Family Planning Research Paper Essays

Family Planning Research Paper Essays Family Planning Research Paper Essay Family Planning Research Paper Essay Camarines Sur Polytechnic Colleges Naga Campus FAMILY PLANNING PRACTICES OF COUPLES In Barangay Sto. Tomas, Camaligan Camarines Sur In partial fulfillment of the requirement in SOC. SCI 10, Society of Culture with Family Planning, HIV/AIDS Submitted by: Mayores, Dennis B. Olarve, Raymund Salveo L. Pacamarra, Hazel E. BSEd 3 – Physics Submitted to: Dr. Geronima Camano-Valenciano Professor October 4, 2010 TABLE OF CONTENTS Title Page Table of Contents CHAPTER I: Introduction CHAPTER II: Research Methodology CHAPTER III: Presentation of Findings, Analysis and Discussion CHAPTER IV: Summary of Conclusion and Recommendation BIBLIOGRAPHY APPENDICES Appendix A: Sample Questionnaire Appendix B: Letter of Permission to conduct survey Appendix C: List of Respondents Appendix D: Barangay Official of Sto. Tomas Appendix E: Documentation Appendix F: Curriculum Vitae CHAPTER III Presentation of Findings, Analysis and Discussion This chapter presents the overview of the results that was gathered from 40 respondents of Husband and Wife of their Family Planning Practices in Barangay Sto. Tomas, Camaligan Camarines Sur. Table 1: Educational Attainment of Respondents The table presents the Highest Educational attainment of Couples. 22. 5% said they reached Elementary level only, 40% said they reached High School, 35% said they reached the College Level and 2. 5% said they reached Vocational Course. Table 2: Married and Unmarried Couple The table presents the ratio of married and unmarried couple when they start living together. 36 respondents out of 40 said that they are married or 18 couples said they are married already while 4 respondents out of 40 or 2 couples are not married yet since they started living together. Table 3: Family Planning of Couples : The table presents the data gathered from three questions that answer if the Couple planned the no. of children to have, if the Couple talk about methods of Family Planning and if they consulted the Health Center for information about Family Planning. The result state that 40 respondents or 100% planned the no. of children they are going to have. The Couple that talked about Family Planning and consulted the Health Center is 75% while 25% answered no. Table 4: Use of Methods or Contraceptives between Couples The table presents the Methods or Contraceptives used of Couples. 17. % used Female Sterilization to stop bearing a child for mother, 2. 5% used Male Sterilization to stop giving birth to a child for Father, 12. 5% used Injection to avoid having a baby for few months, 12. 5% use male condom that is use before sexual intercourse, 2. 5% used the method of Rhythm Calendar that calculate what day in a month does a female is impossible to be pregnant, 2. 5% used traditional method tha t use herbal medicine, 5% used the Natural method and 32. 5% don’t or never used a method or contraceptive for Family Planning. Table 5: Medium that gives information for Family Planning The table shows the medium where couples see, hear, or read something that gives information about Family Planning. 33 respondents said they heard some from Radio, 38 respondents said they watched some from television, 18 respondents said they read it from newspapers, 9 respondents said they read it from Magazine, 7 respondents said they read some from Posters, and 6 respondents said they saw some from billboards. Table 6: Services or Information given from different Mediums. The table shows the information or services given by different medium (radio, television, newspaper, magazine, poster, and billboard). 6 respondents said the information was about Family Planning, 20 respondents said it was about the use of contraceptives or methods while 11 respondents said it was about vaccination. Table 7: Family Planning Effect The Table shows if Population growth can be controlled by the use of Family Planning between Couples and if abortion is a typr of Family Planning Method. 40 responden ts or 100% said that Family Planning can really help the control of Population growth and also 40 respondents or 100% said that abortion is not part of Family Planning Method. CHAPTER IV Summary of Conclusion and Recommendation CONCLUSION 1. Most of the couples finished college level before they started living as a couple but there are also couple that only reached the elementary level and decided to live with their partners. Studying is irrelevant for their parents don’t encourage them to pursue studies because of financial problem. That’s why they don’t know how can they took care of their children and how to plan a family because of lack of knowledge. In addition, they don’t have a high salary and can’t find a proper job. 2. Most of the couples started living together as married because they want it to be sure that they would be living together legally while only some are unmarried because they are quite young for their age. That explains how marriage is given importance before, but now, even if the girls got pregnant they are not still planning of getting married. 