History of Correction in America Essay Example | Topics and Well Written Essays - 750 words

History of Correction in America - Essay Example Another office of remedy known as Bridewell was built in 1775 that was set in New York City Hall Park despite the fact that it's the free war interfered with its development. New York State Legislature in 1788 authorized a law to develop another amendment office named Almshouse and named twelve chiefs to direct the development. The officials started the division of amendment in New York and they opened the principal state jail in 1788 known as Greenwich State Prison. In 1817 another adjustment office known as Auburn was opened which extended in 1821 by opening another wing. In 1951, the foundation for crazy crooks was set up on the Auburn jail ground. This was a thought of a gathering of reformers that idea they would begin kid savers by sending city youngsters to live with ranch families. Their thought realized the foundation of the New York Juvenile Asylum. Almshouse Department was supplanted by New York City Department of Public Charities and Correction in 1851. The office assumed responsibility for the city's open government assistance and remedial foundations. Ludlow Street Jail otherwise called New York Country Jail was set up in 1862 and in 1863 another prison was worked in Manhattan known as New York City's Fourth District Prison. This turned into the 57th road prison that was a piece of a court complex. Another revision office named New York City's Seventh District Prison was set up along Manhattan city's west side in 1865. New York City was approved by the State Legislature to isolate the Department of Public Charity and Correction in 1873. This detachment realized the Public Charities Division and the Correction Division. Society for the counteraction of mercilessness to youngsters was built up after the division and it disallowed the control of kids at Almshouse. Elmira Reformatory was set up in 1876 and it put together its practices with respect to the change hypothesis instead of discipline hypothesis. 1 Louis D. Pilsbury was delegated the principal Superintendent of Prison and was relegated the completely control and obligations of all state detainment facilities. Under Louis administration realized the foundation of the place of asylum for ladies and order of the reformatory code that improved the kids' law. (Whitehead, Pollock and Braswell, 2003) Still under Louis authority as the watched over of jail so the foundation of New York City's Fifth District Prison in 1885 which was a multi-layered structure that incorporated a forty twofold inhabitance and a residence that held fifty detainees. (Whitehead, Pollock and Braswell, 2003) Current revision has changed the old hypotheses of adjustment and reformer thought of bringing great piece of the general public into the correctional facilities and detainment facilities. They have fused training, religion, work, and self-administration in they remedy as they are sure this would in the end restore the detainees. This has realized the foundation of training programs, jail businesses and professional projects in the detainment facilities. They have likewise been foundation of particular jails in the cutting edge adjustment. The utilization of beating additionally reached a conclusion. There has been Prisoner's Rights Movement that gives the detainees privileges of the right to speak freely of discourse and religion

Humanism and Marxist Theory in Geography

Humanism and Marxist Theory in Geography Humanism and Marxist Theory in Geography; how it varies from Positivism. Philosophical methods of knowing can't be stayed away from when research is being directed in topography. Theory is utilized as a route correspondence between what we know and how we know it. It helps put into setting and legitimize responds to in regards to examine questions; thusly it is utilized generally all through topography (Aitken and Valentine, 2006). Up until the 1950s, geology was in undeniable reality point by point in nature, as it inspected examples and procedures, generally on a local predisposition, when attempting to comprehend explicit spots (Aitken and valentine, 2006). Anyway after the 1950s, various geographers, for example, Schaefer began â€Å"to contend that land explore expected to turn out to be progressively logical in nature† (Schaefer, 1953). It was then that Comte (1798-1857) shaped the hypothesis of positivism (Kitchin and Tate, 2013). Unwin (1992) noticed that Comte utilized the â€Å"term ‘positive’ to allude to the genuine, the certain, the specific, the valuable and the relative as opposed to the fanciful, the uncertain, the loose, the vain and the absolute† (Unwin, 1992). In Comte’s positivism he expressed that the detailing of hypotheses ought to be tested by and demonstrated utilizing certain strategies that furnish â€Å"society with information so hypothesis could be avoided† (Kitchin and Tate, 2013). In Geography, positivism was actualized with the goal that the standards of science could be applied to geographic comprehension (Aitken and Valentine, 2006). â€Å"The positivist methodology expects understanding to be checked instead of essentially introduced as fact† (Johnston, 1986a) and there are different forms of positivism. Positivism can be isolated into two techniques for thought: consistent positivism in regards to confirmation and basic realism which respects adulteration (Kitchin and Tate, 2013). â€Å"Logical positivism was first evolved by the Vienna Circle during the 1920s and 1930s† (Holt-Jensen, 1988) however Schaefer bolstered the advancement of a legitimate positivist methodology inside topography. Basic logic was created by Karl Popper as an unexpected technique in comparison to coherent positivism. Popper contested that the legitimacy of a law didn't transfer upon how frequently it was analyzed or demonstrated, however rather depends on whether it tends to be misrepresented (Kitchin and Tate, 2013). Popper’s approach of basic realism was exceptionally condemned (Sayer, 1992) and in this manner numerous human geographers have not received his hypothesis (Gregory, 1986b). Inside geology positivism is firmly associated with quantitative strategies which came to fruition in the late 1950s after topography was engaged with a quantitative uprising; as geographers needed to â€Å"replace depiction with clarification, singular comprehension with general laws, and translation with prediction† (Unwin, 1992). Therefore, during the 1970s the execution of positivism went under assault with new methods of clarification being set up as a response to positivisms developing use in topography. In any case, quantitative philosophies are not simply utilized by positivists and the utilization of these strategies doesn't guarantee a bit of research positivistic in nature. It is in reality the execution of the shrouded basics of unprejudiced nature and unequivocal rationale (Kitchin and Tate, 2013). Humanistic geology was one of two key 1970s sane advancements that framed out of a discontent with positivism (Aitken and Valentine, 2006). â€Å"The second was in regards to social reason and legislative issues that took its most sound structure in Marxism† (Harvey, 1973). Humanistic topography shows the hugeness of individuals’ encounters, convictions and mentalities while developing assessments that we make and in our commitment with the world. The significance inside humanistic topography has respected â€Å"exposing importance, qualities and translations so as to consolidate an increasingly unpredictable comprehension of human reality into geography† (Aitken and Valentine, 2006). Humanism accepts that humankind gets a typical greatness, and that this greatness is apparent in human people, human interests, and human works. â€Å"Humanism explains this doctrine of human respect in four significant manners: supernatural humanism, topical humanism, methodological humanism, and altruistic humanism† (Smith, 2009). The specific point of convergence in humanistic topography is the subject of contention between different strategies that require â€Å"emphasizing how individuals’ decisions are constrained by social structures, for example, Marx’s free enterprise, and with this have endeavored to coax out the perplexing connection among offices and structure† (Aitken and Valentine, 2006). Humanists assume that people are mind boggling creatures that don't basically act in manners that are anything but difficult to speak to. Along these lines comparable to topographical research, humanistic geographers â€Å"proposed the appropriation of land enquiry that was touchy to catching the intricate existences of individuals through inside and out, subjective studies† (Aitken and Valentine, 2006). In spite of the fact that methodological humanist is regularly antipositivist, incidentally in this sense the word humanist may all the time be emphatically connected to positivism and science when leading land look into (Smith, 2009). This is on the grounds that numerous humanists state to be fair and unbiased, with their exploration having no social position, a ton like positivists (Kitchin and Tate, 2013). Consequently positivism and logical perspectives were viewed as the consistent piece of humanistic assessments that simply give subjective information wherein quantitative grouping can be assembled (Aitken and Valentine, 2006). Humanists expressed that the test researcher might have the option to clarify the goal world, and even human awareness (Smith, 2009). Then again the positivist attempts to â€Å"objectively consider conditions utilizing experimental measures; though humanists place more accentuation on abstract encounters, qualities and sentiments and this is the place strife started (Kitchin and Tate, 2013)† along these lines humanists accept that it is just them, utilizing the humanistic devices of getting, clarification and basic examination, can hope to ‘understand’ the unbiased world and human awareness as they show up (Smith, 2009). Additionally as indicated by the new humanistic geographers, positivist geographers dehumanized people by expressing that they were aloof operators of social, mental, and monetary powers. These powers, as indicated by positivists, made people act in anticipated ways, and a developing and sensible society tries to control singular habits by implication, through regulation of these powers. â€Å"As well as this it was contended that positivism not recognize people’s convictions, values, assessments, sentiments, etc, in molding regular geographies† (Aitken and Valentine, 2006).Therefore, against this view an alternate picture was raised by humanistic geographers, which included people purposely following up on the base of reason that they thought about where in the â€Å"light of their own expectations, interests, and values† (Smith, 2009). With everything taken into account, humanistic geographers demand that people are free, dynamic creatures, â€Å"in part since this fit all the more near the primary individual point of view of the humanities, yet in addition since it gave them motivation to trust that individuals could decide to change† (Smith, 2009) and in this sense humanism is a lot of connected to Marxism in topography. Marxists approaches inside topography emerged at generally a similar time as humanistic methodologies, and in like manner was a response contrary to the development of positivism inside geology. â€Å"Humanistic approaches reprimanded positivism on account of its negligence of human organization, though Marxists contended that it neglected to perceive the impacts of social, monetary and political structures in making spatial patterns† (Cloke et al., 1991; Kitchin and Tate, 2013). Further, Marxism proposed that positivism constrained assessment to how things truly appeared to be, instead of taking into consideration how they may be under various social conditions and how it didn't assess procedures of innovation and autonomy among people (Cloke et al., 1991). The Marxist geographers’ reason for existing was to bring a portion of the suppositions and assessment of Marxism into topographical idea. Marxism itself existed as hypothesis since its improvement by Karl Marx in the nineteenth century (Johnston et al., 2000) yet until the 1970s it had not been critical in topography (Cloke et al., 1991). Marxist topography talks regarding ‘modes of production’, for example, feudalism, private enterprise and communism. Marxism to a great extent focuses on the industrialist method of creation and perceives the requirement for a consistent progression of capital with benefit as its fundamental reason. â€Å"In request to do this Marxists recommend that we have to consider how conditions may be under troublesome social conditions to feature how society works (Kitchin and Tate, 2013)† and furthermore that there must be a steady development of the estimation of items delivered all together for this progression of money to be ke pt up and along these lines lead to ‘economic growth’. Marxist geology was additionally intrigued by how under various social conditions geologies modify and needed to have an inclusion towards these progressions and in this manner didn't simply recommend the reason for land designs that lay inside entrepreneur financial frameworks. â€Å"Marxist geology was consequently about understanding the world as well as about evolving it† (Harvey, 1985b). Evidently change is noteworthy to the Marxist hypothesis and Marxist topography presently expect that conditions ceaselessly change instead of accepting monetary conditions stay consistent when choices are made (Holloway et al., 2003). As observed t

Im Kind of a Big Deal

I’m Kind of a Big Deal Im beginning to think the foliage is out to get me. I was hit by another leaf, on the foot, two days ago. It wasnt a gentle smack, but it actually stuck to my foot since it was damp out (seriously, you cant make this stuff up. Okay, maybe you can, but Im not, I swear). To make matters worse, I was wearing open heels, and had recently showered (it happens more often than you might think), as I was going to my houses formal. Brian speculates: All my buddies tell me MIT is for a bunch of nerds who have no life. Is that true? Can you have a stronger interest in your liberal art courses and still have a good chance of making it in MIT? A NERD? Why, Ive never been called a nerd in my life! Good heavens! (Affirmative.) Its really hard for me to explain the nerd stereotype; the best thing you could do would be to come here, stay with an MIT student, and see for yourself. I consider myself a nerd proudly, but at the same time, I go to the mall, wear makeup, and own way too many pairs of shoes. We play a ridiculous amount of intramural sports and have parties that dont just involve problem sets; we work hard and we play hard too. If thats not enough for you, I shower. Daily. As for liberal arts, Ive been a writer ever since I wrote my first book in fourth grade, I take pictures, I sing, I dance, Im in a sketch comedy group. I took all the AP history and English courses I could get my hands on in high school, in conjunction with AP Computer Science and AP Calculus BC. Other examples: half of my friend Christinas courses are humanities courses, and my buddy Matt Fisher is a political science major. We have an excellent creative writing program and art department. So yes, MIT students are well-rounded human beings who dont sit inside all day and look at peoples source codes (okay, I only do that a few times a week). Were social, especially with those we live with my hall won a bbq paid for by our house because we won the community service contest for Camp Kesem, a program for children whose parents have or had cancer. Oh, and we go to formals. This Friday my house rented a huge cruise that sailed around the harbor as we danced the night away; the only problem was that we had to take either the T (subway) or a taxi to get out there. I got back late because of MedLinks training, and since Next House is the very farthest you can get from the T station, we had to scoot across campus at high speeds in our suits and ties. It was all very classy, really. You might remember Curtis 10 from an old entry of Bens, or as the guy voted Most Likely to Cure Cancer; hes been a good friend of mine since fourth grade. Hes also a genius. To be good at math is to catch a Curtis. We have a lot of those here at MIT, as you might guess, and its the coolest thing in the world be sharing a communal bathroom with intellectual giants. Look at how our hair has grown. A metaphor, for our development as college freshmen, if you will. Isnt life beautiful? So I never imagined that writing an entry about being hit in the face by a leaf would cause such a stir, but the other day as I was walking back to my dorm, a stranger stopped me to ask how my face was doing. My mother called to tell me to be more alert (I believe this means I should be taking ninja classes or something of the sort to avoid leaf attacks). My father sent me an email later (ccd to the rest of my family) beginning with this: Once I was walking on a sidewalk when suddenly a huge tree trunk on my face. I avoided cracking my head open by hitting the trunk only by a few seconds. Thats what happens when you dont pay attention to your situation and surroundings. Dont let a tree trunk hit your face. My sister and I met up later that night (shes a student at another university in Cambridge that I affectionately call The Harv), during which we had this conversation: ELSA: Are you okay? ME: Uh, yeah. Why? ELSA: Dad told me a tree branch hit you in the face and knocked you unconscious. I assure you I have been very much alive and kicking, even though I didnt get to post an entry this week about how a rampant field of grass beat me at the knee. (Im just kidding, Dad.) This questioning took place last night, during which I went with my sister to a stand-up comedy show called Comedy for a Cause, a benefit for the Deep Roots Scholarship Fund. It featured several nationally recognized comedians, including the hugging guy from the Dave Matthews video Everyday. So I went. I laughed. And I hugged the hugging guy. Speaking of famous people I meet and entries on leaves in faces, L spoketh: Someone besides me listens to Regina Spektor?! Wow. Indeed, L, all these people below (and a certain Mr. Jones) listen to Regina Spektor. All these people (not including Mr. Jones, because he had to do work, right) also met and talked to Regina Spektor. For everyone else who doesnt, they should. She is amazing. She is my sweetest downfall; I loved her first. I did write up answers to a bunch of your questions, but Im going to wait a bit to post them since this one was a bit long and I dont want to bore you, so feel free to ask me more! If you have a specific topic that you want me to write about, let me know that too. Remember, if you dont ask, you dont find out (dun dun dunn). I definitely dont have all the answers, but Ill do the best I can to cover all the bases from quantum mechanics to dating and dining food. And dont stress too much even here at MIT, we take time off to smell the fall air.

