Calibans Nature Essays - Caliban, The Tempest, Ariel, Prospero

Caliban's Nature Essays - Caliban, The Tempest, Ariel, Prospero Caliban's Nature Calibans Nature When looking at Shakespeares The Tempest one can find an underlying themes of civilization verses barbarism. The characters that are created represent symbols of nature, and their actions build their symbolism. Through the actions we get a view of Shakespeares ideas on civilization and the uncivilized, as well of letting the reader form their own opinions. Prospero, the former Duke of Milan, after being removed by his brother, arrives on an island. He frees a spirit named Ariel from a spell and in turn makes the spirit his slave. He also enslaves a native monster named Caliban. These two slaves, Caliban and Ariel represent the theme of nature verses nature. Caliban is considered the illustration of the wild, a beast of nature. During the first meeting, Caliban comes across as very savage and immoral. Prospero, when approaching Calibans lair, says disdainfully, ...[he] never/Yields us kind answer, meaning Caliban never responds with respect. Once Prospero reaches the cave he calls out and Caliban harshly retorts, Theres wood enough within. This short reply reveals the bitterness he feels from leading his life as a slave. This attitude makes Caliban appear to be an valueless servant. There is also an extreme anger on the part of Caliban towards Prospero. When he is requested to come forward, Caliban answers, As wicked dew eer my mother brushed/With ravens feather from unwholesome fen/Drop on you both!...And blister you all oer! Although his actions may be justified they are still considered improper for a servant. Previous to Prosperos arrival on the island, Caliban was his own ruler. His mother, Sycorax, left the island to him. Regardless, Prospero took charge of the island and imprisoned Caliban. ...Thou strokst me...I loved thee... is a portion of a quote that portrays the relationship Caliban felt towards Prospero prior to be enslaved. Prospero was his teacher, he taught Caliban to speak and in return Caliban showed him the island, The fresh springs, brine pits, barren place and fertile... Rightfully so Caliban regrets helping Prospero, near the end of his speech he says, Cursed be I that did so! Calibans imprisonment his why he feels this way. However, the attempted rape of Prosperos daughter, Miranda, is the direct cause of the enslavement. This crime appeals to the reader as a good cause for punishment, but Shakespeare also illustrates that Caliban deserves sympathy, instead of disgust. Caliban committed a crime that deserved punishment, but he was not raised in society so therefore did not know what he did wrong. The only way of life he knew was to follow and do what he feels. Caliban does not know right from wrong based on societys standards. Due this aspect there is a degree of sympathy towards Caliban because he is oppressed due to conduct he could not control. Prospero comments, A devil, a born devil, on whose nature/Nurture can never stick... which explains why despite the teachings of Prospero, Caliban reacted on his instincts. Caliban is helpless among the civilized because is a way of life he could never fully understand. Even though Caliban is a man of a nature he should not be considered less honorable than any character from civilization. Citizens of society picture nature as ugly and unrefined, so this is how Shakespeare portrays Caliban, as a hideous beast. His appearance is meant to illustrate the immoral animal nature within him. Despite this immorality, Caliban posses purity and innocence, something that no man of society can claim he has. Caliban does not act to please others, rather his own pleasure is top priority. Shakespeare gives Caliban some fine poetry, ...Sounds and sweet airs, that give delight and hurt not./Sometimes a thousand twangling instruments... With this quote Caliban states that nature can be equally as charismatic as society. Caliban portrayed as evil, but he is not as soulless as Antonio, Prosperos brother. Antonio is from the civilized world, yet he produces corruption and ugliness far worse than that of Calibans nature. Basically, Caliban behaves disgustingly in the eyes of civilized society. Nevertheless, his background and environment which he grew up in accounts for these actions and justifies them. Shakespeare uses the character of Caliban to represent nature and to show readers that nature is not as bad as it appears to be at face value. Through Caliban readers can gain an understanding of those individuals who were not raised in the same atmospheres we were. With this awareness, a feeling of great sympathy is inflicted on the readers for those who are less

Earn a Doctorate Degree Online

Earn a Doctorate Degree Online Earning a doctorate degree online can improve your earning potential and qualify you for a variety of prestigious career options, all while learning from the comfort of your own home. As the highest degree attainable in the United States, a doctorate degree can prepare you to work in leadership positions, university-level professorships, or other highly skilled professions. But, how do you choose a doctorate degree online program? How much work does an online Ph.D. require? And, what payment options are available for online doctorate students? Read on. Who Should Earn a Doctorate Degree Online? Earning a doctorate degree online requires a significant commitment of time and money. The best students are those who are able to set aside study time each day and balance their studies with family and work responsibilities. Because most online doctorate degree programs are reading and writing focused, doctorate students should be highly literate. They should have advanced research skills, be articulate, and have the ability to comprehend complex texts. Additionally, students should be self-motivated and able to work independently. Keep in mind that earning a doctorate degree online may not automatically improve your salary. Most jobs requiring a doctorate degree offer a decent salary and a certain amount of prestige. However, many academic jobs such as professorships may pay less than jobs in the non-academic sector. When contemplating earning a doctorate degree online, research your future employment options to determine whether a new degree in your field will be worth it. Online Doctorate Degree Program Accreditation Many diploma mill schools offer the promise of â€Å"quick and easy† online doctorate degrees. Don’t fall for their tricks. Earning a doctorate degree online from an unaccredited school will be worthless. Many former diploma mill â€Å"students† have lost their jobs and their reputations by listing a diploma mill school on their resumes. Because the doctorate is a culminating degree, proper accreditation is especially important. When selecting an online doctorate degree program, your best bet is to choose a school accredited by one of the six regional accreditation organizations. These are the same organizations that accredit reputable brick-and-motor schools. If your school is accredited by one of the regional organizations, your degree should be accepted by most employers and your credits should be transferable to most other schools. What Else to Look for in an Online Doctorate Degree In addition to selecting an accredited program, study potential online doctorate programs to determine which suit your needs. How are classes held? Are there multimedia components? Must the degree be completed in a certain amount of time? Will you be assigned a mentor to help you through the difficult years ahead? Create a list of questions and interview a representative from each online doctorate program. In addition to completing courses, doctorate programs generally require students to pass in-depth subject-matter exams, write a dissertation, and defend their dissertation in a meeting with university faculty. Before enrolling in an online doctorate program, ask for a list detailing the college’s specific graduation requirements. Types of Doctorate Degrees Online Not all doctorate degrees can be earned through the internet. Some training, such as that received by medical doctors, must be highly supervised. However, many other doctorate degrees can be earned virtually. Some of the most popular online doctoral degrees include Doctor of Education (EdD), Doctor of Public Health (DPH), Doctor of Psychology (Ph.D.), and Doctor of Business Administration (DBA). Online Doctorate Degree Residency Requirements Most online doctorate degree programs require students to spend time taking classes or attending lectures on an actual campus. Some online programs require only a limited residency, asking students to attend a few weekend lectures or meetings. Other programs, however, may require a year or more of on-campus residency. Residency requirements are generally non-negotiable, so be sure that the online Ph.D. program you select has requirements that fit your schedule. Paying for a Doctorate Degree Online Earning a doctorate degree online can cost tens of thousands. While many brick-and-mortar schools offer doctorate students paid teaching fellowships, online students are not afforded this luxury. If your new doctorate degree will help you be a better employee, you may ask your employer to pay for a portion of your doctorate degree costs. Many graduate students qualify to take out government-subsidized student loans with lower-than-average interest rates. Additionally, private student loans are available from banks and lending institutions. Your online school’s financial aid advisor can help you determine which options are right for you. Don’t Give Up Earning a doctorate degree online can be a challenge. But, for the right student, the rewards are definitely worth it.

