In October 2003, Neha Kapoor, a recent MBA graduate and newly appointed assistant to the Financial Controller of Palco Ltd, was given a list of six new investment projects proposed for the following year.
In October 2003, Neha Kapoor, a recent MBA graduate and newly appointed assistant to the Financial Controller of Palco Ltd, was given a list of six new investment projects proposed for the following year.
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Finance Management
Attempt
any Four cases
CASE : 01
COOKING LPG LTD
DETERMINATION OF WORKING CAPTIAL
Introduction
Cooking LPG Ltd, Gurgaon, is a
private sector firm dealing in the bottling and supply of domestic LPG for
household consumption since 1995. The firm has a network of distributors in the
districts of Gurgaon and Faridabad. The bottling plant of the firm is located
on National Highway – 8 (New Delhi – Jaipur), approx. 12 kms from Gurgaon. The firm has been consistently performing
we.” and plans to expand its market to
include the whole National Capital Region.
The production process of the plant consists of receipt of the
bulk LPG through tank trucks, storage in tanks, bottling operations and
distribution to dealers. During the
bottling process, the cylinders are subjected to pressurized filling of LPG
followed by quality control and safety checks such as weight, leakage and other
defects. The cylinders passing through
this process are sealed and dispatched to dealers through trucks. The supply and distribution section of the
plant prepares the invoice which goes along with the truck to the distributor.
Statement of the Problem :
Mr. I. M. Smart, DGM(Finance)
of the company, was analyzing the financial performance of the company during
the current year. The various
profitability ratios and parameters of the company indicated a very
satisfactory performance. Still, Mr.
Smart was not fully content-specially with the management of the working
capital by the company. He could recall
that during the past year, in spite of stable demand pattern, they had to, time
and again, resort to bank overdrafts due to non-availability of cash for making
various payments. He is aware that such
aberrations in the finances have a cost and adversely affects the performance
of the company. However, he was unable
to pinpoint the cause of the problem.
He discussed the problem with Mr. U.R. Keenkumar, the new
manager (Finance). After critically
examining the details, Mr. Keenkumar realized that the working capital was
hitherto estimated only as approximation by some rule of thumb without any
proper computation based on sound financial policies and, therefore, suggested
a reworking of the working capital (WC) requirement. Mr. Smart assigned the task of determination
of WC to him.
Profile of Cooking LPG Ltd.
1) Purchases : The company purchases LPG
in bulk from various importers ex-Mumbai and Kandla, @ Rs. 11,000 per MT. This is transported to its Bottling Plant at
Gurgaon through 15 MT capacity tank trucks (called bullets), hired on annual
contract basis. The average transportation
cost per bullet ex-either location is Rs. 30,000. Normally, 2 bullets per day are received at
the plant. The company make payments for
bulk supplies once in a month, resulting in average time-lag of 15 days.
2) Storage and Bottling : The bulk storage
capacity at the plant is 150 MT (2 x 75 MT storage tanks) and the plant is capable of filling 30 MT LPG
in cylinders per day. The plant operates
for 25 days per month on an average. The
desired level of inventory at various stages is as under.
·
LPG in
bulk (tanks and pipeline quantity in the plant) – three days average production
/ sales.
·
Filled
Cylinders – 2 days average sales.
·
Work-in
Process inventory – zero.
3) Marketing : The LPG is supplied by the
company in 12 kg cylinders, invoiced @ Rs. 250 per cylinder. The rate of applicable sales tax on the
invoice is 4 per cent. A commission of
Rs. 15 per cylinder is paid to the distributor on the invoice itself. The filled cylinders are delivered on
company’s expense at the distributor’s godown, in exchange of equal number of
empty cylinders. The deliveries are made
in truck-loads only, the capacity of each truck being 250 cylinders. The distributors are required to pay for
deliveries through bank draft. On
receipt of the draft, the cylinders are normally dispatched on the same
day. However, for every truck purchased
on pre-paid basis, the company extends a credit of 7 days to the distributors
on one truck-load.
4) Salaries and Wages : The following
payments are made :
- Direct labour – Re. 0.75 per cylinder
(Bottling expenses) – paid on last day of the month.
