Biff Loman

Biff Loman displays only a small measure of his youthful confidence, enthusiasm, and affection. More often, he appears troubled, frustrated, and sad. The name ‘Biff’ gives an appearance of a tough man, but in the play ‘Death of a Salesman’, Biff is a flawed character who is the opposite of the appearance his name gives. Although he is a flawed character, he manages to succeed at one thing that Willy was not able to, which is acknowledging his failures, rather than dreaming of something he is not able to achieve.As Willy Loman’s oldest son, Biff got most of his father’s attention. He was once a high school football idol, but did not put much effort into school work, failing math in his last year. Without the math credit, going to University of Virginia was not an option. Discovering that his dad was having an affair with another woman when he travelled to Boston, Biff gave up not only going to summer school to recover his math credit, but also g oing to his dream university.Biff’s perception of Willy as the ideal father is destroyed after the trip to Boston. The affair of his dad was the point in Biff’s life where everything started to spiral down, and Biff starts to reject Willy and his philosophy of becoming successful if you’re â€Å"well-liked†. No matter how much Biff wants to get away from being Willy Loman’s son, it is something he cannot do. No matter how much Biff vouches no to be like his father, it is something he cannot run away from.Willy’s two sons were both brought up as a child to have materialistic dreams, and to impress and please their father. Biff was desperate to please and impress Willy, but he realizes that the way he was brought up was flawed like his father. Also, he realizes that he did not want or is able to achieve the materialistic dreams that both Willy and Happy want to achieve so much. Unlike Willy and Happy, Biff is self-aware and takes a great value in the truth.In one of the scenes in the play, Biff shouts at Willy saying that he can’t hold a job because his dad made him very arrogant as a boy, that he can’t handle orders from a boss. Also, Biff is seen throughout the play stealing. Biff blames Willy for not giving him the proper guidance when he was caught stealing as a child. This gave an insight of Biff’s honesty and his true personality that he is not able to express himself, in the play, to Willy. Even so, Willy is not able to accept the truth, making Biff unable to communicate with Willy.

China’s Reform and Opening-Up Policy Essay

Deng Xiaoping in the eyes of all the Chinese people are very familiar with, because he proposed the reform and opening up policy, China has undergone enormous changes, China not only in the economic, political, cultural, social and other fields, various aspects have made great progress. I will divide my speech into three parts, the first part of the economy, the primary stage of socialism, the basic economic system has been established. Adjust and improve the ownership structure, changes in the ownership structure of public ownership as the main body, and a variety of forms of ownership develop the basic economic system. The reform of state-owned enterprises made ​significant progress. 30 years as the central link of the economic reform, the management system and operation mechanism reform of state-owned enterprises continued to deepen. Most of the restructuring of state-owned enterprises as diverse shareholders corporate enterprises, state-owned economy and structural adjustm ent progresses, greatly stimulate the vitality of enterprises, enhance the control and influence of the state-owned economy. The new macro-control system gradually perfected. Break the traditional highly centralized planning and management system, and gradually establish a macro-control system to adapt to the requirements of the socialist market economy, the transformation of government functions, planning, investment, finance and taxation, finance, foreign exchange, the price system reform has achieved significant progress in the formation of national planning and fiscal , monetary policy and the coordination of macro-control system. The second part, resource allocation, income distribution system is undergoing a fundamental change. Established distribution according to work is dominant and a variety of modes of distribution coexist distribution system, the establishment of the production factors of labor, capital, technology and management system of distribution according to contribution. Emphasis on the treatment of the relationship between the initial distribution and redistribution in the efficiency and fairness, give full play to the enthusiasm. The third part, social security, social security system of Chinese characteristics basically formed. Establishing and continuously improving the urban basic old-age insurance system, the formation of the urban and rural basic medical insurance system, and constantly improve the unemployment insurance, industrial injury insurance and maternity insurance system, generally establish minimum living security system for urban and rural residents, and gradually improve the social assistance system.

Magizines articals from March 1945 to Jan 1946 before and after Essay

Magizines articals from March 1945 to Jan 1946 before and after Additudes towards the war and Japan - Essay Example Some would even say there was a moral collapse.(Brigance, 1945). â€Å"Get no divorce, break no engagement until after the period of numbness wears off† (Brigance, 1945). Prior to the War men were the bread winners, no on e coddled them for sure. They ran the farms with their wives at their sides and they were responsible for feeding and clothing their children. Women ran the homes and managed the children while Dad worked. Suddenly the War is over and men have come home unable or unwilling to work and women have had their first taste of supporting themselves. The average wife, child, parent, and neighbor did not understand, how could they understand what happened on those beaches? Prior to the war, there were many Japanese citizens in the United States. In fact, many of the farms and ranches, as well as businesses in California and New York were owned and run by them. Just before the war, a hate was built up against the Japanese and Germans. This hate only increased during the war. When a public learns to hate and then the object of their hate is gone (the war ends), often their hate is transferred to another object. In the case of the United States, it was transferred to the Blackman (then called Negro). There were more lynchings in the South in the United States than ever before. The second group of people that received that hate were the Jews. We did not like Hitler’s method of treating them but we saw them as always taking away American money because they were so cheap and able to manipulate American markets. Thirdly, there were Catholics and Protestants to hate. We should get rid of them too and while we were at it there was England (we never did learn to like them) and Russians. The Russians who were just our allies would become a major target of this hate. (Brigance, 1945). Along with all of that hate, there was a recklessness that had not been seen before in this country. During the war,

Professional writing assignment Essay Example | Topics and Well Written Essays - 750 words

Professional writing assignment - Essay Example eminars, attributing Occupational Safety and Health Administration (OSHA) programs for the participants (EHS Today, â€Å"2011 Americas Safest Companies†). The discussion henceforth intends to focus on the criteria used by EHS today in order to rate the safety initiatives or programs executed by the companies. With this concern, the recently top rated companies’ profiles will be discussed in the essay which would assist in identifying the appropriate reasons owing to which they were characterized as America’s Safest Companies. Correspondingly, the most important attributes will also be identified, which are quite vital to be considered by a future safety professional. EHS Today focuses on certain specified attributes when rating a company on the basis of their efficiency to preserve safest working environment. On the basis of the mentioned criteria and by considering the nominated companies’ safety operations, EHS Today tends to rate them as American’s Safest Corporation (EHS Today, â€Å"2011 Americas Safest Companies†). The criteria which are majorly followed by EHS can be identified as follows: Buffalo Gap Instrumentation & Electrical Company (BGI&E): BGI&E, in its recent safety measures, had implemented Floor Assistant Safety Team (F.A.S.T) program. It was identified as a kind of mentoring program where every employee is monitored continuously offering them complete scope to identify realistic issues performing regular safety inspections and safety analysis under the supervision of a mentor (EHS Today, â€Å"Buffalo Gap Instrumentation & Electrical Co. Inc is named an America’s Safest Company Winner†). Caterpillar Incorporation: Caterpillar Incorporation is an American construction company. In order to improve its safety measures in respect to its operations, the company had launched four safety initiatives in the year 2011 which are, It has been majorly owing to the efficiency of these initiatives that the company was rated as America’s Safest

Gender Identity Disorder and Psychosexual Problems in Children and Research Paper

Gender Identity Disorder and Psychosexual Problems in Children and Adolescents - Research Paper Example Gender identity disorders are often neglected by the parents and even by some doctors. In some cases, the pediatrician may advise the parents that the gender identity problems may vanish at some point of time and nothing to worry in that. It is a totally wrong conception. Like all the other physical and psychological problems gender identity disorders also should be treated. Some of the common symptoms of gender identity problems are cross dressing, cross gender play lack of same sex friends etc. In other words, a boy with gender identity problem may like dress like females whereas a girl with gender identity problem might dress like boys. Same way the boy with gender identity problem might play with girls and he likes the company of the girls very much. On the other hand, the girls with the above problem may play with boys and will try to make more friends from the boy community. In most of the cases, the children or adolescents with gender identity problem might have the realization that they are actually boys or girls and their desire to achieve the company of the opposite sex is not a socially accepted thing. Because of the clashes between their psychological need and social need, children with gender identity problem might be unhappy and depressed. If they engage in homosexual activity as adolescents, they are more likely than boys who do not to be involved in drug and alcohol abuse or prostitution; to attempt suicide; or to contract a sexually transmitted disease, such as HIV/AIDS.

Marriage Essay Example | Topics and Well Written Essays - 750 words

Marriage - Essay Example For instance, after marriage all the property and inheritance of the woman went to her husband and she used to be completely dependent and vulnerable to him. There were reforms that took place in the 1960s, for instance the women started being able to work and participate in the household income. Single mothers were not frowned upon and neither were spinsters. Child support was assured and property was divided equally. It was in the late nineteenth and early twentieth centuries when major social and legal changes occurred, and therefore we will talk about this period in relation to marriage and matrimony laws and rights. Before the 20th century marriage had deep roots in religion, law as well as interdependence between men and women. Although marriage was not a platform where both men and women stood equally, they were dependent on each other. They could not live without each other without having to face problems. For instance, women needed men to get them the basic necessities to survive, while men needed women to bear and rear their children, take care of the household and family. Often a widower could be found looking for a new wife right after his former one died. This interdependence definitely did not mean equality of men and women. In fact, it was the other way round and marriage was based on patriarchal laws where, at the time of their marriage ceremony, women had to vow to always obey their husbands. The property laws stated that a wife’s â€Å"legal identity was obliterated at marriage and she was entirely under the power and control of her husband† (Chambers 3). There was no way that a married woman could have any kind of property or even have control of the salary she might be getting if allowed to work. Therefore, marriage meant â€Å"civil death† for women (Chambers 3), and they were absolutely dependent on their husbands for everything. The cruel part was that the husbands could spend their wives’ inheritance and money on anything at all, which included keeping mistresses and hiring prostitutes. It was in the late 19th century that in some parts of the world, for instance in Canada, laws were passed that allowed women to own their property as well as the personal savings or earnings they got from any work they did. However, considering that most women, especially of middle and lower class, did not have much of property these laws did not really make much difference, and the judges were reluctant to apply them anyway. In fact, it was not just the women’s property and inheritance that the husbands got control over. The men also co ntrolled their wives’ bodies after marriage. They could force them into sex or childbirth against their wishes, and the women had to oblige them. This also meant that in case there was some kind of an offence against a woman it was only her husband that could prosecute, if he wished to. Women were always at the mercy of their husbands. Apart from their money and bodies, women also did not have any right over their children. Their husbands could take their children anywhere at all and the women could not say or do anything about it. Their ownership lay with their fathers who could keep and raise them wherever they wanted, without giving any reason. In fact, they could practically do anything with them; sell them, trade them, make them work and take the money. Such was the case during the late 19th century. The early 20th century saw feminist groups rising up against this practice too like they were protesting against the property, suffrage and other rights. Birth rate started to decline due to maternal instincts. Due to this and the feminist groups’

Philosophy of Religion Essay Example | Topics and Well Written Essays - 2000 words

Philosophy of Religion - Essay Example In part, the Critique of Pure Reason assesses the claims of rationalism and metaphysics regarding the capacity of the mind to probe into the nature of reality without the support of the senses (Adorno 41). The main features in Kant’s Critique to Pure Reason are the relationship between a priori knowledge and analytic knowledge on the one hand, and a posteriori knowledge and synthetic knowledge on the other hand (Adorno 50). Kant contends that analytic knowledge is distinguished by the fact that the concept in the predicate is necessarily contained in the concept in the subject. Synthetic judgments are distinguished by the fact that the concepts in the predicate have information that is lacking in the concept in the subject. In the Critique of Pure Reason, Kant assigns the qualities of a priori and synthetic judgments to all mathematical truth and scientific principles (Adorno 63). In his philosophy, such truths have a universal element and their truth-values are not dependent on sense experiences. The a priori and synthetic elements of the human mind, according to Kant, makes it possible for the mind to discern knowledge but does not imply the express capacity for the mind to discern the mysteries of the universe as understood within the claims of metaphysics. The perceiving mind, according to Kant, processes information acquired and interprets it in accordance with time and space. It is within the same element of the perceiving mind that Kant explains the capacity of the human subject to make sense of the laws of causality. The critique introduces the role of intuitions and the faculties of sensibility and understanding as some of the key determinants of knowledge. Time and space, according to this lin e of though, become only intuitions generated by the faculty of sensibility. The faculty of understanding, on the other hand, generates scientific concepts. Knowledge from sense experience occurs after the processing and organizing of the experience in line with the intuitions of time and space. The faculty of understanding, according to Kant, organizes the events we experience in order for them to make sense. Finally, Kant argues that it is not entirely impossible to know the nature of ‘noumena,’ which he compares to â€Å"things-in-themselves.† The challenge of metaphysics, according to the philosopher, is that it attempts to unravel realities of things that go beyond the limits of knowledge (Adorno 70). In the Critique of Practical Reason, Kant argues that practical reason is capable in guiding the attainment of knowledge more effectively and reliably than in the desire-based practical reasoning (Adorno 33). The critique proposes the fostering and cultivation of pure practical reasoning. This second Critique departs significantly from the position adopted by the Critique of Pure Reason, whose conclusion affirmed the fact that metaphysical subjects such as knowledge on the existence of God are ultimately unknowable. The Critique of Practical Reason confronts the challenges of pure reason because of the difficulty in probing into noumenal truths. In essence, the effort is linked to the aspect of â€Å"the highest good,† (Freydberg 101). Kant argues that the pursuit of the highest good will necessarily lead to the pursuit of the metaphysical truths. Kant’s arguments in â€Å"Religion within the limits of reason alone,† seeks to re-establish an alternative framework of assessing the authenticity and truths of religion outside the conventional systems as established by conventions and religious dogma. Kant sought to establish the place of faith, in this critique, by pointing out certain weaknesses in the existing argument s of reason, which were based on

Analysis a relationship about economic Statistics Project

Analysis a relationship about economic - Statistics Project Example The money in supply and inflation rate is always interconnected because a high amount of money in supply usually devalues demand for money. For instance, in a small town if all residents were to get $50 raise in their salary each month, if they were paying about $14 on their gas, then with the rise they will likely not mind paying $15 given the fact that it is relatively less than what they normally spent on gasoline per week. In most cases, this is normally how the relationship between inflation and money often starts, when the market is able to bear high prices due to increase in the money supply (Mishkin, 40). Therefore, most customers will most likely opt out of buying a product at the same price it was before the inflation occurred simply because the buying power of the currency has been worn out. The graph above shows the estimated value of the relationship between inflation and money growth. The rate of inflation depends on the amount of money in supply. When one takes into consideration the classical theory, money does not affect real variables but has an effect on nominal variables such as inflation. This, therefore, means that when plotting the graph, the rate of inflation will be plotted on the y-axis while the supply of money will be plotted on the x-axis. The blue dots are the actual values while the red line shows the fitted values. In the long run, the correlation between money and inflation is rather high and can be estimated to almost one. However, when the short term period is taken into consideration, the relationship between money and inflation is rather weak which could be an attributing factor as to why the curve showing the relationship between money and inflation is not straight. Several economic theories can be applied in order to try to explain the relationship between money supply and inflation. If one were to use the quantity supply theory, also refers to as monetarism, the relation between money in supply and

Cadbury Business Essay Example | Topics and Well Written Essays - 2000 words

Cadbury Business - Essay Example The company operates in more than 50 countries globally. The company is ahead of other food companies like Nestle and Swiss conglomerate. Though the company has been facing stiff competition from small producers who advocate for healthy eating, the company has made it to thrive and it still performs well financially. Many British consumers love the company and its products. The main products of the company are fruit sweets, toffees, pastilles, bubble and chewing mints. Macro environment Those are the external and factors which cannot be controlled that influence the decision making of an organization. The macro environment also affects the strategies and the performance of the organization. The macro environment includes such factors as the economic factors, social conditions, and demographics, political and legal conditions within the organization. The other factors may include the natural factors, and changes in technology. The micro environment has influence on competitors, change s in the cultural tastes, disastrous weather, changes in the government regulations and changes in interest rates. Key Performance indicators These are indicators which measures the extent to which an organization has accomplished its objectives. They are the tools that many organizations use in order to track and keep record their progress and the success they have achieved in the organization. They consist of asset of measurable objectives which are predetermined for a specific organization and the indicators can involve any aspect of the organization which is considered to be important. For an organization to come up with an effective performance indicator, it must stipulate the mission of the organization first which would clearly define the goals and the objectives of the organization. The goals set out by the organization should be measurable and all the stakeholders in the organization must be involved in formulating such goals. The performance indicators can be presented in form of charts or reports. The key performance indicators provide an insight into the strengths and performance of an organization which is usually based or determined by the predefined measures specified by the organization. The method that an organization may chose to display the performance may vary, as it largely depends on the objective that was being measured and the audience which was targeted. Key performance indicators are different for each and every organization since they depend on the type of the business or organization and the specific objectives being measured. The objectives of any given organization can either be non financial or financial. In our case for the Cadbury, the organization uses number of sales made as the key performance indicator. The Cadbury Company also uses the comparison between different trading years profit with a target of the percentage they want in each and every year. Once a company or organization comes up with a specific key performance in dicator, it becomes very hard to change it unless the goals of the organization change. The key performance indicator should be maintained stable so that the progress of the organization can be efficiently and effectively monitored. The Cadbury Company has tried to maintain its performance indicator for many years and this has enabled the company to monitor its progress against other competitors in the industry. This has also enabled the Cadbury

