This presentation covers the basics of Dividend Discount Model (DDM). Firstly, fundamental formula for valuing a stock using DDM is discussed. After that, 3 cases i.e DDM for zero growth, constant growth, and variable growth stocks, are discussed.
Dividend Policies involve the decisions, whether-
To retain earnings for capital investment and other purposes; or
To distribute earnings in the form of dividend among shareholders; or
To retain some earning and to distribute remaining earnings to shareholders.
This presentation covers the basics of Dividend Discount Model (DDM). Firstly, fundamental formula for valuing a stock using DDM is discussed. After that, 3 cases i.e DDM for zero growth, constant growth, and variable growth stocks, are discussed.
Dividend Policies involve the decisions, whether-
To retain earnings for capital investment and other purposes; or
To distribute earnings in the form of dividend among shareholders; or
To retain some earning and to distribute remaining earnings to shareholders.
Measures of cost of capital
The cost of capital is the cost of obtaining funds, through debt or equity, in order to finance an investment.
The cost of capital represents the overall cost of financing to the firm.
Fixed Income securities- Analysis and Valuation. Very useful for CFA and FRM level 1 preparation candidates. For a more detailed understanding, you can watch the webinar video on this topic. The link for the webinar video on this topic is https://www.youtube.com/watch?v=r9j6Bu3aUNI
A current asset is either cash or an asset (e.g. stock) that can be converted into cash within a year and is often used to pay off current liabilities.
Current assets typically include categories such as cash, marketable securities, short-term investments, accounts receivable , prepaid expenses, and inventory.
Approaches to Financing Current Assets.
Instruments in raising finance.
advantages and disadvantages of trade credit.
inter Corporate Deposits , etc.
what is fund flow statement, current and noncurrent assets and liabilities, objectives, characteristics, and limitations of fund flow statement, how to make fund flow, format of fund flow, sources of fund flow
Asset Reconstruction company means acquisition by any securitization company or reconstruction company of any right or interest of any bank or financial institution in any financial assistance for the purpose of realization of such financial assistance. Asset Reconstruction company is a company registered under section 3 of the Securitization & Reconstruction of financial assets & Enforcement of security interest ( SARFAESI ) Act 2002.
It is regulated by RBI as a Non – banking Financial company
RBI has exempted ARCs from the compliances under section 45- 1A ( Requirement of registration & net owned fund ) , Section 45 – 1B ( Maintenance of liquid assets ) , Section 45 – 1C ( Creation of reserve fund ) of the Reserve Bank Act, 1934 .
ARC Functions like an AMC within the guidelines issued by RBI.
The ARC transfers the acquired asset to one or more trusts at the price at which the financial assets were acquired from the originator
https://enterslice.com/nbfc-registration.html
JMFL Home Loans is engaged in the business of providing home loans tailor-made for your every need. Our Goal is to help you acquire your dream home, your own little piece of heaven. We cater even to those home buyers who lack income proofs and also to those who need small home loans. We leverage our superior technological capabilities and our wealth of experience and rich expertise to provide a diverse range of highly customised products and services to home-buyers. https://www.jmfl.com/what-we-do/fund-based-activities/home-loans
Measures of cost of capital
The cost of capital is the cost of obtaining funds, through debt or equity, in order to finance an investment.
The cost of capital represents the overall cost of financing to the firm.
Fixed Income securities- Analysis and Valuation. Very useful for CFA and FRM level 1 preparation candidates. For a more detailed understanding, you can watch the webinar video on this topic. The link for the webinar video on this topic is https://www.youtube.com/watch?v=r9j6Bu3aUNI
A current asset is either cash or an asset (e.g. stock) that can be converted into cash within a year and is often used to pay off current liabilities.
Current assets typically include categories such as cash, marketable securities, short-term investments, accounts receivable , prepaid expenses, and inventory.
Approaches to Financing Current Assets.
Instruments in raising finance.
advantages and disadvantages of trade credit.
inter Corporate Deposits , etc.
what is fund flow statement, current and noncurrent assets and liabilities, objectives, characteristics, and limitations of fund flow statement, how to make fund flow, format of fund flow, sources of fund flow
Asset Reconstruction company means acquisition by any securitization company or reconstruction company of any right or interest of any bank or financial institution in any financial assistance for the purpose of realization of such financial assistance. Asset Reconstruction company is a company registered under section 3 of the Securitization & Reconstruction of financial assets & Enforcement of security interest ( SARFAESI ) Act 2002.
It is regulated by RBI as a Non – banking Financial company
RBI has exempted ARCs from the compliances under section 45- 1A ( Requirement of registration & net owned fund ) , Section 45 – 1B ( Maintenance of liquid assets ) , Section 45 – 1C ( Creation of reserve fund ) of the Reserve Bank Act, 1934 .
ARC Functions like an AMC within the guidelines issued by RBI.
