Postmortem Interval-Free-Samples for Students-Myassignmenthelp

Questions: 1.Can you Identify an imperfection in the Presentation of this answer? Clarify your answer.2.Knowledge of what components may lead the Forensic Pathologist to alter her expressed posthumous Interval and how (for example increment or decline) would the expressed after death stretch be adjusted? Answers: Presentation One of the most crucial bits of proof for a situation that includes an expired body distinguishing proof is to answer what is by all accounts an immediate inquiry - when did the perished kick the bucket? An analyst, increasingly adored by the sentimental wrongdoing type is most likely to take a gander at the wristwatch of the expired and proclaim the hour of death to that appeared on now broke and mutilated face. The most dependable, solid and substantial reaction to this appeared to be straight-forward inquiry is presumably to be acquired from fair or fair-minded observer to the occasion. 1.A blemish in the introduction In distinguishing the blemish, the primary center is to recognize to what extent the expired has been lying since death. The pathologist wasn't right by giving precise time (twelve hours-twenty minutes) than the suggested practice of giving a scope of times inside which the passing is probably going to have occurred. For this situation, the pathologist errored by explicitly expressing that the body had been dead for twelve hours and twenty minutes. The more drawn out the after death span, the more extensive the range will be. Such a precise gauge, tragically, is just permitted to originate from the least experienced clinical observer who will in general offer the most careful gauge. To be sure, another defect in the introduction is that the pathologist gave a small amount of 60 minutes (1hr, 20 minutes) as opposed to the suggested practice of giving an entire hour. In this manner such an introduction pulls in an extensive doubt from the word go. 2.Factors prompting measurable pathologist changing PMI Algor Mortis is the second period of deterioration which means briskness (algor) of death (mortis). It is once in a while named demise chill and set apart by a steady drop in temperature of the body. It proceeds till the body hits encompassing temperature, coordinates the environmental factors temperature. It typically results in 1 hour following passing. Numerous variables have considerable effect on this phase of decay. Right time of death assurance through internal heat level can be testing a result of change or strength of surrounding temperature, warm conductivity of surface the cadaver is spot and temperature level an exceptionally factor timeframe whereby the body doesnt cool. The cooling rate could flooded where the perished is malnourished or slight or if the body is presented to low temperatures as well as breezy condition. On the other hand, where the expired was having a temperature (febrile), impaired, stout, or left in a warm domain, cooling rate will diminish. Attire l ikewise assume a key job in heightening or easing back down Algor Mortis. The expired will cool quicker if colossal measures of skin are uncovered or if wearing wet dress. Dry, layered, and substantial dress keeps the perished body warm for an all-encompassing timeframe following demise. After the body has started genuine disintegration, the temperature will increment again subsequently making Algor Mortis progressively supportive in the assurance of right time pf passing inside the underlying twenty-four hours. Temperature readings are possible from deceaseds rectum or through the addition of a meat thermometer under deceaseds ribcage on right side and into liver. Glaister Equation (GE) is utilized by specialists in assessing time of death. While temperature vacillation can fluctuate anyplace between 1.0 degrees Fahrenheit (F) decrease in temperature an hour to a 12.0 degrees F decay 60 minutes, the normal stays 1.50 degrees F plunge 60 minutes, consistently following demise. The G E utilizes 98.40 degrees F (av. internal heat level) less rectal (or interior) temperature in degrees F, partitioned by 1.50 degrees F, to liken passing time. References Adair, T. (2012). Perspectives Influencing the Entomological Postmortem Interval in Crime Scene Reconstruction. J Assoc Crime Scene Reconstr, 18(3). Al-Alousi, L. M., Anderson, R. A., Worster, D. M., Land, D. V. (2002). Components affecting the accuracy of evaluating the posthumous span utilizing the triple-exponential formulae (tef): Part ii. an investigation of the impact of internal heat level right now of death on the after death cerebrum, liver and rectal cooling in 117 measurable cases. Scientific science global, 125(2), 231-236. Ito, T., Tamiya, N., Takahashi, H., Yamazaki, K., Yamamoto, H., Sakano, S. ... Miyaishi, S. (2012). Elements that draw out the posthumous span until discovering (PMI-f) among network abiding older people in Japan: investigation of enlistment information. BMJ open, 2(5), e001280.

