Capital Structures of the Indian Industrial Sector

Capital Structures of the Indian Industrial Sector Chapter 1 INTRODUCTION 1.1 Introduction Capital is the main factor of every industry, a company start with capital and end with demolition of that capital. So the capital and capital structure are one of the most important terms in every business, Companies have been struggling with capital structures for more than four decades. During credit expansions, companies have been unable to build enough liquidity to survive the contractions, especially those enterprises with unpredictable cash flow streams which end up with excess debt during business slowdowns In this research I am going to Exam the changes in the capital structure of Indian industrial sector, with a special reference to Indian textiles industry .The purpose of this paper is to determine whether firm-specific capital structure determinants in the emerging market of India. support the capital structure theories which were developed to explain the company structures in developed economies. In other words, the main motivatio n for this study is to highlight the role of firm characteristics and industrial sector-specific variables in determining capital structure. This is an attempt to a panel data study of capital structure determinants. Statement of the Problem There is lot of study conducted in the field of capital structure theory but no systematic study with applying econometric model and tools used like panel data are not conducted in India yet. It consist analyzing both time and cross sectional variables. There is No studies are conducted on specified sector. The study by sector wise is more effective than in macro level research which is avoid sector variable. Each industry has its own uniqueness and situations. When taking macro level data set will miss its sector uniqueness. This research is an enquiry through panel data analysis with considering sector as important factors. Specifically researcher tries to answer some questions, firstly which selected factors are more influence in short te rm leverage of a firm, and which is not influence on it . Secondly long term leverage has any determinate in Indian industry and which factors is more influenced in total debt decision. Also questioned extraneous variable like bank rate, inflation rate can make any impact on capital structure. The researcher conduct a pre study for specifying research problem. Pre study The pre study was conducted by analyzing all companies in india by classify these companies in sector wise. Assigning debt equity ratio as variable for prestudy, by Using cmie and Bloomberg database, researcher collect all companies 5year debt equity ratio and classified them in sector wise. Companies arranged under in a Automobiles & ancillaries, Banking, chemical , communication, construction & real estate, construction material, consumer goods sector, energy, food & Agro, hotel & tourism, IT, investment & finance, Machinery, metal, mining ,textiles, transport and wholesale & re tale sectors. Take 5 year averag e of all company and find out standard deviation of each sector. The value arranged below table. Table 1.1 .Result of Pre study Sectors Average Debt on equity Standard deviation Automobiles & ancillaries index 1.06 3.561244 Banking services index 1.53 0.695391 Chemicals & chemical products index 1.53 3.562817 Communication services index 1.54 21.75133 Construction & real estate index 1.92 26.57946 Construction materials index 0.77 23.65846 Consumer goods index 1.72 8.326452 Energy index 1.36 2.520609 Food & agro-based products index 1.45 7.826624 Hotels & tourism index 1.33 18.53691 Information technology index 0.35 1.677905 Investment services index 0.24 1.035782 Machinery index 1.26 7.248118 Metals & metal products index 1.3 16.62944 Pharma 1.63 86.75429 Mining index 0.34 6.509317 Textiles index 2.05 167.5378 Transport services index 1.68 2.88037 Wholesale & retail trading index 1.68 34.62297 In this table textiles sector have very high debt equity and not ordinary deviation between companies. High standard deviation mean that in textile sector, some companies has very low debt and some has very high. It is india’s one of the oldest and major export sector too. Highest deviation and irregularity in debt is not a better sign. So need an attention on capital strucre determinant of Indian textile sector.

