Theory of Knowledge Full Essay- Language and Vocabulary

Q: The vocabulary we have does more than communicate our knowledge; it shapes what we can know. Evaluate this claim with reference to different areas of knowledge. According to the Sapir-Whorf Theory, language is not merely a reproducing instrument for voicing ideas but rather is the shaper of ideas. The Sapir-Whorf Thesis states that language controls what we think and determines and limits our thoughts. Many language experts identify with the Sapir-Whorf Theory and among these is Wittgenstein, who once said, â€Å"the limits of my language are the limits of my world†.Thus, many believe that the vocabulary we have does more than communicate our knowledge and rather, it shapes what we can know. However, to what extent can this statement be said to be true? Is vocabulary really the only way to communicate our knowledge? What else can vocabulary do besides communicate knowledge? Do you need to be able to communicate your knowledge to show your knowledge? Is our knowledge only ga ined through language and vocabulary? Lastly, if vocabulary â€Å"shapes† what we can know, can we say that knowing more languages will gain us access to more knowledge?First of all, vocabulary refers to the body of words that are used in a particular language, such as the very words I am using to write this essay. Without vocabulary, there are no words and as a result, language is also non-existent. Imagine a life without words; we cannot describe or speak out the ideas in our mind, we cannot ask questions, or communicate with one another. In fact, even when we think in our mind, it involves the use of words. Does that mean that without words we would not have thoughts? Without vocabulary and language, we would not know most of the current knowledge that we do today.Think about the knowledge that we currently possess; many of us would agree that most of the knowledge that we currently have and understand is learnt through school, books and education— but how could we have possibly grasped all the physics theories, math formulas and others that we’ve learnt without the use of vocabulary or words? How would the teachers teach in a world where language is non-existent? Books would just be a fictitious myth if language does not exist. How could we expand our knowledge capabilities through reading if books do not exist?Thus, in a way vocabulary shapes what we can know because without vocabulary, we cannot communicate with one another and thus, knowledge cannot be passed down or shared. As a result, the knowledge we know will be limited to only what we experience or discover by ourselves. However, we would not have the ability to have knowledge about other people’s experiences or way of life and culture. For example, the Aloe Vera plant originated from Northern India and is now regarded highly for its healing and rejuvenating properties. Its antiquity was first discovered in 1862 in an Egyptian papyrus dated 1550 BC.Thus, the healing pow er of Aloe Vera was first discovered by ancient Egyptians, who decided to note this down on a piece of papyrus. If language had not existed and the ancient Egyptians during that time had decided not to write down the healing properties of Aloe Vera, that sliver of knowledge would not be passed down and shared among us and we would not know what we know today. We would not be able to benefit from the natural therapeutic quality of Aloe Vera. Therefore, in this example, language and vocabulary has shown to be a powerful tool for communicating knowledge.In a way, vocabulary does shape what we can know but to what extent is this true? Can vocabulary be said to be the crux of knowledge? Is vocabulary really the only method to communicate and share knowledge? Although vocabulary can be said to make up a large part of our understanding and our knowledge, it is not the only way that we can learn and gain knowledge. Another way would be through our own life experiences. For example, when we touch a hot cup of coffee and scald our skin, we learn from our own experience to be careful of touching hot surfaces as it can harm us.In this manner, we have learnt or acquired new knowledge without the use of vocabulary or communication but rather through our own experience. Our nervous system has sent a signal to our brain. Vocabulary is also not the only way for us to communicate our knowledge. Another method would be through the use of body language, facial expressions or hand signals. For example, traffic officers mainly rely on hand signals to direct the traffic at a particular junction or intersection. Through the use of body language, the traffic officer is able to communicate their knowledge to the drivers bout whether they should stop or go. In this example, knowledge is being passed on without the use of language. Similarly, by looking at a person’s facial expression or body language, we can know how they are feeling (e. g. sad, happy, angry). Furthermore, thinki ng does not have to always involve words. We can think in other ways such as through images. It is important to understand that to be able to communicate our knowledge through the use of vocabulary and language, we first have to be able to put that certain piece of knowledge into words.At age 6, my mom used to test me on my vocabulary and would ask me the definition of words. Oftentimes, I would reply her saying â€Å"I know what the word means but I just can’t explain it! † My mom would then answer, â€Å"If you can’t explain it then that means you don’t really understand it! † I would protest and tell her that I do understand but that it was just difficult to put into words. Thus, this led me to ask myself a question; do we need to be able to explain something with words to understand the concept of it? 6 year old me would beg to differ.However, I believe that even if we can’t explain things in words, it doesn’t mean that we donâ₠¬â„¢t understand it. Has your friend ever tried telling you a personal problem but he says that he can’t really put how he feels into words and you replied saying â€Å"I know exactly what you mean and how you feel†? Most of the time, this happens when we have gone through the same experience and thus, we can relate to them and recall how they feel. Art is another way to communicate knowledge without the use of vocabulary. For example, using graphics or art. As Napolean Bonaparte once said, â€Å"a picture tells a thousand words†.Similarly, an artwork can communicate knowledge to us. For example, the artist Chris Jordan, turns statistics into art. One of his pieces features a picture of 2 million plastic cups stacked up above each other, which is the number of cups we use every 5 minutes. It is much more impactful to visually see the numbers than to hear the numbers. A simple picture with no words was able to relay knowledge to us and raise our awareness. Thus, even though language does restrict the knowledge that we can know, there are still other ways to interpret knowledge.Another area of knowledge we can look at is mathematics. In mathematics, language is not used to communicate knowledge, but rather, the use of numbers. Numbers are a universal language that the world can understand. 2+2 will always equal to 4, regardless of your nationality or what language you speak. Therefore, we can say that in math, language and vocabulary is not very significant. According to the statement in the question, vocabulary is said to do more than just â€Å"communicate knowledge, it shapes what we can know†.If this is true, does that mean that knowing more languages will gain us more access to knowledge? As Federccopellini once said, â€Å"a different language is a different vision of life†. Federccopellini believed that language is a way of life and the more languages you know and understand, then, the more access to knowledge that you p ossess. To a certain extent, this statement can be said to be true. For example, there is a word in Bahasa Indonesia known as lidah buaya. The direct translation of lidah is tongue while buaya means crocodile in English. Together it means crocodile tongue.However, people who speak Bahasa Indonesia know that lidah buaya doesn’t literally mean crocodile tongue. In fact, it is actually the name given to the Aloe Vera plant in Bahasa Indonesia! Hence, to a certain extent, it can be said to be true that knowing more languages will allow us to possess more knowledge, as we would be exposed to different cultures, which would help us to understand their way of life. However, it is also important to note that the meaning of words otherwise known as semantics, have a propensity to change and evolve over time.For example, in the past, the definition of the word â€Å"gay† meant â€Å"carefree† and â€Å"cheerful†. However, in modern times, the word â€Å"gay† is used to describe someone that is homosexual. In this example, we can see how words can change its meaning over time. Thus, if the meanings of words vary over time, how true can it be said that language is a reliable method to communicate knowledge? Furthermore, oftentimes, words are made up to explain or describe a complex set of behaviours that in truth, nobody has really observed or seen.This is known as occult quantity. For example, in the sciences such as physics, the term â€Å"electronic field† is used to define a region around a charged particle or object within which a force would be exerted on other charged particles or objects. However, we can never really prove whether electronic fields exist because we cannot actually see the field with our own eyes. The existence of electronic fields is only â€Å"proven† when physicians make assumptions based on the observations and results of an experiment.However, how do we know that the experiment results aren†™t just an effect of some other unknown cause that we have yet to discover? Occult quantity leads to doubts about the knowledge surrounding a term or a word. Thus, this shows how words can be misleading or tell us false information that we will believe due to the â€Å"research† thought to have been carried out. Can these made-up terms or words be included in our vocabulary when they are not proven? How can these made-up terms or words communicate true knowledge?In conclusion, I believe that vocabulary is a crucial part of acquiring and communicating knowledge and to a certain extent it does â€Å"shape† what we can know. However, vocabulary is not the only way to acquire or communicate knowledge as shown from the examples above. (1794 words) ——————————————– [ 1 ]. http://www. ted. com/talks/chris_jordan_pictures_some_shocking_stats. html [ 2 ]. http://www. ted. c om/speakers/chris_jordan. html [ 3 ]. (http://east. merriam-webster. com/dictionary/electric%20field)

Do you like chocolate?

