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A few of the Essay and Assignment tackled on Finance
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| | A comparative study on Structure & Framework of Australian & Japanese equity markets | | | The Australian equity market increased sharply over the last quarter in 2006 (Permanent Australian Equity Fund 2006). Its return by September was a substantial 24%. However, the overall investment market in Australia experienced significant volatility over the last two months of the present year. The Reserve Bank of Australia cut the target cash rate by 0.25% in September (Legg Mason Growth Trust 2008). During this period, the Australian shares fell by 10.4%. Till 1997, the pace of Japanese financial market reform has generally been slower than that of other industrialized countries such as the UK and the US. There was no major reform implemented in the Tokyo Stock Exchange until 1990s. Consequently, Tokyo’s share of the global equity market was shrinking more and more. Some of the significant characteristic features of Japanese economy are - low tax rates, plenty of economic freedom, and an economic system dominated by the public sector. | |  |
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| | Analysis of the famous Babycare case study | | | Chris Mumford, Chief Financial Officer of Babycare Ltd and Chief Executive Officer Matthew Estes , the two executives were seeking $2-$3 million of expansion capital to fund the first major wave of new center openings in large cities throughout China. Babycare Ltd has got a novel business model but it is still in its early years of operations. The company is running on sound business model which tailor made with the emerging markets of China. But to expand the operations of business & to have more retail outlets at various centers, the top two executive are trying to convince many private equity firms & venture capitalist firms to fund their company. They have got very impressive financial statements with increasing sales & profit margins year after year. They have been offered certain investments from various angel investors & other investment companies but the valuation with the desired funds to be raised are not appropriate. Currently they are dealing with Franklin Templeton Investments, a potential third-round investor. The partner spearheading the Templeton team was Choong-Huei Seow. Who is yet to be convinced over the low working capital requirement, zero cash receivables & top-line revenue estimates derived from average sales per salesperson and growth in salespeople rather than customer additions and purchase rates business model of the company introduced by Estes & mudford. Baby care Ltd is following a hybrid of direct marketing & multi level marketing strategy with internal distribution system. They have implemented advanced technology using oracle’s ERP in the business model to enhance the control on distribution system.
Babycare is playing high on emotional front. They have their team of customer representatives of mothers who are the best sales force for a product like Babycare which would also help in face to face interaction with the customer, building stronger & long term relationship with the customer. Babycare Ltd has got healthy financial statements with sales, net income, gross income increasing year after year. They have diversified into many new markets. Currently they are facing fund raising problems because the company’s top management is looking for expansion with a perception of very high prospects for their product in the emerging market like China. But in this competitive world they are feeling the heat of it & having a tough time in negotiating with the deals with numerous venture capitalist companies, private equity firms. They do not want to dilute the hold of the management & they too think that it would too early for Babycare Ltd to jump into becoming a public Ltd by coming up with an initial public offer (IPO).
So for now they have been in negotiation with an investment company Franklin Templeton & hoping to raise funds around $2-$3 million with appropriate valuations of the company.
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| | Analysis of the sample property project developed by Home Port Property in Melbourne central business district | | | There are many reasons as to why one invests in property. The reasons could be emotional such as to feel secure, settled in life, a feeling of ownership without the worries of paying rent etc. The reasons could be financial too. Property is regarded as low risk investment as compared to investing in share market, mutual funds etc. Value of property keeps appreciating with time bearing the current recession when property value is decreasing. Property value is expected to rise once the recession is over. When a property is purchased as investment, it is important make a risk analysis. It is also important to make cash flow analysis to find out as to whether the investment justifies the income generated from lease or rent. Net present value and internal rate of return calculated from cash flow analysis help the investor to decide as to whether to go in for the investment or not. The sample property project developed by Home Port Property in Melbourne central business district proves a safe investment for the investor since internal rate of return is greater than the discount rate and net present value is positive. The report gives a go ahead signal to the investor with his decision of investing in Home Port Property off plan apartments. | | |
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| | Answer to Finance related questions | | | • Discuss the desirable characteristics of a valuation model.
• After you have constructed a structured fixed income portfolio, it may be possible over time to improve on the initial optimal portfolio while continuing to meet the primary goal. Assuming no change in objective discuss with examples market conditions that would be considered favorable for a restructuring.
• Discuss the attraction of investment in Timberland.