Bangladesh Police Institution

Bangladesh Police Institution Feasible vote based system offers a commonsense sketch map for scholarly turn of events and political development. Also, maintainable vote based system guarantees solid administration and popularity based issue base encounter of difficulties influencing the residents from weakness, social equity, and regard of human rights.Advertising We will compose a custom report test on Bangladesh Police Institution explicitly for you for just $16.05 $11/page Learn More Reflectively, economical majority rules system as an idea of institutional methodology in changes, offers an answer based administration of government foundations. The administration of Bangladesh stays a battling state in manageable popular government because of bombed institutional way to deal with offering elective answers for its lessening fair space, in spite of having started as a vote based state in 1971. Among the key foundations answerable for advancing popular government incorporate the police, ideological group the boar d, and the media (Przeworski 23). This paper will focus on the police foundation change so as to make the police organization liberated from defilement, bargain, and shameful acts to the residents. Therefore, this intelligent treatise endeavors to unequivocally distinguish issues inside the policing establishment of Bangladesh that legitimately and in a roundabout way influence manageable democratization of the regulatory and social arrangement of the Bangladesh state. Additionally, the paper investigate the current positon of police foundation in advancing equity, keeping up peace and advancing social union through helpful interventionist way to deal with democratization and opportunity of articulation, affiliation, and right to equity. What's more, the treatise uncovers pertinent proposals on an elective methodology in change motivation in the policing establishment. The national Bangladesh police have its head quarter in Dhaka and are responsible to the administration system in p ower. The Ministry of Home Affairs (MoHA) directs and controls arrangements, police financial plan, and move of officials. The police organization is isolated into the Special Branch (SB), the Criminal Investigation Department (CID), and the Rapid Action Battalion (RAB) commanded with the obligation of advancing request, distinguishing, and examining violations inside the outskirts of Bangladesh. The police establishment in Bangladesh is commanded by the constitution to secure essential human rights through keeping up and implementing law and order.Advertising Looking for report on government? We should check whether we can support you! Get your first paper with 15% OFF Learn More The police power contains around 123,197 prepared officials circulated over the province of Bangladesh against the non military personnel populace 153 million. In this way, every cop should serve 1,200 individuals at some random time. Brilliantly, â€Å"There is a deficiency of police here; it’s a progressing emergency. How might we be relied upon to handle wrongdoing when there are a bigger number of lawbreakers than police? A criminal can walk unreservedly in light of the fact that he realizes that we don’t have the labor to capture him† (International Crisis Group 18). This is just about multiple times higher than the suggested proportion by the United Nations at 1:450. As a feature of the bigger Judicial framework, Police organization is at the reality in making captures, arranging arraignment charges, and helping the legal board in equity conveyance. In addition, the Police organization is in the front line in advancing attachment through advertising exercise which guarantees classification and non-exploitation (Przeworski 38). Be that as it may, this isn't the situation in Bangladesh policing establishment. Truly, the wild events since the autonomy of Bangladesh show that its policing foundation has stayed a manikin for the political class and well off elit es in the general public. Notwithstanding being at the benchmark of democratization, because of the way that the organization legitimately associates with people in general, arrangement of human rights bargains have been noted particularly over the most recent multi decade. Rather than advancing right to speak freely and securing residents going to mobilizes across ideological groups, this foundation is frequently disposed to a specific political activism side. As indicated by the International Crisis Group (2009) report: After many years of abuse and disregard, Bangladesh’s police are a wellspring of unsteadiness and dread as opposed to a key segment of a vote based society. Human rights manhandles are endemic and practically all Bangladeshis who interface with the police whine of debasement. With a chosen government set up once more, there are presently chances to change this broken power. In any case, there are likewise critical hindrances. On the off chance that the admin istration neglects to move past the current unassuming change process, the fair progress could flounder ought to decaying security allow the military to mediate, utilizing, as it has before, the affection of maintaining peace to legitimize crashing majority rules system. (Worldwide Crisis Group 3)Advertising We will compose a custom report test on Bangladesh Police Institution explicitly for you for just $16.05 $11/page Learn More The policing establishment of Bangladesh is known for an incredible notoriety on defilement, unreasonable utilization of power and ruthlessness in making captures and dislodging quiet fights, and ineptitude. In spite of the way that the past systems know and have recognized the numerous key imperfections, none has put the requirement for police changes inside their arrangement and fair proclamation. â€Å"Whether the need has been battling wrongdoing or handling psychological militants, progressive organizations have depended on half measures and handy so lutions as a rule including the military instead of changing the police as a long haul solution† (â€Å"Freedom House: Civil Liabilities in Bangladesh† standard. 