Violence In Youth Culture Essay Example for Free

Violence In Youth Culture Essay The youth is the future of any nation. Every young person has the potential to lead towards the detriment of himself and others as well as towards the beneficial aspects. The life of violence is expectedly, a personal choice; but this choice oftentimes is impacted by social structure and individuality. For some who have lived the life of violence all their lives, option is not within their fate, so to speak. It is their byword most of the time that â€Å"life has few if not, no choices at all† for people like them. Crime, especially committed by the youth, comprises a major, escalating portion of the nation’s criminal problem. Whats more, majority of adult offenders in the country’s jails grew up from child and adolescent life of criminal behavior. In addition, many of the adults in prison today began their criminal careers as youths and teenagers. . Consequently, whatever approaches the government seeks to implement in order to curb juvenile delinquency must touch every segment of society that has bearing, in any way, upon children (Source:www. cato. org/testimony/ct-wc67. html). A lot of studies on demographical statistics have been made to figure out the problem of juvenile delinquency. As a result of these studies, awareness is achieved as to what to do or how to deal with this rising problem of youth in general. The Office of Juvenile Justice and Delinquency Prevention (OJJDP) formed a Study Group on very young offenders to look at the special case of children from ages 13 down and examine the incidence and the frequency of crimes committed by this particular age group. According to their study, the number is rising of children committing crimes based on the record of the juvenile justice system; i. e. according to court caseloads. Considering their age (at a very young age of 13 – below), one would automatically understand the odds of these children committing more crimes as they pass through adolescence into adulthood) (Source: Organization of African Unity and UNICEF, â€Å"Africa’s children, Africa’s future†, a background sectoral paper prepared for the OAU International Conference on Assistance to African Children, Dakar, 25-27 November 1992, Accessed:www. cato. org/testimony/ct-wc67. html, Dec. 3, 2006). A. Demographics Latest statistics show, as U. S. Department of Justice’s has done in their survey, youth offenders with age ranging from 7 to 12 years, are becoming more and more involved with the juvenile justice system. Meaning, â€Å"criminals† within this age group are increasing. One in ten juvenile arrests involves kids under thirteen years old. Offenses range from arson, rape, homicide, aggravated assault, robbery, to not so serious but persistent disruptive behavior such as truancy and incorrigibility. These children â€Å"have a two to threefold greater risk of becoming serious, violent, and chronic offenders† (OJJDP, Mar. 2003). Of course, if these children are not given enough attention and not dealt with effectively, by the authorities (including, first of all, their parents), the likelihood is that they will be spending their future years, in a more prone condition, to commit the same crime/s repeatedly (given the opportunity), as they had already committed the same in the past. They will be â€Å"in it† for the long haul. When this happens, the result will not be a good prospect for the citizenry of the nation, and even more for the parents. Large funds will be siphoned from educational system, child welfare system, the justice system, mental health agencies, just to alleviate this worsening problem. Added to this dismal prospect, is the continuing threat to public safety and property (Loeber and Farrington, 2001). B. Age and Crimes Committed Survey tells us that among U. S. penitentiaries, it’s very common to see very young children behind the bars (Snyder, 2001). The FBI has its own collected data under its branch Uniform Crime Reporting Program. The data shows that, all in all, law enforcement agencies in 1997 have recorded arrests of children less than thirteen years of age, and they are approximated at about 253,000 arrests (Snyder and Sickmund, 1999). And of these arrests, ten percent are violations such as running away from home, curfew violations, and drunkenness violations. The FBI data also shows that nine percent of these overall arrests (253,000) of delinquent children are youths younger than thirteen. Notwithstanding this overall projection, there is good news: Intervention and prevention programs are being made to curb this increasing problem on child delinquency. These programs are seen to produce positive results as they are addressing the factors that constitute this whole concern (OJJDP, Mar. 2003). In 1998, OJJDP, in attempt to better comprehend the studies made thus far, convened the Study Group on Very Young Offenders. Their aim was to analyze the existing data so as to be able to address the remaining key issues left untouched in available publications that time. The Study Group members together with some experts on juvenile delinquency and psychopathology (most of them authors) found out that â€Å"some young children engage in very serious antisocial behavior† show by their behavior that they had early delinquency problems. They were able to identify several factors that are, based on their observations, contributing parts to the early onset of the child’s offending (OJJDP, Mar. 2003). The convening of these experts resulted in the completion of The Child Delinquency Bulletin Series in 2001 with grant number 95-JD-FX-0018 which was published subsequently by Sage Publications under the title Child Delinquents: Development Intervention and Service Needs (edited by Rolf Loeber and David P. Farrington). Now, the Office of Juvenile Justice and Delinquency Prevention encourages all concern – the parents, teachers, and the juvenile justice community to avail and use the information compiled in this book to deal with the needs of youth offenders and proceed to think of ways on how to be more strategic and effective as they implement their steps (OJJDP, Mar. 2003). C. Background (home, childhood, and family) Sociologists, in an attempt to explain and point out the reasons behind delinquency, have concluded that there are connections between specific youth behaviors with the home environment, family background, the neighborhood, associations, and many other aspects that together, or separately affect the formative years of young people’s social environment. Delinquent children usually come from a background of difficult circumstances. Some of them were virtually forced under certain circumstances that leave them no other options but commit certain crimes. Parental alcoholism, poverty, breakdown of family, abusive conditions in the home, death of parents during armed conflicts or drug overdose, and the HIV/AIDS scourge, and etc. are some of the various reasons that can leave children virtually orphaned. One or both parents may be physically present, but because of irresponsibility on their part (if even one of them is addicted to drugs or alcoholic), a child may grow developing certain ways and attitudes that are directly/indirectly caused by the parent/s addiction or drug-related behavior. In this case, true delinquency lies on the parents; and the children are, in a way, orphaned or unaccompanied, and without any means of subsistence which, in the first place, the parents’ fundamental responsibility to provide. Few children, if there are any, survive these disastrous environment. They are first in the line of those who are at greatest risk of falling into juvenile delinquency. According to UNICEF, between 1992 to 2000, children in especially dire conditions of life have increased in number from 80 million (1992) to 150 million (2000) (Source: Organization of African Unity and UNICEF, â€Å"Africa’s children, Africa’s future†, a background sectoral paper prepared for the OAU International Conference on Assistance to African Children, Dakar, 25-27 November 1992, Accessed:www. cato. org/testimony/ct-wc67. html, Dec. 3, 2006). There are behaviors which can be said as normal part of growing up years of children in general. Some even stretched it too far as to say that antisocial behavior may be normal at some stage between childhood and adolescence. It is either just a part of growing up path