Comparing of Financial Statement for Similar Companies Free Essays

Introduction Freds, Belk, Big Lots and Dollar Tree are all famous variety store in United State. All of them provide various and qualified goods to customers. This analysis report, discussing different financial data based on the 10-K document of the four companies, wants to give readers a meaningful describe to these companies so investors can have clear opinions to help decide. We will write a custom essay sample on Comparing of Financial Statement for Similar Companies or any similar topic only for you Order Now Company Profiles Freds, Inc. Freds) is to meet the general merchandise and pharmacy needs of the small – to medium- sized towns it serves by offering a wider variety of quality merchandise and a more attractive price-to-value relationship than either drug stores or smaller variety/dollar stores and a shopper-friendly format which is more convenient than larger sized dis count merchandise stores. The company’s sales of p harmaceuticals have a percentage of 33. 5% in 2010, 34. 1% in 2011, and 34. 9% in 2012, comparing to the total sales. And its major sales of others include households good and food products, etc. showing that the company tries its best to execute its business strategy. Big Lots, Inc. is a Fortune 500 retail corporation. The company is based in Columbus, Ohio, USA and currently operates over 1,400 stores in 47 states. Its department stores focus mainly on selling closeout and overstock merchandise. There are some items in the stores, such as foodstuffs, that are replenished on a continual basis. What’s more, Big Lots also operates a wholesale division, which provides merchandise in bulk for resale from a variety of categories. Financial Statements iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" src="https://phdessay.com/financial-statements-2/embed/#?secret=RXvj6CH26Z" data-secret="RXvj6CH26Z" width="500" height="282" title="#8220;Financial Statements#8221; #8212; Free Essays - PhDessay.com" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"/iframe Big Lots uses an existing building, such as a grocery or department store that had either moved or ceased operations. Dollar Tree, Inc. began its operations in 1953 and was incorporated in Virginia. The company is an American chain of discount variety stores that se lls every item for $1. 00 or less. The company targets low to lower-middle income consumers and sells everyday products from food and personal care products to non-essentials. It sells its product in three business segments:1) Consumable merchandise, which accounted for 48. % of its sales in 2011, 2) Variety merchandise, which accounted for 46. 9% of 2011 sales, and 3)seasonal goods, explained 5% of 2011 sales. Belk, Inc. , together with its subsidiaries, is the largest privately owned mainline department store business in the United States, with 303 stores in 16 states, as of the fiscal year ended January 28, 2012. Generated revenues of $3. 7 billion for the fiscal year 2012, and together with its predecessors, have been successfully operating department stores since 1888. Belk Stores Services, Inc. , a subsidiary of Belk, Inc. rovides a wide range of services t o the Belk division offices and stores, such as merchandising, merchandise planning and allocation, advertising and sales promotion, information systems, human resources, public relations, accounting, real estate and store planning, credit, legal, tax, distribution and purchasing. Accounting Policies (see Exhibit 1) All of the four companies are United State location so that part of their accounting policies are the same, but because the area location and business strategy, they have some different accounting policies. The four companies do not amortized goodwill and tested them for impairment annually, using an income approach and a market approach in determining fair value for purposes of goodwill impairment tests. All four of them report income taxes in accordance with FASB ASC 740, the asset and liability method is used for computing future income tax consequences of events . The major differences exist in revenue recognition, merchandise inventories and Stock-based compensation. Based on their requirements, Freds records its sales when the merchandise is shipped from the Company’s warehouse; Dollar tree records sales revenue at the time a sale is made to its customer ; Big Lots’ sales Revenue is recognized when the customer makes the final payment and takes possession of the merchandise and sales of Belk is recorded at the time of delivery. Freds values inventories at the lower of cost or market using the retail first -in, first-out method for goods in stores and the cost first -in, first-out method for goods in our distribution centers. And the rest of hree companies values inventories at the lower of cost or market using the average cost retail inventory method. Under the average cost retail inventory method, inventory is segregated into departments of merchandise having similar characteristics at its current retail selling value. Profitability, Liquidity/Solvency (see Exhibit 2) If we analyze the current ratio and quick ratio they are relati vely small. So paying the short term debts might be a problem for the company as well as the liquidity is getting decreased from year 2010 – 2012 as 1. 43 to 1. 23 to 0. 88. So it might be difficult for the company to stay with the current obligations. If we analyze the debt -equity ratio seems to be in high end for the Belk, but it is gradually decreasing 1. 36, 1. 06 to 1. 