- Security agency – Rs. 30,000 per month
paid on 10th of subsequent month.
- Administrative staff and managers –
Rs. 3.75 lakh per annum, paid on monthly basis on the last working day.
5) Overheads :
- Administrative (staff, car,
communication etc) – Rs. 25,000 per month – paid on the 10th of
subsequent month.
- Power (including on DG set) – Rs.
1,00,000 per month paid on the 7th Subsequent month.
- Renewal of various licenses
(pollution, factory, labour CCE etc.) – Rs. 15,000 per annum paid at the
beginning of the year.
- Insurance – Rs. 5,00,000 per annum to
be paid at the beginning of the year.
- Housekeeping etc – Rs. 10,000 per
month paid on the 10th of the subsequent month.
- Regular maintenance of plant – Rs.
50,000 per month paid on the 10th of every month to the
vendors. This includes expenditure
on account of lubricants, spares and other stores.
- Regular maintenance of cylinders
(statutory testing) – Rs. 5 lakh per annum – paid on monthly basis on the
15th of the subsequent month.
- All transportation charges as per
contracts – paid on the 10th subsequent month.
- Sales tax as per applicable rates is
deposited on the 7th of the subsequent month.
6) Sales : Average sales are 2,500 cylinders per
day during the year. However, during the
winter months (December to February), there is an incremental demand of 20 per
cent.
7) Average Inventories : The average stocks
maintained by the company as per its policy guidelines :
- Consumables (caps, ceiling material,
valves etc) – Rs. 2 lakh. This
amounts to 15 days consumption.
- Maintenance spares – Rs. 1 lakh
- Lubricants – Rs. 20,000
- Diesel (for DG sets and fire engines)
– Rs. 15,000
- Other stores (stationary, safety items)
– Rs. 20,000
8) Minimum cash balance including bank balance required is Rs. 5
lakh.
9) Additional Information for Calculating Incremental Working
Capital During Winter.
- No increase in any inventories take
place except in the inventory of bulk LPG, which increases in the same
proportion as the increase of the demand.
The actual requirements of LPG
for additional supplies are procured under the same terms and
conditions from the suppliers.
- The labour cost for additional
production is paid at double the rate during wintes.
- No changes in other administrative
overheads.
- The expenditure on power consumption
during winter increased by 10 per cent.
However, during other months the power consumption remains the same
as the decrease owing to reduced production is offset by increased
consumption on account of compressors /Acs.
- Additional amount of Rs. 3 lakh is kept
as cash balance to meet exigencies during winter.
- No change in time schedules for any
payables / receivables.
- The storage of finished goods inventory
is restricted to a maximum 5,000 cylinders due to statutory
requirements.
Questions
Suppose
you are Mr.Keen Kumar, the new
manager. What steps will you take for the
growth of Cooking LPG Ltd.?
CASE : 2
M/S HI-TECH ELECTRONICS
M/s. Hi – tech Electronics, a
consumer electronics outlet, was opened two years ago in Dwarka, New Delhi.
Hard work and personal attention shown by the proprietor, Mr. Sony, has brought
success. However, because of insufficient
funds to finance credit sales, the outlet accepted only cash and bank credit
cards. Mr. Sony is now considering a new
policy of offering installment sales on terms of 25 per cent down payment and
25 per cent per month for three months as well as continuing to accept cash and
bank credit cards.
Mr. Sony feels this policy will boost sales by 50
percent. All the increases in sales
will be credit sales. But to follow through a new policy, he will
need a bank loan at the rate of 12 percent.
The sales projections for this year without the new policy are given in
Exhibit 1.