3. Couples normally planned on how many children are they going to have but this is usually not followed because of sexual desire of a person. Because not all are willing for family planning to be involved in their living as a couple. 4. Family Planning on later years was not yet organized that’s why old couples now are not aware and don’t even care to use methods or contraceptives regarding Family Planning. But some of them are willing to use these methods to control the population growth. 5. Information about family planning is not only given in the health center, because now there are many medium that shows the importance of family planning. It also leads to the discouragement of couples to consult to the health center because they can already find information they need in the radio, TV, newspapers, magazine, posters and even billboards. . Advertisements seen on TV or heard on radio and any other medium were more about Family Planning. Only few were about the use of contraceptives and Vaccination. It is because the Nation’s problem is population growth and advertisements can really help the citizen to get knowledge about proper family planning. 7. They all agreed that family planning is the be st way to success of each family. Because they can give their needs and wants of their children. But abortion is not an example of Family Planning because it is against the law of God. RECOMMENDATION Every person cannot control their sexual desire for their partners that’s why Family Planning method and use of contraceptives are imposed. But another reason for this is the lack of knowledge of the people or illiteracy. The government needs to put more focus on the education of citizens so that they would be taught of proper managing their lives as well as when to have a family and how to plan it. The government can give free seminar to those newly married couples and give information about the importance of Family Planning. Another thing to give prioritize are the citizens that live on rural areas where more uneducated and unemployed people are present. Because of this population explosion exists, that’s why more project about Family Planning for this place must be necessary. People are also conservative on the use of these methods and contraceptives, that’s why proper advertisements and information seen on TV or on any other medium must be made clear and simple so people won’t get the wrong interpretation about these things. Family Planning must be given emphasized and importance especially to couples for them to have the appropriate knowledge and how to use the methods involved in this and how to plan the number of children they can have. BIBLIOGRAPHY A. Books Omas-as, Roberta L. , et. al. , General Sociology:Family Planning Methods:Trinitas Publishing Inc. 2003. The New Websters International Encyclopedia. 2000 Srauss, James J. , The Media And Family Planning. Worth Publishers. Inc B. Unpublished Thesis Ross, Maricor G. , et. al. , â€Å"Socio Economic Profile of barangay San Felipe†. Camarines Sur Polytechnic Colleges, Naga City. October 2009. C. Internet aresearchguide. com/12biblio. html#4 jhuccp. org/research/download/tagalog. pdf D. Other Source LGU, Sto. Tomas, Barangay Sto. Tomas, Camaligan Camarines Sur Appendix A Camarines Sur Polytechnic Colleges Naga Campus Pangalan: ________________________________ Edad:______ father mother Trabaho:_________________________________ Bilang ng anak:________ Lugar: Barangay Sto. Tomas, Camaligan, Camarines Sur QUESTIONNAIRE about FAMILY PLANNING PRACTICES OF COUPLES Personal Data . Ano ang pinakamataas na antas sa pag-aaral ang naabot ninyo? ____________________________ 2. Ano po ang relihiyon ninyo? ____________________________ 3. Ilan po ba ang buwanang kinikita niyo para sa inyong pamilya? ____________________________ 4. Kayo po ba ay kasal na nang kayo ay magkaanak? ( )Oo( )Hindi 5. Kung Oo ilang taon na kayong kasal noon? ____________________________ 6. Ilang taon napo ba kayong nagsasama ngayon? __________________ __________ Awareness of Family Planning 1. Napagplanuhan po ba ninyo