in which everyone must pass, or if not given proper guidance, antisocial attitudes may become part of a long-term pattern of criminal activity(United Nations Guidelines for the Prevention of Juvenile Delinquency or The Riyadh Guidelines).. â€Å"Youthful behavior or conduct that does not conform to overall social norms and values is often part of the maturation and growth process and tends to disappear spontaneously in most individuals with the transition to adulthood† says The Riyadh Guidelines. It is quite common to young people, especially in teenage or adolescent years, to have committed or commit some kind of petty offence at some point. But this pattern should not continue into adulthood turning someone into a full pledged criminal (United Nations Guidelines for the Prevention of Juvenile Delinquency or The Riyadh Guidelines). Guidance and oversight by parents or responsible adults are very important during crucial years of a child. This stage is between childhood to adolescence. Children must be closely monitored and mentored and be guided/assisted between transitional periods. While it is true that delinquency is part and is a common characteristic of immaturity, it is very important to bear in mind that during this period of growth, juveniles (if left alone and unguided) often tend to create stable criminal groups. With this more permanent association, an atmosphere of stability and belongingness begin to impress into young people’s subconscious until it becomes a virtual reality where life for them comes alive (OJJDP, Mar. 2003). Without noticing it as it is typical of any youth to be lacking in prudence, with newly embraced group, a corresponding subculture starts to assimilate them, and before long, they start to engage in activities of adult criminal groups. It is usually after being engaged in criminal activities for an extended period of time with its accompanying consequences (such as ending up in prison or rehabilitation institutions for drug addicts) that delinquents realize they are into a very dangerous zone. They have, in effect, chosen delinquent careers (OJJDP, Mar. 2003). According to available Statistical data in many countries, delinquency is, by and large, a group trend. A large portion of all juvenile violations (between two-thirds and three-quarters) are perpetrated by youths who are members of certain gangs. â€Å"Even those juveniles who commit offences alone are likely to be associated with groups. According to data from the Russian Federation, the rate of criminal activity among juveniles in groups is about three to four times higher than that of adult offenders† † (Venkatesh, 1997). If the subcultural aspect of juvenile group activities is only given the attention it deserves, it will be better understood. The culture being advocated by different juvenile groups is a heterogeneous mix. It is a mixture of predominant values of a certain social class, which are (unfortunately) spread mainly by the entertainment industry unconsciously. It can be values or lifestyle systems which are particularly indigenous to a neighborhood or even to a smaller group. â€Å"Subcultures can be defined as particular lifestyle systems that are developed in groups and are in structurally subordinate positions as a result of pressure exerted by the predominant systems. Subcultures reflect individual and group attempts to solve structural contradictions† † (Venkatesh, 1997). Because juvenile groups exist in a locality, this fact must be taken into consideration. A community is defined by its geographic location, â€Å"by the similarities of social characteristics of its residents, such as membership in a social class or ethnic group† (Venkatesh, 1997). Children who are well taken care of by their parents and are thus adequately supervised are at less odds to be involved in criminal activities. Studies have proven that. Dysfunctional family, on the other hand, which is commonly characterized by regular conflicts, parental negligence, poor communication because of absorption to outside activities by parents, are always assumed to be the breeding ground for delinquents. Children in disadvantaged family settings are usually insecure, have a low view of self, and consequently have fewer opportunities for legitimate employment. They face a higher risk of social exclusion† (Venkatesh, 1997). Because of the breakdown of family institution, the ever increasing rate of single parenting and the many factors that contribute to this disintegration, the family as a unit has been redefined and as a result children are reaping the effects((OJJDP, Mar. 2003). An important assumption here is that, boys coming from the low-income families search for models of masculinity from these gangs. These forms, in a lot of instances, serve as their surrogate family, filling in the void for leadership roles which are supposed to be filled in by their real fathers. Instead of finding what they are looking for in a family, through those substitute groups, what they get is more than what they bargained for: â€Å"cruelty, becoming bully themselves, excitability and anxiety† (OJJDP, Mar. 2003) Conclusion Because family is the true breeding ground for achievement and true success, great importance is now being given for the well-being of this important unit of the community. Children’s achievements and/or performance in school are directly influenced by their parents more than the school itself. The parents’ moral, emotional, and financial capacity are basic for children’s early training: e. g. the acquisition of educational resources depends so much on the parents’ determination to obtain them for the enhancement of their children’s education (Wiig, 2001) . Here now is the immense disparity: young people aged 18 and below, who come from the socio-economically-deprived level most of the time feel excluded because of their disadvantages. Thus, they resort to looking for ways to help this area where they see themselves deprived. Gangs, to them, are easy solutions. Delinquents who are already part of this subcultural group are eager to recruit them. Opportunities are equal to everyone (OJJDP, Mar. 2003). Unlike in school and their family, these have no strict rules to be followed except loyalty to the group. It gives young people esteem when they somehow feel they are the â€Å"rule† in themselves. This is the lure of gangs. It gives the promise of fulfillment to would be delinquents. Popularity, access to the powerful figures on the streets, freedom to express one’s self, as well as easy flow of money (if the gang is also involved in some illegal activities such as drug dealings, which is common in most gangs) are seemingly within grasp of anybody who just have the guts to dare (OJJDP, Mar. 2003). Reference: Griffin, Torbert, and Szymanski, 1998. See J. Hearn, The Violences of Men: How Men Talk about and How Agencies Respond to Men’s Violence to Women (London, Sage, 1998); L. A. Goodman and others, â€Å"Male violence against women†, American Psychologist, vol. 48, No. 10 (1993), pp. 1,054-1,058; and M. P. Koss and others, No Safe Haven: Male Violence Against Women at Home, at Work and in the Community (Washington, American Psychological Association, 1994). Loeber, R. , and Farrington, D. P. , eds. 2001. Child Delinquents: Development, Intervention, and Service Needs. Thousand Oaks, CA: Sage Publications, Inc. OJJDP, Mar. 2003. (The Office of Juvenile Justice and Delinquency Prevention is a component of the Office of Justice Programs, which also includes the Bureau of Justice Assistance, the Bureau of Justice Statistics, the National Institute of Justice, and the Office for Victims of Crime.) http://:www. cato. org/testimony/ct- wc67. html.. (Accessed Dec. 2006)J. Flores, Administrator. Snyder, H. N. , and Sickmund, M. 1999. Juvenile Offenders and Victims: 1999 National Report. Report. Washington, DC: U. S. Department of Justice, Office of Justice Programs, Office of Juvenile Justice and Delinquency prevention. Snyder, H. N. 2001. Epidemiology of official offending. In Child Delinquents: Development, Intervention, and Service Needs, edited by R. Loeber and D. P. Farrington. Thousand Oaks, CA: Sage Publications, Inc. , pp. 25–46. United Nations Guidelines for the Prevention of Juvenile Delinquency   or The Riyadh Guidelines http://:www.cato.org/testimony/ct-wc67.html.. (Accessed November 2007)J.   Ã‚  Ã‚  Ã‚  Ã‚   Flores, Administrator.

Using Industry Average Multiples For Valuation Finance Essay

Using Industry Average Multiples For Valuation Finance Essay Valuation of equity shares of a company is an important exercise and is performed on multiple occasions, be it investment decision in a particular company, merger, acquisition, restructuring, public issue, etc. Using industry average multiple is a common practice, especially when an unlisted security is to be valued. The study looks at eight industries and attempts to derive (a) which is the most stable industry average multiple by using the statistical tool coefficient of variation and (b) which would be the most important financial performance parameter, which could be driving multiple of a particular security within the industry by using statistical tool of coefficient of correlation. Executive Summary A company will get valued/re-valued on multiple occasions such as raising capital, sale of business, swap of shares, issue of stock options, etc. Valuation of publicly traded securities is quite straightforward and often regulated for different events, while valuation of thinly traded or un-traded securities requires some special approaches. There are three main approaches to security valuation such as discounted cash flows, asset based valuation and comparables. Comparables are regarded as one of the most useful and practical method. Ideal approach within comparables is to find out a publicly traded company which is exactly like the company being valued and adopt an appropriate multiple as valuation metric. Finding such a company is a challenge. Even if a company is financially alike, many non-financial factors such as general market reputation, stock liquidity, etc. could be influenced its valuation of a particular stock. Experts often use industry average multiples to counter this anomaly. They could be used on a stand-alone basis or along-with a set of exact comparables. The articles analyses the concept of industry multiples in eight industries: Private sector banks, Public sector banks, General food processing, Agri Inputs, Edible Oil, Rice, Sugar, Plantations (tea, coffee, flowers) and Auto-components and tries to answer two questions: Which is the most appropriate industry average multiple? The criterion used is co-efficient of variation. Multiples used are Market Capitalisation (MCap) / Profit After Tax, Enterprise Value (EV) / Earnings Before Interest Taxes Depreciation and Ammortisation (EBITDA), MCap/Book Value, MCap/Sales Which factor is the major driver of a multiple in a particular industry? The author has calculated co-efficient of correlation between different multiples and factors like revenues, 5 year revenue growth, margins, total assets, provisions, Return on Equity (ROE), Net worth. EV/EBITDA was the most stable multiple followed by Mcap/PAT (similar to P/E ratio). Revenue, net-worth and margins were important drivers. Keywords: Industry average multiple, valuation, market capitalization, book value, coefficient of variation/correlation Background There are many situations wherein a company will get valued/re-valued such as raising capital, sale of business, swap of shares, issue of stock options, etc. While, valuation is easy and fairly regulated (SEBI, the regulator in India has defined how a security is to be valued for different purposes) for a publicly traded company, valuation of a thinly traded or un-traded securities requires some special approaches. At times, analysts also value a well-traded company to determine whether it is value fair or if there is any possible up-side. Different approaches to valuation are as described below: Comparables Asset Value EBITDA PAT Book Value Sales, etc. Equity Value DCF Figure 1 Different valuation methods Asset Value: Asset based approaches such as book value (asset less liabilities as reflected in books of accounts) and realizable value (market value of asset less liabilities) are more relevant when the company/vehicle is wound-up or dissolved in any manner. Discounted Cash Flow (Discounted Cash Flow to the Firm): Discounted cash flow is, theoretically, the best valuation method. The company calculates its projected financial performance. These projections and their assumptions are vetted against market factors, expert opinions. Once the parties are confident with projections, cash flows of the company (called Cash Flow to the Firm) are calculated as follows: EBIT X (1-Tax Rate) Less Working Capital Changes Less Capital Expenditure Add Depreciation. An important component of DCF based valuation is the Terminal Value. Last year in the projection period is capitalized as: Cash flow in terminal year X (1+ perennial growth rate) / (WACC perennial growth rate). This is again discounted to calculate present value of terminal cash flow. This approach is well recognized, but is not widely used due to the following limitations: The model involves a number of assumptions (i) Entire set of assumptions going into calculation of financial projections, (ii) Market risk premium, (iii) Long term growth rate, etc. which makes it very subjective. The method does not work with firms which have un-utilised assets, are in the process of re-structuring, which do not have positive operating cash flows, etc. Comparables: One of the most preferred methods of valuing a company is comparing it with a publicly traded company of similar nature called relative valuation. It is also the most intuitive method we practice it in pricing almost everything real estate, items of daily usage, etc. In relative valuation, the value of an asset is derived from the pricing of comparable assets, standardized using a common variable such as earnings, cash flows, book value or revenues. (Damodaran on Valuation: Security Analysis for Investment and Corporate Finance, by Ashwath Damodaran, Wiley Finance) A publicly traded peer is identified and compared to the company under consideration in terms of various valuation parameters like Price to Earnings, Price to Book, Price to Sales, Enterprise Value / EBITDA which ever is applicable and accordingly the value of the company/security under consideration can be calculated, e.g. If a comparable company is traded at 15 times its earnings, the earnings of the company under consideration are multiplied by 15 to calculate its value. The approach is fairly simple, however, the challenge lies in finding an exact comparable. There can be many differentiating factors, and some of them could be quite stark. The pricing of the publicly traded peer would also be influenced by many non-objective factors like: general market perception, promoter reputation, adverse market rumors, low liquidity in specific stock, low level of public holding, etc. In light of these, many analysts and industry experts use industry-average multiples, on