Capital budgeting refers to the process of evaluating potential long-term investments and selecting those that will provide the best return. It involves forecasting cash flows, determining the required rate of return, and using decision criteria like net present value, internal rate of return, and profitability index to analyze whether projects should be accepted. The capital budgeting process is important for firms as it influences long-term growth and risk.
Investment Decision — Capital Budgeting Techniques — Pay Back Method — Accounting Rate Of Return — NPV — IRR — Discounted Pay Back Method — Capital Rationing — Risk Adjusted Techniques Of Capital Budgeting. — Capital Budgeting Practices.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
Investment Decision — Capital Budgeting Techniques — Pay Back Method — Accounting Rate Of Return — NPV — IRR — Discounted Pay Back Method — Capital Rationing — Risk Adjusted Techniques Of Capital Budgeting. — Capital Budgeting Practices.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
Memorandum Of Association Constitution of Company.pptseri bangash
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
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Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
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Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
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At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
2. Capital Budgeting (CB) refers to the complete process
of generating/initiating investment proposals,
evaluating, ranking and selecting the best
alternative(s), monitoring and making follow up on
investment(s) made.
“Capital budgeting is long term planning for making
and financing proposed capital outlays”- Charles T
Horngreen.
3. Influence the firm’s growth in the long-run
Affect the risk of the firm
Involve commitment of large amount of funds
Irreversible or reversible at substantial loss
Among the most difficult decisions to make
4. Investment refers to an outlay of funds on which management expects
a return. An investment creates value for shareowners when expected
returns from investment exceed its cost.
Capital Expenditure refers to long term commitment of resources that
provide future benefits to business.
Independent Projects are projects where selection or rejection of one
project does not have any impact on the selection or rejection of the
other project. Management can select any number of projects from the
given options.
5. Mutually Exclusive Projects are projects that compete each other,
acceptance of one project becomes automatic rejection of the other or
vice versa. The projects compete with each other based on the
superior financial performance.
Decision Rules: The decision rules for independent and mutually
exclusive projects slightly differ. The way of looking at investment
opportunities under both types varies.
6. Expansion of existing business or expansion of new
business
Replacement or modernization
7. Three steps are involved-
Estimation of cash flows
Estimation of required rate of return
(opportunity cost of capital)
Application of a decision rule for making the
choice
9. # Tech.
Accept or Reject Criteria for …
Single or Independent Project(s) Mutually Exclusive Projects
1. PB Less than the Target Period Shortest Payback Period
2. DPB Less than the Target Period Shortest Payback Period
3. ARR Above the Target Rate With the highest ARR
4. NPV A positive NPV With the highest positive NPV
5. IRR
Higher than the Target Rate (Cost of
Capital)
With the highest IRR
6. MIRR
Higher than Target Cost of Capital
(i.e. WACC)
With higher MIRR
7. TV
If PVTS>PVO Accept,
And if PVTS<PVO Reject
With the highest PVTS>PVO
8. PI (B/C Ratio) PI exceeding 1 Higher PI
11. In case of unequal cash inflows, the payback period
can be found out by adding up the cash inflows
until the total is equal to initial cash outlay.
Acceptance Rule-
1. Method of ranking project
2. Accepted if payback period is less than the maximum or
standard pay-back period
3. Highest ranking is giving to the project, which has shortest
payback period
12. In this method, we discount cash flows and then
calculate the payback.
It is the number of period taken in recovering the
investment outlay on the present value basis.
13. Under ARR, accounting concept of profit (net profit
after tax & depreciation) is used rather than cash
inflows.
Accounting rate of return=
𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝐴𝑛𝑛𝑢𝑎𝑙 𝑃𝑟𝑜𝑓𝑖𝑡
𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝐼𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡
× 100
Average Annual Profit =
𝑇𝑜𝑡𝑎𝑙 𝑃𝑟𝑜𝑓𝑖𝑡
𝑁𝑜.𝑜𝑓 𝑌𝑒𝑎𝑟𝑠
14. Case-1 when only original investment is given
Average Annual Investment =
𝑁𝑒𝑡 𝐼𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡
2
Case-2 When original investment & scrap value is given, then
Average Investment = [
(𝑂𝑟𝑖𝑔𝑖𝑛𝑎𝑙 𝐼𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡 + 𝑆𝑐𝑟𝑎𝑝 𝑣𝑎𝑙𝑢𝑒)
2
]
Case 3- When original investment and working capital are
given-
Average Investment = [
𝑂𝑟𝑖𝑔𝑖𝑛𝑎𝑙 𝐼𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡
2
] + working capital
15. Acceptance Rule
1. Accept those projects whose ARR is higher than
the minimum rate established by the management
2. Rank can be given to the projects based on their
ARR
16. Includes time of money factor
Following steps are involved-
1. Cash flows of the investment project should be forecasted
2. Appropriate discount rate should be identified to discount
forecasted cash flows
3. Present value of the cash flow should be calculated
4. NPV = present value of cash inflow – present value of
cash outflow
Acceptance Rule
Project should be accepted if NPV is positive
18. IRR is a discount rate that makes the net present value (NPV)
of all cash flows equal to zero in a discounted cash flow
analysis.
Or IRR is the discount rate which makes NPV= 0
the higher an internal rate of return, the more desirable an
investment is to undertake.
19.
20.
21.
22. The modified internal rate of return (MIRR) assumes
that positive cash flows are reinvested at the firm's
cost of capital and that the initial outlays are
financed at the firm's financing cost.
By contrast, the traditional internal rate of return
(IRR) assumes the cash flows from a project are
reinvested at the IRR itself.
23. FVCF(c) = the future value of positive cash flows at the cost of
capital for the company
PVCF = the present value of negative cash flows at the
financing cost of the company
n = no of periods
24.
25. Assume that a two-year project with an initial outlay of $195
and a cost of capital of 12% will return $121 in the first year
and $131 in the second year. To find the IRR of the project so
that the net present value (NPV) = 0 when IRR = 18.66%:
To calculate the MIRR of the project, assume that the
positive cash flows will be reinvested at the 12% cost of capital.
Therefore, the future value of the positive cash flows when t = 2
is computed as: