The Science and Culture of the Sea Assignment Example | Topics and Well Written Essays - 1500 words

The Science and Culture of the Sea - Assignment Example Nowadays, most people are not as afraid of seafaring as they might have been in the mid-19th century. Without the aid of deep underwater equipment and scuba diving, there was really no way—back then—to know exactly what the deep dark sea did consist of exactly. This scared many people away from the water. However, there were a certain brave few who weathered the elements because they were so curious as to how the sea operated, even though the sea was considered a strange animal. There were â€Å"strange forms in the water†¦[and] sea-ravens†¦therefore fit roosting-place for their homeless selves. And heaved and heaved still unrestingly heaved the black sea, as if its vast tides were a conscience; and the great mundane soul was in anguish and remorse for the long sin and suffering it had bred.†1 Additionally, over time—but especially in Melville’s book—a case has been made that there is something very sacred about the sea which perhaps, he writes—lives within all of us. â€Å"Consider, once more, the universal cannibalism of the sea; all whose creatures prey upon each other, carrying on eternal war since the world began. Consider all this; and then turn to this green, gentle, and most docile earth; consider them both, the sea and the land, and do you not find a strange analogy to something in yourself?†2 Melville makes us attempt to draw a comparison between the sea and land and our respective souls. Where is it dry? What does the stability of land provide, and what do we give up when we go out to sea? In exchange for a salty, untamed coexistence, the sea beckons even as it threatens to revolt against its seafarers. Yes, it is the sea, that most wild of all natural elements, that nurtures, destroys. It is this sea inside (the mind) which Melville seeks to draw out, as he continues to dazzle readers with his linguistically rich and metaphorical prose. III. Deductions About Accurate and Inaccu rate Science in Moby Dick (450 words) Of course, water cannot be like air, which is apparent to everyone except the speaker here, even if only in jest, when he says, â€Å"Methinks that in looking at things spiritual, we are too much like oysters observing the sun through the water, and thinking that thick water the thinnest of air. Methinks my body is but the lees of my better being. In fact, take my body who will take it I say, it is not me.†3 These are not the only examples of historically scientific references—most of which were indeed accurate.

Experiencing Four Major World Religions First Hand Essay -- Islam, B

The nine-sided building and the surrounding gardens give the impression of the world view of the Baha’i faith. A component of the Baha’i world view is that all religions come from a common source. The site conveyed that unity among all religions and people is an additional view of the Baha’i. The arrangement of the house of worship, and the gardens conveyed the idea of unity. The nine sides of the house of worship, and the surrounding gardens represent that all people no matter their religion, race, or gender are welcome at this site to practice their religion. Furthermore, it also gave the impression of the view of all religions having a common source, God. Specifically, the house of worship could represent God, and the nine sides, may represent the nine major world religions, or the idea that all people are united through God. In addition, the house of worship contains symbols on the pillars of the structure. These symbols are of the nine major world religions, for example; symbols include the Christian cross, Judaism Star of David, and the nine-pointed star, which is the symbol of the Baha’i faith. These symbols on the pillars represent unity among all religions, and the idea that all the religions come from a common source, God. Information provided in the handout, video, and by the representative was quite similar to the impression given by the site itself. The representative of the Baha’i faith specifically talked about how all religions have a common source. The video, handout, and the representative explained that God revealed himself in different manifestations in different time periods. God gave the teachings for a certain time period, and then when a new time period came God revealed himself as a different manifestat... ...gion. One thing that I did not know about was the artifact with a staircase and raised platform. According to Gardner’s Art through the Ages Non-Western Perspective by Fred Kleiner, this structure is called a minbar, and it serves as a pulpit for the imam to stand on, and this is where he would speak. An imam is the leader of prayer according to Living Religions by Mary Pat Fisher. Having the opportunity to visit four different religious sights resulted in gaining new insight. However, some of the information presented was similar to my previous understandings of the religions. It was interesting to hear followers of the different religions speak about their beliefs. Overall, visiting the Buddhist temple, Sikh Religious Society, Turkish Society of Chicago, and The Baha’i House of Worship made me reconsider my previous thoughts about each of the religions.

