207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
-
Upload
kajal-chaudhary -
Category
Documents
-
view
224 -
download
0
Transcript of 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
1/81
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
2/81
CA FINAL
STRATEGIC FINANCIAL
MANAGEMENT
SFM Theory
CA Mayank KothariBBA, ACA
. . .
1 C 25 111
2 D 21 1221
3 10 22264 D D 12 2734
5 F E & 7 3537
6 5 3840
7 C B 16 4146
8 D 7 4748
9 F 20 4956
10 B 2 56
11 F 4 5758
12 14 5963
13 , A & 11 646714 A 9 6873
163
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
3/81
. ,BBA, AA
: 2015
A
A .
A . , ,
, , , ,
, , , , , ,
.
A
3
F, G E
. ,G , 18
: +918446006668
A
F . 501, A , .
. C, ,
500003
: +919000066774
.
: 08033013201
F
: 918983475152
F: ../..10
D: ,
, . ,
,
.
/
. F
.
A
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
4/81
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
5/81
A
G .
78
100.
.
B ,
, 100
3035 3035
E. C .
, 8
' .
A ' CA, '
.
,
.
, , .
' . B
. A
.
. F
.
,
CA .
, .
B , D
, .
,
.
.
E .
.
G, , ... .
-CA Mayank KothariCA Mayank KothariCA Mayank KothariCA Mayank Kothari
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
6/81
A 18
.
.
2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 201
1
B
4 4 4 4 4 4
2 4 12 9 4 4 6 4 12 4 8 4
3 4 4 12 4 8 8 4 8
4 4 4
5 4
6 8 4 4 4 4 4
7 B 3 4
8 6
9 4 4 4 4
10 4 12 4 4 4
11
3 4 8 4 8
12 , A
4 4 4 4 4
30 20 20 32 24 3 10 20 20 28 24 20 20 20
:
F CA F F
: 15, C : 08983475152,
/
.
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
7/81
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
8/81
Indian Capital Market
1 P
Q1 D P M S M.A:
N. B P M S M1 N
S
T
..
.
T
.
2 N
F
I
.
W
.(
)
3 O
D
T
.
T
.
Q2 N L S E I A.A:
S E I
) B S E (BSE)
) N S E (NSE)
S E A
) N Y S E (NYSE)
) N (N A S D A Q.)
) L S E
Q3 S E?
A:() L M S: S
. I
, .
() F P D: D ,
. T .
() S L T F: C, G
.
() H C F: S . I
,
. I . I ,
( ) .
() R G S E: S
. I /
.
() R C M: L
(.. )
.
I I I , I I
.
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
9/81
CA Final SFM CA Mayank Kothari
2 P
() P C H F: S
. I . T
( ) .
Q4 S M I?A:
A .
T
.
S .
I ,
.
I, , ,
, .
S M I ?A
.
E I S BSE N NSE
I D J, FTSE, N .
Q5 I S?
A:
. S ;
.
. W I ,
,
.
T I
S :
• C • C (, , , .)
O ,
. T . H, ,
, .
Q6 H I ?
A:
S 1: C ( )
. [M T . ]
S 2: C
I.
S3: C
:
=
I I I , I I
.
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
10/81
N: I
Q7 S
A:
E
T
W.
A
3:30 , I S T
D
,
Q8 C H?
A: C
O
.
I
Q9 A:
E
M
D E
M
Q10 TA:
T
T
. A ,
T
H,
.
A
I . I
Ind
. H
. H
( ).
C T H.
T+2 .
M
9:15
, M F.
,
,
.
.
,
.
?
.
.
.
.
M.
.
.
,
.
,
,
.
,
ian Capital Market
3 P
.
,
,
+2
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
11/81
CA Final SFM CA Mayank Kothari
4 P
Q11 ?
A:
) D I) E (C )
) P S
) D
Q12 A D R (ADR).
A:
A A (ADR)
US US .
ADR U.S. U.S. U.S.
U.S. . M U.S. ADR
U.S.
B US I
1. O ADR .
2. ADR
, .
3. T ADR
.
4. T ADR US .
Q13 G D R (GDR).
A:
A (GDR) ADR,
U S .
M GDR , , U S
, E B .
I , , ADR. I
I C GDR A
E, ADR
E GDR.
GDR
. B GDR
P GDR ,
.
U GDR US
"W ? I' , . D
. Y . B ' . Y
. S . M .
B ."
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
12/81
Indian Capital Market
5 P
Q14 E M A.A:
M . T
:
1. A M A(AMA)
2. E M A(EMA)
1.
A M A (AMA): A AMA .
, = 1/[ + + ⋯ + ()
2. E M A (EMA): U AMA, 1/
, E M A
(EMA) ,
. T ,
, ,
EMA=CP + P EMA (1)
CP= C C P, =
Q15 S L S.
A: I ,
.
T , .
T
.
A .
B .
S
. I
.
Q16 E M B?A:
T .
I , .
, , .
