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Moonstar Co is a property development company which is planning to undertake a $200 million commercial property development. Moonstar Co has had some difficulties over the last few years, with some developments not generating the expected returns and the company has at times struggled to pay its finance costs. As a result Moonstar Co’s credit rating has been lowered, affecting the terms it can obtain for bank finance. Although Moonstar Co is listed on its local stock exchange, 75% of the share capital is held by members of the family who founded the company. The family members who are shareholders do not wish to subscribe for a rights issue and are unwilling to dilute their control over the company by authorising a new issue of equity shares. Moonstar Co’s board is therefore considering other methods of financing the development, which the directors believe will generate higher returns than other recent investments, as the country where Moonstar Co is based appears to be emerging from recession.
Securitisation proposals
One of the non-executive directors of Moonstar Co has proposed that it should raise funds by means of a securitisation process, transferring the rights to the rental income from the commercial property development to a special purpose vehicle. Her proposals assume that the leases will generate an income of 11% per annum to Moonstar Co over a ten-year period. She proposes that Moonstar Co should use 90% of the value of the investment for a collateralised loan obligation which should be structured as follows:
– 60% of the collateral value to support a tranche of A-rated floating rate loan notes offering investors LIBOR plus 150 basis points
– 15% of the collateral value to support a tranche of B-rated fixed rate loan notes offering investors 12%
– 15% of the collateral value to support a tranche of C-rated fixed rate loan notes offering investors 13%
– 10% of the collateral value to support a tranche as subordinated certificates, with the return being the excess of receipts over payments from the securitisation process
The non-executive director believes that there will be sufficient demand for all tranches of the loan notes from investors. Investors will expect that the income stream from the development to be low risk, as they will expect the property market to improve with the recession coming to an end and enough potential lessees to be attracted by the new development.
The non-executive director predicts that there would be annual costs of $200,000 in administering the loan. She acknowledges that there would be interest rate risks associated with the proposal, and proposes a fixed for variable interest rate swap on the A-rated floating rate notes, exchanging LIBOR for 9·5%.
However the finance director believes that the prediction of the income from the development that the non-executive director has made is over-optimistic. He believes that it is most likely that the total value of the rental income will be 5% lower than the non-executive director has forecast. He believes that there is some risk that the returns could be so low as to jeopardise the income for the C-rated fixed rate loan note holders.
Islamic finance
Moonstar Co’s chief executive has wondered whether Sukuk finance would be a better way of funding the development than the securitisation.
Moonstar Co’s chairman has pointed out that a major bank in the country where Moonstar Co is located has begun to offer a range of Islamic financial products. The chairman has suggested that a Mudaraba contract would be the most appropriate method of providing the funds required for the investment.
Required:
(a) Calculate the amounts in $ which each of the tranches can expect to receive from the securitisation arrangement proposed by the non-executive director and discuss how the variability in rental income affects the returns from the securitisation. (11 marks)
(b) Discuss the benefits and risks for Moonstar Co associated with the securitisation arrangement that the non-executive director has proposed. (6 marks)
(c) (i) Discuss the suitability of Sukuk finance to fund the investment, including an assessment of its appeal to potential investors. (4 marks)
(ii) Discuss whether a Mudaraba contract would be an appropriate method of financing the investment and discuss why the bank may have concerns about providing finance by this method. (4 marks)
参考答案
