ALL UNIVERSITIES AND SERVICE COMMISSIONS PAST PAPERS IN PAKISTAN: 6/26/11

Saturday, July 2, 2011

Re: ::: vuaskari.com ::: A very Sad news, plz Listen

INA LILLAH E WA INA ILAIHAY RAJIOUN!
May her soul rest in heaven..

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::: vuaskari.com ::: WACC calculation query!!

I posted on MDB as well but did not get any answers: I am attaching my query please comment:

On page 151 there is a numerical example regarding calulation of WACCL and rE,L and a table is given under whose row #4 in which debt value is Rs.400 should be the answer to the numerical question. but answer i am getting through calculations for rE,L and WACCL even NI is different from the table. I am attaching the question and the formulae given on page 150 please send me the calculations, as I am not grasping it right.

Thanks.

A 100% Equity Firm (or Un-levered) has Total Assets of Rs.1000. It has a WACCU of 21% and
rD,U of 10%. It then adds Rs.400 of Debt. Financial Risk increases rD,L of Levered Firm to 13%. What is
the Levered Firm's rE,L and WACCL ? Tax rate is 30%.

(PLEASE SEE THE TABLE ON PAGE 151, AS ITS NOT BEING COPIED)

Formulae:

E = NI / rE,L

NI = (EBIT - xD rD) (1 - Tc)

rE,L = WACCU + xD (WACCU - rD ) (1 - Tc).

Traditionalists Formula for WACC:
WACCL = xD rD (1 - Tc) + xE rE.

Please send me the detailed calculation for the above question as I am unable to calculate.

Another issue to be noticed is that the TAX SHIELD APPROACH given on page 153 claims that it gives the same result as the NI APPROACH but when i trie dto solve the numerical given on page 152 it gave different results from NI Approach solved on page 152-153. can you please clarify why is that so?

For Example:

– If the Firm takes Rs.100 Debt at 10% Interest or Mark-up then what is the WACCL of Levered Firm?

USING NI APPROACH

VU= Rs.350

• Equity
= NI / rE
= 63 / 0.2
= Rs.315 (Major Assumption: No change in rE)
• VL = Equity + Debt
= 315 + 100
= Rs.415. (Increasing Debt ADDS Value!)

USING TAX SHIELD APPROACH

• VL = Equity + Debt

VL = Vu + Tc D.

= 350 + 0.3(100)

= Rs. 380 which is differet from the answer of VL by NI approach

• Equity

Market Value of Equity = E = VL - D

= 380 - 100 = Rs. 250 which again is different from the answer by NI approach

CAN YOU PLEASE CLARIFY WHY IS THIS SO WHEN ITS TOLD IN THE VIDEO LECTURE THAT BOTH APPROACHES WILL GIVE THE SAME ANSWERS. SECONDLY WHICH TO USE?

Thanks again

FIZZA DASTGIR BHATTI

*~*~*~*~*~*~*~*~*~*~*~*

MC090405569

MBA - ISLAMABAD

Re: ::: vuaskari.com ::: A very Sad news, plz Listen

Ina illiah e wa ina ilihi rajioon

On 7/2/11, B!L@L Z@F@R <bilalzafarbhatti7@gmail.com> wrote:
> May she rest in peace and may Allah Subhana hu wa ta'la bestowed patience to
> her family to bear this loss. AAMEEN
>
> --
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Re: ::: vuaskari.com ::: MCB bank ratio analysis solve by admin dua waqar

Dua sister plzzzzzzzzzz mjhy bank alfalh ki ratio analysis bna do i will be more then grateful to you plzzzzzzz

On Fri, Jul 1, 2011 at 1:32 AM, mc090406040 Nadia Rauf <mc090406040@vu.edu.pk> wrote:

PLZ PROVIDE ME BALANCE SHEET AND INCOME STATEMENT OF MCB BANK OF 2008 ,2009 AND 2010 IN WORD DOCUMENT
PLZ REPLY ME SOON PPPPPPPPPPPPLLLLLLLLZZZZZZZZZZZ

On Fri, Jul 1, 2011 at 1:31 AM, mc090406040 Nadia Rauf <mc090406040@vu.edu.pk> wrote:

PLZ PROVIDE ME BALANCE SHEET AND INCOME STATEMENT OF MCB BANK OF 2008 ,2009 AND 2010 IN WORD DOCUMENT
PLZ REPLY ME SOON PPPPPPPPPPPPLLLLLLLLZZZZZZZZZZZ

2011/6/23 ∂υα ωαqαя <dua4566@gmail.com>

Current ratio = Current Assets/ Current liability

2008 = 1.376; 2009 = 1.323; 2010= 1.362

Current Assets = Cash and balances with treasury banks + Balances with other banks+ Landings to financial institutions + Investments – net + Advances – net

Current liability = Bills payable + Borrowings+ Saving deposits+ Current accounts – non remunerative+ Margin accounts + Others + Non–remunerative deposits