kung ilan ang magiging anak niyo? ( )Oo ( )Hindi 2. Napag-usapan ba ninyo ng inyong asawa ang tungkol sa mga pamamaraan at pagsasagawa ng pagpaplano ng pamilya? ( )Oo ( )Hindi 3. Kumunsulta na po ba kayo sa isang Health Center upang magkaroon ng impormasyon sa Family Planning? ( )Oo ( )Hindi 4. Gumamit po ba kayo ng mga method o contraceptives upang maiwasan ang pagkakaroon ng anak? ( )FEMALE STERILIZATION/TUBAL LIGATION: Ang mga babae ay maaaring mag-paopera/ magpatali para hindi na manganak ( )MALE STERILIZATION/VASECTOMY: ANG MGA LALAKI AY MAAARING MAG-PAOPERA PARA HINDI NA MAKAPAG-BIGAY NG ANAK ( )INJECTION/DMPA: ANG MGA BABAE AY MAAARING INIKSYONAN NG ISANG DOKTOR O NARS PARA HINDI MABUNTIS SA LOOB NG ILANG BUWAN ( )ORAL PILL: ANG MGA BABAE AY MAAARING UMINOM NG PILL ARAW-ARAW ( )MALE CONDOM: ANG MGA LALAKI AY MAAARING GUMAMIT NG KONDOM SA PAGTATALIK ( )FULL BREASTFEEDING OR LACTATIONAL AMENORRHEA (LAM) MAKAKAIWAS ANG MGA BABAE SA PAGBUBUNTIS HABANG NAGPAPASUSO NANG LUBOS ( )RHYTHM CALENDAR OR CALCULATION: SA PAMAMAGITAN NG KALKULASYON, RHYTHM, O CALENDARYO, ANG MAG-ASAWA AY IIWAS SA PAGTATALIK NG MGA ILANG ARAW SA ISANG BUWAN KUNG KAILAN ANG BABAE AY MAY MAS MALAKING POSIBILIDAD NA MABUNTIS ( )WITHDRAWAL: PAG-IINGAT NG LALAKI NA SA LABAS PALABASIN ANG PUNLAY ( )FEMALE CONDOM: ANG MGA BABAE AY MAAARING MAGLAGAY NG KONDOM SA LOOB BAGO MAKIPAGTALIK ( )DIAPHRAGM, FOAM, JELLY: ANG MGA BABAE AY MAAARING MAGLAGAY NG SPONGE, DIAPHRAGM, JELLY O CREAM SA LOOB BAGO MAKIPAGTALIK ( )TRADITIONAL METHODS: PAGGAMIT NG MGA HALAMANG GAMOT, SINTURON SA BAYWANG, ATBP. PARAAN ( )NATURAL FAMILY PLANNING ( )HINDI GUMAGAMIT 5. Nakakita/nakarinig/ nakabasa ba kayo ng patalastas/commercial o iba pang uri ng pagbibigay-alam tungkol sa FAMILY PLANNING sa ( )Radyo( )TV( )Dyaryo( )Magasin( )Poster( )Billboard 6. Kapag nakikita o naririnig mo ito, ano sa palagay ninyo ang klase ng serbisyong pangkalusugan o â€Å"health services† ang tinutukoy dito? ( ) Family Planning( )Contraceptive Method( )Vaccination 7. Naniniwala po ba kayo na ang kaalaman sa Family Planning ay makatutulong sa pagkontrol ng populasyon? ( )Oo ( )Hindi 8. Sa tingin niyo po ba, ang abortion ay isang Family Planning Method? ( )Oo ( )Hindi 9. Sa pangkaraniwan, kayo po ba ay sumasang-ayon o hindi sumasang-ayon sa paggamit/paggawa ng pamamaraan ng pagpaplano ng pamilya upang maiwasan ang pagbubuntis? ( )Oo ( )Hindi Appendix B September 28, 2010 Hon. JASMIN TRINIDAD Barangay Captain Sto. Tomas, Camaligan, Camarines Sur Dear Brgy. Captain Trinidad, Good Day! The undersigned students taking Bachelor of Science and Education are conducting a research on the â€Å"Family Planning Practices of Couples. † We selected your barangay as the best source of information about the matter. In this regard, may we ask permission to conduct interview to respondents of this Barangay that would greatly help us for our research. Thank you and more power. Very truly yours, The Third Year Students DENNIS B. MAYORES RAYMUND SALVEO L. OLARVEHAZEL E. PACAMARRA Noted: DR. GERONIMA CAMANO-VALENCIANO CSPC-Naga Campus, Professor Appendix C List of Respondents/ Couples Father Mother Antonino GonzalesMyrna Gonzales Arthur EspirituLorena Espiritu Benjamin GarciaAmalia Garcia Randy AyenMaricris Gonzales Rufino Sta. AnaErmina Sta. Ana Rufino Sta. Ana Sr. Asuncion Sta. Ana Noel AdversarioRose Adversario Rolando AliparMa. Gemma Alipar Romi CorpusMaria Flor Corpus Monico AlipanteRosa Alipante Rogelio RubioElizabeth Rubio Edgar RosarioCristina Rosario Joel AlbanielEvelyn Albaniel Emmanuel Del RosarioImelda Del Rosario Raul IsidroRuth Isidro Ronnie ReyesLinda Reyes Vicente ArroyoGermina Arroyo Conrado TrinidadLeticia Trinidad Domingo VillanuevaVictoria Villanueva Andres CelesteNelia Celeste Appendix D Barangay Officials of Sto. Tomas Barangay Captain Hon. Ma. Jasmin M. Trinidad Barangay Councilors Emnanuel A. Galias Ducenia A. Tolosa Maximo C. Corpus Jr. Manuel Javier H. Aurellano Nilo A. Almen Emmanel R. Abias Jovenial J. Flores SK Chairman Ma. Salone SC. Rubio Appendix E DOCUMENTATION THE RESEARCHERS, RESPONDENTS AND THE BARANGAY Appendix F Curriculum Vitae DENNIS B. MAYORES #25 Zone3, Brgy. Del Pilar, San Fernando Camarines Sur Mobile no: 09077436598 Email Address: [emailprotected] com PERSONAL INFORMATION Age: 18Date of Birth: March 5, 1992 Sex: MalePlace of Birth: San Fernando Civil Status: SingleFather’s Name: Melecio F. Mayores Nationality: FilipinoMother’s Name: Leonida B. Mayores EDUCATIONAL BACKGROUND College:Bachelor of Secondary Education Camarines Sur Polytechnic Colleges Penafrancia Ave. , Naga City 2008 – Present Highschool:San Fernando