I Know Why the Caged Bird Sings Essay - 786 Words

I Know Why the Caged Bird Sings In the beginning of I Know Why the Caged Bird Sings, Marguerite, later known as Maya begins to tell the story of her childhood. When her parents divorced, they sent her her brother, Bailey to live in Stamps, Arkansas with their Grandmother (Momma) and their Uncle Willie. The kids go to school in Stamps and work in the store that Momma and Uncle Willie own. One year, while they were in Stamps, their father came to visit. When he was getting ready to return to California, he asked the kids if they wanted to come back with him to live. They agreed. Momma was also glad to have them off her hands even though she enjoyed having them around. While they were in the car, their father†¦show more content†¦Maya finally tells Bailey what happened to her and who did it, he tells the information to the authorities. Mr. Freeman is arrested and a trial is scheduled. While Maya is on the witness stand, she lies and tells the court that Mr. Freeman never touched her until he raped her. He is sentenced to one year and one day in prison, but he was released that afternoon. Maya and Bailey move back to Stamps and Maya begins working for a white woman named, Mrs. Cullinan. Mrs. Cullinan had other black employees as well as Maya but she always called Maya Mary instead of her given name, Marguerite. This upset Maya and she throws Mrs. Culli ¬ nan’s valuable family plates on the floor. She is fired immediately and is happy to be rid of her job. Later in the novel, Maya moves to San Francisco to live with her mother. She sees her father more now because he lives in southern California. Bailey is away now, but still visits. Maya and her father drive to Mexico one day to buy food. While they are there, her father becomes intoxicated. Maya has to drive home while he sleeps in the back seat. At the border, the hits another car. There were minor damages and her father woke up to take care of the problem. When they get home, Maya and her father’s girlfriend, Dolores, get into an argument. Dolores called Maya’s mother names and Maya hit her. Dolores jumped up, grabbed her, and cut her. Then, she chased her outShow MoreRelatedI Know Why The Caged Bird Sings1482 Words   |  6 Pages Maya Angelou tells of her life experiences and struggles in her book â€Å"I Know Why the Caged Bird Sings† that gives us insight about Maya’s life as a young black girl growing up in a time of racism. The novel discusses various forms of oppression that she had to face as well cope with them. Robert A. Gross wrote an analysis for Newsweek about the book and claimed that Angelou’s book is not only an interesting story of her own experience, but also a portrayal of a Southern black communityRead MoreI Know Why The Caged Bird Sings1555 Words   |  7 Pages28th of May 2014, she was an Activist, acclaimed American poet, storyteller and autobiographer. However, all her accomplishments were born out of abuse, violence, neglect and pain, that she wrote about in her autobiographical novel, I know why the caged bird si ngs which was published in 1969. In the book, she wrote not only about the conflicts that plagued her for much of her life but also how the role they played in her life. Particular problem areas discussed include, the difficulties she experiencedRead MoreI Know Why The Caged Bird Sings1445 Words   |  6 PagesPresentation I Know Why the Caged Bird Sings is a self-portraying record of Maya Angelou that shows how cherish for writing and having a solid character can assume a huge part in conquering bigotry and misery. Throughout the story, it is clear that Maya changes from being a setback of bigotry to end up distinctly a young lady with self-nobility and character that helps her to conquer partiality. The setting of I Know Why the Caged Bird Sings concentrates on the issues connected with bigotry thatRead MoreI Know Why The Caged Bird Sings948 Words   |  4 PagesAngelou is a poet and award-winning author known for her acclaimed memoir I Know Why the Caged Bird Sings and her many poetry and essay collections. So many things happen to Maya Angelou but she was amazing and a brave woman too not everyone would be same after what happen to her. Maya Angelou has become the most amazing singer, dancer, actress, poet and writer she is even an author of autobiography â€Å"I Know Why the Caged Bird Singsâ₠¬  a book that tells the things that setback and helped Maya to be who sheRead MoreI Know Why The Caged Bird Sings1126 Words   |  5 PagesMaya Angelou was a gifted woman with one of the greatest voices of African American literature. Previously known as Marguerite Johnson, she was one of the most important women of our time. She was best known for her autobiography I Know Why the Caged Bird Sings. Not only was Maya Angelou able to overcome all the racial discriminations and interferences that she endured growing up, she was also able to prove to many people what a successful African American author and activist she was. She was a womanRead MoreI Know Why The Caged Bird Sings2695 Words   |  11 Pages I Know Why the Caged Bird Sings According to Willard Scott, â€Å"Positive Feelings come from being honest about yourself and accepting your personality, and physical characteristics, warts and all; and, from belonging to a family that accepts you without question.† Maya Angelou illustrates this in I Know Why the Caged Bird Sings, an autobiography on herself. It illustrates Maya Angelou’s struggles of accepting herself because of some cruel experiences in her life. Maya was an African American girlRead MoreI Know Why The Caged Bird Sings Essay1097 Words   |  5 Pagesministry. She wrought a best-selling auto biography â€Å"I know why the caged bird sings†. Trough-out her legacy she continuously created poems promoting civil rights from her personal and social views. â€Å"still I rise â€Å"is one of her earlier working but is still consider one of the greatest poems on discussing the social views at the time of tis publishing and still hold value to todays current events. This text wil l be Analysing the poem â€Å"still I rise† But first discussing the experiences that Maya AngelouRead MoreI Know Why The Caged Bird Sings2495 Words   |  10 PagesIn the memoir, I Know Why the Caged Bird Sings, Maya Angelou presents the theme: coming of age. This theme is shown throughout the book many times, especially when something big happens to her, changing the way that she reacts to things and the way that she sees things. Another way that this theme is shown throughout the book is the way that she words things in the beginning, vs the way that she words things in the end. The change in her writing style and her language shows this. Not only was sheRead MoreEssay on I Know Why The Caged Bird Sings1319 Words   |  6 Pagesstreet cars 5) Key Statements About the Character amp;nbsp;a) â€Å"Ritie, don’t worry ‘cause you ain’t pretty. Plenty of pretty women I seen digging ditches or worse. You smart. I swear to God, I rather you have a good mind than a cute behind.† (p.56) amp;nbsp;b) â€Å"In those moments I decided that although Baily loved me he couldn’t help. †¦ I knew that because I loved him so much I could never hurt him† (p. 73) 6) Key Actions amp;nbsp;a) Father comes to Stamps and takes them to their mother amp;nbsp;b) MovesRead MoreEssay on I Know Why the Caged Bird Sings1048 Words   |  5 Pagescontribute to the way she grows up and the person she becomes. Despite some of her tragic circumstances, she learns a lot growing up, mainly because of the African-American women in her life who teach her all different life lessons. In I Know Why the Caged Bird Sings, Marguerite gets to absorb teachings from her mother (Vivian), Mrs. Bertha Flowers, and her grandmother (Momma). These women allow Marguerite to learn and grow as an African-American female, all while paving her own way. Marguerite

How the USDA Has Addressed Discrimination

​The U.S. Department of Agriculture (USDA) has made significant progress in addressing allegations of discrimination against minority and women farmers both in the farm loan programs it administers and in its workforce that have hounded it for over a decade, according to the Government Accountability Office (GAO). Background Since 1997, the USDA has been the target of major civil rights lawsuits brought by African-American, Native American, Hispanic, and women farmers. The suits generally accused the USDA of using discriminatory practices to illegally deny loans, delay loan application processing, underfund loan amounts and create unnecessary and burdensome roadblocks in the loan application process. These discriminatory practices were found to create unnecessary financial hardships for minority farmers.Two of the best-known civil rights lawsuits filed against the USDA --Pigford v. Glickmanand Brewington v. Glickman - filed on behalf of African-American farmers, resulted in the largest civil rights settlements in history. To date, over $1 billion has been paid to over 16,000 farmers as a result of settlements in the Pigford v. Glickman and Brewington v. Glickman suits.Today, Hispanic and women farmers and ranchers who believe they were discriminated against by the USDA in making or servicing farm loans b etween 1981 and 2000 can file claims for cash awards or debt relief on eligible farm loans by visiting the USDAs Farmersclaims.gov website. GAO Finds Progress Made In October 2008, the GAO made six recommendations for ways the USDA could improve its performance in resolving farmers discrimination claims and providing minority farmers with access to programs intended to help them succeed. In its report titled, USDAs Progress toward Implementing GAOs Civil Rights Recommendations, the GAO told Congress the USDA fully addressed three of its six recommendations from 2008, made significant progress toward addressing two, and made some progress toward addressing one. (See: Table 1, page 3, of the GAO report) Outreach Programs for Minority Farmers and Ranchers As early as 2002, the USDA committed to improving its support for minority farmers by releasing $98.2 million in grants to supplement its loan programs specifically for minority and small farmers and ranchers. Of the grants, then Sec. of Agriculture Ann Veneman said, We are committed to utilizing all resources available to help farm and ranch families, particularly minority and small producers, who need assistance. Besides the monetary awards, grants for minority farmers and extensive efforts to promote civil rights awareness and equality within the USDA itself, perhaps the most important changes arising from the settlements of the civil rights lawsuits have been the series of USDA outreach programs intended to serve minority and women farmers and ranchers. Some of these programs include: Office of the Pigford Case Monitor: The Office of the Monitor provides access to all court documents, including court orders and decisions related to the Pigford v. Glickman and Brewington v. Glickman lawsuits filed against the USDA on the behalf of African-American farmers and ranchers. The collection of documents provided on the Office of the Monitor website are intended to help persons with claims against the USDA arising from the lawsuits learn about the payments and other relief they are entitled to under the courts rulings.Minority and Socially Disadvantaged Farmers Assistance (MSDA): Operating under the USDAs Farm Service Agency, the Minority and Socially Disadvantaged Farmers Assistance was established specifically to assist minority and socially disadvantaged farmers and ranchers who apply for USDA farm loans. The MSDA also offers the USDA Minority Farm Register to all minority persons involved in farming or ranching. Participants in the Minority Farm Register are mailed re gular updates on the USDAs efforts to assist minority farmers.Women and Community Outreach Programs: Created in 2002, the Community Outreach and Assistance to Women, Limited Resource and Other Traditionally Under Served Farmers and Ranchers Program provides loans and grants to community colleges and other community based organizations for developing outreach projects to provide women and other under-served farmers and ranchers with the knowledge, skills, and tools necessary to make informed risk management decisions for their operations.Small Farms Program: Many of Americas small and family farms are owned by minorities. In the Pigford v. Glickman and Brewington v. Glickman lawsuits, the courts criticized the USDA as having an attitude of indifference toward the needs of minority small farmers and ranchers. The USDAs Small and Family Farm Program, administered by the National Institute of Food and Agriculture, is an attempt to correct that.Project Forge: Another minority outreach ef fort of the USDAs National Institute of Food and Agriculture, Project Forge provides assistance and training to the primarily Hispanic and other minority farmers and ranchers in rural regions of South Texas. Operating out of the University of Texas-Pan American, Project Forge has been successful in improving the economic condition in the South Texas region through both its training programs and development of farmers markets.

