Expert Answer:Southern Provision Cement

  

Solved by verified expert:Financial Analysis Project – Guidelines Preamble: In this project, you form a team of four students, select a publicly traded Saudi company that has inventories and receivables (a manufacturing or retail company) and collect its annual financial statements for the last five years (income statements, balance sheets and cash flow statements) and do the same for other companies in the same industry. As well, you need to obtain the board of directors’ annual report for your company for the same periods. The scope and structure of your report: Your report should be double spaced report using Times New Roman, 12-point font size and include three main sections: introduction, analysis and discussion, and conclusions. The first and second sections combined should not exceed 14 pages while your conclusion should not exceed two pages. This means your project should not exceed 16-page long report, excluding the reference list and appendices. Introduction: Your introduction should include a short, brief preamble about the objectives of your report followed by two sections: Industry () and your company (Southern Provision Cement) …….Industry: This part should include a summary description of your industry (the industry to which your company belongs). This summary (industry analysis) should address the followings: Before describing the detailed operations and strategies of an individual company (your company), it is important to understand the industry in which your firm belongs. Industry analysis has three primary objectives and should begin by finding out how the industry operates: What is the nature of the production process that takes place in the industry? What are the key inputs in the production process? What is the nature of marketing and distribution process? How your company positions itself in the industry? Strategy: there are three common strategies: Understanding the sensitivity of the industry to key macroeconomic factors (the world and domestic economic growth, geopolitical environment and the like). Understanding how the industry operates and the key performance measures for evaluating these operations. For example, in the oil production industry, key statistics include oil prices, the current demand for oil, crude oil and petroleum inventory, oil refinery capacity utilization rates, and oil service equipment utilization rates. Another example, in the semiconductor industry, key ratios and statistics include semiconductor industry monthly global sales report, the semiconductor equipment book-to-bill ratio, wafer fabrication plant utilization rates, the purchasing mangers’ index and business capital spending.Understanding the competitive structure of the industry (you should look for characteristics that might allow firms to generate abnormal profits over a prolonged period of time, demands, population growth, rivalry among existing firm, threats of new entrants, availability of substitute products, bargaining power with suppliers, and bargaining power with customers). ………Company: This part should be focused on your selected company. In this section, you may answer the following questions: What does your company do?What is the market share of your company? Example, the percentage of your company’s total sales revenue to the total sales revenues of its industry. Cost leadership – a cost leadership strategy aims for low production costs and thin margin, with profits coming from a high volume as customers are attracted by the low price. Product differentiation – this strategy is achieved by producing a product with unique attributes that are valued by buyers who will pay a premium price for such quality, resulting in a high profit margin. Focus – The idea behind focus is to develop a niche strategy that supplies one segment of the market with exactly what they want such as low cost or differentiated product. Apple successfully implemented such a strategy in the PC industry. Analysis and discussion: This section should start by developing average financial ratios for your industry (e.g., an industry average liquidity and profitability ratios). Your ratios should be arranged in groups, i.e., liquidity ratios, solvency ratios and the like (individual ratios). Once you have completed your industry average ratios; then calculate the financial ratios for your company and assess them against the average ratios of the industry. The financial ratios, analysis and discussions should be integrated into a well written and organized report. I expect a very well-developed analysis and discussion report. Your analysis should be time-series (trend) and cross-sectional analysis, i.e., comparing your Company’s performance over time (time series analysis) and to its industry (cross-sectional analysis) respectively. Conclusions: Your conclusion should be a summary of your findings. References: Your report should be very well-referenced and documented. Appendixes: The calculations of your industry ratios must be done in an excel spreadsheet and a copy of it must be included as an appendix A to your report. As well, the financial statements for your selected company (not the entire industry) + the board of directors’ annual report of your company must be included as an appendix B to your report.Dear I have worked on this assignment & develop attached excel , please I need your support to complete the missing Ratios ( please add complete formula & source of your data) , Also I have added the word document I have created for my assignment to be completed by you.Also I have attached another example Alqassim for you may use it as guideline
southern_provision_cement.xlsx