03. This seems to be a good sign for the company. But still the ratio is high and need quite bit of work to get it down to an acceptable value. Freds’ ROE keeps a increase from 5. 99% in 2010, to 7. 17% in 2011 then to 7. 89% in 2012 because its profit margin increasing from 1. 32% to 1. 61% and 1. 78%, respectively in 2011 and 2012, in the same time, its assets turnover keeps a steadily level from 3. 20 to 3. 06, just a slightly decrease. Additionally, the gross margin just has a higher change from 27. 92% in 2010, to 28. 66% in 2012 than profit margin. The inventory turnover has a decrease from 4. 33 to 4. 15 respectively in 2010 and 2012, due to the cost of goods sold increasing slower than inventory. What’s more, the current ratio and quick ratio keeps falling down, and debt/equity ratio grows up during the 3 years, showing that the debt increases faster than equity. Big Lot’s ROE continues to grow from 20. 01% in 2010 to 25. 15% in 2012. However, it s profit margin and gross margin have been going downwards since 2010, dropping to 3. 98% and 39. 9% respectively in 2012. What’s more, its current ratio and quick ratio have also decreased, the former one has slacked from 2. 069 in 2010 to 1. 721 in 2012, a nd the later one has slummed from 0. 72 to 0. 31, which indicate that the company’s fund are more tighten up in recent years. Through further study, we found that the D-E ratio is increa sing from 1. 208 in 2010 to 1. 704 in 2012, which presented the company’s new financing strategy from borrowing, other than getting capital from the shareholders. The ROE of Dollar Tree increased rapidly from 22. 43% in 2010 to 27. 23% in 2011 and to 36. 32% in 2012. On examining the three omponents of ROE, the profit margin was 6. 3% in 2010 but in 2012 it increased at 7. 36%. In addition, its assets turnover maintains a steady growth. It was 2. 28 in 2010, 2. 47 in 2011 and 2. 85 in 2012. Over the three years, the debt -equity ratio also grows steadily. Besides, the current ratio and quick ratio of Dollar Tree in the past three years obviously declined. That mostly resulted from the increasing debt and surging sales . Return on Equity almost doubled from 2010 to 2011 as 6. 31% to 11. 33% and has a steady growth from 2011 to 2012 as 15. 30%. This implies Net Income increased and it is proportional to good increase in profit margins as from 2% to 3. 63% almost doubled from 20 10 to 2011 and 4. 95% in 2012 which is a steady growth. When we compare the Total asset turnover in last 3 years seems to be decreasing, though it is 13. 1 in 2010 decreased significantly form 2011 and 2012 as 1. 14 and 1. 50 respectively. This might be due to competition from other department and specialty stores and other retailers, including luxury goods retailers, mail o rder retailers and offprice and discount stores. Opportunities/Threats Opportunities: from the above, we get the idea that the variety store industry has a good time during the several years. These four companies are keeping increase in profit and they have lower financial distress so that they could borrow more money from banks and investors, which gives them more chances to execute expansion strategy: more available cash from borrowing, better financial statement which can give more confidence to in vestors and higher return to support the future development. Threats: we should notice that most of the four companies have a higher gross margin increasing than profit margin, and a continuous lower inventory turnover. They show that these companies’ structures include threaten in the future. What’s more, the high debt means that the banks and investors tighten polices and requirements to the companies so their business and expansion will be influenced by investors. Meanwhile, the raising interest rat e of debt gives higher financial distress to the companies. Overall Assessment Retail industry is a highly competitive and dynamic business to work with. So it needs to be change whenever it needs to be. Here we can see that when one company doing well other companies are struggling to stay in the race. If we analyze the overall challenges retail business facing is like high Employee turnovers, also Auditing issues as they regularly engaged in competition with one another, and this competition can creat e price wars, forcing a need to keep tight control over inventory, as the nation prospers and people have more money to spend, the retail industry generally flourishes. As for the companies we can see that Fred’s, Dollar tree and Belk is seems to be doing well in this difficult situations, but the Big Lotus is losing some ground as profit margins getting lower as well as their funds getting tightens up. However when we see the COGS each company has a problem as COGS selling slower than the inventory, this might be hurting all four companies as if their items old they have to write off them and which might eventually losing money. Exhibit 1: Significant Accounting Policies Freds Revenue recognition Merchandise inventories Goodwill Stock-based compensation Income taxes Dollar tree Big Lots Belk Sales are recorded when the merchandise is shipped from the Company’s warehouse sales revenue at the time a sale is made to its customer Revenue is recognized when the customer makes the final payment and takes possession of the merchandise. Sales from retail operations are recorded at the time of delivery. Valued at the lower of cost or market using the retail first-in, first-out method for goods in our stores and the cost first-in, firstout method for goods in our distribution centers. Stated at the lower of cost or market, determined on a weighted-average cost basis. Under the retail inventory method, the valuation of inventories