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25,000 per

annum for seven years. Compute the payback period for the project.

2) A project has an initial investment of Rs. 1, 00,000 and the following investments will also be required to stay

in the scheme 50 thousand 25 thousand 12.5 thousand at the end of 1st , 2nd and 3rd year respectively . It will

produce Cash flow after Tax of Rs. 25,000 per annum for ten years. Compute the payback period for the

project.

3) Project X has an initial investment of Rs. 10 Lakhs. Its Cash flows for five years are 4, 00,000, Rs 3, 00,000,

Rs 2, 00,000, Rs 1, 64,000 and Rs 3, 40,000. Determine the payback period.

4) Project L requires buying a machine of Rs 10 Lakhs with salvage value of 10 ,000 at the end of 5 th year and

yields Profit after Tax as follows

Year

1

2

3

4

5

Profit after Tax (Rs )

50,000 75,000

125,000

130,000

80,000

5) New thoughts company is evaluating an investment proposal of Rs 306,000 with expected cash flows asYear

1

2

3

4

100,00 120,00

CFAT (Rs )

150,000

100,000

0

0

6) FMCG ltd. is planning investing in a project that costs Rs 500,000. The estimated salvage value after 5 years

is 15, 000, however the company wanted to depreciate only 80% of the machine value; tax rate is 30%. The

company uses straight line method of depreciation for tax purposes and its cash flow before tax are as follows:

YEAR

1

2

3

4

5

100,00

CFBT 100,000

150,000 150,000 250,000

0

Determine the following: Payback period

and Average rate of return.

7) Ajay ltd is considering the following investment projects:

Investmen

Profits

Profits

Profits

Profits

Profits

t

Year

0

1

2

3

4

5

Amount (Rs ) (250,000)

40,000

30,000

20,000

10,000

10,000

The residual value at the end of the project is expected to be Rs 40,000 and depreciation of the original

investment is on straight line basis. Using average profits and average capital employed calculate the ARR for

the project and the payback period.

8) Zion ltd is planning for the purchase of machinery that would cost Rs 1, 00,000 with the expectation that Rs

20,000 per year could be saved in after-tax cash costs if the machine was acquired. The machines estimated

useful life is ten years, with no residual value, and would be depreciated by the straight-line method. You are

required to calculate the payback period.

9) Project K has an initial investment of Rs. 10 Lakhs. Its Cash flows for five years are 3, 00,000,

Rs 3,

60,000, Rs 3, 00,000, Rs 2, 64,000 and Rs 2, 40,000. Determine the Payback Period assuming a discount rate

of 10% p.a.

10) Compute ARR if Cost of asset is Rs 2,00,000, useful life=5years, Cash Flows after Taxes=Rs 86,000 p.a.

11) A ltd. Is considering a new 5-year project. Its investment costs and annual profits are projected as followsInvestment

Profits

Year

0

1

2

3

4

5

40,00 30,00 20,00 10,00 10,00

Amount (Rs)

(250,000)

0

0

0

0

0

Residual value at the end of the project is expected to be Rs 40,000 and Depreciation of the Original

Investment is on straight line basis. Using Average Capital Employed, calculate ARR for the project and also

the Payback Period.

12) A doctor is planning to buy an X-ray machine for his hospital, He has two options. He can either purchase it

by making a cash payment of Rs 5 Lakhs or Rs 615,000 are to be paid in six equal annual instalments. Which

option do you suggest to the Doctor assuming the Rate of Return is 12%? Present Value of Rs 1 at 12% rate of

discount for 6 years is 4.111.

13) Bhilwara Co.s cost of capital is 10% and it is subject to 50% tax rate. The Company is considering buying a

new finishing machine. The machine will cost Rs 2 Lakhs and will reduce materials waste by an estimated

amount of Rs 50,000 a year. The machine will last for 10 years and will have a zero salvage value. Assume

straight-line method of depreciation on asset.

a)

Compute the Annual Cash Inflows, Present Value, Net Present Value, and Profitability Index.

b)

Should the Company purchase the new finishing machine?

14) A company proposes to install a machine involving a capital cost of Rs 360,000. The life of the machine is 5

years and its salvage value at the end of the life is nil. The machine will produce the net operating income

after depreciation of Rs 68,000 per annum. The companys Tax Rate is 45%. Calculate IRR of the proposal.

The PV factors for 5 years is as underDiscounting Factor

14

15

16

17

18

Cumulative Factor

3.43

3.35

3.27

3.20

3.13

15) The following cash-flow streams need to be analysedCash-Flow Stream Year end 1 Year end 2 Year end 3 Year end 4 Year end 5

A

Rs 100

Rs 200

Rs 300

B

Rs 600

Rs 200

Rs 300

C

Rs 1,200

D

Rs 200

Rs

Rs 300

a)

Calculate the terminal value of each stream at the end of year 5 with an interest rate of 10%.

b)

Compute present value of each stream if the discount rate is 14%.

c)

Compute the IRR of each stream, if the initial investment at time 0 were Rs 600.

16) Given the following table of discounting factorsGiven

Discount

below factor

are data on a Capital

15% Project M:

14%

Annual Cost

Saving

Rs 60,000

1 year

0.869

0.877

Useful life

2 years

0.756

0.769 4 years

IRR 3 years

0.658

0.675 15 %

Profitability

Index

4 years

0.572

0.592 1.604

Salvage Value

0

Total

2.855

2.913

You

13%are required12%

to calculate for this project M

1.

Cost of Project

0.885

0.893

2.

Payback period

0.783

0.797

3.

Cost of Capital

0.693

0.712

0.613

0.636

4.

Net Present value

2.974

3.038

17) ABC ltd is evaluating the purchase of a new project with a depreciable base of Rs 100,000; expected

economic life of 4 years and change in earnings before taxes and depreciation of Rs 45,000 in year 1, Rs

30,000 in year 2, Rs 25,000 in year 3 and Rs 35,000 in year 4. Assume straight-line depreciation and a 20%

tax rate. You are required to compute relevant cash flows.