Financial Analysis of Oil Marketing Companies Free Essays

string(22) " OF FIGURES Figure 4\." ?ANALYSIS OF OIL AND GAS MARKETING SECTOR- AN OVERVEW OF ITS GROWTH OVER THE LAST FIVE YEARS (2001 – 2005) AUTHOR: Akhlaq Ahmad Enroll No. 111031-004 Cell no: 03215008455 BBA-6 (Morning) SUPERVISOR: Mr. Musbashir Sadiq Bahria Institute of Management Computer Sciences, Bahria University Shangrila Road, Sector E-8, Islamabad ABSTRACT Pakistan’s economy is undergoing significant structural changes since 1999-2000. We will write a custom essay sample on Financial Analysis of Oil Marketing Companies or any similar topic only for you Order Now The real GDP growth is accelerating over the last five years. Over the next five years, 7-8 percent growth is targeted to be sustained, which will demand a huge rise in the energy use. The energy sector in Pakistan comprises of oil, natural gas, power (hydro and nuclear) and coal. The oil and gas sector has a lot of potential in Pakistan. Pakistan is classified as low priority by foreign investors because of the unstable economic and political situation. However, efforts are being made by the Government to promote investment in the oil and gas sector, by various incentives such as liberal granting of exploration licenses, restructuring and reform of the oil and gas sectors, deregulation of prices, and privatization of selected assets. The reform has enhanced transparency, making decision makers aware of the various The objective of this thesis is to analyze whether the Oil and Gas sector in Pakistan has really progressed and whether there are better opportunities for investment and growth in this sector now than there were in the past. For the purpose of determining the trend of growth in the Oil and Gas Sector, four Oil and Gas Marketing Companies (OGMC) were selected and their financial data analyzed over a period of five years (2001 – 2005). Financial data relevant to the sample companies was gathered from published accounts of the companies, in their annual reports. This data was condensed and summed up for the four companies and presented in tables and then used for analysis. The results were held to be representative of the entire Oil Marketing Sector and seem to show a marked trend of growth in the financial indicators reveal that there has been a marked improvement in the growth of this industry. ACKNOWLEDGMENT First of all I am very much thankful to ALLAH ALMIGHTY, who gave me strength power to complete this task efficiently effectively. I am also very much thankful to my parents who gave me the basic knowledge of how to read write, who also prayed for me every time, especially in the hour of need trouble. Thanks to my most prestigious Supervisor Mr. Mubashir Sadik for providing me guidelines for each every aspect. Thanks to Mr. Abdul Ahad Maud and Mr. Faisal Subhan who were very cooperative and considerate during the whole period of data collection. I am also very grateful to all those who helped me gave me up-to-date information or any other information regarding this analysis while completing this task. Thank you in anticipation. DADICATION TO MY LOVING PARENTS TABLE OF CONTENTS ABSTRACTi ACKNOWLEDGMENTiii DADICATIONiv TABLE OF CONTENTSv LIST OF TABLESvi LIST OF FIGURESix CHAPTER 11 INTRODUCTION1 Broad Problem Area/Background1 Rationale5 Problem Statement6 Objectives of the study7 Research Questions8 Limitations9 CHAPTER 210 LITERATURE REVIEW10 CHAPTER 315 METHOD15 Procedure17 CHAPTER 421 RESULTS AND DISCUSSION21 CHAPTER 566 CONCLUSION AND RECOMMENDATION66 Conclusion66 Recommendations 68 GLOSSARY 69 REFERENCES73 LIST OF TABLES Table 4. 1: Pakistan State Oil Company Limited Balance Sheets (2001-2005)21 Table 4. : Pakistan State Oil Company Limited Income Statements (2001-2005)22 Table 4. 3: Pakistan State Oil Company Limited Vertical Common Size of Balance Sheets (2001-2005)23 Table 4. 4: Pakistan State Oil Company Limited Vertical Common Size of Income statement (2001-2005)24 Table 4. 5: Pakistan State Oil Company Limited Horizontal Common Size of Balance Sheets (2001-2005)25 Table 4. 6: Pakistan State Oil Co mpany Limited Horizontal Common Size of Income statement (2001-2005)27 Table 4. 7: Shell Pakistan Limited Balance Sheets (2001-2005)28 Table 4. : Shell Pakistan Limited Income Statements (2001-2005)29 Table 4. 9: Shell Pakistan Limited Vertical Common Size of Balance Sheets (2001-2005)30 Table 4. 10: Shell Pakistan Limited Vertical Common Size of Income Statements (2001-2005)31 Table 4. 11: Shell Pakistan Limited Horizontal Common Size of Balance Sheets (2001-2005)32 Table 4. 12: Shell Pakistan Limited Horizontal Common Size of Income Statements (2001-2005)34 Table 4. 13: Sui Northern Gas Pipelines Limited Balance Sheets (2001-2005)35 Table 4. 14: Sui Northern Gas Pipelines Limited Income Statements (2001-2005)36 Table 4. 5: Sui Northern Gas Pipelines Limited Vertical Common Size of Balance Sheets (2001-2005)37 Table 4. 16: Sui Northern Gas Pipelines Limited Vertical Common Size of Income Statements (2001-2005)38 Table 4. 17: Sui Northern Gas Pipelines Limited Horizontal Common Size of Balance Sheets (2001-2005)39 Table 4. 18: Sui Northern Gas Pipelines Limited Horizontal Common Size of Income Statements (2001-2005)40 Table 4. 19: Sui Southern Gas Company Balance Sheets (2001-2005)41 Table 4. 20: Sui Southern Gas Company Income Statements (2001-2005)42 Table 4. 1: Sui Southern Gas Company Vertical Common Size of Balance Sheets (2001-2005)43 Table 4. 22: Sui Southern Gas Company Vertical Common Size of Income Statements (2001-2005)44 Table 4. 23: Sui Southern Gas Company Horizontal Common Size of Balance Sheets (2001-2005)45 Table 4. 24: Sui Southern Gas Company Horizontal Common Size of Income Statements (2001-2005)46 Table 4. 25: Oil and Gas Marketing Sector Consolidated Balance Sheets (PSO, Shell, SNGPL, SSGC) (2001-2005)47 Table 4. 26: Oil and Gas Marketing Sector Consolidated Income Statement (PSO, Shell, SNGPL, SSGC) (2001-2005)48 Table 4. 7: Oil and Gas Marketing Sector Vertical Common Size of Balance Sheet (PSO, Shell, SNGPL, SSGC) (2001-2005)49 Table 4 . 28: Oil and Gas Marketing Sector Vertical Common Size of Income Statement (PSO, Shell, SNGPL, SSGC) (2001-2005)51 Table 4. 29: Oil and Gas Marketing Sector Horizontal Common Size of Consolidated Balance Sheet (PSO, Shell, SNGPL, SSGC) (2001-2005)52 Table 4. 30: Oil and Gas Marketing Sector Horizontal Common Size of Consolidated Income Statement (PSO, Shell, SNGPL, SSGC) (2001-2005)53 Table 4. 31: Important figures to be used in the calculating the ratios54 Table 4. 2: Ratios for measuring the Liquidity of the sector 55 Table 4. 33: Ratios for measuring the Long Term Debt Paying Ability57 Table 4. 34: Ratios for measuring the profitability of the sector59 Table 4. 35: Ratios of the measurement of the market value of the sector63 LIST OF FIGURES Figure 4. You read "Financial Analysis of Oil Marketing Companies" in category "Marketing" 1: Ratios for measuring the Long Term Debt Paying Ability55 Figure 4. 2: Ratios for measuring the Long Term Debt Paying Ability57 Figure 4. 3: Ratios for measuring the Long Term Debt Paying Ability59 Figure 4. 4: Ratios for measuring the Long Term Debt Paying Ability61 Figure 4. : Ratios for measuring the Long Term Debt Paying Ability63 Figure 4. 6: Graphs to specify the growth of the oil gas marketing companies65 CHAPTER 1 INTRODUCTION Broad Problem Area/Background It is universally recognized that energy is one of the most important inputs for economic growth and national development. The consumption of energy is one of the critical indicators of the level of development of any country. Developed countries use more energy per unit of economic output and far more energy per capita than developing countries. Economic growth is the key to this situation and for economic growth we need energy. Pakistan’s economy is undergoing significant structural changes since 1999-2000. The real GDP growth is accelerating over the last five years. Over the next five years, 7-8 percent growth is targeted to be sustained, which will demand a huge rise in the energy use. The energy sector in Pakistan comprises of oil, natural gas, power (hydro and nuclear) and coal. The total primary energy supplies measured in terms of oil equivalent (toe) stood at 50. million tonnes in 2003-04. Oil and gas account for almost 80% of the energy sector of Pakistan with oil and gas being 29. 