at cost and the resulting gross margins are computed by applying a calculated cost-to-retail ratio to the retail value of inventories. Valued at the lower of cost or market using the average cost retail inventory method. Under the average ost retail inventory method, inventory is segregated into departments of merchandise having similar characteristics at its current retail selling value. Valued using the lower of cost or market value, determined by the retail inventory method. Under the retail inventory method (â€Å"RIM†), the valuation of inventories at cost and the resulting gross margins Goodwill is not amortized and tested for impairmen t annually. Use an income approach and a market approach in determining fair value for purposes of goodwill impairment tests. Goodwill is not amortized and tested for impairment annually. Use an income approach and a market pproach in determining fair value for purposes of goodwill impairment tests. Goodwill is not amortized and tested for impairment annually. Use an income approach and a market approach in determining fair value for purposes of goodwill impairment tests. Goodwill is not amortized and tested for impairment annually. Use an income approach and a market approach in determining fair value for purposes of goodwill impairment tests. Uses the fair value recognition provisions of FASB ASC 718, account for stock based compensation by using the grant date fair value of share awards and the estimated number of shares that will ultimately be ssued in conjunction with each award. Recognizes all share-based payments to e mployees, including grants of employee stock options, in the financial statements based on their fair values. Value and expense stock options with graded vesting as a single award with an average estimated life over the entire term of the award. Uses the fair value recognition provisions of FASB ASC 718, account for stock based compensation by using the grant date fair value of share awards and the estimated number of shares that will ultimately be issued in conjunction with each award. reports income taxes in accordance with FASB ASC 740,the asset and liability ethod is used for computing future income tax consequences of events reports income taxes in accordance with FASB ASC 740,the asset and liability method is used for computing future income tax consequences of events reports income taxes in accordance with FASB ASC 740,the asset and liability method is used for computing future income tax consequences of events reports income taxes in accordance with FASB ASC 740,the asset an d liability method is used for computing future income tax consequences of events Exhibit 2: Industry Ratio Summary 2012 Freds, Inc. 2011 Profitability Return on equity 7. 89% 7. 17% 5. 99% 25. 15% 23. 50% 20. 01% 6. 32% 27. 23% 22. 43% 15. 30% 11. 33% 6. 31% Profit margin 1. 78% 1. 61% 1. 32% 3. 98% 4. 49% 4. 23% 7. 36% 6. 75% 6. 13% 4. 95% 3. 63% 2. 00% Gross margin 28. 66% 28. 61% 27. 92% 39. 79% 40. 63% 40. 61% 35. 87% 35. 49% 35. 49% 0. 33% 0. 33% 0. 32% Total asset turnover 3. 06 3. 16 3. 20 3. 169 3. 057 2. 831 2. 85 2. 47 2. 28 1. 5 1. 41 13. 1 A/R turnover 62. 61 64. 58 61. 93 42. 45 41. 39 40. 11 76. 42 78. 53 72. 33 104. 9 131. 3 118. 7 Inventory turnover 4. 15 4. 33 4. 33 3. 8 3. 86 4. 02 4. 2 4. 2 4. 1 2. 9 2. 97 2. 83 Short term liquidity Current ratio 2. 47 2. 91 2. 81 1. 721 1. 941 2. 069 2. 08 2. 5 2. 74 2. 51 3. 34 3. 32 0. 33 . 52 0. 57 0. 31 0. 53 0. 72 0. 59 1 1. 31 0. 88 1. 23 1. 43 0. 49 0. 40 0. 43 1. 704 1. 283 1. 208 0. 73 0. 63 0. 6 1. 03 1. 06 1. 36 Quick ratio Long term solvency Debt/Equity ratio 2010 2012 Big Lots 2011 2010 2012 Dollar Tree 2011 2010 Belk. inc 2012 2011 2010 Profit Margin Return on Equity 40. 00% 35. 00% 30. 00% 25. 00% Freds, inc 20. 00% Big Lots 15. 00% Dollar Tree 10. 00% Belk. inc 5. 00% 0. 00% 2012 2011 8. 00% 7. 00% 6. 00% 5. 00% 4. 00% 3. 00% 2. 00% 1. 00% 0. 00% Freds, inc Big Lots Dollar Tree Belk. inc 2012 2010 2011 2010 Debt-to-Equity Ratio Inventory turnover 2. 00 5. 00 4. 00 Freds, inc 3. 00 Big Lots 1. 50 Freds, inc Big Lots 1. 00 Dollar Tree Dollar Tree 2. 00 Belk. inc 1. 00 Belk. inc 0. 50 0. 00 0. 00 2012 2011 2010 2012 2011 2010 Exhibit 3: Income statement Fred,inc Statement of Income January 28, 2012 Net sales Cost of goods sold 1879059 1340519 100% 71. 34% Gross profit 538540 Depreciation and amortization 100% 71. 39% 1788136 1288899 100% 72. 08% 28. 66% 527018 28. 61% 499237 27. 92% 34190 1. 82% 29236 1. 59% 26387 1. 48% Selling, general and administrative expenses 453195 24. 12% 451064 24. 49% 434356 24. 29% Operating income Interest income Interest expense 51155 -156 553 2. 72% -0. 01% 0. 03% 46718 -234 424 2. 54% -0. 01% 0. 02% 38494 -189 82 2. 15% -0. 01% 0. 03% Income before income taxes 50758 2. 70% 46528 2. 53% 38201 2. 14% Provision for income taxes 17330 0. 92% 16941 0. 92% 14586 0. 82% 33428 1. 78% 29587 1. 61% 23615 1. 32% $ $ January 30, 2010 1841755 1314737 Net income $ January 29, 2011 $ $ $ Big Lots, Statement of Income January 27, 2012 Net sales Cost of goods sold Gross pr ofit Selling, general and administrative expenses Other Operating Expense Operating income $ January 28, 2011 5,202,269. 00 3,131,862. 00 2,070,407. 00 100. 00% 60. 20% 39. 80% 1,634,532. 00 January 29, 2012 4,952,244. 00 2,939,793. 00 2,012,451. 00 100. 00% 59. 36% 40. 64% 31. 42% 1,567,500. 0 90,280. 00 1. 74% 345,595. 00 6. 64% $ 4,726,772. 00 2,807,466. 00 1,919,306. 00 100. 00% 59. 39% 40. 61% 31. 65% 1,532,356. 00 32. 42% 78,606. 00 1. 59% 74,904. 00 1. 58% 357,345. 00 7. 22% 325,010. 00 6. 88% $ Earnings Before Interest And Taxes Interest Expense 345,422. 00 6. 64% 357,957. 