Questions regarding weather Risk, breakeven exchange rate, Essay

Questions regarding weather Risk, breakeven exchange rate, - Essay Example In fact, this sort of trading would be comparable to trading the varying values of stock indices, currencies, interest rates and agricultural commodities. However, the inception of the  weather derivatives has made weather a tradeable commodity (Stephen Jewson, Anders Brix and Christine Zeihmann, 2005). Weather derivatives are financial instruments that can be applied by individuals or organizations as component of a risk management strategy to decrease the risk associated with adverse and unexpected weather conditions1. It is different from the crop insurance that is generally used for high risk coverage. The weather derivatives are mainly used for low risk events. Until recently, insurance has been the main tool used by companies for protection against unexpected weather conditions. But insurance provides protection only against catastrophic damage.  Insurance does nothing to protect against the reduced demand that businesses experience as a result of weather that is warmer or colder than expected. Farmers can use weather derivatives to hedge against poor harvests caused by drought or frost; theme parks may want to insure agains t rainy weekends during peak summer seasons. Hence the CEO of ADLA must use weather derivatives. For example, a company might use a weather derivative to hedge against a frost ans heavy wind velocity (a low-risk, high-probability event). In this case, the company knows its revenues would be affected by that kind of weather. But the same company would most likely purchase an insurance policy for protection against damages caused by a flood or hurricane (high-risk, low-probability events).  Ã‚   In contrast to the various outlooks provided by government and independent forecasts, weather derivatives trading will give this company (ADLA) a quantifiable view of those outlooks and hence protects the interests of the company against adverse weather elements. Over the counter trading weather derivatives are privately

Academic Degree and College Essay Example for Free

Academic Degree and College Essay Is college really worth it? A question many students start to ask as the college cost increases and jobs are tougher to get. When considering college you have to reflect more about what you want out of it rather than what you have to do to complete it. Although getting accepted into a good college is a great start, getting a college degree may appear intimidating in terms of the educational responsibility, tuition, fees, and time commitments involved. However, there are many other ways in which a college degree can be a useful investment; with enhancing the value of your life in several ways. In the future, the education received from college will be very helpful to people in several ways. College is becoming a major decision with adults in America today because people are questioning whether or not if college is actually worth it. People are not doing their research on how a college degree is more beneficial than if you did not earn one. Numerous studies have revealed that a college education can lead to long-term financial returns and increase a student’s success in the future. According to Deanna Mascle â€Å"Individuals with bachelor degrees earn about 60 percent more than those with just a high school diploma, who in turn earn about 40 percent more than high school dropouts†( 2012). Receiving a college degree and bringing what you learned to the real world will benefit you in your pursuit for financial success. If you do not have a mindset that you are going to put your full potential in college. Cooper, argues that there is no reason to waste your time and money. In our society now a college education is no longer a choice or privilege, but rather a necessity or requirement. We are basically raised and accustomed to believe that one needs a higher education in order to succeed in life. The major reason why people go to college is not because they want to, but because they essentially have to. In the article â€Å"College is still worth it†, Anthony Carnevale states, that businesses pay more money to workers with degrees than to those without because employers believe that postsecondary educated workers are more valuable (Carnevale 8). Even though society has began to change that it’s basically a necessity to have a college degree to get a good job its well worth the money in the end. There are a numerous amount of waiters/waitresses, bartenders, plumbers, and so on who have college degrees and are working in jobs that dont require advanced degrees. A cashier, for example, earns $19,000 on average, but with a college degree, earns $29,000 on average. Similarly, plumbers without a degree earn $37,000 on average, but earn $52,000 with a college degree. Nearly all high school seniors are pressured by their guidance counselors and parents to go to college because it is the right thing to do. In Caroline Bird’s essay College is a Waste of Time and Money, she states that students go to college because â€Å"Their mothers wanted them to go. (481) The undergraduate may have different dreams about what he or she desires to do in life, but because they believe that these mentors make out what is best for them, they almost certainly end up doing something that they do not want to do, resulting in being unhappy with their life. Bird makes some good points in her essay, but if children did not get pressured they would have no idea about college, and probably would not even think about going. Bird argues that college is a waste of money because youngsters do not know what they want. No one wants parents, teachers or counselors telling high school students to aim low and skip college. College is expensive we all have established that, but it doesnt have to be. If you have to take out, or plan on taking out more than $50,000 to go to college, you should consider searching for other colleges that will be able to fit your budget. According to Cooper, he has finished college and has a great job. He goes on to talk about how if he never decided to go to college and pay the high tuition that goes along with it. The Public Policy Institute of California concurs and predicts that â€Å"41 percent of jobs in 2025 will require a college degree. † If these counselors and parents did not push these students into looking, and going to college, then the question is who would? Even when applying for a job that will not use your exact degree, just having that degree gives you an advantage over the other applicants who do not possess a degree. The majority of the employers of the company are looking for students with a college degree since employers are looking for students who have the skill to learn new things which is essential in order to work in the corporate world. The degree reassures the employers that a student with a degree can be engaged since completing a degree, that means that he/she can handle the work environment, and also has the skill to settle in to constant change. A degree is said to be more significant than the degree type as such, so as long has one has the ability to learn, then they will have a more prone  chance of getting employed. The majority of college students would feel that college is a waste of money because they do not learn what they want to. Instead they have to take classes that have nothing to do with what they are majoring in, and are only taking these classes to complete the educational requirement to start their actual major. With the increasing costs of college tuition, as well as essentials such as books a college education becomes a burden somewhat more than an investment. Tuition costs continue to rise, and for a lot of struggling Americans, getting an education now means years and years of monthly debt payments. Alexander Thomas Public, two-year college tuition has gone up 7. 3 percent since last year and will no doubt continue to rise (2012). Thomas says â€Å"there are definitely ways to reduce the cost of college, and educating yourself on the federal student loan process in general is extremely useful in the long run†(2012). Although college is expensive, if it is approached the right way, students can get the education they need and desire without getting buried in tons of debt. Americans just need to be smart and do their research when it comes to paying for college. The main reason for attending college is to get a well-paying career, while being happy with that career choice. College prepares you with educational understanding in order to accomplish something in the future. According to Dale Coye the New American College, higher education is necessary for you future. He states that â€Å"In spatial terms, teaching and learning may begin in a classroom, but course work also spills over into the life of the campus and the community. Students engage in experiential learning and co-curricular activities that take abstract ideas and anchor them in real-life problems† (Coye 20). Time and commitment are very important in succeeding with getting a college degree. According to Cooper, if you are planning to have children you should wait until you finish college, as it is a big commitment and time consuming even without children. Parenting students tend to complete four-year degrees at rates far slower than other college students. â€Å"More than half (59 percent) of parents attending college earn less than $10,000 a year† (Sorensen 30). Parents cannot afford to support their children without getting some sort of education. Copper, explains that he probably would not have finished school if he decided to have kids before he graduated. The opposition to get a decent job is increasing; it is near to impossible to achieve a high paying job without at least a bachelors degree. Numerous amounts of jobs that only used to want their employees to have a high school diploma now need some type of college education. College is worth the money, nevertheless, is because it is one of the rare associations that frequently holds people of different cultural and racial backgrounds. This allows one to advance their social and communicative skills because they are exposed to unaccustomed cultures. College helps you to become a responsible adult because for the first time most people are nearly on their own. College helps students get ready for major linked skills. Thus, college helps in achieving skills linked to the business one looks to get into. It helps a student in figuring out how to do their job. It is entirely different from high school; you have to manage your private time and financial state as well. Proceeding with college teaches individuals how to handle their lives. Most college students are managing their college life between studying for their exams and earning money through low paying jobs to maintain their college tuition. In addition to this, they are enjoying the benefits of a good social life, parties and lots of friends. The experience one has in college really helps teenagers turn into adults. Going away to college you have to face situations like having to pay bills, time has to be managed well, and cutoff dates have to be met, just like the real world. College is just not about obtaining a good job, but about gaining knowledge. Sometimes it is good to be an intelligent person instead of being someone who just makes a lot of money. There are quite a few reasons why college is worth it in the end, the tuition and college costs are expensive in the beginning, but it pays off once you are earning the money in the future. Researching colleges and finding out the best option for you will only benefit yourself in the end, making wise choices and deciding if starting a family with your finances without a college education will be worth it in the long run, and doing research for yourself to see what will better benefit you and your family by getting some sort of college education. An education gives people an understanding of what they can do for themselves and how they can make needed changes in their lives. Simply just giving away money would not teach the skills or values that come with receiving an education. This is the value of education: that it makes lasting changes in the lives of those who seek it. Works Cited Bird, Caroline. College is a waste of time and money. The Case Against College (1975): n. pag. Print. Carnevale, Anthony. College is Still Worth it. Inside Higher ED 14 Jan. 2011: 8-10. Print. Cooper, Edward, Veterinarian. Personal Interview. 27 Oct, 2012. Coye, Dale. Ernest Boyer and the New American College. Connecting with the Disconnects 29. 3 (1997): 20. Print. Mascle, Deanna. A College Degree in nearly a necessity. Thinking about college? We can help! : n. pag. College Tidbits. Web. 29 Nov. 2012. http://www. collegetidbits. com/prep4college/A-College-Degree-is-Nearly-a-Necessity. html. Sorensen, Kia. Unmarried Parents in College. Fragile Families 20. 2 (2010): 28-50. Print. Tutiion Breakdown: Is college worth it? HLNtv. com Turner Broadcasting System Inc, 16 Aug. 2012. Web. 19 Nov. 2012.

