Disparity and Discrimination Case Study Example | Topics and Well Written Essays - 750 words

Disparity and Discrimination - Case Study Example Analysis of the material (Greene, 2009) related to criminal justice system has indicated that disparity is often an outcome of discriminatory practices, and on the other hand, individuals often take discrimination as an outcome of disparity. In particular, the disparity is the outcome of two specific factors: legal and extralegal. In the criminal justice system, the former factor plays the role of creating a lawful fundamental foundation regarding a person’s criminal actions in front of the court. For instance, the legal factor is the major component that confirms the detailed decision of a criminal based on his actions and criminal records. In the criminal justice system, law enforcement is an imperative body and it benefits from the legal factor as well. For instance, law enforcement personnel often take individuals under custody at the time of a crime based on their criminal records that indicate the presence of a major component of disparity (Hess, 2008). On the other hand, the other factor of disparity involves sociological components, such as gender, daily life, social status that do not relate to legal factor; however, plays important role in the criminal justice system (Greene, 2009). For instance, besides considering the legal factor, the courts often consider the extralegal factor of disparity to decide the amount of period of a punishment that results in its relation with discrimination due to its non-legal existence. In the result, a number of human rights organizations and experts have indicated disparities in the criminal justice systems and specifically, ethnic disparities that then points out the presence of discrimination in the system that is not the actual case. In addition, adversaries argue that the presence of injustice is evident in the system.

The importance of small and medium business for national economy Assignment

The importance of small and medium business for national economy - Assignment Example SMEs form the majority of the businesses that operate in a particular nation. Each nation’s economic stability is highly dependent on the number of SMEs operation in those nations (Harvie, 2002). If government policies are not directed towards the promotion of these organizations then there are chances that these organizations may fail to continue to operate and as a result of this these organizations may close. Since these organizations form the majority of the organizations in a nation, they even employ the highest percentage of a particular nation’s work force. If SMEs are not promoted, they might close and as a result of this the economy may experience increase in the rate of unemployment. According to a report that was compiled by ECORYS and commission be the European Commission, 98% of the organizations that were operating in the European region were SMEs and these organizations were employing 67% of the total workforce (ECORYS, 2012). This report depicts that if the European Union does not support its SMEs, the chances are that 98% of the organizations in the region will shut down and may contribute to 67% of the total rate of unemployment (ECORYS, 2012). If SMEs are not encouraged within a particular nation, the wealth gap will further increase. SMEs owners as well as employees working in these organizations are those individuals who fall below the upper half of the line of the income distribution (Hallberg, 2000). This means that SME owners and employees earn less than what is earned by individuals working for large corporations and the money earned by owners of large corporation. If SMEs are not promoted with various policies such as tax benefits and easy access to credit, they will fail to survive the competition they face at the hands of large corporations and due to this the owners and workers of these organizations will experience a decline in their salaries and

Examining Brazing And Soldering Engineering Essay

Examining Brazing And Soldering Engineering Essay Brazing and soldering was the joining process, it similar like are welding process. The result in the name of the joining are being interchanged and confused. The welding society like an American society was selected the arbitrary temperature, example 800  °F as a line derarkation between two processes. Brazing is joining process that similar soldering except that the joining takes place at temperatures above 800  °F. Definition brazing is a metal joining process by using a filler metal is heated above and distributed between two or more close fitting parts by capillary action. The filler metal is brought slightly together, it melting temperature while to protected and by a suitable atmosphere with usually a flux. It then flows over the base metal and is then cooled to join the workpieces together. It was similar to soldering, except the temperatures using to melt the filler metal is above 842  °F. The filler metals are distributed between closely fitted surfaces of the joint by capillary attraction. Brazing is call really braze-welding, wherein, a nonferrous filler metal is applied. Brazing alloys was much stronger than solder alloys. The brazed joint not requires as much depth to achieve the strength as the soldered joint. To achieve the strength, filler metal must be alloy wi th the base metal. The filler metal must combine with the base metal properly. The brazing condition was very good if the combination very properly. They are eight basic steps in making capillary metallurgical joints like step 1 is Cutting and sizing the parts to be joined, step is Cleaning, step 3 is Fluxing, step 4 is Assembling and supporting or jigging. For step 5 is heating, step 6 was applying filler metal, step 7 is cooling and last step was Post-cleaning. Several of brazing process must to added operations for cooling and post-cleaning. These steps may require for more operations in order to prevent further action by using the flux. The basic procedures must follow and the correct filler alloys are used, to having a successful joining. The joining design must be suitable capillary for the molten filler when the joint elements are properly aligned. The flow of filler must need to enable and assure coverage. Filler metal must melt at a lower temperature at the base material