O I :
P
P F
M
U S
S
L
C
P
O
I
B
S , I . F I
; I I .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
13/81
CA Final SFM CA Mayank Kothari
6 P
P
M
I I
Q17 B B.A:
B . I
. A SEBI,
.
A . W
, (
) ( ) . I
( )
( ). T . B
. T (
B R) . I
. T .
I I, . O, 25
75 . T 25
( ) 10
15 . T
.
T
. S,
. I , . I ,
.
Q18 E B B S.A:
C U
G. I I C .
I USA C ,
. A .
S .
T :
() T ,
.
() T .() T , ,
. T,
.
() T .
I 10,000 , I
10,000 . B L
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
14/81
Indian Capital Market
7 P
Q19 G S O.A:
T
30 . T
.
G
• T ( 15% )
(
) .
• T 30
.
• A ,
. S,
.. .
• B ,
IPO .• T .
H
A , . F
, 1 , ;
1.15 , 15,000 . P ,
.
T 15,000
. F ,
1
15,000 . O , . F , ,
. T
(.. )
R
1. T
.
2. I ,
. I ,
,
. T
.
3. I ,
.
N . G
W. C
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
15/81
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
16/81
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
17/81
CA Final SFM CA Mayank Kothari
10 P
B ' ' ( ),
. I
, ' .
Q22 E O SA:
O (BOD). I , ., . I , ,
/ .
T , , . I
. A
. T
.
A ,
. A ,
. T
.
T, . A SEBI ,
BOD. A
BOD. A BOD. I
. T 8% I. B
. T . B ,
. O
. T
,
.
Q23 E P M
A:1. Y L
S E
. U ,
, ,
, ,
. E
. I
.
2. I ,
.
3. T , , .
4. T , ,
. T
.
5. I . A
,
.
W I , L , I , C ?
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
18/81
Indian Capital Market
11 P
Q24 E
.A:
F ,
:
I . I .
I .
F , ,
:
S , .
S .
• E / ,
.
Q25 E ESOS ESPS SEBI
A:B ESOS ESPS
1. M E S O S
.
E S P S
.
2. A
C
A
AGM
.
N .
3. T I . I .
4.
C F
T . I
N A
5. L P M 1
. C
.
O
. I ESPS
,
ESPS .
P . R K
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
19/81
CA Final SFM CA Mayank Kothari
12 P
Q1 ? ? ?
E C D M.
A:A D
/ .
D , ,
.
U
1. H: U
( ).
2. S: T
.
3. A: A
.
D
1. I .
2. I ,
.
3. C .
4. C . D
, .
5. B
.
6. W
. W .
Q2 F C F C?A:
B F C F CT T O
C(OTC) .
T E.
D R T
.
A
.
M I . I
.
U U . U
.
T N
.
T
.
D S . S
S . K
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
20/81
Derivatives
13 P
.
S N . S
.
M A
.
S D. U
T .
C T A M CC F N . I
.
Q3 E D.A:
A
. T , ,
.
S XYZ , . H,
;
.
Q4 S ?A:
I
.
U
() S , . S
.
() S . S
. I
.
() S . B
,
, .
() S .
I . I . T
.
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
21/81
CA Final SFM CA Mayank Kothari
14 P
Q5 C, F C CFC.
A
C:
• A
. I .
• I .
F:
• A
. I .
• I
.
C:
• C
. I .
• I .
• I
.
Q6 ?A:
T .
S ,
.
A .
M .. .
E .
E .
Q7 ?A:
T
. I , , .
. E
.
I
.
T , , ,
, .
I . T
. SEBI
.
I ! A I ! D
. G ! C.J. W
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
22/81
Derivatives
15 P
Q8 M M.A:
F .
A ,
.
E
.
W ,
.
T .
Q9 E I T .A:
I
.
I . T
.
A .
1. S ` 500 ` 20 ` 515
H
= S (M) P S P = 515500 = 15
2. S ` 500 ` 20
` 490
H
= S S P = 500490 = 10
T ( ) .
C T V = O P I V
= 2015
= 5
Q10 I SA:
A
.
I I , , ,
.
F , , ,
.
C
.
S .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
23/81
CA Final SFM CA Mayank Kothari
16 P
Q11 ?A:
T ,
. T :
A .
T
. I .
O , / .
I . I
, .
Q12 A:
B F O
O B
.
O (W)
.
P N
.
P
.
P / T /
/
.
L
.
E A
.
A A
.
Q13 E I M & M M.A:
I MB ,
' . U ,
'
' . T
.
M MT
. T
.
I ' ,
.
E:
Let's assume we have a speculator who has ` 10000 in his trading account. He decides to buy August Crude Oilat ` 40 per barrel. Each Crude Oil futures contract represents 1000 barrels and requires an initial margin of ` 9000and has a maintenance margin level set at ` 6500.
Since his account is ` 10000, which is more than the initial margin requirement, he can therefore open up oneAugust Crude Oil futures position.
