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Assignment ON

MANAGING FINANCIAL RESOURCES & DECISIONS

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MANAGING FINANCIAL RESOURCES & DECISIONS

MANAGING FINANCIAL RESOURCES & DECISIONS MANAGING FINANCIAL RESOURCES & DECISIONS ABS$RAC$ &UR&OSE OF $'E ASSIGNMEN$ BAC(GROUND IN$RODUC$ION $AS()("!* $'E SOURCES FINANCE A+AILABLE $O A BUSINESS " "RE&OR$ FROM FINANCE MANAGER OF M-S .ISE L$D $O SUBMI$ $O AGM " # IM&AC$ OF IM&LICA$ION OF ISSUE OF E0UI$1 S'ARES OR USE OF LOANS IN DILU$ION OF CON$ROL* $A2* LEGAL AND BAN(RU&$C1 " 4 AD+AN$AGES OF USING FINANCE LEASE INS$EAD OF USING O&ERA$ING LEASE FOR $'E &RO5EC$ OF OFFICE E0UI&MEN$S

" # % % % % ,

$AS()L7#* IM&LICA$ION OF FINANCE AS A RESOURCE .I$'IN A BUSINESS "7 $AS() # " CALCULA$ION OF COS$ OF DEB$ AND COS$ OF E0UI$1 # # O+ER$RADING AND BAUMOL8S MODEL AND EO0 # # A S$RA$EGIES FOR &RE+EN$ING O+ER$RADING "7 "" ""

# # B IM&OR$ANCE OF BAUMOL8S MODEL EO0 AS FINANCIAL &LANNING $OOL "" # 4 COM&ARISON OF RES&ONSIBILI$IES OF $'E $'REE LE+EL OF &LANNING IN BUSINESS

"#

4 # 4 A S$RA$EGIC &LANNING # 4 B $AC$ICAL &LANNING # 4 C O&ERA$IONAL DECISION MA(ING $AS()L74 FINANCIAL DECISIONS BASED ON FINANCIAL INFORMA$ION 4 " IM&OR$ANCE OF CAS' BUDGE$ 4 " A ANAL1SIS OF CAS' BUDGE$ OF C& L$D 4 " B CAS' BUDGE$ FOR C& L$D 4 # DIFFERENCE BE$.EEN MARGINAL COS$ING AND ABSOR&$ION COS$ING 4 4 IN+ES$MEN$ A&&RAISAL $EC'NI0UES OF C& L$D $AS( LO9 FINANCIAL &ERFORMANCE 9 " SIGNIFICANCE OF FINANCIAL S$A$EMEN$S OF I$S USERS 9 #DIFFERENCE BE$.EEN SOLE &RO&RIE$OR AND &RI+A$E LIMI$ED COM&AN1 9 4 RA$IO ANAL1SIS 9 4 A $.O 1EARS RA$IO ANAL1SIS OF &C L$D 9 4 B COM&ARISON OF RA$IO OF &C L$D .I$' INDUS$R1 S$ANDARD CONCLUSION REFERENCES A&&ENDI2ES "# "# "# "# "# "# "4

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ABS$RAC$
This assignment aims to demonstrate where and how the sources of finance for various legal entities of business can obtain, besides that it examines the financial information for decision making purposes. In addition it explains the implication of finance as a resource within a business and evaluating the financial performance of a business.

&UR&OSE OF $'E ASSIGNMEN$

To illustrate the sources of finance and assess the implication of the appropriate sources of funds for a project by analysing the cost of capital for various sources of finance, besides that point up the significance of financial planning and assessing the information for decision making and explains the impact of finance on the financial statements. In addition it analyzing the budget, calculating the unit costs by using relevant information for pricing decisions, similarly assesses the viability of projects by using investment appraisal techniques. Furthermore evaluates the financial statements of different types of business and also interpreting the financial statements by using ratio analysis and comparisons of business internally and externally.

BAC(GROUND
The short coming globalization expansion and replacement of obsolete office equipments in the IT department of !". #ise $T% demands additional source of fund. The IT equipments replacement decided as a five year project. The financial decision making process required financial information and the &'( of !", #ise $T% suggested different options including convert the company into public limited. (n these circumstances the various possibilities of sources of fund, conversion of company to public limited and also to examine the investment decisions to convince the board of directors and shareholders of the company.