18) Dryash ltd is considering buying a new machine which would have a useful economic life of five years, a cost

of Rs 125,000 and a scrap value of Rs 30,000 with 80% of the cost being payable at the start of the project and

20% at the end of the first year. The machine would produce 50,000 units per annum of a new project with an

estimated selling price of Rs 3 per unit. Direct costs would be Rs 1.75 per unit and annual fixed costs,

including depreciation calculated on a straight-line basis, would be Rs 40,000 per annum.

In the first year and the second year, special sales promotion expenditure, not included in the above costs,

would be incurred, amounting to Rs 10,000 and Rs 15,000 respectively.

Evaluate the project using the NPV method of investment appraisal, assuming the companys cost of capital to

be 10%.

19) You are required to compute the internal rate of return (IRR) of the project given below and advise whether

the project should be accepted if the company requires a minimum return of 17%.

Time

Rs

0

(4,000)

1

1,200

2

1.410

3

1,875

4

1,150

20) Beetal ltd is trying to decide whether to buy a machine for Rs 80,000 which will save costs of Rs 20,000 per

annum for 5 years and which will have a resale value of Rs 10,000 at the end of 5 years. If it is the

companys policy to undertake projects only if they are expected to yield a return of 10% or more, you are

required to advise Beetal ltd whether to undertake this project or not.

21) Mahalaxmi ltd is considering to spend Rs 400,000 on a project to manufacture and sell a new product. The

unit variable cost of the product is Rs 6. It is expected that the new product can be sold at 10 Rs per unit. The

annual fixed cost (only cash) will be Rs 20,000. The cost of capital of the company is 15%. The only uncertain

factor is the volume of sales. To start with, the company expects to sell at least 40,000 units during the first

year. Ignore taxation. You are required to calculate:

a)

Net present Value of the project based on the sales expected during the first year and on the assumption

that it will continue at the same level during the remaining years.

b)

The minimum volume of sales required to justify the project.

22) A plant which costs Rs 16,00,000 has a life of 10 years. At the end of its life, its estimated scrap value is Rs

100,000. The firms cut-off rate (cost of capital) is 12%. The plant is expected to yield an annual profit after

tax of Rs 140,000, depreciation being reckoned on straight line basis for tax purposes. At the end of the tenth

year is 0.322.Assume tax rate 30%. Ascertain the Cash flows from the plant for each year and the NPV of the

plant.

23) A firm is considering a project which has an initial cash outflow of Rs 1, 00,000 with cash inflows of Rs

22,300, Rs 25,800, Rs 35,000, Rs 45,000 and 70,000 for next five years.

a)

Calculate the NPV for the project if the cost of capital is 10%. What is projects IRR?

b)

Recompute the projects NPV assuming a cost of capital of 10% for 1 st two years, 12% for next two

years, 13% for last year. Should the project be accepted.

24) Compute ARR if cost of asset is Rs 200,000, useful life 5 years, Cash flows Rs 86,000 p.a.

25) LIFE SAVER Hospital is considering a Blood Testing Machine (BTM) machine costing Rs. 1, 50, 000. This

machine will require a room, which is currently being used by Hospital as its in house medical shop. This

medical shop yields a contribution of 25, 000 p.a. (before taxes). The projected life of the machine is 8 years,

and it has an expected salvage value of Rs. 10,000 at the end of 8 th year. The annual operating cost of the

machine is 10, 000. It is expected to generate revenues of 85,000 per year for 8 years. At the end of 8 years the

machine was sold for 15, 000. Presently the Hospital is outsourcing the blood testing and earning commission

income of Rs. 6000 per annum, net of taxes. Assume tax on business gain at 25% and on capital gain as 50%.

The hospital requires your expert opinion weather to buy the machine or still outsource it? PV factor 10%.

26) A company is considering the proposal of taking up a new project which requires an investment of Rs. 400

lakhs on machinery and other assets. The project is expected to yield the following Earnings ( before tax and

depreciation ) over the next 5 years:

Year

Earnings (in lakh)

1

160

2

160

3

180

4

180

5

150

The cost of raising the additional funds is 12% and assets have to be depreciated at SLM basis. The scarp

value of the machine was estimated as 50, 000. At the end of 5 th year the machine got obsolete and had nil

value on scrap. Income tax rate applicable to company was 50%.

Calculate NPV and state you comments to the management. Also calculate the IRR ( hint 10 18 )%.

27) Your Company is considering a proposal of installing a Cleaning machine. The equipment would involve a

cash outlay of Rs. 6,00,000 and net working capital of Rs. 80,000. The expected life of the project is 5 years

withput any salvage value.

The estimated before tax cash inflows are given below

YEAR

1

2

3

4

5

Before Tax Cash Inflow (Rs 000s)

240

275

210

180

160

The applicable income tax rate to the company is 35%. If the company opportunity cost is 12% , calculate

the machiness (A) discounted pay back (B) NPV (C) IRR. Hint ( 12-15) %.

28) PAISA JUGAD Ltd. is a company where you are the finance manager. The production manager has raised a

demand for the latest model of ZORB machine the cash price of which cost 10, 00, 000. You have 3 options to

buy the machine 1st outright buy, 2nd loan buy and 3rd lease buy.

In the 1st option there would be a one time cash payment at the start of the project. On this option the

suppliers have agreed to offer a 2.5% discount on the list price.

In the 2nd option APNA SAPNA bank is willing to offer you a loan of the list price at 14%. The

is repayable in 5 instalments of 2,00,000 each plus interest.

loan

In the 3rd option APNA SAPNA bank has given you an option of lease rentals of 305,410 p.a. for next

5 years.

The CEO of the company trusts your expertise and has demanded an answer from you for the best possible

was of financing the machine. Cost of your funds 18% , tax rate 25%.

29) C ltd. Is considering investing in a project. The expected investment in the project will be 2,00,000 , with

project life of 5 years and 10, 000 salvage value. The expected Net Cash Inflows after depreciation but before

tax during the life of the project will be

YEAR

1

2

3

4

5

Rs.