Discuss the relations between cultural claims, power and universal Essay

Discuss the relations between cultural claims, power and universal human rights - Essay Example To begin with, let us consider the controversy surrounding the design of the Australian flag. This case is representative of the ideological and power struggles that is rampant everywhere else in the world. The Australian flag evokes starkly different emotions from different sections of its populace. For the indigenous community, it denotes a selective and exclusivist interpretation of Australian history, which completely neglects pre-colonial heritage. For the majority of the European settlers, the blatant human rights violations perpetrated against innocent hordes of indigenous tribes do not evoke sympathy as much as colonial supremacy. This dual viewpoints of history is typical in the post-colonial societies elsewhere, with a marked shift between the sentiments of the ruling elite and the subaltern masses. As the authors point out, â€Å"These debates about the meaning of flags raise issues that point to the very foundations of international politics. States claim that they embody the identities of the peoples living within their territorial boundaries. These identities are a powerful force, even if they are sometimes contrived or imagined. The principle of state sovereignty is often upheld not just as a fundamental political and legal tool but also as the means of protecting the culture or cultures operating within the state’s boundaries†. (Brown, Bromley & Athreye, p.200) Over the course of the last century, states have claimed legitimacy to their causes using the language of rights. The hope lies therein for minorities and underprivileged within states to also employ the language of rights to claim their legitimate share of opportunity, prosperity and privilege. While traditionally, notions of cultural identity held sway over other abstract categorizations, the world of neo-liberal economic globalization has given precedence to universal human rights and justice. So, the

Islamic History Essay Example | Topics and Well Written Essays - 1250 words

Islamic History - Essay Example The history of foundation of Islam is clothed with the veils of legend and obscured by multiple conflicting accounts that make its true outline all but impossible to discern with any clarity. But it is incontrovertible that Northern-Arabia prior to Muhammad was a predominantly tribal environment, structured by exigencies of camel herding, trading, feuding, and raiding. The ‘civilized’ area of Arabia was not in the heartland where Islam was born, but rather had long been located in the coastal south and along the gulf. Inland, the only possible location for development of any sort of state was in the impoverished and remote region dominated by Mecca and the Quraysh clan, where ancient pilgrimage centers protected markets in perfume, leather, and other trade goods. But no such development occurred until the advent of Muhammad, who was born around 570, received his first revelations at the age of forty, undertook his momentous journey to Medina (the hijra) in 622 (year one in the Muslim calendar) and died in 632, having led his people in the conquest of the whole Arab peninsula, and having initiated their great and ultimately successful war against the surrounding Sasanid and Byzantine empires.The religion of Islam is from the Muslim point of view, â€Å"the religion of Abraham and Ishmael† the forefathers of the Muslims. According to Ibn al-Kalbi, who conveys also the belief of his predecessors, Ishmael settled in Mecca where he became the father of many children who supplanted the Amalekites of Mecca; to him is ascribed the origin of the Arabs. Arabs. The Qur'an states that Abraham and Ishmael "raised the foundation of the House" and established a "proper worship". The rites of the pilgrimage, the circumambulation, the visitation of the lesser pilgrimage, the vigil of Arafat, the sacrifice of the she-camels and the acclamation of the name of the deity "came down from the time of Abraham and Ishmael", according to Ibn al-kalbi, and they constitute a part of the religion.(Tamara) Islam had come upon the world scene in the seventh century in connection with the explosion of Arabic-speaking, horse mounted warriors out of the Arabian desert under the leadership of the Prophet Muhammad and his successors. The period of hemispheric history from 1000 to 1500 A.D., what we will call the Islamic Middle Period, witnessed a steady and remarkable expansion of Islam, not only as religious faith but as a coherent, universalist model of civilized life. The spread of Islam into new areas of the hemisphere during the Middle Period was given impetus by two major forces. One of these was the advance of Turkish-speaking of Muslim herding people from central Asia into the Middle East, a movement that began on a large scale with the conquests of the Seljuk Turks in the eleventh century. The second force was the gradual but persistent movement of Muslim merchants into the lands rimming the Indian ocean, that is, East Africa, India, Southeast Asia and China, as well as into Central Asia and West Africa south of the Sahara. A close look at the patterns of travel and migration in the post-Abbasid centuries reveals a quiet but persistent dispersion of legal scholars, theologians, Sufi divines, belle- lettrists, scribes and architects outward from the older centers of Islam to these new frontiers of Muslim military and commercial activity. (Spencer) The Islamic world in Ibn Battuta's time was divided politically into numerous kingdoms and principalities. Muslims on the move regarded the jurisdictions of states as a necessary imposition and gave them as little attention as possible. Their primary allegiance was to the Dar al-Islam as a whole. The terrible Mongol conquests of Persia and Syria that occurred between 1219 and 1258 appeared to Muslims to threaten the very existence of

An Inconvenient Turth Essay Example for Free

An Inconvenient Turth Essay My reason for picking this topic is, because I would like to know more about global warming. What are the real danger`s that we are facing due to global warming? What can we do to stop the exceeding rapid rates of global warming? I would like to imform other about the new knowledge that I obtain on the subect of globle warming. Al Gore tell how people use to Think about global warming that the world was big enough and we would never have a problem. He also describes global warming as when the sun`s radiation comes in, in the form of light waves passing through earth atmosphere to heat the earth,and then it is re-radiated back into space in the form of infrared radiation, and some of the out going infrared radiation is trapped by the earth atmosphere and warms it. This thin layer of atmosphere is being thicken by all of the global warming pollution that`s being put up there. He speaks of Mr. Roger Revelle as the first person to propose measuring carbon dioxide in the earth`s atmosphere. After the first years of data he intuited what it meant for what was to come. He and a team of other designed the experiment in 1957 with the help of Mr. Charles David Keeling. they started sending these weather balloons up every day. The results of his measurements after only a few years it was startling. He drew the connections between the larger changes in our civilization, and this pattern that was now visible in the atmosphere of the entire plant, and then he projected into then future where this was headed unless we make some adjustments. Mount Kilimanjaro had icecaps 30 years ago. and now it has all melted. Mr. Lonnie Thompson, studies glaciers, and predicts there will be no more snows of Kilimanjaro within the next decade. Its also is happening in Glacier National Park, and all around the world the ice is now gone. He mentions about CO2 and temperature, when there is more carbon dioxide, the temperature gets warmer. He speak of this not so much as a political issue,but a moral issue. It is deeply unethical. He had a lots of faith in the democratic system that these finding would be compelling enough to cause a real change but they were n`t. He speak about when the oceans get warmer that cause stronger storms leading to a lots of big hurricanes and a all time record in the U.S. of tornado, and in Japan record set for typhoons. He contribute the changing of the season to global warming and changing nature plans. He also says that the burning of forests and brush fires causes more co2 to be pit into the air.what all of this means is our ability to a have a future to live in the earth. I really enjoy the movie The movie was very informing I got a better idea about what is happening around the world. I agree with Al Gore something must be done. It was amazing to me about how everything connect together like a domino effect. I picture in my mind how all these great mountains all around us is melting which is changing the temperature of the sea, which cause many of the world`s disaster by storms. Man is destroying himself. It makes me think can we go back where their was not a lots of invention that polluted our air. Can we truly find a solution to this mas, mass, mass, problem are have we went to far of no return. I think about the air we breathe and the water we drink. I remember only about 40 yrs.ago when I was ten years old, my grandmother showed me where I could drink out a spring it was so clean and beautiful and fresh tasting, I hate to think if I when back there to drink what kind of substance would be in that water now. Everything is being effected our food, the animal niches,and season is changing we can`t tell winter from fall or spring from summer and the insects can`t tell neither. If we have gone to far to stop all the problems, why not do, what we can do, to correct what we can, for the future of our life on the earth.

Wonder Collar :: Animals Product Advertisement Essays

Wonder Collar Pet owners, you know that technology has given us great many tools to make life easier and happier for you and your pet. With things like invisible fencing and the microchip ID, you pet's safety is greatly increased. And with noise training products, you can live at peace with you pet humanely. But the problem with these products is that you have to buy four or five different products each with its own collar. It is impossible to use them all at one. Well this is a problem no longer with the WonderCollar. The WonderCollar is a all in one collar. NO more switching collars for training and for your fence. The best part is that you get to decide which products you want. By visiting our webpage, you can choose the options you want and your collar will then be custom made! Here is a look at some of the options featured on the WonderCollar. Noise Training Does your dog have a hard time listening to you? Are you at your wits end because your dog chews on the furniture, jumps on visitors, digs in the yard, or excessively barks and you have tired all the tricks in the book to get him to stop? Now there is help. Our system comes with a noise training option to help deter unwanted behaviors and to teach your dog some basic obedience. As we all know, there is a wrong way and a right way to use "trainers". That is why each of our products comes with a training manual and video, and we have a hotline available so that you can find the answer to any other questions you might have. Here is a closer look at the WonderCollar's noise training options. The Collar The remote training collar attachment allows you to "train without pain." It uses the same technology as a pager. A remote sends a signal to the collar, which then vibrates or produces a noise. There is a switch on the collar attachment that allows for eight levels of noise and three levels of vibration. Another switch allows you to choose the noise or vibration option, or both! The pager has a range of up to 100 ft. and can be used indoors and out-of-doors. The collar attachment has an internal antenna and is waterproof. Perfect for all types of environments. It also comes with an on/off safety switch. It is powered by a 6-volt battery pack that is interchangeable between all the WonderCollar's attachments. Wonder Collar :: Animals Product Advertisement Essays Wonder Collar Pet owners, you know that technology has given us great many tools to make life easier and happier for you and your pet. With things like invisible fencing and the microchip ID, you pet's safety is greatly increased. And with noise training products, you can live at peace with you pet humanely. But the problem with these products is that you have to buy four or five different products each with its own collar. It is impossible to use them all at one. Well this is a problem no longer with the WonderCollar. The WonderCollar is a all in one collar. NO more switching collars for training and for your fence. The best part is that you get to decide which products you want. By visiting our webpage, you can choose the options you want and your collar will then be custom made! Here is a look at some of the options featured on the WonderCollar. Noise Training Does your dog have a hard time listening to you? Are you at your wits end because your dog chews on the furniture, jumps on visitors, digs in the yard, or excessively barks and you have tired all the tricks in the book to get him to stop? Now there is help. Our system comes with a noise training option to help deter unwanted behaviors and to teach your dog some basic obedience. As we all know, there is a wrong way and a right way to use "trainers". That is why each of our products comes with a training manual and video, and we have a hotline available so that you can find the answer to any other questions you might have. Here is a closer look at the WonderCollar's noise training options. The Collar The remote training collar attachment allows you to "train without pain." It uses the same technology as a pager. A remote sends a signal to the collar, which then vibrates or produces a noise. There is a switch on the collar attachment that allows for eight levels of noise and three levels of vibration. Another switch allows you to choose the noise or vibration option, or both! The pager has a range of up to 100 ft. and can be used indoors and out-of-doors. The collar attachment has an internal antenna and is waterproof. Perfect for all types of environments. It also comes with an on/off safety switch. It is powered by a 6-volt battery pack that is interchangeable between all the WonderCollar's attachments.