00 7. 23% 325,185. 00 6. 88% 3,530. 00 0. 07% 2,573. 00 0. 05% 1,840. 00 0. 04% Income Before Tax 341,892. 00 6. 57% 355,384. 00 7. 18% 323,345. 00 6. 84% Income Tax Expense 134,657. 00 2. 59% 132,837. 00 2. 68% 121,975. 00 2. 58% Net income 207,064. 00 3. 98% 222,524. 00 4. 49% 200,369. 00 4. 24% Dollar Tree, Statement of Income January 28,2012 Revenues $ January 29,2011 Selling and admistrtive expense 64. 13% 35. 87% 3,794. 8 2,087. 60 1,596. 2 Gross margin 100% 4252. 2 2378. 3 cost of sales 6630. 5 $ 5882. 40 24. 07% 1,457. 60 100% January 30,2010 $ 5,231. 20 100% 64. 51% 35. 49% 3,374. 40 1,856. 80 64. 51% 35. 49% 24. 78% 1,344. 00 25. 69% Restructing charges Goodwill impairment — — — intangible and other asset impairment — — — operating expense $ 1,596. 2 24. 07% operating income interest expense interest income other income 782. 1 2. 9 –0. 3 11. 80% 0. 04% Income before income taxes Net income $ 1,457. 60 24. 78% 10. 71% 0. 10% 0. 00% 630 5. 6 –5. 5 779. 5 ncome taxes $ 11. 76% 291. 2 488. 3 4. 39% 7. 36% 1344 25. 69% 9. 80% 0. 10% -0. 10% 512. 8 5. 2 — 629. 9 $ $ 10. 71% 507. 6 9. 70% 232. 6 397. 3 3. 95% 6. 75% 187. 1 320. 5 3. 58% 6. 13% $ Belk, Statement of Income 2012 2011 Revenues 3,699,592 100% Cost of goods sold (Including occupancy, distribution an d buying $ expenses) 2,461,515 66% 938008 2012 3513275 100% 2353536 66% 25% 914078 3143 0. 08% 2302 —- Operating income Interest expense Interest income Loss on extinguishment of debt Gain on investments Income before income taxes Income tax expense Net income Gain on sale of property and equipment Asset impairment and exit costs Pension curtailment charge $ 100% 2271925 68% 26% 886263 26% 6416 0. 18% 2011 0. 06% 0. 06% 0. 00% 6096 —– 0. 17% 0. 00% 39915 2719 1. 19% 0. 08% 300190 Selling, general and administrative expenses 3346252 8. 11% 245981 7. 00% 147441 4. 41% -50218 328 -922 —–250098 66950 183148 -1. 35% 0. 01% 0. 02% 0. 00% 0. 0676 1. 80% 0. 0495 -50679 569 ——–195871 68243 127628 -1. 44% 0. 02% 0. 00% 0. 00% 0. 0557 1. 94% 0. 0363 -51321 1027 —43 97190 30054 67136 -1. 53% 0. 03% 0. 00% 0. 00% 0. 029 0. 89% 2 $ $ $ $ Exhibit 4: Balance Sheet Freds,inc Balance Sheets January 28, 2012 January 29, 2011 January 30, 2010 January 31, 2009 ASSETS Current assets: Cash and cash equivalents 27130 4. 29% 49182 8. 26% 54742 9. 58% Account Receivables Inventories 31883 331882 5. 04% 52. 51% 28146 313384 4. 73% 52. 62% 28893 294024 Other non-trade receivables 32090 5. 08% 26378 4. 43% Prepaid expenses and other current assets Total current assets 12321 435306 1. 95% 68. 88% 12723 429813 Property and equipment 161112 25. 49% 139931 Equipment under capital leases 97 0. 02% – Intangible assets, net 32191 5. 09% 22193 3. 73% 16035 2. 81% 9042 1. 66% Other noncurrent assets, net Total assets $ 3276 631982 0. 52% 100% $ 3591 595528 0. 60% 100% $ 4040 571441 0. 71% 100% $ 4442 544775 0. 82% 00% LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 106886 16. 91% $ 81002 13. 60% $ 87393 15. 29% $ 69955 12. 84% 658 0. 10% 201 0. 03% 718 0. 13% 243 0. 04% Current portion of indebtedness $ $ $ $ 35128 6. 45% 5. 06% 51. 45% 28857 301537 5. 30% 55. 35% 25193 4. 41% 15782 2. 90% 2. 14% 72. 17% 10945 413797 1. 92% 72. 41% 11912 393216 2. 19% 72. 18% 23. 50% 137569 24. 07% 138036 25. 34% – 39 Accrued expenses and other 44876 7. 10% 45371 7. 62% 39621 6. 93% 46659 8. 56% Deferred income taxes 23878 3. 78% 21142 3. 55% 19373 3. 39% 13061 2. 40% Total current liabilities 176298 27. 90% 147716 24. 80% 147105 5. 74% 137667 25. 27% Long-term portion of indebtedness 6640 1. 05% 3969 0. 67% 4179 0. 73% 4866 0. 89% Deferred income taxes 5633 0. 89% 2069 0. 35% 2009 0. 35% 1328 0. 24% Other noncurrent liabilities Total liabilities 19799 208370 3. 13% 32. 97% 17886 171640 3. 00% 28. 82% 17209 170502 3. 01% 29. 84% 13833 157694 2. 54% 28. 95% Common stock, Class A voting, no par value 105384 16. 68% 131367 22. 06% 131685 23. 04% 136877 25. 13% Common stock, Class B nonvoting, no par value Retained earnings 317364 50. 22% 291649 48. 97% 268350 46. 96% 249141 45. 73% Accumulated other comprehensive income 864 0. 14% 872 0. 15% 904 0. 16% 1063 How to cite Comparing of Financial Statement for Similar Companies, Papers

The Demand and Supply of Certain Resources in India Free-Samples

Questions: Discuss about the Demand and Supply of Certain Resources in India. Answer: Essence of the Story Demand and supply are two important concepts in the area of economics. Both these factors are interconnected and have major effects on one another. The demand of a product and service directly influence the supply of that product and service. The supply of a product or service is directly linked to the demand of a particular product or service. Along with this, the increased demand of a product will increase the supply of a product in an automatic manner. The high demand of a product will increase the price of a product or service in a specified time period. Apart from this, the decreased demand of a product will reduce the supply and price of that product usually. These both demand and supply factors are unified and it is very hard to separate them. Moreover, all the nations all around the world depend on each other to fulfill their demand and supply requirements in an effectual manner. The export and import of products or services not only fulfill the demand and supply needs; but b oost the economy of nations as well. Furthermore, this research essay is useful to portray the demand and supply of certain resources in the context of India. Economic Analysis In this world, all the nations depend on each other to fulfill their needs related to products or