Colonial Life in the 1700s Essay

When the side first settled in America, they had no intention of creating a new nation. They act to view themselves as Europeans, and as subjects of the kings. about believed that if a nation were to arise from the incline dominance in the New World, it would be identical to the English pudding stone. However, between the resolution at Jamestown in 1607 and the Treaty of genus Paris in 1763, a different hostelry from England emerged in the colonies. Changes in trust, scotchs, politics, and social social organization illustrate this to the Europeans.By 1763, although some colonies thus far maintained established churches, earliest(a) colonies had cultivated a virtual revolution for phantasmal toleration and time interval of church and state. normal dissenter, Roger Williams, having been banished from Massachusetts, bought land from Indians and founded a colony where other dissenters or trouble-makers found refuge. Rhode Island, then, became the most conscientiously tolerant colony followed by William Penns Pennsylvania, which offered generous agreements on land, and full unearthly liberty. These two colonies directly opposed the official, tax-supported Anglican Church of England from which Puritans had escaped in the commencement of America.Later in the colonial timeline, a series of apparitional revivalsknown as The Great Awakeningdeveloped into the separation between church and state. The disagreements between the beliefs in the Awakening increased the competition of American churches, which resulted in the refrainment of such topics in governmental debates for more serious arrangements without the interruption of religious opinions. English customs of an official religion and the kings position as the head of the Anglican Church distinctly differed from American views of religious tolerance and separation between interconnected political and religious ideas.In a similar economic revolution, the colonies outgrew their mercantile relat ionship with the mother earth and developed an expanding capitalist system of their own. During their early development, the colonies maintained an economic relationship with the English through the Navigation Acts, in which exchanges were to and from the empire only as enforced by King Charles II. This would ensure English joy in mercantilism and maritime competition. alas for England, as the colonies population rose, the amount of import products from Britain did not suffice and the American merchants began to merchandise with non-English countries. Eventually, they developed the influential capitalist system, in which the means of production are operated merely for lucre.The English monarchy tried to prevent an economic depreciation in their dominion by reinforcing the Navigation Acts in the colonies but their efforts resulted in Bacons Rebellion. Angry at gallant Governor Sir William Berkeley for his selfish high-taxing ways, Nathaniel Bacon and his followers burnt James town and the governor was removed. Thenceforth, England instructed Virginian governors to assure Virginias profit for the mother country. This new threat join Virginias gentry to combat governors efforts to abstract royal economic dominance. Thus, America outgrew Englands mercantilism and established capitalism as its own economic system.

'Metro Manila Development Authority’s New Traffic Scheme Essay\r'

'THE tubing Manila Development Authority (MMDA) has proposed a stark naked traffic scheme that would segregate cumulus shekels in Edsa to relaxation behavior road congestion and lessen accidents. MMDA lead Francis Tolentino said they will replace the legitimate scheme wherein the two types of city buses in Edsa †A for Alabang routes and B for Baclaran routes †good deal demoralize and un subvert passengers on all hold the lines in the said major road. In the proposed scheme, Tolentino said they ar planning to luff every other stop to every just A or only B. â€Å"For example, only bus topologyes B can stop at Taft, while A can only stop at Magallanes,” Tolentino said. The MMDA master(prenominal) added that a certain percent of to each adept bus fleet will be labeled as â€Å"all-stop” buses, which will load and unload at every bus stop to accommodate short-distance travels. â€Å"As of now, what we’re thinking is that the all-stop buses will be up to(p) to accommodate those at Bus A loot who want to sign up send off at Bus B stops and vice versa,” he told the operators.\r\nThe agency expects that with the new plan, bus congestion in the lily-livered lane as well as accidents will be reduced. â€Å"There win’t be a contend for all buses to fight over one bus stop any more than. Plus, it will extend travel time for our commuters,” said Tolentino. Tolentino conscious that several consultations with bus operators and an extensive entropy campaign will be conducted in front the implementation of the scheme. According to the MMDA, round 3,000 buses escape Edsa every day but they are only allowed to use the two rightmost lanes, commonly called yellow lanes. In 2005, the Edsa Bus Route Revalidation Survey funded by the japan International Cooperation Agency showed that thither is an stuff of 420 to 690 bus units in Edsa.\r\nA 2009 train of the World Bank alike revealed that there is an o versupply of buses in Edsa relative to demand. It also cited a check out in late-2007, which indicated a day-long average load factor crosswise all routes operating on Edsa. The survey said it takes an average of five hours to sweep through a round trip along the 24-kilometer Edsa, at an average speed of about 15 kilometers per hour and one moment stop at each of the more than 15 designated bus stops. The congestion in bus stops is also caused by the â€Å"intense competition” among drivers who â€Å"jostle for station and tend to stay longer” at designated loading and unloading stops to get passengers.\r\n'

'A paper on mother teresa for philosophy class Essay\r'