Diffusion, Dialysis Essay

In Diffusion, Dialysis And Osmosis lab, we discovered that we were going to observe and understand the conditions under which diffusion, dialysis, and osmosis occur. Then we constructed models of diffusion, dialysis, and osmosis. We predicted that the direction of change would be from the membrane to the beaker. We understood how these processes affected the selectivity of the cell membrane. The second part of the lab was dealing with dialysis. In this part we studied starch and sodium chloride for dialysis activity. In Part A We hypothesized that NaCl existed in 1-3 and AgNO existed 2-4. In Part B We hypothesized that there will be more changes in the cell then outside the cell. In Part C We hypothesized that there will be a difference due to the different environments that are provide to help change the appearance of a molecule. Procedure A. Qualitative testing for sodium chloride and starch We got 6 clean test tubes and number them 1-6. Test tubes 1&2 had 5ml of 10% sodium chloride (NaCl). Test tubes 3&4 had 5ml of starch. Test tubes 5&6 had 5ml of distilled water. We added 2-3 drops of silver nitrate (AgNO )to 1,3,5. We added 2-3 drops of iodine solution to 2,4,6. B. Dialysis of a starch/sodium chloride mixture Get one dialysis tube and tie one end. Fill the bag with 5ml of 10% Sodium chloride solution and 5ml of starch solution from Part A. then tie the tube and place it in a beaker of distilled water. Leave the tube for 30 minutes. Afterwards test for the presence of starch and sodium chloride. Then split the solution into to test tubes and 2-3 drops of iodine into one test tube and 2-3 drops of AgNO in the other test tube. C. Osmosis using dialysis tubing as a model of the cell membrane Obtain 5 beakers and label them 1-5. Fill beakers 1-4 halfway with distilled water. And beaker 5 with 30% sucrose halfway. Obtain 5 dialysis tubes that will be filled with 10ml of different solutions. Tube 1 has distilled water, Tube 2 has 10% sucrose, Tube 3 has 20% sucrose, Tube 4 has 30% sucrose, and Tube 5 has distilled water. Tie the tubes and weigh each of them before placing them in there respected beakers. Every 15 minutes weigh the tubes to record the change. In Part B we found that outside test tube; salt existed and not sugar. But inside the test tubes both the starch and the salt existed in the two different tubes. In this part there weren’t any problems and we were successful in gathering the necessary results to move to the next section. This helping prove our hypothesis right because it meant that there would be more changes inside the cell than outside the cell. In Part C we found that Beaker 1 had no changes in weight. In Beaker 2 there were changes that ranged from 0-1. 1. In Beaker 3 there were changes that ranged from 0-2. 1. In Beaker 4 there were changes that ranged from 0-4. 8. In Beaker 5 there were changes that ranged from -2. 7-0. This is the results that my group gathered from another group that did well because our results were way off and inconsistent. So we were forced to use better results to find better explanations. We understood that the conditions under which osmosis is possible and to what degree it occurs. There were three different types of temperate environments. This helping prove our hypothesis right because it meant that different environments help change the appearance of a molecule.

