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CONFIDENTIAL

BM/APR 2010/FIN420/540

UNIVERSITI TEKNOLOGI MARA


FINAL EXAMINATION

COURSE

FINANCIAL MANAGEMENT

COURSE CODE

FIN420/540

EXAMINATION

APRIL 2010

TIME

3 HOURS

INSTRUCTIONS TO CANDIDATES
1.

This question paper consists of seven (7) questions.

2.

Answer five (5) questions in the Answer Booklet. Start each answer on a new page.

3.

Do not bring any material into the examination room unless permission is given by the
invigilator.

4.

Please check to make sure that this examination pack consists of:
i)
ii)
iii)

the Question Paper


an Answer Booklet - provided by the Faculty
a two - page Appendix

DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO


This examination paper consists of 8 printed pages
Hak Cipta Universiti Teknologi MARA

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BM/APR 2010/FIN420/540

QUESTION 1
Below are the financial statements for Kuang Berhad for the financial years ending 2008 and
2009.
Kuang Berhad
Balance Sheet as at Dec. 31, 2008 and 2009
2008
RM'000

2009
RM'000

Assets
Cash and cash equivalents
Accounts receivables
Inventories
Prepaid expenses
T^tal Current Assets

5,100
2,700
3,500
520
11,820

6,725
3,400
3,100
600
13,825

Property, Plant and Equipment


Less: Ace. Depreciation
TOTAL ASSETS

7,200
-100
18,920

7,700
-250
21,275

Current Liabilities
Bank loans and notes payable
Accounts payable
Accrued taxes
Other accrued liabilities
T<ptal Current Liabilities

400
700
845
1,200
3,145

500
650
750
1,450
3,350

3,500

3,780

10,000
2,275
12,275
18,920

10,000
4,145
14,145
21,275

Long Term Debt


Shareholder's Equity
Common stock, RM1 par value
Retained earnings
T6tal Shareholder's Equity
TpTAL LIABILITIES AND SHAREHOLDER'S
EQUITY

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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, General and Administration Expenses
Depreciation
Earnings Before Interest and Taxes
Interest
Earnings Before Taxes
Taxes
Earnings After Taxes

a)

2008
RM'000

2009
RM'000

24,450
-9,780
14,670

25,640
-10,769
14,871

-4,570
-100
10,000
-245
9,755
-4,704
5,051

-4,301
-150
10,420
-264
10,156
-4,440
5,714

Compute 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 profit margin
Net profit margin
Return on total assets
Return on equity
(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 accumulated depreciation in 2010 is expected to be RM350.

The firm decided that it will not increase its bank loans and notes payable,
long term debt and equity.

The firm is currently operating at less than maximum capacity.

The sales in 2010 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 2010 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 2010 as follows:
Month
May
June
July
August

Projected Sales
88,000
82,000
90,000
92,000

Only 40% of sales are collected within the same month it is sold. Another
40% is collected in the following month and 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 purchase and the month after.

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BM/APR 2010/FIN420/540

Salaries are 50% of cost of goods sold. The amount is paid in full in the same
month it is incurred.
Other fixed expenses which are all paid within the same month incurred are
rent RM10,000 and administration expenses RM15,000.
Income taxes for the year are estimated at RM20,000 and will be paid equally
in the months of June and December.
The company's cash balance as of April 2010 was RM15.000 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)

b)

Sweety Cakes 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)

What is the economic 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)

Calculate the total inventory cost if Sweety Cakes Corporation orders at


optimum quantity.
(5 marks)

iv)

What is the reorder point if Sweety Cakes Corporation needs five days
delivery time from its supplier?
(3 marks)

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 Berhad:
Bonds
Preferred Shares
Common Stock

RM20 million
RM15 million
RM50 million

Currently the firm is planning to expand its operation to accommodate increasing market
dentiands. As a financial consultant, you are requested to review the three alternatives which
are given below:

Issue bonds with a selling price of RM1,200 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 RM100. The
floatation cost is 8% of selling price.

Issue common 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)

Which is the best source of financing would you recommend to Johan Berhad?

v)

(2 marks)
What 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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BM/APR 2010/FIN420/540

QUESTION 6
a)

b)

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 common
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)

Which 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. Which
plan will result in a higher EPS?
(5 marks)

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%
compensating balance on loan amount. Interest on the borrowed funds is 12% and
the commitment fee is 1.5% on the unused portion of the credit line. Find the
effective interest rate for Raskach Berhad if the amount borrowed is:
i)

RM 7 million
(3 marks)

ii)

RM10 million
(3 marks)

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BM/APR 2010/FIN420/540

QUESTION 7
a)

Semadi Company 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 10%.


i)

Calculate the payback period for each project.

(4 marks)

ii)

Calculate the net present value for each project.

(4 marks)

iii)

Calculate the profitability index for both projects.

(4 marks)

iv)

Which project should Semadi 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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BM/APR 2010/FIN420/540

APPENDIX 2

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CONFIDENTIAL