The Role Transport Innovations, Including Containerization, Play in Essay

The Role Transport Innovations, Including Containerization, Play in the Emergence and Development of International Business - Essay Example This reflects on the growth of efficiency and productivity gained by international firms owing to the use of containers in the transport of merchandises along global regions (Levinson, 2010). Based on the above discussion, the paper intends to critically analyse the use of transportation and containerization practices in the enhancement of international trade. It would tend to analyse the impact of development of transportation infrastructures and containerization in international trade. The above evaluation would be conducted while also endeavouring to understand the factors prompting such growing significance of transport and containerization in international trade. Innovation generated in the existing modes of transportation is observed to potentially impact the growth of global trade and business mechanisms. The development of oceanic transport across the Atlantic Ocean is observed to largely benefit the growth of American trade and economy. Similarly, the emergence of the jet plane is also observed to potentially contribute in the swifter movement of documents and cargo from one part of the globe to another. This also contributed in the development of trade and business activities on a global sphere. Innovation generated in the development of ocean transport systems is also observed to make the same cost effective in nature (Ballenger,2000). The cost effectiveness of transport activities conducted through oceanic transport is observed to sustain a reduced price of products traded on an international business platform. Development of faster and easier means of transport is taken to rightly contribute in the effective utilisation of resources available on a global scale to generate efficiency and productivity in trading activities along multinational borders. This feature in turn contributes in promoting the development and growth of future trading and economic activities along the international markets (Afuah 2009) The

History of education Essay Example for Free

History of education Essay â€Å"Give a man a fish, you feed him for a day, teach a man to fish and you feed for a lifetime. † This adage is completely true in its meaning and substance. It means that if you educate a person, you are showing him the way to the future. You are giving the necessary training that helps him earn his bread and lead a better life for himself and his children in future. Education is the only way which distinguish human from the animal. According to Aristotle, the distinguishing feature of man is his moral sense. Man can learn from his experiences and from his experiences of others; he knows what is good and what is bad. He is capable of revising his judgements whenever he doesn’t agree with the circumstances of life. It is because of this reason that education became a part of the training of man. We are the superior because we contain the knowledge and the education which has only bought us in this condition. Education is described as the training and instructions given to the human. It also gives a person ability to develop character and mental power. It is compared to light that light up the darkness. In other words, it means that people become more aware of things in life and they see things from different perspectives. It also leads a person from mental bankruptcy to enlightenment. Education can be obtained formally and informally. The education we get at schools and colleges is termed formal education and the education ewe get at homes regarding family values and social relationships is called informal education. A Chinese proverb says, â€Å"If you are planning for a year, sow rice, if you are planning of ten years plant trees nut if you are planning of hundred years, educate people. † Education is the backbone of a society. It holds the foundations of civilizations and development. If the system of educating people is good in a country, the country makes rapid progress. This is the reason why millions of dollars are earmarked for education in the developed countries. The real purpose of education lies in disciplining our reasoning and emotion. If our emotions are not properly channelised, we are reduced to the status of animals. If our reasoning is not properly controlled, it my go wrong. Similarly, emotion and reason should have their due share in determining the personality of a person; otherwise man becomes a lopsided creature. At last, education is the important thing which we should not discourage. The real purpose of education can be achieved if it is not tagged with any other motion expect education. We all have the right to study and gave as much information as we can so let gather the knowledge and be educated.