Project Report on Cost Analysis of Rice Mill in India Essay

1.1 Introduction Rice is the staple food for 65% of the population in India. It is the largest consumed calorie source among the food grains. With a per capita availability of 73.8 kg it meets 31% of the total calorie requirement of the population. India is the second largest producer of rice in the world next to China. The all India area, production, and yield of rice in the year 2001-02 was 44.62 million hectares, 93.08 million tons and 2086 kg/ ha respectively. In India paddy occupies the first place both in area and production. The crop occupies about 37 % of the total cropped area and 44% (2001-02 position) of total production of food grains in India. West Bengal is the leading producer of paddy in the country. It accounts for 16.39% of the total production, and the other leading states are Uttar Pradesh (13.38%), Andhra Pradesh (12.24%), Punjab (9.47%), Orissa (7.68%) and Tamil Nadu (7.38%); the remaining states account for 33.45% of the production. India is also one of the leading exporters of rice in the world market. India’s export of rice stood at 23.89 lakh MT in 1997-98. The corresponding value of foreign exchange earned was to the tune of Rs. 3371.00 crore in 1997-98. Indian Basmati Rice has been a favorite among international rice buyers. Following liberalization of international trade after World Trade Agreement, Indian rice will become highly competitive and has been identified as one of the major commodities for export. Look more:  capital budgeting examples essay This provides us with ample opportunity for development of rice based value-added products for earning more foreign exchange. Apart from rice milling, processing of rice bran for oil extraction is also an important agro processing activity for value addition, income and employment generation. Many of the rice processing units are of the traditional huller type and are inefficient. Modern rice mills are having high capacity and are capital intensive, although efficient. Small modern rice mills have been developed and are available in the market but the lack of information is a bottleneck in its adoption by the prospective entrepreneur. The present model will go a long way in bridging the information gap. 1.2 Description of Rice Milling Operations Paddy in its raw form cannot be consumed by human beings. It needs to be suitably processed for obtaining rice. Rice milling is the process which helps in removal of hulls and barns from paddy grains to produce polished rice. Rice forms the basic primary processed product obtained from paddy and this is further processed for obtaining various secondary and tertiary products. The basic rice milling processes consist of: 1. Pre Cleaning: Removing all impurities and unfilled grains from paddy 2. De-stoning: Separating small stones from paddy 3. Parboiling (Optional): Helps in improving the nutritional quality by gelatinization of starch inside the rice grain. It improves the milling recovery percent during de-shelling and polishing / whitening operation 4. Husking: Removing husk from paddy 5. Husk Aspiration: Separating the husk from brown rice/ unhusked paddy 6. Paddy Separation: Separating the unhusked paddy from brown rice 7. Whitening: Removing all or part of the bran layer and germ from brown rice 8. Polishing: Improving the appearance of milled rice by removing the remaining bran particles and by polishing the exterior of the milled kernel 9. Length Grading: Separating small and large brokens from head rice 10. Blending: Mixing head rice with predetermined amount of brokens, as required by the customer 11. Weighing and bagging: Preparing the milled rice for transport to the customer The flow diagram of the various unit operations are as follows: Figure 1: Block Diagram of Rice Processing 1.3 Status of Rice Milling Units in India Rice milling is the oldest and the largest agro processing industry of the country. At present it has a turnover of more than 25,500/- crore per annum. It processes about 85 million tons of paddy per year and provides staple food grain and other valuable products required by over 60% of the population. Paddy grain is milled either in raw condition or after par-boiling, mostly by single hullers of which over 82,000 are registered in the country. Apart from it there are also a large number of unregistered single hulling units in the country. A good number (60 %) of these are also linked with par-boiling units and sun -drying yards. Most of the tiny hullers of about 250-300 kg/hr capacities are employed for custom milling of paddy. Apart from it double hulling units number over 2,600 units, underrun disc shellers cum cone polishers numbering 5,000 units and rubber roll shellers cum friction polishers numbering over 10,000 units are also present in the country. Further over the years there has been a steady growth of improved rice mills in the country. Most of these have capacities ranging from 2 tons /hr to 10 tons/ hr. 1.4 Need for Improved Rice Mills The recovery of whole grains in a traditional rice mill using steel hullers for dehusking is around 52-54%. There is excessive loss in the form of coarse and fine brokens. Further loss of large portion of endosperm layers during the dehusking operation further accentuates the problem. Against it, the recovery percent of whole grains in modern rice mills using rubber roll shellers for dehusking operation is around 62-64%. The whole grain recovery percent further increases to 66-68% in case of milling of parboiled paddy. Thus it can be seen that there is an overall improvement of recovery of whole grains by about 10-14% if one uses rubber roll shellers for rice milling operations. The conversion ratio (i.e. recovery % of various final product and byproduct for every 100 kg feed of raw paddy) for these improved rice mills are can be as follows: 1. Percent of milled rice : 62-68%2. Percent of rice bran : 4-5% 3. Percent of rice husk : 25% 4. Percent of germ wastages : 2%-8% It has been observed that dehusking using rubber roll shellers reduces the risk of breaking the grain because husk is pulled off almost at once and pressure is applied by means of resilient surfaces across the width of the grain, where kernels, generally are much more uniform than they are by length. Moreover, the process does not remove the internal epidermis of the husk. Thus the deshelled grains with their silver skin envelope are protected against scratches and keep longer and better while the silver skin and the germ increases the quantity of bran which is produced while whitening. The improved rice mills have a better husk and rice bran aspiration system. The same prevents mixing of fine brokens with rice bran. Therefore the quality of rice bran obtained is better. It has also been observed that the location of rice mills are confined to a few selected production centers. Their development as a village level agro processing unit is yet to take a proper shape. In the absence of village level rice milling unit, the farmers have to travel great distances for milling the rice. This leads to increased transportation and handling losses. Thus there is a need to develop improved rice mills as a village level agro processing unit for bringing about technical up-gradation and development of the sector. Value addition and generation of gainful and sustainable employment opportunities are the other possible benefits arising out of this agro processing industry. The Central Govt. is also providing a big boost towards the development of this industry. It has since repealed w.e.f. May 27, 1998 the Rice Milling Industry (Regulation) Act, 1958 and Rice Milling Industry (Regulation and licensing) Rules, 1959. Further, rice milling sector which was earlier reserved for the small scale sector, have now been de-reserved. As such, no license/ permission is now required for setting up a rice mill. 1.5 Rice Husk Gasifier A rice husk gasifier aims at using wastes from rice mills to fuel a spark-ignition engine that will drive a generator to produce electricity. Instead of dumping rice husks along roadsides, it can now be converted into valuable fuel that can help in substituting the energy required at the mill itself. The gasifier basically employs a moving-bed downdraft gasifier reactor developed by CRHET in combination with a gas-conditioning device that removes impurities from the gas thereby making it highly suitable fuel for heat engines. The gasifier produces a clean gas with a very low amount of black carbon (i.e., only 50 um/m3of gas), and so the gas coming out of the muffler of an engine is also clean. CO2 emission is Operation of the likewise relatively low of about 0.6 kg per ton of rice husks. Figure 2: Block Diagram of Rice Husk Gasifier 1.6 Problem Description The Rice milling is the process that helps in removal of hulls and bran’s from paddy grains to produce polished rice. Rice is rich in genetic diversity with thousands of varieties grown throughout the world. Rice has been one of man’s most important foods. Today, this unique grain helps sustain two-thirds of the world’s population. It is life for thousands of millions of people. It is deeply embedded in the cultural heritage of their societies. About four-fifths of the world’s rice are produced by small-scale farmers and are consumed locally. The major portion of the paddy is being processed through hullers. The hullers are usually low capacity mills. In these hullers, both shelling and polishing operations are carried out simultaneously. Hence, there is no control on the polishing of rice, bran and a higher breakage of rice occurs. Today the number of middle class people is rising who want good quality of food. Thus a number of small, technically advance rice mills are being set up to meet the quality needs of the people and substitute for huller mill, to get polished rice, rice bran and paddy husk. In this project, profit analysis of a small scale technically advance rice mill is carries out using the business case of Jay Laxmi Rice Mill, Bazpur in Udham Singh Nagar district in the state of Uttarakhand. It has a nominal capacity of 4000kg/hr. It has been built for the production of raw rice. The relation between the cost of capital and the net present value of the project was developed. The internal rate of return was determined by finding the appropriate discounting rates for which the net present value is zero. Sensitivity analysis of various factors like paddy price, raw rice price, bran price versus internal rate of return and the net present value of the project were done to estimate profit. Also, the owner want to know the effect on internal rate of return and net present value if the husk produced is used for generating electricity for the plant. What is the minimum percentage of electricity consumption that should be substituted by rice husk gasifier such that the process is profitable? There are a lot of bottlenecks and unforeseen problems in estimating it. The owner needs to know the fixed and variable costs for operating this. The market forces decide the price/unit of raw rice in the market. Thus, the owner has to follow the supply demand dynamics and price its product. To maintain a pre-defined profit margin the owner should know its revenue and costs and aim to increase its revenue and decrease its costs. These problems are discussed and solved in this report. 