更多 “ Moonstar Co is a property development company which is planning to undertake a $200 million commercial property development. Moonstar Co has had some difficulties over the last few years, with some developments not generating the expected returns and the company has at times struggled to pay its finance costs. As a result Moonstar Co’s credit rating has been lowered, affecting the terms it can obtain for bank finance. Although Moonstar Co is listed on its local stock exchange, 75% of the share capital is held by members of the family who founded the company. The family members who are shareholders do not wish to subscribe for a rights issue and are unwilling to dilute their control over the company by authorising a new issue of equity shares. Moonstar Co’s board is therefore considering other methods of financing the development, which the directors believe will generate higher returns than other recent investments, as the country where Moonstar Co is based appears to be emerging from recession.Securitisation proposalsOne of the non-executive directors of Moonstar Co has proposed that it should raise funds by means of a securitisation process, transferring the rights to the rental income from the commercial property development to a special purpose vehicle. Her proposals assume that the leases will generate an income of 11% per annum to Moonstar Co over a ten-year period. She proposes that Moonstar Co should use 90% of the value of the investment for a collateralised loan obligation which should be structured as follows:– 60% of the collateral value to support a tranche of A-rated floating rate loan notes offering investors LIBOR plus 150 basis points– 15% of the collateral value to support a tranche of B-rated fixed rate loan notes offering investors 12%– 15% of the collateral value to support a tranche of C-rated fixed rate loan notes offering investors 13%– 10% of the collateral value to support a tranche as subordinated certificates, with the return being the excess of receipts over payments from the securitisation processThe non-executive director believes that there will be sufficient demand for all tranches of the loan notes from investors. Investors will expect that the income stream from the development to be low risk, as they will expect the property market to improve with the recession coming to an end and enough potential lessees to be attracted by the new development.The non-executive director predicts that there would be annual costs of $200,000 in administering the loan. She acknowledges that there would be interest rate risks associated with the proposal, and proposes a fixed for variable interest rate swap on the A-rated floating rate notes, exchanging LIBOR for 9·5%.However the finance director believes that the prediction of the income from the development that the non-executive director has made is over-optimistic. He believes that it is most likely that the total value of the rental income will be 5% lower than the non-executive director has forecast. He believes that there is some risk that the returns could be so low as to jeopardise the income for the C-rated fixed rate loan note holders.Islamic financeMoonstar Co’s chief executive has wondered whether Sukuk finance would be a better way of funding the development than the securitisation.Moonstar Co’s chairman has pointed out that a major bank in the country where Moonstar Co is located has begun to offer a range of Islamic financial products. The chairman has suggested that a Mudaraba contract would be the most appropriate method of providing the funds required for the investment.Required:(a) Calculate the amounts in $ which each of the tranches can expect to receive from the securitisation arrangement proposed by the non-executive director and discuss how the variability in rental income affects the returns from the securitisation. (11 marks)(b) Discuss the benefits and risks for Moonstar Co associated with the securitisation arrangement that the non-executive director has proposed. (6 marks)(c) (i) Discuss the suitability of Sukuk finance to fund the investment, including an assessment of its appeal to potential investors. (4 marks)(ii) Discuss whether a Mudaraba contract would be an appropriate method of financing the investment and discuss why the bank may have concerns about providing finance by this method. (4 marks) ” 相关考题
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(b) (i) Advise Alasdair of the tax implications and relative financial risks attached to the following propertyinvestments:(1) buy to let residential property;(2) commercial property; and(3) shares in a property investment company/unit trust. (9 marks)
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(b) You are the manager responsible for the audit of Poppy Co, a manufacturing company with a year ended31 October 2008. In the last year, several investment properties have been purchased to utilise surplus fundsand to provide rental income. The properties have been revalued at the year end in accordance with IAS 40Investment Property, they are recognised on the statement of financial position at a fair value of $8 million, andthe total assets of Poppy Co are $160 million at 31 October 2008. An external valuer has been used to providethe fair value for each property.Required:(i) Recommend the enquiries to be made in respect of the external valuer, before placing any reliance on theirwork, and explain the reason for the enquiries; (7 marks)
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－Okay, what is the decision? －As you know, we have been a privately held, family－owned company for over 120 years,_____________.
A and I think it definitely has a bright future ;B but it may be time to consider some major changes ;C but the company faces tough competition
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The development of agriculture in this area has reached a new ________ in the last few years.
