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7BSP1245 Finance for International Business

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Module Title:Finance for International BusinessModule Code:7BSP1245
Assignment Format & Maximum Word countINDIVIDUAL Report, 2,000 words +/-10%Assignment Weighting:60%
  Coursework Submission:Time:23.30 Date:19 Dec 2021 Method: CanvasCoursework return Date returned to students:25 Jan 2022
        Module leader        Arthur Dyirakumunda        First markerArthur Dyirakumunda Dr Nurgul Chambers, Dr Edna Stan- Maduka Nick Hobbs Aasha Shamsudin
Internal ModeratorApproved Date: September 2021Module Board namePG Board B
  External ExaminerApproved Date:  Module Board date 
Assessment Criteria
Learning Outcomes: Knowledge and Understanding tested in this assignment:
evaluate strategies available to an organisation to enable the creation and maintenance of value;assess the financing choices available to organisations and the relevance of capital structure;analyse the financial and operating risks faced by organizations and the strategies for mitigating these risks;research the specific issues relating investing and raising finance on an international basis
Learning Outcomes: Skills and Attributes tested in this assignment:
analyse financial statements and interpret the results in the context of value creation;critically evaluate capital investment proposals both domestic and international including estimation of component and overall capital costs;devise strategies for identifying and managing foreign exchange risk and the risks of international investment;devise financial strategies f or enhancing enterprise value.
Feedback /Marking criteria for this Assignment
Performance will be assessed using HBS Grading Criteria and Mark scheme. Guidance for improvement will be given in writing on the Assessment Feedback Form or on the StudyNet Feedback Form within 4 weeks of submission. For each day or part day up to five days after the published deadline, coursework relating to modules submitted late will have the numeric grade reduced by 10 grade points until or unless the numeric grade reaches 50 for level 7
(PG). If a submission is more than 5 working days after the published deadline, a grade of zero will be awarded. Where the numeric grade awarded for the assessment is less than 50 for level 7, no lateness penalty will be applied;
Detailed Brief for Individual/ Assessment
Assignment Title: Investment Appraisal Report     Description of the assignment: Report testing an evaluation of international business finance decisions

7BSP1245 Finance for International Business

Coursework Brief

Coursework, Semester A 2021_22

Herts Gadgets International plc (t0 = 2021)

Herts Gadgets International plc manufactures and sells a range of machine tool accessories. The company is considering an investment of £13.0 million in new production plant and machinery for the product. The new facility is to be operational from 1 January 2022. It will have a life of five years and at the end of its life it will have a residual value of £1.0 million. It is expected that the facility will have significant benefits.

Firstly, it will increase Herts Gadgets’ production output of diamond milling tools by 10%. Total contribution from new sales is expected to be £2,865,000 in 2022 increasing annually by 5% per annum until 2026. All the increased production will be exported in approximately equal proportions to South Korea, Spain and Canada. Thus, the firm will have cash flows denominated in Won, €, and $Ca and the contribution figure given above is the sterling equivalent of these cash flows at current exchange rates.

Secondly, it will reduce the product’s direct labour and direct material costs by 20% per unit which will result in savings of £1,680,000 on existing production in 2022. Having made these cost savings, the company expect costs to remain constant to 2026 due to continual efficiency improvements. The project also requires additional working capital of £2.0 million. Herts Gadgets pays corporation tax at the rate of 20% on its taxable profits which is paid one year in arrears. (Assume that net cash flow is the same as taxable profit).

A recent report by financial consultants suggests that the Herts Gadgets plc’s equity has a beta of 1.60 and reported that medium term UK government bonds are earning 2.89% per annum. In addition, the report noted that the FTSE All-share index increased by an average of 11.6% compound in each of the last three years.

Herts Gadgets plc ordinary shares are trading on the stock exchange at £1.65 whilst their loan stock is trading at £104.70. During the last year the firm reported an operating profit of

£969,000.

Inspection of the Herts Gadgets plc balance sheet reveals the following:

Long-term Liabilities:£000
7% Loan Stock 2023500
Shares & reserves: 
Ordinary shares par value £11200
Profit and loss account942

Shareholders funds                                         2642

Required:

Evaluate the investment proposal on behalf of Herts Gadgets Intl plc and advise the firm whether the project is acceptable on a financial basis. Also, comment on the potential impact of foreign exchange risk on the project. Also discuss and recommend the alternative sources of financing the project. You should support your arguments with relevant

theory and calculations and indicate any non-financial matters you feel should be taken into consideration.

Your answer should be presented in the form of a report of 2500 words total (excluding the reference list). You must also submit an Excel spreadsheet containing your calculations.

Submission requirements:

You should use Arial font size 12 and 1.5 line spacing. Exceeding the word count by 10% or more or deviations from the formatting instructions will attract a penalty of up to 5%.

The hand-in deadline for submission is 23.30 on December 2021.

For deferred coursework, submissions up to 24 hours late will attract a daily late 10% penalty. Reports submitted more than 5 days late will attract a mark of zero.

Submit one electronic copy via Studynet/Canvas as a Word file. In addition, submit an Excel spreadsheet containing your calculations. Non submission of the spreadsheet will incur

a penalty of 10%.

This is an individual assignment and the report submitted should be entirely your own work.

This assessment is subject to anonymous marking so do not put your name on any document you submit. However, you must put your SRN on each document you submit.

Guidance for the preparation of your report.

The purpose of this assignment is simply to give you the opportunity to demonstrate that you have acquired the knowledge and skills identified in the Module Handbook and that you can apply them in a typical business situation. Do refer to the assessment criteria given in the Module Guide which gives an outline of how marks will be awarded. You should approach the task as a business manager dealing with a ‘real’ business and should:

  1. Adopt a coherent approach to dealing with the set task with a clearly stated

business purpose.

  • Identify an appropriate theoretical dimension and consider the implications for practice.
  • Adopt appropriate analytical methods and a critical perspective.
  • Refer to empirical work where appropriate.

Guidance for the preparation of your report cont’d.

Do refer to the assessment criteria given in the Module Guide which gives a general outline of how marks will be awarded. Further specific advice about how marks will be awarded for the Coursework is given below.

Task Specific Assessment Criteria: Coursework Communication Skills (Written) – 20 Marks:

Marks will be awarded for a) for the physical presentation and layout of your report, b) adopting logical well supported (ie using appropriate citations) arguments, c) the extent to which the report is accurate, brief, concise and clear, d) the standard of English, and,

  • compliance with standard Harvard referencing. Equal account will be taken of each element.

Knowledge & Understanding – 20 Marks:

You should establish a clear business focussed conceptual basis for your report – ie you need to show what you are seeking to achieve and why it is important for managing the Herts Gadgets plc business (supported using appropriate citations).

Synthesis – 20 Marks:

From the case data given you should identify the nature of the decision(s) facing Herts Gadgets plc and identify appropriate theory to support the approach you adopt

and give your reasoning. Ie which analytical tools are consistent with ‘business focussed conceptual basis’ referred to above? (supported using appropriate citations).

Analysis – 20 Marks:

Using the case data given, you should apply the analytical methods identified in the previous section and evaluate the impact on the business in relation to the ‘business focussed conceptual basis’ referred to above.

Evaluation – 20 Marks:

Conclusions should be arrived at based on your analysis of Herts Gadgets plc

issues; ie what do the results of your analysis tell you? In your conclusions section you should summarise the results of your analysis. Your recommendations will be assessed on

the extent to which they are linked to the analysis of Herts Gadgets plc issues and on the extent to which they are theoretically coherent – ie the extent to which they are consistent with the theoretical/conceptual base you establish

Student Support and Guidance

·         For further help, contact your module leader in their drop-in hours or by email.

  • Use the Grading Criteria and Mark Scheme to help improve your work.
    • Academic English for Business support is available through daily drop-ins from the CASE office. See the CASE workshop timetable on the CASE main website page for details.
    • Make full use of Library search to identify relevant academic material and the

‘Subject Toolkit for Business’ which contains links to other Information Databases and the Information Management contact details. (http://www.studynet1.herts.ac.uk/ptl/common/LIS.nsf/lis/4DAF5390094771C2802 575ED004212BF)

Tutors allow students to test their work using Turnitin. Guidance on submission to Turnitin via StudyNet can be found by using the following link. http://www.studynet1.herts.ac.uk/ptl/common/asu.nsf/resource+library/TURNITIN+FOR+S TUDENTS+2016+USER+GUIDE.pdf/$FILE/TURNITIN+FOR+STUDENTS+2016+USER+GUIDE.pdf

PG Grading Criteria for HBS Individual Report          Module Code:                                                                                Lecturer: Student ID number:

REPORTPresentation & structureIntellectual Curiosity (Quality of academic sources) Use & presentation of Harvard ReferencingContent/ Terms/ Findings/ Definitions/ CalculationsBusiness Application & Integration of Data/LiteratureDiscussion /Analysis /Critical evaluation &/or Reflection
Task details lecturer to amend to suitFollows report structure & keeps to word limit of …Follows Harvard style for in-text citation & Reference List Use a minimum of … sourcesContent included – specify requirements as in module site & coursework guidanceIntegration & application of information from coursework guidance/module siteLine of argument, development of discussion add instructional verbs to suit the task & level
Marks     
  90 – 100   OutstandingOutstanding presentation & report structure, with numbered paragraphs, list of contents/figures &appendices. Articulate & fluent academic writing style with ideas cross referenced. No grammatical / spelling errors.Outstanding selection of quality sources, well beyond core & recommended resources. Outstanding standard of Harvard referencing within text & consistent use of Harvard referencing system. Accuracy of in-text references & full details shown in Reference list.Outstanding exploration of topic showing excellent knowledge & understanding through thorough & appropriate research. Impressive choice and range of appropriate content.Outstanding business insight & application. Outstanding integration of literature/data into work. Very impressive breadth and depth.Outstanding level of discussion/analysis/ critical evaluation &/or reflection. Highly developed/ focused work, with thorough consideration of all possibilities and aspects of the topic.
80 – 89   ExcellentExcellent presentation & report structure, with numbered paragraphs, list of contents/figures, appendices & cross referencing. Articulate & fluent academic writing style. Only minor errors.Excellent selection of quality sources. Evidence of independent searching beyond core & recommended resources. Excellent standard of Harvard referencing within text & consistent use of Harvard referencing system. Accuracy of in-text references & full details shown in Reference list.Excellent level of knowledge & understanding demonstrated. Evidence of appropriate reading. Covers all relevant points & issues.Excellent business insight & application. Excellent integration of literature/data into work. Impressive breadth and depth.Excellent level of discussion/analysis/ critical evaluation &/or reflection. Clearly developed points all of which are relevant to the topic
70 – 79   Very GoodVery good presentation & report structure, paragraphing, use of numbering, list of contents/figures, appendices & cross referencing. Fluent academic writing style. Very few grammatical errors & spelling mistakes.Very good selection of mostly quality sources beyond the recommended resources. Few irrelevant/poor quality sources used. Very good standard of Harvard referencing within text & consistent use of Harvard referencing system. Accuracy of in-text references & full details shown in Reference list.Very good level of knowledge & understanding demonstrated. Covers most relevant points & issues. Few errors / omissions in content/calculations.Very good business insight & application. Very good integration of literature/data into work. Very good use of literature/data with breadth and depth.Very good level of discussion/analysis/ critical evaluation &/or reflection. A few less relevant ideas/points or would benefit from further development &/or evaluation/comparison.
60 – 69   GoodGood clear presentation & report structure, use of numbering & appendices. Writing is mainly good with some flow and spelling &/ or grammatical errors seldom impede understanding.Good selection of quality sources but some irrelevant/poor quality sources used beyond the recommended reading. Good standard of Harvard referencing within text & consistent use of Harvard referencing system. Accuracy of in-text references & full details shown in Reference list.Good grasp of the topic & some of its implications presented. Good knowledge & understanding is demonstrated. Minor errors / omissions in content/ calculations.Good business insight & application. Good integration of literature/data into work. Good use of literature/data with adequate breadth and depth.Good level of discussion/analysis/ critical evaluation &/or reflection but more ideas/points could be addressed or developed further.
50 – 59   Clear PassSatisfactory basic report structure. Not always written clearly & has grammatical & / or spelling errors which impede understanding.   See CASE with feedbackSatisfactory: Some quality sources used. Research did not go beyond the recommended sources. Satisfactory referencing within text & consistent use of Harvard referencing system.   See CASE/ Information Managers (LRC) with feedbackSatisfactory content / level of knowledge of the topic. Addresses most of the task. Some errors / omissions in content/ calculations. May benefit from further research.Satisfactory business insight & application. Limited integration with literature/ data. Use of literature/data but limited in breadth or depth.Satisfactory: basic evidence of discussion/analysis/ critical evaluation &/or reflection but some points irrelevant or superficially made so need further development. See CASE with feedback
40 – 49   Marginal FailWeak report format. Limited or poor structure. Muddled work with many spelling & / or grammatical errors.   Must see CASE with feedbackWeak: Limited evidence of appropriate research. Some use made of recommended reading, but the majority of sources are irrelevant/of poor quality. Weak use of Harvard referencing system with errors & inconsistently applied. Must see CASE/ Information Managers (LRC) with feedbackWeak: limited content / knowledge/ calculations. Limited or muddled understanding of the topic/question. Does not meet all the learning outcomes.Weak: unsatisfactory evidence of business application & insight Work needs to show better links between practical application and theory.Weak: limited evidence of discussion/analysis/ critical evaluation &/or reflection. More development & comment needed. May need to do more than describe. Must see CASE with feedback
20 – 39   Clear FailInadequate report format and poor paragraphing / signposting. Inappropriate writing style Poorly written &/or poor spelling & grammar. Must see CASE with feedbackInadequate: Little evidence of appropriate research. Few quality sources used from recommended reading. Inadequate use of Harvard referencing with many errors &/or inconsistencies.Inadequate: Lacking in relevant content/ knowledge/calculations. Content irrelevant / inaccurate. Does not meet all the learning outcomes.Inadequate: Lacks evidence of business application & insight. Some literature missing or irrelevant to topic.Inadequate: Lacking / inadequate level of discussion/ analysis/critical evaluation & /or reflection. Descriptive.   Must see CASE with feedback
    Must see CASE/ Information Managers (LRC) with feedback   
0 – 19   Little or Nothing of meritNothing of merit: Poorly written work, lacking structure, paragraphing / signposting. Many inaccuracies in spelling & grammar. Must see CASE with feedbackNothing of merit: No evidence of research. No use made of recommended reading. Sources are irrelevant & of poor quality. No or little attempt to use the recommended Harvard referencing system. Must see CASE/ Information Managers (LRC) with feedbackNothing of merit: Unsatisfactory level of knowledge demonstrated. Content used irrelevant / not appropriate/ to the topic. Does not meet the learning outcomes.Nothing of merit: No evidence of appropriate business application & insight.Nothing of merit: Unsatisfactory level of discussion/analysis/critical evaluation &/or reflection   Must see CASE with feedback
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