The Magnificent Serenity of the Ocean - 865 Words

Have you ever visited a place so beautiful and serene that you couldn’t imagine a more stunning place? For me, it is the shimmering and flowing waters of the ocean. The way that the deep blue waters meet the gritty beige sand leaves me in such awe. The water is like a soft blanket, comforting and inviting. The unique wildlife and vegetation that exists on the beach is something I’ve never seen anywhere else. There is no place more beautiful and thrilling than the beach. I can still remember the first time that I saw the ocean. I was a child, no more than 6 years old. It still stands out in my mind as one of the best memories I have from my childhood. I remember being able to taste the salt in the air on my lips as I took a deep breath.†¦show more content†¦Even the smallest bit of water causes it to condense like baking soda when it gets wet. Sandcastles are incredibly fun to build and even more fun to knock down. I have seen sandcastles with as much detail as some houses and it’s just unbelievable. The giggling of children as they race back and forth to the shining water bringing bucket after bucket to their self-made moats is like music to my ears. Little twisted sea shells make windows and doors atop sand mansions. My favorite sea shells are the cats’ paws which look exactly like a tiny claw. The detail in some of these shells is like nothing I had ever imagined before. Blues, pinks, yellows, and greens in little dips, curves, and twists with such detail you’d think someone came and painted it all on by hand. I love putting my ear next to a large shell and hearing the whistling and rumbling of the ocean air inside. It’s so much fun to look through the sand for different shells and come across the creatures that inhabit them. Slimy little snails tucked deep in their cozy, dark homes and bumpy skinned, red crabs. It is very interesting how such creatures are able to inhabit such a sandy terrain. Creatures such as those are only the surface of the many unique creatures that make their homes at the beach. While exploring the beach, I have come across some of the most amazing animals that I have ever seen. I still vividly remember swimming in the water and coming face to face with a manatee. TheShow MoreRelatedDescriptive Essay705 Words   |  3 PagesThe most magnificent place I’ve ever been is Puerto Rico. With its breath taking landscapes and the calm serenity of the ocean; Puerto Rico is one of the most relaxing and gorgeous places I’ve ever been. The mixes of several different Latin styles play a huge role in not only the music and dancing of Puerto Rico but, also the style of the wardrobe. The best part of Puerto Rico though is the amazing experience and adventures I’ve been on. Puerto Rico has some of the most beautiful landscapes I’veRead MoreEssay on Diving880 Words   |  4 Pagescalm my soul, letting me enjoy the wonderful scenes that only can be found under the rippling waves of the sea. About two years ago; we were in the keys on the southern tip on Florida, and had just boarded a fairly homely dive boat for my first ocean dive ever. My Father and I had been planning this trip for months, and today was the day it would happen. As the sound of the motors choking to start came into my ears, and the smell of the gasoline seeped into my nostrils I imagined where we wereRead MoreDescriptive Essay : Shoreline Sand1332 Words   |  6 Pages Shorelines regularly show up around domains along the drift where there is a wave or current activity. 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One child in particular used to exemplify these characteristics.Read MoreDifferent Theories That State The Humans Are Biological And Symbolic Species1555 Words   |  7 PagesTheo(s)centrism. God was the essential aspect of their existence. For the Aztecs, they considered the cosmos to be a horizontal territory, bordered by water and the Heavens. Noticeably, no Homo-sapiens were present, only the Gods were allowed entrance into the oceans. Religion was imperative in the Aztec lifestyle. They worshiped many Gods, each of whom ruled one or more aspects of nature. So they were Polytheism . For example, Huitzilopochtli, the hummingbird god and the Toltec god s. The Aztecs alleged thatRead MoreMy Dream House2467 Words   |  10 Pagesdoor. At the end of the hall, there would be a staircase leading upstairs. Id like to decorate the walls of the hall with famous artists reproductions of still life painting s. For me, these paintings would give person feelings of relaxation and serenity. The first room on the right would be the living-room which is quite large and full of light. Day light is essential for me so Id like to have big windows in the living room. A door from the living room would lead to a small study where I couldRead MoreMy Country the Maldives1803 Words   |  8 Pagescountry has become a byword for paradise whether it be for honeymooners, sun worshippers or divers. A geological eccentricity nestled in the middle of the Indian Ocean, the Maldives are a series of ancient coral reefs that grew up around the sides of towering prehistoric volcanoes. These immense structures have long since sunk into the ocean, leaving behind coral islands of incredible natural beauty, now themselves being colonised by travellers seeking unbridled pampering and romance, from the modernityRead MorePersuasive Speech2173 Words   |  9 Pagesexpensive, which leads them to believe that they are better off travelling somewhere else. A. Hawaii residents want to explore unique and different settings and experiences when they travel on vacation. 