Comparing The Economic Growth Of India And China Since The...

Compare the economic growth of India and China since the Millennium. India and China, the two dragons constantly fighting with each other, both historically and economically. Although China appears to indulge in the media’s thoughts, perhaps India has been slowly but surely closing the gap or even taking the edge. China has converted itself from a closed, centrally planned system to a more market-centred one that has a major global role. To illustrate this, it became the world’s largest exporter in 2010. These reforms began with moving away from agriculture, and expanded to the increased autonomy for state enterprises, the growth of the private sector, the development of their stock exchange, the movement towards the modern banking system and transparency to foreign trade and investment. However, these changes, of course, did not happen over night. China has implemented these reforms in a gradual way. On the other hand, India has been doing much better now than in 2013. Economists predict the country’s economy to pick up further. The recent falls in commodity prices, hurting raw-material exporters such as other BRIC countries and South Africa, are beneficial for India, given that it imports 80% of the oil it consumes. Rich western economies may fret about the falling prices around the world; Indians are pleased that they no longer have double-digit inflation. Therefore, the diminishing threat of inflation has prompted India’s central bank to decrease interest rates inShow MoreRelatedEconomy and Mauritius Growth Performance4108 Words   |  17 Pagesgrouping  acronym  that refers to the  countries  of  Brazil,  Russia,  India, China and South Africa  that are deemed to all be at a similar stage of newly advanced economic development over the next few decades Brazil, Russia, India, China and South Africa will become large, powerful players in the worl d economy. Regardless of their social, political, or environmental challenges, the BRICS will play an ever-increasing role in the world economy, China and India will remain the dominant pair of the five some thanksRead MoreJapan And Japan1823 Words   |  8 Pagesbeen targeted by the United Nation’s Millennium Development Goals. A significant portion of these goals are directly targeted at improving Health outcomes. Brazil became one of the greatest economic success stories of the late 20th and early 21st century, being famously labelled one of the BRIC economies; a group of economies which were labelled as the next largest economy. What made this growth so important was this is one of a series of periods of economic growth in Brazil, but this is one of theRead MoreEconomic models for peace, growth and poverty alleviation and resolution of con√ °ict in Nepal, July 2010-July 20113073 Words   |  13 PagesAn Example of a Research Proposal Economic models for peace, growth and poverty alleviation and resolution of con†¡ in Nepal, July 2010-July 2011 ict Poverty and inequality in Nepal has increased substantially in the last two decades. Major reason for this is the failure of the economy to grow because of internal con†¡ and political ict instability. As a result of the lack of employment prospects in the country thousands of young people are forced to migrate abroad and economy has lost manpowerRead MoreWhose Interests Should Be the Paramount Concern of Government Trade Policy - the Interests of Producers (Businesses and Their Employees) or Those of Consumers?8858 Words   |  36 PagesJOURNAL OF ECONOMIC ISSUES Vol. XLIV No. 4 December 2010 DOI 10.2753/JEI0021-3624440402 Government-Led Export Promotion in Light of Distributional Fairness in the Global Trading System Jai S. Mah Abstract: Since developing countries were relatively free from the trade regulations relating to export promotion policies until 1994, the northeast Asian dynamic economies could pursue export promotion policies aggressively during the period of rapid economic growth. Under the current World TradeRead MoreWhat Fundamentals Affect the Yield of Bonds in the Singapore Market3451 Words   |  14 Pages   of    GDP    from    financial    services,    we    felt    it    would    be    interesting    to    find    out    more    about    the    Singapore    money    market.    