The ARC transfers the acquired asset to one or more trusts at the price at which the financial assets were acquired from the originator
https://enterslice.com/nbfc-registration.html
JMFL Home Loans is engaged in the business of providing home loans tailor-made for your every need. Our Goal is to help you acquire your dream home, your own little piece of heaven. We cater even to those home buyers who lack income proofs and also to those who need small home loans. We leverage our superior technological capabilities and our wealth of experience and rich expertise to provide a diverse range of highly customised products and services to home-buyers. https://www.jmfl.com/what-we-do/fund-based-activities/home-loans
Objectives & Agenda :
Companies procure funds from various stakeholders by way of debentures, bonds, etc. In addition, they procure funds by way of inviting / accepting deposits from the public. In order to protect the interest of the depositors, stringent provisions are laid down in Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules. This webinar provides an overview of the term deposits, inclusions and exclusions, eligible companies to accept deposits, conditions for acceptance of deposits, procedural aspects, penal provisions and income tax implications.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
2. Executive Summary of Presentation
Objective
Documents to be collected from Client
Points to be checked
Common Errors found
Loan Agreements : Key terms
Statutory Compliance
i) CARO, 2016 and CARO, 2020
ii) Companies Act, 2013
Finance Cost
Disclosure in Financial Statements
Borrowings
3. Objective: To ensure
Compliance with Companies Act, 2013 (180(1)(c))
Compliance with the terms of loan agreement
Interest Expenses has been correctly recorded
Loan amount has been correctly disclosed
Disclosures in the financial statement
CARO Reporting
Borrowings
4. Document
Minutes of Board meeting/shareholder’s meeting
Loan agreements for new loan taken during the period
Register of Charge and Form CHG-1 filed during the period.
Interest working
Direct Balance Confirmation (through letter/mail)
Minutes of meeting with lenders
Document relating to Interest rate change
No dues certificate (if loan fully repaid)
Borrowings
5. Point to be checked
Whether interest accrued but not due has been accounted for.
Whether shareholder’s approval has been taken for Loan if it together with loan already taken is in excess of paid up
share capital and free reserve (Section 180(1)(c))
Read the terms of loan agreement and ensure adequate disclosure in the financial statement
Check whether charge has been created for the same with ROC (Form CHG-1).
Whether any amount is overdue for repayment as at reporting date- needs to be reported in financial statement.
Whether Loan installment is paid as per the repayment schedule- if not to be reported in CARO
Whether loan has been utilised for the purpose for which it was obtained- if not to be reported in CARO
In case of debenture, debenture redemption reserve has been created (Rule 18(7) of Companies (Share Capital and
Debentures) Rules, 2014
In case of debenture invest or deposit on or before the 30th day of April in each year atleast 15% of the amount of its
debentures maturing during the year ending on the 31st day of March of the next year (Rule 18(7) of Companies
(Share Capital and Debentures) Rules, 2014
Balance confirmation process
Borrowings
6. Common errors found
Delay in repayment
Error in classification of long term or short term
Error in measurement of current maturities of long term debt
Under/overbooking of Interest
Non matching of loan confirmation with book balance (due to penal
interest/timing of recording).
Non deduction of TDS on interest paid to non financial institution
Borrowings
7. Loan Agreements : Key terms
i.
Acquisition
of PPE
ii. Project
development
related
expenses
iii. Long
term/Short term
working capital
requirement
iv. Onward lending to
subsidiaries/associate
Companies
v. Investment in
subsidiaries/group/ass
ociate Companies
1. Purpose of
Loan
Agreement
(Inclusive list)
2. Date of Loan agreement
and disbursement
check the date of disbursement of loan to identify the period of Loan.
3. Period of Loan (Tenure)
check the period of loan to verify whether the loan agreement has
not been expired during the audit period
Sample clause
8. Loan Agreements : Key terms
4. Loan Agreement expired
Obtain a rollover document (document for extension of loan period)
If provided by Client If not provided by Client
Check the due date
in rollover
document and
classify accordingly
as Current or Non-
Current
It means repayment of
principle and interest deemed
to be due from the due date
of expired agreement
1. Classify it as Current
2. Disclosure for default in repayment of principal
and payment of interest (Period of default &
amount of default)
9. 5. Rate of Interest
i. Fixed interest rate – which will not
change during the course of loan (i.e.
12% fixed)
ii. Floating interest rate – based on
interest rate margin added to
benchmark rate
iii. Interest may be Simple interest or Compound interest payable quarterly or half-
yearly or annually
Loan Agreements : Key terms
10. 5. Rate of Interest
iv. Sample clause of Rate of Interest:
Loan Agreements : Key terms
11. 6. Penal Interest
This clause increases the interest rate that is payable on amounts which are
not paid when they fall due. Check that the penal interest has been considered
in the financial statements in case of default in repayment of any amount as
stated in the said loan agreement.