How to Write Book Review

How to write a book review Perhaps the best way to offer guidelines on how to write a book review is to give you an example of the kind of instructions and guidelines we (i. e. the academic staff) would be given by journals who invite us to review books for them. So, here are the instructions given to authors by the ‘Journal of Autism and Developmental Disorders’. â€Å"A book review should be an objective and tactful evaluation of a book. The review should offer logic and fact in support of its evaluations.Without being just an abstract of the book, the review should indicate the nature and scope of the book’s content. It should indicate the goals of the author, the techniques used to achieve those goals, and the success of those techniques. You may also discuss how the book relates to its field and how it compares to other books in the field. It is important for your review to discuss what audience the book or other media best serves and to state whether the re viewer recommends it.The review should attempt to place the book within a context (e. g. , Is this a new approach? One that builds on an earlier one? ). Reviews should attempt to convey a flavor of the book overall (i. e. , not just summarize the table of contents. Quotes (see below – AQ: are there examples to be provided? ) can often help in this process. If you feel that the book does not merit a review in the Journal please let us know – there is no requirement that we review every book received and it is perfectly acceptable to do a negative review! † †¦. nd here is an example of an actual review written by Dermot Bowler and published in the European Journal of Disorders of Communication (Volume 31, pp 210-213). Note, however, that this review is somewhat longer than your word-limit permits. SAMPLE REVIEW (reproduced with permission of the author): Review of Baron-Cohen, S. (1995). Mindblindness: An Essay on Autism and Theory of Mind. Cambridge, MA. : MI T Press. The integration of a range of theoretical perspectives to provide a coherent scientific account of a natural phenomenon is an easy task only for those who have never had to do it.In this volume, Simon Baron-Cohen has attempted such a difficult exercise by integrating currently fashionable modularist cognitive science accounts of the social dysfunction found in people with autism into neuropsychological and evolutionary frameworks. In the first three Chapters of the book, he aims to persuade us firstly that the explanation of the behaviour of other people using the mentalistic language of folk-psychology (John took his umbrella with him because he thought it might rain) is both highly efficient and evolutionarily advantageous to a species such as ourselves that relies heavily on social organisation for survival.In Chapter 4, he generates a model of development which can account for the emergence of the capacity to mindread in non-autistic children and, taking the well docume nted deficits in autism of lack of protodeclarative pointing, lack of symbolic play and the failure to understand that another person can act in accordance with a belief that the observer knows to be false, their failure to develop in children with autism. His account draws heavily on Fodor's (1983) notion that the mind is made up of independent domain-specific modules, the outputs of which interact to yield mental life and behaviour.He also develops earlier accounts such as that of Leslie and Roth (1993), which posit a specific modular mechanism that enables people to understand minds. Specifically, Baron-Cohen outlines four modular systems that are necessary for the process he calls ‘mindreading'. The first of these he terms an intentionality detector (ID) which is triggered by stimuli exhibiting self-propelled motion and computes desire- or goal-based dyadic representations. The second is the eye direction detector (EDD) which is fired by eye-like stimuli and generates repr esentations of the contents of agents' visual fields.Mechanism number three is called the shared attention mechanism (SAM) which takes input from IDD and ED to compute triadic representations of the kind ‘Daddy sees I see the cat at the window'. Finally, there is the theory of mind mechanism (ToMM), a term borrowed from Leslie's work, which takes inputs from SAM and knowledge of mental states and their consequences which can be used in a hypothetico-deductive way by someone possessing a full ‘theory of mind'.I n Chapters 4 and 5 of the book, Baron-Cohen marshals a considerable body of evidence in support of the existence of these modules and of their selective breakdown in autism. Briefly, he argues that ID and ED are functional in autism, although he acknowledges that there are still considerable gaps in the evidence. By contrast, SAM and ToMM are severely impaired. In Chapter 6, he draws together evidence from neuropsychological and neurological studies on humans and o ther species to attempt to localise these modular systems in the brain.In the final two Chapters, he develops the theme that the capacity to read minds depends crucially on the ability to decode information from the eyes of others, and returns to the theme that this capacity can best be understood within an evolutionary framework. As I