â€Å"Do you like chocolate? † If asked, most people would smile and say, â€Å"of course I do. † But if that same person asked if you thought chocolate was a good for your health, even beneficial, you’d probably have some doubts. For those doubters: Think again. Evidence has lead scientists and health-specialists around the world to agree that chocolate can be beneficial to your health. Dark chocolate has gotten a bad rap, almost since the late 1800’s when a man named Hershey began an empire lacking the true essence of chocolate. Today, when people consider cardiovascular strength and fitness, chocolate is probably one of the last things they’d add to a health-conscious diet regimen. Then, if we pair dark chocolate consumption with empowering the heart, people would be waiting for the punch line. Dark chocolate and a good healthy heart can, in fact, be allies. But there are some rules and guidelines that must be followed. Christopher Columbus, during his ship-going years, made a stop off the Honduras coast and discovered that natives had a strange almond-like nut. It was a cacao bean, the heart of what chocolate is. Chocolate, specifically dark chocolate, has received kudos from scientific research. Researchers correlate dark chocolate to a component of a healthy diet. When we enter the dessert and snack world of chocolate, there is potential for danger, even harm. The mass-production of Hershey’s and other chocolate companies have belittled the essence of pure chocolate of Belgium. Many people are more likely to agree with the old adage that says, â€Å"Beware, chocolate is not good for you. Thus, there is some truth to this statement. Archeologists say that Olmecs, which is now Mexico, were a people who drank chocolate a thousand years before Christ. The Mayans, a very cultured race, were the first to create a sacred drink of cacao. The Mayans roasted and powdered the beans. They mixed it with chiles, herbs, and wild honey to produce a special beverage. The cacao drink was regarded as one of the most special drinks of the Mayan race, being saved for times of tribute. With all this historical strength behind cacao and chocolate, we can see that there is power in chocolate. Today, there are many types of chocolate, so the benefits depend almost entirely on what kind of chocolate that you choose to eat. Dark-chocolate-research has found evidence that it can help in building in a better heart and strengthening the cardiovascular system. Dr. Joseph Mercola, author of Total Health Program, was very skeptical when he first began to look at chocolate as a healthy snack. This skepticism might be most people’s initial reaction because it’s been ingrained into our minds from a very young age that although chocolate tastes great it’s not good for you. To further Dr. Mercola’s skepticism, he found out that the basis of his secondary research came from a chocolate company. Dr. Mercola was concerned that this chocolate company was biased and merely attempting to reach consumers with a marketing technique to increase sales. The conflict of interest was too obvious. But his skepticism was soon diminished when he looked at some astounding scientific proof. In just the past seven years, there have been more and more independent confirmations that dark chocolate truly has health benefits. These confirmations, according to Dr. Mercola, appeared to establish a framework for strengthening the fact that there indeed are health rewards from eating small amounts of flavonoid-rich dark chocolate. Careful reflection and study of the birth of chocolate helps to clear the picture a bit further. Chocolate, as I mentioned, stems from the cacao bean. Trying to ingest pure cacao lead you spit it out due to its bitterness. The cacao, however, is a key ingredient surrounding dark chocolate’s health benefits. The missing ingredient of course is sugar. Sugar needs to be filtered in before chocolate can be regarded as such a luxury dessert that it’s matured into for society. There are hidden drawbacks to chocolate that must be remembered. For one, when shopping for dark chocolate keep in mind that many of the popular, processed brands readily available in markets and grocery stores are often contaminated with large amounts of lead. You must be wary of those Hershey’s bars. Just as in most undertakings in life, moderation is the key. Dark chocolate consumption, when ingested in small amounts can actually be very good for you. Dr. Mercola wrote, â€Å"It is important to keep in mind, however, that you can derive a majority of the benefits chocolate provides (via flavonols) by consuming fruits like blueberries, apples and grapes, and most all vegetables, including broccoli, greens and onions. This is obviously a method Dr. Mercola would prefer most people utilize instead of chocolate. It’s been ingrained in our heads since infancy to â€Å"eat your vegetables. † It’s easy to see why Mercola counters his discussion regarding chocolate-health by promoting—as an aside—that you eat your vegetables, too. This is a wise promotion—especially for a doctor wanting to maintain his reputation for the mass public and his patients. However, a bowl of broccoli doesn’t have the same rewards as a little dark-chocolate-sugar-boost every once in a while, particularly when you realize it is good for your heart. As I mentioned, when we consider dark chocolate as a moderating alternative, vegetables are boring—at least to the chocolate lover. Just remember, too much chocolate tips the scales toward disaster. So, if chocolate is something that makes you salivate then remember to follow some of these common sense rules: 1. Eat only dark chocolate—or organic, if you want to really streamline the healthy components of chocolate consumption. 2. Organic chocolate carries specific antioxidants that can shield the body from oxidative stress. 3. Do not eat chocolate if you are battling serious disease or ailments. According to scientific data, the Kuna Indians of Panama eat three to four cups of flavanol-rich cocoa daily. The main ingredient, epicatechin, is responsible for offering vascular health benefits to the Kuna Indians. When they drank certain cocoa—another favored past-time of civilized nations around the world—they received higher levels of nitric oxide, where the flavanol was absorbed into the bloodstream. Lead contamination can be found in processed chocolate—sometimes extremely high quantities of lead. The concern of lead contaminants in chocolate is not new. There was great concern, in the past, over processed cocoa plants being contaminated by leaded gasoline. The source of additional contamination is unknown. It might have come during the shipping process or somewhere along the manufacturing lines in chocolate plants. As scary as it sounds, there is some evidence that points out that high blood-lead levels in children can result in learning disabilities, damage to a child’s brain processing, and loss of some memory skills. To counter this grave concern, further chocolate studies performed in two reputable scientific journals say dark chocolate is good for you, NOT white or milk or processed chocolate. Along with flavanol, there is evidence of other benefits. For one, flavonoids can raise levels of HDL cholesterol. This is beneficial cholesterol. It also acts as an antioxidant which protects human cells from free-radicals. It’s these very radicals that can lead to aging, heart disease, and certain cancers. Plant phenol is another substance that can help individuals out by lowering blood pressure. The location of where chocolate is made is another important consideration. Chocolates that are made in Europe tend to be richer in cocoa phenols in comparison with cocoa in the United States. The United States, unfortunately, since the early 1900’s chose to focus on mass production and not on getting the most of this luxurious cacao bean. Now that you’ve got a glimpse of the health benefits of dark chocolate, it’s important to remember this: Nothing is simple about good chocolate and you won’t find it in most drug stores. In fact, if you ask some chocolate connoisseurs about it, they’ll tell you that the term good chocolate was derived from palet or, which, when translated means â€Å"pillow of gold. † David Lebovitz, a pastry chef and chocolate connoisseur, is another fierce advocate for the fancy final product of unprocessed dark chocolate. He has developed some recipes such as an easy-to-prepare Red-Wine and Apple Tart? David offers over 100 recipes to tantalize the taste buds while keeping health at the forefront front of your dietary plans. In closing, it’s important to remember that good dark chocolate is available all over the world. Many European pastry chefs claim it is their art—and there is a lot of presence in Europe—but there isn’t a code set to be cracked by the nationalities of Europe. It is a world-wide consumable. You just have to do a little research to find the true chocolate where you live. Also remember that the benefits of chocolate come from using common sense and following these simple guidelines: 1. Eat only dark chocolate; 2. Eat chocolate in moderation; 3 do not eat processed chocolate. Share this information with friends and loved ones as you add this delectable sweet to your health-conscious diet.

