Saturday, May 30, 2020

The Advantages of Using College Essay Samples

The Advantages of Using College Essay SamplesCollege article tests are significant and ought to be considered cautiously when composing your own paper. These examples will help you recorded as a hard copy your paper to perfection.There are a great deal of preferences of utilizing tests for school expositions that are made for use by numerous understudies. Above all else, it will give you a superior thought on how you can compose a paper that is more informative.They are made in view of various subjects, so every understudy who has utilized it will have a thought on what to compose. Likewise, they will give you a thought on how you can make your exposition to be more exciting.A school paper normally takes a great deal of time however the most ideal approach to make it intriguing is to utilize test papers. The examples will make it all the more intriguing for you since they are unique in relation to one another.A school article is ordinarily comprised of parts, where every section is c ontained passages of various lengths. A ton of understudies locate this extremely troublesome and they don't have the foggiest idea how to do it.These test expositions will help you in this procedure and you will likewise gain proficiency with the various styles of composing that you can utilize. This will help you a great deal in making your own essay.By utilizing test expositions, you will likewise have something to reference in the event that you need something explicit. The motivation behind why it is ideal to utilize these examples is on the grounds that they have just been made with the goal that the journalists remembered to include some data that is expected to make it more interesting.Even however you may believe that paper composing is too simple to even think about doing, it will consistently include investing in a great deal of energy to ensure that the exposition will be effective. To make your article all the more fascinating, you ought to consistently discover some ex position tests.