1. Most people see the same view of the Pacific Ocean and the Waianae or Koolau Mountain Range every day and although the view is beautiful, when people go on vacation, they want to look at something different, but they assume that the neighbor island settings will be the same as their everyday sceneryRead MoreThe Council of the God s by Jose Rizal4195 Words   |  17 Pagesuse this as a pretext...MOMUS: (mockingly) Defend him, Silenus, so they wont say your followers are an impudent lot.  Ã‚  Ã‚  Ã‚   Minerva, about to speak, is silenced by gesture of Jupiter, but expresses her disdain with a smile that alerts the delicate serenity of her shapely lips. Meanwhile, the gods have finished their nectar and have begun to chat among themselves.JUPITER: There was a time, great gods, when the proud sons of earth attempted to climb Olympus by piling mountain upon mountain, so they couldRead MoreEthnic Tourism Essence of India7906 Words   |  32 Pagesthe route always had an element of adventure and of the unexpected. The journey also brought the traveler face to face with the marvels provided by Mother Nature whether in the form of The Himalayas, the deep jungles or the deep blue of the Indian Ocean. This used to be an ideal tourist package - low in cost but high on experience and adventure-in effect, it gives sha pe to the tourist’s dream. Today there are many types of tourism in vogue. Some of the prominent tourist products are spiritual tourism

Mechanicals in A Midsummer Nights Dream by William...

Mechanicals in A Midsummer Nights Dream by William Shakespeare The mechanicals consist of Peter Quince (a carpenter), Snug (a joiner), Nick Bottom (a weaver), Francis Flute (a bellows-mender), Tom Snout (a tinker) and Robin Starveling (a tailor). We first come across the mechanicals as they stumble into the woods to rehearse their play, for the Royal Wedding of Helena and Demetrius, and, Hermia and Lysander. This is when we realise that they are not very intelligent or well spoken, You were best to call them generally. Bottom uses the wrong word, he means severally or individually instead of generally. Shakespeare uses the mechanicals to provide comedy in the play and to make†¦show more content†¦They also show their naivety by looking in the almanac to find out if the moon will shine on the night of their play, in the commentary it says that the Almanacs were noted for containing foolish astrological forecasts. When Bottom is turned into an ass and Titania falls in love with him, the fairies try to do everything they can to keep him happy. Bottom enjoys this and calls them monsieur and signoir as if he was talking to a superior. The way they prepare for the play isnt very professional; let not him that plays the lion pare his nails. For they shall hang out for theShow MoreRelatedA Midsummer Nights Dream Essay1482 Words   |  6 PagesA Midsummer Night’s Dream: by William Shakespeare William Shakespeare was born in April 1564. He had married at the age of eighteen to a twenty-six year old woman named Anne Hathaway in 1582. He had a daughter named Susanna and twins, Judith and Hamnet. Hamnet, his only son, died at age eleven. Shakespeare died in April 1616. Despite the fact that Shakespeare wrote some thirty-seven plays, owned part of his theatrical company, acted in plays, and retired a relatively wealthy man in the cityRead MoreWilliam Shakespeare s A Midsummer Night s Dream1474 Words   |  6 Pagesinstance, one could look at the movies A Midsummer Night’s Dream and Shakespeare in Love. The latter follows the life of William Shakespeare himself, everything from his love affair with Viola de Lesseps to his creation of Romeo and Juliet. A Midsummer Night’s Dream, is one of the most famous plays of Shakespeare’s, revolving around the tumultuous relationships of four lovers, aided, and sometimes thwarted by the mischief of fairies. Althou gh Shakespeare in Love outlines a few of the characteristicsRead MoreWilliam Shakespeare s A Midsummer Night s Dream830 Words   |  4 PagesWilliam Shakespeare’s A Midsummer Night’s Dream weaves stories of social ranks in the commedia dell’arte and some of its easily recognized stock characters. Shakespeare uses commedia dell’arte characters in A Midsummer Night’s Dream to capture our imagination and amuse us. Commedia dell’arte includes three classes of characters in its performances. These characters are the vecchi, innamorati, and the zanni (McCarter.org). The vecchi are usually the nobility or masters. The vecchi in A MidsummerRead MoreWaning Of Shakespeare s A Midsummer Night s Dream1465 Words   |  6 PagesMoon in A Midsummer Night’s Dream Before the birth of William Shakespeare as a playwright, no craftsman could skillfully create a world composed of contradictions so shocking, yet profoundly insightful to the human condition. Shakespeare accomplishes the impossible by bringing many contradictory elements into his play, A Midsummer Night’s Dream, a comedy on the verge of tragedy. In this play, many of his characters allude to the moon through the use of repetitive metaphors. Shakespeare specificallyRead More William Shakespeares A Midsummer Nights Dream Essay1591 Words   |  7 PagesWilliam Shakespeares A Midsummer Nights Dream In William Shakespeare’s A Midsummer Night’s Dream, there are endless images of water and the moon. Both images lend themselves to a feeling of femininity and calm. In classical mythology, the image of water is often linked with Aphrodite, goddess of passion and love. Born of the foam of the sea, Aphrodite was revered as an unfaithful wife to her husband Hephaestus (Grant 36). This may have a direct coloration to the unfaithful nature of theRead MoreA Midsummer Night s Dream By William Shakespeare1456 Words   |  6 PagesBefore the birth of William Shakespeare as a playwright, no craftsman could skillfully create a world composed of contradictions so shocking, yet profoundly insightful to the human condition. Shakespeare accomplishes the impossible by bringing many contradictory elements into his play, A Midsummer Night’s Dream, a comedy on the verge of tragedy. In this play, many of his characters allude to the moon through the use of repetitive metaphor s. Shakespeare specifically compares the moon to time asRead MoreEssay about William Shakespeares A Midsummer Nights Dream1283 Words   |  6 PagesWilliam Shakespeares A Midsummer Nights Dream Shakespeare, in his A Midsummer Night’s Dream, uses his characters to cast a sense of derision over the use of the imagination. â€Å"The lunatic, the lover and the poet† are thrown together all on one line, and it is implied that the latter two are as crazy as the first. (Midsummer Night’s Dream, V.1.7) Despite this seeming scorn for plays and their ilk, Shakespeare is implementing a strong irony. Characters who scorn the imagination are no moreRead MoreShakespeare’s Use of Love Quarrels to Reach a Comedic Climax in A Midsummer Night’s Dream1668 Words   |  7 Pagescan be a great source of confusion and sorrow, but it is nevertheless probably the most powerful feeling a human being can experience. In Shakespeare’s A Midsummer Night’s Dream, Lysander says that â€Å"the course of true love never did run smooth† (Shakespeare 1.1.134), which is seen in the quarrels between the couples throughout the play. Shakespeare makes use c hiefly of the fairies’ supernatural powers to settle the love conflicts and portrays the irrationality in love of the characters, thereby creatingRead MoreA Comparison of the Great Gatsby and the Virgin Suicides1553 Words   |  7 Pageslike a soldier, walk, talk and behave like a soldier ¡Ã‚ ¨. This was the acting style. „h It is believed that A Midsummer Nights was first performed between 1595 and 1596. In the Elizabethan era there was a huge demand for new entertainment and A Midsummer Nights Dream would have been produced immediately following the completion of the play. There is a myth that A Midsummer Nights Dream was first performed for a private audience after an actual wedding had taken place. The structure of the playRead MoreWilliam Shakespeare s A Midsummer Night s Dream Essay2005 Words   |  9 PagesIn William Shakespeare’s A Midsummer Night’s Dream, Shakespeare crafts a play with three very different viewpoints that can be interpreted in many ways, some with obvious interpretations and other with much less obvious ones. Shakespeare also ends A midsummer Night’s Dream, with an apology that is just as less obvious as some of the play’s interpretation. Yet, If a person looks past the obvious interpretations of the play, one can begin to piece together the p ossible message, that mortals no matter

Immigration to Canada Free Essays

Immigration is when one leaves their country of origin and move to another. The topic if immigration has always been a very delicate subject. This is due to the many problems immigrants have had to face in their new country. We will write a custom essay sample on Immigration to Canada or any similar topic only for you Order Now Today issues dealing with immigration are not as bad as they were many years ago. Immigration in Canada was not as popular then as it is now. During the 1900s-1918 not all migrants were treated with the same respect and acceptance as others. Immigrant and potential immigrants had to face many hardships. Firstly, during the 1900’s-1918 the population in Canada was low; and the government started campaigning for people to come to Canada however there was much â€Å"red tape† as to who could and couldn’t come. Secondly, those who immigrated to Canada were unsuccessful as there was a big regional difference. Lastly, the Aboriginals also known as first nation’s people were not treated well. The Aboriginals rights were not kept, and they where thought of as bad people who did not matter. In the nineteen hundreds immigration to Canada was problematic. People