said at the outset, Mindreading is a tour de force, in that it draws together evidence from a variety of fields with the aim of providing a coherent picture of the phenomenon of how homo sapiens can account for and predict the behaviour of her conspecifics by means of reference to hypothetical internal mental states.Baron-Cohen's account is worthy of our admiration not just because it describes the current state of scientific play, but also because it permits us to generate propositions which, when tested against data, will refine and improve our understanding. Nevertheless, admirable as this attempt at integration of a range of perspectives might be, a reviewer is duty bound to point out unstated assumptions, weaknesses in analysis, un-expressed counter-arguments and problems of interpretation in an author's exposition.To this end I will now try to clarify what I see as the three major areas of weakness in this book. The first concerns Baron-Cohen's overall modularist orientation. Although accounts of psychological functioning that see behaviour as caused by discrete mental processes that are self-contained, domain-specific, automatic, impenetrable to conscious analysis and localised in specific brain sites has a respectable history, it is not, as its originator, Jerry Fodor would have us believe, the only game in town.It is quite possible to argue that the relationship between the categories we use to analyse behaviour and categories of brain state may be more subtle and more complex than a simple one-to-one correspondence, and that localisation of function may be the result either of anatomical happenstance or may not be a se rious contender, given the global and integrated manner in which some neuroscientists think brains work. Readers who might be tempted to call a child ‘SAM-impaired' or ‘IDD-but-not-EDD-impaired should read Bates et al. s (1988) critique of modularism, as well as of what she termed in a 1993 talk ‘thing-in-a-box neurology', before forming such opinions. My second problem with the book concerns the way in which evidence is presented in support of the argument. Baron-Cohen draws on a wide range of evidence to support the four main planks in his argument; evolutionary, cognitive, neuropsychological/neurological and cultural. Evolutionary evidence is notoriously difficult to assess, since it inevitably has a post-hoc element to it.This is all the more true of the evolution of behavioural adaptations, since they do not leave fossil records that can allow us to detect non-advantageous changes that have died out. I am also worried by arguments that infer survival value and evolutionary success on the basis of the widespread use of a particular behaviour. Baron-Cohen attributes the survival of Homo Sapiens to the fact that we have developed mindreading skills. But many other organisms – from a-social HIV through bees to the social great apes – are evolutionarily successful without mindreading skills.Moreover, I am suspicious about evolutionary accounts that argue that increasingly complex social organisation in primates led to the development of mind-reading skills. This is as if the behaviours called forth by the survival demands of living in complex societies produced a gene that coded for a brain structure that made a particular social behaviour possible. In my view, there is a worrying circularity about all this, not to mention a whiff of Lamarckianism. On the cognitive front, there is undoubtedly an impressive amount of evidence that supports Baron-Cohen's case, evidence which he presents cogently and skilfully.Indeed, this is the s trongest and most closely-argued section of the book. However, there are worrying instances where counter-evidence is either glossed over (e. g. Ozonoff et al's, 1991 evidence on the possession of mindreading skills in high-functioning individuals with autism) or relegated to footnotes (Ozonoff et al's, 1991 failure to replicate Baron-Cohen et al's, 1986 picture sequencing task). There are other instances where evidence appears to be presented where none exists – for example in his discussion of non-autistic people's use of mental state terms when describing Heider and Simmel's (1944) cartoon sequence.At the time the book was written, no published data existed on the use of this instrument with people with autism (but see Bowler ;amp; Thommen, 1995), although a less than careful reading of this text might lead one to conclude that there had been. My third set of reservations centre on often inconsistent or imprecise use of terminology. For example, is it justifiable to speak of a module such as ID as ‘interpreting' stimuli, rather than just generating output when such stimuli are present and not when they are not?On pp126-127, the discussion slides from ‘psychopathology' to ‘neuropathology' without explanation. In this section also, I am certain that blind people would not welcome being labelled as having a psychopathology. Examples can also be found of references cited in the text but not in the reference list at the back. All these shortcomings suggest a hasty compilation of the volume. A little more time spent on reflection, exposition and the more technical aspects of production would have paid dividends here.Most of the reservations I