of allow the flow, substrate wetting, and interdiffusion. This means that some component of the filler metal must be soluble in the substrate solvent .To allow the brazing, heat can apply at the joint or to the entire assembly to be brazed. In this case, a temperature must be reached at the joint to allow the filler metal to melt, wet, and flow. Temperature must at least in the joint to prevent uneven or incomplete filling. Protective shielding is required during brazing process to prevent oxidation of cleaned joint on the surfaces during heating and until completed the braze flow. This can be accomplished with another a chemical flux or an inert atmosphere. Sometimes the flux or atmosphere can be required to clean and chemically can be active the surface at the brazed. To have a high quality brazed joint, the base metals and part must be closed, exceptionally clean and free from the oxides. In these cases, the joint clearances must be from 0.03 to 0.08mm because that clearance was the best capillary action and joint strength. However, some brazing process is not uncommon to have joint clearances around 0.6  mm. The brazing surfaces are very importance, as any contamination also can cause poor wetting. They have two main methods to cleaning parts, prior to brazing are chemical cleaning and mechanical cleaning. Mechanical cleaning is very importance to maintain at surface to force the wetting on a rough surface occurs more readily than on a smooth surface on the same geometry. Effect of temperature and time on the quality of brazed joints cannot be over looked. Temperature of the braze alloy can be increased because the alloying and wetting action of the filler metal increases very well. The brazing temperature must select above the melting point of the filler metal. However, there factors that influence the joint designers temperature selection. Must choice the best temperature as to be the lowest possible braze temperature, minimize any heat effects on the assembly, keep filler metal or base metal interactions to a minimum, and must maximize the life of any fixtures or jigs used. Some of cases, may can allow selected a higher temperature for other factors in the design. The effect on the brazed joint primarily affects the extent to which the aforementioned effects are present; however, in general most production processes are selected to minimize brazing time and costs. The most important is the non-production settings; time and cost are secondary to oth er joint attributes for example like strength and an appearance. Brazing process not contained within an inert atmosphere environment, fluxes are required to prevent oxides from forming from the metal in heated. The flux can clean any contamination on the brazing surfaces. Flux can be apply in any number of forms including flux paste, liquid, and powder or pre-made brazing pastes that combine flux with filler metal powder. The flux can also been like brazing rods with a coating of flux, or another name call flux core. In this case, the flux flows into the joint when the process to heat the joint and displaced by the molten filler metal to entering the joining. Excess flux must be removed when the cycle is completed because flux left at the joint can lead to became corrosion and prevent further surface finishing of brazing process. When the joining copper to copper can contain the brazing alloy can be self-fluxing. Generally, the flux can select base on their performance on particular base metals. The flux must be chemically compatible with the bas e metal and the filler metal brazing process. Self-fluxing phosphorus filler alloys can produce brittle phosphides if the material was iron or nickel. As a rule, a type cycles brazing should use less active fluxes for short brazing process. The materials for alloys are used as filler metals for brazing depend on application method. Braze alloys made up of 3 or more metals to form an alloy with the considered necessary properties. The filler metal can be chosen on its ability to: wet the base metals, melt at a lower temperature than the base metals or at a very specific temperature and withstand the service conditions required. Braze alloy been use in form as rod, ribbon, powder, paste, cream and wire. Depending on the application, the filler material can be pre-placed at the desired location or applied during the heating cycle. Wire and rod forms are generally used as they are the easiest to apply while heating in manual brazing process. In the case of furnace brazing, using material alloy can placed beforehand since the process is usually highly automated. The have many types of filler metals used are aluminium silicon, copper, copper phosphorus, brass, gold-silver, nickel alloy and silver.The high temperatures, oxidat ion of metal surfaces occurs in oxygen containing atmosphere from the brazing process. They may use other environment than air. The commonly used from the atmosphere like air, noble gas, and vacuum and combusted fuel gas. For combusted gas is nitrogen, hydrogen, carbon monoxide and oxygen. Torch brazing is used because the most common method of mechanized brazing. They are three types of torch brazing in use for example like manual, machine and automatic torch brazing. Manual torch brazing is a procedure want the heat is using a gas flame on the joint b. The torch can be on hand held or held in a fixed position depending on if the process is completely manual or has some level of automation. Machine torch brazing was use a repetitive braze process is being carried out. This method is a mix from automated and manual process with an operator often placing brazes material, flux and jigging parts on the machine mechanism carries out the actual brazing. The advantage by using machine torch brazing method is that it reduces the high labour and skill requirement was better that manual brazing. Automatic torch brazing is a method use the eliminates in brazing operation, except for loading and unloading of the machine. The advantages by using this method is had a high productio n rate, reduced operating cost and uniform braze quality. In this process, they have advantages and disadvantage. For advantages, brazing process was not melting the base metal of the joining, the brazing allows much tighter control over tolerances and produces a clean joint. Dissimilar metals and non-metals