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CONFIDENTIAL
BM/APR 2010/FIN420/540
UNIVERSITI TEKNOLOGI MARA
FINAL EXAMINATION
COURSE
COURSE CODE
EXAMINATION
TIME
FINANCIAL MANAGEMENT
FIN420/540
APRIL 2010
3 HOURS
INSTRUCTIONS TO C ANDIDATES
1 .
This question paper consists of seven (7) questions.
Answer five (5) questions in the Answer B ooklet. Start each answer on a new page.
.
3.
4.
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) the Ques tion Paper
ii) an An sw er Booklet - provided by the Faculty
iii) a two - page Appendix
DO NOT TURN T IS PAGE UNTIL YOU ARE TOLD TO DO SO
This examination paper consists of printed pages
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CONFIDENTIAL 2 BM/APR 2010/FIN420/540
QUESTION 1
Below are the financial statements for Ku ang B erhad for the financial years ending 2008 and
2009.
Kuang Berhad
Balance Sheet as at Dec. 31 , 2008 and 2009
Assets
Cash and cash equivalents
Accounts receivables
Inventories
Prepaid expenses
T^tal Current Assets
Property, Plant and Equipment
Less:
Ace. D epreciation
TOTAL ASSETS
Current Liabilities
Bank loans and notes payable
Accounts payable
Accrued taxes
Other accrued liabilities
T<ptal Current Liab ilities
Long Term Debt
Shareholder's Equity
Common stock, RM1 par value
Retained earnings
T6tal Shareholder's Equity
TpT AL LIABILITIES AND SHAREHOLDER'S
EQUITY
2008
RM'000
5,100
2,700
3 500
520
11,820
7 200
-100
18,920
400
700
845
1,200
3,145
3 500
10,000
2,275
12,275
18,920
2009
RM'000
6 725
3 400
3,100
600
13,825
7 700
-250
21,275
500
650
750
1,450
3 350
3 780
10,000
4,145
14,145
21,275
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3
BM/APR 2010/FIN420/540
Kuang Berhad
Income Statements for the year ending 31 Dec. 2008 and 2009
Sales
Cost of Goods Sold
Gross Profit
Operating Expenses:
Selling, Genera l and Adm inistration Expenses
Depreciation
Earnings Before Interest and Taxes
Interest
Earnings Before Taxes
Taxes
Earnings After Taxes
2008
RM'000
24,450
-9,780
14,670
-4,570
-100
10,000
-245
9 755
-4,704
5,051
2009
RM'000
25,640
-10,769
14,871
-4,301
-150
10,420
-264
10,156
-4,440
5,714
a) Com pute the following financial ratios for Kuang Berhad for the year 2008 and 2009 .
i)
ii)
iii)
iv)
v)
vi)
vii)
viii)
ix)
x)
Current ratio
Quick ratio
Inventory turnover
Average collection period
Debt-equity ratio
Times interest earned
Gross p rofit m argin
Net profit margin
Return on total assets
Return on eq uity
(12 marks)
b) Based on your answers in (a), analyze Kuang Berhad's financial situation in terms of
liquidity, activity, debt and profitability ratios.
(8 marks)
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BM/APR 2010/FIN420/540
QUESTION 2
a) Based on the financial statements of Kuang Berhad in Question 1, prepare a
statement of cash flow for the year ending 31 December 2009.
(10 marks)
b) The Finance Manager of Kuang Berhad would like to forecast the firm's financial
requirements for the year 2010.
Additional information:
• The accumu lated depreciation in 201 0 is expected to be RM 350.
• The firm decided that it will not increase its bank loans and notes payable,
long term debt and eq uity.
• The firm is currently operating at less than maximum capacity.
• The sales in 201 0 are expected to be RM27.000.
• The firm expects to maintain the ratios of net profit margin and dividend
payout ratio in 2009 .
Prepare a pro forma balance sheet of the company by using the percentage of sales
method based on all the information given and the information in the financial
statements in Question 1.
(10 marks)
QUESTION 3
a) Kampar Berhad has achieved sales for the first four months of 201 0 as follows:
Month
January
February
March
April
Actual Sales
75,000
80,000
78,000
90,000
Besides that, the firm has also projected its sales for the following four months of
May, June, July and August 201 0 as follows:
Month
May
June
July
August
Projected Sales
88,000
82,000
90,000
92,000
• Only 4 0 of sales are collected within the same month it is sold. Another
4 0 is collected in the following month a nd the balance in the third month.
• Cost of goods sold are 40 of sales. The company purchases raw materials
one month before the month it is sold. Payment is made equally in the month
of the p urchase and the m onth after.
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BM/APR 2010/FIN420/540
• Salaries are 50 of cost of goods sold. The amou nt is paid in full in the sa me
mon th it is incurred.
• Other fixed expenses which are all paid within the same mon th incurred are
rent RM1 0,000 and administration expenses RM1 5,000.
• Income taxes for the year are estimated at RM 20,000 and will be paid equally
in the months of June and December.
• The company's cash balance as of Apri l 201 0 was RM1 5.000 and a minimum
cash balance of RM10,000 must be maintained at all times.
You are required to prepare a cash budget for the months of May, June and July
2010.
(15 marks)
b) Explain any two (2) factors that affect the selection of investment in marketable
securities.
(5 marks)
QUESTION 4
a) Sweety Cake s Corporation orders and distributes ready-made cakes to local
bakeries all over Sarawak. They buy their cakes from a well-known bakery in
Indonesia. Cakes are ordered in lots that require quantities of 200 units per order,
and each order costs RM20 to make. Demand for cakes is 5,000 units per month and
the carrying cost is RM0.50 per cake.
i) Wh at is the econom ic order quantity for Sweety Cakes Corporation if the
cakes are ordered in lot sizes?
(3 marks)
ii) How many times would Sweety Cakes Corporation needs to place orders per
year?
(3 marks)
iii) Ca lculate the total inventory cost if Swee ty Cakes Corp oration orders at
optimum quantity.
(5 marks)
iv) W hat is the reorder point if Sweety Cakes Corporation needs five days
delivery time from its sup plier?
(3 marks)
b) Outline three (3) factors which will influence a firm's working capital strategies.
(6 marks)
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BM/APR 2010/FIN420/540
QUESTION 5
Below is the current capital structure for Johan B erhad:
Bon ds RM20 million
Preferred Shares RM1 5 million
Com mon Stock RM50 million
Currently the firm is planning to expand its operation to accommodate increasing market
dentiands. As a financial consultant, you are requ ested to review the thre e alternatives which
are given below:
• Issue bonds with a selling price of RM 1 ,200 at 9 interest annually. The bonds will
mature in 10 years and the issuance cost is RM35.
• Issue 7 preferred shares at RM95 per share with a par value of RM1 00. The
floatation cost is 8 of selling price.
• Issue comm on stock of RM5 per share with a dividend yield of 6 .
The company's growth rate is at 7 and tax rate is 30 . You are required to determine the
company's:
i) After tax cost of bond.
(5 marks)
ii) After tax cost of preferred stock.
(3 marks)
iii) After tax cost of equity.
(5 marks)
iv) Wh ich is the best source of financing would you recomm end to Johan Berhad?
(2 marks)
v) Wh at is the weighted average cost of capital (WACC ) for Johan Berhad if the firm
would like to maintain its current capital structure?
(5 marks)
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CONFIDENTIAL 7 BM/APR 2010/FIN420/540
QUESTION 6
a) Maju Berhad has recently been awarded a lucrative contract and needs an additional
RM25 million to finance the operations of the contract. It is currently deciding on
whether to finance the contract entirely with long term 8 bonds or raise comm on
stock which will be priced at RM25 per share. Currently the firm has no preferred
stock or debts but it has 1 million units of shares outstanding. The current tax rate is
30 .
i) Calculate the indifference level of EBIT associated with the two financing
plans.
(6 marks)
ii) W hich financing plan would you expect to cause the greatest change in EPS
relative to a change in EBIT?
(3 marks)
iii) If EBIT is expected to be RM5 million, calculate EPS for both plans. Wh ich
plan will result in a higher EPS?
(5 marks)
b) Raskach Berhad has a revolving credit agreement with Pertama Bank under which it
can borrow up to RM12 million. Raskach Berhad is required to maintain 10
comp ensating balance on loan amo unt. Interest on the borrowed funds is 12 and
the comm itment fee is 1.5 on the unused portion of the credit line. Find the
effective interest rate for R askach Berhad if the am ount borrowed is:
i) RM 7 million
(3 marks)
ii) RM 1 0 million
(3 marks)
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BM/APR 2010/FIN420/540
QUESTION 7
a) Sem adi Com pany is considering investing in either one of the two mutually exclusive
projects.
Year
0
1
2
3
4
5
Project A
(RM50,000)
20,000
20,000
20,000
20,000
20,000
Project B
(RM50.000)
40,000
30,000
30,000
-
-
The firm's average cost of capital is 1 0 .
i) Calculate the payback period for each project.
ii) Calcu late the net present value for each project.
iii) Calcu late the profitability index for both projects.
(4 marks)
(4 marks)
(4 marks)
iv) W hich project should Sem adi Company invest in? Justify your answer.
(4 marks)
b) List any two (2) factors that influence dividend policy.
(4 marks)
END OF QUESTION PAPER
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CONFIDENTIAL
APPENDIX 1
BM/APR 2010/FIN420/540
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