F5

B7
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9
0

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20
6A
Paper / Subject Code: 86011 / Finance: Strategic Financial Management

7B
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04
CF

B7
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20
6A
32

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4E

77
C0
CF
6B

F9
00

B
A
2

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FF

02

E
6
3

4
CF
[Time: 2 ½ Hours] [Marks: 75]

6B

C
89

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00
6A
32
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02

4E
F
6B

C
N.B. 1) Q. 1 is compulsory.

0
52

C
8

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20
A
32
9

F
BF
2) Q.2 to Q.5 are compulsory with internal choice.

6
A

04
CF
6B

AC
89
2
77
3) Figures to the right indicate full marks.

0
5

32
A9

FF

02
BF
0B

6
4) Workings should form part of your answer.

CF
B

C
89
52
7
9B

6
5) Use of simple calculator is allowed.

A
7

32
9

F
BF
B

6
EF

F
0

6B
9
52
7
9B

2C
04

8
Q.1 (A) Choose correct alternative and rewrite the statement: (Any 8) (8 marks)

A
7

A9

FF
BF
0B

6
F
20

CF
6B
E
1. The Relevance theory of dividend was supported by

89
52
77
B
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04

32
9

F
F
a) Walter

B
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0

A
6A

F
B
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2

6B
89
2
b) MM

7
0

5
F

B7
C

9
0

A9

FF
F
2C

c) Gordon

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20
A

7B
B0

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52
F6
B3

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04
d) Walter & Gordon

6
B7
9

A9

FF
F
2C
F6

F
0
A

7B
B0
2

4E

89
52
6
B3
9F

0
2. PI of a project is the ratio of present value of inflows to ______________
CF

B7
C

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0

A9
F
98

F6

0
6A
a) Initial cost

7B
32

B0
02

4E

52
2A

9F

B7
B

b) PV of outflows

AC

9
00

BF
C
98

F6

F
F5

B0
02

E
c) Total cash inflows
6

77
B3
2A

9F
7B

4
F

F9
00
2C

0B
d) Total outflows
98

F6
F5

A
B7

02

4E
F6
3
2A

9B
F
7B
B0

C
89

00
3. Constant Payout Ratio for dividend payment is _______. C
F6

EF
F5

A
B7
9

2
9

02
6
EF

B3
A

a) Stable Dividend Policy

F
7B

04
CF
B0

C
9
2
04

F6

20
F5

A
B7

b) Long term Dividend Policy

9

2
9

6
EF
20

B3
2A

9F

C0
7B

CF
B0

c) Regular Dividend Policy

C0

04

98

6
5

6A
B7
9

32
FF
F
EF

d) Irregular Dividend Policy

20

A
6A

7B

CF
B0

6B
9
2
0

04

8
F5
CF

B7
AC

32
9

FF

4. XML stands for___________

EF
20

2A
7B
32

6B
89
F6

B
C0

04

a) Extensible Markup Language

F5
7
6B

A9

FF
2C

0B
EF
20
6A

B
FF

b) Extensible Marking Language

89
2
7
B3

9B
C0

04

5
CF

7
89

A9
BF
0B

c) Extensible Marketing Lesson

F6

F
20
6A
2
9

4E

52
77
B3
2A

9B
F

C0

d) Extended Mark Language

F
89

00

BF
2C

0B
F6

F
6A
9

5. Merger between firms engaged in unrelated types of business activity.

77
B3
2A

9B
F

C0

4
F
89

0
2C

0B
F6

EF
20
5

a) Horizontal
6A
9
BF

B3
2A

9B
F

C0

04
F

b) Vertical
89
7

2C
F6

EF
20
5

6A
B7

9
BF

c) Conglomerate
B3
2A

C0

04
F
B0

89
7

2C
F6

d) Demerger
20
5

A
B7

9
BF

6
B3
2A

C0
CF
B0

89

6. AS- 14 governs
7

F6
5

6A
B7
F9

32
9
BF

2A

a) Amalgamation
F

CF
B0

6B
E

89
7
04

5
B7

b) Depreciation
F9

32
9

FF
BF
0

2A
B0
02

6B
E

89

c) Cash Flows
7
04

5
B7
F9

FF
BF
20

d) Ratio
2A
B0
E

89
7
C0

04

5
B7
F9

A9

7. An asset becomes Non-performing, when ______

BF
20
A

B0
E

52
F6

a) No income is received
C0

04

B7
F9

BF
C

20
A

b) No profit is received
32

B0
E
F6

7
C0

04

B7
F9

c) Loss is incurred
C

20
A
32

B0
E
F6

d) Loss is recovered
C0

04
6B

F9
C

20
A
32
F

E
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9F

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2A989FF6B32CF6AC02004EF9B0B77BF5
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Paper / Subject Code: 86011 / Finance: Strategic Financial Management