have expressed so far all seem to stem from the most major problem of this book, namely its length, or rather the mis-match between its length and the aims the author has set himself. Baron-Cohen acknowledges that he faced a difficult task in trying to write for experts in biological and cognitive sc iences, students of psychology and the general reader. Trying to please this four-faceted audience is a difficult enough task; it is even more difficult when the debate has to be engaged at several levels of academic discourse. It is well-nigh impossible in an essay of about 120 pages of printed text.Its very length constrains the book to contain a little, albeit very important, knowledge. However, a little knowledge can be a very dangerous thing. Although I would recommend this book to anyone with a personal, scientific or clinical interest in autism, to avoid danger, I would also recommend that it be consumed with some complementary material. The best I can suggest is a paper by the author himself (Baron-Cohen, 1994), which is accompanied by several commentaries and a reply by the author that gives a better flavour of the subtleties of the field than does the volume under review here.

An Analysis On The Current Sugar Industry Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 3038 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? In todays Globalization and competition, the performance of a firm not only depends upon the financial performance but also with other industry related factors such as Economies of scale, Product range, Growth rate of the Company, Difference in size etc. It is very necessary for the firm to compare it with peer competitors or benchmark with another firm in order to understand the performance and where it lacks and how to over come and be a market leader. As an Analyst for a firm, my role is to check: Review the Financial Statements, Ratios and compare to know the position of the firm. Don’t waste time! Our writers will create an original "An Analysis On The Current Sugar Industry Finance Essay" essay for you Create order Examine the financial information for the past 3 years To prepare reports and send it to the Investors. Performing an Analysis on Competitors Preparing in Financial plan and Capital Budgeting decisions Conclusion on where does the firms stands right now in the industry The Industry which I have chosen is Sugar Industry is to study about it and provide valuable information to the investor. SUGAR INDUSTRY The Sugar industry is one of the primary industries as well as a booming sector in India and this industry prevails only with the availability of Sugar canes. This is the reason why many of the factories are situated only where Canes are grown. How ever sugar cane production is somewhat less in demand. The Government of India fixes the prices for the raw materials supplied to these Industries. The number of sugar mills in India has gradually increased over the years making India as one of the largest producer of Sugarcane. These Industries still follow the Dual-pricing scheme and compulsory levy to the public Distribution sector. Some of the Sugar Industries situated in India are Haryana, Uttar Pradesh, Andhra Pradesh and Tamil Nadu. Some of the Sugar Industries in India: Shree Renuka Sugars Ltd Shakthi Sugars Ltd Balrampur Chini mills Ltd Dhampur Sugar mills Ltd Bannari Amman Sugars Ltd Andhra Sugars Ltd Out of these players in the market, the firm which I am going to Analyze is SHREE RENUKA SUGARS LTD. SHREE RENUKA SUGARS LTD The Company was incorporated on 1998 by Narendra Murkumbi and Vidya Murkumbi. Its head quarters are located in Belgaum (Karnataka) and corporate office in Mumbai. The Company is the largest cane crushing manufacturers with 4000 tons per day refining capacity. Its main cane crushing operations are located at Karnataka and Maharashtra. The Company is also planning to expand it Sugar refining capacity in Karnataka. Among the 5 Peer Competitors, the benchmark company for Shree Renuka would be Balrampur Chini Mills ltd. REASON FOR CHOOSING THE FIRMS: According to the Financial Reports, Balrampur Chinis Market Cap is (Rs cr) 2213.82 and sales turn over of (Rs cr) 1704.58. The net profit as of now is 226.51(Rs Cr). The other companies stock shows a major dip in Market Cap, sales turn over. For Sakthi Sugars the Market Cap is just Rs 199.68 Cr and for Dhampur Sugars is Rs 340.42 Cr. Shree Renuka Sugars has an Sales Turn Over of Rs 2234.20(Rs Cr) and Market Cap of Rs 4464.22 Cr even though the net profit was low 143.50 Rs Cr compared to Balrampur Chini ltd. The Book value per share for Balrampur Chini for last year was 45.77 Rs and for Renuka Sugars ltd were 39.27. Total Cash bank balances for Balrampur Sugar ltd last year was Rs 32.97 cr and for Shree Renuka Sugars was Rs 7.06 cr. Other 4 companies performances do not exceed or come up with the 2 companies chosen, either due to bad sales performance or inadequate net profit. Balrampur Chini Mills Ltd The Company is one of the largest sugar production firms in India including various operations such as cogeneration of power and manufacturing of Organic manure. 