85000

100000

80000

80000

40000

The project will be depreciated at the rate of 20% on original cost. The company is subject to 30% tax rate .

Calculate

(1) Payback Period, (2) Average rate of return (ARR), (3) NPV and Net present value index, if cost of capital

is 10% (4) IRR (Hint 35 40) %

30) FMCG ltd. Is planning investing in a project that costs Rs 5,00,000. The estimated salvage value is nil; tax

rate is 30%. The company uses straight line method of depreciation for tax purposes and its cash flows before

tax are as follows:

YEAR

1

2

3

4

5

250,00

CFBT

100,000 100,000 150,000 150,000

0

Determine the following: Payback period and Average rate of return.

31) From the above question , calculate the discounted pay back period if discount rates are (i) 5% (ii) 8%.

32) A company is considering an investment proposal, involving cash outflow of Rs 45 Lakh. The project has an

expected life of 7 years and zero salvage value. At a required rate of return of 12%, the project has a PI of

1.182. Calculate the annual cash inflows.

33) Find the missing values for each of the following independent cases. Assume that there are no salvage values

for the investments and income taxes are to be ignored.

Annual Cash

Initial

Cost of

Life

Case

IRR

PI

NPV

Inflows

Outlay

capital

(Years)

A

150,000

?

?

20%

1.1809

?

10

B

?

300,000

16%

?

?

60,000

13

34) A company has to make a choice between two projects namely A and B. The initial capital outlays of two

projects are Rs 135,000 and Rs 240,000 respectively for A and B. There will be no scrap value at the end of

the life of both the projects. The opportunity cost of capital of the company is 16%. The annual incomes are as

under:

Year Project A

Project B

(Rs)

(Rs)

1

60,000

2

30,000

84,000

3

132,000

96,000

4

84,000

102,000

5

84,000

90,000

You are required to calculate for each project:

a)

Discounted payback period

b)

Profitability index

c)

Net present Value.

a)

b)

c)

d)

35) Hindlever Co. is considering a new product line to supplement its range line. It is anticipated that the new

product line will involve cash investments of Rs 700,000 at time 0 and Rs 10,00,000 in year 1. After-tax cash

inflows of Rs 250,000 are expeted in year 2, Rs 300,000 in year 3, Rs 350,000 in year 4 and Rs 400,000 each

year thereafter through year 10. Although the product line might be viable after year 10, the company prefers

to be conservative and end all calculations at that time.

If the required rate of return is 15%, what is the net present value of the project? Is it acceptable?

What would be the case if the required rate of return were 10%?

What is its internal rate of return?

What is the projects payback period?

36) A sole trader install plant and machinery in rented premises for the production of luxury article, the demand

for which is expected to last only 5 years. The total capital put in by the sole trader is as under:

Plant & Machinery

Rs 270,500

Working Capital

Rs 40,000

Rs 310,500

The working capital will be fully realised at the end of the 5 th year. The scrap value of the plant expected to

be realised at the end of the 5th year is only Rs 5,500.

The traders earnings are expected to be under:

Years

1

2

3

4

5

90,000

1,30,000

1,70,000

1,16,000

19,500

Tax payable

20,000

30,000

40,000

26,000

5,000

Years

11%

12%

13%

14%

15%

1

0.9009

0.8929

0.8850

0.8770

0.8696

2

0.8116

0.7972

0.7831

0.7695

0.7561

3

0.7312

0.7118

0.6931

0.6750

0.6575

4

0.6587

0.6355

0.6133

0.5921

0.5718

5

0.5935

0.5674

05428

0.5194

0.4972

You are required to compute the present value of cash flows discounted at the various rates of interests

given above and state the return from the project.

37) The Alpha Co. Ltd, is considering the purchase of a new machine. Two alternative machines A and B

have been suggested, each costing Rs. 4,00,000. Earnings after taxation but before depreciation are expected

to be as follows:

Year

Cash flows

Machine A

Machine B

Rs.

Rs.

1

40,000

1,20,000

2

1,20,000

1,60,000

3

1,60,000

2,00,000

4

2,40,000

1,20,000

5

1,80,000

80,000

Total

7,20,000

6,80,000

The company has a target rate return on capital @ 10 percent and on this basic, you are required:

(a)Compare profitability of the machines and state which alternative you consider financially preferable

(b)Compute the pay back period for each project and,

(c)Compute annual rate of return for each project.

(38) An investment of Rs. 1,36,000 yields the following cash inflows(profits before depreciation but after tex).

Determine internal rate of return.

Year

1

2

3

4

5

Total

Rs.

30,000

40,000

60,000

30,000

20,000

1,80,000

(39) Using details given questions 6, calculate modified internal rate of return (MIRR) considering a 8% cost of

capital.

(40) X company is evaluating the rate of return on two of its Assets, I and II. The Asset was purchased a year ago

for Rs. 4,00,000 ans since then it has generated cash inflows of Rs.16,000. Presently, it can be sold for a price of

Rs.4,30,000 Asset II was purchased a few years ago and its market price in the beginning and at end of the year

was Rs.2,40,000 and Rs.2,36,000 respectively. The asset II has generated cash inflows of Rs.34,000. Find out the

rate of return on these Assets.

(41) S Ltd. Has Rs.10,00,000 allocated for capital budgeting purposes. The following proposals and associated

profitability indexes have been determined.

Project

Amount

Profitability index

1

3,00,000

1.22

2

1,50,000

0.95

3

3,50,000

1.20

4

4,50,000

1.18

5

2,00,000

1.20

6

4,00,000

1.05

Which of the above investments should be undertaken? Assume that projects are indivisible and there is no

alternative use of the money allocated for capital budgeting.

(42)Following are the data on a capital project being evaluated by the management of X Ltd.:

Annual cost saving

Useful life

I.R.R

Profitability index(PI)

NPV

Cost of capital

Cost of project

Payback

Salvage value

Project M

Rs. 40,000

4 years

15%

1,064

?

?

?

?