9 percent and 49. 7 percent respectively. In order to measure the growth of the energy sector the best proxy might be to evaluate the performance of the oil marketing companies. As these are the companies which are not only selling the oil based products which meet the major needs of the energy in Pakistan but also these companies are dealing in the recently made popular Compressed Natural Gas. As this Oil and Gas sector represents more than 80% of the energy consumed in Pakistan so the companies which are dealing with the marketing of these fuels need to be assessed for their financial performance and results in the past few years. If these companies are showing growth we might assume that the energy sector is growing and the economy is on the right path. The first gas field was discovered in at Sui in 1952 and provides the basis for Pakistan’s extensive gas network. Pakistan imports crude oil (it only produces 17% to 20% of what it needs), however is self sufficient in natural gas. Of the companies that are being researched in the present study, Pakistan State Oil Company Limited (PSOCL) and Shell Pakistan are the main planks in the oil industry. Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC), distributes major portion of the natural gas. Pakistan declared 1997-98 an â€Å"Oil and Gas Year†. As a result of offering incentives to potential investors, including foreign companies, some $2. 5 billion of investment was attracted. Oil and Gas Consumption Figures? Oil Consumption (In tones): 1999-00 2000-01 2001-02 2002-03 2003-04 17,768,000 17,648,000 16,950,000 6,542,000 13,421,000 Gas Consumption 2003 ( In mmcft): 1999-00 2000-01 2001-02 2002-03 2003-04 712,001 768,068 872,604 872,264 1,051,418 Consumption of oil and gas has been fairly steady throughout the 1990s with the gas consumption increasing at a rate of 4. 9 percent while the oil consumption increasing at a slightly reduced rate of 2. 5 percent. Until 1999, the govern ment tightly controlled the oil and gas industries of Pakistan. No decision could be made without referring to the higher authorities, and when decisions were made, they were often based on political as opposed to economic considerations. Since early 2000, an ambitious pro-market reform program is being implemented, and gradually, the straightjacket under which the industry used to operate is being dismantled. As a result, the sector has changed dramatically over the last five years, and Pakistan now leads South Asia in sector reform (Economic Survey of Pakistan, 2004-05). The government actions have focused on promoting private investments in the upstream, deregulating most of the market for petroleum products, establishing a regulatory agency for the gas sector, and introducing market-related price caps for petroleum products. The government’s long term goal is to create a competitive, efficiently-run, financially smooth, and a largely privatized oil and gas sector providing supplies to a large share of population. It is important to note that a structural shift is taking place since 2000-01. The last five years have seen a positive trend towards greater gas consumption and a negative trend in the petroleum products consumption. Substantial progress has been made in the restructuring and reform of the oil and gas sectors, deregulation of prices, and privatization of selected assets. The reform has enhanced transparency, making decision makers aware of the various aspects of the business. Rationale Oil and Gas is an important sector in Pakistan economy and it largely affects the GDP of Pakistan, therefore there is a great emphasis on exploration and marketing. The consumption of Oil was 16. 45 million tonnes in 2002-3 and consumption of gas was 872,264 million cubic feet. The acceleration in growth of energy consumption is not surprising when seen against a 15. 4 percent growth in large scale manufacturing and an 8. 5 percent growth in real GDP. Higher consumption of energy simply reflects the rising of economic activity in a country. Oil and natural gas are an integral part of the everyday life. Not only do they make the economy move, they heat and cool our homes and provide electricity. A large number of products are made from oil and gas, including plastics, life-saving medications, art silk, cosmetics, and many other items you may use daily. Even from Strateg ic point and defense view point Pakistan is dependent on oil and gas. Problem Statement Oil and gas sector of Pakistan has changed dramatically over the last five years and Pakistan now leads South Asia in sector reform. The endeavors made to increase the oil and gas supplies need to be analyzed and companies encouraged. With this premise in mind four, Oil and Gas marketing companies have been selected to analyze their financial performance that would also indicate their success. Objectives of the study The objective of research study is to analyze the growth and development of the Oil and Gas Marketing Sector in Pakistan. Currently according to the Board of Investment of Pakistan there are 26 (local and international) companies operating in upstream, 7 downstream companies, and 4 refineries. The focus of this analysis is on the progress of downstream companies that are based in Pakistan. Four leading downstream companies have been selected and their financial performance studied for a period of five years from 2001 to 2005 to see whether these companies are financially stronger and what their rate of growth is and to determine reasons behind the growth. Research Questions 1. What is the importance of Oil and Gas sector in Pakistan economy? 2. What is the growth scenario of Oil and Gas Marketing companies in Pakistan? 3. What is the financial performance of the selected Oil and Gas marketing companies during the research period (2001-2005)? 4. What conclusions can be drawn about the industry based on the financial performance of the selected companies? Limitations Limitations: This research study has certain limitations that are not easy for the researcher to overcome at this level. The general level of inflation has not been adjusted for. Overall prices of oil have increased due to unavoidable natural phenomenon like war in Iraq and Hurricane Katrina. The profitability of the oil marketing companies could be due to increase in prices of petroleum and it may not be the true measure of their financial performance. Some secondary data was not easily available and was very difficult to obtain. As the research work was given to the researcher during the semester so the time constraint played its role. Despite time constraint, the researcher has conducted a comprehensive research. The limited experience in the research field is also a matter of consideration. This is the first study that goes to researcher’s credit. Hence, the researcher does not possess any experience in the field. CHAPTER 2 LITERATURE REVIEW The firm itself and outside providers of capital- creditors and investors –all undertake financial statement analysis. The type of analysis varies according to the specific interests of the party involved. Trade creditors (suppliers’ owed money for goods and services) are primarily interested in the liquidity of a firm. Their claims are short term, and the ability to pay these claims quickly is best judged by an analysis of firm’s liquidity. The claims of bond bondholders, on the other hand are long-term. Accordingly, bondholders are more interested in the cash flow ability of the firm to service debt over a long period of time. They may evaluate this ability by analyzing the capital structure of the firm, the major sources and uses and uses of funds, the firm’s profitability over time, and projections of future profitability over time, and projections of future profitability. The purpose of financial statement analysis is to examine past and current financial data so that a company’s performance and financial position can be evaluated and future risks and potential can be estimated. Financial statement analysis can yield valuable information about trends and relationships, the quality of a company’s earnings, and the strengths and weaknesses of its financial position (Woelfel, 1989). Investors in a company’s common stock are principally concerned with present and expected future