LGBT Policy in the US

LGBT Policy in the US Frida Montoya Advocating Gay and Lesbian Rights As the diverse societies within America alter over time so do the laws of the country, either supporting or declining the growth of such changes. A relevant turn within society can be found in the growing support towards gay and lesbian rights, citizens argue that the advance of equal right in the LGTB community is something that should be pushed for but, to what extent will they go to gain the support of the government? The government can be said to have mixed feeling about the LGBT community having the Democratic Party pushing forward with it and the Republican Party arguing that the concept of the LGBT community is immoral and an alienation of human nature. The simple fact that the movement is active signifies as a sign of just how far America has come to exercise the true meaning of equal rights amongst its citizens, looking past race, sexual orientation, disabilities and many other factors. Despites the many supporters hate groups have begun forming in attempt to halt the inevitable change of equal rights for all. †¦Republican Party’s position that marriage should be limited to a man and a woman†¦ We would condemn anyone who vilifies the LGBT community with demonizing rhetoric and falsehoods. And that’s exactly what Perkins and Lane routinely do. Perkins, who heads the Family Research Council, has repeatedly portrayed LGBT people as perverted. He’s called the â€Å"It Gets Better† campaign – designed to give LGBT students hope for a better tomorrow – â€Å"disgusting† and a â€Å"concerted effort† to â€Å"recruit† children into the gay â€Å"lifestyle.† Lane is head of the American Renewal Project, funded by the virulently anti-LGBT American Family Association (AFA). The AFA’s chief spokesman, Bryan Fischer, has said that â€Å"[h]omosexuality gave us Adolph Hitler and homosexuals in the military gave us the Brown Shirts, the Nazi war machine and six million dead Jews.† (Cohen, Richard). As the excerpt states there’s a clear disapproval of the LGTB community, for personal or political reasons. The push for Equality is more than simply the mere acceptance of the group its self, their rights have to be equally protected under the law which is where the situation can get tricky. Even the politicians are utilizing certain content to benefit their overall voting ranks by making the LGTB community look bad. Like in the case of Brian Edwards and Tom Privitere. â€Å"The married couple can’t stand the thought of LGBT youth seeing a mailer that uses their cherished engagement photo to attack a politician for supporting same-sex civil unions. The photo, which shows the couple kissing, was misappropriated by an anti-LGBT hate group for use in the mailer attacking Colorado state Sen. Jean White. Bold words on a red background were added to the picture: â€Å"State Senator Jean White’s idea of ‘Family Values?†(SPLC Sues Anti-gay Hate Group over Defilement of Couple’s Engagement Photo). The laws pertaining Lesbians, gays, transgender and bi individuals are not equally represented if even given through all the states making it difficult for citizens who fall within the LGBT category to have their rights fully protected. For instance, a current case where the acknowledgment of a marriage was purposely overseen in a death certificate in Alabama because the couple, Paul Hard and David Fancher, was gay.â€Å"The SPLC announced a federal lawsuit today challenging these laws. The lawsuit, filed on Hard’s behalf in the U.S. District Court for the Middle District of Alabama, seeks to overturn the state’s Marriage Protection Act, a 1998 law that bans the recognition of same-sex marriages from other states, and the Sanctity of Marriage Amendment, which enshrined this ban in the constitution in 2005†( SPLC Challenges Alabama’s Unconstitutional Marriage Protection Act and Sanctity of Marriage Amendment). Certain groups that are against same sex marria ge argue that marriage should only be for those that fall within the guidelines of religious beliefs, meaning not gay people but marriage recognition can imply much more. In the case of Tracey Cooper-Harris who happened to be a disabled U.S. Army veteran, and her wife, Maggie their marriage kept them from being able to get the benefits that other veterans and their wife’s were provided with. The court declared the Title 38 sections unconstitutional, finding there is no military purpose that could justify discriminating against veterans with same-sex spouses. It also found that Title 38 is not rationally related to the military’s commitment to caring for veteran families. The U.S. Supreme Court struck down DOMA in a separate case earlier this year. Because of the court’s ruling on Title 38, Tracey and Maggie are now eligible for a number of benefits, including additional disability compensation and the right to be buried together in a state or national veterans cemetery. These benefits, and many others, are routinely provided to heterosexual married veterans and their spouses. (SPLC Lawsuit Ends with Landmark Ruling That Is First to Decide Same-sex Spouses Rights to Benefits). The recognition of equal marriage in every aspect is something that the LGTB community is striding for, it is not just a legal document it is a right that comes along with many other aspects that are still yet to be approved by the government. However not all issues originate because the state itself denies a LGTB individual their rights but from discrimination that more than likely exceeds to an abusive level. Discrimination tends to be very common in the life of a LGTB individual. If for instance done in a school should be overseen by an adult of faculty member who would naturally step in and put a stop to it but in the case of some this is not the situation and the discrimination rises from other students to adults. SPLC filed a federal civil rights lawsuit that seeks to enforce Destin’s civil rights and force the district to address the mistreatment of Destin and other lesbian, gay, bisexual or transgender students. The suit, filed in December, asserts the district has violated Destin’s rights under the 14th Amendment’s Equal Protection Clause and Title IX of the Education Amendments Act of 1972.â€Å"District officials who are entrusted with the safety and education of all students not only ignored, dismissed and even blamed victims for the abusive behavior of faculty and other students, they also participated in discriminatory acts,† said Anjali Nair, SPLC staff attorney. â€Å"Destin has been humiliated and tortured. Our suit seeks justice for her and other students who were mistreated, as well as reforms that will prevent this from happening again.†(SPLC Files Suit to Stop Anti-LGBT Harassment by Students and Faculty in Mississippi’s Moss Point Scho ol District). The non-supportive part of the community has and will continue to alienate individuals that take part in the LGTB group even if it is simply to support the cause. Despite this, young supporters are uprising all through the United States figuring out ways to improve certain issues that tend to attack the LGTB groups in schools. One of these is bullying an issue that was addresses by Hannah Bradley and her classmates. â€Å"†¦the students wore name tags stating their orientation. But Bradley and other students were censored by school officials who forced them to remove their tags. The SPLC today demanded in a letter to Jefferson County High School in Dandridge, Tenn., that school officials stop this censorship and warned they face a possible federal lawsuit on Bradley’s behalf†( Citing Free Speech Rights, SPLC Demands Tennessee High School Stop Censoring Students). Alienation can only go so far but it has gotten to the point where a thing such as Conversion Therapy w as created. Conversion Therapy is basically a â€Å"treatment† that is guaranteed to convert any individual that fall within the LGTB category. It is then with situations such as these that the government can and will step in. â€Å"A ruling by the Ninth U.S. Circuit Court of Appeals that upholds California’s ban on conversion therapy for minors, a discredited practice that claims to â€Å"cure† people of being gay, is another sign of the collapse of the conversion therapy industry, according to the Southern Poverty Law Center†¦ Science proves that it doesn’t work. It harms kids, and it tears families apart† (Appeals Court Ruling in California Is Another Sign of Conversion Therapy Industrys Collapse). The fact that the government its self recognizes that some of these actions are inhumane, not just to a certain minority, but to the United States as a whole can say a lot about the direction in which we are headed to. LGTB rights will no longer be overlooked for the issues of its upbringing have already been addressed by the government several times indirectly encouraging the community to continue to advocate for those right and also giving certain individuals the confidence they need to state their case to the judicial branch pertaining their rights. As more and more people push for this cause the LGTB community will gradually continue to gain more rights for it will be brought to the attention of the government. Today, by passing the Employment Non-Discrimination Act (ENDA),the U.S. Senate took a historic step toward ending this outrage†¦ It simply prohibits employers from using a worker’s sexual orientation or gender identity as the basis for hiring, firing, promotion, or compensation. It means that LGBT people will be afforded the same workplace protections already in place regarding race, religion, gender, national origin and disability†¦But employers in 29 states can still lawfully discriminate because of sexual orientation, and in 33 states they can discriminate because of gender identity†¦Over the last few years, we’ve passed milestone after milestone on the road to equality for LGBT people – among them, the Supreme Court’s recent decision to strike down the Defense of Marriage Act. (Senate Passage of ENDA Is Important Step toward Dignity and Fairness for LGBT People). Overall, it is accurate to say that the LGTB community will continue to grow both in members and supporters making it nearly impossible for the government to devolve and go back to the way things had previously been. The need for equality will gradually be overseen from every point by the government until one day; hopefully we can all say that we do indeed have equal rights that are protected by the constitution of the United States of America. Work Cited Cohen, Richard. A Tent Too Large: The Republican Party and Anti-LGBT Bigotry. Southern Poverty Law Center. 8 Aug. 2014. Web. 15 Nov. 2014. http://www.splcenter.org/get-informed/news/a-tent-too-large-the-republican-party-and-anti-lgbt-bigotry>. SPLC Challenges Alabama’s Unconstitutional Marriage Protection Act and Sanctity of Marriage Amendment. Southern Poverty Law Center. 13 Feb. 2014. Web. 16 Nov. 2014. http://www.splcenter.org/get-informed/news/splc-challenges-alabama-s-unconstitutional-marriage-protection-act-and-sanctity-of>. SPLC Files Suit to Stop Anti-LGBT Harassment by Students and Faculty in Mississippi’s Moss Point School District. Southern Poverty Law Center. 17 Dec. 2013. Web. 18 Nov. 2014. http://www.splcenter.org/get-informed/news/splc-files-suit-to-stop-anti-lgbt-harassment-by-students-and-faculty-in-mississipp>. Appeals Court Ruling in California Is Another Sign of Conversion Therapy Industrys Collapse. Southern Poverty Law Center. 29 Jan. 2014. Web. 18 Nov. 2014. http://www.splcenter.org/get-informed/news/appeals-court-ruling-in-california-is-another-sign-of-conversion-therapy-industrys>. Senate Passage of ENDA Is Important Step toward Dignity and Fairness for LGBT People. Southern Poverty Law Center. Web. 18 Nov. 2014. http://www.splcenter.org/get-informed/news/senate-passage-of-enda-is-important-step-toward-dignity-and-fairness-for-lgbt-peop>. SPLC Lawsuit Ends with Landmark Ruling That Is First to Decide Same-sex Spouses Rights to Benefits. Southern Poverty Law Center. 30 Aug. 2013. Web. 18 Nov. 2014. http://www.splcenter.org/get-informed/news/splc-lawsuit-ends-with-landmark-ruling-that-is-first-to-decide-same-sex-spouses-ri>. Citing Free Speech Rights, SPLC Demands Tennessee High School Stop Censoring Students. Southern Povery Law Center. 18 Oct. 2012. Web. 20 Nov. 2014. http://www.splcenter.org/get-informed/news/citing-free-speech-rights-splc-demands-tennessee-high-school-stop-censoring-studen>. SPLC Sues Anti-gay Hate Group over Defilement of Couple’s Engagement Photo. Southern Poverty Law Center. 26 Sept. 2012. Web. 18 Nov. 2014. http://www.splcenter.org/get-informed/news/splc-sues-anti-gay-hate-group-over-defilement-of-couple-s-engagement-photo>.

What is Adequate Health Care and Who Has the Right to Receive It? :: Ethics and Health Care

Introduction Throughout the world, in countries rich and poor, people have no access to basic physical and mental healthcare nor to immunizations from infectious disease. Some people have no access because they lack the resources to buy and the state does not provide it. Others may be able to afford healthcare but because there are no services available in their communities they must do without it. In some countries because of discrimination or social stigmas such as a person ¡Ã‚ ¦s status as a prisoner, refugee, immigrant or a member of a lower class or caste they are deprived of this basic human right. However all people should have access to affordable universal healthcare. In a nation of such wealth and abundance, rights and freedoms, there is no justification for an individual to be without healthcare. The  ¡Ã‚ §right to health ¡Ã‚ ¨ extends to all things which promote health and well-being and prevent illness and disease, not just access to medical care. This includes, among many others, the right to education, food and shelter, to freedom from discrimination and persecution, to information, and to the benefits of science. Every woman, man, and child has the human right to the highest attainable standard of physical and mental health, without discrimination of any kind. Enjoyment of human right to health, is vital to all aspects of a person ¡Ã‚ ¦s life and well-being, and is crucial to the realization of many other fundamental human rights and freedoms. The United States is the only industrialized country in the world in which healthcare is not a right of citizenship. As a result, the United States has the worst healthcare statistics in the industrialized world. Thesis Statement Poor health and inadequate health care are often related to human rights violations; violation that under fulfillment of human rights are often due to poor health and lack of access to health care. The link is direct in the case of other basic social and economic human rights such as the right to a standard of living adequate for the health and well-being of oneself, and one ¡Ã‚ ¦s family. Nevertheless, poverty and lack of health protection are indirectly linked to failures to secure civil rights. Some of the realizations of other human rights are not possible if an individual cannot maintain his/her own health. Most crucial health needs includes the prevention of stillbirths and infant mortality; the improvement of environmental and industrial hygiene, the prevention treatment, and control of diseases, with the provision of medical care to the sick.