Thursday, May 28, 2020

Read What the Experts Think About Research Paper Helper

<h1>Read What the Experts Think About Research Paper Helper </h1> <h2> Whispered Research Paper Helper Secrets</h2> <p>The need to create solid contentions in the paper probably won't be as simple as non-authors would think. To compose an incredible paper, thus get a passing mark, you need to comprehend what data to utilize and the best approach to structure it. Plainly, there's more than 1 individual who'd endeavor to utilize a totally free research paper as unique composition. </p> <p>A investigate paper includes looking over a field of information to have the option to get the most ideal information here. At the point when the examination was finished, you need to take a gander at the information and make inferences about the outcomes. Try not to stop for a second to pick any record you need. Additionally, when your example report is done, it'll be looked into by our exceptionally prepared article staff. </p> <h2>The Lost Secre t of Research Paper Helper </h2> <p>The most fundamental piece of the paper will consolidate a conversation about the current research being done on this issue. The more you inform us regarding your prerequisites, the better paper assist we'll with being in a situation to give. The hardest thing is getting a fitting theme for precisely the same. Subsequently, it's essential to get answers right away. </p> <h2> The Tried and True Method for Research Paper Helper in Step by Step Detail </h2> <p>Sometimes, your abilities may not be satisfactory to make first rate papers. Understudies with chemical imbalance are additionally prone to think that its difficult to be sorted out. Leading the exploration gives the understudies a chance to ace a subject. </p> <h2> The Hidden Treasure of Research Paper Helper</h2> <p>In truth, it is fundamental to arrange a paper from a dependable organization just, to have the option to forestall pot ential challenges with conclusive papers and conveyance time. The aftereffects of a buys paper on the web can show the significance of depending on specialists for such assistance. When all is said in done, examine papers can have a decent arrangement of necessities and subtleties you need to take a gander at. Our exploration paper diagram layouts will permit you to spare a great deal of time and cash. </p> <h2>All About Research Paper Helper </h2> <p>There are a few sorts of expositions, it isn't hard to dispose of an eye on the entirety of your composing assignments. You ought to form a postulation explanation, at whatever point you're taking a shot at the framework. Research missions assume a considerable job in arranging the absolute last checks, together side characterizing the chance of an understudy. As a way to complete the task, you should direct broad research to discover an understanding of the subject issue. </p> <h2> The Downside Risk of Research Paper Helper</h2> <p>Every research paper actually needs a point, and to have the option to be exceptional, you should find a viewpoint, select a side, and demonstrate your contentions. As an outcome of that, and due to our scholars finishing our customers' requests, all of them has a positioning. You're probably going to be tested to discover data which goes past the self-evident, and clearly, appropriately refer to every one of your sources and references over the long haul. To assuage a little the weight, a few understudies go online to search for instance look into papers. </p> <p>Clearly perceive the essential sources you intend to utilize and clarify how they will advance your investigation of the theme. On the off chance that you don't see how to start your article or where to scan for supporting information, we'll be glad to support you. The exceptional exposition essayists are in a situation to do an exploration, in light of what you've mentioned. The examination paper assistants state that the importance of the entirety of the discoveries should be appropriately portrayed. </p> <h2> Who Else Wants to Learn About Research Paper Helper? </h2> <p>Begin with a rundown of means by which you will do your exploration, and a rundown of assets available to you and start starting there. Numerous individuals are looking for an examination paper composing administration when they can't complete the undertaking freely. The examination paper should give a solid method to take care of the issue. The business research project is normally the earlier undertaking that you're looking for todo to be in a situation to get your reaches. </p> <p>As a model, now and then you need to do only a smidgen of foundation research and perusing before it's conceivable to build up an examination question. So as to begin plotting the examination paper, decide why you're looking into the subject. It isn't just cri tical to get a point that intrigues you yet in addition the subject should have an unrivaled reach of research. Since you will see, thoroughly free research paper subjects could be extremely gainful. </p> <p>You should investigate the exploration you're going to contemplate. With an exploration paper, you should choose the examination you've done, exhibit your comprehension, and talk about it. It's in like manner not proficient to do a lot of research before you really comprehend what you're scanning for. In the wake of perusing the theory, there should be no uncertainty definitely what the examination will be about. </p> <p>For the issue, you may utilize the New Order alternative that will make it feasible for you to get in contact with the authors who show enthusiasm for your paper, and generally excellent understanding of your guidelines and necessities. In any event, for prepared research-based scholars, the full procedure retains a colossal timeframe and vitality. You are probably going to need to do a lot of research, and it might get in the strategy for the certified composition. Your examination will take up a considerable amount of your time. </p> < h2> The Do's and Don'ts of Research Paper Helper </h2> <p>Research paper composing is doubtlessly one of the most troublesome papers to compose on the off chance that you incline toward good grades, in addition to as you ascend through your training they seem to procure more earnestly. Purchasing an exploration paper test for school accommodation is among the alternatives. The exploration paper awards you the opportunity to contemplate some issue. You should assemble your assets so you can effectively work through your exploration paper at a moderate pace. </p> <p>Besides depicting the objectives and strategies you'll wish to think about, we furthermore have some helpful assets we think you'll go over valuable in accomplishing your points. Current authority specialists agree that viable initiative conduct is subject to situational and supporter qualities. The entire methodology of composing an examination paper can take noteworthy time as there are numerou s factors to consider. Understudies regularly don't have any sign about how a worthy research technique can assist them with upgrading the intensity of their paper. </p> <h2> Why Almost Everything You've Learned About Research Paper Helper Is Wrong</h2> <p>Below you'll locate the most significant methodologies for composing an astonishing reesarch paper presentation. On the off chance that composing a paper gets hard for you, there are loads of decisions to discover solid help. You can make yours unique on the off chance that you buy a paper accomplished by an authority on the web. To have the option to demand the very same author who did the totally free research paper you enjoyed, and give him your task to complete, you may go to our large database that has the profiles for each independent essayist with whom we participate. </p>

Wednesday, May 27, 2020

Easy Comparison Essay Topics - How to Find the Best Essay Topics

Simple Comparison Essay Topics - How to Find the Best Essay TopicsIf you are searching for simple correlation article themes, you should look no farther than the Internet. There are actually a huge number of subjects that you can look over to compose your article on. The main thing you have to remember is that these are simply speedy synopses of the point at hand.The first thing you have to consider when attempting to discover simple examination paper themes is the thing that it is that you are attempting to do. A few people will need a subject to be extremely near their group, while others will need something that is somewhat more one of a kind. It is typically a smart thought to discover something that you are acceptable at and that you appreciate composing about.You can discover numerous simple examination exposition subjects by essentially investigating what is accessible on the web. Simply visit one of the top sites on the planet and you will see a great many points. These point s can go from business to individual fund. You ought to do a little research on the organization or site before focusing on anything.You ought to likewise ensure that your paper subjects are not excessively long. This can without much of a stretch mood killer your crowd. On the off chance that you go through hours composing a paper about your pet pooch and, at that point present it to them as though you were in a school class, they will get exhausted with it rapidly. It is essential to keep the data short and sweet.Another extraordinary approach to locate some simple correlation paper subjects is by glancing through survey sites. You can visit these survey destinations to discover which points are the most well known, and you can utilize those for your simple paper. A few audits are fair-minded and you should simply discover a survey that you like and afterward stay with it.Another extraordinary asset you can use for simple exposition subjects is survey sites. You can discover huge amounts of sites that permit you to make a record and afterward submit papers for audit. At the point when you have an exposition presented, the survey site will investigate it and afterward distribute it for different understudies to look at.You can likewise utilize article themes for different things other than simply attempting to intrigue the educator or understudy you are working with. A few understudies will need simple paper points with the goal that they can begin composing papers that are increasingly close to home to them. Different understudies will utilize exposition points as an approach to begin a business.When you do your exploration on simple article subjects, you will discover a ton of extraordinary thoughts that you can utilize. Search for sites that offer the most mainstream subjects just as those that offer the most state-of-the-art ones. At that point utilize the most recent and most well known ones to begin composing your own fascinating exposition.

Saturday, May 23, 2020

College Application Essay Tips

<h1>College Application Essay Tips</h1><p>Catching a College Confidential Typo (or Confidential Essay T.E.O.) isn't hard, however it tends to be muddled. It requires an exhaustive assessment of the target group and, if conceivable, great association of data in your paper. On the off chance that you are getting ready for a school course that will encourage you composing, papers or introductions, odds are that you should utilize this basic piece of any school study course.</p><p></p><p>In the beginning periods of composing a specific article or exposition for school, you will need to keep everything that identifies with your point sorted out. A straightforward tip is to spread out the entirety of your thoughts, realities and considerations before composing the paper itself. This will permit you to write in an intelligent and simple to understand way. On the off chance that there are segments of your article that identify with various pieces of your theme, this will permit you to arrange your thoughts with a look toward the finish of your essay.</p><p></p><p>There are a couple of thoughts that ought to be consolidated into your paper, regardless of what your subject or proposal explanation is about. A portion of these thoughts are: the present issues, the story line, the primary character and the end. Make certain to remember these thoughts for your essay.</p><p></p><p>There are many ideal instances of scholarly composition. Be that as it may, nobody can compose an ideal exposition, for understudies to peruse. Having the option to comprehend the author's aim just as give a simple to-peruse piece is the best way to guarantee that your school paper is acknowledged for distribution and that the peruser can grasp your thoughts and involvement with a simple to-peruse manner.</p><p></p><p>Whether you are a battling, normal understudy or a PhD applicant, you will undoubtedly confront an article question that has not been offered any acceptable responses. These inquiries will, in all likelihood, emerge each time you are presented to a troublesome subject. For the best outcomes, be set up to respond to each address with great, drawing in writing.</p><p></p><p>When getting ready for a school application, remember that the school needs to see a complete, elegantly composed and unprejudiced feeling. In this manner, your endeavors to plan for the school affirmations procedure will prompt long haul benefits for your future as an essayist and will presumably be remunerated with entrance into the college. You are qualified for a specific level of opportunity in the composition of your exposition. By utilizing a few distinctive composing styles, you can communicate your thoughts in an increasingly intelligible way.</p><p></p><p>There are numerous tips that can help you recorded as a hard copy a scho ol application paper that will improve your odds of acknowledgment to your preferred school. The main critical step of the procedure will be thinking of an article that is as influential as possible.</p>

Tuesday, May 19, 2020

Langston Hughes, An American Poet Essay - 1583 Words

James Mercer Langston Hughes was one of the most influential African-American writers during the Harlem Renaissance. He was born on February 1, 1902 in Joplin, Missouri to James and Carrie Mercer Hughes. Hughes parents divorced shortly after his birth and his father moved to Mexico. Hughes went to live with his grandmother, Mary Patterson Langston in Kansas while his mother travelled back and forth with jobs. After his grandmother died he went to live with friends of the family, James and Mary Reed for two years. Hughes attended school at Central High School in Cleveland, Ohio. He started writing while he was in the eighth grade, during which he was selected as Class Poet. Langston Hughes went on to be one of the greatest African-American†¦show more content†¦Influenced by writers such as Paul Lawrence Dunbar, Carl Sandburg, and Walt Whitman, Hughes continued to write while attending high school. He wrote a number of poems and short stories for the school paper. It was durin g this time that Hughes came to realize what type of poetry he wanted to write. Instead of traditional verse Hughes used the free verse style of poetry which was used by a couple of his favorite poets Carl Sandburg and Walt Whitman. While in Mexico with his father, Hughes sent three of the poems he had written to a publishing company in New York for black children called Brownies’ Book. One of the three poems was published making it his first to appear in a publication that reached a large number of readers. Later, his poems, short plays, essays, and short stories appeared in the National Association for the Advancement of Colored People (NAACP) publication Crisis Magazine and in Opportunity Magazine and other publications. One of Hughes finest essays appeared in the Nation in 1926, entitled The Negro Artist and the Racial Mountain. Hughes early inspiration for writing came from the loneliness of his childhood. He did not have a stable family life as a child. Once his parents divorced and he went to live with his grandmother, he was very lonesome and unhappy. His grandmother was about 70 years old when Langston first went to live with her. While living with her he lived a sheltered life. Once his grandmother died, he went to live with James and MaryShow MoreRelatedEssay on Langston Hughes: American Poet and Social Activist2110 Words   |  9 PagesLangston Hughes inspired others to reach their true potential in their work by using their own life as a catalyst: â€Å"You will find the world in your own eyes, if they learn how to see; in your own heart if it learns how to feel; and in your own fingers if they learn how to touch.† (Dunham 188). Langston Hughes was an influential leader toward many African American men, woman, and children in the 1920’s and 1930’s. Langston Hughes may not be as well-known for the civil rights movement as MartinRead MoreLangston Hughes : Black Poets Impact On African American Literature857 Words   |  4 PagesBlack Poets Impact In African American Literature Michael Winston English 132-11 Prof. Dr. Harmon 11-20-2017 African American literature is literature written from African descents that focused on the early time to recent time movements. Early as the 1700’s and late as the 1900’s where African American literature was in progress. Poetry was a substantial part of African American literature, because black poets talked about culture, racism, slavery, and equality rights. Black poets expressedRead MoreGiving A Voice : Langston Hughes, An American Poet And Social Activist967 Words   |  4 PagesVoiceless Langston Hughes is an American poet and social activist. Hughes’ poems tend to resonate with the majority of his readers because he discusses topics that transcend time. Hughes wrote his poetry so eloquently that his poetry can be interpreted in many different ways depending on the reader’s personal background and what they bring to the reading. Even today his readers can connect to his poetry because he discusses subjects that we are faced with today, such as identity issues. Hughes is knownRead More Arguing for Authenticity: A Comparison and Contrast of Two American Modern Poets, Robert Frost and Langston Hughes2163 Words   |  9 Pages â€Å"[F]uture commentators on American poetry and political issues will not be able to ignore the †¦ authentic voice of the region,† argues Barry Ahearn, author of the article Poetry: 1900 to the 1940s, which discusses the importance of the author writing about his or her region of choice in their poetry and how it affects their writing (Ahearn 373). Ahearn discusses writers such as Sterling A. Brown, Langston Hughes, H.D. (Hilda Doolittle), Robert Frost, Robinson Jeffers, Edna St. VincentRead MoreThe Life Of Gold Rain By Langston Hughes, An African American Poet During The Mid 1900 S858 Words   |  4 Pages â€Å"In Time of Silver Rain† The poem â€Å"In Time of Silver Rain† was written by Langston Hughes, an African American poet during the mid 1900’s. It is about new spring, happiness and new life after winter. The big theme of the poem is this silver rain. When Langston Hughes says â€Å"silver rain† it is a lot like the saying, a â€Å"cloud with silver lining†. Which means that with every sorrow there is joy, so you should never feel hopelessRead MoreLangston Hughes The Weary Blues Analysis1256 Words   |  6 PagesOn Langston Hughes’s The Weary Blues Kevin Young, a graduate of Harvard University and one of the winners of the Guggenheim Fellowship, writes the historical perspective of Langston Hughes. He discusses the flowering of the African American literature and culture and how it is actually just the extension of the New Negro movement. From the Harlem Renaissance, Langston Hughes is able to represent â€Å"different things† for â€Å"different men.† The uprising of Hughes’s poems are the result of their hardshipsRead MoreThe Difference Between Langston Hughes And I Hear America Singing998 Words   |  4 PagesWhitmans poem â€Å" I Hear America Singing† and Langston Hughes poem â€Å" I, Too, Sing America†. I will also be giving my opinion on whether or not Langston Hughes is responding to Walt Whitmans poem. Langston Hughes was an American poet, social activist, novelist, playwright, and a columnist from Joplin, Missouri. Walt Whitman was an American poet, essayist, and a journalist from West Hills, New York. This is all just background information about the two poets jobs and of where they came from. In the poemRead MoreMaya Angelou and Langston Hughes, pillars of society1007 Words   |  5 PagesNeither Langston Hughes nor Maya Angelou were just poets in the world of the twentieth century but instead heroes and leaders who showed the world that race wasn t what made you but whom you are instead. Though both grew up during times and events in the world, both have similar ideas while also different. Though both poets were put down by society, neither let what people said get to them. Both instead wrote poems about how what people say doesn t matter. Maya told those people that despite whatRead MoreEssay on Langston Hughes: Jazz Poet922 Words   |  4 PagesLangston Hughes Many poets are well recognized for their poems and live that they lived but, one poet is not all that well known. This poet had a rough live living in persecution just because of his skin color. The famous but forgotten Langston Hughes had an exciting career and very intense writings during the severe segregation era which he had lived in Langston Hughes traveled around the world, which made his very exciting career although, it started out slow, and once it got going it took offRead MoreThe Influences for Langston Hughes Successful Writing Career979 Words   |  4 PagesAmerican literature and American culture have always been connected throughout our history. Langston Hughes was able to recognize that, â€Å"Man had the inability to bridge cultures† (Bloom 16). In one of his writings, Luani of the Jungles, Langston writes about the interactions in a relationship between a white man and a black woman, â€Å"that is not ruined by outside disapproval, but the man’s own obsession and oversimplification of their racial differences† (16). Hughes’s ability to speak openly about

