Sem 3

Seat No.
: __________
Enrolment No._____________
GUJARAT TECHNOLOGICAL UNIVERSITY

MBA Semester III Examination Dec. - 2011 Subject code: 2830001 Date: 05/12/2011 Subject Name: Strategic Management Time: 10.30 am 01.30 pm Total Marks: 70
Instructions: 1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. Q.1 (a) Describe the contemporary competitive landscape. Explain the role of Technology 07 and Globalization on the nature of current competitive landscape. (b) Discuss the four steps of external analysis process in detail. What does the firm intend 07 to follow this process? Q.2 (a) Explain the terms Market Commonality, Resource Similarity. How can be these 07 exploited to analyze the competitors? (b) Distinguish between core competencies and competitive advantage. Does the success 07 of an organization is merely dependent on its competitive advantage? justify your answer with supportive arguments. OR Does the higher proportion of resources to the competitors ensure the competitive 07 (b) advantage for a firm? Why is it essential to develop capabilities for a success of the firm? Q.3 (a) How can the business-level strategies be used to position the firm relative to the five 07 forces of competition in a way that helps the firm to earn above-average returns? (b) Discuss the potential motives for the firms decision to employ acquisition strategy for achieving strategic competitiveness. OR (a) Discuss various restructuring strategies for the corporate along with their short-term and long-term outcomes. (b) Evaluate each business level strategies in terms of their associated competitive risks. (a) Discuss the international corporate-level strategies. How do they differ from each other? (b) What is corporate governance? Briefly describe the internal and external governance mechanisms used in modern corporations.
OR
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(a) Compare and contrast the operational controls and strategic controls. (b) Describe the key strategic leadership actions required for the success of a strategic management process. (a) Ethics and social responsibilities are very crucial factors to consider while formulating the corporate level strategies. explain in detail with your views. (b) How the pattern of organizational structural growth and its strategies are interrelated? Explain the reciprocal relationships between them. OR (a) Discuss the effects of CEO succession and top management team composition on the strategy of the organization. (b) How can the Balance Scorecards framework be implemented to achieve the expected performance?
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Seat No.: __________

MBA Semester III Examination Dec. 2011 Subject code: 2830002 Subject Name: Legal Aspects of Business (LAB) Time: 10.30 am 01.30 pm
Instructions: 1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. Q.1 (a) What are the provisions of the Companies Act 1956 for the conversion? 07 (1) A private company into a public company. (2) A public company to a private company. (b) Describe the salient features of the Consumers Protection Act, 07 1986.Enumerate the aim and objectives of the act. (a) What is the importance and meaning of copyright? Enumerate the works 07 in which copyright subsists. (b) Sunil agrees to sell a painting to Atul for Rs. 20,000. The painting needs a 07 new frame. Sunil tells Atul that the painting will be ready for him to collect in a fortnight. However, when Atul came to collect and pay for the painting, Sunil refuses to give it to him. Advise Atul. OR (b) Describe the characteristic features of negotiable instruments. Also 07 explain the presumptions, legally permitted in respect of negotiable instruments. (a) What is breach of contract? What remedies are available to the non breaching party in the event of breach of contract? (b) The Memorandum of Association is an unalterable character of a company comment. Also discuss contents of Memorandum of Association. OR (a) Who is authorized to issue a Digital Signature Certificate? What type of representations is made by the certifying authority at the time of issue of a Digital Signature Certificate? (b) X is the Director of 21 companies, which includes directorship in respect of a private company, which has recently become a public company under Section 43(A). Comment. (a) What is an Indemnity? Bring out differences between a contract of indemnity and contract of guarantee. (b) What are the rules as given in the Sale of Goods Act, 1930, regarding fixation of price? OR (a) What do you understand by the term Patent? Describe the procedure for obtaining a patent. (b) What is Prospectus? Describe its contents. 07 07
Date: 08/12/2011 Total Marks: 70
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1
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(a) What do you mean by discharge of a negotiable instrument? Discuss the ways through, which an instrument may be discharge. (b) What is Coercion? State its effect on the validity of a contract? OR (a) What do you understand by the term Agency? How is an agency created? (b) Write a note on overview of Environmental legislation in India
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Seat No.: __________

MBA Semester III Examination Dec. 2011 Subject code: 2830201 Subject Name: Strategic Financial Management Time: 10.30 am 01.30 pm
Instructions: 1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. Q.1 (a) Explain the role of Strategic Financial Management & its functions in business. 07 (b) What are the points to be given importance in project planning in the post 07 liberalization and global scenario? (a) Under what circumstances is the business valuation exercise undertaken by corporate 07 finance managers and investors? 07 (b) The following information pertains to XYZ Ltd. Net Profit Outstanding 12% preference Shares No. of outstanding equity shares Return on Investment Equity capitalization rate Rs. 60 lakh Rs.200 lakh 6 lakh 20% 16%
Q.2
Required: i) What should be dividend payout ratio so as to keep the share price at Rs. 41.25 by using Walter Model? ii) What is the optimum dividend payout ratio according to Walter Model? OR (b) Darshna Mills Ltd. is considering two mutually exclusive investment proposals for its 07 expansion program. Proposal A requires an initial investment of Rs. 7,50,000 and yearly cash operating cost of Rs. 50,000. Proposal B requires an initial investment of Rs. 5,00,000 and yearly cash operating cost of Rs. 1,00,000. The life of the equipments used in both the proposals will be 12 years, with no salvage value; depreciation is on straight line basis for tax purpose. The anticipated increase in revenue is Rs. 1,50,000 per year in both the investment proposals. The firms tax rate is 35 percent and its cost of capital is 15 percent. Which investment proposal should be undertaken by the company? Q.3 (a) Explain 07 i) Capital Budget under Inflation. ii) Reasons of Project Failure. (b) A company has the following estimates of the present values of the future cash flows 07 after taxes associated with the investment proposal, concerned with expanding the plant capacity. It intends to use a decision tree approach to get a clear picture of the possible outcomes of this investment. The plant expansion is expected to cost Rs. 3,00,000. The respective PVs of future CFAT and probabilities are as follows.
1
Q.3
With Expansion Without Expansion Probabilities 3,00,000 2,00,000 0.2 5,00,000 2,00,000 0.4 9,00,000 3,50,000 0.4 Advice the company regarding the financial feasibility of the project OR (a) Explain 07 i) Sensitivity Analysis in Capital budgeting. ii) Implications of Corporate Restructuring. (b) The market value of two companies Surya Ltd. and Chandra Ltd. are Rs. 175 lakh and 07 Rs. 75 lakh respectively. The share capital of Surya Ltd. consists of 3.5 lakh ordinary shares of Rs. 10 each and that of Chandra Ltd. is 2.2 lakh ordinary shares of Rs. 10 each. Surya Ltd. is proposing to take over Chandra Ltd. The pre-merger earnings are Rs. 19 lakh for Surya Ltd. and Rs. 10 Lakh for Chandra Ltd. The merger is expected to result into a gain of Rs. 4 lakh in the form of post tax cost savings. The pre-merger P/E ratios is 10 for Surya Ltd. and 8 for Chandra Ltd. The possible combined P/E ratios are 9 & 10. You are required to calculate a) Minimum Combined P/E ratio to justify the merger b) Exchange ratio of shares if combined P/E ratio is 9. c) Exchange ratio of shares if combined P/E ratio is 10.
Q.4
(a) What is financial restructuring? What are the key components of financial 07 restructuring scheme? Develop a financial restructuring scheme for a financially troubled firm. (b) A company employs certainty-equivalent approach in the evaluation of risky 07 investments. The capital budgeting department of the company has developed the following information regarding a new project. Year Expected CFAT (Rs. Thousands) (200) 160 140 130 120 80 Certainty Equivalent Quotient 1.0 0.8 0.7 0.6 0.4 0.3
0 1 2 3 4 5
The firms cost of capital is 18 percent; its cost of debt is 9 percent and the riskless rate of interest in the market on the government securities is 6 percent. Should the project be accepted? OR Q.4 (a) Ongoing restructuring is must for survival due to globalization, liberalization and 07 economic reforms. Discuss.
Q.4
(b) Calculate the Economic Value Added (EVA) with the help of the following 07 information of S Ltd. Financial Leverage Capital Structure 1.4 Equity capital, Rs. 170 lakh Reserves and surplus, Rs 130 lakh 10% debentures, Rs 400 lakh 17.50% 30%
Cost of Equity Income Tax Rate Q.5
(a) Explain the significance of operating and financial leverage analysis for a finance 07 manager in corporate profit and financial structure planning. (b) A financial advisor of Krutika Industries Ltd. is confronted with two alternative 07 financing plans for raising Rs 10 lakh that is needed for plant expansion and modernization. One choice is 12% Debt issue. The other is to issue 8,000 equity shares at the current market price per share of Rs 125. The modernization and expansion program is expected to increase the firms operating profits (EBIT) by Rs. 2,00,000 annually. The firms condensed financial statements for the current year are given below. Balance Sheet as on March 31 current year Amount Assets Amount Current Liabilities 500000 Current Assets 1600000 Plant & Equipment 10 % Long term Loan 1500000 (Net) 3400000 Reserves and Surplus 1000000 Equity capital (Shares of Rs. 100 each) 2000000 5000000 5000000 Income statement for the current year Operating profits 800000 Less Interest Expenses (0.10 x Rs 15,00,000) 150000 Income before taxes 650000 Less Taxes (@0.35) 227500 Net Income 422500 Earnings per share 21.12 Dividend per share 10.56 However the finance advisor is concerned about the effect that issuing debt might have on the firm. The average debt ratio for firm in industry is 45 percent. He believes that if this ratio is exceeded, the P/E ratio will be 7 because of the potentially greater risk. If the firm increases its equity capital, he expects the P/E ratio to increase to 8.5. He also wonders as to what will happen to the dividend yield under each plan. The firm follows a practice of paying dividends equal to 50 percent of net income. a) Determine the debt ratio, under each plan, after the securities are issued. b) Determine the expected net income in the next year, expected EPS and expected market price of the equity shares. c) Which form of financing should the company use to follow a policy of maximizing market value of the shares? OR
3
Q.5
(a) Enlist the key factors which govern the capital structure decisions and explain in detail 07 any three factors. (b) The Evergreen company has a choice of raising an additional sum of Rs 50 lakh either 07 by the sale of 10 percent debentures or by issue of additional equity shares of Rs. 50 per share. The current capital structure of the company consists of 10 lakh ordinary shares. i) At what level of earnings before interest and tax (EBIT) after the new capital is required, would earnings per share (EPS) be the same whether new funds are raised by issuing ordinary shares or by issuing debentures? ii) Also determine the level of EBIT at which uncommitted earnings per share (UEPS) would be the same if sinking fund obligations amount to Rs. 5 lakhs per year. Assume a 35 percent tax rate.
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Seat No.: __________