a stand-alone basis as well as to moderate/rationalize multiples of an individual or group of comparables. This brings us to the questions which the article intends to ponder over: Which bench-mark should be used? Every industry has two or three popular benchmarks, which appropriately capture financial and operative strengths, such as the tea gardens are valued at certain times of their sales, so are football clubs. Manufacturing industries are valued at certain time of their EBITDA or PAT as the case may be. However, if an industry average is to be used, high degree of variability in the multiple will compromise its reliability. Another question is what drives a companys valuation. The range in multiples in many industries tends to be quite high. Some tangible financial factor could be an important driver/differentiator for a company. Which would be the driver in a particular industry? The article attempts to answer these questions via an exercise on 214 companies in 8 different industries. The author has: Chosen 8 industries based on his past work experience Selected different publicly listed companies in each industry Derived their multiples and financial parameters from various databases Checked the variability of industry averages of multiples by using the statistical tool co-efficient of variation to answer the first question (most reliable benchmark) Run correlation between a particular industry relevant bench-mark such as 5 year growth, margins, etc. and the multiple e.g. correlation between P/E ratios and book size in banking industry to answer the second question. The breakup of companies across industries is as follows: Table 1 Sectors and number of companies used in analysis Industry No of companies Private sector banks 14 Public sector banks 23 General food processing 16 Agri Inputs 8 Edible Oil 17 Rice 7 Sugar 17 Plantations (tea, coffee, flowers) 17 Auto-components 85 Total 214 The following multiples were used: Market Capitalisation (MCap) / Profit After Tax, Enterprise Value (EV) / Earnings Before Interest Taxes Depreciation and Ammortisation (EBITDA), MCap/Book Value, MCap/Sales. Mcap/PAT is similar to more commonly used Price to Earnings per share (P/E), and Mcap/Book Value is similar to Price to Book value per share (P/B). The following financial performance parameters were selected for analysis: Revenues of latest available financial year, 5 year revenue growth, margins (PAT margin for banks and EBITDA margins for others), total assets, provisions, Return on Equity (ROE), Net worth Analysis Private Sector Banks The following banks were analysed within private sector banks: HDFC Bank Ltd., ICICI Bank Limited, Axis Bank Limited, IndusInd Bank Limited, Yes Bank Ltd, Federal Bank Limited, ING Vysya Bank Limited, The Jammu Kashmir Bank Limited, Karur Vysya Bank Ltd., South Indian Bank Limited, City Union Bank Ltd., Karnataka Bank Ltd, Development Credit Bank Ltd., Lakshmi Vilas Bank Limited. Table 2 Results of private sector banks Banks (private) Multiple Parameter Mcap/PAT Mcap/Assets Mcap/Sales Mcap/Book Value Mean 8.40 0.09 0.88 1.19 StdEv 5.43 0.08 0.82 0.93 Coeff of Variation 0.65 0.99 0.93 0.78 Correlation between multiple parameter Revenue 0.10 0.08 0.09 0.09 Past 5 year growth 0.20 0.34 0.36 0.48 Margin 0.32 0.59 0.61 0.63 Total Assets 0.07 0.06 0.06 0.07 Provisions -0.05 -0.10 -0.09 -0.07 ROE 0.01 0.32 0.34 0.43 Net Worth 0.18 0.18 0.18 0.16 MCap/PAT, similar to Price to Earnings showed maximum stability. Margin (calculated as PAT/Revenue) showed maximum correlation with MCap/PAT, followed by high growth rate. The MCap/Book value Price to Book in popular parlance and Return On Equity showed the maximum correlation across all multiples and parameters. Margin and ROE showed maximum correlation with MCap/PAT. Public Sector Banks Public sector banks tend to have different operating objectives and are often valued differently compared to private sector banks. Mcap/PAT of public sector banks is 5.41 v/s 8.40 as observed in private sector banks. The following public sector banks were analysed: Indian Overseas Bank, Andhra Bank, Corporation Bank, Central Bank Of India, UCO Bank, Dena Bank, Bank of Maharashtra, State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Mysore, United Bank of India, Punjab Sind Bank. Table 3 Results of public sector banks Banks (public) Multiple Parameter Mcap/PAT Mcap/Assets Mcap/Sales Mcap/Book Value Mean 5.41 0.04 0.45 0.69 StdEv 1.36 0.01 0.15 0.16 Coeff of Variation 0.25 0.29 0.32 0.23 Correlation between multiple parameter Revenue 0.34 0.61 0.65 0.60 Past 5 year growth -0.05 0.12 0.13 0.07 Margin -0.46 0.79 0.81 0.76 Total Assets 0.31 0.62 0.70 0.63 Provisions 0.44 0.51 0.50 0.46 ROE -0.64 0.57 0.57 0.69 Net Worth 0.29 0.70 0.75 0.65 Public sector banks showed a different trend in variability of multiples. The book value multiple seems to show the least variation around mean as compared to Mcap/PAT observed in private banks. Within the book value multiple, margins show the highest correlation of 0.76 followed by ROE, 0.69. Food processing Food processing falls into manufacturing domain. EV/EBITDA multiple is introduced in place of the Total Assets multiple is relevant to the banking and NBFC company wherein income is primarily driven by book size. EV/EBITDA is one of the most popular multiples in manufacturing sector. It captures the operating strength of a company (EBITDA) v/s Enterprise Value. Enterprise value is a debt and cash neutral metric, calculated by Market Capitalisation + Debt Cash. Table 4 Results of food processing (general) Food Processing Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 18.50 9.39 0.97 4.21 StdEv 14.09 6.64 1.61 7.36 Coeff of Variation 0.76 0.71 1.65 1.75 Correlation between multiple parameter Revenue 0.39 0.64 0.49 0.75 Past 5 year growth -0.34 -0.27 -0.17 -0.14 EBITDA Margin 0.02 0.20 0.57 0.26 ROE 0.50 0.80 0.75 0.90 Net Worth 0.06 0.31 0.34 0.34 EV/EBITDA shows the lowest variation around mean (0.71). ROE is the most important driver for this multiple (0.8 correlation), followed by revenue. The following companies were considered for analysis in food processing: Hatson Agro Products REI Agro, Heritage Foods, KSE Limited, Nestle India Ltd., Glaxo SmithKline, Britannia Industries, Zydus Wellness, DFM Foods Ltd., Vadilal Industries, Himalya International, ADF Foods, Anik Industries, Srinivasa Hatcheries, Flex Foods, Bambino Agro, Foods and Inns, Tasty Bite Eatables, Freshtrop Fruits, Temptation Foods, Chordia Food Products. Vadilal Enterprises, Sita Shree Food Products, Simran Farms, Venkys (India), Waterbase. The companies belonged to multiple sub-sectors like dairy, poultry, consumer goods, ice creams, frozen food, etc . Agri Inputs Agri inputs included seed, special fertilizers and some special input companies