Miep Gies Essay Example | Topics and Well Written Essays - 500 words

Miep Gies - Essay Example he aim of this article is to view if the actions of Miep Gies are considered as a heroic deed or as a betrayal in relation to the leaders of her country. Miep Gies was born in Vienna, and her initial name was Hermine Santroushits. Among other Austrian children suffering from malnutrition in the difficult years after World War I, she was sent to the Netherlands, where her foster-parents gave her a new name Miep. In 1933, a woman came to work for a company of Otto Frank, who fled to the Netherlands from Germany. It was the hard times. Ruud van Der Rol wrote in his book: â€Å"By the year Anny Frank was born, life in Germany had become very hard. Poverty and unemployment were at an all-time high and most Germans were very dissatisfied with their government† (1995, 16). In May 1940, the Nazis occupied the Netherlands, and began the oppression of the Jews. Frank knew that in the future, the situation would only get worse. Miep helped the Franks family and several other Dutch with her husband Ian, despite the serious risk, from 6 July 1942 until August 4, 1944, when the Gestapo found the shelter. They grabbed the Franks - parents an d their two daughters together with four other hiding Jews and sent them to the extermination camps for hard working. After that, Miep Gies found the shelter of Anne Franks diary, who was 15 years old at the time of the arrest and who later died of typhus in the concentration camp of Bergen-Belsen. It is believed that the Franks were the victims of a scammer. After the war even a special investigation was carried out, which resulted in finding of several suspects, but it was impossible to identify the traitor. Miep Gies kept the manuscript and did not even read it until the time when Annes father returned. Otto Frank – was the only survivor of the family. He published the diary in 1947, and it became one of the most famous and impressive documents about the atrocities of fascism. The story of Anna Frank definitely provides a demonstration

Does it matter whether or not firms pay dividends Essay

Does it matter whether or not firms pay dividends - Essay Example This research will begin with the statement that one of the essential parts of a company investment return is a dividend. Being paid on an annual or quarterly basis, a majority of companies pay dividends to the shareholders while others retain their entire profit and reinvest. Even though reinvesting back the profit is vital for the future expansion of the company, it significantly matters whether firms pay dividends. Based on the importance of shareholders in the capital growth of any company, it is fundamental for the management to rewards the shareholders by giving them a portion of the company profits so that they can use it for their own investment or education of their children among other personal use. A company that regularly pays dividends to its shareholders indicates fundamentals. In the 1930s before firms were under legal obligation to pay a dividend, their financial health was indicated by their ability to pay a dividend. Notwithstanding the laws and legislation such as the securities and exchange act of 1934 that brought about a significant level of transparency in the financial management of firms, dividends are still a notable yardstick of the company performance. Â  Mature companies pay dividends and still retain more profits for reinvesting. A good example of a company that has benefited from giving its shareholders dividends is Microsoft. During the early years of the company operations, the company did not pay dividends but it reinvested a significant portion of its profit for future growth.

Sociological Imagination Essay Example | Topics and Well Written Essays - 1250 words

Sociological Imagination - Essay Example According to Robert Weiss, there are two types of loneliness. In social isolation, a person feels deprived of a network of friends or relatives; in emotional isolation, a person feels deprived of a single, intense relationship. These two kinds of loneliness share a common emotional core, and there is some debate about how clearly they can be distinguished (Russell et al., 1984). Either one can be momentary or a long-lasting characteristic of the individual. Emotional Isolation often strikes the war veterans at the same time as social anxiety and depression. Like social anxiety, emotional isolation and depression are characterized by the deliberating pattern of social interaction. Social anxiety comes in two varieties. The state of social anxiety is a momentary experience that flares up at a certain time or in a certain place, and then passes. The trait of social anxiety is more enduring: a characteristic of certain individuals that persists over time and across situations. For those chronically afflicted, their anxiety locks them into increasingly unpleasant social interactions. Such individuals tend to reject other people, perhaps because they fear being rejected themselves. They are withdrawn and ineffective in social interactions, perhaps because they perceive negative reactions even where there are none. In fact, however, other people often do react negatively to interactions with socially anxious individuals. Feelings of social discomfort can arise from a number of sources. They can be a learned reaction of to unpleasant encounters, as social problems in the past contribute to social anxiety about the future. That is why, it has often been seen that war veterans usually suffer anxiety. Depression: Depression is a psychological disorder characterized by negative moods, low esteem, pessimism, lack of initiative, and slowed thought process. Although there are numerous influences on depression, social psychologists have paid particular attention to the role of cognitive factors. Researchers believed that depression is caused due to the exposure to uncontrollable, aversive stimulation. They proposed that organisms exposed to an uncontrollable event learn something- namely that control is not possible. Faced with this knowledge, they stop trying to exert control even in a different situation. That is the case of war veterans. They have seen too much cruelty, huge toll of human lives, immense loss of property and resources, heinous and inhuman war crimes; and above-all the aftermath-miseries, diseases and moral decay, over which they have no control whatsoever. This feeling of

Typographer Matthew Carter Essay Example | Topics and Well Written Essays - 500 words

Typographer Matthew Carter - Essay Example Although the process followed in the above type foundry was considered to be anachronistic, this activity helped Carter to create his own style in typography design (a sector that became soon the centre of Carter’s work in typography). During his visit in New York approximately in 1960 Carter had the chance to study the work of Herb Lubalin and Milton Glaser. It was the work of these two typographic designers that caused the transition of Carter from a ‘type-maker to a type designer’ [1]. It should be noticed that in New York Carter ‘joined Mergenthaler Linotype and began developing fonts that would exploit the new photo-typesetting technologies’ [2]. It was there that Carter’s skills in ‘calligraphic and script renderings’ [2] were revealed. In this context, the skills of Carter in typography could be considered as formulated mostly under the influence of typography trends existed in 1960’s in New York (of course his work n ear his father was an important factor for the development of Carter’s skills in typography). Carter has been based primarily on earlier designer’s work adding his own style. The value of the work of earlier designers on the development of Carter’s skills can be identified in the case of Galliard, ‘designed for Mergenthaler Linotype in 1978 and based on Robert Granjon’s forms of the mid-16th century, discovered during Carter’s research at the Plantin-Moretus Museum in Antwerp in the 1950s’ [1]. Generally, it could be stated that ‘Carter’s outstanding knowledge of type and its history has not led him to be fastidious or conservative in his attitude towards the democratisation and instability of type in the digital environment’ [1]. In fact, Carter managed to combine the style of earlier typography designers with his own personal style in order to create a series of fonts that are considered to be unique in terms of t he style and the method used for their production. Moreover, Carter has

The Palestine-Israel Conflict and the United States Essay - 2

The Palestine-Israel Conflict and the United States - Essay Example History identifies land ownership and religion as the main problems in the conflict. The two societies believe that the subject land is their ancestral land and that they have a right over its ownership. Religious differences could also play a secondary role in facilitating the conflict through undermining resolution initiatives (Whitbeck 1; Khalidi 4-5). The conflict has been a serious one and its gravity can be identified from its effects and failure to find a solution over the long time of the conflict’s existence. Even efforts by international institutions such as the United Nations has failed to resolve the problem and this means that involved parties have intensive interest that they are not willing to compromise (Whitbeck 1). The conflict has manifested in diversified scopes that include large number of Arab refugees (Childers 1) and the level of oppression that Palestine citizens experience under Israeli forces (Carter 1). The scope of the problem that establishes land ownership in the conflict indicates the cause of the conflict. The urge to posses land for a Jewish nation led to immigration into the location that was occupied by the Palestine. The Zionist movement then led to violence that forced Palestine from their homes. Even though different explanations are offered for the Palestine emigration, all the versions point to the violent move by the Zionists. Some Palestine moved out of their homes because of the Zionist violence while others moved because of a directive from their Arab leaders who presumably planned a war in the region. In either case, the relocation of the Palestine from their land and the perception among Israelis that the remaining Palestine citizens should leave the area remains the cause of the continuous conflict. Related to interest in the land and the relocation of Palestine citizens is the United Nation’s recommendation of land allocation between the Zionists and the Palestine.