National High School Buenavista, San Fernando Camarines Sur 2004 – 2008 ElementarySan Fernando Central School Rizal, San Fernando Camarines Sur 1998 2004 RAYMUND SALVEO L. OLARVE 506 1ST st. Progress Homes Subd. Canaman Camarines Sur Mobile no: 09109696222 Email Address: [emailprotected] com PERSONAL INFORMATION Age: 17Date of Birth: June 2, 1993 Sex: MalePlace of Birth: Canaman Civil Status: SingleFather’s Name: Salveo S. Olarve Nationality: FilipinoMother’s Name: Nanette L. Olarve EDUCATIONAL BACKGROUND College:Bachelor of Secondary Education Camarines Sur Polytechnic Colleges Penafrancia Ave. , Naga City 2008 – Present Highschool:Camarines Sur National High School Penafrancia Ave. , Naga City 2004 – 2008 ElementaryTacolod Elementary School Annex Progress Homes Subd. , Canaman Camarines Sur 1998 2004 HAZEL E. PACAMARRA #015 San Jose, Camaligan Camarines Sur Mobile no: 09165235145 Email Address: [emailprotected] com PERSONAL INFORMATION Age: 18Date of Birth: May 30, 1992 Sex: FemalePlace of Birth: Goa, Camarines Sur Civil Status: SingleFather’s Name: Rannel V. Pacamarra Nationality: FilipinoMother’s Name: Mariam E. Pacamarra EDUCATIONAL BACKGROUND College:Bachelor of Secondary Education Camarines Sur Polytechnic Colleges Penafrancia Ave. , Naga City 2008 – Present Highschool:Sto. Tomas National High School Camaligan Camarines Sur 2004 – 2008 ElementaryCamaligan Central School Camaligan Camarines Sur 1998 2004

The Candid in Candidate

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Using Industry Average Multiples For Valuation Finance Essay Valuation of equity shares of a company is an important exercise and is performed on multiple occasions, be it investment decision in a particular company, merger, acquisition, restructuring, public issue, etc. Using industry average multiple is a common practice, especially when an unlisted security is to be valued. The study looks at eight industries and attempts to derive (a) which is the most stable industry average multiple by using the statistical tool coefficient of variation and (b) which would be the most important financial performance parameter, which could be driving multiple of a particular security within the industry by using statistical tool of coefficient of correlation. 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Last year in the projection period is capitalized as: Cash flow in terminal year X (1+ perennial growth rate) / (WACC perennial growth rate). This is again discounted to calculate present value of terminal cash flow. This approach is well recognized, but is not widely used due to the following limitations: The model involves a number of assumptions (i) Entire set of assumptions going into calculation of financial projections, (ii) Market risk premium, (iii) Long term growth rate, etc. which makes it very subjective. The method does not work with firms which have un-utilised assets, are in the process of re-structuring, which do not have positive operating cash flows, etc. Comparables: One of the most preferred methods of valuing a company is comparing it with a publicly traded company of similar nature called relative valuation. 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However, if an industry average is to be used, high degree of variability in the multiple will compromise its reliability. Another question is what drives a companys valuation. The range in multiples in many industries tends to be quite high. Some tangible financial factor could be an important driver/differentiator for a company. Which would be the driver in a particular industry? The article attempts to answer these questions via an exercise on 214 companies in 8 different industries. The author has: Chosen 8 industries based on his past work experience Selected different publicly listed companies in each industry Derived their multiples and financial parameters from various databases Checked the variability of industry averages of multiples by using the statistical tool co-efficient of variation to answer the first question (most reliable benchmark) Run correlation between a particular industry relevant bench-mark such as 5 year growth, margins, etc. and the multiple e.g. correlation between P/E ratios and book size in banking industry to answer the second question. The breakup of companies across industries is as follows: Table 1 Sectors and number of companies used in analysis Industry No of companies Private sector banks 14 Public sector banks 23 General food processing 16 Agri Inputs 8 Edible Oil 17 Rice 7 Sugar 17 Plantations (tea, coffee, flowers) 17 Auto-components 85 Total 214 The following