Wednesday, May 13, 2020

What Are Dissertation Editors

What Are Dissertation Editors?Dissertation editors are not just any academic professionals who do a great job writing theses. They are professional writers who know how to handle every aspect of a thesis from the beginning to the end of the thesis in a logical manner.A PhD dissertation has a lot of potential to be considered as a work of the highest quality and form when written by an academic expert in the field of a dissimilar field. An editor is a professional who can catch you up with all the needed details about your thesis. You will need to submit your thesis at the last minute before the deadline to make sure that you get your final project done. There may be many people to review your project but only an editor who understand how to review and edit well can help you.The work of professional dissertation editors has two types: Subject matter editors and literature editors. As the name suggests, subject matter editors are editors who deal with subjects in the dissertation such as history, literature and related fields. While literature editors are editors who deal with the application of literature in the thesis. Both of them are important professionals to keep an eye on. Editors who work in these two areas are experts and they have the needed skills to help you write your thesis with ease.As far as getting a professional editor for a dissertation is concerned, you will need to find an editor at a freelance site such as Elance or oDesk. Here you can find a number of highly qualified editors with experience and expertise to assist you in your academic writing. You can also contact various editors you find online and request a free sample so that you can see how they are and where their strengths lie.Dissertation editors should have sound knowledge of the subject you want to cover in your thesis. It is a fact that PhD dissertation writers do not have much experience in their subject areas and this can give them a disadvantage. Therefore, you need to make su re that your editors can guide you towards the best points in your subject areas and give you a good idea of what to focus on.Professional dissertation editors should always be able to meet deadlines and provide you with feedback on your thesis projects. This way, you can improve your skills and catch hold of the requirements you need to offer for the project you want to finish. Thus, you get a professional advisor to guide you throughout the process.For this reason, it is important that you look for an editor who is experienced and can handle research papers, dissertations on specific fields of study. Make sure that your editors do not only offer editing services but can also give you assistance in preparing your research and choosing the right research method. Therefore, you can rest assured that your dissertation project will turn out well and you will feel happy once you are done with it.No matter how well experienced editors are, you should always be ready to trust an editor wh o comes to your aid on a tough situation. You should also seek feedback from previous editors to gain an insight into the work they did. If possible, you should also hire someone who is not too costly and you can expect to get the desired results.