7). Incidentally, tragically most global givers who are out to satisfy the political system of the day. At times, the universal givers have been blamed for undertaking the limited estimates that solitary serve to drag out interests of the system in power. Regardless of genuine weeps for change in the policing organization, the limited measures frequently prevail with regards to stifling the objection while simultaneously advance culture of exemption by expanded crime percentages. Because of the wasteful aspects in the police unit, military work force have utilized equivalent to reason to have more impact and control of regular citizen issues as obvious in the military overthrow of January 2007 probably enlivened by police wastefulness to ensure the general population. In spite of the fact that the current Awami League government had consolidated police changes as one of the quick plan in their pronouncement, a similar government needs cooperative attitude and enthusiasm on the improving this foundation. Truly, â€Å"it has indicated no enthusiasm for revoking or correcting the present police law, the Police Act of 1861, a pioneer period lawful headache planned essentially to keep supreme India’s subjects in line† (Uddin 32). As a matter of fact, the law of Bangladesh gives the administration system of the day full control order over the police who are regularly utilized by the legislature of the day to stifle and control the restriction rather than autonomous support all things considered. For example, Prime Minister Sheik Hasina’s organization received same strategies of her ancestors to take the policing foundation for her own removal on ‘errant’ resistance and fighting civilians.Advertising Searching for report on government? How about we check whether we can support you! Get your first paper with 15% OFF Find out More â€Å"Even if the PM and her organization were to change tack, any transition to protect the power from politicization and increment responsibility would be met with solid restriction from the administration and the business network, the two of which have a background marked by abusing shortcomings in the police organization† (Uddin 29). Brilliantly, the most remarkable and those in a situation to change the policing organization are regularly hesitant because of outer powers and individual interests which are put over the national interests. These incredible political and business on-screen characters keep on flourishing in exemption and self-centeredness since the current policing foundation needs structures to work autonomously in administration conveyance. In addition, the present system is hesitant to UNDP supported improvement program planned for advancing popular government through the Police Reform Program (PRR). Incidentally, the resigned and serving senior cops in Ba ngladesh policing establishment are against the program guaranteeing that it comes up short on the extensiveness in usage in spite of the way that they know about fundamental issues that has deteriorated the police power. In an astounding move, about all the resigned senior cops â€Å"suggest that the PRP isn't planned for changing the police into a cutting edge, restrained power ready to serve and ensure residents, yet is somewhat a costly†and tentatively viable †set of managerial modifications† (Uddin 34). Democratization process is regularly costly and requires support from all players so as to state a durable arrangement. Regardless of the help from the neighboring nation; India, absence of positive attitude from the present system has nearly slowed down the changes plan in the police foundation. Tragically, the police power stays unapproachable and inept. This has made an open to rearing ground for fanatic gatherings to impel their enthusiasm of undermining sec urity with a reason of freeing the residents of Bangladesh. In addition, should this occur, this little state would experience the ill effects of a condition of versatility described by high sizes of defilement outrages, frailty, and complete deserting of the equitable ga

Hamlet (Revenge) Essays (979 words) - Characters In Hamlet

Hamlet (Revenge) Hamlet (Revenge) Vengeance. Retribution makes one act indiscriminately through indignation, rather thanthrough reason. It depends on the rule of tit for tat, butthis rule isn't constantly a wise hypothesis to live by. YoungFortinbras, Laertes, and Hamlet were all hoping to vindicate the passings oftheir fathers. They all followed up on feeling, and this prompted the destruction oftwo, and the ascent to intensity of one. Since the Heads of the three majorfamilies were each killed, the oldest children of these families sworevengeance, and two of the three children kicked the bucket while demanding their demonstrations ofvengeance, vengeance is a significant subject in the Tragedy of Hamlet. There were three significant families in the Disaster of Hamlet. These were thefamily of King Fortinbras, the family of Polonius, and the group of KingHamlet. The leaders of every one of these families are completely butchered inside theplay. Fortinbras, King of Norway, was murdered by King Hamlet; killed bysword during a man to man fight. ...our valiant Hamlet-for so this side ofour realized world esteem'd him-slew this Fortinbras. This qualified KingHamlet for the land that was controlled by Fortinbras on the grounds that it was writtenin a seal'd