7B
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20
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32

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C0
CF
6B

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B
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2

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FF

02

E
6
3

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CF
6B

C
89

F9
00
6A
32
A9

FF

02

4E
8. Arrangement between a bank and its customer, in which the customer is allowed to

F
6B

C
9

0
52

C
withdraw over and above his credit balance in the current account upto an agreed

EF
20
A
32
9

F
BF

6
A

0
limit _______

04
CF
6B

AC
89
2
77

0
5
a) Overdraft

32
A9

FF

02
BF
0B

6
CF
B

C
89
b) Term Loan

52
7
9B

A
7

32
9

F
BF
B
c) Bill discounting

6
EF

F
0

6B
9
52
7
9B

2C
04

8
d) Letter of credit

A
7

A9

FF
BF
0B

6
F
20

CF
6B
E

89
52
77
B
C0

04
9. These funds have a charge on assets.

32
9

F
F
B
EF
0

A
6A

F
B
a) Equity Shareholders Funds

B0
2

6B
89
2
7
0

5
F

B7
C

9
b) Preference Funds

A9

FF
F
2C

EF
20
A

7B
B0

89
52
F6
c) Debentures
B3

C0

04

6
B7
9

A9

FF
F
2C
F6

F
d) Unsecured Loans

0
A

7B
B0
2

4E

89
52
6
B3
9F

0
CF

B7
C

F9
0

A9
F
10. In Banking Accounts, Discounted Bills are shown under
98

F6

0
6A

7B
32

B0
02

4E

52
2A

9F

a) Advances
F

B7
B

AC

9
00

BF
C
98

F6

F
F5

b) Loans
2

B0
02

E
6

77
B3
2A

9F
7B

4
F

F9
00
c) Current Assets
2C

0B
98

F6
F5

A
B7

02

4E
F6
3
2A

9B
F

d) Other Assets
7B
B0

C
89

00
C
F6

EF
F5

A
B7
9

2
9

02
6
EF

B3
A

F
7B

04
CF
B0

C
9
2
04

F6

20
F5

A
B7
9

2
9

6
EF

Q.1 (B) State whether given statements are True or False: (Any 7) (7 marks)
20

B3
2A

9F

C0
7B

CF
B0
C0

04

98

6
5

6A
B7

1. Liquidity has no effect on dividend policy.

9

32
FF
F
EF
20

A
6A

7B

CF
B0

6B
2. Dividend payout ratio refers to that portion of total earnings which is distributed among
9
2
0

04

8
F5
CF

B7
AC

32
9

FF

shareholders.
EF
20

2A
7B
32

6B
89
F6

B
C0

04

F5

3. XBRL provides solution to financial problem.

7
6B

A9

FF
2C

0B
EF
20
6A

B
FF

4. Capital Budgeting decision involves huge investment outlay.

89
2
7
B3

9B
C0

04

5
CF

7
89

A9
BF
0B

5. Capital Rationing is selection of the investment proposal without any constraints.

F6

F
20
6A
2
9

4E

52
77
B3
2A

9B
F

C0

6. MVA is external measure of performance.

F
89

00

BF
2C

0B
F6

F
6A
9

7. Return on Net worth indicates trading profitability.

2

77
B3
2A

9B
F

C0

4
F
89

0
2C

0B

8. Working capital represent those funds which are required to manage long term business
F6

EF
20
5

6A
9
BF

B3
2A

9B
F

C0

04

operations.
F
89
7

2C
F6

EF
20
5

6A
B7

9. Disclosure is the principle of corporate governance.

BF

B3
2A

C0

04
F
B0

89
7

10. Corporate Restructuring decreases EPS.

2C
F6

20
5

A
B7

9
BF

6
B3
2A

C0
CF
B0

89
7

F6
5

6A
B7

Q.2 (A)
F9

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BF

2A

CF
B0

6B
E

89

The details regarding three companies are given below:- (15 marks)
7
04

5
B7
F9

32
9

FF
BF

Particulars A Ltd B Ltd C Ltd

0

2A
B0
02

6B
E

89
7

Internal Rate of Return 15% 10% 8%

04

5
B7
F9

FF
BF
20

2A

Cost of Capital 10% 10% 10%

B0
E

89
7
C0

04

Earnings Per Share Rs. 10 Rs. 10 Rs. 10

B7
F9

A9
BF
20
A

Calculate the value of equity share of each of these companies as per Walter’s
B0
E