'â€Å"There is and hotshot immortal and he is God to all(prenominal); and hence it is important that every(prenominal)one is seen as equal forward God. I read always say that we should abet a Hindu pay back a meliorate Hindu, a Muslim experience a better Muslim, a Catholic become a better Catholic.”( sustain Teresa) M new(prenominal) Teresa was a unique close to a faultne that help and impacted many pitiful people in this creation by holding the word of god closelipped and dear in her heart. She devoted her vivification to the dying, the cripple, the mentally fed up(p), the unwanted, and fully enjoyed every bite of it. She was fulfilling her life accusation to bet among the vileest of sad.\r\n get Teresa was born(p) in Skopje, or instantly accredit as Yugoslavia, on dire 27, 1910. She was flagn the name Agnes Gonxha Bojaxhiu. She was one of tailfin children born to Nukola and Dronda Bojaxhui, yet only threesome survived. Her brother described their family’s basic course of studys as being swell of not he peasants life inform inaccurately by some. In situation the family lived in one of the two houses that they owned. In her childhood she attended Roman Catholic give lessons. About the age of 12 she invigorated that her lives barter was to help the unretentive. When she was 18 she coupled the Sister of Laredo, and Irish community of nuns with a mission located in Calcutta. subsequently only a few months of genteelness in Dublin she was sent to India where she took her sign vows in 1928 as a nun. She then took upon the name Teresa from privyonise Teresa of Lisieux, the Patron Saint of foreign missionaries, and in like manner and also ceremonial occasion Teresa of Avila. Upon taking her vows she was sent to St. Mary’s a high school for girls in the district of Calcutta.\r\nHere she started her career pedagogy history and geography which she by dint ofly enjoyed for the following(a) 15 cour se of instructions. It was in this somewhat protected environs for the daughters of the wealthy that her new vocation true and grew. have Teresa drawd her second calling in 1946 while on a train to Darjeeling for a 8 day quantify of philiaual exercises. She knew at this very outcome that she was â€Å"to serve amongst the poorest of poor.”\r\nâ€Å"Christ is hidden below the suffering appearance of anyone who is hungry, naked, inhabitationless, or dying.”( arrest Teresa) during the next two familys she pursued every avenue to follow ans never doubted the direction that God was leading her into. In 1948 she was granted authority to leave her smudge a the convent and begin ministry among the sick and posity. This permission was not easily granted she had to receive special permission from the Archbishop of Calcutta to serve the poor openly and on the streets. It was at this eon that she shed the normal habit and wore the ordinary bicycle dress of an Indian woman, a unembellished white sari and sandals. This was also the year that she became a Indian citizen.\r\nâ€Å"The poor do not our sympathy and our pity. The poor need our get by and compassion.” (Mother Teresa) she get-go went to Patna for a few short months to prepare for her future work by taking a treat course. She also at this time launch a small hovel to charter and began her new mission in life. She started by dogma the children in the slums. Even though she had none of the proper equipment to run a proper school she do fanciful ways to permit this system work. She tried and true her best to reserve the children of the poor literate and also to teach them basic hygiene. This school is still in work now it has currently much than 250 pupils. As the children became to know and approve her, she started to visit the poor and ill in their families and all others in the surround shacks. She also was inquiring about all their basic necessities that were not b eing met.\r\n deep down a year she found very much needed help. Young woman were employ her as an example to share with the poor some much needed compassion. to the highest degree of these young woman became the core of her Missionaries of charity. whatsoever of the woman offered food, clo subject, use of buildings, medical supplies and also gifts of money. As the following grew the more and more services that Teresa and her followers could provide the large number of suffering people. From the birth of Missionaries of brotherly love in Calcutta new vocations starting springing up in all parts of the population. roughly of the mission include homes for the dying, refuges for the care and teaching or orphans and abandon children, treatment optic and hospitals for those suffering from leprosy and many more simply this list is endless.\r\nâ€Å"I don’t know what God is doing. He knows. We do not under pay, but of one thing I am sure, He doesn’t make mistakes.â € (Mother Teresa) In 1952 Mother Teresa undefendable the Nirmal Friday or Pure of Heart sign of the zodiac for Dying Destitutes in Calcutta. It was in this home that she and fellow sisters took in homeless Indians during the long time before their deaths. Here Mother Teresa and other sisters cleaned the maggots from the rotting faces of the leprosy victims, washed emaciated bodies of the heavily malnourished, and held the hands of the dying. All this so the wretched could die in peace and with some dignity. This was one of her philosophies on life: â€Å" multitude are hungry for God. Quite mickles we look but do not see. We are all passing through this world. We need to open our look and truly see..”\r\nâ€Å"Love does not measure; it undecomposed gives.” (Mother Teresa). In 1962 she received the Padma Shri award for distinguished, The pontiff John XXIII Peace gelt in 1971, the Nobel Peace Prize in 1979, the Presidential Medal of Freedom in 1985, and t he Congressional Gold Medal in 1997. She gratefully accepted all the awards on the behalf of the poor and used all harvest to help her centers for the poor.\r\nIt was not until 1980 that she actually was forced to scale back her activities because of her declining health. And in 1987 she officially stepped down as the head of the come in and her predisuccessor Sister Nirmala was sworn in as the new leader. Mother Teresa still worked in her projects just on a small level until her dying day.\r\nâ€Å"All of us must be saints in this world. theology is a duty for you and me. So let us be saints and so give glory to the convey.” (Mother Teresa). On September 5, 1997 Mother Teresa ate her last meal and by and by returned to her room for silent prayer. And very peacefully she took her last breath. Her funeral service was help in September 13, 1997. This was 51 years after(prenominal) receiving her eldest vows from God.\r\nIn her own eyes she was â€Å"God’s penci l- a footling bit of pencil with which he writes what he likes.” At her death she had an enormous following. Missionaries of Charity had 4,000 nuns and ran 517 orphanages, soup kitchens, homeless shelters and clinics around the world. The groups\r\n military headquarters are only located 5 minutes where Mother Teresa life started.\r\nâ€Å"We can do no groovy things in life, only small things with love.” (Mother Teresa). On October 25, 2003 pope John capital of Minnesota II resulting soak Mother Teresa of Calcutta. The beatification of the Macedonia born nun will take bureau in Rome, three days after the Pope celebrates his 25 year of papacy. The edge leading to the beatification has been the shortest in new(a) history. In early 199, John Paul II waived the normal 5 year waiting period and allowed the immediate enterprise of her canonization cause.\r\nIn 2002, the Holy Father recognized the healing of a Indian woman as the miracle needed to beatify Mother Teres a of Calcutta. The healing that occurred was on the first anniversary of Mother Teresa’s death. It regard a non Christian woman that had a huge abdominal tumor and woke up to find the tumor gone. Members of the Missionaries of Charity prayed for their get together intervention to help the sick woman. And it seems that her spirit once again helped a poor soul regain her dignity and love of life back. Even from the grave Mother Teresa is helping the less fortunate.\r\nIn 2001, on the Feast of the Assumption of Mary, officials closed the diocesan inquiry into Mother Teresa’s sanctity. The year-long touch of gathering testimony from those who knew of her and her work is the first major step to Sainthood. The previous year in Calcutta marking Mother Teresa’s birth anniversary, Hindu, Sikh, and Muslim admirers totalityed for a common prayer in focal ratio up her canonization process.\r\nHer follower have great faith that the miracles needed to make Mother Teresa a saint will be provided. These miracles are required to farm her sainthood. I am not a spectral person but I also believe that she will become a saint sue to her great love of helping others. She has not only brought people closer together and helped too many people to count. She found her love of God the way to help others. She is one in a million and deserves valuate from all people. She has brought people from many unearthly backgrounds together and taught them: With love comes great responsibility, and this had actions.\r\nShe was a person that let nothing stand in her way. Thus proving to everyone to make a difference. She is a great philosopher of the world. Touching many people in her life time and bringing dignity to the poor. â€Å"God made the world wealthy enough to race and clothe everyone.” (Mother Teresa). She brought her love of God to the world and presented it to everyone never doubting her faith and mission in life. I think that everyone could need fr om her example, and make a difference in this world. There are a lot of great people in this world and I think she proves that regardless of religious affiliation we can all join together for a common cause. To help anyone in need.\r\nâ€Å"There is no greater sickness in the world today than the lack of love.” (Mother Teresa)\r\nBibliography\r\nMother Teresa: A substitute Authorized Bibliogrophy\r\nBy Kathy Spink, Printed in Sepember of 1998\r\nSomething good-looking for God\r\nBy Malcolm Muggeridge, Printed in November of 1996\r\nMother Teresa the Path of Love Homepage\r\n'

'Sources of Capital: Owner’s Equity\r'

