Virgin Islands Essay Example for Free

Virgin Islands Essay Virgin Islands in United States were previously known as Danish West Indies. They are situated about fifty miles from east of Puerto Rico in the Caribbean. About 108,612 citizens are living mainly on Saint John, Saint Croix, Saint Thomas and Water Islands. Total land area covered by the territory is 133. 73 square miles which is approximately 346. 4 km2. Before their acquirement by U. S these islands were owned by the Kingdom of Denmark which ruled since 1754. Secretary of the country, namely William H. Seward, wanted to protect their naval bases for the safety of U. S interest in Caribbean during the Civil War. They prepared themselves to control the main naval routes from Central and Latin America which is the first authorized gateway to Denmark. Due to the internal dilemma faced by Demark and declined economy of the islands, Danish officials negotiated with the minister of the United States that directed to an agreement of purchasing it for $7. 5 million in 1867. Though, Danish authorities had a favorable plebiscite and a prompt ratification but still they failed to secure their Congress and public opinion. As a result, they were defeated due to a natural disaster in Saint John which led to purchase Alaska by President Andrew Johnson. On the other hand, opinion by the citizen of Denmark was in favor to the expansion by foreigners. The treaty was however faded away in the Senate and was ultimately rejected in 1869. To purchase the islands, Secretary of State John Hay showed efforts in 1902 who thought that Germans were planning out to acquire naval bases of the Caribbean Sea. Although, Danish government was not willing to surrender their islands and were hoping to get benefit from the impending canal namely isthmian. Due to German expansionism, secretary of State Robert reopened the negotiation and as a result a treaty was signed in 1916 where all the approvals were replaced in 1917. About twenty five million dollars were transferred after the favorable negotiations in 1917. Saint Thomas and Water Island were also developed during World War II as a defense base. After the authorities were transferred from the department of navy, the islands were handed over to the office of insular affairs in 1931 where it stayed till 1971. As an unincorporated land of United States, these islands were given limited form of independency due to Organic Act of 1936. After the Revised Organic Act was published in 1954, the degree of self-governance became even more enhanced. (Statens Arkiver) Economy of these islands is mostly based on tourism with almost 2. 6 million tourists each year which account 80% of GDP and services. However, its agriculture sect is smaller than manufacturing sects which consist of electronics, textiles, refining of petroleum and pharmaceuticals. Petroleum refineries in Saint Croix are the largest all over the globe. Islands do get damaged due to storms and other natural disaster but the partnership for trading purpose is solely the mainland of the United States and Puerto Rico helps to renovate the islands. Still government is working to expand their private sector, tourism and protection of the environment. (The World FactBook, 2008). The islands are situated amid the Caribbean Sea and Atlantic Ocean. They are about fifty miles east from Puerto Rico and sixty miles west from Caribbean Islands. Basically, Virgin Islands are located at the top of the curve of Caribbean Islands where it starts from Florida to South America. Virgin Islands in United States consist of four major islands and fifty smaller cays and islands. Islands are placed at the peak of submerged mountains that rise from some hundred feet over the sea and ocean floors. Virgin Islands consist of mountains, sea cliffs, tiny streams, forests, and beautiful sand beaches. (Virgin Islands Vacation Guide Community, 2008) Following is the deep analysis of major islands located in Virgin Island Saint Croix Saint Croix is one of the largest Virgin Island in the United States as it was once roofed by sugar cane. This striking island does not have visitors like Saint Thomas and Saint John has but it however consist of a port of vacation. Saint Croix is almost covered with 84 square miles land. It is far away from Saint Thomas almost 40 miles from south. This Caribbean island has a dramatic history and vast cultivation of sugar cane. Several flags have fluttered over the land of Saint Croix but the predominant influence was of Danish which ruled for about 250 years. There are a number of sceneries throughout the island such as lush rain forest towards northwest and palm beaches that is connected to clean aquamarine water at east end. Though, southern location of island is covered with industries which include more than hundred sugar mills. Nonetheless, roads of the island need to get repaired. A number of roads are unmarked and tourist might get lost some where on the island. A park that covers 850 acres of the land with the water surface of 1. 5 miles to the northern coast of Saint Croix is located. Buck Island is a part of that park even since 1948 which consist of wonderful snorkeling. A number of historical exhibits are found in Fort Frederik which is located in Frederiksted, constructed in 1760 and was renovated back in 1840’s. A number of historians argue that Fort Frederik was one of the first fort where the salute ceremony to the flag of United States was held in 1776. It is also been said that Governor General Peter von Scholten liberated the Dutch slaves at Fort Frederik in 1848. Conversely, one of the best fort in Saint Croix is Fort Christiansvaern, located in Christiansted. Saint Thomas Saint Thomas is another major island of Virgin Islands which is likely to be called as cruise ship on the Caribbean Sea. This island consists of natural beauty and it also has one of the finest weather in West Indies. Tourism in this island plays role of a king. People love to visit Saint Thomas as they can gain foreign culture experience. Virgin Islands including Saint Thomas have all the components from tropical paradise to exotic wild life. As a part of the United States, it is easy to visit Saint Thomas and other Virgin Islands. A number of fast food restaurants are also located in Saint Thomas plus traveling from United States is not complex due to the protection given by American government. Name of Virgin Islands were given after a famous explorer namely Christopher Columbus. In 1492, Christopher Columbus gave a name to the group of islands therefore Las Once Mil Virgenes in the respect of Saint Ursula’s martyred maidens as believed by Christians. The United States however purchased it share for Virgin Islands in 1916 from Denmark. Every Virgin Island has its own personality and scenery. (Linda Garrison, 2008) Saint Johns Saint John is the smallest of the Virgin Islands that covers 20 square miles of the land. Two third of Saint John is covered by national park. Saint John consists of over 5,000 residents. The island is a domicile of a number of ethnic backdrop that play its own role in Saint John’s through the celebration, music and other cultural rituals. The island itself ensures the magnificent and unique beauty of its nature park particularly by its historical insight. Hiking is the mostly done on this island therefore trip is incomplete without it. Laurance Rockfeller purchased a portion of Saint Johns in 1950’s with a thought of enjoying the natural world. However, there are many other places in Saint Johns that are dotted around the island such as Annaberg Plantation, a sugar mill established in the 18th century, which is located at the north end and Catherineberg Ruins sugar mill which was considered to be the head quarters of Saint John where salves were trained to become a tribal soldier. Weather in Saint John is considered to be tropical with about thirty degrees Celsius. The hot sunny weather keeps winter months hot however humidity is lesser than in summer. Conclusion When Virgin Islands were transferred to United Stated from Denmark, a history was ended but another began. This transfer was however been awaited by the native people of Virgin Islands hoping for the development of Virgin Islands. Involvement of United States is considered to be a formula for the development of economic and social ills of which people were suffering in Virgin Islands. However, the concept of islands to be a military base rather than a state that consist of natural resources is developed by the United States for the favor of people.It was also determine to the changes in policies and attitude of the United States in future years. Bibliography 1) The World FactBook. Virgin Islands. November 6, 2008. Central Intelligence Agency. November 18, 2008 https://www. cia. gov/library/publications/the-world-factbook/geos/vq. html#Geo 2) Statens Arkiver. Virgin Islands History. Danish National Archives. November 18, 2008 http://www. virgin-islands-history. dk/eng/default. asp 3) Linda Garrison. St. Thomas in the U. S. Virgin Islands (USVI) – Cruise Lines’ Favorite Virgin. 2008. Cruises. November 18, 2008 http://cruises. about. com/cs/caribbeanports/a/stthomas_2. htm 4) Linda Garrison. St. Croix in the U. S Virgin Islands – Things to do with a Day in Port. 2008. Cruises. November 18, 2008 http://cruises. about. com/cs/caribbeanports/a/stcroix. htm 5) Virgin Islands Vacation Guide Community. Virgin Islands Geography. 2008. Virgin Islands Now. November 19, 2008 http://www. vinow. com/general_usvi/geography/ 6) CaribbeanWay. St. John USVI. Luxury Villa Rentals and Sales. November 19, 2008 http://st-john. caribbeanway. com/general-info. asp