smaller. Polonius was a counsel to the King, what's more, father toLaertes and Ophelia. He was intrusive and presumptuous, and he did not trust hischildren. He was executed by Young Hamlet while he was eves dropping on aconversation among Hamlet and his mom. How now! A rodent? Dead, for aducat, dead! King Hamlet was the King of Denmark, and Hamlet's father. He had slaughtered King Fortinbras, just to be murdered by his sibling, Claudius. ...My offense is rank, it scents to paradise; A sibling's murder... Each ofthese occasions affected the children of the perished similarly, it enragedthem. All of the three oldest children had one thing in like manner, they allwanted retribution for a butchered father. In the time wherein this play isset, avenging the homicide of a dad was some portion of one's respect, and needed to bedone. The entirety of the three children swore retribution, and afterward acted towardsgetting retribution for the passings of their dads. Youthful Fortinbras was profoundly chafed by the passing of his dad, and hewanted retribution against Denmark in view of this event. Fortinbraswanted to, forcibly, recapture the grounds that had been lost by his dad toDenmark. ...Now sir, youthful Fortinbras...as it doth well show up unto ourstate-yet to recoup of us, by solid hand and terms compulsative, thoseforesaid lands so by his dad lost... Claudius sends emissaries to talkto Fortinbras' uncle, the new King of Norway. He preclude Fortinbras toattack Denmark, and rather persuaded him to assault the Poles to vent hisanger. ...His nephew's tolls, which to him appear'd to be a preparation'gainst the Polack; But better look'd into, he really discovered it was againstyour highness...On Fortinbras; which he, in a nutshell, complies, gets rebukefrom Norway, and, in fine, makes pledge before his uncle never more to givethe measure of arms against your greatness. Laertes got some answers concerning his dad's passing, what's more, quickly returnedhome. He went up against the King and blamed him for the homicide of his dad. Claudius disclosed to Laertes that Hamlet was dependable for his dad's demise. He at that point chooses to execute Hamlet to vindicate the demise of his dad. He andClaudius come up with a plot to execute Hamlet. Hamlet kicks the bucket of wounds from thepoisoned tipped blade Laertes utilized. ...Hamlet, thou workmanship slain...Thetreacherous instrument is in thy, unbated and envenom'd... Hamlet was profoundly distressed by his dad's passing. He addressed a phantom, andthis phantom expressed that his dad's passing was a homicide, by the hand of hisuncle, Claudius. The snake that stung thy father's life now wearshis crown. Hamlet was surprised, and afterward swore retribution for hisfather's passing. He at that point continued to attempt to demonstrate his uncle's blame, andthen at last murders him while he himself is biting the dust of harmed woundsinflicted by Laertes during their duel. The point envenomed as well! Thenvenom, to thy work...Here, thou perverted, lethal, condemned Dane, drink offthis elixir,- is thy association here? Follow my mom. This left the Kingdead, and his dad's demise vindicated. The absence of thought utilized in demanding the retribution prompted the passings of bothLaertes and Hamlet. Laertes arranged with Claudius to slaughter Hamlet with thepoisoned tipped blade, however they had not believed that the blade may beused against them. With Laertes accepting the King's allegations thatHamlet had killed his dad, he was in a daze rage, and would notlisten to Hamlet's clarification and statement of regret. I am fulfilled in nature...tomy revenge...I stand aloof...and will no reconcilement...But till that time, I doreceive your offer'd love like love, and won't off-base it.. He

The Age Of Shakespeare Macbeths Downfall Assignment - 275 Words

The Age Of Shakespeare: Macbeth's Downfall Assignment (Essay Sample) Content: Macbeths DownfallNameInstitutionMacbeths ruin is ascribed to his egotistical ambitions. However, the witches and his companion, Lady Macbeth, also played a role in his downfall. Lady Macbeth was accountable for persuading Macbeth to perpetrate murder. The witches prognosis about Macbeth becoming a king was also accountable for his ruin. Macbeths egotistic aspirations majorly contributed to his ruination.At the plays beginning, Macbeth manifests himself as a hero by demonstrating courage and bravery. Macbeth is commended by a commander who reports his courage and atrocity towards the enemies of Scotland (Kemp, 2010). Macbeths bravery is acknowledged by Duncan, a king, who righteously remunerates him. However, the violent and brutal character of Macbeth causes him to kill a king. Although the witches (three) and Lady Macbeth influenced him to commit murder, his character and deep desire fueled and motivated his ambitions.Macbeth is first influenced by the witches (three ) who prophesied about Macbeth becoming a king (Sheinberg, 2004). He is convinced by the witches prognostication blindly with no prove. He opts to believe the predictions that were miss-interpreted. The predictions by the witches were responsible for corrupting Macbeths thoughts. However, the predictions by the witches did not in any way suggest the kings murder. The idea of treachery and murder could have crossed the mind of Macbeth because Banquo perceives his self-reproach (Kemp, 2010).His deep and black aspirations frighten him. Therefore, he declines to openly talk about the desires. He decides to send his companion, Lady Macbeth, a letter describing his state. His wife, after getting the message, supports the kings execution because she conceives it as the only chance to attain their ambitions. He allows Lady Macbeth to exploit him by blaming him for not acting like a &l...