A Literature-Based Unit Assignment Example | Topics and Well Written Essays - 1750 words

A Literature-Based Unit - Assignment Example A focus will be on examining each piece of literature for its own sake and how that story relates to students' lives. This reading unit is prepared for eighth graders in a 7th-12th grade gifted program. Their reading list is based on some books that should probably be part of college coursework. Additionally, there are other books that are easier than college-level, just in order to give students a variety of material with which to work. Students should come prepared to class ready to discuss the texts in the context of how societal rules shape us, and how they shape the characters in these books. Further, students will have a rationale for reading each book and their links to language and culture. This novel will get everyone thinking about how societal cues are used and what are the unwritten rules of secret societies. "Privacy, he said, was a very valuable thing. Everyone wanted a place where they could be alone occasionally. And when they had such a place, it was only common courtesy in anyone else who knew of it to keep his knowledge to himself."1 This novel will get students thinking about the social morays involved in moral scruples that come along with the extramarital affair. This is advanced material and should not be taken lightly, as it is a very delicate subject for 8th graders: "He hadn't seen her for three days, and because of her husband's return from abroad didn't know whether it would be all right for that day or not, and didn't know how to find out. The last time he had met her was at his cousin Betsy's country house."2 3. Dahl, Roald. Charlie and the Chocolate Factory. New York: Bantam, 1977. This novel is the story of a young boy who must overcome the social shame of being poor by winning a Golden Ticket to Willy Wonka's Chocolate Factory and ultimately overcoming his fears. This is a wonderful tool to demonstrate different attitudes among children. "Something crazy is going to happen now, Charlie thought. But he wasn't frightened. He wasn't even nervous. He was just terrifically excited. And so was Grandpa Joe. The old man's face was shining with excitement as he watched ever move that Mr. Wonka made."3 4. Bronte, Charlotte. Jane Eyre. New York: Penguin, 1997. Jane Eyre is a novel which is the story of a governess living in trying economic times amidst the societal strictness of early 19th-century England. It is about a woman overcoming her own personal struggles in order to find happiness. "To pass [Thornfield's] threshold was to return to stagnation; to cross the silent hall, to ascend the darksome staircase, to seek my own lonely little room, and then to meet tranquil Mrs. Fairfax,a nd spend the long winter evening with herto slip again over my faculties the viewless fetters of an uniform"4 5. Hardy, Thomas. Jude the Obscure. New York: Airmont Publishing Co., 1966. Jude the Obscure is somewhat of a depressing novel, but nonetheless, it is a good book concerning relationships. Jude Fawley is a

The Body in Health, Lifestyle or Sporting Magazines Essay

The Body in Health, Lifestyle or Sporting Magazines - Essay Example The myth about beauty will be broken by revealing the real benefits media enjoy by impacting the values of women. The paper also focuses on identifying ways through which this insecurity can be prevented or remedied. Changing standards of feminine beauty with time The portrayal of women as a marketing object has a long history in media but the trend of extremely thin models is not very old. Earlier, the idea of female beauty was closely linked to her realistically voluptuous body. In the early 20th century, the culture of fashion underwent a shift from the chubby female figure to a thinner fragile look. However, this thinner new female ideal was not really misleading and made women think about taking care of their health. This description of a female figure initially created a healthy trend in common people as they started to incorporate sports activities in their free time to make their bodies healthier and more active. During the mid 20th century, ideal female body image became thi nner (someone like Marilyn Monroe who was a size 14 was considerably overweight as compared with today’s standards). After initial acceptance of this idea, the trend went on following the notion, â€Å"the thinner the better†. Unfortunately, with the passage of time, these underweight models became the representatives of female beauty, which is still the case today. However, with the development of digital imaging techniques, the beauty ideal presented today to young women is more unrealistic and unattainable than ever before. The recent hype for promoting the thin beauty is increasing towards unattainable thin figures, most of the time being artificially â€Å"perfect† which is facilitated by digital tools and computer. In this way, the media can be held responsible for creating stereotyped notions of beauty, being linked with skinny, ultra-slim and very female bodies (Arya, 2009). The myth of beauty Being surrounded by so many media with so many skinny women r aises the question of what actually can be called an ideal or perfect female figure. The description of beauty described by the media seems to be quite similar to a Barbie doll:   a thin and tall figure, always smiling and ready to be played with. The ideal body shape broadcasted by media is actually of the skeletal and underweight woman. The representation of skinny women is supported by media to such an extent that it became the standard for the ideal body for Miss American contests, where most of the contestants weigh much less than 15% of their expected body weight and therefore giving a clear-cut message that it’s ok to be underweight but still you can look pretty (University of California, 2007).