earnings as well as with the stability of these earnings about a trend line. As a result, investors usually focus on analyzing profitability. They would also be concerned with the firm’s financial condition insofar as it affects the ability of the firm to pay dividends and avoid bankruptcy. Internally, management also employs financial analysis for the purpose of internal control and to better provide what capital suppliers seek in financial condition and performance from the firm. From an internal control stand point, management needs to undertake financial analysis in order to plan and control effectively. To plan for the future, the financial manager must assess the firm’s present financial position and evaluates opportunities in relation to this current position. With respect to internal control, the financial manager is particularly concerned with the return on investment provided by various assets of the company and in the efficiency of asset management. Finally, to bargain effectively for outside funds, the financial manager needs to be attuned to all aspects of financial analysis that outside suppliers of capital use in evaluating the firm (Horne Wachowicz, 2001). Financial analysis of a company should include an examination of the financial statements of the company, including notes to the financial statements, and the auditor’s report. The auditor’s report will state whether the financial statements have been audited in accordance with generally accepted auditing standards. The report also indicates whether the statements fairly present the company’s financial position, results of operations, and changes in financial position in accordance with generally accepted accounting principles. Notes to the financial statements are often more meaningful than the data found within the body of the statements. The notes explain the accounting policies of the company and usually provide detailed explanations of how those policies were applied along with supporting details. Analysts often compare the financial statements of one company with other companies in the same industry and with the industry in which the company operates as well as with prior year statements of the company being analyzed (Foster, 1999). Comparative financial statements provide analysts with significant information about trends and relationships over two or more years. Comparative statements are more significant for evaluating a company than are single-year statements. The analysis of financial data employs various techniques to emphasize the comparative and relative importance of the data presented and to evaluate the position of the firm. These techniques include ratio analysis, common size analysis, study of difference in components of financial statements among industries, review of descriptive material, and comparisons of result with other types of data. The information derived from these types of analyses should be blended to determine overall position. No one type of analysis supports overall findings or serves all types of users. Financial statement analysis is a judgmental process. One of the primary objectives is identification of major changes (turning points) in trends, amounts and relationships and investigation of the reasons underlying those changes. Often, a turning point may signal an early warning of a significant shift in the future success or failure of the business. The judgment process can be improved by experience and by the use of analytical tools. The components of financial statements, specially the balance sheet and the income statements, will vary by type of industry (Gibson, 1998). Economies — all economies — run on energy. Energy is needed to produce food and manufacture goods, power machines and appliances, transport raw materials and finished products, and provide heat and light. The more energy available to a society, the better its prospects for sustained growth; when energy supplies dwindle, economies grind to a halt and the affected populations suffer (Klare, 2005). Since World War II, economic growth around the world has been fueled largely by abundant supplies of hydrocarbons — that is, by petroleum and natural gas. Since 1950, worldwide oil consumption has grown eightfold, from approximately 10 to 80 million barrels per day; gas consumption, which began from a smaller base, has grown even more dramatically. Oil and gas will account for 65% of world energy in 2025, a larger share than at present; and because no other source of energy is currently available to replace them, the future health of the global economy rests on our ability to produce and consume more and more of these hydrocarbons (U. S Department of Energy, 2004). Petroleum refers to crude oil and natural gas or simply oil and gas, found in petroleum reservoirs generally thousands of feet below the surface. Exploratory wells are drilled to discover petroleum wells, while development wells are drilled to produce a portion of previously discovered oil and gas. Estimated volumes of recoverable gas within the reservoir are called oil and gas reserves (Brock, Jennings Feiten, 1990). The oil and gas sector or the petroleum industry has the following four major segments: 1. Exploration and Production r EP where oil and gas companies explore for underground reservoirs, and produce the discovered oil and gas using drilled wells. This thesis focuses on this sector of the oil and gas industry. 2. Hydrocarbon processing which includes oil refineries and gas processing plants. 3. Transport, Distribution and Storage by which petroleum is moved from the producing well areas to crude oil refineries and gas processing plants. Oil is moved by pipeline, truck, barge or tanker and Natural gas is moved by pipeline. 4. Retail/Marketing which ultimately markets in various ways the refined products. CHAPTER 3 METHOD Sample For the sample selection of four marketing companies, out of the population of 7 companies listed in the KSE, the criteria used were: 1. Share Capital of the company 2. Sales Revenue 3. Distribution data of the companies Based on these criteria the four companies selected that are operating in Pakistan were the following: Pakistan State Oil Company Limited (PSOCL) Pakistan State Oil Company Limited (PSOCL) is the market leader in Pakistan having 73% of the share of Black Oil Market and around 59% of the share of White Oil market. It is engaged in the import, storage, distribution and marketing of various petroleum products including Fuel oil, HSD, Jet Oil, petro-chemicals, LPG and CNG. Shell Pakistan Limited (SPL) The Shell brand name enjoys a 100-year history in this part of the world, dating back to 1899. Shell Pakistan has been taking a keen interest in expanding recently which shows the confidence in the economic growth and progress in the oil and gas sector. Shell is at present controlling approximately 30% share of the white oil products presently and during the last financial year the Capital Expenditure amounted to Rs 1. billion. Sui Northern Gas Pipelines Limited (SNGPL) Sui Northern Gas Pipelines Limited (SNGPL, is the largest integrated gas company serving more than 2 million consumers in North Central Pakistan through an extensive network in Punjab and NWFP. The Company has over 41 years of experience in operation and maintenance of high-pressure gas transmission and distribution systems. It has a lso expanded its activities to undertake the planning, designing and construction of pipelines, both for itself and other organizations. SNGPL operates in that region of the nation which has a rapidly growing demand for natural gas and power generation due to significant industrial development. Sui Southern Gas Company (SSGC) Sui Southern Gas Company (SSGC) is Pakistan’s leading integrated gas Company. The company is engaged in the business of transmission and distribution of natural gas besides construction of high pressure transmission and low pressure distribution systems SSGCL transmission system extends from Sui in Balochistan to Karachi in Sindh comprising over 2780 KM of high pressure pipeline ranging from 12 – 24†³ in diameter. The distribution activities covering over 650 towns in the Sindh and Balochistan are organized through its regional offices. An average of about 234,553 million cubic feet (MMCFD) gas was sold in 2001-2002 to over 1. 