9 Sugar factories are located in Uttar Pradesh and have an Aggregate crushing capacity of cane -73500 TCD. The Company has increased its capacity through well planned expansion and Acquisition of smaller companies in India. COMMON SIZE BALANCE SHEET: It is a statement on how all the items in balance sheet-Assets and Liabilities are converted into percentage of a common base figure. This helps the Investor, Analyst to analysis easily between companies or between time periods. It could be explained either in Vertically or Horizontal statements. COMMON SIZE INCOME STATEMENT Income statement refers to a financial statement usually prepared by Accountants to provide a summary of the revenues and expenses incurred by the business. It is sometimes called Profit and loss statement. It is one of the 3 major financial statements. The first is the Balance sheet and 2nd is Cash flow. It is very important for the investor to know income and expense of the firm. With the help of this statement, a firm is able to assess the net profit/ loss. Common size income statement is represented as a percentage of the value of the sales. This is mainly done to compare and analyze between 2 companies or different time intervals. COMMON SIZE BALANCE SHEET FOR SHREE RENUKA SUGARS LTD Balance Sheet Particulars Sep 07  Sep 08  Sep 09  (Rs in Crores) 12 mths % 12 mths % 12 mths % Sources Of Funds       Total Share Capital 24.81 2.52% 27.6 1.70% 31.69 1.24% Equity Share Capital 24.81 2.52% 27.6 1.70% 31.69 1.24% Share Application Money 6.26 0.64% 23.09 1.42% 20.59 0.80% Preference Share Capital 0 0.00% 0 0.00% 0 0.00% Reserves 304.68 31.00% 589.26 36.21% 1211.92 47.27% Revaluation Reserves 0 0.00% 0 0.00% 0 0.00% Networth 335.75 34.16% 639.95 39.33% 1264.2 49.31% Secured Loans 621.09 63.20% 827.58 50.86% 1257.99 49.07% Unsecured Loans 25.91 2.64% 159.76 9.82% 41.53 1.62% Total Debt 647 65.84% 987.34 60.67% 1299.52 50.69% Total Liabilities 982.75 100.00% 1627.29 100.00% 2563.72 100.00% Particulars Sep 07  Sep 08  Sep 09  (Rs in Crores) 12 mths % 12 mths % 12 mths % Application Of Funds       Gross Block 631.37 64.25% 778.87 47.86% 1406.62 54.87% Less: Accum. Depreciation 69.06 7.03% 87.72 5.39% 149.76 5.84% Net Block 562.31 57.22% 691.15 42.47% 1256.86 49.03% Capital Work in Progress 207.73 21.14% 513.95 31.58% 242.31 9.45% Investments 16.76 1.71% 150.57 9.25% 105.99 4.13% Inventories 100.17 10.19% 186.91 11.49% 1002.32 39.10% Sundry Debtors 38.69 3.94% 48.64 2.99% 104.27 4.07% Cash and Bank Balance 20.71 2.11% 7.47 0.46% 7.06 0.28% Total Current Assets 159.57 16.24% 243.02 14.93% 1113.65 43.44% Loans and Advances 186.23 18.95% 323.12 19.86% 753.86 29.41% Fixed Deposits 9.96 1.01% 5.92 0.36% 203.22 7.93% Total CA, Loans Advances 355.76 36.20% 572.06 35.15% 2070.73 80.77% Deffered Credit 0 0.00% 0 0.00% 0 0.00% Current Liabilities 122.94 12.51% 248.95 15.30% 1013.44 39.53% Provisions 38.98 3.97% 53.09 3.26% 100.41 3.92% Total CL Provisions 161.92 16.48% 302.04 18.56% 1113.85 43.45% Net Current Assets 193.84 19.72% 270.02 16.59% 956.88 37.32% Miscellaneous Expenses 2.11 0.21% 1.61 0.10% 1.67 0.07% Total Assets 982.75 100.00% 1627.3 100.00% 2563.71 100.00% Table(1.1)-Shree Renuka Sugars Ltd BALRAMPUR CHINI MILLS LTD Particulars Sep 07  Sep 08  Sep 09  (Rs in crores) 12 mths % 12 mths % 12 mths % Sources Of Funds       Total Share Capital 24.82 1.15% 25.55 1.08% 25.68 1.20% Equity Share Capital 24.82 1.15% 25.55 1.08% 25.68 1.20% Share Application Money 0 0.00% 0 0.00% 0 0.00% Preference Share Capital 0 0.00% 0 0.00% 0 0.00% Reserves 839.17 39.03% 989.35 41.66% 1149.58 53.54% Revaluation Reserves 0.18 0.01% 0.18 0.01% 0 0.00% Networth 864.17 40.19% 1015.08 42.74% 1175.26 54.73% Secured Loans 1210.59 56.30% 1250.68 52.66% 972.03 45.27% Unsecured Loans 75.56 3.51% 109.2 4.60% 0 0.00% Total Debt 1286.15 59.81% 1359.88 57.26% 972.03 45.27% Total Liabilities 2150.32 100.00% 2374.96 100.00% 2147.29 100.00% Particulars Sep 07  Sep 08  Sep 09  (Rs in crores) 12 mths % 12 mths % 12 mths % Application Of Funds       Gross Block 1970.32 91.63% 2374.18 99.97% 1770.1 82.43% Less: Accum. Depreciation 382.52 17.79% 498.17 20.98% 0 0.00% Net Block 1587.8 73.84% 1876.01 78.99% 1770.1 82.43% Capital Work in Progress 370.93 17.25% 8.21 0.35% 6.66 0.31% Investments 3.43 0.16% 5.49 0.23% 126.57 5.89% Inventories 432.99 20.14% 556.39 23.43% 343.43 15.99% Sundry Debtors 46.18 2.15% 48.99 2.06% 17.1 0.80% Cash and Bank Balance 14.77 0.69% 33.76 1.42% 32.97 1.54% Total Current Assets 493.94 22.97% 639.14 26.91% 393.5 18.33% Loans and Advances 249.41 11.60% 334.29 14.08% 369.14 17.19% Fixed Deposits 1.67 0.08% 1.37 0.06% 0 0.00% Total CA, Loans Advances 745.02 34.65% 974.8 41.04% 762.64 35.52% Deffered Credit 0 0.00% 0 0.00% 0 0.00% Current Liabilities 521.85 24.27% 444.99 18.74% 417.12 19.43% Provisions 38.21 1.78% 46.33 1.95% 102.1 4.75% Total CL Provisions 560.06 26.05% 491.32 20.69% 519.22 24.18% Net Current Assets 184.96 8.60% 483.48 20.36% 243.42 11.34% Miscellaneous Expenses 3.21 0.15% 1.78 0.07% 0.53 0.02% Total Assets 2150.33 100.00% 2374.97 100.00% 2147.28 100.00% Table (1.2)- Balrampur chini Mills Ltd COMMON SIZE INCOME STATEMNT Particulars Sep 07 Sep 08 Sep 09 Income  Sales Turnover 827.58 100.00% 1805.34 100.00% 2320.64 100.00% Excise Duty 29.53 3.57% 47.6 2.64% 86.43 3.72% Net Sales 798.05 96.43% 1757.74 97.36% 2234.21 96.28% Other Income 11.43 1.38% 0.14 