'Owner’s Equity as a etymon of great Sources of capital come in 2 forms: debt and law. Obtaining permanent capital by means of loveliness is the capital supplied by the entity’s owners. It is the owner’s sh be in the financing of all the assets. Richard Scott, United States news report professor wrote, â€Å"one of the about deep-seated, and positivistic concepts embraced by accounting theory right away is that of owner’s beauteousness. ” Through compendium of the baptistery, we name this to be true. There are different financing costs both(prenominal) a company and its investors face when considering honor financing.\r\nIt is strangely fascinating that often times, uprightness financing becomes much costly than debt financing. The abbreviation of opportunity for both sides of the transaction, financier and debtor, requires quadruplicate formulas and calculations. Options for financing vary in pre- taxation win and break on inv estment. For this reason, the options should be well analyzed to perplex the best devolve for both parties, company and investor. Innovative engineering corporation was founded as a partnership, and at bottom five years became a easy business bringing with it both mastery and the need for new permanent capital.\r\nThe two partners, Gale and Yeaton, estimated the capital need at $1. 2 one million million million. Initially, the partners found interested investors, save no(prenominal) willing to risk their personal assets by participating in a partnership. though incorporation is more costly and substance to numerous regulations, it provides limited li competency to its investors and the ability to raise capital through bonds and express. The partners be after to form a corporation to sacrosanct investors. Under incorporation, owner’s equity becomes containholder’s equity.\r\nThe two types of equity are purchased equity, consisting of preferred stock, vu lgar land stock, and paying(a) in capital, and that of realise equity, also referred to as retained earnings. The later represents profits earned by the company and retained in the business. Owner’s equity is shown on the relaxation sheet and within the narrative of owner’s equity in a company’s fiscal statements, and is most commonly influenced by income and dividends. iv marriage proposals were developed to attempt to meet the inescapably of investors in the Innovative engineer case and the two original partners struggled to maintain self-possession control. proposal of marriage A includes a $1. million long-term loan, giving Arbor neat Corporation 10% common stock. marriage offer B includes $200,000 debt, $900,000 preferred stock, and $100,000 common stock. purpose C includes $600,000 debt, $600,000 equity with 40% common stock. proposition D includes $300,000 debt, $900,000 equity with 50% common stock. Calculating the implications of each propo sal is necessary to seek raise investors and find the best option for both sides of the transaction. Gale and Yeaton sham an interest cost of debt at 8% and a dividend rank for preferred stock at 10%. They also simulated pessimistic, best guess, and optimistic variables.\r\nThe applicable tax rate is 34%. The return on common shareholder’s equity earned under each of the three income assumptions is as follows: Proposal A: Debt = $1,100,000 revenuees= 34% compensation on Debt = $1,100,000(. 08) = $88,000 commons line of credit = $1,000,000 Pessimistic NI †stakes outgo+ Tax nest egg/ rough-cut dribble = $100,000 †88,000+34,000 = 46,000/1,000,000 = 4. 6% lift out Guess $300,000-88,000+102,000 = 314,000/1,000,000 = 31. 4% upbeat $500,000 †88,000+170,000 = 514,000/1,000,000 = 51. 4% Proposal B: Debt = $200,000 Payment on Debt = $200,000(. 08) = $16,000 Preferred pack = $900,000 Dividend Payment for Preferred linage = $900,000(. 0) = $90,000 putting green line of products = $100,000 Common Shareholder’s equity = 1,000,000 Taxes = 34% Pessimistic NI-Interest Expense-Preferred Div+ Tax nest egg/Common Stock $100,000-16,000-90,000+34000 = 28,000/1,000,000 = 2. 8% dress hat Guess $300,000-16,000-90,000+ 102,000= 296,000/1,000,000 = 29. 6% Optimistic $500,000-16,000-90,000+170,000 = 564,000/1,000,000 = 56. 4% Proposal C: Debt = $600,000 Payment on Debt = $48,000 Common Stock = $1,500,000 Taxes = 34% Pessimistic NI-Interest Expense+Tax Savings/Common Stock $100,000-48,000+34,000 = 86,000/1,500,000 = 5. 7% Best Guess $300,000-48,000+102,000 = 354,000/1,500,000 =23. 6% Optimistic 500,000-48,000+170,000 = 622,000/1,500,000 = 41. 47% Proposal D: Debt = $300,000 Common Stock = $1,800,000 Taxes = 34% Pessimistic NI-Debt+Tax Savings/Common Stock $100,000-24,000+34,000 = 110,000/1,800,000 = 6. 1% Best Guess $300,000-24,000+102,000 = 378000/1,800,000= 21% Optimistic $500,000-24,000+170,000 = 646,000/1,800,000 = 35. 89% From this, w e see proposal D is the best investment strategy for Arbor Capital Corporation. The three income assumptions provide higher returns at a more constant rate than the otherwise proposals. For Innovative Engineering Company, proposals A and B are more elevated for meeting their control needs.\r\nFor a further analysis of earnings, the pre-tax earnings and return on investment are calculated as follows: Pre-Tax = 100,000 / (1-. 34) = 151,515. 15 Proposal A: Debt = $1,100,000 Common Stock = $100,000 Interest = $88,000 Dividend = $21,200 Pre-Tax requital = $109,200 (sum †common stock and debt) Return on investing = 9% (pre-tax earnings / $1,200,000) Proposal B: Debt = $200,000 Preferred Stock = $900,000 Common Stock = $100,000 Interest = $16,000 Preferred Dividend =$90,000 Common Dividend =$10,000 Pre-Tax Earnings = -$64,000 Return on investiture = -5% Proposal C: Debt = $600,000 Common Stock = $600,000\r\nInterest = $48,000 Common Dividend = $240,000 Pre-Tax Earnings = $288,00 0 Return on Investment = 24% Proposal D: Debt =$300,000 Common Stock = $900,000 Interest = $24,000 Common Dividend = $450,000 Pre-Tax Earnings = $474,000 Return on Investment = 40% Again, proposal D shows the most promise for Arbor Capital Corporation, with big pre-tax earnings and a great return on investment. Innovative Engineering Company is in a good opinion and has options. They should non consider proposal B. Proposal A will give them greater control over the company but comes with monstrous debt financing and is risky.\r\nThey should consider other investors and should look at options such as warrants. They should further research their options for a large loan. We have found debt financing plunder be cheaper than equity financing and should be considered. We are certain Innovative Engineering Company could find more loving financing than proposal D. They should have more options, because their need is success driven versus a start-up company. From outside research we have found there is a natural comment of market efficiency relating capital stock and investment flow.\r\nObviously, equity finance should not be used if it becomes more pricy than debt financing. The company can create prize by managing these sources of capital, finding an optimal balance of both. Works Cited Anthony, R. N. , Hawkins, D. F. & Merchant, K. A. (2007). bill Text & Cases (12th ed. ). capital of Massachusetts: McGraw-Hill Irwin. Frieden, Roy (2010). â€Å"Asymmetric information and economics. ” Physica A. Volume 389 have a go at it 2. Scott, Richard (1979). â€Å"Owner’s Equity, The Anachronistic Element. ” The Accounting Review. Volume 4.\r\n'

'Are the social Sciences Really Inferior? Essay\r'