services. There is no such nation that does not depend on another to meet its requirements effectively. India is the biggest example of such nation. India depends on other nations to fulfill its demand related to energy sources including oil, natural gas, petroleum, electricity, coal, and so on. The main reason of the dependency is that India does not make huge investments in renewable forms of energy sources(Soni, 2014). Along with this, the domestic production of crude oil of India is lower in comparison to its consumption (demand). The consumption of crude oil has increased by 8% in the year 2015. As a consequence, the imports of crude oil have enlarged approximately 510,000 b/d from the year 2010 - 2013. Moreover, it is also predicted that these imports will increase regularly in the upcoming years. The below graph is helpful to show the energy consumption of India in a proper manner : (Source: (Bhattacharya, 2016) On the other hand, according to the report of ESU (Economist Intelligence Unit), India is the fourth biggest importer of crude oil in the world. India mainly depends on Middle East to meet its demand of crude oil effectively. Moreover, there can be seen a big gap between the consumption (demand) and production (supply) of crude oil (Kumar Vimala, 2016). As per the report, the demand of crude oil has been reached almost 3.7 million barrels per day. But, the production of crude oil can be seen 1 million barrels per day. By considering these facts, the EIA (Energy Information Administration) estimates that, the demand of crude oil would be double by the year 2040. The Indian energy companies have diversified their supply sources because of the high dependency of crude oil on other nations (Bhattacharya, 2016). Moreover, the below graph is valuable to portray a wide gap between the demand and supply of petroleum and other liquids effectively. (Source:(MarEx, 2014) In addition to this, coal is considered as the most abundant and key component of the energy matrix of India. In other words, it is also can be said that, the energy mix of the nation relies on coal. Coal is the prime energy source within nation; and it is expected that the demand for coal will increase continuously. Moreover, it should also be noted down that, India is the fourth biggest coal reserves all around the world. It is the cheapest suppliers of coal in the world(Sharma, 2014). Apart from this, India relies on other nations for coal because it requires coal as a major input in the industrial production sectors such as: steel, textiles, cement, transportation equipment, etc. The production sectors of India are growing by 7.9% per annum. As a result, India depends on other nations to meet its requirements of coal in an appropriate manner. On the other hand, India relies on other nations for natural gas resources. It is because of the nation has limited natural gas resources. Moreover, natural gas resources are the second major energy sources after coal. India needs lot of gas resources due to the industrial production sectors. In India, the consumption (demand) of natural gas resources is high than the production (supply). So, India depends mainly on Russia to fulfill its demand of natural gas resources effectively. Moreover, according to EIA, in upcoming years, the production of natural gas will increase by 3.5% per annum in India. But, the consumption of natural gas will increase by 4.8% per annum. These percentage data shows enormous supply shortage that India might face in upcoming year. In consequence, imports can be anticipated to increase in future time period. Along with this, India depends on other notation to fulfill its demand related to petroleum electricity, refined products, and so on. The below graph is helpful to portray the projected demand related to energy sources of India. India is highly dependent on other nations to fulfill its demand related to energy source. The policy makers of the nation should make investment in the renewable forms of energy. Moreover, increased investment in these fields is essential to boost the economy and to reduce the dependency of nation on other countries. Conclusion On the basis of the above analysis, it can be concluded that, India relies on other nations to fulfill its needs related to crude oil, coal, natural gas, petroleum and so on. The demand of energy source is high in India. The production of these resources is lower than the consumption. So, other nations import energy resources to meet the demand of India in an effectual and an adequate manner. Along with this, it is also recommended that the, policy holders of the nation must make appropriate policies and strategies to reduce the dependency of India on other nations. Bibliography Bhattacharya, G. (2016). Natural gas, unconventional resources can assist India in meeting future energy demand. Retrieved from https://www.ogj.com/articles/print/volume-114/issue-11/exploration-development/natural-gas-unconventional-resources-can-assist-india-in-meeting-future-energy-demand.html Kumar, R., Vimala. (2016). ENERGY CONSUMPTION IN INDIA-RECENT TRENDS. Asia Pacific Journal of Research , I (XXXVI), 140-151. MarEx. (2014). India's Oil Supply and Demand Gap Widening. Retrieved from https://maritime-executive.com/article/indias-oil-supply-and-demand-gap-widening-2014-07-01 Sharma, S. V. (2014). Energy Trade Practices in India: Review of Tariff and Non-Tariff Barriers in Relation to ASEAN. ERIA Research Project Report FY2013 (29), 27-62. Soni, A. (2014). Global Oil Markets and Indias Vulnerability to Oil Shocks. 1-30.

Purpose Of Human Life Essays - Theatre Of The Absurd,