0.01% 5.59 0.24% Stock Adjustments -49.58 -5.99% 61.08 3.38% 581.51 25.06% Total Income 759.9 91.82% 1818.96 100.75% 2821.31 121.57% Expenditure  Raw Materials 465.48 56.25% 1365.05 75.61% 2241.15 96.57% Power Fuel Cost 37.18 4.49% 17.3 0.96% 31.31 1.35% Employee Cost 25.37 3.07% 37.35 2.07% 51.44 2.22% Other Manufacturing Expenses 60.89 7.36% 54.74 3.03% 47.84 2.06% Selling and Admin Expenses 32.84 3.97% 91.28 5.06% 55.18 2.38% Miscellaneous Expenses 10.6 1.28% 19 1.05% 12.86 0.55% Preoperative Exp Capitalised 0 0.00% 0 0.00% 0 0.00% Total Expenses 632.36 76.41% 1584.72 87.78% 2439.78 105.13% Particulars Sep 07 Sep 08 Sep 09 Operating Profit 116.11 14.03% 234.1 12.97% 375.94 16.20% PBDIT 127.54 15.41% 234.24 12.97% 381.53 16.44% Interest 24.64 2.98% 84.06 4.66% 101.44 4.37% PBDT 102.9 12.43% 150.18 8.32% 280.09 12.07% Depreciation 24.92 3.01% 36.48 2.02% 62.46 2.69% Other Written Off 0 0.00% 0 0.00% 0 0.00% Profit Before Tax 77.98 9.42% 113.7 6.30% 217.63 9.38% Extra-ordinary items 0 0.00% 18.24 1.01% 0 0.00% PBT (Post Extra-ord Items) 77.98 9.42% 131.94 7.31% 217.63 9.38% Tax 23.56 2.85% 39.15 2.17% 74.14 3.19% Reported Net Profit 54.43 6.58% 92.79 5.14% 143.51 6.18% Total Value Addition 166.88 20.16% 219.67 12.17% 198.62 8.56% Preference Dividend 3.55 0.43% 0 0.00% 0 0.00% Equity Dividend 4.96 0.60% 5.96 0.33% 31.69 1.37% Corporate Dividend Tax 1.45 0.18% 1.01 0.06% 5.39 0.23% Per share data (annualised)       Shares in issue (lakhs) 248.1 29.98% 2759.63 152.86% 3169 136.56% Earning Per Share (Rs) 20.51 2.48% 3.36 0.19% 4.53 0.20% Equity Dividend (%) 20 2.42% 20 1.11% 100 4.31% Book Value (Rs) 132.81 16.05% 22.35 1.24% 39.24 1.69% Table (2.1)- Shree Renuka Sugars Ltd Particulars Sep 07 Sep 08 Sep 09 (Rs in Crores) Income       Sales Turnover 1476.32 100.00% 1553.66 100.00% 1771.02 100.00% Excise Duty 100.39 6.80% 96.84 6.23% 90.87 5.13% Net Sales 1375.93 93.20% 1456.82 93.77% 1680.15 94.87% Other Income 17.81 1.21% 17.26 1.11% 6.23 0.35% Stock Adjustments 229.39 15.54% 131.54 8.47% -283.17 -15.99% Total Income 1623.13 109.94% 1605.62 103.34% 1403.21 79.23% Expenditure  Raw Materials 1354.88 91.77% 1079.67 69.49% 763.38 43.10% Power Fuel Cost 4.02 0.27% 5.13 0.33% 0 0.00% Employee Cost 78.88 5.34% 87.29 5.62% 95.5 5.39% Other Manufacturing Expenses 28.34 1.92% 34.36 2.21% 80.02 4.52% Selling and Admin Expenses 24.39 1.65% 29.6 1.91% 0.06 0.00% Miscellaneous Expenses 23.39 1.58% 28.45 1.83% 9.83 0.56% Preoperative Exp Capitalised 0 0.00% 0 0.00% 0 0.00% Total Expenses 1513.9 102.55% 1264.5 81.39% 948.79 53.57% Particulars Sep 07 Sep 08 Sep 09 (Rs in crores) Operating Profit 91.42 6.19% 323.86 20.84% 448.19 25.31% PBDIT 109.23 7.40% 341.12 21.96% 454.42 25.66% Interest 63.09 4.27% 100.96 6.50% 96.85 5.47% PBDT 46.14 3.13% 240.16 15.46% 357.57 20.19% Depreciation 80.22 5.43% 117.21 7.54% 107.94 6.09% Other Written Off 1.43 0.10% 1.43 0.09% 0 0.00% Profit Before Tax -35.51 -2.41% 121.52 7.82% 249.63 14.10% Extra-ordinary items 0.38 0.03% 1.12 0.07% 13.91 0.79% PBT (Post Extra-ord Items) -35.13 -2.38% 122.64 7.89% 263.54 14.88% Tax 6.48 0.44% 25.61 1.65% 37.01 2.09% Reported Net Profit -41.84 -2.83% 97.03 6.25% 226.51 12.79% Total Value Addition 159.04 10.77% 184.84 11.90% 185.42 10.47% Preference Dividend 0 0.00% 0 0.00% 0 0.00% Equity Dividend 0 0.00% 12.78 0.82% 77.03 4.35% Corporate Dividend Tax 0 0.00% 2.17 0.14% 13.09 0.74% Per share data (annualised)       Shares in issue (lakhs) 2481.55 168.09% 2555.36 164.47% 2567.55 144.98% Earning Per Share (Rs) -1.69 -0.11% 3.8 0.24% 8.82 0.50% Equity Dividend (%) 0 0.00% 50 3.22% 300 16.94% Book Value (Rs) 34.82 2.36% 39.72 2.56% 45.77 2.58% Table (2.2)- Balram pur chini Mills Ltd FINANCIAL RATIOS: In order to know the financial health of the firm, it is very important for an Analyst to review by comparing with other firms performance. Here comes the importance of Financial Ratios .It is a ratio used to compare one figure appearing in the financial statements with other figure appearing in the same set of financial statements. TYPES OF ACCOUNTING RATIOS Below are some of the ratios calculated for Shree Renuka Sugars ltd ascertaining the position of the firm. PROFITABILITY RATIOS This ratio enables the firm to measure the success of the firm at generating profits Gross Profit Ratio It refers to the gross profit received from sales. It is explained below Gross Profit Ratio= Gross Profit/ sales * 100 2007 2008 2009 116.2/732.4*100 218/1815.2*100 368.5/2234.2*100 15.8% 12.1% 16.5% Net profit Ratio It is used to determine the overall profits of the firm. The net profit is got after deducting Profit after tax. The Formula is: Net profit Ratio= Net Profit / Sales * 100 2007 2008 2009 54.4/732.4*100 92.7/1815.2*100 143.5*2234.2*100 7.42% 5.10% 6.42% Operating Profit Ratio It refers to profit earned by the company over a period of time from its business operations. It explains about the earning capacity of the firm. The formula is Operating Profit Ratio = Operating profit / Net sales * 100 2007 2008 2009 104.7/732.4*100 218.3/1815.2*100 362.9/2234.2*100 14.29% 12.02% 16.24% LIQUIDITY RATIOS It explains about the companys ability to meet its short term commitments. 