can be brazed. In general, brazing also produces less thermal distortion with another welding process. The process is complex and multi-part assemblies can be brazed cost-effectively. The brazing can be coated for protective purposes and easily to adapt on mass production. For disadvantages on the brazing process is the lack of joint strength as compared with another welding process was the softer filler metals is using. The strength of the joint is less that of the base metal but is greater than the filler metal. The brazing joints easily damaged on high temperatures. SOLDERING Soldering is definite a process combine two or more metal items are joint into one by melting and flowing a filler metal into the joining. The filler metal had a relatively low melting point. The soldering was soft characterized by the melting point of the filler rod and the temperatures are 752  Ã‚ °F. They call solder in this process and by using the filler metal. Soldering was distinguished from brazing by use of a lower melting-temperature filler metal, it similar with the brazing. In a soldering process, they heat is on the parts of the joint, it causing the solder to melt and drawn into the joint. After the metal on cools, the resulting joints can see that not as strong as the base metal, but have adequate strength, water-tightness and electrical conductivity are good. The metallurgy of solders is presented some detail for the representative and predominant tin-lead system to overviews for important but less often used systems. The physical on solders are then described. The critical role of fluxes, their compositions and their physical forms are then described. Soldering can apply for assembling electronic components to printed circuit boards (PCBs). Another application is to joints the sheet metal objects for example food cans, roof flashing, rain gutters and automobile radiators. Jewellery are assembled and repaired by applying soldering process. Small mechanical parts are often soldered as well. Soldering can join lead came, copper foil in stained glass work and semi-permanent patch for a leak in a container or cooking vessel. Soldering can consider that the temperatures was so low, a soldered joint was limited service at elevated temperatures. Generally, the strength was should not be used for load-bearing members. For examples soldering applications include tin-lead, tin-zinc for joining aluminium, lead-silver for strength at higher than room temperature, cadmium-silver for strength in high temperatures, zinc-aluminium for aluminium and corrosion resistance, and tin-silver and tin-bismuth for electronics. The capacity material in soldering filler was many different alloys for differing applications. In electronics assembly, it was using the eutectic alloy of 63% tin and 37% lead. Other alloys are used for plumbing, mechanical assembly, and other applications. A eutectic formulation had advantages for soldering, the coincidence of the liquidus and solidus temperature. For quicker wetting as the solder heats up and quicker as call the solder cools. Additionally, the eutectic formulation had the lowest possible melting point, can minimize heat stress on electronic components during soldering. The solder was used in a soldered joint is selected to provide good wetting, spreading or flow, and joint penetration in the actual soldering operation and the desired joint properties in the finished product. A flux is intended to enhance the wetting of the base metal by the solder from precleaned surfaces and preventing the reformation of oxide or tarnish during the soldering operation. The select ion was depends on the ease with which a material can be soldering. Chemically was not aggressive or mild fluxes are used with solderable base metals. When chemically aggressive inorganic fluxes are usually used on metals are so difficult to wet, like stainless steels because of their Cr content. Chemically was reducing the gaseous atmospheres can be used to clean and subsequently protect precleaned joint elements in an assembly to be soldered. The joints that are enable to soldered should be designed and to permit application of flux. Joining should be designed properly to clearance is maintained between joint elements during the heating and cooling stages of the soldering operation. To maintain the alignment of joint components during the process, special fixtures may be necessary or the units of the assembly can be crimped, clinched, otherwise held together mechanically or by holding adhesives. The surface was an unclean will prevent the molten solder from wetting and spreading, making soldering difficult or impossible and contributing to poor joint properties. Flux can consider should not substitute for precleaning. Precleaning may remove the organic contaminants like grease, oil, paint, pencil marks, lubricants, coolants, and dirt, as well as inorganic films like oxides and other tarnish layers. Precleaning can involve any or all of the following three progressively vigorous methods for example like degreasing, pickling and mechanical cleaning. Precleaning can also be followed by a fourth step, precoating. All cleaning solutions can be thoroughly and remove before the soldering in progress. Precoating should be for metals that are difficult to solder because oxidize readily and, thus, can re-oxidize after precleaning if soldering is delayed too long. Precoating involves coating the base metal surfaces to be soldered with a more solderable and more oxidation-resistant metal or alloy before the soldering operation. Soldering can be performed with hand tools, one joint at a time on a production line. Hand soldering or manual soldering is typically performed with a soldering iron, soldering gun, or a torch, or occasionally a hot-air pencil. In Sheet metal work was use traditionally with soldering coppers directly heated by a flame, with sufficient stored heat in the mass of the soldering copper to complete a joint; torches or electrically-heated soldering irons are more convenient. All soldered joining required with the same elements of cleaning of the metal parts to be joined, fitting up the joint, heating the parts, applying flux, applying the filler, removing heat and holding the assembly still until the filler metal has completely solidified. It depending on the nature of flux material, the joints may be required after