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| | Answers to Business accounting related questions | | | N.A | | |
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| | Answers to Finance related questions | | | N.A | | |
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| | Article on Sensitivity analysis of Top Rank product | | | You have been approached to write an article of not more than 2,000 words for the Australian CPA (the journal of CPA Australia), to give their readers (mostly busy professional accountants) a brief and non-technical evaluation of the TopRank product. You should: introduce sensitivity analysis in general; briefly describe the feature that allows it to be performed within standard Excel and identify the limitations of this feature; discuss the need for an “add-in” product such as TopRank; describe the product in terms of what it can/cannot do; briefly discuss arguments for and against using the product; and identify who would use the product and give examples of what type of application they would use it for. | | |
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| | Assignment on Fair value accounting | | | International Accounting Standard Board (IASB) is based in London, U.K & Financial Accounting Standard Board (FASB), U.S. It operates specifically in the field of modern accounting era. It offers a range of new accounting techniques to come across over the problem in which we stuck frequently.
This letter sets out the ASB’s comments on the discussion paper as of September, 2006. The objective of the project is to define fair value more clearly and to provide guidance on measuring fair value when its use is required by another standard. The project is not intended to require additional fair value measurements or to increase the use of fair value in IFRSs & the how much the definition is consistent that an assets & liabilities are Fair Value measurement with an exit price defined in SFAS 157. The IASB recognized the need for consistent guidance on measuring fair value in IFRSs and for convergence with US GAAP.
At this meeting the Board continued its discussions of the provisions of SFAS 157 and the issues and questions to be included in the invitation to comment. The ASB does not therefore support the proposition that market based exitprices are the most appropriate measure of fair value for all assets and liabilities to be reported in financial statements. We would encourage the IASB to undertake further research on the subject before its application to standards.
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| | Assignment on Portfolio management for investors | | | The purpose of this report is to show how the 100 million dollars invested as trainees at Brown Investment have performed over 8 weeks period from 17th March 2006 till 12 May 2006. This report consists of three segments. The first part of report refers to the investment policy of the current portfolio. Under the investment policy, the strategy of the current portfolio is to maximize shareholder return through the strategy of total return with main emphasis on capital appreciation. The second part of the report refers to various methods used to select the shares in which the given $100 million dollars is to be invested. Various methods were used to select the shares, such as expected return, standard deviation, coefficient of correlation, beta, and variance. The securities chosen are Alinta, BHP Billiton, Caltex, James Hardie, David Jones, Agro Investment, and Macquire Bank. The third part of the report refers to the evaluation of the performance of the current portfolio. To measure the performance of the current portfolio, treynor’s and sharpe method were used to calculate the ratio. Also the yield rate for the portfolio and market(S&P/ASX200) were calculated to compare whether the current portfolio has outperformed the current portfolio is not. | | |
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| | Assignment on Working Capital management | | | Management Accounting is transforming into a powerful management tool to analyze the information to facilitate the process of effectively controlling the operations and decision making. These Management Accounting approaches and techniques are important for accomplishing the process of budgeting and planning via financial analysis and planning. Analytical skills and tools are required for financial statement analysis in assessing the companies’ financial position and performance. These are particularly beneficial for forecasting cash flows which is required for appraisal of capital projects and decide on the on viability of investment. | | |
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| | Dividend Policy Analysis of four companies from UK – Tesco, Sainsbury, Shell & BP | | | An empirical investigation is conducted on four UK companies representing two different industries (i.e. Retail – Tesco and Sainsbury, Oil & Gas – Royal Dutch Shell and B.P.) to analyze their dividend setting behavior. A correlation and multiple variable regression analysis is then conducted on these companies financials. The observed results support published studies in literature on dividend setting behavior. They show the influence of socio-economic factors and signaling power of dividend policies by showing greater stability in DPS than that warranted changes in the net profits and earnings of the company. In addition, it is seen that the single most important factor influencing the level of dividend paid is the earnings of the corresponding period. Other factors impacting dividend setting behavior are the net profits, past earnings and dividends, size of the firm and size of long term liabilities. | | |
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| | Finance analysis of Suncorp Metway Limited | | | This report identifies, analyzes and compares the results of Suncorp’s operating and financial performance with its competitors in the industry for the period 2004 - 2007. Three other chosen competitors include Commonwealth Bank, National Australian Bank (NAB), and Australia and New Zealand Bank (ANZ), as they have the same business background and scales. Using the various calculations of ratio results, this report provides a short analysis for shareholders, advising whether they should maintain, increase, or reduce their investment | | |
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| | Finance case study analysis on Butler Lumber Company | | | Butler Lumber Company, a growing profitable business has exhausted its credit limit and the key issues facing it are: a) Need for additional funds to expand b) Improve cash flexibility c) Need to consolidate debt. The Methodology adopted for case analysis is qualitative and quantitative in nature. SWOT analysis and Ratio analysis has been done to determine the financial position of BLC. It was found that though there are liquidity issues but BLC still has bright prospects considering the growing industry and target market i.e. the repairs market. Two scenarios have been evaluated. Scenario A: BLC does not opt for additional debt financing: Assuming BLC achieves sales of $ 3.6 Million, the projected income statement for December 31, 1991 shows Net Income of $58,000 and the projected Balance Sheet shows $ 69,000 available after meeting short term requirements for the year. Therefore it is a profitable business even without additional funding. Scenario B: BLC opts for additional debt financing: BLC will have more liquidity and can prepare for anticipated expansion. Debt consolidation is possible. Higher level of ownership can be maintained and BLC will get a lower interest rate. The risk is that the company will become highly leveraged and may fall into a debt trap. After evaluating the pros and cons, Scenario B is recommended as Mr. Butler needs a larger credit line of $378000 to expand and consolidate. From Mr. Dodge’s point of view, the loan should be approved based on anticipated sales, profitability and financial projections but must be backed by collateral and a check on Inventory turnover and Days Sales Outstanding must be applicable. | | |
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| | Finance consultancy assignment | | | This paper provides solution to the following assignment description –
You are into the practice of Financial Consultancy for last two years. A number of prospective individual investors approach you for investment advice & consultancy. However, very few of them get converted into actual investors. You are analyzing the reasons for such lukewarm response of the individuals. You want to expand the client base with a view to become a well known Investment Advisor & Financial Consultant in next 2 years.