2 most commonly used liquid ratios are Current Ratio and Quick Ratio. Those 2 are explained below. Current Ratio This ratio is refers to Current assets to Current Liabilities. The Ideal Current ratio should be 2: 1. Mostly creditors prefer high current ratio since it minimizes the risk and Shareholders prefer a higher one so that the assets are necessary for the stabilization of the business. It is also known as Working Capital Ratio. Formula is: Current ratio = Current Assets/ Current Liabilities 2007 2008 2009 159.57/122.94 243.02/248.95 1113.65/1013.44 1.29 Times 0.97 Times 1.09 Times Quick Ratio Those current assets which could be easily be converted into cash is Quick Assets. It refers to liquidity position of the firm. Current assets include Cash at bank, Bills receivable etc. It is also known as Acid Test Ratio. The Ideal Quick ratio is 1:1. The Formula is : Quick Ratio= Quick Assets (Current Assets Closing Stock)/Current liabilities 2007 2008 2009 355.76-100.17/122.94 572.06-186.91/248.95 2070.73-1002.32/1013.44 2.07 1.54 1.05 EFFICIENCY RATIOS These ratios are calculated to receivables turnover, repayment to creditors, use of equity and use of inventory and machinery. It also explains the value of companys assets. Sales / Fixed Asset Ratios This ratio measures the companys ability to generate net sales from fixed assets such as Land, plant and machinery etc. The Formula is Fixed Asset Ratio = Net sales/ Fixed Assets 2007 2008 2009 798.05/562.31 1757.74/691.15 2234.21/1256.86 1.41 2.54 1.77 SOLVENCY RATIOS Ratios which are used to whether the company is able to meet the long term obligations and all. It provides an over all picture of the companys debt obligations. Some of the solvency ratios are : Return on Capital employed(ROCE) The ratio is mainly used by the shareholder to know how much profit they have earned after investing in a particular company. This ratio shows the effectiveness on how much capital is being used to generate revenue. Formula is ROCE = Net Profit before Interest Tax/ Capital employed * 100 2007 2008 2009 102.62/671.81*100 197.76/1014.94*100 319.07/1331.21*100 15.27% 19.48% 23.9% Return on Total Assets Employed(ROTA) It gives an explanation of the managements efficiency on using its assets to generate earnings. ROA briefs you about how much earnings were generated. The assets comprises of both debt and equity. Formula is ROTA: Net profit before tax/ Total Assets *100 2007 2008 2009 77.98/982.75*100 113.7/1627.3*100 217.63/2563.71*100 7.93% 6.98% 8.48% Debt Equity Ratio A financial Ratio used to calculate the financial leverage as well as researching the Capital Structure of the company. A high ratio indicates bad performance and vice versa. Formula is: Debt Equity Ratio: Equity Share Capital/ Long term debts *100 2007 2008 2009 24.81/647*100 27.6/987.34*100 31.69/1299.52*100 3.83% 2.79% 2.43% RATIO ANLAYSIS OF BALRAMPUR CHINI MILLS LTD Below are the ratios calculated for Balrampur Chini Ltd Gross Profit Ratio 2007 2008 2009 99.28/1391.7*100 329.5/1475.6*100 454.4/1704.6*100 7.13% 22.32% 26.6% Net Profit Ratio 2007 2008 2009 -41.84/1391.7*100 97.03/1475.6*100 226.51/1704.6*100 -3.00% 6.57% 13.2% Operating Profit Ratio 2007 2008 2009 89.07/1391.7*100 327.39/1475.6*100 452.71/1704.6*100 6.39% 22.18% 26.55% Current Ratio 2007 2008 2009 745.02/521.85 974.8/444.99 762.64/417.12 1.4 2.19 1.8 Quick Ratio 2007 2008 2009 745.02-432.99/521.85 974.8-556.39/444.99 762.64-343.43/417.12 0.59 0.94 1 Fixed Asset Ratio 2007 2008 2009 1375.93/1587.8 1456.82/1876.01 1680.15/1770.1 0.86 0.77 0.94 Return on Capital Employed 2007 2008 2009 29.01/2150.32*100 223.91/2374.96*100 346.48/2147.29*100 1.3% 9.4% 16.1 Return on Total Assets Employed 2007 2008 2009 -35.51/2150.33*100 121.52/2374.97*100 249.63/2147.28*100 -1.65% 5.11% 11.6% Debt Equity Ratio 2007 2008 2009 24.82/1286.15*100 25.55/1359.88*100 25.68/972.03*100 1.93% 1.87% 2.64% Analysis and Interpretation Study: CONCLUSION After calculating each companys ratios we have studied each companys strength and weakness. For Shree Renuka Sugars Ltd, The Profitability of the Firm has decreased in the year 2009 which means that the Rate of Sales was increased over the period of time. There was an increase in gross profit from 12.1 % to 16.5 %. The Operating Expenses has been reduced indicating that the company has improved its Sales despite decrease in Net profit The Liquidity position of the firm was satisfactory 2009 where the Current ratio has increased from 0.97 to 1.09. But in 2007, it was 1.29 which means that the working capital was adequate enough to meet the short term obligations. For Quick ratio, it was better in 2007 but reduced to 1.05. Hence the company performance was all right and it has met the shareholders requirements. The Efficiency of the firm was also not so good despite a decrease in Fixed Asset ratio from 2.54% to 1.77%.This means that the Company has invested more funds in Fixed Assets in 2009 which means more Cane crushing equipment was installed in the plant. The ROI has increased from 15.27% to 23.9% in due to substantial increase in Profit Before Tax and similarly ROTA has also increased from 7.93% to 8.48%. The Debt Equity Ratio is not good in 2009 since it has not cleared all it debts. Overall the Solvency of the firm was not good. For Balrampur Chini Mills Ltd, The Gross profit and the Net profit of