MBA Semester III Examination Dec. - 2011 Subject code: 2830302 Subject Name: Compensation Management (CM) Time: 10.30 am 01.30 pm
Instructions: 1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. Q.1 (a) (b) Q.2 (a) (b) How a reward system operates and briefly explains any five components of reward system and its interrelationship. What is the difference between incentives and rewards and discuss the types of non-financial rewards. Discuss the different types of non-cash recognition awards and Explain Analytical job evaluation schemes Discuss the objectives and types of individual contingent pay. OR Write a note on rewarding manual workers in brief. Explain provisions of finance and audit under the employees state insurance act,1948. State the provisions of payment of minimum rate of wages under the minimum wages act,1948. OR What do you understand by expression salary under the Income tax act provisions with respect to salaried persons. Briefly explain the payment of gratuity act,1972. 07 07 07 07
(b) Q.3 (a) (b)
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Explain expatriate pay with four approaches to calculating 07 expatriate pay. Compare the two main types of occupational pension 07 schemes defined benefit and defined contribution.
OR
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Q.5
(a) (b)
Explain The role of the reward professional in implementing reward strategies, policies and processes. What are the reasons for evaluating reward systems and what are the possible reasons for the lack of interest in evaluation and what can be done about it? What did you understand from mediclaim policy explain with features. Explain provisions related to Maternity Benefit act,1981. OR Discuss payment of wages act 1936,for rules of deduction and enforcement of the act. Read the case given below and answer the following questions.
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Fortune furtnitech is a state-of-the-art modular furniture manufacturer, started with an initial 500 crore investment, by raising a term loan from different financial institutions and about 65% contribution from the traditional family business. The group has a traditional family history of woodcraft manufacturing. Leveraging the family trend, the present owner Asim Singh and his wife Ragini ventured into this business. Asim Singh has toured extensively all over the world with his father, right from his childhood. According to Mr. Singh, India has top quality berg woods in its North-eastern states, which are imported by countries such as the US. However, Indians use them as firewood, because of lack of awareness. The company launched an ambitious plan to manufacture and sell hardwood furniture worldwide, as their study indicated that the Indian market for furniture is still unorganized, and that the affluent class used imported furniture made of concentrated wood dust or waste products. To achieve this goal , the company recruited the best designers, business heads, and production people worldwide. Many designers were either Italian born, or trained in Italy. The biggest challenge the company faced was in designing managerial compensation. Management compensation received attention primarily because of its performance implications and strategic fit in Fortune Furnitech. The HR manager claimed that it had a positive effect on the companys financial performance and recommended the appropriateness of different compensation for specific strategic situations. However, he could not convince the top management of the need to formulate an executive compensation package accordingly. Asim Singh only considered such alignment for executives on the board, arguing that their achievement was traceable. The HR manager argued that compensation cost in the company was the second largest expense category, the first being the cost of raw materials and other implements (excepting labour).Hence, it had to be managed strategically, aligning with the performance of the organization and its fit with overall organizational strategy. He supplied extensive literature to sell his argument. He complained that the organization did not have a well-documented compensation philosophy, despite this evidence. Some incentives were also counterproductive. He argued that it is time to develop executive compensation, de-emphasizing the immediate financial gains and tagging it with long-range strategy of the organization. After listening to the HR heads argument, the CEO directed him to develop a model that may work in the organization. [Que.:] Imagine you are the HR manager. Design the appropriate pay model for executives of the organization.
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Seat No.: _____
Enrolment No.______

MBA Sem-III Regular Examination January 2011
Subject code: 830201 Subject Name: Corporate Tax & Financial Planning (CT & FP) Date : 12/01/2011 Time: 10:30am-1.00pm
Total Marks: 70
Instructions:
1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. Q.1 (a) Discuss the relationship between residential status of tax payers and incidence of tax (b) Mrs.Madhu is offered an employment by PVR Ltd. at a basic salary of Rs.1,25,000 per month. Other allowance offered by the company includes: Dearness allowance: 15 percent of the basic pay (not forming part of salary for calculating retirement benefits) Bonus Pay: 2 Months basic salary Project allowance: 5 percent of basic pay The company gives her an option either to take a rent free unfurnished accommodation at Indore for which the company would bear the rent of Rs.45,000 per month or to accept a house rent allowance of Rs.45,000 per month and she can find out her own accommodation. She wants to invest Rs.60,000 in Public Provident Fund and Rs.35,000/- in Reliance Tax Saver (ELSS) fund. As a Tax Consultant, determine which one is a better option for Mrs.Madhu. 07 07
Q.2
(a) The following is the profit and loss account for the year ending 2009-10 of Mr.Kabra who is a businessman. Particulars Amt Sundry Charges 35,650 Insurance 3,500 Salary 1,12,000 Donation to Political Party 1,560 Income Tax 2,400 Depreciation 1,00,000 Advertisement 25656 Office Expenses 42,500 Advanced Tax 17,000 Net Profit 3,44,894 6,85,160 Particulars Amt Gross Profit 4,81,660 Commission 1,05,500 Interest on Debenture(22,500) 25,000 Short Term Gain 73,000
07
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1. Depreciation as per income tax rule is only Rs.75,000 2. Bad debts of a business which was discontinued in earlier years has been recovered during the year Rs.15000 3. The advertisement expenses include Rs.5000 which is paid for printing of Souvenir. 4. Salary includes Rs.50,000 paid to his son who is rendering part time services in his business 5. Sundry charges includes Rs.22,000 paid by bearer cheque Compute the tax liability of Mr.Kabra if he invests Rs.50,000 in Public Provident Fund and Rs.50,000 in ELSS mutual Funds Schemes? (b) What are the provision for computing income on estimated basis under section 07 44 AE and 44 AF? Explain with suitable numerical examples. OR (b) Discuss how undisclosed income and investments are taxed 07 Q.3 (a) From the following information regarding certain transactions of Shrikant,, calculate
taxable amount of Capital Gain. 1. Jewelry purchased on 10-3-75 for Rs.109, 000 was sold on 2-5-2009 for Rs.12, 04,810/-. The fair market value of the Jewellary on 1-4-1981 was Rs.1,10,000/2. He had to pay brokerage of Rs.2000/- on Purchase and Rs.4810/- on sales of the said Jewellary. 3. On 1-11-2009 he purchased Bonds of NHAI of Rs.1,92,160/- which are repayable after 3 years. 4. Cost Inflation Index of 1981-82 was 100 and that of 2009-10 632.
07
Q.3
(b) Discuss the provisions of clubbing of income under the Income Tax Act, 1961 OR (a) IVRC Ltd. Sells the following assets: Agriculture Bonus House Land Share Property Date of Sale 31/01/2010 7/11/2009 25/3/2010 Date of Acquisition Sales Consideration Purchase Consideration 9/5/1993 9,00,000 70,000 4/4/1983 4,50,000 Nil 6/6/1982 6,50,000 1,00,000
07 07
The agriculture land is situated in an urban area and used for agriculture purpose since 1993. IVRC Ltd. invests in the following assets as on dated 2/4/2010 1. Rs.4,00,000 in the Bonds (Redeemable on June 5,2013) of National Highway Authority 2. Rs.5,00,000 in the Bonds( Redeemable on May 10,2015) of Rural Electrification Corporation 3. Rs.80,000 in Agriculture Land
Year Cost Inflation Index 2009-10:632, 1993-94:244, 1992-93:223, 1983-84:116, 1982-83:109, 198182:100 Find out the Capital Gain chargeable to tax. (b) Explain with examples set off and carry forward of losses and its exceptions Q.4 07
(a) JK Ltd obtains a telecom license on 22/04/2009 for a period of 10 years which 07 ends on 31/03/2019 and paid Rs.27,00,000 as licence fee. Find out the amount of deduction under section 35 ABB under following situations: 1. If the entire amount is paid on April 1,2010. 2. If the entire amount is paid in three instalments on April 30, 2009, April 30, 2010 and April 30, 2011. (b) Tax Planning is crucial while deciding upon the nature of business. Explain 07 with numerical examples.
OR
Q.4
(a) Discuss various tax incentives available while selecting a business location. (b) Differentiate between Tax Avoidance and Tax Evasion
07 07
Q.5
(a) Supernova Ltd. is planning for an expansion of its business. It has to make a 07 choice between debt issue and equity issue for the expansion of business. The current position of the company is as follows: 10% Debenture Equity Share Capital(Rs.100 Per Share) Reserve and Surpuls Total Capital Sales Turnover 8,00,000 20,00,000 12,00,000 40,00,000 12,00,000
Less: Total Cost 10,00,000 EBIT 2,00,000 Less: Interest @ 10% 80,000 EBT 1,20,000 Less: Tax @ 33.2175% 39,861 EAT 80,139 The expansion of business will cost Rs.20, 00,000. If this is financed through the issue of 10% Debenture then the price- earnings ratio will be 5 times and if financed through the new issue of equity shares then the price earnings ratio will be 6 times. The expansion will generate additional sales of Rs.60, 00,000 with a return of 10% on sales before interest and tax. If the company wants to maximize the market value of the shares, then which alternative should be adopted by the Supernova Ltd.? 07 (b) Evaluate the impact of budget 2010 with reference to an individual and 07 corporate point of view. OR
Q.5
(a) Ivory Ltd. wants to raise capital of Rs.20,00,000 for a project where earning 07 before tax is 30% of the capital employed. The company can raise debenture @ 12% p.a. suggest which of the three alternatives should be adopted by the company: 1. Rs.20,00,000 to be raised by equity shares 2. Rs.15,00,000 by equity and 5,00,000 by debentures of 12 Percentage 3. Rs.5,00,000 by equity and Rs.15,00,000 by debentures of 12 Percentage Assume that the corporate tax rate is 30%, education cess is 2 percent and secondary and higher secondary education cess is 1 percent. (b) Discuss tax planning aspects of Make or Buy decision
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07
Seat No.: __________

