Paper/Subject Code: 86011/Finance: Strategies Financial Management
TYBMS SEM 6:
Financial:
Strategies Financial Management
(Q.P. April 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) Choose the correct Option and rewrite the sentence: (Any Eight)
1. The most common form of dividend payment is,
(a) Stock Dividend
(b) Cash Dividend
(c) Stock Split
(d) Bonus issue
2. XBRL India is formed as one of the following.
(a) Registered Company
(b) Government
(c) Trust Corporation
(d) Partnership with XBRL. International
3. Estimate of cash flow is affected by
(a) Future Price Trend
(b) Competition.
(c) Sales volume
(d) All of the above
4. _______ ensures that less number of projects are selected by imposing capital restrictions.
(a) Capital structure
(b) Capital Budgeting
(c) Capital Rationing
(d) None of the above
5. EVA is a corporate surplus which is shared by
(a) Employees and Management
(b) Employees and Shareholders
(c) Shareholders only
(d) Employees, Management and Shareholders
6. Corporate Governance practice includes
(a) Audit Committee
(b) Management Analysis
(c) Communication
(d) All of the Above
7. In Amalgamation, all the assets and liabilities of the transferor company are pooled into the books of transferee company at
(a) Market Value
(b) Books Value
(c) Fair Value
(d) Realizable Value
8. NPA stands for
(a) Net Performing Assets
(b) Non Performing Assets
(c) Non Privilege Assets
(d) None of the Above
9. Public deposits are accepted for a maximum of years.
(a) 1
(b) 2
(c) 3
(d) 5
10. In India, Commercial Papers are issued as per the guidelines issued by
(a) SEBI
(b) RBI
(c) Forward Market Commission
(d) None of the Above
B) State whether the following questions are True or False (Any Seven)
1. The dividend policy of a firm is decided by its Board of Directors.
Ans: TRUE
2. XBRL provides reporting framework that controls risks.
Ans: FALSE
3. In sensitivity analysis, the sensitivity of human factor is identified.
Ans: FALSE
4. Capital rationing is caused by external factors only.
Ans: FALSE
5. Fictitious assets are added to the share capital to get net worth.
Ans: FALSE
6. Disclosure is the principle of corporate governance.
Ans: TRUE
7 . Preference dividend is added to NPAT for calculation of EPS
Ans: FALSE
8. Standard assets are those assets which do not have any risk.
Ans: FALSE
9. Term loan is an advance given by bank to its customers.
Ans: FALSE
10. Depreciation is an external source of finance.
Ans: FALSE
Q.2 (A) The details regarding two companies are given below:-
|
A Ltd |
B Ltd |
|
R = 15% Ke=10% E=10 |
R = 8% Ke =10% E=10 |
By using Walter's Model, calculate the value of an equity share of each companies when the dividend payout ratio is:
(a) 20% (b) 50%
(B) The following data is available from KPO Ltd:- (07)
Earnings per share = 60
Rate of Return on investment = 16%
Cost of Capital 15%
Calculate the market price of a share of KPO Ltd as per Gordon's Model, if
(i) b = 40%
(ii) b = 60%
(iii) b = 80%
OR
(C) Mark Ltd. belongs to a risk class for which the capitalization rate is 10%. It has (15) 50,000 outstanding shares and the current market price is 100. It expects a net profit of 5,00,000 for the year and the board is considering a dividend of 5 per share. Mark Ltd has a proposal for making new investments of 10,00,000.
You are required to calculate:-
i) Market Price per share when dividend is declared and not declared.
ii) No. of new shares to be issued by the company if dividend is declared and not declared.
iii) Calculate the market value of the firm when dividend is declared and not declared
(A) PAM Ltd is considering two mutually exclusive projects viz., Project A and Project B which require cash outflow of 30,00,000. The expected cash inflows are as follows: (15)
|
Year |
Project A |
Project B |
|
1 2 3 4 |
12,00,000 9,00,000 7,00,000 600,000 |
17,00,000 11,00,000 8,00,000 8,00,000 |
The company has a target return on capital of 10%. The risk premium for Project A and Project B are 2% and 8% respectively. Which project should be accepted? Why?
OR
(B) Zebra Ltd is considering two mutually exclusive projects. Investment outlay of both the project is 2,50,000 and each is expected to have a life of 5 years... under three possible situations their annual cash flows are as under: (08)
|
Situation |
Probabilities |
Project x (in Lakhs) |
Project Y (in Lakhs) |
|
Good Normal Worse |
0.3 0.4 0.3 |
30 20 10 |
25 20 15 |
Which Project is more risky? Why?
