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INTERNAL
ASSIGNMENT APPLICABLE FOR APRIL 2019 EXAMINATION
International Finance
1. You are given the
following interest rates.
Rs. $
3- months 15% 6%
6-month 14.5% 5.5%
9-month 14% 5.0%
The 3-month forward
rate is Rs. 36/$. Calculate the 3-month forward rate 6-months from now.
2. ABC Ltd. is
planning to import a multi-purpose machine from Japan at a cost of 3400 lakhs
yen. The company can avail loan at 18% interest per annum compounded quarterly
with which it can import the machine. However there is an offer from Tokyo
branch of an India based bank extending credit of 180 days at 2% per annum
against opening of an irrevocable letter of credit. Other information:-
Present exchange rate
Rs. 100 = 340 yen
180 days forward rate
Rs. 100 = 345 yen
Commission charges
for letter of credit at 2% per 12 months.
Advise whether the
offer from the foreign branch should be accepted?
3 A) Suppose the spot
rate is $ 0.20/FF. The US one-year rate is 6%. The forward rate is $ 0.1923/FF.
What is the current
one-year French interest rate that will satisfy the Interest Rate Parity?
Suppose the one-year French interest rate is 12% instead. What kind of
arbitrage would you perform to take advantage of this opportunity?
3 B) Assume that the
Citibank trading room is dealing on the following quotations Spot Sterling =
$1.5000, Euro-Sterling interest rate (6-months) = 11.00% p.a. Euro-$ interest
rate (6-months) = 6.00% p.a. and that Barclays Bank is quoting Forward Sterling
(6-months) at $1.4550.
Describe the
transactions you would make to earn risk-free covered interest arbitrage
profits? How much profit would you expect to make?
Taxation - Direct & Indirect
Question 1 Kabra
builders is a contractor and AV Ltd is liable to make payment to the contractor
for certain transactions executed during the year. Discuss the obligations of
AV Ltd as a tax deductor and the consequences if tax is not deducted as
required.
Question 2 Amman is
going to participate in a general awareness quiz at his college. However, he is
confused about GST, its various components of GST and how they differ from each
other. As a friend of Amman how you will address his confusion? Comment.
Question 3 Mr. Verma
owns two residential houses at Chennai. The essential details are as under
Particulars House I
House II Municipal valuation 133500 142500 Fair Rent 144500 135500 Standard
Rent 144000 148700 Municipal taxes payable 10000 7500 Repairs 15000 3000
Insurance premium 2500 2000 Interest on loan 45000 50000
Advise him which
property he should treat as
i. self-occupied and
ii. deemed to be let
out, in a manner beneficial to him
Corporate Finance
1. Miss Ninna is
planning to open a boutique at link road. Her financial advisor says that its
essential to take care and manage well the working capital, as it ensures
smooth running of the operating cycle of business. However, there are various
factors which affects the working capital management. If you being the
financial advisor of Miss Ninna, discuss those factors in detail.
2. Alpha limited is
investing $500 million in a new project. The present values of the future after
tax cash flows resulting from the project is $750 million. The company has 100
million shares outstanding, having market price of $45 per share. Assuming, the
project being independent of other expectations about the company, Calculate
the effect of - The new project on the value of the company on the company’s
stock.
3. The data related
to two companies A and B , are as under-
A B Sales 500000
1000000 Variable cost 20% of sales 25% of sales Fixed Cost 1.2 lacs 2 lacs
Interest 0.5 lacs 0.75lacs
i. Determine the
operating and financial leverage
ii. Determine the
combined leverage for them. Also, comment on the relative risk position of the
companies
Operations Management
1. Explain how the
Theory of Constrains can be applied at an automobile repairing and service
center.
2. Your company has
compiled the following data on the small set of products that comprise the
specialty repair shop. Perform an ABC inventory classification for the data.
Which product(s) do you suggest the firm keep the tightest control over?
Item code Annual
demand Unit cost (INR.) A1 3000 20 B3 4000 45 D2 3000 35 C2 2000 30 A5 500 50
C9 680 15 D1 460 40 D3 1000 20 C3 450 500 F1 520 400 K5 5000 50 M1 680 400 N2
900 20
3. According to Tarí
and Sabater (2004), firms must develop both the hard and soft parts of TQM in
order to succeed. While the hard elements are related to quality tools and
techniques for continuous improvement, the soft side is associated with
management concepts and principles such as team work, leadership, customer
focus and culture (Fotopoulos and Psomas, 2009). In their study about quality
management tools and techniques, Tarí and Sabater (2004) analyzed about 30
commonly used tools and techniques such as benchmarking, brainstorming, design
of experiments (DOE), failure mode and effect analysis (FMEA), flow charts,
poka yoke, quality function deployment (QFD), quality improvement teams and
statistical process control (SPC). Soft elements indirectly affect performance,
because they create an environment that facilitates the implementation of hard
elements (Rahman and Bullock, 2005). (Source: Gerolamo et al. (2014), Quality
Management: How do Brazilian Companies use it?, Procedia - Social and
Behavioral Sciences 143 ( 2014 ) 995 – 1000)
3a. Using examples
from manufacturing industry, explain any two management concepts and principles
(soft practices) related to TQM.
3b. Using examples
from manufacturing industry, explain any two tools or techniques for continuous
improvement (hard elements) related to TQM.
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