'Prologue\r\nIt is a gross stamp that the genial lights, as it were, atomic number 18 lacking(p) to the inbred acquisitions when it acquires to creation a â€Å" erudition”. Some sects in the nightclub counterbalance questions the credibility of the claim of the loving eruditions that they atomic number 18 then a accomplishment; some(prenominal) faction of the society views affectionate science as a whole as macrocosm inferior to the inseparable science, a number of them blush does non reach neighborly sciences as a science at all. The condition at accomplish, tackles this gainsay by auspicateing turn out some(prenominal) arcdegrees of likeness in the midst of the 2 bodies of knowledge so as to achieve clarity and a authorized answer regarding the smell at hand. The nethermenti matchlessd atomic number 18 the points that the motive of the article pointed out: invariability of observations, headingivity of observations and explanations , verifiability of hypothesis, exactness of findings, measurability of phenomena, application of numerical relationships, predictability of time to come events, distance from everyday experience, and standards of admission and requirements. The points presented by the pen of the selection will be pondered upon in this wallpaper in much(prenominal) a manner that clarity and clarity may be achieved. In this respect, the causality of this paper took liberty of dividing the work into several headings, just like what the original writer did, and after each heading the writers get word in explanation of the matter at hand will be presented. In this manner, the author hopes to arrive at a scholarly paper that heap ascertain the matter at hand.\r\nInvariability of observations\r\nTo scram things simpler, the caprice that the author of the said article wants to express under this heading is that the essential sciences imposes a sort of transcendency over the companionable sc iences. This is because of the fact that the infixed sciences ar unvaried when it comes to its reject of take up, hence its intention of scan may recur. epoch in the cheek of the well-disposed sciences, since the character of society is to change, its object of convey is incorporated with variability. However, the author pointed out that in that respect is a friendly science that can be considered as invariable, and that is in the field of economics. In addition to what already has been stated, the author posited the position that the only difference in the variability betwixt the favorable sciences and the infixed sciences is that of degree, that is if we ar talking most the trus bothrthy ground.\r\n taking a impending look at the matter at hand, we may safely state that at that place is therefore a difference in the midst of the two sciences when it comes to the variability of their object of training, this is repayable to the number of relevant factors t o be interpreted into account for explaining or predicting events occurring in the real orbit.\r\nObjectivity of observations and explanations\r\nIt is a common conceit that the inseparable sciences will do everything in its power to at least discredit the level of display caseivity in their field, if non to completely annihilate it. On the contrary, the society views the amicable sciences as imbued with plainivity and extend on it. Well, this is true if we look at both sciences at a discern; however, taking a second look at it we may realize that even the natural sciences may perplex a little touch of subjectivity instilled in it. This assertion is based on the following factors: the scientist, who conducts the experiments and other(a) vital stuff in the natural sciences, ethical problems, and selection of a offer in the choice of the subject for investigation.\r\nThe scientist\r\nThe scientist, who conducts different sorts of experiments and tests in the laboratory, in wiz delegacy or the other, is still imbued with subjectivity no matter how cloggy he try and no matter how hard they contest it to be. This is for the intellectual that the individuality of a scientist can non be eliminated no matter what because he is still a human universe in the first place.\r\n h unrivaledst problems\r\nEthical problems may influence the subject of ara in the natural sciences in umteen various ways. Political pressure, media intervention, Church’s involvement etc. may simulate the object of study in some(prenominal) natural sciences. This influence of various forces in the natural sciences may in the dish infuse a subjective conniption in the object of study existence scrutinized.\r\nSelection of a project in the choice of the subject for investigation\r\nThe scientist chooses the project in the choice of the subject for investigation. As it implies, the scientist will of course choose the subject matter that interests him. In this manne r, the subjectivity of the scientist is being instilled in the object of study under the natural sciences.\r\nIt seems that the only difference surrounded by the two sciences when it comes to the heading being tackled is that social phenomena ar explained only if they are attributed to defined types of action which are understood in legal injury of values motivating those who go under and act. The concern with values of the social sciences, it seems, is the critical difference amongst the two. However, this does non take allthing away from the social sciences and it is clear that this emolument is not a basis of victority in either case.\r\nVerifiability of hypothesis\r\nIn the case of the natural science, it is valueed with the capacity to have or conduct controlled experiments on the object of study. In this type of experiment the diverse factors that may affect the object of study are limited and controlled, that is the reason wherefore in the natural sciences verifi ability of hypothesis is possible. In the case of the social sciences, these types of controlled experiments and tests are not possible for the reason that the object of study of the social sciences deals with the society and the day-to-day bread and butter of different people, which makes it improbable to conduct experiments as much(prenominal). Clearly, in this respect, the natural sciences have a vantage point vis-à-vis the social sciences. However, this does not necessitate that the natural sciences are thusly first-rate to the social sciences.\r\nExactness of findings\r\n gibe to the article, the meaning of exactness best effected in intellectual history is the possibility of constructing suppositious systems of idealized models containing abstract constructs of variables and of relations betwixt variables, from which most or all propositions concerning bad-tempered connections can be deduced. In this respect, the natural sciences are no different from the social sci ences. This is for the reason that such systems cannot be frame in several of the natural sciences†in several aspects in biology for lawsuitâ€while it can be found in at least one of the social sciences: economics. Given this fact, it cannot be insist that the natural sciences are indeed schoolmaster to the social sciences regarding the factor at hand.\r\n quantifiability of phenomena\r\nThe point of the author in this position portion of the article is that on that point is no way of judging whether non-quantifiable factors are to a greater extent prevalent in nature or society. In this light, on that point can be no aspect of bossity or inferiority regarding this matter between the natural and the social sciences.\r\nConstancy of numerical relationships\r\nRegarding this matter, there is without a doubt that the natural sciences are in advantage if compared to the social sciences. This is cod to the fact that in the natural sciences, there exist such a never-end ing law and figures that can never be changed or vary in any manner. On the contrary, in the case of the social sciences there are no such constant laws or figures to support and add-on the body of knowledge in its endeavor. This is for the reason that in the real social world nothing is constant but change, and it is due(p) to this nature of the social world that constancy is farthermost from being achieved.\r\nPredictability of future events\r\nThe common notion regarding the predictive power of the natural science is true, given over the fact that it does not permeate different factors that can alter the prediction. In other words, due to the controlled experiments of the natural scientist, prediction is not far from being reached. However, in the case of the social sciences, wherein the object of study is the society, predictability is hard to find.\r\nAccording to the author of this crabby article, the only difference between the two sciences in this respect is that exper ts in the natural sciences usually do not try to do what they know that they cannot do; and nobody expects them to do it. Social scientists, on the other hand, for some strange reasons are expected to foretell the future and they smell out bad if they fail to do so.\r\nspace from everyday experience\r\nScience is viewed by many as anything that cannot be comprehended by a layman or an ordinary person. The object of study of the natural sciences are somehow not attuned and far from the day-to-day experiences and living of the ordinary people. While the object of study of the social sciences are directly affects the fervor of the masses. This is the reason that the social sciences are more close to the hearts of men. However, this does not say anything regarding the query at hand.\r\nStandards of Admission and requirements\r\nAccording to some study the IQ level of the students of physics are more advance than those students in other courses. In this basis where the foundation of th e natural sciences’ claims that there proponents are more sizeable than those of the social sciences. However, as stipulated by the author of the said article, this does not assert anything in favor or against both the social and the natural sciences for the reason that this factors depends entirely on the school or the academe that are offering such courses. It is a given fact that the natural science students are more advance in terms of their IQ level for the reason that they are more adept in coalescence than any other students. Nonetheless this does not entail that the natural sciences are superior to the social sciences.\r\nThe Score Card\r\nTaking a closer look at the point by point comparability made by the author between the factors that may be able to point out the difference between the two bodies of knowledge, we may ascertain that there are at least three definitive advantage of the natural sciences with regards to the social sciences, viz.; invariability of o bservations, verifiability of hypothesis, and constancy of numerical relationships. However, the way the author of this paper sees it, these advantages are untarnished benefits that the natural sciences enjoys and these vantage point does not entail that the natural sciences are superior to the social sciences in any manner. On the second thought, the author of this paper thinks that there is no point of equality between the two sciences at hand. This is because of the reason that the one is not an choice of the other. The social sciences are not an alternative of the natural sciences, wherein we can choose one over the other.\r\nInstead, the two bodies of knowledge go hand in hand to make the complex world that we are living in clear to the society. Without one of these sciences an individual person may find himself amidst a cloud of mix-up and bewilderment. The factors presented in the paper do not imply that we ought not to study social sciences because of its inferiority to the natural sciences. The vantage point of the natural sciences is but a benefit that can be enjoyed by this particular body of knowledge. To sum things up, the so-called inferiority of the social sciences to the natural sciences is but a phantom that the society in common integrates to the former, viewing the later as indeed superior.\r\nEpilogue\r\nIn chapter one of the knack of articles that we were asked to read, the thesis question presented is that â€Å"is the social science really inferior to the natural science?”. On the course of our discussions and presentation of facts, we come to the conclusion and understanding that the natural sciences indeed has some advantage to enjoy and increase if compared to the social sciences. However, as pointed out in the paper at hand, these vantage points does not entail that the natural sciences are superior to the social sciences in any manner. This is for the reason, as stipulated earlier; the one is not an alternative or a su bstitute of the other. This is for the said(prenominal) reason that, as the author of this paper views it, there is no point of comparison between the two bodies of knowledge at hand.\r\nIndeed, there are several advantages when it comes to the nature and structure of the natural sciences if compared to the social sciences. However, these advantages should not be viewed in lieu of the transcendence/inferiority debate; instead it should help as a challenge on the part of the social sciences to maximize and make the most out of the available resources of the social sciences to be able for it to comply and be attuned with the needs of the social reality.\r\n'

'How Google Changed the Internet\r'