MBA Semester III Examination Dec. - 2011 Subject code: 830201 Date: 13/12/2011 Subject Name: Corporate Taxation & Financial Planning Time: 10.30 am 01.30 pm Total Marks: 70
Instructions: 1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. Q.1 (a) Define the terms: (1) Assessment Year & Previous Year (2) Person (3) Gross 07 Total Income (4) Industrial Company (5) Agricultural Income (6) Surcharge (7) Foreign Income (b) X, a foreign national, furnishes the following particulars of his income relevant 07 for the previous year 2010-11: Profit on sale of plant at London (one-half received in India) Rs. 1,46,000 Profit on sale of plant at Delhi (one-half received in London) Rs. 1,02,000 Salary from an Indian company received in London (one-half paid for rendering services in India) Rs .60,000 Interest on U. K. Development Bonds (entire amount received in London) Rs.40,000 Income from property in London received there Rs. 30,000 Income from agriculture in London received there Rs. 25,000 Dividend received in London on May 6, 2010 from a company registered in India but mainly operating in U. K. Rs. 17,000 Profit from a business in Delhi managed from India Rs. 49,000 Rental income from a property in Nepal Rs. 12,000 Gift in foreign currency received on September 20, 2010 from a friend (onethird of which is received in India and remaining amount received outside India Rs. 3,70,000 Determine gross total income of X for the A.Y. 2011-12 if he is a) Non-resident and b)Resident and ordinarily resident
Q.2
(a) How the tax liability of a company will be calculated under Normal Provision 07 and under Minimum Alternate Tax show with imaginary figure? (b) X and Y form a partnership firm on April 1, 2010 (profit sharing ratio 2:3) by 07 investing Rs. 10,00,000 and Rs. 15,00,000 respectively. The investment has been financed from the following sources: X (Rs.) Y (Rs.) Gift from Mrs. X 6,60,000 ---Gift from Mrs. Y ---8,00,000 Past savings from X and Y 3,40,000 7,00,000 For the year ending March 31, 2011, share of profit from the firm is as follows: X (Rs.) Y (Rs.) Interest on capital @ 12% 1,20,000 1,80,000 Salary as working partner 24,000 24,000 Share of Profit 1,08,000 1,62,000 Find out the income chargeable to tax in the hands of X and Mrs. X.
OR (b) X, an employee of PQR Ltd., draws Rs. 2,00,000 as basic pay, Rs. 15,000 as 07 dearness allowance (not being part of salary) and Rs.20,000 as bonus. Besides the company provides a rent-free unfurnished house in Goa. The house is not owned by the company. Determine the taxable value of the perquisite for the A.Y. 2011-12 if lease rent of the house is : a) Rs.20,000 p.a. b) Rs.48,000 p.a. c) Rs.26,000 p.a. Q.3 (a) Discuss the provisions of Income Tax Act for computation of Cost of Acquisition of Original and Bonus Shares as the part of sale considerations. (b) X submits the following particulars of income/loss for the A.Y. 2011-12: Profits of Business I carried on in India Rs. 2,42,000 Loss of Business II carried on in India Rs. (1,26,000) Profits of Business III carried on in Germany (though income is earned and received in Germany, business is controlled from Bombay) Rs. 2,17,000 Loss of Business IV carried on in Germany (though income is earned and received in Germany, business is partly controlled from Germany and partly from Canada) Rs. (1,56,000) Unabsorbed depreciation of the A.Y. 2002-03: Business I Rs. (1,07,000) Business III Rs. (1,08,000) Business IV Rs. (2,15,000) Income from property situated in India Rs. 1,18,000 Income from property situated in Germany Rs. 1,20,000 Determine the net income of X for the A.Y. 2011-12 on the assumption that he is (i) resident and ordinarily resident in India (ii) resident but not ordinarily resident in India OR (a) Discuss in detail Sections 80IC and 80ID as the tax incentives under the Income Tax Act for selection of Location of New Business. (b) Mr. X is an entrepreneur. He provides you the following alternatives to select the best form of organization in regards with the best tax planning. Particulars Alt.-A Alt.-B Alt.-C No. of partners 3 4 8 Profit sharing ratio Equal Equal Equal Capital in equal proportion 10,00,000 15,00,000 80,00,000 Profit P.Y.- 2010-11 6,00.000 12,00,000 60,00,000 Other income of each partner 60,000 50,000 60,000 LIC Prem. of each partner 80,000 50,000 90,000 Salary p.m. of each partner 10,500 14,625 32,437.50 Mr. X has two option either partnership firm as per above mentioned alternatives or proprietary firm. Suggest which form of organization is better for him. 07 07
Q.3
07 07
Q.4
(a) Discuss provisions of Section 80JJAA-Deduction in respect of employment of 07 new workmen. (b) X (age : 32 years), posted at Bombay, receives a salary of Rs. 36,000 per month 07 during 2010-11 from A Ltd. His employer contributes Rs. 53,000 towards provident fund. His other allowances are: special allowance Rs. 2,28,000 and medical allowance: Rs. 22,200 and 0.5 per cent commission on sales achieved by him. During the year, turnover achieved by X is Rs. 9,60,000. Employer provides a Maruti-800 car with a chauffer for his private and official purposes w.e.f. April 1, 2010. The amount of interest credited to provident fund on May 10, 2010 @ 11% p.a. comes to Rs. 25,660.
2
Income of X from other sources is Rs. 7,54,000. Payments/ Contributions: Insurance premium paid on own life (sum assured : Rs. 22,500) Rs. 6,500 Insurance premium paid on the life of Mrs. X (sum assured : Rs. 1,00,000) Rs. 4,000 Insurance premium paid on the life of major son (sum assured : Rs. 20,000) Rs. 3,100 Contribution towards PPF Rs. 1,000 Contribution towards employees provident fund Rs. 50,000 Contribution made for participating in ULIP Rs. 2,000 Repayment of loan taken from LIC for purchase of a house (whose construction is completed on March 10, 1987 and used by him for his residence) Rs. 22,000 Tuition fee of Xs son Rs. 12,500 Investments in units of a notified Mutual Fund for financing infrastructure facility Rs. 2,000 Determine the amount of tax liability on the assumption that provident fund is (i) Statutory (ii) Recognised (iii) Unrecognised.
OR
Q.4
What do you mean by Tax Planning? Distinguish: Tax Avoidance and Tax 07 Evasion. (b) X, not being covered by the payment of Gratuity Act, 1972, retires on January 07 6, 2011 from PQR and receives Rs. 1,24,000 as gratuity after service of 29 years and 11 months. His average monthly salary during March 1, 2010 to December 31, 2010 is Rs. 8,500. Determine the amount of: a) taxable gratuity b) gratuity exempted from tax for the A. Y. 2011-12. (a) 07 07
(a) Discuss with comparison the tax benefits for various forms of organization: Firm, LLP and Company with reference to new business. XYZ Ltd. is contemplating an expansion programme. It has to make a (b) choice between debt issue and equity issue for its expansion programme. Its current position is as under: Rs.(in Crore) 10% Debt 80 Equity share capital(Rs. 10 per share) 200 Reserves and Surplus 120 Total capitalization 400 Sales 1,200 Less: Total Cost 1,076 EBIT 124 Less: Interest 8 EBT 116 Less: Tax @ 33.2175% 38.53 EAT 74.47 The expansion programme is estimated to cost Rs. 200 crore. If this is financed through debt, the new rate of debt will be 10% and the P/E Ratio will be 6 times. If the expansion programme is financed through equity, new shares can be sold getting Rs. 25 per share and the P/E Ratio will be 7 times. The expansion will generate additional sales of Rs. 600 crore with return of 10% on sales before interest and tax. Suggest which form of financing should it choose? OR Explain meaning of Dividend as per Section 2(22)(a) to 2(22)(e). What is tax Q.5 (a) treatment for them? (b) Enlist Any Five permissible deductions u/s 80C to 80U. Explain Any Two of them. Q.5
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07 07
3
Seat No.: _____
Enrolment No.______

M.B.A. Sem. III - Examination June- 2011
Subject code :( 830201) Subject Name: Corporate Taxation & Financial Planning
Date:09/06/2011 Time: 02.30 pm 05.30 pm Total Marks: 70
Instructions:
1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. Q.1 ABC Ltd., an Indian company, submits the following particulars relevant for 14 the assessment year 2010: Particulars Salary to Staff Income tax Expenses on issue of shares for setting up a new show room at Delhi Expenses on raising a long term loan for setting up a new show room at Mumbai Interest on public deposits Capital expenditure for promotion of family planning among employees Legal expenses for filing income tax appeals before Delhi High Court Reserve for losses Reserve for payment of fines and penalty Reserve for bad and doubtful debts Maintenance expenses for car Bad debts written off Depreciation to be written off: Plant and machinery Car Office expenses Rent & repairs Sundry expenses Net profit Total Rs. Particulars 5,24,000 Gross profit 20,000 40,000 60,000 Rs. 23,52,000
20,000 8,000
11,000
16,000 6,000 400 12,000 3,600
42,000 6,000 8,000 28,000 2,43,000 13,04,000 23,52,000
23,52,000
Other information: 1. Car is partly used for official purposes and partly for personal purposes of manager. In the past 50 percent of car expenditure is disallowed. 2. Sundry expenses include payment of an advertisement bill to a person who has substantial interest in company. The payment is excessive to the extent of Rs. 9,800. 3. Office expenses include an expenditure of Rs. 4,000 which is paid in cash. 4. Sundry expenses include an expenditure of Rs. 40,100 which is paid by a bearer cheque. 5. Depreciation on machinery as per income tax provisions is Rs. 18,000 6. On March 10, 2010, the company pays Rs. 1, 80,000 to National Laboratory for carrying an approved scientific research programme in natural science. The payment is not recorded in the above P & L Account. 7. Sundry expenses included royalty payment of Rs. 50,000 to a resident on which tax is deducted at source on March 31, 2010 and paid to the government on September 5, 2010 (i.e. after the time limit given under section 200(1). Determine the taxable income and tax liability of the company for the assessment year 2010-11. Q.2 (a) Distinguish between : (Any Two) (i) Tax avoidance and Tax evasion (ii) Tax planning and Tax management (iii) Real ownership and Beneficial ownership (b) X furnishes the following particulars of his income earned during the previous year relevant to the assessment year 2010-11 Rs. 1. Income on German Development Bonds 72,000 (one-sixth is received in India) 2. Income from agriculture in Pakistan, received 6,82,000 there but later on Rs. 1,72,000 as remitted to to India 3. Interest from property in USA received outside 6,80,000 India (Rs. 1,84,000 is used in Canada for meeting the education expenses of Xs son is in Canada and Rs. 4,96,000 is later on remitted to India ) 4. Income earned from business in Iran which 8,10,000 controlled from New Delhi (Rs. 1,40,000 is received in India) 5. Dividend paid by an Indian company on May 10, 3,91,600 2009 but received out side India 6. Pasted untaxed profit of 2006-07 brought to 4,20,000 India in May,2009 7. Profit from the business in New Delhi and 1,84,000 managed from out side India (60 % of profit is received out side India) 8. Profits on sale of building in India but received 37,48,000 in Nepal 9. Pension from a formal employer in India 4,30,000 received in Iran 07
07
10. Gift in foreign currency from a friend received 1,60,000 in India on September 6, 2009 Find out the gross total income of X if he is (i) Resident and ordinarily resident in India (ii) Resident but not ordinarily resident in India (iii) Non- resident in India For the assessment year 2010-11 OR (b) X joined a company at Ajmer (population 24 lakh) on June 1,2009 and was 07 paid the following emoluments and allowed perquisites as under: Emoluments : Basic pay Rs. 25,000 per month Dearness allowance Rs. 10,000 per month Bonus Rs. 50,000 per month Perquisites: i. Furnished accommodation owned by the employer and provided free of cost. ii. Value of furniture therein Rs. 3,00,000 iii. Motor car owned by company (with engine cubic capacity less than 1.6 litres) along with chauffeur for official and personal use. iv. Sweeper salary paid by company Rs. 1,500 per month. v. Watchman salary paid by company vi. Rs. 1,500 per month. vii. Educational facility for two children provided free of cost. The school owned and maintained by the company. viii. Interest free loan of Rs. 5.00,000 given on October 1, 2009 for purchase of a house repayable within five years. No repayment was made during the year (SBI landing rate is 9.75%). ix. Interest free loan of Rs.50, 000 for purchase of computer to be used for education purpose given on January 1, 2010. No repayment was made during the year (SBI landing rate is 11.75%) x. Corporate membership of a club. The initial fee of Rs. 1, 00,000 was paid by the company. X paid the bills for his use of club facilities. You are required to compute the income of X under the head salaries in respect of assessment year 2010-11.
Q.3
(a) Mr. Jay furnish the following details for the year ending March 31, 2010 , 07 assumed that figures given below are computed and arrived after considering eligible deductions. Particulars Salary Income Income(loss) from House property House 1 House 2 (Self-occupied) House 3 Profit or Gain from Business or Profession Pharmaceutical business Electronic business Speculation business Rs. 4,50,000 1,40,000 (7,05,000) 1,15,000 5,00,000 (7,50,000) 3,60,000
3
Capital Gains Long - term capital gain 3,00,000 Short - term capital gain 1,90,000 Long - term capital loss (3,25,000) Income from other sources Loss on owning and maintaining race horses (1,50,000) Interest on securities 2,90,000 Compute total taxable income of Jay. (b) Explain the concept of Double Taxation Avoidance Agreement (DTAA). OR Q.3
07
(a) ABC Ltd. is in process of expansion of programme. It has to make choice 07 between debt issue and equity issue for its expansion programme. Its current position is as under. Particulars Equity share capital ( Rs. 10 per share) 10 % loan Reserve & Surplus Total Capital Employed Total sales Less: Total costs Less: Interest (10 % on 200) Profit Before Tax Less: Tax @ 33. 2175 % Profit After Tax Rs. In Crore 500 200 300 1,000 3,000 2,690 310 20 290 96.;33 193.67
The expansion programme is estimated to cost Rs. 500 crore. If this is financed through debt, the new rate of debt will be 10 percent and the priceearning ratio will be 6 times. If the expansion programme is financed through equity shares, new shares can be sold @ Rs. 25 per share and priceearning ratio will be 7 times. The expansion will generate additional sales of Rs. 1500 crore with return of 10 % on sales before interest and taxes. If company wants to follow maximizing the market value of its shares, which form of financing, should it choose? (b) Explain advantages of Limited Liability Partnership (LLP) as compared to 07 company form of organization Q.4 XYZ Ltd. is considering the purchase of a new machine costing Rs. 1, 14 20,000 with an expected life of 5 years with salvage value of Rs. 6,000, in replacement of an old machine purchased 3 years ago for Rs. 30,000 with expected life of 8 years. The present market value of this old machine is Rs. 70,000. Because of the purchase of new machinery, the annual profits before depreciation are expected to increase by Rs. 24,000. The relevant depreciation rate for the machine is 15 percent on written down value basis
4
and the tax rate is 33.2175 percent. Assume the after tax cost of capital (discounting rate) to be 14 percent. Advice the company suitably.
OR
Q.4
(a)
R Ltd., is engaged in the business of carriage of goods. On April 1, 2009 it 07 owns 10 trucks (6 out of which are heavy goods vehicle). On May, 16, 2009, one of the heavy goods vehicles is sold by R. Ltd. to purchase a light goods vehicle on May 25, 2009, which is put to use only from August, 1 2009. Find out the net income of R Ltd. for the assessment year 2010-11 taking in to consideration the following data: Particulars Freight collected Less: Operating expenses Depreciation as per section 32 Other office expenses Net Profit Other Business Income Rs. 7,75,000 5,25,000 1,40,000 65,000 45,000 55,000 07 07
(b) Explain Methods of Accounting under income-tax Act 1961. Q.5 (a) XY & Co., a partnership firm, transfers a piece of land situated in Thane district on August 17, 2009 for Rs.50 lakh. The land purchased on March 6, 1980 for Rs. 1 lakh got registered on April 3, 1983 on payment of stamp duty of Rs. 20,000.Expenses on land development and construction of boundary wall incurred in August 1983 where of Rs. 1, 50,000. The charges for transfer of land paid to the broker where 2.5% of the sale consideration. Fair market value of the land as on April 1, 1981 was Rs. 1, 50,000.The firm invested Rs. 30 lakh on December 1, 2009 in the bonds issued by a National Highways Authority of India redeemable after a period of 48 months. Compute the amount of capital gain chargeable to tax and amount of exemption U/S 54EC for the assessment year 2010-11. Cost Inflation Index for 1981-82 and for 2009-10 is 100 and 632 respectively. (b) Explain implications of Direct Tax Code on Steel Sector. OR (a) Write provisions relating to deduction of tax at source from Salary. (b) X Ltd., is engaged in business of growing and manufacturing tea in India. During previous year 2008-09, it deposits Rs. 100 lakh in the special account and claim the same as deduction under section 33AB (i.e. 40 % of the business profit: Rs. 250 lakh). During 2009-10, the company withdraws Rs. 35 lakh from the special account which is utilized as follows : a. Rs. 25 lakh on December 31, 2009 for the purpose of scheme framed by the Tea Board ; and b. Rs. 4 lakh for the other purpose on January 27, 2010. c. 6 lakh is not utilized up to March 31, 2010. Find out the amount chargeable to tax for the assessment year 2010-11.
07 07 07
Q.5
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Seat No.: ________
Enrolment No.______________

