Paper/Subject Code: 86011/Finance: Strategies Financial Management
TYBMS SEM 6:
Financial:
Strategies Financial Management
(Q.P. November 2019 with Solution)
N.B. 1) Q. 1 is compulsory.
2) Q.2 to Q.5 are compulsory with internal choice.
3) Figures to the right indicate full marks.
4) Workings should form part of your answer.
5) Use of simple calculator is allowed.
Q-1) (A) Fill in the blanks by choosing the correct option: (Any eight) (08 marks)
1. Capital rationing helps in ________ shareholders wealth. (Maximizing, minimizing, doubling)
ANS: Maximizing
2. Dividend is paid in ________. (cash, kind, both)
ANS: Both
3. In a _______ loans it is raised against the personal guarantee of the borrowers. (unsecured, secured. none of these)
ANS: Secure
4. _______ is the most liquid item of current assets. (Cash, Stock, Debtors)
ANS: Cash
5. High tax rates demands _______ amount of Working Capital. (less, more, none of these)
ANS: Less
6. Bills purchased and discounted is treated as NPA when they remain unpaid for more than _______ days (45, 30,90)
ANS: 90
7. Co-efficient of Variation indicates that _______ the co-efficient, the riskier is the project. (higher, lower, zero)
ANS: Higher
8. _______ is excess of Market Capitalization over net worth, (EVA, MVA, Residual Income.)
ANS: MVA
9 . An asset becomes non-performing when _______ (no income is received, loss is incurred, no profit is received).
ANS: No income is received
10. Earnings per share remains constant is the assumption of ______ model. (Walter, MM. Gordon)
ANS: Gordon
Q-1) (B) State whether the following statements are True or False: (Any seven) (07 marks)
1. In case of inadequate working capital situation, the firm runs the risk of insolvency.
Ans: True
2. Dividend becomes a liability when it is recommended by directors.
Ans: False. Dividends are not liabilities. They are distributions of a company's profits to its shareholders. However, the board of directors does need to recommend and the shareholders need to approve the dividend before it can be paid.
3. A firm using labour oriented technology will require more working capital to pay labour wages regularly.
Ans: True
4. XBRL provides reporting framework that control risks.
Ans: False. XBRL (eXtensible Business Reporting Language) is a data format for financial reporting, not a risk control framework. While it can improve transparency and data accuracy, it doesn't directly control risks.
5. Marketable Securities are temporary short term investments made out of surplus cash balance.
Ans: True
6. RBI is the Central Bank of India.
Ans: True
7. Zero working capital is when both current assets and current liabilities.
Ans: False. Zero working capital is a theoretical concept where a company's current assets and current liabilities are exactly equal. In reality, most companies will have some level of working capital, either positive (current assets exceed current liabilities) or negative (current liabilities exceed current assets).
8. Disclosure is the principle of corporate governance.
Ans: True
9. Amalgamation is governed by AS 14.
Ans: True
10. NPA stands for Net Performing Asset.
Ans: False. NPA stands for Non-Performing Asset. It refers to a loan or advance where the borrower is in default and has not made the required payments (interest or principal) for a specific period.
Q-2) (A) Calculate the Market Price of share as per Walter Model and Gordon Model. (15 marks)
|
Retention Ratio Internal Rate of Return Cost of Capital Dividend per share Earnings Per Share |
50% 20% 16% Rs. 3 Rs. 5 |
OR
Q-2 (B) Warner Bros Ltd has outstanding 1,20,000 shares selling at Rs 20 per share. The company hopes to make a net income of Rs. 3,50,000 during the year ended 31 March 2019. The company is considering to pay a dividend of Rs. 2 per share at the end of the current year. The capitalization rate for risk class of this company has been estimated to be 15%. Assuming no taxes, answer the questions listed below on the basis of the Modigliani and Miller Dividend valuation model: (15 marks)
i) What will be the price of a share at the end of 31 March 2019?
a) If the dividend is paid and
b) If the dividend is not paid.
ii) How many new shares must the company issue if the dividend is paid and company needs Rs 7,40,000 for an approved investment expenditure during the year?
Q-3) (A) Victoria Limited furnishes the following information from which you are required to compute the PV and suggest which project to be selected. (08 marks)
|
Year |
Project AB |
Project XY |
||
|
CFAT (Rs.) |
Probability |
CFAT (Rs.) |
Probability |
|
|
1 |
8000 |
0.1 |
22,000 |
0.2 |
|
2 |
9000 |
0.2 |
21,000 |
0.2 |
|
3 |
12000 |
0.3 |
17,000 |
0.2 |
|
4 |
13000 |
02 |
15,000 |
0.2 |
|
5 |
18000 |
0.2 |
12,000 |
0.2 |
Company's Cost of Capital is 10%.
(B) HD Ltd furnishes the following information:
Investment Limit: Rs . 70 lakhs. (07 marks)
|
Project |
Initial
Outlay (Rs. In lacs) |
NPV
(Rs. In lacs) |
|
P Q R S |
50 10 35 32 |
20.0 9.0 7.2 6.4 |
Q and R are mutually exclusive. None of the projects can be delayed or undertaken more than once. Suggest the most feasible combination.
OR
(C) Mohan Ltd is considering investment in one of the three mutually exclusive projects: X, Y and Z. The company's cost of capital is 5% and the risk free interest rate is 10%. The income tax rate for the company is 34%. Mohan Ltd has gathered the following basic cash flows and risk index data for each project:
|
Project |
X |
Y |
Z |
|
Initial
Investment Year 1 2 3 4 |
12,00,000 5,00,000 5,00,000 5,00,000 5,00,000 |
10,00,000 5,00,000 4,00,000 5,00,000 3,00,000 |
15,00,000 4,00,000 5,00,000 6,00,000 10,00,000 |
|
Risk Index |
1.80 |
1.00 |
0,60 |
Q-4) (A) Calculate EVA from the following data for the year ended 31" March 2019:
Average Debt Rs. 25 Crores (08 marks)
Average Equity Rs. 2,500 Crores
Cost of Debt 8% Cost of Equity 15%
Profit after Tax Rs. 12 Crores
Interest Rs. 4 Crores
(B) Sahu Ltd is intending to acquire JD Ltd by way of merger. The intended merger will take place through exchange of equity share, valuation to be based on Market Price per share (MPS). Following information is extracted from the books of Sahu Ltd and JD Ltd. (07 marks)
|
|
Sahu Ltd |
JD Ltd |
|
Earnings after tax No. of
shares MPS |
1000 lakhs 100 lakhs Rs. 100 |
200 lakhs 50 lakhs Rs. 20 |
You are required to calculate:
1) Present EPS of both the companies?
ii) EPS of Sahu Ltd after the merger.
OR
Q-4) (A) From the following particulars, prepare statement showing working capital needed to finance a level of activity of 12,000 units of output per annum. (08 marks).
|
|
Rs. |
|
Raw
Materials Labour Overhead Total Cost Profit Selling Price |
5 3 2 10 2 12 |
Additional information:
(a) Raw Materials are to remain in store on an average-one month.
(b) Materials are in process, on an average- 2 months.
(c) Finished goods are in stock on an average-3 months
(d) Credit allowed to Debtors is 4 months.
(e) Credit allowed by suppliers is 2 months.
Also calculate MPBF (third method) as per Tandon Committee recommendation, assuming that of the current assets 20% is Core Current Assets.
(B) From the following information find out the amount of provisions required to be made in the profit and loss account of Dena Commercial Bank for the year ended 31 March, 2019: (07 marks)
|
Assets Classification |
Rs. (in lakhs) |
|
Standard Sub-Standard (Fully secured) Doubtful:
(Fully secured) For one year For two
years For three years For more than 3 years Loss Assets |
6,000 4.400
1,800 1,200 800 600 1200 |
Q-5) (A) Discuss the factors determining working capital requirements. (08)
Working Capital Requirements: A Balancing Act
Working capital, the lifeblood of day-to-day operations, reflects the current assets needed to cover a company's short-term liabilities and operating expenses. The amount of working capital a company requires depends on several key factors. Here's a breakdown of the main influences:
1. Industry:
- Different industries have varying operating cycles. For example, manufacturing companies with longer production processes typically require more working capital than service companies.
- Industries with seasonal sales fluctuations may need to adjust working capital levels throughout the year to accommodate peak and slow periods.
2. Business Model:
- Companies with inventory-based business models (e.g., retail) will have higher working capital needs compared to service-oriented businesses.
- Companies with longer credit terms offered to customers (accounts receivable) will also have higher working capital requirements.