in food processing industries. The larger fertilizer companies, which fall more into chemicals domain were not considered. The following companies were anlysed: Sukhjit Starch Chemicals, Narmada Gelatines, Sakuma Exports, Vidhi Dyestuffs, Saboo Sodium Chloro, Kaveri Seed, Advanta India, Basant Agro Tech. In agri inputs also, EV/EBITDA showed maximum stability, followed by MCap/PAT. EBITDA margin showed highest correlation with EV/EBITDA. Table 5 Results of specialised agri inputs Agri Input Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 11.27 8.53 0.98 1.68 StdEv 9.64 5.11 1.28 1.87 Coeff of Variation 0.86 0.60 1.30 1.11 Correlation between multiple parameter Revenue -0.36 0.25 0.04 0.11 Past 5 year growth -0.18 0.25 0.26 0.40 EBITDA Margin -0.88 -0.08 0.71 0.11 ROE 0.02 -0.03 0.40 0.48 Net Worth 0.33 0.66 0.48 0.53 Edible Oil: Edible oil is a special segment within food processing. The sector is characterized by high level of imports, benchmarking with international prices, low regulations compared to commodities like rice and pulses, etc. The following companies were anlysed: Ruchi Soya Industries, Sanwaria Agro Oils, Rasoya Proteins, Gujarat Ambuja Exports, Jayant Agro-Organics, JVL Agro Industries, Vippy Industries Limited, Vimal Oil Foods, Raj Oil Mills, BCL Industries, Hind Industries, Kriti Nutrients, Vijay Solvex, Sam Industries, Modi Naturals, Natraj Proteins, Poona Dal Oil Industries Table 6 Results of edible oil Edible Oil Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 11.10 6.43 0.21 1.53 StdEv 9.77 4.18 0.27 2.20 Coeff of Variation 0.88 0.65 1.31 1.44 Correlation between multiple parameter Revenue 0.43 -0.12 -0.12 -0.03 Past 5 year growth -0.28 -0.36 0.99 -0.20 EBITDA Margin -0.01 -0.03 0.51 0.16 ROE -0.20 -0.12 0.58 0.61 Net Worth 0.38 -0.14 -0.11 -0.04 EV/EBITDA showed the maximum stability, however, none of the parameters showed any reasonable correlation with the parameter. EV/EBITDA was followed by Mcap/PAT with 0.88 coefficient of variation. This factor showed relatively higher correlation with revenue followed by Net Worth. Rice Rice is also a typical sector within food processing. Most of the publicly traded rice companies have focused on basmati rice. Basmati is a famous variety of aromatic rice and has large export market in the middle east, Europe and US. The following companies were analysed: Khushi Ram Behari La, Usher Agro, LT Food, Lakshmi Energy and Foods, Emmsons International, Chaman Lal Setia Exports, GRM Overseas. The sector showed better stability of Mcap/PAT followed by Mcap/Book Value. Within Mcap/PAT EBITDA margin showed the highest correlation at 0.86. Table 7 Results of rice Rice Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 6.12 7.94 0.16 0.68 StdEv 2.27 3.95 0.13 0.30 Coeff of Variation 0.37 0.50 0.83 0.44 Correlation between multiple parameter Revenue 0.42 0.68 0.16 0.17 Past 5 year growth -0.70 0.47 -0.92 -0.98 EBITDA Margin 0.86 -0.60 0.59 -0.25 ROE -0.77 0.12 0.11 0.73 Net Worth 1.00 -0.17 0.55 -0.30 Sugar: Sugar is one of the largest organized sectors in agri processing. The sector has many large companies like Renuka Sugars, Bajaj Hindustan, etc. The sector also has some typical features like minimum procurement price, cyclical production, concentrated production in Asia and South America, etc. The following companies were analysed: E.I.D. Parry, Bajaj Hindusthan, Bannari Amman Sugars, Triveni Engineering, Andhra Sugars, Dhampur Sugar Mills, KCP Sugar, Ponni Sugars (Erode), Ugar Sugar Works, Dalmia Bharat Sugar, Thiru Arooran Sugars, Sri Chamundeswari, Piccadily Agro, Vishnu Sugar Mills, Kesar Enterprises, Piccadily Sugars, Indian Sucrose EV/EBITDA showed lowest co-efficient of variation (0.44). The multiple showed highest correlation with net worth, followed by revenue. Table 8 Results of sugar Sugar Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 14.38 6.90 0.35 0.80 StdEv 14.79 3.07 0.20 0.39 Coeff of Variation 1.03 0.44 0.56 0.48 Correlation between multiple parameter Revenue -0.01 0.20 0.00 0.19 Past 5 year growth -0.26 -0.04 -0.42 0.23 EBITDA Margin -0.51 -0.43 0.49 0.18 ROE -0.65 -0.69 0.44 0.61 Net Worth -0.01 0.44 0.08 0.01 Plantations Tea and Coffee are another specialized area in agri and food industries. The sector has stakes of many large FMCG companies like Tata Tea, Unilever, etc. This sector also has special policies, farming conditions, competitive factors. For the purpose of this analysis, flowers have also been analysed together with tea and coffee. The following companies for part of this analysis: Karuturi Global, Neha International, Pochiraju Industries, Tata Global Beverage, McLeod Russel India, Tata Coffee, CCL Products India, Warren Tea, Dhunseri Petrochem, Goodricke Group, Jayshree Tea, Assam Company India, Harrisons Malayalam, Russell India, United Nilgiri Tea, Joonktollee Tea, Diana Tea. Here also, EV/EBITDA showed minimum coefficient of variation, followed by Mcap/Sales. Revenue and net worth showed the highest correlation with EV/EBITDA. Table 9 Results of plantation (tea, coffee, flowers) Plantation (tea, coffee flowers) Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 15.17 9.60 1.09 1.13 StdEv 13.19 5.70 0.81 0.87 Coeff of Variation 0.87 0.59 0.75 0.76 Correlation between multiple parameter Revenue 0.22 0.33 0.09 0.27 Past 5 year growth -0.47 -0.38 -0.19 -0.43 EBITDA Margin -0.34 -0.42 0.20 -0.11 ROE -0.37 -0.27 0.20 0.54 Net Worth 0.18 0.29 0.16 0.21 Auto components Auto components industry comprises of a large number of specialized players focusing on different segments of auto industry. Major segments and their composition in total industry size are: Engine parts 31% Drive transmission and steering parts 19% Body and Chassis 12% Suspension and braking parts 12% Equipments 10% Electrical parts 9% Miscellaneous 7% The industry is estimated at USD 43.5 billion in FY 2011-12. (Auto Components Manufacturers Association of India) The following companies were anlaysed in the industry: Bosch, Cummins India, Exide Industries, Motherson Sumi Systems, WABCO, Amtek India, Kirloskar, Amtek Auto Limited, Federal-Mogul, Sundram Fasteners, Wheels India, Shanthi Gears, NRB Bearings, Automotive Axles, Mahindra Forgings, Commercial Engineers, Banco Products, Jamna Auto Industries, Fairfield Atlas, Gabriel India, Lumax Industries, Sundaram-Clayton, India Motor Parts, Saint-Gobain, Steel Strips Wheels, Setco Automotive, Minda Industries, Suprajit Engineering, Rane Holdings, ZF Steering Gear, Munjal Showa, Sona Koyo Steering, Munjal Auto, Lumax Auto Technology, Autoline Industries, India Nippon, FIEM Industries, L. G. Balakrishnan, Subros, Pricol, Hindustan Composites, Ucal Fuel Systems, Rane Madras, Rico Auto Industries, Jay Bharat Maruti, Shivam Autotech, Omax Autos, IST, Bimetal Bearings, Rane Engine Valves, REIL