M.B.A -IIInd SEMESTEREXAMINATION MAY/JUNE- 2012
Subject code: 830201 Date: 31/05/2012 Subject Name: Corporate Taxation & Financial Planning (CT&FP) Time: 02:30 pm 05:30 pm Total Marks: 70
Instructions:
1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. Q.1 (a) XYZ Ltd. An Indian company furnishes following 07 particulars for the Assessment Year 2010-2011 compute Total Income. Net Profit as per P&L A/c:- Rs.4, 00,000 Additional Information 1. Income Tax debited to P&L A/c Rs.6, 000, out of it Rs.1, 200 is excessive. 2. During the previous year 2009-2010, the following payments are made not debited to P&L A/c. Rs.7, 000 paid on 5th May-2009 on A/c of outstanding custom duty of the previous year 2008-2009. Rs.5, 000 paid on 3rd January-2010 on A/c. of outstanding Sales Tax of the previous year 2008-2009. 3. Copyright of Rs.30, 000 debited to P&L A/c. was acquired and put to use on 10th March-2010. 4. Opening stock & Closing stock was respectively Rs.3, 60, 000 & Rs.4, 50, 000 as per books, it was found that it has been consistently valued 10% below cost. 5. Goods of Rs.50, 000 purchased by bearer cheque from Y Ltd. debited as purchase in P&L A/c. 6. Contribution to a national laboratory for carrying out approved scientific research qualified for weighted deduction U/s.35 (2AA) Rs.1, 06, 000 debited to P&L A/c. 7. During the previous year 2009-2010 company pays Rs.10, 00,000 not debited to P&L A/c. as compensation to employees on voluntary retirement under VRS scheme.
Page 1 of 6
(b) Find out the Total Income in the cases of X & Y for the 07 assessment year 2010-2011 both are resident retail traders at Ahmedabad. X Y Sales Turnover 40, 00,000 60, 00,000 Less: Expense Cost of Goods Sold 35, 00,000 50, 00,000 Depreciation 20,000 30,000 Other Expenses 3, 80,000 8, 20,000 Business Income 1, 00,000 1, 50,000 Other Income 2, 20,000 2, 30,000 PPF Contribution 40,000 50,000 LIC 60,000 Q.2 (a) As on 31-3-2009 the regular workers employed by an 07 industrial undertaking were 120. During the previous year following workers were employed Causal workman on 5-4-09 10 Workman employed 20 through contract labor from 10-5-09 Workman employed by company 15 w.e.f 1-5-09 5 w.e.f 1-6-09 15 w.e.f 15-7-09 5 w.e.f 15-10-09 Compute the deduction under section 80JJAA if the salary of each new workman is Rs.2000P.M. (b) Explain Tax planning, Tax avoidance and Tax evasion with 07 one example of each. OR (b) State meaning of Amalgamation under the Income Tax 07 Act and conditions for a merger to qualify as Amalgamation for the purpose of Income Tax Act. (a) What is regarded as income under The Income Tax 07 Act(any seven points)
Q.3
Page 2 of 6
Q.3
(b) Find out Gross Total Income of X for assessment year 07 2010-2011 if he is Resident & ordinary resident Resident & not ordinary resident Non resident Rs. Interest on USA 60, 000 development bonds(two fifth is received in India) Income from Agriculture 1, 00,000 in Australia(Activity is controlled in Australia) Income from business in 50, 000 Uganda(controlled from Delhi) Pension from a former 30, 000 employer in India received in Bangladesh Profit on sale of building in 1, 00,000 India but received in Sri Lanka Gift in foreign currency 80, 000 from a friend received in India on 20th January-2010 OR (a) State any 7 incomes which do not form part of Total 07 Income (Tax free incomes). (b) A company wants to appoint marketing manager Mr. X 07 aged 40 years , it has two options 1. Monthly Salary Rs.30, 000 2. (i) Monthly Salary Rs.15,000 (ii) Employers contribution to RPF Rs.1, 800 P.M. (iii) Education allowance for 2 children Rs.200 P.M. (iv) Academic research allowance Rs.2, 000 P.M. (50% use for conducting research) (v) Uniform allowance Rs.3000 P.M.(utilize for purchasing & maintaining uniform for official use) (vi) Rent free house in Delhi company pays rent at Rs.5, 000 P.M. (vii) Medical reimbursement Rs.12, 000 P.A. (viii) Telephone at residence of employee Rs.9000 P.A. (ix) Bonus Rs.15, 000 P.A. Compute tax liability under both option for Assessment Year 2010-2011 and state which option will be beneficial to X.
Page 3 of 6
Q.4
(a) A & B are minor sons of Mr. X and Mrs. X. Business 07 income of Mr. X is Rs.3, 50,000 and Mrs. X Rs.5, 00,000. Income of A & B from stage acting is Rs.60, 000 and Rs.70, 000 respectively besides interest on company deposits of A & B (deposit was made out of Income from acting) is Rs.30, 000 and Rs.1, 000 respectively. A & B have received following birthday gifts, on 20th May-2009 gift received by B from his grand father Rs.80,000 and on 14th September-2009 gift received by A Rs.60, 000 from X friend and Rs.35, 000 from a relative. Find out the income of Mr. X, Mrs. X, A and B for Assessment Year 20102011. (b) X purchases a property on 1st April-1976 for Rs.1, 00,000. 07 He enters into an agreement of the property to A on 1st November-1983 and receives Rs.10, 000 in advance. A could not however keep his promise & advance of Rs.10, 000 given by him is forfeited by X. Later on he gifts the property to his friend Y on 15th May-1985. The following expenses are incurred by X & Y for renewal of the property. Cost Rs. Addition of two Rooms by X during 25, 000 1978-1979 Addition of first floor by X during 40, 000 1983-1984 Addition of second floor by Y during 1, 15,000 1990-1991 Fair Market Value of the property on 1st April-1981 is Rs1, 20,000. Y enters into agreement of sale the property for Rs.8, 50,000 to B on 1st April-1993 after receiving an advance of Rs.50, 000. B could not pay the balance within and Y forfeits the advance. Y ultimately finds a buyer C to whom the property is transferred for Rs.10, 75,000 on 1stDecember-2009. Compute the capital gain chargeable to tax in the hands of Y for Assessment Year 2010-2011. Previous Year Cost Inflation Index 1981-82 100 1983-84 116 1985-86 133 1990-91 182 2009-10 632
OR
Page 4 of 6
Q.4
Q.4
(a) X a business man of Delhi furnishes the following 07 information for the Assessment Year 2010-2011. Rs. Income from house 2, 50,000 property(computed) Business Profit (before 2, 40,000 claiming following deduction) Current Year depreciation 1,10,000 allowance Unabsorbed depreciation allowance of previous years 15, 000 5, 000 2003-2004 1993-1994 Unabsorbed Business losses of the previous years 10, 000 2003-2004 6, 000 1993-1994 Current Scientific research 1, 05,000 expenditure Determine his total income for Assessment 2010-2011 (b) Mr. X aged 45 years has Gross Total Income of Rs.4, 07 00,000. Compute his total income and tax payable by him for Assessment year 2010-2011 considering below payments, investments or deposits. 1. LIC premium on life of his married daughter Rs.6,000(Sum assured Rs.20, 000) 2. LIC premium on his own life Rs.2, 700(sum assured Rs.60, 000) due on 31st march-2010 but paid on 4th April-2010. 3. LIC premium on life of dependent sister Rs.9, 000 (sum assured Rs.1, 00,000) 4. LIC premium on life of his Major son Rs.3, 100(sum assured Rs.20, 000) 5. Medical Insurance premium of own & spouse Rs.12, 000. 6. Tuition fee of his son Rs.15,000 7. Repayment of housing loan installment to LIC Rs.10, 000. (a) State the amendments brought in by the Finance Act 2010 07 for Assessment year 2011-2012 with respect to below provisions 1. Limit of turnover or gross receipts for the purpose of audit of accounts.[Sec.44AB] 2. Limit of turnover for the purpose of presumptive taxation. [Sec.44AD] 3. Normal rates of income tax in case of individual being a resident in India who is of the age 65 years or more at any time during previous year.
Q.5
Page 5 of 6
Q.5
(b) A company wants to raise capital of Rs.20, 00,000 for a 07 project where earning before interest and tax shall be 30% of the capital employed. The company can raise debt fund at 11% P.A. Suggest which of the following three alternatives should it opt for A. Rs.20, 00,000 to be raised by equity capital. B. Rs.15, 00,000 by equity and Rs.5, 00,000 by loans. C. Rs.5, 00,000 by equity and Rs.15,00,000 by loans Assume the company shall distribute the entire amount of profit as dividend. Assume effective Tax rate for company at 30.90% and effective dividend Tax rate 16.995% OR (a) Discuss the implications of Direct Tax code on various 07 Indian Sectors in brief. (b) Decide which one is a better alternative lease or buy in 07 following situation Tax rate 30.90% Cost of capital 14% Depreciation Rate(Income Tax) 15% Lease Cost Rs.34, 000 P.A for 5 Years(per Rs.1, 00,000) Present Value of Rs1 discounted at 14% is as follow Year 1 2 3 4 5 0.877 0.769 0.675 0.592 0.519 Assume cost of asset Rs.1, 00,000 with salvage value of Rs.1, 000 and there is no capital gain Income Tax liability.
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Page 6 of 6
Seat No.: _____
Enrolment No.______

Subject code: 830002 Subject Name: Legal Aspects of Business

Instructions: 1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. Q.1 (a) Contract is an agreement enforceable by law. Discuss the statement and 07 describe the essentials of a valid contract. (b) A company is an artificial person created by law, having a separate entity 07 with a perpetual succession and a common seal. Discuss the above statement and explain the characteristics of a company. (a) What do you mean by contract of guarantee? In which circumstances a 07 surety may be discharged from his liability. (b) Discuss in brief the remedies available to an aggrieved party in case of 07 breach of the contract. OR Define Agency. What are the various ways in which the relation of agency 07 (b) arises? (a) Briefly state the provisions of the Companies Act, 1956 regarding the mode of appointment of the directors of a company. of (b) What is a negotiable instrument? Describe the different types negotiable instruments in brief OR (a) A contract without consideration is void. Comment on the statement and give its exceptions. (b) What are the penalties prescribed in the Negotiable Instruments Act in case of dishonor of cheque for insufficiency of funds in the account of the person issuing the cheque? (a) Distinguish between condition and warranty. State the circumstances under which a condition can be waived and treated as warranty. (b) Where and how can a complaint be made by consumer? State the jurisdiction of the various redressal agencies in this regard. OR (a) When is a seller of goods deemed to be an unpaid seller? What are his rights against (I) the goods, and (II) the buyer personally? (b) How is Controller or Certifying Authority appointed? What are his functions under Information Technology Act, 2000? (a) Define Intellectual Property. Explain the major types of protections provided by Intellectual Property Rights. (b) Explain the rules made by Central Government for save the Environment. OR (a) What are the acts which are not infringement of copyright? (b) Environment Protection Act is an Umbrella Law for Environment Protection. justify the Statement. ************* 07 07
Q.2
Q.3
Q.3
07 07
Q.4
07 07
Q.4
07 07
Q.5
07 07 07 07
1
Q.5
Seat No.: __________