ECON IP2 Essay Example | Topics and Well Written Essays - 750 words

ECON IP2 - Essay Example The demand for cigarettes are also not as elastic as the demand for laptops since smokers tend to be addicted and therefore the amount of cigarettes they purchase are not as responsive to prices as laptops are. Finally, among the products considered the per unit price of laptops tend to be highest and hence the opportunity cost of the expenditure is highest in case of laptops as well. Therefore, the demand for laptops tends to be substantially more elastic. The importance of elasticity for business primarily is because of its significance in pricing strategies. Price hikes or price cuts do not affect the revenues for goods whose demands are inelastic. Therefore, it is not advisable to reduce prices to try and induce customers into buying products which have inelastic demands. On the other hand customers tend to respond highly to price cuts in case of products that have high price elasticity. Since maximizing revenues is one of the primary targets for businesses, and how price changes affect revenues are dependent upon price elasticity of demand, it is very important for businesses to know the type of demand its product has. An increase in national income would not affect the price elasticity of demand. Although it may lead to rise in overall demands, it will have no impact on the responsiveness of demand to changes in price. Elasticity of supply is simply the responsiveness of quantity supplied to price changes. It is the percentage change in quantity supplied caused by a percentage change in price. The factors that influence the elasticity of supply are: a) Time - since it is not feasible to expand production immediately in response to a price change, although in the long run such expansion is possible, supply tends to be relatively inelastic over the short run and more elastic over the longer run. b) Duration of production – typically goods that take longer to produce, such as agricultural output (longer production cycles) tend to have

Human resources - Expatriate Compensation Research Paper

Human resources - Expatriate Compensation - Research Paper Example This paper will seek to discuss about the different compensation options offered to expatriates as well as what they should expect in those compensation packages. Additionally, it will also include the hidden costs and other life costs that expatriates should consider as they could affect their compensation. Compensation options offered to expatriates Tax Many companies offer expatriates several compensation options. These compensation options can be in the form of taxes whereby a foreigner working in a particular country can be exempted from taxation. This means that, that employee has a compensation option, which is tax, and he or she can choose to be exempted with reference to this option (Froymovich, 2011). In this case, an employee becomes eligible for things like foreign tax exclusions. In addition, he or she can still eligible for extra compensation options that include credits and deductions that help protect the employee from double taxation particularly on the same amount o f income he or she generates after a given period. Therefore, it is advisable that if an employee is going to be paying for his or her local taxes, hiring a qualified and eligible international tax expert who can help understand the kind of exclusions and credits an employee can qualify for in that specific country (Aenlle, 1996). For instance, in some countries such as Belgium, temporary international workers have the eligibility to claim for deductions that locals cannot. In tax preparation, employees tend to include what they commonly refer to as the tax equalization contract in expat packages. In this kind of situation, a company pays for an employees’ international or foreign taxes while the employee essentially pays for taxes in his or her home country as if he is still living in that country (Froymovich, 2011). However, noting that there are number of pitfalls in this case is crucial. An employee can end up owing the company he works for if that company’s accoun tants calculate the employee’s tax burden and establish it exceeds the total amount of money the employee has in his accounts especially if the employee is an American (Kwoh, 2012). Moreover, despite the point that the company may promise to pay for an employee’s tax preparation so that the employee complies with the US regulations, it may fail to inform the employee of any other local charges that the employee is responsible for in due time making it hard for the employee to comply immediately. A clear outlook into this situation indicates that the article provides evidence that there are hidden charges that an employee may fail to be aware of resulting to ambiguities. In this case, the hidden charges are the local charges needed to take care of the required paperwork and in the US, it can cost up to $1000 or more (Aenlle, 1996). Apart from this case, there are others where an employee may be responsible for his or her local taxes without prior preparation knowledge o r assistance as per what date will the exemptions or deductions will be available. According to the senior portfolio manager, Maxim Global Wealth Advisors, Portland, Ore,

Elementary school Essay Example for Free

Elementary school Essay 1. 1 Age 1. 2 Gender 1. 3 Family income 2. What are the effects computer online games on the study habits of selected grade VI pupils at San Gabriel Elementary School? 3. Is there any significant difference on the effects of computer online games to the respondents’’ study habits in terms of their profile? HYPOTHESIS This study tested the null hypothesis that there is no significant difference on the perception of the respondent between the effects of computer online games and the study habit of grade VI pupils of San Gabriel Elementary school. SIGNIFICANCE OF THE STUDY. This research is important to the Parents of the youth. For them to know what are thing that influence using online games. Also to prevent the bad influence of online games to their children, for parents to be able to protect their children from influence of online games. To the youth, they should know the effects of online games to their study habit. Children should know the limitation of using online games and set their priorities. To the teacher, the second parents of the youth. This research is important to guide them to handle this kind of situation and to know how to assess their pupils. Future researchers can make use the results of this study as a basis for them to conduct similar studies of the effect of the computer online games on the study habits. SCOPE AND DELIMINATION OF THE STUDY This study was conducted at San Gabriel Elementary school to find out the effects of the study habits games on academic performance at selected grade VI pupils for the second semester year 2013-2014. The study made use of descriptive correlation method utilizing the questionnaire checklist to gathered data on the respondents. The respondent of this study were (100) selected grade VI pupils of San Gabriel Elementary school. This study focused only on the perceptions of the respondent who were being engaged in computer online games. DEFINITION OF TERMS Age is the length of time during which a being or thing has existed; length of life or existence to the time spoken of or referred to: Computer an electronic device designed to accept data, perform prescribed mathematical and logical operations at high speed, and display the results of these operations. Effects a change that is a result or consequence of an action or other cause: Elementary Education is used for schools where children from the age of about five receive primary education in some countries. Euphoric characterized by or feeling intense excitement and happiness Games this is the way of entertaining oneself; Internet is an electronic communications network that connects computer networks and organizational computer facilities around the world. Pupils a student in school Questionnaire is a research instrument consisting of a series of questions and other prompts for the purpose of gathering information from respondents. Although they are often designed for statistical analysis of the responses, this is not always the case. Selected carefully choose as being the best or most suitable Study habits are defined as the regular tendencies and practices that one depicts during the process of gaining information through learning. Your study habits play a big role in determining your success in the learning process. Survey a method for collecting quantitative information about items in a population. COLLEGE OF ST. CATHERINE QUEZON CITY 362 Quirino Highway, Sangandaan Quezon, City 1116* Tel. No: 330-4883/330-3620 CHAPTER 2q REVIEW OF RELATED LITERATURE AND STUDIES This chapter presents review of related literature and studies that were utilized to strengthen the conceptual background of the study including those conducted in the Philippines and abroad. QUESTIONNAIRE DIRECTION: Please fill in the needed information below. Check the ( ) the corresponds to year answer. Name: ________________________________________ Age : ________ sex: ( ) male ( ) female 1. How much your penetration (â€Å"baon†) 10-25 Pesos ( )30-40 Pesos ( )50-100 Pesos ( ) 2. How much your budget to play online games. 10-25 Pesos ( )30-40 Pesos ( )50-100 Pesos ( ) 3. how much you spend time using online games. 1-2 hrs ( )2-3 hrs ( )4-5 ( ) 4. What type of games you like to play the most? ( ) action game ( ) adventure game ( ) racing game ( ) counter strike ( ) DOTA ( ) puzzle and soduko QUESTIONS YES NO 1. Do you love playing computer games? 2. Do you think playing computer games is easily addicted? 3. Do you think addicted to computer games will change your personality? 4. Do you think addicted to computer games brings negative impacts to our daily life? 5. Do you think obsessed on playing computer games will affect your academic results? 6. Do you think we can achieve a balance between playing computer games and studying? 7. Do you think addicted to computer games will affect the relationship with your family members? 8. Do you think discussing computer games always be the topic between you and your friend? 9. Do you think discussing computer games will enhance the relationship between you and your friends? 10. Do you think computer games addiction is a serious problem?