southern_province_cement.docx

Don't use plagiarized sources. Get Your Custom Essay on
Expert Answer:Southern Provision Cement
Just from $10/Page
Order Essay

alqassim_cement..pdf

Unformatted Attachment Preview

Southern Provision Cement
Balance Sheet
Balance Sheet
Current Assets
935,791,693
Inventory
Recievable
Investments
684,760,733
26,644,452
117,611,424
Fixed Assets
Other Assets
Total Assets
2,440,301,965
0
3,376,093,658
Current Liabilities
517,352,476
Non-Current Liabilities
97,144,411
Other Liabilities
0
Total Liability
614,496,887.00
Shareholders Equity
2,761,596,771
Total Liabilities and Shareholder Equity
3,376,093,658
STATEMENT OF INCOME
Sales
2013
1,775,144,704
Sales Cost (cost of goods sold)
Total Income ( Gross profit)
Admin and Marketing Expenses
STATEMENT OF INCOME
2013
Depreciation
762,293,212
1,012,851,492
34,865,479
0
Other Expenses
4,654,698
Profit from Operation
Other Revenues
973,331,315
58,911,431
Net Income Before Zakat
Zakat
1,032,242,746
26,149,935
Net Income
1,006,092,811
Balance First Period
Reserves
Cash Dividends
973,275,005
Other Distributions
Balance End Period
Cash Flow
Net Income
Depreciation
Accounts Receivable
Inventory
Cash flow
Prepaid Expenses
2013
1,032,242,746
144,301,346
1,800,226
243,703,312
89,415,925.00
Cash flow
Accounts Payable
33,402,157
net cash flow from operational activity
873,069,549
Other Changes in Oper. Activity
Purchases of Fixed Assets
373,377,625
Other Changes in Investing Act.
Increase in Debts
Other Changes in Financing Act.
Cash at Begining of Period
Cash at End of Period
Liquidity Ratios
Current Ratio
Quick Ratio
Working Capital Ratio
Operating cash flow ratio
Inventory turnover
days in inventory
Receivable turnover
Average collection period
2013
1.808808765
0.485222303
418,439,217
1.420
0.84
433.47
43.44
8.40
Solvency ratios
Debit to total assets ratio
Time Interest
cash Debit Coverage ratio
0.18
NOT AVALIBAL
1.19
Profitability ratios
Profit Margin
Gross profit
Return on Assets
Assets turnover
Return on Equity
Quality of Erning Ratio
Earning per share
Price Earning Ratio
payout ratio
Market value ratios
57%
57%
1.368363939
2.41433392
0.867782315
2017
Market Price
Share outstanding
average total current laibility
average inventory
Average net recievabble
685,683,894.50
905,289,443.50
40,866,791.00
Average total assets
Average total liability
total libility
inventory
recievable
total assets
total liability
735,252,356.50
735,252,356.50
2012
336,662,837.00
441,057,421.00
28,444,678.00
3,164,445,388.00
428,003,913.00
Southern Provision Cement
2014
2015
2016
2017
967,300,319
1,044,384,665
846,390,553
807,226,813
620,956,930
519,043,571
560,578,599
658,140,716
39,113,247
41,785,098
39,707,245
31,686,581
0
0
5,437,625
5,437,625
2,922,241,476
3,354,569,523
3,427,174,801
3,349,435,957
0
0
0
0
3,889,541,795
4,398,954,188
4,273,565,354
4,156,662,770
325,915,282
632,868,130
613,098,254
530,711,475
602,649,621
583,296,997
393,898,616
453,898,470
0
0
0
0
928,564,903.00
1,171,165,127
1,006,996,870
984,609,945
2,960,976,892
3,227,789,061
3,266,568,484
3,172,052,825
3,889,541,795
4,398,954,188
4,273,565,354
4,156,662,770
2014
2015
2016
2017
1,878,346,161
2,047,273,784
1,776,054,849
1,063,816,610
883,208,215
937,915,092
843,694,901
640,113,362
995,137,946
1,109,358,692
932,359,948
423,703,248
42,509,862
51,633,648
53,846,599
45,851,116
0
0
0
4,189,832
4691843
4,385,185
4,635,507
948,438,252
1,053,033,201
874,128,164
373,216,625
124,253,665
12,516,605
14,980,528
11,081,725
1,072,691,917
1,065,549,806
889,108,692
384,298,350
2,727,242
26,937,637
8,529,269
4,614,149
1,069,964,675
1,038,612,169
880,579,423
379,684,201
836,013,908
755,854,125
835,900,550
460,961,943
2014
2015
2016
2017
1,072,691,917
1,065,549,806
889,108,692
384,298,350
162,971,467
169,198,330
204,567,590
186,729,122
12,468,795
2,671,851
2,077,853