MBA Semester III Examination Dec. - 2011 Subject code: 830002 Subject Name: Legal Aspects of Business Time: 10.30 am 01.30 pm
Instructions: 1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. Q.1 (a) What are essentials of a valid acceptance? 07 (b) What is free consent? Under what circumstances is consent said to be 07 free? (a) How is a contract discharged? 07 (b) Explain the essentials of the contract of guarantee. 07 OR (b) What is Indemnity? What are the essentials and rights of an indemnity 07 holder? (a) What are the rights of an Agent? (b) Distinguish between Sale and Agreement to sell. OR (a) Under the Consumer Protection Act, explain who is not a Consumer? (b) What are the essential elements of 'Bill of Exchange'? (a) What are the rights of a 'Holder in Due Course'? (b) What are the rights of a member or shareholder of a company?
OR
Q.2
Q.3
07 07 07 07 07 07 07 07
Q.3
Q.4
Q.4
(a) What are the rules to be observed before allotting shares? (b) Discuss the types of Meetings.
Q.5
(a) Under the Environment Protection Act, discuss the powers of the central 07 government. (b) A battery-operated travel lamp was being sold by a shop. It was claimed that 07
the battery would last for 10 hours. The claim was valid, but the light of the bulb appeared harsh and piercing to the eyes. The buyer wants to return the bulb to the shop and claim his money back. Decide.
Q.5
OR (a) Under the IT Act, who is a Certifying Authority and how is it regulated? 07 (b) Ashish bought an electric iron from a shop. His wife, Varsha was using the 07
iron, when in the first use itself, the coil melted and gave her a shock. Varsha had to be hospitalized. Can Ashish return back the iron and claim his money back? Can Varsha demand compensation for injury? Can Ashish demand compensation for his wife? *************
Seat No.: _____
Enrolment No.______

MBA. Sem-III Regular Examination January 2011
Subject code: 830002 Subject Name: Legal Aspects of Business

Date: 04 / 01 /2011 Time: 10.30 am 01.00 pm Total Marks: 70
Instructions:
1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. Q.1 (a) A contract is not voidable merely because it was caused by one of the parties to it being under a mistake as to a matter of fact.- Explain the statement giving illustrations (b) All contracts are agreements but all agreements are not contracts Explain 07
07
Q.2
(a) Explain who is an unpaid seller. State his rights 07 (b) State what is the real test for agency. Also state the provisions relating to sub 07 agents OR (b) Explain briefly the provisions relating the prevention of deterioration of quality of 07 air under the Air (protection) Act. (a) A contracted to pay B Rs. 1 lakh on a specified day through a promissory note in lieu of the goods sold to him. A did not pay the money on the appointed day. B in consequence of not receiving the money on that day is unable to pay his debts and is totally ruined. What damages if any would you award (b) Define Managing Director, and state the statutory provisions regarding his appointment and remuneration OR (a) A draws a cheque in favour of B. As clerk forges Bs endorsement and negotiates the cheque to C, who takes it in good faith and for value. C receives payment on the cheque. Discuss the rights of A and C. (b) Explain who can become a Certifying Authority under the Information Technology Act 2000. What is the scope of activities of the same? (a) Explain the scope of different consumer dispute redressal agencies (b) Copyright is protection in Form and not in Idea Discuss OR (a) Explain the criteria for patentability set under the Indian Patents Act (b) You are a banker. A new customer has asked you to explain the effect of the following crossing on cheques: (a) two parallel lines across the cheques with words &co., (b) the same as in (a) with the addition of the words not negotiable. Give him a clear explaination 07
Q.3
07
Q.3
07
07
Q.4
07 07 07 07
Q.4
Q.5
(a) X co. Ltd., wants to make a contract with a partnership Firm. Four of the five 07 directors of the company are partners of such partnership. Can the contract be executed? If yes then how?
Q.5
(b) A, B and C as sureties for D enter into three several bonds, each in a different 07 penalty of A Rs.1000, B in that of Rs. 2000 and C in that of Rs.4000 conditioned for Ds duly accounting to E. D makes a default to the extent of Rs. 4000. State the liability of A, B and C OR (a) The shareholders at an annual general meeting passed a resolution for the payment 07 of dividend at a rate higher than that recommended by the Board of Directors. Examine the validity of the resolution (b) A person saw a Plasma Television in the showcase of a shop. A label below the 07 television mentioned the price as Rs.45000. He had been looking for that model of television for a long time. He approached the shop to one such television. However he was told that the shop did not have that model in stock. The shopkeeper also said that he could not promise him one later either, as the manufacturing company of that television was facing financial difficulties and it was being closed down. The person insisted that he had a right to buy the one kept in the showcase. - comment *************
Seat No.: ________

Subject code: 830002 Subject Name: Legal Aspects of Business (LAB) Time: 02:30 pm 05:30 pm
Instructions:
1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. Q.1 (a) Define Contract. What are the essential elements of a Valid Contract? (b) What are the various modes to create an Agency? (a) What are the provisions of companies act, 1956 for conversion of; 1. A private company into public company and 2. A public company into private company. (b) Differentiate Sales and Agreement to sale. OR (b) Describe the salient features of the Consumer Protection Act, 1986. Explain its objectives. (a) What do you mean by Consent? Thoroughly discuss the elements influencing free consent of the parties. (b) Who is surety? What are the rights of surety? OR (a) Define Discharge of Contract. In what circumstances the contract can be concluded or Discharged? (b) What are the remedies available on breach of contract? (a) What are the salient features of a negotiable instrument? (b) Define unpaid seller. What are the rights of unpaid seller? OR (a) What is Prospectus? Describe its contents. (b) What are the objectives of IT Act 2000? (a) What is revocation of patent? Which are the grounds for revocation of a patent? (b) The Environment Act is enacted with what objectives? OR (a) Define Patent. Explain the procedure for registration of patent. (b) What are the powers of central government to protect and improve the Environment?
*************
07 07 07
Q.2
07 07
Q.3
07 07 07 07 07 07 07 07 07 07 07 07
Q.3
Q.4
Q.4
Q.5
Q.5
Seat No.: __________

MBA Semester III Examination Dec. - 2011 Subject code: 830202 Subject Name: Management of Financial Services Time: 10.30 am 01.30 pm
Instructions: 1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. Q.1 (a) Describe the functions of Indian Financial System. (b) How the role of money market is different from capital market? 07 07
Q.2
(a) Name the different types of financial institutions prevailing in the 07 Indian financial market and explain their roles. (b) Describe the Role of Reserve Bank of India in the development of 07 Banking and Non Banking Financial Institutions. OR (b) What are the challenges before Indian Financial System in Globalised 07 Economy? (a) Demonstrate the functions of Merchant Banker related to issue management. (b) What are the advantages and disadvantages of Leasing? OR (a) Describe the characteristics of venture capital financing? (b) What is bill discounting and how it is different from bills purchasing? (a) What is credit rating and how it is useful for credit organizations? (b) Define Depository and explain its functions.
OR
Q.3
07 07 07 07 07 07 07 07 07 07
Q.3
Q.4
Q.4
(a) What are the prescribed code of conducts for Stock Brokers? (b) How the factoring is different from forfeiting? (a) What is the role of Mutual Funds in Stock Market? (b) Give details about the important features of Hire Purchase Agreement and also explain how it is different from Lease? OR (a) Commodities Market in India is not developed in comparison to financial market Comment on the statement. (b) Describe the Role of IRDA in the development of Insurance Services in India.
*************
Q.5
Q.5
07 07
Seat No.: _____
Enrolment No.______

Subject code: 830202 Subject Name: Management of Financial Services

Date: 07 /01 /2011 Time: 10.30 am 01.00 pm Total Marks: 70
Instructions:
1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. Q.1 (a) Discuss the Indian Financial System, giving the various components of the 07 Financial System. (b) Throw some light on the history of banking in India, giving an overview of the 07 banking structure in India. (a) Explain Hire-Purchase finance giving its characteristics. How is it different 07 from installment payment and lease financing? (b) Explain the Income-Tax considerations which have a bearing on lease 07 transactions for the lessor and for the lessee. OR (b) What is leasing? Discuss the various types of lease. 07 (a) Discuss the phases of growth of Mutual Fund in India and the benefits of investing in a Mutual Fund. (b) With the help of international factoring an exporter can explore new markets. Discuss the statement giving the benefits of international factoring. Also, describe with the help of a flowchart an international factoring transaction. OR (a) Discuss the process of securitization and the obstacles in the development of securitization in India. (b) Intermediaries are a vital link between the insurer and the insured. Mention the various intermediaries in the insurance industry and the role played by them. 07 07
Q.2
Q.3
Q.3
07 07
Q.4
(a) Merchant bankers play a very important role in issue management activity.- 07 Give the major obligations & responsibilities of a merchant banker. (b) Discuss the stipulations with regard to the pricing of issues. 07
OR
Q.4
(a) What is Book-building? Explain the briefly the process of issue of shares 07 through book-building method. (b) Mention the major features of an issue advertisement. 07 (a) Explain the term Depositories. Give the reasons for setting up depository in India. Discuss the services and benefits provided by the depository system. (b) Describe the credit rating methodology generally used by the credit rating agency. OR (a) Discuss the functions and services provided by National Securities Depositories Ltd (NSDL) (b) Write a note on Credit Rating Information Services of India Ltd (CRISIL).
************* 1
Q.5
07 07
Q.5
07 07
Seat No. ___________
Enrolment No. ________

M.B.A. Sem. III - Examination June- 2011 Subject Code : 830202 Subject Name : Management of Financial Services
Instructions : 1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks.
Q.1
(a)
Discuss post Narsinhman Committee (One) reforms taken place in financial (07) markets in India. Discuss the main functions and role of Reserve Bank of India. (07)
(b) Q.2 (a)
A has total sales of Rs. 3.20 crores and its average collection period is 90 days. (07) Past experience indicates that bad debt losses are 1.5% on sales. The expenditure incurred by the firm in administering its receivables collection efforts are Rs. 5,00,000. A factor is prepared to buy the firms receivables by charging 2% commission. The factor will pay advance on receivables to the firm after with holding interest @ 18% p.a. and 10% on reserve. Calculate effective cost of factoring to the firm. (Assume number of days in year as 360. Also assume that bad debts will be borne by factor) (07)
(b)
Explain Repos and Reserve Repos. OR
(b) Q.3 (a) (b)
Explain eligibility norms of SEBI for bringing IPO (Initial Public Offer) Briefly discuss the various functions performed by merchant banker. Discuss advantages of lease to the lessee. OR
(07) (07) (07)
Q.3
(a) (b) (a) (b)
Define commercial bills. Briefly discuss advantages of bill discounting. What are the benefits of credit rating to Investors. Explain in detail commercial paper alongwith regulatory guidelines. Briefly state the advantages of investing through mutual funds to the investors. OR
1
(07) (07) (07) (07)
Q.4
(a) (b)
Briefly explain code of conduct for brokers as specified by SEBI. (07) Explain basic features of short selling and securities lending and borrowing (07) scheme. Explain the concept of Reverse Mortgage. Explain the provisions of SEBI for exercising Green shoe option. OR (07) (07)
Q.5
(a) (b)
(a) (b)
Explain the stages of venture capital financing including Due Diligence and Exist routes. Briefly explain Reverse Book Building.
(07) (07)
**********
Seat No.: ________