Since    the    start    of    the    new    millennium,    Singapore’s    bond    market    has    taken    off    and    has    now    one    of    the    most    developed    bond    markets    in    Asia    with    about   SGD357Read MoreDell Case Study Essay example3241 Words   |  13 Pagessuccess in the computer companies’ field providing it with a competitive advantage. However, the last year the revenue trend shows a significant decrease while other competitors’ share of the market has become threatening. This case study presents the economic situation Dell faces from the year it was founded according to real financial findings. It researches the benefits from its direct selling strategy as well as possible problems it may face if it continues to follow this strategy. RecommendationsRead MoreExamine Key Challenges Faced by the Public Sector Management of the Global South?2665 Words   |  11 Pageswhich has been prevailing for a very long time. Yet, it cannot be easily forgotten to mention the impact of colonialism on the African nations. Colonialism created economic backwardness, international vulnerability and social fragmentation. African leader’s aims became to target issues such as underdevelopment so as to bring about growth and reduction of poverty. (Lewis 1998, Chanzan et al 1999). This essay will address some of the challenges and problems faced by the global south along with methodsRead MoreSustainable Urban Development in India7190 Words   |  29 PagesSUSTAINABLE URBAN DEVELOPMENT IN INDIA: SOME ISSUES by Basudha Chattopadhyay INTRODUCTION Sustainable development means attaining a balance between environmental protection and human economic development and between the present and future needs. It means equity in development and sectoral actions across space and time. 1 It requires an integration of economic, social and environmental approaches towards development. Sustainable urban development refers to attaining social equity and environmentalRead MoreDevelopment and Globalisation Essay7740 Words   |  31 Pagesand Globalisation Development A process of social and economic advancement in terms of the quality of human life. Development can involve can involve economic, demographic, social political and cultural changes. Development is a term that can be used in many different contexts whether it is social, economical, political etc. However generally development refers to an improvement in certain areas: †¢ Economic o An increase in the country’s economy with a shift fromRead MoreInternational Management67196 Words   |  269 Pagescrisis and economic recession have challenged some assumptions about globalization and economic integration, but they have also underscored the interconnected nature of global economies. Most countries and regions around the world are inextricably linked, yet profound differences in institutional and cultural environments persist. The challenges for international management reflect this dynamism and the increasing unpredictability of global economic and political events. Continued growth of the emerging

What Makes Me Love - 888 Words

When looking at what love means everybody has a different interpretation of what it is and what it means to them. During our lifetime, we will experience several different types of loves that range from love for our family, friends and lovers. We will show our love for those we care about in many different ways. For me love isn’t just a four letter word it’s about how one shows their love for those they care about. I am not a person that will say I love you one hundred times a day instead, I would rather show you with my actions. If you’re sick, I will visit and bring you some soup to soothe your aches. If you’re lonely I will keep you company if I can, and if you need my shoulder to cry on it will always be there for you. We all express our love differently towards all people and I believe that love is a learned behavior that starts early in life. Growing up I always noticed that my parent’s relationship was very different than those of my peer’s parents. My parents were loving towards each other and very respectful. I could honestly say they have been married for almost 40 years. To this day I have never seen them argue. They have attributed this to the fact that they were longtime friends before they married. There has always been a mutual respect that was already set in place. Instead of fighting when conflict arises they talk it out just like they did when they were just friends. I have known my husband for many years before we ever considered any type of romanticShow MoreRelatedWilliam Shakespeare s Twelfth Night947 Words   |  4 PagesLove affection Recently, I’ve been reading an intriguing play, Twelfth Night, which was written by William Shakespeare. What interests me in this play most is the fact that there are a lot of love interests. Duke Orsino is greatly attracted to a gentlewoman called Olivia. However, despite his attempts to court her, she rejects his approaches as she claims to be in a period of mourning for her dead brother which has been going on for seven years. Olivia forms a tight friendship with Viola, a womanRead MoreLiterary Analysis Of A Midsummer Nights Dream1644 Words   |  7 Pagesplay the major theme is love. Readers know this due to how in the play the main conflict is love. The types of figurative language and or literary devices that William Shakespeare uses in the play to reinforce the themes are personification, symbolism, and clichà ©s. A good quote from the play is when Helena was talking to herself