migrate to a country because of its many pull factors. However a country like Canada in the 1900’s had as many push factors as it does pull factor. In the 1900’s Canada was not very populated, it was so under populated the Prime Minister Laurier was scared that the Americans would come and overtake their land. Charles Sifton was hired to ensure that the Americans did not become a problem. Sifton started a campaign known as â€Å"The Last Best West. † It is known to have caused one of the biggest migrations of our times. However as previously mentioned there was a lot of â€Å"red tape. † Sifton carefully chose applicants and many potential immigrants faced discrimination. Sifton wanted English people and since there was so much British people others were classifies as â€Å"too different. † These were the Asians, Japanese, Indian and Chinese. These people were discouraged from coming however, those who did come faced major racial discrimination. Unfortunately, when times got hard the English started returning home and many were discouraged from coming. Once again immigration problems got worst and the population really became a big issue. When people move to a different country they have to adapt to a new way of life. Immigrants to Canada, in the 1900 have found it very hard to adapt. This was due to Canada’s physical diversity. A major problem for immigrants was climate. Many people were not able to manage the brutal Canadian winters, and unlike know only clothing and fire would have been available to keep people warm. Another difference was the terrain, soil and natural resources. The English farmers were not used to farming in the extreme conditions many failed, also many could not grow their crops the same way as the soil and terrain was a different. Many people died, became sick or fled back to England. This caused problems for all who lived in Canada, as all the positives about the country were becoming deficient. One’s home is where the heart is and no one likes their home been invaded by strangers. As humans, when unfamiliar things enter our lives we tend to fight them. This is what happened with the aboriginal people in Canada in the 1900’s. The aboriginals land were been taken over, and they did not like it. At first the aboriginals helped the English and saw them as a great source of income. However, the government started taking their rights and they started to rebel against the immigrants. These cause the immigrants to flee and return home and certainly not with good things to say about Canada. In the nineteen hundreds immigration to Canada was problematic and unpopular. The country was under populated yet had strict rules about who could and couldn’t reside in the country. Immigration to Canada in the nineteen hundreds caused much racial discrimination, many deaths and left immigrants with many negative things to voice about Canada. However, not withstanding it still is for one to realize that even though Canada has had and still does have a very huge issue with immigration it still helped define Canada today. How to cite Immigration to Canada, Papers

Financial Ratio Analysis - Risk Analysis and Capital Structure

Question: Describe about the Financial Ratio Analysis, Risk Analysis and Capital Structure ? Answer: Introduction Imperial Tobacco is the worlds fourth largest cigarette company as per market share. It is based out of Bristol and has significant markets in various European nations besides USA and parts of Asia. The company boasts of manufacturing facilities in over 51 locations and caters to customers in over 160 nations and thus having a global customer base (Imperial Tobacco, 2015). The aim of the given report is to list down the various business and financial risks associated with the company. Besides, the report also discusses the financial performance of the company through ratio analysis of the latest two year financial statements. Also, in wake of the current funding mix the future potential sources of financing along with the optimal capital structure have been also discussed in the given report. Business and Financial Risks The various significant business and financial risks that are relevant for the company are discussed below. Reduction in the legitimate tobacco market size There may be a reduction in the overall market for tobacco products which may be on account of the following reasons (Imperial Tobacco, 2015). The availability and underlying demand of tobacco products in various geographies is highly influenced by the extent and nature of government regulation due to the adverse impact of the tobacco based products. Excessive regulation may significantly alter the consumer demand and additionally also increase the compliance costs. There may be increases in the excise duty implemented at the behest of the government. This may be done with the intention of raising public funding or to limit the usage of tobacco. As a result of the above two measures, there is a growing illicit trade market in case of tobacco products. Also, the counterfeits are also on the increase as consumers seek cheaper alternatives and thus causing decline of legal tobacco market. Any