Electricals, Rane Brake Lining, Precision Pipes, Automotive Stampings, Harita Seating, JMT Auto, Alicon Castalloy, JBM Auto, Bharat Gears, Menon Pistons, Talbros Automotive, Triton Valves, Aunde India, Clutch Auto, Pix Transmissions, Bharat Seats, Lakshmi Precision, Menon Bearings, Simmonds Marshall, Kar Mobiles, IP Rings, Jay Ushin, Gujarat Automotive, Competent Automobile, Lumax Automotive Systems, Autolite India, ANG Industries, Hindustan Hardy, Raunaq Automotive, Remsons Industries, Porwall Auto Components, Spectra Industries, Kew Industries, Jagan Lamps, Coventry Coil-O Matic. In this industry again, EV/EBITDA is the most stable multiple. EV/EBITDA shows maximum correlation with revenue and net-worth. Table 10 Results of auto-components Auto Components Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 12.47 6.04 0.67 1.62 StdEv 13.09 4.65 0.93 1.67 Coeff of Variation 1.05 0.77 1.40 1.03 Correlation between multiple parameter Revenue 0.19 0.35 0.18 0.31 Past 5 year growth -0.04 0.05 -0.05 0.09 EBITDA Margin 0.03 0.06 0.47 0.12 ROE -0.31 0.04 0.21 0.45 Net Worth 0.13 0.35 0.30 0.24 Inferences: The most stable multiples across different industries and their respective coefficients of correlations with different financial parameters were as follows: Table 11 Summary of trends Coefficient of variation Correlation Industry Co-efficient of Variation Multiple Highest Correlation Second highest Correlation Private sector banks 0.65 MCAP/PAT Margin 0.32 Past 5 year growth 0.20 Public sector banks 0.23 P/B Margin 0.76 ROE 0.69 General food processing 0.71 EV/EBITDA ROE 0.80 Revenue 0.64 Agri Inputs 0.60 EV/EBITDA Net worth 0.66 Revenue 0.25 Edible Oil 0.88 MCAP/PAT Revenue 0.43 Net worth 0.38 Rice 0.37 MCAP/PAT Net worth 1.00 EBITDA margin 0.86 Sugar 0.44 EV/EBITDA Net worth 0.44 Revenue 0.20 Plantations (tea, coffee, flowers) 0.59 EV/EBITDA Revenue 0.33 Revenue 0.29 Auto-components 0.77 EV/EBITDA Revenue 0.35 Revenue 0.35 *In edible oil, lower coefficient was observed in EV/EBITDA. P/E was chosen because EV/EBITDA showed no correlation with any of the parameters studied. Co-efficient of variation was minimum in public sector banks and highest in auto-components. Industry multiple of public sector banks, hence, stands as the most reliable industry multiple among the industries observed. The co-efficient would be high if there is considerable heterogeneity within the industry in terms of size, profitability, product portfolio, promoter background, etc. Earnings based multiples EV/EBITDA and P/E showed minimum coefficient of variation in all industries, except public sector banks, which showed Mcap to Book Value as the most stable multiple. Considering the correlations observed with the most stable multiple, we can infer that: net margins are the main drivers of multiples in banks (both public and private) among the parameters observed, ROE was most influential in food processing and edible oil plantations and auto-components seem to be driven by revenue vis-Ã  -vis other parameters observed and agri inputs, rice and sugar were influenced by net-worth of respective companies. The following table shows the maximum correlation observed in a particular industry. Table 12 Maximum correlations across industries Industry Maximum Correlation Relationships Private sector banks 0.63 ROE and Mcap/Book Value Public sector banks 0.81 PAT Margin and Mcap/Book Value General food processing 0.90 ROE and Mcap/Book Value Agri Inputs 0.71 EBITDA margin and Mcap/Sales Edible Oil 0.99 5 year growth and Mcap/Sales Rice 1.00 Net-worth and Mcap/PAT Sugar 0.61 ROE and Mcap/Book Value Plantations (tea, coffee, flowers) 0.54 ROE and Mcap/Book Value Auto-components 0.47 EBITDA margin and Mcap/Sales ROE and Mcap/Book Value showed highest correlation in four out of nine industries, followed by EBITDA margin and Mcap/Sales. The results were quite intuitive a company generating higher returns on invested capital (ROE), or a company operating at a higher margin should be valued more than its peers. Table 13 Results of general correlation analysis Parameter Mcap/PAT

Nihilsmo, Fin de la Metafisica y Secularizacion en el Pensamiento de Nietzsche, Heidegger y Vattimo :: Spanish Essays

Nihilsmo, Fin de la Metafisica y Secularizacion en el Pensamiento de Nietzsche, Heidegger y Vattimo ABSTRACT: The purpose of this article is to articulate Nietzsche's criticism of morality which is centered in his experience of the death of God and the end of the subject of Modernity. Nietzsche considers nihilism as a nihilism of morality, not of metaphysics: it is morality and its history that has given rise to nihilism in the Occident. That is why Nietzsche separates himself from metaphysics as well as from morality and science, which differs from Heidegger's reasons. According to Heidegger, Nietzsche places himself in a primal position in the history of metaphysics, by which he means the consummation (Vollendung) of metaphysics' nihilism, which Heidegger tries to transcend. On the one hand, Heidegger shows us how Nietzsche consummates the Platonic philosophy by inverting its principles. On the other, Nietzsche consummates the metaphysics of subjectivity. Consequently he conceives the thought of the will of power and of the eternal recurrence as the two last forms of the metaphys ical categories of essence and existence respectively. On this ground it is possible to understand Nietzsche's and Heidegger's thought as the necessary first stage in the transition to Vattimo's postmodern philosophy and his notion of secularization. Si bien la discusià ³n en torno al nihilismo se remonta a la à ©poca del del idealismo alemà ¡n, tal como lo seà ±alara Otto Pà ¶ggeler oportunamente, el "nihilismo" es la nocià ³n fundamental sobre la que gira la meditacià ³n nietzscheana, asà ­ como el problema de su superacià ³n. (1) La conviccià ³n de la magnitud de tal tarea llamada en Ecce homo una "autoreflexià ³n de la humanidad" (Selbstbesinnung), se presenta como un "destino" dentro de la historia de la filosofà ­a occidental. (2) En noviembre de 1887 escribà ­a Nietzsche: "Lo que cuento, es la historia de los prà ³ximos dos siglos. Describo lo que viene, lo que no puede venir de otra manera: la llegada del nihilismo". (3) La llegada del nihilismo es "necesaria" porque: "son nuestros mismos valores habidos hasta ahora, los que conducen a à ©l, porque el nihilismo es la là ³gica llevada hasta el fin de nuestros mà ¡s grandes valores e ideales." (4) Por eso, el nihilismo es pensado desde Nietzsche, como nihilismo de la moral principalmente y no como nihilismo de la metafà ­sica, tal como postularà ­a Heidegger posteriormente. Por el contrario en Nietzsche el centro de la reflexià ³n lo ocupa la moral: "La moral, lo he dicho una vez, fue hasta ahora la Circe de los filà ³sofos.