O
. D . P C
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
24/81
Derivatives
17 P
One day later, the price of August Crude Oil drops to ` 38 a barrel. Our speculator has suffered an open positionloss of ` 2000 ( ` 2 x 1000 barrels) and thus his account balance drops to ` 8000.
Although his balance is now lower than the initial margin requirement, he did not get the margin call as it is stillabove the maintenance level of ` 6500.
Unfortunately, on the very next day, the price of August Crude Oil crashed further to ` 35, leading to an additional
` 3000 loss on his open Crude Oil position. With only ` 5000 left in his trading account, which is below themaintenance level of ` 6500, he received a call from his broker asking him to top up his trading account back to
the initial level of ` 9000 in order to maintain his open Crude Oil position.
This means that if the speculator wishes to stay in the position, he will need to deposit an additional ` 4000 intohis trading account.
Otherwise, if he decides to quit the position, the remaining ` 5000 in his account will be available to use for tradingonce again.
Q14 S N P C P TA:
T
.
A P C T
.
W
+ = + W,
S = C
P= P (P)
C= P (P)
Q15 S N FRAA: F R A()
. I .
O FRA . A
. T
.
U
T
.
T
.
T FRA .
C
I .
T
S ; ; ;
. W A W
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
25/81
CA Final SFM CA Mayank Kothari
18 P
T FRA FRA
.
FRA .
FRA
Q16 C D MA:
B C M D M
A
I
I
.
Q
T
I ,
I F O
.
R C F O
P C
.
D ,
.
A
R
B
B
.
O W
,
.
W .
Q17 S N OA:
O: A . I
, , . M ,
, ,
. T
. T
. B :
() E O: W .
() A O: W .
W .
() A .() W .
() W .
T / . T
. T .
D' . E
. I ,
.
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
26/81
Derivatives
19 P
Q18 H ?A:
A O
.
C/T
/ . A
.
Q19
I?A:
S
:
I . I
.
T . I . B
,
. S
.
S
.
S
.
S, , ,
. F,
. R
.
O
.
I
. I
.
I
.
I .
I , , ,
, , ,
. I
.
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
27/81
CA Final SFM CA Mayank Kothari
20 P
Q20 BS M
A:
1. E O ,
2. N ,
3. S ,
4. S ,5. S ,
6. S ,
7. T O.
Q21 E S
A:
1.
P I R S
T " " .
I , P A P B ,
.
C, P B P A
.
I , .
T ,
.
B , ,
, , .
F , D. 31, 2006, C A C B
:
• C A C B 6%
` 20 .
• C B C A LIBOR + 1%
` 20 .
2. B R S
A . A 1
L 6 L.
B
. T
.
F ,
L I O (LIBOR) T B
. T ( )
. B , TB
LIBOR , .
3.
A R S
S ,
. R ,
.
I , . I ,
.
T
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
28/81
Derivatives
21 P
4. A R S
A ,
,
.
I , () ,
. T
L I O R.
T
. I ,
.
D . T ,
.
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
29/81
CA Final SFM
22 P
Q1 A:
1.
S P IP
.
2. C
P
.
3. R
P
.
.
4.
C P
5. L
P
.
6.
M
P
,
7.
F P
.
CA
?
. T
/
.
. T
. A
.
. B ,
O P
1. S
2. C
3.
4.
6.
7.
Mayank Kothari
M
R
G
5. L
M
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
30/81
Q2 PA:
Q3 F
A:
() O
.
() S
() W
..
() W
/
() I
() O
,
() T : A
. I
..
S
1. A
1.A
2. F
2. F
P
Portf
M?
: T
( )
,
.
? T
, , ,
, , . /
?
?
,
,
P M
3. S
3. S
4. C
4. M5
lio Management
23 P
.
. T
,
,
,
.
.
. A
5. A
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
31/81
CA Final SFM CA Mayank Kothari
24 P
Q4 D S R U R?A:
P S R U R
M R
.
R
.
C U C
N M M
T I , ,
/
B/L ,
/
A M , N D
E R
.
S
,
.
Q4 D?A:
D
. D . A
, :
S :
. I
, ' ,
' . T ,
; ,
. C ' , . T 50% 50% . B ,
. T
:
1. S ,
, , .
2. V . Y' . I ,
;
.
3. V . T .
D
. A , .
N , .
A
. A , 20
. T
.
M ' . I'
S J
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
32/81
Portfolio Management
25 P
Q5 R R?A: R (σ)
. T
.
Q6 C A P M.
A:T C A P M
, ,
.
R=D
.
SML CAPM.
A CAPM
1. C .
2. B .
3.
C (RADR)
L CAPM
1.
U B.
2. H .
Q7 ( S D)
?A:
A ( )
. I
, .
H, .
W ,
. H, ,
. T , , . H,
. T
.
A , ,
. A , ,
.
Q8
? I , .A:
I , ( )
. H,
. R
.
U , . T,
.
= + ( − )
R = Return on Securit
R = Risk free rate of return
R = Market return
β = beta of the securit
W,
I .