You are required to carry out a SWOT Analysis covering the following aspects:
1. Analysis of investors’ psychology.
2. Reasons for poor response of individuals in last 2 years.
3. Comparative Analysis of Processes followed by other Financial Consultants.
4. Documentation required to be maintained for individual client (Confidential Client Profile).
5. Comment on what is your perception about Professional Approach in advising the client regarding Personal Financial Planning and maintaining Investment Portfolio.
6. Other services which could be offered to attract the new investors.
7. Challenges faced in this service sector & strategies to be adopted to face the same.
8. Give examples of 2 successful Financial Consultants whom you know, and also throw light on the factors responsible for their success story.
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| | Indepth Analysis of Asian Financial Crisis with Perspective of Thailand and Indonesia | | | The 1997-98 Asian Financial crises is considered as one of the biggest economic, financial and social shock after Great Depression where Asian countries like Thailand, Indonesia, Philippines, Malaysia and Korea got a major hit on their economies. Though, the ripples were felt in whole of the world.
The actual hit came on July, 2, 1997 with the terrible devaluation of Thai baht bringing down currencies, stock markets, and other assets in number of Asian countries; threatening their economies; and disrupted their financial and social system at large.
The booming and dizzying economies with rampant growth in Asian region over a decade suddenly turned into havoc with a buzz all around the world. The decade which was being witnessed by the economist with a ray of light was also criticised by few others such as Paul Krugmen etc. They sonorously marked it out there went amiss somewhere in the policies and financial returns behind this apparent hike in economies of scale but no one paid heed to it. Few years down the line the anticipation of pessimism from certain economist turned true and major setback in growth of economies turned pragmatic.
In this essay we will discuss the economies of two major affected nations-Thailand and Indonesia, amidst the back drop of financial crises and recovery process. This essay is an in-depth analysis into both the economies and how they got affected by the financial crises of 1997 and what all factors helped them to rejuvenate from the fierce meltdown in the economies.
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| | Potential Impacts of Basel 11 on Australian Banks | | | The purpose of this report is to investigate, analyse and discuss the likely impact on Australian banks if Pillar 1 of BASEL 11 is implemented. The impact of the capital adequacy requirements shall be explored using the Standard Approach to credit risk and the Basic Indicator Approach to operational risk. This report also highlights and takes into account, the changing regulatory environment in Australia. | | |
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| | Ratio analysis assignment on Dell | | | In this assignment, an attempt has been made to analyze the profitability and liquidity of Dell and on the basis of that credit and investment recommendations will be given. Hewlett-Packard (HP) has been found to be the closest competitor of Dell and various ratios have been calculated for HP to use as a benchmark for analyzing the financial position of Dell. | | |
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| | Report analysing the imment takeover of Southcorp by Fosters from a financial perspective | | | This report aims to apply the knowledge of the financial system and its major components (financial instruments, financial markets and financial institutions) to investigate, analyse and discuss the imminent takeover of Southcorp by Foster’s, which has been anticipated since the last four months and to study how it affects the domestic capital market. | | |
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| | Report on Credit risk management of Australian banks | | | The report focuses on; identifying credit risk faced by banks, structures and policies in place to manage credit risk, regulations imposed by APRA to limit credit risk and their effectiveness in protecting shareholders and depositors. The report will also identify the comments in the RBA paper that may have caused the concerns and finally report on Westpac’s credit quality and credit risk management systems and approach | | |
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| | Report on regularization of insurance industry in Australia | | | The insurance industry has gone through several changes as far as the regulations are concerned. Before the Second World War the insurance industry was very stable due to which the government intervention was the least, the industry was affected by Second World War which leads to more government interference and the industry was regulated. Later in 1981, the government appointed a committee to inquire into the regulation and control of the Australian financial system. As a result of the findings of this committee, deregulation took place. Life insurance companies, which were based on the mutual structure, started to demutualization in order to raise more capital. 17 years later, in 1998 Australian Prudential Regulatory Authority was formed to keep a check on the life insurance companies, as it was felt that some regulations were necessary. APRA is doing a lot of work in order to ensure that the insurance companies are doing their work properly | | |
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| | Report on should Australia introduce deposit insurance? | | | The purpose of this report is to investigate, analyse and discuss the likely impact on Australian banks with the introduction of deposit insurance. It also shows us that how APRA monitors the Australian banks through Australian Prudential Standards. | | |