1.6 Objectives On the light of the above discussion the following objectives will be addressed in this investigation: * Obtaining an exhaustive asset list along with its initial cost, life and salvage value to compute the Net Present Value, Payback Period and Internal Rate of Return of the project. * To create a programme in C and obtain a relationship between Internal Rate of Return (IRR) and yearly cash flow generated. * To obtain relationship between Net Present Value and Cost of Capital * To obtain relationship between Net income, Internal Rate of Return and Net Present Value * To perform sensitivity analysis for the owner on the basis of: * Buying price of Paddy versus Internal Rate of Return and Net Present Value * Selling price of Raw Rice versus Internal Rate of Return and Net Present Value * Selling price of Bran versus Internal Rate of Return and Net Present Value * Salvage value versus Internal Rate of Return and Net Present Value * To find the minimum percentage of total electricity consumption that should be generated from Rice Husk Gassifier so that the process is economic and obtain a relationship between percentage electricity substituted from the husk gassifier, Internal Rate of Return and Net Present Value. Chapter 2: Review of Literature ————————————————- This is a specific case study partening to Jay Laxmi Rice Mill at Bazpur in Udham Singh Nagar district in the state of Uttarakhand. This case study is an analysis of the establishment and functioning of small scale modern rice mill in India. It is neither a story of spectacular success, nor of a spectacular failure as case studies usually are. Rather, it is written with a purpose of illustrating the complexity of factors that enter into the establishment and functioning of an enterprise in a low income economy. These factors often distort both the factor and the product prices and make it difficult to measure the efficiency of an enterprise with the usual yardsticks of cost-benefit analysis. In conducting the analysis the classical analytical tools have been used. These tools take into account the Time Value of Money and are the core topics in books on Engineering Economics. The equations used in the analysis of the project have been taken from the book on ‘Essentials of Engineering Economics’ by James L. Riggs and Thomas M. West. The current market price of the assets used in the rice mill has been obtained from Satake, Japanese manufacturer and supplier of rice mill machinery. The Kolkata representative of Satake recommends the market price and setting up cost. The list of assets used in Rice Husk Gasifier, their current market price and salvage value were obtained from the various sites. The papers on ‘Electricity generation from rice husk in indian rice mills’ and ‘Rice husk gasifier for melting and reheating process’ helped me in detailed understanding of the rice husk gassifier. Keeping all these study in mind, I have perform the sensitivity analysis of various factors like paddy price, raw rice price, bran price versus the internal rate of return and the net present value of the project. Also found out the relationship between factors like Cost of Capital, Net Present Value and Internal Rate of Return. Chapter 3: Problem Solving ————————————————- 3.1 Important Terminology Time Value of Money: * It is the idea that money available at present time is worth more than the same amount in the future due to its potential earnings capacity. * Thus any amount of money is worth more the sooner it is received. For example, assuming a 5% interest rate, $100 invested today will be worth $105 in one year ($100 multiplied by 1.05). Cash Flow Diagram: * A cash flow diagram is a tool used to represent the transactions which will take place over the course of a given project. * Transactions can include initial investments, maintenance costs, projected earnings or savings resulting from the project, as well as resale salvage value of equipment at the end of their lives. * Cash inflow is positive e.g. – revenue, resale salvage value * Cash outflow is negative e.g. – cost of equipments and set-up, disbursements etc. Figure 3: Cash Flow Diagram Resale Salvage Value: The estimated value that an asset will realize upon its sale at the end of its useful life. The salvage value is used in conjunction with the purchase price and accounting method to determine the amount by which an asset depreciates each period. For example, with a straight-line basis, an asset that cost $5,000 and has a salvage value of $1,000 and a useful life of five years would be depreciated at $800 ([$5,000 – $1,000]/5 years) each year. Within the tax system, when a person donates a car he or she receives a tax deduction. The value of this deduction depends on the salvage value of the car. This salvage value is determined to be the current fair market value that could be obtained had the car been sold on that day rather than donated. Disbursements: Money paid out in the discharge of a debt or expense. Disbursements can include money paid out to run a business, spending cash, dividend payments, and/or the amounts that a lawyer might have to pay out on a person’s behalf in connection with a transaction. When money is disbursed, it is a cash outflow. Cash flow is a measure of the cash inflow, revenue, and cash outflows, or disbursements. Ideally, there will be more money flowing in than flowing out. If cash flow is negative (in other words disbursements are higher than revenues), it can be an early warning of potential insolvency. Internal Rate of Return (IRR): The discount rate often used in capital budgeting that makes the net present value of all cash flows from a particular project equal to zero. Generally speaking, the higher a project`s internal rate of return, the more desirable it is to undertake the project. As such, IRR can be used to rank several prospective projects a firm is considering. Assuming all other factors are equal among the various projects, the project with the highest IRR would probably be considered the best and undertaken first. IRR as the rate of growth a project is expected to generate. While the actual rate of return that a given project ends up generating will often differ from its estimated IRR rate, a project with a substantial higher IRR value than other available options would still provide a much better chance of strong worth. IRR can also be compared against prevailing rates of return in the securities markets. If a firm cannot find any project with IRRs greater than the returns that can be generated in the financial market, it may simply choose to invest its retained earnings into the market. IRR (before tax) of a business venture / commercial project can be computed when all the cash flows (P, R, D, F) and lives (n) of assets are given. It is calculated by equating the Net Present Value (NPV) to zero. The corresponding value of ‘i’ is the IRR. Payback period: Payback Period in capital budgeting refers to the period of time required for the return on an investment to â€Å"repay† the sum of the original investment. For example, a $1000 investment which returned $500 per year would have a two year payback period. The time value of money is not taken into account. Payback period intuitively measures how long something takes to â€Å"pay for itself.† All else being equal, shorter payback periods are preferable to longer payback periods. Payback period is widely used because of its ease of use despite the recognized limitations described below. Useful Life: Period during which an asset or property is expected to be usable for the purpose it was required. It may or may not correspond with the item`s actual physical life or economic life. The length of time that a depreciable asset is expected to be usable is its useful life. Cost of Capital: The required return necessary to make a capital budgeting project, such as building a new factory, worthwhile. Cost of capital includes the cost of debt and the cost of equity. It determines how a company can raise money (through a stock issue, borrowing, or a mix of the two). This is the rate of return that a firm would receive if it invested in a different vehicle with similar risk. The cost of capital is a term used in the field of financial investment to refer to the cost of a company’s funds (both debt and equity), or, from an investor’s point of view â€Å"the shareholder’s required return on a portfolio of all the company’s existing securities†. It is used to evaluate new projects of a company as it is the minimum return that investors expect for providing capital to the company, thus setting a benchmark that a new project has to meet. For an investment to be worthwhile, the expected return on capital must be greater than the cost of capital. The cost of capital is the rate of return that capital could be expected to earn in an alternative investment of equivalent risk. If a project is of similar risk to a company’s average business activities it is reasonable to use the company’s average cost of capital as a basis for the evaluation. A company’s securities typically include both debt and equity, one must therefore calculate both the cost of debt and the cost of equity to determine a company’s cost of capital. However, a rate of return larger than the cost of capital is usually required. Market Price: Market price is the economic price for which a good or service is offered in the market place. Market pricing is primarily determined by the interaction of supply and demand. Price is interrelated with both of these measures of value. The relationship between price and supply is generally negative, meaning that the higher the price climbs, the lower amount of supply is demanded. Market price is just the price at which goods and services are sold. Price, the amount of goods for which a product is sold, may be seen as a financial expression of the value of the product. Setting the right price is an important part of effective marketing, being the only part of the marketing mix that generates revenue, as product, promotion, and place are all about marketing costs. Price is also the marketing variable that can be changed most quickly. Collin Ta’eed’s ‘Making Money’ describes pricing strategy as a difficult task that depends on nine major factors. They are as follows: 1. Total Costs: If the market price doesn`t include enough just to break-even, one is heading for trouble. The best thing to do is sum up all costs and divide by the number of hours that can be billed a year. This doesn`t include sick days, holidays, and hours working on the business, hours with no work and so on. All hidden costs must be factored. E.g.: insurance, invoices that never get paid for one reason or another, and taxes. 2. Profit: The aim of every business is to make money. Profit is the target money one wants to make above breaking even. Profit is affected by the revenue generated which in turn depends on market price. 3. Market Demand: The concept of demand – supply states that if what one does is in high demand, then make your services more expensive. Conversely if there`s hardly any work around, then decide the market price based on competitors pricing strategy. Signs that demand are high include too much work coming in, other freelancers being overloaded and people telling you they`ve been struggling to find someone to do the job. Signs that demand are low include finding yourself competing to win jobs, a shortage of work and fellow freelancers re-entering the workforce. 4. Industry Standards: It is a technical standards used in business. It is based on the industry market price, value for money, services offered etc. in order to fit in the market, one must adhere to industry standards. 5. Skill Level: Different people, depending on the result they produce, possess a different skill level. When applies to companies, it implies that the market price must be commensurate with the company`s skill. 6. Experience: Although often bundled with skill, experience is a different factor altogether. Experience affects how much a company must charge. E.g.: You may have two very talented photographers, but one with more experience might have better client skills, be able to foresee problems (and thus save the client time and money), and intuitively know what`s going to work for a certain audience and so on. 7. Business Strategy Adopted: Business strategy or angle will make a huge difference to the pricing strategy. E.g.: Think about the differences between Revlon and Chanel, the two could make the same perfume but you would never expect to pay the same for both. Pitching oneself in front of the target customers helps define a company as cheap and cheerful, high end or somewhere in between. This largely affects the market price as people are ready to pay a premium for high end goods. 