Exhibit 1 Sales Projections and
Fixed costs
|
Month
|
Projected sales without
instalment option
|
Projected sales with
instalment option
|
|
January
|
Rs. 6,00,000
|
Rs. 9,00,000
|
|
February
|
4,00,000
|
6,00,000
|
|
March
|
3,00,000
|
4,50,000
|
|
April
|
2,00,000
|
3,00,000
|
|
May
|
2,00,000
|
3,00,000
|
|
June
|
1,50,000
|
2,25,000
|
|
July
|
1,50,000
|
2,25,000
|
|
August
|
2,00,000
|
3,00,000
|
|
September
|
3,00,000
|
4,50,000
|
|
October
|
5,00,000
|
7,50,000
|
|
November
|
5,00,000
|
15,00,000
|
|
December
|
8,00,000
|
12,00,000
|
|
Total Sales
|
48,00,000
|
72,00,000
|
|
Fixed cost
|
2,40,000
|
2,40,000
|
He further expects 26.67 per cent of
the sales to be cash, 40 per cent bank credit card sales on which a 2 per cent
fee is paid, and 33.33 per cent on instalment sales. Also, for short term seasonal requirements,
the film takes loan from chit fund to which Mr. Sony subscribes @ 1.8 per cent
per month.
Their success has been due to their policy of selling at
discount price. The purchase per unit is
90 per cent of selling price. The fixed
costs are Rs. 20,000 per month. The
proprietor believes that the new policy will increase miscellaneous cost by Rs.
25,000.
The business being cyclical in nature, the working capital
finance is done on trade – off basis. The proprietor feels that the new policy will
lead to bad debts of 1 per cent.
Questions
(a) As
a financial consultant, advise the proprietor whether he should go for the
extension of credit facilities.
(b) Also
prepare cash budget for one year of operation of the firm, ignoring
interest. The minimum desired cash
balance & Rs. 30,000, which is also the amount the firm has on January
1. Borrowings are possible which are
made at the beginning of a month and repaid at the end when cash is available.
CASE : 3
SMOOTHDRIVE TYRE LTD
Smoothdrive
Tyre Ltd manufacturers tyres under the brand name “Super Tread’ for the
domestic car market. It is presently
using 7 machines acquired 3 years ago at a cost of Rs. 15 lakh each having a
useful life of 7 years, with no salvage value.
After extensive research and development, Smoothdrive Tyre Ltd
has recently developed a new tyre, the ‘Hyper Tread’ and must decide whether to
make the investments necessary to produce and market the Hyper Tread. The Hyper Tread would be ideal for drivers
doing a large amount of wet weather and off road driving in addition to normal
highway usage. The research and
development costs so far total Rs. 1,00,00,000.
The Hyper Tread would be put on the market beginning this year and
Smoothdrive Tyrs expects it to stay on the market for a total of three years.
Test marketing costing Rs. 50,00,000, shows that there is significant market
for a Hyper Tread type tyre.
As a
financial analyst at Smoothdrive Tyre, Mr. Mani asked by the Chief Financial
Officer (CFO), Mr. Tyrewala to evaluate the Hyper-Tread project and to provide
a recommendation or whether or not to proceed with the investment. He has been informed that all previous
investments in the Hyper Tread project are sunk costs are only future cash
flows should be considered. Except for
the initial investments, which occur immediately, assume all cash flows occur
at the year-end.
Smoothedrive Tyre must initially invest Rs. 72,00,00,000 in
production equipments to make the Hyper Tread.
They would be depreciated at a rate of 25 per cent as per the written
down value (WDV) method for tax purposes.
The new production equipments will allow the company to follow flexible
manufacturing technique, that is both the brands of tyres can be produced using
the same equipments. The equipments is
expected to have a 7-year useful life and can be sold for Rs. 10,00,000 during
the fourth year. The company does not
have any other machines in the block
of 25 per cent depreciation. The
existing machines can be sold off at Rs. 8 lakh per machine with an estimated
removal cost of one machine for Rs. 50,000.
Operating Requirements
The operating requirements of
the existing machines and the new equipment are detailed in Exhibits 11.1 and
11.2 respectively.
- Labour costs (expected to increase 10
per cent annually to account for inflation) :
(a)
20 unskilled labour @ Rs. 4,000 per month
(b)
20 skilled personnel @ Rs. 6,000 per month.
(c)
2 supervising executives @ Rs. 7,000 per month.
(d)
2 maintenance personnel @ Rs. 5,000 per month.
·
Maintenance
cost :
Years
1-5 : Rs. 25 lakh
Years
6-7 : Rs. 65 lakh
- Operating expenses : Rs. 50 lakh
expected to increase at 5 per cent annually.
- Insurance cost / premium :
Year 1
: 2 per cent of the original cost of machine
After
year 1 : Discounted by 10 per cent.