Internet Filters Essay

When browsing the Internet, users may encounter a filter. Filters are programs that remove or block certain items from being displayed. Four widely used Internet filters are anti-spam programs, web filters, phishing filters, and pop-up blockers. An anti-spam program is a filtering program that attempts to remove spam before it reaches an Inbox or forum. Spam is an unsolicited email message or posting sent too many recipients or forums at once. The content of spam ranges from selling a product or service, to promoting a business opportunity, to advertising offensive material. Spam also may contain links or attachments that contain malware. If an email program does not filter spam, many anti-spam programs are available at no cost on the web CITATION Clark p 35-37 l 1033 (Clarck 35-37). Web filtering software is a program that restricts access to certain material on the web. Some restrict access to specific websites; others filter websites that use certain words or phrases. Many busines ses use web-filtering software to limit employee’s web access CITATION Fin14 l 1033 (Finch and Redder). Some schools, libraries, and parents use this software to restrict access to minors. A phishing filter is a program that warns or blocks users from potentially fraudulent or suspicious websites. Phishing is a scam in which a perpetrator sends an official looking email message that attempts to obtain someone’s personal and/or financial information. Some phishing messages ask people to reply with their information; others direct them to a phony website or a pop-up window that looks like a legitimate website, which then collects their information CITATION Lan14 l 1033 (Lane). Some browsers include phishing filters. A pop-up blocker is a filtering program that stops popup ads from displaying on webpages. A pop-up ad is an Internet advertisement that suddenly appears in a new window on top of a webpage. Many browsers include a pop-up blocker. People also can download pop-up blockers from the web at no cost CITATION Fin14 l 1033 (Finch and Redder).