8. Service Offered: Services are an intangible equivalent of economic goods. Service provision is often an economic activity where the buyer does not generally, except by exclusive contract, obtain exclusive ownership of the thing purchased. The benefits of such a service, if priced, are held to be self-evident in the buyers` willingness to pay for it. Public services are those societies as a whole pays through taxes and other means. The services that a company provides for its clients make a big difference to its price tag. For example you might be a freelancer, who will do whatever it takes to get a job just right, or perhaps you are on call 24-7, or perhaps you provide the minimum amount of communication to cut costs. Whatever the case, adjusting the pricing to the type and level of service provided is a must. 9. Market Segment: Prices will often vary for different clients. This happens for a few reasons. Some clients require more effort, some are riskier, some are repeat clients, some have jobs you are dying to do, some you wouldn`t want to go near with a stick. Thus these factors must be taken into account while pricing a commodity. Fixed Costs: A cost that does not change with an increase or decrease in the amount of goods or service produced. Fixed costs are expenses that have to be paid by a company, independent of business activity. It is one of the two components of the total cost of a good or service, along with variable cost. Fixed costs are defined as expenses that do not change as a function of the activity of a business, within the relevant period. E.g. rent, property tax, insurance, or interest expense. An example of a fixed cost would be a company`s rent on a building. If a company has to pay $10,000 each month to cover the cost of the rent but does not manufacture anything during the month, the rent payment is still due in full. In economics, a business can achieve economies of scale when it produces enough goods to spread fixed costs. For example, the $100,000 lease spread out over 100,000 widgets means that each widget carries with it $1 in fixed costs. If the company produces 200,000 widgets, the fixed cost per unit drops to 50 cents. Variable Costs: A corporate expense that varies with production output. Variable costs are those costs that vary depending on a company`s production volume; they rise as production increases and fall as production decreases. Variable costs differ from fixed costs such as rent, advertising, insurance and office supplies, which tend to remain the same regardless of production output. Variable costs can include direct material costs or direct labor costs necessary to complete a certain project. For example, a company may have variable costs associated with the packaging of one of its products. Conversely, when fewer of these products are sold the costs for packaging will consequently decrease. Marketing Costs: It is the amount of money spent on advertisement, distribution and selling of finished goods in the market. It has components of fixed and variable costs. It is difficult to obtain an estimate of the marketing cost. Hence, it is taken as a percentage of total costs and added to it. Total Costs: Total costs (TC) describes the total economic cost of production and is made up of variable costs, which vary according to the quantity of a good produced and include inputs such as labour and raw materials, plus fixed costs, which are independent of the quantity of goods produced and include (capital) that cannot be varied in the short term, such as buildings and machinery. Total cost in economics includes the total opportunity cost of each factor of production as part of its fixed or variable costs. If one assumes that the unit variable cost is constant, as in cost-volume-profit analysis developed and used in cost accounting by the accountants, then total cost is linear in volume, and given by: total cost = fixed costs + unit variable cost * quantity. Figure 4: Total Cost = Fixed Cost + Variable Cost Revenue: In business, revenue is income that a company receives from its normal business activities, usually from the sale of goods and services to customers. Revenue may refer to business income in general, or it may refer to the amount, in a monetary unit, received during a period of time. Profit: It is the difference between a firm`s total revenue and all costs. It is the positive gain from an investment or business operation after subtracting for all expenses. It is the opposite of loss. Profit = Total Revenue – Total Costs Profit is the money a business makes after accounting for all the expenses. Regardless of whether the business is a couple of kids running a lemonade stand or a publicly traded multinational company, consistently earning profit is every company`s goal. The path toward profitability can be long. For example, online bookseller Amazon.com was founded in 1994 and did not produce its first annual profit until 2003. Many startups and new business fail when the owners run out of capital to sustain the business. Profit Before Tax: A profitability measure that looks at a company`s profile before the company has to pay corporate income tax. This measure deducts all expenses from revenue including interest expenses and operating expenses, but it leaves out the payment of tax. This measure combines all the company`s profits before tax, including operating, non-operating, continuing operations and non-continuing operations. PBT exists because tax expense is constantly changing and taking it out helps to give an investor a good idea of changes in a company`s profits or earnings from year to year. 3.2 Data Procurement Data required for analysis * List of Assets * Cost Spent on assets at t=0 * Useful life of each asset * Resale salvage price of each asset * Average repair and maintenance cost per year * Administrative cost per year * Fixed expenses incurred per year like rent, wages etc. * Variable costs involved in rice production * Quantity of rice, bran, husk produced * Unit price of raw material (paddy) and products (rice, bran, husk) The current asset price, useful life and salvage value was provided by Satake. Refer: Appendix A, Table 1.1. Data Description Each asset has a list of the following variables (whichever is applicable) * Quantity * Model type * Capacity * Electrical Rating * Market Price Data required for analysis of Rice Husk Gassifier * List of assets * Cost Spent on assets at t=0 * Useful life of each asset * Resale salvage price of each asset It is obtained from various sites online. Refer: Appendix B, Table 2.1. 3.3 Specifications and Assumptions Some specific data: * Capital Expenditure incurred = Rs. 9,05,04,240 * Capacity of Rice Mill = 4 tons per hour * Maximum Run = 270 days * 16 hours * Annual Requirement of Paddy at installed capacity = Capacity*Maximum Run = 17280 Metric Tonnes per year * The yield of rice is Particulars| Yield Percentage| Annual Yield (in MT)| Raw Rice| 65| 11232| Husk| 21| 3628.80| Broken Rice| 4| 691.20| Rice Bran| 8| 1382.40| Rejected Rice| 1| 172.80| Impurities| 1| 172.80| * Price of Paddy in the market = Rs. 1250 per quintal * Market Price of Raw Rice = Rs. 2000 per quintal * Market Price of Broken Rice = Rs. 1400 per quintal * Market Price of Bran = Rs. 1500 per quintal * Market Price of Husk = Rs. 320 per quintal Assumptions: * The plant is assumed to run for 270 days (approximate value for the rice mill) for calculations pertaining to profitability of rice mill. * The salvage cost is unknown and is taken as 10% of total assets cost. * Quantity of raw rice produced = Quantity of raw rice sold. No inventory is utilized. * No wastage of products and byproducts. 3.4 Solution Approach Payback Period Payback Period Internal Rate of Return Internal Rate of Return Net Present Value Net Present Value Solutions Solutions Net Present Value: * It is the algebraic sum of all cash flows pertaining to the project discounted to present time (t=0) at a chosen rate (i.e. Cost of Capital) NPV= -P+R-DÃâ€"1+in-1i*1+in+SÃâ€"11+in Where, P = Cost of Asset spent at time t=0 R = Revenue Income D = Disbursements S = Resale Stock Salvage Value i = Cost of Capital n = Number of Periods (Useful life of asset) Internal Rate of Return: The internal rate of return on an investment or project is the â€Å"annualized effective compounded return rate† or â€Å"rate of return† that makes the net present value (NPV) of all cash flows (both positive and negative) from a particular investment equal to zero. Payback Period: It is calculated by calculating Cumulative Cash Flow = (Net Cash Flow Year 1 + Net Cash Flow Year 2 + Net Cash Flow Year 3 †¦ etc.) Accumulate by year until Cumulative Cash Flow is a positive number: that year is the payback year. k= ln⠁ ¡(R-DR-D-P*i)ln⠁ ¡(1+i) Where, K = Payback Period P = Cost of Asset spent at time t=0 R = Revenue Income D = Disbursements i = Cost of Capital For calculation of Profit obtained Profit Function = Revenue generated – Cost Incurred Revenue generated = ∑(Qi*pi) Where, Qi = Quantity of commodity i sold per year pi = Unit Price of commodity i in the market Cost Incurred = Fixed Costs (FC) + Variable Costs (VC) Refer: Appendix A, Table 1.3 and Table 1.4. Chapter 4: Results and Discussions ————————————————- Result 1: For initial estimated values of input parameters * Initial Project Cost incurred at t=0 (P) = Rs. 90504240 (Refer: Appendix A, Table 1.2) * Gross Revenue Income (R) = Rs. 266664960/year (Refer: Appendix A, Table 1.4) * Operating Expenditure/ Disbursement (D) = Rs. 223860420/year (Refer: Appendix A, Table 1.3) * Salvage Value /Resale Value (S) = Rs. 6707544, * Useful life of assets (n) = 20 years, * Cost of Capital (i) = 15% Figure 5: Cash Flow Diagram at estimated values of input parameters Refer: Appendix A, Table 1.5. Using engineering economics equations (Refer Chapter 3, section 3.4 – Solution Approach), we have found * NPV= -90504240+266664960-2435595801+0.1520-10.15*1+0.1520+6707544[11+0.1520] = Rs. 54529825.06 * IRR = 25.27% at NPV = 0 * Payback period, k= ln(266664960-243559580266664960-243559580-90504240*0.15)ln(1+0.15) = 6.34 years Figure 6: C programme for calculating IRR Refer: Appendix C. This is the C programme return to calculate the IRR of any cash flow correct upto two decimal places. This programme can be used for any type of cash flows. Result 2: The following two graphs depict the relation of Cost of Capital with NPV and Payback Period. Figure 7: Effect of Cost of Capital on NPV Refer: Appendix A, Table 1.6. This graph helps obtain an estimate of the NPV based on the Cost of Capital. In order to get higher NPV, the Cost of Capital should be less. With a variation of 10% in the Cost of Capital, from 11% to 20% the NPV decreases substantially from 94 million INR to 22 million INR. Figure 8: Effect of Cost of Capital on Payback Period Refer: Appendix A, Table 1.6 This graph helps obtain the estimate of the Payback period based on the Cost of Capital. In order to get lesser Payback Period, the Cost of Capital should be less. With a variation of 11% in the Cost of Capital, from 10% to 20% the Payback Period increases substantially from 3.56 years to 10.95 years. Discussion: The value of Cost of Capital is varied over a feasible range of 10% to 20% and the corresponding values of NPV and Payback period. If the Cost of Capital decreases, the NPV of the firm increases while the Payback Period of the firm will reduce as expected from the formulae of NPV and Payback Period – Refer Chapter 3, section 3.4 – Solution Approach. Result 3: The following two