multiples were used: Market Capitalisation (MCap) / Profit After Tax, Enterprise Value (EV) / Earnings Before Interest Taxes Depreciation and Ammortisation (EBITDA), MCap/Book Value, MCap/Sales. Mcap/PAT is similar to more commonly used Price to Earnings per share (P/E), and Mcap/Book Value is similar to Price to Book value per share (P/B). The following financial performance parameters were selected for analysis: Revenues of latest available financial year, 5 year revenue growth, margins (PAT margin for banks and EBITDA margins for others), total assets, provisions, Return on Equity (ROE), Net worth Analysis Private Sector Banks The following banks were analysed within private sector banks: HDFC Bank Ltd., ICICI Bank Limited, Axis Bank Limited, IndusInd Bank Limited, Yes Bank Ltd, Federal Bank Limited, ING Vysya Bank Limited, The Jammu Kashmir Bank Limited, Karur Vysya Bank Ltd., South Indian Bank Limited, City Union Bank Ltd., Karnataka Bank Ltd, Development Credit Bank Ltd., Lakshmi Vilas Bank Limited. Table 2 Results of private sector banks Banks (private) Multiple Parameter Mcap/PAT Mcap/Assets Mcap/Sales Mcap/Book Value Mean 8.40 0.09 0.88 1.19 StdEv 5.43 0.08 0.82 0.93 Coeff of Variation 0.65 0.99 0.93 0.78 Correlation between multiple parameter Revenue 0.10 0.08 0.09 0.09 Past 5 year growth 0.20 0.34 0.36 0.48 Margin 0.32 0.59 0.61 0.63 Total Assets 0.07 0.06 0.06 0.07 Provisions -0.05 -0.10 -0.09 -0.07 ROE 0.01 0.32 0.34 0.43 Net Worth 0.18 0.18 0.18 0.16 MCap/PAT, similar to Price to Earnings showed maximum stability. Margin (calculated as PAT/Revenue) showed maximum correlation with MCap/PAT, followed by high growth rate. The MCap/Book value Price to Book in popular parlance and Return On Equity showed the maximum correlation across all multiples and parameters. Margin and ROE showed maximum correlation with MCap/PAT. Public Sector Banks Public sector banks tend to have different operating objectives and are often valued differently compared to private sector banks. Mcap/PAT of public sector banks is 5.41 v/s 8.40 as observed in private sector banks. The following public sector banks were analysed: Indian Overseas Bank, Andhra Bank, Corporation Bank, Central Bank Of India, UCO Bank, Dena Bank, Bank of Maharashtra, State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Mysore, United Bank of India, Punjab Sind Bank. Table 3 Results of public sector banks Banks (public) Multiple Parameter Mcap/PAT Mcap/Assets Mcap/Sales Mcap/Book Value Mean 5.41 0.04 0.45 0.69 StdEv 1.36 0.01 0.15 0.16 Coeff of Variation 0.25 0.29 0.32 0.23 Correlation between multiple parameter Revenue 0.34 0.61 0.65 0.60 Past 5 year growth -0.05 0.12 0.13 0.07 Margin -0.46 0.79 0.81 0.76 Total Assets 0.31 0.62 0.70 0.63 Provisions 0.44 0.51 0.50 0.46 ROE -0.64 0.57 0.57 0.69 Net Worth 0.29 0.70 0.75 0.65 Public sector banks showed a different trend in variability of multiples. The book value multiple seems to show the least variation around mean as compared to Mcap/PAT observed in private banks. Within the book value multiple, margins show the highest correlation of 0.76 followed by ROE, 0.69. Food processing Food processing falls into manufacturing domain. EV/EBITDA multiple is introduced in place of the Total Assets multiple is relevant to the banking and NBFC company wherein income is primarily driven by book size. EV/EBITDA is one of the most popular multiples in manufacturing sector. It captures the operating strength of a company (EBITDA) v/s Enterprise Value. Enterprise value is a debt and cash neutral metric, calculated by Market Capitalisation + Debt Cash. Table 4 Results of food processing (general) Food Processing Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 18.50 9.39 0.97 4.21 StdEv 14.09 6.64 1.61 7.36 Coeff of Variation 0.76 0.71 1.65 1.75 Correlation between multiple parameter Revenue 0.39 0.64 0.49 0.75 Past 5 year growth -0.34 -0.27 -0.17 -0.14 EBITDA Margin 0.02 0.20 0.57 0.26 ROE 0.50 0.80 0.75 0.90 Net Worth 0.06 0.31 0.34 0.34 EV/EBITDA shows the lowest variation around mean (0.71). ROE is the most important driver for this multiple (0.8 correlation), followed by revenue. The following companies were considered for analysis in food processing: Hatson Agro Products REI Agro, Heritage Foods, KSE Limited, Nestle India Ltd., Glaxo SmithKline, Britannia Industries, Zydus Wellness, DFM Foods Ltd., Vadilal Industries, Himalya International, ADF Foods, Anik Industries, Srinivasa Hatcheries, Flex Foods, Bambino Agro, Foods and Inns, Tasty Bite Eatables, Freshtrop Fruits, Temptation Foods, Chordia Food Products. Vadilal Enterprises, Sita Shree Food Products, Simran