Cox Surname Meaning and Origin

There are several possible origins or meanings for the last name Cox. Options include: Form of COCK (little), a term of endearment (i.e. WILLCOX, little Will), often used to denote a leader or chief man.Possibly originated from the Welsh word coch, meaning red.Cox could also be a locality descriptive surname for heap, haycock, or hillcock. Last Name Statistics Old and common last names are often difficult to define, research, or trace. Cox is the 78th most popular surname in the United States. Cox is also popular in England, coming in as the 52nd most common surname. Origin: English, French, Welsh, and/or IrishAlternate Spellings: Cocks Genealogy Resources Genealogy Forum: Search this popular genealogy forum for the Cox surname to find others who might be researching your ancestors, or post your own Cox query.RootsWeb hosts several free mailing lists for researchers of the Cox surname.FamilySearch hosts records, queries, and lineage-linked family trees posted for the Cox surname and its variations. Resources and Further Reading Beider, Alexander. A Dictionary of Jewish Surnames from Galicia. Avotaynu, 2004.Cottle, Basil. The Penguin Dictionary of Surnames. Penguin, 1967.Hanks, Patrick, and Flavia Hodges. A Dictionary of Surnames. Oxford University, 1989.Hanks, Patrick, editor. Dictionary of American Family Names. Oxford University, 2003.Menk, Lars. A Dictionary of German-Jewish Surnames. Bilingual ed., Avotaynu, 2005.Smith, Elsdon C. American Surnames. Genealogical, 1997.

Toyota s Global Sustainability - 1368 Words

Toyota s Global Sustainability For this Capstone Project, a foreign company (Toyota Motor Corporation) was chosen that trades on the New York Stock Exchange. This paper will outline how Toyota has become one of the world’s leading brands through the fruitful use of its global strategies. As a result, the main focus of this project will be on Toyota s global sustainability. Part One: Overview of Toyota Toyota Motor Corporation, (in short: Toyota) was founded in 1937 in Japan. It is one of the largest automobile manufacturers in the world based in Aichi, Japan. Toyota is also one of the top 20 brands in the world. As of August 2016, Toyota had approximately 350,000 employees all over the world, and in February of the same year, it was†¦show more content†¦Since 2009, Toyota has established itself as the best manufacturer and marketer of hybrid vehicles. In February 2017, the worldwide cumulative sales of Lexus and Toyota hybrid cars reached 10 million, making it the highest selling brand of hybrid vehicles. Toyota’s another top quality hybrid car brand Prius also achieved the milestone of 6.5 million pieces sold globally as of February 2017 (Toyota: Our Company, 2017). The company trades on all the stock exchanges of Japan. In addition, it actively trades on the LSE (London Stock Exchange), and also on the NYSE (New York Stock Exchange). Toyota has more than 220 affiliates and 550 consolidated subsidiaries all over the world. The company also received numerous influential industry awards for its rigorous quality management and production efficiency. Toyota is well-known for its mass production and marketing strategies, targeting almost all the market niches in the global automobile industry. However, in recent years, the company produced more sedans, minivans, and hybrid cars than its other forms of vehicles due to the rising demand of these cars among the customers of the world (#10 Toyota Motor, 2017). Part Two: Outline of the Capstone Portfolio Project As mentioned earlier, this project will mainly emphasize on the global sustainability strategies adopted and used by Toyota. The following sections and subsections will provideShow MoreRelatedCorporate Social Responsibility in Automotive Industry1496 Words   |  6 PagesMagally | Toyota | Anvesh | Tata Motors | Executive Summary Automotive Industry is one of the biggest economic sectors in the world and the impact they have to the communities in their best practices has a huge advantage promoting corporate social responsibility. We looked and discussed various issues of CSR in the report not limited but including: Investing in the Future, Technology Drives Change Electric cars, Materials and Workforce Implications. 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Australian Industry Report Office of the Chief Economist

Question: Describe about the Australian Industry Report for Office of the Chief Economist? Answer: Introduction Financial Statement Analysis is an important tool in understanding the financial performance and position of a company for a specified period. The analysis comprises of three financial statements i.e. Balance Sheet, Income Statement and the Cash Flow Statement. There are many users of these reports which include management, investors, creditors, debtors and the government. In this report, we have analysed the financial performance of Rio Tinto Group which is into the mining and metals business with its headquarters in London, United Kingdom and management office in Australia. The financial statements of the company for five years starting from 2010 to 2014 have been referred to and analyzed. The financial statements are available in the annual report of the company. However, a consolidated data from a financial website Morningstar have been extracted and the same has been analysed. This analysis is majorly useful to the potential investors as the analysis includes determining the profitability, liquidity and stability of the company. Based on the above analysis, the investor can decide whether to or not invest in the company depending upon the financial performance. Various