IN$RODUC$ION
The management of financial resources and decision making is vital to every business entity. The decisions may vary depends on the legal status and the final motto should be profitability except charitable entities. There are various kinds of business status in ).*, like+ise, sole trader, private limited company, public limited company, limited liability

6 partnership and ,uarantee &ompany. "imilarly, based on the legal status, the obligation to the liabilities should be varied and the o+nership also be differ, besides that the legal requirements to the government may differ.

$AS()("!* t:e Sou;<es Fin=n<e A>=i?=b?e to = Business

When an organization needed dditional !und for investing in projects or ongoing expansion of current operations, expansion to more locations or expansion of product line, there are various options available to meet the re"uirement. The fund may rise from internal sources or external sources, it depend the nature of business and legal status of the organization. In generally, the fund can raised from internal sources and external sources. The external sources are ownership capital or non ownership capital. The sources of finance explained in the Table#$ below.

Table#$
Internal sources 1
2

External sources Ownership capital 1 2 Ordinary shares Preference shares Ban! "oans Non ownership capital 1 Debentures 2 Bonds

Own money
Sale of personal property

#etained profit

$ &

O%erdraft 'ire purchase "easin) -rade *redit /enture *apital 3actorin) 3ranchisin)

$ & (

Sale of assets and lease bac! *he+ue discountin) 0or!in) capital 1rran)ement

( , . 2 14

The determination of source of capital may cost different levels and the ownership may in dilution of control, besides that there are various factors affect the determination of how much money re"uired meeting the tasks. The most approaches to determine the additional fund re"uirement uses the increased amount of assets in the projected expansion project deducted by the predicted increase in liabilities with increase in the retained earnings of the business. This process helps to determine the additional re"uired fund for the expansion.

" " Re@o;t A;om Fin=n<e M=n=ge; oA M-S .ise Ltd to submit to AGM
!rom, The !inance %anager %&'. Wise (td To, The )oard of *irectors %&'. Wise (td 'ub+ report on extra sources of finance availability for the expansion projects and replacement of obsolete office e"uipments in the IT department of !". #ise $T%, if it converted and registered as #ise -lc, besides that long term and medium term sources of funding available to #ise $td. ,ef+ The expansion decisions of operations globally and replacement of obsolete office equipments in the IT department by the board of directors of !".#ise $td on the last .nnual ,eneral eeting. 'irs, With reference to the above subject and reference, please note that the status of private limited company enjoys the limited liability, tax advantages and simplicity of running make it most common. )ut in the legal status of public limited company, it can sell the shares to the public and can "uote it in stock exchanges, therefore to register as a -lc. .elps to raise the funds for expansion process globally and replacement of obsolete office e"uipments in the IT department. 'imilarly, there are limited liability for the share holders and the -(/. .as a separate legal entity and continuous existence after the death of share holders. In addition, the Wise -lc can raise large amount of capital and no limit to the number of share holders and the shares can freely transferable and it provide li"uidity to the share holders. In common, the disadvantages of -lc are, there are lot of legal formalities, strict controls and regulations to comply, the original owners may lose the control, huge in size and face management problems. s a result of globalization and liberalization and liberalization and also the developments in IT, there are opportunities existing to expand the business globally. Therefore convert to Wise (td to Wise -(/ provides the opportunity to grow as global company. The long term and short term sources of finance available to %&'. Wise (T* . (ong term source of !inance

8 $. 'hares 0 Wise (td can issue the balance shares or if it converted to -lc, there is no limit to issue. 1. 2enture /apital 0 2enture capitalists may interested to invest in developing companies 3. 4overnment 4rant# 4overnment, local authority, 56. 7. )ank (oans# (ong term bank loans with pre#planned interest rate ). 'hort term source of !inance $. Trade /reditors 0 llowing cash discounts and collecting cash early 1. !actoring 0 raising fund on company8s debt 3. Invoice *iscounting 0 transferring invoice to finance house to exchange with immediate cash 7. )ank 9ver *raft # rrangement with bank to over draw cash to manage working capital :ours faithfully 'd&# !inancial %anager Wise (td.