- Savings in cost of utilities : Rs. 2.5
lakh
- Maintenance costs :
Year 1
– 2 : Rs. 8 lakh
Year 3
– 4 : Rs. 30 lakh
- Labour costs :
9
skilled personnel @ Rs. 7,000 per month
1
maintenance personnel @ Rs. 7,000 per month.
- Cost of retrenchment of 34 personnel
: (20 unskilled, 11 skilled, 2 supervisors and 1 maintenance personnel) :
Rs. 9,90,000, that is equivalent to six months salary.
- Insurance premium
Year 1
: 2 per cent of the purchase cost of machine
After
year 1 : Discounted by 10 per cent.
The opening expenses do not
change to any considerable extent for the new equipment and the difference is
negligible compared to the scale of operations.
Smoothdrive Tyre intends to
sell Hyper Tread of two distinct markets :
1. The original equipment manufacturer
(OEM) market : The OEM market consists primarily of the large automobile
companies who buy tyres for new cars. In
the OEM market, the Hyper Tread is expected to sell for Rs. 1,200 per tyre. The
variable cost to produce each Hyper Tread is Rs. 600.
2. The replacement market : The
replacement market consists of all tyres purchased after the automobile has
left the factory. This markets allows
higher margins and Smoothdrive Tyre expects to sell the Hyper Tread for Rs.
1.500 per tyre. The variable costs are
the same as in the OEM market.
Smoothdrive Tyre expects to raise
prices by 1 percent above the inflation rate.
The variable costs will also
increase by 1 per cent above the
inflation rate. In addition, the
Hyper Tread project will incur Rs. 2,50,000 in marketing and general
administration cost in the first year which are expected to increase at the
inflation rate in subsequent years.
Smoothdrive Tyre’s corporate tax rate is 35 per cent. Annual inflation is expected to remain
constant at 3.25 per cent. Smoothdrive
Tyre uses a 15 per cent discount rate to evaluate new product decisions.
The Tyre Market
Automotive industry analysts
expect automobile manufacturers to have a production of 4,00,000 new cars this
year and growth in production at 2.5 per year onwards. Each new car needs four new tyres (the spare
tyres are undersized and fall in a different category) Smoothdrive Tyre expects
the Hyper Tread to capture an 11 per
cent share of the OEM market.
The industry analysts estimate that the replacement tyre
market size will be one crore this year and that it would grow at 2 per cent
annually. Smoothdrive Tyre expects the
Hyper Tread to capture an 8 per cent market share.
You also decide to consider net working capital (NWC)
requirements in this scenario. The net
working capital requirement will be 15 per cent of sales. Assume that the level of working capital is
adjusted at the beginning of the year in relation to the expected sales for the
year. The working capital is to be
liquidated at par, barring an estimated loss of Rs. 1.5 crore on account of bad
debt. The bad debt will be a tax-deductible expenses.
 |
| In October 2003, Neha Kapoor, a recent MBA graduate and newly appointed assistant to the Financial Controller of Palco Ltd, was given a list of six new investment projects proposed for the following year. |
Questions
As a finance analyst, prepare a report for submission to the
CFO and the Board of Directors, explaining to them the feasibility of the new
investment.
CASE : 4
COMPUTATION OF COST OF CAPITAL OF PALCO
LTD
In October 2003, Neha Kapoor, a
recent MBA graduate and newly appointed assistant to the Financial Controller
of Palco Ltd, was given a list of six new investment projects proposed for the
following year. It was her job to
analyse these projects and to present her findings before the Board of Directors
at its annual meeting to be held in 10 days.
The new project would require an investment of Rs. 2.4 crore.
Palco Ltd was founded in 1965
by Late Shri A. V. Sinha. It gained recognition as a leading producer of high
quality aluminum, with the majority of its sales being made to Japan. During the rapid economic expansion of Japan
in the 1970s, demand for aluminum boomed, and palco’s sales grew rapidly. As a result of this rapid growth and
recognition of new opportunities in the energy market, Palco began to diversify
its products line. While retaining its
emphasis on aluminum production, it expanded operations to include uranium
mining and the production of electric generators, and finally, it went into all
phases of energy production. By 2003,
Palco’s sales had reached Rs. 14 crore level, with net profit after taxes
attaining a record of Rs. 67 lakh.
