456. 32 778. 31 967. 36 148. 39 149. 74 293. 69 7. 4 3. 38 1. 12 35. 1 44. 27 32. 92 51. 01 24. 82 57. 98 303. 8 22. 97 43. 73 81. 69 19. 12 62. 7 17. 96 49. 22 28. 61 11. 24 79. 91 73. 19 418. 07 858. 52 974. 16 421. 22 745. 39 942. 54 125. 42 131. 78 282. 45 141. 12 156. 68 171. 16 276. 95 701. 84 803 376. 95 694. 38 884. 56 82. 56 202. 54 53. 95 129. 35 27 183. 68 268. 36 130. 08 231. 45 249. 95 518. 16 534. 64 246. 87 462. 93 580. 76 89. 21 141. 66 159. 81 160. 74 66. 01 349. 67 405. 49 20. 36 42. 21 22. 91 31. 04 29. 79 99. 56 376. 5 374. 83 180. 86 113. 26 175. 27 Source Prowess Database. Exhibit XVII Comparative Balance Sheet Comparative Balance Sheet (Rs Crore) Assets Gross fixed assets 2001 Bajaj 2002 2003 Hero Honda 2001 633. 61 2002 714. 21 2003 779. 25 TVS Motor 2001 641. 3 2002 683. 85 2003 834. 7 2490. 26 2540. 08 2626. 18 126 Financial Management at Bajaj Auto Comparative Balance Sheet (Rs Crore) Land & building Plant & machinery Other fixed assets Capital WIP Less cumulative depreciation Net fixed assets Investments In group / associate cos. In mutual funds Other investments Inventories Raw materials Stores and spares Finished goods Semi-finished goods Receivables Sundry debtors Accrued income Advances / loans to Group / associate cos. Advances / loans to Other cos. Deposits with govt. / agencies Advance payment of tax Other receivables Cash & bank balance Deferred ta x assets Intangible assets (goodwill, etc. Deferred revenue expenditure not create verbally off 245. 85 Bajaj 251. 53 Hero Honda 253. 42 Mar-00 May-00 May-00 503. 59 19. 45 18. 95 179. 76 453. 85 302. 59 3. 46 299. 13 0 198. 54 122. 79 26. 81 36. 47 12. 47 135. 54 42. 29 0 560. 54 21. 89 9. 69 223. 47 490. 74 617. 32 26. 37 9. 19 273. 01 506. 24 TVS Motor 86. 24 493. 09 36. 49 25. 21 204. 92 436. 11 14. 89 13. 92 0 0. 97 152. 03 45. 53 17. 65 70. 2 18. 65 210. 64 106. 95 0. 04 88. 03 547. 47 36. 66 11. 69 244. 54 439. 31 14. 39 13. 92 0 0. 47 148. 79 36. 76 21. 73 73. 23 17. 07 187. 09 86. 52 0 136. 47 627. 07 42. 97 28. 19 302. 03 532. 67 87. 92 60. 08 27. 58 0. 26 214. 07 41. 71 44. 32 111. 1 16. 94 149. 87 52. 21 0 088. 17 2139. 11 2214. 16 133. 81 22. 43 1127. 91 145. 48 3. 96 154. 59 4. 01 1171. 8 1327. 95 1362. 35 1368. 28 1298. 23 1201. 65 1991. 42 2777. 68 67. 62 122. 77 257. 02 123. 99 260. 88 220. 77 726. 29 1193. 52 3. 46 3. 46 722. 83 1190. 06 0 178. 36 108. 27 26. 96 3 4. 02 9. 11 238. 52 99. 72 0 0 200. 92 111. 67 25. 04 54. 84 9. 37 251. 26 141. 49 0 1011. 26 1610. 41 2296. 03 253. 43 91 42. 17 103. 49 16. 77 179. 1 54. 32 30. 57 77. 95 16. 26 207. 98 56. 16 21. 15 114. 63 16. 04 1786. 88 1785. 53 1917. 13 120. 72 33. 01 198. 17 25. 34 167. 04 20. 24 5. 3 380. 88 19. 24 192. 75 86. 6 21. 73 106 73. 11 3. 87 1387. 8 159. 07 30. 03 68. 06 10. 68 0 1. 26 10. 14 81. 85 45. 09 0 0 0 0 0. 21 10. 34 128. 25 108. 96 0. 81 0 0 0 0. 32 11. 31 98. 14 24. 33 0. 89 0 0 15. 43 32. 66 6. 38 49. 18 15. 91 0 0 0 39 0. 14 5. 16 56. 27 74. 27 3. 57 0 0 15. 3 0. 86 0. 03 81. 47 82. 46 5. 9 0 1007. 75 1137. 62 219. 98 21. 32 0 0 123. 32 25. 2 45. 48 12. 8 16. 03 0 0 20. 2 10. 22 11. 