Analysing Many Different Types Of Backpacks English Language Essay

Analysing Many Different Types Of Backpacks English Language Essay Are you someone who is outdoors all the time or just someone who travels an awful lot? If either one of these sounds like you, then you need to invest in Jens port backpacks. These heavy duty stylish bags will be able to haul all of your things no matter where you are going. Jan sport backpacks are great for just about anyone, including kids heading to school or soccer practice or an adult who needs a little extra room when taking some things to work or for play. Finding the perfect kids backpack for your child has now become a lot easier with the existence of our site, where there is a compilation of all the finest kids backpack collections out there from most of the famed bag-designers in the market today for you to choose and select from! Choose from absolutely outstanding designers that have decades of experience in the field of bag-making such as Coleman, the North Face, Kelty, Roxy, Camlback and others as you seek for the ideal backpack that would The backpacks for girls are p robably the first thing that comes to mind when you think of carrying books, pens, and papers around for school. Backpacks are the best possible way to carry everything you could ever need to class. If youre the kind of girl who needs her books, laptop, 10 different types of pens, cell phone, water bottle, snacks, money, makeup, and more, definitely consider a backpack to fit it all. Its always easier to distribute the weight of three textbooks and Functional. yet versatile, school backpacks have now become an essential accessory for school going kids. These school backpacks now come in beautiful designs featuring cartoon characters as well as floral prints in bold and bright colors which truly express a childs personality. These backpacks range in color, material, weight and size and are just right for kids and adults of all ages. They are multi-utility bags that besides keeping books, assignments and other school articles organized can a a laptop on Pack your gears; its time to t ravel. Whether its for mountaineering, light traveling, long distance trips, commuting, backpacking, skiing or for school; you can always rely on The North Face for backpacks that are high in quality, functional and durable. The North Face backpacks have been engineered using proprietary technologies, only to give you the best packs to fit your needs and gears. Credit goes to the two hiking enthusiasts, Douglas Tompkins and Kenneth Hap Klopp, the founders. Backpacks with wheels Without a doubt, rolling backpacks are becoming increasingly popular within todays population, for the simple reason that they offer more convenience compared to traditional backpacks or duffels. These rolling backpacks can be easily dragged on the ground, which requires relatively less energy compared to carrying your backpack on your shoulder and hurting your back and shoulders in the process. Undoubtedly a safer and more convenient substitute to traditional b- Functional yet versatile, school backpacks have now become an essential accessory for school going kids. These school backpacks now come in beautiful designs featuring cartoon characters as well as floral prints in bold and bright colors which truly express a childs personality. These backpacks angel in color, material, weight and size and are just right for kids and adults of all ages. They are multi-utility bags that besides keeping books, assignments and other school articles organized can Travel bags have been evolving s ince decades ago. Historically, the main types of luggage were chests and trunks which were manufactured from wood and other heavy materials. When the Second World War lurched its head out, smaller and more lightweight luggage was introduced. These days, luggage bags come in various forms and materials which make us confuse about what to choose. Main types of travel luggage are suitcases, duffel bags, totes, and most popularly rolling luggage bags. The best type. Backpack injuries have become so common, that orthopedic surgeons are now advising consumers to keep the weight of their backpack to a ratio of 20% their body weight to prevent any more injuries. Or better still to switch to a rolling backpack. Switching over to a rolling backpack would mean Youve got a lot of stuff, we get that. Too much stuff for your backpack? Not necessarily, but definitely too much for your back and shoulders. Getting a rolling backpack will help you tremendously. You can fit everything you need, from school supplies to travel gear in a single rolling backpack. Available in many colors and styles, you can carry it on an airplane and you can take it with you almost anywhere without the hassle of throwing a heavy bag over your shoulders. no weight on your shoulders at all. -Swiss army backpacks If you are a fan of Diane Von Furstenberg, then here are a few Diane von Furstenberg luggage options to consider. Diane Von Furstenberg luggage include the following types Diane von Furstenberg color on the go 25 inch wheeled suitcase which include the following features such as smooth in-line skate wheels, telescoping handle that locks in place, each upright expands 2 for increased packing capacity, valet straps to keep clothing securely in place and interiors affair many years people have been carrying their luggage to the point of lugging it around when they traveled. The invention of wheeled backpack is a real boon for travelers. Almost every trip you take will involve some sort of luggage and the type of trip will determine whether you carry a tote, laptop carry on, duffel bag or a full 5 piece set of luggage. Be it a weekend getaway trip or a 3 week safari in the jungle, wheeled backpack is always an essential part of your luggage. They are a great re fully line and also featu re A backpack cooler is ideal for those who engage in activities such as hiking, camping, attending or playing in sporting events and picnicking that require food and drink to be kept at a certain temperature but need the ability to carry and transport it easily and conveniently. The exterior of backpack coolers are typically made of nylon or polyester with an insulated interior made of a waterproof or water resistant material. A lightweight, functional backpacTheres something magical about family picnics and outdoor fun activities; something that makes the spirit soar and adds flavor to everything shared. Maybe its the revitalizing fresh air or the alluring blue skies. Figure it out yourself come the next spring by spreading out a mat or quilt under a green shadowy tree and enjoy a great family picnic. To get started you will require the following cooler offers a perfect soul Demand for the Promotional Tote Bags is skyrocketing as more and more consumers recognize the impact of dis posable plastic grocery bags on the environment. Too, several communities have already banned use of plastic grocery bags in a trend which is likely to continue. With a wide selection of reusable totes at varying price points there are great options available for a variety of promotions from affordable giveaway to formal gifts. Thats why reusable. Star wars backpack Do you need a bag that will be able to help you get around whether it is while you are traveling, hiking or just walking around town? Dakine backpacks are always a great choice for anyone who is looking for a stylish, yet comfortable way to bring all of their necessary items with them. Dakine backpacks come in an array of styles so depending on what you are looking for, you will be able to find the right kind of bag just for your style needs. Below is a list of Mozambiques top destinations, click on the link to view all details and tours. our can carry in comfort and style. If you enjoy cold drinks or fishing, then there is a good reason why you should chuck out the cooler box and get a cooler backpack. This sort of backpack now comes in a variety of colors, designs and sizes so you can even choose one that most suit your lifestyle. It does not even look like a cooler but just like any regular backpack. Functional yet versatile, school backpacks have now become an essential accessory for school going kids. These school backpacks now come in beautiful designs featuring cartoon characters as well as floral prints in bold and bright colors which truly express a childs personality. These backpacks range in color, material, weight and size and are just right for kids and adults of all ages. They are multi-utility bags that besides keeping books, assignments and other school articles organized. A backpack cooler is ideal for those who engage in activities such as hiking, camping, attending or playing in sporting events and picnicking that require food and drink to be kept at a certain temperature but need the ability to carry and transport it easily and conveniently. The exterior of backpack coolers are typically made of nylon or polyester with an insulated interior made of a waterproof or water resistant material. A lightweight, functional backpack cooler offers a perfect solution. The tulips are blooming in the backyard. Spring is here. Spring is the season for new beginnings, and for spending more time outdoors. Every season has its own characteristic gifts. While Easter is the most significant holiday in early spring, there are other gifting occasions besides this holiday. This article provides some spring gift ideas below. kelty backpacks Finding the perfect kids backpack for your child has now become a lot easier with the existence of our site, where there is a compilation of all the finest kids backpack collections out there from most of the famed bag-designers in the market today for you to choose and select from! Choose from absolutely outstanding designers that have decades of experience in the field of bag-making such as Coleman, the North Face, Kelty, Roxy, Camlback and others as you seek for the ideal backpack that would sadie.backhurst | Backpacks used by soldiers are known as load carrying systems. The different systems have developed from countless researches, after plenty changes have been made to them and after years of experience with load carrying systems. There are three major load carrying systems that are used in the United States military Pack your gears; its time to travel. Whether its for mountaineering, light traveling, long distance trips, commuting, backpacking, skiing or for school; you can a lways rely on The North Face for backpacks that are high in quality, functional and durable. The North Face backpacks have been engineered using proprietary technologies, only to give you the best packs to fit your needs and gears. Credit goes to the two hiking enthusiasts, Douglas Tompkins and Kenneth Hap Klopp, the founders and Cycling is a wonderful way to blow off a little steam or relax on a nice, sunny Saturday. A lot of people are extremely into cycling as a sport and buy all kinds of fancy gear to try and make their ride better, faster and more comfortable. Whether you are a diehard cyclist or just a weekend rider, one piece of equipment that is essential to any cyclist is a bag for your bike where you can keep necessary items.There are all sorts of different bags available for purchase that can hold just It may surprise you to know that most often tactical equipment is not conceptualized by scientists or engineers, but rather by those with the highest level of expertise, t o wit, people who themselves are or have been in law enforcement or the armed forces. These are the types of people who develop expertise by having used the gear that is out there and know what is needed out in the field. One example is Blackhawk Tactical. This company was founded by an operative in the Special Forces who found When searching for a store to meet your tactical equipment needs, you want to find one that not only carries good, quality gear, but also one that has a high quantity of different types and brands. The types of items that a decent tactical gear store should carry include belts, boots, battering rams, flashlights, knives, tactical holsters with packs, vests, shooting mats, medical gear, hydration packs, and drop leg pouches. They should also carry a wide variety of accessories, such as clothing, chest and eye protection, armor, duffel bags to carry the equipment, weapons, shoes, gloves, equipment for outdoor protection, and other things of that nature. When sh opping for this type of gear, look to ensure it has been approved by either an authorized establishment or the government. Overall, you want to see a wide variety of gear with many options to choose from within each category. You can also search online for the type of gear you wish to procure so you canomparison shop before even stepping foot into a store. Most of the best, well-reputed tactical impend companies also have a customer help line that you can call and receive advice on the best type of equipment to use for specific uses and how to use it. Tactical equipment critically geared towards police officers focuses on the needs of officers while in pursuit of a manual suspect, investigating and preventing criminal activity and riot and crowd control. As police officers typically need such gear as flashlights and flashlight holders, batons and baton holders and gun holsters. Police officers also use tactical vests, gloves, special hydration systems, and tactical goggles. The tactical vest worn by police officers serves not only as a backpack, but also as body armor. It can even be used to store extermination, water, or other small items that the officer may need to keep handy. Tactical equipment is ess ential for police officers and military personnel to carry out their duties safely and effectively. Not only does this gear protect civilians from harm, but it also helps ensure that police officers and soldiers are safe from serious injury or death. With so many