Institute's Name

Student's Name
Batch
Roll No.

IEIBS
Omkar Singh
3
20110618
Financial Services
Prof. Anil Suvarna

Section 1: Financial Services - 50 Marks

Question 1

Calculate the below using NPV, IRR, XNPV, XIRR and MIRR funtions of Project Evaluation?

25 Marks

Calculation of NPV
Parameters
Rate of Discount
Initial Cost
Return for 1st Year
Return for 2nd Year
Return for 3rd Year

Figures
10% p.a.
-10000
3000
4200
6800
1188.44

NPV
Calculation of XNPV
Parameters
Rate of Discount
Initial Cost
Irregular Returns
Irregular Returns
Irregular Returns
Irregular Returns

Figures

Date

8%
-100000
20000
35000
40000
35000

1/1/2007
8/1/2007
2/1/2008
5/1/2008
12/1/2008

XNPV

17623.27
Calculation of IRR

Parameters
Initial Cost
Return for 1st Year
Return for 2nd Year
Return for 3rd
Return for 4th
Return for 5th
Return for 6th

Year
Year
Year
Year

Return for 7th Year

Return for 8th Year
IRR

Figures

Date

-10000
3000
2500
4000
6000
30
250
1000
4500

1/1/1985
1/1/1986
1/1/1987
1/1/1988
1/1/1989
1/1/1990
1/1/1991
1/1/1992
1/1/1993
23%

Question 2

Calculate the EMI and Loan Amortisation Schedule for the below?

25 Marks

Calculation of EMI
Loan Amount
Tenure

6000000
25
Floating Rates

1st yr - 5 yr
6th yr - 12th yr
13th yr - 25th yr

10.25%
10.75%
11.00%

Rs.
Yrs
p.a.
p.a.
p.a.

Section 2: Valuations - 50 Marks

Question 3

Calculate the Firm Value of SKII tools by filling up all the BLUE cells with the help of below given assu

25 Marks

Skii Tools
Target

Free Cash Flow Calculat

Particulars
No of Shares O/S
Cost Of Capital
Tax Rate
Year
Ratios
Revenue Growth upto 2015 (%)
W Cap / Revenue (%)
COGS / Revenue (%)
S G & A /Revenue (%)
Working Capital
Revenue
COGS
SG&A
Depreciation
Other Deductions
Taxable Income
Tax

PAT
After Tax and Before Non Cash
Changes In W Capital
Capital Expenditure
Free Cash Flow To Firm (FCFF)
Terminal Value
Present Value Of Cash Flows (2010-2015)
Present Value Of Terminal Value
Enterprise Value / Firm Value

Question 4

Assumptions 1
a.
b.
c.

After 2010 till 2015:

Depreciation & Other Deductions are assumed to be at 2010 leve
Non-Cash Expenses are same as Depriciation till 2015.
Capital Expenditure is same as Depriciation till 2015.

Assumptions 2
a.
b.
c.

After 2015 till perpetuity:

Growth Rate (TGR) is assumed to be zero.
Incrememtal Working Capital is zero.
Non-Cash Expenditure and & Capital Expenditure is same as that

Calculate the END to END Financial Model of Academia in the below given template?

25 Marks

END to END Fin

Particulars
Sales
Less: COGS
GP
Less: Operating Exp
EBITDA
Less: DA
EBIT
Less: Interest
EBT
Less: Tax
EAT / PAT
Working Capital
Change in WC

2006
100.00
-20.00
80.00
15.00
65.00
-5.00
60.00
10.00
50.00
-15.00
35.00
10

2007
120.00
-24.00
100.00
18.00
85.00
-6.00
80.00
12.00
70.00
-21.00
55.00
12
2

Key Numbers
Factors
COGS
Operating Expenses

Pre-2012
20%
15%

Post-2012
15%
10%

2008
60.00
-12.00
40.00
9.00
25.00
-3.00
20.00
6.00
10.00
-3.00
-5.00
6
-6

DA

5%

5%

Interest

10%

10%

Tax

30%

30%

Working Capital

10%

7%

WACC

12%

12%

AGR

Assumptions
9.44%

EGR

9.44%

TGR

5.00%

CAPEX=DA Post 2012 till perpetuity

p.a.
p.a.
p.a.

Financial Services
Prof. Anil Suvarna

Section 1: Financial Services - 50 Marks

ions of Project Evaluation?