Bajaj Case Study

Financial Management at Bajaj Auto Bajaj Auto Limited is one of India's largest two-wheeler manufacturers. As the dominant player until the early 1990s, Bajaj's market share declined from 49. 3% in 1994, to 38. 9% in 1999 with the entry of major competitors like Hero Honda. Bajaj has initiated several measures to regain its market share and strengthen its competitive position. The case discusses the financial strategy pursued by Bajaj. Financial Management at Bajaj Auto We want to get back the leadership position in the two-wheeler segment and will use the cash if required to do so.However, in current volatile market conditions (not to forget the Japanese and their huge cash reserves), we would rather have the security of cash any day. We are competing not only with Indian companies, but also with large foreign two-wheeler companies, many of whom have much deeper pockets than ours. While our surplus cash will assist us in future growth, it also acts as a deterrent to others from indu lging in predatory pricing tactics – Sanjiv Bajaj, Vice-President Finance, Bajaj Auto Limited. 1 IntroductionIn 2003, Bajaj Auto Limited (Bajaj) was one of India’s largest manufacturers of both two and three-wheelers. The three-wheelers, also known as autorickshaws, were unique to the South Asian region. The company recorded revenue of Rs. 5125. 73 crores representing a 13% increase over the previous year 2. Once the unchallenged market leader, Bajaj trailed Hero Honda in the late 1990s. Bajaj’s market share declined from 49. 3% in 1994, to 38. 9% in 1999. 3 Thereafter, Bajaj had initiated several measures to regain its market share and strengthened its competitive position.In 2003, Bajaj had a workforce of 12,000 employees and a network of 422 dealers and over 1,300 authorised service centers. 4 The Indian Two-Wheeler Industry Two-wheelers had become the standard mode of transportation in many of India’s large urban centers. Use of two-wheelers in the ru ral areas had also increased significantly in the 1990s. The birth of the Indian two-wheeler industry could be traced to the early 1950s, when Automobile Products of India (API) started manufacturing scooters in the country.While API initially dominated the scooter market with its Lambrettas, it was Bajaj which rapidly emerged as the unchallenged leader in the scooter industry. A number of government and private enterprises who entered the scooter segment, had disappeared from the market by the turn of the century. The License Raj that existed prior to economic liberalization (1940s-1980s) in India, did not allow foreign players to enter the market, making it an ideal breeding ground for local players. But the Raj also hurt the growth of the industry by imposing various restrictions.In the mid-80s, the government started permitting foreign companies to enter the Indian market, through minority joint ventures. During this period, the twowheeler market witnessed a boom with Japanese p layers like Honda, Suzuki, Yamaha and Kawasaki, entering the market through joint ventures. 1 2 3 4 M. Anand, ? Is Munjal Being Too Generous Businessworld, 19th May 2003. B1 Source: Prowess Database. Gita Piramal, Sumantra Goshal and Sudeep Budhiraja, ? Transformation of Bajaj Auto Ltd,? Lessons in Excellence Case Contest, www. thesmartmanager. om, February-March, 2003. Source: Bajaj Auto Limited Annual Report 2003. 109 Financial Insights Figure (i) Indian Motorcycle Market Source: Honda Annual Report 2003. Foreign players quickly changed the rules of the game. From a supplier’s market, it became a buyer’s market. Companies tried to outdo each other in terms of style, price and fuel efficiency. The technological expertise that the foreign collaborators brought to the market place helped increase the overall quality of the products quite significantly. In the early 2000s, the competition intensified further.In 2000, Honda announced its intentions to set up a 100% subsid iary to manufacture scooters and motorcycles. Exhibit I Comparative Valuation of the Leading Companies Source: Motilal Oswal, Equity Research, February 2003. The Indian two-wheeler industry witnessed remarkable growth rates since 2000, due to a host of factors like fall in interest rates, availability of finance and affordable prices relative to the growing purchasing power. Despite the impressive growth rate of the last few years, two-wheeler penetration still remained low in the country.Analysts believed, increasing urbanization, expanding cities, lack of other modes of transportation and favourable demographics would support double-digit growth in the coming decade. The Indian two-wheeler industry could be broadly classified into three major segments— scooters, motorcycles and mopeds5. Until the early 1990s, locally manufactured scooters with gears dominated the markets. But in recent times, demand 5 Mopeds were small motorcycles, with less engine power which were priced l ow and were aimed at the low-income market. 110 Financial Management at Bajaj Auto or scooters had tapered off, while that for motorcycles looked buoyant. The motorcycle market in India had about tripled in size over the past 10 years 6. In 2002, the two-wheeler industry demand totaled 5 million units, making India the second largest market in the world after China 7. Exhibit II Two Wheelers Industry: Changing Dynamics Year 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 Total Two wheelers (unit sold) 1,503,172 1,763,210 2,208,231 2,660,005 2,965,474 3,042,347 3,403,471 3,776,719 3,745,516 4,318,531 5,053,562 Geared scooters 41. 8% 43. 3% 42. 6% 40. 6% 38. 4% 35. 4% 32. % 25. 9% 16. 0% 12. 3% 6. 7% Ungeared scooters 9. 4% 7. 9% 8. 6% 9. 1% 8. 9% 8. 8% 8. 3% 10. 0% 10. 9% 9. 5% 10. 5% Motorcycles 20. 2% 21. 6% 23. 9% 24. 8% 27. 1% 30. 0% 34. 6% 42. 7% 54. 1% 66. 2% 74. 4% Mopeds 20. 0% 17. 6% 15. 1% 16. 8% 16. 5% 15. 5% 14. 6% 14. 1% 12. 9% 8. 7% 6. 2% Stepthrus 8. 6% 9. 6% 9. 8% 8. 7% 9. 1% 10. 3% 9. 8% 7. 3% 6. 1% 3. 3% 2. 2% Source: Bajaj Auto Annual Report 2002-03. Background Note The Bajaj group was founded by Jamnalal Bajaj in the 1930s. His eldest son Kamalnayan established Bajaj Auto, the flagship of the Bajaj group, in 1945, as a private limited company.From 1948 to 1959, Bajaj imported scooters and three wheelers from Italy and sold them in India. In 1959, the company obtained a license to manufacture scooters and motorized three wheeler vehicles. In 1960, it entered into a technical collaboration with Piaggio of Italy and got the right to manufacture and market Piaggio’s Vespa brand scooters and three wheelers in India. The same year, it went public. Bajaj’s first full-fledged manufacturing facility at Akurdi (Bombay-Pune Road) was inaugurated in 1960. Scooter production commenced in 1961, followed by three wheeler production in 1962.Bajaj’s scooters and three wheelers started selling under the Bajaj brand name only in 197 1, when the agreement with Piaggio expired. Till the 1980s, Bajaj scooters were so popular that the basic strategy was long production runs along with a constant focus on costs. In 1984, Bajaj established its second plant (1000-acre plant) at Waluj, Aurangabad. Scooter production at this plant started in 1986, followed by three wheeler production in 1987 and scooterettes and motorcycle production in 1990 & 1991, respectively. 6 7 Source: Honda Annual Report 2003.China was number one with an annual production and sales of over 10 million. 111 Financial Insights As Bajaj’s products were in great demand, the company did not feel the need to introduce new products or upgrade its old models. The Chetak, which accounted for 60% of Bajaj’s scooter sales, did not even have an electronic ignition. The model’s 2stroke engine also had an emission problem that was quite serious by international standards. As competition became intense and the market was flooded with increas ing numbers of models, Bajaj’s market share declined.During this period, Bajaj also followed a highly centralized, paternalistic management style. In the early 1990s, as the motorcycle market began to expand and became an attractive proposition, Bajaj lost ground. Though Bajaj had a presence in the motorcycle segment with its KB100 and 4S Champion, it did not take the segment seriously enough. Bajaj believed, motorcycles were a temporary aberration and people would return to scooters. But the scooter market kept shrinking and Bajaj was relegated to fourth place in the motorcycle market. Exhibit III Comparative Analysis: Motorcycle Sales (Number)Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Bajaj Auto 32,028 34,672 42,080 75,067 89,675 129,263 137,717 200,132 255,129 421,966 670,117 % Share 10 14 14 17 16 18 17 19 17 22 23 Hero Honda 134,801 127,803 150,456 183,131 230,194 168,936 407,563 530,607 761,700 1,029,391 1,425,302 % Share 44 51 50 42 40 38 50 50 50 53 5 0 TVS Motors 33,744 30,085 42,080 53,120 125,286 164,083 211,667 268,099 326,357 354,497 450,113 % Share 11 12 18 20 22 23 26 25 21 18 16 Others 108,601 59,066 56,894 89,643 132,922 146,625 60,674 64,529 177,704 123,472 312,547 Total 309,174 251,626 302,550 435,053 578,077 708,907 817,621 1,063,367 1,520,890 1,929,326 2,858,079Source: Society of Indian Automobile Manufacturers. In the late 1990s, Bajaj with the support of Kawasaki, started producing motorcycles. The result was an aggressively priced Boxer 100cc motorcycle in 1997, about Rs. 8000 cheaper than Hero Honda. As Bajaj’s volumes increased, it started pushing prices down by value engineering, localization and better capacity utilization that cut its costs by Rs. 4000 per vehicle. Exhibit IV Bajaj: Major Models Category Motorcycle Wind BYK Pulsar Eliminator 112 Products Year of Introduction 2003 2003 2002 2001 Financial Management at Bajaj Auto Category Caliber Products Boxer CT Boxer AT 4S Champion KB 100 LegendYear of Introduction 1998 1997 1997 1991 1987 1998 1976 1972 2000 1998 1990 1986 1987 Geared Scooters Super Chetak Saffire Ungeared Scooters Spirit Sunny M80 Major M80 Major 4S Step-Thrus Source: www. bajajauto. com In early 1998, Bajaj established a new plant (Rs. 3. 15 billion investment in 200-acre plot) at Chakan near Pune for its future generation vehicles. The new plant specialized in plastic bodied and tubular structure scooters. Bajaj’s relatively high level of backward integration helped it to keep raw material costs well below the industry average. For example, the company bought raw materials in bulk for itself as well as for its suppliers.For most of the two-wheeler companies, material costs accounted for about 70% of operating income, but for Bajaj it was only 57% in 1998, the lowest in the industry. In 1998, Bajaj was ranked India’s fifth most valuable company 8. Internationally, it was the world’s largest scooter producer and the fourth largest two-whe eler manufacturer after Hero Honda, Yamaha and Suzuki. But the delay in realizing the potential of motorcycle segment by Bajaj, allowed Hero Honda to race ahead to become the market leader in 2001. During 2000-01, Bajaj entered into non-life and life insurance business along with Allianz AG of Germany, one of the largest insurance companies in the world. Two companies were set up: Bajaj Allianz General Insurance Company Ltd and Allianz Bajaj Life Insurance Company Limited.Bajaj and Allianz signed two separate joint venture agreements for these two businesses and respectively committed 74% and 26% of the initial share capital of Rs110 crore in case of the general insurance venture and Rs150 crore in case of the life insurance venture. Bajaj received Rs. 1. 17 billion from Allianz as goodwill. In 2001-02, Bajaj Allianz General Insurance issued the largest number of policies among all private players in the non-life segment, and became the leader in this line of business. Allianz Bajaj Life Insurance commenced operations in October 2001. 8 ?The BT 500,? Business Today, 7th September 1998. 113 Financial Insights Exhibit V Bajaj vs. Competitors: Major Models in Different Segments in 2003 Segments BYK Economy (Priced Rs. 27,000 – Rs. 37,000) Executive (Priced Rs. 38,000 – Rs. 5,000) Premium (Priced Rs. 45,000 – Rs. 75,000) Style (Priced above Rs. 75,000) Boxer AT Boxer AR (K-Tec) Boxer CT Delux (KTec) Caliber (K-Tec) Caliber Croma Caliber 115 Pulsar 150 Pulsar 150 (self-start) Pulsar 180 CD100 SS Dawn Splendor Passion Ambition Disc CBZ Disc CBZ (selfstart) Bajaj Auto Hero Honda TVS Motors No Competition Samurai Max 100R Max DLX Victor Fiero Fiero DLX Fiero ES Crux Crux R Libero Enticer Yamaha Eliminator No Competition Note: List is not exhaustive. Source: Compiled from various sources by ICFAI Knowledge Center. The shift in preference from geared to nongeared scooters continued in 2002, resulting in a 35% decline in yearly sales.The company†™s market share in the ungeared scooter market declined due to lack of models. Both LML and Honda Motorcycles strengthened their foothold in 2002 after the launch of ‘Nova' and ‘Dio' respectively. Bajaj Auto's ‘Spirit', the ungeared scooter, commanded around 25% market share in the below 100 cc category. Bajaj was one of the very few companies manufacturing three-wheelers in the world. It commanded a monopoly in the domestic market with a market share of above 80%. The rest was shared by Bajaj Tempo, Greaves Ltd and Scooters India. The company saw a sharp rise in three-wheeler demand. In early 2002, the market grew by 23%. Bajaj had also commenced the commercial production of goods carriers.In 2002, this segment generated 22% of the company’s profits. The profit per three-wheeler was estimated to be 2. 