companies out in the market today making and distributing tactical gear. Toddler backpacks If your child has just turned two he or she will probably think that they are completely independent now. A good way to encourage them and to plan some fun in the park is to buy them a backpack. It is important to choose the correct back pack for your toddler or you may find that you end up carrying it! Firstly the backpack must not be too long. You do not want to have the backpack pulling down or getting in the way on the slide (you may find that your child is not always willing to take off their new back pack once you get to the park!).Secondly it is important that you cannot fit too much in their back pack. There will be days when your toddler will want to take their entire car or doll collection out with them, if the back pack is fairly small then they will realize that not everything will fit into it and hence will learn to limit their park toys. Keeping it practical is an important part of everything to do with a toddler. You can guarantee that your toddler will want to carry their own picnic snacks so make sure that your toddlers backpack is easy to clean. It needs to be lined so you can just wipe out the inside. It is also probably a good idea to avoid the fabric outer layered ones as these get wet and waterlogged, and the mud sticks firmly to them. Now comes the really difficult choice what should your toddlers backpack have on it? Well, be warned that if you go for a recognized childrens character such as Noddy or Spiderman there is the chance that you child will decide that they no longer like this character and then they will want a new backpack! If you choose something more general such as a fireman bag, or a bag which is quite plain and you can pretend it is whatever you want it to be; one day it can be Dora the Explorers bag, the next day it can be Diegos backpack; it can be a doctors bag, whatever you child thinks of, you can pretend it is. Finally you need to make sure that you dont end up carrying your toddlers bag. Toddlers learn all the t ime from copying, so the more respect you give an item the more respect your child will give it. It might be a fun idea to give your toddler an old mobile phone which is no longer in use (remember to take out the battery for safety), and a key ring with an old key on it. Then when you are leaving home you can run through a check list; my bag, my keys, my phone; your bag, your keys, your phone. By doing this together he will see how important your bag is and will hopefully place a similar importance on his own bag. Now you are ready to head out together. If you are going on a long bus or train journey, I found it useful to sometimes hide a little present in the bottom of the bag, so just when it is all getting boring and the other passengers are starting to stare, you can get your toddler to delve into their bag and find a special treat if this is wrapped up, it will take up even more of the journey while they open it! Jon Kelly is a published author who writes pieces on a variety o f diverse subjects. This includes articles about all aspects of rucksacks and backpacks. If you would like to get more ideas about backpacks. Skateboard backpacks Since the hover boards of the future will be larger and taller than traditional skateboards they will require a little more room to be stored. For kids using hover boards to go to high school or using them on college campuses to get to and from the dorms, apartments or their homes special changes will need to be made on their backpacks storage systems. A few hover board designs which had been kicked around at the online think tank discussed inflatable sections of the board. If parts of the hover board can be deflated then the hover board can rest in a sleeve on the back of a custom designed backpack similar to the ones that kids use to put their schoolbooks in. Once done with class the rider will have to re-inflate the hover board; this can be done by a couple of strategies. A small pump mechanism can be incorporated into the backpack and solar powered operating by battery. The small pump would be engaged after the hover board is turned on which will allow the airflow directed into the inflatable parts. This would fill up the hover board like a balloon (half-way), but additional air pressure will be needed to fully inflate. This is where the small pump mechanism comes in. The backpack storage device for the hover board will be an integral part for the rider. Skateboards are often put into a sleeve in special backpacks with Velcro straps. The hover board will follow this tradition with only an incremental change as needed. Those who designed backpacks for schoolbooks will also get into the hover board backpack carrying business. Currently there are several patents for backpacks that hold skateboards and if you go into any skateboard shop you can see the current designs and models; these will all be changing as the number of hover boards increases into the market. There are even some inexpensive skateboard holding designs at Wal-Mart. The market potential for hover boards is most likely about 35 million users in the United States alone. Much of this will be determined by cost and efficient cease of economies of scale in manufacturing, along with current economic conditions. Accessories for hover boards will be as common as accessories for new iPods, BMX racing bikes or ATVs. There will also be new attire, safety gear and the incorporation of communication systems within the hover board available online in Internet Stores and in specialty skateboard, hover board and surfing shops. Net centrically speaking the backpack will be an integral part of hover board use in future society. -Childrens backpacks It can be difficult choosing the right rucksack for your kid therefore you should become aware of the wide ranging possibilities that you may pay for. It can be of utmost importance that we all give our kids with the right kind of backpack as befits what their ages are. Exactly what specifications should an individual pick? Exactly what color? Might the backpack be one with added wheels or simply a plain dual strap rucksack? Do you notice that a majority of young children are always in a hurry and most of the time they simply dispose of almost all their textbooks and stuff in their carriers, throw it across their sensitive backs then move out of the door? Selecting a bad kids school bags could cause them to have considerable spinal injuries and posture troubles. When utilizing school bags for kids, both shoulder straps should be used to disperse the weight of the load equally towards the shoulders. Make sure you get a backpack which includes numerous pockets to balance out the pressure on all sides. It can be harmful to lug weight that the physique is unable to tolerate so confine the weight you place on those backpacks for young people. Doctors advise that a childrens backpack need to be restricted to 15-20% of their total bodyweight. The backpack also needs to look eye-catching, fashionable and pleasing to the child. You may even choose one with large, padded straps which will not dig directly into your kids shoulder blades. Yet another alternative is a backpack on little wheels. But guarantee that the kids school allows the utilization of one. Spending some time to carry out a little shopping around before purchasing a book bag is worthy of the expense. With the new school year just beginning it seems appropriate to discuss the problem ma ny of our children are experiencing as a result of their backpacks. Textbooks, homework and other supplies place a heavy load on our childrens backs which can cause back pain during the school year and may progress to chronic back pain later in life. In 1998 the United States reported that over 12,700 children between the ages of 5-18 went to the emergency room to seek help for backpack related injuries. The reason is quite simple. Our children are carrying more weight than their bodies can handle. Carrying too much weight is a greater concern for a child than for an adult because as children grow their muscles, skeleton and brain learn from each other how to move. The abnormal positions required to carry an overloaded backpack become thought, by the body, to be normal, when in fact they are quite detrimental to our childs physical development. If a backpack weighs more than 25% of a childs body weight problems with balance precipitate injuries simply when climbing stairs or opening up doors. Waterproof backpacks Do you love the outdoors? Do you enjoy activities like camping, hiking, trekking, fishing and biking? Do you engage in adventurous sports? Does taking a break for you mean, packing your bags and heading to the countryside, river side or mountainside? Then what you really need to invest in is a waterproof backpack. Waterproof bags are a must for all outdoor lovers. They help shield electronic gadgets like cameras, torches, iPods and also protect food supplies and other essentials from getting wet. They come in waterproof materials ranging from polyurethane-coated nylon to waterproof tarpaulin. A thick lining on the inside gives complete waterproof guarantee to the users. When one embarks on adventurous trips, there could be a possibility of a sudden weather change like a thunder storm, a hailstorm or even a downright downpour. At such times a waterproof bag is like a blessing in disguise. It protects your clothes and travel items from damage. When you are on an expedition, you are pro bably cut off from stores where you can usually purchase supplies. It is therefore essential to protect ones belongings and waterproof backpacks help to do just that. Electronic items are high value items and can easily be damaged by the slightest exposure to moisture. The waterproof fabric of such backpacks protects against moisture from entering the bag, thus providing complete security and cover for your valuable goods. You can even cross a river without having to worry about your belongings if you are equipped with a waterproof bag. Waterproof backpacks come with airtight zippers that ensure watertight protection. If thrown in water they can stay afloat thereby preventing even a drop of water from seeping through. They have broad padded straps and a waist strap that helps distribute the weight of the luggage in the most comfortable manner. Most waterproof backpacks have a soft exterior which makes it comfortable to carry along. Some bags are customized with waterproof camera com partments and a special compartment for the tripod stand of the camera. This gives your camera a 100% protection against any water. If you are carrying any liquids in the bag and accidentally spilled it, waterproof backpacks will prevent it from leaking out too.Amazon.com and eBay have a great selection of waterproof backpacks. They can be purchased online and will be shipped to your destination. Many adventure sports stores also offer these products. So grab your waterproof backpacks now and go wild! Backpacks with wheels I had not thought that a backpack with wheels would in fact work for backpacking, unitl I visited web site of Jansport, I was really impressed. You put on a frame that binds you to a wheeled backpack. You can even move through logs and rocks with it. I wondered about what may other backpacking ideas are in waiting to be exposed. Here are some more attractions that I came up with. Accept these ideas, please. With backpacks without frame we have to put folded sleeping pads in the backpack for pillowing against our backs and put some support for picking the load. A new idea is to have the part of the backpack that inflates against the users back. The same technology is used for lower weight auto-inflating sleeping pads, it would only add about a bit to the weight. The backpack could then also serve as a foot-bag / foot-pad for resting. Further enhancing this idea of back-with-wheels, I envisage an auto-inflating backpack that unfolds into a rest- pad. The frame of the backpack would ser ve as a U shaped pad, with desired rigidity in the pack, too. Auto-inflating resting or sleeping bag pads hardly weigh approx 15-ounce now while frame less packs measure approx 12-ounce or more, so a perfect combination of two can be achieved in just 20-ounce of total weight. Besides plastics, backpacking food bags are now available in Wax-paper packaging, too. Now as wax paper easily burn even when they are wet, these packages serve two-times more as fire-starters in emergency. If you have to carry more water than usual, you can take a plastic bladder from boxed wine. They are low-weight, robust, and you can inflate them with air to use as a pillow when needed. All you need is a remove its soft removable covering to use a two-in-one water container/pillow. Although it is not a backpack-with wheels item, another portable backpack idea is a frame-less jacket with backpack arrangements. It can be unfolded in a way that reveals normal shoulder straps. When used as jacket, it would alle viate the pack to keep you warm and cozy. It would also make it easy to pass through heavy brushes, as it does not catch on other stuffs easily. It experiences same as putting on a large jacket over a backpack, but with low-weight and stable utility that come with the combination. It is better known as a Pack-it Jack-et. For those are full with gaming and want to walk with gaming arrangements along, may print a chess or checkers board or some other game on a jacket or backpack, and carry you game along without extra care or concern. It serves a great time-pass arrangement when you have to spend hours in the tent in a rainy time. No need to bother about pieces, you can always use stones or pine as checkers, in stead. My mind is brimming up with innovative backpacking ideas as I write this article on backpack with wheels. Most of these ideas are items with two-in-one combinations. You may like some of them and ma