Wednesday, May 6, 2020

Principles of Corporate Finance Imperial Tobacco

Question: Discuss about the Principles of Corporate Finance for Imperial Tobacco . Answer: Introduction Imperial Tobacco is a UK based company with headquarters in Bristol and primary listing on LSX. It has global presence with manufacturing locations spread across 51 worldwide locations and customer base in excess of 160 countries. The key markets for the company are EU and other European countries along with US and Asia (Imperial Tobacco, 2015). The current report aims to highlight the myriad risks that are prevalent in the business and also financing of the same. The financial performance is analysed by deployed ratio analysis tool for the consolidated financial statements for FY2014 and FY2015. Besides, the current capital structure of the company is critical analysed and suitable recommendations have been extended for an optimal funding mix going forward. Business and Financial Risks Akin to other businesses, the company also has sizable exposure to a plethora of business and financial risks. These are highlighted as shown below. Reducing size of the legitimate tobacco market An overall reduction in the tobacco products market is happening primarily because of the below mentioned reasons (Imperial Tobacco, 2015). The demand of products containing tobacco and their availability in most geographies is regulated towards government intervention due to the negative impact that these products have on human health. This regulation if increased in the near future would adversely impact the consumer demand and also enhance the costs for compliance. The government typically increases the excise duty levied on tobacco products which serves twin objectives. It increases the price of these products and thus limit the underlying usage while also enhancing the funds available for generating public awareness against such products. The above two measures give rise to a flourishing illegal trade market where tobacco products are imported from regimes which attract less taxation. Further, the counterfeits for various brands are on the rise in order to satiate the demand for tobacco products through cheaper substitutes. Besides, any slowdown in the economy particularly in prominent markets would adversely impact the income levels and thus would reduce the size of the legal market as consumers would decrease smoking or shift to cheaper alternatives in the form of illicit market. Regulatory and Legal Compliance Costs Due to the underlying nature of the business, there are sizable costs related to legal suits and compliance cases that negatively impacts the profitability of the business primarily because of the below mentioned reasons (Imperial Tobacco, 2015). Considering the wide geography of customer market which spans almost the globe, there are instances where the domestic law or the international laws are violated and the company has to pay financial penalties along with reputation loss. The users of tobacco products along with the e-vapour segment tend to file litigations against the company on account of the harm caused and hence sizable legal costs need to be expensed by the company in managing these, thus diminishing overall prof Markets downside risk particularly in Europe The company is present in various European markets in a very big way and hence its fortunes are related to the market conditions in these geographies. Any significant disruption in the stability of these would have profound impact on the sales. In case of any civil unrest or sustained instability in the region such as issues within the EU or exit of any particular nation, the business operations of the company would be hampered (Imperial Tobacco, 2015). Financial Risk It is evident that there is sizable debt in the books of account and hence decrease in the credit rating can result in higher finance costs thus acting as a drag on profitability. Further, sustained financial downturn in key financial markets may limit the refinancing capacity of the company and thus may require higher costs to service debts which are about to mature in the near future. Also, there is default risk especially if the business diminishes particularly to government regulation and thus default risk may go up which would lead to higher interest costs (Imperial Tobacco, 2015). Recent Financial Performance The financial ratios have been computed using the consolidated financial statements for the two most recent years. This serves as the basis for the comparison of the financial performance of the company in the recent times. Profitability Ratios Analysis