5-3 times that of a motorcycle. Bajaj gained market share in the motorcycle segment through its models like ‘Pulsar' and ‘Boxer AR'. Boxer virtu ally created the four-stroke economy segment and Pulsar expanded the lifestyle segment. Pulsar’s volumes surpassed the most optimistic expectations in terms of volumes. In February 2003, Bajaj launched ‘Caliber 115' and steadied its presence in the executive motorcycle segment. The new model registered sales of 25,706 units in March 2003. 114 Financial Management at Bajaj Auto Financial ManagementBajaj earned bulk of its revenue from the automotive business. In 2003, motorcycles dominated the automotive segment, accounting for 55 % of its revenues. In 2002-03, Bajaj achieved a turnover of Rs. 5071 crore and earning before interest, taxation, depreciation and amortization (EBITDA) of Rs. 817 crore. EBITDA as a percentage of net sales and other operating income increased from 16. 8 % in 2001-02 to 19 % in 2002-03. Return on operating capital, which had dipped to a low of 14% in 2000-01, increased to 60% in 2002-03. Bajaj continued its efforts to drive top-line growth, imp rove operational efficiency, cut costs and improve economies of scale.Working Capital Bajaj continued to minimize its overall working capital. Debtors declined from Rs. 198 crores on 31st March 2002, to Rs. 167 crore on 31st March 2003 – a reduction of 16%. Bajaj succeeded in reducing inventory levels by using the direct on-line delivery of materials from vendors. Inventory of raw materials and components declined from seven days as on 31st March 2002, to six days as on 31st March 2003, and spare parts for replacement market from 42 days to 31 days. The inventory of finished goods however increased from six days to nine days because of the sluggish market. 9 Exhibit VI Bajaj: Operating Working Capital (Rs Million)Source: Bajaj Auto Annual Report 2002-03. Cost Structure Raw materials, advertising and marketing, and indirect taxes (excise, etc) were the major cost heads for Bajaj. During 2002-03, through its continuous efforts in value engineering and improving relations with t he vendors, Bajaj was able to reduce its 9 Bajaj Auto Annual Report 2002-03. 115 Financial Insights material costs. The share of materials to net sales and other operating income reduced from 63. 3 % in 2001-02 to 62 % in 2002-03, while the share of stores and tools was contained at 1. 5 % of net sales and other operating income. 10 Labor costs for 2002-03 included a sum of Rs. 461 million (Rs. 3 million in 2001-02) towards compensation paid to employees under the voluntary retirement scheme. A total of 1,106 employees opted for the scheme, which had a payback period of two years. Bajaj’s labor costs made up 4. 66% of its total revenue in 2002-03. 11 Despite a 16. 5% increase in net sales and other operating income – from Rs. 36. 96 billion in 2001-02 to Rs. 43. 06 billion in 2002-03, factory and administration costs had come down from 5. 3% of net sales and operating income to 4. 3%. This was the result of a thorough review of fixed costs with each plant head. Sales a nd after sales expenses were around 6. 7 % of net sales and other operating income. In 2003, Bajaj’s advertising and marketing expenditures were Rs 233. 9 crore (8. 61% of its total revenue), whereas Hero Honda’s expenditures were Rs. 147. 01 crore (4. 16% of total revenue) and TVS’ were Rs. 212. 49 crore (11. 06% of total revenue). Bajaj’s total indirect tax expenses were Rs. 601. 22 crore in comparison to Hero Honda’s Rs. 9. 75 crore and TVS’ Rs. 435. 77 crore in 2003. 12 Investments Bajaj invested its surplus funds in secured and fixed investment securities like G-Secs, T-Bills, etc. The return earned by Bajaj on its treasury portfolio was comparable with the return earned by the top mutual funds. During 2002-03, Bajaj reduced its equity investments and concentrated more on the G-Sec and bond market.Thus, the market value of the portfolio changed from a diminution in value to cost in 2002, to an appreciation in value to cost of Rs. 343 mi llion in March 2003. During 2002-03, Bajaj provided Rs. 26. 7 million towards impairment in the carrying costs of its investment portfolio. In addition, continuing its efforts to liquidate non-performing assets, Bajaj booked a total loss of Rs. 853 million. This loss was set off against gains on sale of assets of Rs. 1, 067 million that resulted in a net gain of Rs. 214 million. 13 Figure (ii) Bajaj: Liability Structure, 2003 Source: Prowess Database. 10 11 12 13 Bajaj Auto Annual Report, 2002-03. Source: Prowess Database.Source: Prowess Database. Bajaj Auto Annual Report, 2002-03. 116 Financial Management at Bajaj Auto Exhibit VII Bajaj: Investment of Surplus Funds (Rs. million) Source: Bajaj Auto Annual Report, 2002-03. Exhibit: VIII Income from Investments (Rs Million) 2002-2003 Dividends Interest on debentures and bonds Interest on government securities Interest on inter-corporate deposits and other loans Income from mutual fund units Lease rent and equalization Profit on sale o f investments Interest on fixed deposits Others Total Interest on tax refunds Total non-operating income Non-operating expenses Net non-operating income Source: Bajaj Auto Annual Report, 2002-03. 17 127 408 405 239 44 214 2 11 1,450 1,450 274 1,176 2001-2002 592 291 18 364 79 234 6 1,584 18 1,602 436 1,166 Financial Insights Return on Capital In early 2003, Bajaj maintained a free cash reserve of Rs 2,700 crore. The management had no intention of reducing that cash pile in the near future. Meanwhile, analysts argued14 that retaining surplus cash would only dilute a company's Return on Capital Employed (ROCE) and, over a period of time, destroy shareholder value. Bajaj had a capital employed of Rs 4,000 crore, of which only Rs 1,300 crore was deployed in its two-wheeler operations. This generated an excellent ROCE of 60%. But the remaining Rs 2,700 crore of idle cash, earned a return of only 17%.As a result, Bajaj Auto's overall ROCE was 31%, far lower than Hero Honda's 95%. Exhibit IX Return on Operating Capital (Rs. Million) As at 31, March 2003 Fixed assets Technical know-how Working capital Total Operating profit after interest and depreciation Pre-tax return on operating capital exmployed Source: Bajaj Auto Annual Report, 2002-03. As at 31, March 2002 10,910 128 699 11,737 4,834 41% 10,502 107 638 11,247 6,744 60% Exhibit X Dividend Payouts (%) Company Bajaj Hero Honda TVS 1999 19. 18 22. 89 21. 96 2000 20. 88 23. 08 23. 92 2001 35. 69 26. 74 32. 54 2002 27. 34 75. 53 42. 47 Source: Businessworld, 19th May 2003. Capital Structure Bajaj’s debt-equity ratio was 0. 6 and interest coverage was 717. 76 times in 2003. Bajaj mostly relied on internal generation rather than external funding. In 2003, Bajaj had Rs. 3139. 42 crore of reserve & surplus (49% of it total assets), where as Hero Honda and TVS had only Rs. 821. 09 crore and Rs. 399. 85 crore respectively. Bajaj deployed bulk of its funds in investments (44. 02% of total assets) and fixed assets (20 . 57% of total assets). 14 M. Anand, ? Is Munjal Being Too Generous Businessworld, 19th May 2003. 118 Financial Management at Bajaj Auto Exhibit XI Bajaj: Equity Holding, December 2003 Equity Holding Indian promoters Mutual funds and UTI Banks, FI's, Insurance Cos.FIIs Private corporate bodies Indian public NRIs/OCBs Any other Total equity holding Source: Prowess Database. No of Shares 29516461 1612731 3829868 19318255 13264490 29054237 401776 4185692 101183510 % of Total Shares 29. 17 1. 59 3. 79 19. 09 13. 11 28. 71 0. 40 4. 14 100 In September 2000, Bajaj had spent about Rs 720 crore to buy back 15% of its equity. The offer was announced at a price of Rs 400 per share when the prevailing price was around Rs 320. Though prices fell to Rs 200 immediately after the buyback, it had later recovered to about Rs 500. Bajaj believed buy back was a better way to distribute profits to shareholders than dividends.Bajaj had a cash reserve of $ 575 million and paid a final dividend of 120% an d a special dividend of 20% in 2002 (paid on account of the one-time premia received from Allianz AG, Germany, the company's partner in the two insurance joint ventures)15 and a final dividend of 140% in 2003. The amount of dividend and the tax aggregated to Rs. 1,598 million. The company’s dividend yield i. e. , (dividend per share by the market price) showed that Bajaj had a yield of 2. 7%. 16 Looking Ahead In the motorcycles segment, ‘Boxer' had performed well and had increased its market share to 45% in the entry-level market, which was estimated at 102,000 units (35% of total motorcycle sales). But growth was primarily led by ‘Pulsar', the premium-end motorcycle. Against the company's estimate of 10,000 units per month at the beginning of 2002, the model notched sales of around 17,000 units per month in late 2002.Encouraged by the success, Bajaj planned to ramp up sales to 25,000 units per month by early 2004 and expected to achieve total leadership in the mo torcycle segment, aiming at a growth rate of 15%. Bajaj expected to improve its relationships with customers by expanding its product range and widening its dealer network. It planned to launch a 125 cc motorcycle with Kawasaki Heavy Industries Ltd, which was in the final stage of development. A rear engine diesel goods carrier was in the testing stage 15 16 Source: Prowess Database. Chetan Soni & Nandini Sen Gupta, ? Rolling stock: Payouts put auto investors in top gear,? Times News Network, 4th June 2003. 119 Financial Insights and would be launched in 2004. Bajaj also planned to broaden its vision and work towards being a truly global player.Effective management of the company’s finances would play an important role in this regard. Figure (iii) Bajaj: Closing Share Price & Traded Quantity Source: Prowess Database. Figure (iv) Bajaj: Traded Quantity Source: Prowess Database. Figure (v) Bajaj: Dividend Yield & Earning Per Share Dividend Yield 6 5 4 3 2 1 0 Dec-97 Dec-98 Dec- 99 Dec-00 Dec-01 Dec-02 Dec-03 Jun-98 Jun-99 Jun-00 Jun-01 Jun-02 Jun-03 Earning Per Share 80 60 40 20 0 Dec-97 Jun-98 Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Source: Prowess Database. 120 Financial Management at Bajaj Auto Figure (vi) Bajaj: Assets Structure Source: Prowess Database. Exhibit: XIIBajaj: Capital History Issue Month Issue Type Face Value (Rs. ) 10 10 Security Amount (Rs. Crore) 0 0 Additional Increased Paid up Paid up Capital Capital (Rs. Crore) (Rs. Crore) 18. 81 37. 63 37. 63 75. 25 Security Type Sep-91 Bonus Jun-94 Bonus Euro Oct-94 Issue Sep-97 Bonus Equity Equity Global Depository Receipts Equity 10 10 10 345. 07 0 0 4. 34 39. 8 0 79. 59 119. 39 101. 18 Buybac Sep-00 k Equity Source: Prowess Database. Exhibit XIII Bajaj: Ratios Bajaj Auto Ratios Liquidity Ratios Current ratio Quick ratio Solvency Ratios Debt-equity ratio Interest coverage 0. 26 0. 22 0. 20 45. 04 0. 16 33. 85 0. 17 21. 23 0. 11 11. 83 0. 29 18. 43 0. 52 5. 63 0. 6 4. 58 2. 07 1. 20 1. 88 1. 01 1. 69 0. 69 1. 11 0. 16 1. 20 0. 25 1. 44 0. 81 1. 01 0. 34 1. 12 0. 47 1. 16 0. 36 2003 2002 2001 Hero Honda 2003 2002 2001 T V S Motor 2003 2002 2001 717. 76 161. 91 121 Financial Insights Bajaj Auto Ratios 2003 2002 2001 Hero Honda 2003 2002 2001 T V S Motor 2003 2002 2001 Efficiency Ratios (in Days) Average days of finished goods stock Average days of debtors Average days of creditors Net working capital cycle Profitability Ratios PBDIT (NNRT) as % of sales PBIT (NNRT) as % of sales PAT (NNRT) as % of sales Return on net worth Return on capital employed 20. 19 16. 65 11. 07 17. 50 21. 47 16. 87 13. 12 8. 63 13. 3 16. 74 13. 07 9. 18 8. 24 10. 26 9. 98 17. 59 16. 45 10. 02 67. 10 94. 64 16. 77 15. 63 9. 72 67. 67 95. 27 14. 46 13. 07 7. 87 47. 52 70. 98 9. 23 6. 66 3. 94 32. 89 42. 10 6. 79 4. 57 2. 47 8. 18 5. 78 3. 47 9. 90 13. 80 42. 40 -5. 68 10. 27 13. 95 43. 47 0. 69 11. 38 15. 42 49. 54 6. 61 3. 91 8. 62 35. 57 -7. 47 3. 53 5. 80 32. 71 - 4. 79 3. 93 4. 28 31. 10 14. 09 8. 14 52. 96 14. 97 13. 13 15. 95 19. 82 52. 05 44. 89 -1. 24 7. 54 2. 05 -14. 15 16. 05 18. 80 20. 86 20. 74 90. 00 80. 00 Dividend rate (sum of interim and final) 140. 00 140. 00 Market Ratios P/E P/B 16. 61 3. 19 9. 54 1. 63 80. 00 900. 00 850. 00 150. 00 120. 00 9. 25 1. 32 3. 46 7. 63 9. 27 5. 62 13. 66 6. 21 18. 41 5. 02 10. 35 10. 39 3. 08 0. 99 Source: Prowess Database. Exhibit XIV Common size Income statement Commonsize Income Statement 2003 Total Revenue Sales Other income Change in stocks Non-recurring income Bajaj Auto 2002 2001 Hero Honda 2003 2002 2001 2003 TVS 2002 2001 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 94. 22 3. 51 0. 64 1. 64 92. 27 4. 22 -0. 67 4. 18 91. 85 6. 18 0. 36 1. 61 97. 76 0. 44 0. 40 1. 40 98. 24 1. 04 -0. 13 0. 85 98. 75 0. 33 0. 56 0. 35 97. 76 0. 67 1. 25 0. 31 98. 96 0. 89 0. 15 0. 01 98. 04 1. 05 0. 90 0. 