52
F6

7
C0

04

B7
F9

Model, when the Dividend Payout Ratio is :-

BF
C

20
A
32

B0
E
F6

7
C0

04

B7
F9

(a) 20% (b) 50% (c) 0%

C

20
A
32

B0
E
F6

C0

04
6B

F9
C

20
A
32
F

E
F6
9F

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8

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A
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A
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2A989FF6B32CF6AC02004EF9B0B77BF5
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Paper / Subject Code: 86011 / Finance: Strategic Financial Management

7B
B0
C0

04
CF

B7
F9

BF
20
6A
32

B0
4E

77
C0
CF
6B

F9
00

B
A
2

B0
FF

02

E
6
3

4
CF
OR

6B

C
89

F9
00
6A
32
A9

FF

02

4E
Q-2 (B) Delta Corporation is considering an investment in one of the two mutually exclusive

F
6B

C
9

0
52

C
projects. The certainty equivalent approach is employed in evaluation risky investments. The

EF
20
A
32
9

F
BF

6
A

04
CF
current yield on treasury bills is 5% and the company uses this as riskless rate. The risk premium

6B

AC
89
2
77

0
5

32
A9

FF

02
BF
rate is 3%. Expected values of the net cash inflow with their respective certainty equivalents are:

0B

6
CF
B

C
89
52
7
9B
(15 marks)

A
7

32
9

F
BF
B

6
EF

F
Year Project A- Project A Project B- Project B

F
0

6B
9
52
7
9B

2C
04

A
7
Cash Inflow (Rs. ) Certainty Cash Inflow (Rs.) Certainty

A9

FF
BF
0B

6
F
20

CF
6B
E

89
0 (1,70,000) 1 (1,50,000) 1

52
77
B
C0

04

32
9

F
F
B
1 90,000 0.8 90,000 0.9

EF
0

A
6A

F
B
B0
2

6B
89
2
7
2 1,00,000 0.7 90,000 0.8
0

5
F

B7
C

9
0

A9

FF
F
2C

EF
20
A
3 1,10,000 0.5 1,00,000 0.6

7B
B0

89
52
F6
B3

C0

04

6
Answer the following with reasons:

B7
9

A9

FF
F
2C
F6

F
0
A

7B
B0
2

4E
i) Which project should be acceptable to the company?

89
52
6
B3
9F

0
CF

B7
C

F9
0

A9
F
ii) Which project is risky? Why?
98

F6

0
6A

7B
32

B0
02

4E

52
2A

9F

iii) If the company was to use the risk adjusted discount rate method, which project should
F

B7
B

AC

9
00

BF
C
98

F6

F
F5

B0
02

E
be accepted?
6

77
B3
2A

9F
7B

4
F

F9
00
2C

0B
98

F6
F5

A
B7

02

4E
F6
3
2A

9B
F
7B

Q.3 (A) The initial investment outlay for capital investment project of Rs. 100 lakhs for plant and
B0

C
89

00
C
F6

EF
F5

A
B7
9

2
9

machinery and Rs. 40 lakhs for working capital. Other details are given below:

02
6
EF

B3
A

F
7B

04
CF
B0

C
9

Output – Rs. 1 lakh unit per year

2
04

F6

20
F5

A
B7
9

2
9

6
EF
20

B3
Selling Price – Rs. 120 per unit of output
2A

9F

C0
7B

CF
B0
C0

04

98

6
5

6A
B7

Variable Cost – Rs. 60 per unit of output

9

32
FF
F
EF
20

A
6A

7B

CF
B0

6B
9

Fixed Overhead (Excluding depreciation) – Rs. 15 lakhs per year

2
0

04

8
F5
CF

B7
AC

32
9

FF

Depreciation of Plant and Machinery – 16% straight line method

EF
20

2A
7B
32

6B
89
F6

B
C0

04

F5

Salvage value of Plant and Machinery – Rs. 20,00,000

7
6B

A9

FF
2C

0B
EF
20
6A

B
FF

Tax rate – 40%

89
2
7
B3

9B
C0

04

5
CF

7
89

A9
BF
0B

Time Horizon – 5 years

F6

F
20
6A
2
9

4E

52
77
B3
2A

9B
F

C0

Post tax cut off rate – 12%

F
89

00

BF
2C

0B
F6

F
6A
9

Required a) Calculate NPV

77
B3
2A

9B
F

C0

4
F
89

0
2C

0B
F6

EF

b) Determine sensitivity of the project NPV when the selling price decreases by 2%. (15 marks)
20
5

6A
9
BF

B3
2A

9B
F

C0

04
F
89
7

2C
F6

EF
20
5

6A
B7

9
BF

OR
B3
2A

C0

04
F
B0

89
7

2C
F6

Q.3 (B) RK Industries Ltd is engaged in textile business. Its income statement and balance sheet
20
5

A
B7

9
BF

6
B3
2A

C0
CF
B0

are given below: (15 marks)

89
7

F6
5

6A
B7
F9

32
9
BF

Income statement for the year ended 31.3.2022.