Functions and brain mechanisms of sleep

Functions and brain mechanisms of sleep Sleep, it is the state in which we spend much of our lives yet so little is known about it. It has long fascinated psychologists and many have sought to unravel its mysteries. Yet like all other behaviours sleep can be examined using the same biological, psychological and environmental methods that are so effective in other areas. Defined, sleep is a naturally recurring state which is characterized by reduced or absent consciousness, relatively suspended sensory activity, and inactivity of nearly all voluntary muscles. However this explains what is visible, over the years theorists tried to explain what is happening biologically during sleep. Up until the 1950s researchers believed that sleep occurred due to an overtaxing of the brain, that the constant sensory stimulation that bombards the brain during the day renders it unable to maintain a waking level of brain activity. They also believed that achieving this state was helped by the occurrence of the darkness and silence of night. Sleep at this time was also viewed as a homogeneous state and as a result of this many researchers viewed it as relatively uninteresting. This may be a reason why very little scientific attention was put on the topic for so long. In fact dream interpretation garnered far more attention at this time (Dement, 1998). This passive process theory was only dropped when experimenters recorded eye movement and muscle tension during sleep. This led to the groundbreaking discovery that there were in fact two different classes of sleep, rapid eye movement (REM) and non-rapid eye movement sleep(NREM) (Watson, Breedlove Rosenweig, 2010). In this essay sleep, both rapid-eye movement and slow-wave, will be explored. Also set out will be the main functions of sleep and what can happen when a person is deprived of sleep. Finally the sleep disorder narcolepsy will be discussed as it is an often misunderstood disorder which shows the mal effects when control over when to sleep is lost. Sleep can be divided into 5 stages, 4 of these stages are during NREM with the final stage being REM sleep. These stages are measurable by the patterns of electrical activity in the brain. When awake the brain shows patterns of beta waves. These have a high frequency and low amplitude. When in a state of relaxation the brain shows waves with lower frequencies, these are called alpha waves (Passer Smith, 2009) Stage 1 of NREM occurs just as the body drifts into sleep. At this stage the brain begins to demonstrate theta waves. These waves are slower again than those measured during a drowsy state and have irregular frequencies, the heart rate also slows and muscle tension is reduced. This stage normally lasts several minutes, giving way to stage 2. Here the brain shows short (1-2 seconds) periodic bursts of brain activity. These bursts are called sleep spindles. Interesting to note is that often people deny that they were even asleep if they are awakened during either the first or second stage. As the body drifts even deeper into slumber stage 3 is reached, here delta waves are the most dominant. These are of an extremely low frequency and have large amplitude. Stage 4 is very similar to stage 3 and shows further lowering of frequency and expansion of amplitude. Stages 3 and 4 are also sometimes referred to as slow-wave sleep (SWS) by some researchers. After reaching this stage the body the n cycles through the previous stages and generally after 60-70 minutes of falling asleep the body has gone through a cycle of stages 1-2-3-4-3-2. It is at this point that brain activity changes alarmingly and a brand new and unique stage of sleep emerges. This new stage is called rapid-eye movement (REM) sleep (Watson et al, 2010). This stage of sleep was discovered by Aserinky and Klietman in 1952 and is characterised by high brain arousal, rapid eye movement and frequent vivid dreaming. These researchers found that during this phase the sleeper showed bursts of muscular action which resulted in the persons eyes moving rapidly underneath the eye lid, this happened around every minute during REM sleep. People that were awakened during this stage frequently report having a dream, this is even true of people who before claimed to have never dreamed (Passer Smith, 2009). Brain activity increases to daytime levels and the body also becomes physiologically aroused, with more rapid breathing and a swifter heartbeat. Another characteristic of this stage of sleep is that the bodies of both men and women become aroused, regardless of dream content, with penile erections in men and vaginal lubrication in women. The brain also can send signals to the muscles of the arms legs and torso which make them become very relaxed, they occasionally twitch but movement is not possible at this time. This is sometimes referred to as sleep paralysis. After an average of 90 minutes the body begins the cycle of stages anew, however with each recurrence REM sleep lasts longer, eating into the time previously spent in stage 3 (Passer Smith, 2009). The brain controls the passage of the body through sleep however no single part of it is solely responsible for it. Various mechanisms in the brain control the different aspects of the sleeping body, areas on the base of the forebrain are connected with the act of falling asleep. Other sections in the brain active during sleep are certain areas in the brain stem which regulates REM sleep. Here neurons are contained which activate the other brain systems which are needed during REM such as those for the rapid-eye movement and muscular paralysis. Memories are accessed during REM sleep and this is also governed by these areas in the brain stem. This affects what is experienced during dreams(Watson et al, 2010). Having explored the biology behind sleep it is now worth looking at the benefits of sleep, both physiological and psychological. There are two major branches of thinking which explore the question of why do we sleep? These are the restoration models and the evolutionary/circadian models (Passer Smith, 2009). According to the evolutionary models sleep recharges run-down bodies, it allows us to recover from physical and mental fatigue. This is largely supported by research in sleep deprivation. A good example of one of these studies is the world record attempt by Randy Gardener in 1964. He stayed awake for 11 days as part of a school science fair project and he allowed sleep researchers to study him during this period. Over the first few days he was irritable, forgetful and nauseous, by the fifth day he began to experience periods of disorientation and had mild hallucinations and by the end he experienced slurred speech and finger tremors (Gulevich, Dement Johnson, 1966). This research clearly shows physiological and psychological problems that arise from sleep deprivation. However it has been proven that less sleep is needed as you age with older adults living healthy lives on only 5 or 6 hours sleep. In fact there is one example of a 70 year old woman who could survive on 1 hour of slee p a night. Many researchers also believe that a cellular waste chemical called adenosine has a role in the restorative functions of sleep. Adenosine is produced as cells produce energy. At high levels adenosine inhibits brain functionality and levels of it decrease during deep sleep (Passer Smith, 2009). Evolutionary/Circadian models state that the main function of sleep is prolonging a species survival relative to its environmental demands. It backs up its evidence based on the fact that prehistorically our ancestors had very little to gain by being active at night as food gathering etc was much more easily accomplished in the day. The model puts forward the idea that over the course of the evolution of a species a circadian sleep is developed. This is a wake pattern that becomes heredity due to certain factors such as its status in the predator prey relationship and its food requirements. Also researchers backing this model believe that sleep also evolved as a way of conserving energy, putting forward the fact that we use up to 25% less energy when asleep (Watson et al, 2010). A controversial theory on a benefit of sleep is one that links it to memory consolidation. The purpose of REM sleep remains unknown and some have put forward the idea that it is a tool that the brain uses to consolidate memories, a process in which the brain transfers information to the long term memory. This consolidation hypothesis is however contradicted by the fact that studies show that even when a person has little or no REM sleep due to a side effect of anti-depressant drugs they show no impairment of long term memory capacity. This has led some to state that REM sleep is necessary on a purely biological level. These theorists believe that the body uses REM sleep primarily to keep the brain from long periods of low arousal as they believe this could have damaging effects. The true purpose of REM sleep is still debated (Watson et al, 2010). An interesting study by Paller and Voss provided evidence that suggests that when memories are accessed during dreaming they can be subtly altered by the dream. This has is to do with memory consolidation. There study showed that the brain does use dreams, at least on a small scale, to aid in memory consolidation as has been previously known. However that the brain can alter these dreams is intriguing to say the least (Paller Voss, 2004). Whereas it has been discussed how too little sleep can impair the body, here, the sleep disorder narcolepsy will be explored, showing how a inability to stay awake can also cause problems to an individuals lifestyle. About 1 out of every 2000 people suffer from narcolepsy, those living with the disorder have to deal with daily bouts of sleepiness and uncontrollable sleep attacks where they can go into sudden sleep for less than a minute to a whole hour. Often these sleep attacks are accompanied by sleep paralysis or hypnagoic hallucinations. Some researchers believe that narcolepsy is a disorder involving an intrusion by REM sleep into waking life. It is believed that narcolepsy is cause because of a chemical imbalance in the hypothalamus. There is no cure but some ant-depressant drugs appear to be effective in reducing episodes, this could be due to their suppression of REM sleep. In conclusion, research around sleep has come a long way since its humble beginnings. We now know far more about the biology behind sleep and yet much of it, including REM sleep still confounds many researchers. This essay has also outlined the many benefits that sleep has, both physiological and psychological and has shown the difficulties that arise from a lack of it and has shed some light on the obscure and misunderstood sleep disorder narcolepsy. It is hoped that research will continue on in the future and hopefully the mysteries surrounding the state which we spend almost a third of our life in will be unravelled.

Sim City Forever :: essays research papers

Amongst the shelves that are packed with the latest computer software, sits a genre of games, that does not get the recognition that it deserves. Simulation games. These games do not give the player level after level of mind-boggling graphics, blood and gore, or even the feeling of accomplishment. Their one purpose is to give the control to the player, that they would normally not get in their everyday lives. By definition a simulation game is a game where the player must take on a role that is different than his or her everyday life. Within the genre, the software leader is clearly Maxis. Maxis virtually created the realm of simulation gaming. With the release of Sim City, Maxis changed the lives of game players everywhere. The purpose of Sim City was to give control to the player, of a modern city. At the beginning of the game, the player is given three vital options. First, the player must decide what time period he/she wants the games to take place in. The times consist of 1900, 1950, or 2000. No matter where you have started, the game ends at the same point. Second, they must choose a size for their city. The city's size is defined by the amount of squares of building space available. They are then categorized as small, medium, and large. Finally, the player must decide on a name. The name of the city is the one thing that they do not offer choices for. It is completely your choice. The game has already put the player where they want to be, in control. After the startup screen, the player views a blank area k nown as your city's 'Terrain.'; That is where the fun begins. The player's next duty is to start building. Essentially what is happening is that the player is assuming the role of a god-like figure. They are given the control to make decisions such as, laying railroad tracks, placing hospitals, police stations, fire stations, zoning, laying water pipes, placing roads, and perhaps the most important setting taxes. Who would not like to have control of their own little world where they had this much power? After all of the major building decisions have been decided, the player presses the start button and watches the city grow. While playing the game, the player must continue to expand the city, by adding more of the buildings and utilities that they added before the games started.