0

Find the missing values considering the following table of discount factor only:

Discount factor

15%

14%

13%

1 Year

0.869

0.877

0.885

2 Year

0.756

0.769

0.783

3 Year

0.658

0.675

0.693

4 Year

0.572

0.592

0.613

2.855

2.913

2.974

12%

0.893

0.797

0.712

0.636

3.038

(43)The management of p Limited is considering selecting a machine out of two mutually exclusive machines.

The companys cost of capital is 12 percent and corporate tax rate for the company is 30 percent. Details of the

machines are as follows:

Machine - I

Machine II

Cost of machine

Rs.10,00,000

Rs. 15,00,000

Expected life

5 years

6 year

Annual income before tax and depreciation

Rs. 3,45,000

Rs. 4,55,000

Depreciation is to be charged on straight line basis.

You are required to:

(i) Calculate the discounted pay-back period, net present value and internal rate of return for each machine.

(ii) Advise the management of P Limited as to which machine they should take up.

The present value factors of Re. 1 are as follows:

Year

1

2

3

4

5

6

At 12%

.893

.797

.712

.636

.567

.507

At 13%

.885

.783

.693

.613

.543

.480

At 14%

.877

.769

.675

.592

.519

.456

At 15%

.870

.756

.658

.572

.497

.432

At 16%

.62

.743

.641

.552

.476

.410

(44) A Ltd. Is considering the purchase of a machine which will perform some operations which are at present

performed by workers. Machines X and Y are alternative models. The following details are available:

Machine X

Machine Y

(Rs.)

(Rs.)

Cost of machine

1,50,000

2,40,000

Estimated lie of machine

5 years

6 years

Estimated cost of maintenance p.a.

7,000

11,000

6,000

8,000

Estimated saving in scrap p.a.

10,000

15,000

Estimated cost of supervision p.a.

12,000

16,000

Estimated saving in wages p.a.

90,000

1,20,000

Depreciation will be charged on straight line basis. The tax rate is 30%. Evaluate the alternative according to:

(i) Average value of return method, and

(ii) Present value index method assuming cost of capital being 10%.

(The present value of Rs. 1.00 @ 10% p.a. for 5 years is 3.79 and for 6 years is 4.354)

(45) Compute the net present value for a project with a net investment of Rs.1,00,000 and the following cash

flows if the companys cost of capital is 10%? Net cash flows for year one is Rs. 55,000; for year two is Rs.

80,000 and for year three Rs. 15,000.

[PVIF @ 10% for three years are 0.909 and 0.751]

(46) ABC Ltd is a small company that is currently analysing capital expenditure proposals for the purchase of

equipment; the company uses the net present value technique to evaluate project. The capital budget is limited

500,000 which ABC Ltd believes is the maximum capital it can raise. The initial investment and projected net

cash flows for each project are shown below. The cost of capital of ABC Ltd. is 12%. You are required to compute

the NPV of the different projects.

Initial investment

Project A

Project B

Project C

Project D

Project cash inflows 200,000

190,000

250,000

210,000

Year 1

50,000

40,000

75,000

75,000

2

50,000

50,000

75,000

75,000

3

50,000

70,000

60,000

60,000

4

50,000

75,000

80,000

40,000

5

50,000

75,000

100,000

20,000

(47) Shiva Limited is planning its capital investment programme for next year. It has five project all of which give

a positive NPV at the company cut-off rate of 15 present, the investment outflows present values being as follows:

Project

Investment

NPV @ 15%

Rs. 000

Rs. 000

A

(50)

15.4

B

(40)

18.7

C

(25)

10.1

D

(30)

11.2

E

(35)

19.3

The company is limited to a capital spending of Rs. 1,20,000.

You are required to optimise the returns from a package of product within the capital spending limit. The project

are independent of each other and are divisible (i.e., part-project is possible).

(48) Suppose we have three project involving discounted cash outflow of Rs. 5,50,000, Rs.75,000 and

Rs.1,00,20,000 respectively. Suppose further that the sum of discounted cash inflows for these projects are Rs.

6,50,000, Rs. 95,000, and Rs. 1,00,30,000 respectively. Calculate the desirability factors for the three projects.

(49) Happy singh Taxiwala is a long established tour operator providing high quality transport to their clients. It

currently owns and runs 250 cars and has turnover of Rs.100 lakhs p.a.

The current system for allocating jobs to drivers is very inefficient. Happy singh is considering the

implementation of a new computerized tracking system called Banta. This will make the allocation of jobs far

more efficient.

You are as accounting technician, for an accounting firm, has been appointed to advice Happy Singh to decide

whether Banta should be implemented. The project is being appraised over five years.

The costs and benefits of the new system are as follows:

(i) The Central Tracking System costs Rs. 21,00,000 to implement. This amount will be payable in three equal

investments-one immediately, the second in one years time, and the third in two years time.

(ii) Depreciation on the new system will be provided at Rs. 4,20,000 p.a.

(iii) Staff will need to be trained how to use new system. This will cost Happy Singh Rs. 4,25,000 in the first

year.

(iv) If Banta is implemented, revenues will rise to an estimated Rs. 110 lakhs this year, thereafter increasing by

5% per annum(Compounded). Even if Banta is not implemented revenue will increase by an estimated

Rs.

2,00,000 per annum, from their current level of Rs. 100 lakhs per annum.

(v) Despite increased revenues, Banta will still make overall saving in terms of vehicle running costs. These are

estimated at 1% of the post Banta revenues each year(i.e., The Rs. 110 lakhs revenue rising by 5% thereafter,

as referred to in (iv) above.

(vi) Six new staff operatives will be recruited to manage the Banta system. Their wages will cost the company

Rs. 1,20,000 per annum in the first year, Rs. 2,00,000 in the second year, thereafter increasing by 5% per

annum(i.e., compounded).

(vii) Happy singh will have to take out an annual maintenance contract for Banta system. This will cost Rs.

75,000 per annum.

(viii) Interest on money borrowed to finance the project will cost Rs. 1,50,000 per annum.

(ix) Happy Singh Taxiwalas cost of capital is 10% per annum.

Required:

(a)Calculate the net present value (NPV) of the new Banta system nearest to Rs. 000.

(b) Calculate the simple pay back period of the project and interpret the result.

(c) Calculate the discounted payback period for the project and interpret the result.

(50) Calculate the internal rate of return of an investment of Rs. 1,36,000 which yields the following cash inflows:

Year

Cash Inflows (in Rs.)

1

30,000

2

40,000

3

60,000

4

30,000

5

20,000

(51) A company proposes to install machine involving a capital cost of Rs. 3,60,000. The life of the machine is 5

years and its salvage value at the end of the life us nil. The machine will produce the net operating income after

depreciation of Rs. 68,000 per annum. The companys tax rate is 45%.

The net present values factors fpr 5 years are as under:

Discounting rate

14

15

16

17

Cumulative factor 3.43

3.35

3.27

3.27

You are required to calculate the internal rate return of the proposal.

18

3.20

19

3.13

(52) An investment of Rs. 1,36,000 yields the followings cash inflows(profits before depreciation but tex after

tax). Determine MIRR considering 8%cost of capital.

Year

Rs.

1

30,000

2

40,000

3

60,000

4

30,000

5

20,000

Total

1,80,000

(53) The following table gives dividend and share price data for Bharat Limited

Year

Dividend Per Share

Closing Share Price

1998

2.50

12.25

1999

2.50

14.20

2000

2.50

17.50

2001

3.00

16.75

2002

3.00

18.45

2003

3.25

22.25

2004

3.50

23.50

2005

3.50

27.75

2006

3.50

25.50

2007

3.75

27.95

2008

3.75

31.30

You are required to calculate: (i) the annual rates of return, (ii) the expected (average) rate of return, (iii) the

variance, and (iv) the standard deviation of returns.

(54) Alpha company is considering the following investment projects:

Cash Flows (Rs.)

Projects

C0

C1

C2

A

-10,000

+10,000

C3

B

-10,000

+7,500

+7,500

C

-10,000

+2,000

+4,000

+12,000

D

-10,000

-10,000

+3,000

+3,000

(a) Rank the project according to each of the following methods: (i) Payback, (ii) ARR, (iii) IRR and (iv) NPV,

assuming discount rates of 10 and 30 percent.

(b) Assuming the projects are independent, which one should be accepted? If the projects are mutually exclusive,

which project is the best?

(55) The expected cash flows of three projects are given below. The cost of capital is 10 percent.

(a) Calculate the payback period, net present value, internal rate of return and accounting rate of return of

each project.

(b) Show the ranking of the projects by each of the four methods.

Period

Project A (Rs.)

Project B (Rs.)

Project C (Rs.)

0

(5,000)

(5,000)

(5,000)

1

900

700

2,000

2

900

800

2,000

3

900

900

2,000

4

900

1,000

1,000

5

900

1,100

6

900

1,200

7

900

1,300

8

900

1,400

9

900

1,500

10

900

1,600

(56) Lockwood Limited wants to replace its old machine with a new automatic machine. Two models A and B are

available at the same cost Rs. 5 lakhs each. Salvage value of the old machine is Rs. 1 lakh The utilities of the

existing machine can be used if the company purchases A. Additional cost of utilities to be purchased in that case

are Rs. 1 lakh. If the company purchases B then all the existing utilities will have to be replaced with new utilities

costing Rs. 2 lakhs. The salvage value of the old utilities will be Rs. 0.20 lakhs. The earning after taxation are

expected to be:

Year

(Cash in-flows of)

A

B

C

Rs.

Rs.

Rs.

1

1,00,000

2,00,000

0.87

2

1,50,000

2,10,000

0.76

3

1,80,000

1,80,000

0.66

4

2,00,000

1,70,000

0.57

5

1,70,000

40,000

0.50

Salvage value at the end of year 5

50,000

60,000

The targeted return on capital is 15%. You are required to (i) Compute, for the two machines separately, net

present value, discounted pay back period and desirability factor and (ii) Advice which of the machines is to be

selected?

(57) Elite Cooker company is evaluating three investment situations: (1) produce a new line of aluminium skillets,

(2) expand its existing cooker line to include several new sizes, and (3) develop a new, higher-quality line of

cookers. If only the project in question is undertaken, the expected values and the amount of investment are:

Project

Investment Required

Present value of Future Cash-Flows

Rs.

Rs.

1

2,00,000

2,90,000

2

1,15,000

1,85,000

3

2,70,000

4,00,000

If project 1 and 2 are jointly undertaken, there will be no economies; the investments required and present values

will simply be the sum of the parts. With projects 1 and 3, economies are possible in investment because one of

the machine acquired can be used in both production process. The total investment required for project 1 and 3

combined is Rs. 4,40,000. If projects 2 and 3 undertaken, there are economies to be achieved in marketing and

producing the products not in investment. The expected present value of future cash flows for project 2 and 3 is

Rs. 6,20,000. If all three projects are undertaken simultaneously, the economies noted will still hold. However, a

Rs. 1,25,000 extension on the plant will be necessary, as space is now available for all three project. Which project

or projects should be chosen?

(58) A company is considering two mutually exclusive projects X and Y. Project X costs Rs. 30,000 and project Y

Rs. 36,000. You have been given below the net present value probability distribution for each project:

Project X

Project Y

NPV Estimate(Rs.)

Probability

NPV Estimate(Rs.)

Probability

3,000

0.1

3,000

0.2

6,000

0.4

6,000

0.3

12,000

0.4

12,000

0.3

15,000

0.1

15,000

0.2

(i) Compute the expected net present value of products X and Y.

(ii) Compute the risk attached to each project i.e., Standard Deviation of each probability distribution.

(iii) Which project do you consider more risky and why?

(iv) Compute the probability index of each project.

(59) A Ltd. Is an all equity financed company. The current market price of share is Rs. 80, it has just paid a

dividend of Rs.15 per share and expected future growth in dividend is 12%. Currently, it is evaluating a proposal

requiring funds of Rs. 20 lakhs, with annual inflows of Rs.10 lakhs for 3 years. Find out the Net Present value of

the proposal, if (i) It is financed from retained earnings; and (ii) It is financed by issuing fresh equity at market

price with a flotation cost of 5% of issue price.