Calculation of XIRR
Parameters
Initial Cost
Irregular Returns
Irregular Returns
Irregular Returns
Irregular Returns

Figures

Date

-100000
20000
35000
40000
35000

1/1/2007
8/1/2007
2/1/2008
5/1/2008
12/1/2008

XIRR

22.60%
Calculation of MIRR

Parameters
Initial Cost
Return for 1st Year
Return for 2nd Year
Return for 3rd Year
Return for 4th Year
Return for 5th Year

Figures

Date

-10000
3000
2500
4000
6000
30

1/1/1985
1/1/1986
1/1/1987
1/1/1988
1/1/1989
1/1/1990

Return for 6th Year

250

1/1/1991

Return for 7th Year

1000

1/1/1992

Return for 8th Year

4500

1/1/1993

Cost of Borrowing
Reinvestment Rate

6%
8%

IRR
MIRR
NPV @ IRR
NPV @ MIRR

23.15%
14.26%
0.00
2459.99

Section 2: Valuations - 50 Marks

cells with the help of below given assumptions?

Durable Drills
Acquirer
Free Cash Flow Calculation
5.84
12%
50%
2010
Current
Cal
30%

67.50%
21.50%
111.99

( Lacs Issued Capital)

(WACC)
(Effective Tax Rate) (t)
2011
Estimates
Given
6%
24%
65%

2012
Estimates
Given
6%
24%
65%

2013
Estimates
Given
6%
24%
65%

2014
Estimates
Given
6%
24%
65%

2015
Estimates
Given
6%
24%
65%

2016
TV Estimates
Given
0%

20%

20%

20%

20%

20%

33.76

35.79

37.94

40.21

42.63

0.00

553.00
-373.30
-118.90
-21.00
-2.00
37.80

586.18
-140.68
-381.02
-21.00
-2.00
41.48

621.35
-149.12
-403.88
-21.00
-2.00
45.35

658.63
-158.07
-428.11
-21.00
-2.00
49.45

698.15
-167.56
-453.80
-21.00
-2.00
53.80

740.04
-177.61
-481.03
-21.00
-2.00
58.40

740.04
0.00
0.00
-21.00
-2.00
717.04

-18.90

-20.74

-22.67

-24.72

-26.90

-29.20

-358.52

18.90

20.74

22.67

24.72

26.90

29.20

358.52

43.74
0.00
-21.00
22.74

45.67
0.00
-21.00
24.67

47.72
0.00
-21.00
26.72

49.90
0.00
-21.00
28.90

52.20
0.00
-21.00
31.20

381.52
0.00
-21.00
360.52

2012
130.00
-26.00
110.00
19.50
95.00
-6.50
90.00
13.00
80.00
-24.00
65.00
13
1

2013 E
142.27
-21.34
120.93
14.23
106.70
-7.11
99.59
14.23
85.36
-42.68
42.68
10
-3.04096

3004.33
277.72
157.58
435.30

eductions are assumed to be at 2010 levels till 2015.

same as Depriciation till 2015.
same as Depriciation till 2015.

ssumed to be zero.
apital is zero.
and & Capital Expenditure is same as that of 2015.

below given template?

END to END Financial Model of Academia
2009
80.00
-16.00
60.00
12.00
45.00
-4.00
40.00
8.00
30.00
-9.00
15.00
8
2

2010
100.00
-20.00
80.00
15.00
65.00
-5.00
60.00
10.00
50.00
-15.00
35.00
10
2

2011
120.00
-24.00
100.00
18.00
85.00
-6.00
80.00
12.00
70.00
-21.00
55.00
12
2

2014 E
2015 E
155.70
170.40
-23.36
-25.56
134.36
149.06
15.57
17.04
120.13
134.83
-7.79
-8.52
113.02
127.72
15.57
17.04
98.79
113.49
-46.71
-51.12
56.11
70.81
11
12
0.940133376 1.028881967
Computation of FCFF

EAT/PAT

1
2013 E
42.68

2
2014 E
56.11

3
2015 E
70.81

Add: Interest*(1-tax)

0.07

0.10

0.10

Add: DA

-7.11

-7.79

-8.52

Less: CAPEX

-7.11

-7.79

-8.52

Add/Less Change in WC

-3.04

0.94

1.03

25.48

41.58

54.90

FCFF
Valuation
PV OF FCFF

187.58

TV

1411.35

PV OF TV

800.84

FIRM VALUE

988.42

Duration 2 hrs
Marks

100

2016 E
2017 E
2018 E
186.49
204.09
214.30
-27.97
-30.61
-32.14
165.15
182.75
192.95
18.65
20.41
21.43
150.92
168.52
178.73
-9.32
-10.20
-10.71
143.81
161.41
171.61
18.65
20.41
21.43
129.58
147.18
157.39
-55.95
-61.23
-64.29
86.90
104.50
114.71
13
14
15
1.126008 1.2323036 0.7143184

CFF
4
2016 E
86.90

5
2017 E
104.50

6
2018 E
114.71

0.10

0.07

0.10

-9.32

-10.20

-10.71

-9.32

-10.20

-10.71

1.13

1.23

0.71

69.47

85.39

94.09

Loan Amortisation Sched

Question 2

Month
Calculation of EMI

Loan Amount
Tenure

6000000

Rs.