8,020,663
63,803,803
101,913,359
74,364,678
97,562,117
67,853,487.00
21,630,543.00
16,268,225
13,623,596
49,761,666
5,872,404
36,696,156
19,432,514
1,189,360,726
1,317,239,674
1,020,013,530
438,790,669
763,977,862
603,943,792
232,901,845
109,029,383
2014
2015
2.967950177
1.062679193
641,385,037
1.498
2016
2017
0.93
390.55
140.99
2.59
1.650240572
0.830095669
411,516,535
0.864
1.11
327.99
97.99
3.72
1.380513723
0.466176428
233,292,299
0.783
1.25
291.67
89.46
4.08
1.521027622
0.280917418
276,515,338
0.365
0.82
446.46
67.15
5.44
0.24
0.27
0.24
0.24
0.36
0.35
0.27
0.12
57%
53%
0.408912282
0.717854368
51%
54%
0.308134801
0.60738389
50%
52%
0.280102154
0.564942555
36%
40%
0.123960651
0.347318638
1.111588778
1.268269055
1.15834359
1.155672709
2016
2015
2017
2015
633,163,725.50
945,029,987.50
13,322,226.00
1,218,450,693.50
1,116,596,689.00
1,023,016,447.50
842,818,782.50
674,187,915.50
782,968,828.00
20,892,549.00
19,853,622.50
15,843,290.50
2,616,611,732.00
3,268,225,335.50
2013
614,496,887.00
684,760,733
26,644,452
3,376,093,658
614,496,887.00
3,370,642,221.00
3,143,779,547.00
3,062,941,330.00
3,813,371,624.50
3,770,066,919.00
3,664,357,797.50
2014
1,171,165,127
519,043,571
41,785,098
4,398,954,188
1,171,165,127
2015
1,006,996,870
560,578,599
39,707,245
4,273,565,354
1,006,996,870
984,609,945
658,140,716
31,686,581
4,156,662,770
984,609,945
PROFITABILITY
Earnings per Share
=
Net Income – Preferred Dividen
Price-Earnings Ratio
=
Stock Price per Share
Gross Profit Margin
=
Gross profit
Profit Margin Ratio
=
Net Income
Return on Assets
=
Net Income
Asset Turnover Ratio
=
Net Sales
=
Payout Ratio
Return on Equity
=
Quality of Earnings Ratio =
Cash Dividends for CS
Net Income – Preferred Dividends
Net Operating Cash Flows
LIQUIDITY RATIO
Working capital
=
Current ratio
=
Quick Ratio
=
Operating Cash Flow Ratio
=
Inventory Turnover Ratio
=
Days in Inventory
=
Receivables Turnover Ratio
=
Average Collection Period
=
SOLVENCY RATIOS
Free Cash Flow
=
Debt to Total Assets Ratio
=
Cash Debt Coverage Ratio
=
Time Interest Earned Ratio
=
me – Preferred Dividends
Average Comment Share Outstanding
per Share
Earnings per Share
Net sales
Net sales
Average Total Assets
Average Total Assets
Cash Dividends for CS
Net Income
e – Preferred Dividends
Average CS Holders’ Equity
ng Cash Flows
Net Income
Total Current Assets – Total Current Liabilities
Total Current Assets
Total Current Liabilities
Total Current Assets – Inventory – Prepaid
Total Current Liabilities
Cash Provided by Operations
Average Total Current Liabilities
Cost of Goods Sold
Average Inventory
365 Days
Inventory Turnover Ratio
Net Credit Sales
Averaage Net Receivables
365 Days
Receivable Turnover Ratio
Cahs from Operation – Capital Expenditure – Div
Total Liabilities
Total Assets
Cash Provided by Operations
Average Total Liabilities
Net Income + Interest Expense + Tax Expense
Interest Expenses
Southern
Saudi
14.7
13.4
Southern Province Cement Co.
A Financial Analysis Study
Table of Contents
Introduction ………………………………………………………………………………………………..
Historical look at Cement industry in Saudi Arabia………………………………………
The current Saudi Cement Market………………………………………………………………
New Challenges facing the industry …………………………………………………………..
Top Ranked cement companies in Saudi ……………………………………………………
Southern Province Cement Co……………………………………………………………………
‫بسم هللا الرحمن الرحيم‬
Introduction
Cement was discovered in 1759 by Smeaton who built the third Eddystone
lighthouse of the coast of Cornwall in Southwestern England, and who found that a
mix of lime, clay and crushed slag from iron-making produced a mortar which
hardened under water.
Later Joseph Aspdin took a patent in 1824 for “Portland Cement,” a substance he
made by firing finely-ground clay and limestone until the limestone was calcined. He
called it Portland Cement for the concrete made from it looked like Portland stone,