- Art and Music Appreciation Essay Example | Topics and Well Written Essays - 250 words - 4

- Art and Music Appreciation - Essay Example Perhaps she is Lady Macbeth. The style is neo-classical but later than Goya. If I cover the dagger with my finger, the painting suddenly changes and could be a placid, ordinary portrait of a beautiful young girl with no malevolence evident on her face. C. I know that this is by controversial sculptor Daniel Edwards, who makes statements about social polemics such as alcoholism and public nursing of babies. Because of the black background this is probably installed in an exhibition. It looks as if the clay is fresh and wet: so the idea has ‘just occurred’ to the artist - but the tiaras on both the dog and the woman, and her careful hairstyle suggest a long consideration of the subject, which at first looks beautiful, but is then confronting because of her position. D. This is a chocolate box top. It is a pretty scene: very bland and without statement. It is photographically correct, and although there is contrast between the church steeple in the background that is bathed in light and the dark shack in the foreground, there is lack of meaning. Paintings without people such as this landscape can be hung quite high on a wall because they are not intimate. E. This immediately says ‘Dali’ - the recognizable moustache makes it a portrait of that famous surrealist. But it is signed Merello, so it is by Jose Merello, the modern Spanish expressionist. But even if I did not know this, I would expect the painting to be hung in a colorful room full of other modern paintings. The various shapes, objects and words around the figure make it interesting, making the viewer want to approach and inspect every detail. Mozart alternates very fast stretches with slow ones in this symphony. It makes you feel that the composer was in a furious hurry to put down the notes before someone interrupted his muse. His character is fully in the music, like the speech of a very precocious child: fast and

Equity and Trusts- Non charitable Un-incorporated assosiations Essay

Equity and Trusts- Non charitable Un-incorporated assosiations - Essay Example st have a cestui que trust and should be for the benefit of individuals; (2) it must have a definite object, and (3) the court can enforce it favour of someone.1 To be valid, a non-charitable trust must have an ascertainable beneficiary in whose favour performance of the trust may be decreed. Consequently, purposes trusts or objects are invalid because a purpose or object cannot seek enforcement, but trusts for charitable purposes are valid because they are enforceable by the Attorney-General. 2 The statutory list of charitable purposes in found in Section 2 of the Charities Act 2006 which provides as follows: Not being included as one of the charitable purposes, the maintenance of the three elderly widows and a worthy cause as a purpose cannot be considered as charitable. As a consequence, gifts (consisting of donations from well-wishers and the  £10,000 raised from dinner guests) to the association, a non-charitable unincorporated association, are subject to (a) the rule against remoteness of vesting, which requires that the interests of the beneficiaries must vest within the perpetuity period; (b) the rule that, for there to be a valid trust, there must be a beneficiary or cestui que trust in whose favour performance of the trust may be decreed or the beneficiary principle; and (c) the general principle of trust law that the objects of the trust must be sufficiently certain.3 Hence, such rule does not apply to funds raised from members’ subscriptions because as discussed below it is contractual. In the case of the  £10,000 raised from dinner guests, the foregoing rules have been met because the object is sufficiently certain and vested upon a designated beneficiary (the three elderly widows) within a perpetuity period. Nevertheless, the law has recognised non-charitable purpose trusts. Thus, it was stated that such trusts which are of a somewhat anomalous kind include "trusts for the benefit of unincorporated associations†.4 Thus, in Leahy v

Reflective Clinical Journal Personal Statement Example | Topics and Well Written Essays - 3750 words - 1