they have cooled. Distinction between soldering and brazing is arbitrary, based on the melting temperature of the filler material. Generally cannot achieve high enough temperat ures for brazing. Practically speaking there is a significant difference between the two processes, for example the brazing fillers have far more structural strength than solders, and are formulated for this as opposed to maximum electrical conductivity. Brazed connections are often as strong or nearly as strong as the parts they connect. Hard soldering or silver soldering was been performed with high-temperature solder containing up and it also often a form of brazing, since it involves filler materials with melting points in the vicinity. In silver soldering process was given a beautiful, structurally sound joint, especially in the field of jewellery. The power source of heat in induction soldering is heating by high-frequency AC current only. Some of metals are easier to solder than others like copper, silver, and gold. The more difficult material like iron and nickel because of their thin, strong oxide films, stainless steel and aluminium are even little more difficult. Titanium, magnesium, cast irons, steels, ceramics, and graphite can soldering but it involves a process similar to joining carbides. They are first plated with a suitable metallic element that induces interfacial bonding. Hand soldering tools include the electric soldering iron, the variety of tips available ranging from blunt to very fine to chisel heads for hot-cutting plastics, and the soldering gun, which typically provides more power, giving faster heat-up and allowing larger parts to be soldered. Soldering torches are a type of soldering device that uses a flame rather than a soldering iron tip to heat solder. Soldering torches are often powered by butane and are available in sizes ranging from very small butane/oxygen units suitable for very high-temperature jewellery work, to full-size oxy-fuel torches suitable for much larger work as copper piping. Common multipurpose propane torches, the kind used for heat-stripping paint and thawing pipes, can be used for soldering pipes and other fairly large objects either with or without a soldering tip attachment; pipes are soldered with a torch by directly applying the open flame. The soldering copper is a tool with a large copper head and a long handl e that can heated in a blacksmiths forge fire and apply heat to sheet metal for soldering. Typical soldering coppers had heads weighing between one and four pounds. The head provides a thermal mass, can store enough heat for soldering large areas between re-heating the copper in the fire. The larger the head, the longer the working time it affords. Conclusion The Soldering was similar like brazing, enables solid materials to be joined by using molten filler to flow into and fill the space between properly joint faying surfaces and then to solidify without required and causing melting of the base material. The liquidus of the filler in soldering is below the solidus of the base materials and below 4508C (8408F), by convention. Wetting and spreading of the filler by capillary action are then critical to proper distribution of the solder. The strength arises from a combination of metallic or other primary bonding. The principal reasons for soldering are to provide electrical connectivity and conductivity or leaktightness or hermeticity, as opposed to providing mechanical strength. They have similar and difference soldering with brazing. The brazing was similar like one of type of welding process by using gases. The soldering not using gases, just using electrical or manual like pre heat the flux.

Support from Individuals Social Network Essay -- Sociology, Family an

Before discussing the different kinds of support that can be given by a person’s social network, an understanding of what a social network is and the people it can include is necessary. This essay will begin with a brief definition and then go on to list and review the different kinds of support that can be provided. ‘A social network consists of a set of people with whom one maintains contact and has some form of social bond’. (K101, Unit 10, p75). This means that a social network is a group of people with which a person has regular interaction with such as Family, Friends, Neighbours or Work colleagues. However taking into account the introduction of easier, cheaper access to the Internet, E-mail and mobile phones over recent years and of course people moving across the country or world, social networks are no longer just confined to where people live. Family and friends can offer informal support such as Practical help and advice with things like childcare or household topics and chores. Emotional support if an individual is undergoing feelings of uncertainty or personal difficulties, and financial help by lending money for debts, everyday living or perhaps advice on spending. Informal support is often a relationship with a degree of mutual help, as seen in various sections throughout the K101 module; such as Peter Townsend’s research into family life in Bethnal Green. He explained how ‘Help was reciprocated- through the provision of meals, the care of children and in other ways’ (Bornat and Blakemore, 2008, P 13) and also Pauline, an active volunteer from Thornhill who after suffering a stroke, her best friend Elaine became her day-to-day source of emotional support, while Pauline’s neighbours provided practical help an... ...r found that paying her bills and everyday routines like shopping where hard to manage. Care workers supported her by going with her to pay bills and to buy food at first. As the service user still wanted to maintain her independence suitable adaptions to her telephone was made and a voluntary shopping service was offered to her with a trained worker that could understand her over the phone, aids to help with memory and everyday tasks where also provided. In conclusion an individual’s social network can be extremely important not just for support but also for physical and mental well-being. Limitations to creating or maintaining social work can vary from person to person such as isolation, vulnerability and impairments. Care workers must be mindful of these limitations so that they can provide and introduce the correct support needed for the right individual.