3. Growth Rate:
- Companies experiencing rapid growth will need to increase their working capital to support expansion and meet growing demand. This may involve higher inventory levels and accounts receivable.
4. Sales Volume:
- Higher sales volume typically translates to a need for more working capital to cover the costs of goods sold and operating expenses.
- Companies with high sales volumes may be able to negotiate shorter payment terms with suppliers, reducing working capital needs to some extent.
5. Inventory Management Practices:
- Efficient inventory management practices (e.g., just-in-time inventory systems) can significantly reduce working capital requirements by minimizing excess inventory.
- Holding high levels of inventory increases carrying costs (storage, insurance) and ties up valuable cash.
6. Credit Policies:
- Companies with stricter credit policies (shorter payment terms for customers) will have lower accounts receivable balances, leading to lower working capital needs.
- However, overly stringent credit policies may deter sales. It's crucial to find a balance between risk and working capital efficiency.
7. Supplier Payment Terms:
- Companies that can negotiate longer payment terms with suppliers (accounts payable) can improve their cash flow and reduce working capital requirements in the short term.
- However, this strategy needs to be weighed against potential discounts offered for early payments and maintaining good supplier relationships.
8. Operating Efficiency:
- Streamlining operations and reducing unnecessary expenses can free up cash flow and minimize working capital needs.
(B) Explain the advantages and disadvantages of XBRL.
Ans:
XBRL:
XBRL (eXtensible Business Reporting Language) is a digital format for business reporting that offers significant advantages over traditional methods like PDFs or spreadsheets. However, it's not without its limitations. Here's a breakdown of both sides of the XBRL coin:
Advantages:
- Transparency and Accuracy: Financial data is tagged with specific definitions, ensuring clarity and reducing errors due to manual data entry. This fosters trust and confidence in financial reporting.
- Improved Comparability: Data from different companies becomes easily comparable because it uses standardized tags and definitions. Investors and analysts can readily assess financial performance across companies.
- Automation and Efficiency: XBRL enables automated data analysis and processing, saving time and resources for both preparers and users of financial information. This translates to cost savings and faster analysis.
- Reduced Costs: Streamlining reporting processes with XBRL can lead to cost savings for companies in terms of preparation, filing, and analysis.
- Enhanced Decision-Making: Easier access to accurate and comparable data empowers better financial decisions for investors, regulators, and company management.
Disadvantages:
- Implementation Costs: Transitioning from traditional reporting formats to XBRL can involve upfront costs for software and training. Smaller companies might find this a bigger hurdle.
- Learning Curve: Preparing and interpreting XBRL reports requires familiarity with the tagging system and software, which can pose a learning curve for some users.
- Data Security Concerns: As with any digital format, data security remains a concern. Companies need robust security measures to protect sensitive financial information.
- Limited Adoption: While XBRL is gaining traction, it's not universally adopted. Some countries or regulatory bodies might not have full XBRL mandates yet.
- Not a Replacement for Analysis: XBRL provides a structured format for data, but it doesn't replace the need for thorough financial analysis and interpretation.
OR
Q-5) Write short notes on: (any three)
a. Decision Tree Analysis
Ans:
Demystifying Decisions: Decision Tree Analysis
Decision tree analysis is a powerful tool used in various fields, including finance, business, and project management. It helps visualize and analyze complex decision-making processes with multiple possible outcomes. Here's a breakdown of its key aspects:
- A flowchart-like diagram representing different decision points, potential outcomes, and associated probabilities (if quantifiable).
- Branches represent choices or events that can occur.
- Leaves represent the final results or consequences of each decision path.
Benefits:
- Clarity and Organization: Simplifies complex decisions by structuring them visually.
- Identification of Trade-offs: Helps identify potential risks and rewards associated with different choices.
- Improved Risk Management: Allows for assessing the likelihood of different outcomes and making risk-adjusted decisions.
- Quantitative Analysis: Probabilities and values can be assigned to outcomes, enabling a more objective evaluation of options.
Steps involved:
- Define the problem or decision.
- Identify potential solutions or courses of action.
- Determine the possible outcomes for each decision.
- Assign probabilities to each outcome (if possible).
- Estimate the value or cost associated with each outcome.
- Analyze the tree and choose the option with the most desirable outcome.
Applications:
- Capital budgeting: Evaluating investment projects and choosing the most profitable option.