(60)PQR Limited has decided to go for new model of Mercedes Car. The cost of the vehicle is Rs. 40 lakhs. The

company has two alternatives:

(i) Taking the car on finance lease; or

(ii) Borrowing and purchasing the car.

LML limited is willing to provide the car on finance lease of PQR Limited for five years at an annual rental of Rs.

8.75 lakhs, payable at the end of the year.

The vehicle is expected to have useful life of 5 years, and it will fetch a net salvage value of Rs. 10 lakhs at the

end year five. The depreciation rate for tax purpose is 40% on written-down value basis. The applicable tax rate

for the company is 13.8462%.

What is the net advantage of leasing for the PQR Limited?

The values of present value interest factor at different rates of discount are under:

Rate of Discount t1

t2

t3

t4

t5

0.138462

0.8784

0.7715

0.6777

0.5953

0.5229

0.09

0.9174

0.8417

0.7722

0.7084

00.6499

(61) PQR Ltd. Is evaluating a proposal to acquire new equipment. The new equipment would cost Rs. 3.5 million

and was expected to generated cash inflows of Rs. 4,70,000 a year for nine years. After that point, the equipment

would be obsolete and have no significant salvage value. The companys weighted average cost of capital is 16%.

The management of the PQR Ltd. Seemed to be convinced with the merits of the investments but was not sure

about the best way to finance it. PQR Ltd. could raise the money by issuing a secured eight year note at an interest

rate of 12%. However PQR Ltd. Had huge tax-loss carry forwards from a disastrous foray into foreign exchange

option. As a result, the company was unlikely to be in a position of tax-paying for many years. The CEO of PQR

Ltd. Thought it better to lease the equipment then to buy it. The proposals for lease have been obtained from

MGM Leasing Ltd. And Zeta Leasing Ltd. The terms of the lease are as under:

MGM Leasing Ltd.

Zeta Leasing Ltd.

Lease period offered

9 years

7 years

Number of lease rental payments

10

8

With initial lease payment due on

Entering the lease contract

Annual lease rental

Rs. 5,44,300

Rs. 6,19,400

Lease terms equipment to

11.5% p.a.

11.41% p.a.

Borrowing cost(Claim of lessor)

Leasing proposal coverage

Entire

Entire

Rs. 3.5 million

Rs. 3.5 million

Cost of equipment

Cost of equipment

Tax rate

35%

35%

Both the Leasing companies were in a tax-paying position and write off their investment in new equipment using

following rate:

Year

1

2

3

4

5

6

Depreciation Rate 20%

32%

19.20%

11.52%

11.52%

5.76%

Required:

(i)Calculate the NPV to PQR Ltd. Of the two lease proposals.

(ii) Does the new equipment have a positive NPV with (i) ordinary financing (ii) lease financing?

(iii)Calculate the NPVs of the leases from the lessorss view points. Is there a chance that they could offer more

attractive terms?

(iv)Evaluate the terms presented by each of the lessors.

1) The Management of a Company has two alternative proposals under consideration. Project A requires a capital

outlay of Rs. 12,00,000 and project B required Rs. 18,00,000. Both are estimated to provide a cash flow for file

years as Project A Rs. 4,00,000 per year and Project B Rs. 5,80,000 per year. Cost of capital is 10%. Show which

of the two projects is preferable from the viewpoint of i) Net Present Value Method, ii) Present Value Index

Method, and iii) Internal Rate of Return Method.

2) A Company has to make a choice between 2 projects namely A and B. The initial outlay of A and B are Rs.

1,35,000 and Rs. 2,40,000 respectively for A and B. with no scrap Value. The Cost of the Company is 16%. The

Annual Incomes are

Year

1

2

3

4

5

Project A

Rs.

Rs.

Rs.

Rs.

30,000

1,32,000

84,000

84,000

Project B

Rs.

Rs.

Rs.

Rs.

Rs.

60,000

84,000

96,000

1,02,000

90,000

Disc. Factor at

0.862

0.743

0.641

0.552

0.476

16%

Calculate the following, for each project i) Discount Payback Period, ii) PI and iii) Net Present Value.

3) PR Engineering Ltd is considering the purchase of a new machine which will carry out some operations

which are at present performed by manual labour. The following information related to the two alternative

models- MX and MY are available:

Particulars

Machine MX

Machine

Estimated

Net Income

MX

before

Depreciation

Cost of Machine

Rs. 8,00,000

Rs. 10,20,000

and Tax are

as under

ExpectedYear

Life1

6

years

6

years

Year 2

Year 3

Year 4

Year 5

Year 6

Rs.

30,000

MachineScrap Value

2,50,00

2,30,00Rs. 20,000

1,80,00

2,00,00

1,80,00

1,60,00

MX

0

0

0

0

0

0

Machine

2,70,00

3,60,00

3,80,00

2,80,00

2,60,00

1,85,00

MY

0

0

0

0

0

0

Corporate Tax Rate for this Company is 30% and the Companys required rate of return on investment proposals

is 10%. Depreciation will be changed on Straight Line basic. You are required to

i) Calculate the Payback Period of each proposal.

ii) Calculate the Net Present Value of each proposal, if the PV Factor at 10% is 0.909, 0.826, 0.751, 0.683, 0.621

and 0.564.

iii) Which proposal you would recommend and why?

4) Consider the following mutually exclusive projects: Cash Flows (Rs.)

Projects

C0

C1

C2

C3

C4

A

(10,000)

6,000

2,000

2,000

12,000

B

(10,000)

2,500

2,500

5,000

7,500

C

(3,500)

1,500

2,500

500

5,000

D

(3,500)

0

0

3,000

6,000

Required:

1. Calculate the Payback Period for each project.

2. If the standard Payback Period is 2 years, which project wills you select? Will your answer differ, if standard

Payback Period is 3 years?