01 122 Financial Management at Bajaj AutoCommonsize Income Statement 2003 Exp enditure Raw materials, stores, etc. Wages & salaries Energy (power & fuel) Indirect taxes (excise, etc. ) Advertising & marketing expenses Distribution expenses Others Non-recurring expenses Profits / losses PBDIT Financial charges (incl. lease rent) PBDT Depreciation PBT Tax provision PAT Bajaj Auto 2002 2001 Hero Honda 2003 2002 2001 2003 TVS 2002 2001 52. 84 4. 66 1. 19 11. 73 51. 39 5. 12 1. 41 11. 80 52. 79 6. 20 1. 80 14. 57 67. 59 3. 86 0. 49 0. 19 68. 80 3. 71 0. 56 0. 12 72. 87 3. 67 0. 73 0. 19 60. 37 3. 27 0. 66 13. 69 63. 29 3. 37 0. 69 13. 86 73. 20 3. 46 0. 90 1. 72 8. 61 0. 86 3. 50 1. 63 19. 3 8. 62 0. 82 5. 28 0. 69 19. 06 9. 83 0. 90 4. 93 2. 85 10. 77 4. 16 1. 89 4. 57 0. 07 18. 51 2. 99 1. 88 5. 55 0. 22 17. 10 2. 74 1. 81 4. 12 0. 46 14. 18 11. 06 2. 08 3. 92 0. 10 9. 23 8. 37 2. 12 4. 65 0. 04 6. 69 8. 76 1. 60 4. 69 0. 04 7. 99 0. 02 19. 01 3. 34 15. 67 5. 24 10. 43 0. 07 18. 99 3. 47 15. 52 4. 06 11. 46 0. 19 10. 58 3. 57 7. 01 0. 68 6. 33 0. 48 18. 04 1. 11 16. 93 5. 81 11. 12 0. 72 16. 38 1. 12 15. 26 5. 08 10. 17 1. 09 13. 09 1. 38 11. 72 4. 04 7. 67 0. 35 8. 88 2. 51 6. 36 2. 30 4. 06 0. 80 5. 89 2. 20 3. 69 1. 28 2. 41 1. 24 6. 75 2. 35 4. 40 1. 03 3. 37 Source: Prowess Database. Exhibit XV Common size Balance SheetCommon size Balance Sheet 2003 Total assets Gross fixed assets Land & building Plant & machinery Other fixed assets Capital WIP Bajaj Auto 2002 2001 Hero Honda 2003 2002 2001 2003 TVS 2002 2001 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 41. 62 4. 02 35. 09 2. 45 0. 06 46. 97 4. 65 39. 56 2. 69 0. 07 53. 65 5. 30 44. 99 2. 88 0. 48 35. 60 5. 77 28. 21 1. 20 0. 42 40. 72 6. 96 31. 96 1. 25 0. 55 54. 82 7. 93 43. 57 1. 68 1. 64 77. 80 12. 72 58. 45 4. 01 2. 63 78. 81 10. 14 63. 09 4. 22 1. 35 77. 23 10. 39 59. 41 4. 40 3. 04 123 Financial Insights Common size Balance Sheet 2003 Less: cumulative depreciation Net fixed assets Investments In group / associate cos.In mutual funds Other investments Inventory Raw materials Stores and spares Finished goods Semi-finished goods Sundry debtors Accrued income Advances / loans to Group / associate cos. Advances / loans to Other cos. Deposits with govt. / agencies Advance payment of tax Other receivables Cash & bank balance Deferred tax assets Intangible assets & deferred revenue expenditure not written off Bajaj Auto 2002 2001 Hero Honda 2003 2002 2001 2003 TVS 2002 2001 21. 05 20. 57 44. 02 4. 13 3. 50 36. 39 3. 30 0. 89 0. 34 1. 82 0. 25 2. 65 0. 32 21. 67 25. 30 36. 82 4. 75 2. 29 29. 78 3. 31 1. 00 0. 57 1. 44 0. 30 3. 66 0. 47 24. 30 29. 35 25. 89 1. 46 2. 64 21. 79 5. 46 1. 96 0. 91 2. 23 0. 36 2. 60 0. 71 12. 47 23. 13 54. 3 0. 16 54. 37 0. 00 9. 18 5. 10 1. 14 2. 51 0. 43 6. 46 0. 00 12. 74 27. 98 41. 41 0. 20 41. 21 0. 00 10. 17 6. 17 1. 54 1. 94 0. 52 5. 69 0. 00 15. 55 39. 27 26. 18 0. 30 25. 88 0. 00 17. 18 10. 62 2. 32 3. 16 1. 08 3. 66 0. 00 28. 15 49. 65 8. 19 5. 60 2. 57 0. 02 19. 95 3. 89 4. 13 10. 36 1. 58 4. 87 0. 00 28. 18 50. 63 1. 66 1. 60 0. 00 0. 05 17. 15 4. 24 2. 50 8. 44 1. 97 9. 97 0. 00 24. 69 52. 54 1. 79 1. 68 0. 00 0. 12 18. 32 5. 49 2. 13 8. 46 2. 25 12. 89 0. 00 1. 68 3. 56 0. 11 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 1. 16 1. 60 8. 21 0. 00 0. 00 0. 00 1. 43 4. 49 1. 86 0. 06 0. 40 0. 41 0. 01 0. 01 0. 11 0. 08 0. 02 3. 93 21. 99 2. 52 0. 8 1. 08 21. 04 2. 28 0. 47 0. 84 21. 71 4. 74 0. 46 0. 00 0. 52 4. 48 1. 11 0. 04 0. 59 7. 31 6. 21 0. 05 0. 88 7. 08 3. 90 0. 00 0. 00 7. 59 7. 69 0. 55 0. 59 6. 48 8. 56 0. 41 0. 77 5. 93 1. 92 0. 00 0. 17 0. 24 0. 35 0. 53 0. 58 1. 75 0. 00 0. 03 0. 05 124 Financial Management at Bajaj Auto Common size Balance Sheet 2003 Total liabilities Net worth Paid-up equity capital Reserves & surplus Secured borrowings Unsecured borrowings Deferred tax liabilities Current liabilities Sundry creditors Interest accrued / due Other current liabilities Provisions Tax provision Dividend provision Dividend tax provision Other provisions Bajaj Auto 2002 2001He ro Honda 2003 2002 2001 2003 TVS 2002 2001 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 51. 36 1. 60 49. 75 0. 85 12. 46 3. 81 7. 21 6. 56 0. 00 0. 65 24. 30 21. 01 2. 25 0. 29 0. 76 52. 99 1. 87 51. 12 0. 59 10. 99 4. 36 8. 41 7. 60 0. 00 0. 81 22. 65 19. 56 2. 62 0. 00 0. 47 56. 80 2. 18 54. 62 1. 21 9. 86 0. 00 10. 07 7. 70 0. 00 2. 37 22. 06 19. 77 1. 74 0. 18 0. 37 39. 34 1. 82 37. 52 0. 00 6. 14 3. 53 31. 14 18. 73 0. 00 12. 41 19. 86 0. 50 16. 42 2. 10 0. 84 39. 10 2. 28 36. 82 0. 00 6. 64 4. 07 34. 97 22. 73 0. 00 12. 24 15. 22 0. 48 13. 66 0. 00 1. 08 54. 44 3. 46 50. 98 0. 00 5. 75 0. 00 31. 63 22. 03 0. 00 9. 60 8. 18 0. 82 5. 18 0. 3 1. 64 39. 42 2. 15 37. 27 3. 82 7. 54 8. 27 37. 87 37. 81 0. 00 0. 06 3. 08 0. 00 1. 51 0. 19 1. 38 37. 27 2. 66 34. 61 10. 50 8. 74 9. 14 33. 31 33. 08 0. 00 0. 24 1. 04 0. 00 0. 00 0. 00 1. 04 43. 06 2. 78 40. 28 19. 09 9. 09 0. 00 25. 55 25. 51 0. 00 0. 05 3. 20 0. 00 2. 23 0. 23 0. 75 Source: Prowess Database. Exhibit XVI Comparative Income Statement Comparative Income Statement 2001 Total Revenue Sales Other income Change in stocks Non-recurring income 3628. 74 4172. 1 4829. 37 3177. 2 4471. 87 5107. 7 1820. 98 2213. 59 3111. 28 244. 19 190. 61 179. 85 14. 13 -30. 4 32. 58 83. 93 10. 63 18. 17 11. 42 47. 21 -5. 81 38. 54 23. 24 21. 08 72. 8 19. 57 16. 65 0. 27 19. 8 3. 27 0. 23 21. 4 39. 82 9. 94 Bajaj Auto 2002 2003 Hero Honda 2001 2002 2003 2001 TVS 2002 2003 63. 66 189. 21 125 Financial Insights Comparative Income Statement 2001 Expenditure Raw materials, stores, etc. Wages & salaries Energy (power & fuel) Indirect taxes (excise, etc. ) Bajaj Auto 2002 2003 Hero Honda 2001 2002 2003 2001 TVS 2002 2003 2085. 47 2323. 71 2708. 23 2344. 39 3131. 72 3531. 81 1359. 65 1415. 78 1921. 32 245. 14 231. 48 239. 05 117. 96 168. 94 201. 63 64. 26 75. 37 104. 05 71. 03 63. 64 61. 12 23. 4 5. 98 25. 61 5. 39 25. 82 9. 75 16. 63 15. 44 20. 85 575. 8 533. 48 601. 22 31. 88 309. 94 435. 77Advertising & marketing expenses 204. 94 200. 41 233. 29 Distribution expenses Others 35. 46 37. 02 44. 23 64. 17 58. 1 93. 73 147. 01 119. 04 118. 49 212. 49 85. 39 98. 92 29. 64 47. 36 66. 27 194. 82 238. 63 179. 61 132. 45 252. 48 238. 84 31. 25 83. 7 14. 65 10. 24 3. 86 87. 15 103. 91 124. 72 0. 83 0. 86 3. 28 Non-recurring expenses 112. 59 Profits / losses PBDIT Financial charges (incl. lease rent) PBDT Depreciation PBT Tax provision PAT ppropriation of profits Dividends Retained earnings 425. 47 861. 9 975. 28 456. 32 778. 31 967. 36 148. 39 149. 74 293. 69 7. 4 3. 38 1. 12 35. 1 44. 27 32. 92 51. 01 24. 82 57. 98 303. 8 22. 97 43. 73 81. 69 19. 12 62. 7 17. 96 49. 22 28. 61 11. 24 79. 91 73. 19 418. 07 858. 52 974. 16 421. 22 745. 39 942. 54 125. 42 131. 78 282. 45 141. 12 156. 68 171. 16 276. 95 701. 84 803 376. 95 694. 38 884. 56 82. 56 202. 54 53. 95 129. 35 27 183. 68 268. 36 130. 08 231. 45 249. 95 518. 16 534. 64 246. 87 462. 93 580. 76 89. 21 141. 66 159. 81 160. 74 66. 01 349. 67 405. 49 20. 36 42. 21 22. 91 31. 04 29. 79 99. 56 376. 5 374. 83 180. 86 113. 26 175. 27 Source: Prowess Database. Exhibit XVII Comparative Balance Sheet Comparative Balance Sheet (Rs Crore) Assets Gross fixed assets 2001 Bajaj 2002 2003 Hero Honda 2001 633. 61 2002 714. 21 2003 779. 25 TVS Motor 2001 641. 3 2002 683. 85 2003 834. 7 2490. 26 2540. 08 2626. 18 126 Financial Management at Bajaj Auto Comparative Balance Sheet (Rs Crore) Land & building Plant & machinery Other fixed assets Capital WIP Less: cumulative depreciation Net fixed assets Investments In group / associate cos. In mutual funds Other investments Inventories Raw materials Stores and spares Finished goods Semi-finished goods Receivables Sundry debtors Accrued income Advances / loans to Group / associate cos. Advances / loans to Other cos. Deposits with govt. / agencies Advance payment of tax Other receivables Cash & bank balance Deferred tax assets Intangible assets (goodwill, etc. Deferred revenue expenditure not written off 245. 85 Bajaj 251. 53 Hero Honda 253. 42 Mar-00 May-00 May-00 503. 59 19. 45 18. 95 179. 76 453. 85 302. 59 3. 46 299. 13 0 198. 54 122. 79 26. 81 36. 47 12. 47 135. 54 42. 29 0 560. 54 21. 89 9. 69 223. 47 490. 74 617. 32 26. 37 9. 19 273. 01 506. 24 TVS Motor 86. 24 493. 09 36. 49 25. 21 204. 92 436. 11 14. 89 13. 92 0 0. 97 152. 03 45. 53 17. 65 70. 2 18. 65 210. 64 106. 95 0. 04 88. 03 547. 47 36. 66 11. 69 244. 54 439. 31 14. 39 13. 92 0 0. 47 148. 79 36. 76 21. 73 73. 23 17. 07 187. 09 86. 52 0 136. 47 627. 07 42. 97 28. 19 302. 03 532. 67 87. 92 60. 08 27. 58 0. 26 214. 07 41. 71 44. 32 111. 1 16. 94 149. 87 52. 21 0 088. 17 2139. 11 2214. 16 133. 81 22. 43 1127. 91 145. 48 3. 96 154. 59 4. 01 1171. 8 1327. 95 1362. 35 1368. 28 1298. 23 1201. 65 1991. 42 2777. 68 67. 62 122. 77 257. 02 123. 99 260. 88 220. 77 726. 29 1193. 52 3. 46 3. 46 722. 83 1190. 06 0 178. 36 108. 27 26. 96 34. 02 9. 11 238. 52 99. 72 0 0 200. 92 111. 67 25. 04 54. 84 9. 37 251. 26 141. 49 0 1011. 26 1610. 41 2296. 03 253. 43 91 42. 17 103. 49 16. 77 179. 1 54. 32 30. 57 77. 95 16. 26 207. 98 56. 16 21. 15 114. 63 16. 04 1786. 88 1785. 53 1917. 13 120. 72 33. 01 198. 17 25. 34 167. 04 20. 24 5. 3 380. 88 19. 24 192. 75 86. 6 21. 73 106 73. 11 3. 87 1387. 8 159. 07 30. 03 68. 06 10. 68 0 1. 26 10. 14 81. 85 45. 09 0 0 0 0 0. 21 10. 34 128. 25 108. 96 0. 81 0 0 0 0. 32 11. 31 98. 14 24. 33 0. 89 0 0 15. 43 32. 66 6. 38 49. 18 15. 91 0 0 0 39 0. 14 5. 16 56. 27 74. 27 3. 57 0 0 15. 3 0. 86 0. 03 81. 47 82. 46 5. 9 0 1007. 75 1137. 62 219. 98 21. 32 0 0 123. 32 25. 2 45. 48 12. 8 16. 03 0 0 20. 2 10. 22 11. 52 0. 44 0. 3 0 127 Financial Insights Comparative Balance Sheet (Rs Crore) Share issue expenses not written off VRS expenses not written off Other misc. expenses not written off Total assets Net worth Authorized capital Issued equity capital Paid-up equity capital Bonus equity capital Buy back amount Buy back shares (nos. Reserves & surplus Free reserves Specific reserv es Borrowings Bank borrowings Short term bank borrowings Long term bank borrowings Govt. / sales tax deferral borrowings Debentures / bonds Fixed deposits Other borrowings Secured borrowings Unsecured borrowings Bajaj Hero Honda TVS Motor 0 0 0 0 0 0 0 0 0 0 0 0 0. 44 0 0. 3 0 0 0 16. 03 0 0 20. 2 10. 22 11. 52 0 830. 02 357. 41 25 23. 1 23. 1 0 0 0 334. 31 291. 81 42. 5 233. 95 107. 37 76. 12 31. 25 0 0 4641. 66 5407. 81 6309. 79 1155. 81 2636. 53 2865. 79 3240. 61 150 101. 18 101. 18 114. 17 18. 21 1820730 4 2535. 35 150 101. 19 101. 19 114. 17 0 0 150 101. 19 101. 19 114. 17 0 0 629. 19 50 39. 94 39. 94 23. 96 0 0 589. 25 589. 25 0 66. 48 0 0 0 1753. 9 2188. 68 685. 76 50 39. 94 39. 94 23. 96 0 0 645. 82 645. 2 0 116. 44 0 0 0 861. 03 50 39. 94 39. 94 23. 96 0 0 821. 09 821. 09 0 134. 28 0 0 0 867. 72 1072. 89 323. 39 25 23. 1 23. 1 0 0 0 300. 29 270. 59 29. 7 166. 94 53. 64 34. 89 18. 75 422. 95 25 23. 1 23. 1 0 0 0 399. 85 380. 05 19. 8 121. 89 16. 13 16. 13 0 2764. 6 3139. 42 2515. 39 2744. 64 3121. 21 19. 96 513. 71 55. 97 55. 97 0 19. 96 626. 09 31. 83 31. 83 0 18. 21 840. 23 53. 91 53. 91 0 451. 64 0 6. 1 0 55. 97 457. 74 588. 96 0 5. 3 0 31. 83 594. 26 781. 9 0 4. 42 0 53. 91 786. 32 66. 48 0 0 0 0 66. 48 116. 44 0 0 0 0 116. 44 134. 28 0 0 0 0 134. 28 0 85 0 41. 58 158. 49 75. 46 0 59. 4 0 53. 9 91. 11 75. 83 0 39. 6 0 66. 16 41. 03 80. 86 128Financial Management at Bajaj Auto Comparative Balance Sheet (Rs Crore) Current portion of long term debt Total foreign currency borrowings Deferred tax liabilities Current liabilities & provisions Current liabilities Sundry creditors Interest accrued / due Other current liabilities Share application money Provisions Tax provision Dividend provision Dividend tax provision Other provisions Total liabilities Bajaj Hero Honda TVS Motor 0 0 0 0 0 0 65. 38 36 11. 48 0 0 0 236. 05 0 240. 47 0 0 0 0 71. 47 77. 16 0 0 0 79. 35 0 88. 72 1491. 42 1679. 88 1988. 48 467. 55 357. 29 0. 11 110. 15 454. 93 411. 13 0. 1 43. 7 454. 9 413. 86 0. 08 40. 96 460. 14 365. 62 254. 61 0 111. 01 880. 3 1116. 21 613. 32 398. 61 0 214. 71 681. 52 409. 94 0 271. 58 238. 66 212. 1 211. 71 0 0. 39 298. 04 289. 05 287 0 2. 05 439. 33 406. 26 405. 65 0 0. 61 0 0 0 0. 02 94. 52 9. 51 59. 9 6. 11 19 0. 02 266. 91 8. 34 239. 64 0 18. 93 0 434. 69 10. 9 359. 44 46. 05 18. 3 0 26. 56 0 18. 48 1. 88 6. 2 830. 02 0 8. 99 0 0 0 8. 99 0 33. 07 0 16. 17 2. 07 14. 83 1023. 87 1224. 95 1533. 58 917. 58 1057. 94 1325. 98 80. 95 8. 26 17. 08 141. 66 0 25. 35 141. 66 18. 15 47. 79 4641. 66 5407. 81 6309. 79 1155. 81 1753. 9 2188. 68 867. 72 1072. 89 Source: Prowess Database. 129 Financial Insights Bibliography 1. 2. ?The BT 500,? Business Today, 7th September 1998.Gita Piramal, Sumantra Goshal and Sudeep Budhiraja, ? Transformation of Bajaj Auto Ltd,? Lessons in Excellence Case Contest, www. thesmartmanager. com, February-March, 2003. M. Anand, ? Is Munjal Being Too Generous Businessworld, 19th May 2003. B19th May Chetan Soni & Nandin i Sen Gupta, ? Rolling stock: Payouts put auto investors in top gear,? Times News Network, 4th June 2003. Motilal Oswal, Equity Research, February 2003. Honda Annual Report 2003. Bajaj Auto Limited Annual Report 2003. CMIE – Prowess Database. CMIE – Industry Analysis Service. www. bajajauto. com. www. siamindia. com. www. indiainfoline. com. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 130