after the meeting with the duke and her father. Helena said â€Å"How happy some oer oth er some can be! Through Athens I am thought as fair as she. But what of that? Demetrius thinksRead MoreAnalysis Of Bertrand Russells What I Have Lived For805 Words   |  4 PagesIn â€Å"What I Have Lived For† by Bertrand Russell says his three passions in life are longing for love, the search for knowledge, and unbearable pity for the suffering. He says that love brings him ecstasy so great he would trade the rest of his life for only a few moments of it. Next he states that knowledge is very important but he only achieved a little. Next he talks about pity for the ones who are suffering. He feels pain for the needy. I completely relate to the feeling for the ones sufferingRead MoreChildhood And The Stages Of Adolescence Essay1594 Words   |  7 Pagesevery wrong and right decision one will make throughout their lifetime. This is the time of one s life where everything they have experienced will be turned into valuable lessons. Love, or lack thereof, is one experience dur ing these two stages of life that has the biggest impact on a person. Breakups, Divorce, forced â€Å"love†, and Single parenthood are all things that if experienced during childhood or the adolescent stage of life, can affect one s view of love and relationships ultimately deterioratingRead MoreConcept of Love Through Compromise, Communication, Trust Essay521 Words   |  3 PagesIn our world today, many people has fallen in and out of â€Å"love† but the real question is what love is? According to the dictionary love can be a passionate affection for another person. Love can also be expressed in several different ways like love for family and friends or personal belongings. However, there are several important traits in love which are Compromise, communication, and trust. In the early stages of a relationship, it’s not known for couples to fight and tolerate each other’s badRead MoreLove As A Young Adult906 Words   |  4 Pagesunderstand love or what love is. The reason why I began to question love is because as a young adult I have had an encounter of love at this point in life, or so I believe. It was this one day when I had an argument with my special someone and I wondered what true love really is because he said â€Å"I put you above everything and you don’t, I’m your last priority.† I did not understand what he was trying to say to me, his definition of love is putting the one he loves before him and for me it is notRead MorePersuasive Essay About You Love You Learn811 Words   |  4 Pagesâ€Å"You Love You Learn† â€Å"You love you learn† says Alannis Morissette in her famous song â€Å"You Learn†. But what have I learned from love is the real question. Love has thrown me through walls effortlessly and has caused me happiness and misery. This has taught me that whenever I feel the next crush coming on that I need to stop and think about what could happen and who the person I like really is. Love has made me question every choice I make thoroughly. Overall love has taught me that not everyone isRead MoreReflection About Love795 Words   |  4 Pagesof love. I always though love was a perfect relationship with a perfect boy like in the movies. I fell in love with the idea of love so I guess you could call me a hopeless romantic. It wasn’t until my senior year when I truly understood the difference between love and infatuation. That difference was work. Being a hard worker and a hopeless romantic, I was more than determined to make my relationships work. I always thought I could make any relationship into the perfect relationship. Let me shatterRead MoreLove Essay : Family Love918 Words   |  4 PagesFamily Love I have two older brothers, and I am the youngest and only girl. From my parents and my brothers I am always getting love from them. Love is a feeling in your heart that you feel towards someone you care strongly about. Love isnt something that you can just feel, but it can be shown as well. As my brothers, parents, and I always show each other how we feel for one another. There is nothing better in the world than to know that you are loved by someone that means so much to you. FirstRead MoreEssay about Ideal Man848 Words   |  4 PagesWhat is your ideal man? I never know how to answer questions like this one, so I usually just say something along the lines of, My ideal man is someone who wants a committment, now, that may not sound like a bad thing-- actually, I believe every woman wants that-- but for a question like this, it needs depth; it needs detail, which is something I am not very good at doing-- Ill still try. - My ideal man reads novels, not those ragged Playboy, and Penthouse magazines but real books like

King Leer Essay Example For Students