2A

CF
B0

6B
E

89
7
04

Rs. (lakhs)
5
B7
F9

32
9

FF
BF
0

2A

Sales Revenue 12,000

B0
02

6B
E

89
7
04

5
B7

Less: Cost of Production 9,000

F9

FF
BF
20

2A
B0
E

PBIT 3,000
89
7
C0

04

5
B7
F9

A9
BF

Less: Interest on Loan 20

20
A

B0
E

52
F6

PBT 2980
7
C0

04

B7
F9

BF
C

Less: Tax @ 30% 894

20
A
32

B0
E
F6

7
C0

04

Earnings After Tax 2086

B7
F9
C

20
A
32

B0
E
F6

C0

04
6B

F9
C

20
A
32
F

E
F6
9F

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A
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Paper / Subject Code: 86011 / Finance: Strategic Financial Management

7B
B0
C0

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B7
F9

BF
20
6A
32

B0
4E

77
C0
CF
6B

F9
00

B
A
2

B0
FF

02

E
6
3

4
CF
Balance Sheet as on 31-3-2022

6B

C
89

F9
00
6A
32
A9

FF

02

4E
Liabilities (Rs.in lacs) Assets (Rs.in lacs)

F
6B

C
9

0
52

C
Equity Shares Capital (Rs. 10 400 Land & Building 200

EF
20
A
32
9

F
BF

6
A

F
each) 300 Plant & Machinery 400

04
CF
6B

AC
89
2
77

0
5
Reserves & Surplus 200 Debtors 200

32
A9

FF

02
BF
0B

6
CF
10-% Bank Loan 100 Stock 150

C
89
52
7
9B

A
7
Creditors - Cash and Bank 50

32
9

F
BF
B

6
EF

F
0

6B
9
1,000 1,000

52
7
9B

2C
04

A
7

A9

FF
BF
The company’s weighted average cost of capital is 15%.

0B

6
F
20

CF
6B
E

89
52
77
B
C0

04
The Company is listed on BSE and has a P/E of 6 times.

32
9

F
F
B
EF
0

A
6A

F
B
B0
2

6B
You are required to calculate (a) value of the firm, (b) EVA and (c) MVA.

89
2
7
0

5
F

B7
C

9
0

A9

FF
F
2C

EF
20
A

7B
B0

89
52
F6
B3

C0

04

6
B7
9

A9

FF
F
2C
F6

F
0
A

7B
Q.4 (A) From the following information find out the amount of provisions to be shown in the

B0
2

4E

89
52
6
B3
9F

0
CF

B7
C

F9
0

A9
Profit & Loss A/c of a Commercial Bank: (8 marks)

F
98

F6

0
6A

7B
32

B0
02

4E

52
2A

Rs. (In lacs)

9F

B7
B

AC

9
00

BF
C
98

F6

F
F5

Standard 4,000
2

B0
02

E
6

77
B3
2A

9F
7B

4
Sub-standard 2,000 F

F9
00
2C

0B
98

F6
F5

A
B7

Doubtful upto one year 900

02

4E
F6
3
2A

9B
F
7B
B0

C
89

Doubtful upto three years 400

00
C
F6

EF
F5

A
B7
9

2
9

02
Doubtful more than three years 300

6
EF

B3
A

F
7B

04
CF
B0

C
9
2

Loss Assets 500

04

F6

20
F5

A
B7
9

2
9

6
EF
20

B3
2A

9F

C0
7B

CF
B0
C0

04

98

6
5

6A
B7

Q-4 (B) Anu Ltd has Rs. 5,00,000 allocated for capital budgeting purposes. The following
9

32
FF
F
EF
20

A
6A

7B

CF
B0

6B
9
2

proposals and associated Profitability Index have been determined.

