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BM/OCT 2009/FIN420/540

UNIVERSITI TEKNOLOGI MARA FINAL EXAMINATION

COURSE COURSE CODE EXAMINATION TIME

FINANCIAL MANAGEMENT FIN420/540 OCTOBER 2009 3 HOURS

INSTRUCTIONS TO CANDIDATES This question paper consists of seven (7) questions. Answer only five (5) questions in the Answer Booklet. Start each answer on a new page. Do not bring any material into the examination room unless permission is given by the invigilator. Please check to make sure that this examination pack consists of: i) ii) iii) the Question Paper an Answer Booklet - provided by the Faculty A four - page Appendices

DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO This examination paper consists of 8 printed pages
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BM/OCT 2009/FIN420/540

QUESTION 1 The statements for BENDANG EMAS Bhd. are presented below:

BENDANG EMAS Bhd. BALANCE SHEET AS AT DECEMBER 31, 2008

RM'000 Assets Cash Marketable securities Accounts receivable Inventories Total Current Assets Land Buildings & equipment Less: depreciation Total Fixed Assets Total Assets Current Liabilities Accounts payable Income tax payable Notes payable Total Current Liabilities Long-term debt Common stock Retained earnings Total Liabilities & Equity RM'000 2,500 1,250 25,000 43,250 72,000 28,000 88,000 (38,000) 50,000 78,000 150,000

23,000 9,000 37,000 69,000 22,950 31,500 26,550 150,000

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BENDANG EMAS Bhd. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2008 RM'000 160,000 106,000 54,000 16,000 10,000 1,000 10,000 37,000 17,000 6,100 10,900 4,360 6,540

Sales Cost of goods sold Gross Profit Operating Expenses Selling expense General and administrative expenses Lease expense Depreciation expense Total Operating Expenses Operating Profits Interest Net Profits Before Taxes Taxes Net Profits After Taxes

a)

Based on the preceding statements, calculate the following ratios: Ratio 1. Current ratio 2. Quick ratio 3. Inventory turnover 4. Average collection period 5. Debt-equity ratio 6. Times interest earned 7. Gross profit margin 8. Net profit margin 9. Return on asset 10. Return on equity Industry Average 2008 1.80x 0.70x 2.50x 37 days 50% 3.8x 38% 3.5% 4.0% 9.5% (10 marks)

b)

Based on your answer in (a), analyze BENDANG EMAS's financial condition relating to: i) ii) iii) iv) Liquidity Activity Leverage Profitability (10 marks)

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BM/OCT 2009/FIN420/540

QUESTION 2 JEBAT Company had the following financial statements for 2007 and 2008.

JEBAT Company BALANCE SHEET AS AT DECEMBER 31 ASSETS

Cash and equivalents Marketable securities Accounts receivable Inventories Current assets Net Fixed assets Total Assets LIABILITIES AND EQUITY Accounts payable Accrued expenses Bank loan Current liabilities Common stock Retained earnings Total Liabilities and Equity 2008 2007

RM
31,000

RM
53,000 7,000 346,000 432,000 918,000 1.113.000 2.031.000

0
527,950 683,000 1,241,950 1.397,898 2.639.848

626,950 314,000 235,000 1,175,950 100,000 1.363,898 2,639.848

413,000 226,000 100,000 739,000 100,000 1.192.000 2.031.000

Additional information provided: In year 2008, depreciation was RM167, 000 and no dividends were paid. a) Prepare a statement of cash flows for year 2008. (16 marks) b) Differentiate between income statement and balance sheet. (4 marks)

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BM/OCT 2009/FIN420/540

QUESTION 3 The treasurer of Ixora Bhd. needs to prepare a cash budget for June, July and August 2008. The following information is available; a) Sales Actual Jan : RM28,000 Feb: RM31.500 Mar: RM47.500 Apr : RM63.500 May: RM72,000 Forecasted June: RM 76,000 July : RM105,000 Aug : RM125,000 Sept: RM110,000

b)

All sales are on credit: 80% collected in the first month, 10% in the second month and 8% in the third month and 2% become bad debt. Cost of goods sold is 25% of sales and purchases are done one month before sales occur. Payments are made one month after purchases. Salaries are 40% of cost of goods sold and is paid in the month incurred. Selling and administrative expenses are forecasted to be RM12,500 every month. Other expenses are RM10,000 each month. RM12.000. Annual depreciation expense is

c)

d) e) f)

g)