Joan of Arc :: Essays Papers

Joan of Arc2 Joan of Arc is a French national heroine and France’s patron saint. She was born on June 6, 1412. Her nickname was The Maid of Orleans in honor of her victory against the British. She was the daughter of prosperous peasants Jacques Darc and Isabelle de Vouthon, who were farmers, from the village of Doremy in Lorraine, close to the border of the kingdom of France. During her childhood she tended her father’s herds in the fields and was taught religion and housekeeping skills from her mother. Joan was a simple, illiterate peasant girl. She started having visions and hearing voices around the age of 13. The voices were later identified as those of St. Gabriel, St. Michael, St. Marguerite, and St. Catherine. This made her believe that God wanted France to be free from the British. The voices first told her to cut her hair, dress in a man’s uniform, and join the military. Then they told her to go to the land of France, and to raise siege in the city of Orleans, then to come to the aid of the Dauphin forces, heir to the French throne, and the kingdom of France. She told the captain of the dauphin’s forces about the voices. Joan was given her own troops and the rank of captain. Her first triumph was to lead a French army against the English, who had invaded the city of Orleans. In May 1429 she led her troops in a victory in the Battle of Orleans. Joan rescued France from what could have been a defeat in the Hundred Years War. Joan continued fighting the enemy along the Loine River. King Charles VII (seventh) was crowned king on July 17, 1429. At his coronation Joan was given a place of honor next to the king. She was later ennobled for her services to the country. Her supporters believed she was divinely inspired and supported her. But others saw her as an agent of the devil and wanted her to be tried as a witch. Despite the people who didn’t believe her she still believed that her visions were sent from God. She was captured about May 23,1430 at Crecy by the Burgundians fighting on the English’s side. She was then sold to the English when her king did not ransom her. She was tried by an ecclesiastical court from January to May of the next year on charges of witchcraft and heresy.

Agriculture and Population Growth Essay -- Agricultural Economy Scienc

Agriculture and Population Growth The earth is increasing its population by 90 million people per year, and yet we still have 5.9 billion people left to feed and to give shelter (Mitchell, 1998). Along with the increase in the population, there are also more people on Earth who are living longer lives. The global population boom has coincided with the improvement of health, and of productivity, around the world. On average, the human population today lives longer, eats better, produces more, and consumes more than at any other time period in the past (Eberstadt, 1995). Agriculture feeds people, but will it be able to feed the expanding global population, especially with its exponential increase? One way for the population of today and tomorrow to live in harmony in regards to nourishment provided by the environment is to be able to intensify agricultural yields. With a projected population of 10 billion people, an increase of global average grain yields from 2 to 5 tons of grain per hectare would ensure a per capita diet of 6,000 calories and would save a land area twice the size of Alaska (Waggoner, 1994). Most of the world’s increased output is no longer a result of expansion of area used in agriculture, but resulting from the intensification of production on existing agricultural areas. In the last 50 years, agriculture has intensified and yields per hectare have been rising. Intensification has allowed for a reversal of destruction of land. More land has been spared due to increased intensities. In India, 42 million hectares of land have been spared, approximately the size of California and globally, the world has saved an area the size of the Amazon (Ausubel, 1996). Of all human activities, agriculture transforms the... ... and supported in a sustainable manner, agricultural intensification might just be able to keep up with the demand. In the up-coming decades, we will soon find out. Bibliography Ausubel, Jesse H. 1996. Can Technology Spare the Earth? Scientific American 84; Pages 166-178. Brown, Lester R. 1997. Can We Raise Grain Yields Fast Enough? Worldwatch 10(4): Pages 9-17. Eberstadt, Nicholas. 1995. Population, Food, and Income: Global Trends in the Twentieth Century. The True State of the World. Pages 7-48. Mitchell, Jennifer D. 1998. Before the Next Doubling. http://www.worldwatch.org/may/1998/98-1.html. March 1, 1998. Vitousek, Peter M. et al. 1997. Human Domination of Earth’s Ecosystems. Science. Vol. 277. Pages 494-499. Waggoner, Paul. 1994. How Much Land Can Ten Billion People Spare for Nature? Council for Science and Technology, Ames, Iowa.