Subject code: 2830202 Subject Name: Management of Financial Services (MFS) Time: 02:30 pm 05:30 pm
Instructions:
1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. Q.1 (a) The organization of the Indian Financial System in the post 1991 period has undergone drastic and dramatic transformation Express your views on this statement. (b) Explain briefly role and functions of Reserve Bank of India. (a) Merchant Bankers are considered as sponsor of capital issues Justify this statement considering the role of merchant bankers in new issue management. (b) Define Venture Capital Finance. Also discuss the various stages of venture capital financing. OR (b) State and explain various types of mutual fund schemes with their innovative features. (a) Define Lease Finance? Briefly discuss types of lease. (b) Write a short note on importance of Money Market. OR (a) Define Factoring and Forfeiting. Explain types of factoring. (b) Discuss features of Hire Purchase Finance. Compare Lease Finance and Hire Purchase Finance. (a) Define Letter of Credit. Explain various types of letter of credit. (b) Credit rating has emerged as one of the very beneficial service for the prospective investors and the issuers as well Give your comments.
OR
07
07 07
Q.2
07
07
Q.3
07 07 07 07
Q.3
Q.4
07 07
Q.4
(a) Define Plastic Money. Discuss merits and demerits of Plastic Money. (b) Discuss role and functions of SEBI. (a) Financial service supervision is very crucial aspect to ensure healthy and orderly growth of financial system in India Give your comments. (b) Write a note on Bills Discounting. OR (a) What do you understand by Book Building? Explain process of Book Building. (b) Explain Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) prescribed by RBI for all commercial banks as a part of financial service supervision.
*************
07 07 07
Q.5
07 07 07
Q.5
Seat No.: ________

Subject code: 830202 Subject Name: Management of Financial Services (MFS) Time: 02:30 pm 05:30 pm
Instructions:
1. Attempt all questions. 2. Make suitable assumptions & give suitable examples wherever necessary. 3. Figures to the right indicate full marks. Q.1 (a) What is factoring? Which are the types of factoring services available in India? 07 (b) Explain NSDL and CDSL. What is the process and benefits of depositary 07
system?
Q.2
(a) Write a detailed note on Harshad Mehta and Ketan Parekh scam. 07 (b) Highlight the major roles of a central bank in financial system. Also explain 07
how does the monetary policy of RBI helps in it.
OR (b) Explain the functions of NHB. What guidelines the HFI needs to follow? Q.3 (a) Explain the clearing and settlement procedure of NSE. (b) What are the restrictions on accepting of deposits from public by the Non
Banking Financial Institutions?
07 07 07
OR Q.3 (a) Explain about the money market instruments that traded in the Indian money 07
market? (b) What is the role of debt market in the capital market? Who are the participants 07 in the debt market?
Q.4
(a) Explain the operations, participants and different schemes under Mutual 07
Funds. (b) How Bill discounting help as a short term instrument of financing? Which are 07 the different types of bills? OR (a) What is book building process? Write about the Green Shoe Option. What is 07 full, partial and reverse green shoe? (b) Which are the different stages of finance available under Venture Financing 07 option?
Q.4
Q.5
Q.5
(a) Write in brief on following: - IRDA - NABARD (b) Which are the major credit rating agencies in India? Explain in brief. OR (a) Explain different methodology to calculate index with an appropriate example. (b) How to price the IPO? Write about fixed and free price regime of IPO.
*************
07
07 07 07
Seat No.: ________

Subject code: 2830203 Date: 02/06/2012 Subject Name: Security Analysis and Portfolio Management (SAPM) Time: 02:30 pm 05:30 pm Total Marks: 70
Instructions:
1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. Q.1 (a) Explain following Terms: Margin Trading, Stop-loss order, Preference Share, Mutual Fund, Circuit Breaker, Short Sell, Rolling Settlement (b) The returns of two assets under four possible states of economy are given below: State of Economy Probability Return on Asset 1 Return on Asset 2 1 0.20 -5% 10% 2 0.30 15% 12% 3 0.40 18% 14% 4 0.10 22% 18% i) Find the standard deviation of the return on asset 1 and asset 2. ii) Find the covariance between the returns on assets 1 and asset 2. iii) Find the coefficient of correlation between the returns on both the assets. (a) Reliance Industries earned the following returns over a five year period: R1 = 0.20, R2 = -0.10, R3 = 0.18, R4 = 0.12 and R5 = 0.20. Calculate: (a) arithmetic mean return (b) geometric mean return (c) cumulative wealth index (d) standard deviation of returns (b) What is risk? Explain different kind of risk associated with investments in detail. OR (b) Discuss following theories: Expectations Theory, Liquidity Preference Theory, Preferred Habitat Theory (a) Explain Efficient Market Hypothesis in detail. (b) Complete the balance sheet and sales data using the financial data given below: Acid-test ratio = 1.2 Debt/Equity ratio = 0.6 Days sales outstanding in accounts receivable = 40 days (360 days per year) Total Assets turnover ratio = 1.5 Gross Profit Margin = 20% Inventory turnover ratio = 5 Balance Sheet Equity Capital 50,000 Plant & Equipment ? Retained Earnings 60,000 Inventories ? Debt ? Accounts Receivables ? Cash ? Total ? Total ? Sales Cost of Goods Sold ? ? 07
07
Q.2
07
07 07
Q.3
07 07
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Q.3
OR (a) Select an industry of your choice and do the industry analysis in present economic 07 scenario. (b) Define Technical Analysis. What is the difference between technical analysis and 07 fundamental analysis? Explain different continuation and reversal patterns. (a) Given below is the expected returns on two stocks for particular market returns: Market Return Aggressive Stock Defensive Stock 5% -5% 10% 25% 40% 18% i) What are the betas of two stocks? ii) What is the expected return on each stock if the market return is equally likely to be 5% and 25%? iii) What is SML if the risk free rate is 10% iv) Find alpha for both the stocks. (b) Explain Arbitrage Pricing Model. Compare it with CAPM.
OR
Q.4
07
07
Q.4
(a) The following information is available: 07 Expected return for the market = 14% Standard deviation of market return = 20% Risk free rate = 6% Correlation coefficient between stock A and the market = 0.7 Correlation coefficient between stock B and the market = 0.8 Standard Deviation for stock A = 24% Standard Deviation for stock B = 32% i) Calculate beta for both the stocks. ii) Calculate required rate of return for each stock. (b) Explain Security Market Line using CAPM theory. Also, explain assumptions of 07 CAPM. (a) Following bond has been considered by you as a part of your fixed income 07 portfolio: Coupon Rate: 10% Yield to Maturity: 10% Maturity: 10 years i) Find duration of the bond. ii) Why the duration of bond is less than its maturity? iii) What will be the effect of the following changes on the duration of bond: (1) Coupon rate is 7% rather than 10% (2) YTM is 13% rather than 10% (3) Maturity period 8 years rather than 10 years Consider one change at a time. (b) Discuss key points of active and passive portfolio strategies. Describe portfolio 07 rebalancing and portfolio upgrading in the context of portfolio revision. OR (a) Rs.1000 par value bond with annual coupon of 10% has a remaining maturity of 07 4 years. The bond is presently selling for Rs.1020. The reinvestment rate applicable to the future cash inflows of the bond is 9% p.a. What will be the realised YTM?
Q.5
Q.5
Page 2 of 3
(b) Consider the following information for three mutual funds A, B and C and the 07 market. Mean Return (%) Standard Deviation (%) Beta A 15 20 0.90 B 17 24 1.10 C 19 27 1.20 Market 16 20 1.00 The mean risk free rate = 10% Calculate Sharpe measure, Jensen measure and Treynor measure for the three mutual funds and the market index.
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Page 3 of 3
Seat No.: __________

MBA Semester III Examination Dec. - 2011 Subject code: 830203 Date: 17/12/2011 Subject Name: Security Analysis and Portfolio Management (SAPM) Time: 10.30 am 01.30 pm Total Marks: 70
Instructions: 1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. Q.1 (a) Explain the Elliott Wave theory. 07 (b) "No Investment Decisions are made without calculating risk." Do 07 you agree? As an Investment Manager of a firm, discuss the various investment avenues available for investment with risk involved in each of them. (a) How is Markowitz model useful in portfolio selection? (b) A stock costing Rs.120 pays no dividends. The possible prices that the stock might sell for at the end of the year and the probability of each are: Possible Probability Prices (Rs) 115 0.1 120 0.1 125 0.2 130 0.3 135 0.2 140 0.1 (a) What is the expected return? (b) What is the standard deviation of the returns? OR (b) Following data are available for two security portfolio, find the 07 minimum variance portfolio. Also calculate the return of the portfolio. Security Return Standard Correlation between C and deviation D C 26.9 22.3 - 0.12 D 17.5 51.0 Q.3 (a) Zero coupons bonds are excellent vehicles for immunizing a 07 portfolio. Do you agree or disagree? Why? (b) Face value of a bond is Rs.1000, YTM = 6%, and coupon rate is 07 3.5%. What is its present value if its maturity period is 10 years? OR (a) Differentiate between call and put options. What are rights and 07 obligations of the holders of long and short positions in them?
1
Q.2
07 07
Q.3
(b) You are given two bonds to choose from namely Zero Coupon Bond 07 (ZCB) of 5 years and 20 years and your target Duration is 10 years. How much do you allocate to each Bond to achieve your target duration? Q.4 (a) The stock of Taksha Ltd. is expected to pay cash dividend for three years from now and it will be at 25% of its earnings. The companys cost of equity is 16% and its ending P/E is 18. Its current earnings per share is Rs.3 and its earning is expected to grow at rate of 10% per year. What should be the value of stock that he is willing to pay for this stock, if he is willing to hold the stock for 4 years? No dividend will be paid in the first two years. (b) Compare and contrast Capital Market Line (CML) and Security Market Line (SML). OR (a) Define investment. What are the characteristics of investment? (b) The Mansi corporation has a required rate of return of 16% and its current dividend is Rs 3 per share. If the current price of Mansis stock is Rs 55 per share, what is the growth rate of its dividends? (a) What do you mean by Asset Management Company? As an investor which points you take care of while choosing the Mutual Fund? (b) Two portfolios are having the following characteristics: Observed returns Beta Residual variance Portfolio A 0.18 2.0 0.03 Portfolio B 0.12 1.5 0.00 The risk-free rate is 0.07. The return on the market portfolio is 0.15. The standard deviation of the market is 0.06. Compute Sharpe Index and Treynor Index for the portfolio A and B. OR (a) Critically examine the basic assumptions of formula plans and comment on their validity in the Indian Context. (b) With a risk-free rate of 12% and with the market portfolio having an expected return of 22% with a standard deviation of 10%. What is the sharp Index for portfolio X, with a mean of 16% and a standard deviation of 20%? For portfolio Y, having a return of 22% and a standard deviation of 18%? Would you rather be in the market portfolio or one of the other two portfolios? ************* 07
07
Q.4
07 07
Q.5
07 07
Q.5
07 07
Seat No.: _____
Enrolment No.______