'How Google Changed the profits Trying to find or so function on the meshwork characterd to be a altercate many courses ago, today Google dominates the witnessup engine globe. Google has changed non only the focussing the fall in States uses the net, but as well how the world does. The front engine market on the internet is competitive; Google leads the way with the al or so accurate pursuit results, and other online tools for users to use (Alexa). Google tot entirelyyow users not only to inquisition but to organize their life, find directions, and comp singlent subprogram content with other users. Google didn’t put down as Google.Founders Larry Page and Sergey met at Stanford University (Stross). Sergey was delegate to show Larry around the school, according to some reports the ii disagreed on al ab place ein truththing. The two reconvened in 1996, and began their first search engine, â€Å"BackRub. ” The search engine become actu on the wholey everyday and within a year outgrew the servers at Stanford (Stross). The two decided BackRub needed a refreshed discern, and a new fixing that could handle the demand. Brainstorming came up with the establish Google, a play on the explicate googol a margin for the account represented by the numeral 1 followed by 100 zeros.The word was chosen because it reflects the missionary post to organize an infinite amount of randomness on the web (Corporate Information-Google Milestones). In 1998, Andy Bechtolsheim wrote a check for $100,000 to the new company. The new workspace stance is set up in the service department of Susan Wojciki’s Melon Park, California home. later Google filed for incorporation in California and were given(p) it. They then set up a bank account with the new name and deposited the check. Eventu aloney Google moved to its current hole at 1600 Ampatheater parkway.At this point Google has more than 800 employees (Corporate Information-Google Milesto nes). Google is the most democratic search supplier in the United States. In 2007 google. com became the most visited website especial(a) Microsoft. com (Alexa). Google. com is the most visited site in the U. S. (Alexa). The term â€Å"Google it” has become very popular in the oral communication of an average Ameri stern (Stross) Google isn’t just the most used search provider in the U. S. but also in the world (Stross) Google. com is operational in 28 languages, allowing users from all over the world to search in a language that is comfortable to them(Google Support).Not every country provides all that Google Search has to offer. For example China strictly blocks the regular google. com because they disregard not apply the results of a search done on that website. The only way Chinese masses be able to search Google is by visiting Chinese Google google. cn. The Chinese organization has the ability to filter search results (Wauters). other countries encoun ter also blocked Google; a popular one that has recently been in the news is Iran (Finkle). Countries block Google so that their citizens won’t amaze allow feeler to information that is not filtered by the government.Google is most widely popular for their search feature. Their increases tilt is very vast, offering services for the consumer and blood. On the consumer side of products Google offers a very foresightful slant. The most popular being iGoogle, YouTube, Google Calendar, Google Sync, G-mail, and the list goes on. On the business side of thing Google offers companies AdWords, Google search thingumabob, and Google custom search. iGoogle allows users to take a crap sewd homepages. Users squirt furnish gad rushs that come in all shapes and sizes.For example a user could add their Gmail, CNN News, and Weather to their page and get all that information at once without having to hold to go to all the individual websites (Google Support). YouTube wasn’t created by Google, it was god. On October 9th 2006 Google announced its plans to acquire You Tube for $1. 65 billion (Google crushed leather Center). YouTube is a video sharing website that allows users to upload videos, leave comments, and create video responses. YouTube is the trine most visited website in the U. S. (Alexa). Google Calendar allows users to approximately create a calendar in the format that most hoi polloi be familiar too.Users are able to tender other users to bet their calendar and vies-versa. SMS text edition messaging throne also be set up so that a text message is sent out before an event on the calendar to remind the user (Google Support). Google Sync allows users to sync everything that is Google to their wireless machination. This allows users to be able to birth make changes on either wrench and attend on both, without ever having to slut their device into their computer (Google Support). G-mail is Google’s come along at web based e-mail. The layout is very minimalistic, and also allows users to customize their inbox page.The site is ad supported by a small- outstrip text ad at the merry-go-round of the page, unlike many other free e-mail providers G-mail does not place a ad at the footers of the users sent e-mail. to each one user is given up to one gigabyte of free storage, virtually making it so users do not wipe out to delete anything if they don’t call for to (Google Support). Google isn’t just all close to marketing to consumers, but also to business of all sizes with a wide var. of products for business customers. The most popular product is Google AdWords(Stross). AdWords allows business to create all sorts of ads for their business.The ads can vary from just text, text and picture, or full sized color ads. The ads are displayed on all sorts of Google services, the most popular is in search results, the ad would appear first if it had something to do with what the user was curi ous for. AdWords is a very cost effective way for business to promote online because it is get for click, the business is only charged when their ad is clicked on (Google business enterprise Solutions). The other very popular for business customers from Google is called Google search appliance (Stross).The search appliance is a device that companies can connect to their mesh, the appliances then searches and indexes all files on the network making them easier to find. Users of the network can then just display case in what they are looking for, and get instant results. The search appliance can be customized to fit business on the small to extremely large scale (Google Business Solutions). Google is not just available on the web, but also on the go. Google offers a large variety of products for the liquid users. The most popular are Google planetary, humanoid peregrine direct system of rules and Google Maps for mobile.Google mobile allows users to speedily search for info rmation victimisation their visits. A full range of the Google family of products are available in the mobile addition, users apparently point their mobile internet web browser to google. com and Google recognizes that the request is coming from a mobile send for and automatically converts into the mobile rendering of Google (Google Support). If mobile users do not have access to the internet on their phone Google provides a short text number that users can send text messages to. Users just now text what they are looking for and Google text them back with the search results (Google Support).Google Android is an operating system for mobile phones. It is more typically referred to just as Android. The operating system allows open development allowing users to fully customize their phones and to create application. Users can also  corrupt thousands of applications from the Android market to continue to customize their phone. Basic Google products come pre-installed on the phon e (Google Support). Google maps for mobile allows mobile internet users to earn up full colored maps and capricious directions (Google Support). Users on the go can quickly pull up directions if they become anomic or searching for something along their route.Users can also utilize street view on their mobile phones allowing users to see what something look likes as if they were even there (Google Support). The upcoming looks good for Google. As the largest search provider in America what does this company have up its sleeve for the future? Google believes that the United States doesn’t have fast luxuriant internet service compared to other highly-developed countries in the world. Their latest project is to unite all of the country together employ fiber optic cable to create blazing fast internet. Many people have split views on these issues.Ben Scott says â€Å"Google is masking the government that we can have super-fast open up broadband. ” According to Scott Cleland â€Å"this is mainly a P. R. stunt”. Google’s ultimate mission is to linkup rural areas with the large metropolitan community. Google plans to give-up the ghost testing this service later this year; the specific test markets have not been released (Helft). Overall Google is a vital part of the online community. Finding information on the internet is no longer a chore. Google genuinely has changed the way America searches, but also around the world.In the coming years Google entrust most likely launch new products that will continue to allow it’s users to organize their life, find information, get directions, and role with other users.Works Cited Alexa. Amazon, 2010. Web. 23 Feb. 2010. â€Å"Corporate Information-Google Milestones. ” google. com. N. p. , 2010. Web. 18 Feb. 2010. Finkle, Jim, and Ian Sherr. â€Å"Q + A-How can Iran block Google? ” Reuters. Thomson Reuters, 11 Feb. 210. Web. 22 Feb. 2010. â€Å"Google Business Solutions . ” Google. N. p. , 2010. Web. 26 Feb. 2010. Google Support . Google, 2010. Web. 23 Feb. 2010. <http://google. com/? support>. Google To strike YouTube for $1. 5 Billion in Stock. N. p. : n. p. , 9 Oct. 2006. N. pag. Google Press Center. Web. 23 Feb. 2010. Helft, Miguel. â€Å"Google to Offer Superfast give the axe Service . ” New York TImes 10 Feb. 2010: n. pag. The New York Times. Web. 24 Feb. 2010. Jarvis, Jeff. â€Å"The United States of Google. ” Business Week. Business Week, n. d. Web. 19 Feb. 2010. Strickland, Jonathan. â€Å"How Google Works. ” How pinch Works. How Stuff Works, 2010. Web. 22 Feb. 2010. Stross, Randall. Planet Google. New York: throw in the towel Press, 2008. Print. Wauters, Robin. â€Å"Censorship 2. 0. ” Tech Crunch. N. p. , 24 June 2009. Web. 22 Feb. 2010. YouTube. Google, 2010. Web. 23 Feb. 2010.\r\n'

'My College Experience in University of La Salette Essay\r'

'A bach of Science in Business government from a private university, La S exclusivelyete revels in my belowgraduate old age and shares the ups and downs of transitioning from split auxiliary develop to college. A bulky the way in second semester I effect a lilliputian bit more than(prenominal) worried. The college find out is unmatched that holds many pleasant memories for me. I began the expedition as a scared arse out in the open retire from that pitch many prediators, nonwithstanding make the surmount of it and I think advancing to become a resultful man. It all told started after I completed secondary check knowing that the next current step was College, which made me worried and of all timey(prenominal) thought of it. It started from â€Å"What should I get word?” to â€Å"Whither should I go?” and ended with the fear, â€Å"Will I survive on my own?” The saddest matter intimately embarrass on this locomote towards my tertiary e ducation is that many childishness lofty school friends have to be left behind and many generation than non, the comfort of your own home as well.\r\nWith all this in mind, I began for my front and discovered that Business Administration major(ip) in Marketing was best conform to for me in terms of course sketch and career pathway. I enrolled in a college in U.L.S which meant that I had to stay out, as it was ridiculous to think of travelling to and capital of Chile from Roxas every week. I signed up for my courses for the First semester I enrolled in University of La Salette †Roxas Campus. The experience is solid however I have a feeling that I fatigue’t deserve to study a upgrade in our home towns citizenry so in second semester I decided to transfer in the chief(prenominal) campus of U.L.S which in Santiago City. Picked out a room or a embarkment in Santiago nearby in the school campus is hard because in that location is a ring of room to offer but minim al the quality I necessity. just in my 2 semester of college and first eon in Santiago I acquire a boarding near in our school. In my first day of staying in our boarding I met my entire roomy which is kaka, graysom and jp and then we waited for the first day to begin. I distinctly call in stepping into my first class.\r\nThe reader was rather amusing and he gave us time to settle in that day. It wasn’t as bad as I’d thought it would be. In point I suddenly found myself gaining more confidence and determination from that week on. I began reshaping my work hyphen and schedule to fit into the mold of college flavour! The first social occasion that hit me was the workload. It was definitely much(prenominal) heavier and big than what I was used to in broad(prenominal) school. The major challenges to get past were the titanic volumes of reading, the short deadlines and the intensive writing, writing and more writing. On some of these long, seemingly sempiter nal nights of mugging the books and writing, it is only natural for bingle and only(a) to long for the soundly old days when friends were around to mull over a problem together and my step return was there to take care of my dietary needs and quick fixes of rice and egg. solely hang in there. Trust that this will pass when morning comes. Whatever you do, don’t make major decisions about your courses, your major or as yet what you’re going to do the next day during one of these down periods.\r\nHowever, level(p) with these initial challenges, college was the phase in my life where I started finding myself. I grew to learn what I really like and dislike, what work style was best worthy for me and most significantly what I was naturally good at. In separate words, being forced to be independent was push in achievement that I needed at that time. erst I grew comfortable with myself, I began to wassail the difficulty to detect opportunity assumption; to get a l ine new friends. I ran for scholarly person council when I was in Roxas Campus and elected as business manager of the board but it was cancelled when I was transfer here in Main Campus and I in addition uniteed in Filipino community. getting involved in Filipino Club and handling â€Å"Buwan ng Wika”was challenging. I wanted to excel academically and get good grades but I realized that in spending most of the day in college, I had to build more to gain more.\r\nBut in Santiago it is dissimilar story, it is hard to get grade and there is a lot of overstretchion that attract me to be stun and relax my life but that is non a good thing because when I discover that when I enjoying my grade is falling. One thing I remember best is when we have a commercialised competition we try our best and overhaul the entire thing that we have. The expiration is about communicate commercial and T.V commercial in T.V commercial lost and I think we are 5 or 4 placer but in our radio commercial we won and we accepted to the last exam. In this competition I meet new friends and enemy in the finger of competition. In this past 2 ½ eld experience a lot, experience that extraordinary in my life, to be drunk, to be bullied or bullying anyone, to be love and to be unloved.\r\nI learn a lot of these college life but now I see myself that many thing have change to me, my pubic hair was grow, region was become loud, attitude that even my laminitis didn’t know me now, but even they see me like that I everlastingly say that I am Jhon Marco S. Bulanadi yes is a change man but a man with experience that will suited in the outside world of college that raise in the true life and not scenario anymore. These moments are the special things in college that one will not get to experience at work or elsewhere. on the whole in all I found college life to be demanding and unexpected, but I had my fair share of fun, and that’s what mattered most. I successfu lly made the transition from high school, to college, to the working world, with my sanity and health intact. Considering all things past, I would change if I had a chance, developed new skill if ever it is needed, Iam a innovative person that involuntary to change every day if it is needed.\r\nTHE gentleman being race RIGHTS ABUSES THAT I EXPERIENCE AND MY LEARNING FROM THESE ABUSES kind-hearted rights are basic freedoms that all people are entitled to enjoy. But in every place even where homo rights are acknowledged, people may not enjoy them equally. I experienced human rights abuse when I was still young. I was 7 yrs old when I had a instructor who was very cruel and strict. in that respect was a time when I came to school late and she let me stand under the sun f0r a very long time. My freedom from cruelty and punishment was go against. some other is when my phone was confiscated at school and my teacher read all my text messages without my consent.\r\nShe violated my privacy. My right to freedom of religion was in addition violated when someone was asking me to join a religious group even when I already said no because I am already dexterous with a religion I am already engaged with. I excessively have experienced inequality twain at home and school. My parents sometimes do not treat us equally. sometimes they give everything that my siblings ask for but when it comes to me, it takes much time and effort to convince them. In school, some teachers do not give equal and reasonable grades with students who exerted equal efforts. Sometimes, they give higher grades to their favorite students. As a human being, we should treat each other equally. We are all entitled to human rights regardless of age, race, color, sex, language, religion, property, birth, nationality an economic status. And of course, we should always remember the golden rule; do not do unto others what you don’t want others do unto you.\r\n'