The Geographical Description Of Orlando

The Geographical Description Of Orlando State of Florida is located on the Gulf Coast in the south-eastern United States. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia, and to the east by the Atlantic Ocean. Orlando is a major city in the central region of the U.S. state of Florida. The geography of Orlando is mostly wetlands, consisting of many lakes and swamps. The terrain is generally flat, making the land fairly low and wet. In the area there are hundreds of lakes and the largest one is Lake Apopka. Central Floridas bedrock is mostly limestone and very porous. The Orlando area is susceptible to sinkholes. Orlando International Airport is the busiest airport in Florida. Located 10.5km (6.5 miles) southeast of Orlando, the airport is served by more than fifty airlines. In the airport there are more than 100 retail shops, food and beverage outlets, and the airport is a self-contained environment with full service banking, currency exchange, salon and post office. Duration of the flight from Scotland can take between 11 18.5 hours, possibly with a connecting flight from London. The Rosen Inn is located west of the airport and the transfer time from the airport to the hotel is approximately 20 minutes. Local Time Zone Orlando is in the Eastern Time Zone and it is 5 hours behind of Greenwich Mean Time (GMT) during the Eastern Standard Time and 4 hours behind of GMT during Daylight Saving Time. In Orlando the Daylight Saving Time (DST) started on Sunday, 13 March and will end on Sunday, 6 November. Description of Tour Operator Virgin Tour Operator has won several awards such as British Travel Award in 2007 and it is named Best Tour Operator to USA/Canada. The company was voted by the customer and received its third Best Package Holiday Company Long Haul award. Virgin Tour Operator offers excellent holiday packages to Florida and everywhere around the world. Virgin Holidays is the largest, extremely popular, and most successful transatlantic tour operator, it beats rival operators such as Thomas Cook and Jetlife. Description of Selected Holiday Walt Disney World Seaworld Orlando Rosen Inn Hotel Epcot Universal Orlando Resort Orlando International AirportThe holiday I have chosen as it was requested is in Orlando. The hotel that I selected is located in International Drive, which is one of Orlandos most lively and dynamic areas and is right in the centre of some of the worlds most famous theme parks and attractions, including museums, mini-golf courses and restaurants ranging from fast food to gourmet cuisine. Its also a shoppers paradise with designer outlet stores, shops and boutiques. The area can be explored by foot or by jumping on the I-Ride Trolley which served all the attractions along international Drive. Rosen Inn Hotel Within the hotel guests can enjoy Plaza Garden Restaurant, Lite Bite Deli with a late opening, Zebras Sports Bar and Grille with entertainment and bar menu until midnight. The smoking area is open on the outdoor patio deck. Smooth Java Coffee Bar is featuring Starbucks premium coffee products, fresh fruit smoothies and a variety of pastries. Food is served until midnight. The hotel has three swimming pools, electronic games room and childrens playground. Car hiring with free parking and breakfast are also included. Pointe Orlando shopping complex is on the opposite side offering some great clothes shops and twenty-one cinema screens. Free scheduled shuttle takes guests to the best attractions of the International Drive area. Universal Orlando Resort is 10 minute, Walt Disney Resort is 20 minute and SeaWorld Orlando is 5 minutes away from the accommodation. Resort representatives are available 7 days. Room Information All rooms have two double beds, featuring pillow-topped mattresses, radio alarm clock, refrigerator, microwave, coffee maker, electronic safe, iron and ironing board, TV with free Disney Channel and Premium Movie Channel. In-room pay-cinema channels are also available and there is a complimentary wireless internet in the rooms and throughout public areas of hotel. Rooms are air-conditioned and non-smoking. Climate Orlando has a subtropical and very humid climate. The average annual temperature is a comfortable 72.4  °F (22.4  °C). Average annual rainfall amounts to over 50 inches per year, keeping central Florida lush and green throughout the year. Prevailing winds are southerly at 9 mph. The average elevation of the region is 127 feet above sea level. There are two major seasons each year: Hot and rainy, lasting from June until late September. During this time the temperatures can be uncomfortably hot. Dry, warm season, from October through May; bringing less frequent rainfall, yet still with warm temperatures. Occasionally night time temperatures can plunge surprisingly low. Thunderstorms are common between May and September and tend to be short but heavy, offering some respite from the heat. Summer is also hurricane season from June to November. Of course everything is air conditioned in Orlando, the theme parks sell inexpensive umbrellas and rain parkas, and there are the water parks. Summer travel to Orlando Florida is still fun and winter travel is wonderful. Theme Parks Universal Orlando Resort Intl Drive North Area This is another exciting full day activity. At this real, working film and TV production facility visitors can go behind the scenes and jump right into the action of their favourite movies. Visitants can plunge into darkness on the psychological thrill ride, Revenge of the Mummy; see, hear and feel the action through the miracle of OgreVision in Shrek 4, save the earth from aliens on the interactive ride MEN IN BLACK Alien Attack, or experience the Universals newest coaster Hollywood Rip Ride Rockit. Walt Disney World Resort Area At Disneys Hollywood Studios is one of the best in popular entertainment. Visitors can experience what it feels like to be on the stage as a star from their own adventure and share it as part of the Magical Gatherings experience. Walt Disney World Resort Area Disney storytelling comes to life in a kingdom where visitors can see real and imaginary animals, thrilling attractions, shows and the majesty of the nature. This is another excellent day out offering lots of fun, wonder and adventure. Discovery Cove SeaWorld International Drive South Area Discovery Cove is a day of adventure and a lifetime of memories. Visitors can swim with dolphins, wade with mysterious rays, snorkel among thousands of tropical fish, and safely come eye-to-eye with sharks and barracudas, hand-feed exotic birds. Families can relax on genuine beaches and enjoy an all-inclusive day of discovery. Universals Islands of Adventure Universal Orlando Resort Intl Drive North Area It is an adventurous full day visit where visitors can experience five uniquely themed islands such as Seuss Landing, The Lost Continent, Jurassic Park, Toon Lagoon and Marvel Super Hero Island. Excursionists can battle villains in 3-D on The Amazing Adventures of Spider-Man, defy gravity as The Incredible Hulk Coaster takes them on a high-speed roller coaster rampage, escape the jaws of a T-Rex on the Jurassic Park River Adventure, brave white-water rapids on Popeye Blutos Bilge-Rat Barges or take a spin through the mischievous world of The Cat in the Hat. As newness The Wizarding World of Harry Potter provides visitors with a one-of-a-kind experience complete with multiple themed attractions, shops and a restaurant. Walt Disney World Resort Area Epcot is another fantastic full day visit where families have to opportunity to see fascinating cultures and numerous wonders of the world through dazzling shows, interactive experiences and amazing attractions. SeaWorld Orlando SeaWorld International Drive South Area In SeaWorld Orlando is an adventurous full day theme park where families can encounter up-close animal experiences, unforgettable performances, and the next generation of thrills. SeaWorlds all-new killer whale show connects guests to the sea, and killer whales, with a new level of energy and excitement while it educates and inspires them to make a difference in this world. Visitors can feed sea lions or get on the flying roller coaster. Orlando helps vacation adventures become lifelong memories. There is an onsite restaurant offering good selection of food to all families. Other attractions Gatorland 14501 South Orange Blossom Trail, Orlando Gatorland is located around 6.5 miles from the hotel. It is a 110-acre theme park and wildlife preserve, combining Old Florida charm with exciting, new exhibits and entertainment. It provides affordable-priced family fun with thousands of alligators, crocodiles, a childrens water park, aviary, breeding marsh with observation tower, petting zoo, nature walk, educational wildlife programs, gift shop, Floridas best train-ride, restaurant, and much more. Central Florida Zoo Botanical Gardens 3755 NW US Highway 17/92, Sanford, It is located around 30 miles from the hotel. It boast over 400 animals, 23 acres of native gardens, an Insect Zoo and Reptile House, a childrens zoo with animals, ZOOm Air Aerial Adventures, a splash playground, live animal encounters and many educational opportunities and demonstrations. Lake Eola Park 195 N Rosalind Avenue, Orlando Lake Eola Park is popular destination in the downtown area with beautiful surroundings, ideal for walking. Other activities available to park visitors include renting swan-shaped paddle boats, electric gondola boats, feeding the live swans and other birds inhabiting the park. Dangers of the weather Key rules for coping with heat are to drink plenty of water to avoid dehydration and to slow down and cool off when feeling fatigued, a headache, a high pulse rate or shallow breathing. Overheating can cause serious, even life-threatening conditions such as heat stroke. Dangers of heat include: Heat cramps: Exercising in hot weather can lead to muscle cramps, especially in the legs, because of brief imbalances in body salts. Cramps become less frequent as a person becomes used to the heat. Heat syncope or fainting: Anyone not used to exercising in the heat can experience a quick drop in blood pressure that can lead to fainting. As with heat cramps, the cure is to take it easy. Heat exhaustion: Losing fluid and salt through perspiration or replacing them in an imbalanced way can lead to dizziness and weakness. Body temperature might rise, but not above 38.8 °C. In some cases victims should be hospitalized. Heat exhaustion is more likely after a few days of a heat wave than when one is just beginning. The best defence is to take it easy and drink plenty of water. Dont take salt tablets without consulting a physician. Sunstroke: In some cases extreme heat can upset the bodys thermostat, causing body temperature to rise to 40 °C or higher. Symptoms are lethargy, confusion and unconsciousness. Even a suspicion that someone might be suffering from sunstroke requires immediate medical aid. Sunstroke can kill. How to avoid? It is strongly recommended to protect eyes from the rays of the sun by wearing sunglasses or a wide brim hat when being outdoors for an extended period of time. Avoid staying in direct sunlight between 10 a.m. and 16 p.m. During that period is suggested to stay in the shades. Strong physical activities should be postponed to periods when the temperature is at normal level and not above the bearable limit. It is essential to protect the skin from UV rays by using sun creams with high SPF values or umbrella. Jet Lag Jet lag is the temporary disruption of the body clock when flying across several time zones. This causes the travellers internal clock to be out of sync with the external environment. Causes of Jet Lag When traveling across a number of time zones, the body clock goes out of sync with the destination time, and so it experiences daylight and darkness contrary to the rhythms it has grown accustomed to. The bodys natural pattern therefore becomes upset as the rhythms which dictate when the person should eat and sleep no longer correspond to the environment of the destination. Jet lag occurs, because the body cannot automatically realign these rhythms. The speed at which the body readjusts itself to new daylight and darkness hours and eating and sleeping patterns is entirely dependent upon the individual. So while it may take a few days for certain people to readjust to a new time zone, others seem to experience little disruption to their bodys natural sleeping pattern. The symptoms of jet lag can be quite varied such as fatigue, exhaustion, inability to sleep, disorientation, lost desire to eat, headaches, stomach aches and a general feeling of fuzziness. How to reduce? Taking shoes off to ease pressure on feet, blindfolds, ear plugs, neckrests and blow-up pillows are all useful in helping to get quality sleep while flying. Walking up and down the aisle, standing for spells, and doing small twisting and stretching exercises in the seat, all help to reduce discomfort, especially swelling of legs and feet. The dry air in aircraft causes dehydration. Drinking plenty of non-alcoholic fluids counters this. Water is better than coffee, tea and fruit juices. Get plenty of exercise in the days prior to departure and try to avoid sickness such as the flu, colds and so on. Amenities of the area Local transport I-RIDE Trolley bus system is the only that services on International Drive and it is very popular by tourists. The regional public bus system that operates in Central Florida is called LYNX. The bus stops can be recognised by either a pink bus or a paw symbol on a round sign. Standard bus fare is $2 per person one way, with free transfers and daily passes also can be bought on the vehicles for $4.50. Weekly passes need to be purchased in advance from the website or outlets in the area and they cost $16. In addition, LYNX also offers a free bus system within Downtown Orlando called LYMMO. If you plan on using LYNX it is strongly recommended that you visit the official website for route information: www.golynx.com or call 407-841-LYNX. Money In the U.S dollar system one dollar equals 100 cents. One British pound is worth about $1.62 but this amount can be changed depending on the daily exchange rate. Currency changing facilities can be found at the airport, and many places offers money exchange in the International Drive such as major banks or the Visitor Centre. Food and Drink Orlando is becoming one of the top gastronomic places; the city offers a wide range of cuisine from all over the world. There are more than 4000 restaurants, breakfast buffets, steakhouses and so on. There are full-service restaurants at every theme park. However, some areas like International Drive offer a high conception of dining outlets. Well-known chains can be found such as Hard Rock Cafà ©, Outback Steakhouse, Planet Hollywood etcetera. One of Orlandos main dishes is the traditional African gumbo, but Moroccan Cous cous can also be mentioned which is made of beef or chicken with vegetables, Dim sum which is fried bread stuffed with meat, vegetables or fruit; the Mofongo which is fried banana with pork cracklings and garlic; and many other fantastic options. Other information Culture Orlando is influenced by many different cultures. For example there are evident Portuguese and Spanish cultural influences; the languages are still spoken in Orlando. In the city cultural opportunities offer a mix of modern and traditional entertainment for tourists such as live orchestral music, opera and ballet. The city has two professional ballet companies. Museums, theatres and galleries are also great choices for visitors. There are many cultural events which acknowledge the rich ethnic background of the people of Orlando. The heritage of nature and wildlife is also very noticeable in Orlando and it is home to some beautiful parks, lakes and bird and animal sanctuaries. History Florida was named and discovered by Juan Ponce de Leon in 1513 while he was looking for the mythical Fountain of Youth and claimed it for Spain. Florida was held by England and Spain at different times and later, in 1819 it was eventually sold to the United States. Before Orlando was only known for its citrus industries, cattle and cotton. Nowadays it had become one of the most executive tourist destinations. Tipping Tipping can be confusing in any country. Normally the tip is given to the staff is 15 20 %. Service personnel who tipped are like bartenders, drivers on public transports, table servers at dining venues, or beauticians. Porters are traditionally tipped $1 per bag. Many restaurants already include tips on the bill for groups of six or more. Therefore, its better to ask the staff if the tip has already been added to the check. Souvenirs There are lots of shops in International Drive, most of them Chinese-owned, and they are offering gifts for cheaper price than Walt Disney stores or the shops in the theme parks. In the souvenir shops T-shirts, tags, jewellery, pyjamas, costumes and a lot more can be purchased. It is guaranteed that everyone finds something unique and nice.