25

Yrs

Floating Rates
1st yr - 5 yr

10.25%

p.a.

6th yr - 12th yr

10.75%

p.a.

13th yr - 25th yr

11.00%

p.a.

EMI Calculator 1
Loan Amt
Tenure
Tenure
Intrest
Intrest
Emi

Loan Amt
Tenure
Tenure
Intrest
Intrest
Emi

Loan Amt
Tenure
Tenure
Intrest
Intrest
Emi

6000000

Rs.

25
300
10.25%
0.85%
-55582.9969

Years
Months
Yearly
Months
Rs.

EMI Calculator 2
5662239.2
Rs.
20 Years
240 Months
10.75% Yearly
0.90% Months
-57484.6917 Rs.
EMI Calculator 3
4820646.05
13
156
11.00%
0.92%
-58210.6199

Rs.
Years
Months
Yearly
Months

Rs.

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42

Opening Balance
6000000
5995667
5991297
5986890
5982445
5977962
5973440
5968881
5964282
5959644
5954966
5950248
5945490
5940692
5935852
5930971
5926049
5921084
5916077
5911027
5905934
5900798
5895617
5890393
5885123
5879809
5874450
5869044
5863593
5858094
5852549
5846957
5841317
5835628
5829891
5824105
5818270
5812385
5806449
5800463
5794425
5788336

43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89

5782195
5776002
5769756
5763456
5757103
5750695
5744232
5737715
5731141
5724512
5717826
5711082
5704282
5697423
5690505
5683529
5676492
5669396
5662239
5655479
5648658
5641776
5634832
5627826
5620757
5613625
5606429
5599169
5591843
5584452
5576995
5569471
5561879
5554220
5546491
5538694
5530827
5522889
5514880
5506800
5498647
5490421
5482121
5473747
5465298
5456773
5448172

90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136

5439494
5430738
5421904
5412990
5403997
5394923
5385768
5376531
5367211
5357807
5348320
5338747
5329089
5319344
5309512
5299591
5289582
5279483
5269294
5259013
5248641
5238175
5227616
5216962
5206212
5195366
5184424
5173383
5162243
5151003
5139663
5128221
5116677
5105029
5093277
5081419
5069456
5057385
5045206
5032918
5020520
5008011
4995389
4982655
4969807
4956843
4943763

137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183

4930567
4917252
4903817
4890263
4876587
4862788
4848866
4834819
4820646
4806625
4792475
4778195
4763785
4749242
4734566
4719756
4704810
4689726
4674505
4659144
4643642
4627998
4612211
4596279
4580201
4563975
4547601
4531077
4514401
4497573
4480590
4463451
4446156
4428701
4411087
4393311
4375373
4357270
4339001
4320564
4301959
4283183
4264235
4245113
4225816
4206342
4186690

184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230

4166857
4146842
4126645
4106262
4085692
4064933
4043984
4022844
4001509
3979979
3958252
3936325
3914197
3891867
3869332
3846590
3823640
3800479
3777106
3753519
3729716
3705694
3681452
3656988
3632300
3607386
3582243
3556869
3531263
3505423
3479345
3453028
3426471
3399669
3372622
3345327
3317782
3289985
3261932
3233623
3205053
3176223
3147127
3117765
3088134
3058231
3028055

231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277

2997601
2966869
2935854
2904556
2872970
2841095
2808928
2776466
2743706
2710646
2677283
2643614
2609637
2575348
2540744
2505824
2470583
2435020
2399130
2362912
2326361
2289475
2252252
2214687
2176777
2138520
2099913
2060952
2021633
1981954
1941911
1901502
1860721
1819567
1778036
1736124
1693828
1651144
1608069
1564599
1520731
1476460
1431784
1386698
1341198
1295282
1248945

278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300

1202183
1154992
1107369
1059309
1010809
961864
912471
862624
812321
761557
710327
658628
606455
553803
500669
447048
392935
338327
283217
227603
171479
114840
57682