graphs depict the relation of cost of unit amount of paddy (raw material cost) with NPV and IRR. 1 Unit = 1 Quintal Figure 9: Effect of unit Paddy Price on NPV Refer: Appendix A, Table 1.7. This graph helps obtain an estimate of the NPV based on the cost of unit amount of paddy. The graph shows more or less a linear variation as expected. In order to get higher NPV, the cost of raw material should be less. A large variation could be seen in the NPV i.e. from 324 million INR to -216 million INR, when the price of paddy varies from 1000 INR per quintal to 1500 INR per quintal, keeping all other market price and other factors constant. In India, the Government of India fixes the minimum paddy price to save the interests of the farmers. So, if the price of the paddy goes above 1300 INR per quintal, the firm will not be beneficial at all instead will start incurring a loss. Figure 10: Effect of unit Paddy Price on IRR Refer: Appendix A, Table 1.7 In the graph the effect on IRR for different unit price of Paddy is shown. As the price of paddy increases from 1000 INR per quintal to 1350 INR per quintal, the IRR decreases substantially from 73.26% to 2.99% in eight uniform steps. Discussion: For a fixed market price of Raw Rice, NPV and IRR decreases substantially with increase in unit price of Paddy. This is an obvious conclusion from the NPV equation – Refer Chapter 3, section 3.4 – Solution Approach. As the unit price of paddy rises, the operating cost also starts increasing thus our annuity per year will decrease. With decrease in NPV and IRR, the payback period also increases. Result 4: In the following two graphs the unit price of Raw Rice (product) is varied to see the effect on the NPV and IRR. 1 Unit = 1 Quintal Figure 11: Effect of unit Raw Rice Price on IRR Refer: Appendix A, Table 1.8 This graph helps obtain the NPV of the firm based on the unit market price of Raw Rice. As the unit market price of Raw Rice increases, the Gross Revenue Income increases substantially which leads to increase in NPV. This graph shows linear variation with unit price of Raw Rice as expected. A large variation could be seen in the NPV i.e. from -191.5 million INR to -441.2 million INR, when the price of raw rice varies from 1650 INR per quintal to 2550 INR per quintal, keeping all other market price and other factors constant. With 1% increase in the unit market price of Raw Rice, the NPV of the firm increases substantially by 25.784%. If the unit market price of Raw Rice is above 1920 INR per quintal, the firm will be beneficial and below that price it will be running in loss. Figure 12: Effect of unit Raw Rice Price on IRR Refer: Appendix A, Table 1.8 In the graph, the variation of IRR for different unit market price of Raw Rice is studied. The unit market price of Raw Rice is varied in a feasible range of 1850 INR to 2550 INR, to estimate the effect on IRR. The IRR of the firm increases substantially from 3.71% to 93.79% in twelve uniform steps. This happens because as the unit market price of Raw Rice increases, the gross revenue income also increases which increases the IRR of the firm and reduce the payback period. Discussion: The unit market price of Raw Rice is required to estimate the profit that can be earned. As the unit price of Raw Rice increases, the gross revenue income increases and thus the NPV and IRR of the firm increases substantially. If the revenue increases, the payback period of the firm will reduce. If the unit market price falls beyond a certain point i.e. 1920 INR per quintal, the firm will start incurring loss. These graphs help in setting competitive market price of Raw Rice. Result 5: The following two graphs show the effect of unit market price of Bran (byproduct) on the NPV and IRR of the firm. 1 Unit = 1 Quintal Figure 13: Effect of unit Bran Price on NPV Refer: Appendix A, Table 1.9 This graph helps obtain the NPV of the firm based on the unit market price of Bran. The NPV of the firm increases from 11.27 million INR to 141 million INR in fifteen equal steps assuming 50 INR hike in unit market price of Bran at every step. This graph shows linear variation with unit price of Raw Rice as expected. With 1% increase in the unit market price of Bran, the NPV of the firm increases substantially by 2.38%. Figure 14: Effect of unit Bran Price on IRR Refer: Appendix A, Table 1.9 Since with the increase in the unit market price of Bran the NPV of the firm increases, therefore IRR of the firm also increases. With 1% increase in the unit price of Bran the IRR increases about 0.24%. This graph shows more or less a linear variation. The IRR of the firm increases from 17.20% to 40.76% as the price of Bran increases from 1000 INR per quintal to 2500 INR per quintal. Discussion: The unit market price of Bran, a byproduct, also has substantial effect on gross revenue income as it forms 8% part of the total outcome which is about 1382.40 Metric tons. Today market price of Bran is about 1500 INR per quintal through which 20.736 million INR revenue is generated per year. Since, an increase in unit market price of Bran increases the gross revenue income, the NPV and IRR of the firm also increases. With increase in revenue, the payback period of the firm decreases. Result 6: Figure 15: Effect of Salvage on NPV Refer: Appendix A, Table 1.10 Figure 16: Percentage change in NPV with percentage change in Salvage Value Refer: Appendix A, Table 1.10 Basic Assumption: Salvage value is hard to define as it is the future value of 20 years down the line from now. Hence it is assumed to be certain percentage of the total assets cost. It is assumed to be 10% of the total assets cost incurred and is discounted to today’s value at a rate of 15% to find the Net Present Value of the firm. The salvage value can vary over a range of 5% to 20% of the total assets cost. The NPV changes from -0.5% to 0.75% i.e. from 54.32 million INR to 54.94 million INR by changing the salvage value by -5% to 10% i.e. from 5% to 20% of the total assets cost. Discussion: The NPV of the firm doesn’t increases substantially with increase in the salvage value of the assets. The graph shows a straight line variation as expected. With 1% increase in salvage value the NPV increase by 0.075%. This increase in the NPV is negligible, therefore, even if the assumed resale value of the assets change in the future, it will not affect the calculations done in this case study for the profitability analysis of Jay Laxmi Rice mill. Result 7: The following two graphs will help in assessing the economy of generating electricity from husk (by product) using Rice Husk Gassifier. Figure 17: Effect of percentage of Total electricity requirement that is substituted by Rice Husk Gasifier on NPV Refer: Appendix B, Table 2.3 The graph shows that the NPV of the firm increases linearly as the amount of electricity produced by the husk Gasifier increases as expected. The NPV of the firm increases from 51 million INR to 89 million INR as the amount of electricity that is substituted by the Rice Husk Gasifier increases from 65% to 100% of total electricity requirement. The minimum amount of total electricity that should be produced from husk so that the firm has the same NPV as before implanting the husk gasifier is 68.8% Figure 18: Effect of percentage of Total electricity requirement that is substituted by Rice Husk Gasifier on IRR Refer: Appendix B, Table 2.3 This graph shows the variation of the IRR of the firm with respect to the percentage of the total electricity requirement that is substituted by Rice Husk Gasifier. The graph shows an expected linear increase in IRR as the amount of electricity produced by the husk Gasifier increases. The IRR of the firm increases from 24.52% to 31.32% as the amount of electricity that is substituted by the Rice Husk Gasifier increases from 65% to 100% of total electricity requirement. Discussion: To be economic at least 68.8% electricity requirement needs to be generated from Husk Gasifier i.e. the minimum amount of total electricity requirement that should be substituted by the Rice Husk Gasifier so that the firm profit as before setting up of the Rice Husk Gasifier. If the amount of electricity produced is more than this amount than the plant will earn more profit than before but if it is less, then the rice husk gasifier should not be set up, because the plant will be earning less than before. The plant may be beneficial but will be in loss as comparison to the current scenario. The following figure 19 shows the cash flow diagram when 68.8% of electricity requirement is generated from Husk Gasifier. Figure 19: Cash Flow diagram with Rice Husk Gasifier Refer: Appendix 8, Table 2.2 Chapter 5: Summary and Conclusions ————————————————- 5.1 Summary The main aim of this study was was to analyze the Jay Laxmi Rice Mill, Bazpur in Udham Singh Nagar district in the state of Uttarakhand, from its business point of view. It has a nominal capacity of 4000kg/hr. It has been built for the production of raw rice. Some estimates were required to analyze its profitability. The economic analysis of the project was carried out using engineering economics equations. The sensitivity of NPV, IRR and Payback period with respect to various factors like Cost of Capital, paddy price, raw rice price, bran price and salvage were studied. Also the economy assessing of generating electricity from husk (by product) using Rice Husk Gassifier was done. The minimum electricity requirement that needs to be generated from Rice Husk Gasifier for economic purposes was calculated. The following conclusions are drawn from the study: * For initial estimated values of input parameters (P = Rs. 90504240, R = Rs. 266664960/year, D= Rs. 223860420/year, S = Rs. 6707544, n = 20 years, i = 15%) * NPV = Rs. 54529825.06 * IRR = 25.27% * Payback period = 6.34 years * With a variation of 10% in the Cost of Capital, from 11% to 20% the NPV decreases substantially from 94 million INR to 22 million INR and Payback Period increases from 4.03 increases to 10.95 years. * A large variation could be seen in the NPV i.e. from 324 million INR to -53.5 million INR, when the price of paddy varies from 1000 INR per quintal to 1350 INR per quintal while IRR increases from 73.26% to 2.99%. * NPV increases from -50.9 million INR to -441.2 million INR and IRR increases from 3.71% to 93.79%, when the price of raw rice varies from 1850 INR per quintal to 2550 INR per quintal. * As the price of Bran increases from 1000 INR per quintal to 2500 INR per quintal, the NPV and IRR of the firm increases from 11.27 million INR to 141 million INR and 17.20% to 40.76% respectively. * With 1% increase in salvage value the NPV increase by 0.075%. This increase in the NPV is negligible, therefore, even if the assumed resale value of the assets change in the future, it will not affect the calculations done in this case study for the profitability analysis of Jay Laxmi Rice mill. * To be economic at least 68.8% electricity requirement needs to be generated from Husk Gasifier i.e. the minimum amount of total electricity requirement that should be substituted by the Rice Husk Gasifier so that the firm profit as before setting up of the Rice Husk Gasifier. References ————————————————- * James L. Riggs 2004, Engineering Economics, 4th edition, Tata Mc Graw Hill Education Private Limited, pp 67-147. * Chandra P. 2011, Fundamentals of Financial Management, 11th edition, Tata Mc Graw Hill Education Private Limited, pp 150-167. * T. Kapur, T. C. Kandpal and H. P. Garg, Electricity Generation from Rice Husk in Indian Rice Mills: Potential and Financial Viability, Indian Institute of Technology, New Delhi (1995). * Alexis Belonio, Victoriano Ocon, and Antonio Co, Garbage-In Fuel-Out: Small-Scale Rice Husk Gasifier Plant for Community Street Lighting, Suki Trading Corporation, Philippines (2011). * Email from Gaurav Vashisht (gaurav@satakeindia.com) working at Satake, kolkata.