ratios have been calculated to ascertain the profitability, liquidity and stability of the company. The results have been analysed after reading the annual report and other source o f information to make them meaningful. Rationale for choosing Rio Tinto Mining is one of the most important industries in Australia and contributes a major part of the National Income. Rio Tinto is into the business of finding, mining and processing the Earths mineral resources. These minerals and metals are further used in the infrastructure industry to build the countrys infrastructure. Hence, the nature of the business is core to the growth of an economy and hence, the company has been chosen for analysis. Australia has experienced boom in the mining sector in the last decade which has brought in investment, jobs and wealth to Australia. However, the boom has peaked now and the commodity prices have started falling. The second half of 2014 was challenging for the mining companies due to low commodity prices, changing demand patterns, tougher regulatory environment, increasing costs and a changing competitive landscape, but the real challenge was to continue smooth operations and maintain profitability for the shareholders in such a volatile environment. Only companies with operational excellence, improved productivity and profitability, lower costs, and a strong cash flow can sustain in such changing market conditions. The changing landscape of the mining industry makes it imperative to study and analyse the companies working in this landscape to see whether they are able to cope up with the changing market conditions or not. Rio Tinto appears to be a strong player and has maintained a value driven approach to stay ahead in the competition. The company very well realises the end of boom and hence has framed its policies accordingly. Performance Analysis The performance of the company has been analysed by calculating various ratios which are explained below: Profitability Ratios Gross Profit Ratio The gross profits are highest in 2011 as the year experienced the peak of mining boom, thereafter, the commodity prices started falling and so did the total revenue. However, the gross profits have increased in 2013 and 2014 due to operating cash cost improvements and strengthening of the US dollar against the local currencies. Net profit Ratio The net profits are negative in 2012 mainly due to impairment charges of $5 billion and also the though the gross profits were high in 2011 but net profits are comparatively very low due to impairment charges of $8.5 billion. Even in the era of falling commodity prices, 2014 has recorded a significant net profit due to increased sales volume, improved operational efficiencies and strengthening of dollar against local currencies. Operating Ratio The ratio was highest in 2012 as the year is marked by high costs with respect to impairment charges, similarly year 2011 also has high operating ratio even though the revenue is higher than other years, majorly due to the impairment charges. After 2010, 2014 has the lowest operations ratio as the company has moved towards being cost effective. Return on Assets The ROA has decreased from 2010 to 2012 due to a fall in net income as the total assets have increased in these years. In 2013 and 2014, the total assets have decreased mainly due a fall in receivables, inventories and property, plant and equipment. Even then the ROA has increased as a result of increasing net profits. This means the company has been able to utilize its assets efficiently to generate profits in the later years. Return on Capital Employed The ROCE also has similar pattern as the ROA. The total capital employed has decreased from 2012 to 2014, but the ROCE has increased due to an increase in EBIDTA, where the interest expenses have fallen in 2014 and so has the depreciation expense. In 2014, the company has been able to generate higher returns on lower capital employed. Stability and Liquidity Ratio Current Ratio The current ratio is above 1 in all the years which means that the current assets are sufficient to meet the short term obligations. The current ratio has been the lowest in 2012 as the current assets decreased considerably in the form of cash and cash equivalents and the current liabilities increased due to short term debts. However, the company recovered and the cash balance increased in later years and was at $1.2 billion in 2014 indicating high liquidity of the company. In 2014, the company also got rid of some part of its short term debt and there was a decrease in accounts payables, thus leading to a further increase in liquidity. Quick Ratio The quick ratio is also the lowest in 2012 as the cash balance has decreased and payables and inventory have also increased. Even after removing the inventories, the liquidity still remains low in 2012 due to lower assets as compared to current liabilities. However, in 2013 and 2014, the company has reduced its inventories, thus increasing the liquidity and the payables have also gone down so has the short term debt in 2014. Thus 2014 can be termed as a year in which the company was very liquid with low inventory, debt and more cash balance. Debt to Equity Ratio The company has on an average 50% debt and 50% equity in its capital structure. The total debt has been increasing from 2011 to 2013, whereas, stockholders equity has decreased continuously with equity increasing slightly only in 2014. The company has undertaken both short term and long term debt. The borrowings of the company decreased in 2014, making it less risky and more stable. There is more financial flexibility and low cost of capital. Interest Coverage Ratio The interest coverage ratio has decreased during 2010 to 2012 and after that it has increased. The negative coverage in 2012 is on account of negative EBIT resulting from high impairment charges. 