Purpose Of Human Life The purpose of human life is an unanswerable question. It seems impossible to find an answer because we don't know where to begin looking or whom to ask. Existence, to us, seems to be something imposed upon us by an unknown force. There is no apparent meaning to it, and yet we suffer as a result of it. The world seems utterly chaotic. We therefore try to impose meaning on it through pattern and fabricated purposes to distract ourselves from the fact that our situation is hopelessly unfathomable. Waiting for Godot is a play that captures this feeling and view of the world, and characterizes it with archetypes that symbolize humanity and its behaviour when faced with this knowledge. According to the play, a human being's life is totally dependant on chance, and, by extension, time is meaningless; therefore, a human+s life is also meaningless, and the realization of this drives humans to rely on nebulous, outside forces, which may be real or not, for order and direction. The basic premise of the play is that chance is the underlying factor behind existence. Therefore human life is determined by chance. This is established very early on, when Vladimir mentions the parable of the two thieves from the Bible. One of the thieves was saved. It's a reasonable percentage (Beckett, 8). The idea of percentage is important because this represents how the fate of humanity is determined; it is random, and there is a percentage chance that a person will be saved or damned. Vladimir continues by citing the disconcordance of the Gospels on the story of the two thieves. And yet...how is it - this is not boring you I hope - how is it that of the four Evangelists only one speaks of a thief being saved. The four of them were there - or thereabouts - and only one speaks of a thief being saved (Beckett, 9). Beckett makes an important point with this example of how chance is woven into even the most sacred of texts that is supposed to hold ultimate truth for humanity. All four disciples of Chirst are supposed to have been present during his crucifixion and witnessed the two thieves, crucified with Jesus, being saved or damned depending on their treatment of him in these final hours. Of the four, only two report anything peculiar happening with the thieves. Of the two that report it, only one says that a thief was saved while the other says that both were damned. Thus, the percentages go from 100%, to 50%, to a 25% chance for salvation. This whole matter of percentages symbolizes how chance is the determining factor of existence, and Beckett used the Bible to prove this because that is the text that humanity has looked to for meaning for millenia. Even the Bible reduces human life to a matter of chance. On any given day there is a certain percent chance that one will be saved as opposed to damned, and that person is powerless to affect the decision. The fate of the thieves, one of whom was saved and the other damned according to the one of the four accounts that everybody believes, becomes as the play progresses a symbol of the condition of man in an unpredictable and arbitrary universe (Webb, 32). God, if he exists, contributes to the chaos by his silence. The very fact that God allows such an arbitrary system to continue makes him an accomplice. The French philosopher Pascal noted the arbitrariness of life and that the universe worked on the basis of percentages. He advocated using such arbitrariness to one's advantage, including believing in God because, if he doesn't exist, nobody would care in the end, but if he does, one was on the safe side all along, so one can't lose. It is the same reasoning that Vladimir uses in his remark quoted above, It's a reasonable percentage. But it is God's silence throughout all this that causes the real hopelessness, and this is what makes Waiting for Godot a tragedy amidst all the comical actions of its characters: the silent plea to God for meaning, for answers, which symbolizes the plea of all humanity, and God's silence in response. The recourse to bookkeeping by the philosopher [Pascal] no less than the clownish tramp shows how helpless we are with respect to God+s silence (Astro, 121). Either God does not exist, or he does not care. Whichever is the case, chance and arbitrariness determine human life in the absence of

Bail Out vs. Bale Out

Bail Out vs. Bale Out Bail Out vs. Bale Out Bail Out vs. Bale Out By Maeve Maddox Reading A Presumption of Death by Jill Paton, (St. Martin’s Minotaur, New York, 2003), I was distracted by the author’s frequent references to the necessity of a pilot’s having to â€Å"bale out† of his aircraft. How odd, I thought, that such a spelling error would slip by in a book of this quality. Surely the expression should be spelled â€Å"bail out.† According to a UK source (The Phrase Finder), the choice between â€Å"bail out† and â€Å"bale out† depends upon one’s way of viewing the act of leaving the aircraft. The person who says, â€Å"bale out† is thinking of the parachuted person as a bundle being pushed out, like a bale of hay, whereas the person who says â€Å"bail out† is thinking of the act of pouring water from a boat. This explanation might make sense if all English speakers agreed as to the spelling of the water idiom as â€Å"bail out.