As Palco expanded its products line in the early 1990s, it
also formalized its caital budgeting procedure.
Until 1992, capital investment projects were selected primarily on the
basis of the average return on investment calculations, with individual
departments submitting these calculations for projects falling within their
division. In 1996, this procedure was replaced
by one using present value as the decision
making criterion. This change was made to incorporate cash flows rather
than accounting profits into the decision making analysis, in addition to
adjusting these flows for the time value of money. At the time, the cost of capital for Palco
was determined to be 12 per cent, which has been used as the discount rate for
the past 5 years. This rate was
determined by taking a weighted average
cost Palco had incurred in raising funds from the capital market over the
previous 10 years.
It had originally been Neha’s assignment to update this rate
over the most recent 10-year period and determine the net present value of all
the proposed investment opportunities using this newly calculated figure. However, she objected to this procedure,
stating that while this calculation gave a good estimate of “the past cost” of
capital, changing interest rates and stock prices made this calculation of
little value in the present. Neha
suggested that current cost of raising funds in the capital market be weighted by
their percentage mark-up of the capital structure. This proposal was received enthusiastically
by the Financial Controller of the Palco, and Neha was given the assignment of
recalculating Palco’s cost of capital and providing a written report for the Board
of Directors explaining and justifying this calculation.
To determine a weighted average cost of capital for Palco, it
was necessary for Neha to examine the cost associated with each source of
funding used. In the past, the largest
sources of funding had been the issuance of new equity shares and internally
generated funds. Through conversations
with Financial Controller and other members of the Board of Directors, Neha
learnt that the firm, in fact, wished to maintain its current financial structure
as shown in Exhibit 1.
Exhibit 1 Palco Ltd Balance
Sheet for Year Ending March 31, 2003
|
Assets
|
Liabilities and Equity
|
||
|
Cash
Accounts receivable
Inventories
Total current assets
Net fixed assets
Goodwill
Total assets
|
Rs. 90,00,000
3,10,00,000
1,20,00,000
5,20,00,000
19,30,00,000
70,00,000
25,20,00,000
|
Accounts payable
Short-term debt
Accrued taxes
Total current liabilities
Long-term debt
Preference shares
Retained earnings
Equity shares
Total liabilities and equity shareholders fund
|
Rs. 8,50,000
1,00,000
11,50,000
1,20,00,000
7,20,00,000
4,80,00,000
1,00,00,000
11,00,000
25,20,00,000
|
She further determined that the
strong growth patterns that Palco had exhibited over the last ten years were
expected to continue indefinitely because of the dwindling supply of US and
Japanese domestic oil and the growing importance of other alternative energy
resources. Through further
investigations, Neha learnt that Palco could issue additional equity share,
which had a par value of Rs. 25 pre share and were selling at a current market
price of Rs. 45. The expected dividend
for the next period would be Rs. 4.4 per share, with expected growth at a rate
of 8 percent per year for the foreseeable future. The flotation cost is expected to be on an
average Rs. 2 per share.
Preference shares at 11 per cent with 10 years maturity could
also be issued with the help of an investment banker with an investment banker
with a per value of Rs. 100 per share to be redeemed at par. This issue would involve flotation cost of 5
per cent.
Finally, Neha learnt that it would be possible for Palco to
raise an additional Rs. 20 lakh through a 7 – year loan from Punjab National
Bank at 12 per cent. Any amount raised
over Rs. 20 lakh would cost 14 per cent.
Short-term debt has always been usesd by Palco to meet working capital
requirements and as Palco grows, it is expected to maintain its proportion in
the capital structure to support capital expansion. Also, Rs. 60 lakh could be raised through a
bond issue with 10 years maturity with a 11 percent coupon at the face value. If it becomes necessary to raise more funds via
long-term debt, Rs. 30 lakh more could be accumulated through the issuance of
additional 10-year bonds sold at the face value, with the coupon rate raised to
12 per cent, while any additional funds raised via long-term debt would
necessarily have a 10 – year maturity with a 14 per cent coupon yield. The flotation cost of issue is expected to be
5 per cent. The issue price of bond
would be Rs. 100 to be redeemed at par.