2010 and 2011 were years of high profits and low debt, hence a very impressive interest coverage ratio is there. However, with the mining boom reaching its peak in 2012 and commodity prices after that, the profits have gone down and the company has undertaken debt to finance its growth and expansion. However, in 2014, the interest expense reduced due to repayment of debt and increased profits led to coverage ratio being 15 times. Working Capital Management Ratios Accounts Payables Turnover The company has a very impressive accounts payables turnover with there being no payables in 2012 to 2012. The company mostly paid its suppliers in cash. In 2013 and 2014, the payables have occurred and show an increasing trend. This is a good sign as the company has started making use of credit and the amount saved from there can be used for other business purposes. Inventory Turnover Ratio The inventory turnover ratio has improved from 2012 to 2014. This is because the company has reduced its working capital tied up in inventories. This is a good sign as it signifies that the working capital management is moving towards being efficient. The turnover is the highest in 2014 as the inventory is the lowest in this period and the revenue has also increased as compared to 2012 and 2013. Accounts Receivables Turnover Ratio The accounts receivables turnover also has a similar trend as that of inventory turnover indicating that the company is improving its working capital management and hence its liquidity. The receivables have decreased continuously i.e. the company has been able to collect cash for sales made. The fast turning cash makes more cash balance available to the company to meet its expenditures. From 2012 onwards, the revenue has increased and the receivables have decreased resulting in higher cash balance and efficient working capital management. The days receivable for Rio Tinto is approximately a months time. Stock Market Performance Ratios Earnings per Share The earnings per share has decreased from 2010 to 2012 and increased after that. The weighted average share capital has not undergone any major change except in year 2012 when it was reduced by approx. $1billion. Thereafter, it has remained almost constant. The change in EPS is due to a change in net income available to equity shareholders. The earnings have increased after 2012 even in a challenging market where the commodity prices were falling mainly due to increased volume of sales and lower operations costs. Dividend per Share The dividend per share has continuously increased from 2010 to 2014. This is due to an increase in the dividends paid every year. The number of shares has not undergone any major change. This is a good return from the shareholders point of view as they are getting paid in cash for the investments made in Rio Tinto shares. A company paying higher dividends is always preferred by shareholders as they are directly being benefited. In spite of suffering losses in 2012 due to impairment charges, the company has still paid dividends of $3 billion as the underlying earnings were positive and cash balance was strong since impairment charge is a non cash item. Dividend Payout Ratio The dividend payout ratio is negative in 2012 because the net income is negative. The ratio is highest in 2013 because net income is low as compared to 2014 but the dividends are almost similar. In 2014, the company has generated the highest net income after 2011, whereas cash dividends paid have not increased in the same ratio, resulting in a low dividend payout in 2014. The company has retained its earnings after paying sufficient dividends. Earnings Yield Ratio The earnings yield has improved from 2012 to 2014. This yield is higher in 2014 as compared to 2013 because the earnings per share have increased and the market price of the shares of Rio Tinto has decreased making it an undervalued stock. The market share price of Rio Tinto was the highest in 2010 followed by 2013. However, the yields are higher in 2014. Dividend Yield Ratio The dividend yield shows an increasing trend due to an increase in dividends paid and a less then proportionate increase/decrease in share prices. The share prices increased in 2013, thus lowering the yield. However, a fall in share prices in 2014 and an increase in dividends paid led to an increase in the dividend yield. Summary of the Analysis Profitability Ratios Comments 2010 2011 2012 2013 2014 Gross Profit Ratio 35.20% 40.10% 26.40% 29.40% 27.30% Decrease Net Profit 25.30% 9.60% -5.90% 7.20% 13.70% Increase Return on Assets 12.70% 5.00% -2.50% 3.20% 6.00% Increase Return on capital 24.60% 16.80% 2.10% 9.20% 15.80% Increase Operating ratio 62.30% 77.40% 104.50% 92.20% 78.60% Improved Stability and Liquidity ratio Current Ratio 1.82 1.46 1.39 1.47 1.73 Increase Quick ratio 1.42 1.11 0.95 1.09 1.37 Increase Debt to Equity ratio 0.26 0.42 0.57 0.62 0.54 Improved Interest coverage ratio 27.45 27.59 -8.30 7.91 15.72 Increase Working Capital Management Ratios Accounts Payables Turnover NA NA NA 11.67 13.37 Increase days payables 31.29 27.3 Improved Inventory turnover ratio 7.71 6.83 6.12 6.29 7.97 Increase Days Inventory 47.3 50.6 55.6 31.3 53.1 Decrease Accounts Receivables Turnover 9.08 9.55 8.49 10.9 13.17 Increase Days Receivables 40.2 38.2 43 33.5 27.7 Increase Stock Market Performance Ratios Earnings Per Share 7.3 3.03 -1.62 1.98 3.53 Increase Dividend Per Share 0.89 1.16 1.64 1.8 2.01 Increase