Farms, Venkys (India), Waterbase. The companies belonged to multiple sub-sectors like dairy, poultry, consumer goods, ice creams, frozen food, etc . Agri Inputs Agri inputs included seed, special fertilizers and some special input companies in food processing industries. The larger fertilizer companies, which fall more into chemicals domain were not considered. The following companies were anlysed: Sukhjit Starch Chemicals, Narmada Gelatines, Sakuma Exports, Vidhi Dyestuffs, Saboo Sodium Chloro, Kaveri Seed, Advanta India, Basant Agro Tech. In agri inputs also, EV/EBITDA showed maximum stability, followed by MCap/PAT. EBITDA margin showed highest correlation with EV/EBITDA. Table 5 Results of specialised agri inputs Agri Input Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 11.27 8.53 0.98 1.68 StdEv 9.64 5.11 1.28 1.87 Coeff of Variation 0.86 0.60 1.30 1.11 Correlation between multiple parameter Revenue -0.36 0.25 0.04 0.11 Past 5 year growth -0.18 0.25 0.26 0.40 EBITDA Margin -0.88 -0.08 0.71 0.11 ROE 0.02 -0.03 0.40 0.48 Net Worth 0.33 0.66 0.48 0.53 Edible Oil: Edible oil is a special segment within food processing. The sector is characterized by high level of imports, benchmarking with international prices, low regulations compared to commodities like rice and pulses, etc. The following companies were anlysed: Ruchi Soya Industries, Sanwaria Agro Oils, Rasoya Proteins, Gujarat Ambuja Exports, Jayant Agro-Organics, JVL Agro Industries, Vippy Industries Limited, Vimal Oil Foods, Raj Oil Mills, BCL Industries, Hind Industries, Kriti Nutrients, Vijay Solvex, Sam Industries, Modi Naturals, Natraj Proteins, Poona Dal Oil Industries Table 6 Results of edible oil Edible Oil Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 11.10 6.43 0.21 1.53 StdEv 9.77 4.18 0.27 2.20 Coeff of Variation 0.88 0.65 1.31 1.44 Correlation between multiple parameter Revenue 0.43 -0.12 -0.12 -0.03 Past 5 year growth -0.28 -0.36 0.99 -0.20 EBITDA Margin -0.01 -0.03 0.51 0.16 ROE -0.20 -0.12 0.58 0.61 Net Worth 0.38 -0.14 -0.11 -0.04 EV/EBITDA showed the maximum stability, however, none of the parameters showed any reasonable correlation with the parameter. EV/EBITDA was followed by Mcap/PAT with 0.88 coefficient of variation. This factor showed relatively higher correlation with revenue followed by Net Worth. Rice Rice is also a typical sector within food processing. Most of the publicly traded rice companies have focused on basmati rice. Basmati is a famous variety of aromatic rice and has large export market in the middle east, Europe and US. The following companies were analysed: Khushi Ram Behari La, Usher Agro, LT Food, Lakshmi Energy and Foods, Emmsons International, Chaman Lal Setia Exports, GRM Overseas. The sector showed better stability of Mcap/PAT followed by Mcap/Book Value. Within Mcap/PAT EBITDA margin showed the highest correlation at 0.86. Table 7 Results of rice Rice Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 6.12 7.94 0.16 0.68 StdEv 2.27 3.95 0.13 0.30 Coeff of Variation 0.37 0.50 0.83 0.44 Correlation between multiple parameter Revenue 0.42 0.68 0.16 0.17 Past 5 year growth -0.70 0.47 -0.92 -0.98 EBITDA Margin 0.86 -0.60 0.59 -0.25 ROE -0.77 0.12 0.11 0.73 Net Worth 1.00 -0.17 0.55 -0.30 Sugar: Sugar is one of the largest organized sectors in agri processing. The sector has many large companies like Renuka Sugars, Bajaj Hindustan, etc. The sector also has some typical features like minimum procurement price, cyclical production, concentrated production in Asia and South America, etc. The following companies were analysed: E.I.D. Parry, Bajaj Hindusthan, Bannari Amman Sugars, Triveni Engineering, Andhra Sugars, Dhampur Sugar Mills, KCP Sugar, Ponni Sugars (Erode), Ugar Sugar Works, Dalmia Bharat Sugar, Thiru Arooran Sugars, Sri Chamundeswari, Piccadily Agro, Vishnu Sugar Mills, Kesar Enterprises, Piccadily Sugars, Indian Sucrose EV/EBITDA showed lowest co-efficient of variation (0.44). The multiple showed highest correlation with net worth, followed by revenue. Table 8 Results of sugar Sugar Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 14.38 6.90 0.35 0.80 StdEv 14.79 3.07 0.20 0.39 Coeff of Variation 1.03 0.44 0.56 0.48 Correlation between multiple parameter Revenue -0.01 0.20 0.00 0.19 Past 5 year growth -0.26 -0.04 -0.42 0.23 EBITDA Margin -0.51 -0.43 0.49 0.18 ROE -0.65 -0.69 0.44 0.61 Net Worth -0.01 0.44 0.08 0.01 Plantations Tea and Coffee are another specialized area in agri and food industries. The sector has stakes of many large FMCG companies like Tata Tea, Unilever, etc. This sector also has special policies, farming