Bullying and LGBT Youth Essay -- equality, homosexuals, LGBT Teens

When is it considered okay to take away someone's rights? A person cannot be defined by one word. Homosexual is only one word. Television and movies have not perfectly portrayed all of Americans since it started. Having two moms or two dads isn't the worst thing that could happen. A child growing up with two dads or two moms will believe that it is normal. According to many cultures and religions, being a homosexual is wrong and it does not really exist. Homosexuals are being shunned by followers of these faiths. LGBT teens are more likely to think about or attempt suicide because they encounter bullies at school, work, and in other public areas. The issue of gay rights was similar to women's rights in the 1920s. Homosexuals do not look any different from heterosexuals. Marriage is a topic of many young girls and even some boys daydreams. Russia recently passed laws that make gay rights nonexistent. Nothing can change an LGBT male or female. When describing a person's personality, more than a word or phrase comes to mind. That is because the human mind and personality is more complex than a single word or even a single phrase. Of course, one word may stick out in one's mind more than others, but that does not mean that it is the only word that describes that person. An LGBT man or woman is more than his or her sexuality. Only a series of several words or phrases can be used to partially describe a person. â€Å"Homosexual† is only word that can be applied to a person. Gay rights should not be an issue because taking away gay rights is like taking away human rights. If he or she cannot list several good and bad things that describe another person's personality, he or she does not know enough about the other person to judge hi... ...Cited Bauder, David. â€Å"'The Fosters' Is Grateful For Negative Attention† The Huffington Post, 25 January 2014 1. pag. . Black, Phil. and Eshchenko, Alla. CNN, 14 Febuary 2014. Web. 8 Apr 2014. . â€Å"Gay Bullying Statistics†. Bullying Statistics Web. 29 Mar 2014. "Hallmark nixes 'gay' from Christmas carol lyric on ornament†. n.d. 31 October 2013 McDonald, Natalie Hope. "Queer, Young and Bullied - G Philly." Philadelphia Magazine. N.p., 3 Apr. 2013. Web. . .

Indian Judiciary System Essay

In a political system based on constitutional Government , the functions of rule making, rule enforcement and rule interpretation are separated into the three institutions of the legislature, the executive and the judiciary. A judiciary that is independent of and acting as a check on arbitrary exercise of legislative and executive power is an essential feature of a constitutional itself means. In a federal system, the judiciary also serves as a tribunal for the final determination of disputes between the union and its constituent units. Given the tremendous importance of the role and functions of the Supreme Court & High Courts, various measures have been adopted to ensure the independence of the judiciary. The judiciary in India is paradoxical institution. On the one hand courts are extraordinarily powerful on the other, its working seems manipulated by the executive. Through a creative interpretation of the constitution, courts have not only exercised their power of judicial review but also have to managed to place the limits on the power of parliament to amend the constitution. There are 20 million case pending in Indian courts, of which 3.2 million are in the High Courts. The entire judicature has been divided into three tiers. At the top there is a Supreme court (apex), below it is the High Court and the lowest rank is occupied by session’s court. The supreme Court is the highest court of law. The constitution says that the law declared by the supreme court shall be binding on all small courts within the territory of India(Art. 141). Below the Supreme Court, are the High Courts located in the states. Under each High Court there are District Sessions Courts. Subordinate Courts and Courts of Minor Jurisdiction called Small cause courts. Given the importance of the judiciary in a federal system resting on limited government , The Supreme Court was designed to make it the final authority in the interpretation of the constitution . While framing the judicial provisions, the constituent assembly gave a great deal of attention of the courts, the power of the supreme court and the issue of judicial review. The Constitution makes sure that the Supreme Court is independent as much as possible. Eligibility -The person must be a citizen of India -Judge of a High Court or of two or more such Courts in succession for at least five years, or -An Advocate of a High Court or of two or more such Courts in succession for at least ten years, or -The person must be, in the opinion of the President, a distinguished jurist. -A Judge of a High Court or retired Judge of the Supreme Court or High Courts may be appointed as an ad-hoc Judge of the Supreme Court. Appointment: Though the President has the appointing authority with the advice of his Council of ministers the appointment of the Supreme Court Judge has been lifted from the realm of pure politics by requiring the President to consult the Chief Justice of India in the matter. Salary: The salary and allowances of a judge cannot be reduced after appointment.the salaraies of the judges are fixed by the constitution and providing that though the allowances,leave and pension may be determined by law made by the Parliament,these shall not be varied to the disadvantage of a judge during his term of office except may be during a ‘financial emergency’.the adminstrative expenses of the Supreme Court,the salaries and allowances of the Judges and staff of the Supreme Court shall not be subjected to vote in Parliament and would be charged on the ‘Consolidated Fund of India’. Contempt of court: The Constituion allows the Supreme Court to punish anyone for contempt of any law court in India,under Articles 129 and 142. The Supreme Court perforemed an unprecedneted action when it directed a sitting minister of the state of Maharashtra,Swaroop singh Naik,to be jailed for one month incharge of contempt of court on 12 May 2006.This was the first time a serving minister was ever jailed.He was sentenced for allowing an illegal saw mill to run in a forest in Vidarbha near Tadoba santuary when he wa the Maharashtra forest minister.The court had directed in 1997 to the state ministers to not renew the licenses of sawmills in the forest areas. Violation of Laws: The Supeme Court has the right to invalidate any law made by the Parliament if it violates the â€Å"Basic Stucture† of the constituion or if it violates any of the fundamental rights of the citizens. On 24th April,1973 the Supreme Court in the ‘Kesavananda Bharti v/s The state of Kerela’ case responded to the Parliament that although the amendments made were constituional the court still reserved for itself the discretion to reject any constituional amendments passed by Parliament declaring that the amendments cannot change the Basic Structure. Removal: The judge cannot be removed from office before time except by an order of the president passed in the Lok Sabha and Rajya Sabha supported by a majority of the total membership of that house and by a majority of not less than two thirds oh the members present and voting,and presented to the president in the same session for such removal on the ground of proved misbehaviour or incapacity. There were two judges who were removed by this process the first was Justice V.Ramaswami:He was the Punjab and Haryana High Court chief justice of the year 1993 when he was impeached by the Lok Sabha by 196 votes because of his incapacity to do work. The Supreme Court charged him for his failure to do complete justice. The second was that of Justcice Soumitra Sen.He was the Calcutta High Court chief justice,the justice of India K.G Balakrishnanhad recommended him for impeachement to the Parliament because he had misappropriating rs.22.83 lakh than on than on 2009 a three member committee