S J
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
33/81
CA Final SFM CA Mayank Kothari
26 P
T . W
, . T
.
I ,
BSE S. F , 1.3 30 S. S, 0.8 20
(100 80) S. H,
.
Q9 D R TA:
M
.
T R W
. P . A B
, M. G. K,
.
I ,
.
I '
, .., ,
,
.
T . I :
P . T ,
.
T ,
( ) ( ).
Q10 D G PA:
T G .
() L P
() R
() C FDI FII .
() E () R
() C S .
W , . B
. L , , ? A . S
. I .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
34/81
Dividend Decisions
27 P
Q1 S D PA:
F . R
. D :
() L T F D: . W ,
.
. W ,
. T .
. E . B
.
. P
.
. T
.
() M D: . B ,
.
. P . H
. A
.
. W , ' . U
. O ,
.
. T,
.
. S
.
Q2 ?
O ?A:
T :
1.
L: P . A .
2. R : I
.
3.
S : A
.
"Y , . C ."
J M, A G
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
35/81
CA Final SFM CA Mayank Kothari
28 P
4. F : I
, .
5. L : L
.
6. S : T
() , () () .
7. S C M:
. F M: L .
. U : C .
8. I: I .
Q3 O D PA:
I
.
B . I
.
S . I
() ()
C :
A.
M:
1. I () ()
2. <
3. M . 4. I
.
5. H 0%
B. M:
1. I () ()
2. = 3. M .
4. I
5. H .
C.
M:
1. I () ()
2. > 3. M .
4. I
5. H 100%
T . O , . T
, . T , . J G H
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
36/81
Dividend Decisions
29 P
Q4 E H DA:
A
. T
.
T
. I
.
L
ABC L. ` 50 S 100 . N
` 2/
R.48 .
1. T S 100 50 = 5000
2. O 100 48 +200= 5000
3. I S R.2/
2
Market value + Dividend + Sale Proceeds
(100 − 2)48 + 1002 + 482 = 5000
T
.
Q5 E A:
1.
S
.
T
.
W
.
T
.
.. R 20 .
2.
S % .
T
.
B
.
T .
.. 20%
3.
C . F
.
F
. V . I
T .
Z Z
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
37/81
CA Final SFM CA Mayank Kothari
30 P
.
T
. E
.
. ` 20 5% .
Q6 E A:
() C :
. T
. I , .
. F
.
. T
.
. B . A H,
.
() S D (B ):
. I .
. S
.
. I 100 , 10%
10
( ).
. T .
Q7 L G G MA:
T . I ,
. I :
T , .
• N
.
• T , , .
• T , , .
• T .• T , , , . T, , = ,
.
• T , > .
D , .
J C
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
38/81
Dividend Decisions
31 P
Q8 L M M HA:
M M H . M M
,
.. . A , U
, ,
, ' ,
.
T :
• T
.
• T . A,
.
• T .
• T .
• R . I
, .
T, = = k .
Q9 R A D PA:
T ..
. A
. T ,
. S,
, .. ,
.
Q10 A M M,
.
P ,
.A:
T M & M
. C
:
() S
.
() T . F , , .
() O , , ,
.
() I , , ..
.
K . S ,
, , . M T
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
39/81
CA Final SFM CA Mayank Kothari
32 P
Q11 G
MM (MM)
.A:
A MM , ,
.
T MM
.
F
,
.
I ,
. W G
MM
.
O
G
. I
.. .
O
. T . I ,
.
Q12 T & A D P
A
A G D,
. F,
. T
:
P = (D + E/3)
,
P = M P
D = D
E = E
= M.
A , . I
, E (D+R)
P = D + (D+R)/3
= (4D/3) + (R/3)
T G D
. N
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
40/81
Dividend Decisions
33 P
,
.
T P. J E.
. H ,
. R
. I
,
.
W M M P
() D P S.
() R I R R (IRR)
( ).
I IRR > C C, S . T
W :
Market price per share =DPS +
Rate of Return on Investment Cost of Equit Capital
(EPS − DPS)
Cost of Equit Capital
= +
( − )
I ;
.
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
41/81
CA Final SFM CA Mayank Kothari
34 P
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
42/81
Foreign Exchange & Risk Management
35 P
&
Q1 O . EA:
F . F
:
• F E
1. T E
• A
(/)
.
• E. C R
.
2. E/O E
• A
.
• E. S . T
3. T E
• A '
• E. R
.
Q2 :
. I R P T
.
P P P TA:
.
I R P TI
. T
.
IRP
+
+ =
W,
R
R = F
= S
W I
.
IRP ()
.
O S
, .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
43/81
CA Final SFM CA Mayank Kothari
36 P
.
P P P TP (PPP)
,
( )
' .
PPP
= +
+
W,
iI
i I
F = F
S =S
T P P P
1.
T A : T
. I ` 1000 I $25 U
S ` 40 / US D.
T PPP.T A L O
2. T R : T . I
.