† Apparently some British speakers prefer to â€Å"bale out† boats. Nearly 90 years ago, H. W. Fowler (Modern English Usage, 1st edition, 1926) took a stand for bail: bail is right, bale wrong, in the sense throw water out; the derivation is from French baille, bucket. Fowler made no pronouncement on how to spell the word for jumping out of an airplane, most probably because he hadn’t heard of it yet. The earliest OED citation of bail in that sense is an American source dated 1925. The first citation for â€Å"bale out† is dated 1939. Fowler’s successor Sir Ernest Gowers (Modern English Usage, 2nd edition, 1965) dismissed the relevance of etymology in favor of â€Å"differentiation†: bail out, bale out. The OED says that [the spelling bail] should be used for emptying a boat of water; bale is ‘erroneous’ because the derivation is from French baille, bucket. But, perhaps owing to an instinct for differentiation, popular usage prefers bale both for this and for making a parachute descent from an aircraft in an emergency. The OED now has an entry for bale in the sense of â€Å"To lade or throw water out of a boat or ship with buckets,† but explains its etymology as an â€Å"erroneous spelling of bail.† The Guardian/Observer Style Guide has adopted the spelling bale for both jumping from an airplane and for pouring water out of a boat: bail out a prisoner, a company or person in financial difficulty; but  bale out  a boat or from an aircraft. Other British news sources, however, seem to prefer bail: Daily Mail Incredible story of the Lancaster pilot who bailed out over Germany whose life was saved when a searchlight helped him find his parachute Mirror Bedfordshire plane crash: Photos of wreckage show pilot may have tried to bail out. BBC NZ skydivers bail out over Lake Taupo as plane crashes. Telegraph Amid the 70th anniversary commemorations this summer it can be disclosed that at least 200 pilots died â€Å"needlessly† in 1940 after bailing out over water. Even The Guardian mixes the two spellings in the obituary of Flight Lieutenant William Walker that appears in its US edition: the bale spelling appears in a photo caption and the bail spelling in the article that follows. The UK edition of The Guardian has â€Å"bale out† in the text as well as in the caption, but Walker’s obituary in both The Telegraph and The Independent has him bailing out. Finally, the Ngram Viewer grid shows â€Å"bail out† far above â€Å"bale out† in printed usage. Bottom line: If you don’t have strong reasons to do otherwise, stick to bail for exiting an airplane and for throwing water out of a boat. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Expressions category, check our popular posts, or choose a related post below:Coordinating vs. Subordinating ConjunctionsThe Difference Between "will" and "shall"The Uses of â€Å"The†

Collaborative Learning in E-learning Essay Example | Topics and Well Written Essays - 1250 words - 1

Collaborative Learning in E-learning - Essay Example Nam June Paik was born on July 20, 1932. His birth place was the city of Seoul, in South Korea. He had five siblings and was the youngest of them all. He showed interest in the arts from a very tender age. While growing up, he trained on how to play the piano especially classical music. During the Korean war of 1950, their family was forced to flee from Korea to Hong Kong but finally settled in Japan. He went to the University of Tokyo from where he graduated with a degree in music (www.paikstudios.com1). After his studies, this open minded individual relocated to Germany where he studied the history of music under the tutelage of Thrasybulos Georgiades. While taking his studies at the Munich University, Nam June got to meet other music composers such as John Cage and Karlheinz Stockhausen. He also met conceptual artists Joseph Beuys and Wolf Vostell from whom he derived his inspiration to work in the electronic art field. He met the experimental composer Cage during an International Summer Course for New Music in 1958. Paik started showing great interest in avant-garde music while he was trying to find his niche. During his stay in Germany, he started work as a musician and doing performance all over the place. The composers such as Karlheinz had profound contribution to Paik’s choice of a career. Under the tutelage of John Cage, Paik found the confidence to incorporate different styles into his music. He began including aspects of silence and chance into some of his works. It was not long before Paik started getting invites to perform at various avant-garde concerts. Some of his more famous works was the piece Stockhausen’s Originale and Hommage à   John Cage which were his own personal creations. The latter was a tribute to his mentor John Cage. Besides being credited his achievements in the video art world, he also envisioned the internet generation we see

Role of the Father in a Family Essay Example | Topics and Well Written Essays - 1500 words

Role of the Father in a Family - Essay Example He was happier than ever when Paul born. He used to say me that it was his dream to see his grandchildren. As he is on the deathbed, all I wanted to say him is that "Father I love you, and thank you for all that what you did for us". And this was what I did. I went to him and I said "Father I love you, and thanks for all that what you did for me". At this time we have different types of families in the society. Single career, dual career, married, unmarried and homosexuals. But all these families comprises of children, mother and father. although single mothers are also considered to be a family but actual definition of family isn't completed without father. This shows the importance of father. As father is the root of the family. Or we can say a nuclear of the family. As few years back, father's role in family was confined to the one who go out and earn money and mother had to stay at home to take care of children. Fathers usually were not concerned about children's bringing up. Religiously it's appreciated that fathers