King Leer Essay Tragedy is defined in Websters Dictionary as: 1) A medieval narrative poem or tale typically describing the downfall 2) A serious drama typically describing a conflict between the hero and a superior force (like destiny) and having a sorrowful or disastrous conclusion that excites leaves the readers full of pity or terror. King Lear is one of William Shakespeares great tragic pieces; it is not only seen as a tragedy in itself, but also a play that includes two tragic heroes and four villains. I felt that a tragic hero must not be all good or all bad, but he must be deprived of something very valuable because of some critical mistake, or error in judgment. We must be able to identify ourselves with the tragic hero if he is to inspire fear, for we must feel that what happens to him could happen to us. If Lear was completely evil, we would not be fearful of what happens to him: he would merely be repulsive. But Lear does inspire fear because, like us, he is not completely upright, nor i s he completely wicked. He is foolish and arrogant, it is true, but later he is also humble and compassionate. He is wrathful, but at times, patient. Because of his good qualities, we experience pity for him and feel that he does not deserve the severity of his punishment. His actions are not brought on by any corruption or wickedness in him, but by an error in judgment, which, however, does arise from a defect of character. Lear has a tragic flaw: egotism. It is his egotism in the first scene that causes him to make his error in judgment the division of his kingdom and the loss of Cordelia. Throughout the rest of the play, the consequences of this error slowly and steadfastly increase until Lear is destroyed. There must be a change in the life of the tragic hero; he must pass from happiness to misery. Lear, as seen in Act I, has everything a man should want wealth, power, peace, and a state of well-being. Because a tragic character must pass from happiness to misery, he must be s een at the beginning of the play as a happy man, surrounded by good fortune. Then, the disasters that befall him will be unexpected and will be in direct contrast to his previous state. In King Lear the two tragic characters, a king and an earl. Neither of these are ordinary men. To have a prosperous man endure suffering brought about because of his own error is unusual. Because of his exalted position, were supposed to be incredibly upset when bad things happen to him. His fall is awesome and overwhelming. Its tragic enough for this to happen to one man, but in King Lear it happens to TWO of them, so the effect is doubled. And there are four villains too! There is a sub-plot concerning three of the characters: Gloucester, Edmund, and Edgar. This subplot supports the big plot. Anyways, Gloucester undergoes physical and mental torment because he makes the same mistake that Lear does. Like Lear, Gloucester is neither completely good nor completely bad. There is, for instance, a crudeness in the earl, who delights in speaking of his adultery. But Hes an okay guy, and has some good qualities as well. For instance, he shows concern for Kent in the stocks, and he risks hi s life to help Lear. Gloucesters punishment is blindness, and it drives him almost as crazy as Lears madness. These two tragic stories unfolding at the same time make the play a lot more dramatic than it would have been otherwise. Its like going to the circus and getting to see ten rings instead of three. Its just better. .u1cac3bad88dfe48249652f2ea81b48c5 , .u1cac3bad88dfe48249652f2ea81b48c5 .postImageUrl , .u1cac3bad88dfe48249652f2ea81b48c5 .centered-text-area { min-height: 80px; position: relative; } .u1cac3bad88dfe48249652f2ea81b48c5 , .u1cac3bad88dfe48249652f2ea81b48c5:hover , .u1cac3bad88dfe48249652f2ea81b48c5:visited , .u1cac3bad88dfe48249652f2ea81b48c5:active { border:0!important; } .u1cac3bad88dfe48249652f2ea81b48c5 .clearfix:after { content: ""; display: table; clear: both; } .u1cac3bad88dfe48249652f2ea81b48c5 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u1cac3bad88dfe48249652f2ea81b48c5:active , .u1cac3bad88dfe48249652f2ea81b48c5:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u1cac3bad88dfe48249652f2ea81b48c5 .centered-text-area { width: 100%; position: relative ; } .u1cac3bad88dfe48249652f2ea81b48c5 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u1cac3bad88dfe48249652f2ea81b48c5 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u1cac3bad88dfe48249652f2ea81b48c5 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u1cac3bad88dfe48249652f2ea81b48c5:hover .ctaButton { background-color: #34495E!important; } .u1cac3bad88dfe48249652f2ea81b48c5 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u1cac3bad88dfe48249652f2ea81b48c5 .u1cac3bad88dfe48249652f2ea81b48c5-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u1cac3bad88dfe48249652f2ea81b48c5:after { content: ""; display: block; clear: both; } READ: Strategic analysis of FedEx to create new arenas EssayThe important element in tragedy is action, not character. It is the deeds of men that bring about their destruction. ? Lear