0

04

8
F5
CF

B7
AC

32
9

FF
EF
20

2A

Project Outflow (Rs.) Profitability Index

7B
32

6B
89
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B
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04

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6B

1 1,50,000 1.22
9

A9

FF
2C

0B
EF
20
6A

B
FF

2 75,000 0.95
89
2
7
B3

9B
C0

04

5
CF

7
89

A9

3 1,75,000 1.20
BF
0B
F6

F
20
6A
2
9

4E

4 2,25,000 1.18
52
77
B3
2A

9B
F

C0
F
89

00

BF
2C

0B

5 1,00,000 1.20
F6

F
6A
9

77
B3
2A

9B
F

C0

6 2,00,000 1.05
4
F
89

0
2C

0B
F6

EF
20
5

6A
9
BF

B3
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9B
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89

Which of the above investments should be undertaken in order to maximise NPV. Assume that the
7

2C
F6

EF
20
5

6A
B7

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BF

projects are indivisible (7 marks)

B3
2A

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04
F
B0

89
7

2C
F6

20
5

A
B7

9
BF

6
B3
2A

C0
CF
B0

OR
89
7

F6
5

6A
B7
F9

32
9
BF

Q.4 (C) The Board of Directors of VIRAT Ltd. requests you to prepare a statement showing the
2A

CF
B0

6B
E

89
7
04

working capital requirements forecast for a level of activity of 1,56,000 units of production.
B7
F9

32
9

FF
BF
0

2A
B0
02

6B
E

The following information is available for your calculation. (15 marks)

89
7
04

5
B7
F9

FF
BF

Cost sheet Rs. (per unit)

20

2A
B0
E

89
7
C0

Raw material 90
04

5
B7
F9

A9
BF
20
A

Wages 40
B0
E

52
F6

7
C0

04

B7

Overheads 75
F9

BF
C

20
A
32

B0
E

205
F6

7
C0

04

B7
F9
C

Profit 60
20
A
32

B0
E
F6

C0

Selling price 265

04
6B

F9
C

20
A
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E
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9F

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30713 Page 4 of 5
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2A989FF6B32CF6AC02004EF9B0B77BF5
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 F5
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Paper / Subject Code: 86011 / Finance: Strategic Financial Management

7B
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E
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CF
Additional Information:

6B

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4E
i) Raw materials are in stock on average one month.

F
6B

C
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ii) Materials are in process, on average 2 weeks.

EF
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A
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BF

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A

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CF
iii) Finished goods are in stock, on average one month.

6B

AC
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0
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iv) Credit allowed by the suppliers - one month.

0B

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CF
B

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9B
v) Credit allowed to debtors - 2 months.

A
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BF
B

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EF

A
vi) Lag in payment of wages – 2 weeks.

F
0

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9
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FF
vii) Lag in payment of Overheads - one month.

BF
0B

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F
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B
20% of the output is sold against cash. Cash in hand and at bank is expected to be Rs.
C0

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9

F
F
B
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0

A
6A

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B
60,000. It is to be assumed that production is carried on evenly throughout the year. Wages

B0
2

6B
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0

5
F

B7
C

9
0
and overheads accrue similarly and a time period of 4 weeks is equivalent to one month.

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FF
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2C

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A

7B
B0

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B3

Also Calculate Maximum Permissible Bank Finance as per Tandon committee assuming
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04

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B7
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FF
F
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F
0
that core current assets are Rs. 30,00,000. A

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CF

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C

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0

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Q.5 (A) What are the factors affecting Dividend Policy of the company? (8 marks)

02

4E

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B7
B

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BF
C
(B) Explain various strategies in working capital financing. (7 marks)
98

F6

F
F5

B0
02

E
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B3
2A

9F
7B

4
OR F

F9
00
2C

0B
98

F6
F5

A
B7

Q.5 Write Short Notes on: (Any three) (15 marks)

02

4E
F6
3
2A

9B
F
7B
B0

C
89

00
a. Corporate Governance C
F6

EF
F5

A
B7
9

2
9

02
6
EF

B3
A

b. Capital Rationing
7B

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CF
B0

C
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2
04

F6

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F5

A
B7
9

c. Economic Value Added 2

9

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2A

9F

C0
7B

CF
B0

d. XBRL
C0

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6
5

6A
B7
9

32
FF
F
EF
20

A
6A

e. Types of merger.
7B

CF
B0

6B
9
2
0

04

8
F5
CF

B7
AC

32
9

FF
EF
20

2A
7B
32

6B
89
F6

B
C0

04

F5
7
6B

A9

FF
2C

0B
EF
20

***********
6A

B
FF

89
2
7
B3

9B
C0

04

5
CF

7
89

A9
BF
0B
F6

F
20
6A
2
9

4E

52
77
B3
2A

9B
F

C0
F
89

00

BF
2C

0B
F6

F
6A
9

77
B3
2A

9B
F

C0

4
F
89

0
2C

0B
F6

EF
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6A
9
BF

B3
2A

9B
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F
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2C
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BF

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2C
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BF
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2A
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BF
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A

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52
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BF
C

20
A
32

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B7
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30713 Page 5 of 5
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