Sample clause of Penal interest
Loan Agreements : Key terms
12. check the date of repayment of Loan for
classification purpose
7. Repayment of Loan
Sample clause of
Repayment
i. Falls within 12 months from the
reporting date
ii. In case of breach of terms of loan
agreement (refer point no. 8 “Events
of Default”)
Yes No
Classify under
Current
borrowings
Classify under Non
Current
borrowings
Classify as Current
maturities of long
term borrowings
Loan Agreements : Key terms
13. A. Cross Default
B. Breach of Loan
Agreement
C. Non-Payment
D. Insolvency
Where default under any other on-demand facilities provided
by the lender to the borrower will automatically cause a default
under this loan agreement
where any breach of a term of the loan agreement will
automatically cause a default
where the borrower going into insolvency is an event of default
where any non-payment of interest or capital automatically
triggers a default
8. Events of Default
The major events of default that
you should look out for are:
Loan Agreements : Key terms
15. 9. Security Check whether loan is secured or unsecured
If UnsecuredIf Secured
1. Check the value of
security in w.r.t.
amount of loan
1. No charge will be
created
2. Charge to be
created at MCA Portal
2. Check other points of
recoverability of Loan
i. Obtain Form
CHG-1 from
Client
ii. Check the
MCA Portal to
cross verify the
charges
Sample clause
of Security
In case value of the
security falls below
the amount of loan
outstanding, examine
whether loan is
classified as secured
only to the extent of
market value of
security
Loan Agreements : Key terms
16. 9. Security
MCA Portal for verifying the
creation, registration and
modification of charge
Form CHG-1 for creation,
registering and modification of
charge
Loan Agreements : Key terms
17. Statutory Compliance
1. Compliance with CARO
CARO, 2016
whether the company has defaulted in repayment of loans or borrowing to a financial
institution, bank, Government or dues to debenture holders? If yes, the period and the amount
of default to be reported (in case of defaults to banks, financial institutions, and Government,
lender wise details to be provided).
a) whether moneys raised by way of initial public offer or further public offer (including debt
instruments) and term loans were applied for the purposes for which those are raised. If not, the
details together with delays or default and subsequent rectification, if any, as may be
applicable, be reported;
Clause viii
Clause ix
18. Statutory Compliance
1. Compliance with CARO
(a) whether the company has defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender, if yes, the period
and the amount of default to be reported as per the prescribed format which includes:
(b) whether the company is a declared wilful defaulter by any bank or financial institution or other lender
(c) whether term loans were applied for the purpose for which the loans were obtained; if not, the amount of loan so diverted and the purpose for which
it is used may be reported;
(d) whether funds raised on short term basis have been utilised for long term purposes, if yes, the nature and amount to be indicated;
(e) whether the company has taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint
ventures, if so, details thereof with nature of such transactions and the amount in each case
(f) whether the company has raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies, if so,
give details thereof and also report if the company has defaulted in repayment of such loans raised;
(a) whether moneys raised by way of initial public offer or further public offer (including debt instruments) during the year were applied for the purposes for which those are raised,
if not, the details together with delays or default and subsequent rectification, if any, as may be applicable, be reported;
se ix
se x
Nature of borrowing, including
debt securities
Name of lender Amount not paid on
due date
Whether principal
or interest
No. of days delay
or unpaid
Remark
s, if any
lender wise details to be provided in case of defaults to
banks, financial institutions and Government
CARO, 2020
19. Statutory Compliance
2. Compliance with Companies Act, 2013
Section 180(1)(c)
Board of Directors, need the consent of the Company by Special Resolution,:
to borrow money, where the money to be borrowed, together with the money already borrowed by the company will
exceed aggregate of its paid-up share capital and free reserves, apart from temporary loans obtained from the company’s
bankers in the ordinary course of business:
“temporary loans” means loans repayable on demand or within six months from the date of the loan such as short-term,
cash credit arrangements, the discounting of bills and the issue of other short-term loans of a seasonal character, but does
not include loans raised for the purpose of financial expenditure of a capital nature;
Provided that the acceptance by a banking company, in the ordinary course of its business, of deposits of money from the
public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise, shall not be deemed
to be a borrowing of monies by the banking company within the meaning of this clause.
20. Finance Cost
• Re-compute the Interest expenses for the year as per the terms of the
Loan agreement.
• Re-compute the interest accrued for the year
• Match the re-computed interest on loan with financial statement
• Analyse the current year interest expenses with the previous year interest
expenses and document the reason of variation
• Upfront fees paid has been amortisation over the loan period
Borrowings
21. Disclosure in financial statement
• Classification into Long term borrowing and short term borrowing
• Current maturities of long-term debt – i.e. dues within next 12 months to be disclosed as
current liability
• Borrowings shall further be sub-classified as secured and unsecured
• Nature of security shall be specified separately in each case.
• Where loans have been guaranteed by directors or others, the aggregate amount of such loans
under each head shall be disclosed.
• Terms of repayment of term loans and other loans shall be stated.
• Period and amount of continuing default as on the balance sheet date in repayment of loans
and interest, shall be specified separately in each case.
Borrowings