3. If the cost of Capital is 10%, compute the Discounted Payback Periods for each project. Which Project will you

recommend, if standard Discounted Payback Periods is i) 2 years, ii) 3 years?

4. Compute NPV of the each Project. Which project will you recommend on the NPV criterion? The Cost of

Capital is 10%. What will be the appropriate choice criteria in this case?

5) The Director of Damon Electronics Co. has asked you analyse two proposed investments Project X ad Y. Each

project has an initial investment of Rs. 10,000 at a cost of 12%. The Cash Flows are expected as under

Year

1

2

3

4

Rs.

Cash Flows of X

Rs. 3,000

Rs. 3,000

Rs. 1,000

6,500

Rs.

Cash Flows of Y

Rs. 3,500

Rs. 3,500

Rs. 3,500

3,500

1. Calculate for each Project (a) Simple Payback Period, (b) NPV, and (c) IRR.

2. Which Project(s) should be accepted if the Projects were independent?

3. Which Project should be accepted if they were mutually exclusive?

6) The Management of P Limited is considering to select a machine out of the two mutually exclusive

machines. The Companys Cost of Capital is 12% and Corporate Tax Rate for the Company is 30%. Details of the

machines are as followsParticulars

Machine MX

Machine MX

Cost of Machine

Rs. 10,00,000

Rs. 15,00,000

Expected Life

5 years

6 years

Scrap Value

Rs.3,45,000

Rs. 4,550,000

Depreciation is to be charged on straight line basics.

You are required to:

Calculate the Discounted Payback Period, Net Present Value and Internal Rate of Return for each Machine.

Advice the Management of P Limited which Machine they should take up.

NPV based Project Evaluation Accept Reject Decisions

7) XYZ Ltd is planning to introduce a new product with a project life of 8 years. The project is to be set up in

Special Economic Zone (SEZ), qualifies for one time (at starting) Tax free subsidy from the State Government of

Rs. 25,00,000 on capital investment. Initial Equipment cost will be Rs. 1.75 Corers. Additional Equipment costing

Rs. 12,50,000 will be purchased at the end of the third year from the Cash Inflow of this year. At the end of 8 year,

the Original Equipment will have no resale value, but the Additional Equipment can be sold for Rs. 1,25,000. A

Working Capital of Rs. 20,00,000 will be needed and it will be released at the end of eight year. The project will

be financed with sufficient amount of Equity Capital.

The Sales Volumes over eight years have been estimated as followsYear

1

2

3

4-5

6-8

Units

72,000

1,08,000

2,60,000

2,70,000

1,80,000

A Sales Price of Rs. 120 per unit is expected and Variable Expenses will amount to 60% of Sales Revenue. Fixed

Cash Operating Costs will amount Rs. 18,00,000 per year. The Loss of any year will be set off from the profits of

subsequent two years. The company is subject to 30% tax rate and considers 12% to be an appropriate after tax

cost of capital for this project. The company follows Straight Line Method of Depreciation.

Calculate the Net Present Value of the project and advice the Management to take appropriate design.

8) Fast Feet Ltd is a manufacture of high quality running shoes. Its CEO is considering computerising the

companys ordering, inventory and billing procedures. She estimates that the annual saving from computerisation

include a reduction of 10 clerical employee with annual salaries of Rs. 15,000 each, Rs. 8,000 from reduced

production delays caused by Raw Material Inventory problems, Rs.2,000 from lost sales due to inventory stock

outs and Rs. 3,000 associated with timely billing procedure.

The Purchase Price of the system is Rs. 2,00,000 and installation Costs are Rs. 50,000. These outlays will be

capitalised (depreciated) on SLM basic to zero book Salvage Value, which is also its Market Value at the end of

five years. Operation of the new system requires two Computer Specialists with annual salaries of Rs.40,000 per

person. Also Annual Maintenance and operating (cash) expenses of Rs. 2,000 are estimated to be required.

The Companys Tax Rate is 40% and its required Rate of Return (Cost of Capital) is 12%.

1. Find the projects Initial Net Cash Outlay.

2. Find the projects Operating Cash Flows and Terminal Value over its 5-Years life.

3. Evaluate the project using NPV Methods.

4. Evaluate the project using PI Methods.

5. Calculate the projects Payback Periods.

6. Find the projects Cash Flows and NPV [pars (1) through (3)] assuming that the system can be sold for Rs.

25,000 at the end of five years even though the book salvage value will be zero.

7. find the projects Cash Flows and NPV [pars (1) through (3)] assuming that the salvage value for depreciation

Purposes is Rs. 20,000 even though the machine is worthless in terms of its resale value.

9) Modern Enterprises Ltd is considering the purchase of a new Computer System for its Rs & D division, which

would cost Rs. 35 Lakhs. The Operation and Maintenance Costs (excluding Depreciation) are Rs. 7 Lakhs per

annum. It is estimated that the useful life of the system would be 6 years at the end of which the Scarp value will

be Rs. 1 Lakh. The tangible benefits expected from the system in the from of reduction in design and

draughtsmanship costs would be 12 Lakhs per annum. Besides, the disposal of used Drawing office Equipment

and Furniture initially is expected to net Rs. 9 Lakhs.

Capital Expenditure in R & D is eligible for 100% write off for tax purpose. The gains arising from disposal of

used assets may be considered tax-free, The Companys Tax Rate is 50% and Cost of capital is 12%. After

appropriate analysis of cash flows, advise the Company of the financial viability of the proposal.

10) Nine Gems Ltd has just installed Machine R at a cost of Rs. 2 Lakhs. The Machine has a 5-years life with no

Residual Value. The annual volume of production is estimated at 1,50,000 units, which can be sold at Rs. 6 per

units. Annual Operating costs are estimate at Rs. 2 Lakhs (excluding depreciation) at this output level. Fixed Costs

are estimated at Rs. 3 per units for the same level of production.