conditions, competitive factors. For the purpose of this analysis, flowers have also been analysed together with tea and coffee. The following companies for part of this analysis: Karuturi Global, Neha International, Pochiraju Industries, Tata Global Beverage, McLeod Russel India, Tata Coffee, CCL Products India, Warren Tea, Dhunseri Petrochem, Goodricke Group, Jayshree Tea, Assam Company India, Harrisons Malayalam, Russell India, United Nilgiri Tea, Joonktollee Tea, Diana Tea. Here also, EV/EBITDA showed minimum coefficient of variation, followed by Mcap/Sales. Revenue and net worth showed the highest correlation with EV/EBITDA. Table 9 Results of plantation (tea, coffee, flowers) Plantation (tea, coffee flowers) Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 15.17 9.60 1.09 1.13 StdEv 13.19 5.70 0.81 0.87 Coeff of Variation 0.87 0.59 0.75 0.76 Correlation between multiple parameter Revenue 0.22 0.33 0.09 0.27 Past 5 year growth -0.47 -0.38 -0.19 -0.43 EBITDA Margin -0.34 -0.42 0.20 -0.11 ROE -0.37 -0.27 0.20 0.54 Net Worth 0.18 0.29 0.16 0.21 Auto components Auto components industry comprises of a large number of specialized players focusing on different segments of auto industry. Major segments and their composition in total industry size are: Engine parts 31% Drive transmission and steering parts 19% Body and Chassis 12% Suspension and braking parts 12% Equipments 10% Electrical parts 9% Miscellaneous 7% The industry is estimated at USD 43.5 billion in FY 2011-12. (Auto Components Manufacturers Association of India) The following companies were anlaysed in the industry: Bosch, Cummins India, Exide Industries, Motherson Sumi Systems, WABCO, Amtek India, Kirloskar, Amtek Auto Limited, Federal-Mogul, Sundram Fasteners, Wheels India, Shanthi Gears, NRB Bearings, Automotive Axles, Mahindra Forgings, Commercial Engineers, Banco Products, Jamna Auto Industries, Fairfield Atlas, Gabriel India, Lumax Industries, Sundaram-Clayton, India Motor Parts, Saint-Gobain, Steel Strips Wheels, Setco Automotive, Minda Industries, Suprajit Engineering, Rane Holdings, ZF Steering Gear, Munjal Showa, Sona Koyo Steering, Munjal Auto, Lumax Auto Technology, Autoline Industries, India Nippon, FIEM Industries, L. G. Balakrishnan, Subros, Pricol, Hindustan Composites, Ucal Fuel Systems, Rane Madras, Rico Auto Industries, Jay Bharat Maruti, Shivam Autotech, Omax Autos, IST, Bimetal Bearings, Rane Engine Valves, REIL Electricals, Rane Brake Lining, Precision Pipes, Automotive Stampings, Harita Seating, JMT Auto, Alicon Castalloy, JBM Auto, Bharat Gears, Menon Pistons, Talbros Automotive, Triton Valves, Aunde India, Clutch Auto, Pix Transmissions, Bharat Seats, Lakshmi Precision, Menon Bearings, Simmonds Marshall, Kar Mobiles, IP Rings, Jay Ushin, Gujarat Automotive, Competent Automobile, Lumax Automotive Systems, Autolite India, ANG Industries, Hindustan Hardy, Raunaq Automotive, Remsons Industries, Porwall Auto Components, Spectra Industries, Kew Industries, Jagan Lamps, Coventry Coil-O Matic. In this industry again, EV/EBITDA is the most stable multiple. EV/EBITDA shows maximum correlation with revenue and net-worth. Table 10 Results of auto-components Auto Components Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 12.47 6.04 0.67 1.62 StdEv 13.09 4.65 0.93 1.67 Coeff of Variation 1.05 0.77 1.40 1.03 Correlation between multiple parameter Revenue 0.19 0.35 0.18 0.31 Past 5 year growth -0.04 0.05 -0.05 0.09 EBITDA Margin 0.03 0.06 0.47 0.12 ROE -0.31 0.04 0.21 0.45 Net Worth 0.13 0.35 0.30 0.24 Inferences: The most stable multiples across different industries and their respective coefficients of correlations with different financial parameters were as follows: Table 11 Summary of trends Coefficient of variation Correlation Industry Co-efficient of Variation Multiple Highest Correlation Second highest Correlation Private sector banks 0.65 MCAP/PAT Margin 0.32 Past 5 year growth 0.20 Public sector banks 0.23 P/B Margin 0.76 ROE 0.69 General food processing 0.71 EV/EBITDA ROE 0.80 Revenue 0.64 Agri Inputs 0.60 EV/EBITDA Net worth 0.66 Revenue 0.25 Edible Oil 0.88 MCAP/PAT Revenue 0.43 Net worth 0.38 Rice 0.37 MCAP/PAT Net worth 1.00 EBITDA margin 0.86 Sugar 0.44 EV/EBITDA Net worth 0.44 Revenue 0.20 Plantations (tea, coffee, flowers) 0.59 EV/EBITDA Revenue 0.33 Revenue 0.29 Auto-components 0.77 EV/EBITDA Revenue 0.35 Revenue 0.35 *In edible oil, lower coefficient was observed in EV/EBITDA. P/E was chosen because EV/EBITDA showed no correlation with any of the parameters studied. Co-efficient of variation was minimum in public sector banks and highest in auto-components. Industry