A、beltB、bicycleC、buildD、level
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During the last few years ,it has been realized that maintenance of programs is more expensive than development, so reading of programs by humans is as important as(73)them.A．editingB．writedC．writtenD．writing
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You are the audit supervisor of Maple Co and are currently planning the audit of an existing client, Sycamore Science Co (Sycamore), whose year end was 30 April 2015. Sycamore is a pharmaceutical company, which manufactures and supplies a wide range of medical supplies. The draft financial statements show revenue of $35·6 million and profit before tax of $5·9 million.Sycamore’s previous finance director left the company in December 2014 after it was discovered that he had been claiming fraudulent expenses from the company for a significant period of time. A new finance director was appointed in January 2015 who was previously a financial controller of a bank, and she has expressed surprise that Maple Co had not uncovered the fraud during last year’s audit.During the year Sycamore has spent $1·8 million on developing several new products. These projects are at different stages of development and the draft financial statements show the full amount of $1·8 million within intangible assets. In order to fund this development, $2·0 million was borrowed from the bank and is due for repayment over a ten-year period. The bank has attached minimum profit targets as part of the loan covenants.The new finance director has informed the audit partner that since the year end there has been an increased number of sales returns and that in the month of May over $0·5 million of goods sold in April were returned.Maple Co attended the year-end inventory count at Sycamore’s warehouse. The auditor present raised concerns that during the count there were movements of goods in and out the warehouse and this process did not seem well controlled.During the year, a review of plant and equipment in the factory was undertaken and surplus plant was sold, resulting in a profit on disposal of $210,000.Required:(a) State Maples Co’s responsibilities in relation to the prevention and detection of fraud and error. (4 marks)(b) Describe SIX audit risks, and explain the auditor’s response to each risk, in planning the audit of Sycamore Science Co. (12 marks)(c) Sycamore’s new finance director has read about review engagements and is interested in the possibility of Maple Co undertaking these in the future. However, she is unsure how these engagements differ from an external audit and how much assurance would be gained from this type of engagement.Required:(i) Explain the purpose of review engagements and how these differ from external audits; and (2 marks)(ii) Describe the level of assurance provided by external audits and review engagements. (2 marks)
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On my last voyage it ______ at the discharging port that some watches were pilfered．A.happensB.has happenedC.happenedD.had happened
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Until security has been provided the Contractor shall have a maritime lien on ______ for his remuneration．A.the property lostB.the property salvedC.the property involved in the accident which gave rise to the salvage operationsD.any other property in danger which is not and has not been on board the vessel
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The CEO of the company has been consistent ________ his policy associated with foreign investments over the last few years.A.of B.with C.at D.for
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Questions 76-79 refer to the following advertisement.
BONDHAM INTERNATIONAL
Bondham International, one of the leading real estate firm in the world, has been in business for over 50 years. We began our business by specializing in residential sales, primarily in Australia. Over time, our business has grown to include property rental and management services in locations throughout the world. We now sell, and manage over 15000 commercial and residential properties, and our global network includes employees in Australia, Canada, England, Kenya, and Mexico. We have won numerous industry awards, and our firm has been named one of the top ten international real estate firms by the World Association of Property Management.
In our effort to provide the highest quality service available, we have made significant investments in staff training. As a result, our sales agents offer a wealth of real estate expertise that our clients can always rely on. In addition, through market research and customer satisfaction surveys, we have been able to fulfill client expectations by consistently delivering the highest quality of service.
Whether you have interested in selling a home,
purchasing a commercial property, or simply obtaining expert real estate advice, Bondham International can respond effectively to your needs. Learn more about our firm by visiting our Website, www.bondhaminternational.co.au.
What is stated about Bondham International?
A. Most of its work is done online.
B. The staff works only in Australia.
C. Its prices are the lowest in the industry.
D. It has expanded over the years.
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Expansion at Everall
After four consecutive years of record-breaking growth, Everall Technologies has announced plans to 41 its office facilities on Warner Road. The company has added over 200 employees in the last ten years alone, and is desperately in need of more space.
According to an Everall spokesperson, the construction firm chosen to undertake the project is Build Lite Inc., and the work is estimated to take a little over a year to complete.42in the plans are a four-storey sales center, an auditorium with seating for 500, and a parking lot able to accommodate up to 1,200 vehicles. Both Everall and Build Lite have declined to43the cost of the project at this time. However, independent analysts predict it could reach over $10 million.
阅读以上短文，回答191-193题。
第41题答案是__________A.submit
B.expand
C.release
D.organize
考题
Questions 76-79 refer to the following advertisement.