Financial Analysis of Axis Bank

CORPORATE FINANCE END TERM PROJECT To study the Financials of ICICI bank, HDFC bank and Axis bank and to conduct Comparative Financial Analysis among them. UNDER THE GUIDANCE: Dr. ASHISH GARG PROGRAM COORDINATOR PGDM (FINANCE) Submitted by:Janmey Patel (202) Nikhil Arora (206) Shashank Mohore (228) Aniket Gupta (229) Parandeep Singh Chawla (231) TABLE OF CONTENTS Overview of Indian Banking Industry4 Types of Commercial Bank4 Public Sector Bank4 Private Sector Bank4 Foreign Bank4 Regional Rural Banks4 Overview of ICICI Bank 5Overview of Axis Bank 5 Overview of HDFC Bank 5 Stock Analysis6 Return & Risk Analysis7 Calculations:7 Terms:7 Risk7 Return7 Risk & Returns Figures8 Covariance & Correlations8 Terms8 Correlation Effect8 Covariance & Correlation Figures8 Portfolio Variance & Standard Deviation9 Portfolio Return Figures9 Portfolio Risk Figures9 Cost of Capital10 Cost of Debt10 Cost of Equity10 Cost of Debt & Equity Figures10 Weighted Average Cost of Capital Calculations11Comparat ive Analysis11 Leverages11 Leverage Figures12 Graphical Representation for Leverages12 P/E Ratio Analysis13 P/E Ratio Figures13 Dividend Policy Analysis13 Dividend Yield and Dividend Payout Ratio14 Conclusions and Inference14 Return14 Risk15 Choice based upon Risk and Return15 Cost of Capital16 Choice Based on Cost of Capital16 PE Ratio Analysis17 Leverage17 Dividend Policy18 Overview of Indian Banking Industry Types of Commercial Bank Public Sector Bank In case of Public Sector banks the major shareholders is Government of India.For example State Bank of India, Punjab National Bank, Bank of India etc. Private Sector Bank In case of Private Sector Banks the major Shareholders are Private Individuals. For example ICICI Bank, Axis Bank, HDFC Bank etc. Foreign Bank In case of Foreign Bank the major Shareholders are the foreign entities. For example Standard Chartered Bank, Citi Bank, HSBC etc. Regional Rural Banks In case of Regional Banks the major shareholders are Central Government, Concerned State Government and Sponsor Bank in the ratio of 50:15:35.For example Andhra Pradesh Grameena Vikas Bank etc. Overview of ICICI Bank ICICI (Industrial Credit and Investment Corporation of India) Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset management. ICICI bank is the 2nd largest bank in India by assets and 3rd largest by  market capitalization.Overview of Axis Bank Axis Bank was begun its operations in 1994, after the Government of India allowed new private banks to be established. The Bank was promoted jointly by the Administrator of the specified undertaking of the Unit Trust of India (UTI), Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC) and other four PSU insurance companies, i. e. National Insur ance Company Ltd. , The New India Assurance Company Ltd. , The Oriental Insurance Company Ltd. nd United India Insurance Company Ltd. Overview of HDFC Bank HDFC (Housing Development Finance Corporation Limited) bank was amongst the first to receive an approval from the Reserve Bank of India (RBI) to set up a bank in the private sector, as part of the RBI's liberalization of the Indian Banking Industry in 1994. HDFC Bank is the fifth largest bank in India by assets and the second largest bank by  market capitalization  as of march 31, 2012. Stock AnalysisBankex (Index tracking the performance of leading banking sector stocks) has grown at a compounded annual rate of about 31%. India’s gross domestic product (GDP) growth will make the Indian banking industry the third largest in the world by 2025. In coming years with its assets size poised to touch USD 28,500 billion by the turn of the 2025 from the current asset size of USD 1,350 billion. Return ; Risk Analysis Calculati ons: 1) The daily stock prices for the 3 banks for the duration of 5 years are taken from Nifty. 2) For the daily stock prices of the market we took the figures for 5 years of Nifty Bank. ) Formula for Daily Return Current Stock Price-Previous Stock PricePrevious Stock Prices 4) Average Daily Return is calculated by taking the average of Daily Returns. 5) Formula for Annualized Daily Return (1+Average Daily Return)249 – 1 6) Formula for Beta Covariance(Market, XYZ Bank)Standard DeviationMarket*Standard Deviation(XYZ Bank) 7) Formula for Annualized Standard Deviation (1+Variance(XYZ))249 – 1 8) Formula for Correlation Covariance(X, Y)Standard DeviationX*Standard Deviation(Y) Terms: Risk 1) Risk is the chance that an  investment’s actual  return  will be  different  than expected. 2) Risk  is usually measured by calculating he  standard deviation  of the  historical returns  or  average returns  of a specific investment. 3) A high standard deviations indicates a high degree of risk. Return 1. The gain or loss  of a security in a particular period. 2. The return consists of the  income  and the  capital gains relative  on an  investment. 3. It is usually quoted as a percentage. Risk ; Returns Figures Particulars| ICICI Bank| Axis Bank| HDFC Bank| Average Daily Return | 0. 001| 0. 001| 0. 00031| Standard Deviation | 0. 034| 0. 032| 0. 03393| Covariance (Nifty Bank, X)| 0. 001| 0. 001| 0. 00048| Standard Deviation (Nifty Bank)| 0. 025| 0. 025| 0. 02454| Beta | 1. 53| 1. 077| 0. 80000| Annualised Daily Return | 0. 159| 0. 331| 0. 08| Annualised Standard Deviation | 0. 580| 0. 545| 0. 58| Annualised Standard Deviation (Nifty Bank)| 0. 402| 0. 402| 0. 40| Covariance ; Correlations Terms Correlation Effect 1. Relationship depends on correlation coefficient 2. -1. 0 ; r ; +1. 0 3. The smaller the correlation, the greater the risk reduction potential 4. If r = +1. 0, no risk reduction is possible Covariance ; Corre lation Figures Covariance| ICICI Bank| Axis Bank| HDFC Bank| ICICI Bank| 1. 00000| 0. 00081| 0. 00058| Axis Bank| 0. 00081| 1. 00000| 0. 00052| HDFC Bank| 0. 00058| 0. 0052| 1. 00000| Correlation| ICICI Bank| Axis Bank| HDFC Bank| ICICI Bank| NA| 0. 