- Product development: Deciding on features and marketing strategies for a new product.
- Risk management: Identifying potential risks and developing mitigation plans.
- Marketing campaigns: Choosing the most effective channels and strategies for a marketing campaign.
b. Importance of Corporate Governance
Ans:
The Cornerstone of Trust: Why Corporate Governance Matters
Corporate governance establishes the framework for how a company is directed and controlled. It's essentially the system of rules, practices, and processes that ensure responsible and ethical business conduct. Here's why it's crucial for any organization:
Building Trust and Confidence:
- Strong governance fosters transparency and accountability, leading to greater trust from investors, customers, and other stakeholders.
- Transparent financial reporting and ethical business practices create a positive reputation, attracting investments and partnerships.
Enhanced Decision-Making:
- Clear roles and responsibilities within the board of directors and management lead to better informed and well-considered decisions.
- Effective risk management practices help identify and mitigate potential problems before they escalate.
Long-Term Value Creation:
- Responsible and ethical business practices minimize the risk of scandals, financial losses, and reputational damage.
- A focus on sustainability and social responsibility attracts environmentally and socially conscious investors and customers.
Improved Performance and Efficiency:
- Clear governance structures and streamlined processes help companies operate more efficiently and effectively.
- Strong corporate governance can lead to better access to capital and lower borrowing costs.
Challenges and Considerations:
- Balancing the interests of different stakeholders (shareholders, employees, customers, community) can be complex.
- Striking a balance between necessary regulations and allowing companies flexibility to operate efficiently is important.
- Enforcement of governance rules and practices is essential for effectiveness.
c. Challenges in Banking Industry
Ans:
Challenges Facing the Banking Industry: A Landscape in Transformation
The banking industry is undergoing significant transformations, driven by technological advancements, changing customer expectations, and a dynamic regulatory environment. Here's a glimpse into some of the key challenges banks are facing:
- Fintech Disruption: Fintech startups are offering innovative financial products and services, challenging traditional banking models. Customers are increasingly opting for convenient and user-friendly digital solutions.
- Cybersecurity Threats: As banks become more reliant on technology, they become more vulnerable to cyberattacks. Protecting sensitive customer data and financial systems is a constant concern.
- Regulatory Compliance: The regulatory landscape remains complex and evolving, requiring banks to invest heavily in compliance measures to avoid hefty fines and reputational damage.
- Low-Interest Rate Environment: Sustained low-interest rates can squeeze profit margins for banks, making it difficult to generate income from traditional lending activities.
- Changing Customer Expectations: Customers today expect a seamless, personalized, and omnichannel banking experience (accessible through various channels like mobile apps, online banking, and physical branches).
- Economic Uncertainty: Global economic uncertainty can lead to an increase in bad loans and loan defaults, impacting bank profitability.
- Competition from Non-Banks: Non-bank institutions are entering the financial services space, offering alternative financial products and services, putting pressure on traditional banks.
- Talent Management: Attracting and retaining skilled professionals with expertise in technology, data analytics, and cybersecurity is crucial for banks to compete effectively in the digital age.
Overcoming the Challenges:
Banks can navigate these challenges by:
- Embracing Technology: Investing in digital transformation, offering innovative products and services, and leveraging data analytics to personalize customer experiences.
- Enhancing Cybersecurity Measures: Implementing robust cybersecurity frameworks and investing in advanced security solutions.
- Optimizing Operations: Streamlining processes and adopting automation to improve efficiency and reduce costs.
- Building a Strong Digital Presence: Offering a user-friendly and secure online and mobile banking experience.
- Strengthening Customer Relationships: Focusing on customer needs and providing personalized financial solutions.
- Staying Agile and Adaptable: Continuously monitoring industry trends and adapting business models to remain competitive.
d. Merger
Ans:
Mergers: Combining Forces
A merger occurs when two companies join together to form a single new legal entity. It's a strategic decision undertaken to achieve various goals, such as:
- Increased Market Share: Merging with a competitor can create a larger market presence and greater bargaining power.
- Economies of Scale: Combining resources and operations can lead to cost savings and improved efficiency.
- Expansion into New Markets: Merging with a company in a different market allows for broader reach and access to new customer segments.
- Product or Service Diversification: Combining product lines or service offerings can create a more diverse and competitive portfolio.