(C) Steep Ltd. is considering the following projects:-
|
Project |
Outlay |
NPV |
|
P Q R S T |
30,00,000 20,00,000 18,00,000 16,00,000 14,00,000 |
5,00,000 9,00,000 8,00,000 7,00,000 6,00,000 |
The total fund available is 50,00,000, Determine optimal combination of projects assuming that the projects are divisible.
Q.2 (A) Tom Ltd in intending to purchase Jerry Ltd (by merger). The following details are available:- (08)
|
|
Tom Ltd |
Jerry Ltd |
|
Earnings after tax No. of
shares MPS |
25,00,000 5,00,000 Rs. 15 |
9,00,000 3,00,000 Rs. 12 |
You are required to calculate:
(i) Present EPS of both the companies.
(ii) If the proposed merger takes place, what would be the new EPS of
Tom Itd assuming that merger takes place by exchange of equity shares and the exchange ratio is based on market price per share.
( B) The following data is provided by Zampa Ltd for the year. You are required to calculate the missing figures? (07)
|
Sale Value Income Capital Employed Weighted Average cost of capital Sales Margin(%) Capital Turnover (Times) Return on Investment (%) Economic Value Added (Rs.) |
5,00,000 1,00,000 1,25,000 8% ? ? ?
|
OR
(C) The following information is pertaining to Akli Ltd..
Budgeted Sales per week-500 units
The cost details of the company are as follows:-
|
Cost Element |
Rs. |
|
Raw Materials Direct Labour Overhead Total Cost Profit Selling Price per unit |
6 8 4 18 2 20 |
It is estimated that:-
1. Raw materials remain in stock for 3 weeks and finished goods for 2 weeks.
2. Factory processing takes 3 weeks
3. Suppliers allows 6 week credit
4. Customers are allowed 8 weeks credit.
5. Assume production and overheads accrue evenly throughout the year. Prepare a statement showing working capital requirement and also calculate Maximum Permissible Bank Finance (MBPF) as per first and second method of lending.
(D) X Itd as provided the details of advances. Calculate the provisions to be made in the Profit & Loss account. (07)
|
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 |
12,000 8.800 3,600 2,400 1,600 1200 1000 |
Q.5 (A) Define XBRL. Explain its advantages and disadvantages.
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.
(B) Explain the advantages of Corporate Governance.
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.
OR
Q.5 (C) Write Short notes: (Any Three)
(1) 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.
(ii) 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.
iii) Maximum Permissible Bank Finance
Ans:
Maximum Permissible Bank Finance (MPBF) is a concept used in banking to determine the maximum amount of credit that a bank can extend to a borrower based on certain predetermined criteria. It is also known as the maximum credit limit or maximum loan limit.
The calculation of MPBF involves a thorough assessment of the borrower's financial position, creditworthiness, and the value of the assets offered as collateral. Banks consider factors such as the borrower's cash flow, profitability, liquidity, leverage, and repayment capacity while determining the MPBF.
Various guidelines and regulations issued by regulatory authorities, such as the Reserve Bank of India (RBI) in India, govern the calculation of MPBF. These guidelines aim to ensure prudence, transparency, and risk mitigation in lending practices.
MPBF serves as a crucial tool for banks to manage credit risk effectively. By setting a maximum limit on the amount of credit extended to a borrower, banks can mitigate the risk of default and maintain a healthy loan portfolio. It also helps in maintaining regulatory compliance and ensures that banks operate within the prescribed limits to safeguard the interests of depositors and maintain financial stability.
(iv)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.
(v) Capital Rationing
Ans:
Capital rationing is a financial concept employed by companies to manage their investment projects when there's a limited availability of funds. In essence, it involves restricting the amount of capital allocated to various investment opportunities within a company. This constraint may arise due to internal factors such as budgetary limitations, risk aversion, or strategic priorities, or external factors like market conditions or regulatory constraints.
The primary objective of capital rationing is to optimize the allocation of limited financial resources among competing investment opportunities to maximize shareholder wealth. By carefully selecting and prioritizing projects based on their expected returns, risk profiles, and alignment with strategic goals, companies can ensure that the available funds are allocated to the most promising ventures.
There are two main types of capital rationing: hard capital rationing and soft capital rationing. Hard capital rationing refers to situations where external factors impose strict limits on the availability of capital, such as borrowing constraints or regulatory requirements. Soft capital rationing, on the other hand, involves internal policies or preferences that limit capital allocation, even when external funds are readily available.
To effectively implement capital rationing, companies typically employ various financial evaluation techniques, such as net present value (NPV), internal rate of return (IRR), and profitability index (PI), to assess the potential returns and risks associated with each investment opportunity. Projects that offer the highest returns relative to their risk are given priority within the constrained budget.
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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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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Obj. Q |
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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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Obj. Q |
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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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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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Obj. Q |
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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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Obj. Q |
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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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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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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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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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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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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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