was set up and investigation was staretd and he was found guilty and finally on 17th August 2011 he was impeached by Rajya Sabha. The Supreme Court has original, appellate and advisory jurisdiction. Its exclusive original jurisdiction extends to any dispute between the Government of India and one or more States or between the Government of India and any State or States on one side and one or more States on the other or between two or more States, if and insofar as the dispute involves any question (whether of law or of fact) on which the existence or extent of a legal right depends. In addition, Article 32 of the Constitution gives an extensive original jurisdiction to the Supreme Court in regard to enforcement of Fundamental Rights. It is empowered to issue directions, orders or writs, including writs in the nature of habeas corpus, mandamus, prohibition, quo warranto and certiorari to enforce them. The Supreme Court has been conferred with power to direct transfer of any civil or criminal case from one State High Court to another State High Court or from a Court subordinate to another State High Court. The Supreme Court, if satisfied that cases involving the same or substantially the same questions of law are pending before it and one or more High Courts or before two or more High Courts and that such questions are substantial questions of general importance, may withdraw a case or cases pending before the High Court or High Courts and dispose of all such cases itself. Under the Arbitration and Conciliation Act, 1996, International Commercial Arbitration can also be initiated in the Supreme Court. The appellate jurisdiction of the Supreme Court can be invoked by a certificate granted by the High Court concerned under Article 132(1), 133(1) or 134 of the Constitution in respect of any judgement, decree or final order of a High Court in both civil and criminal cases, involving substantial questions of law as to the interpretation of the Constitution. Appeals also lie to the Supreme Court in civil matters if the High Court concerned certifies : (a) that the case involves a substantial question of law of general importance, and (b) that, in the opinion of the High Court, the said question needs to be decided by the Supreme Court. In criminal cases, an appeal lies to the Supreme Court if the High Court (a) has on appeal reversed an order of acquittal of an accused person and sentenced him to death or to imprisonment for life or for a period of not less than 10 years, or (b) has withdrawn for trial before itself any case from any Court subordinate to its authority and has in such trial convicted the accused and sentenced him to death or to imprisonment for life or for a period of not less than 10 years, or (c) certified that the case is a fit one for appeal to the Supreme Court. Parliament is authorised to confer on the Supreme Court any further powers to entertain and hear appeals from any judgement, final order or sentence in a criminal proceeding of a High Court. The Supreme Court has also a very wide appellate jurisdiction over all Courts and Tribunals in India in as much as it may, in its discretion, grant special leave to appeal under Article 136 of the Constitution from any judgment, decree, determination, sentence or order in any cause or matter passed or made by any Court or Tribunal in the territory of India. The Supreme Court has special advisory jurisdiction in matters which may specifically be referred to it by the President of India under Article 143 of the Constitution. The supreme court is vested with the power to render advisory opinions on any question of fact or law that may be referred to it by the president. The advisory role of the supreme court is different from orinary jurisdiction in three senses.  ·There is no litigation between two parties  ·The advisory opinion of the court is not binding on the govt.  ·It is not executable as a judgement of the court. The practice of seeking advisory opinion of the supreme court helps the executive as a judgement of the court. It gives a soft opinion to the indian govt. on some politically difficult issues. As in case of Babri Masjid complex and Ayodhya. The govt. decided to refer aspects of the dispute to the supreme court for an opinion. Since there was no legal point at issue, the referral to the supreme court had the potential for politicizing the judiciary instead resolving. Although the proceedings in the Supreme Court arise out of the judgments or orders made by the Subordinate Courts including the High Courts, but of late the Supreme Court has started entertaining matters in which interest of the public at large is involved and the Court can be moved by any individual or group of persons either by filing a Writ Petition at the Filing Counter of the Court or by addressing a letter to Hon’ble the Chief Justice of India highlighting the question of public importance for invoking this jurisdiction. Such concept is popularly known as ‘Public Interest Litigation’ and several matters of public importance have become landmark cases. This concept is unique to the Supreme Court of India only and perhaps no other Court in the world has been exercising this extraordinary jurisdiction. A Writ Petition filed at the Filing Counter is dealt with like any other Writ Petition and processed as such. In case of a letter addressed to Hon’ble the Chief Justice of India the same is dealt with in accordance with the guidelines framed for the purpose. If a petition is received from the jail or in any other criminal matter if the accused is unrepresented then an Advocate is appointed as amicus curiae by the Court to defend and argue the case of the accused. In civil matters also the Court can appoint an Advocate as amicus curiae if it thinks it necessary in case of an unrepresented party; the Court can also appoint amicus curiae in any matter of general public importance or in which the interest of the public at large is involved. As in case of Kasab, A bench of justices Aftab Alam and C K Prasad dismissed 25-year-old Kasab’s plea against his conviction and death sentence confirmed by the Bombay high court, saying he was given free[->0]and fair trial in the case. â€Å"Kasab’s confessional statement was very much voluntary except a very small portion,† the bench held.It also dismissed Kasab’s contention that the trial was not fair because the government did notprovide[->1] him advocate during the time when he was arrested and put on trial. The apex court said the trial court had made repeated attempts o provide Kasab with a lawyer but he had spurned the offer initially and said he did not want to accept Indian lawyers. The judges said that in the totality of facts, evidences and circumstances the court had no option but to impose death sentence on Kasab. The bench also observed that going by the evidence, it was clear that the conspiracy and planning of the 26/11 attack was hatched in Pakistan. The High Court stands at the head of a State’s judicial administration. There are 18 High Courts in the country, three having jurisdiction over more than one State. Among the Union Territories Delhi alone has a High Court of its own. Other six Union Territories come under the jurisdiction of different State High Courts. Each High Court comprises of a Chief Justice and such other Judges as the President may, from time to time, appoint. The Chief Justice of a High Court is appointed by the President in consultation with the Chief Justice of India and the Governor of the State. The procedure for appointing Judges is the same except that the Chief Justice of the High Court concerned is also consulted. They hold office until the age of 62 years and are removable in the same manner as a Judge of the Supreme Court. To be eligible for appointment as a Judge one must be a citizen of India and have held a judicial office in India for ten years or must have practised as an Adovcate of a High Court or two or more such Courts in succession for a similar period. Each High Court has power to issue to any person within its jurisdiction directions, orders, or writs including writs which are in the nature of habeas corpus, mandamus, prohibition, quo warranto and certiorari for enforcement of Fundamental Rights and for any other purpose. This power may also be exercised by any High Court exercising jurisdiction in relation to territories within which the cause of action, wholly or in part, arises for exercise of such power, notwithstanding that the seat of such Government or authority or residence of such person is not within those territories. Each High Court has powers of superintendence over all Courts within its jurisdiction. It can call for returns from such Courts, make and issue general rules and prescribe forms to regulate their practice and proceedings and determine the manner and form in which book entries and accounts shall be kept.

