Masters Degree in Business Administration Examination




НазваниеMasters Degree in Business Administration Examination
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Paper I: Corporate Taxation

SECTION A

Unit I: Definition of Income & Assesse, Previous year, Assessment year, Gross total income, Total taxable income, Residential status, Agricultural income.

Unit II: Distinction between capital and revenue receipts; Income from Business & Profession (excluding professional income) Income from capital gains and income from other sources relating to company assesse only.

Unit III: Income from capital gains and income from other sources relating to company assesse only.

Unit IV: Income exempt from tax, Tax rebates, Deductions relating to company assesse only. Set of & Carry forward of losses, TDS, Self assessment tax, Filing of return.

Unit V: Tax Planning - Concept, Tax Planning with reference to setting up of new business, Financial management decisions & Employees remuneration.

SECTION B

Unit VI: Special features of Indirect tax levies - All pervasive nature, contribution to Government revenues; instruments of planning, Development and fiscal performance; Constitutional provisions authorizing the levy and collection of duties of central excise, Customs and central sales tax.

Unit VII: Central Excise Laws - Basis of chargeability of duties of central excise- goods, Manufacture, Classification and valuation of excisable goods- specific issues and case studies; Assessment procedure, Exemption, Payment, Recovery and refunds of duties.

Unit VIII: Central sales tax - Scope of levy of Central Sales Tax; Inter-State sale, Sale outside a State and sale in the course of import and export-basic principles; Registration of dealers and determination of taxable turnover.

Unit IX: Service Tax - Provisions of law and procedures; VAT – concept, Applicability, Procedures involved and implications of the VAT.

Unit X: Customs Laws - Nature of customs duty, Types of customs duty, Classification for Customs and rate of duty, Valuation for customs duty, Provisions regarding baggage, Courier, Postal articles and stores.


NB: Numerical shall be based on Unit II & Unit III only.


Suggested Readings:

  1. Ahuja, G. K. & Gupta, Ravi, Systematic Approach to Income Tax. Allahabad, Bharat Law House.

  2. Datey V. S.: Indirect Taxes, Taxmann Publications, New Delhi

  3. Bhagwati Prasad, Direct Taxes Law & Practice, Wishwa Prakashan.

  4. Kanga, J. B. and Palkhivala, N. A., Income Tax, Bombay, N. M. Tripathi.

  5. Singhania V. K., Singhania Kapil, Singhania Monica, : Direct Taxes Law and Practice, Taxmann Publications, New Delhi.


Paper II: Project Planning & Financial Strategies

SECTION – A

Unit I: Project Management - (a)Planning: Generation & Screening of project ideas, Market & Demand Analysis, Technical Analysis , Financial estimates & projections(b) Financing: Intermediate & Long term financing, Appraisal of term loans by Financial Institutions.

Unit II: Risk Analysis in Capital Budgeting - Sources & perspective of risk, Sensitivity analysis, Scenario analysis, Breakeven analysis, Miller Model, Simulation analysis, Decision tree analysis, Corporate risk analysis, Managing risk, Project selection under risk, Risk analysis in practice.

Unit III: Capital structure & Value of firm - Assumptions & definitions, NI approach, NOI approach, Traditional Position, MM position, Taxation & capital structure, Trade off theory, Signaling theory.

Unit IV: Working Capital Management - Estimating working capital, cash cycle analysis, Working capital finance from banks.

Unit V: Mergers & Takeovers - Introduction, Motives, Categories, Financial evaluation, Economic value added & market value added Taxation aspects.

SECTION B

Unit VI: Leasing, Hire-purchase & Project Finance - Types of leases, rationale for leasing, Mechanics of leasing , Operating lease, Leasing as financial decision, Hire-purchase arrangement, Choice between leasing & hire purchase, Project finance, Lease Vs borrow & buy evaluation.

Unit VII: Management of Cash - Motives of holding cash, factors determining the cash balance, Managing the cash flow, Cash budget, Reports for control, Cash collection & disbursement, Options for investing surplus funds & strategies for managing surplus funds, Models- The Baumol model, The Beranek Model, The Miller-Orr Model.

Unit VIII: Management of Receivables - Credit policies, Evaluating the debtors, Credit analysis & decision, Credit terms & collection policies, Control of accounts receivables, Heuristic approach

Unit IX: Corporate Valuation - Adjusted book value approach, Stock & debt approach, Direct comparison approach, DCF approach, Cash flow forecast, Continuing value, Firm value, 2 stage , 3 stage approach, inflation & asset revaluation, EVA & MVA approach.