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| | Report on the trade deal between ING Group and Macquarie bank and its likely financial aspects | | | This report highlights the issue of the trade deal between the ING Group and the Macquarie bank and its likely effects on the financial aspects of the market such as the financial instruments, institutions and markets. | | |
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| | Report outlining the Importance of Cash handling procedures, Cash flow budgeting and Capital budgeting for a small hospitality business | | | Hospitality sector has witnessed an increased innovation and competition lately. This process has only hastened more with the increased globalization. Hence, it becomes important for participants in the hospitality sector such as hotels and restaurants to manage themselves effectively. One of crucial aspect which is generally ignored by smaller players relates to financial planning and budgeting exercise. Budgeting is an important organizational exercise and involves making a detailed financial plan at organizational level. This is done so that organization can deal with any financial insecurity that might come on its way and for best use of its resources. This is done via three stages namely planning, execution through guidelines and finally control/review. The last step ensures that there is monitoring and comparison to evaluate if the results are desired. Budgeting exercise makes use of historical data points in case of an existing business for evaluating future trends. If this exercise is being conducted for a completely new business, it is known as Zero based budgeting. Budget exercise involves the top management including the liner managers who detail the cost and revenue estimation for their respective units. The decision making process may be from top to bottom if the senior management is dictating the process, while it is from bottom to up if this process is based on an enlarged role of line management giving the estimates.
Item based budget estimation is important since it focuses on operational expenses which are crucial in a managing a hotel. It accounts for sundry items such as salary, linen, add-on, and other miscellaneous expenses which are needed for providing the products and services. It requires input of line managers to arrive at these figures.
Capital budgeting within an organization involves decision regarding asset purchase such as machinery, maintenance and development of the premises. Ashley et al (2000) have surveyed the application of the capital budgeting practices in the hotel and hospitality sector. Collier et al (1995) and Parkinson (1995) have noticed that the hospitality sector have a large expenditure on fixed assets and the majority of it is not subject to obsolescence making capital budgeting exercise an important one. Robust cash management guidelines are also crucial for the effective running of any business unit. This includes details regarding managing cash, business day closure collection, policies for cash for expense usage etc. Last but not the least, cash flow is akin to blood circulation within an organization, and it is important to make sure that an effective cash management policy is operational. Understanding the cash flow cycle is important to manage the receivables and outgoing which is important for day to day running and survival.
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| | Sales forecasting methods, establishing budgets and targets – An overview of the relevancy of the theories/methods in the present scenario and their impact on the business | | | In any organization it is the sales/marketing force which directly comes in to contact with the customers/dealers and convey the description about the services/products which they are providing. For the sales force to work effectively and efficiently its necessary to set some targets which they have to achieve in the specific time. These targets are set considering the old sales data, present demand in certain segment, competitor’s market share and various other factors. For this there is need of effective sales forecasting for certain period of time to maintain balance between demand & supply. So it’s very necessary to evaluate all of the relevant data and information for future need. The present article focuses on the general background of the forecasting, sales target and budgeting and their importance in the successful marketing for any organization. The article contains the research based articles from different business journals and the views of the researchers for the further improvement if necessary in different segment of the industries. The article also depicts the relevancy of the traditional techniques/methods used and their appropriateness in present scenario and in the uncertainty of the changing markets. | | |
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| | Strategic procurement plan on a fictitious organization | | | The establishment and administration of procurement processes and practices for all goods and services purchased by Starline Tech World is handled by its Strategic Procurement Branch. The strategic procurement plan of Starline Tech World contains the following sections:
1. Procurement plan: It includes objectives to be achieved, how to meet them, monitor and report them, and finally how these achievements will be measured.
2. Procurement profile: It shows how much the company spends in different supply sectors in terms of value and risk.
3. Spend analysis: It identifies the high value purchases the organization is planning to undertake over the next five years.
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