Loan Amortisation Schedule

EMI
Intrest
Principal
Clossing Balance
-55583
51250
4333
5995667
-55583
51213
4370
5991297
-55583
51176
4407
5986890
-55583
51138
4445
5982445
-55583
51100
4483
5977962
-55583
51062
4521
5973440
-55583
51023
4560
5968881
-55583
50984
4599
5964282
-55583
50945
4638
5959644
-55583
50905
4678
5954966
-55583
50865
4718
5950248
-55583
50825
4758
5945490
-55583
50784
4799
5940692
-55583
50743
4840
5935852
-55583
50702
4881
5930971
-55583
50660
4923
5926049
-55583
50618
4965
5921084
-55583
50576
5007
5916077
-55583
50533
5050
5911027
-55583
50490
5093
5905934
-55583
50447
5136
5900798
-55583
50403
5180
5895617
-55583
50358
5225
5890393
-55583
50314
5269
5885123
-55583
50269
5314
5879809
-55583
50223
5360
5874450
-55583
50178
5405
5869044
-55583
50131
5452
5863593
-55583
50085
5498
5858094
-55583
50038
5545
5852549
-55583
49991
5592
5846957
-55583
49943
5640
5841317
-55583
49895
5688
5835628
-55583
49846
5737
5829891
-55583
49797
5786
5824105
-55583
49748
5835
5818270
-55583
49698
5885
5812385
-55583
49647
5936
5806449
-55583
49597
5986
5800463
-55583
49546
6037
5794425
-55583
49494
6089
5788336
-55583
49442
6141
5782195

-55583
-55583
-55583
-55583
-55583
-55583
-55583
-55583
-55583
-55583
-55583
-55583
-55583
-55583
-55583
-55583
-55583
-55583
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485

49390
49337
49283
49230
49175
49121
49065
49010
48953
48897
48840
48782
48724
48665
48606
48547
48487
48426
50724
50664
50603
50541
50479
50416
50353
50289
50224
50159
50094
50027
49961
49893
49825
49757
49687
49617
49547
49476
49404
49332
49259
49185
49111
49036
48960
48884
48807

6193
6246
6300
6353
6408
6462
6518
6573
6629
6686
6743
6801
6859
6918
6977
7036
7096
7157
6760
6821
6882
6944
7006
7069
7132
7196
7260
7325
7391
7457
7524
7592
7660
7728
7797
7867
7938
8009
8081
8153
8226
8300
8374
8449
8525
8601
8678

5776002
5769756
5763456
5757103
5750695
5744232
5737715
5731141
5724512
5717826
5711082
5704282
5697423
5690505
5683529
5676492
5669396
5662239
5655479
5648658
5641776
5634832
5627826
5620757
5613625
5606429
5599169
5591843
5584452
5576995
5569471
5561879
5554220
5546491
5538694
5530827
5522889
5514880
5506800
5498647
5490421
5482121
5473747
5465298
5456773
5448172
5439494

-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
-57485
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48729
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44636
44521
44405
44288

8756
8834
8913
8993
9074
9155
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9320
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9488
9573
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9745
9832
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10009
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12621
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12848
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13080
13197

5430738
5421904
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5338747
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44170
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43535
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43264
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40272
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39774
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39435
39263
39089
38914
38737
38558
38378

13315
13434
13555
13676
13799
13922
14047
14173
14021
14150
14280
14410
14543
14676
14810
14946
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38196
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37641
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36083
35880
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35469
35260
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31653
31409
31164
30916
30666
30413
30158
29901
29642
29380
29115
28849
28580
28308
28034
27757

20014
20198
20383
20570
20758
20949
21141
21335
21530
21727
21927
22128
22330
22535
22742
22950
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26558
26801
27047
27295
27545
27798
28052
28310
28569
28831
29095
29362
29631
29903
30177
30453

4146842
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4064933
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4022844
4001509
3979979
3958252
3936325
3914197
3891867
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27478
27196
26912
26625
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26043
25749
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25151
24848
24542
24233
23922
23607
23290
22970
22647
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17057
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16299
15914
15527
15135
14741
14342
13940
13534
13125
12711
12294
11873
11449

30733
31014
31299
31586
31875
32167
32462
32760
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33363
33669
33977
34289
34603
34920
35241
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41154
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42296
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43470
43868
44271
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46337
46762

2966869
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2776466
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2677283
2643614
2609637
2575348
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-58211
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11020
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10151
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8817
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6981
6511
6037
5559
5077
4589
4098
3602
3101
2596
2086
1572
1053
529

47191
47623
48060
48500
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50303
50764
51230
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52173
52651
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53621
54113
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57682

1154992
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1059309
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0