00255| 0. 00174| Axis Bank| 0. 00255| NA| 0. 00167| HDFC Bank| 0. 00174| 0. 00167| NA| Portfolio Variance ; Standard Deviation Portfolio Return Figures Equal Weight Portfolio Return| Particulars| Return | Weight | Portfolio Return| ICICI | 16| 0. 33| 5. 333| HDFC | 8| 0. 33| 2. 667| AXIS | 33. 07| 0. 33| 11. 023| Total | 19. 023| Portfolio Risk Figures RISK (%) | ICICI | 0. 58| HDFC | 0. 58| AXIS | 0. 55| Portfolio | 0. 3278| Cost of Capital It is the minimum rate of return the suppliers of capital would expect to receive if the capital were invested.Cost of Debt Cost of debt is calculated using the formula: cost of debt kd=interest X (1-t)debt 1) Interest is the amount paid by the company as a interest on the Debt in the current year. I t is taken from the Profit ; Loss statement of the company. 2) Debt is long term debt which we have taken from the Balance Sheet of the Company. 3) The tax rate t is the corporate tax rate and is equal to the 33. 9%. Cost of Equity The Cost of Equity in this case has been calculated with the help of Gordan Dividend Model. Cost of Equity ke=Proposed DividendMarket Price per Share*Number Of Shares+Dividend Growth Rate Cost of Debt ; Equity FiguresParticulars| ICICI Bank| Axis Bank| HDFC Bank| Interest (Interest Expenses)| Rs. 8,50,44,350. 00| Rs. 1,79,32,646. 00| Rs. 2,29,99,060. 00| Total Debt| Rs. 1,40,16,49,073. 00| Rs. 34,07,16,721. 00| Rs. 23,84,65,086. 00| Corporate Tax Rate| 30. 00%| 30. 00%| 30. 00%| Cost of Debt (kd)| 4. 25%| 3. 68%| 6. 75%| Equity Capital| Rs. 1,15,27,683. 00| Rs. 41,32,039. 00| Rs. 46,93,377. 00| Proposed Equity Share Dividend| Rs. 1,90,20,400. 00| Rs. 77,00,725. 00| Rs. 1,17,27,733. 00| Number of Shares| 13565154| 41,32,03,952| 23,36,704| Dividend Growth R ate (g)| 17. 95%| 14. 87%| 30. 06%| Cost of Equity (ke)| 18. 11%| 14. 87%| 31. 02%|Weighted Average Cost of Capital Calculations Comparative Analysis Leverages The leverage analysis consists of: 1) Operational Leverage defined by Degree of Operational Leverage. 2) Financial Leverage defined by Degree of Financial Leverage. 3) Total leverage defined by Degree of Combined Leverage. Operational Leverage (DOL) = % change in EBIT % change in Sales Financial Leverage (DFL) =% change in EPS% change in EBIT Total Leverage (DCL) = % change in EPS% change in Sales = DOL* DFL Leverage Figures Graphical Representation for Leverages P/E Ratio Analysis P/E ratio is calculated using the formula: P/E RATIO=Current market price of share EPSP/E Ratio Figures Dividend Policy Analysis Dividends paid by a firm are measured using one of two measures. 1) Dividend Yield: Which relates the dividend paid to the price of the stock. Dividend Yield=Annual Dividend per Share Market Value per Share 2) Dividend Pa yout Ratio: Relates dividend paid to the earning of the Firms. Dividend Payout Ratio=Dividend Distributed Total Earnings Dividend Yield and Dividend Payout Ratio Particulars| ICICI Bank| Axis Bank| HDFC Bank| Dividend Paid (000's)| Rs. 19,013,434| Rs. 6,697,611| Rs. 7,695,463| Number of shares| 13,565,154| 413,203,952| 2,336,704| Dividend per share| 1. 402| 0. 016| 3. 293|Intrinsic value per share| 890. 2| 1146. 2| 519. 85| Dividend Yield| 0. 157%| 0. 001%| 0. 634%| Earnings (000's)| Rs. 103,860,000| Rs. 74,308,700| Rs. 89,504,000| DP Ratio| 0. 183| 0. 090| 0. 086| Retention Ratio| 0. 817| 0. 910| 0. 914| Conclusions and Inference Return As one can see from the above chart , Axis Bank offers the highest returns per annum at 33% , followed up by ICICI and HDFC Bank at 16% and 8% respectively. It can be safely concluded that Axis Bank is the best option to invest in. Let us now have a look at the Risk analysis before we go any further. Risk The following chart depicts the Risk witness ed by each of the Banks.As one will notice, each of the three Banks i. e. ICICI , Axis and HDFC Bank belong to the same risk class. Risk of ICICI and HDFC Bank is equal at 58%, while that of Axis Bank is little lower at 54%. There is not much to choose between the Banks when it boils down to Risk. Choice based upon Risk and Return Based upon Risk and Return Assessment Axis Bank stands out to be a clear choice. On one hand it offers returns which are twice that of ICICI Bank and four times in comparison to HDFC Bank, on the other hand, its risk is marginally lower than that of the other two Banks, which makes AXIS Bank to be the standout choice.Cost of Capital The Cost of Capital of each Bank is depicted in the following chart: As one can see from the above chart The total cost of Capital for ICICI Bank averages out to be 8. 42%, Whereas Axis Bank has a WACC of 8. 15 % and HDFC bank has its cost of capital in excess of 20%. HDFC Bank needs to substitute its Equity and reserves with m ore of Debt, if it wants to lower down its WACC. Cost of Capital for HDFC Bank is high primarily owing to its huge Cost of Equity which is more than 30%. It needs to substitute more of debt in its Capital Structure if it wants to reduce its hurdle rate.Choice Based on Cost of Capital If one is viewing the affairs og the company based on the Cost of Capital, HDFC gets eliminated without any second thought. It needs to bring down its Cost of Capital if it wants to sustain in the long run. While on the other hand there is not much to choose between ICICI and Axis Bank , as both of them have almost the same hurdle rate close to 8%. PE Ratio Analysis The PE Ratio of ICICI and Axis Bank is very much comparable. ICICI Bank has a PE ratio of around 15 , whereas, the same for Axis Bank Hovers around at 11.One can easily draw a conclusion that investors are willing to pay more for ICICI Bank and also expect a higher growth rate in its earnings in the future. Following Chart depicts the compar ative analysis of ICICI Bank along with HDFC Bank and ICICI Bank. It can be clearly seen that the PE ratio of ICICI Bank and Axis Bank are Comparable. But, the PE Ratio of HDFC exceeds 120. One