The requisite profitability ratios are summarised in the tabular format shown below (Imperial Tobacco, 2015). Ratio Formula FY2014 FY2015 Gross profit margin Gross Profit/ Revenue 19.58% 20.45% Net profit margin Net Profit/ Revenue 5.46% 6.81% Return on Assets Net Profit/ Total Assets 5.58% 5.72% Return on Equity Net Profit/ Total Equity 26.45% 30.25% It is evident that gross profit has improved from 19.58% to 20.45% primarily to improvement in operational efficiency driven by the various initiatives for cost management undertaken by company. The increase in net profit margins is primarily due to hike in income from investment coupled with decline in tax outflow besides margin gains at gross level (Imperial Tobacco, 2015). The improvement in ROA and ROE is being driven by the increase in net income in FY2015. The comparable profitability ratios for BAT (British American Tobacco) are given below. It is apparent that BAT has superior profitability margins as compared to Imperial Tobacco. However, in the recent year there has been a sharp decline in the gross profit margins for BAT. But the profit margins continue to rise on back of cutting down on operating expenses. Hence, Imperial Tobacco has improved its profitability but more needs to be done. Liquidity Ratios Analysis The requisite liquidity ratios are summarised in the tabular format shown below (Imperial Tobacco, 2015). Ratio Formula FY2014 FY2015 Current Ratio Current Assets/ Current Liabilities 3.35 3.30 Quick Ratio (Current Asset - Inventories)/ Current Liabilities 2.98 2.99 It is evident that at the end of FY2014, the current ratio was higher as compared to the corresponding value at FY2015 end. This is because the % increase in current liabilities was comparatively higher than % increase in current assets in FY2015. The current liabilities increase can be explained on account of the increase in short term loans from a mere 429 million at FY2014 end to 1,957 million at FY2015 end. Quick ratio underwent marginal improvement at FY2015 end as the inventory level decreased marginally (Imperial Tobacco, 2015). Turnover Ratio Analysis The requisite turnover ratios are summarised in the tabular format shown below (Imperial Tobacco, 2015). Ratio Formula FY2014 FY2015 Asset Turnover Sales/Total Assets 1.02 0.84 Inventory Turnover Cost of goods sold/Inventory 7.40 7.08 Receivables Turnover Sales/Accounts Receivables 9.58 10.31 Payables Turnover Cost of goods sold/Accounts Payable 3.06 2.96 It is evident that in FY2015, the asset turnover has declined because of the decrease in revenue caused due to lacklustre performance of some European markets (Imperial Tobacco, 2015). This drop in sales has resulted in the decrease inventory turnover for FY2015. However, the trend is opposite for receivables turnover ratio which has improved even though sales are lesser primarily because receivables days have become less which leads to drop in the cash cycle and hence diminishes working capital requirements. The cash cycle is further shortened since there has been a decrease in payables turnover in FY2015 which in turn provides a larger credit period for the company (Ross, Westerfield Jordan, 2013). Therefore, all turnover ratios besides the asset turnover and inventory turnover are favourable for the company since it amounts to better liquidity. The comparable ratios for BAT are given below. Even though BAT has seen a drop in asset turnover, but it continues to be superior than Imperial Tobacco indicating better usage of assets for BAT. The inventory turnover for BAT continues to be marginally higher than corresponding value for Imperial Tobacco. The receivables turnover for BAT is higher than Imperial Tobacco which indicates that BAT is able to recover money from its debtors in a shorter time. Gearing Ratios Analysis The requisite gearing ratios are summarised in the tabular format shown below (Imperial Tobacco, 2015). Ratio Formula FY2014 FY2015 Debt to equity ratio (Short term + long term debt)/ Total equity 1.81 2.49 Interest Coverage Ratio Operating Profit/ Interest Expense 1.91 1.64 Long term debt to equity ratio Long term debt/Total equity 1.73 2.15 It is clear from the above values that the contribution of debt has increased which is on account of increases in both term borrowings and current borrowings. The long term borrowings have undergone an increase from 9,462 million at FY2014 end to 12,250 million at FY2015 end. The short term or current borrowings have undergone an increase from 429 million at FY2014 end to 1,957 million at FY2015 end. It is apparent that a major proportion of the outstanding debt is