7 million industrial, commercial and domestic consumers in these regions through a distribution network of over 22,890 Km. Type of Study This study aims to analyze the financial statements of oil and gas marketing companies and then generalize the result for the whole industry. Thus due to the purpose of the study it is classifies as descriptive study. Procedure Base Year and Period of Analysis For the analysis, 2001 has been taken as the base year, and the performance in the next five years has been compared with the base year. Analysis Methods The analysis of financial data uses various methods to evaluate the relative importance of the data that was presented in financial statements of a firm. The methods used in the analysis of the marketing sector of Pakistan are a blend of Ratio analysis Common size analysis Ratio Analysis The following ratios were used on the composite data of five years: 1. Liquidity Ratios related to the liquidity of short term assets and short term debt paying ability were Working Capital Current Ratio Sales to Working Capital 2. Profitability Ratios measure the ability of a firm to generate earnings. The ratios used were: Total Asset Turnover Operating Income Margin Return on Total Equity Return on Investment Gross Profit Margin Net Profit Margin 3. Debt Ratios that measure the long term debt paying ability of the firm used were: Debt Ratio Debt to Equity Ratio Fixed charge coverage 4. Market Value Ratios that measure the return that is being given to the stockholders were: Earning per share Dividend per share Dividend Payout These financial ratios were calculated for each of the years from 2001 to 2005 and then plotted to see the general trend. They were then studied to identify various turning points in the trends, and to see the underlying reasons behind the changes in trends that were occurring. Common Size Analysis A common size analysis expresses comparisons in percentages. For the financial data there was -Horizontal and vertical analysis of the following balance sheet items, using 2001 as a base year (horizontal) and total assets as base (vertical): Fixed asset Capital work in progress Long term investments Current assets Reserves surplus Equity and liabilities were shown as a percentage of total liabilities. -Horizontal and vertical analysis of the following Profit and Loss items with 2001 as a base year (horizontal) and Net Sales as base (vertical): Financial Charges Operating expense Gross Profits Taxes Profit before Tax CHAPTER 4 RESULTS AND DISCUSSION Table 4. 1: Pakistan State Oil Company Limited Balance Sheets (2001-2005) Table 4. 2: Pakistan State Oil Company Limited Income Statements (2001-2005) 2001 2002 2003 2004 2005 Sales (Net) 43305. 67 133136. 52 172445. 77 161537. 98 212503. 65 Cost of Sales 136933. 58 126359. 13 163490. 58 152346. 86 198757. 32 Gross Profit 6372. 09 6777. 39 8955. 19 9191. 12 13746. 33 Operating Expenses 2367. 97 2210. 69 2750. 26 4223. 43 5443. 58 Operating Profit 4004. 12 4566. 7 6204. 93 4967. 69 8302. 75 Financial Charges 778. 7 979. 22 274. 78 189. 08 370. 7 Other income 225. 94 1549. 77 279. 17 1484. 36 1294. 34 Profit Before Taxation 3451. 36 5137. 25 6209. 32 6262. 97 9226. 39 Taxation 1200 1949 2179 2181 2183 Profit After Taxation 2251. 36 3188. 25 4030. 32 4081. 97 7043. 39 Table 4. : Pakistan State Oil Company Limited Vertical Common Size of Balance Sheets (2001-2005) 2001 2002 2003 2004 2005 Current Assets 81. 44% 74. 84% 69. 41% 74. 60% 78. 22% Fixed Assets (Gross) 21. 99% 24. 10% 29. 01% 25. 40% 21. 78% Depreciation 11. 02% 11. 90% 13. 96% 12. 51% 12. 08% Fixed Assets (Net) 10. 97% 12. 21% 15. 05% 12. 89% 9. 70% Capital work in Progress 2. 28% 2. 72% 3. 53% 2. 76% 2. 39% Long Term Investment Deposits 5. 32% 10. 23% 12. 01% 9. 75% 9. 69% Total Assets 100. 00% 100. 00% 100. 00% 100. 00% 100. 00% Current Liabilities 63. 63% 62. 39% 55. 40% 59. 72% 62. 92% Deferred Taxation 0. 00% . 44% 1. 15% 1. 33% 1. 21% Long Term Liabilities 3. 82% 1. 85% 3. 05% 2. 53% 2. 63% Total Liabilities 67. 45% 65. 69% 59. 60% 63. 58% 66. 76% Paid-Up Capital 4. 74% 4. 36% 5. 30% 4. 04% 3. 29% Re serves Surplus 27. 80% 29. 96% 35. 09% 32. 38% 29. 95% Total Liabilities Capital 100. 00% 100. 00% 100. 00% 100. 00% 100. 00% Analysis: The vertical common size of the B/S of PSO shows that the current as well as fixed assets are pretty much the same and there is major improvement in long term investment deposits while on the liability side again the current and long term liabilities are pretty much constant. The reserves surplus have been increasing with the passage of time. Table 4. 4: Pakistan State Oil Company Limited Vertical Common Size of Income statement (2001-2005) 2001 2002 2003 2004 2005 Sales (Net) 100. 00% 100. 00% 100. 00% 100. 00% 100. 00% Cost of Sales 95. 55% 94. 91% 94. 81% 94. 31% 93. 53% Gross Profit 4. 45% 5. 09% 5. 19% 5. 69% 6. 47% Operating Expenses 1. 65% 1. 66% 1. 59% 2. 61% 2. 56% Operating Profit 2. 79% 3. 43% 3. 60% 3. 08% 3. 91% Financial Charges 0. 54% 0. 74% 0. 16% 0. 12% 0. 17% Other income 0. 16% 1. 16% 0. 16% 0. 92% 0. 61% Profit Before Taxation 2. 41% 3. 86% 3. 60% 3. 88% 4. 34% Taxation 0. 84% 1. 46% 1. 26% 1. 35% 1. 03% Profit After Taxation 1. 57% 2. 39% 2. 34% 2. 53% 3. 31% Analysis: The detailed analysis of the I/S of PSO shows that the oil marketing company has been able to slightly reduce its cost of sales which has resulted in a significant increase in the gross profit while the operating profit has also shown an increase as the operating expenses have increased but in a lesser proportion. The financial charges have been drastically cut down due to a better financial performance. There has been a marked improvement in the other income which shows that the company has increased its sources of income and all this has resulted in higher profits. Table 4. 5: Pakistan State Oil Company Limited Horizontal Common Size of Balance Sheets (2001-2005) 2001 2002 2003 2004 2005 Current Assets 100% -0. 001% -8. 54% 28. 90% 65. 98% Fixed Assets (Gross) 100% 19. 269% 41. 53% 62. 56% 71. 13% Depreciation 100% 17. 468% 35. 91% 59. 74% 89. 36% Fixed Assets (Net) 100% 21. 078% 47. 18% 65. 40% 52. 81% Capital work in Progress 100% 30. 150% 66. 47% 70. 52% 81. 58% Long Term Investment Deposits 100% 109. 346% 142. 40% 158. 6% 214. 84% Total Assets 100% 8. 811% 7. 30% 40. 72% 72. 81% Current Liabilities 100% 6. 701% -6. 57% 32. 08% 70. 88% Deferred Taxation 100% 47200% 37250% 56425% 63018% Long Term Liabilities 100% -47. 371% -14. 53% -7. 05% 18. 70% Total Liabilities 100% 5. 958% -5. 19% 32. 63% 71. 02% Financed By Paid-Up Capital 100% 0. 000% 20. 00% 20. 00% 20. 00% Reserves Sur plus 100% 17. 237% 35. 44% 63. 87% 86. 15% Total Liabilities Capital 100% 8. 811% 7. 30% 40. 72% 72. 81% Analysis: The horizontal common size of the B/S of PSO significantly tells that the current assets have increased substantially mainly due to the increase in sales. Another important aspect to note is the great deal of increase in the long term investments which is due to various new projects that have been undertaken and this shows that the company is expanding. The increase in current liabilities is mainly due to the increase in credit sales and also because a significant portion of long term loans has been converted into current portion while the increase in long term liabilities is mainly due to the increase in employee benefits which again shows that the company has been doing very well. Another good indicator of the good performance is the increase in the reserves surplus section of the B/S. Table 4. 6: Pakistan State Oil Company Limited Horizontal Common Size of Income statement (2001-2005) 2001 2002 2003 2004 2005 Sales (Net) 100% -7. 096% 20. 33% 12. 72% 48. 29% Cost of Sales 100% -7. 722% 19. 39% 11. 26% 45. 15% Gross Profit 100% 6. 361% 40. 54% 44. 24% 115. 73% Operating Expenses 100% -6. 642% 16. 14% 78. 36% 129. 88% Operating Profit 100% 14. 050% 54. 96% 24. 06% 107. 36% Financial Charges 100% 25. 751% -64. 71% -75. 72% -52. 40% Other income 100% 585. 921% 23. 56% 556. 97% 472. 87% Profit Before Taxation 100% 48. 847% 79. 91% 81. 46% 167. 33% Taxation 100% 62. 417% 81. 58% 81. 75% 81. 92% Profit After Taxation 100% 41. 614% 79. 02% 81. 31% 212. 