Q3 N, L . A:
) A (I, E, ''):
, V A. T, B A SBI V
SBI
) N A: (I, E, ''): I
. F
I A N Y N
I.
)
L A (I, E, ''): . E:
I S B I, M B A, N Y
US D B B
B A, LORO A,
Q4 E N? N? A
E N
,
.
G . I ,
.
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
44/81
Foreign Exchange & Risk Management
37 P
T . T
. T
.
A N
• R
.
• R
.
• I
.
• G
.
Q5 L L?A:
L: L ;
I
. O
.
L: L .
I
. O
.
Q6 A O.A:
A . A
,
. T
.
F ,
L . T
L.
Q7 E LIBOR .
A: LIBOR L I B O R.
I
.
I
.
B LIBOR
.
I .
F .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
45/81
CA Final SFM CA Mayank Kothari
38 P
Q1E .A:
Z .
I . T .
P P . T :
) I
) D
) S
) S
) S / .
) M
) C
Q2 P C A?
A:
P P M. I
, , (MIS)
.
O P C A C
C ,
.
P B, ,
. N W /
(P D).
R , ,
P C.
F,
.
Q3 ?A:
P . I
. T :
T
.
I .
I .
I
.
I .
S . H
?
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
46/81
Project Planning
39 P
Q4 A:
P A I C: P A
, , . I
. T .
D , . , , , , ,
. B ,
. T,
. E
. U ,
, .
() I ,
.
() T
. A
.
() A
.
() I
. T
. T
.
() I ,
.
U ,
. I
. E
:
() A ' ,
;
() A 'A R' ()
.
A () :
N A R : 15.0%
E A I : 5.0%
A D R : 15.0 1.05 15.75%
I . T
.
T ,
.
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
47/81
CA Final SFM CA Mayank Kothari
40 P
Q5 P R?A:
T P R
1. P: T ,
.
2. I A: T
.
3. E A: T
, ,
,
.
4. C P: C , , , , ..
, , , , ,
/ ,
.
5.
I: A ,
, ,
.6. T A: T , , ,
.
7. F A: E , ,
,
, , ,
.
8.
S C B A: E , , ,
.
9. SOT A: L/F ,
, / , /
, B/F I ,
SWOT .
10.
P I S: D , , ,
N
A .
W , , , .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
48/81
Capital Budgeting
41 P
Q1 I I
N P (NP) M F I
P?A: F NP M
:
1) T I
. H I T
. D
. T
2) P R:
. R
. R
. R
. R
3) E R:
. F E R
. I
Q2 D N P I R R.A:
B N (NP) I (IRR)
E P
C
R
R
A NPV
IRR
C FNP
IRR
UF NPV
.
B
IRR .
Q3 C E A.A:
CE
.
O C E M,
. T
.
T .
C 0 1.
CE 1 .
L . N . A . G . A
, ,
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
49/81
CA Final SFM CA Mayank Kothari
42 P
Q4 S A C B?A:
S C B .
I
, , .
I :
) W , R. 50000
R. 80,000?
) A NPV 3
5 ?
S :
) I NPV IRR.
) D .
) A NPV
.
I S A, W IF?
Q5 S C B A.A:
C
.
S
, , .
I () `
,
,
( ).
I , , : C
B , , .
CB A (CBA)
.
T
.
Q6 C R?A:
C R
.
T .
C ( )
( )
.
E
.
W
NPV.
J
.
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
50/81
Capital Budgeting
43 P
Q7 R A D R.A:
RADR, .
T
) ' ,
) ,
) .
H
= + +
W,
i = risk free rate of interest , n = adjustment for irms normal risk , d = risk premium
= + ( − )
W,K = Cost of equit of the
Q8 D R A D R (RADR) C E
A (CEA).A:
C RADR CEA
S. N. P R C
1 M
D R C F
2 NP F
NPV
NPV
3 RADR
,
W, CE
.
Q9 ? A:
H C R: W
, . T
. E .
S C R: S
, . S
. I .
N . I & . T I . T
. T . B , .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
51/81
CA Final SFM CA Mayank Kothari
44 P
Q10 S S A?A:
1. M : T NPV .
2. S .
3. S .
4. D NPV .
5. R (3) & (4) NPV.
6. P NPV.
Q11 M
.
? T
? D.A:
M I R R :(1) T IRR
.
(2) I , IRR
. H,
, ,
.
(3) A . F ,
. T ,
, . A . IRR
, , .
(4) M
. W , . A
, ,
. W , ,
IRR.
Q12 H C
B ?
A:
S ;
.. .
I
, ,
. I
.
A ,
. B ,
.
Y . Y .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
52/81
Capital Budgeting
45 P
Q13 R O C B.A:
R . A
. I
; .
T (IRR,NPV .)
, . . T
.
S
(.. ).
S,
. T
.
T
. I
. H R O , ,
DCF .
Q14 T S C B AA:
G & S: /
.
L: S /
, . R
. E . S
.
F E: E . O
. A .
S R D: M
. C
.