Dada Surrealism Essay - 1237 Words

Dada Surrealism What elements of dada and surrealism suggest the influence of Freud? The 20th Century marked a changed in how people viewed the known world. Since its beginning art has played a major role in how people were able to express themselves. The early 20th century brought rise to new and exciting art forms. These were types of writings, paintings and, documentaries that no one had ever seen before. From expressionism to Dadaism types of work ranged by all means of the artist. About the 1920s a new wave of art would soon be seen worlds over. This art form introduced psychology in a new way to look at the conscious and subconscious minds. From the beginning Dadaism and surrealism showed true signs of influence from†¦show more content†¦Each artist of the Dada era had a new way of expressing Freud?s ideas. They also felt that art was a powerful means of self-revelation, and that the images came from ones subconscious mind had a truth of its own. As Marcel Duchamp mocked the Mona Lisa by drawing a Padilla 3 mustache on her, stated that the painting was a lewd message set by the conventional way of thinking. Since the Dada artist did not believe in western culture this made sense, because people only want believe what is told to them, instead of what is true. The Dada movement marked a meeting of people to have ?noise concerts? where they recited poems in a free association verse. In these poetry readings the artist perceived how they felt about the world. As World War I began the Dadaist perceived it as a world gone mad. Not only did they express their work in unconventional ways; they used the subconscious as a way of making their views true. Although the Dada era was short lived it influenced and questioned the traditional concepts of the western world. These techniques set an agenda for a new trial by error art form of this same era. The spirit of Freud in the Dadaist era never really died, it is shown today as ?Pop art? or sometimes known as neo-Dada art for ms. Also this revolution of thinking and art paved the way for the Surrealist movement. The Surrealist movement of the 1920?s through 1930?s captivated the world with its bizarre way of thinking. Just as the Dadaist usedShow MoreRelatedSurrealism And Dada And Surrealism1201 Words   |  5 Pagesbelieve that artists were not greatly affected by the events of the world at the time. I am interested in how the wars specifically influenced the emerging art movements in the early to mid 1900’s, such as Dada and Surrealism. With a focus on Surrealism, how did the ideas identifiable to Surrealism emerge differently in different locations, and in relation to the war? I will view the direct involvement of popular surrealist artists in the wars, and their involvement with other artists exploring similarRead MoreSurrealism : An Anti Rationalism Of Dada1097 Words   |  5 Pagesmovement I am choosing is Surrealism, Surrealism is a type of art work that takes normal objects and turns the m into fictional objects or creatures. Surrealism came about in 1924 it first began as a literary group allied to Dada (wake of the collapse of Dada in Paris). Andà © Breton was the founder of Surrealism occasionally described as the â€Å"Pope† of Surrealism. The idea of Surrealism came from combining dream imagery with material related to social life. When Surrealism was first being used it wasRead MoreSurrealism And Its Impact On The 19th Century During The 20th Century927 Words   |  4 PagesAfter the rise of abstract art rose a new style called Dada art. This was one of the most unusual time in part as it went against the common idea as to what art is. Dada led to Surrealism which began to flourish in the 1920’s. Because these two movement are so close together there will be many different similarities and differences between the two. While both have the same underlying message, surrealism is more sexual in comparison compared to dada but both had the same mess age to give, although eachRead MoreArt After The Great War893 Words   |  4 Pagessupplies to be mass-produced. When the dust finally settled, the death toll eclipsed 16 million, and another 20 million were wounded. Dada and Surrealism originated as artistic reactions to the colossal destruction experienced during World War I. Dada radical and poet, Tristan Tzara, confessed, â€Å"the beginnings of Dada were not the beginnings of art, but of disgust† (MoMa Dada). Largely, this was disgust to the atrocities and suffering of war. However, it was also disgust towards the bourgeoisie, politicalRead MoreArt Forever Changed By World War I901 Words   |  4 PagesIn the article Art forever changed by World War I, the writer states that â€Å"in visual art, Surrealism and Expressionist devised wobbly, chopped-up perspective and nightmarish visions of fractured human bodies† (Johnson). John Singer Sargent Gassed painting was and still is a great explain about what the writer of the article described visual arts to be. The painting was a reflection of the aftermath of the gas attack that occurred during the World War I. Looking back at the artwork the viewer couldRead MoreExpressionism : An International Artistic And Literary Movement1176 Words   |  5 PagesTo understand Surrealism, we must first look at Dadaism, the art movement from which Surrealism stems. Dadaism was an international artistic and literary movement which began in 1916 and lasted until the mid 1920s. Artists involved in the Dada movement were experimental and controversial. They constantly pushed and broke the boundaries of what art is defined as and what art-making could be. They used chance based procedures and unconventional materials such as collages and photo-montages createdRead MoreThe Life Of Guernica By Pablo Picasso1855 Words   |  8 Pagesother European locations by Italian Futurists in 1909-1913. A reason for Zurich was because it was a neutral position during a time where countries were being involved in such carnage of the First World War. There is this â€Å"myth of origins† in the Dada which centers on one man, this poet and theorist Hugo Ball with the Cabaret bar called the Cabaret Voltaire. He opened this in February 1916 in the Spiegeglasse in Zurich. The Cabernet was promotable through modelled prototypes in the cities whichRead MoreThe Dada Art Movement During World War I1272 Words   |  6 Pages The DADA art movement was an anti- art/anti-war political movement against war (WWI). World War I caused over 6.6 million civilian and military deaths (World war I by the Numbers, 2015) and this upset many people. Artist’s decided to react and protest using their talent starting what we know as the DADA art movement.The movement began in the 1916 in Zurich, Switzerland connecting art to the social conditions of what was going on in the world. Dadaist felt the battle over the landRead MoreThe Idea Of Anti Art1322 Words   |  6 Pagesand even the rejection of art it s self. The term is thought to have been coined by pioneer of Dada, Marcel Duchamp in 1913 around the time he made his first readymades. (Tate.org.uk, n.d.). The idea of Anti-art has been seen through numerous art movements since, from surrealism, to Pop art; Minimalism, to Conceptual art; Performance art and all it s sub genres. Dada was an art movement described by Dada poet Tristan Tzara as â€Å"not the beginnings of art, but of disgust.† The movement came into existence

Crime And Deviance - 1550 Words