significant economic slowdown experienced in major markets may reduce the disposable income of consumers and thus either there may be decline in the overall market coupled with an increasing market for smuggled illicit products that are available for cheaper prices. Legal and Regulatory Compliance There may be significant legal and compliance costs which may have adverse impact on the business because of the following two reasons (Imperial Tobacco, 2015). It is possible that the company may violate certain national and/or international laws and hence may have to incur significant penalties besides loss of reputation. The company faces a plethora of litigation from the users of tobacco and e-vapour products. These cases result in significant legal costs which adverse impact the business profitability. Downside to marketplace especially Europe The company has significant presence in the various mature markets of Europe and thus any significant downturn in these markets may have adverse impact on the revenue and profits of the company. Besides, the exit of various nations from the EU and the Euro valuation may also have adverse impact on the companys financial performance. The manufacturing and distribution operations may be negatively impacted in case of any disruptions due to political instability and/or civil unrest in these geographies (Imperial Tobacco, 2015). Financing Risk The company has significant outstanding debt and hence any fall in the credit rating would lead to an increase in the finance cost and thus adversely impact the profitability of the company operations. Besides, a significant downturn in financial markets such as the global financial crisis may lead to potential issues with regards to the refinancing of the debt which are due for maturity in the near term. As a result, the cost of raising debt along with the underlying cost may increase. Besides, there is always the risk of defaulting on the interest and the principal repayment due to declining business prospects (Imperial Tobacco, 2015). Recent Financial Performance In order to analyse the financial performance of the company, a ratio analysis has been conducted based on the consolidated financial statements of the company for the year FY2014 and FY2015. The various relevant ratios have been computed and the financial performance has been compared for the two most recent years. Profitability Ratios Analysis The various relevant profitability ratios are as shown in the following table (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% Even though there has been a decline in the overall revenue due to a decline in the selected European markets that form the Markets South, but the profitability of the business has improved in the year FY2015 as compared to the corresponding previous year i.e. FY2014. The gross profit margin for the company in the year FY2015 has enhanced by 87 basis points on account of operational efficiency and cost management initiatives by the company. The net profit margin of the company has increased by 135 basis points primarily on account of increase in investment income, decrease in tax paid coupled with savings on account of cost management initiatives (Imperial Tobacco, 2015). The higher net profit in FY2015 also leads to significantly improvement in the return on equity and return on assets. Thus, it is apparent that the profitability in FY2015 for the company is higher as compared to FY2014. The profitability data for British American Tobacco (BAT) is shown below. From the above table, it is clear the profitability is higher for BAT in comparison with Imperial Tobacco. This is despite the drop in gross margins in FY2015 for BAT. The shareholders returns and net profitability for BAT have improved on back of decrease in operational expenses. Liquidity Ratios Analysis The various relevant liquidity ratios are as shown in the following table (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 apparent from the above table that the current ratio for the company at the end of FY2015 is marginally lower than the corresponding value at the end of FY2014. This is primarily on account of higher percentage increase in the current liabilities as compared to the current assets. The disproportionate increase in current liabilities is due to the rise in short 1term loans from 429 million at the end of FY2014 to 1,957 million at the end of FY2015. The quick ratio on the other hand has marginally improved at the end of FY2015 primarily because of a slight decrease in the overall inventory level (Imperial Tobacco, 2015). However, it is evident that the short term liquidity isnt an area of concern for the company since the ratios despite slight variations continue to be robust (Damodaran, 2008). Turnover Ratio Analysis The various relevant turnover ratios are as shown in the following table (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 apparent from the above table the asset turnover has witnessed a decline in FY2015 primarily on account of decline in the overall revenue in FY2015 due to slowdown in selected European markets (Imperial Tobacco, 2015). The impact of lower sales is