How to Write an Essay Conclusion

How to Write an Essay Conclusion How to Write an Essay Conclusion The final paragraph or the conclusion is the closure of an essay. Its purpose is to restate and convince the audience on your point of view. The conclusion forms the essay and its final impressions on the audience. It has to be strong and clear with active tone. How to write an essay conclusion? To create a sense of closure in the audience, there are a couple of good ways. One of them is to link the first and the last paragraph (the introduction and the conclusion). In fact, those two parts of the essay are the most difficult ones to write. One of the ways to link the first and the second paragraph is by repeating a phrase or a single key word used in the beginning of the essay. To create a closure in the essay use simple and strong sentences at the end. There is a rule that it is good to finish the sentences in the conclusion of the essay with one syllable word. They send clear and sharp message to the audience. Each sentence should be balanced and give a sense of closure. Do not start new topics or raise new evidence in the conclusion. Simply restate what you have written so far in a clear, sharp and simple manner. In longer essays, for example consisting of ten pages, it is necessary to make a brief summary of everything written so far and remind of your strongest arguments in favor of the topic. In shorter essays you can just restate your thesis with one or two of the strongest arguments. You can also use a powerful quote by a famous person at the end, which will make a very strong impression on the readers at the end. For example, if you have decided to write an essay on healthy nutrition and have quoted in your introduction the famous line â€Å"I am what I eat†, you can quote it again in the conclusion together with your strongest argument creating a link and sense of closure to the readers. Leave the audience with a feeling that you know what you are talking and writing about. The readers must believe and accept your point of view; when a person shows and writes with confidence, he or she has a bigger chance of being believed. There are some other useful tips when writing the essay conclusion; try to answer the following question â€Å"So what†. Answering it will help you summarize mentally and subsequently the most essential part of your essay in written form. Direct your readers by synthesizing not summarizing the whole essay. You can also use a bit of humor or irony; it gives the essay more sophisticated and smarter feeling and attracts the audience’s attention. Focus on your last sentence; it has to be well-written, provocative and straight to the point. Things to avoid in writing a conclusion for essay Avoid stating the thesis for the first time in your essay in the conclusion. Do not introduce new topics in the conclusion. Try to avoid overused and unnecessary phrases like in closing, in conclusion, to sum up, in summary or to conclude, etc. Also, do not use emotional and sentimental appeals that are not in line with the rest of the essay. Do not simply paraphrase your thesis without any significant changes, claim it strong and clear. Avoid using statistics, quotations or any other text in the conclusion, which has to be in the main body of the essay. At the end, proofread your essay, make the necessary corrections, check for spelling and grammar mistakes and make sure your conclusion is convincing, clear and strong.

Understanding Point of View in Literature

Understanding Point of View in Literature When you read a story, have you ever thought about who is telling it? That component of story-telling is called the point of view (often abbreviated as POV) of a book is the method and perspective an author uses for conveying the story. Writers use point of view as a way to connect with the reader, and there are various ways in which a point of view can impact the experience of the reader. Read on to learn more about this aspect of storytelling and how it can enhance the emotional impact of the narrative.   First-Person POV A first-person point of view comes from the narrator of the story, which may be the  writer or the main character. The storyline will use  personal pronouns, like I and me,   and can sometimes sound a little bit like reading a personal journal or listening to someone talk. The narrator witnesses events first hand and expresses how it looks and feels from his or her experience. The first-person point of view can also be more than one person and will use we when referencing the group.   Check out this example from Huckleberry Finn - Toms most well now, and got his bullet around his neck on a watch-guard for a watch, and is always seeing what time it is, and so there aint nothing more to write about, and I am rotten glad of it, because if Id a knowed what a trouble it was to make a book I wouldnt a tackled it, and aint a-going to no more. Second Person POV A second person point of view is seldom used when it comes to novels, which makes sense if you think about it. In second person, the writer speaks directly to the reader. This would be awkward and confusing in that format! But, its popular in business writing, self-help articles and books, speeches, advertising and even song lyrics. If you are talking to someone about changing careers and giving advice for writing a resume, you might address the reader directly. In fact, this article is written in second person point of view.  Check out the introductory sentence of this article, which addresses the reader: When you read a story, have you ever thought about who is telling it?   Third Person POV The third person is the most common type of narration when it comes to novels. In this point of view, there is an external narrator who is telling the story. The narrator  will use pronouns like he or she or even they if they are talking about a group. The omniscient narrator provides an insight to the thoughts, feelings, and impressions of all the characters and events, not just one. We receive information from an all-knowing vantage point- and we even know what’s going on when nobody is around to experience it. But the narrator can also provide a more objective or dramatic point of view, in which we are told events and allowed to react and have feelings as an observer. In this format, we are not provided the emotions, we experience emotions, based on the events we read about. While this may sound impersonal, it is just the opposite. This is much like observing a film or a play- and we know how powerful that can be! Which point of view is best? When determining which of the three points of view to use, its important to consider what type of story youre writing. If youre telling a story from a personal perspective, such as that of your main character or of your own perspective, youll want to use the first person. This is the most intimate type of writing, as it is quite personal. If what youre writing about is more informational and is providing the reader with information or instructions, then second-person is best. This is great for cookbooks, self-help books, and educational articles, like this one! If you want to tell a story from a broader point of view, knowing everything about everyone, then the third person is the way to go.  Ã‚   The importance of point of view A well-executed point of view is a crucial foundation for any piece of writing. Naturally, the point of view provides the context and backstory you need for the audience to understand the scene, and helps your audience best see your characters and interpret the material in the way you intend. But what some writers dont always realize, is that a solid point of view can actually help drive the crafting of the story. When you take narration and point of view into account, you can decide what details need to be included (an omniscient narrator knows everything, but a first-person narrator is limited to just those experiences) and can bring inspiration for creating drama and emotion. All of which are crucial to creating a quality creative work.   Article edited  by  Stacy Jagodowski

Zara brand Assignment Example | Topics and Well Written Essays - 2750 words

Zara brand - Assignment Example Zara is praised widely as the leader in clothing industry. Inditex group-Zara is the most successful clothing company the profits of which rose substantially. In its Inditex’s all subsidiaries, Zara is the key contributor and the backbone of Inditex strength in profitability.The major motivation to the Zara for going global was Cost Reduction. The diminishing transportation costs and low tariffs and duties in many countries facilitated the firms to geographically disperse their operations and take the advantage of inexpensive labor providing countries. Another reason for this internationalized model wasthat it was becoming more difficult for Zara to curb the costs in Europe because most of the firms were labor intensive and labor cost was very high in Europe then. Although these facilitations were also exploited by its competitors, Zara outperformed all. Its distinctive operating strategies regarding Logistics and Value Chain brought impressive results compared to its competit ors.Zara’s Value Chain Strategies to cope with global market:Zara spends substantially on Research and Development which results in the latest fashion items. Special focus on Research and Development is Zara’s most important value creating activity. Zara has a team of more than 500 fashion designers, who visit the world and sense the new trends going on. These designers are provided with handheld computers for reporting and being in touch with the Management. On the other hand, the competitors reduce.... In September 2010, Zara reported $835 million profit- a 68% substantial increase in first half’s net profits- that pushed the aggressive growth rate. The firm considered this success as the outcome of satisfactory customer reception in Asian markets (BBC 2010). Logistic and Value-Chain Analysis: A firm involves in many activities from getting raw material from the suppliers to distributing the final goods to consumers. Logistics is actually a careful organization of these activities which leads them to success and efficiency. If performed efficiently, these activities develop competitive advantage of the firm in terms of cost reduction and/or differentiation and create value for its shareholders. The sequence of all these value-creating activities, which aim at earning a firm an edge in the market, is called Value-Chain. The value-Chain provides competitive advantage to a firm by either reducing the firm’s cost of production, or creating differentiation for its products . The basic value generating activities are almost similar to a wide range of firms. Porter identified few basic value activities referred as Porter’s Value-Chain model. Porter’s value chain is depicted below in the model. Inbound Logistics activities are those which help get raw material from the suppliers and warehouse it. Operations activities transform the raw material into finished goods and services. Outbound Logistics deal with warehousing and distributing the final products. Then, Sales are generated by identifying the customer needs and providing them value by Marketing and Sales. And after-sale Services are provided to customers to engage them in future business