S P I: S
. I
.
D . D . K G
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
53/81
CA Final SFM CA Mayank Kothari
46 P
Q15 D F O R OA:
B F O R OT F
.
A
, .P T
. R
. T
.
E
P
F O
. E.. 3
R O
E.. 15 (L
)
P/
V
A ,
.
A
Q16 C .A:
S CB A I P: T
PSU ,
.
I
. S ,
, ,
. C
. S C B (SCB)
.
SCB
. I UK
, 2
. T
. L
/
.
SCB
, ,
. I
() E ;
() C ;
() V ;
() F .
W , .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
54/81
Leasing Decisions
47 P
Q1 C B L.A:
C
. T .
A
. T
. T
,
.
O :
1. T
. T ,
.
2. A ,
.3. I
.
4. L 100% .
Q2 D F O .
O F O ?A:
B F L O L
L C
.
C
.
C F
.
O
.
A T
.
T
.
R T
.
T
.
C ,
, .
I
.
I .
Q3 S L ?A:
L, ',' ,
; ,
.
A ,
, . O
.
A .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
55/81
CA Final SFM CA Mayank Kothari
48 P
Q4 S A L?A:
S : W ()
, ,
. L .
Q5 ?A:
A• 100% F
• P • O
• T
• L I L' C T B
• A O R C
• F
D• C
•
S • H
• H
Q6 I R R A A:
U . T ,
[P V A]
.
T
, .
S , , .
I I L
.
Q7 BH A:
T . I
.
T :
1. C (),
. T
( ).
2. W
. T ( ) .
3. I , .
I , .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
56/81
Financial Services
49 P
Q1 I B.A: T , , :
U: T . I
, .
M IPO (I P O): T ,
.
I : W ,
.
F : A
. T ,
.
M A: A A
S T: T ( ),
, .
R A: R
, , .
P P: A
.
F R: W
. I , , ,
, .
Q2 D I B C B.
A:
B I B C B
1. F I
( ).
C
.
2. A
I
.
C
.
3. O
I
.
C
.
4. S I I
.
C
.
W , .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
57/81
CA Final SFM CA Mayank Kothari
50 P
Q3 C R? ?A:
A ,
T ,
T ,
T ,
T .
B
P ;
P ;
S
A .
Q4 C R A IA:
• CRISIL
• C R I S I L
• FITCH• F R I P L
• ICRA
• I I C R A I L
• CARE
• C A R L
• B• B R I P L
• SMERA
• S M E R A
Q5 E C R P/ H ?A:
1)
R
A . A
.
2) R C
O ,
R . T
. T
.
3) C
T
. I , . I . T R
C . T
.
4) P
I ,
.
T , .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
58/81
Financial Services
51 P
5) M
T
.
6) R
B
R W. T . R
.
Q6 C R?A:
F U
A .
H .
P M F
.
F I
R SEBI .
R / .
Q7 S T S?A: T
. T .
Q8 D C C C?A: T
,
.
Q9 E CAMEL C R.A:
CAMEL C, A, M, E L. T CAMEL
; :
) C: C ; F
; .
) A: R / , ,
/ , , ,
. S,
.
)
M: E , , ,,
.
) E: A , , ,
.
) L: E ,
,
.
I , .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
59/81
CA Final SFM CA Mayank Kothari
52 P
Q10 E C R P/ H ?A:
C . S
:
C I T
. S ,
. I S C S D
. A
; /
/ . A , .
R C R . T
. D
.
C G I S :
o R .
o R . T
/
.o G .
.
B R R
. I
.
C B A S ,
. . R
,
.
Q11 D? D S?
?A:
D , ,
, , ,
.
T
, .
T 1) NSDL N S D L (1996)
2)CDSL C D S L (1999)
P
. D
. I C
. D
. C M
. C
. S B
. C C
. I
. B
Y . Y
, .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
60/81
Financial Services
53 P
A
E , .
O .
A
, .
I
.
R .
E
.
P .
S .
Q12 P D S T?A:
P S T D S T
1) F ,
.
1) N
.
2) O 2) N .
3) P 3) P
4) S C @ 0.5%
4) N
5) F , .
5) S .
6) A 6) N .
Q13 C C D C?
A:. W ,
,
, .
. M ATM
.
. A .
. A .
. S , .
Q14 O S T?A: O
. I
, ,
.
I , , , . Y
, I . T .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
61/81
CA Final SFM
54 P
Q15 A:
A:
• T
• I T: T
•
P .• S: S
• N : S
• B ,
• R .
D:• H F: U
• A :
P .
• C D P
• S F: U
Q16 A:
S
P
C
.
O
B
.
CA
?
.
.
.
.
.
I
.
(DP) O
.
, ,
, .
O S T?
F
C
.
T
C
.
Mayank Kothari
.
.
.
I
R
.
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
62/81
Q17 A:
Q18 DA:
D
1. :
. O
2. : S
.
V),
3.
. T
. T
,
G,
Q19 DA:
U ,
)
T
D S
I
T
D P
S/S
D.