Hablando de Inteligencia Exitosa (aprendizaje) :: essays research papers

Hablando de Inteligencia Exitosa by Dumar Là ³pez CONTORNO Tesis: La base del aprendizaje, se encuentra en la confrontacià ³n que se realice entre los conceptos propios y los ajenos, sustentados en fuentes verà ­dicas que proporcionen una informacià ³n exacta. Sin embargo, para el à ©xito se hace necesaria la correcta transicià ³n entre informacià ³n y conocimiento, que se logra dando significado propio a la primera. I. Trabajo en grupo #1: Ideas propias, no siempre la mejor opcià ³n 1) Descripcià ³n: a) Sin bases sà ³lidas. b) Auto didactismo. 2) à mbito cognoscitivo a) Aproximacià ³n al salà ³n de clase. II. Trabajo en grupo #2: Experiencia, distracciones y proposiciones 1) Descripcià ³n: a) Puntos de comportamiento. 2) à mbito cognoscitivo a) Los profesores como facilitadotes. b) Conformar conocimiento. III. Trabajo en grupo #3: El papel de las tecnologà ­as de la informacià ³n 1) Descripcià ³n: a) Útiles para la educacià ³n. b) En constante desarrollo. 2) à mbito cognoscitivo a) Mà ºltiples funciones del hipertexto y el chat. IV. Caracterà ­sticas del à ©xito: 1) Descripcià ³n: a) Confianza en sà ­ mismo. b) Parte de la inteligencia. 2) à mbito cognoscitivo a) Mentes creativas y prà ¡cticas. Hablando De Inteligencia Exitosa La base del aprendizaje se encuentra en la confrontacià ³n que se realice entre los conceptos propios y los ajenos, sustentados en fuentes verà ­dicas que proporcionen una informacià ³n exacta. Sin embargo, para el à ©xito se hace necesaria la correcta transicià ³n entre informacià ³n y conocimiento, que se logra dando significado propio a la primera. Primeramente, basado en experiencias propias afirmo que el trabajar solo y sin colaboracià ³n o pensamientos diferentes provoca el encasillamiento en ideas y conceptos en la mayorà ­a de las ocasiones errà ³neos. En este caso, no existe correccià ³n por alguien talvez mà ¡s experimentado o sapiente del tema a tratar. Personalmente, la aficià ³n por los computadores sà ­ funciona en estas ocasiones con las facilidades del hipertexto y el Chat permitiendo variados contrastes con ideas diferentes. Segundo, como afirman algunos autores tales como Klausmeier (1915), Vygotsky (1978), y Piaget (1950), el trabajar en un ambiente solitario aunque es efectivo para evitar distracciones, no es lo mejor para generar conocimiento. Por lo tanto, en determinadas situaciones estudiando solitariamente no se logra encadenar y dar un significado correcto a la informacià ³n. Finalmente, la palabra à ©xito siendo tan extensa no puede conformarse de una sola letra, sino del conjunto coherente de estas ademà ¡s de una tilde que genera su correcta pronunciacià ³n, a la tilde le proporcionamos el papel de la experiencia y a las demà ¡s letras, conceptos propios y ajenos. Asimismo, significa el porquà © de conformar la unidad (significado) a travà ©s del agrupamiento de algunas partes (conceptos). Para concluir, al compilar algunos conceptos junto a informacià ³n proporcionada por fuentes experimentadas con ideas propias se genera un texto coherente y no teà ³rico, demostrando lo que segà ºn Robert Sternberg (1997) serà ­a el producto de una â€Å"inteligencia prà ¡ctica y creativa† determinante del à ©xito.