The Comparisons Of Charles Manson To Transcendental Philosophy :: essays research papers

The Comparisons of Charles Manson to Transcendental Philosophy   Ã‚  Ã‚  Ã‚  Ã‚  Charles Manson and various members of his â€Å"family† brutally killed several people from the Tate and LaBianca family on two seperate ocassions. The purposes of these killings are misunderstood by today's society, when ignoring Manson's philosophy. Although Manson never killed anyone, he went to prison in 1969 for masterminding the operation. Today's society has labeled Charles Manson as a mass-murderer who had no purpose through his cause. However, society overlooks the goal of Manson's plan, which included creating a better society. Manson continues to preach his cause through repeated parole attempts, behind the walls of a California prison where he resides currently. His cause remains unknown to many, but several of Manson's underlying themes coincide with earlier transcendental views.   Ã‚  Ã‚  Ã‚  Ã‚  Many of Charles Manson's beliefs include creating a better society by reducing the size of the government, and preserving the role of an individual in society. This explains why Manson refused counsel at his trial, he represented himself until the judge found many of his motions â€Å"ludicrous† and appointed him an attorney. Manson preached that only he could represent himself, because no one could preserve his individuality. Mr. Manson lost his sixth amendment right to self-representation, and he uses this example now to prove that the individual rights of people are controlled and manipulated by the government.   Ã‚  Ã‚  Ã‚  Ã‚  The story of the â€Å"Manson Family† goes beyond the Tate/LaBianca murders, to years before the murders took place. Manson and his â€Å"family† would gather together in a house, when generally they would sit contently and listen to Charles preach. Usually the sermon would last for an hour or two and include stories and prophecies about the â€Å"revolution† that Manson felt was coming. Manson called this revolution helter skelter, after a Beatles song, which he felt told about the future of our society. Manson believed that the African- American members of our society were troublesome and would over-through the white race. Therefore, Manson began to prepare for helter skelter by informing his family. Instead of waiting for helter skelter, Manson wanted to prevent it by creating a utopian society that excluded the African-American race.   Ã‚  Ã‚  Ã‚  Ã‚  Above and beyond individuality, Manson felt that four important things needed preserved: air, water, trees, and animals. Mr. Manson commonly refers to these things as AWTA, and claims that his â€Å"family gave their lives to unite the brothers and sisters of the world† with these standards. The use of euphorics by Manson and his followers, provided an enhanced sense of individuality in an environment interacting with nature. Manson commonly used music to get his message out to other people, and generally, he would end a session with songs

Argument Against the Death Penalty Essay -- Argumentative Persuasive C

Argument Against the Death Penalty Life is sacred. This is an ideal that the majority of people can agree upon to a certain extent. For this reason taking the life of another has always been considered the most deplorable of crimes, one worthy of the harshest available punishment. Thus arises one of the great moral dilemmas of our time. Should taking the life of one who has taken the life of others be considered an available punishment? Is a murderer's life any less sacred than the victim's is? Can capital punishment, the death penalty, execution, legal murder, or whatever a society wishes to call it, be morally justifiable? The underlying question in this issue is if any kind of killing, regardless of reason, can be accepted. In this paper I will discuss if the modern American form of capital punishment can be morally justified. Opponents of the death penalty have a distinct advantage when arguing their point over advocates. Their advantage is the fact that taking the life of another is immoral, and if you remove all outstanding circumstances capital punishment is nothing more than legalized murder. This argument alone is not strong enough, though, because of the many circumstances surrounding capital punishment, such as the fact that the convict being executed has more than likely taken someone else's life. The first justification for the claim that capital punishment is immoral is the idea that it creates a climate of violence. If a society punishes a murderer by murdering them what are we saying about violence? Our society teaches its children that violence does not solve anything, and yet our highest form of punishment is no different than the crime it punishes. Capital punishment also furthers the desensitiz... ... Press Inc, 1986. The Washington Research Project. The Case Against Capital Punishment. 1971. Sowell, Thomas and DiIulio, John J. Jr. "The Death Penalty is a Deterrent." The Death Penalty: Opposing Viewpoints. 1986. King, Glen D. "On Behalf of the Death Penalty." The Death Penalty in America. 1982. Prejean, Helen. "The Death Penalty is Morally Unjust." The Death Penalty: Opposing Viewpoints. 1986. Amsterdam, Anthony G. "Capital Punishment." The Death Penalty in America. 1982. DiSpoldo, Nick. "The Death Penalty is Applied Unfairly to the Poor." The Death Penalty: Opposing Viewpoints. 1986. Ross, Michael. "The Death Penalty is Applied Unfairly to Blacks." The Death Penalty: Opposing Viewpoints. 1986. Rothman, Stanley and Powers, Steven. "The Death Penalty is Not Applied Unfairly to Blacks." The Death Penalty: Opposing Viewpoints. 1986.

Political and familial contexts Essay

Examine the ways in which the political and familial contexts and relationships are established in Act I of the play. The politics of the Italian Court in the play are revealed to the audience as corrupt and unethical, also exposing the state of the English Court in this period. Webster could not have written about it directly and so it is shown through the setting in Malfi. This corruption is mainly embodied by Ferdinand and the Cardinal, who are the most politically powerful characters in the play. Their power in the Court is reflected in their familial relationships with the Duchess. The venality of the Court in Malfi is first suggested by Antonio who describes the general make-up of politics in any region using the analogy of a fountain, ‘whence should flow pure silver drops’ but can be poisoned at the top thereby, ‘death and diseases through the whole land spread. ‘ As it seems to have done in Malfi, as the two most powerful figures are so moraless. Antonio is also describing the effectiveness and purity of the French Court in this dialogue, which emphasises the corruption in Italy. Bosola who himself is seemingly amoral, being introduced to the audience by Antonio as the ‘court-gall’, directly refers to Ferdinand and his brother, the Cardinal likening them to ‘plum trees that grow crooked’. He suggests that too much power and riches has made them so, but also that they are surrounded by ‘flatt’ring sycophants’ who are like ‘crows’ and ‘caterpillars’ and use them to gain power and wealth for themselves. This analogy can be linked with Antonio’s, to say that the corruption at the top of Ferdinand and the Cardinal has affected the rest of the court and made them equally depraved and greedy. It is ironic that Bosola describes these people with such distaste as he himself is a flattering ‘pander’ hoping to improve his position in court. The Cardinal could be seen as possibly the most underhanded character in the play because he is supposed to be a man of God and so his crookedness is emphasised. In the Cardinal’s first appearance Bosola mocks his religious position, shown by the hyperbole, ‘With all your divinity,’ thus revealing the Cardinal’s religious values to be almost non-existent. Delio explains Bosola’s bitterness towards the Cardinal to Antonio, and reveals that he was put in the galleys for seven years for a murder he was commissioned to do by the Cardinal. This blatant unjust act again is an example of his clear corruption. Further into Act One, the Cardinal initiates the employment of Bosola as a spy in order to keep an eye on the Duchess, his power is clear at this point because he makes Ferdinand negotiate with Bosola as he ‘would not be seen in’t’, demonstrating his apparent control even over his own brother, the Duke of Malfi. His power is paralleled with his astuteness, as Ferdinand suggests Antonio instead of Bosola for the job and the Cardinal correctly observes ‘His nature is too honest’ showing his ability to read people making him all the more powerful. Ferdinand is also clever, he can see through the flatterers in the court purposely trying to get in his favour such as Castruchio, who constantly and unnecessarily addresses him as ‘my lord’ and tries to dissuade him from going to war. Ferdinand recognises this and makes a mockery of him, sarcastically commenting about his pun, ‘Why, there’s a wit were able to undo all the surgeons of the city’. His power and control here is also made clear, as he gets angry when they laugh without him laughing, ‘take fire when I give fire, that is, laugh when I laugh. ‘