Development And Roles Or WHO Example

Development And Roles Or WHO Example Development And Roles Or WHO – Coursework Example Development and roles of World Health Organization (WHO) of the Module January Development and roles of World Health Organization (WHO)The emergence and development of World Health Organization (WHO) has made a positive social impact on global health organizations and communities. WHO has been capable of bridging the health gap of economically, socially, and culturally disadvantaged communities and nations all over the world. Ever since its founding in 1948 the organization has undertaken a number of global health initiatives varying from the Global yaws control program, eradication of smallpox, Global Polio Eradication Initiative, anti- tobacco campaign and the Global Treaty on Tobacco Control, Adoption of the Global Strategy on Diet, Physical Activity and Health, to the formation of international health regulations. In many of its global healthcare initiatives, WHO has successfully coordinated and managed services and initiatives from a number of global health organizations, commun ities, NGOs, private voluntary organizations, philanthropic foundations, and religious as well as secular organizations. WHO has been instrumental in coordinating the services of such global health organizations as the United Nations Children’s Emergency Fund (UNICEF), The World Bank, the Pan-American Health Organization (PAHO), the Global Health Council (GHC), UNAIDS, the GAVI Alliance, and the Global Fund. For instance, the Global yaws control program, initiated by WHO to prevent ‘a crippling and disfiguring disease that afflicted some 50 million people in 1950’ was later taken up by the UNICEF (WHO, 2007, p. 4). Similarly, UNAIDS continue WHO’s anti-AIDS campaign on a global basis while PAHO has had a remarkable anti-AIDS campaign in the Caribbean. As pointed out by Clift (2013, p. 41), the development of WHO as a coordinator of global health paved way for a number of initiatives from various parts of the globe to address ‘specific disease problem s.’ Similarly, WHO triggered a number of new global initiatives such as the Stop TB Partnership or Roll Back Malaria campaigns (Clift, 2013, p. 11). The organization’s global campaign to fight against AIDS, Tuberculosis and Malaria also focused on community empowerment with a view to enhance self-help and social support among vulnerable communities (WHO, 2009, p. 3). WHO has been able to offer solutions as well as solace for the poverty, misery, malnutrition, and ill-health of many underprivileged and marginalized global communities. It can thus be concluded that WHO today has grown to be a global health coordinator that exerts positive social impacts on global health organizations and communities. ReferencesClift, Charles. (2013). The Role of the World Health Organization in the International System. The Royal Institute of International Affairs, London. Retrieved January 1, 2015, from chathamhouse.org/sites/files/chathamhouse/public/Research/Global%20Health/0213_who.p df World Health Organization. (2007). Working for health: An introduction to the World Health Organization. Retrieved 1 January 2015, from who.int/about/brochure_en.pdfWorld Health Organization. (2009). Milestones in Health Promotion: Statements from Global Conferences. Retrieved January 1, 2015, from who.int/healthpromotion/Milestones_Health_Promotion_05022010.pdf

How to Write What Is Truth Philosophy Essay

How to Write What Is Truth Philosophy Essay What Is Truth? General guidelines for composing a philosophy essay on ‘What is Truth’ Tips on how to start writing How to write an outline How to write a thesis for a philosophy essay on ‘What is Truth’ How to write an introduction Tips on how to write an introduction and thesis How to write body paragraphs Tips on body writing How to finish a philosophy essay on ‘What is Truth’ Tips on conclusion writing Tips on revision What is Truth? (Philosophy essay sample) General guidelines for composing a philosophy essay on ‘What is Truth’ To write a perfect essay, begin with a clear statement of the given inquiry (in this case, on ‘What Is Truth?). The inquiry should be stated. However, it is wise to give a reasonable statement in the first and second paragraph on how you intend on addressing the question and which approach of the question you intend to take. Secondly, state your position and defend your answer. Defend it with reason, arguments, and relevant information. Lastly, identify and formulate the strongest potential objection(s) showing its strength to refute your position. Tips on how to start writing Start by outlining how you want to argue. Your philosophy essay should demonstrate a logical progression of ideas making it easy for the reader to follow. Once your outline is determined, select specific words that will transmit your intentions to the reader. Substantiate your claims whenever you think your critics will not grant them. And when paraphrasing or quoting, always give credit. Indicate your indebtedness for general ideas, specific lines of argument and particular words. How to write an outline It can be challenging to start a paper with an outline primarily. Nonetheless, once one has written a draft, it is relatively easy to go back and outline it. An overview gives the writer a sketch of the paper and aids in work organization. Below is how the outline can be organized. I. Introduction (Include the problem statement and approachesb to be taken) II. Arguments/Reasons Argument/Reason 1 Support your point Argument/Reason 2 Support your point Argument/Reason 3 Support your point III. Strongest challenge(s) to your position IV. Arguments/Reasons showing why the strongest challenge does not make your reason incorrect V. Conclusion How to write a thesis for a philosophy essay on ‘What is Truth’ The sentence or short paragraph that stresses your stance on a particular issue, particularly, the position you will argue for in your paper is the thesis statement. To write a thesis statement, one needs to determine their position. This is done by thoroughly reviewing relevant course materials, evaluating and analyzing arguments on both sides and ultimately developing your take on the issue. It is exigent that you describe your thesis before you continue writing. This is because your thesis guides you throughout the entire writing process- everything you write should somehow contribute to its defense. How to write an introduction The introductory paragraph is the most important paragraph in your essay. It ought to be fifty words long or five sentences minimum. An introductory paragraph is written by first introducing the topic. Second, grab the reader’s attention (a hook). And third, have a solid thesis statement which holds three points you will discuss. Tips on how to write an introduction and thesis When writing an introduction, you need to: Say something unusual Do not repeat the title Ensure the introduction is brief Cite thoroughly but not excessively Refer to a problem or concern your reader might have How to write body paragraphs Naturally, body paragraphs develop the paper’s main idea in a series of paragraphs. To write a body paragraph, the writer’s chosen topic must be explained, described and argued. All main ideas written down in the outline make the body paragraph. Bear in mind; body paragraphs support, prove, and explain your paper’s thesis statement or argumentative claim. Tips on body writing Create an outline (to organize your ideas and maintain your focus on the central topic) Organize your paper so that each paragraph groups together similar ideas and doesn’t mix unrelated topics Conduct research Remember keywords Explain your argument’s significance How to finish a philosophy essay on ‘What is Truth’ One concludes an essay by summarizing their argument and restating their thesis. In the conclusion section, make an effort in convincing the reader that the thesis is established and a cogent argument is offered in its defense. Alternatively put, one finishes a paper by restating the main idea along with the thesis statement, summarizing the essay’s sub-points, and leaving the reader with an interesting final impression. Tips on conclusion writing To conclude your essay correctly, follow the tips below. Summarize the essay’s key points Ask an exasperating question Utilize quotations Call for some action Conclude with a caution Generalize (contrast with different circumstances) Suggest consequences or results Tips on revision Examine your essay’s balance Check your paper’s organization Check your facts (are they all accurate) Check your conclusion (does your conclusion tie the paper together) Utilize spell-check to correct errors What is Truth? (Philosophy Essay Sample) I. Introduction ‘Truth’ has many meanings, yet the most widely recognized definitions allude to a position of being in observance of reality or facts. There exist different paradigms, rules and criteria by which individuals’ critic the truth a statement professes to affirm. The issue is how individuals can be guaranteed that they are in observance of realities or facts when every human mind manipulates, falsifies and perceives what it chooses to interpret see, or hear. Possibly an enhanced description of truth can be an accord of a conclusion by numerous people regarding the realities and facts in question. II. Discussion Truth is unique to an individual. For me, feeling hungry is more truthful than 10+10=20. No truth can objectively be confirmed – factual or otherwise – plus the yardsticks by which humans classify truths are consistently subjective and relative. What people deem as true, whether in art, morality, or science, varies with the existing intellectual current, and is consequently established by social, technological, and cultural yardsticks of that given epoch. Ultimately, humankind is both unique and fallible, and whatever information we uncover, factual or not is revealed by humanity’s’, finite, predetermined mind. The nearest truth is one where we have reached consent because of our social conditioning and related educations. For this reason, truths frequently don’t exchange among cultures. This idea is closely linked to ‘conceptual relativism’ – a far-reaching progression of Kant’s knowledge which asserts while studying a language we discover new ways regarding worldly interpretation, and hence, speaking another language inhabits a separate prejudiced world. I believe our characterization of truth should be increasingly versatile than Descartes, Plato or other philosophers. To me, the pragmatic theory of truth hits home. It affirms that truth is whatever is fitting; if another new idea is more fitting, it becomes truer. This theory is one Nietzsche almost accepted. There being no objective truth frees us to create our truths. In citation to Sartre’s existentialism, individuals aren’t confined by objectivity; instead, the absences of immutable, unending, truths enable us to formulate ‘truth’ for ourselves. I believe ‘Truth’ is personal. Your truth and my truth share no basic pertinence to each other. Since truth is personal and cognitive, it does play a more decisive and unique position in giving life significance; I am liberated to select my truths, and thus, I frame my life. Without cognitive truth, self-determination is non-existent. III. Conclusion So, to the apparent comprehension that the phrase â€Å"truth† is hugely ambiguous, great care should be taken to eliminate ambiguity in arguments concerning truth.