Quick ratio = Current Assets- Advances / Current liability

2008 =0.49; 2009 =0.61; 2010= 0.70

Working capital ratio = Current Assets - Current liability

2008 =111,647,489; 2009 = 115,050,710; 2010 = 138,606,187

Time Interest Earned = EBIT / Interest expenses

2008 =2.89; 2009 =2.474; 2010= 2.470

EBIT = Profit before Taxation + Interest expenses

Debt ratio = Total debt / Total Assets

2008 =0.865; 2009 =0.859; 2010 = 0.856

Debt/Equity Ratio= Total liabilities / Shareholder equity

2008 =7.1; 2009 =6.9; 2010 = 6.8

Shareholder equity = Share capital + Reserves + un appropriated profit.

Debt to Tangible Net worth Ratio = Total liabilities / Tangible net worth

2008 =6.4; 2009 =6.1; 2010 = 5.9

Tangible net worth = total assets – total liabilities - Intangible assets

Total Capitalization Ratio = long term debt / (long term debt+ Share holder equity)%

2008 =62%; 2009 =57%; 2010 = 60%

Long term debt = sub-ordinate loans + other liabilities + deferred tax liability + Fixed deposits + Remunerative deposits

Net Profit Margin = Net Income / sales *100

2008 =38%; 2009 =30%; 2010 = 31%

ROA= net profit before tax/ total assets* 100.

2008 =4.9%; 2009 =4.6%; 2010 = 4.7%

DuPont Return on Assets = (Net Income / Sales) x (Sales / Total Assets)*100

2008 =3.4%; 2009 =3.0%; 2010 = 2.9%

Operating profit margin = EBIT / Net sales

Return on operating assets = EBIT / operating assets %

Operating Assets = Cash and balances with treasury banks + Landings to financial institutions + Advances – net + Operating fixed assets

Return on equity = Net Income / Total equity *100

Total equity = Share capital + Reserves + un appropriated profit.

Gross profit margin = Gross profit / Net sales*100

Gross profit = Net mark–up / interest income

Total Assets Turnover = Sale/ Total assets

Fixed Assets Turnover = Sale/ Fixed assets

Fixed assets = total assets – current assets

Dividend per share = Dividend paid to share holder / Average common share outstanding

2008 =13; 2009 = 9; 2010 = 11

Number of out standing shares = share capital amount / par value of share NOTE#19

Earning Per share =Profit Available to shareholders or Net income after tax/ No of shares outstanding

2008 =20.16; 2009 = 20.6; 2010 = 22.19

Price Earning Ratio = Current market Share price/ Earning per Share

2008 =6.2; 2009 =10.9; 2010 = 10.3

Current market Share price from http://www.kse.com.pk/

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Re: ::: vuaskari.com ::: Aa.Any one have the idea sol of cs604 Operating System?

Ayesha here is an idea solution for CS604 Assignment 4.

Regards & Allah Hafiz
Admin_MIT
www.vuaskari.com

On Sat, Jul 2, 2011 at 7:06 PM, Ayesha Malik <jee.ayesha5@gmail.com> wrote:

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Re: ::: vuaskari.com ::: A very Sad news, plz Listen

May she rest in peace and may Allah Subhana hu wa ta'la bestowed patience to her family to bear this loss. AAMEEN

::: vuaskari.com ::: FIN622 GDB IDEA SOLUTION by Amna

Case 1 = Product-extension merger / Conglomeration

Case 2 = Vertical merger

Case 3 = Purchase Mergers

Case 4 = Horizontal merger

●●Gяєу_Fєяяy ●●

Re: ::: vuaskari.com ::: Time Interest Earned

YES :
I have also taken Profit before taxation for return on assets

On Sat, Jul 2, 2011 at 6:59 AM, mc090407516 Syeda Madeeha-Taz-Zahra <mc090407516@vu.edu.pk> wrote:

Laiba plz btao k ROA me net profit before tax use hoga ya after tax ya EBIT?

On Sat, Jul 2, 2011 at 5:30 AM, LAIBA BUTT <laiba.butt98@gmail.com> wrote:

Dear Nazia:
Following are the operating assets:

Cash and balances with treasury banks

Balances with other banks

Lending's to financial institutions

Advances – net

Operating Fixed Assets

On Fri, Jul 1, 2011 at 2:40 PM, Nazia Rana <nazeecool@gmail.com> wrote:

koi btaye ga return on assets kesay find kia hy? operating assets konsay hy m confused in this ratio

On Fri, Jul 1, 2011 at 3:58 PM, MAHA SHAH <maha.shah.askari@gmail.com> wrote:

NO SARIM MANE YE EBIT WALI RATIOS AGAIN CORRECTED KI HN
HM LOG NON MARKP INTEREST LE RHAY THAY JB K MARK UP INTEREST EXPENSE LENA THA
SEE MY CORRECTED NEW RATIOS JUST EBIT K INTEREST KI MISTAKE THY THATS Y EBIT WALI RATIOS MAIN CORRECTION HUI HA
SEE HERE:

Current Ratio

Year 2008

Year 2009

Year 2010

0.86 times
0.89 times
0.80 times

Acid Test Ratio

Year 2008

Year 2009

Year 2010

0.85 Times

0.87 Times

0.80 Times

Working Capital

Year 2008

Year 2009

Year 2010

-97928321

-80229555

-173373189

Times Interest Earned

Year 2008

Year 2009

Year 2010

1.96 Times

1.53 Times

1.54 Times

Debt Ratio

Year 2008

Year 2009

Year 2010

0.875 Times

0.874 Times

0.876 Times

Debt/Equity Ratio

Year 2008

Year 2009

Year 2010

8.78 Times

8.76 Times

8.73 Times

Debt to Tangible Net worth Ratio

Year 2008

Year 2009

Year 2010

6.98 Times

6.94 Times

7.05 Times

Total Capitalization Ratio

Year 2008

Year 2009

Year 2010

0.28 Times

0.52 Times

0.27 Times

Net Profit Margin

Year 2008

Year 2009

Year 2010

25.36%

22.53%

19.85%

Return on Assets

Year 2008

Year 2009

Year 2010

5.73%

6.54%

6.73%

DuPont Return on Assets

Year 2008

Year 2009

Year 2010

1.89%

1.84%

1.68%

Operating Income Margin

Year 2008

Year 2009

Year 2010

76.93%

79.27%

78.74%

Return on Operating Assets

Year 2008

Year 2009

Year 2010

8.36%

9.72%

10.84%

Return on Total Equity

Year 2008

Year 2009

Year 2010

18.97 %

18.63 %

16.91 %

Gross Profit Margin

Year 2008

Year 2009

Year 2010

60.81%

48.05%

48.85%

Total Assets Turnover

Year 2008

Year 2009

Year 2010

0.074 Times

0.082 Times

0.085 Times

Fixed Assets Turnover

Year 2008

Year 2009

Year 2010

0.262 Times

0.260 Times

0.259 Times

Dividend per Share

Year 2008

Year 2009

Year 2010

6.82 Rs.

5.24 Rs.

6.00 Rs.

Earning per Share

Year 2008

Year 2009

Year 2010

17.23 Rs.

16.31 Rs

13.05 Rs.

Price/Earning Ratio:

Year 2008

Year 2009

Year 2010

2.92 Rs.

4.56 Rs.

5.89 Rs.
Market Value per Share= i.e. 50.32 (on 31st dec,2008) for year 2008 and like this so on.
From this link http://www.kse.com.pk/

On Fri, Jul 1, 2011 at 12:23 AM, MUHAMMAD SARIM <sarim.sarwar@gmail.com> wrote:

Year 2008

Year 2009

Year 2010

2.18 Times

1.91 Times

1.92 Times

On Fri, Jul 1, 2011 at 12:22 AM, MUHAMMAD SARIM <sarim.sarwar@gmail.com> wrote:

g ye ans to maha k sath match hote hian ma ne maha k ans k sath match kye hain

On Fri, Jul 1, 2011 at 12:00 AM, mc090407174 Madiha Shahid <mc090407174@vu.edu.pk> wrote:

ye calculation thek hy phir ??????????????

        Time Interest Earned = EBIT / interest expenses

2010

Rs.

2009

Rs.

2008

Rs.

= 50,884,609/ 26469490

= 1.9223

=44,814,070 / 23,513,897

= 1.9058

= 42,503,078 / 19,502,080

= 2.1794

--

M@d!h@~

MBA-FINANCE(4th semester )

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█▓▒░Nazia Rana░▒▓█

MBA ***4th*** (finance)



   "Keep your dreams alive. Understand to achieve anything requires faith and belief in yourself, vision, hard work, determination, and dedication. Remember all things are possible for those who believe."

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VUASKARI TEAM

JOIN US ON
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Saturday, July 2, 2011

Re: ::: vuaskari.com ::: A very Sad news, plz Listen

::: vuaskari.com ::: WACC calculation query!!

Re: ::: vuaskari.com ::: A very Sad news, plz Listen

Re: ::: vuaskari.com ::: MCB bank ratio analysis solve by admin dua waqar

Re: ::: vuaskari.com ::: Aa.Any one have the idea sol of cs604 Operating System?

Re: ::: vuaskari.com ::: A very Sad news, plz Listen

::: vuaskari.com ::: FIN622 GDB IDEA SOLUTION by Amna

Re: ::: vuaskari.com ::: Time Interest Earned

"Keep your dreams alive. Understand to achieve anything requires faith and belief in yourself, vision, hard work, determination, and dedication. Remember all things are possible for those who believe."

Year 2008	Year 2009	Year 2010
0.875 Times	0.874 Times	0.876 Times