a very commonly-used building stone in England.
Historical look at Cement industry in Saudi Arabia
Cement industry in Saudi Arabia started in 1955 when Arabia Cement started its first
factory in Jeddah to meet the blooming demand over cement in the Country. the
expanding of the infrastructure in Saudi Arabia encouraged the industry and more
factories where built to satisfy the increasing need for Cement.
In the beginning of the 80’s Saudi Arabia reached self-sufficiency and started to
export cement in 1990. And became the biggest producer in the Gulf area and the
third on the middle east after Iran and Egypt till 2012 when Saudi government
banned the export of the Saudi cement.
Currently, There are 16 cement companies in the Saudi marker that are operating to
satisfy the demand on the cement with total production of 3.44 MT as of May 2018
with almost 25% reduction than the total production as of May 2017 according to
Maal website.website.
The current Saudi Cement Market
In 2018 Cement sales in Saudi Arabia dropped to 28.0 million tons during the first
eight months of 2018, compared to 32.1 million tons during the same period in 2017.
One of the major reasons behind this decline in cement demand was the lower
government spending on infrastructure sector in 2018, along with the rising interest
rates on loans to construction activity.
As a result, Cement prices dropped to SAR 12.24 per 50 kg bag in July 2018. Which is
the second-lowest price since January 2007. Due to this and to the ban on exporting
Cement, the lower demand and the increasing supply led to huge inventory
accumulating in the warehouses of the cement companies.
In February 2018, the Saudi government has lifted the ban on exporting cement and
stopped charging the exporting tax. This new regulation has strongly contributed to
the increase in the cement and clinker exported quantity during 2018 as it reached
3.2 MT which is the highest in almost 11 years. Many of the Saudi cement companies
start exporting their production due to the huge inventory accumulating during 2018
since the local demand decreases 13.3%.
Moreover, the start of the initial stages of the NEOM project helped the cement
companies in the Northern and Eastern region to improve their market share in 2018
A recovery is expected during the second half of 2019, caused by the higher
government spending on infrastructure, exports of cement and new construction
work starting in USD 500 billion NEOM Mega City project.
New Challenges facing the industry
The production cost of cement is expected to increase due to proposed cuts in energy. To overcome
this rise in the production cost, cement companies are focusing now on the construction of low power
consuming plants.
According the technavio website report Al-Yamama Cement and Saudi Cement have already started
investing in infrastructure development to reduce power consumption and improve production
efficiency.
In 2018, Saudi Cement signed a contract with GE to upgrade its Hofuf plant. By implementing GE’s
Advanced Gas Path (AGP) solutions, which will increase the efficiency of the plant by 16.9%, as well as
decrease their power consumption.
In 2016, Al-Yamama Cement is also building two new cement plants with a capacity of 20,000 tons of
clinker. These plants will consume less than 100 kW per hour for producing one ton of cement.
Thus, the construction of low power consuming plants by major cement manufacturing companies in
Saudi Arabia to balance the increasing production costs will drive the growth of the cement market
Top Ranked cement companies in Saudi Arabia:
According to Aljazira report of 2018 , Southern Cement ranked on top of the 16 companies followed
Saudi and Yamama. In term of the Market Share
Cement market segmentation based on application