can safely draw a conclusion that the Market Price of HDFC Bank is highly overpriced compared with the Industry average and one can expect a downfall in its share prices in the near future, because such high level of PE Ratio cannot be sustained in the long run.Leverage The Position of Leverages for each of the Banks depict the same story. Following chart will substantiate it: Each of the Banks has a operating leverage lower than 1 , which implies that EBIT is not increasing in the same proportion as the sales of these Banks. Even the degree of financial leverage and the degree of combined leverage of each of these three Banks is comparable and there is not much to choose from when it comes to leverages. Dividend Policy When it comes to total dividend Paid by the Bank, ICICI Bank exceeds the two other Banks with quite a margin.The following Chart depicts the situation more comprehensively: As one can see from the Chart ICICI Bank is the clear leader when it comes to the amount of dividend paid, while there is not much to choose between Axis Bank and HDFC Bank. Total Amount of Dividend Paid doesn’t show the true picture as , it has not been adjusted for number of shares. In other words , Dividend per share will show the appropriate picture. Following chart will depict the amount of dividend paid by each bank per share.As one can see clearly from the graph above , it is the HDFC Bank which is more liberal while declaring the dividend vis-a-vis ICICI and Axis Bank. HDFC pays dividend in excess of Rs 3 per share. ICICI pays a dividend just exceeding a rupee on a share. While, Axis Bank doesn’t even pay 50 paisa on a share. From Investors point of view who wants a steady flow of Income, HDFC stands out to be the most logical choice of Investment. Such an Invest or should obviously resist and desist from investing any amount of money in AXIS Bank.

Understanding Work Related Injuries

Have you ever thought what would happen if you got hurt on the job or while traveling between offices or worse yet if you get sick because of the type of work that you are employed to do? If you sometimes think about this there is no need to worry. The reason that I say this because every company out there Federal and State alike are required to have workers compensation benefits. There are rules and regulation that are put into place to keep you safe while on the job or on the company’s property. The organization that oversees this would be the Occupational Safety and Health Administration (OSHA) that was developed in 1970 to protect workers from health and safety risks. Although all employers are overseen by OSHA there are a select few that are not these would be independent contractors, churches, domestic workers in private home settings, and federal employees (Valerius?Bayes?Newby?Seggern, 2008). Federal employers have their own compensation plans that are covered under the Federal Employees’ Compensation ACT (FECA). The first of four plans would be the long shore and Harbor workers’ compensation plans. This covers employees of in the maritime field. The second federal program would be the Black Lung Program. This covers employees that are employed or previously employed in coal mines. The third and final program is the energy employees occupational illness compensation program act. This covers employees or previous employees that have developed cancer and other serious illness from energy exposure. State worker’s compensation covers all others except federal employees, inmates employed by the prison; self- employed, for hire domestic, drivers under lease agreement, volunteers, independent, clergy and church members, and lastly agricultural laborers. No matter if you are a state or federal employee there are two different workers compensation programs that you will be covered under. The first one covers the medical costs that are incurred due to the injury; the second covers the lost wages that has come from the injury. When a person is injured on the job, on the company’s property, or performing a work related task they will be covered under workers compensation. If an employee is injured they need to inform their employer promptly so that proper medical treatment can commence. The employee usually needs to put the injury in writing also known as the first report of injury, the physician depending on the insurance may need to be the one to fill this form in. Once this is done the employer also has to file their own claim with the state workers compensation office as well as the insurance company (Workers Compensation- the Workers' Comp Service Center, 2009). Depending on the severity and urgency of the injury the insurance company may require a form to be filled out by the physician of record. The physician of record is the physician who first treats the employee. This physician is also responsible for determining the amount of disability and if and when the employee may return to work. The Physicians of Record must according to insurance company or state regulation must file a progress report at certain intervals of the treatment or when there is a change that will affect the disability status. Once the insurance company gets the claims that may be filed electronically depending on the carrier has to now issue a claim number and identify if the injury will or will not be covered by workers compensation. Once this is determined than the insurance company needs to notify the employer on the determination. If the claim is accepted than monies that the employee loses from not being able to work are sent right the employee with no income tax being withheld and all medical bills are paid. If the claim is denied by workers compensation than the employee is responsible for the medical bills and may submit the medical bills to their own medical insurance carrier to be paid, but the employee does not receive lost wages. No matter what the outcome is of