In studying crimes and deviance, sociologists look to explain what types of behavior are defined as deviant as opposed to criminal, who defines deviant behaviors, why people become deviant, and how society deals with deviant behavior. Deviance is defined by sociologists are behavior that significantly goes against expected rules and norms. Criminal behavior is behavior that violates the law. Sociology studies groups as opposed to individuals, so when studying crime and deviance, sociologists are looking at the factors that influence groups as a whole to engage in crime and deviant behavior. In defining deviant behavior, the definition may vary throughout different groups. Not all groups of people will consider the same behaviors†¦show more content†¦The functionalist perspective believes that each aspect of society is interdependent and makes the society function as a whole. Deviance may seem as though it is dysfunctional for society, but functionalists believe that dev iance is necessary because it puts an emphasis on behaviors that are normal and creates a social standard for behavior. Symbolic internationalism is a sociological theory that uses symbols of everyday life. According to this theory, people attach meanings to symbols and act according to their interpretation of the symbols. Sociologists hold that the symbolic interaction theory shows that deviance and criminal behavior are attributed to the meanings surrounding deviance and how people view those meanings. The functionalist and symbolic theories focus on the positives of society. The third theory that sociologists use is the conflict theory. The conflict theory focuses on the negative aspects of society. Conflict theorists encourage social change. The conflict theory looks at how different groups of people compete against one another because of differing values. The functionalist theory interprets all parts of society: the functional and dysfunctional. Although crime and de viance may seem to be dysfunctional to society, they are important aspects of society because they help to create social norms and social order. Crime andShow MoreRelatedCrime, Deviance, And Deviance899 Words   |  4 Pagesa people so drawn to crime and deviance in the news? What is it about human nature that has a secret sense of interest or even some excitement when we turn on the television and see something major going on like a high speed chase or the like? Interestingly, the closer it happens to be to where we are, the more interested we become as opposed to something happening out of state, or further off in another country. The point here is not to defend or glamorize crime and deviance, but to point out thatRead MoreCrime, Deviance, And Deviance3445 Words   |  14 PagesCrime and Deviance This report will begin by making a distinction between the concepts of crime and deviance, accompanied by the concept that crime is a social construct. Then this report will evaluate some theoretical approaches to how and why crime exists. Further reference will be made to the existing crime statistics, and the validity and reliability of the official statistics that measure crime. Finally, this report will look into the presentation of crime in two areas of the mass media. AtRead MoreDeviance And Crime And Deviance1623 Words   |  7 PagesDEVIANCE AND CRIME Deviance occurs when an individual commits something that disregards or breaks a social norm or folkway; deviant behaviors are considered criminal when it breaks more serious mores. These mores or laws, unlike norms or folkways, have more formal punishments and sanctions, such as fines or imprisonment. The purpose of these punishments or sanctions, according to Diana Kendalt (2017) in Sociology in Our Times, is to give retribution, make a general deterrence, incapacitation, orRead MoreCrime and Deviance1123 Words   |  5 Pagesexplanations of Crime and Deviance Labelling theory paved the way in understanding how deviance was something defined by social processes. In this way social agencies such as the police defined what was deviant. Marxists took this view even further by examining the power of certain social groups to define deviance and create the laws which secured social conformity. Marxists see crime and deviance as not coming from moral or biological defects but defects within social order. 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The Conflict between China and Vietnam Over Territory

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Turkey’s Retailing Sector Analysis Free Essays

RETAILING INDUSTRY in terms of Food- Non Food * Sectorial Overview; Retailing is the business activity that involves selling products/services to customers for their non-commercial, individual or family use. Normally, retailing is the final stage of the distribution process. The middle and long term potential of Turkey retail industry continue remaining attractive. We will write a custom essay sample on Turkey’s Retailing Sector Analysis or any similar topic only for you Order Now Companies in sector support the sectorial expansion with their expansion strategies, negative business administration fund and powerful cash creating capabilities. The defensive structure of sector and low penetration strengthen this situation. With the increase in consumer demand, rapid urbanization, increase in large scale retail investments the number of shopping malls in Turkey increased by more than 20% in the last two years. In the same period, the total surface rent area in Turkey increased by more than 30% and reached As it can be seen on the graph below; the total size of the retail sector (organized and unorganized) in Turkey is expected to reach $355 billion in 2013 and grow with 10% until 2016. (See Figure 1 in Appendix) Organized retail, a highly promising segment due to increasing per capita consumer spending and relatively weaker presence up to now in comparison with developed markets, is estimated to be 40% of the total retail industry in Turkey. (See Figure 2 and Figure 3 in Appendix) * The share of organized retail continue increasing; The share of organized retail which has the level of %25 in the total retail market in 2000 exceeds the levels of %50 according to the 2013 predictions. Turkey organized retail market achieve an impressive growth in last 10 years. It is anticipated that the share of organized retailers increase from the level %47 to the level %60 in upcoming 5 years. It is anticipated that the share of organized retail increases to the level of %60 till 2015. While the food retail segment constitute more than half of total retail market, traditional structure such as local markets and groceries still dominates the market. It is expected that approximate number of 10. 000 organized retail store will be twofold in 5-6 years. Besides, it is predicted that the number of groceries will be regress from 150. 00 to 100. 000 at the same period. Turkey, with its 105 milliard dollars sales figure, is located in 6th line in Europe retail sector. Nevertheless, while the total share of 5 biggest players in Europe is approximately %50, it is %20 in Turkey. Organized Retail Sector is the fastest expanding canal discount merchandising. It is expected that the number of approximately 6. 000 discount stores in Turkey will be twofold in upcoming 4 or 5 years. With the support of increase in the income per capita, %12 growth is anticipated in retail sector between 2009 and 2015. The discount store chain in Turkey (such as A101, SOK, BIM, DIASA) have a very fast growth schedules. BIM is placed in the first row in discount merchandising with its large store quantity. The company is planning to open 300 or 350 new stores every year. The fast increase in store quantities supports scale economy and companies are able to pull down their sale prices thanks to the decline in costs. With the effect of increasing competition in sector, it is expected that the growth accelerate with purchasing in forthcoming years. Despite the high competition, the retail sector is enlarging expeditiously; 6 major organized food retailing brand constitute %37 of total market in spite of divided structure. It is expected that it will be inorganic growth, merchandising and reunions, thus the companies will achieve more competitive charges by increasing their purchasing power in 2013 and later on with the intensity of competition. 