Residential
Commercial
The residential segment occupies the maximum market share of the cement market in Saudi Arabia. This segment is expected
to increase its market share and dominate the market as the government is focusing on the housing sector with the launch of
several large-scale residential projects during the next five years.
Southern Province Cement Co.
Southern Cement was established in 24/03/1397 H in Abha. its one of the largest cement
companies in Saudi Arabia and in the middle east. The Company has three factories in Saudi
Arabia in the area of Jazan , Asier and Gunfitha .
With a market share of 14.5% Southern cement ranked the highest in the Saudi cement
market followed by the Saudi Cement with market share of 11.4% according to Aljazirah
Bank report of Cement industry as of December 2018.
For FY2018 Southern and Saudi cement recorded the highest market share of 14.5% and 11.4% followed by
Yanbu cement with market share of 10.6%
Products of Southern Cement:
The company is producing 2 types of cement, SULFATE RESISTANT CEMENT (TYPE – V )
which is used in the presence of sulfates in soil and groundwater that may cause damage to
ordinary Portland cement which is wildly used in residential construction and concert .
Qassim Cement
Financial Analysis Project
Ibrahim Al Thagafi
G185052
Mohammed Abanmi
G185008
Table of Contents
Description
❖ Introduction
Page 2 of 23
Page Number
3
❖ Saudi Cement Industry
4
❖ Qassim Cement
8
❖ Discussion & Analysis
10
❖ Conclusion
18
❖ References
19
❖ Appendix
20
Introduction
Saudi Arabia is known to be one of the largest economy in world. Saudi’s economy
depends on the huge oil and its reserves, bearing in mind that Saudi is one of the
largest producer and exporter of oil. Based on that, the dependent on oil can affect the
economy when there is any decline in the prices and it will be considered as a
challenge. The government is taking a lot of initiatives and actions to have a more
diversified economy. Comparing the contribution of manufacturing to the Saudi
economy when can see it rose from 4.3 billion $ in 1975, to approximately 29.5
billion $ by 2010. The gross domestic product is an important measure of the
economy, we can see how the manufacturing sector had a contribution to the overall
GDP by increasing from 4.1 percent in 1975 to 12.6 percent in 2010.
Page 3 of 23
❖ Saudi Cement Industry:
Saudi Arabia has a very huge construction market wither that it’s due to
government projects or from the private sector. Cement market depends
heavily on government spending in projects. The Saudi cement industry is
considered to be highly competitive comparing to other industry markets in
the world. The average cement production cost per tone of USD30.9 in 2010
and comparing this number to other countries in the GCC its considered the
lowest. A competitive advantage that Saudi cement companies have over other
companies is the government support and the low cost of electricity, Fuel and
raw materials. These costs are known to have a huge percentage of production
expense. The Kingdom of Saudi Arabia cement market was calculated to have
reached US$3.98 bn by the end of 2016.
As per history, the cement industry began in the Kingdom in the beginnings of
1955, with the establishment of Al Arabiya Cement Factory in Jeddah, to
cover the huge local demand that increased gradually, Companies in the
Kingdom produce a variety of cement types, and we mention the following:
❖ PORTLAND CEMENT.
❖ SULFATE RESISTING CEMENT.
❖ WHITE CEMENT.
❖ RAPID HARDENING CEMENT.
❖ LOW HEAT CEMENT.
❖ SULFATE RESISTING CEMENT.
Page 4 of 23
The cement is produced in the following stages:
Now the industry consists of 15 companies, with total inventory of 20-25 millions of
Tons, and all are listed in the Saudi market.
Due to the decrease in profits that reached (-17%) on 2016, the five greatest
companies of the sector decided to decrease production a portion of 5-10%,
with total sales of 60 Tons in 2017.
The main reasons of this revenues decrease are:
1- Decrease in Sales due to decrease in local demand.
2- Increase of production costs due to increase in energy costs.
On the other hand the government in order to help restore the market share and
promote revenues, it canceled the exporting fees that are collected, to help Saudi firms
Page 5 of 23
sell more in the region, where Saudi firms used to pay 85-133 Saudi Riyals per Ton as
exporting fees, and by this cancellation new markets will be penetrated, such as,
Jordan and East Africa.
Factors Affecting Saudi Cement Industry:
As a huge industry like the cement, a lot of economic factors will affect the
companies in terms of sales, cost of sales and net profits. The rise in fuel and
electricity had a strong hit on the industry, because it was an advantage to them. The
government spending on projects decreased due to the drop in economic which
affected the cement industry. Now with “Vision 2030” we will have a stronger
economy that isn’t just based on oil, with the vision we will have a lot of new major
projects that will impact positively on the cement industry. Also, due to the vision we
will see high raise in employment and youth empowerment. The government has a
focus on the cement industry due to its importance.
The government tracks the main performance indicators of the cement industry, and
they are:
1- Level of profits & Sales.
3- Amount of exports & imports.
Page 6 of 23
2- Levels of inventory.
4- Local consumption.
❖ SWOT Analysis for the Cement Industry in KSA:
Strength
Weakness
Available Raw Materials
Decline in profits
Cost of production
Strong competition
Opportunities
Threats
Governmental support
High energy Prices
Ability to export
❖ Porter’s Analysis for the Cement Industry in KSA:
New Entrants
Low, huge industry
Power of Buyers
High, 2016
demand change
Competitive
Rivalry
High, 15
Saudi
companies
Power of Suppliers
Low, govermental
support
Page 7 of 23
Threats of
Substitutes
Low, essential
substance
❖ Qassim Cement:
Introduction:
Qassim Cement Company is a publicly Saudi Joint Stock company that is listed on the
Saudi Market, and operates in the fields of Cement and its related products. It was
established 42 years ago. Qassim Cement has a large team and it’s around 650
employee. The registered capital is SAR 900 Million, and 90 million share that each
worth SAR 10 par value. The main value of Qassim Cement Company is to improve
environmental performance. The quality control is highly measured in each step in the
production process to insure having high quality in the final product. As being a part
of the Saudi company they take the social responsibility aspect very important and we
can see that through Qassim Cement investments in controlling all pollution sources.
A live example is the dust emission reduction to less than 30 mg/m3.
Main Cement products of Qassim:
Ordinary Portland Cement (OPC/Type I(
Sulphate Resistant Cement (SRC/Type V(
Limestone Cement – Finishing Cement
Page 8 of 23

Market Share
Based on Bank Al Jazeera Capital report for 2017, Qassim Cement is ranked the
Fourth biggest company in Saudi cement industry in the past year, with merely
8% of market share, 2016 data on the report showed an increment of 2% in the
market share for Qassim Cement.
The main huge competitors for Qassim Cement are:

#
Company
Market Share
1
Southern Province Cement
12%
2
Saudi Cement Company
11%
3
Yanbu Cement
9%
Position
It is hard to define a specific strategy for qassim cement, but based on a small
cost to sales analysis between al qassem cement and its competitors we found
that qassem cement has 56% and it’s better than southern province cement
and Yanbu cement 60% and 61% respectively, whereas Saudi cement
company has 52% which is close to Qassim cement. Also, we notice its
factories’ location selection, terms of service it obtains and stable level of
quantity. Based on the above we believe that th …
Purchase answer to see full
attachment

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Order your essay today and save 30% with the discount code ESSAYSHELP