Reflective Clinical Journal - Personal Statement Example My Background: I am a mother with children and my journey into homeopathy practice started about 14 years ago when I gave birth to my first son. Due to the complications of the pregnancy, I was asked to visit a homeopath and my subsequent treatment and interactions with the doctor, formed a new perspective about homeopathy. Since then, I have been fascinated and curious about the subject, and then decided to join a college, and make a career as a homeopathic doctor. I hope to use this opportunity to increase my knowledge about the subject, treat patients, and help them to lead a better life, free from excessively powerful drugs. I like to help people, share my experiences, and knowledge with someone who will benefit from them, and it is the best gift for me. I believe in being honest and sincere with myself this very important about my experiences. Through this reflective statement, I want, through my practice, to show to people I come across with, how important it is, and simple it is, be honest with you. Our school uses video clinics where the patient is examined in a separate room with a camera. The camera transmits the entire treatment process to another room where we students sit and watch the proceedings on a large, flat TV screen. The camera is placed in such a manner, that it captures all the questions asked by the student doctor and the questions posed by the doctor in attendance. The sessions are very interesting since we can see the manner in which patients interact with the patient, their initial inhibition at opening up and while some people are hesitant to speak about their illness, others are voluble and it is difficult to actually get them to quieten down. I had a chance to sit in as an observer in the clinic with one of the students who was already quiet advanced, and she was very confident in what she was doing. Our patient was an old woman suffering from leukaemia, and she was looking for a help to go though

Father of the Year Essay Example for Free

Father of the Year Essay Many people in Maycomb County , Alabama gathered to watch Atticus Finch defend Tom Robinson , a black man. The odds were already against Tom Robinson and Atticus because Tom Robinson was black and Mayella Ewell was white. Tom Robinson is being accused raping Mayella Ewell in her own home when he was suppose to be helping her with some work. Mayella told Tom Robinson to â€Å" †¦ come here, nigger, and bust up this chifferobe for me, I gotta nickel you. † According to her after she asked him to bust up the chifferobe tree he attempted to rape her. Before Atticus Finch even had a chance to question Mayella , she burst out in tears. She burst into tear when the judge simply said â€Å"Just tell us what happened†. At the stand Mayella was a nervous break down. Within the first few questions that Atticus asked her she freaked out because she thought that Atticus was â€Å"mockin† her. Atticus was only being polite by calling her maam and Ms. Mayella , and Mayella seemed to just take in offense. During the questioning by Atticus , Mayella kept her same story, that Tom Robinson raped her. She seemed to be unsure about that story mid-way through the questioning. Actually some of her responses to Atticuss questions didnt make sense or she wouldnt respond at all. She told the court room that Tom Robinson hit her with his left hand on the right side of her face, even though his left Crises in Maycomb By: Kevon McClary hand is paralyzed from an accident that accord while he was a child. The odd thing is that Mayella father, Bob Ewell , is left handed and was allegedly at the crime after the â€Å"rape† occurred. Throughout most of her questioning Mayella seemed as if she was confused. Mayella once stated â€Å" No, I dont recollect if he hit me. I mean yes I do, he hit me†. Mayella not speaking clearly during the questioning may lead the jury to think that she is lying about her story. [ In the picture above you will see Atticus Finch questioning Mayella Ewell. ] The last couple of questions that Atticus was asking Mayella , Mayella seemed to be getting angrier by the question. There was absolutely nothing that Mayella Ewell could be getting mad about. If I was in the jury , Mayella getting aggravated, nervous, and crying that would somewhat lead to me believing the she was lying about the whole thing. Mayella really seemed to be enraged when she said her finale statement , â€Å"That nigger yonder took advantage of me an if you fine fancy gentlemen dont wanta do nothin about it then youre all yellow stinkin cowards, stinkin cowards, the lot of you. Your fancy airs dont come to nothinyour maamin and Miss Mayellerin dont come to nothin, Mr. Finch. † My opinion of this trial is that Tom Robinson is innocent. From Mayella freaking out , to the obvious evidence that points out Tom Robinsons innocent. I think that Mayella Ewell is a great person, just raised by the wrong father. In a way it seems like all of Mayella answers were what Bob Ewell wanted her to say . She knows the truth behind it all , whether she wants to tell it or not. Its already obvious to the jury and the courtroom that tom Robinson is innocent. But the only thing is that Tom Robinson is an African American male whose word is not as important as the white man or even the white woman.