" # Im@=<t oA Im@?i<=tion oA issue oA eBuity s:=;es o; use oA ?o=ns in di?ution oA <ont;o?* t=C* ?eg=? =nd b=nD;u@t<y
//'quity "hare is a. a share or class of shares +hether or not the share carries voting rights, b. any +arrants, options or rights entitling their holders to purchase or acquire the shares referred to under 0a1, or c. other prescribed securities. .n equity share is a perpetual liability because it signifies o+ners legal demand upon the assets of the entity in +hich the equity share if held. "ee also22 0ventureline, 34561 Therefore e"uity shareholders have right to vote, meanwhile the preference shares are get a set rate of dividend annually in preference to ordinary holders and it has no voting right. IT means that issuing the e"uity shares dilute the control. %eanwhile in bankruptcy, the share holder of a private limited company loses the investment up to the holdings. The sole trader business is the simplest form of company with high personal risk and the legal re"uirement needed only to inform the local tax office. In addition it has unlimited liability to all debts and obligation. In case of a -rivate (imited /ompany, it is a legal entity with own rights and it is a registered business and the possession of the share holder remains separate unless it is secured against the business for borrowing and risk reduced up to the value of investment.

9 )ut in case of a public limited company, it can sell share to the public and can "uote the shares in the stock exchange and obliged to satisfy the companies house, besides that a ;<=,=== worth of shares has been issued before commencing business or borrow money. In addition two directors should be appointed. The limited liability partnership >((-? is a form of partnership and it let partners the benefits of limited liability and the tax formalities remain the same as ordinary partnership. The guarantee company >non#profit? is a not for profit company and need not have any share capital and normally formed by charitable institutions. This type of companies not possess any share capital and the members are not own the company and remain as decision makers and not receive any profit and no claim on company8s assets. The income generated by the company used for covering operating expenses and it remain for to obtain the objectives of the company. In concise, if a limited company issues ownership capital shares, it obviously dilute the control and if use fund from other sources not affect the control or ownership. The different legal status entities can enjoy different tax benefits, besides that legal formalities are differ to various legal status entities. In case of bankruptcy also the liabilities are limited and unlimited.

" 4 Ad>=nt=ges oA using Ain=n<e ?e=se inste=d oA using o@e;=ting ?e=se Ao; t:e @;oEe<t oA oAAi<e eBui@ments
//. contract that allo+s for the use of an asset, but does not convey rights of o+nership of the asset. .n operating lease is not capitalized7 it is accounted for as a rental expense in +hat is kno+n as 8off balance sheet financing.8 For the lessor, the asset being leased is accounted for as an asset and is depreciated as such. (perating leases have tax incentives and do not result in assets or liabilities being recorded on the lessee9s balance sheet, +hich can improve the lessee9s financial ratios.22 0Investopedia, 34561 //. finance lease is a lease that transfers substantially all the risks and re+ards of o+nership of an asset to the lessee. It should be presumed that such a transfer of risks and re+ards occurs if at the inception of the lease the present value of the minimum lease payments including any initial payment, amounts to substantially all 0normally :4; or more1 of the fair value of the leased asset. The present value should be calculated by using the interest rate implicit in the lease 0as defined in paragraph 3<1. If the fair value of the asset is not determinable, an estimate thereof should be used.22 0= >evanue and &ustoms, 34561 Therefore in operating lease, the transfer of right or ownership not transfer and it cannot recognized in lessee8s books and the lease payment accounted in -rofit and (oss ccount as lease rent. In other hand, in finance lease the transfer of right or ownership happened at initial period and it recorded in lessee8s books of accounts at !air %arket

10 2alue >!%2? or @et -resent 2alue >@-2?. The lease payment charged as finance charges in -A( ccount and it considered to be deducted from the liability. The benefit of finance lease is ownership of asset, deduction under income tax, besides that it deduct the depreciation and finance charges. The benefits of finance lease are+# $. It avoids the need of payment for an asset 1. It avoids the depreciation expenses 3. -ossible to deduct the cost of lease from taxable income as a trading expense through a finance lease 7. ,epayment by monthly fixed installments and it make cash flow management easy <. The maintenance responsibility held with asset financing company B. It is ideal for those companies using the asset for a short period of time.