also reflected in the lower value of the inventory turnover in FY2015. The receivables turnover ratio has significantly improved in FY2015 despite lower sales generated which clearly indicates that there has been a sizable drop in the receivable days which would reduce the overall cash cycle of the firm and thus lead to reduction in working capital requirements. The payables turnover has decreased in FY2015 which indicates that the company has a longer credit period and thus leads to shortening of the cash cycle (Ross, Westerfield Jordan, 2013). Gearing Ratios Analysis The various relevant gearing ratios are as shown in the following table (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 apparent from the above table that there is a significant increase in the debt to equity ratio primarily on increase in both long term and short term debt. The short term debt has increased from 429 million at the end of FY2014 to 1,957 million at the end of FY2015. Further, the long term borrowings have increased from 9,462 million at the end of FY2014 to 12,250 million at the end of FY2015. It is evident that majority of the debt on the books of accounts is of long term (Imperial Tobacco, 2015). Further, owing to a significant uptick in the overall debt, the interest expense has also increased which has led to a decline in the interest coverage ratio in FY2015 (Brealey, Myers Allen, 2008). Debt capacity and sources of finance It is apparent from the above discussion on the gearing ratios that while the equity of the company has remained steady, the primary source of financing seems to be based on debt. As a result of usage of debt as the lone funding mechanism in FY2015, the total debt equity ratio has reached a tipping point which coupled with a declining interest coverage ratio raises uncomfortable questions with regards to the companys continued ability to carry on with a debt based growth. The total debt to equity has already reached 2.49 which implies that debt funding accounts for nearly 71% of the total capital while equity amounts to only 29% of the total capital invested in the business (Brigham Ehrhardt, 2013). As a result, it may be concluded that the company has limited capacity to raise further debt and hence must focus on enhancing equity financing as possible source of finance going forward. As the global capital markets improve with the retracting US economy, it may be fair to expect that raising equity at healthy valuation should not be an issue for a reputed company like Imperial Tobacco with established brands. This would strengthen the balance sheet of the company and reduce the financing risk associated with the fall in the credit rating especially considering the nature of the business which is prone to government regulation and litigation. Recommendation of optimal capital mix The optimal capital mix for a particular firm is dependent on a plethora of factors including the capital requirements of the industry, market share of the firm and the underlying tax structure. It is apparent from the balance sheet of the company that around 60% of the overall assets are essentially intangible assets such as copyrights and brand names. Other fixed assets such as plant and machinery form less than 10% of the total assets of the company as on FY2015. Thus, long term capital is primarily required only for acquisition for other brands and players in the tobacco industry so as to enhance presence in a particular geography (Damodaran, 2008). As a result, a high long term debt is not a matter of concern considering that financing requirements for normal course of business is limited. Further, the company is the fourth largest tobacco product manufacturer in the world and hence can afford to have a stretched balance sheet at the present. However, going forward the company should look at a mix of equity and debt for financing acquisitions and should aim for a 65:35 funding mix skewed in favour of debt especially because the company is able to raise long term finance at competitive rates. Conclusion Based on the above discussion, it is evident that the company faces significant business risks primarily in the form of shrinking legal market due to government regulation and taxes, legal and compliance issues along with economic downturn especially in key European markets. Besides, the company also faces financial risk primarily on account of sizable debt funding and the associated interest cost. The financial performance of the company in FY2015 in terms of profitability has improved as compared to the previous years. The amount of debt on the books of account has enhanced in FY2015 which limits companys ability to raise further debt and hence the emphasis should be more on equity financing so that an optimal mix of 65:35 in the favour of debt could be attained in the long term. This seems suitable for the given industry with high share of intangible asset coupled with the companys reputation and market share. 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 13, 2016) Ross, S, Westerfield, R Jordan, B 2013. Essentials Corporate Finance, 8th edn., McGraw-Hill/Irwin Publications, New York