Essay --

The Tea Party’s Influence on American Politics Throughout American history, the role and size of the United States government has been debated since the 1st United States Congress. In modern times, a new conservative group, known as the Tea Party has formed to advocate for smaller government, fiscal responsibility, and restoring traditional American values. This group has made it tougher for Democrats and Republicans to solve their differences. Receiving dramatic support when it formed, the Tea Party, acting as the most conservative members in government, has changed American politics by dividing the Republican party, making it tougher for Congress to pass bills, showing major opposition to the President, and causing gridlock within the government. The Tea Party is defined as a conservative grassroots movement that, â€Å"calls awareness to any issue which challenges the security, sovereignty of domestic tranquility of our beloved nation†¦Ã¢â‚¬ .1 In addition to this, there are many based Tea Party groups around the country, such as Tea Party Patriots and Tea Party 911.2 Furthermore, the formation of the Tea Party is not fully defined. Many Tea Party activist like to refer to the 1773 Boston Tea Party as when their movement was established.3 However, it is argued that the modern Tea Party formed on a nationwide protest, known as the Tax Day Protest, on September 12, 2009.4 This group was protesting nationwide against 787 billion dollar stimulus package and the 3.5 trillion dollar deficit that was implemented by the Obama Administration and a Democratic controlled Adams 2 Congress.5 While many argue that the Tea Party was formed as a grassroots coalition, others claim that this movement was funded by elites, former politicians and con... ...ugh time on dealing with the debt ceiling once again. Thirty Republican Tea Party members oppose raising that debt ceiling. Because of this, Republicans have to create a bill in which they will receive Democratic support. Hopefully, a bipartisan solution by all members will allow the debt ceiling to be risen.44 The Tea Party has changed politics by making the Republican Party more Conservative and making the legislation process slower. They have indeed influenced and change politics in the election process and caused the necessity of bipartisanship in Congress. In addition, they brought the debate about the interpretation of the Constitution, restoring traditional values, economic ideologies in America, and the role and size of the United States government. The Tea Party will go down in history as one of the groups that has changed American politics in many aspects.

Physics of Fiber Optics :: physics light fiber optic wire

History Of all the pioneers of this industry, none stand out as the primary leader of discovery or development. This competitive environment was an integral part of this field's progress. Not all discoveries were harbored as proprietary. There was a great deal of information that flowed amongst the leading scientists developing this technology. Here are some of the key players and some of their contributions: Claude Chappe, French Engineer invented the Optical Telegraph, which used a series of semaphores mounted on towers to relay messages between towers Alexander Graham Bell,patented an optical telephone system in 1880. Not a very practical invention that was superseded by wired communications, which were more effective at the time. Daniel Collodon and Jacques Babinet were able to show that light could be guided along jets of water. John Logie Baird (ENG.) and Clarence W. Hansell (U.S.) patented the idea of using arrays of hollow pipes or transparent rods to transmit images for television or fascimile systems. Heinrich Lamm was the first person to demonstrate image transmission through a bundle of optical fibers. Holger Moeller applied for a Danish patent on fiber-optic imaging, but was denied based on other research Abraham Van Heel and Harold H. Hopkins presented imaging bundles in the British Journal Nature at separate times.Van Heel later produced a cladded fiber system that greatly reduced signal interference and crosstalk between fibers Brian O'Brien American physicist who inspired and collaborated with Van Heel on the cladding concept. C.Wilbur Peters, physician Basil Hirschowitz and Lawrence Curtiss developed glass clad fibers while pursuing the development of the endoscope for inspecting the stomach. Alec Reeves invented digital pulse-code modulation, which was an integral part of optical communications. He further theorized that higher frequencies were possible for fiber optic communications. Stewart Miller's group at Bell Labs worked to develop gas lenses to focus laser beams along hollow waveguides for long distance communications Charles K. Kao focused his study on fiber attenuation and the ability to reduce the signal losses. He theorized that the eventual loss of signal could be reduced to less than 20 db per kilometer. At that time, the average loss was about 1000 db per kilometer. With this published position the industry embraced this challenge and were able achieve this attenuation threshhold within four years or so. Physics Of Optics While investigating the use of fiber optic technology, it is important to understand the fundamental rules of optics. Some of the leading scientists of their time viewed light from two main perspectives.

How Does Steinbeck Present Disadvantaged Characters to Us Essay

Steinbeck presents disadvantaged characters to us using a number of techniques. The author does this to encourage us to sympathise and begin to understand the characters, in order to show the problems with prejudice and the various types of it which were endemic in American society in this time. Lennie is firstly presented to us through the author’s use of animal imagery in the description, and the readers first impression of Lennie is how animal like he is when phrases like ‘snorting†¦like a horse’ are used. The author does this to show that Lennie is gentle, like an animal and can be tamed like domestic animals are. It also shows Lennie will only attack on instinct and become violent when he feels threatened or under attack. This is shown when he says ‘I didn’t want no trouble’ showing that he didn’t mean to do any harm and just doesn’t realise his own strength. The author also presents Lennie in this way because animals are innocent and do not have the capacity to act morally or know good from bad. This shows Lennie’s behaviour, when he acts violently, is a result of society as society taunts him until he behaves in this way. Lennie is also presented to the readers as a vulnerable character, through the author’s description of Lennie’s actions, especially after his attack from Curley when he ‘bleated with terror’ and ‘crouched cowering’. This action emphasises his dependence on George as he couldn’t defend himself without George telling him to. His dependence on George is also made totally clear when he says ‘me an’ him goes ever’ place together’ When Lennie panics he starts to loose control and the author presents this to the readers through the structure of the text and Lennie’s dialogue. Lennie’s sentences become short and staccato like when he says phrases such as ‘please don’t’ and ‘now don’t you do that’ showing his evident panic. The readers can also tell that Lennie looses control because the author uses language such as ‘(lennie’s) face was contorted’. The author does this to show Lennie doesn’t mean to kill or hurt and does it out of panic and instinct. This is shown by Lennie himself when he says ‘I done a real bad thing†¦ George’ll be mad’ which shows Lennie realises he can’t control himself and that he has no moral judgement. It also shows Lennie thinks things are ‘good’ or ‘bad’ to him depending on what George will think of him. The author presents Lennie to us, as a disadvantaged character, in the way he has a child’s mind in a mans body. This not only enables us to see the way in which society treats people such as Lennie but it gives us an insight into the feelings of black people as lennie, being socially unaware and childlike, does not realise the social boundries of white people and goes to talk to crooks.