$AS()L7#* Im@?i<=tion oA Ain=n<e =s = ;esou;<e Fit:in = business

The investment made today receives benefits in the future and make confirm that it earns at least as much as it costs to acquire the funds and it called minimum acceptable return. Therefore it is essential to ascertain the combination of the debt and equity result the lowest cost of capital. The cost of capital should be the minimum return necessary to maintain the value and growth goal.

$AS() # " C=?<u?=tion oA <ost oA debt =nd <ost oA eBuity . /ost of debt
/ost of debt C : >$#Tax? Where : C :ield If the preference stock has no maturity date, The cost of preferred stock C annual dividend&price of preferred stock 0 floating fees /ost of common stock C annual dividend&price of common stock 0 floating fees Thames plc Total debenture value C 1<=== Interest rateC DE @ominal value C $== /urrent market price C F7 /orporation tax C 7=E /urrent dividend C 1< p %arket value of each share C 1.<= /ost of issue C < p Total number of debentures C 1<=== & $== C 1<= @o8s -resent market value of dividend C F7 -resent total market value C 1<= x F7 C 13,<==

11 Therefore total interest payable C 13<==xDEC $DD= Therefore the interest rate will reduce the taxable income by $DD= Therefore $DD= G 7=E C H<1 Therefore after tax interest is $DD= # H<1 C $$1D&year for value of 13<== Therefore after tax cost is C $$1D & 13<== x$== C 7.DE /ost of debt C >1<=== x =.=D? & 13<== x >$ 0 =.3<? C 1=== & 13<== x >$#=.3<? C =.=D<$=B x >=.B<? C =.=<<3$F C <.<E

>a? /ost of e"uity

Cost of Equity = (Next Year's dividends per share / Current market value of stock ! "ro#th rate of dividends$$ % = dividend / (r&' 94 = (0. !"(0.0# $ g% 94(0.0#$g% = 0. ! &.! = 94g = 0. ! '. & = 94g (= ).'!9

# # O>e;t;=ding =nd B=umo?8s mode? =nd EO0

9vertrading is the excessive buying and selling by a broker in attempt to extract higher commission from customer, that is more business than the organization8s working capital can sustain and it make strain on cash flow and risking or lead the firm to insolvency.

# # A St;=tegies Ao; @;e>enting o>e;t;=ding

The dynamic debt management and credit control helps to prevent overtrading by ensuring the firm, such as paid efficiently and has money to pay suppliers, staff and other approaches consists set new payment terms, discount for prompt payment, encourage automated payments, factoring, negotiation with suppliers and improved inventory control. %oreover control on cash outflow on assets may prevent overtrading and prevent it by lease or hire purchase of assets, reduce distribution and cost cutting.

# # B Im@o;t=n<e oA B=umo?8s mode? EO0 =s Ain=n<i=? @?=nning too?

The )aumol8s model e"uate the two opposing marginal costs connected with ordering "uantity and holding "uantity inventory to minimize total costs and cash can treat as a manageable inventory and minimize the opportunity cost and ordering cost from converting securities into cash. Therefore the total costs of cash balances can be defined as+#

12

>9gilvie, 1==D?

# 4 Com@=;ison oA ;es@onsibi?ities oA t:e t:;ee ?e>e? oA @?=nning in business

# 4 A St;=tegi< @?=nning
'trategic plan designed for the entire organization and it begins with the mission and it designs the desired future and long term objectives, such as where want to be the organization in future. 'trategic plan prepared by top level and it serves as the frame work of lower level planning.

# 4 B $=<ti<=? &?=nning
Tactical plan support the strategic plans by translating them into specific plans relevant to a specified area of the organization and it concerned with responsibility and functionality of lower level departments to complete their part of the strategic plan.

# 4 C O@e;=tion=? De<ision M=Ding

9perational plans are bottom plans made by frontline or low level managers and it focused on specific procedures and processes occur in lower level of routine tasks of using high level of detail. It may be single use or ongoing plans. Therefore the top level managers are responsible to generate the strategic plans with vision, mission, objectives or long term goals and the middle levels are supporting with tactics plans and the lower levels made specific processes with operational decision making to put the strategic plan .

$AS()L74 Fin=n<i=? de<isions b=sed on Ain=n<i=? inAo;m=tion 4 " Im@o;t=n<e oA <=s: budget
The cash budget is important in decision making process. The importance of cash budget are, it helpful in planning, forecasting the future needs, helps to maintain ample cash balance, control over cash expenses, evaluation of performance, sound dividend policy and helps to long term planning and co#ordination.