2 Major Retailing Companies in the Sector; MIGROS vs BIM B IM and MIGROS which are the prominent players of Turkey food retail sector, are analyzed in this assignment in terms of their financial analysis. In retailing sector, these 2 companies have a great effect and they are known as most powerful competitors with their shares all over the industry. Migros has 6% and BIM has 9% industry shares. (See Figure 4 in the Appendix) 1) BIM BIM (Birlesik Magazalar A. S. ) adopts as a principle the supply of the highest quality basic foodstuff to consumers, at the best possible prices. BIM began its operations in 1995 with 21 stores and in line with this principle. BIM’s product portfolio comprises around 600 products. 44. 12% of BIM shares started to be traded in Istanbul Stock Exchange in 15 July 2005. BIM is the first representative of high level discount model in Turkey and the company got in stock market return for its rapid growth. While BIM finishes its 7th year in stock market, it became the 12th company that has highest market value of Turkey. * Board of Directors Mustafa Latif TopbasChairman of the Executive Committee Ekrem PakdemirliVice Chairman of the Board Mahmud MeraliBoard member and has chaired the Audit Committee Jos SimonsBoard member and consultant. Omer Hulusi TopbasBoard member. Yalc? n OnerBoard member. Dr. Zeki Ziya SozenBoard member. Turnover doubled to six; The rapid growth of the company had an effect on the rise of BIM , whose capital’s 17,43 per cent belongs to Mustafa Latif Topbas, in stock market. (See Table 1; Structure of BIM’s Shareholders) BIM ‘s sales revenues were 1. 4 billion TL . In the end of 2011, this revenues reached to 8. 2 billion TL. Also, the personnel number of the company increased approximately 3 times in 7 years. In the end of 2010, BIM became the endorsement leader with 6. 5 billion TL in the retailing sector of Turkey and it maintained this position in 2011. As abroad, while the company increases the number of stores in Morocco, aims Egypt for the next year. This year, BIM also started to operate in mobile communication industry with the name of BIMCELL. * Growth Strategy; Aggressive Growth among the competitor companies that strength After 11% increase in number of stores in 2011, with the number of 3. 584 stores in 2012, BIM is the retailer that has the largest store network in Turkey. (See Figure 5; Number of Stores ) BIM plans to open 400 new stores in 2013 and reach 5. 500 stores in 2015. With the store numbers increases there also has been 14% increase in number of employees in the company in 2011. BIM has been expanding their business, operations in every part. (See Figure 6; Number of Employees) These increases in operation side lead to an increase in number of average daily customers with 14% in 2011. (See Figure 7; Average number of Daily Customers) Of course with these changes, company carried out a 25 percent net sales increase over the industry average in 2011 and 2012. (See Figure 8; Sales and Gross Profit Margin) It is estimated that a sales increase over 20 per cent in 2013. Depending on this net sales growth, Company’s net profit has been increased by 22% over the last three years. Due to the increase in net sales; margin values regarding net profit, gross profit, EBIT, EBITDA have been decreased over 3 years. (See Figure 9; Net Profit and Net Profit Margin) With the effect of net sales increase, EBIT has been increased to 347,5 in 2011 ( See Figure 10; EBIT and EBIT margin) These was a 19%increase in company’s EBITDA and this means that there is an increase in amortization so we can say that company increased their asset purchases as we can see on the related figure. See Figure 11; EBITDA and EBITDA margin) * 18 times has been increased in 7 years; BIM began to be traded with 672. 9 million TL of market value in July, 2005. The value of the company increased approximately 18 times in 7 years based on TL. The increase in BIM stocks since the first trading day was 1. 861 per cent. As a result of its rapid growth, BIM’s market value i s the over of the Erdemir, Arcelik, Ford Otosan, Finansbank and Vak? fbank in addition to Tupras that is the Turkey’s largest industrial enterprise and refinery giant. Also, BIM has paid its shareholders a total dividend of 700 million TL in the period of 7 years in the stock market. (See Figure 12; BIM Dividend Payment over the last 5 years). As the company’s profit increased dividend payments are increased also. There has been a positive relationship between them. This is a very good indicator for the company’s investors who already invested in BIM’s shares and who are planning to invest. Also as a result of the increase in BIM’s stock prices and stock revenues; value of the company also increased. So, this situation put the company’s principal shareholder, Mustafa Latif Topbas, to the Forbes list. On the other hand, for each stock BIM has really high returns and it brings some important risks also for the investors. (See Figure 13; IMKB 100 vs. BIM Stocks) When we compare the situation of BIM’s stocks in Imkb 100 with stocks of MIGROS, BIM has a higher return, profit for the investors and because the ret urns and prices of BIM higher than IMKB 100 and because there is a really important difference between the line according to Figure, BIM’s stocks are also operated and valued in IMKB 30. Why is it rising? * The rapid growth in the number of stores and endorsement. * The high capacity of dividend payment.. * Increasing profitability of the company every year. * To expand abroad with Morocco. * To bring new revenues with BIMCELL. *3/4 of the shares in stock market is belonged to foreigners. * Growth Targets in Egypt after Morocco: BIM will open stores in Egypt by 2013. The company estimates that the growth in Egypt will be faster compared to the growth in Morocco. Recently, BIM operates in Morocco with 103 stores. And the company plans to open 50 new stores in Egypt every year after 2013. 2)MIGROS Originally established in Turkey in 1954 as a collaboration of the Swiss-based Migros Cooperatives Society and the Istanbul municipality, Migros’s primary mission was to supply economically priced groceries and household supplies to consumers in Istanbul under wholesome conditions. In 1975 the Koc Group acquired a majority stake in the company, following which there was a steady increase in both number of its stores and its brand value for more than a decade. In 1991, Migros became the first publicly traded company in retail. Following a Koc Group strategic decision to pull out of grocery retailing, in February 2008 Koc Holding signed an agreement to sell its 50. 83% stake in Migros to Moonlight Perakendecilik. Transfer of the shares took place on May 30th of the same year. On 30 April 2009, Moonlight Perakendecilik (now known as Migros Ticaret A. S. ) and Migros Turk T. A. S. were merged into a single company which has since been operating under the name â€Å"Migros Ticaret † and whose principal shareholder is MH Perakendecilik ve Ticaret A. S. In 2005 Migros further bolstered its leadership of Turkey’s food retailing sector with its acquisition of Tansas, another national chain As of end-2011 Migros was operating through a total of 745 national and international locations. With a national presence in all seven of Turkey’s geographical regions taking the form of 262 â€Å"M†, 190 â€Å"MM†, 59 â€Å"MMM†, and 16 â€Å"5M† Migros-branded stores and of 177 â€Å"Tansas† and 13 â€Å"Macrocenter† stores, its international footprint consisted of 23 Ramstores in Kazakhstan and another 5 in Macedonia. ( See Figure 14,15 ; Breakdown of Net Sales Area by Store Brands of MH Group) Distribution of Dividend According to latest data from the company’s official web-site, at the company’s Annual General Meeting held on May 20, 2010, it was decided to distribute a gross cash dividend of TL 195,833,000 to the shares representing TL 178,030,000 capital and the dividend di sbursement is to start on May 28, 2010. On July 30th, 2009, it was decided to distribute the dividend of the free reserves after setting aside the reserves required by law to the share certificates representing the capital of TRY 178,030,000 and to use TRY 2,492,420,000 from this source for the distribution of gross cash dividends. See Table 2; Structure of Migros’s Shareholders) * Growth Strategy: The company increased its total store number to 745 in 2011. (See Table 3) and 2012, they increased the stores to 874 by opening 142 new stores. The company is planning to open 100 new stores in 2013. It is expected that the company will maintain rapid growth and increasing operation profitability in 2013 by focusing on its main operations. In addition to this, in 2013, it is estimated that the company will have 13% sales growth in year basis and 6. 