calls upon the great gods, ? Edgar and Kent blame Fortune, and ? Gloucester says that the gods kill us for their sport (IV.i.37). But in reality the calamities that befall both Lear and Gloucester occur as a result of some flaw of their own. Their actions grow out of their characters: both are rash, unsuspecting, and vengeful. But the actions themselves are the beginnings of their agony, for these actions start a chain of events that lead to ultimate catastrophe. A tragic hero gains insight through suffering. Neither Lear nor Gloucester realizes that he has committed an error until its too late and hes already paid the price. Lears suffering is so intense that it drives him mad. Only after his health goes bad, can he fully realize his mistake in giving the kingdom to his two savage daughters and disowning the one daughter who loves him. It is not until Gloucester has been blinded that he learns the truth about his two sons. These two characters learn to endure their suffering. When Gloucester attempts to commit suicide and fails, he decides to stick around the land of the living instead of cashing in his chips. In his madness Lear learns to endure his agony as well. Later, when he knows he is to be imprisoned, he maintains this misfortune with a passive calmness. He has grown wise through painfully achieved self-knowledge and through Cordelias love. Tragedy in King Lear is not only seen through itself but, also through the character of the Ki ng and other characters. The Play of King Lear is a great tragic play. Many playwrights may attempt to beat it, but this thing is sadder than watching The Fox and the Hound after your wife packs up and moves out while youre at work. Bibliography:

Visible Turbulence In The Mining Companies â€Myassignmenthelp.Com

Question: Discuss About The Visible Turbulence In The Mining Companies? Answer: Introduction The company selected is BHP Billiton which is a leading mining company based out of Australia. It was formed in 2001 as a result of the Australia based BHP group and UK based Anglo Dutch Billiton Plc. The business of the company is divided across five verticals namely iron ore, coal, petroleum, potash and copper. The company has mine presence worldwide with majority of them located in Australia, South America, USA, Canada and Africa. The company is listed on both the ASX (Australia Stock Exchange) and LSX (London Stock Exchange) and has a market capitalisation in excess of $ 110 billion (BHP Billiton, 2016). The mining sector has recently been in quite a lot of turbulence on account of the falling commodity prices. While it is a testing time for these companies, but from an investor perspective this provides an opportunity for investment. Keeping this in mind, the objective of the given report is to highlight the financial performance of the company considering the available financia l statements for the last five years. Based on the analysis of the financial performance and the underlying parameters, the guidance for future financial and market performance would be offered. Critical Analysis For the purpose of analysis of the financial performance of the company, a period of last five years i.e. 2012-2016 has been chosen. The reason behind choosing this period is to demonstrate the linkage between the financial performance of the company and the commodity pricing cycle. In order to critically analyse the same, the key tool that has been deployed is ratio analysis. It is an enabling tool which tends to highlight the performance of the company in various aspects and has been preferred over trend analysis which does not bifurcate the financial performance in this manner. The critical analysis of the companys financial performance through ratio analysis is discussed below. Profitability Ratios The relevant profitability ratios for the business over the period under consideration are highlighted below (BHP Billiton, 2016;2015;2012). The first observation from the above table is that the gross profit margin for the company is very high. However, it is an aspect which is attributed to the nature of the business and not essentially unique to the company. The mining companies tend to have gross profit margins as the raw material consumption is typically very limited. Also, it is noteworthy that that net profit is highly variable for the company. Further, the trend is net profit is also replicated in the other profitability ratios such as ROE and ROA. A key aspect which drives the profitability for the mining business is the price of the commodities considering that the cost structure does not vary too much which is also apparent from the high gross margins which do not show very large variances. The respective prices for the key products mined by the company for the last three years are captured in the table below (BHP Billiton, 2016). It is apparent from the above table that the price of nearly all products mined by the company has