- Enhanced Innovation and Capabilities: Merging can bring together complementary skills and resources, fostering innovation and technological advancements.
Types of Mergers:
Mergers can be classified based on the relationship between the merging companies:
- Horizontal Merger: Involves companies competing in the same industry and product/service market.
- Vertical Merger: Combines companies at different stages of the production process (upstream or downstream).
- Conglomerate Merger: Involves companies in unrelated industries or markets.
Process of a Merger:
A merger typically involves a series of steps:
- Initiation: Negotiations between the companies and agreement on terms.
- Due Diligence: Investigating each other's financial health and legal standing.
- Regulatory Approvals: Obtaining necessary approvals from government agencies if required.
- Valuation and Share Exchange: Determining the value of each company and how ownership will be divided in the merged entity.
- Integration: Combining operations, management teams, and cultures.
e. Sources of Working Capital
Ans:
Sources of Working Capital:
Working capital, as we know, keeps the wheels of a business turning. To maintain adequate working capital, companies can leverage various internal and external sources. Here's a breakdown of the primary categories:
1. Internal Sources:
These are generated through a company's own operations and require no external financing.
- Retained Earnings: Profits that are not distributed as dividends but rather reinvested back into the business. This is a significant source of working capital for established companies.
- Depreciation: The non-cash expense reflecting the wear and tear of assets. Though not actual cash flow, depreciation charges increase retained earnings, which can be used for working capital needs.
- Reduction of Unnecessary Expenses: Streamlining operations and cutting unnecessary costs can free up cash for working capital purposes.
- Prompt Collection of Debts: Efficiently collecting payments from customers improves cash flow and reduces the need for external financing.
2. External Sources:
These involve obtaining funds from external parties.
- Short-Term Loans: Banks and financial institutions offer various short-term loans specifically designed to meet working capital needs. Examples include lines of credit and commercial paper.
- Trade Credit: Suppliers may extend credit to companies by allowing them to delay payment for purchased goods or services. This provides a short-term source of working capital but requires careful management to avoid late payment penalties.
- Factoring: Companies can sell accounts receivable to a third-party factor at a discount to receive immediate cash. This can be a beneficial option when dealing with slow-paying customers.
3. Spontaneous Sources:
These arise naturally from a company's business operations.
- Accounts Payable: When a company purchases goods or services on credit, it creates accounts payable. This essentially represents a short-term, interest-free loan from the supplier, albeit with a limited payment window.
- Accrued Expenses: Expenses incurred but not yet paid, such as salaries or utilities, also contribute to working capital. Similar to accounts payable, they provide a temporary source of financing.
Choosing the Right Source:
The optimal source of working capital depends on various factors like:
- Cost: Some options like short-term loans may have higher costs compared to internal sources like retained earnings.
- Flexibility: Lines of credit offer more flexibility than commercial paper, which has fixed borrowing terms.
- Company Size and Stage: Smaller companies may rely more on trade credit, while established companies may have access to diverse financing options.
Effective working capital management involves utilizing a combination of these sources to maintain a healthy balance between liquidity and profitability.
Elective: Operation Research (CBCGS) | |||
Year | Month | Q.P. | Link |
IMP Q. |
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Obj. Q |
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2019 | April | ||
2019 | November | ||
2022 | November | ||
2023 | April | ||
2023 | November | ||
2024 | April | ||
2024 | November | ||
2025 | April |
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Elective: International Finance (CBCGS) | |||
Year | Month | Q.P. | Link |
IMP Q. |
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Obj. Q |
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2019 | April | ||
2019 | November | ||
2022 | November | Solution | |
2023 | April | ||
2024 | April | ||
2024 | November | Solution | |
2025 | April |
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Elective: Brand Management (CBCGS) | |||
Year | Month | Q.P. | Link |
IMP Q. |
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| Solution |
Obj. Q |
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| Solution |
2019 | April | ||
2019 | November | ||
2023 | April | ||
2024 | April | ||
2024 | November | Solution | |
2025 | April | Solution | |
Elective: HRM in Global Perspective (CBCGS) | |||
Year | Month | Q.P. | Link |
IMP Q. |
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| Solution |
Obj. Q |
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| Solution |
2019 | April | ||
2019 | November | ||
2023 | April | ||
2024 | April | ||
2024 | November | Solution | |
2025 | April | ||
Elective: Innovation Financial Service (CBCGS) | |||
Year | Month | Q.P. | Link |
IMP Q. |