4% EBITDA margin. * The positive effect of selling of â€Å"SOK† on Profitability. After selling SOK Discount Stores, thanks to high margins of supermarket segment and improvements in operational management and supply chain, Migros’s EBITDA margin increased in 2011. It increased from 5. 7% in 2011 to 6. 5% in 2011. While Migros leave the channel of low margin discount retailing that is in intense competition, it will increase its penetration in supermarket segment that it is the leader in. In the medium term, 6. 0%- 6. 5% is the sustainable margin level. It is expected that sale, partnership and the reunion debates of Migros and CarrefourSa in 2013 will close the sale after getting purchased the food by Makro. BC Partners’ expectation of selling the share of Migros, BC Partners (MH Retailing) which is %80,5 shareholder of Migros is a private equity company centered in London. In spite of the fact that it is expected that BC Partners will sell their quantum of Migros in between 2013-2014, there is no explanation about the time period. It is thought tha t, despite the aggressive growth strategies of Migros continue, the quantum sale in 2013 is highly possible. In the case of selling deal, it is possible to be made a call for minor shareholders. * Company’s Stock Returns in IMKB 100 When we compare the Migros Stock Returns we can say that, the prices of each stocks are less than BIM’s stocks and their returns are above the IMKB 100 line. This situation makes company’s stocks profitable but at the same time it may mean a high risk for the investors ( See Figure 17; IMKB 100 vs. MIGROS Stocks) Analysis of Financial Ratios of BIM MIGROS (See Tables 4,5,6) 1) Liquidity Ratios Current Ratio: This ratio is commonly used as an index for current financial position and used for measuring company’s ability to pay short-term debts and determining the company’s net working capital if it is enough or not. Generally it is expected to be 2,00. The ratio of 1 is also acceptable. When we look at both companies both of them may have some difficulties to pay their short-term liabilities. For the firms which has a high level of inventory turnover ratio and receivable turnover ratio like Bim, they are able to pay their short-term debts easily. Quick Ratio: It is a more sensitive ratios than current ratio. It shows us the ability of firms to pay their short-term liabilities when they have no sales growth, when their sales stops. It is expected to be 1. The ratios of both firms are less than deal number so receivable accounts and cash cover short term liabilities and their abilities to pay are not good but at least both firms’ ratios are higher than industry ratio and this brings these 2 companies in a better position in terms of short-term debts. Cash Ratio: It is most sensitive liquidity ratio. Generally, this ratio is not expected to be under 0. 20. As both firms cash ratios are highe r than industry ratio, it won’t difficulties for paying their debts in the condition of lack of sales and getting their receivables. Additionally, company is holding more cash than needed. Net Working Capital: If the value of networking capital is minus, this means company’s current liabilities are more than current assets. This is the main reason for the company which finance its current assets with current liabilities. This is the case for BIM. We can say that company might have done current assest investments. We can say that BIM has some problems in terms of liquidity. Migros has positive networking capital and it has no liquidity problem. 2) Leverage Ratios Total Debt Ratio: This ratio is expected to be under 50%. With 0. 64, 0. 63 and 0. 64 ratios according to three years, BIM has higher values than this ideal ratio. When we look at industry ratio, it is 2,00. This ratio tells us, foreign resources are used for financing assets by the rate of 0. 64. It shows that BIM can pay its debts by selling assets when the operation stopped. This is the same for Migros expect the year 2010. It has a very high ratio, even higher than the industry level which is 2,41. Debt to Equity Ratio: This ratio can be equal to 1 or higher than 1. If it is higher than 1, it means difficulties in paying debts and interests or if it is lower than 1, it means company finance their assets by using its equities. The industry ratio is 1. 3. By looking Migros’s DTE ratios, they mostly finance their assets by using their equities instead of using foreign resources and they will have no difficulties while paying their debts, liabilities in the future. But when we compare it with the industry which is almost 1, Migros will have less advantage in any crisis condition. In this case, Bim has a more advantageous position than Mi gros because its ratios are closer to industry ratio and ideal ratio. Long Term Debt: It is a normal ratio 0. 12 – 0. 16 in Turkey. The industry ratio is 1. 03. Migros’s ratios are 0. 47, 0. 44, 0. 49 orderly. Bim’s ratios are 0. 01, 0. 01, 0. 01 orderly. If this ratio is high, this increases interest burden, decreases dividends and as a result, it causes not to cover debt burden. Migros prefers long-term foreign resources rather than using their equities. Long Term Debt to Equity: Ideal ratio is 1. Migros’s ratios are 0. 64, 1. 85, 2. 26. Bim’s ratios are 0. 04, 0. 03, 0. 03 orderly. The industry ratio is 0. 84. For Bim with these ratios that are less than 1, it means that Bim’s equity is more than long term debts. It is valid for these three years. Times Interest Earned: This ratio should be more than 8. Higher value of times interest earned ratio is favorable meaning greater ability of a business to repay its interest and debt. Lower values are unfavorable. That means if a company cannot repay its interest and debt it may become in a difficult situation even it may go bankrupt. In general, times interest earned of 1. 5 or below is unsafe. 3) Efficiency Ratios Receivable Turnover: If a company has a low receivable turnover it means, that company has some important difficulties to collect their receivables and the collection policy of that company is not so good and this means that they are unnecessarily relax about sales on credit. When we compare Bim and Migros, Bim is a better position for collecting its receivables in a quicker way. Its ratios are even less than industry ratio. When we compare Bim with Migros, Bim really has a strong ability to get their sales and receivables and their portfolios include low-risk and trustful customers Average Collection Period: It can also be evaluated by comparison with the terms on which the firm sells its goods. For Bim, with the high value of this ratio, it may not have the ability to finance its own debts because of long-term collection. Migros has a shorter average collection period Inventory Turnover: It is the most important ratio in retailing sector and it measures company’s efficiency in turning its inventory into sales. Its purpose is to measure the liquidity of the inventory. Migros has ratios 7. 43, 8. 52, 8. 47 orderly and Bim has ratios 16. 98, 19. 56, 20. 23. Industry average is 10. 