4 " = An=?ysis oA C=s: Budget oA C& Ltd

13 The cash budget of %&'. /- (td shows a beginning balance of ;<3== and the first "uarter re"uired ;<H===> short of cash? >B1=== 0 <3==? . Therefore to arrange the shortage and this prediction can cover by arranging from sales targets or if not cover full by sales, it is necessary to arrange other sources of fund. In addition, this "uarterly prediction helps to plan in long term and can manage the cash flow easily.

4 " b C=s: Budget Ao; C& Ltd

Cash (lo# ()* months/+ %eriod in quarters Cash on ,and (-e'innin' of month
i ii iii iv Next fiscal year openin' -424,700

5,300

-51,700

-181,700

-404,700

C./, 0ECE1%2/ /ales 232.4 C./, 0ECE1%2/ 2otal Cash .vaila-le (-efore cash out
0 0 5,300 0 0 -51,700 0 -181,700 0 -404,700 0 -424,700

C./, %.15 362 7aterial 8a'es 3ther cost and expenses /69232.4 232.4 C./, %.15 362 Cash %osition (end of month
17,000 30,000 10,000 57,000 57,000 -51,700 2,000 22,000 106,000 130,000 130,000 -181,700 8,000 15,000 200,000 223,000 223,000 -404,700 5,000 10,000 5,000 20,000 20,000 -424,700 0 0 -424,700

4 # DiAAe;en<e betFeen m=;gin=? <osting =nd =bso;@tion <osting

)oth the marginal costing and absorption costing system used to prepare profit statements, such as valuing inventory and help in pricing decisions, even though there are differences between both systems. bsorption costing system absorbs all manufacturing cost into inventory valuation and this covers all the direct material, labor, expenses and variable production over heads and fixed production overheads. %eanwhile, marginal costing absorbs only variable manufacturing costs into inventory.

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4 4 In>estment A@@;=is=? $e<:niBues oA C& Ltd

*+,-+./ *012345$ *ayback period is the time to get back the original investment of a pro6ect invested in capital investment . The investment decisions rules specifies that all the investment has a specified time to get back the initial investment in a period of years or the accepted years.

70T *10807T 9+:;0 ( 7.*.9%

The net present value shows the e<pected impact of the pro6ect in the value of the organi=ation on the capital budgeting pro6ect. *ositive values be accepted in 7*9> because it shows the increase in value of the firm and the highest value of 7*9 is preferred.

27T017+: 1+T0 3? 10T;17 $ 211

#efers business finance5 66-he Internal #ate of #eturn 7I##8 of a *apital bud)etin) pro9ect is the discount #ate at which the Net Present /alue 7NP/8 of a pro9ect e+uals :ero; -he I## Decision rule specifies that all independent pro9ects with an I## )reater than the *ost of capital should be accepted; 0hen choosin) amon) mutually exclusi%e Pro9ects5 the pro9ect with the hi)hest I## should be selected 7as lon) as the I## is )reater than the cost of capital8;<< 7Business 3inance Online5 2442=241 8

.ash ?low 8tateme nt

,ear 0 ) A 4 ! T3T+: ..? *13@0.T $ + $)0!>000 !000 !000 !000 !000 !000 ) !>000.00 .umulative ..? $)0!>000 $#0>000 $!!>000 $A0>000 $!>000 0>000 *13@0.T $$) !>000 A 000 A0000 A!000 A#000 !000 )'0>000.00 .umulative ..? $) !>000 $9A>000 $'A>000 $ #>000 )0>000 A!>000

'ummary of -)-, @-2 and I,, >'ummary /alculated from ppendixC$, 1, 3, 7, <, and B?
*ro6ects *13@0. T+ 2nvestment )0!>000 *ayback *eriod 4. ,0+18 7*9 ()0> A 0.00% 211 '.))B

15
*13@0. T(A>A4 ) !>000 A.&4,0+18 .)4% #.94B

-roject ) is recommended

*ecision ,ule
@-2 >I? >#? *5/I'I9@ ccept ,eject .ompany value 7o change increase decrease
,isk )ased %easures $ 1 3 7 -ay )ack -eriod 4earing )5'ensitivity of estimated>a?Taxation>b?Inflation>c?/apital ,ationing