Unit X: Performance measurement & balance score card - Rationale, Financial measures, Non financial measures, Balance score card, Part system, performance excellence awards, Divisional performance measurement, Strategic performance measurement, Memorandum of understanding.


Suggested Readings:

  1. Financial Management- Ravi Kishore, Taxmann’s, New Delhi.

  2. Financial Management: Problems and Solutions, Ravi Kishore, Taxmann, New Delhi

  3. Financial Management – Theory & Practice by Prasanna Chandra, TMH Publishers 2004

  4. Financial Management-I.M. Pandey, Vikas publishing house, New Delhi.

  5. Financial Management & Policy – V. K. Bhalla – (Anmol Publication, New Delhi)


Paper III: Indian Financial System

SECTION A

Unit I: Components of formal financial system, Functions, Financial system design, Nature and role of financial institutions and financial markets, financial system and economic growth, Pre and post reform scene in financial markets.

Unit II: Money Markets - Treasury Bills and types, Commercial papers, Commercial bills, Certificate of deposit, Call / Notice money market, Money market intermediaries, Money markets and monitory policies in India, overview of money markets.

Unit III: Capital Markets - History of Indian capital markets, Capital market scams, Reforms in capital markets, Primary Markets – free pricing, book building, Private placements, Secondary Markets – Organization, membership, and management of stock exchanges, Listing, trading, clearing and settlement mechanism, Listing categories, BSE, NSE, OTCEI, ICSEI, measures to boost liquidity in the secondary market, reforms in secondary markets and its impact, Internet trading.

Unit IV: Debt Markets - Introduction, History of Indian debt market, Debt market participants, Primary and secondary segment, The private Corporate debt market, The public sector undertaking bond market, The government securities Market, Issuance mechanism – auction, sale, private placement; Trading system, SGL A/c, PD system, steps to develop debt markets.

Unit V: Financial Regulation - SEBI – Management, powers and functions, Investor protection measures, achievements, JPC on SEBI; RBI – objectives, organization, role.

SECTION B

Unit VI: Financial Services - Meaning, need and importance, Miscellaneous Financial services: Factoring, Securitisation of debt, Plastic money, Venture Capital, Credit rating.

Unit VII: Merchant Banking - Origin and development of merchant banking in India scope, organizational aspects and importance of merchant bankers. Latest guidelines of SEBI w.r.t. Merchant bankers

Unit VIII: Mutual funds and AMCs- concept, origin and growth of mutual funds, constitution & management of MFs – Sponsors, Trustees, AMCs, and custodians; Classification of mutual fund schemes, advantages and disadvantages in mutual fund schemes, NAV and pricing of mutual fund units; State of mutual funds in India.

Unit IX: Depository - Introduction, Concept, depository participants, functioning of depository systems, Demat, Remat, process of switching over to depository systems, benefits, depository systems in India, SEBI regulation.

Unit X: Derivatives Market - Introduction, Markets in India, Forwards and futures – Concept, Terminology, Pricing, Future trading strategies; Options– types, salient features, Margins applicable, Terminology, Pricing; Derivatives trading in India.


Suggested Readings

  1. Financial Markets & Services E. Gordon & K.Natarajan 2007 Himalaya Publishing House

  2. Banks & Institution Management (A new Orientation), 2006, Vasant Desai, Himalaya Publishing House

  3. Indian Financial System by M Y Khan Tata McGraw Hill

  4. Indian Financial System by Bharti V. Pathak, Pearson education

  5. Capital management, V.A.Avadhani, 2007, Himalaya Publishing House


Paper -IV: International Financial Management

SECTION A

Unit I: Financial Management in global context - Concept, functions, emerging challenges, recent developments, Role of Finance Manager in Global context, objectives of the firms and impact of risk, Constraints to maximization of value of firm. Indian Economy & International Finance

Unit II: Foreign Exchange Market Components - Defining Forex markets & the exchange rates; Exchange Rate Mechanism, Spot and Forward Rates, direct & indirect rate; Quoting Foreign Exchange Rates- Spot Rate, Forward Rate, Cross rates and Problems from Exchange rate calculations.

Unit III: Activities in Foreign Exchange Markets - Introduction, Forward contract & option forwards, Hedging, Speculation, Arbitrage, Interest rate Arbitrage-covered & Uncovered, Swaps-characteristics & uses, Indian Forward market.

Unit IV: International Monetary System - Exchange Rate Regimes, Emergence and Functions of IMF; India’s Foreign Exchange Market; Exchange Market; Exchange Dealers; RBI and Exchange Market; Exchange Rate System in India; Floating Vs. Fixed Exchange Rates.