plummeted over the period 2014-2016. A similar pattern is exhibited in the various profitability ratios which is primarily because the top line being a function of the commodity prices. The commodity prices plummeted during the above period owing to decreasing demand from China on account of slowdown fears. As a result, not only the prices have gone down but the offtake quantity has also reduced (Smith, 2015). Considering that the revenue would depend on both the existing commodity prices and also the offtake quantity, it is quite straightforward to understand the criticality of the commodity prices for the financial performance of not only BHP but other mining companies as well. It is essential to realise that majority of expenses for the mining industry are of fixed nature which do not tend to decrease when the offtake quantity decrease. As a result, the profitability of the business essentially depends on the commodity cycle. When the commodity cycle is positive, the profitability margins keep on constantly expanding as the proportional expense rise is quite less. As a result, when the commodity prices are falling, the decrease in margins would also be disproportionate. The impact of this can be realised from the FY2016 performance where the company has an operating loss of USD 6.24 billion. Therefore, the loss in 2016 should not be attributed to the company doing a lot wrong but the falling commodity prices which have plummeted more than 25-30% on an average as is apparent from the above table (BHP Billiton, 2016). However, having cited the above, it does not imply that the management has not taken measures to reduce the expense. The management has embarked upon improving efficiency by rationalisation of the expenses and this has shown results but the same would be reflected only when the revenue would be kept constant. The asset turnover trend during the given five year reflects a falling trend which to an extent is attributed to falling prices besides the postponement of the capital expenditure by the company with regards to new projects on account of slack demand and low prices. Additionally, a key aspect which is visible in the above profitability ratios is the potential that the company and business has in terms of generating profits when the commodity prices tend to favour which is apparent for 2012 (BHP Billiton, 2016;2015;2012). Efficiency Ratios The relevant efficiency ratios for the business over the period under consideration are highlighted below (BHP Billiton, 2016;2015;2012). For a robust business, inventory turnover should be high as it tends to convey the ability of the business to convert the inventory into sales. For a mining business, this is typically not very high owing to the nature of the business where the ores can be mined from the mines as per the ongoing demand from the clients and hence the inventory is typically small (Damodaran, 2008). However, the steps taken by the company to improve inventory management is apparent especially from 2014 onwards. From FY2013 to FY2014, the inventory turnover has declined as the offtake was lesser than the expectations of the company due to the China factor. But the company has since adjusted to this factor and hence used prudent inventory management resulting in higher inventory turnover over 2014-2016 despite the falling commodity prices (BHP Billiton, 2016; 2015; 2012). With regards to receivables turnover, there are only marginal changes which indicate the ability on part of the company to ensure that the collection period does not increase. Infact, during FY2015 and FY2016, the receivables turnover ratio is higher than corresponding value for FY2014 which indicates that the company has taken conscious measures at lowering the collection period (BHP Billiton, 2016; 2015; 2012). This in turn enables the lowering of the cash cycle which helps in reduction of working capital money which becomes imperative for the company when the commodity cycle is negative (Parrino Kidwell, 2011). Liquidity Ratios The relevant liquidity ratios for the business over the period under consideration are highlighted below (BHP Billiton, 2016; 2015; 2012). It is apparent that despite the falling prices of commodities especially from 2014 onwards, during the given period the company has witnessed a constant improvement of the current ratio which tend to assume the maximum value of 1.44 in FY2016 during the given period. This may be attributed to the reduction in current liabilities by about USD 10 billion over the given period. A majority of this decrease is on account of decrease in account payables which augers well for the reputation for the company and additionally indicates to the external users that the short term liquidity for the company is not an issue. However, to an extent, it is expected considering the cyclical nature of commodity prices which mining companies are used to (BHP Billiton, 2016; 2015; 2012). Considering