multiple of public sector banks, hence, stands as the most reliable industry multiple among the industries observed. The co-efficient would be high if there is considerable heterogeneity within the industry in terms of size, profitability, product portfolio, promoter background, etc. Earnings based multiples EV/EBITDA and P/E showed minimum coefficient of variation in all industries, except public sector banks, which showed Mcap to Book Value as the most stable multiple. Considering the correlations observed with the most stable multiple, we can infer that: net margins are the main drivers of multiples in banks (both public and private) among the parameters observed, ROE was most influential in food processing and edible oil plantations and auto-components seem to be driven by revenue vis-Ã  -vis other parameters observed and agri inputs, rice and sugar were influenced by net-worth of respective companies. The following table shows the maximum correlation observed in a particular industry. Table 12 Maximum correlations across industries Industry Maximum Correlation Relationships Private sector banks 0.63 ROE and Mcap/Book Value Public sector banks 0.81 PAT Margin and Mcap/Book Value General food processing 0.90 ROE and Mcap/Book Value Agri Inputs 0.71 EBITDA margin and Mcap/Sales Edible Oil 0.99 5 year growth and Mcap/Sales Rice 1.00 Net-worth and Mcap/PAT Sugar 0.61 ROE and Mcap/Book Value Plantations (tea, coffee, flowers) 0.54 ROE and Mcap/Book Value Auto-components 0.47 EBITDA margin and Mcap/Sales ROE and Mcap/Book Value showed highest correlation in four out of nine industries, followed by EBITDA margin and Mcap/Sales. The results were quite intuitive a company generating higher returns on invested capital (ROE), or a company operating at a higher margin should be valued more than its peers. Table 13 Results of general correlation analysis Parameter Mcap/PAT

Comparing Evil, Abuse and Escape in Oliver Twist and Great Expectations :: comparison compare contrast essays

  In Oliver Twist and Great Expectations by Charles Dickens, both main characters refuse to except the poor hand the world has dealt them.   Pip and Oliver reach a great epiphany in regards to social injustice, and in turn rebel against the system that oppresses them.   They are tired of being mistreated and neglected, and therefore decide to make a stand.   Charles Dickens exhibits through Oliver and Pip that the revolt of the weak against the strong results from the oppression of the poor.   As a result of their revolt against the system, Pip and Oliver are ostracized for their non-conformist ideals.   Thus change in an oppressing and conformist society can only be achieved through change in moral, social, and political instincts.      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In both novels the main character faces abuse and neglect which result in rebellion and distancing of them from the society which chooses to hold them down.  Ã‚   In Oliver Twist, Oliver receives a great amount of abuse through the orphanage.   While suffering from starvation and malnutrition for a long period of time, Oliver is chosen by the other boys at the orphanage to request more gruel at dinner.   After making this simple request, â€Å"the master aimed a blow at Oliver’s head with a ladle; pinioned him in his arms; and shrieked aloud for the beadle† (Oliver Twist 16).   This pain and neglect caused a change in Oliver.   He realized that he must rebel against the society that wishes to oppress him, in order to truly start living.   In Great Expectations, Pip receives a great deal of abuse at the hands of his sister, Mrs. Joe Gargery.   On one occasion â€Å"I soon found myself getting heavily bumped from be hind in the nape of the neck and the small of the back, and having my face ignominiously shoved against the wall, because I did not answer those questions at sufficient length† (Great Expectations 12).   This anguish inflicted by the hands of his sister resulted in Pip distancing himself from any ties with his family.   Thus his independence grew as a direct result of the abuse he had faced.      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In both novels the main characters have to escape from harsh living conditions and evil surroundings which in turn forces them to grow as individuals, and become independent from a conformist society.   Oliver finds himself residing in an orphanage that is dark and sordid.   As well he finds himself in London’s lowest slums, such as the pickpockets hideout, the surrounding streets, and the bars, which are all described as dark, gloomy, and bland.