Unit V: Foreign Exchange Risk Exposure its & management - Meaning of exposure, Types, Causes of changes, Translation & Transaction Exposure, Economic & operational exposure- meaning & its impact on exporter & importer , Currency & interest rate risk, Country Risk management.

SECTION B

Unit VI: Management of Long term International financing - Concept of Foreign Investment – Direct & Portfolio, Commercial Borrowings, GDRs, ADRs, Euro Issues, ECBs, Syndicated Credit, Yankee Bonds, Alpine Convertibles, Europe Medium Term Notes; Government guidelines for – borrowings, ECBs, Portfolio Management.

Unit VII: Management of Short term International financing - Objectives of short term financing, Short term sources of finance for MNCs, Introduction to short term market-Domestic vs. International money market, International forfeiting, international leasing, Euro Currency market, Asian Currency Market; Petro - Dollar Market.

Unit VIII: International Capital Budgeting - Concept, Basic inputs for project evaluation, Problems associated with multinational capital budgeting, Evaluation of a project using various methods. Risk Evaluation. Exchange Rate variations, inflation & expected cash flows; Short term Asset & liability management:-Positioning of funds, International Cash management, Accounts & Inventory management in MNCs.

Unit IX: Capital structure of MNCs - Introduction, Debt vs. Equity financing, Cost of Capital & International Financial Environment, Market efficiency & segmentation, Optimal Financial structure-theory of optimal capital structure, global vs. local capital structure, Ownership, capital structure & the dilemma of finance manager.

Unit X: Multinational Tax Environment - Important types of taxes that MNCs face, theoretical foundations of international taxation, tax treaties & tax heavens; Indian Tax environment: Incentives for earnings in Foreign exchange, Tax implications of activities of foreign enterprises-taxation of transactions & operations, double taxation relief, transfer pricing.


Suggested Readings:

  1. International Financial Management, A.K.Seth, Galgotia Publishing Company.

  2. International Financial Management .P.G.Apte, Tata Mcgraw–Hill

  3. International Finance, Thomas J. O’Brien, Second edition, Oxford University Press.

  4. International Financial Management, Sharan , Prentice–Hall

  5. Multinational Financial Management, Shapiro ,Prentice–Hall


Paper-V: Security Analysis and Investment Management

SECTION A

Unit I: Investment Basics - Definition, Measures of return and risk – historical rates calculation, Expected rates, required rate of return, risk free rate of return, Investor life cycle and investment goals, Investment options available and their comparison, Portfolio management process.

Unit II: Fundamental analysis - Concept, process, Economy analysis, sector analysis, company analysis; Individual stock and bond analysis – information sources, Tools and techniques of fundamental analysis, business cycle and industry analysis. Analysis of growth companies

Unit III: Efficient capital markets - Need, EMH – forms, tests and results, Implications of efficient capital markets; Dow Theory, Random walk Hypothesis, Indian Markets and Efficiency.

Unit IV: Markowitz portfolio theory - Risk and return for one security, two security and portfolio. Efficient frontier, Investor utility

Unit V: Capital Market theory - Background, risk free asset, the market portfolio; capital asset pricing Model, systematic and unsystematic risk, CML, SML; Arbitrage pricing theory – empirical test of APT, Stability of beta.

SECTION B

Unit VI: Technical Analysis - Assumptions, advantages and challenges; Tools and techniques for analysis; basic types of charts, candle stick charts, moving averages and MACD analysis.

Unit VII: Security Valuation - Valuation of common stock, goodwill, preferred stock and bonds. Fair value of shares, DCF valuation techniques, Relative valuation models Earnings multiplier model; P/E ratio – uses, implications and limitations.

Unit VIII: Equity Portfolio Management - Passive vs. Active, value vs. growth, Asset allocation strategies – Integrated, strategic, Tactical, Insured; Selecting appropriate allocation.

Unit IX: Derivatives - Using the derivatives in your portfolio, Future and Options trading strategies, risk management using the Derivative products, Determining the extent of insurance, Cost and benefit implications.

Unit X: Evaluation of Portfolio performance - Concept, Measures available – Treyner, Sharpe, Jensen, performance attribution analysis, Measuring market timing skills, Evaluation of Bond portfolio performance, Strategies of great masters.


Suggested Readings

  1. Investment Analysis and Portfolio Management by Prasanna Chandra, Tata McGraw Hill Publishers 1/E, 2002

  2. Security Analysis and Portfolio Management, V.A.Avadhani,2007, Himalaya Publishing House

  3. Investment Science, David G.Luenberger, Oxford Univeristy Press.

  4. Financial Management, R.P.Rustagi, Galgotia Publication House.

  5. Investment – William Sharpe (PHI)

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