When a Man Loves a Woman

Name: Date: August 1, 2006 Course/Level/Section: BSN IV- H1Adviser: Mrs. Theorose Bustillo Reaction Paper â€Å"The Notebook† At first, when the movie showed the past details of the characters, it was boring. You cannot appreciate the movie if you don’t reach the end part. It portrayed an old man whose love to her wife is measured till eternity. Love was a never ending journey. Loving her wife is part of his life. As long as his heart is still beating, love still survives. To his last breath, he still shared his love to her wife. The setting of the film was also an old and classical feature. It showed a typical place of people wearing dress and cars whose designs are present in our museums. The wife at that time was a student nurse and the husband was a soldier. Their love was destined to be apart from each other to have a wise decision at the future. Their relationship was separated due to the will of the girl’s parents. The reason of her parents was due to the financial status of the guy that has not reached to their standards. The girl belonged to a wealthy family, while the guy is form a simple life. They both decided to part ways with each other having an agreement that they still communicate with each other through letters. The guy joined the army while the girl continued her studies in nursing. Both of them hold on to their agreement. Unknowingly, the parents of the girl kept the letter of the guy leading to doubt and misconception of the girl that the guy probably found another one. So, the girl met someone who she fells in loved with. They were both engaged. They guy still have faith that their love is still alive. He still continued to fulfil the dreams that they both promised with the girl. He went home and constructed their dream house. When he first arrived at his home place, he looked for the girl. Unluckily, he found the girl kissing with another guy. Depressed as he looked and feel; he still managed to finish renovating their dream house. On the marriage day of the girl, she had a glimpsed of the news paper. She then saw a picture of a house for sale with the guy selling it. He felt shocked and collapsed after she saw the picture. Because of that incident, the wedding was postponed. She then asked for time and space to his future husband for settling things first. She went back to the guy that she first fell in love with. They met with each other. They have their first impressions. These impressions involved love and faith that it can still work put. Then came the dilemma. The girl was confused on who to choose. The guy whom she first shared her love that only her parents are the reason why they separated or the guy who helped her coped from her emotional problem then later developed loved. He picked the first guy. And at the end, she never had regrets. When they aged with their lives, the wife suffered from a chronic mental disorder whose clinical description is Alzheimer’s disease. This disease is characterize by a continuous loss of memory both the short and the long term memory. It progresses until the person dies. Good for the wife because she wrote her memories with his husband on a diary. The diary where composed of past moments that they have shared with each other when they where still young. With this diary, the husband continues to read it, hoping that he can help cure her wife from the disease. She reads the diary day by day having the same content. Sad to say, there is no treatment to this kind of disease. The wife cannot recognize that the person telling her the story was his husband. The wife also cannot recognize her children and grandchildren. There are some instances that the wife can recall the story being told by the old person which is his husband. She has flash-backs in her mind that the story being told was her story. The place where they stayed was their past house that was developed into an institution for old people or other wise known as home for the aged. Their where doctors, nurses and personnel who where in charged in taking care of the aged people. Both the husband and wife who owned the place are patients of the institution. The husband was not that defective that he should stay in the institution. But because of her love to her wife, she joined with her and involved himself with the therapy to her wife. – E N D –

Cultural Immersion Essay

Culture has been characterized as the beliefs, arts, morals, customs and traditions exhibited by a group of individuals within a particular society (Langness 1987). It has long been believed that culture has been associated with one’s ancestry. My trip to Jamaica has made it evident that this entirely is not the case. There are a number of other factors that could cause two groups of individual from the same ethnical background but living in different societies. My paper will be discussing my experiences and realization during my short but meaningful trip to the island of Jamaica. My Cultural Background In order to show that people who come from the same ethnical background do not necessarily have to have the same culture, I will first provide information regarding my own personal background to serve as the basis. Although I am an American living in California, my ethnical descent is African. The roots of my family are embedded in Mississippi. It is for this reason why the food and way of life I have been brought up with resembles those that live in the southern part of the country. In fact, even if I do come from a single parent household, our traditions are very much Southern from the food we eat, the importance we give to our religion and spending time with the family. Day One of My Trip This trip was not just my first time to Jamaica, but my first trip outside of the United States. The moment I had gotten out of the plane, I could say that I was immediately shocked with what greeted me. When I left California for Jamaica, I went through an airport that was air-conditioned and my full of the latest security precaution devices and machines to pass through. I did not see anything of this sort when I arrived in the airport at Jamaica. No high-technology security equipment and no air-conditioner running in the airport. I was greeted by a man named Darwin Mills who was going to drive me to the house of Mr. and Mrs. James, my host family. Mr. Mill’s disposition was as warm as the weather. He was more than happy to drive me first around the Montego Bay area of the island to show me around. Although he was extremely enthusiastic about everything in Jamaica, I could not help but notice how different it was from my hometown in California. It was if I was in another world. For starters, the vehicle used by Mr. Mills to bring me to my destination was right-handed, which was why they were driving in the opposite lane than I would back in California. I also saw people walking on either side of what was supposedly their main highway. When I meant that they were walking on either side of the highway, I am not talking about them walking on sidewalks on either side of the highway. They were literally walking on the side of the highway. What really caught my attention was how underdeveloped the area was. It was not anything like what you would see in tourist brochures and magazines. The streets were filled with pot holes. Houses were small and the fences were poorly made. There were no skyscrapers or large business establishments back home. It made me realize just how fortunate I was living in a sturdy well-built house with a sturdy fence and driving on a well-paved road, despite the horrendous traffic. My first taste of authentic Jamaican cuisine was at lunch time when Mr. Mills brought me to the Rock House Hotel. I was blown away on just how fresh the food was. It tasted deliciously different. After which, I was taken to Rick’s Cafe, which is known more for the daredevils jumping over the cliffs into the wide blue ocean. At the background was a steel drum band playing Reggae music, which is one of the signatures of Jamaica. I was fascinated on how something so simple could be able to develop wonderful, upbeat music. When Mr. Mills dropped me at Mr. and Mrs. James’ house, I nearly jumped at the sight of the dogs that Mr. James keeps loose at the front yard. He apologized for them and explained to me that their dogs were allowed to run loose for their own protection. Although their homes were equipped with two air-conditioners, he explained to me that this is rarely used since electricity is rather expensive in Jamaica. This is the reason why they only use electric fans. As I retired for the night, I kept reminding myself not to immediately judge my life back in California and what I have initially seen in Jamaica so that I would be able to fully understand more about living in Jamaica. Day Two of My Trip The highlight of the second day of my trip was when Mr. and Mrs. James introduced me to Mr. James’ uncle, Charles and his cousin, Brenda. It was through my conversation with them that I begun to slowly learn more about Jamaica. According to them, for a long time, Jamaica had been a colony of England. It only gained its independence in 1962. Majority of the inhabitants of the island were predominantly of African descent, like I was. Although they live far away from Africa, they still hold dearly to their African traditions and customs. Celebrations of the various African festivals are held annually. Despite its booming tourism industry, Jamaica remains to be a third world country. This conversation had answered a lot of my questions when I had first arrived in Jamaica and it had opened my eyes and my mind and developed an understanding and appreciation to the people living in Jamaica. Despite everything surrounding them, they remain to be warm and extremely accommodating to me and more than willing to help me learn as much as I can about Jamaica and Jamaican’s way of life. Day Three of My Trip My last day in Jamaica happened to land on a Sunday. The day started with a day at the beachside which Jamaica has long been known for. But I did not go there to swim, because I do not know how. Instead, I had been taken by Mr. James to the beach to do some shopping. Unlike in California where everything is bought in the local grocery or seafood market, here in Jamaica, it only takes a matter of a few hours for the food to be caught, picked, cleaned, cooked and served. Speaking with meals, my last meal in Jamaica was something similar that one that I would usually have back home. We were served a feast of greens, jerk chicken, rice and peas. Just like back home, Sunday was a time when families get together and enjoy each others’ company over a wonderful spread of home-cooked favorites. Reflection Taking the road less traveled by American tourists in Jamaica, I was able to learn so much about their way of life. Back home, I have been fortunate to have access to a number of amenities and privileges that most Jamaicans would only dream about. Yet, their situation has not diminished their warm and sunny outlook towards life. Despite their limited resources, Jamaicans are able to make the most of what they have and keep a positive outlook. For instance, some African Americans to this day hold a grudge against Caucasian Americans for the prejudice, racism and oppression the older generations have experienced since the time of the slave trade. While Jamaicans had also experienced the same oppressive treatment in the hands of the English, they have placed the oppression behind them and instead celebrate on the fact that they are now free from the oppression. Reference Langness, L. L. (1987). The Study of Culture. Novato, CA: Chandler & Sharp.

Financial Analysis of Paint Industry

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