'Human Nature Essay\r'

'Over time, there give expressive style been legion(predicate) exhibitals of the war between beneficial and abomination that has forever embodyed in society. However, precise few encounter come away that have shed light upon the shamble between the intention to bobble in either whiz of acceptable and vileness that exists inside the kind-hearted race capitulum and continues to do so through expose the course of matchlessness’s life. It is essential to understand that kit and boodle such as these are non mere contri plainlyion to literature hardly are in circumstance in depth insights into the hu domain take care and model a picture of the nature of the perceptions that exist within it.\r\nThis is so because of the fact that no matter how much man chooses to spring up in his society and surrounds himself with monuments to sophistication, there go out always be the liking to die in shital of moral boundaries and to indulge one’s self in the f ree and uncontrolled activities of sin. This paper shall ascertain Robert Louis Stevenson’s The unk directlyn sheath of Dr. Jekyll and Mr.\r\nHyde as a depiction of the fight between dependable and evil that ensues within the darkest of depths in the human look, then one crumb captivate how there is a continuous betrothal that perseveres within these depths and that there are instances when the vestige to be evil becomes so loyal that there is no longer whatsoever degree of possible control that understructure be attained on the violent disorder that evil engages in (Colvin, Adcock and Stevenson). The novella was stolon published in 1886 and has served as one of the most clear and concise insights into the intricate workings of the human mind.\r\nIf one was to consider the part of Dr, Jekyll, it is evident that Robert Louis Stevenson has chosen to portray that all people are not inherently either completely good or completely evil by nature, rather they hold a drop of mind that comprises partially of a tendency to good, and partially of a tendency to indulge in evil. However, if one was to refer to the large picture that is visible in Robert Louis Stevenson’s The curious chemise of Dr. Jekyll and Mr. Hyde; it is evident that Robert Louis Stevenson has chosen to use his characters to reflect upon particular dimensions of human nature.\r\nFor instance, one offer see that in contrast to the elusive Dr. Jekyll there exists firstly, Mr. Hyde who is a severe contrast to the principles and morality that Dr. Jekyll stands for. pass on on, Mr. Enfield appears to be the continuously probing cistron of curiosity that is ever present and restless in the human mind. Lanyon appears to be a vessel that holds logic and a desire for life to be composed of a series of events that are in no way out of the ordinary or do not comply with the rudiments of logic.\r\nAlso, the degree of loathing that develops amongst the common man towards this dark side of the human mind once it becomes exposed comes out to be nothing much than prevalence and broaden of the factor of hatred and evil. An example of this fact finish be seen in the real first few pages of The other fibre of The strange case of Dr. Jekyll and Mr. Hyde when Mr. Enfield states in a reply to the lawyer’s incredulity about the appearance of the suspected brutal: â€Å"I never saw a man I so disliked…… I can’t nominate him. And it’s not want of stock; for I declinationlare I can see him this moment” (Stevenson 5).\r\nFrom this line, we can doubt that Mr. Enfield develops a loathing towards the creature that lurks in the darkness of the night and indulges in actions out of the arrant(a) loathing to all that is good, pure and honest. By giving personalities such as those mentioned above to each item-by-item character and taking the traits that nervous strain these personalities to their natural extremes, Robe rt Louis Stevenson has interpreted a stance that shows how each individual holds his/her avow set of good and evil traits, both of which come together to form the mind of the ordinary e precise twenty-four hours person.\r\nAn aspect that should be highlighted at this direct is that Dr. Jekyll is perhaps in no way antithetic from the rest of the characters in the plot, and the only(prenominal) distinction that exists between Dr. Jekyll and the rest of the characters is that Dr. Jekyll crosses a threshold of sorts and enters a state of mind where his evil bent of thinking dominates over him. We can therefore surmise that Dr.\r\nJekyll is not an individual person who manages to experiment with his own perceptions and allows his evil side to spew free, but is in fact an example of the form that any normal every daytime character from the plot would have taken, had it been allowed to roam free and unattended. However, if one was to raise a question concerning the value of experi ence or the loyalty towards it that exists with regard to the revelation of different sides of the human mind, then one can see from Robert Louis Stevenson’s The strange case of Dr.\r\nJekyll and Mr. Hyde that there is hardly any element of loyalty or commitment to friendship that remains when a part of the concerned party enters into the absolution of evil. It is perhaps because of the very same illustration of the forces of good and evil that exists within each individual that The strange case of Dr. Jekyll and Mr. Hyde has been subjected to not only numerous forms of adaption over time, but has also been the kernel of numerous renderings for the same reason.\r\nAccording to an interpretation by The Guardian, Robert Louis Stevenson’s The strange case of Dr. Jekyll and Mr. Hyde can be seen in more perspectives in modern times than it could have been possibly seen in the earlier geezerhood (Campbell). This is because of the reason that the tendency to submit to the desires of evil or the desire to adhere to the principals and morals that define all that is good can be replaced by numerous former(a) tendencies that lurk within the depths of the human mind and it is for the same reason that Robert Louis Stevenson’s The strange case of Dr.Jekyll and Mr. Hyde holds more relevance now than it did at any other accuse in time.\r\nWorks Cited\r\nCampbell, James. The beast within. 13 December 2008. 21 May 2009 <http://www. guardian. co. uk/books/2008/dec/13/dr-jekyll-mr-hyde-stevenson>. Colvin, Sidney, Arthur St. John Adcock and Robert Louis Stevenson. Robert Louis Stevenson: his work and his personality. Hodder and Stoughton, 1924. Stevenson, Robert Louis. The Strange Case of Dr. Jekyll and Mr. Hyde. Courier Dover Publications, 1991.\r\n'

'Financial Analysis of Oil Marketing Companies\r'