Contrasting both Kant and Aristotle’s views Essay

Aristotelian philosophy, some two thousand three hundred years old, is perhaps one of the most influential philosophies in history. After being preserved by Arab scholars during the fall of Rome, the teachings of Aristotle were found by Christians during the dark ages. His works, including Nichomachean Ethics, were of great influence to many Christian philosophers during medieval times, but soon philosophies began to shift, marking the conception of the Enlightenment. Philosophy took a drastic shift from predominantly substantive reason to procedural views, markedly seen in works by philosophers St. Augustine, Rene Descartes, and quite notably Immanuel Kant. By comparing the views shared by Aristotle in Nichomachean Ethics, and Kant’s Groundwork of the Metaphysics of Morals it is possible to better understand the shift from substantive to procedural reasoning. Although Aristotelian philosophy and logic shares some common ground with the writings of Kant, Groundwork of the Metaphysics of Morals marks a shift from society and substantive thinking toward the self and procedural reason. Kant believes that each living organism serves a purpose. For example, the highest purpose of a honey bee is undoubtedly to produce honey. Much in the same sense, Kant feels that because humans alone are given the ability to reason that the highest purpose of humanity is to use reason. (Groundwork, Ch. 1, Ln. 50-80) Aristotle would agree with this statement but uses a different logic. Aristotle sees an intrinsic good within every action, as well a hierarchy of goods and actions. Using the logic that any action partaken for the purpose of some greater cause is secondary to the greater cause, Aristotle reasons that for humans, the act of reasoning is of the greatest â€Å"good† because all other actions exist only to maintain the ability to reason. (NE, Bk.1 Pg. 1-2) Between these two philosophies, the purpose of human reason differs based on what each philosopher believes to be the function of humanity within society. Aristotle states that because happiness is the ultimate goal of nearly all human actions (especially within what he considers one of the most important realms of humanity: political science) the purpose of  humanity, and thus human reason, is to find happiness. (NE, Bk.1 Pg. 4) Kant, on the other hand, feeling that to succumb to the needs of the body and desires (what he calls heteronomy) is selfish, feels that it is the responsibility of humanity to use its reason to act out of â€Å"good will.† (Groundwork, Ch. 1, Ln. 3-5) Exemplifying the procedural nature of Kant’s logic, Kant feels that it is the duty of humanity to act only out of good will by using reason to determine what Kant calls the categorical imperative. Kant defines the categorical imperative as an act of good will which is preformed with no considera tion to the ends, or consequences of an action. (Groundwork, Ch. 2, Ln. 280-300) In the world of Aristotelian philosophy, the only way to truly attain the end goal of happiness is to be virtuous. (NE, Bk.1 Pg. 4) To define virtue Aristotle looks to society’s views of an individual. People praise a brave man for being brave and strong man for his ability to run quickly or lift great objects. (NE, Bk.1 Pg. 4) Because of the importance of society within Aristotle’s thinking, he feels that for a person to truly be virtuous, society must perceive desirable characteristics within that person and recognize those characteristics through praise. To illustrate and explain his organization of virtues and what is required of them, Aristotle uses the final paragraph of book one in Nicomachean Ethics: â€Å"Virtue too is distinguished into kinds in accordance with this difference; for we say that some of the virtues are intellectual and others moral, philosophic wisdom and understanding and practical wisdom being intellectual, liberality and temperance moral. For in speaking about a man’s character we do not say that he is wise or has understanding but that he is good-tempered or temperate; yet we praise the wise man also with respect to his state of mind; and of states of mind we call those which merit praise virtues.† -Aristotle, (NE, Book 1, Final Paragraph) Unlike Aristotle, Kant finds goodness not in the views of society, but instead finds goodness by turning inward and looking individual within one’s self and their exertion of good will. Kant feels that to express good will, an individual must use what he calls a priori reason. (Groundwork, Ch. 2,  Ln. 280-300) A priori reason requires that the individual ignores subjective influences like consequences and circumstances. By focusing on objective means like morality and reason Kant suggests that the individual attempting to exert good will should act in a way that he or she would consider a moral maxim (categorical imperative). Kant thinks we must ignore the norms of society and the way society functions and act only using a priori reason because society inherently cannot function in an a priori fashion. This is because society takes into account its own needs, desires, and calculates the consequences of its own actions while placing all of these things over pure reason and good will. By taking into consideration circumstances and consequences society fails to create universal moral law and thus contradicts its own reasoning because the actions of society are not appropriate in all situations and circumstances. (Groundwork, Ch. 2, Ln. 580-590) Should a man in need of money to buy food borrow money from a lending institution knowing that he will not be able to pay that institution back? Kant argues that that man should not, for if his decision were to become universal law and every man or woman were to borrow money without the intention of paying it back than lending institutions would fail. (Groundwork, Ch. 2, Ln. 590-605) Aristotle, believing that society can teach its citizens to be virtuous (and thus happy), finds that virtues are not found intrinsically within each individual. For a person to be virtuous he must be born to a respectable family, for he were not born into respect then he would never be viewed by society with the same esteem as others. He must also not have any major disfigurations, for these too would lead to a lower value within society. Assuming these conditions are met, the individual may then begin to practice virtuous actions, because through habituation virtuous actions can become the nature of that individual, and that through practice an individual may grow to perform virtuous acts not out of desire to be virtuous, but because he simply enjoys the virtuous acts. Only if the individual finds pleasure in performing virtuous actions may that person be seen as virtuous within the eyes of society, for if pleasure is the end goal of humanity, then surely the enjoyment of virtuous a cts is worthy of praise from society. After outlining and discussing both Kant and Aristotle’s views on the purpose of humanity, its role within society and the moral and ethical consequences to those roles it is clear that Kant’s thinking is representative of enlightenment thinking. Before the Enlightenment Aristotle’s views were widely accepted. During this time it was customary that each person function in a manner accepted by society. Ethics and morality were dictated by social norms. The purpose of reason was seen as the pursuit of pleasure, and through virtue and the practice of virtuous actions reason could allow the individual to attain the end goal of life: happiness. In response to Aristotle’s logic, a shift in thought occurs. This shift, called the Enlightenment, is represented by the belief that only pure reason can lead to true morality. The consequences of this belief is that individuals no longer focused on the norms within society to dictate morality, but to look within themselves to use their own reasoning to dictate what should and should not be done. An example of this thinking can be found in Kant’s beliefs about a priori reason and the categorical imperative. By ignoring consequences within society, as well as the ends attained by each possible action Kant feels each individual can find true moral goodness through pure reason. This type of procedural logic is representative of the moral and ethical â€Å"turn inward† which exemplifies Kant’s philosophy as well as the revolutionary shift thinking that became the basis of the Enlightenment.

Effect of TV Personalities to the Mass of People Essay

This is considered to provide learners or readers with mass media information needed to help them become knowledgeable individuals in the use of mass media. Every idea is presented as simple as possible suited for each other for better understanding of concepts and guidelines. 1Media is the various means of mass communications considered as a whole, including television, radio, magazine, and newspaper, together with the people involved in their mass of people. Artists or celebrities have a big portion in media, they are the one who have the connection to the mass of people, the television industry has been considered as a very strong influence on society. The largest television stations here in the Philippines are the ABS-CBN and GMA. They provide different formats of viewing such as music, news, animation, children programs, educational, soap operas or telenovelas, fantaseryes, game shows or reality shows and many more; that might help or worsen once lifestyles. 2These programs are monitored by MTRCB (Movie & Television Review & Classification Board). By rating it through G, PG and SPG. Rated G (General Patronage) is for all age and viewers. In Rated PG (Parental Guidance) monitored programs, children need a parents supervision. While in Rated SPG (Strict Parental Guidance) supervised shows, children or minor should be guided strictly since it might contain theme, language, harassment, sexual, horror, or drugs that are not appropriate to their stage of development. The generation nowadays have a lots of TV personalities that known for their extraordinary talents, appeals, and by attainting the peoples expectation in their shows. The most influential personalities in today’s generation are Vice Ganda, Daniel John Padilla, Kathyrn Bernardo, Anne Curtis, Julia Montes, Pokwang, Charice Pempengco, Raymond Gutierrez, Barbie Forteza and Jake Vargas. They are involved in different project and altered act of role, some might act as kontrabida or villain and basagulero or trouble maker that in the eyes of broods they thought that it is accurate nevertheless it is incorrect. Different person has different perspective in what they see and hear. It is their choice to follow it or not, through the custody of their parents I know everyone might choose the right path. 4Since celebrities are regularly seen on television, heard over the radio, and read about in the newspapers, it is not questionable that all their moves are followed by the general public. Being aware of the great regard that people give them, celebrities do their best in order to share a positive influence to the community. There are a lot of celebrities today that share their advocacies openly for the public to follow. For instance, there are plenty of TV stars who put up their own foundations in order to fund pressing problems in the country. In addition to that, there are also a lot of personalities who willingly participate in rescue operations in times of disasters like typhoons, floods, and earthquakes. By being good example to the community, celebrities today are definitely able to show that they help in making the Philippines a better place to live in. Each artist influence or affects the lifestyles of their viewers or fans in different and little ways. Their fans might affect the way they dress, the way they speak, the way they act, or might affect one’s life. Artist could influence in positively or negatively and these are the things that this thesis will going to provide you, piece by piece. This book allows you to experience the boundless power and importance of the fields of artist and its effect to the mass of people. Come then, and let us take a trip to the world of stars, together, let us make ourselves better individualities.

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