the nature of distribution of current assets where the inventories form only a small part of the current assets, the pattern exhibited by quick ratio is also similar to the current ratio. Thus, on account of the decreasing liabilities, the quick ratio has also shown improvement over the period under consideration. Hence, on account of the above two ratios, it would be appropriate to conclude that short term liquidity for the company is not a problem as ratios in this regard have shown constant improvement (Northington, 2011). Solvency Ratios The relevant solvency ratios for the business over the period under consideration are highlighted below (BHP Billiton, 2016; 2015; 2012). It is apparent that debt to equity ratio mirrors the trends in commodity pricing especially during 2014-2016. The company has shown marginal improvement with regards to debt to equity ratio during 2012-2014 on back of business profitability. However, as the profits of the business are falling, the debt equity ratio is also worsening. This is especially visible in FY2016 when the equity has decreased on account to losses and also corresponding increase in debt has also been observed as the operating profits were negative. For both FY2013 and FY2016, there has been a significant increase in both short term and long term debt (BHP Billiton, 2016; 2015; 2012). The times interest earned has also worsened. The sudden drop observed in FY2013 is on account of rising debt and consequently higher interest costs. However, the drop in times interest earned which has been observed in FY2015 is driven by the fall in operating profits as the debt levels have come down in FY2015. Hence, a worsening of interest coverage cannot be denied even though barring FY2016, the ratio remains quite healthy for other years. The long term debt to equity ratio has moved in a narrow range of 0.36 to 0.41 during FY2012-FY2015. However, for FY2016, it has shown significant increase of 13 basis points which is attributed to the decrease in shareholders equity on account of the losses that the company registered in FY2016 (BHP Billiton, 2016; 2015; 2012). Conclusion From the above discussion, it may be concluded that the financial performance of BHP Billiton is heavily dependent on the commodity prices considering that the cost structure is largely fixed and hence the overall costs do not undergo a major change. As a result, the profitability of the business is driven by the commodity price which is apparent in the period under consideration also. From 2014 onwards, the commodity prices have plummeted and hence the profitability ratios of the company have worsened leading to losses in FY2016. The other profitability ratios also are driven by the profits only. In terms of efficiency however, the company has taken measures to reduce the overall cash cycle so to keep the incremental financing needs within limits. These measures of the company have worked and improvement is visible post 2014. With regards to short term liquidity, the company has shown improvement during the period as represented from the liquidity ratios. However, the same cannot be said about the long term liquidity or solvency. The various ratios in this regard have been deterioration especially in FY2016. However, despite the increasing leverage on the balance sheet, the financial position continues to remain strong considering the market share and the deep financial pockets. However, going forward, it is expected that the commodity prices would start improving as China is coming back on track and hence in the near to medium term, the commodity prices would firm up. Considering the performance of the company in FY2012, it may be fair to expect that the company would see better days going ahead in terms of both the financial performance coupled with market performance. References BHP Billiton (2013), Annual Report 2013, BHP Billiton Website, Retrieved on September 10, 2017 from https://www.bhp.com/-/media/bhp/documents/investors/reports/2013/bhpbillitonannualreport2013_interactive.pdf?la=en BHP Billiton (2015), Annual Report 2015, BHP Billiton Website, Retrieved on September 10, 2017 from https://www.bhp.com/~/media/bhp/documents/investors/annual-reports/2015/bhpbillitonannualreport2015.pdf?la=en BHP Billiton (2016), Annual Report 2016, BHP Billiton Website, Retrieved on September 10, 2017 from https://www.bhp.com/-/media/bhp/documents/investors/annual-reports/2016/bhpbillitonannualreport2016_interactive.pdf Damodaran, A. (2008), Corporate Finance (2nd ed.), London: Wiley Publications Northington, S. (2011), Finance (6th ed.), New York: Ferguson Parrino, R. Kidwell, D. (2011), Fundamentals of Corporate Finance (3rd ed.), London: Wiley Publications, Smith, G. (2015, July 24), Chinas slowdown pushes commodity prices to new lows, Fortune Website, Retrieved on September 10, 2017 from https://fortune.com/2015/07/24/chinas-slowdown-pushes-commodity-prices-to-new-lows/