Dividend Payout Ratio 0.1 0.4 -1 0.9 0.6 Decrease Dividend Yield 0.015 0.023 0.031 0.032 0.039 Increase Earnings Yield 0.12 0.06 -0.03 0.04 0.07 Increase The increase/decrease in the comments section has been given for the most recent year i.e. 2014 as compared to 2013. Limitations of Ratio Analysis Though the above ratio analysis gives insights to the companys financial performance, however, there are many limitations of the same that are discussed below: Inflation inflations makes it difficult to compare the financial results over a period of time as it can lead to price increases and thus can mislead the investors. Use of different accounting policies inter firm comparison may be difficult as different firms may use different accounting policies. The standards provide firms with the flexibility to use different accounting policies that may make the comparison difficult. Outdated information in financial statements the balance sheet shows a companys financial position at a point of time. A ratio based on the balance sheet figures may be reflective of the financial position for the year as a whole. Like for a seasonal business, the year end debtors and inventories may be low. Use of creative accounting management may use creative accounting to show better financial performance in the form of changing method of depreciation etc... This may mislead the users of financial statements. Interpretation of ratios it is difficult to generalise whether a particular ratio result is good or bad. Like of the current ratio is high, it is considered good from liquidity point of view but this may mean excessive cash which is bad. Hence interpretation of ratios cannot be generalised. Impact of seasonality on trading there are many fluctuations that may occur during a financial period. However, the financial statements are based on the year end results. Hence, a seasonal firm may choose its accounting period according to seasons to show better results. This may mislead the users of financial statements. Summarised information - the financial statements present the summary of the accounts. The financial statements are presented in two pages whereas notes to financial statements which are written in more than 20 pages are not taken into consideration in calculating ratios. Conclusion and Recommendation Looking at the above financial analysis of Rio Tinto, it is clear that years 2011 and 2012 were not good in terms of profitability as there were huge impairment charges which highly impacted the companys financial position. Impairment of assets means the company has made bad investment decisions of the assets and impacts both the balance sheet and the income statement. However, the company has taken a corrective step and has replaced the Chief Executive Officer, Mr. Tom Albanses who was held responsible for such impairments. The new CEO is expected to work towards better investments decisions. Apart from that, the company has increasing profits in 2014 despite of low commodity prices; this has been possible due to high sales volumes and lower costs. The company is committed to maintaining operative and commercial excellence and even in such challenging market conditions where competition is increasing, prices are falling, it has been able to increase its earnings. The company can be easily said to be liquid and stable. This is because the current ratio and quick ratio have increased in the recent years due to reduction in current liabilities like payables and an increase in the cash balance. The inventories have also reduced in 2014 making the company more liquid. Cash comprises the highest component in the current assets thus indicating high level of liquidity. The company has increased its stability by reducing the debt to 50% of the total capital. The gearing ratio is good enough to give tax benefits and maintain stability. Year 2014 was marked by a reduction in total debts. The company has interest coverage ratio if more than 15 times in 2014 which is an impressive figure as the company can comfortably pay for its interest expenses. Hence, it can be concluded that the company is very stable and liquid. The working capital management is also efficient as the company has reduced its receivables and inventories thus increasing the respective turnover ratios. This gives the company free cash that can be utilized for other growth and expansion purposes. The payables have also reduced meaning good rapport with the suppliers but the company has ensured enough payables to make use of available credit facilities. Thus, it can be said that working capital is being managed efficiently. The stock performance ratios also indicate an improving trend where the cash dividends paid has increased over the period thus increasing cash returns for equity shareholders. The company has not increased its shareholder capital by a great extent whereas the earnings available to the equity shareholders has increased, thus increasing the total earnings available to the shareholders. The companys market share price has fallen in 2014 due to a fall in the commodity prices resulting from a fall in demand of these commodities like iron ore, copper and coal by China. In spite of this, the companys earnings have increased. Though the financial position of the company appears to be strong, however, the falling commodity prices pose a danger for the company. The demand for resources from China which was a major profit driver has slowed down; hence the revenue of the company is expected to decrease. For now it would be better to not invest in the company or the mining sector in particular. 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