61. Migros’s ratios are less than Bim’s and industry’s ratios so this is a signal signal of inefficiency, since inventory usually has a rate of return of zero. It also implies either poor sales or excess inventory. For Migros low turnover rate can indicate poor liquidity, possible overstocking, and obsolescence, but it may also reflect a planned inventory build up in the case of material shortages or in anticipation of rapidly rising prices. Bim has highest inventory turnover ratios over Migros and industry. It means that Bim is really strong in terms of sales and at the same time very effective to control its inventories. Its higher inventory turnover ratio also means better liquidity. Also its efficiency in managing their stocks were increased, their stocks are becoming sales revenues in a short time and their stock costs were decreased year by year. With this positive development, it has less financial resources for their stocks as necessities and their competition force has increased by this activity. Average Days in Inventory: Generally, the lower (shorter) the DSI the better. Bim has lower Average Days in Inventory than Migros and industry. This means, Bim is doing good in the sector and it has a good position in industry competition. This is an indicator of good operating cycle of Bim. In this case, Migros is in a worse situation. Asset Turnover: Bim has higher asset turnover ratio than Migros and industry and it shows us Bim has much more effective sales than Migros. It is more successful than Migros in order to generate sales with fewer assets it has a higher turnover ratio which tells it is a good company because it is using its assets efficiently. Migros is not using its assets optimally. Total asset turnover ratio is a key driver of return on equity 4) Profitability Ratios A company’s stock price, in large part, is driven by the company’s ability to generate earnings. Therefore, it is useful for investors to analyze the profitability of a company before investing in it. One way to do this is by calculating and tracking various profit margins, which reflect how efficiently a company uses its resources. Gross Profit Margin: Due to higher sales volume of Bim, Bim has lower gross profit margin than both Migros and the industry and it means Profit Margin: It tells us about company’s profits and their different kinds of policies, strategies and decisions. When we look at Bim’s profit margins over the 3 years they are higher than Migros’s profit margin values and the industry average. It is the most advantageous one. Bim has a better position than Migros in the industry. It has a competitive advantage over Miigros. ROA: It shows us at what amount companies get returns from their investments. Bim has higher ROA than Migros and industry over 3 years. It has become really effective to use their assets in a profitable way. For Migros, in 2011 the ratio became a minus value this means Migros lost its asset profitability and started to not to get any profit from their assets. ROE: Stockholders invest to get a return on their money, and this ratio tells how well they are doing in an accounting sense. It measures the performance of companies’ equities. Again for this ratio, Bim has a much better position. It has higher ratio than Migros and industry. But on the other hand, there has been a small ROE reduction for Bim over 3 years. For example in 2011, ROE is 0. 48 and this means that owners of Bim could get 10% income from their equity that they invest for Bim. Operating Profit Margin: With a higher ratio of Bim, it is more successful in generating from operating its business. It is more important than net profit margin because it measures the profit margin which companies gain from goods and services sales in companies’ main activity subjects. This ratio is higher than industry ratios which is really important especially for Bim’s investors. APPENDIX Figure 1 Figure 2 Figure 3 Figure 4 Table 1: Structure of BIM’s Shareholders Table 2; Structure of Migros’s Shareholders Figure 5 Figure 6 Figure 7 Figure 8 Figure 9 Figure 10 Figure 11 Figure 12 Figure 13 Table 3; # of National and International Stores, Net Sales Area Figure 14 Figure 15 Figure 16 Figure 17 Table 4: Financial Ratios of Migros | 2009| 2010| 2011| 2010| | Migros| Migros| Migros| Industry| LEVERAGE RATIOS| Debt to equity| 2. 76| 3. 13| 3. 58| 1. 03| Total debt ratio| 0. 73| 2. 41| 0. 78| 2. 00| Long Term debt ratio| 0. 47| 0. 44| 0. 49| 0. 22| Long-term debt to equity ratio| 0. 64| 1. 85| 2. 26| 0. 84| Times Interest Earned| 1. 54| 1. 28| 1. 43| 22. 35| LIQUIDITY RATIOS| Current ratio| 1. 34| 1. 01| 1. 13| 0. 82| Quick ratio| 0. 94| 0. 58| 0. 70| 0. 45| Cash Ratios| 0. 88| 0. 55| 0. 66| 0. 32| Net Working Capital| 497,628| 27,363| 218,876| -31,682,086| EFFICIENCY RATIOS| Total asset turnover| 1. 01| 1. 14| 1. 04| 2. 08| Inventory turnover | 7. 34| 8. 52| 8. 47| 10. 61| Receivable turnover| 150. 11| 127. 5| 85. 64| 66. 25| Average collection period| 2. 43| 2. 86| 4. 26| 8. 80| Average days in Inventory| 49. 72| 42. 84| 43. 09| 38. 61| PROFITABILITY RATIOS| Gross profit margin| 0. 25| 0. 24| 0. 25| 0. 22| Net profit margin| 0. 01| 0. 006| -0. 02| 0. 02| Operating Profit Margin| 0. 01| 0. 03| 0. 04| 0. 01| Return on Asset| 0. 01| 0. 00| -0. 02| 0. 03| Return on Equity| 0. 07| 0. 03| -0. 13| 0. 11| Table 5:Financial Ratios of Bim | 2009| 2010| 2011| 2010| | Bim| Bim| Bim| Industry| LEVERAGE RATIOS| Debt to equity| 1. 83| 1. 74| 1. 81| 1. 03| Total debt ratio| 0. 64| 0. 63| 0. 64| 2. 00| Long-term debt ratio| 0. 01| 0. 01| 0. 01| 0. 22| Long-term debt to equity ratio| 0. 04| 0. 03| 0. 03| 0. 84| Times Interest Earned| 156. 8| 83. 67| 140. 6| 22. 35| LIQUIDITY RATIOS| Current ratio| 0. 88| 0. 95| 0. 98| 0. 82| Quick ratio| 0. 51| 0. 56| 0. 61| 0. 5| Cash Ratios| 0. 24| 0. 33| 0. 36| 0. 32| Net Working Capital| -80,986| -38,285| -18,386| -31,682,086| EFFICIENCY RATIOS| Total asset turnover| 4. 84| 4. 79| 4. 72| 2. 08| Inventory turnover | 16. 98| 19. 56| 20. 23| 10. 61| Receivable turnover| 32. 99| 34. 15| 30. 21| 66. 25| Average collection period| 11. 06| 10. 68| 12. 08| 8. 80| Average days in Inventory| 21. 4| 18. 66| 18. 04| 38. 61| PROFITABILITY RATIOS| Gross profit margin| 0. 17| 0. 16| 0. 16| 0. 22| Net profit margin| 0. 04| 0. 037| 0. 037| 0. 002| Operating Margin| 0. 04| 0. 04| 0. 04| 0. 01| Return on Asset| 0. 19| 0. 17| 0. 17| 0. 3| Return on Equity| 0. 54| 0. 49| 0. 48| 0. 11| Table 6: Financial ratios of Tesco Kipa, Carrefoursa, Migros, Bim, Industry, in 2010 2010| | Bim| Migros| Carrefoursa| Tesco Kipa| Industry| LEVERAGE RATIOS| Total Debt ratio| 0. 63| 2. 41| 0. 41| 0. 70| 1. 03| Debt to equity| 1. 74| 3. 13| 0. 71| 2. 43| 2. 00| Long-term debt ratio| 0. 01| 0. 44| 0. 02| 0. 42| 0. 22| Long-term debt equity ratio| 0. 03| 1. 85| 0. 04| 1. 45| 0. 84| Times interest earned| 84. 6| 1. 28| 1. 54| 2. 00| 22. 35| LIQUIDITY RATIOS| Net working capital| -38,285| 27,363| -126,853,307| 178,586| -31,682,086| Current ratio| 0. 8| 1. 01| 0. 81| 0. 59| 0. 82| Quick ratio| 0. 51| 0. 58| 0. 53| 0. 20| 0. 45| Cash Ratios| 0. 24| 0. 55| 0. 36| 0. 16| 0. 32| EFFICIENCY RATIOS| Total asset turnover| 4. 84| 1. 14| 1. 42| 0. 95| 2. 08| Inventory turnover | 16. 98| 8. 52| 10. 3| 6. 65| 10. 61| Receivable turnover| 32. 99| 127. 5| 21. 5| 83. 04| 66. 25| Average collection period| 11. 06| 2. 86| 16. 9| 4. 39| 8. 80| Average Days in Inventory| 21. 4| 42. 84| 35. 4| 54. 8| 38. 61| PROFITABILITY RATIOS| Gross profit margin| 0. 17| 0. 24| 0. 22| 0. 27| 0. 22| Net profit margin| 0. 04| 0. 006| -. 008| -0. 03| 0. 002| Operating Margin| 0. 4| 0. 03| -0. 005| -0. 002| 0. 01| Return on Asset| 0. 19| 0. 00| -0. 011| -0. 03| 0. 03| Return on Equity| 0. 54| 0. 03| -0. 02| -0. 11| 0. 11| | | REFERENCES * http://www. bim. com. tr/yatirimci-iliskileri. html * http://www. migroskurumsal. com/Foreks. aspx? IcerikID=35 * http://tesco. kipa. com. tr/default. asp * http://www. carrefour. com. tr/Kurumsal/finansalsonuclar;jsessionid=b3a0da5ff5e79ee039b023b24ca0 * http://www. ampd. org/ * http://www. capital. com. tr/perakende-AltKategoriler/48. aspx * http://www. aaii. com/computerized-investing/article/profit-margin-analysis. pdf How to cite Turkey’s Retailing Sector Analysis, Papers