In the past, Palco had calculated a weighted average of these
sources of funds to determine its cost of capital. In discussion with the current Financial
Controller, the point was raised that while this served as an appropriate
calculation for external funds, it did not take into account the cost of
internally generated funds. The Financial
Controller agreed that there should be some cost associated with retained
earnings and need to be incorporated in the calculations but didn’t have any
clue as to what should be the cost.
Palco Ltd is subjected to the corporate tax rate of 40 per cent.
Questions
From the facts outlined
above, what report would Neha submit to the Board of Directors of palco Ltd
?
CASE : 5
ARQ LTD
ARQ Ltd is an Indian company
based in Greater Noida, which manufactures packaging materials for food
items. The company maintains a present
fleet of five fiat cars and two Contessa Classic cars for its chairman, general
manager and five senior managers. The
book value of the seven cars is Rs. 20,00,000 and their market value is
estimated at Rs. 15,00,000. All the cars
fall under the same block of depreciation @ 25 per cent.
A German multinational company (MNC) BYR Ltd, has acquired ARQ
Ltd in all cash deal. The merged company
called BYR India Ltd is proposing to expand the manufacturing capacity by four
folds and the organization structure is reorganized from top to bottom. The German MNC has the policy of providing
transport facility to all senior executives (22) of the company because the
manufacturing plant at Greater Noida was more than 10 kms outside Delhi where
most of the executives were staying.
Prices of the cars to be
provided to the Executives have been as follows :
|
Manager (10)
|
Santro King
|
Rs. 3,75,000
|
|
DGM and GM (5)
|
Honda City
|
6,75,000
|
|
Director (5)
|
Toyota Corolla
|
9,25,000
|
|
Managing Director (1)
|
Sonata Gold
|
13,50,000
|
|
Chairman (1)
|
Mercedes benz
|
23,50,000
|
The company is evaluating two
options for providing these cars to executives
Option 1 : The company will buy
the cars and pay the executives fuel expenses, maintenance expenses, driver
allowance and insurance (at the year – end).
In such case, the ownership of the car will lie with the company. The details of the proposed allowances and
expenditures to be paid are as follows :
a) Fuel expense and maintenance Allowances per month
|
Particulars
|
Fuel expenses
|
Maintenance allowance
|
|
Manager
DGM and GM
Director
Managing Director
Chairman
|
Rs. 2,500
5,000
7,500
12,000
18,000
|
Rs. 1,000
1,200
1,800
3,000
4,000
|
b) Driver Allowance : Rs. 4,000 per month
(Only Chairman, Managing Director and Directors are eligible for driver
allowance.)
c) Insurance cost : 1 per cent of the cost
of the car.
The useful life for the cars is assumed to be five years after
which they can be sold at 20 per cent salvage value. All the cars fall under the same block of
depreciation @ 25 per cent using written down method of depreciation. The company will have to borrow to finance
the purchase from a bank with interest at 14 per cent repayable in five annual
equal instalments payable at the end of the year.
Option 2 : ORIX, The fleet
management company has offered the 22 cars of the same make at lease for the
period of five years. The monthly lease
rentals for the cars are as follows (assuming that the total of monthly lease
rentals for the whole year are paid at the end of each year.
Santro Xing Rs. 9,125
Honda City 16,325
Toyota Corolla 27,175
Sonata Gold 39,250
Mercedes Benz 61,250
Under this lease agreement the leasing company, ORIX will pay
for the fuel, maintenance and driver expenses for all the cars. The lessor will claim the depreciation on the
cars and the lessee will claim the lease rentals against the taxable income. BYR India Ltd will have to hire fulltime
supervisor (at monthly salary of Rs. 15,000 per month) to manage the fleet of
cars hired on lease. The company will
have to bear additional miscellaneous expense of Rs. 5,000 per month for
providing him the PC, mobioe phone and so on.
The company’s effective tax rate is 40 per cent and its cost
of capital is 15 per cent.
Questions
Analyse
the financial viability of the two options.
Which option would you recommend ?
Why ?
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