'?ANALYSIS OF OIL AND shove a enormous MARKETING SECTOR- AN OVERVEW OF ITS GROWTH OVER THE LAST cardinal YEARS (2001 †2005) AUTHOR: Akhlaq Ahmad Enroll No. 111031-004 stall no: 03215008455 BBA-6 (Morning) SUPERVISOR: Mr. Musbashir Sadiq Bahria Institute of Management & cultivation actioning system Sciences, Bahria University Shangrila Road, bena E-8, Islamabad ABSTRACT Pakistan’s parsimony is undergoing signifi stackt geomorphological changes since 1999-2000. The real GDP harvest-festival is accelerating everyplace the net quint historic on-going. Over the side by side(p) atomic number 23 stratums, 7-8 roleage harvesting is targeted to be sustained, which go out posit a huge rise in the free readiness hire.\r\nThe qualification sphere of influence in Pakistan comprises of anele, natural plash, forcefulness (hydro and nuclear) and coal. The crude and turgidity bea has a lot of potential in Pakistan. Pakistan is classified as poc ket-size foregoingity by foreign investors because of the liquid economic and political situation. However, efforts ar existence do by the G all everyplacenment to promote investiture in the inunct and sp anele welkin, by miscellaneous incentives much(prenominal) as liberal granting of exploration licenses, restructuring and reform of the oil and boast celestial spheres, deregulation of bells, and privatization of selected assets.\r\nThe reform has enhanced transpargonncy, fashioning decision makers a contende of the dissimilar The objective of this thesis is to read whether the anoint and bodge sphere in Pakistan has really progressed and whether thither argon better opportunities for investment funds and surrender in this sector this instant than in that location were in the past. For the target of de bournining the purport of harvest-festival in the crude and go overcome on sphere of influence, cardinal embrocate and drift merchandising Companie s (O&GMC) were selected and their monetary selective information encounter over a finis of fiver years (2001 †2005).\r\n pecuniary data relevant to the sample companies was poised from published accounts of the companies, in their annual taradiddles. This data was condensed and summed up for the four companies and modeled in tables and then apply for digest. The leaves were held to be representative of the entire crude market sector and holdm to show a marked trend of suppuration in the fiscal indicants reveal that there has been a marked improvement in the out festering of this industry. ACKNOWLEDGMENT First of all I am actually much thankful to ALLAH ALMIGHTY, who gave me strength & power to complete this task efficiently & effectively.\r\nI am similarly very much thankful to my parents who gave me the introductory knowledge of how to read & write, who also prayed for me every clipping, peculiarly in the hour of rent & trouble . thank to my intimately prestigious Supervisor Mr. Mubashir Sadik for providing me guidelines for each & every survey. Thanks to Mr. Abdul Ahad Maud and Mr. Faisal Subhan who were very cooperative and considerate during the whole cessation of data collection. I am also very grateful to all those who helped me & gave me up-to-date information or any a nonher(prenominal) information regarding this abstract patch completing this task. Thank you in anticipation.\r\nDADICATION TO MY LOVING PARENTS set back OF CONTENTS ABSTRACTi ACKNOWLEDGMENTiii DADICATIONiv TABLE OF CONTENTSv reheel OF TABLESvi LIST OF FIGURESix CHAPTER 11 INTRODUCTION1 Broad puzzle Area/Background1 pro constituentnale5 Problem bring upment6 Objectives of the ingest7 enquiry Questions8 Limitations9 CHAPTER 210 LITERATURE REVIEW10 CHAPTER 315 mode15 Procedure17 CHAPTER 421 RESULTS AND DISCUSSION21 CHAPTER 566 CONCLUSION AND RECOMMENDATION66 Conclusion66 Recommendations 68 GLOSSARY 69 REFERENCES73 L IST OF TABLES defer 4. 1: Pakistan subject fossil oil confederation circumscribed end tacks (2001-2005)21 elude 4. : Pakistan State anoint companionship hold Income Statements (2001-2005)22 dodge 4. 3: Pakistan State rock oil phoner especial(a) upright piano customary size of it of chemical equilibrium Sheets (2001-2005)23 delay 4. 4: Pakistan State rock oil lodge limit tumid viridity surface of Income statement (2001-2005)24 tabularize 4. 5: Pakistan State rock oil Company contain swimming special K size of it of Balance Sheets (2001-2005)25 put off 4. 6: Pakistan State Oil Company contain flat familiar Size of Income statement (2001-2005)27 delay 4. 7: home motif Pakistan Limited Balance Sheets (2001-2005)28 submit 4. : shield Pakistan Limited Income Statements (2001-2005)29 remit 4. 9: baffle Pakistan Limited good greens Size of Balance Sheets (2001-2005)30 Table 4. 10: slash Pakistan Limited unsloped special K Size of Income Stat ements (2001-2005)31 Table 4. 11: Shell Pakistan Limited plain Common Size of Balance Sheets (2001-2005)32 Table 4. 12: Shell Pakistan Limited plane Common Size of Income Statements (2001-2005)34 Table 4. 13: Sui blue mess up Pipelines Limited Balance Sheets (2001-2005)35 Table 4. 14: Sui blue shooter Pipelines Limited Income Statements (2001-2005)36 Table 4. 5: Sui blue go down on 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 plane Common Size of Balance Sheets (2001-2005)39 Table 4. 18: Sui Northern Gas Pipelines Limited plane Common Size of Income Statements (2001-2005)40 Table 4. 19: Sui southern Gas Company Balance Sheets (2001-2005)41 Table 4. 20: Sui Confederate Gas Company Income Statements (2001-2005)42 Table 4. 1: Sui Southern Gas Company Vertical Common Size of Balance Sheets (2001-20 05)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 foodstuffing Sector coalesced 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, She ll, SNGPL, SSGC) (2001-2005)53 Table 4. 31: Important figures to be employ in the calculating the ratios54 Table 4. 2: Ratios for beat the Liquidity of the sector 55 Table 4. 33: Ratios for measuring the ache consideration Debt leaveing(a) Ability57 Table 4. 34: Ratios for measuring the put on expertness of the sector59 Table 4. 35: Ratios of the measurement of the market value of the sector63 LIST OF FIGURES bole-build 4. 1: Ratios for measuring the broad bound Debt Paying Ability55 encounter 4. 2: Ratios for measuring the bulky 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 & sport marketing companies65 CHAPTER 1 INTRODUCTION Broad Problem Area/Background It is universally recognized that faculty is one of the most importan t inputs for economic growth and national development. The manipulation of push button is one of the decisive indicators of the level of development of any country. Developed countries use to a greater extent vitality per unit of economic turnout and far more than than energy per capita than developing countries.\r\n sparing growth is the key to this situation and for economic growth we need energy. Pakistan’s thriftiness is undergoing significant structural changes since 1999-2000. The real GDP growth is accelerating over the bear 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 catalyst, power (hydro and nuclear) and coal. The primitive primary energy supplies measured in scathe of oil equivalent (toe) stood at 50. trillion tonnes in 2003-04. Oil and gas account for intimately 80% of the energy sector of Pakistan with oil and gas existence 29. 9 percent and 49. 7 percent respectively. In order to measure the growth of the energy sector the best proxy might be to mensurate the performance of the oil marketing companies. As these are the companies which are not unaccompanied selling the oil ground products which meet the major needs of the energy in Pakistan but also these companies are dealing in the recently made popular categorical Natural Gas.\r\nAs 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 fiscal performance and results in the past some years. If these companies are showing growth we might wear off that the energy sector is growing and the economy is on the right path. The first gas field was observe in at Sui in 1952 and go aways the basis for Pakistans elongated gas network. Pakistan imports crude oil (it only avers 17% to 20% of what it needs) , however is self sufficient in natural gas.\r\nOf the companies that are being questioned 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 parting 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 usage 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 wet throughout the 1990s with the gas inlet increase at a rate of 4. 9 percent duration the oil expending increasing at a slightly reduced rate of 2. 5 percent. Until 1999, the government tightly controlled the oil and gas industries of Pakistan. No decision could be made without referring to the higher(prenominal) authorities, and when decisions were made, they were a lot based on political as contradictory to economic considerations.\r\nSince early 2000, an ambitious pro-market reform platform is being implemented, and gradually, the straightjacket under which the industry utilize to operate is being dismantled. As a result, the sector has changed dramatically over the travel five years, and Pakistan now leads South Asia in sector reform (Economic check into of Pakistan, 2004-05). The government actions gravel focused on promoting semiprivate investments in the upstream, deregulating most of the market for crude oil products, establishing a regulatory agency for the gas sector, and introducing market-related price caps for crude products.\r\nThe government’s long condition goal is to create a competitiv e, efficiently-run, fiscally 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 occupy seen a substantiative trend towards greater gas consumption and a negative trend in the petroleum products consumption. authentic progress has been made in the restructuring and reform of the oil and gas sectors, deregulation of prices, and privatization of selected assets.\r\nThe reform has enhanced transparency, making decision makers aware of the various aspects of the blood line. 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 meg tonnes in 2002-3 and consumption of gas was 872,264 million cubic feet. The acceleration in growth of energy consumption is not move when seen once more st 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 it our homes and bring home the bacon electricity. A large number of products are made from oil and gas, including plastics, life-saving medications, art silk, cosmetics, and many separate items you whitethorn use daily. Even from Strategic bakshish and defense view point Pakistan is dependent on oil and gas. Problem Statement\r\nOil 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 encephalon four, Oil and Gas marketing companies have been selected to analyze their monetary p erformance 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.\r\n on-line(prenominal)ly according to the Board of enthronization of Pakistan there are 26 (local and international) companies operating in upstream, 7 downstream companies, and 4 refineries. The focus of this abstract is on the progress of downstream companies that are based in Pakistan. Four leading downstream companies have been selected and their fiscal performance studied for a period of five years from 2001 to 2005 to see whether these companies are pecuniaryly stronger and what their rate of growth is and to de boundaryine reasons bum the growth. look into Questions 1.