should pay proper attention to their families and they should never abandoned them just to their mothers. As it's said in Bible: "See, I will send you the prophet Elijah before that great and dreadful day of the LORD comes. He will turn the hearts of the fathers to their children, and the hearts of the children to their fathers; or else I will come and strike the land with a curse." (Mal 4:5-6) One frequently finds thoughts like the following, which are those of Stephen Pasquier: "We should consider our fathers like gods on earth, who were given to us not only to transmit life to us and conserve it, but also to sanctify us by a wise instruction."But now we can see that this traditional father's role is changed. Mother's are in the work force same as fathers, so both of them divided the tasks equally. Fathers are becoming more involved in child care and family as compare to their own fathers. Different schools are offering home classes to boys as well. So that they should face less difficulty in future while dealing with their own kids. Mothers today are giving space to their husband's so that they can give some proper time to their families. They are sacrificing their time with friends to their families. But father's own upbringing also matters in it. If he got a caring father who understands that mother alone cannot take care of family as well as her career. Then of course he can bring up a good family. But if he thinks that his masculinity is affected becau se of spending time with his children then it can be the other way. Dr. Lawson says what you might guess: "The father's role in the drama between the borderline mother and her child is crucial in determining the outcome for the child." p.178 In regards to a father's duty, President Benson also taught us that: Those in the Book of Mormon who were taught nothing concerning the Lord but only concerning worldly knowledge became a cunning and wicked people (see Mosiah 24:5, 7). All truths are not of the same value. The saving truths of salvation are of greatest worth. These truths the

Crimes Against the Public Essay Example | Topics and Well Written Essays - 1250 words

Crimes Against the Public - Essay Example On most occasions when dialogue does not bear fruit, agitators opt to go rioting thus distracting public peace. In that regard, the following case briefs will shed some light on how various previous cases involving the same were handled. This will guide on how to look at the two happenings that involved offences against the public. Crimes Against the Public Introduction Crimes against the public are those intentional acts and behaviors that tend to disrupt the order in which the members of the public run their daily operations (public order). The Law checks to ensure that minimum standards of decency and civility must be upheld by all individuals as long as they are in public. For that reason, there are set rules and guidelines which must be observed by all members of the public which attract respective penalties upon breach. The following are some case briefs. Case briefs Edward v. South Carolina, 372 U.S. 229 (1963) Facts of the case: A peaceful demonstration was organized by 187 A frican-Americans to South Carolina State House grounds. The protestors divided themselves into small groups as they pushed to convey their grievances against policies of segregation in their state. This process did not disrupt the normal activities of the public and everything ran normally and no property was destroyed. This demonstration was however disrupted by thirty police officers who ordered the protesters to stop or be arrested. The students defied the order and instead chanted songs of freedom and patriotism. This led to their arrest and conviction for disruption of peace. Issues present in the case: Was the arrest of the protestors in violation of their rights and freedoms to express themselves, to gather to push for their grievances as provided for in the First and Fourteenth Amendments? Decision: The court’s ruling was that the arrest violated the marcher’s right of speech, press and assembly. Reasoning: It was held that the arrest and conviction of the marc hers was against their rights. The Court could not clearly identify the crime alleged against the protestors. The evidence provided was insufficient and did not portray acts of violence. Therefore the judge for the case ruled that there was a violation of constitutional rights by arresting the peaceful protestors. Justice Stewart said that the protestors were only exercising the First Amendment rights and that the state was not allowed to criminalize protests against controversial rules. Dissenting opinions: there were no dissenting opinions regarding this case and the court went by the judge’s ruling. Looking at the above cited case, (Edwards v. South Carolina 372 U.S. 229 (1963), 1963) we find that these marchers pushed for their grievances peacefully and did not destroy public property nor blocked traffic. It was because of that that the court regarded their acts as an exercise of constitutional rights. However, it was a different case altogether where two angry students s ent e-mails to Texas government agencies with threats to blow up a building in protest over U.S. involvement in several controversial international issues. The students were arrested and charged with threats to use weapons of mass destruction. In this case, the government did not succeed in convicting the students because the threat to blow up a building was just an expression of their thoughts (U.S. v Wise, 221 F.3d 140 (5th Cir.200), 2000). They would not be convicted because there wasn’