52 0. 44 0. 3 0 127 Financial Insights Comparative Balance Sheet (Rs Crore) Share issue expenses not written off VRS expenses not written off Other misc. expenses not written off Total assets Net worth Authorized capital Issued equity capital Paid-up equity capital Bonus equity capital B uy back amount Buy back shares (nos. Reserves & surplus Free reserves Specific reserves Borrowings Bank borrowings Short term bank borrowings massive term bank borrowings Govt. / sales tax deferral borrowings Debentures / bonds Fixed deposits Other borrowings Secured borrowings Unsecured borrowings Bajaj Hero Honda TVS Motor 0 0 0 0 0 0 0 0 0 0 0 0 0. 44 0 0. 3 0 0 0 16. 03 0 0 20. 2 10. 22 11. 52 0 830. 02 357. 41 25 23. 1 23. 1 0 0 0 334. 31 291. 81 42. 5 233. 95 107. 37 76. 12 31. 25 0 0 4641. 66 5407. 81 6309. 79 1155. 81 2636. 53 2865. 79 3240. 61 150 101. 18 101. 18 114. 17 18. 21 1820730 4 2535. 35 150 101. 19 101. 19 114. 17 0 0 150 101. 19 101. 19 114. 17 0 0 629. 19 50 39. 94 39. 94 23. 96 0 0 589. 25 589. 25 0 66. 48 0 0 0 1753. 9 2188. 68 685. 76 50 39. 94 39. 94 23. 96 0 0 645. 82 645. 2 0 116. 44 0 0 0 861. 03 50 39. 94 39. 94 23. 96 0 0 821. 09 821. 09 0 134. 28 0 0 0 867. 72 1072. 89 323. 39 25 23. 1 23. 1 0 0 0 300. 29 270. 59 29. 7 166. 94 53. 64 34. 89 18. 75 422 . 95 25 23. 1 23. 1 0 0 0 399. 85 380. 05 19. 8 121. 89 16. 13 16. 13 0 2764. 6 3139. 42 2515. 39 2744. 64 3121. 21 19. 96 513. 71 55. 97 55. 97 0 19. 96 626. 09 31. 83 31. 83 0 18. 21 840. 23 53. 91 53. 91 0 451. 64 0 6. 1 0 55. 97 457. 74 588. 96 0 5. 3 0 31. 83 594. 26 781. 9 0 4. 42 0 53. 91 786. 32 66. 48 0 0 0 0 66. 48 116. 44 0 0 0 0 116. 44 134. 28 0 0 0 0 134. 28 0 85 0 41. 58 158. 49 75. 46 0 59. 4 0 53. 9 91. 11 75. 83 0 39. 6 0 66. 16 41. 03 80. 86 128Financial Management at Bajaj Auto Comparative Balance Sheet (Rs Crore) Current portion of long term debt Total foreign currency borrowings Deferred tax liabilities Current liabilities & provisions Current liabilities Sundry creditors Interest accrued / due Other current liabilities Share application money Provisions Tax provision Dividend provision Dividend tax provision Other provisions Total liabilities Bajaj Hero Honda TVS Motor 0 0 0 0 0 0 65. 38 36 11. 48 0 0 0 236. 05 0 240. 47 0 0 0 0 71. 47 77. 16 0 0 0 79. 35 0 88 . 72 1491. 42 1679. 88 1988. 48 467. 55 357. 29 0. 11 110. 15 454. 93 411. 13 0. 1 43. 7 454. 9 413. 86 0. 08 40. 96 460. 14 365. 62 254. 61 0 111. 01 880. 3 1116. 21 613. 32 398. 61 0 214. 71 681. 52 409. 94 0 271. 58 238. 66 212. 1 211. 71 0 0. 39 298. 04 289. 05 287 0 2. 05 439. 33 406. 26 405. 65 0 0. 61 0 0 0 0. 02 94. 52 9. 51 59. 9 6. 11 19 0. 02 266. 91 8. 34 239. 64 0 18. 93 0 434. 69 10. 9 359. 44 46. 05 18. 3 0 26. 56 0 18. 48 1. 88 6. 2 830. 02 0 8. 99 0 0 0 8. 99 0 33. 07 0 16. 17 2. 07 14. 83 1023. 87 1224. 95 1533. 58 917. 58 1057. 94 1325. 98 80. 95 8. 26 17. 08 141. 66 0 25. 35 141. 66 18. 15 47. 79 4641. 66 5407. 81 6309. 79 1155. 81 1753. 9 2188. 68 867. 72 1072. 89 Source Prowess Database. 129 Financial Insights Bibliography 1. 2. ?The BT 500,? 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