.ash flow symbo .ost of l capital .ash flow = .ost of capital .ash flow C .ost of capital .ash flow D .ost of capital
5arning )ased %easures $ 1 3 ,, @-2 I,,

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$AS( LO9 FINANCIAL &ERFORMANCE 9 " SigniAi<=n<e oA Ain=n<i=? st=tements oA its use;s
The historic financial records provided by the financial statements and information consists the accurate records of assets, liabilities, income statement and cash flow statements. Those furnished in "uantitatively and disclose the financial status of an organization. The records are available to the stakeholders and it made in a standard format. The use of these financial reports is that it answers the "uestions like why there is no excess fund not available, is the financial back ground is sound or not, is there any profitability and is there any fund available to meet the projected expensed or demands

9 #DiAAe;en<e betFeen so?e @;o@;ieto; =nd @;i>=te ?imited <om@=ny

The sole trader business is the simplest form of company with high personal risk and the legal re"uirement needed only to inform the local tax office. In addition it has unlimited liability to all debts and obligation. In case of a -rivate (imited /ompany, it is a legal entity with own rights and it is a registered business and the possession of the share holder remains separate unless it is secured against the business for borrowing and risk reduced up to the value of investment.

9 4 R=tio An=?ysis
The ratio analysis used to measure the performance of the solvency, profitability and growth of an organization. The performance can compare with past performance of same company, future performance by the help of mathematical and statistical performance and comparative performance by comparing the organization with same industry The following elements are also examined by the financial analysis process such as # -rofitability 0 based on income statement 'olvency 0 based on balance sheet (i"uidity 0 based on balance sheet 'tability 0 based on income statement and balance sheet There are various financial ratios and examples of such ratios are as follows 0 9perating cycle (i"uidity -rofitability

17 ctivity !inancial leverage 'hareholders ratio ,eturn ratio

9 4 A $Fo ye=;s ;=tio =n=?ysis oA &C Ltd

?ormulae This year +nswer :ast year +nswer &000 000 A.! A00 )000 0.A 4ross profit margin C gross income & sales 7et profit margin = 7et 2ncome"8ales )00 000 0.0! 0 )000 0.0 .urrent 1atio = current assets " current liabilities A000 !00 ' )900 '00 A.)& 7et E..to salea ratio = ..+"current :iability"sales A000 !00 000 0.00A )900 '00 )000 0.00A ?.+.Turneover ratio= net sales"net ?.+ 000 )#00 ).)) )000 )400 0.&) +"1 Turnover 1atio = 7et sales" av.gross 1ecivable 000 400 ! )000 #00 ). ! *rice earning ratio$ stock price"share"0*8 ).A B !.9) ). ' 0B '.A
9 4 b Com@=;ison oA ;=tio oA &C Ltd Fit: Indust;y st=nd=;d

18 :ast 2ndustry This year year 8td A.! 0.A 0.0! 0.0 ' 0.00A ).)) ! !.9) A.)& 0.00A 0.&) ). ! '.A .A5)

?ormulae 4ross profit margin C gross income & sales 7et profit margin = 7et 2ncome"8ales .urrent 1atio = current assets " current liabilities 7et E.. to sale ratio = ..+"current :iability"sales ?.+.Turneover ratio= net sales"net ?.+ +"1 Turnover 1atio = 7et sales"av.gross 1eceivable *rice earnings ratio$ stock price"share"0*8

CONCLUSION
The financial management and financial decision making tools and techni"ues helps the financial managers to advice decision making stakeholders properly, besides that budgeting and forecasting lead them to anticipate the future re"uirements of predicted finance demands and it let them to take precaution and manage the cash flow wisely. %oreover evaluation and comparison of financial reports give more insight and let them to manage competitive situations with right decisions at right time.

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20 H0i++in*, M. (2012, March 12). 9: 6a!s to Build a Business Culture 5i;e "pple. etrie!e" February 24, 2013, #r$% #$rbe).c$%' htt&'((000.#$rbe).c$%()ite)(%artin30i++in*(2012(03(03(1010ay)1t$1bui+"1a1bu)ine))1cu+ture1 +i?e1a&&+e

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ppendix3

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