Balrampur Mills has increased considerably in the year 2009 from 7.13% to 26.6% and -3% to 13.2%. This indicates that the Sales has increased along with Gross Profit. Similarly the Operating profit has also jumped to 26.55% in 2009. This indicates that the Profitability position of the firm is very good. The Liquidity of the firm is satisfactory where the Current ratio was 1.8 times which means that the firm has more Working capital and was able to meet the requirements. The Quick Ratio was perfect in 2009 as there is a balance in both C urrent Assets and Current Liabilities. Over all, the short term liquidity position of the firm was satisfactory. The Fixed Asset Ratio was low compared to Shree Renuka Sugars Ltd showing that the company has not invested in any cost such as Purchase of machinery, Land etc. The ROI has increased adequately in 2009 at 16.1% which is a good sign for the shareholders and other investors. Even though the Return on Total Assets employed was bit low at -1.65 % in 2007 it has considerably increased in 2009 at 11.6%.The Debt Equity ratio is little bit higher than the previous company showing that the debts has not yet be cleared. As an Analyst over all, the firm Shree Renuka is better than Balrampur Chini Mills Ltd because of the liquidity position, ROI has also improved providing the shareholders the right place to invest. There was also an increase in sales over the last year 3 years improving the sales margin even though there was a fall in Net Profit due to recession in the las t year 2009. TREND ANALYSIS The trend analysis is a method to know the changes in the financial position and Operational efficiency between the time period chosen. It gives the information of the companys past performance and an idea on what will happen in the future. The Trend Analysis for Shree Renuka Sugars Ltd is explained below. During the year 2009, the Share holder fund has increased by Rs 31.69 Cr i.e. 1.4% and the Fixed Assets have also increased in by Rs 1256.86 Cr i. e 49.03% which indicates that the policy of the firm is to finance its fixed assets through long term sources, thereby not affecting the working capital. The Reserves has increased by Rs 1211.92 Cr i.e. 47.27% in 2009 over the last 3 years which means that the firm has utilized reserves which means the firm is good in profitability position. The long term debt has increased in 2009 by Rs 1299.52 Cr which means that the company is dependent on outside funds. The Current Assets is more than Current liabilities over the 3 y ears which shows that Company has adequate working capital The Cash has decreased in 2009 by Rs 7.06 cr i.e. 0.28% which shows that the liquidity position is in adequate. The Inventories has increased in 2009 by Rs 1002.32 Cr i.e. 39.10% which means that the Company is not able to make good Sales Overall, Shree Renuka Sugars Ltd is having a good financial position over the years but the liquidity position is not sound. Balrampur Sugars Ltd, The Shareholders fund in 2009 has increased by Rs 25.68 cr from Rs 24.82 cr which means that the capital has increased and the Fixed Assets has also increased to Rs 1770.1 which shows the company has invested in more in Fixed Assets thereby financing through long term finance. The Reserves has also increased considerably in 2009 by Rs 1149.56 Cr I.e. 53.54% to 39.03% which means that the company has retained its profits for future purpose resulting in good profitability position. The Inventories has decreased in 2009 by Rs 34 3.43 Cr i.e. 15.99% which shows the firm has god inventory management. The Cash balances has increased by Rs 32.97 Cr in 2009 which means the liquidity position is good The Current Assets in 2009 was Rs 762.64 Cr even though it was Rs 974.8 Cr which means the firm has used for working capital purpose. Overall, the position of the firm is stable even though they are not having any problems in working capital and the liquidity position is better than Shree Renuka Sugars Ltd. FUTURE ANALYSIS As an Analyst, the Sugar industry in India has been improving over the past few years. The Cane Crushing Operational efficiency is likely to increase in it costs and the company has to take the measures to reduce the Overhead costs, exercise control over man power etc. The domestic sugar industry has been going through different cycles. However the exports has enabled in increasing in demand in International Market. For Shree Renuka Sugars ltd, the Reserves are likely to improve in the future. Bagasse, a by product is used for energy purpose, paper production etc The Fixed Deposits are likely to increase in the next year which means that Bank Balances will improve The Liquidity position is likely to be stable for the next few year. Balram pur Mills Ltd is likely to improve based on liquidity position and necessary steps are done to improve the Working Capital Ratio. The Cash balances needs to be improved to meet the short term obligations. The Current Ratio should be improved an d maintain the ideal ratio 2 :1. As per my understanding, it is found out that the Sugar industry is a profitable industry and the benchmark firm Balrampur Chini Mills Ltd is doing better than Shree Renuka Sugars Ltd due to better Gross profit, net profit and Liquidity of the firm.