85% Analysis: The horizontal common size of the I/S clearly indicates the drastic improvement in the sales which is almost around 50% while due to a lesser increase in the cost of sales the gross profit is up by over 115%. The financial charges have been reduced to more than 50% and a huge increase in other sources of income has led to higher profit before taxation. Table 4. 7: Shell Pakistan Limited Balance Sheets (2001-2005) 2001 2002 2003 2004 2005 Current Assets 6470. 64 7145. 22 6149. 68 7912. 63 12725. 13 Fixed Assets (Gross) 6027. 49 6705. 37 7554. 29 8708. 5 9569. 78 Accumulated Depreciation 2189. 29 2738. 78 3290. 57 3852. 84 4532. 53 Fixed Assets (Net) 3838. 20 3966. 59 4263. 72 4855. 21 5037. 25 Capital Work in Progress 464. 52 534. 61 564. 44 544. 07 582. 38 Long Term Investment Deposits 1294. 68 186. 27 1998. 93 2032. 22 1988. 13 Total Assets 12068. 04 11832. 69 12976. 77 15344. 13 20332. 89 Liabilities Current Li abilities 6470. 65 5934. 76 7029. 83 9042. 39 11951. 06 Long Term Liabilities 66. 84 47. 51 77. 86 43. 49 48. 22 Deferred Taxation 141 29. 24 17. 26 126. 42 20. 74 Financed By Paid-Up Capital 350. 66 350. 66 350. 66 350. 66 350. 66 Reserves Surplus 038. 89 5470. 52 5501. 16 5781. 87 7962. 21 Total Liabilities Equity 12068. 04 11832. 69 12976. 77 15344. 13 20332. 89 Table 4. 8: Shell Pakistan Limited Income Statements (2001-2005) 2001 2002 2003 2004 2005 Sales (Net) 65725. 15 69042. 05 77822. 82 79180. 35 98526. 62 Cost of Sales 61628. 48 64164. 23 72049. 47 72973. 11 89684. 58 Gross Profit 4096. 67 4877. 82 5773. 35 6207. 24 8842. 04 Operating Expenses 2486. 67 3292. 92 3794. 36 3806. 01 4609. 77 Operating Profit 1610. 00 1584. 90 1978. 99 2401. 23 4232. 27 Financial Charges 50. 27 46. 76 51. 48 224. 33 596. 55 Other Income 191. 72 154. 46 110. 32 12. 02 22. 33 Profit Before Taxation 1630. 45 1572. 44 1899. 91 2188. 92 3658. 05 Taxation 574. 42 509. 62 644. 91 680. 91 1197. 19 Profit After Taxation 1056. 03 1062. 81 1255. 00 1508. 01 2460. 86 Table 4. 9: Shell Pakistan Limited Vertical Common Size of Balance Sheets (2001-2005) 2001 2002 2003 2004 2005 Current Assets 53. 62% 60. 39% 47. 39% 51. 57% 62. 58% Fixed Assets (Gross) 49. 95% 56. 67% 58. 21% 56. 75% 47. 07% Accumulated Depreciation 18. 14% 23. 15% 25. 36% 25. 11% 22. 29% Fixed Assets (Net) 31. 80% 33. 52% 32. 86% 31. 64% 24. 77% Capital Work in Progress 3. 85% 4. 52% 4. 35% 3. 55% 2. 86% Long Term Investment Deposits 0. 73% 1. 57% 15. 40% 13. 24% 9. 78% Total Assets 100. 00% 100. 00% 100. 00% 100. 00% 100. 00% Current Liabilities 53. 62% 50. 16% 54. 17% 58. 93% 58. 78% Long Term Liabilities 0. 55% 0. 40% 0. 60% 0. 28% 0. 24% Deferred Taxation 1. 17% 0. 25% 0. 13% 0. 82% 0. 10% Financed By Paid-Up Capital 2. 91% 2. 96% 2. 70% 2. 29% 1. 72% Reserves Surplus 41. 75% 46. 23% 42. 39% 3 7. 68% 39. 16% Total Liabilities Equity 100. 00% 100. 00% 100. 00% 100. 00% 100. 00% Analysis: Vertical common size of the B/S of Shell Pakistan shows that the company has been pretty much maintaining its proportion of all the assets, liabilities How to cite Financial Analysis of Oil Marketing Companies, Essays

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Haiti is also made up of several islands that surround the main territory. The capital is Port-au-Prince. It rains between November and March in the North of the island and between May and October in the South. Once covered by forest, the country has been heavily logged for wood and fuel and to clear land for farming, and is now largely deforested. Haiti is divided into nine administrative departments. Besides the capital, other mportant cities are Cap-Haitien and Gonaives. Haiti is the most densely populated country in Latin America and has the lowest per capital income, with about half the people unemployed and three quarters living in the severest poverty. Agriculture is the main economic activity in Haiti. The main crops grown are cassava, rice, sugarcane, sorghum, yams, corn, and plantains. The main exports are coffee, cotton, sugar, sisal, bauxite, and essences. The most predominant religion is Roman Catholicism. Catholicism is enshrined in the Haitian constitution as the official state eligion, and between 80 and 85% of Haitians are Catholics. We will write a custom essay sample on Research on Haiti or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The religion of Voodoo is also practiced. Nodou encompasses several different traditions, and consists of a mix encompassing African, European and indigenous Taino religious elements. It is unknown how many people practice Voodoo, but many practice it along with their Christian faith. Haiti has a rich culture that comes mostly from voodoo tribes. Haitian culture is a mixture of French, African elements, and native Taino, with influence from the colonial Spanish. The countrys customs essentially are a blend f cultural beliefs that derived from the various ethnic groups that inhabited the island of Hispaniola. In nearly all aspects of modern Haitian society however, the European and African elements dominate. Haiti is world famous for its distinctive art, notably painting and sculpture. The Dominican War of Independence gave the Dominican Republic independence from Haiti. Before the war, the whole island of Hispaniola had belonged to Haiti for 22 years. The Dominican War of Independence of 1844 was led by twenty year old Juan Pablo Duarte. Duarte along with Matias Ramon Mella and Francisco del Rosario Sanchez formed a group they called La Trinitaria or the Trinity. They recruited many people and kept their actions very secret to avoid detection by any Haitian authorities. The group was eventually discovered and it was forced to change its name to La Filantropica or The Philanthropic. The group continued to make trouble for the Haitians. In 1843 the group had a break as it worked with a liberal Haitian party they were able to overthrow the president. Their success continued and on February 27, 1844, Dominican rebels seized the Fortaleza Ozama in Santo Domingo. Within days all Haitian officials left Santo Domingo. The war continued and the Dominican Republic continued to defend against Haitian attacks. The Republic went on to win more wars against Haitis attacks. In November 6, 1844 a Constituent assembly drafted a constitution, based on the Haitian and United States models, which established separation of powers and legislative checks on the executive. The independence was foreseeable as tensions built over the twenty two years in which Haiti had control of the island. The relationship between Haitians and the Dominican Republic deteriorated as Haitians monopolized government power, severed the churchs ties with Rome, forced out the traditional ruling class, and all but obliterated the western European and Hispanic traditions. In addition, Haitian troops arbitrarily confiscated foodstuffs and other supplies, and ethnic tensions caused further resentment. Many Dominican historians have painted a picture of this period as cruel and barbarous. The aftermath of Haitis earthquake has had a clear devastating impact on the capital, Port-au-Prince. The National Palace, the Cathedral, the Ministry of Justice nd other important Government offices have been destroyed. Hotels, hospitals, schools and the national penitentiary have all suffered extensive damage. Buildings and infrastructure were heavily damaged throughout the capital. Basic services such as water and electricity have collapsed almost entirely. The remaining areas of Haiti appear to be largely unaffected. The destruction that the earthquake has caused is massive and the country is still very visibly shaken up as the casualties were vast, the destruction of homes immense, the water supply is short, and there are shortages of ssential items. Over 222,570 people have died, 300,572 injured and a staggering 2. 3 million, nearly one quarter of the population, displaced. The government lost thousands of civil servants and most of their key infrastructure was destroyed. Haitis present day situation is very grim. If you visit Haiti today it seems as if the earthquake had Just taken place. Less than four percent of the debris has been cleared, 1. 6 million people are still living in tents, and all of this is despite $1. 8 billion in earthquake aid, according to US government and United Nations figures. Haitis government is going to receive a significant portion of aid and its leaders will be left to fgure out how to spend the money and where to distribute it.