In June, the company expects to take a loan of RM120,000 for an acquisition of a new machine. Equal payments on the machine will start in July and continue for the next three months. Cash balance on May 31, 2008 is RM8.000 and the minimum cash requirement is RM5.000.

h)

Requirement: Prepare a cash budget for the June, July and August 2008. (20 marks)

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BM/OCT 2009/FIN420/540

QUESTION 4 a) Zen Heng Electronics purchases 200,000 units per year of one component of its table fan. The selling price of the table fan is RM100 per unit. The company analyzed its inventory costs and has found that the component has an order cost of RM400 per order and carrying cost of 10% of its selling price. It takes 18 days to receive a shipment after an order is placed. (Note: Use a 360-day year to calculate daily usage) i) Determine the optimal Economic Order Quantity (EOQ) level. (4 marks) ii) Determine the firm's reorder point. (4 marks) iii) Calculate total inventory costs per year. (4 marks) b) Jesco Bhd. has a revolving credit agreement with AQUA Bank under which it can borrow up to RM20 million. The company must maintain a 10% compensating balance on outstanding loans. Interest on the borrowed fund is 15% and the commitment fee is 1.5% on the unused portion of the credit line. Find the effective interest rate for Jesco Bhd. if the amount borrowed is: i) ii) RM4 million (4 marks) RM15 million (4 marks)

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BM/OCT 2009/FIN420/540

QUESTION 5 Big Orange Corporation is trying to decide how best to finance a proposed RM20 million capital investment. Under Plan 1, the project will be financed entirely with long-term 10% bonds. The firm currently has no debt or preferred stock. Under Plan 2, common stock will be sold to net the firm RM20 a share. At present, 1 million shares are outstanding. The corporate tax rate for the company is 40%. a) Calculate the indifference level of Earnings Before Interest and Taxes (EBIT) associated with the two financing plans. (6 marks) Prepare an EBIT-Earnings per Share (EPS) analysis chart, showing the intersection of the two financing plan lines. (6 marks) Which financing plan would you expect to cause the greatest change in EPS relative to a change in EBIT? (3 marks) If EBIT is expected to be RM4.5 million, which plan will result in a higher EPS? (Show the calculation of EPS for both plans) (5 marks)

b)

c)

d)

QUESTION 6 Seri Pagi Manufacturing is seeking your financial advise to determine the firm's cost of long term financing. The following data are relevant to your task: a) Issue bonds with 12 percent coupon. The floatation cost is 5 percent of the market value of RM1245. The maturity period is 10 years and the company's tax rate is 35 percent. Issue additional common stock. The latest dividend paid was RM1.05. The current market price of the stock is RM30. The expected floatation cost is 9 percent of the market price. The dividend growth is 5 percent. Issue additional preferred stock, which pays 7 percent dividend on a par value of RM100. The market price from the new issue is expected to be RM75 per share.

b)

c)

Calculate the cost of each financing alternative. Which is the best alternative for Seri Pagi Manufacturing and why? (20 marks)

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BM/OCT 2009/FIN420/540

QUESTION 7 Allessa Dental Clinic (ADC) is planning to buy a brand new dental chair in order to enhance the clinic's service quality. The proposed models are K300i and H550L The price for each model is RM50.000. Since both models perform the same function, ADC will choose only one. Provided below is the after tax cash flows for both models: Year 0 1 2 3 4 5 K300i -RM50.000 RM15,625 RM15,625 RM15.625 RM15,625 RM15,625 H550i -RM50.000 0 0 0 0 RM100,000

ADC requires a minimum rate of return of 10%. Calculate; a) b) c) d) Payback period (4 marks) Net present value (NPV) (6 marks) Internal rate of return (IRR) for Model K300i only (7 marks) Which model should be chosen by ADC? Explain your answer. (3 marks)

END OF QUESTION PAPER

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APPENDIX 1

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Hak Cipta Universiti Teknologi MARA

CONFIDENTIAL

CONFIDENTIAL

APPENDIX 2

BM/OCT 2009/FIN420/540

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CONFIDENTIAL

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Hak Cipta Universiti Teknologi MARA

CONFIDENTIAL