BONDHAM INTERNATIONAL
Bondham International, one of the leading real estate firm in the world, has been in business for over 50 years. We began our business by specializing in residential sales, primarily in Australia. Over time, our business has grown to include property rental and management services in locations throughout the world. We now sell, and manage over 15000 commercial and residential properties, and our global network includes employees in Australia, Canada, England, Kenya, and Mexico. We have won numerous industry awards, and our firm has been named one of the top ten international real estate firms by the World Association of Property Management.
In our effort to provide the highest quality service available, we have made significant investments in staff training. As a result, our sales agents offer a wealth of real estate expertise that our clients can always rely on. In addition, through market research and customer satisfaction surveys, we have been able to fulfill client expectations by consistently delivering the highest quality of service.
Whether you have interested in selling a home,
purchasing a commercial property, or simply obtaining expert real estate advice, Bondham International can respond effectively to your needs. Learn more about our firm by visiting our Website, www.bondhaminternational.co.au.
What is the purpose of the advertisement?
A. To advertise job opportunities in different countries.
B. To promote an industry publication.
C. To describe a company's reputation and services.
D. To announce the opening of a training facility.
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共用题干
第二篇Around 45%of the UK's carbon dioxide emissions come from the energy people use every day-at home and when they travel.In order to generate that energy,fossil fuels(coal oil,and gas)are burnt,and these produce greenhouse gases-in particular carbon dioxide(CO2).Car emissions are a major problem, but the truth is that more CO2 comes from the energy used at home.The average household creates aroundfive and a half tonnes of CO2 a year,and it is the same CO2 that is changing the climate and damaging the environment.CO2 and various other gases wrap the earth in an invisible blanket helping to prevent heat from escaping.Without this greenhouse effect,the average temperature on Earth would be around-18℃， compared with the current average of around+15℃．The composition of this blanket of gases has remained relatively constant for many thousands of years.However,since the industrial revolution began around 200 years ago,people have been burning increasing amounts of fossil fuels,thus releasing more CO2 and other greenhouse gases in the process.This has increased the heating effect of the blanket,trapping more of the sun's energy inside the Earth's atmosphere in turn the Earth's temperature has increased more rapidly in a shorter period of time than it has for thousands of years.In 2008,the total UK CO2 emissions were 533 million tonnes.27%(144 million tonnes)of those emissions came from the energy used to heat,light,and power homes.Transport emissions caused by passenger cars,buses and motorcycles accounted for a further 16%(87 million tonnes)of the UK's CO2 emissions.These figures show that a significant amount of CO2 results from ordinary citizens carbon footprint in their daily activities and lifestyle.The effects of climate change can be seen all around us.Weather patterns are becoming more and more fractured and uncertain,and over the last century trends in warm weather have become increasingly common.In the UK in the last 40 years,winters have grown warmer,with much heavier rainfall.One of the clearest shifts over the last 200 years is towards summers that are hotter and drier,causing pervasive（普遍的）water shortages.Recent years have been the hottest since records began and during August 2003,the hottest ever outdoor temperature in the UK was recorded-38.5℃．What is the author's opinion about the level of CO2 emissions in the UK?A:The majority of CO2 emissions come from motorized transport.B:CO2 emissions may cause climate change in the future.C:More CO2 emissions come from homes than from cars.D:The average citizen does not create much CO2.
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Henry's collection of wealth has gradually ______ over the last few years.
A.built up
B.set up
C.covered up
D.doubled up
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Which of the following statements concerning intellectual property is wrong？（）A、Intellectual property is an intangible creationB、Intellectual property in ludes patents，trademarks，copyrights，etc.C、Intellectual property is a visible creationD、There are some agreement sconcerning intellectual property under the WTO
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单选题The company has（）over the years into a multi-million dollar organization.A
involvedB
resolvedC
evolvedD
revolved
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单选题The company has（）some major changes in the last five years.A
stoodB
sufferedC
undergoneD
tolerated
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单选题Which of the following statements concerning intellectual property is wrong？（）A
Intellectual property is an intangible creationB
Intellectual property in ludes patents，trademarks，copyrights，etc.C
Intellectual property is a visible creationD
There are some agreement sconcerning intellectual property under the WTO
考题
单选题______ my opinion, customer service here has improved but not as much as expected over the last 2 years.A
OnB
InC
ForD
With
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