The Company has just come across another mode Machine S, capable of giving the same output at an annual

operating cost of Rs. 1.80 Lakhs (excluding depreciation) . There will be no change in fixed Costs. Machine S

costs Rs. 2.50 Lakhs, its Residual Value will be Nil after a useful life of 5 years.

Nine Gems Ltd has an offer for sale of Machine R for Rs. 1,00,000. The cost of dismantling and removal will be

Rs. 30,000. As the Company has not yet commenced operations, it wants to dispose off Machine R and install

Machine S.

The Company will be a zero-tax Company for seven years in view of several incentives and allowances available.

The cost of capital is 14% and the PV factors are as underYear

1

2

3

4

5

PV Factor at

0.877

0.769

0.675

0.592

0.519

14%

Advise whether the company should opt for replacement. Will your answer be different if the Company has not

installed Machine R and is in the process of selecting either R or S?

11) Beta Electronics is considering a proposal to replace one of its machines. The following information is

available to you.The existing machine was bought 3 years ago for Rs. 10 Lakhs. It was depreciated at 25% p.a. on

reducing balance basic. It has remaining useful life of 5 years, but its annual maintenance cost is expected to

increase by Rs. 50,000 from the sixth year of its installation. Its present realisable value is Rs. 6 Lakhs. The

Company has several machines, having 25% depreciation.

The New Machine costs Rs. 15 Lakhs and is subject to the same rate of depreciation. On sale after 5 years, it is

expected to net Rs. 9 Lakhs. With the new machine, the annual operating costs (excluding depreciation) are

expected to decrease by Rs. 1 Lakh. In addition, the new machine would increase productivity on account of

which Net Revenues would increase by Rs. 1.5 Lakhs annually.

The Tax-Rate applicable to the Company is 35% and the cost of capital is 10%. Advise the Company, on the basic

of NPV of the proposal,, whether the proposal is financially viable.

12) SCL Limited is a highly profitable Company engaged in the manufacture of the power intensive products. As

part of its diversification plans, it proposes to put up a Windmill to generate electricity. The details of the scheme

are

1. Cost of Windmill- Rs. 300 Lakhs, cost of land Rs. 15 Lakhs, Subsidy from State Government to be received

at the end of first year of installation Rs. 15 Lakhs.

2. Estimated life is 10 years and Cost of capital is 15%. The Companys Tax Rate is 50%.

3. Residual Value of Windmill will be Nil. However land value will go up to Rs. 60 Lakhs at the end of year 10.

4. Cost of Electricity will be Rs. 2.25 per unit in year 1. This will increase by Rs. 0.25 Lakhs per unit every year

till year 7. After that it will increase by Rs. 0.50 per unit per annum.

5. Maintenance Cost will be Rs. 4 Lakhs in year 1 and the same will be increase by Rs. 2 Lakhs every year.

6. Depreciation will be 100% of the windmill in year 1 and the same will be allowed for tax purposes.

7. As Windmill are expected to work based on wind velocity, the average efficiency is expected to be 30%. Gross

Electricity generated at this level will be 25 Lakh units per annum. 4% of this Electricity generated will be

committed free to the State Electricity Board as per the agreement.

From the above, you are required to calculate the NPV of the Project. (Ignore Tax on capital Profits). Also list a

few nonfinancial factors that should be considered before talking a decision. Use the following table ye

1

2

3

4

5

6

7

8

9

10

ar

P

0.

0.

0.

0.

0.

0.

0.

0.

0.

0.

V

87

76

66

57

50

43

38

33

28

25

F

13) A large profit-making Company is considering the installation of a machine to the produced by one of its

existing manufacturing process, to be converted into a marketable product. At present, the waste is removed by a

contractor for disposal on payment by the Company of Rs. 50 Lakhs per annum for the next four years. The

contract can be terminated upon installation of the aforesaid machine, on payment of a compensation of Rs. 30

Lakhs before the Processing operation starts. This compensation is not allowed as a deduction for tax purposes.

The Machine required for carrying out the processing will cost Rs. 200 Lakhs, to be financed by a loan repayable

in 4 equal instalments commencing from the end of year 1. The interest rate is 16% per annum. At the end of the

fourth year, the machine can be sold for Rs. 20 Lakhs and the cost of dismantling and removal will be Rs. 15

Lakhs. The Sales and direct costs of the product emerging from waste processing are estimated below- (in Lakhs)

Particulars

Year 1

Year 2

Year 3

Year 4

Sales

322

322

418

418

Material Consumption

30

40

85

85

Wages

75

75

85

100

Other Expenses

40

45

54

70

Factory Overheads

55

60

110

145

Depreciation as per IT

50

38

28

21

Rules

Intial stock

14) ABC Ltd manufactures toys and other gift items. The R & D Division has come up with a product that would

make a good promotional gift for office equipment dealers. As a result of efforts by the sales personnel, the Firm

has commitments for this product.

To produce the quantity demanded, the Company will need to buy additional machinery and rent additional space.

It appears that about 25,000 square feet will be needed. 12,500 square feet of presently unused space, but leased at

the rate of Rs. 3 per square foot per year, is available. There is another 12,500 square feet available at an annual

rent Rs. 4 per square foot.

The machinery will be purchased for Rs. 9,00,000. It will require Rs. 30,000 for modifications, Rs. 60,000 for

installation and Rs. 90,000 for testing. The machinery will have a salvage value of about Rs. 1,80,000 at the end of

the third year. No additional General Overhead Costs are expected to be incurred.

The estimated revenues and costs for this product for the three years have been developed as follows (Rs.)

Particulars

Year 1

Year 2

Year 3

Less : Sales

10,00,000

20,00,000

8,00,000

Material and

4,00,000

7,50,000

3,50,000

Labour

40,000

75,000

35,000

Overheads

50,000

50,000

50,000

allocation

3,00,000

3,00,000

3,00,000

Rent

Depreciation

Less : Earning Before

2,10,000

8,25,000

65,000

Taxes

1,05,000

4,12,500

32,500

Taxes

Earnings After

1,05,000

4,12,500

32,500

Taxes

If the Company sets a required rate of return of 20% after taxes, should this produced be manufactured?

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