Health Effects of Air Pollution

Air pollution could affect the climate, the environment, and human health.   Among these areas, the health is the main focus of this paper (Thomson Scientific, 2005).Polluted air may contain one or more hazardous substances that affect human health.   The term of measurement for this is â€Å"particulate matter† or the number of particles of potentially hazardous substances as percentage of air.This includes a wide range of pollutants.   Examples of particulate matter includes road dust, diesel soot, fly ash, wood smoke, nitrates in fertilizers, sulfate aerosols, lead, and arsenic to name a few.The suggested Federal limit of an â€Å"average† of 50 micrograms of â€Å"particulate matter† per cubic foot of air in one year period is considered poor air quality {Gore, 2005).Health effects of air pollution could be short-term or long-term. Effects will depend on the individual’s sensitivity.   When it comes to the extent of harm, it usually depends on the total exposure to damaging chemicals. Short-term effects may include simple symptoms such as headaches, nausea and allergic reactions.These symptoms could lead to irritation of the eyes, nose and throat.   There are also severe cases which could lead to upper respiratory infections such as pneumonia and bronchitis.   It may be short-term but the effects are severe and will need more medical attention.   Air pollutants also have long-term effects which include lung cancer, chronic respiratory disease, and heart disease.These effects could even damage the brain, nerves, liver or kidneys.   According to the National Resources Defense Council, some 64,000 people in the USA may be dying prematurely each year from cardiopulmonary causes linked to air pollution (Gore, 2005).The most affected people were the children, and the elderly.   In addition, people with health problems such as asthma, hearth disease also suffer more when air is polluted. In 1995 study by the American C ancer Society and Harvard Medical School, air pollution accounts for about 300,000 premature deaths in USA each year (Gore, 2005).Children are one of the most affected by air pollution because they have not yet fully developed their immune system.   Simple cigarette smoke and smoke coming from exhausts of motor vehicles could be detrimental to them.Researchers have reported in their long study that children teenagers in Southern California were likely to have diminished lung function because of severe air pollution.   The study made by James Gauderman of University of Southern California and his colleagues was published in New England Journal of Medicine on 1,759 children ages 10 to 18 in a dozen Southern California communities.The study was concluded that the reason for the diminishing lung function came primarily from car exhaust.   It was found out that 7.9 percent of the 18-year-olds in the highest pollution areas had lung capacities that were less than 80 percent of what they should have been.Among those subjected to the least-polluted air, 1.6 percent had underperforming lungs. It was also reported that there were similar effects when children live in the home of a mother who smokes.   Estimated was half a million die prematurely every year in the United States as a result of smoking cigarettes (Gore, 2004).Just like children, elderly and people with health problems are most at risk in polluted air.     As people grow older, they encounter more and more health problems which could be aggravated by air pollution.   The exact impact may not be thoroughly understood but long term exposure may increase susceptibility to infections.Also to be taken into account is the duration of the exposure and concentration of the particulate matter in the air.   It is estimated that polluted air shortened the lives by an average of one to two years. In the great â€Å"Smog Disaster† in London in 1952, four thousand people died in few days due to hig h concentrations of pollution (Gore, 2005).There are many steps made to protect human health against air pollution.   American Lung Association is very active and recommends the use of heat recovery ventilator or an energy recovery ventilator remove stale polluted air (Gore, 2005).A treaty called Kyoto Protocol in 1997 entered as part of United Nations Framework Convention on Climate Change made a great impact on reducing air pollution.   The treaty aims to reduce emission of dangerous gases such as carbon dioxide, methane and nitrous oxide by industrialized countries which affects the health of their citizens. One measure adopted in the treaty to reduce harmful discharges is creation of carbon emission (CO) credits.Those who failed to observe the restriction will be ordered to install necessary equipment to reduce the air pollution under pain of severe financial sanction or buy (CO) credits.The credits are like ordinary commodities.   They could sell to it to companies that f ind it difficult to comply with the emission restriction.   If the market value of the (CO) credit is higher than the cost of pollution reduction equipment, they will be forced to comply thus, reducing the air pollution that affects human health.According to reports, these (CO) credits are now being traded in the exchanges of Chicago Climate Exchange in the US, European Climate Exchange in United Kingdom, Nord Pool in Norway and PowerNext in France. (Palabrica, 2007).ReferencesPalabrica, R. (2007). Trading on climate change, corporate securities info.Philippine Daily Inquirer.Thomson Scientific (2005). Air pollution. Retrieved September 7, 2007 fromESI Special Topics. Retrieved on September 7, 2007 from http://esi-topics.com/airpolGore, P. (2005). Air pollution health effects. Retrieved August 7, 2007 from http://www.lbl.gov/Education/ELSI/pollution-main.html

Discuss Issues of Equality

â€Å"Entitlement, equality, inclusivity, diversity and differentiation. Basically, all of these are about acknowledging and respecting the individual needs of your learners, helping and supporting where appropriate. † (Gravells, A, 2008). Before any discussion it is essential for everyone to understand the terms Equality and Diversity. â€Å"Diversity is defined as valuing the differences in people whether they stem from race, religion, gender, sexual orientation, age or disability. Equality is offering each person equal rights and opportunities despite any differences†. Gravells, A, 2008). So Equality is about the rights of learners to attend and participate regardless of their gender, race, ethnic origin, religion, disability, sexual orientation or age. And Diversity is about valuing the differences that people have and appreciating their individual characteristics. Above all it is important as a teacher, keeping equality and diversity in mind, to find ways to promot e inclusion of all learners, yet through differentiation by using difference approaches and resources, to finds ways to meet the needs of individuals within the group. Differentiation is one of the tools that teachers can use to promote equality and diversity. It is the accommodation of differences between learners to allow each individual the best chance of learning. † (Petty, 2004). This is could be done by adapting teaching styles or resources so that all learners receive equal opportunities. Referring back to the teacher / training cycle, preparation and planning will enable us to best promote inclusion for all learners, and enable us to access other points of referral if necessary.During the planning process, all learners should have an initial assessment for suitability and to diagnose strengths and weaknesses. The need to potentially access other points of referral could appropriately be picked up in this initial assessment. Learners will be diverse on the basis of many different backgrounds and needs. These may include learning needs such as dyslexia, dyspraxia, Asperger’s syndrome, socio economic status, health – both mental and physical, age, ethnicity, gender, sexuality, religious beliefs and size to name but a few.Differentiation will enable the teacher to meet the needs of these individuals yet value their diversity. The main ways to differentiate are by Task, Outcome, Resource and Support. Different tasks can be set for different people but with the same aim in mind allowing for their different needs and diversity. The same task can be set but a different outcome is expected from individual learners. Different resources and different support can be provided for learners allowing for the individual needs of the whole class to be met.Group work and buddying up can be used so that peers can support one another. Students with a learning disability will benefit from a scaffold to their work and the environment can be adapted to hel p, by for example integrating learning support into classes. There may be a point at which it is assessed that a learner’s needs cannot be met adequately within the specific learning environment due to some of the above diversities. Here, it is appropriate to refer the learner so that their needs can be met.College counsellors, welfare officers and connexions advisors may be appropriate where it is deemed that the learner’s needs are not being met. To conclude my discussion, I will follow the words of Malcolm Knowles. ‘As a learning organisation there is a need to understand the needs of our students. The major problems of our age deal with human relations; the solutions can only be found in education. Skill in human relations is a skill that must be learned: it is learned in the home, in the school, in the church, on the job and wherever people gather together in small groups’. (Malcolm Knowles, 1950,:13)