long term in nature (Imperial Tobacco, 2015). Besides, due to an increase in the total amount of debt, the finance cost has also risen which is responsible for the declining interest coverage ratio for FY2015 (Brealey, Myers Allen, 2008). Debt capacity and financing options It is clear that the company has not generated additional funds through equity issue but has instead relied on debt for its funding requirements. The debt equity ratio in FY2015 had touched a crucial level and when seen in light of the declining interest coverage ratio, it poses pertinent questions on the ability of the company to raise more debt for its growth and business operations. Based on the existing capital structure, it is apparent that debt funds about 71% while the remaining is contributed by equity. However, this seems to be acceptable in the industry as BAT also boasts of debt funding of about 77% while the equity component being only 23%. However, the ability of the company to increase the debt levels further may not be wise since owing to greater risk the financing cost may increase thus eroding profitability of the business. It is advisable that the company raises more equity especially as the global markets are steadily improving and as a result, Imperial Tobacco can expect reasonable valuations in case it goes for dilution of holding for raising money. This move would enhance the balance sheet strength and would provide comfort to the lenders who are weary of increasing debt especially in a business where frequent government regulation and legal litigation are a big concern (Brigham Ehrhardt, 2013). Recommendation Any firms optimal capital mix is driven by a host of variable such as firms size and market share, composition of balance sheet, tax regulations, requirement of capital etc. In order to ascertain the capital requirement, the balance sheet and particularly the composition of assets is a critical factor. For imperial tobacco, about 60% of the total assets comprises of the intangible assets namely copyrights, brand name etc. The fixed assets contribute close to 10% to the overall company assets as per FY2015 balance sheet. As a result, any capital is requisite for acquisition purposes of either local player in growing markets along with other brands (Damodaran, 2008). Additionally, for BAT which is a peer group company, nearly 10% of the total assets is in the form of fixed asset and nearly 30% of the total assets is on account of intangible assets. It can be logically derived from the above that the outstanding debt should not be of grave concern keeping in mind that the company has limited requirements of capital for day to day business. Besides, considering the size, market share and global presence, the company can very well afford a balance sheet which is little stretched without causing any discomfort to lenders who would feel secured. But despite that, the company in the near future should aim for limiting the debt and may be bring it to a little lower level. A funding mix of 65 (debt):35(Equity) is advisable for the company going forward so as to ensure that balance sheet is not over leveraged. Conclusion It may be concluded that Imperial Tobacco has exposure to various business risks on account of government intervention in the form of duties and taxes besides battling legal issues and compliance with laws. Further, any disruption in select Europe markets may adversely impact the company. Also, on account of significant funding from debt, there is financing risk particularly if this trend goes on. The overall performance of the company has improved in FY2015 as compared to FY2014 as evident from ratio analysis. Currently, the balance sheet seems little stretched but considering the market reputation, global presence and nature of capital requirements, it is not worrisome. However, going forward a capital contribution of 65:35 is recommended so as to ensure business sustainability without too much dilution of equity. References Brealey, R, Myers, S Allen, F 2008, Principles of Corporate Finance, 9th edn, McGraw Hill Publications, LondonBrigham, EF Ehrhardt, MC 2013. Financial Management: Theory Practice, 14th edn., South-Western College Publications, New YorkDamodaran, A 2008, Corporate Finance, 4th edn, Wiley Publications Pvt. Ltd, London Imperial Tobacco 2015, Annual Report and Accounts 2015, Imperial Tobacco Group Plc, Available online from https://ar15.imperial-tobacco.com/pdfs/full-annual-report-2015.pdf (Accessed on March 23, 2016) Ross, S, Westerfield, R Jordan, B 2013. Essentials Corporate Finance, 8th edn., McGraw-Hill/Irwin Publications, New York