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| Solution |
Obj. Q |
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| Solution |
2019 | April | ||
2019 | November | ||
2023 | April | Solution | |
2024 | April | ||
2024 | November | Solution | |
2025 | April | Solution | |
Elective: Retail Management (CBCGS) | |||
Year | Month | Q.P. | Link |
IMP Q. |
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| Solution |
Obj. Q |
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| Solution |
2019 | April | ||
2019 | November | ||
2023 | April | ||
2024 | April | ||
2024 | November | ||
2025 | April | ||
Elective: Organizational Development (CBCGS) | |||
Year | Month | Q.P. | Link |
IMP Q. |
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| Solution |
Obj. Q |
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2019 | April | ||
2019 | November | ||
2023 | April | ||
2024 | April | ||
2024 | November | Solution | |
2025 | April |
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Elective: Project Management (CBCGS) | |||
Year | Month | Q.P. | Link |
IMP Q. |
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| Solution |
Obj. Q |
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| Solution |
2019 | April | ||
2019 | November | Solution | |
2023 | April | ||
2024 | April | ||
2024 | November | Solution | |
2025 | April |
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Elective: International Marketing (CBCGS) | |||
Year | Month | Q.P. | Link |
IMP Q. |
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| Solution |
Obj. Q |
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| Solution |
2019 | April | ||
2019 | November | ||
2023 | April | ||
2024 | April | ||
2024 | November | ||
2025 | April |
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Elective: HRM in Service Sector Management (CBCGS) | |||
Year | Month | Q.P. | Link |
IMP Q. |
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| Solution |
Obj. Q |
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2019 | April | ||
2019 | November | ||
2023 | April | ||
2024 | April | ||
2024 | November | ||
2025 | April |
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Elective: Strategic Financial Management (CBCGS) | |||
Year | Month | Q.P. | Link |
IMP Q. |
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Obj. Q |
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2019 | April | ||
2019 | November | ||
2023 | April | ||
2024 | April | ||
2024 | November | Solution | |
2025 | April |
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Elective: Media Planning (CBCGS) | |||
Year | Month | Q.P. | Link |
IMP Q. |
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| Solution |
Obj. Q |
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2019 | April | ||
2019 | November | ||
2023 | April | ||
2024 | April | ||
2024 | November | Solution | |
2025 | April |
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Elective: Workforce Diversity (CBCGS) | |||
Year | Month | Q.P. | Link |
IMP Q. |
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| Solution |
Obj. Q |
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2023 | April | ||
2024 | April | ||
2024 | November | ||
2025 | April |
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Elective: Financing Rural Development (CBCGS) | |||
Year | Month | Q.P. | Link |
IMP Q. |
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Obj. Q |
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2023 | April | ||
2024 | April | ||
2024 | November | ||
2025 | April |
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Elective: Sport Marketing (CBCGS) | |||
Year | Month | Q.P. | Link |
IMP Q. |
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| Solution |
Obj. Q |
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2023 | April | ||
2024 | April | ||
2024 | November | ||
2025 | April |
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Elective: HRM Accounting & Audit (CBCGS) | |||
Year | Month | Q.P. | Link |
IMP Q. |
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Obj. Q |
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| Solution |
2019 | April | ||
2019 | November | ||
2023 | April | ||
2024 | April | ||
2024 | November | Solution | |
2025 | April |
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Elective: Indirect Tax (CBCGS) | |||
Year | Month | Q.P. | Link |
IMP Q. |
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| Solution |
Obj. Q |
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| Solution |
2019 | April | ||
2019 | November | ||
2023 | April | ||
2024 | April | Solution | |
2024 | November | Solution | |
2025 | April |
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Elective: Marketing of Non-Profit Organization (CBCGS) | |||
Year | Month | Q.P. | Link |
IMP Q. |
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| Solution |
Obj. Q |
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2019 | April | Solution | |
2019 | November | Solution | |
2023 | April | Solution | |
2024 | April | ||
2024 | November | Solution | |
2025 | April |
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Elective: Indian Ethos in Management (CBCGS) | |||
Year | Month | Q.P. | Link |
IMP Q. |
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Obj. Q |
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2019 | April | ||
2019 | November | ||
2023 | April | ||
2024 | April | ||
2024 | November | Solution | |
2025 | April |
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