the claim HIPPA rules and regulations are not strictly enforced to keep the privacy of the injured employee. However, most states allow claims adjusters and employers unrestricted access to the workers compensation files. Patient Health Information may be disclosed without the patient’s authorization. The employee cannot even ask that their information be withheld from the employer. References: Valerius?Bayes?Newby?Seggern. (2008). Medical Insurance: An. The McGraw?Hill. WokersCompensation- The Workers' Comp Service Center. (2009). Retrieved May 15, 2011, from WorkersCompensation.com: http://www.workerscompensation.com/ Valerius, Bayes, Newby, Seggern. (2008). Medical Insurance. In An Intergrates Claims Processing Approach, Third Edition (pp. 292 – 298). New york: McGraw Hill. WokersCompensation- The Workers' Comp Service Center. (2009). Retrieved May 15, 2011, from WorkersCompensation.com: http://www.workerscompensation.com/ Understanding Work Related Injuries Have you ever thought what would happen if you got hurt on the job or while traveling between offices or worse yet if you get sick because of the type of work that you are employed to do? If you sometimes think about this there is no need to worry. The reason that I say this because every company out there Federal and State alike are required to have workers compensation benefits. There are rules and regulation that are put into place to keep you safe while on the job or on the company’s property. The organization that oversees this would be the Occupational Safety and Health Administration (OSHA) that was developed in 1970 to protect workers from health and safety risks. Although all employers are overseen by OSHA there are a select few that are not these would be independent contractors, churches, domestic workers in private home settings, and federal employees (Valerius?Bayes?Newby?Seggern, 2008). Federal employers have their own compensation plans that are covered under the Federal Employees’ Compensation ACT (FECA). The first of four plans would be the long shore and Harbor workers’ compensation plans. This covers employees of in the maritime field. The second federal program would be the Black Lung Program. This covers employees that are employed or previously employed in coal mines. The third and final program is the energy employees occupational illness compensation program act. This covers employees or previous employees that have developed cancer and other serious illness from energy exposure. State worker’s compensation covers all others except federal employees, inmates employed by the prison; self- employed, for hire domestic, drivers under lease agreement, volunteers, independent, clergy and church members, and lastly agricultural laborers. No matter if you are a state or federal employee there are two different workers compensation programs that you will be covered under. The first one covers the medical costs that are incurred due to the injury; the second covers the lost wages that has come from the injury. When a person is injured on the job, on the company’s property, or performing a work related task they will be covered under workers compensation. If an employee is injured they need to inform their employer promptly so that proper medical treatment can commence. The employee usually needs to put the injury in writing also known as the first report of injury, the physician depending on the insurance may need to be the one to fill this form in. Once this is done the employer also has to file their own claim with the state workers compensation office as well as the insurance company (Workers Compensation- the Workers' Comp Service Center, 2009). Depending on the severity and urgency of the injury the insurance company may require a form to be filled out by the physician of record. The physician of record is the physician who first treats the employee. This physician is also responsible for determining the amount of disability and if and when the employee may return to work. The Physicians of Record must according to insurance company or state regulation must file a progress report at certain intervals of the treatment or when there is a change that will affect the disability status. Once the insurance company gets the claims that may be filed electronically depending on the carrier has to now issue a claim number and identify if the injury will or will not be covered by workers compensation. Once this is determined than the insurance company needs to notify the employer on the determination. If the claim is accepted than monies that the employee loses from not being able to work are sent right the employee with no income tax being withheld and all medical bills are paid. If the claim is denied by workers compensation than the employee is responsible for the medical bills and may submit the medical bills to their own medical insurance carrier to be paid, but the employee does not receive lost wages. No matter what the outcome is of the claim HIPPA rules and regulations are not strictly enforced to keep the privacy of the injured employee. However, most states allow claims adjusters and employers unrestricted access to the workers compensation files. Patient Health Information may be disclosed without the patient’s authorization. The employee cannot even ask that their information be withheld from the employer. References: Valerius?Bayes?Newby?Seggern. (2008). Medical Insurance: An. The McGraw?Hill. WokersCompensation- The Workers' Comp Service Center. (2009). Retrieved May 15, 2011, from WorkersCompensation.com: http://www.workerscompensation.com/ Valerius, Bayes, Newby, Seggern. (2008). Medical Insurance. In An Intergrates Claims Processing Approach, Third Edition (pp. 292 – 298). New york: McGraw Hill. WokersCompensation- The Workers' Comp Service Center. (2009). Retrieved May 15, 2011, from WorkersCompensation.com: http://www.workerscompensation.com/