T
C
. I
.
O S T?
S.
. I
. A
.
A
.
T SPV (S
. O,
.
: I SPV
. T
. T
..
.
P.
(, , , G
.
, ,
D
.
(DP).
. S
. O
I C
O .B
.
L K
S
.
Financial Services
55 P
. T
,
P
,
.
, MF
, SEBI
.
A
.
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
63/81
CA Final SFM CA Mayank Kothari
56 P
Q20 A S.A:
S
. I
. T
/ , , ,
, . .
T . I ,
. F , EMI
(SPV). T
. T
NABARD, IDBI, .
Q1
?A: D . I
/ ,
.
H .
Q2 C B.A:
A .
I, ,
.
W ,
.
T . T
.
Z , .
H, ,
,
.
P 19 20.
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
64/81
Mutual Funds
57 P
Q1 E B NA M F .A: NAV . SEBI
NAV . T NAV ,
.
I , ,
(NAV) . T NAV
.
NAV M F
. A NAV
.
W N A
P A
M I XXXX
+ R XXX
+O A I XXX
+ O A XXX
A E (XXX)
O P (XXX)
O L (XXX)
N
Q2 M F?A:
A
1. P
2.
D 3. A 4. C
5. R
P 6. L C 7. L 8. T
9.
R 10. F 11. T B
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
65/81
CA Final SFM CA Mayank Kothari
58 P
D
Q3 E B E T F.
A:
A (ETF) , .
A ETF , , ,
. M ETF , .
ETF , ,
. ETF .
,
.
A ETF :
• B
• B
• O
• D
• M
Q4 D B O E C E F.
A:
PARAMETER OPEN ENDED FUNDS CLOSE ENDED FUNDS
F S F F
L F S
S P A NAV , S /
NAV
A F T
ID T N E
NA D D
P D M M
1. N
G
R
2. F
E
3.
M
R
4. U
P
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
66/81
Money Market Operations
59 P
Q1 C M/N M ?A:
C ,
. M, .
T 1 14 . T
.
C
G .
I I,
CRR RBI
N D T L (NDTL).
Q2 M M C M?
B M M C M
C T
.
C
.
P I
.
I
.
I M
, ,
3 ,
, 91
C
.
P M M ,
, RBI
G.
C M
,
, ,
Q3 E M M M F.A:
A . M
C P (CP), C D (CD)
T B (TB) . T
. S .
M
. T
, .
G,
. M
.
• T .
• M .
. W , .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
67/81
CA Final SFM CA Mayank Kothari
60 P
Q4 I B P C.A:
IB P C
. T P:
I. IB P R S
II. IB P R ST IBP 91 180 . T IBP
90
IBP .
Q5 C B.A:
A .. . A
, . T
.
T, ,
, , . A
; 3 6 .
Q6 ?A:
A ,
. T . T
) B . B
.
) B
.
) A . I
R B .
) T T . T,
.
) A .
Q7 C D.A:
A (CD)
. I
.
H, , CD , .
A (CD) . I
, , . T
CD ,
.
I , . S . V
& .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
68/81
Money Market Operations
61 P
CD () R R B L A
B; () AI F I (FI) RBI
RBI.
M CD R.1 , ..,
R.1 , R. 1 .
T CD 7
, .
T FI CD 1 3
.
M C J 01, 2013: G I C D, RBI/2013
14/104, IDMD.PCD.05/14.01/03/201314
Q8 C P.
A:
?
C P (CP) .
C, (PD) AI F I (FI) CP.
I
.
C
. T
, ,
. F ,
. T
.
Q9 R R?A:
R RBI
.
R R .
I R
.
Q10 R R R?A:
R R RBI . T R
.
A
.
I R R R R R . A
A 2013, 7.25 % 6.25%
R . D
?
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
69/81
CA Final SFM CA Mayank Kothari
62 P
Q11 C R R (CRR)?A:
D: C R R (CRR)
,
. CRR .
D: T CRR ,
R B I. T . CRR
.
CRR . C
. T
.
Q12 S L R (SLR)?A:
S
. .
H , .
S L R R B I
. I
.
T L ,
.
E 6 ,
. E
, .
SLR
, . T,
(). I I.
Q13 T BA:
T B: T C G,
.
T RBI G I
14 364 .
T .
T
RBI.
B .P F . RBI
.
T .
T . H,
. N,
.
T . M , , . L
, , , , ,
. T .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
70/81
Money Market Operations
63 P
I I, , ,
. A
, .
T
.
Q14 , & & GS.?A:
() I R R:
I R R, . T
.
T . A
.
H,
.
() R R:
T ,
. T
(YTM) .
T YTM
YTM.
T
.
T,
.
() D R:
T
.
L .
T ,
' . T ,
, .
T G . H,
.. .
M
. I C S
.
I , . A
? N .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
71/81
CA Final SFM CA Mayank Kothari
64 P
&
Q1 M?A:
A H M . T . T
; ,
.