Article on Karl Marx and Private Enterprise

Article on Karl Marx and Private Enterprise Karl Marx is the most controversial economist in history. His writings are studied and debated. He is frequently linked with communism and that association has biased many people against him. Marxs link to communism were formed because many of the socialist dictators such as Lenin studied Marx intensively, however it is erroneous to assume that Marx was a proponent of communism. He was however a critic of capitalism. He studied capitalism extensively and much of his writings focus on the problems with capitalism and specifically on the exploitation of the worker. By examining the origination of capitalism and the Marxist critique of capitalism, we can gain a better understanding of Marxs viewpoints and separate Marxs views from many of the misunderstandings surrounding Marx. Marx spent a great deal of time examining the conversion of the feudal society to a capitalist society. Before the conversion to capitalism took place, England experienced an industrial revolution. This revolution took place from the 10th to the 14th centuries. Around this time, the Plaque that wreaked havoc on England and wiped out nearly half of its population was over. After the Plague ended, many people inherited a lot of wealth and spending on extravagant items became very common. Additionally, it was during this time that technological advances moved industry forward. The invention of the loom made it possible to create linens rapidly and inexpensively and Englands textile industry flourished. Soon after that came the invention of the printing press, which changed allowed for the efficient transfer of information. It was no longer necessary to learn how to do things directly through human contact. This spread of information made it possible for the people of England to organize themselves and to expand their knowledge in different areas of industry. During the 16th and 17th centuries England experienced a turning point in its economic history. During the reign of Charles I, England was going through a period of economic shrinkage. Up until this time English monarchy favored an economic system that was monopolistic in nature. The reason for this is that it gave England greater control over profits and taxation. However, as the merchant class began to grow, Englands economic policies began to hinder further growth. The merchant class (referred to by Marx as the bourgeoisie) began to compete with the monopolies and Englands economy grew increasingly unstable. The rising bourgeoisie began to enclose their land and focused their efforts more and more and their own material gain. These economic factors were, in a large part, responsible for the eventual revolution and execution of the King of England, Charles I. The conversion to capitalism took place over a large period of time, but the changes that took place affected every aspect of society. It changed not only industry, but also politics, religion, laws, and peoples social interactions. In feudalism, wealth was tied to the land. Society was based on agriculture and 90% of the people worked the land. If someone owned land they were wealthy; the society was divided into two classes, landowners and non-landowners. In feudalism, wealth was inherited. Land was passed on when the landowner died to his descendants and therefore it was impossible for serfs to move up. With capitalism this all changed. Wealth was linked to trade and production. For the first time, serfs had the ability to acquire some wealth because wealth was no longer based on lineage. Under this new system, owning a business became the major way to generate wealth, which created some opportunity for serfs that had a skill. Furthermore, land became a commodity that could be bou ght and sold. Previously, land did not change hands and the king could seize it at any time. In capitalism property was bought and sold and people could do with it whatever they wished. In feudalism profits were considered immoral, but under capitalism profits became the way to obtain a better life. Capitalism is the separation of the economy and the state. It is a social system based upon private ownership of the means of production, which entails a completely uncontrolled and unregulated economy where all land is privately owned. Capitalism has been described as the a social harmony through the pursuit of self-interest. This is because those who promote capitalism, believe in that by leaving the state of the economy unregulated, and by each individual left in pursuit of his own self-interests, the economy will automatically adjust itself so that is runs with maximum efficiency. Today in the United States we live in a capitalist society (although our economy is not purely capitalistic because it is not completely unregulated). Under this system a large and growing section of the population survives based on the condition that it works for the owners of the means of production. Production became a key component of this new way of life. Marx defines social class as relations to means of production. Society class structure changed. Instead of society being divided into the landowners and non-landowners, it was divided into those the capitalist and the worker. Capitalists built huge factories instead of small workshops and began to employee hundred of workers at a time. The capitalist owned the factory, the land, and the raw materials and instructed the worker on what to do. Then the goods produced were sold and the capitalist paid the worker a wage and kept the profits. At a time when 90% of England were poor, former serfs, capitalists found plenty of people willing to work for almost nothing. Although, a select few of the workers who were skilled earned a slightly higher wage, the majority worked to just enough money to sustain themselves. The capitalist paid as low a wage as possible and tried to sell their products for as high a price as possible. Most cap italists were very successful. They reinvested their money into new ventures and their wealth grew. Marx recognized that Capitalism divides society into classes, whose interests are not only different, but are opposed to each other. According to Marx the relationship between the capitalist and the worker is inherently antagonistic. What one gains is lost to the other. Because of this he felt that it was inevitable that the worker would have to rise up against the capitalist. Lets take a closer look at the capitalist-worker relationship and how workers wages are determined. The same principles that determine the price of goods also determine the wages. Supply and demand and the competition for labor determine wages by the capitalists. This is what causes the cost of labor to fluctuate and the fluctuations revolve around the cost of producing labor. The costs can be described as the cost of maintaining and training the worker. The easier a worker is to replace or the less training required to educate a worker, the smaller his wage. If there is little or no training necessary, a workers wages will equal the subsistence wage (the minimum amount necessary for a worker to survive). In addition the subsistence wage the capitalist must also consider the cost of replacing worn out workers. The addition of this cost to the subsistence wage is the minimum wage. Although many workers do live and work for a wage below this level, the minimum wage correlates to the wa ges of the entire working class and this wage is the point about which wages of the workers fluctuates. Understanding how wages are determined in the capitalist society we can now examine the relationship between labor and capital in more detail. The laborer receives wages in exchange for his labor. The laborer receives this wage which provides him a method of survival in that he can by food, clothes, and shelter. However, the subsistence wage will not provide the worker any means of economic progression. It will not provide him a way of moving up from the lower classes. An example of this would be a factory worker. He works for one day and is paid for his work ten dollars. The factory owner earns twenty dollars for the work put forth by the worker after subtracting the wage that he pays the worker. Therefore, the employer has created for himself twenty dollars by doing nothing more than giving the laborer work. The factory owner can then use the twenty dollars to reinvest in the factory or in another venture, increasing his wealth. The laborer on the other hand, earns his ten dollars a day, which is only sufficient for him to purchase necessities. It is often said that in capitalism it is in the best interest of the worker and the capitalist for the capitalists ventures to succeed. This is true in that if the venture does not succeed, the worker nor the capitalist will reap a reward. However, when it does succeed it is the capitalist who has the opportunity to increase his wealth and it is in the capitalists best interests that the worker not be given opportunity to earn more than the subsistence wage he is being paid. The growth of the business under capitalism will logically benefit a select number of capitalists. The few who are fortunate enough to have wealth have the opportunity for their wealth to grow. However the worker is not as fortunate. Marx knew that a growth in profits for a firm did not help the worker as one might suspect. In fact, a growth in profits would imprison the worker. When profits increase, wages might also increase but not at the same proportion to profit. An increase in profits for a firm of 30 percent could translate roughly to an increase in wages of 5 percent. Even though wages rose, they rose proportionately less that profits. Therefore the relative wage has not increased, but in fact it has gotten smaller. As the few capitalists increase their wealth, the gap between the rich and the poor must widen. The size of the working class (Marx refers to them as proletariats) grows in number, but their individual wealth is stagnant. The relationship between the two classes i s a control relationship of the capitalist over the worker. This is not a great improvement over the relationship between the feudal lords and the serfs. In the best case scenario a capitalist economy prospers to the point that wages are driven up. Even in this case, however, the gap that would develop between the rich and the poor is so unproportional that it would be impossible for the laborer to increase his standard of living in a pure capitalist economy. We can see that even the best possible situation for the working class does not improve their situation. The material position of the worker may rise slightly, but his social position continues to decline. Marx refers to the manner in which a capitalist controls the worker and reaps the rewards of his labor as exploitation of the worker. The capitalist exploits the worker by using him in the production of goods and using the profit that was generated by the workers labor for his own gain. We will look at how this is done, but first we need to understand how the value of a good or a commodity is measured. By gaining that understanding we can then look at the value added to a product by the laborer and what portion of that value is rewarded to him. It had been a problem for economists to determine how the value of a good is derived. It had been determined that prices of all commodities including labor, are continuously rising and falling and that the price of the goods can rise and fall because of factors that had nothing to do with the production of the good itself. The determination of value was a problem that many economists tried to resolve. Marx was the first economist to investigate thoroughly the notion that the value of a good is determined by the labor put into producing the good. He believed that the value of a commodity was based on all labor, past and present, put into creating the good. This established a way of measuring the true value of good. However this theory had some problems. How is the value of labor determined? How do we express the value of labor when labor itself is used to measure value? Classical Economists contrast these problems that were faced by Marx (as well as other economists such as David Ricardo), with another theory. This theory suggests that the value of a commodity is equal to its cost of production. Under this idea, the value of labor can be determined by the cost of sustaining him or the cost of replacing him. Another way of looking at the exploitation of the worker is by examining the number of hours put into producing a product. The value of each product consists of three parts, according to Marx: the first part is the amount of constant capital put into a good, the second part is the amount of variable capital used to create the good (wages), and the third is the surplus value. The surplus value is the value of a good above and beyond the value that was paid to the worker in the form of wages. In fact by dividing the surplus value by the workers wages we are able to derive the Rate of Exploitation of the worker. So for example a workers wage might equal half of the value of the good he produced. The other half of the value that the worker added is the surplus value and the surplus value is taken for profit by the capitalist. By looking at the relationship between the worker and the capitalist one thing is certain. The value of a good is determined either directly or indirectly by the worker. The value is either composed of the actual units of labor used to produce the product or the cost of labor is used as part the valuation of the good (in addition to the other costs such as materials and machinery). Regardless the worker is reduced to a tool used by the Capitalist and he is nothing more than a component in the production process. And that is what Marx felt would cause the strain and the inevitable rebellion of the worker. It is important to note that despite the common misperception, Marx did not feel that Capitalism is all bad. He recognized that it ended feudalism which was far worse. In many ways he looked at Capitalism as a segue to something better. He believed that Capitalism was dynamic and constantly changing and this leads to the promotion of technology and spurs advances in science. He also knew that Capitalism was an efficient way of creating material wealth. However, despite capitalisms advantages, Marx could not over look its disadvantages. It divides people into classes, which in and of itself, Marx believed, creates problems. It produces wealth for few and unhappiness for many. He believed that a worker is not just selling his labor, he is selling his humanness. He believed that a Capitalist economy will grow for decades (although their will be periods of recession and depression), but the capitalist system can not flourish indefinitely because by isolating the worker and creating the tension that must exist between the capitalist and the worker, capitalism must fall. The workers will eventually organize themselves and overthrow capitalism and then capitalism will be regarded as feudalism is now, as a stepping stone to something better.

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