Subject code: 830203 Subject Name: Security Analysis and Portfolio Management
Date: 08 /01 /2011 Time: 10.30 am 01.00 pm Total Marks: 70
Instructions:
1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. Q.1 (a) What is risk? What are the various types of risk involved in investment decision? 07 (b) What is Technical Analysis? Explain various continuation and reversal patterns 07 for technical analysis. (a) Explain the CAPM with the concept of systematic risk and also state its 07 underlying assumptions. 07 (b) The following data are available for Infosys and HLL
Infosys HLL Standard deviation 16.68% 33.21% Expected return 13.90% 21.54% Correlation coefficient 0.43 Find out the minimum variance portfolio weight for Infosys and HLL. Also find out the expected return and variance of portfolio.
Q.2
OR (b) Your portfolio consist of three stocks A, B, and C with the weight of 25%, 32% 07 and 43% respectively with expected return of 18% and S.D. of 28%. The T-bill rate is 8%. Your clients choose to invest 70% of his portfolio in your portfolio fund and 30% in T-bill. What is the expected return and SD of your clients portfolio? What are the investment proportions of your clients overall portfolio (A, B, C stocks and T-bill)? What is the reward to variability ratio (slope) of your portfolio and your clients portfolio? Q.3
The YTM on 1 year Zero Coupon Bond is currently 7%; the YTM on 2 year zeros is 07 8%. The treasury plans to issue a 2-year maturity coupon bond, paying coupons once per year with a coupon rate of 9%. The face value of the bond is 100. 1) At what price will the bond sell? 2) What will the YTM on the bond be? 3) If the expectations theory of the yield curve is correct, what is the market expectation of the price that the bond will sell for next year? 4) Recalculate your above answer if you believe in the liquidity preference theory and you believe that the liquidity premium is 1% (b) What is Duration? Explain the eight rules of Duration. 07
(a)
Q.3
OR (a) Find the duration of a 6% coupon bond making annual coupon payments if it has 3 years 07
until maturity and has a YTM of 6%. What is the duration if the YTM is 10%?
(b) What is Options? Explain the different types of options with their pay off profiles.
07
Q.4
(a) An analyst wants to evaluate portfolio X, consisting entirely of equity shares, using both 07
Treynor and Sharpe measures of portfolio performance. The following table provides the annual average rate of return for portfolio X and market portfolio (BSE) and T-bill during the past eight years Rate of Return Standard Deviation Beta 10% 18% 0.60 Portfolio X 12% 13% 1.00 BSE 06% N/A N/A T-Bills a. Calculate the Treynor and Sharpe measures for both portfolio X and BSE. Briefly explain whether portfolio X underperformed, equal or outperformed BSE on a risk adjusted basis using both the Treynor and Sharpe measures. b. Based on the performance of the portfolio X relative to the BSE calculated as above, briefly explain the reasons for conflicting measures when using the Treynor versus Sharpe measures Explain the various forms of efficient market using random walk theory (b) 07 OR (a) The following information is available for Alpha and Beta. 07 Alpha Beta Expected ROE 14% 12% Estimated EPS 2.00 1.65 Estimated DPS 1.00 1.00 Current Market Price 27.00 25.00 Market capitalization rate 10% 10% Answer the following questions: 1. What is the expected dividend pay-out ratio? 2. What are the expected growth rates of each? 3. What is the intrinsic value of each share? 4. In which, if either, of the two shares would you choose to invest? (b) What is Mutual Fund? What is Asset Management Company? Discuss the different 07 types of mutual funds schemes in India
Q.4
Q.5
(a) Choose an Industry and identify the factors that will determine its performance in next 07
three years
Q.5
(b) What is an Investment? Discuss the various marketable and non marketable 07 investment avenues available to investors. OR The current market price of share of XYZ Ltd. is Rs. 10. The expected EPS is Rs. 2. The 07 (a)
company has dividend payout ratio of 50%. The remaining is invested in projects that earns 20% rate of return per year. This situation is expected to continue forever. a) Assuming the current market price reflects the intrinsic value as computed using the constant growth DDM, what is the expected rate of return by investors. b) By how much does its value exceed what it would be if all earning were paid as dividends and nothing were reinvested. c) If company cuts its payout ratio to 25%, what would happen to its share price? (b) The following information is available for one company. 07 (Rs. in Lakh) Particulars 2009 2010 Particulars 2009 2010 Revenue 542 979 Fixed Assets 41 70 Operating Income 38 76 Total Assets 245 291 Depreciation 3 9 Working Capital 123 157 Interest 3 0 Debt 16 0 Income Tax 13 37 Equity 159 220 Calculate each of the following components of ROE as per Du Pont for 2009 and 2010. 1. Operating Margin 2. Asset Turnover 3. Interest Burden 4. Financial Leverage and 5. Income Tax Rate Briefly discuss the change in asset turnover and financial leverage on the change in ROE from 2009 to 2010 ************* 2
Seat No.: _____
Enrolment No.______

Subject code: 830203 Subject Name: Security Analysis and Portfolio Management
Instructions:
1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. Q.1 (a) Define Investment. Explain different Investment Alternatives. (b) Discuss why international diversification reduces portfolio risk. Specifically, why would you expect low correlation in the rates of return for domestic and foreign securities? 07 07
Q.2
07 (a) Briefly Explain types of Market order. (b) The following are the monthly rates of return for Rally Software Corp. and 07 for Carry Electric during a six-month period. Month Rally Software 1 -0.04 2 0.06 3 -0.07 4 0.12 5 -0.02 6 0.05 Carry Electric 0.07 -0.02 -0.10 0.15 -0.06 0.02
Compute the following: a. Expected monthly rate of return [E(Ri)] for each stock b. Standard deviation of returns for each stock c. The covariance between the rates of return d. The correlation coefficient between the rates of return What level of correlation did you expect? How did your expectations compare with the computed correlation? Would these two stocks offer a good chance for diversification? Why or why not? OR (b) Explain the shape of the efficient frontier. 07 Q.3 (a) You are considering two assets with the following characteristics: E(R1) = 0.15 1 = 0.10 W1 = 0.5 E(R2) = 0.20 2 = 0.20 W2 = 0.5 07
Compute the mean and standard deviation of two portfolios if r1,2 = 0.40 and 0.60, respectively. Plot the two portfolios on a risk-return graph and briefly explain the results. (b) The capital asset pricing model (CAPM) contends that there is systematic 07 and unsystematic risk for an individual security. Which is the relevant risk variable and why is it relevant? Why is the other risk variable not relevant?
1
Q.3
OR (a) General Can Companys (GCC) latest annual dividend of Rs. 1.25 a share 07 was paid yesterday and maintained its historic 7 percent annual rate of growth. You plan to purchase the stock today because you believe that the dividend growth rate will increase to 8 percent for the next three years and the selling price of the stock will be Rs. 40 per share at the end of that time. a. How much should you be willing to pay for the GCC stock if you require a 12 percent return? b. What is the maximum price you should be willing to pay for the GCC stock if you believe that the 8 percent growth rate can be maintained indefinitely and you require a 12 percent return? c. If the 8 percent rate of growth is achieved, what will the price be at the end of Year 3, assuming the conditions in Part b? (b) Explain the EIC Framework and its implications. 07 07 (a) Explain the difference between Forward and Future Contracts. Why would you expect a relationship between economic activity and 07 (b) stock price movements? OR (a) You strongly believe that the price of Bright Corp. stock will rise 07 substantially from its current level of Rs.137, and you are considering buying shares in the company. You currently have Rs. 13,700 to invest. As an alternative to purchasing the stock itself, you are also considering buying call options on Brights stock that expire in three months and have an exercise price of Rs. 140. These call options cost Rs. 10 each. a. Compare and contrast the size of the potential payoff and the risk involved in each of these alternatives. b. Calculate the three-month rate of return on both strategies assuming that at the option expiration date Brights stock price has (1) increased to Rs. 155 or (2) decreased to Rs. 135. c. At what stock price level will the person who sells you the Bright Corp. call option break even? Can you determine the maximum loss that the call option seller may suffer, assuming that he does not already own Bright Corp. stock? (b) What do you mean by Efficient Market Hypothesis, Also Explain the 07 forms of Market Efficiency.
Q.4
Q.4
Q.5
(a) An analyst wants to evaluate Portfolio X, consisting entirely of Indian 07 common stocks, using both the Treynor and Sharpe measures of portfolio performance. The following table provides the average annual rate of return for Portfolio X, the market portfolio (as measured by the BSE Sensex), and Indian Treasury bills (T-bills) during the past eight years. Annual Average Standard Deviation of Rate of Return Return 10% 18% 12% 13% 6% n/a
Particulars Portfolio X BSE Sensex T-bills n/a = not applicable
Beta 0.6 1 n/a
a. Calculate both the Treynor measure and the Sharpe measure for both Portfolio X and the Sensex. Briefly explain whether Portfolio X underperformed, equaled, or outperformed the Sensex on a risk-adjusted basis using both the Treynor measure and the Sharpe measure. b. Based on the performance of Portfolio X relative to the Sensex calculated in Part a, briefly explain the reason for the conflicting results when using the Treynor measure versus the Sharpe measure. (b) Technical Analysts believe that one can use past price changes to predict 07 future price changes. How do they justify this belief? OR Describe the Dow Theory and its three components. Which component is 07 (a) most important? What is the reason for an intermediate reversal? (b) The following portfolios are being considered for investment. During the 07 period under consideration, RFR = 0.07. Portfolio Return P 0.15 Q 0.2 R 0.1 S 0.17 Market 0.13 Beta 1 1.5 0.6 1.1 1 i 0.05 0.1 0.03 0.06 0.04
Q.5
a. Compute the Sharpe measure for each portfolio and the market portfolio. b. Compute the Treynor measure for each portfolio and the market portfolio. c. Rank the portfolios using each measure, explaining the cause for any differences you find in the rankings.
*************
Seat No.: ________

Subject code: 830203 Date: 02/06/2012 Subject Name: Security Analysis & Portfolio Management (SAPM) Time: 02:30 pm 05:30 pm Total Marks: 70
Instructions:
1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. Q.1 (a) A security analyst is responsible for making recommendations to clients about 07 buying and selling stocks and making other investment decisions. What are the factors that should be taken into account while evaluating investment worthiness of a company? Discuss them briefly. (b) The Efficient Market Hypothesis states that no one can earn above normal 07 returns consistently by using Technical Analysis or Fundamental Analysis. If this is true then Security Analysis is a fruitless attempt. What are your views on this? Discuss. Q.2 (a) As a rational investor what factors you would consider while taking 07 investment decisions. (b) Calculate the expected return and the standard deviation of returns for a stock 07 having the following probability distribution of returns. POSSIBLE RETURNS (IN %) PROBABILITY OF OCCURRENCE -25 0.05 -10 0.10 0 0.10 15 0.15 20 0.25 30 0.20 35 0.15 OR (b) Explain the following terms: 07 1. Support and Resistance 2. MACD 3. ROC 4. Short Selling Q.3 (a) Consider two bonds A and B. They have following characteristics. 07 Bond-A Bond-B Face Value Rs.100 Rs.100 Coupon Rate 14% 14% Term to maturity 4 years 7 years Current market price Rs.100 Rs.100 Coupon payments Annually Annually (i). What is YTM of Bonds A and B. If the market interest rates fall by 1 percentage, what would be the new market price of the bonds? (ii). What is the percentage change in the price of two bonds? What did you notice regarding the percentage price change in case of bonds A and B identical in all respects except term to maturity?
1
(b) Call Options are said to be At the money, In the money and Out of 07 money depending on whether the exercise price is equal to, less than or greater than the current market price of the stock. In case of put options the opposite of this is true. Explain when a trader realizes profits in case of call as well as a put option with the help of examples. Ignore transaction costs OR Q.3 (a) Calculate duration of the following bond 07 Face value : Rs. 1000 Coupon rate : 10% p.a. Maturity period : 5 years Market YTM : 11% (b) A stock is currently selling for Rs. 60. The call option on the stock exercisable 07 a year from now is available at an exercise price of Rs. 55. The stock can rise by 35%, and it can fall by 30%. The risk free rate of interest is 12 percent. What is the value of the call option?
Q.4 (a) Given the following variance-covariance matrix for three securities, as well as the percentage of the portfolio that each security comprises. You are required to calculate the portfolios standard deviation. Security A B C Proportion of investment A 425 -190 120 0.35 B -190 320 205 0.25 C 120 205 175 0.40 (b) Describe the procedure developed by Markowitz for choosing the optimal portfolio of risky assets. What are the problems encountered while using Markowitz model? OR Q.4 (a) Explain Capital Asset Pricing Model with its assumptions. (b) Describe the anatomy of Sharpes single index model Q.5 (a) Calculate Sharpe Ratio, Treynor Ratio and Jensen Ratio from the following information pertaining to three mutual fund portfolios: Mutual fund portfolios Particulars X Y Z Beta 1.10 0.80 1.80 Return (%) 14.50 11.25 19.75 Standard deviation (%) 20 17.50 26.30 Assume that the risk free rate of return on govt. security is 6 percent and the market return is 12 percent. (b) Discuss the role of different entities in a mutual fund operation. OR Q.5 (a) Write a detailed note on Famas Net Selectivity Measure. (b) What is an exchange traded fund? How is it constructed?
*************
07
07
07 07 07
07 07 07
Seat No.: ________