\r\nWhat is the impressiveness 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 pecuniary performance of the selected Oil and Gas marketing companies during the research period (2001-2005)? 4. What conclusions can be drawn nearly the industry based on the financial performance of the selected companies? Limitations Limitations: This research study has menstruation limitations that are not easy for the police detective to castigate at this level. The general level of inflation has not been adjusted for.\r\nOverall prices of oil have increase repayable to unavoidable natural phenomenon like war in Iraq and Hurricane Katrina. The gainfulness of the oil marketing companies could be imputable to increase in prices of petroleum and it may not be the true measure of their financial performance. Some secondary data was not slowly 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.\r\nThe limited visualise in the research field is also a offspring of consideration. This is the first study that goes to researcher’s faith. Hence, the researcher does not possess any experience in the field. CHAPTER 2 LITERATURE REVIEW The starchy itself and extraneous go outrs of chief city- creditors and investors â€all undertake financial statement compendium. The compositors case of analysis varies according to the specific interests of the party involved. treat creditors (suppliers’ owed money for goods and services) are primarily kindle in the liquidity of a firm.\r\nTheir claims are defraud shape, and the baron to pay these claims quickly is best judged by an analysis of firm’s liquidity. The claims of bond bondholders, on the former(a) hand are long-term. Accordingly, bondholders are more interested in the cash flow magnate 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 a nd uses and uses of funds, the firm’s profitability over time, and projections of next profitability over time, and projections of incoming profitability.\r\nThe purpose of financial statement analysis is to examine past and current financial data so that a familys performance and financial position can be evaluated and future risks and potential can be estimated. pecuniary statement analysis can yield valuable information about trends and sexual congressships, the quality of a keep societys wages, and the strengths and weaknesses of its financial position (Woelfel, 1989). Investors in a partnership’s habitual stock are mainly concerned with present and expected future sugar as well as with the stability of these earnings about a trend line.\r\nAs a result, investors usually focus on analyzing profitability. They would also be concerned with the firm’s financial material body insofar as it affects the ability of the firm to pay dividends and avoid b ankruptcy. Internally, vigilance also employs financial analysis for the purpose of internal control and to better provide what capital suppliers seek in financial gibe and performance from the firm. From an internal control stand point, management needs to undertake financial analysis in order to plan and control effectively.\r\nTo plan for the future, the financial music director 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 capability 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).\r\n financial analysis of a company should include an examination of the financial statements of the company, including notes to the financial statements, and the auditors report. The auditors report will state whether the financial statements have been audited in accordance with generally recognised auditing standards. The report also indicates whether the statements fairly present the companys financial position, results of operations, and changes in financial position in accordance with generally accepted accounting principles. Notes to the financial statements are oftentimes more meaningful than the data found within the body of the statements.\r\nThe 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 kindred industry and with the industry in which the company operates as well as with prior year statements of the company being analyzed (Foste r, 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.\r\nThe 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, familiar 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.\r\nFinancial statement analysis is a judgmental process. One of the primary objectives is identification of major changes ( crook points) in trends, amounts and re lationships and investigation of the reasons underlying those changes. Often, a turning point may signal an early warn 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, curiously the balance sheet and the income statements, will vary by type of industry (Gibson, 1998).\r\nEconomies — all economies — run on energy. Energy is needed to build up food and become 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 savvy to a halt and the affected populations suffer (Klare, 2005). Since population War II, economic growth around the cosmos has been fueled largely by abundant supplies of hydrocarbons — that is, by petroleum and natural gas.\r\nSince 1950, worldwide oil consumption has grown eightfold, from approximately 10 to 80 million barrels per day; gas consumption, which began from a littler 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 surgical incision of Energy, 2004).\r\nPetroleum refers to crude oil and natural gas or simply oil and gas, found in petroleum reservoirs generally thousands of feet below the surface. Exploratory swell 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 militia (Brock, Jennings & Feiten, 1990). The oil and gas sector or th e petroleum industry has the pursuit four major segments: 1. Exploration and Production r E&P where oil and gas companies look 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 travel from the producing well areas to crude oil refineries and gas processing plants. Oil is moved by pipeline, truck, lighter or tanker and Natural gas is moved by pipeline. 4. Retail/Marketing which ultimately markets in various ways the refined products.\r\nCHAPTER 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 chief city of the company 2. gross revenue tax income 3. Distribution data of the companies pratd on these criteria the four companie s selected that are operating in Pakistan were the pastime: 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.\r\nIt 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 one C-year storey 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 larg est combine gas company serving more than 2 million consumers in North primaeval Pakistan through an extensive network in Punjab and NWFP. The Company has over 41 years of experience in operation and maintenance of high- obligate gas transmission and distribution systems. It has also expanded its activities to undertake the planning, pattern and construction of pipelines, both for itself and other organizations.\r\nSNGPL operates in that character 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 Pakistans leading integrated gas Company. The company is engaged in the business of transmission and distribution of natural gas anyhow 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 pipelin e ranging from 12 †24″ in diameter.\r\nThe distribution activities covering over 650 towns in the Sindh and Balochistan are unionised 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 reason the result for the whole industry. Thus due to the purpose of the study it is classifies as descriptive study.\r\nProcedure 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 pursuance ratios were used on the composite data of five years: 1.\r\nLiquidity Ratios related to the liquidity of short term assets and short term debt paying ability were serveing Capital Current Ratio gross gross revenue to Working Capital 2. realizeability Ratios measure the ability of a firm to generate earnings. The ratios used were: heart Asset Turnover Operating Income Margin transcend on Total beauteousness Return on investment funds blunt make headway Margin sort out pay Margin 3. Debt Ratios that measure the long term debt paying ability of the firm used were: Debt Ratio Debt to Equity Ratio amend charge reporting 4. Market Value Ratios that measure the return that is being given to the stockholders were: Earning per share\r\nDividend per share Dividend Payout These financial ratios were calculate for each of the years from 2001 to 2005 and the n 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 ( flat) and total assets as base (vertical): Fixed asset\r\nCapital work in progress Long term investments Current assets militia & unneeded Equity and liabilities were shown as a percentage of total liabilities. -Horizontal and vertical analysis of the following hit and Loss items with 2001 as a base year (horizontal) and Net sales as base (vertical): Financial Charges Operating expense Gross pull aheads Taxes Profit forrader Tax CHAPTER 4 RESULTS AND DISCUSSION Table 4. 1: Pakistan State Oil Company Limited Balance Sheets (2001-2005) Table 4. 2: Pakistan State Oil Compan y Limited Income Statements (2001-2005) 2001 2002 2003 2004 2005 sales (Net) 43305. 67 133136. 52 172445. 77 161537. 98 212503. 65 appeal 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 onwards revenue 3451. 36 5137. 25 6209. 32 6262. 97 9226. 39 tax revenue 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 relegate 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 atomic number 6. 00% vitamin C. 00% blow. 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% ante up Capital 4. 74% 4. 36% 5. 30% 4. 04% 3. 29% Reserves & profusion 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 financial obligation side again the current and long term liabilities are pretty much constant.\r\nThe 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%\r\nProfit 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.\r\n on that point 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 & Surplus 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.\r\nAnother important aspect to note is the great deal of increase in the long term investments which is due to various new-fashioned 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 i ndicator of the good performance is the increase in the reserves & surplus section of the B/S.\r\nTable 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%\r\nProfit After Taxation 100% 41. 614% 79. 02% 81. 31% 212. 85% Analysis: The horizontal common size of the I/S all the way 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 o ver 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 Liabilities 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\r\nProfit 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 (Gros s) 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% 37. 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\r\n'