A M . I
. T
.
C M M&A
. T M&A
. T
. C M
, . T
, . T
.
Q2 F H .A:
F
T
.H
A
' . I , '
. I ,
, ,
.
W "" ""
'
, .
Q3 ?
D ?A:
T
. T .
1. C J D: T
.
T ; .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
72/81
Mergers, Acquisitions & Restructuring
65 P
2. P P: T
.
3. P P: H
T C .
4.
G: G
. I
.
5. K: T
. T
. I
.
6. : A . I
,
.
7.
G P: A ( )
. T
.
8. P : T A C
A C .
Q4 T R B R M?A:
"A" . S, ,
/
. T
. A , . A
( )
, .
T
1. T .
2. E
.
3. T
Q5 C S M.A:
C
.
I
1. F .
2. C (, .). I (
).
3. A .
D .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
73/81
CA Final SFM CA Mayank Kothari
66 P
Q6 L B O (LBO).A:
A (LBO) ( ,
)
.
I ,
( ) . S
, . T
LBO.
LBO M B (MBO), M B
(MBI), , , ,
.
Q7 M B O (MBO).A:
A (MBO) '
.
M .
T MBO ,
A MBO
1. T
( ).
2. T
( )
.
3. T
.
Q8 F R.A:
F ,
. F
/ . A ,
, , /; ,
, . G
, .
C ? F
/ .
T , / ,
/ .
I , I .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
74/81
Mergers, Acquisitions & Restructuring
67 P
Q9 D.A:
D: T I A, 1961. I
/,
. T ,
.
D : R
D
M .
W I A
391 394 C A, ,
.
Q10 E A.A:
E V A (EVA): I
. EVA
: EVA = EBIT T C = N C
C .
W, = P
.
C C = W C .
EVA . I
. T, EVA
. EVA :
() O .
() A
() U .. .
I I, EVA
. S C EVA
A R. I T L. BPL L. .
Q11 E M AA:
S M :
V (AB) >V(A) + V (B).
I
. T .
A . T
.
O S , . T
, ..
, O
, , , .
T ,
.
I , F
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
75/81
CA Final SFM CA Mayank Kothari
68 P
Q1 E E M T ?
A:
T EMH . A
. H,
.
L M E: T ,
. A FAMA, :
W P
.
S S P
.
S P .
Q2 E E M T.A:
I I
. T
. O :
() L
H . A H S
.
D D ,
, .() I B
I
. B .
J. M. K
.
T L. C. G
.
T
.
() M I
A . N
.
I , .
T .
F , .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
76/81
Security Analysis
69 P
Q3 E E E E M T:A:
T E M
T S C T, R T F R T.
()S C T: T ,
. F ,
. P . S
,
. T
. , ,
. S .
() R T: G +
. T
,+, , , , +, +.
A . W
, .T ,
. B , R W
M.
() F R T: I N%
N% . W N% , . I
, .
B ,
.
Q3 E D J T?A:
D J T B , . D J T
C D.
T C D
T , .
1) D F T .
2) S T
3) P T , 4 .
1. P M: T
. O ,
, W
. T . S
,
, , ,
. T B M. W
W , , , , . T
.
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
77/81
CA Final SFM CA Mayank Kothari
70 P
, . T B M. P B
H T H B, B M L T
L B.
2. S M: T , . N
4 13 . G 33.33% 66.66% . I
.
3. D M: T , . T
. T
. T
.
T 90% 10% . T
.
Q4 E E T T A?A:
T E W T R N E. I D T
, E
. I , E
' , , .
S E A
E W . A 60
. T 40 , .
T 60 .
W , E W
?
F , E
W .
T E W :
I
C
W ; , , .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
78/81
Security Analysis
71 P
Q5 M .A:
S :
A S: T
. I ,
, . A
.
B/I A: V
. T :
o L I: T . T
/
.
o R C I: T
.
o L I: T
. T
.
o A .
E M B A: I ,
. GNP
.
Q6 M E AA:
S :
() G R N I R M
() G R I S
() I() M
Q6 M I AA:
() P LC;
() D S G;
() B E;
() G A;
() S C I;
() C C P
() T R.
D ; N .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
79/81
CA Final SFM CA Mayank Kothari
72 P
Q6 M .A:
. C & R A: S
. F , .
. T A: T . I .
. D T A: I ,
. T ,
,
.
Q7 E CS:
() B C : I , () ,
.
() L C: I , . T
. T .
T , .
() P F C: P F .
T .
Q8 O L T
S:
T .
I
.
T ,
.
Q9 D B S S S:
1.
B S
()
S .
() S .
() S
A , .
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
80/81
Security Analysis
73 P
2.
S S
() S
.
() S .
() S
.
I
) S E B I www.sebi.gov.in
) N S E www.nseindia.com
) B S E www.bseindia.com
) M C E I L. www.mcxindia.com
) R B I www.rbi.org.in
Y ; . S
. Y
, , , , . T ,
.
-
8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari
81/81