Subject code: 2830201 Subject Name: Strategic Financial Management (SFM) Time: 02:30 pm 05:30 pm
Instructions:
1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. Q.1 (a) Strategic Financial Planning is subject to the various macro 07 and micro environmental factors. Elucidate. (b) Konark Ltd. has to make a choice between debt issue and equity 07 issue for its expansion programme. Its current position is as follows: Particulars Rs. 5% Debt 2,00,000 Equity Share Capital(Rs. 10 per share) 5,00,000 Reserves & Surplus 3,00,000 Total Capitalisation 10,00,000 Sales Total Cost EBIT Interest EBT Income Tax @ 35% 30,00,000 26,90,000 3,10,000 10,000 3,00,000 1,05,000
The expansion programme is estimated to cost Rs. 5,00,000. If it is financed through debt, the rate of interest on the new debt will be 7% and the price-earnings ratio will be 6. If the expansion programme is through equity, new shares can be sold @ Rs. 12.50 per share and the price-earning ratio will be 7.the expansion will generate additional sales of Rs. 15,00,000 with a return of 10% on sales before interest and taxes. If the company is to follow a policy of maximising the market value of the shares, which form of financing should it choose? Q.2 (a) Explain the significance of operating and financial leverage 07 analysis for a financial executive in corporate profit and financial structure planning.
(b) Raj Ltd. is having shares in branded portion as well as 07 unbranded portion. From the following data calculate brand value of the company: Branded Revenue Rs. 500 per unit
Page 1 of 3
Rs. 120 per unit Rs. 350 per unit Rs. 100 per unit Rs. 20,00,000 1,00,000 units 40,000 units 39.55% 18% OR (b) Define the terms: Risk and Uncertainty. What is Risk 07 Management? Discuss the steps for application of Risk Management in Project Management. Q.3 (a) What does it mean by Corporate Restructuring? Discuss the 07 techniques adopted in corporate restructuring. (b) Nigam Ltd. Produces a product in bulk of 40,000 units and 07 incurs a loss of Rs. 40,000. The variable cost is Rs. 32 and fixed cost is Rs. 1,20,000. The company has estimated its demand as follows: Demand (Rs.) 40,000 48,000 56,000 64,000 72,000 Probability 0.10 0.15 0.20 0.30 0.25 What is the probability that company will incur loss? What is the probability that company will make profit of Rs. 24.000? OR (a) Write a note on: Project Management Information System. 07 (b) Define Financial Forecasting. Briefly discuss the techniques 07 of financial forecasting. (a) Define Sick Industrial Company. Discuss Univariate Model 07 and Multiple Discriminant Analysis for prediction of industrial sickness? (b) HPL Ltd. is a levered company with a single project i.e. 07 Project-P in hand. The equity has a beta 1.2 and debt has a beta 0.9. The project cost is Rs. 1,20,00,000 financed by a combination of Rs. 72,00,000 debt and Rs. 48,00,000 equity. The risk free rate of return is 10% and expected market rate of return is 18%. You are required to calculate beta of the company in situations: (1) No tax world and (2) In tax world, assuming corporate tax is 40%.
OR
Unbranded Revenue Branded Cost Unbranded Cost Research & Development Branded Products Unbranded Products Tax Rate Capitalization factor
Q.3
Q.4
Q.4
(a) An analysis of the magnitude and stability of cash flows 07 relative to fixed charges and it is extremely important in determining an appropriate capital structure. Comment (b) How do you ascertain the value of share under Capital Asset 07 Pricing Model?
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(a) Discuss the impact of liberalization and globalization on 07 project planning. (b) Discuss Decision Tree Analysis and Simulation Modelling as 07
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risk evaluation technique in capital budgeting. OR (a) Baghban Ltd. provides you the following detail, you are 07 requested to find the value of the company: 2,000, 9% Preference Share of Rs. 100 each Rs. 2,00,000 50,000 Equity Share of Rs. 10 each, Rs. 8 per share paid up Rs. 4,00,000 Expected profit p.a. before tax Rs. 2,18,000 Rate of tax 40% Transfer to General Reserve every year 20% of profit Normal Rate of earning 15% Distinguish: Gordons Growth Valuation Model and Walters 07 (b) Valuation Model.
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Seat No.: __________

MBA Semester III Examination Dec. - 2011 Subject code: 830001 Subject Name: Strategic Management Time: 10.30 am 01.30 pm
Instructions: 1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. Q.1 (a) Differentiate between vision, mission and purpose with suitable 07 examples. (b) In the current scenario, which model is more relevant for generating 07 above average returns, The I/O model or the resource-based model or both? Why? (a) Differentiate between resources, capabilities and core competencies with 07 examples. Also discuss the four criteria of sustainable competitive advantage. (b) Discuss the prominent applications of the internet in the value chain. 07 OR (b) What is the challenge of analyzing the internal environment? Which 07 conditions affect managerial decisions about resources, capabilities and core competencies? (a) Discuss different types of business-level strategies with suitable examples. (b) Why do organizations diversify? Which is better, low-levels, moderate or high-levels of diversification? Give examples to substantiate your arguments. OR Differentiate between mergers, acquisitions and takeovers. Also discuss (a) reasons and problems for acquisitions. (b) What are the different modes of global market entry? Give suitable examples. (a) Write short notes on: 1. Transnational strategy 2. Strategic network 3. Leveraged buyouts 4. Balanced scorecard (b) Discuss key strategic leadership actions with suitable examples.
OR
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(a) What is the relationship between strategy and structure? In what scenario 07 is a multidivisional structure appropriate? (b) What is organizational culture? How can strategic leaders manage an 07 effective organization culture? Give examples. (a) What are organizational controls? Why are strategic controls and 07 financial controls important aspects of the strategic management process? (b) Write short notes on: 07
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Q.5
Corporate governance Ethics in organizations Corporate social responsibility Incremental innovation OR (a) Discuss the nature of corporate governance in emerging economies like 07 India with suitable example/s. (b) How can corporate governance foster ethical strategic decisions and 07 behaviours on part of managers as agents?
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Seat No.: _____
Enrolment No.______

Subject code: 830001

Date: 03 /01 /2011
Subject Name: Strategic Management

Time: 10.30 am 01.00 pm Total Marks: 70
Instructions:
1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. (a) Define Vision, Mission and Purpose, and discuss their importance in Strategic Management Process. (b) Ethics are the foundation stone of building an organization. Explain citing an example of a successful national or multi-national organization like TATAs, Siemens, L & T etc. (a) Explain Porters Five Force Model with application in an organization of your choice. (b) Company A targets to achieve Above Average Returns, and their top management is in dilemma to select either Input-Output Model or Resourcebased Model. As a Manager, which Model would you recommend Company A and Why? OR (b) What are the tangible and intangible resources? Why as a decision maker, it is important to understand the differences between both? (a) What are capabilities of a firm? What must firms do to create capabilities? (b) What are the four criteria used to determine which of a firms capabilities are core competencies? Explain with the help of a Table. OR (a) Explain the Value Chain Analysis and its application in a large Retail business like Big Bazaar, Wall Mart, D-Mart etc. (b) SWOT Analysis is equally vital for Owners, Directors and Managers. Explain in detail giving an example of a company or your choice. (a) Explain Business Level Strategies in brief. (b) Define in brief various strategies namely Diversification, Strategic Alliance, Joint Ventures, Mergers and Acquisitions.
OR
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(a) Why are acquisition strategies popular amongst CEOs of many large Indian companies as well as SMEs? (b) Explain International Business / Corporate Level Strategies. (a) What is the effect of Strategic Leadership on determining firms strategic direction? (b) You wish to implement Balance Score Card in your new organization to have better financial controls and achieve 50% higher performance in the year 2011-12. Explain this concept. OR (a) Corporate Governance is essential to manage the relationship among stakeholders and to control the performance of an organization. Discuss giving an example of a company of your choice. (b) No successful company can grow without fulfilling its Corporate Social Responsibility. Discuss giving an example of Dell, Boeing, TATA, Reliance, ESSAR or any listed Indian company.
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Seat No.: _____
Enrolment No.______

Subject code: 830001 Subject Name: Strategic Management

Instructions:
1. Attempt all questions. 2. Make suitable assumptions wherever necessary. 3. Figures to the right indicate full marks. Q.1 (a) i.) Who are various stakeholders in a company ? How stakeholders 04 relationship could be source of competitive advantage for a company ? Explain. ii) Explain the concept of value and value activities in brief 03 (b) AXIS Bank started its operations with corporate assets being the main 07 focus area . But , AXIS Bank brought shift in strategy in FY 99 . From the case study of AXIS Bank , answer the following questions in detail . i. Why the bank did bring shift in strategy ? ii. What was the strategic shift AXIS Bank brought about ? iii. What were various constituent sub-strategies of broad differentiation that the Bank followed ? Q.2 (a) Varina Nissen joined Manpower Australia and New Zealand as Managing Director in 2003 . When Nissan joined Manpower , the company was facing a number of significant challenges . Nissan undertook several initiatives in strategy formulation and its execution . Based on the case study of Manpower Australia , answer the following questions : ( i) What are strategic themes identified and strategic initiatives proposed ? (ii) Why Balance Score Card tool was chosen by Nissan as the strategy implementation tool ? (iii) State the measures under the theme of Customer Perspective of Manpower Australias Recruiting & Staffing Solution (R & SS ) Score Card 2004 (b) .i. Explain brief various components of external environment of business . ii) What do you understand by Core Competence ? Explain the criteria for Core Competence . Illustrate it with reference to consumer goods sector OR (b) What do you understand by business ethics ? Explain brief the concepts related to ethics under schools of ethical universalism and ethical relativism . Cite examples . (a) i) Explain the concept of I/O Model and assumptions of I/O Model . 07
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ii) Competitive scope can have a powerful effect on competitive advantage , 04 because it shapes the configuration and economies of the value chain Critically examine
(b) What do you understand by cost leadership strategy ? How it is 07 implemented through each of five forces ? What are competitive risks of cost leadership strategy ? Explain in brief citing examples OR
1
Q.3
(a) What are various components of action agenda for implementing a strategy 07 by a corporate ? Explain detail . (b) Discuss in detail of guidelines to be followed in designing proper incentive 07
compensation system .
Q.4
(a) What are vision and mission ? What is their value for the strategic 07 management process ? Illustrate your answer with reference to Mc Donald and Ford Motor company (b) What is the criteria of sustainable competitive advantage ? How companies 07 like HUL or Tata Steel or Hero Honda could achieve sustainable advantage ? Explain
OR
Q.4
(a) What are various levels of diversification ? What are various reasons for 07 diversification ? (b) What is a companys social responsibility strategy ? Why the exercise of 07 social responsibility is good business ? Give at least 3 Indian corporate examples as exemplary corporate citizens of India . (a) Explain in detail of five forces of Michael Porter with suitable examples (b) What do you understand by Cost Effectiveness ? What are critical success factors that change over time ? Explain in brief OR (a) Define strategic leadership and explain the role of top level managers . Tata Steel is one of the most socially responsible corporates in India . (b) . Justify with facts and figures .
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GUJARAT TECHNOLOGICAL UNIVERSITY

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GUJARAT TECHNOLOGICAL UNIVERSITY

Date: 08/12/2011 Total Marks: 70

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Cost of Equity Income Tax Rate Q.5

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(b) Q.3 (a) (b)

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GUJARAT TECHNOLOGICAL UNIVERSITY

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16,000 6,000 400 12,000 3,600

42,000 6,000 8,000 28,000 2,43,000 13,04,000 23,52,000

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GUJARAT TECHNOLOGICAL UNIVERSITY

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GUJARAT TECHNOLOGICAL UNIVERSITY

Date: 08/12/2011 Total Marks: 70

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Subject code: 830202 Subject Name: Management of Financial Services

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GUJARAT TECHNOLOGICAL UNIVERSITY

(b) Q.2 (a)

Explain Repos and Reserve Repos. OR

(b) Q.3 (a) (b)

(07) (07) (07)

(a) (b) (a) (b)

(07) (07) (07) (07)

Seat No.: ________

GUJARAT TECHNOLOGICAL UNIVERSITY

Date: 01/06/2012 Total Marks: 70

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Date: 01/06/2012 Total Marks: 70

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GUJARAT TECHNOLOGICAL UNIVERSITY

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GUJARAT TECHNOLOGICAL UNIVERSITY

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